N-CSR 1 acetf8312022n-csr.htm N-CSR Document


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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number811-23305
AMERICAN CENTURY ETF TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(Address of principal executive offices)(Zip Code)
JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:816-531-5575
Date of fiscal year end:08-31
Date of reporting period:08-31-2022













ITEM 1. REPORTS TO STOCKHOLDERS.

(a)    Provided under separate cover.










    

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


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



President’s Letter

jthomasrev0514a66.jpg 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,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception 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

chart-3fa16bdc86424706844a.jpg
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 Bonds95.3%
U.S. Treasury Securities2.1%
Municipal Securities0.3%
Short-Term Investments4.3%
Other Assets and Liabilities(2.0)%

6


Performance
Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2022Average Annual Returns 
 1 yearSince InceptionInception 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
chart-645f7ba3abe24e95bb8a.jpg
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 Securities97.2%
Short-Term Investments2.6%
Other Assets and Liabilities0.2%
Top Five States and Territories% of net assets
California11.0%
New York10.2%
Texas8.9%
Florida7.4%
Illinois5.5%
Top Five Sectors% of fund investments
Special Tax15%
General Obligation (GO) - Local12%
Water & Sewer10%
General Obligation (GO) - State10%
Hospital10%
10


Performance
Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception 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
chart-0aee9888021f4897818a.jpg
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 Bonds48.2%
Sovereign Governments and Agencies35.4%
U.S. Treasury Securities5.4%
Preferred Stocks2.1%
Short-Term Investments8.2%
Other Assets and Liabilities0.7%
14


Performance
Multisector Income ETF (MUSI)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception 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
chart-176c7597d4844b6dbbba.jpg
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 Bonds38.7%
U.S. Treasury Securities18.4%
Asset-Backed Securities13.5%
U.S. Government Agency Mortgage-Backed Securities6.7%
Commercial Mortgage-Backed Securities5.5%
Collateralized Mortgage Obligations5.3%
Collateralized Loan Obligations5.2%
Preferred Stocks4.2%
Bank Loan Obligations1.3%
Sovereign Governments and Agencies1.1%
Short-Term Investments4.6%
Other Assets and Liabilities(4.5)%
18


Performance
Select High Yield ETF (AHYB)
Total Returns as of August 31, 2022Since InceptionInception 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
chart-6772e5af62674ba3930a.jpg
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 Bonds94.8%
Preferred Stocks0.6%
Short-Term Investments9.9%
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$1.410.29%
Hypothetical$1,000$1,023.74$1.480.29%
Diversified Municipal Bond ETF
Actual$1,000$941.90$1.420.29%
Hypothetical$1,000$1,023.74$1.480.29%
Emerging Markets Bond ETF
Actual$1,000$879.50$1.850.39%
Hypothetical$1,000$1,023.24$1.990.39%
Multisector Income ETF
Actual$1,000$940.30$1.710.35%
Hypothetical$1,000$1,023.44$1.790.35%
Select High Yield ETF
Actual$1,000$924.80$2.180.45%
Hypothetical$1,000$1,022.94$2.290.45%
(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 AmountValue
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%, 7/1/301,000,000 855,617 
1,115,613 
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 2.65%, 7/15/31492,000 374,172 
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%, 7/15/27727,544 693,703 
927,894 
Automobiles — 2.4%
General Motors Financial Co., Inc., 5.10%, 1/17/24750,000 756,776 
General Motors Financial Co., Inc., 1.20%, 10/15/241,000,000 935,260 
General Motors Financial Co., Inc., 3.80%, 4/7/25(2)
400,000 390,172 
Toyota Motor Credit Corp., 3.95%, 6/30/251,350,000 1,348,922 
3,431,130 
Banks — 21.9%
Banco Santander SA, 5.29%, 8/18/27285,000 279,108 
Bank of America Corp., VRN, 3.38%, 4/2/26145,000 139,975 
Bank of America Corp., VRN, 1.32%, 6/19/262,250,000 2,047,827 
Bank of America Corp., VRN, 2.55%, 2/4/281,080,000 979,753 
Bank of America Corp., VRN, 4.57%, 4/27/332,040,000 1,949,696 
Bank of America Corp., VRN, 2.48%, 9/21/36105,000 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%, 4/7/25925,000 901,463 
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25320,000 316,075 
Citigroup, Inc., VRN, 3.07%, 2/24/281,681,000 1,555,251 
Citigroup, Inc., VRN, 3.52%, 10/27/281,731,000 1,607,607 
Citigroup, Inc., VRN, 3.79%, 3/17/33135,000 121,460 
Discover Bank, 2.45%, 9/12/24380,000 365,112 
Discover Bank, VRN, 4.68%, 8/9/28775,000 750,093 
Fifth Third Bancorp, VRN, 4.06%, 4/25/28(2)
443,000 432,055 
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24515,000 510,159 
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25605,000 578,006 
FNB Corp., 5.15%, 8/25/25334,000 334,331 
HSBC Holdings PLC, VRN, 1.16%, 11/22/24518,000 494,708 
HSBC Holdings PLC, VRN, 4.76%, 6/9/282,000,000 1,929,792 
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28875,000 855,657 
JPMorgan Chase & Co., VRN, 1.04%, 2/4/271,141,000 1,005,167 
JPMorgan Chase & Co., VRN, 3.78%, 2/1/281,200,000 1,151,325 
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28930,000 863,719 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29921,000 788,020 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31940,000 795,968 
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25390,000 391,395 
25


Diversified Corporate Bond ETF
Principal AmountValue
National Australia Bank Ltd., 2.33%, 8/21/30(1)
$835,000 $664,056 
NatWest Group PLC, VRN, 5.52%, 9/30/281,045,000 1,046,319 
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33112,000 106,169 
Royal Bank of Canada, 3.97%, 7/26/24725,000 722,990 
Societe Generale SA, VRN, 2.23%, 1/21/26(1)
1,070,000 990,036 
Synchrony Bank, 5.40%, 8/22/251,110,000 1,108,842 
Toronto-Dominion Bank, 4.46%, 6/8/32163,000 159,953 
Truist Financial Corp., VRN, 4.12%, 6/6/28650,000 637,589 
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%, 11/3/36928,000 749,479 
Wells Fargo & Co., VRN, 4.54%, 8/15/26261,000 259,339 
Wells Fargo & Co., VRN, 3.35%, 3/2/331,945,000 1,699,589 
31,481,666 
Beverages — 1.0%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/261,237,000 1,216,458 
PepsiCo, Inc., 3.60%, 2/18/28250,000 245,556 
1,462,014 
Biotechnology — 0.9%
AbbVie, Inc., 3.20%, 11/21/29500,000 457,062 
Amgen, Inc., 4.05%, 8/18/29450,000 438,043 
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%, 10/13/26238,000 201,606 
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26380,000 381,873 
Deutsche Bank AG, VRN, 3.96%, 11/26/25850,000 815,149 
Deutsche Bank AG, VRN, 2.31%, 11/16/27163,000 138,553 
Deutsche Bank AG, VRN, 4.30%, 5/24/28759,000 694,330 
FS KKR Capital Corp., 4.25%, 2/14/25(1)
116,000 110,342 
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/251,628,000 1,565,230 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/271,042,000 925,928 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/291,034,000 968,791 
Hercules Capital, Inc., 2.625%, 9/16/26511,000 430,365 
Intercontinental Exchange, Inc., 4.35%, 6/15/29135,000 133,323 
Morgan Stanley, VRN, 1.16%, 10/21/25533,000 495,054 
Morgan Stanley, VRN, 2.63%, 2/18/261,026,000 975,672 
Morgan Stanley, VRN, 2.70%, 1/22/31660,000 571,548 
Morgan Stanley, VRN, 4.89%, 7/20/332,250,000 2,242,270 
Owl Rock Capital Corp., 3.40%, 7/15/26414,000 370,590 
OWL Rock Core Income Corp., 3.125%, 9/23/26251,000 218,608 
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1)
75,000 74,308 
State Street Corp., VRN, 4.16%, 8/4/33362,000 349,904 
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%, 8/8/25556,000 555,916 
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 AmountValue
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%, 7/1/31911,000 714,180 
Martin Marietta Materials, Inc., 2.40%, 7/15/31290,000 239,333 
953,513 
Consumer Finance — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28229,000 194,815 
American Express Co., 3.95%, 8/1/25702,000 695,911 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
510,000 484,327 
Capital One Financial Corp., VRN, 4.99%, 7/24/2693,000 92,914 
1,467,967 
Containers and Packaging — 0.6%
Berry Global, Inc., 0.95%, 2/15/24518,000 490,738 
Sonoco Products Co., 2.25%, 2/1/27481,000 437,411 
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%, 11/15/35700,000 662,679 
2,413,575 
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.10%, 2/15/281,000,000 977,033 
AT&T, Inc., 4.35%, 3/1/291,085,000 1,059,383 
Verizon Communications, Inc., 4.02%, 12/3/291,840,000 1,767,221 
3,803,637 
Electric Utilities — 4.9%
Duke Energy Carolinas LLC, 2.55%, 4/15/311,245,000 1,092,236 
Duke Energy Corp., 2.55%, 6/15/31850,000 710,639 
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%, 4/15/291,200,000 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%, 1/15/31719,000 572,132 
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%, 4/1/241,233,000 1,166,330 
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31400,000 338,464 
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%, 4/14/25520,000 508,123 
1,456,513 
27


Diversified Corporate Bond ETF
Principal AmountValue
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%, 3/15/29945,000 886,630 
Broadstone Net Lease LLC, 2.60%, 9/15/31359,000 282,850 
Camden Property Trust, 4.10%, 10/15/28500,000 487,916 
EPR Properties, 4.75%, 12/15/26720,000 678,578 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/261,093,000 1,075,460 
Mid-America Apartments LP, 4.20%, 6/15/28480,000 465,467 
National Retail Properties, Inc., 4.30%, 10/15/28680,000 651,234 
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31218,000 167,557 
VICI Properties LP, 4.375%, 5/15/25500,000 488,882 
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%, 7/15/261,414,000 1,369,626 
1,870,245 
Food Products — 0.3%
Mondelez International, Inc., 2.625%, 3/17/27475,000 443,268 
Gas Utilities — 0.7%
Southern California Gas Co., 2.95%, 4/15/27990,000 943,803 
Health Care Equipment and Supplies — 1.6%
Baxter International, Inc., 2.54%, 2/1/32600,000 496,256 
Becton Dickinson & Co., 4.30%, 8/22/32112,000 108,883 
Cigna Corp., 4.375%, 10/15/28850,000 837,706 
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24900,000 846,190 
2,289,035 
Health Care Providers and Services — 2.9%
Centene Corp., 4.25%, 12/15/27342,000 325,269 
CVS Health Corp., 4.30%, 3/25/28(2)
420,000 415,445 
HCA, Inc., 4.125%, 6/15/29550,000 506,980 
Humana, Inc., 3.70%, 3/23/291,000,000 945,592 
Roche Holdings, Inc., 2.31%, 3/10/27(1)
600,000 559,110 
UnitedHealth Group, Inc., 2.30%, 5/15/31700,000 599,062 
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%, 6/15/30468,000 447,637 
Household Durables — 0.3%
Safehold Operating Partnership LP, 2.85%, 1/15/32468,000 371,033 
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%, 8/19/29520,000 461,130 
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 AmountValue
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%, 7/15/27500,000 499,138 
Global Payments, Inc., 3.75%, 6/1/23761,000 760,149 
International Business Machines Corp., 4.00%, 7/27/25500,000 499,323 
1,758,610 
Machinery — 1.2%
Parker-Hannifin Corp., 4.25%, 9/15/271,000,000 990,279 
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28767,000 744,665 
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%, 1/15/31440,000 417,193 
WPP Finance 2010, 3.75%, 9/19/24780,000 768,643 
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%, 3/15/28750,000 644,161 
Ameren Corp., 3.50%, 1/15/31356,000 325,963 
Ameren Illinois Co., 3.85%, 9/1/32233,000 223,984 
Dominion Energy, Inc., 4.35%, 8/15/321,000,000 965,449 
DTE Energy Co., 2.85%, 10/1/26650,000 610,982 
DTE Energy Co., VRN, 4.22%, 11/1/24438,000 436,401 
NiSource, Inc., 3.49%, 5/15/27644,000 616,698 
WEC Energy Group, Inc., 1.375%, 10/15/271,314,000 1,136,240 
5,320,128 
Oil, Gas and Consumable Fuels — 6.2%
BP Capital Markets America, Inc., 3.94%, 9/21/28502,000 490,661 
Cenovus Energy, Inc., 2.65%, 1/15/32300,000 246,467 
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%, 10/4/261,401,000 1,247,167 
Energy Transfer LP, 3.60%, 2/1/23558,000 557,368 
Energy Transfer LP, 5.50%, 6/1/27500,000 505,589 
Energy Transfer LP, 5.25%, 4/15/29946,000 923,665 
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%, 6/30/26559,000 574,859 
Shell International Finance BV, 2.375%, 11/7/291,000,000 883,167 
Southwestern Energy Co., 5.375%, 3/15/30803,000 753,744 
Williams Cos., Inc., 4.55%, 6/24/241,480,000 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 AmountValue
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%, 6/10/27460,000 417,629 
Pfizer, Inc., 1.70%, 5/28/30400,000 338,705 
Royalty Pharma PLC, 1.20%, 9/2/251,019,000 927,018 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26690,000 648,767 
Viatris, Inc., 1.65%, 6/22/25600,000 547,278 
Zoetis, Inc., 2.00%, 5/15/30650,000 547,019 
3,426,416 
Real Estate Management and Development — 0.2%
Essential Properties LP, 2.95%, 7/15/31342,000 263,226 
Road and Rail — 2.1%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)
100,000 98,239 
Canadian National Railway Co., 3.85%, 8/5/32500,000 484,514 
CSX Corp., 4.10%, 11/15/32400,000 386,844 
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%, 9/1/251,270,000 1,257,096 
Qorvo, Inc., 4.375%, 10/15/29241,000 213,055 
2,952,316 
Software — 0.5%
Oracle Corp., 2.95%, 11/15/24750,000 728,991 
Specialty Retail — 1.8%
Dick's Sporting Goods, Inc., 3.15%, 1/15/32555,000 440,143 
Home Depot, Inc., 2.70%, 4/15/25192,000 187,772 
Lowe's Cos., Inc., 3.35%, 4/1/271,037,000 1,000,570 
Lowe's Cos., Inc., 2.625%, 4/1/31510,000 437,753 
O'Reilly Automotive, Inc., 4.70%, 6/15/32600,000 594,970 
2,661,208 
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.25%, 8/8/29595,000 569,416 
Apple, Inc., 1.70%, 8/5/31855,000 722,881 
Dell International LLC / EMC Corp., 6.02%, 6/15/26680,000 706,627 
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%, 5/1/24526,000 513,147 
Aircastle Ltd., 5.25%, 8/11/25(1)
335,000 322,456 
835,603 
Water Utilities — 0.5%
American Water Capital Corp., 4.45%, 6/1/32750,000 744,979 
Wireless Telecommunication Services — 1.6%
Sprint Corp., 7.625%, 2/15/25830,000 869,432 
T-Mobile USA, Inc., 4.75%, 2/1/28552,000 540,667 
30


Diversified Corporate Bond ETF
Principal Amount/SharesValue
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%, 2/28/29540,000 495,071 
U.S. Treasury Notes, 2.875%, 6/15/252,500,000 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 Class3,338,275 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 EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes51December 2022$5,962,219 $(10,857)
U.S. Treasury 2-Year Notes46December 20229,583,094 (4,925)
$15,545,313 $(15,782)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes65December 2022$7,203,321 $6,647 
U.S. Treasury Long Bonds4December 2022543,375 775 
U.S. Treasury 10-Year Ultra Notes22December 20222,754,125 7,223 
$10,500,821 $14,645 
^Amount represents value and unrealized appreciation (depreciation).

31


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference EntityType
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America High Yield Index Series 38Buy(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 AmountValue
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%, 7/1/36250,000 283,783 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29160,000 167,053 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25585,000 617,073 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 1.92%, (MUNIPSA plus 0.25%), 1/1/46155,000 153,402 
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33190,088 183,862 
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%, 7/15/271,000,000 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%, 7/1/32155,000 159,889 
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%, 2/15/2775,000 77,812 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/2875,000 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%, 7/1/30600,000 676,489 
33


Diversified Municipal Bond ETF
Principal AmountValue
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%, 1/1/35250,000 275,079 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38755,000 824,502 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets)175,000 184,792 
Scottsdale GO, 4.00%, 7/1/31500,000 545,095 
State of Arizona COP, 5.00%, 9/1/25(2)
580,000 620,286 
State of Arizona COP, 5.00%, 9/1/25240,000 257,532 
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%, 4/1/29275,000 291,982 
Bay Area Toll Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 4/1/56250,000 245,890 
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%, 5/1/30500,000 517,654 
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%, 8/1/50100,000 101,300 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48850,000 895,528 
California Housing Finance Rev., 4.00%, 3/20/33383,208 380,069 
California Housing Finance Rev., 4.25%, 1/15/35477,729 479,373 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 2.02%, (MUNIPSA plus 0.35%), 8/1/47250,000 246,802 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 2.37%, (MUNIPSA plus 0.70%), 12/1/501,000,000 987,402 
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%, 10/15/37475,000 491,238 
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%, 8/1/34185,000 190,548 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24250,000 256,889 
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%, 9/2/29250,000 275,463 
34


Diversified Municipal Bond ETF
Principal AmountValue
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%, 4/1/45475,000 460,624 
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%, 6/1/38700,000 820,281 
Eastern Municipal Water District Rev., VRN, 1.77%, (MUNIPSA plus 0.10%), 7/1/46750,000 743,592 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39500,000 534,849 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25155,000 150,764 
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33250,000 249,259 
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%, 9/2/25700,000 748,665 
Los Angeles Department of Airports Rev., 5.00%, 5/15/45500,000 543,355 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47905,000 932,721 
Metropolitan Water District of Southern California Rev., VRN, 1.81%, (MUNIPSA plus 0.14%), 7/1/37200,000 199,412 
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%, 8/1/351,000,000 1,046,389 
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/271,020,000 1,113,094 
Orange County Airport Rev., 5.00%, 7/1/24130,000 135,493 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45415,000 429,085 
Orange County Transportation Authority Rev., 5.00%, 10/15/241,715,000 1,810,286 
Palomar Health GO, 5.00%, 8/1/27545,000 588,404 
Peralta Community College District GO, 5.00%, 8/1/25550,000 587,821 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31315,000 316,326 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/241,000,000 1,035,300 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38400,000 422,178 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35600,000 642,956 
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 AmountValue
State of California GO, 5.00%, 10/1/23$725,000 $746,279 
State of California GO, 5.00%, 8/1/34245,000 265,094 
State of California GO, 5.00%, 4/1/351,000,000 1,116,222 
State of California GO, 5.00%, 4/1/42250,000 270,181 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39280,000 293,039 
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29150,000 157,155 
Woodside Fire Protection District COP, 4.00%, 5/1/41445,000 450,322 
30,493,968 
Colorado — 4.1%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/231,000,000 1,033,077 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/441,220,000 1,151,845 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40515,000 488,375 
City & County of Denver Airport System Rev., 5.50%, 11/15/42750,000 822,850 
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/49100,000 109,274 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40500,000 456,782 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23100,000 100,701 
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/621,500,000 1,656,227 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39380,000 360,497 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38210,000 207,344 
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%, 12/1/241,500,000 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%, 1/15/30250,000 270,405 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32600,000 645,936 
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34500,000 493,438 
State of Colorado COP, 6.00%, 12/15/41615,000 748,926 
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM)220,000 238,034 
Village Metropolitan District GO, 5.00%, 12/1/49500,000 502,246 
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%, 12/1/451,000,000 1,046,156 
State of Connecticut GO, 5.00%, 11/15/31365,000 391,015 
State of Connecticut GO, 4.00%, 1/15/341,000,000 1,034,233 
State of Connecticut GO, 5.00%, 6/15/34680,000 707,124 
State of Connecticut GO, 4.00%, 6/1/361,000,000 1,008,286 
State of Connecticut Special Tax Rev., 5.00%, 5/1/291,145,000 1,307,246 
Town of Greenwich GO, 5.00%, 1/15/26725,000 787,847 
6,719,290 
36


Diversified Municipal Bond ETF
Principal AmountValue
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%, 2/1/41520,000 579,034 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26660,000 725,236 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47750,000 834,107 
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/251,000,000 1,038,313 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39535,000 569,147 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28390,000 442,046 
4,187,883 
Florida — 7.4%
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44350,000 358,974 
Broward County Port Facilities Rev., 5.00%, 9/1/401,000,000 1,054,661 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40925,000 1,014,312 
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/45880,000 853,016 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28300,000 314,062 
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%, 6/15/35250,000 258,698 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23115,000 113,609 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24105,000 103,585 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25110,000 107,312 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26110,000 106,240 
Florida Development Finance Corp. Rev., (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), 5.00%, 6/15/47800,000 814,493 
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM)1,050,000 1,187,253 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33180,000 191,960 
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27375,000 406,775 
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%, 10/1/38500,000 518,132 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35175,000 178,703 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/441,000,000 928,632 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/441,390,000 1,489,429 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30800,000 885,644 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29105,000 108,669 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39375,000 380,608 
37


Diversified Municipal Bond ETF
Principal AmountValue
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%, 11/15/26650,000 611,001 
South Florida Water Management District COP, 5.00%, 10/1/36560,000 599,472 
State of Florida GO, 5.00%, 6/1/231,700,000 1,734,266 
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23600,000 613,082 
Tampa Water & Wastewater System Rev., 5.00%, 10/1/411,000,000 1,125,151 
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/531,000,000 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%, 7/1/401,000,000 957,942 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/371,345,000 1,358,794 
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/521,000,000 921,226 
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%, 7/1/52500,000 555,377 
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%, 4/1/44575,000 532,344 
State of Georgia GO, 5.00%, 8/1/231,000,000 1,024,351 
State of Georgia GO, 5.00%, 7/1/291,465,000 1,699,131 
11,010,760 
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32250,000 257,369 
City & County of Honolulu GO, 5.00%, 3/1/29675,000 774,121 
City & County of Honolulu GO, 5.25%, 7/1/44760,000 876,194 
1,907,684 
Idaho — 0.1%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46365,000 341,675 
Illinois — 5.5%
Chicago GO, 5.00%, 1/1/26275,000 290,345 
Chicago GO, 5.50%, 1/1/49100,000 105,393 
Chicago Board of Education GO, 5.00%, 12/1/34280,000 290,993 
Chicago Board of Education GO, 5.00%, 12/1/4260,000 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%, 11/15/45725,000 797,155 
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53525,000 599,618 
Illinois Finance Authority Rev., (NorthShore University HealthSystem Obligated Group), 5.00%, 8/15/471,000,000 1,064,290 
38


Diversified Municipal Bond ETF
Principal AmountValue
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%, 1/1/331,000,000 1,044,525 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/331,175,000 1,326,088 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31465,000 532,059 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37400,000 421,928 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/461,150,000 1,234,048 
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24345,000 354,487 
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%, 12/1/28605,000 662,541 
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%, 1/1/26840,000 876,175 
State of Illinois GO, 5.00%, 10/1/25175,000 183,249 
State of Illinois GO, 5.00%, 11/1/29280,000 297,491 
State of Illinois GO, 5.00%, 10/1/30625,000 667,733 
State of Illinois GO, 5.00%, 10/1/33200,000 210,533 
State of Illinois GO, 5.50%, 5/1/39220,000 239,017 
State of Illinois GO, 5.50%, 3/1/421,250,000 1,373,107 
State of Illinois GO, 5.75%, 5/1/45225,000 245,941 
15,137,995 
Indiana — 0.4%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26500,000 534,673 
Purdue University Rev., 5.00%, 7/1/26640,000 668,680 
1,203,353 
Iowa — 1.1%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44500,000 555,592 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48400,000 375,758 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 2.15%, 5/15/56500,000 466,934 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39850,000 834,305 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49645,000 611,439 
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%, 11/15/54700,000 792,428 
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36130,000 102,714 
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29340,000 363,210 
1,258,352 
Kentucky — 1.4%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30370,000 404,291 
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38250,000 272,079 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41100,000 102,460 
39


Diversified Municipal Bond ETF
Principal AmountValue
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%, 11/1/38500,000 504,958 
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%, 7/3/23100,000 100,676 
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%, 9/1/27200,000 200,395 
Baltimore County COP, 5.00%, 3/1/28375,000 422,257 
Brunswick Special Tax, 5.00%, 7/1/36100,000 103,059 
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42400,000 412,659 
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/501,000,000 852,858 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51500,000 453,904 
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25500,000 531,129 
State of Maryland GO, 5.00%, 8/1/27320,000 358,892 
State of Maryland GO, 5.00%, 6/1/311,640,000 1,943,864 
5,682,131 
Massachusetts — 3.2%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/431,190,000 1,315,179 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/511,000,000 1,085,909 
Massachusetts GO, 5.00%, 5/1/25345,000 368,062 
Massachusetts GO, 4.00%, 9/1/36400,000 405,933 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41910,000 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%, 7/1/44890,000 924,845 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM)375,000 354,488 
Massachusetts Port Authority Rev., 5.00%, 7/1/41800,000 861,454 
Massachusetts School Building Authority Rev., 5.00%, 8/15/45730,000 808,701 
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31500,000 582,056 
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32250,000 293,420 
40


Diversified Municipal Bond ETF
Principal AmountValue
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%, 4/1/2550,000 52,031 
Detroit GO, 5.00%, 4/1/36550,000 568,387 
Detroit GO, 5.00%, 4/1/37250,000 257,396 
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%, 4/15/271,335,000 1,476,513 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42395,000 382,837 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32500,000 547,905 
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%, 12/1/24355,000 374,509 
4,225,011 
Minnesota — 0.1%
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24370,000 390,109 
Mississippi — 0.2%
State of Mississippi GO, 5.00%, 9/1/26500,000 549,355 
Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27200,000 219,112 
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28150,000 166,458 
Kansas City GO, 5.00%, 2/1/24625,000 647,183 
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/461,000,000 1,027,283 
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37600,000 628,484 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26300,000 323,816 
3,012,336 
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/23200,000 202,201 
Nevada — 1.7%
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31250,000 242,994 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49200,000 201,059 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23150,000 148,114 
Las Vegas Valley Water District GO, 5.00%, 6/1/381,340,000 1,430,654 
Sparks Rev., 2.50%, 6/15/24(1)
90,000 87,481 
State of Nevada GO, 5.00%, 8/1/301,530,000 1,752,312 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28255,000 277,531 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33375,000 392,916 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25200,000 201,991 
4,735,052 
41


Diversified Municipal Bond ETF
Principal AmountValue
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%, 1/1/27500,000 500,569 
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%, 3/1/32625,000 744,015 
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22430,000 433,871 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27715,000 771,003 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28455,000 497,330 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28375,000 411,455 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32400,000 429,661 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33260,000 277,870 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38620,000 599,390 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48150,000 160,186 
Newark Board of Education GO, 5.00%, 7/15/33 (BAM)900,000 1,019,519 
State of New Jersey GO, 4.00%, 6/1/31690,000 736,905 
State of New Jersey GO, 4.00%, 6/1/32500,000 534,148 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29125,000 135,842 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30180,000 194,631 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46280,000 282,204 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46750,000 785,112 
9,358,950 
New Mexico — 0.6%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/241,000,000 1,044,979 
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23100,000 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%, 11/1/25130,000 136,007 
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23350,000 352,795 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33750,000 796,182 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33110,000 114,758 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33560,000 584,224 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38255,000 265,393 
42


Diversified Municipal Bond ETF
Principal AmountValue
Metropolitan Transportation Authority Rev., VRN, 2.33%, 11/1/32 (AGM)$250,000 $237,501 
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35500,000 527,699 
New York City GO, 5.00%, 8/1/23365,000 373,821 
New York City GO, 5.00%, 8/1/27320,000 356,533 
New York City GO, 5.25%, 5/1/41150,000 166,876 
New York City GO, 5.00%, 8/1/43500,000 537,214 
New York City GO, 4.00%, 8/1/441,000,000 958,092 
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%, 6/15/27110,000 118,947 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25750,000 774,876 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39815,000 855,883 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49390,000 418,683 
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%, 2/1/36200,000 223,883 
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%, 7/1/25710,000 751,694 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51550,000 597,674 
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/451,000,000 930,879 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37500,000 495,730 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40750,000 728,705 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/261,100,000 1,194,774 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27815,000 903,655 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24500,000 522,963 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39850,000 967,999 
New York State Thruway Authority Rev., 5.00%, 1/1/27405,000 416,780 
New York State Thruway Authority Rev., 5.00%, 1/1/29915,000 960,497 
New York State Thruway Authority Rev., 4.00%, 1/1/38700,000 683,360 
New York State Thruway Authority Rev., 4.00%, 1/1/45520,000 491,456 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44750,000 718,981 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38400,000 435,811 
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%, 10/31/46500,000 435,952 
43


Diversified Municipal Bond ETF
Principal AmountValue
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%, 12/1/42640,000 662,681 
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%, 11/15/27255,000 286,095 
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/501,115,000 1,193,639 
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/391,000,000 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%, 10/15/39100,000 99,313 
28,121,353 
North Carolina — 1.7%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46715,000 657,932 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/2650,000 47,719 
State of North Carolina Rev., 5.00%, 5/1/25315,000 336,562 
State of North Carolina Rev., 5.00%, 3/1/33345,000 383,640 
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/251,000,000 1,068,451 
Wake County GO, 5.00%, 3/1/26340,000 369,945 
Wake County GO, 5.00%, 2/1/271,000,000 1,110,029 
Wake County Rev., 5.00%, 3/1/26750,000 815,267 
4,789,545 
Ohio — 2.6%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/471,000,000 956,938 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48300,000 268,894 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55485,000 461,952 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40450,000 446,529 
Columbus GO, 5.00%, 4/1/32500,000 562,056 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42360,000 367,585 
Miami University/Oxford Rev., 5.00%, 9/1/36570,000 642,149 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37170,000 171,065 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53100,000 101,414 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46500,000 552,925 
State of Ohio GO, 5.00%, 5/1/40660,000 738,072 
State of Ohio GO, 5.00%, 6/15/41275,000 307,179 
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39700,000 678,210 
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 AmountValue
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%, 4/1/37620,000 631,006 
1,492,339 
Oregon — 0.4%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40250,000 244,625 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47100,000 96,656 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/2635,000 36,115 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/2950,000 53,226 
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41200,000 196,265 
State of Oregon GO, 5.00%, 5/1/26505,000 550,908 
1,177,795 
Pennsylvania — 2.7%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28150,000 138,634 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40300,000 239,086 
Commonwealth Financing Authority Rev., 5.00%, 6/1/241,625,000 1,684,770 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25290,000 306,238 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/2615,000 16,020 
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/311,200,000 1,267,621 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32150,000 160,481 
Pennsylvania GO, 5.00%, 1/1/24690,000 714,017 
Pennsylvania GO, 5.00%, 7/15/29845,000 967,390 
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%, 12/1/39340,000 350,533 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/451,000,000 1,070,416 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46300,000 310,634 
7,552,344 
South Carolina — 0.4%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40100,000 96,726 
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37325,000 377,308 
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%, 12/1/48500,000 535,176 
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%, 7/1/46225,000 215,933 
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25150,000 155,378 
45


Diversified Municipal Bond ETF
Principal AmountValue
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)
$225,000 $232,036 
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.)355,000 358,745 
2,270,332 
Texas — 8.9%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD)425,000 439,425 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD)170,000 175,142 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD)280,000 290,769 
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD)400,000 455,452 
Austin Airport System Rev., 5.00%, 11/15/411,000,000 1,061,974 
Bexar County GO, 4.00%, 6/15/25, Prerefunded at 100% of Par(2)
950,000 990,586 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(2)
600,000 605,411 
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/511,000,000 905,045 
Central Texas Turnpike System Rev., 5.00%, 8/15/42245,000 250,468 
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD)750,000 812,397 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD)520,000 550,734 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD)465,000 453,763 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/4850,000 51,886 
Corpus Christi Utility System Rev., 5.00%, 7/15/33400,000 444,928 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34290,000 326,541 
El Paso Water & Sewer Rev., 4.00%, 3/1/401,000,000 986,264 
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD)1,000,000 1,058,571 
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD)780,000 844,893 
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD)1,000,000 1,130,722 
Houston GO, 5.00%, 3/1/29340,000 386,654 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51200,000 164,914 
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD)350,000 393,996 
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/261,755,000 1,926,156 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(2)
240,000 264,699 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26585,000 604,270 
North Texas Tollway Authority Rev., 4.00%, 1/1/35595,000 605,186 
San Antonio Water System Rev., 4.00%, 5/15/34275,000 287,371 
State of Texas GO, 5.00%, 8/1/40815,000 860,226 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42665,000 644,222 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47250,000 235,524 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24945,000 979,566 
46


Diversified Municipal Bond ETF
Principal AmountValue
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.)$250,000 $262,570 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/391,300,000 1,236,220 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/25850,000 916,071 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43750,000 749,180 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/411,000,000 1,123,417 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/321,000,000 1,180,685 
24,655,898 
Utah — 1.6%
Intermountain Power Agency Rev., 5.00%, 7/1/27500,000 556,426 
State of Utah GO, 5.00%, 7/1/26415,000 455,141 
State of Utah GO, 5.00%, 7/1/28585,000 667,418 
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1)
750,000 654,752 
University of Utah Rev., 5.00%, 8/1/46755,000 832,492 
Utah State University Rev., 4.00%, 12/1/42 (AGM)890,000 858,996 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM)160,000 161,033 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM)175,000 175,699 
4,361,957 
Virginia — 1.1%
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27330,000 365,559 
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42670,000 650,177 
Fairfax County Sewer Rev., 5.00%, 7/15/461,000,000 1,121,519 
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37825,000 801,385 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)
200,000 190,598 
3,129,238 
Washington — 4.1%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37500,000 566,862 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39525,000 577,908 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/401,080,000 1,196,831 
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY)680,000 719,949 
Port of Seattle Rev., 5.00%, 4/1/36630,000 665,554 
Port of Seattle Rev., 5.50%, 8/1/471,000,000 1,102,562 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/421,125,000 1,266,052 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/521,000,000 1,097,347 
Seattle Municipal Light & Power Rev., VRN, 1.92%, (MUNIPSA plus 0.25%), 5/1/45200,000 196,240 
State of Washington GO, 5.00%, 2/1/29420,000 473,318 
State of Washington GO, 5.00%, 6/1/36850,000 951,096 
State of Washington GO, 5.00%, 8/1/39300,000 317,163 
State of Washington GO, 5.00%, 6/1/41750,000 823,348 
47


Diversified Municipal Bond ETF
Principal Amount/SharesValue
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49$300,000 $315,730 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33650,000 650,884 
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)
300,000 270,560 
11,191,404 
Wisconsin — 1.6%
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41100,000 106,067 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41250,000 258,861 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)
75,000 75,032 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM)150,000 148,798 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM)600,000 636,785 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM)75,000 80,257 
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1)
250,000 201,403 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1)
225,000 190,654 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1)
215,000 180,250 
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41505,000 456,037 
State of Wisconsin GO, 4.00%, 5/1/39750,000 766,925 
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 1.85%, (MUNIPSA plus 0.18%), 8/15/541,000,000 973,383 
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43200,000 203,330 
4,277,782 
TOTAL MUNICIPAL SECURITIES
(Cost $283,132,766)
268,883,123 
SHORT-TERM INVESTMENTS — 2.6%


Money Market Funds — 2.6%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $7,119,348)
7,119,587 7,119,587 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $290,252,114)

276,002,710 
OTHER ASSETS AND LIABILITIES — 0.2%

443,554 
TOTAL NET ASSETS — 100.0%

$276,446,264 

48


Diversified Municipal Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS
AGM-Assured Guaranty Municipal Corporation
AGM-CR-Assured Guaranty Municipal Corporation - Custodian Receipts
BAM-Build America Mutual Assurance Company
COP-Certificates of Participation
GA-Guaranty Agreement
GO-General Obligation
LIQ FAC-Liquidity Facilities
MUNIPSA-SIFMA Municipal Swap Index
NATL-RE-National Public Finance Guarantee Corporation - Reinsured
PSF-GTD-Permanent School Fund Guaranteed
SCH BD GTY-School Bond Guaranty
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 $13,858,916, which represented 5.0% of total net assets.
(2)Escrowed to maturity in U.S. government securities or state and local government securities.
(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.


See Notes to Financial Statements.
49


AUGUST 31, 2022
Emerging Markets Bond ETF
Principal AmountValue
CORPORATE BONDS — 48.2%
Brazil — 5.3%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
$200,000 $154,198 
Banco BTG Pactual SA, 5.50%, 1/31/23200,000 199,983 
CSN Resources SA, 4.625%, 6/10/31(1)
400,000 310,588 
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1)
200,000 199,752 
Guara Norte Sarl, 5.20%, 6/15/34(1)
187,230 157,090 
GUSAP III LP, 4.25%, 1/21/30(1)
250,000 233,675 
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)
200,000 167,499 
1,422,785 
Chile — 2.3%
Empresa Nacional de Telecomunicaciones SA, 4.75%, 8/1/26100,000 98,666 
Kenbourne Invest SA, 4.70%, 1/22/28(1)
400,000 322,368 
VTR Finance NV, 6.375%, 7/15/28(1)
400,000 180,579 
601,613 
Colombia — 5.5%
Ecopetrol SA, 5.375%, 6/26/26460,000 432,529 
Geopark Ltd., 5.50%, 1/17/27(1)
400,000 348,024 
Millicom International Cellular SA, 4.50%, 4/27/31(1)(2)
400,000 328,598 
Oleoducto Central SA, 4.00%, 7/14/27(1)
400,000 347,441 
1,456,592 
Dominican Republic — 0.2%
Banco de Reservas de la Republica Dominicana, 7.00%, 2/1/2350,000 50,329 
Guatemala — 2.0%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 4/27/29(1)
400,000 371,690 
CT Trust, 5.125%, 2/3/32(1)
200,000 172,903 
544,593 
India — 1.8%
Greenko Dutch BV, 3.85%, 3/29/26194,000 164,900 
Greenko Mauritius Ltd., 6.25%, 2/21/23(1)
100,000 97,750 
Reliance Industries Ltd., 2.875%, 1/12/32(1)
250,000 212,111 
474,761 
Indonesia — 6.2%
Freeport Indonesia PT, 4.76%, 4/14/27(1)
200,000 195,200 
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)
425,000 417,656 
Indonesia Asahan Aluminium Persero PT, 5.80%, 5/15/50200,000 171,033 
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)
200,000 177,135 
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28425,000 436,175 
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.25%, 10/24/42300,000 265,140 
1,662,339 
Israel — 2.5%
Energean Israel Finance Ltd., 4.50%, 3/30/24(1)
675,000 651,025 
Leviathan Bond Ltd., 5.75%, 6/30/23(1)
10,000 9,990 
661,015 
Jamaica — 0.7%
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1)
200,000 191,845 
50


Emerging Markets Bond ETF
Principal AmountValue
Kazakhstan — 1.7%
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1)
$300,000 $277,956 
KazMunayGas National Co. JSC, 5.75%, 4/19/47200,000 164,375 
442,331 
Luxembourg — 1.0%
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(1)
200,000 161,923 
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)
100,000 93,621 
255,544 
Mexico — 7.2%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)
200,000 178,626 
Braskem Idesa SAPI, 6.99%, 2/20/32(1)
200,000 155,320 
Cemex SAB de CV, 5.20%, 9/17/30(1)
200,000 181,793 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
188,378 142,611 
Minera Mexico SA de CV, 4.50%, 1/26/50(1)
140,000 109,953 
Petroleos Mexicanos, 3.50%, 1/30/23(2)
650,000 645,320 
Petroleos Mexicanos, 6.49%, 1/23/27400,000 353,097 
Petroleos Mexicanos, 6.50%, 6/2/41250,000 159,963 
1,926,683 
Nigeria — 1.4%
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)
400,000 368,364 
Panama — 1.3%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)
400,000 355,610 
Peru — 2.6%
Inkia Energy Ltd., 5.875%, 11/9/27400,000 380,965 
Petroleos del Peru SA, 4.75%, 6/19/32400,000 319,412 
700,377 
Qatar — 0.2%
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1)
50,000 50,562 
Saudi Arabia — 2.1%
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23200,000 200,171 
Saudi Arabian Oil Co., 4.25%, 4/16/39400,000 374,110 
574,281 
South Africa — 0.6%
Sasol Financing USA LLC, 5.50%, 3/18/31200,000 168,306 
Spain — 1.2%
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)
440,000 308,000 
United Arab Emirates — 1.7%
DP World Crescent Ltd., 4.85%, 9/26/28200,000 203,055 
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(1)
288,258 252,244 
455,299 
Zambia — 0.7%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)
200,000 191,018 
TOTAL CORPORATE BONDS
(Cost $14,791,791)
12,862,247 
SOVEREIGN GOVERNMENTS AND AGENCIES — 35.4%


Argentina — 0.7%
Argentine Republic Government International Bond, 1.50%, 7/9/35870,000 196,725 
Bolivia — 0.6%
Bolivian Government International Bond, 4.50%, 3/20/28200,000 161,100 
Brazil — 0.9%
Brazilian Government International Bond, 5.00%, 1/27/45300,000 231,894 
51


Emerging Markets Bond ETF
Principal AmountValue
Chile — 1.4%
Chile Government International Bond, 2.55%, 1/27/32$200,000 $167,154 
Chile Government International Bond, 4.34%, 3/7/42200,000 172,045 
Chile Government International Bond, 4.00%, 1/31/5250,000 39,510 
378,709 
Colombia — 0.8%
Colombia Government International Bond, 6.125%, 1/18/41250,000 200,682 
Costa Rica — 0.7%
Costa Rica Government International Bond, 7.00%, 4/4/44200,000 175,361 
Dominican Republic — 3.5%
Dominican Republic International Bond, 5.50%, 2/22/29(1)
200,000 183,176 
Dominican Republic International Bond, 4.875%, 9/23/32500,000 405,323 
Dominican Republic International Bond, 6.40%, 6/5/49450,000 354,941 
943,440 
Ecuador — 1.2%
Ecuador Government International Bond, 5.50%, 7/31/30200,000 106,685 
Ecuador Government International Bond, 2.50%, 7/31/35550,000 213,020 
319,705 
Egypt — 2.0%
Egypt Government International Bond, 5.80%, 9/30/27200,000 156,980 
Egypt Government International Bond, 7.05%, 1/15/32550,000 386,948 
543,928 
El Salvador — 0.3%
El Salvador Government International Bond, 7.75%, 1/24/23100,000 90,816 
Ghana — 0.3%
Ghana Government International Bond, 8.63%, 6/16/49250,000 89,061 
Guatemala — 2.2%
Guatemala Government Bond, 5.25%, 8/10/29(1)
200,000 195,877 
Guatemala Government Bond, 4.90%, 6/1/30400,000 382,013 
577,890 
Indonesia — 1.9%
Indonesia Government International Bond, 8.50%, 10/12/35400,000 517,233 
Ivory Coast — 0.9%
Ivory Coast Government International Bond, 5.75%, 12/31/32270,840 243,800 
Jordan — 0.8%
Jordan Government International Bond, 7.75%, 1/15/28(1)
200,000 198,650 
Mexico — 1.5%
Mexico Government International Bond, 4.75%, 4/27/32225,000 219,028 
Mexico Government International Bond, 3.50%, 2/12/34200,000 167,810 
386,838 
Nigeria — 0.6%
Nigeria Government International Bond, 7.875%, 2/16/32200,000 144,911 
Oman — 1.7%
Oman Government International Bond, 6.75%, 1/17/48500,000 448,275 
Pakistan — 0.5%
Pakistan Government International Bond, 8.25%, 9/30/25200,000 137,031 
Panama — 3.3%
Panama Government International Bond, 4.50%, 4/16/501,100,000 875,047 
Paraguay — 2.9%
Paraguay Government International Bond, 5.00%, 4/15/26592,000 593,500 
Paraguay Government International Bond, 6.10%, 8/11/44200,000 186,874 
780,374 
52


Emerging Markets Bond ETF
Principal Amount/SharesValue
Saudi Arabia — 2.1%
Saudi Government International Bond, 4.625%, 10/4/47$600,000 $567,515 
South Africa — 3.2%
Republic of South Africa Government International Bond, 5.875%, 9/16/25500,000 508,050 
Republic of South Africa Government International Bond, 5.875%, 4/20/32400,000 357,300 
865,350 
Turkey — 0.5%
Turkey Government International Bond, 6.625%, 2/17/45200,000 135,960 
Ukraine — 0.9%
Ukraine Government International Bond, 7.25%, 3/15/351,600,000 228,667 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $11,210,645)
9,438,962 
U.S. TREASURY SECURITIES — 5.4%


U.S. Treasury Notes, 2.50%, 3/31/27550,000 529,719 
U.S. Treasury Notes, 1.375%, 11/15/31
400,000 342,719 
U.S. Treasury Notes, 1.875%, 2/15/32(3)
650,000 581,242 
TOTAL U.S. TREASURY SECURITIES
(Cost $1,532,253)
1,453,680 
PREFERRED STOCKS — 2.1%


India — 1.3%
Network i2i Ltd., 3.98%400,000 343,399 
Mexico — 0.8%
Banco Mercantil del Norte SA, 8.375%(1)
220,000 213,980 
TOTAL PREFERRED STOCKS
(Cost $623,319)
557,379 
SHORT-TERM INVESTMENTS — 8.2%


Money Market Funds — 8.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,934,277 1,934,277 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
256,775 256,775 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,191,052)
2,191,052 
TOTAL INVESTMENT SECURITIES — 99.3%
(Cost $30,349,060)

26,503,320 
OTHER ASSETS AND LIABILITIES — 0.7%

190,153 
TOTAL NET ASSETS — 100.0%

$26,693,473 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes1December 2022$110,820 $(123)
U.S. Treasury Long Bonds1December 2022135,844 (534)
U.S. Treasury Ultra Bonds12December 20221,794,000 (3,398)
$2,040,664 $(4,055)
^Amount represents value and unrealized appreciation (depreciation).
53


Emerging Markets Bond ETF
FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Ultra Notes2December 2022$250,375 $965 
U.S. Treasury 2-Year Notes10December 20222,083,281 1,621 
$2,333,656 $2,586 
^Amount represents value and unrealized appreciation (depreciation).

CREDIT DEFAULT SWAP AGREEMENTS
Counterparty/
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value^
Bank of America, N.A./ China Government International BondBuy(1.00)%6/20/27$280,000 $(3,547)$(299)$(3,847)
Barclays Bank PLC/ Brazilian Government International BondBuy(1.00)%6/20/27$275,000 18,135 (184)17,951 
Morgan Stanley/ Brazilian Government International BondBuy(1.00)%6/20/27$640,000 32,054 9,706 41,760 
Morgan Stanley/ Mexico Government International BondBuy(1.00)%6/20/27$430,000 1,893 8,794 10,687 
Morgan Stanley/ China Government International BondBuy(1.00)%6/20/27$250,000 (2,150)(1,285)(3,434)
$46,385 $16,732 $63,117 
^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.

54


Emerging Markets Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS
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 $8,866,401, which represented 33.2% 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 $248,687. 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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $226,237.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $256,775.


See Notes to Financial Statements.
55


AUGUST 31, 2022
Multisector Income ETF
Principal AmountValue
CORPORATE BONDS — 38.7%


Aerospace and Defense — 0.2%
TransDigm, Inc., 4.625%, 1/15/29$205,000 $173,608 
Airlines — 1.4%
Allegiant Travel Co., 7.25%, 8/15/27(1)
475,000 472,357 
American Airlines, Inc., 11.75%, 7/15/25(1)
490,000 542,082 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
205,000 195,295 
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27370,140 352,923 
1,562,657 
Automobiles — 0.8%
Ford Motor Co., 6.10%, 8/19/32(2)
300,000 292,548 
Ford Motor Credit Co. LLC, 4.95%, 5/28/27260,000 244,457 
General Motors Financial Co., Inc., 3.80%, 4/7/25415,000 404,803 
941,808 
Banks — 3.6%
Banco Santander SA, 5.29%, 8/18/27200,000 195,865 
Bank of America Corp., VRN, 4.57%, 4/27/33135,000 129,024 
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25420,000 414,848 
FNB Corp., 5.15%, 8/25/25373,000 373,369 
HSBC Holdings PLC, VRN, 5.40%, 8/11/33299,000 284,820 
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28360,000 352,042 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/2978,000 66,738 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/3166,000 55,887 
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25320,000 321,145 
NatWest Group PLC, VRN, 5.52%, 9/30/28475,000 475,600 
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33213,000 201,911 
Societe Generale SA, VRN, 3.65%, 7/8/35(1)
350,000 280,662 
Synchrony Bank, 5.40%, 8/22/25580,000 579,395 
UniCredit SpA, VRN, 5.86%, 6/19/32(1)
335,000 289,090 
Wells Fargo & Co., VRN, 4.54%, 8/15/2680,000 79,491 
4,099,887 
Beverages — 0.2%
PepsiCo, Inc., 3.60%, 2/18/28207,000 203,320 
Building Products — 0.6%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
590,000 523,699 
Standard Industries, Inc., 4.375%, 7/15/30(1)
185,000 147,117 
670,816 
Capital Markets — 5.1%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26168,000 142,310 
Deutsche Bank AG, VRN, 4.30%, 5/24/28300,000 274,439 
FS KKR Capital Corp., 4.25%, 2/14/25(1)
761,000 723,879 
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27318,000 312,266 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27629,000 558,933 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/2934,000 31,856 
Hercules Capital, Inc., 2.625%, 9/16/26280,000 235,816 
Intercontinental Exchange, Inc., 4.35%, 6/15/2929,000 28,640 
Morgan Stanley, VRN, 2.63%, 2/18/26240,000 228,227 
Morgan Stanley, VRN, 2.70%, 1/22/31705,000 610,517 
56


Multisector Income ETF
Principal AmountValue
Morgan Stanley, VRN, 2.48%, 9/16/36$97,000 $74,733 
Owl Rock Capital Corp., 3.40%, 7/15/26718,000 642,713 
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)
86,000 80,101 
Owl Rock Technology Finance Corp., 2.50%, 1/15/27378,000 320,019 
Prospect Capital Corp., 3.71%, 1/22/26544,000 489,748 
State Street Corp., VRN, 4.16%, 8/4/33360,000 347,970 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
860,000 689,783 
5,791,950 
Chemicals — 0.9%
Braskem Idesa SAPI, 6.99%, 2/20/32(1)(2)
200,000 155,320 
Celanese US Holdings LLC, 5.90%, 7/5/24490,000 493,862 
Tronox, Inc., 4.625%, 3/15/29(1)
415,000 345,733 
994,915 
Construction and Engineering — 0.4%
IHS Netherlands Holdco BV, 8.00%, 9/18/27550,000 505,253 
Consumer Finance — 0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28295,000 250,962 
Capital One Financial Corp., VRN, 4.99%, 7/24/2691,000 90,916 
Navient Corp., 5.50%, 1/25/23319,000 317,773 
659,651 
Containers and Packaging — 0.3%
Sealed Air Corp., 5.00%, 4/15/29(1)
375,000 356,921 
Diversified Financial Services — 0.4%
Block Financial LLC, 3.875%, 8/15/30312,000 284,141 
Corebridge Financial, Inc., 3.85%, 4/5/29(1)
28,000 25,806 
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)
170,000 164,493 
474,440 
Diversified Telecommunication Services — 1.7%
AT&T, Inc., 4.50%, 5/15/35160,000 150,466 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
600,000 574,128 
Level 3 Financing, Inc., 3.40%, 3/1/27(1)
625,000 555,473 
Telecom Italia SpA, 5.30%, 5/30/24(1)
665,000 640,934 
1,921,001 
Electric Utilities — 0.8%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62430,000 366,044 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
753,511 570,445 
936,489 
Electronic Equipment, Instruments and Components — 0.3%
Sensata Technologies BV, 5.875%, 9/1/30(1)
300,000 293,622 
Entertainment — 0.7%
Magallanes, Inc., 3.76%, 3/15/27(1)
145,000 135,509 
Magallanes, Inc., 5.14%, 3/15/52(1)
157,000 125,918 
Netflix, Inc., 5.875%, 11/15/28305,000 309,182 
Take-Two Interactive Software, Inc., 4.00%, 4/14/32221,000 204,002 
774,611 
Equity Real Estate Investment Trusts (REITs) — 2.7%
American Campus Communities Operating Partnership LP, 3.75%, 4/15/23535,000 535,620 
Duke Realty LP, 3.25%, 6/30/26290,000 277,196 
EPR Properties, 4.75%, 12/15/26188,000 177,184 
EPR Properties, 4.95%, 4/15/2889,000 81,787 
57


Multisector Income ETF
Principal AmountValue
iStar, Inc., 4.75%, 10/1/24$67,000 $67,113 
National Retail Properties, Inc., 4.30%, 10/15/28595,000 569,830 
SBA Tower Trust, 3.45%, 3/15/48(1)
246,000 244,906 
VICI Properties LP, 4.375%, 5/15/25385,000 376,440 
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/29(1)
590,000 525,544 
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)
320,000 281,811 
3,137,431 
Food and Staples Retailing — 0.4%
United Natural Foods, Inc., 6.75%, 10/15/28(1)(2)
505,000 485,876 
Food Products — 0.1%
US Foods, Inc., 4.75%, 2/15/29(1)
70,000 62,474 
Health Care Equipment and Supplies — 0.2%
Medline Borrower LP, 3.875%, 4/1/29(1)
285,000 241,894 
Health Care Providers and Services — 0.8%
Centene Corp., 3.375%, 2/15/30390,000 334,969 
Owens & Minor, Inc., 6.625%, 4/1/30(1)
310,000 286,806 
Tenet Healthcare Corp., 6.125%, 10/1/28(1)(2)
257,000 236,122 
857,897 
Health Care Technology — 0.2%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)(2)
283,000 279,971 
Hotels, Restaurants and Leisure — 1.7%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
135,000 108,756 
Carnival Corp., 5.75%, 3/1/27(1)
165,000 128,519 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
380,000 352,522 
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)
735,000 594,670 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
450,000 443,250 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2)
405,000 365,995 
1,993,712 
Household Durables — 0.1%
Safehold Operating Partnership LP, 2.85%, 1/15/32211,000 167,282 
Insurance — 0.3%
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)
47,000 41,317 
SBL Holdings, Inc., VRN, 6.50%, 11/13/26(1)
403,000 316,355 
357,672 
Internet and Direct Marketing Retail — 0.1%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
200,000 154,198 
IT Services — 0.2%
Fidelity National Information Services, Inc., 5.10%, 7/15/32264,000 263,262 
Media — 2.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
305,000 296,612 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
355,000 325,315 
DISH DBS Corp., 5.25%, 12/1/26(1)
335,000 277,212 
iHeartCommunications, Inc., 8.375%, 5/1/27250,000 220,500 
Paramount Global, VRN, 6.25%, 2/28/57430,000 397,750 
Paramount Global, VRN, 6.375%, 3/30/62415,000 382,484 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
736,000 600,385 
VTR Finance NV, 6.375%, 7/15/28(1)
800,000 361,159 
2,861,417 
58


Multisector Income ETF
Principal AmountValue
Metals and Mining — 1.2%
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)(2)
$445,000 $392,993 
ATI, Inc., 4.875%, 10/1/29295,000 264,304 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
530,000 471,369 
GUSAP III LP, 4.25%, 1/21/30(1)
250,000 233,675 
1,362,341 
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)
464,000 451,880 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
413,000 350,525 
Starwood Property Trust, Inc., 4.375%, 1/15/27(1)
394,000 351,147 
1,153,552 
Multi-Utilities — 0.4%
Sempra Energy, VRN, 4.125%, 4/1/52(2)
540,000 454,702 
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2)
85,000 72,791 
Oil, Gas and Consumable Fuels — 5.6%
Antero Resources Corp., 5.375%, 3/1/30(1)(2)
565,000 532,541 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
405,000 403,698 
Callon Petroleum Co., 7.50%, 6/15/30(1)
150,000 138,919 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
560,000 513,046 
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)
565,000 519,784 
EQM Midstream Partners LP, 7.50%, 6/1/27(1)
380,000 376,217 
Geopark Ltd., 5.50%, 1/17/27(1)
800,000 696,049 
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)
225,000 220,167 
MEG Energy Corp., 5.875%, 2/1/29(1)
645,000 600,750 
Occidental Petroleum Corp., 6.375%, 9/1/28520,000 543,790 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
384,000 399,624 
Petroleos Mexicanos, 3.50%, 1/30/23300,000 297,840 
Petroleos Mexicanos, 6.875%, 8/4/26535,000 501,274 
Petroleos Mexicanos, 6.70%, 2/16/3285,000 66,470 
Southwestern Energy Co., 5.375%, 3/15/30650,000 610,129 
6,420,298 
Semiconductors and Semiconductor Equipment — 0.3%
Broadcom, Inc., 4.00%, 4/15/29(1)
208,000 192,830 
Qorvo, Inc., 4.375%, 10/15/29156,000 137,911 
330,741 
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 3.25%, 8/8/29300,000 287,100 
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)(2)
570,000 476,605 
Dell International LLC / EMC Corp., 6.02%, 6/15/26270,000 280,573 
1,044,278 
Thrifts and Mortgage Finance — 0.5%
Freedom Mortgage Corp., 8.25%, 4/15/25(1)
41,000 35,528 
Nationwide Building Society, 4.85%, 7/27/27(1)
497,000 493,833 
529,361 
Wireless Telecommunication Services — 1.4%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
600,000 483,552 
59


Multisector Income ETF
Principal AmountValue
Sprint Corp., 7.125%, 6/15/24$285,000 $294,613 
Sprint Corp., 7.625%, 2/15/25830,000 869,433 
1,647,598 
TOTAL CORPORATE BONDS
(Cost $48,706,173)
44,239,697 
U.S. TREASURY SECURITIES — 18.4%
U.S. Treasury Notes, 0.875%, 1/31/247,975,000 7,688,087 
U.S. Treasury Notes, 1.50%, 2/29/24900,000 874,336 
U.S. Treasury Notes, 2.50%, 5/31/243,050,000 2,999,901 
U.S. Treasury Notes, 1.00%, 12/15/24(3)
4,515,000 4,270,908 
U.S. Treasury Notes, 1.125%, 1/15/25800,000 757,313 
U.S. Treasury Notes, 2.625%, 4/15/253,200,000 3,131,000 
U.S. Treasury Notes, 2.875%, 6/15/251,400,000 1,376,922 
TOTAL U.S. TREASURY SECURITIES
(Cost $21,687,308)
21,098,467 
ASSET-BACKED SECURITIES — 13.5%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)
400,000 339,144 
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(1)
574,200 553,358 
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)
469,291 377,271 
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)
397,583 376,500 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)
100,000 92,382 
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)
100,000 87,764 
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%, 6/15/43(1)
314,227 282,920 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(1)
408,458 363,610 
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)
534,508 451,442 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1)
CAD450,000 318,510 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)
CAD350,000 249,036 
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1)
$550,000 508,484 
Diamond Issuer, Series 2021-1A, Class A SEQ, 2.31%, 11/20/51(1)
338,000 295,362 
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)
575,000 483,023 
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%, 10/25/45(1)
188,500 183,000 
Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I SEQ, 4.12%, 7/25/48(1)
526,488 509,248 
Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2 SEQ, 3.67%, 10/25/49(1)
472,875 425,117 
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(1)
293,020 273,473 
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1)
395,396 325,779 
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)
600,000 520,010 
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)
425,000 388,701 
60


Multisector Income ETF
Principal AmountValue
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)
$294,639 $250,067 
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)
359,468 316,200 
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1)
293,921 265,787 
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)
682,725 581,204 
NP SPE II LLC, Series 2019-1A, Class A1 SEQ, 2.57%, 9/20/49(1)
442,026 418,476 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)
419,651 384,312 
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)
750,000 656,515 
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)
261,000 226,874 
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)
445,000 391,485 
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1)
200,000 172,721 
Sabey Data Center Issuer LLC, Series 2021-1, Class A2 SEQ, 1.88%, 6/20/46(1)
323,000 281,148 
SAPPHIRE AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1)
192,357 167,040 
ServiceMaster Funding LLC, Series 2020-1, Class A2I SEQ, 2.84%, 1/30/51(1)
197,000 162,870 
ServiceMaster Funding LLC, Series 2020-1, Class A2II SEQ, 3.34%, 1/30/51(1)
410,745 322,939 
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)
463,550 389,505 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%, 2/25/44(1)
867,535 864,295 
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)
629,618 561,782 
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1)
187,655 186,334 
Vantage Data Centers Issuer LLC, Series 2018-2A, Class A2 SEQ, 4.20%, 11/15/43(1)
356,125 351,061 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 SEQ, 1.65%, 9/15/45(1)
308,000 275,214 
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)
425,000 383,028 
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1)
497,500 426,560 
TOTAL ASSET-BACKED SECURITIES
(Cost $17,081,619)

15,439,551 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.7%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.7%
FHLMC, 2.50%, 10/1/50460,499 412,855 
FNMA, 4.00%, 3/1/50897,956 887,156 
FNMA, 4.00%, 3/1/51886,094 874,909 
FNMA, 4.00%, 3/1/51744,915 734,332 
FNMA, 2.50%, 12/1/51462,201 413,436 
FNMA, 3.50%, 12/1/511,187,715 1,133,133 
FNMA, 2.50%, 3/1/521,848,258 1,659,894 
UMBS, 3.50%,TBA1,680,000 1,601,119 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $7,854,939)
7,716,834 
61


Multisector Income ETF
Principal AmountValue
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.5%
BDS Ltd., Series 2020-FL6, Class E, VRN, 5.37%, (30-day average SOFR plus 3.36%), 9/15/35(1)
$243,000 $231,932 
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(1)
400,000 318,969 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 4.39%, (1-month LIBOR plus 2.00%), 9/15/36(1)
400,000 381,819 
BX Trust, Series 2021-ARIA, Class G, VRN, 5.53%, (1-month LIBOR plus 3.14%), 10/15/36(1)
314,000 291,123 
BXHPP Trust, Series 2021-FILM, Class D, VRN, 3.89%, (1-month LIBOR plus 1.50%), 8/15/36(1)
300,000 277,423 
BXHPP Trust, Series 2021-FILM, Class E, VRN, 4.39%, (1-month LIBOR plus 2.00%), 8/15/36(1)
250,000 229,285 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 4.54%, (1-month LIBOR plus 2.15%), 5/15/36(1)
478,000 466,715 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 4.02%, (1-month LIBOR plus 1.63%), 12/15/36(1)
253,000 243,947 
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(1)
282,000 276,699 
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 4.74%, (1-month LIBOR plus 2.35%), 3/15/38(1)
237,879 226,234 
Med Trust, Series 2021-MDLN, Class F, VRN, 6.39%, (1-month LIBOR plus 4.00%), 11/15/38(1)
371,450 349,034 
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 4.91%, (1-month SOFR plus 2.61%), 7/15/36(1)
400,000 382,546 
MHP Trust, Series 2022-MHIL, Class D, VRN, 3.92%, (1-month SOFR plus 1.61%), 1/15/27(1)
504,000 477,668 
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, VRN, 4.99%, (1-month LIBOR plus 2.60%), 11/15/34(1)
290,000 284,760 
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 3.89%, (1-month LIBOR plus 1.50%), 1/15/36(1)
229,000 217,547 
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 4.69%, (1-month LIBOR plus 2.25%), 4/25/38(1)
400,000 382,662 
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 4.34%, (1-month LIBOR plus 1.90%), 7/25/36(1)
350,000 328,249 
Shelter Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 4.60%, (1-month SOFR plus 2.30%), 6/17/37(1)
322,000 318,827 
SMRT, Series 2022-MINI, Class F, VRN, 5.66%, (1-month SOFR plus 3.35%), 1/15/39(1)
596,000 552,051 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $6,568,029)
6,237,490 
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.3%
Private Sponsor Collateralized Mortgage Obligations — 4.2%
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)
215,731 208,931 
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)
600,000 456,880 
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.12%, 1/25/49(1)
590,000 542,072 
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.34%, (1-month LIBOR plus 2.90%), 4/25/28(1)
369,141 370,437 
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 4.39%, (1-month LIBOR plus 1.95%), 7/25/29(1)
300,000 297,797 
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1)
400,000 351,065 
62


Multisector Income ETF
Principal AmountValue
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%, 5/25/65(1)
$624,000 $520,629 
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)
584,971 420,541 
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.03%, (30-day average SOFR plus 2.85%), 10/25/34(1)
125,000 126,405 
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 4.03%, (30-day average SOFR plus 1.85%), 11/25/31(1)
600,155 597,772 
Traingle Re Ltd., Series 2021-1, Class M1C, VRN, 5.84%, (1-month LIBOR plus 3.40%), 8/25/33(1)
265,204 265,592 
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 4.08%, (30-day average SOFR plus 1.90%), 2/25/34(1)
250,000 249,150 
Triangle Re Ltd., Series 2021-2, Class M1A, VRN, 4.49%, (1-month LIBOR plus 2.05%), 10/25/33(1)
253,196 252,819 
Verus Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%, 10/25/63(1)
150,000 131,601 
4,791,691 
U.S. Government Agency Collateralized Mortgage Obligations — 1.1%
FHLMC, Series 2017-HRP1, Class M2, VRN, 4.89%, (1-month LIBOR plus 2.45%), 12/25/42212,383 212,484 
FHLMC, Series 2020-HQA4, Class M2, VRN, 5.59%, (1-month LIBOR plus 3.15%), 9/25/50(1)
469,441 470,830 
FHLMC, Series 2022-DNA3, Class M1A, VRN, 4.18%, (30-day average SOFR plus 2.00%), 4/25/42(1)
281,363 282,950 
FNMA, Series 2022-R03, Class 1M1, VRN, 4.28%, (30-day average SOFR plus 2.10%), 3/25/42(1)
262,208 262,228 
1,228,492 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,462,133)
6,020,183 
COLLATERALIZED LOAN OBLIGATIONS — 5.2%
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 6.38%, (3-month LIBOR plus 3.60%), 7/25/29(1)
500,000 479,253 
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 5.31%, (3-month LIBOR plus 2.80%), 1/15/29(1)
350,000 322,321 
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 6.98%, (3-month LIBOR plus 4.25%), 10/21/31(1)
600,000 554,898 
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 6.36%, (3-month LIBOR plus 3.65%), 7/20/30(1)
500,000 478,967 
Deer Creek CLO Ltd., Series 2017-1A, Class D, VRN, 5.66%, (3-month LIBOR plus 2.95%), 10/20/30(1)
800,000 739,540 
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 4.79%, (1-month LIBOR plus 2.40%), 9/15/37(1)
197,000 191,566 
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 7.11%, (3-month LIBOR plus 4.35%), 1/22/28(1)
475,000 428,134 
Marathon CLO V Ltd., Series 2013-5A, Class A1R, VRN, 3.85%, (3-month LIBOR plus 0.87%), 11/21/27(1)
234,163 233,518 
MF1 Ltd., Series 2020-FL4, Class D, VRN, 6.51%, (1-month SOFR plus 4.21%), 11/15/35(1)
585,000 580,855 
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 4.74%, (3-month LIBOR plus 2.00%), 7/19/30(1)
300,000 286,468 
Sound Point CLO Ltd., Series 2014-3RA, Class C, VRN, 5.03%, (3-month LIBOR plus 2.25%), 10/23/31(1)
500,000 469,025 
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 4.58%, (3-month LIBOR plus 2.10%), 7/14/26(1)
500,000 495,427 
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus 3.04%), 4/26/28(1)
350,000 339,475 
63


Multisector Income ETF
Principal Amount/SharesValue
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus 2.40%), 9/15/30(1)
$350,000 $335,663 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $6,202,184)
5,935,110 
PREFERRED STOCKS — 4.2%
Banks — 2.6%
Banco Mercantil del Norte SA, 8.375%(1)
400,000 389,054 
Barclays PLC, 4.375%475,000 357,553 
BNP Paribas SA, 7.75%(1)
210,000 210,315 
ING Groep NV, 3.875%570,000 424,724 
JPMorgan Chase & Co., 4.60%1,415,000 1,247,322 
PNC Financial Services Group, Inc., 3.40%375,000 303,938 
2,932,906 
Capital Markets — 0.4%
Bank of New York Mellon Corp., 3.75%545,000 460,482 
Insurance — 0.4%
Allianz SE, 3.20%(1)
585,000 447,037 
Trading Companies and Distributors — 0.8%
Air Lease Corp., 4.125%526,000 396,472 
Aircastle Ltd., 5.25%(1)
685,000 541,174 
937,646 
TOTAL PREFERRED STOCKS
(Cost $5,794,033)

4,778,071 
BANK LOAN OBLIGATIONS(4) — 1.3%
Media — 0.6%
Directv Financing, LLC, Term Loan, 7.52%, (1-month LIBOR plus 5.00%), 8/2/27$652,750 626,313 
Pharmaceuticals — 0.4%
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.02%, (1-month LIBOR plus 3.50%), 5/5/28496,241 487,688 
Technology Hardware, Storage and Peripherals — 0.3%
McAfee Corp., 2022 USD Term Loan B, 6.16%, (1-month SOFR plus 3.75%), 3/1/29355,000 337,916 
TOTAL BANK LOAN OBLIGATIONS
(Cost $1,506,371)
1,451,917 
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%
Colombia — 0.1%
Colombia Government International Bond, 6.125%, 1/18/41200,000 160,546 
South Africa — 0.7%
Republic of South Africa Government International Bond, 5.875%, 6/22/30800,000 752,016 
Trinidad and Tobago — 0.3%
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26400,000 398,356 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $1,478,226)
1,310,918 
SHORT-TERM INVESTMENTS — 4.6%
Money Market Funds — 4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,612,850 1,612,850 
64


Multisector Income ETF
SharesValue
State Street Navigator Securities Lending Government Money Market Portfolio(5)
3,709,125 $3,709,125 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,321,975)
5,321,975 
TOTAL INVESTMENT SECURITIES — 104.5%
(Cost $128,662,990)

119,550,213 
OTHER ASSETS AND LIABILITIES — (4.5)%

(5,187,524)
TOTAL NET ASSETS — 100.0%

$114,362,689 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes52December 2022$10,833,063 $(7,570)
U.S. Treasury 5-Year Notes18December 20221,994,766 (2,220)
U.S. Treasury 10-Year Notes9December 20221,052,156 (1,916)
U.S. Treasury 10-Year Ultra Notes28December 20223,505,250 (14,994)
$17,385,235 $(26,700)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds17December 2022$2,309,344 $3,295 
U.S. Treasury Ultra Bonds2December 2022299,000 564 
$2,608,344 $3,859 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America High Yield Index Series 37Buy(5.00)%12/20/26$2,668,050 $(123,163)$95,619 $(27,544)
Markit CDX North America High Yield Index Series 38Buy(5.00)%6/20/27$2,277,000 (4,074)9,013 4,939 
$(127,237)$104,632 $(22,605)
^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.

65


Multisector Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
CAD-Canadian Dollar
CDX-Credit Derivatives Indexes
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
SOFR-Secured Overnight Financing Rate
TBA-To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS-Uniform Mortgage-Backed Securities
USD-United States Dollar
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $57,915,365, which represented 50.6% 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 $3,579,726. 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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $690,535.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,709,125.


See Notes to Financial Statements.
66


AUGUST 31, 2022
Select High Yield ETF
Principal AmountValue
CORPORATE BONDS — 94.8%


Aerospace and Defense — 1.7%
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
$50,000 $48,985 
TransDigm, Inc., 6.25%, 3/15/26(1)
125,000 122,965 
TransDigm, Inc., 6.375%, 6/15/2675,000 72,090 
TransDigm, Inc., 7.50%, 3/15/2750,000 48,819 
TransDigm, Inc., 5.50%, 11/15/27200,000 180,243 
TransDigm, Inc., 4.875%, 5/1/2950,000 42,487 
515,589 
Air Freight and Logistics — 0.2%
Western Global Airlines LLC, 10.375%, 8/15/25(1)
50,000 45,623 
Airlines — 1.6%
Air Canada, 3.875%, 8/15/26(1)
50,000 44,684 
American Airlines, Inc., 11.75%, 7/15/25(1)
150,000 165,943 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
75,000 71,449 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
75,000 77,699 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
50,000 45,708 
United Airlines, Inc., 4.375%, 4/15/26(1)
50,000 45,655 
United Airlines, Inc., 4.625%, 4/15/29(1)
50,000 43,938 
495,076 
Auto Components — 1.8%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
200,000 185,337 
Clarios Global LP, 6.75%, 5/15/25(1)
50,000 49,803 
Goodyear Tire & Rubber Co., 9.50%, 5/31/2575,000 78,468 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
75,000 72,466 
Patrick Industries, Inc., 4.75%, 5/1/29(1)
50,000 41,005 
Tenneco, Inc., 5.00%, 7/15/26(2)
125,000 119,554 
546,633 
Automobiles — 2.5%
Ford Motor Co., 9.00%, 4/22/2575,000 84,004 
Ford Motor Co., 3.25%, 2/12/3250,000 39,125 
Ford Motor Co., 6.10%, 8/19/3250,000 48,758 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25200,000 189,198 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27200,000 176,320 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29(2)
200,000 185,092 
PM General Purchaser LLC, 9.50%, 10/1/28(1)
50,000 43,387 
765,884 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
50,000 42,827 
Building Products — 1.2%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
125,000 99,935 
Griffon Corp., 5.75%, 3/1/2875,000 69,503 
Masonite International Corp., 3.50%, 2/15/30(1)
50,000 40,472 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
50,000 42,370 
Standard Industries, Inc., 4.375%, 7/15/30(1)
100,000 79,523 
Standard Industries, Inc., 3.375%, 1/15/31(1)
50,000 36,724 
368,527 
Capital Markets — 1.4%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
50,000 42,627 
67


Select High Yield ETF
Principal AmountValue
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24$75,000 $71,445 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/2675,000 72,029 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27125,000 113,878 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
50,000 41,814 
MSCI, Inc., 3.625%, 9/1/30(1)
100,000 84,998 
426,791 
Chemicals — 2.5%
Avient Corp., 5.75%, 5/15/25(1)
50,000 49,374 
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)
150,000 137,205 
FXI Holdings, Inc., 12.25%, 11/15/26(1)
50,000 41,813 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
75,000 71,800 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
50,000 44,219 
Olin Corp., 5.00%, 2/1/30(2)
50,000 45,437 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
50,000 42,964 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)
50,000 41,239 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)(2)
75,000 64,758 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
50,000 35,554 
Tronox, Inc., 4.625%, 3/15/29(1)
50,000 41,655 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
125,000 115,766 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
50,000 39,625 
771,409 
Commercial Services and Supplies — 1.6%
ADT Security Corp., 4.125%, 8/1/29(1)
50,000 42,999 
ADT Security Corp., 4.875%, 7/15/32(1)
75,000 62,849 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
75,000 70,313 
Brink's Co., 4.625%, 10/15/27(1)(2)
75,000 67,602 
Matthews International Corp., 5.25%, 12/1/25(1)
125,000 113,897 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
50,000 43,074 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
50,000 43,093 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
50,000 44,081 
487,908 
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)
75,000 70,972 
Construction and Engineering — 0.5%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
175,000 155,758 
Construction Materials — 0.8%
Cemex SAB de CV, 5.20%, 9/17/30(1)
200,000 181,793 
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)
75,000 68,147 
249,940 
Consumer Finance — 1.7%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3)
150,000 121,614 
Navient Corp., 7.25%, 9/25/2370,000 70,234 
Navient Corp., 5.875%, 10/25/2450,000 48,081 
Navient Corp., 6.75%, 6/25/2550,000 48,321 
Navient Corp., 5.50%, 3/15/2950,000 40,575 
68


Select High Yield ETF
Principal AmountValue
OneMain Finance Corp., 6.125%, 3/15/24$75,000 $73,319 
OneMain Finance Corp., 6.875%, 3/15/25125,000 121,657 
523,801 
Containers and Packaging — 1.9%
Ball Corp., 3.125%, 9/15/31(2)
50,000 40,568 
Berry Global, Inc., 4.50%, 2/15/26(1)
75,000 72,111 
Berry Global, Inc., 4.875%, 7/15/26(1)
50,000 48,742 
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)
125,000 121,163 
OI European Group BV, 4.75%, 2/15/30(1)
50,000 40,552 
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)
150,000 149,280 
Sealed Air Corp., 5.125%, 12/1/24(1)
75,000 74,360 
TriMas Corp., 4.125%, 4/15/29(1)
50,000 43,951 
590,727 
Distributors — 0.5%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)(2)
50,000 45,165 
Performance Food Group, Inc., 5.50%, 10/15/27(1)
50,000 47,190 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
50,000 42,876 
135,231 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
39,000 37,103 
Service Corp. International, 3.375%, 8/15/3050,000 41,291 
Service Corp. International, 4.00%, 5/15/3150,000 42,826 
121,220 
Diversified Financial Services — 0.5%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
50,000 44,073 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
75,000 64,059 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
50,000 37,442 
145,574 
Diversified Telecommunication Services — 3.6%
Altice France SA, 5.125%, 7/15/29(1)
200,000 152,182 
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)
200,000 183,645 
Embarq Corp., 8.00%, 6/1/3675,000 58,399 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
100,000 83,247 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
50,000 40,204 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
50,000 40,235 
Lumen Technologies, Inc., 6.75%, 12/1/2375,000 75,952 
Lumen Technologies, Inc., 7.50%, 4/1/2450,000 50,465 
Lumen Technologies, Inc., 5.125%, 12/15/26(1)
75,000 64,904 
Lumen Technologies, Inc., 4.50%, 1/15/29(1)
50,000 37,375 
Sprint Capital Corp., 6.875%, 11/15/2850,000 52,862 
Sprint Capital Corp., 8.75%, 3/15/3275,000 90,637 
Telecom Italia Capital SA, 6.00%, 9/30/3450,000 39,560 
Telecom Italia Capital SA, 7.20%, 7/18/3650,000 42,750 
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)
75,000 31,118 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)
75,000 64,036 
1,107,571 
Electric Utilities — 1.7%
FirstEnergy Corp., 4.40%, 7/15/2750,000 47,440 
FirstEnergy Corp., 5.35%, 7/15/4750,000 46,062 
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
75,000 70,014 
69


Select High Yield ETF
Principal AmountValue
NRG Energy, Inc., 6.625%, 1/15/27$50,000 $49,695 
NRG Energy, Inc., 3.625%, 2/15/31(1)
50,000 39,778 
PG&E Corp., 5.00%, 7/1/28(2)
50,000 44,485 
PG&E Corp., 5.25%, 7/1/3050,000 43,310 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
75,000 72,277 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
75,000 69,892 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
50,000 43,678 
526,631 
Electrical Equipment — 0.5%
Atkore, Inc., 4.25%, 6/1/31(1)
75,000 63,099 
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
25,000 25,035 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
50,000 50,476 
138,610 
Electronic Equipment, Instruments and Components — 0.8%
Imola Merger Corp., 4.75%, 5/15/29(1)
150,000 127,535 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
125,000 111,563 
239,098 
Energy Equipment and Services — 1.3%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
50,000 46,944 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
75,000 68,369 
Bristow Group, Inc., 6.875%, 3/1/28(1)
75,000 69,673 
Nabors Industries, Inc., 7.375%, 5/15/27(1)(2)
50,000 48,335 
Precision Drilling Corp., 6.875%, 1/15/29(1)
50,000 46,005 
Transocean Guardian Ltd., 5.875%, 1/15/24(1)
13,571 12,881 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
21,875 20,636 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/2750,000 46,300 
Weatherford International Ltd., 8.625%, 4/30/30(1)
50,000 45,283 
404,426 
Entertainment — 0.9%
Cinemark USA, Inc., 5.875%, 3/15/26(1)(2)
50,000 44,433 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
50,000 40,564 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2)
75,000 68,375 
Playtika Holding Corp., 4.25%, 3/15/29(1)
50,000 42,716 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
50,000 43,078 
WMG Acquisition Corp., 3.00%, 2/15/31(1)
50,000 39,778 
278,944 
Equity Real Estate Investment Trusts (REITs) — 3.6%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
50,000 42,428 
Diversified Healthcare Trust, 9.75%, 6/15/2537,000 36,417 
Diversified Healthcare Trust, 4.375%, 3/1/3150,000 34,382 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
50,000 43,469 
Iron Mountain, Inc., 5.25%, 3/15/28(1)
150,000 137,857 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
75,000 65,167 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
50,000 41,599 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29(2)
75,000 63,985 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)
75,000 75,795 
70


Select High Yield ETF
Principal AmountValue
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)
$50,000 $46,016 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
50,000 44,928 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
50,000 42,282 
SBA Communications Corp., 3.875%, 2/15/27125,000 114,033 
Service Properties Trust, 4.35%, 10/1/24(2)
75,000 67,224 
Service Properties Trust, 5.25%, 2/15/2650,000 42,624 
Service Properties Trust, 4.95%, 2/15/2775,000 60,847 
Service Properties Trust, 4.95%, 10/1/2975,000 56,783 
Service Properties Trust, 4.375%, 2/15/30(2)
50,000 36,706 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
50,000 41,849 
1,094,391 
Food and Staples Retailing — 0.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
50,000 45,687 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
50,000 47,703 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
50,000 41,153 
134,543 
Food Products — 0.9%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
50,000 48,232 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)
12,000 12,436 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
75,000 75,135 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
75,000 73,979 
Post Holdings, Inc., 5.75%, 3/1/27(1)
28,000 27,387 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
50,000 44,288 
281,457 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
50,000 43,328 
Medline Borrower LP, 3.875%, 4/1/29(1)
75,000 63,656 
Medline Borrower LP, 5.25%, 10/1/29(1)(2)
100,000 84,164 
191,148 
Health Care Providers and Services — 4.4%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)
50,000 41,250 
Centene Corp., 4.25%, 12/15/27125,000 118,885 
Centene Corp., 4.625%, 12/15/2976,000 71,702 
Centene Corp., 3.375%, 2/15/3050,000 42,945 
Centene Corp., 3.00%, 10/15/3050,000 41,862 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
75,000 70,219 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
50,000 42,495 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
50,000 43,485 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
50,000 36,985 
DaVita, Inc., 4.625%, 6/1/30(1)
150,000 120,940 
DaVita, Inc., 3.75%, 2/15/31(1)
50,000 36,878 
HCA, Inc., 5.375%, 2/1/2575,000 75,807 
HCA, Inc., 5.875%, 2/15/2650,000 51,118 
HCA, Inc., 5.375%, 9/1/2675,000 75,301 
HealthEquity, Inc., 4.50%, 10/1/29(1)
50,000 44,039 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)
50,000 49,165 
71


Select High Yield ETF
Principal AmountValue
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
$50,000 $43,109 
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)
50,000 42,682 
Tenet Healthcare Corp., 4.875%, 1/1/26(1)
150,000 142,691 
Tenet Healthcare Corp., 6.25%, 2/1/27(1)
75,000 72,412 
Tenet Healthcare Corp., 5.125%, 11/1/27(1)
50,000 46,381 
Tenet Healthcare Corp., 4.25%, 6/1/29(1)
50,000 43,205 
1,353,556 
Hotels, Restaurants and Leisure — 8.1%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
50,000 44,782 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
125,000 101,602 
Affinity Gaming, 6.875%, 12/15/27(1)(2)
125,000 108,734 
Aramark Services, Inc., 6.375%, 5/1/25(1)
125,000 124,064 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)
50,000 48,885 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
50,000 40,280 
Carnival Corp., 10.50%, 2/1/26(1)
75,000 77,347 
Carnival Corp., 7.625%, 3/1/26(1)
75,000 63,953 
Carnival Corp., 5.75%, 3/1/27(1)
175,000 136,308 
Carnival Corp., 9.875%, 8/1/27(1)
50,000 50,254 
Carnival Corp., 4.00%, 8/1/28(1)
50,000 41,750 
Carnival Corp., 6.00%, 5/1/29(1)
150,000 113,906 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
75,000 65,491 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
50,000 31,834 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)
50,000 48,947 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/3050,000 45,756 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
50,000 40,438 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
75,000 66,472 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
50,000 41,342 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
50,000 44,218 
MGM Resorts International, 6.75%, 5/1/25100,000 100,068 
MGM Resorts International, 4.75%, 10/15/28(2)
50,000 44,012 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
50,000 43,962 
NCL Corp. Ltd., 3.625%, 12/15/24(1)(2)
75,000 65,105 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
50,000 40,500 
NCL Finance Ltd., 6.125%, 3/15/28(1)
50,000 38,899 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)
50,000 37,005 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)(2)
50,000 35,016 
Royal Caribbean Cruises Ltd., 5.25%, 11/15/2250,000 50,108 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)(2)
25,000 19,387 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2775,000 63,932 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/2850,000 34,067 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)(2)
150,000 113,439 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
50,000 49,250 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
50,000 45,074 
Travel + Leisure Co., 6.625%, 7/31/26(1)
50,000 48,543 
Travel + Leisure Co., 4.50%, 12/1/29(1)
50,000 40,718 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
75,000 67,098 
72


Select High Yield ETF
Principal AmountValue
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
$75,000 $61,397 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)(2)
100,000 95,880 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)
50,000 49,919 
2,479,742 
Household Durables — 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
50,000 39,511 
Beazer Homes USA, Inc., 6.75%, 3/15/2575,000 72,105 
Beazer Homes USA, Inc., 5.875%, 10/15/2750,000 41,196 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
75,000 59,763 
Century Communities, Inc., 6.75%, 6/1/27125,000 122,786 
KB Home, 4.00%, 6/15/3150,000 39,508 
Mattamy Group Corp., 4.625%, 3/1/30(1)
50,000 40,585 
Newell Brands, Inc., 4.45%, 4/1/2675,000 70,633 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
50,000 42,974 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
50,000 41,155 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)(2)
50,000 38,561 
Tri Pointe Homes, Inc., 5.25%, 6/1/2775,000 68,560 
677,337 
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)
37,000 35,966 
Calpine Corp., 4.50%, 2/15/28(1)
75,000 68,709 
Calpine Corp., 5.125%, 3/15/28(1)
75,000 66,737 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
75,000 70,359 
Sunnova Energy Corp., 5.875%, 9/1/26(1)(2)
50,000 46,210 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
50,000 45,899 
333,880 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
75,000 63,731 
Interactive Media and Services — 0.4%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
50,000 36,181 
Twitter, Inc., 5.00%, 3/1/30(1)
50,000 47,187 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
50,000 42,707 
126,075 
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
25,000 21,200 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)
50,000 39,179 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
50,000 40,654 
101,033 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/2550,000 49,204 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
50,000 46,856 
96,060 
Leisure Products — 0.2%
Mattel, Inc., 5.45%, 11/1/41(2)
50,000 46,016 
Machinery — 0.3%
Hillenbrand, Inc., 3.75%, 3/1/3150,000 42,406 
Terex Corp., 5.00%, 5/15/29(1)(2)
50,000 44,805 
87,211 
73


Select High Yield ETF
Principal AmountValue
Marine — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
$75,000 $61,875 
Media — 9.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
75,000 71,287 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
75,000 68,602 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)
50,000 48,625 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
75,000 64,552 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
125,000 105,275 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
125,000 102,150 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32150,000 121,909 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
100,000 78,629 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)(2)
50,000 44,845 
CSC Holdings LLC, 6.50%, 2/1/29(1)
200,000 184,270 
CSC Holdings LLC, 5.75%, 1/15/30(1)
250,000 194,019 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
125,000 114,547 
DISH DBS Corp., 5.00%, 3/15/2375,000 73,492 
DISH DBS Corp., 7.75%, 7/1/2675,000 59,223 
DISH DBS Corp., 5.25%, 12/1/26(1)
75,000 62,062 
DISH DBS Corp., 5.75%, 12/1/28(1)
25,000 19,244 
DISH DBS Corp., 5.125%, 6/1/2950,000 29,701 
GCI LLC, 4.75%, 10/15/28(1)
50,000 45,130 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
125,000 123,451 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
50,000 41,275 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2)
50,000 44,943 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
50,000 42,975 
Lamar Media Corp., 3.75%, 2/15/2850,000 44,922 
Lamar Media Corp., 4.875%, 1/15/29(2)
50,000 46,500 
Lamar Media Corp., 4.00%, 2/15/3050,000 43,609 
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)
50,000 43,452 
News Corp., 3.875%, 5/15/29(1)
75,000 65,396 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
50,000 47,669 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)(2)
100,000 91,669 
Quebecor Media, Inc., 5.75%, 1/15/2350,000 50,063 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2)
50,000 42,946 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)
75,000 58,893 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
50,000 40,787 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)
25,000 22,297 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
75,000 70,700 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
75,000 65,437 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
50,000 46,809 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
50,000 40,436 
Univision Communications, Inc., 5.125%, 2/15/25(1)
75,000 72,540 
Univision Communications, Inc., 6.625%, 6/1/27(1)
50,000 48,315 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
50,000 41,569 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
200,000 178,138 
2,902,353 
74


Select High Yield ETF
Principal AmountValue
Metals and Mining — 2.3%
Arconic Corp., 6.00%, 5/15/25(1)
$50,000 $49,187 
Arconic Corp., 6.125%, 2/15/28(1)
50,000 47,021 
ATI, Inc., 4.875%, 10/1/2925,000 22,399 
ATI, Inc., 5.125%, 10/1/31(2)
50,000 44,061 
Carpenter Technology Corp., 6.375%, 7/15/2850,000 47,874 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
25,000 22,234 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2)
50,000 43,735 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
50,000 36,478 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
50,000 47,684 
Freeport-McMoRan, Inc., 4.25%, 3/1/3075,000 68,059 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)
50,000 44,082 
IAMGOLD Corp., 5.75%, 10/15/28(1)
50,000 25,074 
Novelis Corp., 4.75%, 1/30/30(1)
125,000 108,900 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
50,000 40,848 
Taseko Mines Ltd., 7.00%, 2/15/26(1)(2)
50,000 41,324 
688,960 
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)
50,000 43,579 
Multiline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
50,000 43,331 
Oil, Gas and Consumable Fuels — 16.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
50,000 50,065 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
50,000 50,963 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
50,000 45,905 
Apache Corp., 4.25%, 1/15/30(2)
50,000 45,234 
Apache Corp., 5.10%, 9/1/4075,000 63,836 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)
75,000 73,044 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)
50,000 45,105 
Cheniere Energy Partners LP, 4.00%, 3/1/31175,000 153,574 
Cheniere Energy, Inc., 4.625%, 10/15/2850,000 48,250 
Citgo Holding, Inc., 9.25%, 8/1/24(1)(2)
50,000 49,890 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
50,000 48,687 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
50,000 47,660 
CNX Resources Corp., 7.25%, 3/14/27(1)
75,000 74,587 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
50,000 47,812 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
50,000 45,808 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/2550,000 48,259 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
50,000 46,270 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
125,000 123,306 
DCP Midstream Operating LP, 5.375%, 7/15/25125,000 125,476 
DCP Midstream Operating LP, 5.125%, 5/15/2975,000 73,196 
DCP Midstream Operating LP, 3.25%, 2/15/3250,000 42,091 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
50,000 46,781 
EnLink Midstream LLC, 6.50%, 9/1/30(1)(2)
50,000 49,804 
EnLink Midstream Partners LP, 4.85%, 7/15/2675,000 73,887 
75


Select High Yield ETF
Principal AmountValue
EnLink Midstream Partners LP, 5.60%, 4/1/44(2)
$75,000 $59,027 
EnLink Midstream Partners LP, 5.45%, 6/1/4775,000 57,380 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
50,000 48,294 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)(2)
50,000 48,353 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
50,000 43,134 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
50,000 43,333 
EQT Corp., 3.90%, 10/1/2775,000 71,095 
EQT Corp., 7.00%, 2/1/3050,000 53,571 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27(2)
125,000 118,671 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/2850,000 46,426 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
75,000 71,071 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
75,000 73,268 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
50,000 46,514 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)(2)
50,000 45,394 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
50,000 46,627 
ITT Holdings LLC, 6.50%, 8/1/29(1)
50,000 42,305 
Laredo Petroleum, Inc., 9.50%, 1/15/25(2)
75,000 75,359 
Matador Resources Co., 5.875%, 9/15/2675,000 73,503 
MEG Energy Corp., 7.125%, 2/1/27(1)
50,000 50,587 
MEG Energy Corp., 5.875%, 2/1/29(1)
75,000 69,855 
Murphy Oil Corp., 5.75%, 8/15/2548,000 47,626 
Murphy Oil Corp., 5.875%, 12/1/2750,000 48,699 
Murphy Oil Corp., 6.375%, 7/15/28(2)
50,000 49,306 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
75,000 68,727 
Northern Oil and Gas, Inc., 8.125%, 3/1/28(1)
50,000 48,087 
NuStar Logistics LP, 6.375%, 10/1/30(2)
50,000 45,572 
Occidental Petroleum Corp., 5.50%, 12/1/2550,000 51,411 
Occidental Petroleum Corp., 3.40%, 4/15/2650,000 48,073 
Occidental Petroleum Corp., 8.50%, 7/15/2775,000 84,092 
Occidental Petroleum Corp., 6.375%, 9/1/2850,000 52,288 
Occidental Petroleum Corp., 8.875%, 7/15/3075,000 87,720 
Occidental Petroleum Corp., 6.625%, 9/1/3050,000 53,485 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
50,000 52,034 
Occidental Petroleum Corp., 7.50%, 5/1/3150,000 56,384 
Occidental Petroleum Corp., 4.40%, 4/15/4650,000 43,451 
Occidental Petroleum Corp., 4.10%, 2/15/4775,000 62,562 
Parkland Corp., 5.875%, 7/15/27(1)(2)
50,000 48,370 
Parkland Corp., 4.625%, 5/1/30(1)
50,000 43,007 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/2850,000 44,969 
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2)
75,000 75,086 
Penn Virginia Holdings LLC, 9.25%, 8/15/26(1)
50,000 49,152 
Range Resources Corp., 8.25%, 1/15/2950,000 52,547 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
50,000 46,265 
SM Energy Co., 6.75%, 9/15/26(2)
75,000 73,862 
Southwestern Energy Co., 5.375%, 2/1/2950,000 47,351 
Southwestern Energy Co., 5.375%, 3/15/3050,000 46,933 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/2750,000 48,429 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/3050,000 42,731 
76


Select High Yield ETF
Principal AmountValue
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
$50,000 $43,851 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)(2)
50,000 43,817 
Talos Production, Inc., 12.00%, 1/15/2650,000 53,045 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
50,000 46,890 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/2750,000 51,503 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28125,000 122,042 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/3150,000 46,420 
Teine Energy Ltd., 6.875%, 4/15/29(1)
50,000 45,730 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
100,000 87,390 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
75,000 71,924 
Western Midstream Operating LP, 3.35%, 2/1/2575,000 70,902 
Western Midstream Operating LP, 5.50%, 2/1/5075,000 65,040 
4,970,030 
Personal Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
50,000 46,234 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
50,000 43,042 
89,276 
Pharmaceuticals — 0.9%
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)
200,000 175,252 
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1)
50,000 35,677 
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)(4)
75,000 63,842 
274,771 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
75,000 66,381 
Real Estate Management and Development — 0.9%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
75,000 74,460 
Forestar Group, Inc., 3.85%, 5/15/26(1)
50,000 42,557 
Howard Hughes Corp., 5.375%, 8/1/28(1)
50,000 44,573 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
50,000 39,250 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.25%, 4/15/30(1)
75,000 56,511 
257,351 
Road and Rail — 1.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
75,000 71,167 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)
50,000 43,729 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)
50,000 43,656 
Hertz Corp., 5.00%, 12/1/29(1)
50,000 40,309 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
50,000 44,088 
Uber Technologies, Inc., 4.50%, 8/15/29(1)
100,000 87,000 
United Rentals North America, Inc., 4.875%, 1/15/2850,000 46,797 
United Rentals North America, Inc., 3.875%, 2/15/3175,000 64,956 
XPO Logistics, Inc., 6.25%, 5/1/25(1)(2)
34,000 34,438 
476,140 
77


Select High Yield ETF
Principal AmountValue
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
$50,000 $44,685 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
50,000 43,174 
87,859 
Software — 2.4%
Camelot Finance SA, 4.50%, 11/1/26(1)
50,000 46,574 
Castle US Holding Corp., 9.50%, 2/15/28(1)
75,000 59,017 
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)
50,000 45,597 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
50,000 44,785 
GoTo Group, Inc., 5.50%, 9/1/27(1)
50,000 36,858 
NCR Corp., 5.75%, 9/1/27(1)
50,000 48,162 
NCR Corp., 5.125%, 4/15/29(1)
75,000 70,140 
NCR Corp., 6.125%, 9/1/29(1)(2)
50,000 47,742 
NCR Corp., 5.25%, 10/1/30(1)
75,000 69,376 
Open Text Corp., 3.875%, 12/1/29(1)
75,000 60,576 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
50,000 40,319 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
50,000 39,583 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
75,000 71,158 
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)(2)
50,000 38,588 
718,475 
Specialty Retail — 2.2%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
50,000 42,936 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
50,000 41,841 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
50,000 45,485 
Bath & Body Works, Inc., 6.75%, 7/1/3675,000 64,837 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
50,000 43,575 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
75,000 61,237 
Gap, Inc., 3.875%, 10/1/31(1)
50,000 34,750 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
50,000 42,288 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
75,000 69,495 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)(2)
50,000 41,760 
Staples, Inc., 7.50%, 4/15/26(1)
125,000 105,785 
Staples, Inc., 10.75%, 4/15/27(1)(2)
50,000 36,825 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
50,000 44,161 
674,975 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 3.375%, 7/15/3150,000 39,169 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
50,000 46,443 
Xerox Holdings Corp., 5.50%, 8/15/28(1)
50,000 43,808 
129,420 
Thrifts and Mortgage Finance — 1.3%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
25,000 22,228 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
75,000 61,472 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
50,000 37,760 
MGIC Investment Corp., 5.25%, 8/15/2875,000 70,063 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
50,000 41,887 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
50,000 50,584 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
50,000 39,170 
Radian Group, Inc., 4.875%, 3/15/2750,000 46,645 
78


Select High Yield ETF
Principal Amount/SharesValue
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)(2)
$50,000 $38,984 
408,793 
Trading Companies and Distributors — 0.5%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2)
50,000 41,941 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
75,000 41,358 
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/1/25(1)
38,000 35,467 
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1)
50,000 42,625 
161,391 
Wireless Telecommunication Services — 2.1%
Sprint Corp., 7.875%, 9/15/2375,000 77,370 
Sprint Corp., 7.125%, 6/15/24125,000 129,216 
T-Mobile USA, Inc., 2.25%, 2/15/2650,000 46,013 
T-Mobile USA, Inc., 3.375%, 4/15/29100,000 90,212 
T-Mobile USA, Inc., 3.50%, 4/15/3150,000 44,348 
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(1)(2)
200,000 162,000 
Vodafone Group PLC, VRN, 7.00%, 4/4/7975,000 77,582 
626,741 
TOTAL CORPORATE BONDS
(Cost $32,964,687)
28,902,651 
PREFERRED STOCKS — 0.6%


Banks — 0.6%
Bank of America Corp., 6.25%75,000 74,312 
Citigroup, Inc., 4.70%75,000 63,797 
JPMorgan Chase & Co., 6.125%(2)
50,000 49,222 
TOTAL PREFERRED STOCKS
(Cost $210,185)
187,331 
SHORT-TERM INVESTMENTS — 9.9%


Money Market Funds — 9.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class820,865 820,865 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
2,186,515 2,186,515 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,007,380)
3,007,380 
TOTAL INVESTMENT SECURITIES — 105.3%
(Cost $36,182,252)

32,097,362 
OTHER ASSETS AND LIABILITIES — (5.3)%

(1,616,554)
TOTAL NET ASSETS — 100.0%

$30,480,808 

79


Select High Yield ETF
NOTES TO SCHEDULE OF INVESTMENTS
PIK-Payment in Kind. Security may pay a cash rate and/or an in kind rate.
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $19,796,550, which represented 64.9% 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 $2,120,899. 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)The security's rate was paid in cash at the last payment date.
(4)Security is in default.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,199,995, which includes securities collateral of $13,480.


See Notes to Financial Statements.
80


Statements of Assets and Liabilities
AUGUST 31, 2022
Diversified Corporate Bond ETFDiversified Municipal Bond ETF
Assets
Investment securities, at value (cost of $152,358,472 and $290,252,114, respectively) — including $2,774,845 and $—, respectively of securities on loan$143,724,636 $276,002,710 
Investment made with cash collateral received for securities on loan, at value (cost of $2,858,788 and $—, respectively)2,858,788 — 
Total investment securities, at value (cost of $155,217,260 and $290,252,114, respectively)146,583,424 276,002,710 
Deposits with broker for futures contracts112,780 — 
Deposits with broker for swap agreements173,301 — 
Receivable for investments sold— 349,161 
Receivable for capital shares sold— 2,490,550 
Receivable for variation margin on swap agreements4,378 — 
Interest receivable1,238,334 2,864,957 
Securities lending receivable1,898 — 
148,114,115 281,707,378 
Liabilities
Payable for collateral received for securities on loan2,858,788 — 
Payable for investments purchased1,529,867 5,195,383 
Payable for variation margin on futures contracts4,855 — 
Accrued management fees35,856 65,731 
4,429,366 5,261,114 
Net Assets$143,684,749 $276,446,264 
Shares outstanding (unlimited number of shares authorized)3,100,000 5,550,000 
Net Asset Value Per Share$46.35 $49.81 
Net Assets Consist of:
Capital paid in$161,607,250 $296,026,544 
Distributable earnings(17,922,501)(19,580,280)
$143,684,749 $276,446,264 


See Notes to Financial Statements.
81


AUGUST 31, 2022
Emerging Markets Bond ETFMultisector Income ETF
Assets
Investment securities, at value (cost of $30,092,285 and $124,953,865, respectively) — including $248,687 and $3,579,726, respectively of securities on loan$26,246,545 $115,841,088 
Investment made with cash collateral received for securities on loan, at value (cost of $256,775 and $3,709,125, respectively)256,775 3,709,125 
Total investment securities, at value (cost of $30,349,060 and $128,662,990, respectively)26,503,320 119,550,213 
Cash— 1,837 
Receivable for variation margin on futures contracts— 2,768 
Receivable for variation margin on swap agreements— 7,545 
Swap agreements, at value (including net premiums paid (received) of $52,082 and $—, respectively)70,398 — 
Interest and dividends receivable421,838 877,605 
Securities lending receivable
163
2,431 

26,995,719 120,442,399 
Liabilities
Payable for collateral received for securities on loan256,775 3,709,125 
Payable for investments purchased17,593 2,335,833 
Payable for variation margin on futures contracts11,578 — 
Swap agreements, at value (including net premiums paid (received) of $(5,697) and $—, respectively)7,281 — 
Accrued management fees9,019 34,752 

302,246 6,079,710 
Net Assets$26,693,473 $114,362,689 
Shares outstanding (unlimited number of shares authorized)700,000 2,600,000 
Net Asset Value Per Share$38.13 $43.99 
Net Assets Consist of:
Capital paid in$33,698,320 $129,538,684 
Distributable earnings(7,004,847)(15,175,995)
$26,693,473 $114,362,689 


See Notes to Financial Statements.
82


AUGUST 31, 2022
Select High Yield ETF
Assets
Investment securities, at value (cost of $33,995,737) — including $2,120,899 of securities on loan$29,910,847 
Investment made with cash collateral received for securities on loan, at value (cost of $2,186,515)2,186,515 
Total investment securities, at value (cost of $36,182,252)32,097,362 
Receivable for investments sold102,733 
Interest receivable477,921 
Securities lending receivable1,299 

32,679,315 
Liabilities
Payable for collateral received for securities on loan2,186,515 
Accrued management fees11,992 
2,198,507 
Net Assets$30,480,808 
Shares outstanding (unlimited number of shares authorized)700,000 
Net Asset Value Per Share$43.54 
Net Assets Consist of:
Capital paid in$34,890,552 
Distributable earnings(4,409,744)
$30,480,808 


See Notes to Financial Statements.
83


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Diversified Corporate Bond ETFDiversified Municipal Bond ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $455 and $—, respectively)$3,682,748 $4,267,122 
Securities lending, net12,193 — 
3,694,941 4,267,122 
Expenses:
Management fees433,785 622,038 
Other expenses1,584 — 
435,369 622,038 
Net investment income (loss)3,259,572 3,645,084 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(9,580,880)(5,640,496)
Futures contract transactions190,060 — 
Swap agreement transactions5,378 — 
(9,385,442)(5,640,496)
Change in net unrealized appreciation (depreciation) on:
Investments(10,073,336)(18,763,216)
Futures contracts14,387 — 
Swap agreements(8,801)— 
(10,067,750)(18,763,216)
Net realized and unrealized gain (loss)(19,453,192)(24,403,712)
Net Increase (Decrease) in Net Assets Resulting from Operations$(16,193,620)$(20,758,628)


See Notes to Financial Statements.
84


YEAR ENDED AUGUST 31, 2022
Emerging Markets Bond ETFMultisector Income ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $127 and $—, respectively)$1,362,648 $4,335,462 
Dividends— 25,863 
Securities lending, net1,295 12,319 
1,363,943 4,373,644 
Expenses:
Management fees101,199 392,557 
Other expenses98 611 
101,297 393,168 
Net investment income (loss)1,262,646 3,980,476 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(3,576,515)(7,443,578)
Futures contract transactions(215,641)527,939 
Swap agreement transactions471,342 217,551 
Foreign currency translation transactions— (313)
(3,320,814)(6,698,401)
Change in net unrealized appreciation (depreciation) on:
Investments(3,903,331)(9,236,797)
Futures contracts47 (34,076)
Swap agreements16,732 104,632 
Translation of assets and liabilities in foreign currencies— (8)
(3,886,552)(9,166,249)
Net realized and unrealized gain (loss)(7,207,366)(15,864,650)
Net Increase (Decrease) in Net Assets Resulting from Operations$(5,944,720)$(11,884,174)


See Notes to Financial Statements.
85


PERIOD ENDED AUGUST 31, 2022
Select High Yield ETF(1)
Investment Income (Loss)
Income:
Interest$1,186,595 
Securities lending, net5,229 
1,191,824 
Expenses:
Management fees112,486 
Net investment income (loss)1,079,338 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(882,135)
Change in net unrealized appreciation (depreciation) on investments(4,084,890)
Net realized and unrealized gain (loss)(4,967,025)
Net Increase (Decrease) in Net Assets Resulting from Operations$(3,887,687)

(1)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
86


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022August 31, 2021
Operations
Net investment income (loss)$3,259,572 $2,479,982 $3,645,084 $1,833,319 
Net realized gain (loss)(9,385,442)4,742,299 (5,640,496)917,946 
Change in net unrealized appreciation (depreciation)(10,067,750)(3,021,377)(18,763,216)2,060,753 
Net increase (decrease) in net assets resulting from operations(16,193,620)4,200,904 (20,758,628)4,812,018 
Distributions to Shareholders
From earnings(2,951,390)(4,110,980)(3,278,595)(1,763,405)

Capital Share Transactions
Proceeds from shares sold35,965,410 128,687,765 139,499,410 101,658,311 
Payments for shares redeemed(25,964,990)(97,214,495)(2,770,640)(8,220,745)
Other capital886 5,379 91,811 159,216 
Net increase (decrease) in net assets from capital share transactions10,001,306 31,478,649 136,820,581 93,596,782 
Net increase (decrease) in net assets(9,143,704)31,568,573 112,783,358 96,645,395 
Net Assets
Beginning of period152,828,453 121,259,880 163,662,906 67,017,511 
End of period$143,684,749 $152,828,453 $276,446,264 $163,662,906 
Transactions in Shares of the Funds
Sold700,000 2,450,000 2,650,000 1,850,000 
Redeemed(500,000)(1,850,000)(50,000)(150,000)
Net increase (decrease) in shares of the funds200,000 600,000 2,600,000 1,700,000 


See Notes to Financial Statements.
87


YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Emerging Markets Bond ETFMultisector Income ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$1,262,646 $150,980 $3,980,476 $259,604 
Net realized gain (loss)(3,320,814)(3,632)(6,698,401)(111,081)
Change in net unrealized appreciation (depreciation)(3,886,552)56,075 (9,166,249)135,255 
Net increase (decrease) in net assets resulting from operations(5,944,720)203,423 (11,884,174)283,778 
Distributions to Shareholders
From earnings(1,194,630)(68,920)(3,577,090)(52,680)
Capital Share Transactions
Proceeds from shares sold11,194,156 22,501,450 49,086,845 82,595,250 
Payments for shares redeemed— — (2,224,880)— 
Other capital2,269 445 58,230 77,410 
Net increase (decrease) in net assets from capital share transactions11,196,425 22,501,895 46,920,195 82,672,660 
Net increase (decrease) in net assets4,057,075 22,636,398 31,458,931 82,903,758 
Net Assets
Beginning of period22,636,398 — 82,903,758 — 
End of period$26,693,473 $22,636,398 $114,362,689 $82,903,758 
Transactions in Shares of the Funds
Sold250,000 450,000 1,000,000 1,650,000 
Redeemed— — (50,000)— 
Net increase (decrease) in shares of the funds250,000 450,000 950,000 1,650,000 

(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
88


PERIOD ENDED AUGUST 31, 2022
Select High Yield ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$1,079,338 
Net realized gain (loss)(882,135)
Change in net unrealized appreciation (depreciation)(4,084,890)
Net increase (decrease) in net assets resulting from operations(3,887,687)
Distributions to Shareholders
From earnings(1,026,610)
Capital Share Transactions
Proceeds from shares sold44,736,315 
Payments for shares redeemed(9,346,900)
Other capital5,690 
Net increase (decrease) in net assets from capital share transactions35,395,105 
Net increase (decrease) in net assets30,480,808 
Net Assets
End of period$30,480,808 
Transactions in Shares of the Funds
Sold900,000 
Redeemed(200,000)
Net increase (decrease) in shares of the funds700,000 

(1)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
89


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Income ETF (Multisector Income ETF) and American Century Select High Yield ETF (Select High Yield ETF) (collectively, the funds) are five funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Shares of each fund are listed for trading on the NYSE Arca, Inc. Emerging Markets Bond ETF and Multisector Income ETF incepted on June 29, 2021. Select High Yield ETF incepted on November 16, 2021.

2. Significant Accounting Policies

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

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

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

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

90


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

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

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

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

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

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

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

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Diversified Corporate Bond ETF
Corporate Bonds$2,858,788 — — — $2,858,788 
Gross amount of recognized liabilities for securities lending transactions$2,858,788 
Emerging Markets Bond ETF
Corporate Bonds$256,775 — — — $256,775 
Gross amount of recognized liabilities for securities lending transactions$256,775 
Multisector Income ETF
Corporate Bonds$3,709,125 — — — $3,709,125 
Gross amount of recognized liabilities for securities lending transactions$3,709,125 
Select High Yield ETF
Corporate Bonds$2,160,987 — — — $2,160,987 
Preferred Stocks25,528 — — — 25,528 
Total Borrowings
$2,186,515 — — — $2,186,515 
Gross amount of recognized liabilities for securities lending transactions$2,186,515 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 39%, 74% and 66% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, respectively. ACIM owns 35% of the shares of Select High Yield ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.

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

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The annual management fee for each fund is as follows:
Annual Management Fee
Diversified Corporate Bond ETF0.29%
Diversified Municipal Bond ETF0.29%
Emerging Markets Bond ETF0.39%
Multisector Income ETF0.35%
Select High Yield ETF0.45%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Diversified Corporate Bond ETFDiversified Municipal Bond ETFEmerging Markets Bond ETFMultisector Income ETF
Select High Yield ETF(1)
Purchases of U.S. Treasury and Government Agency obligations$19,961,098$1,924,293$52,296,859
Purchases of other investment securities$244,975,438$154,812,985$13,682,861$123,687,444$4,046,429
Total Purchases$264,936,536$154,812,985$15,607,154$175,984,303$4,046,429
Sales of U.S. Treasury and Government Agency obligations$18,978,510$567,422$28,774,093
Sales of other investment securities$246,596,876$94,880,934$16,449,028$130,987,546$3,559,741
Total Sales$265,575,386$94,880,934$17,016,450$159,761,639$3,559,741

(1)November 16, 2021 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Diversified Corporate Bond ETF$35,456,930$25,518,371$175,601
Diversified Municipal Bond ETF$86,914,118$2,589,011$172,509
Emerging Markets Bond ETF$10,441,993
Multisector Income ETF$34,353,021$1,141,309$(49,978)
Select High Yield ETF(1)
$42,472,893$8,578,172$(504,553)
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)November 16, 2021 (fund inception) through August 31, 2022.

5. Capital Share Transactions

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

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6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Diversified Corporate Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $136,991,428 — 
U.S. Treasury Securities— 2,953,860 — 
Municipal Securities— 441,073 — 
Short-Term Investments$6,197,063 — — 
$6,197,063 $140,386,361 — 
Other Financial Instruments
Futures Contracts$14,645 — — 
Swap Agreements— $6,227 — 
$14,645 $6,227 — 
Liabilities
Other Financial Instruments
Futures Contracts$15,782 — — 

Diversified Municipal Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $268,883,123 — 
Short-Term Investments$7,119,587 — — 
$7,119,587 $268,883,123 — 

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Emerging Markets Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $12,862,247 — 
Sovereign Governments and Agencies— 9,438,962 — 
U.S. Treasury Securities— 1,453,680 — 
Preferred Stocks— 557,379 — 
Short-Term Investments$2,191,052 — — 
$2,191,052 $24,312,268 — 
Other Financial Instruments
Futures Contracts$2,586 — — 
Swap Agreements— $70,398 — 
$2,586 $70,398 — 
Liabilities
Other Financial Instruments
Futures Contracts$4,055 — — 
Swap Agreements— $7,281 — 
$4,055 $7,281 — 

Multisector Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $44,239,697 — 
U.S. Treasury Securities— 21,098,467 — 
Asset-Backed Securities— 15,439,551 — 
U.S. Government Agency Mortgage-Backed Securities— 7,716,834 — 
Commercial Mortgage-Backed Securities— 6,237,490 — 
Collateralized Mortgage Obligations— 6,020,183 — 
Collateralized Loan Obligations— 5,935,110 — 
Preferred Stocks— 4,778,071 — 
Bank Loan Obligations— 1,451,917 — 
Sovereign Governments and Agencies— 1,310,918 — 
Short-Term Investments$5,321,975 — — 
$5,321,975 $114,228,238 — 
Other Financial Instruments
Futures Contracts$3,859 — — 
Swap Agreements— $4,939 — 
$3,859 $4,939 — 
Liabilities
Other Financial Instruments
Futures Contracts$26,700 — — 
Swap Agreements— $27,544 — 
$26,700 $27,544 — 

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Select High Yield ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $28,902,651 — 
Preferred Stocks— 187,331 — 
Short-Term Investments$3,007,380 — — 
$3,007,380 $29,089,982 — 

7. Derivative Instruments

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

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF$4,261,833
Emerging Markets Bond ETF$1,440,500
Multisector Income ETF$11,654,736

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts PurchasedFutures Contracts Sold
Diversified Corporate Bond ETF$17,466,572$17,651,391
Emerging Markets Bond ETF$1,848,884$3,943,736
Multisector Income ETF$20,097,535$9,345,696

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Value of Derivative Instruments as of August 31, 2022
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Diversified Corporate Bond ETF
Credit RiskReceivable for variation margin on swap agreements*$4,378 Payable for variation margin on swap agreements*— 
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$4,855 
$4,378 $4,855 
Emerging Markets Bond ETF
Credit RiskSwap agreements$70,398 Swap agreements$7,281 
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*11,578 
$70,398 $18,859 
Multisector Income ETF
Credit RiskReceivable for variation margin on swap agreements*$7,545 Payable for variation margin on swap agreements*— 
Interest Rate RiskReceivable for variation margin on futures contracts*2,768 Payable for variation margin on futures contracts*— 
$10,313 — 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Diversified Corporate Bond ETF
Credit RiskNet realized gain (loss) on swap agreement transactions$5,378 Change in net unrealized appreciation (depreciation) on swap agreements$(8,801)
Interest Rate RiskNet realized gain (loss) on futures contract transactions190,060 Change in net unrealized appreciation (depreciation) on futures contracts14,387 
$195,438 $5,586 
Emerging Markets Bond ETF
Credit RiskNet realized gain (loss) on swap agreement transactions$471,342 Change in net unrealized appreciation (depreciation) on swap agreements$16,732 
Interest Rate RiskNet realized gain (loss) on futures contract transactions(215,641)Change in net unrealized appreciation (depreciation) on futures contracts47 
$255,701 $16,779 
Multisector Income ETF
Credit RiskNet realized gain (loss) on swap agreement transactions$217,551 Change in net unrealized appreciation (depreciation) on swap agreements$104,632 
Interest Rate RiskNet realized gain (loss) on futures contract transactions527,939 Change in net unrealized appreciation (depreciation) on futures contracts(34,076)
$745,490 $70,556 

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8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
The majority of Emerging Markets Bond ETF and Multisector Income ETF are owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the funds may be at risk.
A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The novel coronavirus (COVID-19) pandemic has stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
20222021

Distributions Paid From:
Distributions Paid From:

Exempt Income
Ordinary Income
Long-term Capital Gains
Exempt Income
Ordinary Income
Long-term Capital Gains
Diversified Corporate Bond ETF
— $2,951,390 — — $3,561,445 $549,535 
Diversified Municipal Bond ETF
$3,278,595 — — $1,763,405 — — 
Emerging Markets
Bond ETF
— $1,194,630 — 
 (1)
$ 68,920(1)
 (1)
Multisector Income ETF
— $3,577,090 — 
 (1)
$ 52,680(1)
 (1)
Select High Yield ETF(2)
— $1,026,610 — N/AN/AN/A
(1)June 29, 2021 (fund inception) through August 31, 2021.
(2)November 16, 2021 (fund inception) through August 31, 2022.



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

The reclassifications, which are primarily due to in kind transactions, were as follows:
Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
Capital paid in$175,601 $172,509 — $(54,171)$(504,553)
Distributable earnings$(175,601)$(172,509)— $54,171 $504,553 

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
Federal tax cost of investments$155,237,298 $290,254,423 $30,556,872 $128,733,038 $36,182,252 
Gross tax appreciation of investments$21,686 $480,812 $47,000 $37,138 $8,653 
Gross tax depreciation of investments(8,675,560)(14,732,525)(4,100,552)(9,219,963)(4,093,543)
Net tax appreciation (depreciation) of investments(8,653,874)(14,251,713)(4,053,552)(9,182,825)(4,084,890)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies 19,909 — 20,474 152,437 — 
Net tax appreciation (depreciation) $(8,633,965)$(14,251,713)$(4,033,078)$(9,030,388)$(4,084,890)
Undistributed ordinary income$395,860 — $137,512 $569,947 $141,456 
Undistributed exempt income— $561,916 — — — 
Accumulated short-term capital losses$(8,275,499)$(4,713,606)$(2,547,989)$(6,715,554)$(466,310)
Accumulated long-term capital losses$(1,408,897)$(1,176,877)$(561,292)— — 

For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on futures contracts and unsettled interest on swap agreements. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Select High Yield ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsNet
Investment
Income
Net
Realized
Gains
Total
Distributions
Other Capital(1)
Net Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Diversified Corporate Bond ETF
2022$52.701.08(6.45)(5.37)(0.98)(0.98)
0.00(4)
$46.35(10.30)%0.29%2.18%181%$143,685 
2021$52.720.930.661.59(1.39)(0.22)(1.61)
0.00(4)
$52.703.08%0.29%1.77%182%$152,828 
2020$51.381.281.472.75(1.40)(0.03)(1.43)0.02$52.725.48%0.29%2.50%174%$121,260 
2019$48.771.672.454.12(1.54)(1.54)0.03$51.388.70%0.39%3.37%35%$64,334 
2018(5)
$50.000.96(1.41)(0.45)(0.82)(0.82)0.04$48.77(0.77)%
0.45%(6)
3.09%(6)
38%$12,291 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)January 11, 2018 (fund inception) through August 31, 2018.
(6)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Diversified Municipal Bond ETF
2022$55.480.89(5.76)(4.87)(0.82)0.02$49.81(8.82)%0.29%1.70%46%$276,446 
2021$53.611.001.832.83(1.05)0.09$55.485.50%0.29%1.82%14%$163,663 
2020$53.371.190.111.30(1.15)0.09$53.612.66%0.29%2.26%23%$67,018 
2019(4)
$50.001.363.164.52(1.25)0.10$53.379.42%
0.29%(5)
2.74%(5)
19%$26,684 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Emerging Markets Bond ETF
2022$50.302.13(12.25)(10.12)(2.05)
0.00(4)
$38.13(20.60)%0.39%4.87%64%$26,693 
2021(5)
$50.000.360.110.47(0.17)
0.00(4)
$50.300.95%
0.39%(6)
4.14%(6)
7%$22,636 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)June 29, 2021 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Multisector Income ETF
2022$50.241.67(6.41)(4.74)(1.53)0.02$43.99(9.60)%0.35%3.55%147%$114,363 
2021(4)
$50.000.270.020.29(0.13)0.08$50.240.75%
0.35%(5)
3.08%(5)
75%$82,904 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Select High Yield ETF
2022(4)
$50.001.58(6.54)(4.96)(1.51)0.01$43.54(10.04)%
0.45%(5)
4.32%(5)
12%$30,481 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)November 16, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Diversified Corporate Bond ETF, American Century Diversified Municipal Bond ETF, American Century Emerging Markets Bond ETF, American Century Multisector Income ETF, and American Century Select High Yield ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
American Century Diversified Corporate Bond ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018
American Century Diversified Municipal Bond ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Emerging Markets Bond ETF
For the year ended August 31, 2022
For the year ended August 31, 2022 and the period from June 29, 2021 (fund inception) through August 31, 2021
American Century Multisector Income ETF
American Century Select High Yield ETF
For the period November 16, 2021 (fund inception) through August 31, 2022

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

106


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
108


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


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Approval of Management and Subadvisory Agreements
American Century Diversified Corporate Bond ETF
American Century Diversified Municipal Bond ETF
American Century Emerging Markets Bond ETF
American Century Multisector Income ETF

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

110


Factors Considered

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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services
111


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

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

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response
112


thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.



113


American Century Select High Yield ETF

At a meeting held on June 2, 2022, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management, Inc. (the “Subadvisor”) acts as subadvisor to the Fund. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;
the Fund’s investment performance, including data comparing the Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning the Fund compared to the cost of owning similarly-managed funds;
the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates, the Subadvisor and certain other Fund service providers;
financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;
the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of the Fund; and
possible collateral benefits to the Advisor from the management of the Fund.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the Subadvisor, the independent data providers, and independent counsel in connection with the approval. They
114


determined that the information was sufficient for them to evaluate the management agreement and the subadvisory agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement and subadvisory agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

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

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Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund. The Board did not consider the profitability of the Subadvisor because the Subadvisor is paid from the unified management fee of the Advisor as a result of arms’ length negotiations.

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments could include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the
116


Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the terms of the management agreement and the subadvisory agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement and subadvisory agreement should be renewed for an additional one-year period.
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Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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

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


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

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

Diversified Municipal Bond ETF designates $3,278,595 as exempt interest dividends for the fiscal year ended August 31, 2022.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Diversified Corporate Bond ETF
Diversified Municipal
Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
$2,307,529$53,761$2,330,492$868,584

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Contact Usamericancenturyetfs.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96946 2210





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Annual Report
August 31, 2022
American Century® Focused Dynamic Growth ETF (FDG)
American Century® Focused Large Cap Value ETF (FLV)




























Table of Contents

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










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

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



President’s Letter

jthomasrev0514a66.jpg 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,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Focused Dynamic Growth ETF (FDG)
Total Returns as of August 31, 2022Average Annual Returns
1 YearSince
Inception
Inception
Date
Net Asset Value-33.49%16.42%3/31/2020
Market Price-33.45%16.42%3/31/2020
Russell 1000 Growth Index-19.06%20.82%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made March 31, 2020
chart-a50879239e0e4e7a827a.jpg

Value on August 31, 2022
Net Asset Value — $14,439
Russell 1000 Growth Index — $15,801

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





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


Portfolio Commentary

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

Portfolio Manager Prabha Ram left American Century Investments after period-end.

Fund Strategy

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

Performance Review

The fund returned -33.45% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -33.49%. For the same time period, the Russell 1000 Growth Index, the fund’s benchmark, returned -19.06%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Stocks Detracted From Relative Performance

Our holdings in the information technology sector dominated the fund’s underperformance amid the period’s growth sell-off, as investors sold the stocks of many companies that rose during the pandemic. DocuSign was a significant detractor. The stock of this developer of software for online signatures and document management had been a leading contributor to performance in recent years. It was a beneficiary of the pandemic-driven work-from-home environment but offered disappointing guidance as that tailwind subsided. Other sector detractors included Okta. The company provides cloud-based software for online identity verification, a rapidly growing market with scope for tremendous innovation. The stock fell sharply after Okta reported a third-party data breach potentially affecting a number of corporate clients that it had failed to notify in a timely manner. The small- and micro-merchant digital payments company Block (formerly Square), a darling during the pandemic, suffered during the growth sell-off as first rising interest rates and later recessionary fears weighed on the stock. Additionally, Block’s focus on blockchain technology—which enables cryptocurrencies—hurt as crypto prices fell.

Other Detractors

Elsewhere, the online education provider Chegg reported disappointing earnings and enrollment figures, precipitating a sharp decline. We eliminated our holding. Netflix hampered relative performance. The streaming video service announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. Fund performance was also hurt by not owning some stocks that are benchmark components, including Apple. Despite supply chain struggles that have affected most electronics companies, Apple posted record sales and earnings, led by sales of the iPhone.

Consumer Staples Benefited Performance

Constellation Brands was a top contributor in the consumer staples sector. This innovative beer, wine and spirits beverage company reported quarterly revenue and earnings that beat expectations, driven by strength in its portfolio of beer brands.

Our positioning in the energy sector relative to the benchmark was helpful. Higher oil prices caused by rising demand benefited Cactus, which leases equipment to energy producers. The company is
4


gaining market share in niche capital equipment focused on shale oil well development by creating tools that are differentiated by their efficiency and safety.

Other top contributors came from a variety of sectors. The stock price of Tesla rose after the company reported better-than-expected quarterly earnings. The electric vehicle maker offered optimistic guidance but noted production headwinds due to supply chain disruptions and persistent lockdowns in China. We continue to view Tesla as an early stage growth company with significant competitive advantages relative to traditional automakers. Westinghouse Air Brake Technologies outperformed, aided by the strong results of its freight rail segment. The stock of Argenx, a Belgium-based biotechnology company, rose after it reported sales for Vyvgart that exceeded expectations. Vyvgart treats myasthenia gravis, a neuromuscular disorder. Our lack of exposure to PayPal Holdings benefited performance compared with the benchmark. The digital payment company’s stock price fell on slower growth, primarily due to losing its eBay account, but also because of difficult year-over-year comparisons as PayPal registered strong growth during the height of the pandemic.

Portfolio Positioning

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

While this has been a difficult period for growth equities, we want to reassure you that we retain high conviction in our investment process and portfolio holdings. We acknowledge the challenging environment and are closely monitoring the fundamentals of our investments. But our long-term focus also leads us to look through the short-term noise. Indeed, we believe many enduring secular growth trends will persist, such as a shift to electric vehicles; aging global demographics intersecting with advancements in health care; companies shifting more of their expenditures to technology; and increased digitization of transactions, among many others. As such, we believe this period can create attractive opportunities for long-term investors willing to be patient with companies that we believe are poised to grow over time.

5


Fund Characteristics
AUGUST 31, 2022
Focused Dynamic Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks98.8%
Short-Term Investments1.3%
Other Assets and Liabilities(0.1)%
Top Five Industries% of net assets
IT Services12.2%
Software10.2%
Internet and Direct Marketing Retail9.0%
Automobiles8.9%
Biotechnology8.9%

6


Performance
Focused Large Cap Value ETF (FLV)
Total Returns as of August 31, 2022 Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value-4.41%18.69%3/31/2020
Market Price-4.48%18.69%3/31/2020
Russell 1000 Value Index-6.23%20.91%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made March 31, 2020
chart-af38e1c9132441e4b19a.jpg

Value on August 31, 2022
Net Asset Value — $15,131
Russell 1000 Value Index — $15,830

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





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


Portfolio Commentary

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

Performance Summary

American Century Focused Large Cap Value ETF returned -4.48% on a market price basis over the 12-month period ending August 31, 2022. On a net asset value (NAV) basis, the fund returned -4.41%. The fund’s benchmark, the Russell 1000 Value Index, returned -6.23% during the same period. The fund’s market price and NAV returns reflect fees and operating expenses, but the index return does not.

The portfolio’s underweight and our choice of investments in the communication services sector positively impacted relative performance. In addition, several of our holdings in the financials sector helped drive the portfolio’s return relative to the benchmark, particularly in the insurance industry. On the other hand, security selection and an underweight in the energy sector detracted from results. Some of our positions in the health care sector also negatively impacted performance.

Communication Services and Financials Were Areas of Strength

During the reporting period, our bottom-up investment process resulted in an underweight to the communication services sector relative to the benchmark. This underweight, coupled with our security selection in the sector, positively impacted the portfolio’s relative performance. Notably, the portfolio’s underweight to The Walt Disney Co. was beneficial. Shares of this diversified global entertainment company experienced a sharp sell-off after the company reported Disney Plus subscriber numbers that came in below expectations. Later in the period, shares were pressured by a broad technology sell-off and investors’ concerns over direct-to-consumer business models. The portfolio also benefited from the lack of exposure to several of the benchmark’s names in the entertainment, media and interactive media and services industries. We avoided these names because they did not meet our investment criteria.

The financials sector was another area of strength, driven by the strong performance of several holdings in the insurance industry. Reinsurance Group of America was one of the portfolio’s top individual contributors. This global life and health reinsurance company reported strong financial results. Its core business performed well, and the impact from COVID-19 losses declined. Furthermore, investors expect earnings to rise over the next several years.

While the portfolio’s stock selection in the energy sector was negative overall, TotalEnergies (formerly named TOTAL), a large integrated energy company, was a key contributor to performance. Its shares rose as strong commodity prices increased the company’s free cash flow and earnings potential. Atmos Energy was another top contributor. This Texas-based utility company benefited from greater certainty about the recovery of costs stemming from extreme winter weather in 2021. Its shares were also buoyed by news of a peer being acquired at a significant premium to its market price.

Energy and Health Care Detracted

Rising commodity prices led to strong performance for many stocks in the energy sector. In turn, our lack of exposure to several of the benchmark’s energy names weighed on the portfolio’s relative results. More specifically, our avoidance of ConocoPhillips detracted. Shares of this oil and gas exploration and production company performed strongly after higher commodity prices led to financial results that were better than investors expected.

Security selection in the health care sector also detracted from results. Shares of Medtronic, a medical device company, were pressured by concerns about continued delays in elective procedures, a Food and Drug Administration warning letter regarding the company’s diabetes pumps and supply chain constraints. Zimmer Biomet Holdings, another medical device company,
8


was another key detractor. The pandemic weighed on its shares as patients deferred elective procedures.

Open Text and The Bank of New York Mellon were other key detractors. Shares of Open Text, an information technology company, declined after it provided 2023 earnings guidance that was slightly below expectations, driven by lower margins due to reinvestment in its cloud software. Also, investors became concerned that Open Text’s planned Micro Focus International acquisition may raise operational risk. Shares of The Bank of New York Mellon underperformed on concerns over reduced share repurchases. Furthermore, while we think rising interest rates should benefit this bank’s future earnings, rising rates acted as a near-term drag to capital levels due to higher unrealized losses on investment securities.

Portfolio Positioning

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

We have identified several opportunities in the consumer staples sector. Historically, many consumer staples companies have traded at a premium, but our analysis has led us to select companies in the sector that we believe are trading at a discount to the overall market. In addition, strong consumer demand for discretionary goods during the pandemic has shifted toward consumer staples due to soaring inflation and recession fears. In this uncertain environment, we believe companies that focus on consumer staples may hold up better than those focused on discretionary purchases.

Through our bottom-up process, we have also identified a number of companies in the health care sector that we believe offer attractive risk/reward profiles, particularly in the health care equipment and supplies and pharmaceuticals industries. We believe long-term demographic trends support demand for the health care companies that we hold in our portfolio. Additionally, we expect our medical device holdings to benefit from an increase in elective procedures.

On the other hand, as of August 31, 2022, the portfolio did not hold any positions in the consumer discretionary sector. It has been difficult for us to find higher-quality consumer discretionary companies with durable business models. The portfolio also ended the period with an underweight in communication services relative to the benchmark, as many companies in the sector have relatively volatile business models and more leveraged balance sheets.
9


Fund Characteristics
AUGUST 31, 2022
Focused Large Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks98.7%
Short-Term Investments1.6%
Other Assets and Liabilities(0.3)%
Top Five Industries% of net assets
Insurance12.1%
Pharmaceuticals9.1%
Health Care Equipment and Supplies9.0%
Oil, Gas and Consumable Fuels6.9%
Electrical Equipment4.8%
10


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.

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)
Focused Dynamic Growth ETF
Actual$1,000$835.70$2.080.45%
Hypothetical$1,000$1,022.94$2.290.45%
Focused Large Cap Value ETF
Actual$1,000$955.90$2.070.42%
Hypothetical$1,000$1,023.09$2.140.42%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
11


Schedules of Investments

AUGUST 31, 2022
Focused Dynamic Growth ETF
SharesValue
COMMON STOCKS — 98.8%


Aerospace and Defense — 0.6%
Rocket Lab USA, Inc.(1)
155,058 $852,819 
Automobiles — 8.9%
Tesla, Inc.(1)
45,324 12,491,748 
Beverages — 7.5%
Boston Beer Co., Inc., Class A(1)
5,363 1,807,760 
Constellation Brands, Inc., Class A35,630 8,766,761 
10,574,521 
Biotechnology — 8.9%
Alnylam Pharmaceuticals, Inc.(1)
14,767 3,051,896 
Argenx SE, ADR(1)
7,208 2,723,687 
Ascendis Pharma A/S, ADR(1)
11,549 1,034,444 
Blueprint Medicines Corp.(1)
15,014 1,099,325 
Regeneron Pharmaceuticals, Inc.(1)
7,842 4,556,672 
12,466,024 
Capital Markets — 5.9%
Intercontinental Exchange, Inc.37,185 3,750,107 
S&P Global, Inc.13,052 4,596,654 
8,346,761 
Electronic Equipment, Instruments and Components — 1.1%
Cognex Corp.37,937 1,597,527 
Energy Equipment and Services — 1.4%
Cactus, Inc., Class A48,339 1,931,143 
Entertainment — 0.4%
Netflix, Inc.(1)
2,455 548,840 
Health Care Equipment and Supplies — 3.9%
Intuitive Surgical, Inc.(1)
21,338 4,390,080 
Silk Road Medical, Inc.(1)
26,550 1,057,487 
5,447,567 
Hotels, Restaurants and Leisure — 3.2%
Chipotle Mexican Grill, Inc.(1)
2,862 4,570,042 
Interactive Media and Services — 7.8%
Alphabet, Inc., Class C(1)
99,880 10,901,902 
Internet and Direct Marketing Retail — 9.0%
Amazon.com, Inc.(1)
99,361 12,595,994 
IT Services — 12.2%
Block, Inc.(1)
32,273 2,223,932 
Mastercard, Inc., Class A16,301 5,287,555 
Okta, Inc.(1)
37,194 3,399,532 
Visa, Inc., Class A31,352 6,229,956 
17,140,975 
Machinery — 6.7%
Graco, Inc.53,239 3,398,778 
Westinghouse Air Brake Technologies Corp.68,533 6,006,917 
9,405,695 
12


Focused Dynamic Growth ETF
SharesValue
Professional Services — 1.2%
Verisk Analytics, Inc.9,094 $1,702,033 
Semiconductors and Semiconductor Equipment — 7.1%
Monolithic Power Systems, Inc.13,376 6,061,736 
NVIDIA Corp.25,493 3,847,913 
9,909,649 
Software — 10.2%
Bill.com Holdings, Inc.(1)
24,747 4,006,044 
DocuSign, Inc.(1)
31,743 1,848,078 
Paylocity Holding Corp.(1)
23,982 5,779,662 
Salesforce, Inc.(1)
16,860 2,632,183 
14,265,967 
Textiles, Apparel and Luxury Goods — 2.8%
NIKE, Inc., Class B36,760 3,913,102 
TOTAL COMMON STOCKS
(Cost $140,872,405)
138,662,309 
SHORT-TERM INVESTMENTS — 1.3%


Money Market Funds — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,851,155)
1,851,155 1,851,155 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $142,723,560)

140,513,464 
OTHER ASSETS AND LIABILITIES — (0.1)%

(180,560)
TOTAL NET ASSETS — 100.0%

$140,332,904 

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


See Notes to Financial Statements.
13


AUGUST 31, 2022
Focused Large Cap Value ETF
SharesValue
COMMON STOCKS — 98.7%


Aerospace and Defense — 2.3%
Raytheon Technologies Corp.55,511 $4,982,112 
Airlines — 1.1%
Southwest Airlines Co.(1)
66,766 2,450,312 
Banks — 4.4%
JPMorgan Chase & Co.52,370 5,956,040 
Truist Financial Corp.72,913 3,415,245 
9,371,285 
Beverages — 1.6%
PepsiCo, Inc.20,027 3,450,051 
Capital Markets — 4.0%
Bank of New York Mellon Corp.131,629 5,466,552 
BlackRock, Inc.4,507 3,003,420 
8,469,972 
Commercial Services and Supplies — 1.8%
Republic Services, Inc.26,466 3,777,228 
Communications Equipment — 3.6%
Cisco Systems, Inc.109,485 4,896,169 
F5, Inc.(1)
17,951 2,819,384 
7,715,553 
Containers and Packaging — 1.5%
Packaging Corp. of America7,806 1,068,798 
Sonoco Products Co.34,248 2,158,309 
3,227,107 
Diversified Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B(1)
28,269 7,937,935 
Diversified Telecommunication Services — 3.0%
Verizon Communications, Inc.155,246 6,490,835 
Electric Utilities — 3.1%
Duke Energy Corp.31,116 3,326,611 
Pinnacle West Capital Corp.43,485 3,276,595 
6,603,206 
Electrical Equipment — 4.8%
ABB Ltd., ADR(2)
58,665 1,617,394 
Emerson Electric Co.60,015 4,905,626 
Hubbell, Inc.9,600 1,980,480 
nVent Electric PLC50,765 1,673,215 
10,176,715 
Electronic Equipment, Instruments and Components — 0.9%
TE Connectivity Ltd.14,441 1,822,599 
Entertainment — 0.9%
Walt Disney Co.(1)
16,761 1,878,573 
Equity Real Estate Investment Trusts (REITs) — 1.3%
Public Storage8,487 2,807,754 
Food and Staples Retailing — 2.4%
Sysco Corp.30,946 2,544,380 
Walmart, Inc.20,299 2,690,633 
5,235,013 
14


Focused Large Cap Value ETF
SharesValue
Food Products — 3.9%
Conagra Brands, Inc.122,381 $4,207,459 
Mondelez International, Inc., Class A66,589 4,119,195 
8,326,654 
Gas Utilities — 3.2%
Atmos Energy Corp.59,459 6,741,462 
Health Care Equipment and Supplies — 9.0%
Becton Dickinson and Co.10,790 2,723,612 
Medtronic PLC120,515 10,595,679 
Zimmer Biomet Holdings, Inc.55,382 5,888,214 
19,207,505 
Health Care Providers and Services — 4.5%
Henry Schein, Inc.(1)
26,907 1,975,243 
Humana, Inc.4,057 1,954,581 
Quest Diagnostics, Inc.14,179 1,776,771 
UnitedHealth Group, Inc.7,645 3,970,278 
9,676,873 
Household Products — 2.6%
Colgate-Palmolive Co.9,065 708,974 
Kimberly-Clark Corp.38,064 4,853,921 
5,562,895 
Industrial Conglomerates — 0.4%
Honeywell International, Inc.4,372 827,838 
Insurance — 12.1%
Aflac, Inc.59,502 3,535,609 
Allstate Corp.56,275 6,781,137 
Chubb Ltd.23,897 4,517,728 
Marsh & McLennan Cos., Inc.35,109 5,665,539 
Reinsurance Group of America, Inc.42,266 5,298,466 
25,798,479 
Oil, Gas and Consumable Fuels — 6.9%
Exxon Mobil Corp.80,910 7,734,187 
TotalEnergies SE, ADR140,787 7,111,151 
14,845,338 
Personal Products — 3.9%
Unilever PLC, ADR(2)
181,408 8,234,109 
Pharmaceuticals — 9.1%
Johnson & Johnson69,951 11,285,894 
Merck & Co., Inc.52,434 4,475,766 
Novartis AG, ADR46,722 3,762,056 
19,523,716 
Semiconductors and Semiconductor Equipment — 1.0%
Texas Instruments, Inc.12,766 2,109,071 
Software — 1.7%
Open Text Corp.71,374 2,246,853 
Oracle Corp. (New York)18,559 1,376,149 
3,623,002 
TOTAL COMMON STOCKS
(Cost $202,623,061)
210,873,192 
15


Focused Large Cap Value ETF
SharesValue
SHORT-TERM INVESTMENTS — 1.6%


Money Market Funds — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class2,250,435 $2,250,435 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,242,944 1,242,944 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,493,379)
3,493,379 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $206,116,440)

214,366,571 
OTHER ASSETS AND LIABILITIES — (0.3)%

(597,350)
TOTAL NET ASSETS — 100.0%

$213,769,221 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,209,932. 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 $5,361,421, which includes securities collateral of $4,118,477.


See Notes to Financial Statements.
16


Statements of Assets and Liabilities
AUGUST 31, 2022
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Assets
Investment securities, at value (cost of $142,723,560 and $204,873,496, respectively) — including $— and $5,209,932, respectively of securities on loan$140,513,464 $213,123,627 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $1,242,944, respectively)— 1,242,944 
Total investment securities, at value (cost of $142,723,560 and $206,116,440, respectively)140,513,464 214,366,571 
Receivable for capital shares sold4,667,208 — 
Dividends and interest receivable32,529 723,337 
Securities lending receivable— 1,434 
145,213,201 215,091,342 
Liabilities
Payable for collateral received for securities on loan— 1,242,944 
Payable for investments purchased4,825,423 — 
Accrued management fees54,874 79,177 
4,880,297 1,322,121 
Net Assets$140,332,904 $213,769,221 
Shares outstanding (unlimited number of shares authorized)2,430,000 3,755,000 
Net Asset Value Per Share$57.75 $56.93 
Net Assets Consist of:
Capital paid in$162,332,336 $199,691,397 
Distributable earnings(21,999,432)14,077,824 
$140,332,904 $213,769,221 


See Notes to Financial Statements.
17


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $132,307, respectively)$453,401 $5,670,941 
Interest6,621 11,539 
Securities lending, net74 2,231 
460,096 5,684,711 
Expenses:
Management fees785,114 962,439 
Net investment income (loss)(325,018)4,722,272 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(7,024,149)18,521,090 
Change in net unrealized appreciation (depreciation) on investments(69,246,962)(33,742,584)
Net realized and unrealized gain (loss)(76,271,111)(15,221,494)
Net Increase (Decrease) in Net Assets Resulting from Operations$(76,596,129)$(10,499,222)


See Notes to Financial Statements.
18


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Focused Dynamic
Growth ETF
Focused Large Cap
Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022August 31, 2021
Operations
Net investment income (loss)$(325,018)$(370,443)$4,722,272 $3,728,184 
Net realized gain (loss)(7,024,149)27,904,615 18,521,090 5,086,205 
Change in net unrealized appreciation (depreciation)(69,246,962)23,407,498 (33,742,584)37,043,077 
Net increase (decrease) in net assets resulting from operations(76,596,129)50,941,670 (10,499,222)45,857,466 
Distributions to Shareholders
From earnings— (21,840)(9,716,163)(2,991,009)
Capital Share Transactions
Proceeds from shares sold43,427,709 59,816,448 25,226,721 138,524,192 
Payments for shares redeemed(57,885,327)(88,569,594)(55,367,369)— 
Other capital1,646 4,916 1,808 9,570 
Net increase (decrease) in net assets from capital share transactions(14,455,972)(28,748,230)(30,138,840)138,533,762 
Net increase (decrease) in net assets(91,052,101)22,171,600 (50,354,225)181,400,219 
Net Assets
Beginning of period231,385,005 209,213,405 264,123,446 82,723,227 
End of period$140,332,904 $231,385,005 $213,769,221 $264,123,446 
Transactions in Shares of the Funds
Sold585,000 780,000 420,000 2,560,000 
Redeemed(820,000)(1,190,000)(915,000)— 
Net increase (decrease) in shares of the funds(235,000)(410,000)(495,000)2,560,000 


See Notes to Financial Statements.
19


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

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

2. Significant Accounting Policies

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

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

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

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

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

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

20


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

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

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

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

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

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

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

21


The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Focused Large Cap Value ETF
Common Stocks$1,242,944 — — — $1,242,944 
Gross amount of recognized liabilities for securities lending transactions$1,242,944 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 39% and 35% of the shares of Focused Dynamic Growth ETF and Focused Large Cap Value ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

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

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Purchases$74,325,153$65,689,361
Sales
$73,190,199$50,887,391

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Focused Dynamic Growth ETF$31,582,883$46,995,605$12,731,524
Focused Large Cap Value ETF$3,252,343$53,772,134$12,066,853
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

22


5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

7. Risk Factors

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

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

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Focused Dynamic Growth ETF— — $21,565 $275 
Focused Large Cap Value ETF$9,198,604 $517,559 $2,991,009 — 

23


The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
The reclassifications for Focused Dynamic Growth ETF and Focused Large Cap Value ETF, which are primarily due to in kind transactions, were made to capital paid in $11,960,914 and $13,706,266 and distributable earnings $(11,960,914) and $(13,706,266),respectively.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Federal tax cost of investments$143,897,499 $206,240,807 
Gross tax appreciation of investments$15,522,153 $19,316,800 
Gross tax depreciation of investments(18,906,188)(11,191,036)
Net tax appreciation (depreciation) of investments$(3,384,035)$8,125,764 
Undistributed ordinary income— $1,156,030 
Accumulated long-term gains— $4,796,030 
Accumulated short -term capital losses$(10,714,374)— 
Accumulated long-term capital losses$(7,768,132)— 
Late-year ordinary loss deferral$(132,891)— 

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

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

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


24


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investments
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other
Capital(1)
Net Asset
Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Focused Dynamic Growth ETF
2022$86.82(0.13)(28.94)(29.07)
0.00(4)
$57.75(33.49)%0.45%(0.19)%42%$140,333 
2021$68.04(0.13)18.9218.79(0.01)
0.00(4)
$86.8227.61%0.45%(0.17)%28%$231,385 
2020(5)
$40.00(0.04)28.0728.030.01$68.0470.11%
0.45%(6)
(0.16)%(6)
27%$209,213 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)March 31, 2020 (fund inception) through August 31, 2020.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investments
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Other
Capital(1)
Net Asset
Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Focused Large Cap Value ETF
2022$62.151.24(3.89)(2.65)(1.23)(1.34)(2.57)
0.00(4)
$56.93(4.41)%0.42%2.06%22%$213,769 
2021$48.951.1413.0114.15(0.95)(0.95)
0.00(4)
$62.1529.19%0.42%2.00%36%$264,123 
2020(5)
$40.000.418.599.00(0.06)(0.06)0.01$48.9522.53%
0.42%(6)
2.10%(6)
73%$82,723 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)March 31, 2020 (fund inception) through August 31, 2020.
(6)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Focused Dynamic Growth ETF and American Century Focused Large Cap Value ETF (the “Funds”), two of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
American Century Focused Dynamic Growth ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from March 31, 2020 (fund inception) through August 31, 2020
American Century Focused Large Cap Value ETF

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
28


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
29


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

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In
31


connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.
32



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

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the
33


Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

34


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


35


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

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


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


36


Other Tax Information

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

Focused Large Cap Value ETF hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, Focused Large Cap Value ETF hereby designates $4,356,656, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Focused Large Cap Value ETF hereby designates $1,652,395, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2022.

Focused Large Cap Value ETF hereby designates $5,032,999 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2022.

Focused Large Cap Value ETF utilized earnings and profits of $1,663,723 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).
37


Notes
38


Notes
39


Notes
40






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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
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This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96952 2210






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Annual Report
August 31, 2022
American Century® Mid Cap Growth Impact ETF (MID)
American Century® Sustainable Equity ETF (ESGA)
American Century® Sustainable Growth ETF (ESGY)

























Table of Contents

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










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



President’s Letter

jthomasrev0514a66.jpg 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,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Mid Cap Growth Impact ETF (MID)
Total Returns as of August 31, 2022Average
Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-27.33%6.56%7/13/2020
Market Price-27.39%6.55%7/13/2020
Russell Midcap Growth Index-26.69%4.26%
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 July 13, 2020
chart-9a8cb7c9b768475cba5a.jpg
Value on August 31, 2022
Net Asset Value — $11,451
Russell Midcap Growth Index — $10,931
Total Annual Fund Operating Expenses
0.45%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







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


Portfolio Commentary

Portfolio Managers: Rob Brookby, Nalin Yogasundram and Rene Casis

Fund Strategy

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

Performance Review

The fund returned -27.39% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -27.33%. For the same time period, the Russell Midcap Growth Index, the fund’s benchmark, returned -26.69%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Industrials Detracted

Road and rail stocks weighed on performance in the industrials sector, largely due to our position in Lyft. The ride-hailing company surprised investors with a significant reduction in the company’s profit margin forecast due to launching initiatives that deviated from plans communicated earlier in the year.

The portfolio was underweight energy relative to the benchmark. Our lighter exposure was a meaningful underperformer as sanctions on Russian oil purchases effectively removed several million barrels of oil and refined products from global markets. The resulting price increases boosted the sector.

Other detractors included DocuSign. The company develops software for online signatures and document management. DocuSign was a beneficiary of the pandemic-driven work-from-home environment but offered weak guidance as that tailwind subsides. We believe in the long-term adoption of e-signature and a more efficient document workflow that DocuSign offers. The small- and micro-merchant digital payments company Block (formerly Square) suffered during the growth sell-off as initially rising interest rates and later recessionary fears weighed on the stock. Additionally, Block’s focus on blockchain technology—which enables cryptocurrencies—hurt as crypto prices fell. Surging interest rates and investors’ move away from riskier assets because of the Russia-Ukraine war led fast-growth and expensive technology stocks such as IT services company Twilio to underperform. Block and Twilio were eliminated. Natera hampered performance. The stock of this genetic testing company fell amid allegations of marketing impropriety. We eliminated our position as Natera no longer aligned with our mandate for proper governance.

Information Technology Benefited Performance

Stock selection in the software industry led performance in information technology, driven by Palo Alto Networks. Over the past three years this cybersecurity software provider has transformed into a cloud-based platform of next-generation cybersecurity products. On top of a very strong environment for its products, Palo Alto said it expects greater free cash flow generation now that the heavy lift in its transformation is over. Cadence Design Systems sells software to help build semiconductor chips. Semiconductors have unprecedented tailwinds enabling themes like the cloud, 5G, internet of things and ultimately the metaverse. Cadence benefited from more customers and more usage.

4


Enphase Energy makes inverters to efficiently convert power from solar cells into usable electricity for the home. Demand for solar is high now that prices have been cut by 90% the past decade. After a period of revenue constrained by supply chain issues, Enphase experienced accelerating growth as the company addressed the supply challenges. Keysight Technologies sells measurement tools for high-frequency applications such as 5G and in automobiles. Keysight benefited from multiple tailwinds as complex communications capabilities are being added to an increasing set of applications from cars to consumer devices.

Elsewhere, Sarepta Therapeutics was a key contributor. This biopharmaceutical company benefited from investor enthusiasm about its pipeline of burgeoning gene therapies to treat rare diseases. Materials in general benefited from greater demand and firmer pricing due to global supply chain disruptions. Albemarle was a top contributor on demand for lithium, a key ingredient of batteries for electric vehicles.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying mid-capitalization companies producing attractive, sustained earnings growth. We seek to reduce unintended, nonfundamental risks and align the portfolio with fundamental, company-specific risks that we believe will be rewarded over time. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time. We see longer-term opportunities in companies seeking to achieve the U.N. SDG with key impact themes of a greener planet; innovation, efficiency and education driven by technology; and improving health care outcomes across various sectors of our portfolio.
































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


Fund Characteristics
AUGUST 31, 2022
Mid Cap Growth Impact ETF
Types of Investments in Portfolio% of net assets
Common Stocks97.3%
Short-Term Investments3.2%
Other Assets and Liabilities(0.5)%
Top Five Industries% of net assets
Software17.9%
Semiconductors and Semiconductor Equipment14.6%
Hotels, Restaurants and Leisure9.2%
Chemicals7.5%
Biotechnology7.2%

6


Performance
Sustainable Equity ETF (ESGA)
Total Returns as of August 31, 2022Average
Annual Returns
 1 yearSince InceptionInception Date
Net Asset Value-14.03%11.15%7/13/2020
Market Price-14.10%11.14%7/13/2020
S&P 500 Index-11.23%12.87%
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 July 13, 2020
chart-3f6400e3880645da9eda.jpg
Value on August 31, 2022
Net Asset Value — $12,531
S&P 500 Index — $12,948
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








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


Portfolio Commentary

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

Fund Strategy

American Century Sustainable Equity ETF is an actively managed fund that seeks long-term capital growth. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors in pursuit of long-term financial returns and a stronger environmental, social and governance (ESG) profile than the S&P 500 Index. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive ESG profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned -14.10% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -14.03%. For the same time period, the S&P 500 Index, the fund’s benchmark, returned -11.23%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Detracted

Stock selection in the semiconductors and semiconductor equipment industry helped drive underperformance in information technology. Both chipmakers and semiconductor equipment manufacturers are being pressured by concerns that a slowdown in consumer spending will hamper demand for chips. ASML Holding, a Netherlands-based semiconductor capital equipment maker, was a significant industry detractor. Stock selection in the IT services industry also hurt performance in the sector. PayPal Holdings reported disappointing earnings largely due to declining eBay transactions. We eliminated PayPal. Underweighting Apple relative to the index hampered performance. The consumer electronics giant reported better-than-expected results, driven by iPhone sales.

Energy companies continued to benefit from rising oil and gas prices. Russia’s invasion of Ukraine, Europe’s energy supply concerns and slow production growth in the U.S. and from OPEC have kept energy markets volatile and in negative supply. We had lighter exposure to Exxon Mobil and Chevron than the benchmark, which hampered relative performance. Our underweight allocation to energy overall hampered relative performance, although a number of our holdings in the sector were top contributors, which helped offset some of the detraction. The portfolio was also underweight Tesla. The electric vehicle maker continued to outperform, exceeding production goals in the face of global supply chain disruptions and pandemic lockdowns in China.

Communication Services Was a Top Contributor

Positioning in the communication services sector benefited performance. We were underweight two laggards, Facebook’s parent Meta Platforms and streaming video company Netflix. Meta has been hurt more by both Apple iOS platform changes and TikTok competition than other digital advertising platforms. Our underweight reflects our elimination of Meta during the first quarter of 2022. Netflix announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. We also eliminated Netflix.




8


Some of the leading individual contributors to performance compared with the benchmark were energy companies ConocoPhillips and Schlumberger. This is consistent with our process, which seeks to identify companies we believe are ESG leaders within all sectors, rather than exclude certain sectors entirely. Our approach led us to overweight positions in these companies, which we believe have relatively more attractive financial and ESG characteristics than other energy companies. ConocoPhilllips was the fund’s top contributor, benefiting from the jump in fossil fuel prices. Rising energy prices also boosted oil field services companies such as Schlumberger. The company also benefited from a multiyear growth dynamic leading to strong cash flow growth. Schlumberger’s new energy division is focused on transitioning toward lower carbon energy solutions: geothermal, hydrogen, carbon capture and sequestration.

Elsewhere, Cigna was a top performer. Managed care companies such as Cigna were perceived as being relatively insulated from the inflationary environment. We think Cigna’s pharmacy benefit management division should also benefit from new biosimilar pharmaceutical launches in the coming years. NextEra Energy received a boost from an executive order delaying implementation of solar panel tariffs, which helped ease concerns that NextEra’s plans for renewable capacity expansion would be slowed.

Portfolio Positioning

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

Using our bottom-up analysis, we have found what we think are attractive positions in the industrials sector, led by building products and electrical equipment. Consumer staples was also modestly overweight due to positions in food and staples retailing and household products. Utilities was the largest underweight sector because many of the companies in the sector do not fit our process well.

























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


Fund Characteristics
AUGUST 31, 2022
Sustainable Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Short-Term Investments0.4%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Software10.0%
Health Care Providers and Services5.2%
Technology Hardware, Storage and Peripherals5.0%
Interactive Media and Services4.9%
Capital Markets4.7%

10


Performance
Sustainable Growth ETF (ESGY)
Total Returns as of August 31, 2022Average
Annual Returns
 
1 yearSince InceptionInception Date
Net Asset Value-19.93%-12.00%6/29/2021
Market Price-19.93%-11.99%6/29/2021
Russell 1000 Growth Index-19.06%-11.59%
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
chart-f5c1cc06f5c0473aae0a.jpg
Value on August 31, 2022
Net Asset Value — $8,609
Russell 1000 Growth Index — $8,655

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






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


Portfolio Commentary

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

David Cross joined the fund’s portfolio management team in February 2022.

Fund Strategy

American Century Sustainable Growth ETF is an actively managed fund that seeks capital appreciation. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors in pursuit of long-term financial returns and a stronger environmental, social and governance (ESG) profile than the Russell 1000 Growth Index. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive environmental, social and governance (ESG) profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned -19.93% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -19.93%. For the same period, the Russell 1000 Growth Index, the fund’s benchmark, returned -19.06%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Detracted

Stock selection in the semiconductors and semiconductor equipment industry helped drive underperformance in information technology. Both chipmakers and semiconductor equipment manufacturers are being pressured by concerns that a slowdown in consumer spending will hamper demand for chips. ASML Holding, a Netherlands-based semiconductor capital equipment maker, was a significant industry detractor. Stock selection in the IT services industry also hurt performance in the sector. PayPal Holdings reported disappointing earnings largely due to declining eBay transactions. We eliminated our holding. Software provider Adobe fell on expectations of slowing company spending on software as economic growth slows.

We were also hurt by lighter exposure than the benchmark in a trio of other stocks. Apple reported better-than-expected quarterly results, driven by iPhone sales. AbbVie, a large pharmaceutical company, benefited from investors looking for safer havens. We had no exposure to brick-and-mortar retailer Costco Wholesale, which recently reported membership renewals, its primary driver of profits, of more than 90%. Costco is also seen as recession-proof as consumers buy more bulk items to reduce costs.

Communication Services Benefited Performance

Stock choices in the interactive media and services industry led relative performance in communication services. We had less exposure to the lagging Meta Platforms than the benchmark. Facebook’s parent company has been hurt more by both Apple iOS platform changes and TikTok competition than other digital advertising platforms. Underweighting Netflix benefited relative performance. The streaming video service announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. We eliminated Meta Platforms and Netflix.

Stock selection in health care was also helpful. UnitedHealth Group was a key contributor. The health insurer reported solid earnings and modestly increased its earnings guidance. However, the stock’s outperformance for much of the period was driven more by its defensive profile and being more insulated from the impact of inflation and a stronger U.S. dollar. Denmark-based pharmaceutical company Novo Nordisk continued to benefit from strong sales and demand for its obesity drug. Vertex Pharmaceuticals dominates the cystic fibrosis market with no real prospects of
12


competition on the horizon, giving it a strong cash flow position. Its emerging pipeline is beginning to show its strength, including its kidney drug, acute pain drug and Type 1 diabetes stem cell therapy.

Car rental provider Avis Budget Group benefited from improving travel trends and also rose significantly in November 2021 as the stock became part of the meme stock investing craze. We eliminated the position on the large stock price increase as we saw no additional upside.

Portfolio Positioning

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

Using our bottom-up analysis, we have found attractive positions in several sectors, notably information technology. In particular, we invested in attractive companies in the software, electronic equipment, instruments and components and semiconductors and semiconductor equipment industries. We have also found opportunities in health care, especially pharmaceuticals.






















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


Fund Characteristics
AUGUST 31, 2022
Sustainable Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Short-Term Investments0.3%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Software19.7%
Technology Hardware, Storage and Peripherals10.5%
Semiconductors and Semiconductor Equipment7.6%
Interactive Media and Services6.6%
IT Services6.6%

14


Shareholder Fee Examples

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

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

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)
Mid Cap Growth Impact ETF
Actual$1,000$907.90$2.160.45%
Hypothetical$1,000$1,022.94$2.290.45%
Sustainable Equity ETF
Actual$1,000$896.50$1.860.39%
Hypothetical$1,000$1,023.24$1.990.39%
Sustainable Growth ETF
Actual$1,000$860.00$1.830.39%
Hypothetical$1,000$1,023.24$1.990.39%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
15


Schedules of Investments

AUGUST 31, 2022
Mid Cap Growth Impact ETF
SharesValue
COMMON STOCKS — 97.3%
Aerospace and Defense — 1.2%
CAE, Inc.(1)
15,358 $280,437 
Auto Components — 3.4%
Aptiv PLC(1)
8,784 820,689 
Biotechnology — 7.2%
Alnylam Pharmaceuticals, Inc.(1)
894 184,763 
Horizon Therapeutics PLC(1)
6,376 377,523 
Sarepta Therapeutics, Inc.(1)
7,009 766,644 
Seagen, Inc.(1)
2,488 383,874 
1,712,804 
Building Products — 5.9%
Trane Technologies PLC6,338 976,496 
Zurn Elkay Water Solutions Corp.15,490 427,214 
1,403,710 
Capital Markets — 3.6%
MSCI, Inc.1,896 851,759 
Chemicals — 7.5%
Albemarle Corp.818 219,192 
Avient Corp.14,012 614,146 
Element Solutions, Inc.50,439 941,696 
1,775,034 
Electrical Equipment — 3.4%
Generac Holdings, Inc.(1)
2,524 556,315 
Plug Power, Inc.(1)(2)
8,609 241,396 
797,711 
Electronic Equipment, Instruments and Components — 5.1%
Keysight Technologies, Inc.(1)
7,444 1,219,997 
Health Care Equipment and Supplies — 3.1%
DexCom, Inc.(1)
8,858 728,216 
Health Care Technology — 3.2%
Veeva Systems, Inc., Class A(1)
3,875 772,365 
Hotels, Restaurants and Leisure — 9.2%
Airbnb, Inc., Class A(1)
7,866 889,802 
Chipotle Mexican Grill, Inc.(1)
814 1,299,795 
2,189,597 
Life Sciences Tools and Services — 5.4%
Bio-Techne Corp.2,094 694,810 
IQVIA Holdings, Inc.(1)
2,816 598,851 
1,293,661 
Oil, Gas and Consumable Fuels — 2.4%
Excelerate Energy, Inc., Class A22,237 571,046 
Professional Services — 3.3%
Jacobs Solutions, Inc.6,246 778,127 
Road and Rail — 0.9%
Lyft, Inc., Class A(1)
14,999 220,935 
Semiconductors and Semiconductor Equipment — 14.6%
Enphase Energy, Inc.(1)
6,397 1,832,357 
16


Mid Cap Growth Impact ETF
SharesValue
Marvell Technology, Inc.18,045 $844,867 
Monolithic Power Systems, Inc.1,745 790,799 
3,468,023 
Software — 17.9%
Cadence Design Systems, Inc.(1)
9,305 1,616,930 
DocuSign, Inc.(1)
5,777 336,337 
Manhattan Associates, Inc.(1)
8,491 1,199,438 
Palo Alto Networks, Inc.(1)
1,975 1,099,700 
4,252,405 
TOTAL COMMON STOCKS
(Cost $25,515,834)
23,136,516 
SHORT-TERM INVESTMENTS — 3.2%
Money Market Funds — 3.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class645,638 645,638 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
123,740 123,740 
TOTAL SHORT-TERM INVESTMENTS
(Cost $769,378)
769,378 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $26,285,212)
23,905,894 
OTHER ASSETS AND LIABILITIES — (0.5)%
(126,566)
TOTAL NET ASSETS — 100.0%
$23,779,328 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $120,684. 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 $123,740.


See Notes to Financial Statements.
17


AUGUST 31, 2022
Sustainable Equity ETF
SharesValue
COMMON STOCKS — 99.5%
Aerospace and Defense — 1.2%
Lockheed Martin Corp.2,931 $1,231,342 
Air Freight and Logistics — 1.3%
United Parcel Service, Inc., Class B6,909 1,343,870 
Auto Components — 0.7%
Aptiv PLC(1)
8,004 747,814 
Automobiles — 1.7%
Tesla, Inc.(1)
6,434 1,773,275 
Banks — 3.1%
Bank of America Corp.9,899 332,705 
JPMorgan Chase & Co.12,533 1,425,378 
Regions Financial Corp.67,559 1,464,004 
3,222,087 
Beverages — 1.8%
PepsiCo, Inc.10,726 1,847,768 
Biotechnology — 2.0%
AbbVie, Inc.8,834 1,187,820 
Amgen, Inc.1,724 414,277 
Vertex Pharmaceuticals, Inc.(1)
1,672 471,103 
2,073,200 
Building Products — 1.6%
Johnson Controls International PLC20,334 1,100,883 
Masco Corp.10,435 530,828 
1,631,711 
Capital Markets — 4.7%
Ameriprise Financial, Inc.2,645 708,886 
BlackRock, Inc.1,516 1,010,247 
Intercontinental Exchange, Inc.5,275 531,984 
Morgan Stanley20,130 1,715,479 
S&P Global, Inc.2,867 1,009,700 
4,976,296 
Chemicals — 2.3%
Air Products and Chemicals, Inc.1,852 467,537 
Ecolab, Inc.2,973 487,066 
Linde PLC4,610 1,303,985 
Sherwin-Williams Co.696 161,542 
2,420,130 
Communications Equipment — 1.9%
Cisco Systems, Inc.43,373 1,939,641 
Consumer Finance — 0.5%
American Express Co.3,633 552,216 
Containers and Packaging — 0.6%
Ball Corp.10,554 589,019 
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.27,885 1,165,872 
Electric Utilities — 2.2%
NextEra Energy, Inc.27,182 2,312,101 
Electrical Equipment — 1.3%
Eaton Corp. PLC5,358 732,117 
18


Sustainable Equity ETF
SharesValue
Generac Holdings, Inc.(1)
1,278 $281,684 
Rockwell Automation, Inc.1,601 379,341 
1,393,142 
Electronic Equipment, Instruments and Components — 2.1%
CDW Corp.5,806 991,084 
Cognex Corp.4,470 188,232 
Keysight Technologies, Inc.(1)
6,126 1,003,990 
2,183,306 
Energy Equipment and Services — 2.1%
Schlumberger NV57,141 2,179,929 
Entertainment — 1.3%
Electronic Arts, Inc.3,542 449,374 
Walt Disney Co.(1)
8,155 914,012 
1,363,386 
Equity Real Estate Investment Trusts (REITs) — 2.3%
Prologis, Inc.19,453 2,422,093 
Food and Staples Retailing — 2.6%
Costco Wholesale Corp.1,415 738,772 
Kroger Co.14,977 717,997 
Sysco Corp.15,554 1,278,850 
2,735,619 
Food Products — 0.8%
Mondelez International, Inc., Class A13,533 837,151 
Vital Farms, Inc.(1)
3,757 48,653 
885,804 
Health Care Equipment and Supplies — 1.3%
Edwards Lifesciences Corp.(1)
10,948 986,415 
Medtronic PLC1,819 159,926 
ResMed, Inc.1,023 224,978 
1,371,319 
Health Care Providers and Services — 5.2%
Cigna Corp.5,909 1,674,906 
CVS Health Corp.12,726 1,249,057 
Humana, Inc.1,159 558,383 
UnitedHealth Group, Inc.3,811 1,979,167 
5,461,513 
Hotels, Restaurants and Leisure — 1.1%
Booking Holdings, Inc.(1)
349 654,658 
Chipotle Mexican Grill, Inc.(1)
163 260,278 
Expedia Group, Inc.(1)
2,781 285,470 
1,200,406 
Household Products — 1.6%
Colgate-Palmolive Co.6,348 496,477 
Procter & Gamble Co.8,789 1,212,355 
1,708,832 
Industrial Conglomerates — 0.9%
Honeywell International, Inc.5,037 953,756 
Insurance — 2.1%
Marsh & McLennan Cos., Inc.4,467 720,840 
Prudential Financial, Inc.7,964 762,553 
Travelers Cos., Inc.4,372 706,690 
2,190,083 
19


Sustainable Equity ETF
SharesValue
Interactive Media and Services — 4.9%
Alphabet, Inc., Class A(1)
47,020 $5,088,504 
Internet and Direct Marketing Retail — 3.2%
Amazon.com, Inc.(1)
26,721 3,387,421 
IT Services — 4.2%
Accenture PLC, Class A4,297 1,239,513 
Mastercard, Inc., Class A3,850 1,248,824 
Visa, Inc., Class A9,470 1,881,784 
4,370,121 
Life Sciences Tools and Services — 2.1%
Agilent Technologies, Inc.8,167 1,047,418 
Thermo Fisher Scientific, Inc.2,114 1,152,806 
2,200,224 
Machinery — 2.0%
Cummins, Inc.3,899 839,727 
Deere & Co.1,160 423,690 
Parker-Hannifin Corp.1,377 364,905 
Xylem, Inc.5,038 458,962 
2,087,284 
Media — 0.4%
Comcast Corp., Class A11,249 407,101 
Multiline Retail — 0.4%
Target Corp.2,673 428,589 
Oil, Gas and Consumable Fuels — 2.5%
ConocoPhillips23,927 2,618,810 
Personal Products — 0.3%
Estee Lauder Cos., Inc., Class A1,152 293,046 
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.18,902 1,274,184 
Merck & Co., Inc.13,195 1,126,325 
Novo Nordisk A/S, ADR6,202 658,032 
Zoetis, Inc.5,460 854,654 
3,913,195 
Road and Rail — 1.3%
Norfolk Southern Corp.2,691 654,263 
Uber Technologies, Inc.(1)
6,880 197,868 
Union Pacific Corp.2,490 559,030 
1,411,161 
Semiconductors and Semiconductor Equipment — 4.3%
Advanced Micro Devices, Inc.(1)
7,106 603,086 
Analog Devices, Inc.7,459 1,130,263 
Applied Materials, Inc.7,584 713,427 
ASML Holding NV, NY Shares1,232 603,606 
NVIDIA Corp.9,815 1,481,476 
4,531,858 
Software — 10.0%
Adobe, Inc.(1)
1,471 549,330 
Cadence Design Systems, Inc.(1)
2,855 496,113 
Microsoft Corp.31,947 8,353,182 
Salesforce, Inc.(1)
4,105 640,873 
ServiceNow, Inc.(1)
621 269,899 
20


Sustainable Equity ETF
SharesValue
Workday, Inc., Class A(1)
1,260 $207,346 
10,516,743 
Specialty Retail — 2.9%
Home Depot, Inc.6,158 1,776,090 
TJX Cos., Inc.14,347 894,536 
Tractor Supply Co.1,776 328,826 
2,999,452 
Technology Hardware, Storage and Peripherals — 5.0%
Apple, Inc.33,286 5,233,225 
Textiles, Apparel and Luxury Goods — 0.9%
Deckers Outdoor Corp.(1)
1,086 349,225 
NIKE, Inc., Class B5,753 612,407 
961,632 
TOTAL COMMON STOCKS
(Cost $104,333,323)
104,323,896 
SHORT-TERM INVESTMENTS — 0.4%


Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $368,997)
368,997 368,997 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $104,702,320)

104,692,893 
OTHER ASSETS AND LIABILITIES — 0.1%

107,241 
TOTAL NET ASSETS — 100.0%

$104,800,134 

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


See Notes to Financial Statements.
21


AUGUST 31, 2022
Sustainable Growth ETF
SharesValue
COMMON STOCKS — 99.6%
Aerospace and Defense — 0.5%
Lockheed Martin Corp.85 $35,709 
Air Freight and Logistics — 0.9%
United Parcel Service, Inc., Class B298 57,964 
Auto Components — 0.9%
Aptiv PLC(1)
623 58,207 
Automobiles — 3.4%
Tesla, Inc.(1)
801 220,764 
Beverages — 3.0%
Coca-Cola Co.1,331 82,136 
PepsiCo, Inc.663 114,215 
196,351 
Biotechnology — 2.6%
AbbVie, Inc.706 94,929 
Vertex Pharmaceuticals, Inc.(1)
268 75,511 
170,440 
Building Products — 2.1%
Johnson Controls International PLC1,153 62,423 
Masco Corp.1,343 68,318 
Trex Co., Inc.(1)
216 10,107 
140,848 
Capital Markets — 0.6%
S&P Global, Inc.108 38,035 
Chemicals — 1.2%
Linde PLC278 78,635 
Commercial Services and Supplies — 0.2%
Copart, Inc.(1)
133 15,913 
Communications Equipment — 0.4%
Cisco Systems, Inc.660 29,515 
Distributors — 0.2%
Pool Corp.45 15,264 
Electrical Equipment — 0.9%
Generac Holdings, Inc.(1)
67 14,767 
Rockwell Automation, Inc.186 44,071 
58,838 
Electronic Equipment, Instruments and Components — 1.5%
CDW Corp.199 33,969 
Cognex Corp.301 12,675 
Keysight Technologies, Inc.(1)
301 49,331 
95,975 
Energy Equipment and Services — 0.6%
Schlumberger NV1,100 41,965 
Entertainment — 1.4%
Electronic Arts, Inc.296 37,554 
Walt Disney Co.(1)
454 50,884 
Warner Bros Discovery, Inc.(1)
387 5,124 
93,562 
Equity Real Estate Investment Trusts (REITs) — 0.7%
Prologis, Inc.381 47,438 
22


Sustainable Growth ETF
SharesValue
Food and Staples Retailing — 0.2%
Kroger Co.237 $11,362 
Food Products — 0.5%
Mondelez International, Inc., Class A569 35,198 
Health Care Equipment and Supplies — 2.2%
Align Technology, Inc.(1)
33 8,042 
DexCom, Inc.(1)
180 14,798 
Edwards Lifesciences Corp.(1)
617 55,592 
IDEXX Laboratories, Inc.(1)
88 30,591 
Inari Medical, Inc.(1)
53 3,675 
Shockwave Medical, Inc.(1)
91 27,014 
Tandem Diabetes Care, Inc.(1)
141 6,449 
146,161 
Health Care Providers and Services — 3.6%
Cigna Corp.249 70,579 
UnitedHealth Group, Inc.314 163,070 
233,649 
Hotels, Restaurants and Leisure — 0.8%
Airbnb, Inc., Class A(1)
61 6,900 
Chipotle Mexican Grill, Inc.(1)
16 25,549 
Expedia Group, Inc.(1)
185 18,990 
51,439 
Household Products — 1.1%
Procter & Gamble Co.529 72,970 
Interactive Media and Services — 6.6%
Alphabet, Inc., Class A(1)
3,980 430,716 
Internet and Direct Marketing Retail — 6.3%
Amazon.com, Inc.(1)
3,094 392,226 
eBay, Inc.545 24,051 
416,277 
IT Services — 6.6%
Accenture PLC, Class A183 52,788 
Mastercard, Inc., Class A525 170,294 
Okta, Inc.(1)
289 26,415 
Snowflake, Inc., Class A(1)
65 11,762 
Visa, Inc., Class A850 168,903 
430,162 
Leisure Products — 0.1%
YETI Holdings, Inc.(1)
238 8,780 
Life Sciences Tools and Services — 1.5%
Agilent Technologies, Inc.379 48,607 
Illumina, Inc.(1)
128 25,810 
West Pharmaceutical Services, Inc.78 23,142 
97,559 
Machinery — 1.3%
Deere & Co.230 84,008 
Multiline Retail — 0.4%
Nordstrom, Inc.341 5,835 
Target Corp.113 18,118 
23,953 
23


Sustainable Growth ETF
SharesValue
Oil, Gas and Consumable Fuels — 0.6%
ConocoPhillips357 $39,074 
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A40 10,175 
Pharmaceuticals — 3.1%
Eli Lilly & Co.120 36,148 
Novo Nordisk A/S, ADR1,100 116,710 
Zoetis, Inc.303 47,428 
200,286 
Road and Rail — 0.9%
Uber Technologies, Inc.(1)
1,161 33,391 
Union Pacific Corp.118 26,492 
59,883 
Semiconductors and Semiconductor Equipment — 7.6%
Advanced Micro Devices, Inc.(1)
893 75,789 
Analog Devices, Inc.125 18,941 
Applied Materials, Inc.499 46,941 
ASML Holding NV, NY Shares208 101,907 
Lam Research Corp.114 49,922 
NVIDIA Corp.1,335 201,505 
495,005 
Software — 19.7%
Adobe, Inc.(1)
164 61,244 
Cadence Design Systems, Inc.(1)
374 64,990 
Crowdstrike Holdings, Inc., Class A(1)
167 30,496 
Datadog, Inc., Class A(1)
178 18,681 
Fair Isaac Corp.(1)
14 6,292 
HubSpot, Inc.(1)
36 12,133 
Intuit, Inc.43 18,567 
Microsoft Corp.3,367 880,369 
PagerDuty, Inc.(1)
633 16,483 
Salesforce, Inc.(1)
299 46,680 
ServiceNow, Inc.(1)
182 79,101 
Splunk, Inc.(1)
255 22,958 
Workday, Inc., Class A(1)
194 31,925 
1,289,919 
Specialty Retail — 3.4%
Home Depot, Inc.384 110,753 
TJX Cos., Inc.1,080 67,338 
Ulta Beauty, Inc.(1)
85 35,689 
Williams-Sonoma, Inc.61 9,074 
222,854 
Technology Hardware, Storage and Peripherals — 10.5%
Apple, Inc.4,367 686,580 
Textiles, Apparel and Luxury Goods — 1.3%
Deckers Outdoor Corp.(1)
102 32,800 
NIKE, Inc., Class B515 54,822 
87,622 
TOTAL COMMON STOCKS
(Cost $7,287,618)
6,529,055 
24


Sustainable Growth ETF
SharesValue
SHORT-TERM INVESTMENTS — 0.3%


Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $20,203)
20,203 $20,203 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $7,307,821)

6,549,258 
OTHER ASSETS AND LIABILITIES — 0.1%

3,555 
TOTAL NET ASSETS — 100.0%

$6,552,813 

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


See Notes to Financial Statements.
25


Statements of Assets and Liabilities
AUGUST 31, 2022
Mid Cap Growth Impact ETFSustainable Equity ETF
Assets
Investment securities, at value (cost of $26,161,472 and $104,702,320, respectively) — including $120,684 and $—, respectively of securities on loan$23,782,154 $104,692,893 
Investment made with cash collateral received for securities on loan, at value (cost of $123,740 and $—, respectively)123,740 — 
Total investment securities, at value (cost of $26,285,212 and $104,702,320, respectively)23,905,894 104,692,893 
Dividends and interest receivable6,956 143,756 
Securities lending receivable60 — 
23,912,910 104,836,649 
Liabilities
Payable for collateral received for securities on loan123,740 — 
Accrued management fees9,842 36,515 
133,582 36,515 
Net Assets$23,779,328 $104,800,134 
Shares outstanding (unlimited number of shares authorized)540,000 2,150,000 
Net Asset Value Per Share$44.04 $48.74 
Net Assets Consist of:
Capital paid in$29,041,230 $109,252,139 
Distributable earnings(5,261,902)(4,452,005)
$23,779,328 $104,800,134 


See Notes to Financial Statements.

26


AUGUST 31, 2022
Sustainable Growth ETF
Assets
Investment securities, at value (cost of $7,307,821)$6,549,258 
Dividends and interest receivable5,878 
6,555,136 
Liabilities
Accrued management fees2,323 
Net Assets$6,552,813 
Shares outstanding (unlimited number of shares authorized)190,000 
Net Asset Value Per Share$34.49 
Net Assets Consist of:
Capital paid in$7,703,059 
Distributable earnings(1,150,246)
$6,552,813 


See Notes to Financial Statements.

27


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Mid Cap Growth Impact ETFSustainable Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $3,599, respectively)$67,118 $1,829,307 
Interest2,754 1,683 
Securities lending, net143 — 
70,015 1,830,990 
Expenses:
Management fees108,165 542,552 
Net investment income (loss)(38,150)1,288,438 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(1,116,341)12,237,994 
Change in net unrealized appreciation (depreciation) on investments(6,850,129)(34,780,883)
Net realized and unrealized gain (loss)(7,966,470)(22,542,889)
Net Increase (Decrease) in Net Assets Resulting from Operations$(8,004,620)$(21,254,451)


See Notes to Financial Statements.

28


YEAR ENDED AUGUST 31, 2022
Sustainable Growth ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $623)$44,202 
Interest92 
44,294 
Expenses:
Management fees25,380 
Net investment income (loss)18,914 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(409,268)
Change in net unrealized appreciation (depreciation) on investments(1,158,774)
Net realized and unrealized gain (loss)(1,568,042)
Net Increase (Decrease) in Net Assets Resulting from Operations$(1,549,128)


See Notes to Financial Statements.

29


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Mid Cap Growth Impact ETFSustainable Equity ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022August 31, 2021
Operations
Net investment income (loss)$(38,150)$(23,635)$1,288,438 $1,130,539 
Net realized gain (loss)(1,116,341)184,057 12,237,994 5,728,347 
Change in net unrealized appreciation (depreciation)(6,850,129)3,888,428 (34,780,883)28,182,166 
Net increase (decrease) in net assets resulting from operations(8,004,620)4,048,850 (21,254,451)35,041,052 
Distributions to Shareholders
From earnings— — (1,219,340)(1,026,655)
Capital Share Transactions
Proceeds from shares sold17,585,267 13,522,367 52,262,088 56,555,628 
Payments for shares redeemed(7,918,146)(1,865,381)(75,423,895)(24,927,794)
Net increase (decrease) in net assets from capital share transactions9,667,121 11,656,986 (23,161,807)31,627,834 
Net increase (decrease) in net assets1,662,501 15,705,836 (45,635,598)65,642,231 
Net Assets
Beginning of period22,116,827 6,410,991 150,435,732 84,793,501 
End of period$23,779,328 $22,116,827 $104,800,134 $150,435,732 
Transactions in Shares of the Funds
Sold340,000 250,000 940,000 1,170,000 
Redeemed(165,000)(35,000)(1,420,000)(460,000)
Net increase (decrease) in shares of the funds175,000 215,000 (480,000)710,000 


See Notes to Financial Statements.

30


YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Sustainable Growth ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$18,914 $1,272 
Net realized gain (loss)(409,268)(9,099)
Change in net unrealized appreciation (depreciation)(1,158,774)400,211 
Net increase (decrease) in net assets resulting from operations(1,549,128)392,384 
Distributions to Shareholders
From earnings(13,482)— 
Capital Share Transactions
Proceeds from shares sold2,444,496 5,651,186 
Payments for shares redeemed(372,643)— 
Net increase (decrease) in net assets from capital share transactions2,071,853 5,651,186 
Net increase (decrease) in net assets509,243 6,043,570 
Net Assets
Beginning of period6,043,570 — 
End of period$6,552,813 $6,043,570 
Transactions in Shares of the Funds
Sold60,000 140,000 
Redeemed(10,000)— 
Net increase (decrease) in shares of the funds50,000 140,000 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
31


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

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

2. Significant Accounting Policies

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

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

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

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

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

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

32


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

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

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

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

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

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

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

33


The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund/Securities Lending Transactions(1)
Overnight and
Continuous
<30 days
Between
30 & 90 days
>90 daysTotal
Mid Cap Growth Impact ETF
Common Stocks$123,740 — — — $123,740 
Gross amount of recognized liabilities for securities lending transactions$123,740 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 10% and 66% of the shares of Mid Cap Growth Impact ETF and Sustainable Growth ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

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

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

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
Purchases$10,460,470$30,642,094$1,948,097
Sales$10,285,647$28,855,996$1,904,369

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind Net Realized
Gain/(Loss)*
Mid Cap Growth Impact ETF$16,899,888$7,602,890$1,592,068
Sustainable Equity ETF$46,888,848$71,768,008$16,603,849
Sustainable Growth ETF$2,384,602$362,134$7,010
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
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5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

7. Risk Factors

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


35


8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Mid Cap Growth Impact ETF— — — — 
Sustainable Equity ETF$1,219,340 — $1,026,655 — 
Sustainable Growth ETF(1)
$13,482 — — — 
(1)June 29, 2021 (fund inception) through August 31, 2021.

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

The reclassifications, which are primarily due to in kind transactions, were as follows:

Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
Capital paid in$1,483,139 $16,594,854 (19,980)
Distributable earnings$(1,483,139)$(16,594,854)19,980 

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

Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
Federal tax cost of investments$26,371,870 $105,078,846 $7,332,280 
Gross tax appreciation of investments$1,846,203 $6,016,523 $211,882 
Gross tax depreciation of investments(4,312,179)(6,402,476)(994,904)
Net tax appreciation (depreciation) of investments$(2,465,976)$(385,953)$(783,022)
Undistributed ordinary income— $142,411 $6,680 
Accumulated short-term capital losses$(2,413,713)$(3,055,556)$(358,971)
Accumulated long-term capital losses$(339,568)$(1,152,907)$(14,933)
Late-year ordinary loss deferral$(42,645)— — 

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

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Mid Cap Growth Impact ETF
2022$60.59(0.08)(16.47)(16.55)$44.04(27.33)%0.45%(0.16)%44%$23,779 
2021$42.74(0.11)17.9617.85$60.5941.78%0.45%(0.20)%48%$22,117 
2020(4)
$38.45(0.02)4.314.29$42.7411.14%
0.45%(5)
(0.29)%(5)
2%$6,411 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)July 13, 2020 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Sustainable Equity ETF
2022$57.200.50(8.49)(7.99)(0.47)$48.74(14.03)%0.39%0.93%21%$104,800 
2021$44.160.4513.0113.46(0.42)$57.2030.65%0.39%0.91%22%$150,436 
2020(4)
$39.590.064.514.57$44.1611.56%
0.39%(5)
1.13%(5)
10%$84,794 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)July 13, 2020 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Sustainable Growth ETF
2022$43.170.12(8.72)(8.60)(0.08)$34.49(19.93)%0.39%0.29%29%$6,553 
2021(4)
$40.150.013.013.02$43.177.52%
0.39%(5)
0.14%(5)
4%$6,044 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
American Century Mid Cap Growth Impact ETFFor the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021, and the period from July 13, 2020 (fund inception) through August 31, 2020
American Century Sustainable Equity ETF
American Century Sustainable Growth ETFFor the year ended August 31, 2022For the year ended August 31, 2022 and the period from June 29, 2021 (fund inception) through August 31, 2021

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

40


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
42


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

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
44


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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided
45


by the Advisor to each Fund under the management agreement to be competitive and of high quality.

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

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to
46


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

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

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Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

48


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

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


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


49


Other Tax Information

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

Sustainable Equity ETF and Sustainable Growth ETF hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
$1,219,340$13,482

The funds hereby utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization) for the fiscal year ended August 31, 2022.

Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
$128,845
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Notes























































51


Notes

52






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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96950 2210




    

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Annual Report
August 31, 2022
American Century® Low Volatility ETF (LVOL)
American Century® Quality Convertible Securities ETF (QCON)
American Century® Quality Diversified International ETF (QINT)
American Century® Quality Preferred ETF (QPFF)
American Century® STOXX® U.S. Quality Growth ETF (QGRO)
American Century® STOXX® U.S. Quality Value ETF (VALQ)



























Table of Contents

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

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

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



President’s Letter

jthomasrev0514a66.jpg 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,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Low Volatility ETF (LVOL)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-11.98%3.55%1/12/2021
Market Price-11.99%3.55%1/12/2021
S&P 500 Index-11.23%3.99%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 12, 2021
chart-2874fa5c43fe4de0a88a.jpg

Value on August 31, 2022
Net Asset Value — $10,586
S&P 500 Index — $10,659

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.
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Portfolio Commentary

Portfolio Managers: Steve Rossi and Rene Casis

During the period, Tsuyoshi Ozaki left the fund’s management team.

Fund Strategy

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

Performance Review

The fund returned -11.99% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -11.98%. For the same period, the S&P 500 Index, the fund’s benchmark, returned -11.23%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Materials and Health Care Weighed on Relative Performance

Stock choices and an underweight allocation meant materials stocks detracted the most from relative performance. Chemical companies LyondellBasell Industries and Linde were leading detractors amid weakening demand and poor pricing for plastic.

In the health care sector, stock choices among health care equipment and supplies companies detracted. Medical device makers Stryker and Medtronic underperformed amid production challenges resulting from supply chain disruptions and ongoing pandemic-related disruptions to medical procedures.

Other Detractors

Other significant detractors from performance compared with the benchmark were Apple, Amazon and Tesla. These were stocks that held up relatively well during a difficult period for equities, and to which the portfolio had less exposure than the benchmark, or in the case of Tesla, no exposure. The stocks tend to be volatile and comparatively unappealing based on our multipronged approach to limiting volatility.

Industrials and Information Technology Stocks Benefited Relative Performance

The leading contributions to performance compared with the benchmark came from commercial services and supplies companies Waste Management and Republic Services. These companies produced solid results and raised future guidance amid strong demand for environmental, recycling and sustainability services. Elsewhere in the sector, aerospace and defense firm General Dynamics performed well amid strong defense spending given the ongoing war in Ukraine.


4


Several information technology holdings were top contributors to relative performance. It was beneficial to have less exposure than the benchmark to semiconductors and semiconductor equipment companies NVIDIA and Intel. Chipmakers were vulnerable to declines after performing well at the height of the pandemic, when demand for chips used in gaming, cryptocurrencies and cloud computing surged. But semiconductor demand fell during the period as the pandemic eased and the threat of recession loomed. We had no exposure to Intel and eliminated our stake in NVIDIA during the period.

Portfolio Positioning

We manage the portfolio by allocating to one or more investment sleeves: Stand-alone strategies designed to generate alpha from distinct market segments. Each sleeve emphasizes domain-specific, fundamental drivers of investment performance, validated through empirical research. In contrast with more naïve approaches, which typically rely on only a single, backward-looking measure of risk, the low-volatility strategy utilizes a three-pronged approach focused specifically on downside volatility. The approach incorporates fundamental business risks (balance sheet and earnings quality), trailing stock volatility measures (downside beta) and traditional risk measures (price volatility).

As a result of this process, our largest overweight positions at period-end were in the consumer staples, financials and industrials sectors. We also maintained sizable absolute weighting in the information technology sector, reflecting this segment’s significant representation in the index. The consumer discretionary and communication services sectors were our largest underweights.
5


Fund Characteristics
AUGUST 31, 2022
Low Volatility ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.3%
Short-Term Investments0.6%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Insurance7.4%
Health Care Equipment and Supplies7.2%
Commercial Services and Supplies5.5%
Household Products5.4%
Technology Hardware, Storage and Peripherals5.1%

6


Performance
Quality Convertible Securities ETF (QCON)
Total Returns as of August 31, 2022 Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-13.13%-10.55%2/16/2021
Market Price-12.85%-10.49%2/16/2021
ICE BofA Convertible Index-16.35%-12.15%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-a627c92a2fa849ddbcaa.jpg

Value on August 31, 2022
Net Asset Value — $8,424
ICE BofA Convertible Index — $8,195

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





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


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

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

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

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

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

Performance Review

The American Century Quality Convertible Securities ETF returned -12.85% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -13.13%. For the same period, the ICE BofA Convertible Index, the fund’s benchmark index, returned -16.35%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Market Overview

The U.S. equity and credit markets experienced a tumultuous 12-month period, declining sharply amid mounting inflationary pressures and increasingly hawkish Federal Reserve (Fed) policy. Additionally, Russia’s invasion of Ukraine in February and the spread of the omicron variant of COVID-19 disrupted global supply chains and led to surging oil and commodity prices. These factors exacerbated economic concerns and triggered bouts of market volatility.

The entire U.S. Treasury yield curve shifted higher over the period, and several segments along the curve inverted, a potential harbinger of future recession. For example, the two- to 10-year segment declined 140 basis points (bps) in the last 12 months, as two-year Treasury yields rose 328 bps and 10-year Treasury yields climbed 188 bps. The sharp rise in rates hampered credit markets, and investment-grade and high-yield bonds posted double-digit declines.

Broad U.S. equity indices also posted precipitous losses. Larger-capitalization (larger-cap) stocks weathered the stress better than small-cap stocks, and value stocks generally fared better than growth stocks.


8


The convertible bond market was not immune to the broader market stress, and it also declined. Although convertibles have a high degree of correlation with the underlying equity, they generally fared better due to their bond profiles providing some downside risk mitigation. Smaller-cap growth companies, which tend to be the dominant issuers of convertibles, suffered sharp losses for the period.

Defensive Positioning, Quality Focus Drove Fund’s Relative Outperformance

Our more actively managed risk-balanced positioning relative to the benchmark primarily accounted for the fund’s outperformance versus the index.

Investors’ expectations for rising costs to curb consumer demand and weigh on company profit margins led to broad-based selling and negative returns across most sectors. However, stocks in the energy sector benefited from rising oil and natural gas prices. Additionally, as investors sought more defensive positioning, the utilities and consumer staples sectors generated slightly positive returns. Meanwhile, growth sectors, such as technology, telecommunications and consumer discretionary, were among the weakest. Rising rates in the first half of 2022 weighed on valuations of their underlying equities.

The fund’s underweight position versus the index in convertibles from growth sectors aided relative results. Moreover, the fund’s overweight position in consumer staples, utilities and health care convertibles boosted performance. These defensive sectors were more resilient than cyclical and growth sectors. The fund also benefited from an opportunistic overweight to convertibles in the energy sector.

Security selection, particularly in the technology, health care and telecommunications sectors, was also a key driver of the fund’s relative outperformance. We focused on convertibles from profitable companies with reasonable valuations. These securities experienced less volatility than growth companies that were not profitable or trading at more expensive multiples. The fund also had less exposure to convertibles with higher sensitivity to the underlying equity of the issuer, which helped reduce exposure to market volatility.

Portfolio Positioning

U.S. economic growth is slowing, and recession risk is rising. While we expect headline inflation to decline from peak levels, core inflation may stay elevated. Goods-related inflation may fade as supply chain issues improve, but we expect services-related inflation to stay elevated as rents and wages remain high.

Sustained high inflation likely will keep the Fed on a persistent tightening path. While earnings generally have held up so far, we expect higher costs will eventually dampen corporate earnings for many firms. This dynamic likely will spur continued market volatility and potentially trigger further weakness in equity and credit markets through year-end.

We are focusing on higher-quality issuers with profitable businesses and stronger balance sheets. We believe these qualities should enable issuers to better manage this period of expected elevated volatility. We also believe valuations of certain growth companies have become more attractive, and we are adding to positions we expect to benefit from strong, persistent secular trends.

9


Fund Characteristics
AUGUST 31, 2022
Quality Convertible Securities ETF
Types of Investments in Portfolio% of net assets
Convertible Bonds72.3%
Convertible Preferred Stocks19.4%
Common Stocks5.1%
Short-Term Investments2.9%
Other Assets and Liabilities0.3%
Top Five Industries% of net assets
Software15.8%
Health Care Equipment and Supplies7.4%
Semiconductors and Semiconductor Equipment5.7%
Hotels, Restaurants and Leisure4.7%
IT Services4.1%
10


Performance
Quality Diversified International ETF (QINT)
Total Returns as of August 31, 2022Average Annual Returns
 1 yearSince InceptionInception Date
Net Asset Value-24.82%1.22%9/10/2018
Market Price-24.80%1.23%9/10/2018
Alpha Vee American Century Diversified International Equity Index-24.05%2.04%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-3a2e8717e0584430b0fa.jpg

Value on August 31, 2022
Net Asset Value — $10,493
Alpha Vee American Century Diversified International Equity Index — $10,837
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






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


Portfolio Commentary
Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo
In August 2022, Will Enderle and Paul Jo joined the management team.
Effective September 9, 2022, Peruvemba Satish will no longer serve as a portfolio manager for American Century Quality Diversified International ETF.

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

Performance Review
For the 12 months ended August 31, 2022, the fund returned -24.80% on a market price basis. On a net asset value (NAV) basis, the fund returned -24.82%. For the same time period, the underlying index returned -24.05%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.
Non-U.S. equities, as measured by the MSCI World ex USA Index** (world index), declined during the reporting period. The world index, which is an unmanaged index generally representative of the performance of large- and mid-cap non-U.S. equities, returned -18.56%. The fund’s underperformance versus the world index was largely due to the different compositions of the fund and the world index. The fund tracks the Alpha Vee American Century Diversified International Equity Index, which is designed to distinguish between high-quality value and growth companies, primarily in developed markets, and dynamically allocates to each category depending on the market environment.
Significant disparities between the performance of growth and value stocks in non-U.S. developed markets weighed on performance. Rising inflation and aggressive central bank policy responses led investors to suddenly turn away from higher-multiple growth stocks early in 2022. Value stocks continued to benefit as concerns about a global economic slowdown mounted, particularly in the wake of Russia’s invasion of Ukraine. However, growth stocks rebounded in early summer. The fund’s dynamic allocation adjusted accordingly, but the monthly rebalancing somewhat lagged the market’s rapid style rotations.
From a sector perspective, the industrials, consumer discretionary, health care, materials and financials sectors detracted from performance versus the world index. Conversely, information technology holdings boosted relative performance, with modest additional contribution from the real estate and consumer staples sectors.


*On September 9, 2022, the American Century Quality Diversified International ETF began to track the American Century Quality Diversified International Equity Index.
**The MSCI World ex USA Index returns for the one-year and since-inception periods ended August 31, 2022, were -18.56% and 2.13%, respectively.
12


Within industrials, concerns about the slowing global economy weighed on machinery stocks. Companies in the professional services industry, such as merger and acquisition specialists and staffing agencies, also declined amid growing economic uncertainty. Consumer discretionary stocks further detracted, led by names in the hotels, restaurants and leisure industry and household durables. Within health care, not owning AstraZeneca had a negative effect on relative performance as the pharmaceuticals stock advanced strongly as part of the world index. The materials sector also detracted, particularly mining and steel manufacturing company Evraz, which declined sharply amid sanctions following Russia’s invasion of Ukraine. Among financials, an underweight to banks weighed on relative returns.
On the upside, the information technology sector proved beneficial. Not owning several stocks that underperformed notably as part of the world index, such as Shopify in the IT services industry and SAP in the software industry, contributed to relative performance.
Dynamic allocation began the reporting period with growth at the maximum allocation level, however, late in 2021, a shift began amid a market rotation toward value stocks. By February 2022, value attained the maximum allocation level, where it remained for six months. Toward the end of the period, the growth allocation began to rise. The fund’s allocation ended the reporting period with an approximately 51% allocation to value and 49% allocation to growth. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.

13


Fund Characteristics
AUGUST 31, 2022
Quality Diversified International ETF
Types of Investments in Portfolio% of net assets
Common Stocks98.9%
Short-Term Investments1.4%
Other Assets and Liabilities(0.3)%
Top Five Countries% of net assets
Japan19.8%
United Kingdom11.8%
France11.0%
Canada8.7%
Australia5.6%
14


Performance
Quality Preferred ETF (QPFF)
Total Returns as of August 31, 2022 Average Annual Returns
 1 yearSince InceptionInception Date
Net Asset Value-8.58%-1.81%2/16/2021
Market Price-8.35%-1.70%2/16/2021
ICE Exchange-Listed Preferred & Hybrid
Securities Index
-11.34%-3.51%
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 Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-d05283fda0c64eb6a65a.jpg

Value on August 31, 2022
Net Asset Value — $9,723
ICE Exchange-Listed Preferred & Hybrid Securities Index — $9,465

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




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


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

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

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

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

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

Performance Review

The American Century Quality Preferred ETF returned -8.35% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -8.58%. For the same period, the ICE Exchange-Listed Preferred & Hybrid Securities Index, the fund’s benchmark, returned -11.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Market Overview

The U.S. equity and credit markets experienced a tumultuous 12-month period, declining sharply amid mounting inflationary pressures and increasingly hawkish Federal Reserve (Fed) policy. Additionally, Russia’s invasion of Ukraine in February and the spread of the omicron variant of COVID-19 disrupted global supply chains and led to surging oil and commodity prices. These factors exacerbated economic concerns and triggered bouts of market volatility.

The entire U.S. Treasury yield curve shifted higher over the period, and several segments along the curve inverted, a potential harbinger of future recession. For example, the two- to 10-year segment declined 140 basis points (bps) in the last 12 months, as two-year Treasury yields rose 328 bps and 10-year Treasury yields climbed 188 bps. The sharp rise in rates hampered credit markets, and investment-grade and high-yield bonds posted double-digit declines.

Broad U.S. equity indices also posted precipitous losses. Larger-capitalization (larger-cap) stocks weathered the stress better than small-cap stocks, and value stocks generally fared better than growth stocks.

Tracking the broad decline among risk assets, the preferred securities market also declined. Rising interest rates and widening credit spreads combined with the market’s correlation with the equity market drove valuations of preferred securities lower.




16


Defensive Positioning, Duration Management Drove Fund’s Relative Outperformance

Our more actively managed risk-balanced positioning relative to the benchmark primarily accounted for the fund’s outperformance versus the index.

We positioned the fund for a fairly constructive macroeconomic environment for most of 2021. However, in late 2021, we shifted tactically to a more defensive posture amid stretched equity valuations and historically tight credit spreads. The prospect of Fed tightening loomed as inflation expectations rose and elevated prices appeared more persistent than transitory. Overall, the fund entered 2022 positioned for a more volatile market environment.

Several active and defensive measures helped the fund outperform the index in the subsequent rising-rate period and for the entire fiscal year. In particular, we maintained a much shorter duration than the index, which aided relative results. We also reduced the fund’s exposure to broad market volatility. Additionally, we shifted the fund’s sector allocations to reduce cyclical exposure in favor of a more defensive and value orientation.

Portfolio Positioning

U.S. economic growth is slowing, and recession risk is rising. While we expect headline inflation to decline from peak levels, core inflation may stay elevated. Markets have now priced in higher rates, followed by subsequent cuts once inflation and growth have abated. Credit spreads have widened on slowing growth concerns, and we expect defaults to rise over the next 12 months.

We believe preferred securities still appear attractive relative to other fixed-income investments. These predominately high-quality securities currently offer yields that are slightly lower than lower-quality high-yield corporate credit. We also believe preferreds offer value relative to investment-grade bonds, potentially offering yield advantages and less duration risk.

We have maintained a lower duration than the index. Recently, we have been adding duration exposure due to the market pricing in significant rate hikes and due to the increased risk of recession. We continue to favor higher-quality issues, focusing on higher-coupon preferreds as credit concerns are rising. We also remain overweight to value-oriented sectors, including banks that are well capitalized and have maintained core capital ratios. We believe these issuers may benefit from higher margins amid rising rates and loan growth.
17


Fund Characteristics
AUGUST 31, 2022
Quality Preferred ETF
Types of Investments in Portfolio% of net assets
Preferred Stocks83.9%
Convertible Preferred Stocks7.1%
Corporate Bonds2.3%
Common Stocks2.0%
Short-Term Investments4.0%
Other Assets and Liabilities0.7%
Top Five Industries% of net assets
Banks26.4%
Capital Markets15.2%
Insurance14.5%
Multi-Utilities7.0%
Mortgage Real Estate Investment Trusts (REITs)5.6%
18


Performance
STOXX® U.S. Quality Growth ETF (QGRO)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-19.83%11.15%9/10/2018
Market Price-19.83%11.15%9/10/2018
iSTOXX® American Century USA Quality Growth Index
-19.68%11.53%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-58cf8fb9f51c48d58f5a.jpg

Value on August 31, 2022
Net Asset Value — $15,222
iSTOXX® American Century USA Quality Growth Index — $15,429
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.
19


Portfolio Commentary

Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo

Will Enderle and Paul Jo joined the investment management team in August 2022.

Fund Strategy

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

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

Performance Review

The fund returned -19.83% on a market price basis for the 12 months ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -19.83%. For the same time period, the underlying index returned -19.68%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price performance differed from the underlying index’s return due to fees and operating expenses associated with the fund.

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

From a broad perspective, stock selection in the information technology sector helped drive underperformance versus the growth index. Within information technology, an underweight allocation to computers and peripherals stocks hampered performance. Underweighting communication services benefited relative performance, led by interactive media and services stocks.

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











*The Russell 1000 Growth Index returns for the one-year and since-inception periods ended August 31, 2022, were -19.06% and 12.32%, respectively.
20


Fund Characteristics
AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Short-Term Investments0.3%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software21.6%
Semiconductors and Semiconductor Equipment10.6%
Hotels, Restaurants and Leisure6.1%
IT Services5.1%
Biotechnology4.8%
21


Performance
STOXX® U.S. Quality Value ETF (VALQ)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-7.70%5.49%1/11/2018
Market Price-7.69%5.50%1/11/2018
iSTOXX® American Century USA Quality Value Index
-7.41%5.79%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018
chart-3fdcb56da2e04d8bb22a.jpg

Value on August 31, 2022
Net Asset Value — $12,815
iSTOXX® American Century USA Quality Value Index — $12,985
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.
22


Portfolio Commentary

Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo

Will Enderle and Paul Jo joined the investment management team in August 2022.

Fund Strategy

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

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

Performance Review

The fund returned -7.69% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -7.70%. For the same time period, the underlying index returned -7.41%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the Russell 1000 Value Index* (value index), a market-capitalization index, returned -6.23%. The value index is an unmanaged index generally representative of the performance of U.S. large-capitalization value stocks. The fund’s performance versus the value index was largely attributable to the different compositions of the fund and the value index. Specifically, the fund tracks the underlying index, which pursues risk-adjusted returns by dynamically allocating among high-quality, attractively valued companies and companies offering sustainable income.

From a broad perspective, the fund’s stock selection in the consumer discretionary sector detracted from performance relative to the value index, especially in the specialty retail industry. Health care also detracted due to stock selection, led by weakness in the biotechnology and health care providers and services industries. Stock choices in industrials and an underweight allocation to financials were top positive contributors to performance.

The fund’s allocation closed the 12-month period with a 65% allocation to value and a 35% allocation to income. Over the course of the year, the allocation to value was as high as 80% and as low as 35%. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.











*The Russell 1000 Value Index returns for the one-year and since-inception periods ended August 31, 2022, were -6.23% and 6.00%, respectively.
23


Fund Characteristics
AUGUST 31, 2022
STOXX® U.S. Quality Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Short-Term Investments0.5%
Other Assets and Liabilities(0.1)%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels6.8%
Semiconductors and Semiconductor Equipment5.6%
Health Care Providers and Services5.4%
Biotechnology5.1%
Equity Real Estate Investment Trusts (REITs)5.0%
24


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.

25


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)
Low Volatility ETF
Actual$1,000$925.40$1.410.29%
Hypothetical$1,000$1,023.74$1.480.29%
Quality Convertible Securities ETF
Actual$1,000$908.30$1.540.32%
Hypothetical$1,000$1,023.59$1.630.32%
Quality Diversified International ETF
Actual$1,000$846.40$1.820.39%
Hypothetical$1,000$1,023.24$1.990.39%
Quality Preferred ETF
Actual$1,000$960.50$1.580.32%
Hypothetical$1,000$1,023.59$1.630.32%
STOXX® U.S. Quality Growth ETF
Actual$1,000$902.30$1.390.29%
Hypothetical$1,000$1,023.74$1.480.29%
STOXX® U.S. Quality Value ETF
Actual$1,000$937.00$1.420.29%
Hypothetical$1,000$1,023.74$1.480.29%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
26


Schedules of Investments

AUGUST 31, 2022
Low Volatility ETF
SharesValue
COMMON STOCKS — 99.3%


Aerospace and Defense — 3.4%
General Dynamics Corp.1,090 $249,534 
Banks — 2.8%
F.N.B. Corp.2,007 23,923 
JPMorgan Chase & Co.187 21,268 
Truist Financial Corp.385 18,033 
U.S. Bancorp3,134 142,942 
206,166 
Beverages — 5.0%
Coca-Cola Co.4,940 304,847 
PepsiCo, Inc.384 66,152 
370,999 
Biotechnology — 0.4%
Gilead Sciences, Inc.443 28,117 
Capital Markets — 4.7%
FactSet Research Systems, Inc.52 22,534 
Moody's Corp.195 55,481 
MSCI, Inc.62 27,853 
Raymond James Financial, Inc.188 19,622 
S&P Global, Inc.57 20,074 
SEI Investments Co.2,860 156,442 
T. Rowe Price Group, Inc.377 45,240 
347,246 
Chemicals — 4.4%
Dow, Inc.619 31,569 
Linde PLC803 227,136 
LyondellBasell Industries NV, Class A614 50,962 
Sherwin-Williams Co.87 20,193 
329,860 
Commercial Services and Supplies — 5.5%
Cintas Corp.201 81,775 
Copart, Inc.(1)
148 17,708 
Republic Services, Inc.1,052 150,141 
Waste Management, Inc.934 157,874 
407,498 
Communications Equipment — 3.7%
Cisco Systems, Inc.6,106 273,060 
Diversified Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B(1)
466 130,853 
Diversified Telecommunication Services — 0.7%
AT&T, Inc.1,199 21,031 
Verizon Communications, Inc.809 33,824 
54,855 
Electronic Equipment, Instruments and Components — 4.4%
Amphenol Corp., Class A1,627 119,633 
Keysight Technologies, Inc.(1)
204 33,433 
27


Low Volatility ETF
SharesValue
TE Connectivity Ltd.1,384 $174,675 
327,741 
Equity Real Estate Investment Trusts (REITs) — 2.3%
Mid-America Apartment Communities, Inc.665 110,170 
Public Storage128 42,346 
WP Carey, Inc.254 21,344 
173,860 
Food and Staples Retailing — 1.8%
Costco Wholesale Corp.262 136,790 
Food Products — 1.3%
Mondelez International, Inc., Class A1,195 73,923 
Tyson Foods, Inc., Class A264 19,900 
93,823 
Health Care Equipment and Supplies — 7.2%
Abbott Laboratories1,488 152,743 
Edwards Lifesciences Corp.(1)
146 13,155 
Intuitive Surgical, Inc.(1)
79 16,253 
Medtronic PLC1,980 174,082 
Stryker Corp.879 180,371 
536,604 
Hotels, Restaurants and Leisure — 2.8%
McDonald's Corp.762 192,237 
Starbucks Corp.197 16,562 
208,799 
Household Products — 5.4%
Colgate-Palmolive Co.1,704 133,270 
Procter & Gamble Co.1,950 268,983 
402,253 
Industrial Conglomerates — 0.3%
3M Co.155 19,274 
Insurance — 7.4%
Aflac, Inc.1,370 81,405 
Arch Capital Group Ltd.(1)
1,539 70,363 
Brown & Brown, Inc.473 29,818 
Chubb Ltd.208 39,322 
Everest Re Group Ltd.66 17,757 
Hanover Insurance Group, Inc.152 19,667 
Hartford Financial Services Group, Inc.354 22,766 
Marsh & McLennan Cos., Inc.737 118,930 
Travelers Cos., Inc.732 118,321 
WR Berkley Corp.561 36,353 
554,702 
Interactive Media and Services — 1.0%
Alphabet, Inc., Class A(1)
656 70,992 
Internet and Direct Marketing Retail — 0.5%
Amazon.com, Inc.(1)
296 37,524 
IT Services — 4.8%
Accenture PLC, Class A372 107,307 
Amdocs Ltd.842 71,966 
Visa, Inc., Class A915 181,819 
361,092 
28


Low Volatility ETF
SharesValue
Life Sciences Tools and Services — 1.2%
Danaher Corp.332 $89,610 
Machinery — 3.7%
Dover Corp.858 107,216 
IDEX Corp.281 56,540 
Illinois Tool Works, Inc.352 68,580 
Parker-Hannifin Corp.66 17,490 
Snap-on, Inc.114 24,836 
274,662 
Media — 1.1%
Comcast Corp., Class A2,362 85,481 
Multi-Utilities — 1.0%
Brookfield Infrastructure Partners LP704 29,561 
NiSource, Inc.1,451 42,819 
72,380 
Oil, Gas and Consumable Fuels — 3.4%
Devon Energy Corp.338 23,870 
Exxon Mobil Corp.2,207 210,967 
Marathon Petroleum Corp.200 20,150 
254,987 
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.629 42,401 
Johnson & Johnson854 137,785 
Zoetis, Inc.295 46,176 
226,362 
Semiconductors and Semiconductor Equipment — 2.5%
Advanced Micro Devices, Inc.(1)
191 16,210 
Analog Devices, Inc.219 33,185 
Broadcom, Inc.173 86,346 
KLA Corp.49 16,863 
ON Semiconductor Corp.(1)
286 19,668 
QUALCOMM, Inc.129 17,063 
189,335 
Software — 4.8%
Adobe, Inc.(1)
38 14,191 
Microsoft Corp.895 234,016 
Roper Technologies, Inc.194 78,100 
Synopsys, Inc.(1)
99 34,256 
360,563 
Specialty Retail — 1.2%
Home Depot, Inc.195 56,242 
O'Reilly Automotive, Inc.(1)
43 29,976 
86,218 
Technology Hardware, Storage and Peripherals — 5.1%
Apple, Inc.2,427 381,573 
Textiles, Apparel and Luxury Goods — 0.2%
NIKE, Inc., Class B171 18,203 
Trading Companies and Distributors — 0.5%
Fastenal Co.702 35,332 
TOTAL COMMON STOCKS
(Cost $7,465,448)
7,396,348 
29


Low Volatility ETF
SharesValue
SHORT-TERM INVESTMENTS — 0.6%


Money Market Funds — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $45,362)
45,362 $45,362 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $7,510,810)

7,441,710 
OTHER ASSETS AND LIABILITIES — 0.1%

8,602 
TOTAL NET ASSETS — 100.0%

$7,450,312 

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


See Notes to Financial Statements.
30


AUGUST 31, 2022
Quality Convertible Securities ETF
Principal
Amount/Shares
Value
CONVERTIBLE BONDS — 72.3%


Aerospace and Defense — 0.7%
Parsons Corp., 0.25%, 8/15/25$170,000 $181,815 
Air Freight and Logistics — 0.7%
Air Transport Services Group, Inc., 1.125%, 10/15/24148,000 164,798 
Airlines — 1.0%
American Airlines Group, Inc., 6.50%, 7/1/2598,000 106,526 
Southwest Airlines Co., 1.25%, 5/1/25122,000 152,896 
259,422 
Automobiles — 1.3%
Ford Motor Co., 0.00%, 3/15/26(1)
204,000 222,972 
Tesla, Inc., 2.00%, 5/15/247,000 93,121 
316,093 
Beverages — 1.4%
MGP Ingredients, Inc., 1.875%, 11/15/41(2)
271,000 348,751 
Biotechnology — 3.3%
Ascendis Pharma A/S, 2.25%, 4/1/28(2)
96,000 87,080 
Exact Sciences Corp., 0.375%, 3/1/28102,000 70,176 
Halozyme Therapeutics, Inc., 0.25%, 3/1/27261,000 233,921 
Insmed, Inc., 0.75%, 6/1/2894,000 93,389 
Intercept Pharmaceuticals, Inc., 3.50%, 2/15/2672,000 81,630 
Neurocrine Biosciences, Inc., 2.25%, 5/15/2471,000 98,786 
Sarepta Therapeutics, Inc., 1.50%, 11/15/2496,000 160,200 
825,182 
Communications Equipment — 2.1%
Lumentum Holdings, Inc., 0.50%, 12/15/26208,000 219,440 
Lumentum Holdings, Inc., 0.50%, 6/15/28(2)
188,000 168,636 
Viavi Solutions, Inc., 1.00%, 3/1/24120,000 140,250 
528,326 
Electrical Equipment — 1.0%
Plug Power, Inc., 3.75%, 6/1/2520,000 111,950 
SunPower Corp., 4.00%, 1/15/23117,000 133,673 
245,623 
Electronic Equipment, Instruments and Components — 2.1%
Insight Enterprises, Inc., 0.75%, 2/15/25256,000 356,608 
Vishay Intertechnology, Inc., 2.25%, 6/15/25178,000 169,611 
526,219 
Entertainment — 3.0%
iQIYI, Inc., 2.00%, 4/1/25132,000 120,120 
Live Nation Entertainment, Inc., 2.50%, 3/15/2368,000 93,975 
Pandora Media LLC, 1.75%, 12/1/2365,000 70,980 
Sea Ltd., 0.25%, 9/15/26239,000 176,027 
World Wrestling Entertainment, Inc., 3.375%, 12/15/2335,000 96,740 
Zynga, Inc., 0.25%, 6/1/24157,000 176,668 
734,510 
Equity Real Estate Investment Trusts (REITs) — 0.4%
IIP Operating Partnership LP, 3.75%, 2/21/24(2)
17,000 24,407 
31


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Summit Hotel Properties, Inc., 1.50%, 2/15/26$83,000 $74,077 
98,484 
Health Care Equipment and Supplies — 4.5%
CONMED Corp., 2.625%, 2/1/24132,000 152,460 
Dexcom, Inc., 0.25%, 11/15/25243,000 233,128 
Envista Holdings Corp., 2.375%, 6/1/2578,000 143,949 
Haemonetics Corp., 0.00%, 3/1/26(1)
119,000 99,777 
Insulet Corp., 0.375%, 9/1/26110,000 140,635 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25240,000 222,405 
Mesa Laboratories, Inc., 1.375%, 8/15/2563,000 55,861 
Omnicell, Inc., 0.25%, 9/15/2560,000 71,100 
1,119,315 
Health Care Providers and Services — 3.1%
Elevance Health, Inc., 2.75%, 10/15/4286,000 592,755 
Guardant Health, Inc., 0.00%, 11/15/27(1)
215,000 160,262 
753,017 
Hotels, Restaurants and Leisure — 3.8%
Airbnb, Inc., 0.00%, 3/15/26(1)
243,000 209,587 
Booking Holdings, Inc., 0.75%, 5/1/25352,000 458,267 
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(1)
97,000 99,134 
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23172,000 169,877 
936,865 
Interactive Media and Services — 1.9%
Snap, Inc., 0.75%, 8/1/2679,000 72,186 
Twitter, Inc., 0.25%, 6/15/24185,000 185,093 
Ziff Davis, Inc., 1.75%, 11/1/26(2)
204,000 202,062 
459,341 
Internet and Direct Marketing Retail — 2.4%
Etsy, Inc., 0.25%, 6/15/28149,000 124,713 
Match Group Financeco 2, Inc., 0.875%, 6/15/26(2)
150,000 145,875 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(2)
137,000 136,700 
Pinduoduo, Inc., 0.00%, 12/1/25(1)
203,000 186,557 
593,845 
IT Services — 4.1%
Akamai Technologies, Inc., 0.375%, 9/1/27411,000 414,493 
Block, Inc., 0.25%, 11/1/27143,000 111,124 
Cloudflare, Inc., 0.75%, 5/15/2532,000 57,540 
MongoDB, Inc., 0.25%, 1/15/2653,000 87,357 
Okta, Inc., 0.375%, 6/15/26100,000 84,800 
Perficient, Inc., 1.25%, 8/1/2535,000 56,943 
Perficient, Inc., 0.125%, 11/15/26(2)
113,000 90,909 
Shift4 Payments, Inc., 0.50%, 8/1/27127,000 101,282 
1,004,448 
Leisure Products — 0.4%
Callaway Golf Co., 2.75%, 5/1/2662,000 89,319 
Machinery — 2.0%
Chart Industries, Inc., 1.00%, 11/15/24(2)
53,000 175,600 
John Bean Technologies Corp., 0.25%, 5/15/26136,000 123,420 
Middleby Corp., 1.00%, 9/1/25147,000 183,088 
482,108 
32


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Media — 1.8%
Cable One, Inc., 1.125%, 3/15/28$92,000 $74,980 
Liberty Broadband Corp., 2.75%, 9/30/50(2)
130,000 126,225 
Liberty Media Corp., 2.75%, 12/1/49(2)
259,000 239,187 
440,392 
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23171,000 170,038 
Arbor Realty Trust, Inc., 4.75%, 11/1/22105,000 105,945 
Blackstone Mortgage Trust, Inc., 5.50%, 3/15/27184,000 170,430 
PennyMac Corp., 5.50%, 3/15/26195,000 174,623 
621,036 
Oil, Gas and Consumable Fuels — 2.9%
EQT Corp., 1.75%, 5/1/2651,000 165,138 
Green Plains, Inc., 2.25%, 3/15/2750,000 68,475 
Pioneer Natural Resources Co., 0.25%, 5/15/25197,000 484,324 
717,937 
Personal Products — 0.4%
Herbalife Nutrition Ltd., 2.625%, 3/15/2498,000 90,503 
Pharmaceuticals — 2.2%
Jazz Investments I Ltd., 2.00%, 6/15/26339,000 402,139 
Pacira BioSciences, Inc., 0.75%, 8/1/2571,000 70,112 
Revance Therapeutics, Inc., 1.75%, 2/15/2791,000 82,526 
554,777 
Professional Services — 1.6%
FTI Consulting, Inc., 2.00%, 8/15/2399,000 158,984 
KBR, Inc., 2.50%, 11/1/23117,000 226,395 
385,379 
Real Estate Management and Development — 0.5%
Zillow Group, Inc., 2.75%, 5/15/25140,000 136,500 
Semiconductors and Semiconductor Equipment — 3.8%
Enphase Energy, Inc., 0.00%, 3/1/26(1)
303,000 358,752 
Microchip Technology, Inc., 0.125%, 11/15/24130,000 136,338 
ON Semiconductor Corp., 0.00%, 5/1/27(1)
114,000 163,818 
Silicon Laboratories, Inc., 0.625%, 6/15/2563,000 75,739 
SMART Global Holdings, Inc., 2.25%, 2/15/2694,000 105,468 
Wolfspeed, Inc., 0.25%, 2/15/28(2)
78,000 88,530 
928,645 
Software — 15.5%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(1)
131,000 110,106 
Bentley Systems, Inc., 0.125%, 1/15/26291,000 265,549 
Bill.com Holdings, Inc., 0.00%, 4/1/27(1)(2)
150,000 128,344 
CyberArk Software Ltd., 0.00%, 11/15/24(1)
138,000 155,626 
Datadog, Inc., 0.125%, 6/15/2588,000 118,089 
Dropbox, Inc., 0.00%, 3/1/28(1)
156,000 138,645 
Envestnet, Inc., 1.75%, 6/1/2368,000 69,360 
Five9, Inc., 0.50%, 6/1/2590,000 91,395 
HubSpot, Inc., 0.375%, 6/1/2566,000 90,387 
InterDigital, Inc., 2.00%, 6/1/2484,000 80,535 
Mandiant, Inc., 0.875%, 6/1/24387,000 435,955 
Mitek Systems, Inc., 0.75%, 2/1/26260,000 220,534 
33


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Palo Alto Networks, Inc., 0.375%, 6/1/25$290,000 $551,870 
Pegasystems, Inc., 0.75%, 3/1/25129,000 107,634 
Progress Software Corp., 1.00%, 4/15/26241,000 244,133 
Rapid7, Inc., 0.25%, 3/15/27173,000 149,645 
Splunk, Inc., 1.125%, 9/15/25169,000 161,142 
Tyler Technologies, Inc., 0.25%, 3/15/26159,000 159,159 
Varonis Systems, Inc., 1.25%, 8/15/25174,000 196,968 
Workday, Inc., 0.25%, 10/1/2286,000 96,234 
Workiva, Inc., 1.125%, 8/15/26149,000 164,049 
Zscaler, Inc., 0.125%, 7/1/2565,000 81,933 
3,817,292 
Specialty Retail — 0.6%
Burlington Stores, Inc., 2.25%, 4/15/25136,000 141,610 
Technology Hardware, Storage and Peripherals — 1.3%
Pure Storage, Inc., 0.125%, 4/15/23268,000 318,920 
TOTAL CONVERTIBLE BONDS
(Cost $18,996,007)
17,820,472 
CONVERTIBLE PREFERRED STOCKS — 19.4%


Banks — 2.4%
Bank of America Corp., 7.25%237 291,294 
Wells Fargo & Co., 7.50%233 290,668 
581,962 
Capital Markets — 1.8%
AMG Capital Trust II, 5.15%, 10/15/372,974 149,057 
KKR & Co. Inc., 6.00%, 9/15/234,568 286,265 
435,322 
Electric Utilities — 2.2%
American Electric Power Co., Inc., 6.125%, 8/15/234,799 263,513 
NextEra Energy, Inc., 6.22%, 9/1/235,125 268,678 
532,191 
Electronic Equipment, Instruments and Components — 0.5%
II-VI, Inc., 6.00%, 7/1/23580 118,094 
Equity Real Estate Investment Trusts (REITs) — 0.6%
LXP Industrial Trust, 6.50%2,949 152,700 
Gas Utilities — 0.7%
Spire, Inc., 7.50%, 3/1/243,300 165,396 
Health Care Equipment and Supplies — 2.9%
Becton Dickinson & Co., 6.00%, 6/1/236,960 351,480 
Boston Scientific Corp., 5.50%, 6/1/233,436 363,278 
714,758 
Life Sciences Tools and Services — 1.8%
Danaher Corp., 5.00%, 4/15/23323 454,999 
Metals and Mining — 0.4%
ArcelorMittal SA, 5.50%, 5/18/231,687 95,585 
Multi-Utilities — 1.7%
DTE Energy Co., 6.25%, 11/1/224,839 248,386 
NiSource, Inc., 7.75%, 3/1/241,578 178,140 
426,526 
34


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Semiconductors and Semiconductor Equipment — 1.9%
Broadcom, Inc., 8.00%, 9/30/22294 $459,872 
Wireless Telecommunication Services — 2.5%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(2)
528 630,474 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,009,184)
4,767,879 
COMMON STOCKS — 5.1%


Biotechnology — 0.2%
PTC Therapeutics, Inc.(3)
975 48,691 
Communications Equipment — 0.2%
Viavi Solutions, Inc.(3)
3,469 48,843 
Consumer Finance — 1.0%
Encore Capital Group, Inc.(3)
4,270 233,484 
Electric Utilities — 1.0%
Southern Co.3,287 253,329 
Electrical Equipment — 0.1%
SunPower Corp.(3)
1,041 24,984 
Equity Real Estate Investment Trusts (REITs) — 0.4%
Invitation Homes, Inc.2,603 94,437 
Food Products — 1.0%
Bunge Ltd.2,370 235,033 
Hotels, Restaurants and Leisure — 0.9%
Bloomin' Brands, Inc.11,335 229,194 
Software — 0.3%
Alteryx, Inc., Class A(3)
927 57,771 
Avalara, Inc.(3)
256 23,447 
81,218 
TOTAL COMMON STOCKS
(Cost $1,252,395)
1,249,213 
SHORT-TERM INVESTMENTS — 2.9%


Money Market Funds — 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $723,066)
723,066 723,066 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $25,980,652)

24,560,630 
OTHER ASSETS AND LIABILITIES — 0.3%

77,555 
TOTAL NET ASSETS — 100.0%

$24,638,185 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $2,592,780, which represented 10.5% of total net assets.
(3)Non-income producing.


See Notes to Financial Statements.
35


AUGUST 31, 2022
Quality Diversified International ETF
SharesValue
COMMON STOCKS — 98.9%


Australia — 5.6%
Aristocrat Leisure Ltd.13,291 $320,797 
ASX Ltd.26,763 1,424,655 
Australia & New Zealand Banking Group Ltd.15,377 237,706 
BlueScope Steel Ltd.37,625 422,146 
Computershare Ltd.16,624 277,250 
CSL Ltd.1,098 219,619 
Fortescue Metals Group Ltd.192,924 2,397,577 
Goodman Group14,865 197,675 
IGO Ltd.47,826 428,008 
Incitec Pivot Ltd.132,955 351,354 
James Hardie Industries PLC29,036 658,112 
Lynas Rare Earths Ltd.(1)
60,801 363,229 
Macquarie Group Ltd.1,605 192,043 
Medibank Pvt Ltd.106,736 268,865 
REA Group Ltd.2,664 229,739 
Sonic Healthcare Ltd.68,399 1,581,726 
South32 Ltd.145,511 400,695 
WiseTech Global Ltd.9,113 359,959 
Woodside Energy Group Ltd.12,924 300,205 
10,631,360 
Austria — 1.0%
ANDRITZ AG5,990 275,877 
OMV AG30,499 1,228,874 
Verbund AG3,353 320,405 
voestalpine AG9,471 190,580 
2,015,736 
Belgium — 0.6%
D'ieteren Group1,435 216,328 
KBC Group NV4,445 211,993 
Proximus SADP16,072 204,581 
Solvay SA2,835 228,859 
UCB SA3,143 220,849 
1,082,610 
Canada — 8.7%
Alimentation Couche-Tard, Inc.4,771 205,029 
ARC Resources Ltd.18,975 261,938 
Canadian Natural Resources Ltd.7,935 435,010 
Canadian Tire Corp. Ltd., Class A13,059 1,535,938 
CGI, Inc.(1)
3,270 258,941 
Constellation Software, Inc.1,514 2,279,064 
Dollarama, Inc.6,805 414,409 
Empire Co. Ltd., Class A10,059 286,525 
Fairfax Financial Holdings Ltd.482 240,290 
George Weston Ltd.5,054 577,803 
Gildan Activewear, Inc.(2)
7,221 213,548 
Great-West Lifeco, Inc.(2)
10,183 239,194 
Imperial Oil Ltd.5,223 256,348 
Loblaw Cos. Ltd.17,234 1,523,090 
36


Quality Diversified International ETF
SharesValue
Lundin Mining Corp.31,370 $163,138 
Manulife Financial Corp.181,033 3,131,739 
Metro, Inc.(2)
5,523 290,500 
Nutrien Ltd.2,724 250,072 
Open Text Corp.(2)
7,369 232,121 
Pembina Pipeline Corp.5,377 189,885 
Shaw Communications, Inc., B Shares(2)
7,649 196,154 
Suncor Energy, Inc.(2)
14,610 472,668 
Teck Resources Ltd., Class B6,738 228,200 
TFI International, Inc.2,639 263,287 
Toromont Industries Ltd.3,301 255,514 
Tourmaline Oil Corp.17,213 1,017,695 
West Fraser Timber Co. Ltd.10,077 901,548 
Wheaton Precious Metals Corp.(2)
5,936 181,196 
16,500,844 
China — 5.0%
ANTA Sports Products Ltd.77,200 929,676 
BYD Co. Ltd., H Shares30,500 939,867 
China Coal Energy Co. Ltd., H Shares602,000 535,339 
China Shenhua Energy Co. Ltd., H Shares495,500 1,554,022 
COSCO SHIPPING Holdings Co. Ltd., Class H623,500 930,798 
CSPC Pharmaceutical Group Ltd.884,000 896,751 
JD.com, Inc., ADR820 52,062 
Li Ning Co. Ltd.70,500 642,136 
NetEase, Inc., ADR10,655 943,074 
Orient Overseas International Ltd.18,000 501,749 
Want Want China Holdings Ltd.1,095,000 771,341 
Yankuang Energy Group Co. Ltd., H Shares(2)
166,000 657,096 
Zhongsheng Group Holdings Ltd.33,000 156,036 
9,509,947 
Denmark — 2.2%
AP Moller - Maersk A/S, B Shares457 1,096,413 
Carlsberg A/S, B Shares2,176 282,554 
Danske Bank A/S17,344 231,593 
Novo Nordisk A/S, B Shares19,424 2,076,693 
Novozymes A/S, B Shares3,389 194,507 
Pandora A/S6,096 366,227 
4,247,987 
Finland — 1.9%
Elisa Oyj4,169 222,951 
Fortum Oyj15,021 154,513 
Kesko Oyj, B Shares8,626 181,471 
Nokia Oyj188,044 947,622 
Orion Oyj, Class B10,496 475,890 
Stora Enso Oyj, R Shares26,200 390,012 
Valmet Oyj24,965 632,797 
Wartsila Oyj Abp65,527 540,286 
3,545,542 
France — 11.0%
ArcelorMittal SA9,341 221,700 
AXA SA10,990 258,832 
37


Quality Diversified International ETF
SharesValue
BNP Paribas SA4,864 $226,031 
Bouygues SA43,512 1,278,164 
Bureau Veritas SA7,460 185,157 
Capgemini SE1,430 247,072 
Carrefour SA86,756 1,448,000 
Cie de Saint-Gobain33,797 1,361,267 
Cie Generale des Etablissements Michelin SCA1,652 40,179 
Eiffage SA5,332 468,976 
Electricite de France SA(2)
31,834 380,615 
Engie SA21,503 255,393 
Eurofins Scientific SE2,308 159,686 
Hermes International1,624 2,079,963 
Ipsen SA5,516 528,637 
Kering SA1,936 971,393 
Klepierre SA(1)
12,174 249,716 
L'Oreal SA6,711 2,304,854 
Legrand SA2,488 180,018 
LVMH Moet Hennessy Louis Vuitton SE1,399 902,728 
Orange SA78,678 796,802 
Pernod Ricard SA1,139 208,993 
Publicis Groupe SA6,363 310,675 
Remy Cointreau SA1,393 258,350 
Rexel SA(1)
27,395 444,948 
Sanofi33,418 2,731,915 
Sartorius Stedim Biotech2,548 931,960 
Societe Generale SA10,332 227,773 
STMicroelectronics NV6,166 214,886 
Teleperformance828 235,820 
Thales SA2,273 274,035 
TotalEnergies SE(2)
4,646 235,226 
Unibail-Rodamco-Westfield(1)
3,944 202,759 
Vivendi SE23,277 210,993 
21,033,516 
Germany — 5.1%
Bayerische Motoren Werke AG13,312 980,810 
Brenntag SE2,784 182,540 
Carl Zeiss Meditec AG1,612 200,628 
Covestro AG30,397 916,528 
CTS Eventim AG & Co. KGaA(1)
3,354 180,324 
Evonik Industries AG108,730 2,027,284 
GEA Group AG41,728 1,451,584 
Hannover Rueck SE1,407 207,372 
HeidelbergCement AG19,136 864,133 
K+S AG9,887 225,241 
Knorr-Bremse AG4,062 196,865 
Merck KGaA1,161 199,437 
Muenchener Rueckversicherungs-Gesellschaft AG1,133 270,697 
Nemetschek SE3,015 177,614 
Rational AG330 177,989 
Rheinmetall AG1,063 168,746 
RWE AG4,889 186,649 
38


Quality Diversified International ETF
SharesValue
Siemens Healthineers AG4,623 $225,908 
Symrise AG1,949 203,932 
Uniper SE10,748 58,156 
Volkswagen AG, Preference Shares1,668 237,255 
Wacker Chemie AG2,753 391,526 
9,731,218 
Hong Kong — 0.7%
Chow Tai Fook Jewellery Group Ltd.262,400 528,134 
SITC International Holdings Co. Ltd.146,000 370,232 
Xinyi Glass Holdings Ltd.217,000 400,775 
1,299,141 
Ireland — 0.1%
Bank of Ireland Group PLC47,996 295,730 
Israel — 1.2%
Bank Hapoalim BM23,202 240,546 
Bank Leumi Le-Israel BM49,482 523,085 
ICL Group Ltd.96,262 919,175 
Israel Discount Bank Ltd., A Shares46,822 286,253 
Mizrahi Tefahot Bank Ltd.6,538 265,905 
2,234,964 
Italy — 2.4%
A2A SpA165,365 185,298 
Assicurazioni Generali SpA15,242 223,551 
CNH Industrial NV20,180 245,693 
Eni SpA21,705 256,400 
Ferrari NV1,264 244,006 
Italgas SpA33,358 171,583 
Leonardo SpA32,351 264,754 
Mediobanca Banca di Credito Finanziario SpA27,753 219,690 
Moncler SpA4,794 213,293 
Recordati Industria Chimica e Farmaceutica SpA4,808 196,166 
Stellantis NV142,431 1,897,256 
UniCredit SpA41,061 401,818 
4,519,508 
Japan — 19.8%
Advantest Corp.3,100 175,570 
AGC, Inc.7,300 247,754 
Ajinomoto Co., Inc.8,700 240,467 
Astellas Pharma, Inc.30,700 435,258 
Bandai Namco Holdings, Inc.2,800 210,102 
BayCurrent Consulting, Inc.1,300 382,031 
Brother Industries Ltd.44,900 859,274 
Canon, Inc.(2)
11,000 263,442 
Capcom Co. Ltd.9,500 259,300 
Chugai Pharmaceutical Co. Ltd.7,900 203,884 
CyberAgent, Inc.39,700 387,046 
Daiichi Sankyo Co. Ltd.8,000 240,414 
Daito Trust Construction Co. Ltd.2,400 236,106 
Dentsu Group, Inc.8,200 264,081 
Eisai Co. Ltd.6,700 273,180 
Fuji Electric Co. Ltd.4,500 194,410 
39


Quality Diversified International ETF
SharesValue
FUJIFILM Holdings Corp.5,000 $253,834 
Fujitsu Ltd.1,800 211,812 
Hirose Electric Co. Ltd.1,500 212,546 
Hitachi Ltd.5,200 259,803 
Honda Motor Co. Ltd.11,200 298,169 
Hoya Corp.2,000 203,954 
INPEX Corp.52,700 605,767 
ITOCHU Corp.9,500 261,447 
Itochu Techno-Solutions Corp.11,100 280,132 
Japan Tobacco, Inc.159,400 2,700,780 
Kao Corp.59,200 2,563,376 
Kawasaki Kisen Kaisha Ltd.(2)
2,700 170,824 
KDDI Corp.7,000 214,208 
Keyence Corp.4,800 1,802,274 
Kirin Holdings Co. Ltd.45,500 749,010 
Komatsu Ltd.12,600 263,576 
Konami Group Corp.7,100 360,323 
Kyocera Corp.4,800 266,802 
Marubeni Corp.38,600 402,300 
Mazda Motor Corp.32,600 288,709 
MEIJI Holdings Co. Ltd.5,600 266,778 
MISUMI Group, Inc.9,400 230,734 
Mitsubishi Corp.9,400 307,762 
Mitsubishi Electric Corp.25,100 253,764 
Mitsubishi Heavy Industries Ltd.7,200 277,564 
Mitsui & Co. Ltd.22,800 535,096 
Mitsui OSK Lines Ltd.(2)
10,300 268,352 
Mizuho Financial Group, Inc.23,400 267,939 
Murata Manufacturing Co. Ltd.3,400 183,078 
NEC Corp.20,300 740,375 
Nintendo Co. Ltd.500 204,673 
NIPPON EXPRESS HOLDINGS, Inc.4,700 258,607 
Nippon Steel Corp.18,900 298,546 
Nippon Telegraph & Telephone Corp.22,100 599,004 
Nippon Yusen KK(2)
5,800 442,390 
Nissan Chemical Corp.5,500 277,104 
Nissin Foods Holdings Co. Ltd.3,200 228,948 
Nitto Denko Corp.3,200 197,225 
NTT Data Corp.17,500 246,266 
Obayashi Corp.38,900 269,055 
Olympus Corp.61,600 1,311,910 
Ono Pharmaceutical Co. Ltd.11,800 281,668 
Open House Group Co. Ltd.10,300 403,121 
Otsuka Corp.8,600 277,986 
Otsuka Holdings Co. Ltd.8,400 274,366 
Recruit Holdings Co. Ltd.15,400 489,575 
Ricoh Co. Ltd.98,500 774,156 
Rohm Co. Ltd.3,300 246,899 
SCSK Corp.68,300 1,112,149 
Seiko Epson Corp.(2)
56,900 894,116 
Sekisui Chemical Co. Ltd.19,200 261,760 
40


Quality Diversified International ETF
SharesValue
Sekisui House Ltd.80,400 $1,367,172 
Shimano, Inc.1,200 212,291 
Shin-Etsu Chemical Co. Ltd.1,500 174,199 
Shinko Electric Industries Co. Ltd.5,800 161,447 
Shionogi & Co. Ltd.4,000 195,299 
SMC Corp.400 189,772 
Sompo Holdings, Inc.4,700 201,518 
SUMCO Corp.16,900 229,382 
Sumitomo Metal Mining Co. Ltd.5,000 157,333 
Sumitomo Mitsui Financial Group, Inc.(2)
9,000 271,469 
Sumitomo Mitsui Trust Holdings, Inc.9,100 283,039 
Suntory Beverage & Food Ltd.13,100 478,499 
T&D Holdings, Inc.24,100 263,201 
Taisei Corp.9,700 294,099 
TIS, Inc.10,500 299,006 
Tokio Marine Holdings, Inc.3,700 205,052 
Tokyo Electron Ltd.2,800 878,183 
Toppan, Inc.14,600 229,288 
Toray Industries, Inc.53,400 304,724 
Trend Micro, Inc.4,700 289,370 
Yakult Honsha Co. Ltd.3,900 230,668 
Yamaha Motor Co. Ltd.10,600 219,677 
ZOZO, Inc.24,600 543,739 
37,601,358 
Netherlands — 3.8%
Aalberts NV9,926 363,986 
Adyen NV(1)
255 393,502 
ASM International NV1,378 374,663 
ASML Holding NV3,097 1,511,693 
BE Semiconductor Industries NV3,519 167,166 
Heineken Holding NV6,395 453,649 
Heineken NV2,136 191,982 
IMCD NV1,434 197,829 
ING Groep NV24,655 216,087 
Koninklijke Ahold Delhaize NV16,734 460,299 
Koninklijke Philips NV66,659 1,107,072 
Randstad NV26,192 1,219,781 
Signify NV6,948 197,503 
Wolters Kluwer NV3,505 342,764 
7,197,976 
Norway — 1.8%
Aker BP ASA33,503 1,173,638 
DNB Bank ASA13,808 262,545 
Equinor ASA17,165 666,184 
Mowi ASA(2)
8,326 170,697 
Norsk Hydro ASA34,925 239,973 
Salmar ASA2,927 193,555 
Telenor ASA20,270 221,815 
TOMRA Systems ASA10,663 242,974 
Yara International ASA6,957 294,264 
3,465,645 
41


Quality Diversified International ETF
SharesValue
Portugal — 0.2%
Galp Energia SGPS SA21,073 $227,567 
Jeronimo Martins SGPS SA10,513 233,091 
460,658 
Singapore — 1.4%
DBS Group Holdings Ltd.9,500 221,193 
Oversea-Chinese Banking Corp. Ltd.32,200 277,536 
Singapore Exchange Ltd.248,700 1,687,681 
Singapore Technologies Engineering Ltd.110,300 293,922 
United Overseas Bank Ltd.12,900 251,543 
2,731,875 
South Korea — 1.0%
Celltrion, Inc.1,760 247,733 
HMM Co. Ltd.21,067 347,186 
KT Corp.7,731 214,251 
LG Innotek Co. Ltd.1,774 451,586 
NCSoft Corp.379 106,504 
SK Hynix, Inc.7,797 548,191 
1,915,451 
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA(2)
11,860 264,236 
Banco Bilbao Vizcaya Argentaria SA97,359 436,869 
Banco Santander SA153,226 370,914 
Bankinter SA67,758 347,245 
Fluidra SA8,136 130,133 
Repsol SA80,708 1,048,242 
Telefonica SA437,954 1,807,442 
4,405,081 
Sweden — 3.9%
Alleima AB(1)
2,703 10,854 
Assa Abloy AB, Class B8,732 176,858 
Atlas Copco AB, A Shares19,184 194,737 
Epiroc AB, A Shares11,104 169,900 
Evolution AB8,213 657,067 
Getinge AB, B Shares9,549 176,862 
H & M Hennes & Mauritz AB, B Shares(2)
34,226 355,448 
Industrivarden AB, A Shares22,344 495,186 
Indutrade AB9,518 176,235 
Lifco AB, B Shares10,440 162,166 
Orron Energy AB(2)
17,799 33,854 
Sandvik AB13,517 210,737 
Skanska AB, B Shares16,055 237,175 
SKF AB, B Shares15,686 235,174 
SSAB AB, A Shares124,633 599,453 
Svenska Handelsbanken AB, A Shares28,145 230,512 
Swedbank AB, A Shares18,320 236,784 
Swedish Match AB83,213 835,387 
Swedish Orphan Biovitrum AB(1)
13,776 304,199 
Telefonaktiebolaget LM Ericsson, B Shares139,309 1,041,812 
Trelleborg AB, B Shares11,875 246,765 
Volvo AB, B Shares38,983 617,502 
7,404,667 
42


Quality Diversified International ETF
SharesValue
Switzerland — 5.4%
Baloise Holding AG1,629 $235,095 
Cie Financiere Richemont SA, Class A1,938 216,723 
DKSH Holding AG3,321 247,091 
EMS-Chemie Holding AG1,428 1,002,794 
Geberit AG391 180,660 
Holcim AG(1)
5,596 248,046 
Kuehne + Nagel International AG6,525 1,507,999 
Novartis AG25,740 2,082,058 
Partners Group Holding AG1,601 1,545,371 
Roche Holding AG1,442 464,672 
Sika AG775 174,371 
Sonova Holding AG607 159,928 
Straumann Holding AG4,434 485,890 
Swatch Group AG, Bearer Shares1,077 261,167 
Swiss Re AG9,506 739,145 
VAT Group AG(1)
2,176 520,296 
Zurich Insurance Group AG469 208,189 
10,279,495 
Taiwan — 1.5%
Evergreen Marine Corp. Taiwan Ltd.114,000 326,692 
Globalwafers Co. Ltd.21,000 332,238 
MediaTek, Inc.33,000 714,012 
momo.com, Inc.8,800 208,670 
Taiwan Semiconductor Manufacturing Co. Ltd.30,000 491,093 
Unimicron Technology Corp.74,000 362,580 
Wan Hai Lines Ltd.16,100 45,376 
Yang Ming Marine Transport Corp.128,000 327,907 
2,808,568 
United Kingdom — 11.8%
Anglo American PLC10,100 324,558 
Ashtead Group PLC19,026 934,706 
Associated British Foods PLC12,785 225,796 
Auto Trader Group PLC31,915 240,980 
Avast PLC45,545 373,818 
Aviva PLC51,426 249,480 
B&M European Value Retail SA56,720 243,226 
BAE Systems PLC62,191 560,098 
Barratt Developments PLC74,135 367,027 
Berkeley Group Holdings PLC5,264 222,841 
BP PLC66,481 339,713 
Bunzl PLC6,200 205,618 
Burberry Group PLC10,017 202,631 
Coca-Cola HBC AG(1)
37,960 866,222 
Compass Group PLC9,653 207,646 
DCC PLC3,940 226,764 
Dechra Pharmaceuticals PLC5,037 203,711 
Diageo PLC16,508 717,213 
Evraz PLC(3)
199,959 23 
Experian PLC13,451 408,177 
Ferguson PLC1,910 221,193 
43


Quality Diversified International ETF
SharesValue
Glencore PLC(1)
42,350 $231,551 
GSK PLC150,616 2,407,599 
Hargreaves Lansdown PLC60,059 568,589 
HomeServe PLC33,751 464,631 
Howden Joinery Group PLC51,681 341,708 
Imperial Brands PLC102,334 2,250,513 
InterContinental Hotels Group PLC3,478 188,807 
Intertek Group PLC3,701 169,871 
Investec PLC98,831 475,055 
Kingfisher PLC336,087 902,820 
Lloyds Banking Group PLC479,873 243,178 
Mondi PLC25,527 433,331 
NatWest Group PLC89,991 256,804 
Next PLC2,647 178,254 
Pearson PLC29,311 293,344 
Persimmon PLC10,156 173,780 
RELX PLC7,581 198,813 
Rightmove PLC72,359 508,612 
Rio Tinto PLC6,850 378,191 
RS GROUP PLC17,708 222,760 
Sage Group PLC33,649 278,906 
Shell PLC16,416 434,648 
Taylor Wimpey PLC681,170 854,551 
Tesco PLC91,055 262,991 
Unilever PLC5,769 261,695 
Vodafone Group PLC1,402,692 1,877,997 
WPP PLC24,013 206,825 
22,407,265 
United States — 0.5%
Ovintiv, Inc.16,591 881,754 
TOTAL COMMON STOCKS
(Cost $210,097,941)
188,207,896 
SHORT-TERM INVESTMENTS — 1.4%


Money Market Funds — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,178,830 1,178,830 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,364,843 1,364,843 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,543,673)
2,543,673 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $212,641,614)

190,751,569 
OTHER ASSETS AND LIABILITIES — (0.3)%

(502,194)
TOTAL NET ASSETS — 100.0%

$190,249,375 









44


Quality Diversified International ETF

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials16.6%
Information Technology12.1%
Consumer Discretionary12.0%
Consumer Staples12.0%
Health Care11.8%
Financials10.4%
Materials10.2%
Energy6.8%
Communication Services5.7%
Utilities0.9%
Real Estate0.4%
Short-Term Investments1.4%
Other Assets and Liabilities(0.3)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,558,796. 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)Security may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,842,885, which includes securities collateral of $2,478,042.


See Notes to Financial Statements.
45


AUGUST 31, 2022
Quality Preferred ETF
Shares/Principal AmountValue
PREFERRED STOCKS — 83.9%


Automobiles — 0.4%
Ford Motor Co., 6.00%4,200 $100,044 
Banks — 25.5%
Bank of America Corp., 3.69%4,892 90,796 
Bank of America Corp., 5.875%242,000 219,615 
Bank of America Corp., 5.875%4,331 108,405 
Bank of America Corp., 6.00%8,202 205,296 
Bank of America Corp., 6.25%169,000 167,450 
Citigroup, Inc., 6.30%183,000 177,281 
Citigroup, Inc., 6.875%15,296 387,754 
Citigroup, Inc., 7.125%15,120 388,433 
Citizens Financial Group, Inc., 6.35%8,200 203,770 
Fifth Third Bancorp, 6.00%4,440 109,979 
First Citizens BancShares, Inc., 5.375%2,680 59,040 
First Republic Bank, 4.00%3,480 59,682 
First Republic Bank, 5.125%12,065 268,084 
JPMorgan Chase & Co., 5.75%6,672 164,865 
JPMorgan Chase & Co., 6.75%319,000 321,138 
JPMorgan Chase & Co., Series EE, 6.00%6,598 166,599 
JPMorgan Chase & Co., Series R, 6.00%334,000 327,504 
KeyCorp, 5.65%9,193 219,713 
Old National Bancorp., 7.00%4,154 107,173 
PNC Financial Services Group, Inc., 6.85%10,617 267,761 
Regions Financial Corp., 5.70%3,960 91,753 
Synovus Financial Corp., 6.30%8,200 195,980 
Truist Financial Corp., 4.00%4,243 81,890 
Truist Financial Corp., 4.80%164,000 152,757 
U.S. Bancorp, 3.50%4,400 86,504 
USB Capital IX, 3.53%179,000 136,765 
Wells Fargo & Co., 5.85%19,723 473,549 
Wells Fargo & Co., 5.90%490,000 462,193 
5,701,729 
Capital Markets — 15.2%
Affiliated Managers Group, Inc., 4.20%4,320 74,606 
Affiliated Managers Group, Inc., 5.875%14,803 345,206 
Goldman Sachs Group, Inc., 4.00%5,243 100,980 
Goldman Sachs Group, Inc., 5.50%13,730 336,111 
Goldman Sachs Group, Inc., 6.375%6,360 160,526 
Morgan Stanley, 6.375%5,960 151,801 
Morgan Stanley, 6.875%11,600 294,640 
Morgan Stanley, 7.125%15,440 394,801 
Oaktree Capital Group LLC, 6.55%15,918 385,057 
Oaktree Capital Group LLC, 6.625%15,739 380,884 
State Street Corp., 5.625%392,000 365,540 
State Street Corp., 5.90%13,490 333,203 
Stifel Financial Corp., 6.25%3,457 86,079 
3,409,434 
46


Quality Preferred ETF
Shares/Principal AmountValue
Consumer Finance — 0.6%
Capital One Financial Corp., 4.375%7,399 $130,888 
Diversified Financial Services — 3.1%
Apollo Asset Management, Inc., 6.375%22,720 550,960 
Equitable Holdings, Inc., 5.25%6,900 146,073 
697,033 
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 5.00%4,800 101,472 
Qwest Corp., 6.75%6,280 145,382 
246,854 
Electric Utilities — 2.8%
Duke Energy Corp., 5.625%10,400 257,400 
NextEra Energy Capital Holdings, Inc., 5.65%4,880 118,926 
SCE Trust VI, 5.00%9,337 179,737 
Southern Co., 4.20%3,106 59,262 
615,325 
Equity Real Estate Investment Trusts (REITs) — 2.0%
Digital Realty Trust, Inc., 5.25%3,440 80,530 
Kimco Realty Corp., 5.25%4,201 101,118 
Public Storage, 5.05%4,440 107,937 
Public Storage, 5.15%6,680 162,257 
451,842 
Food Products — 1.0%
CHS, Inc., 6.75%4,200 108,066 
CHS, Inc., 7.10%4,160 107,619 
215,685 
Industrial Conglomerates — 1.8%
General Electric Co., 5.16%426,000 404,487 
Insurance — 13.6%
Allstate Corp., 5.10%4,755 105,228 
Allstate Corp., 5.10%4,631 111,561 
Allstate Corp., 5.625%2,920 71,657 
American Equity Investment Life Holding Co., 5.95%5,104 119,025 
American Equity Investment Life Holding Co., 6.625%2,360 58,032 
Arch Capital Group Ltd., 5.45%4,826 109,502 
Aspen Insurance Holdings Ltd., 5.625%4,832 102,245 
Athene Holding Ltd., 4.875%3,564 66,968 
Athene Holding Ltd., 5.625%8,762 192,326 
Athene Holding Ltd., 6.35%3,493 85,404 
Athene Holding Ltd., 6.375%3,760 96,482 
Axis Capital Holdings Ltd., 5.50%4,925 107,759 
Brighthouse Financial, Inc., 5.375%5,335 106,113 
Brighthouse Financial, Inc., 6.60%7,080 175,159 
Enstar Group Ltd., 7.00%8,332 204,800 
Hartford Financial Services Group, Inc., 6.00%13,485 336,586 
MetLife, Inc., 4.10%2,600 53,508 
MetLife, Inc., 5.625%3,560 87,362 
Progressive Corp., 5.375%179,000 166,470 
Reinsurance Group of America, Inc., 6.20%9,400 235,282 
RenaissanceRe Holdings Ltd., 5.75%14,319 329,480 
47


Quality Preferred ETF
Shares/Principal AmountValue
W R Berkley Corp., 5.10%2,800 $60,844 
W R Berkley Corp., 5.70%2,760 64,336 
3,046,129 
Leisure Products — 1.1%
Brunswick Corp., 6.50%5,080 127,102 
Brunswick Corp., 6.625%4,441 115,910 
243,012 
Mortgage Real Estate Investment Trusts (REITs) — 5.6%
AGNC Investment Corp., 6.125%9,637 206,810 
AGNC Investment Corp., 6.50%9,080 201,848 
Annaly Capital Management, Inc., 6.50%7,080 158,875 
Chimera Investment Corp., 7.75%4,560 93,298 
Chimera Investment Corp., 8.00%8,160 175,277 
MFA Financial, Inc., 6.50%8,120 158,259 
Rithm Capital Corp., 6.375%13,809 269,690 
1,264,057 
Multi-Utilities — 4.4%
Algonquin Power & Utilities Corp., 6.20%3,541 85,905 
Algonquin Power & Utilities Corp., 6.875%6,920 171,477 
CMS Energy Corp., 5.875%6,240 149,760 
CMS Energy Corp., 5.875%4,360 106,646 
DTE Energy Co., 4.375%4,530 86,115 
NiSource, Inc., 6.50%7,160 181,148 
Sempra Energy, 4.875%213,000 206,284 
987,335 
Oil, Gas and Consumable Fuels — 2.6%
DCP Midstream LP, 7.875%11,308 282,135 
Enbridge, Inc., 6.375%12,056 296,095 
578,230 
Real Estate Management and Development — 1.1%
Brookfield Property Partners LP, 5.75%13,716 245,516 
Trading Companies and Distributors — 1.3%
Triton International Ltd., 6.875%7,337 179,023 
WESCO International, Inc., 10.625%3,640 101,265 
280,288 
Wireless Telecommunication Services — 0.7%
United States Cellular Corp., 6.25%7,336 158,824 
TOTAL PREFERRED STOCKS
(Cost $20,615,887)
18,776,712 
CONVERTIBLE PREFERRED STOCKS — 7.1%


Banks — 0.9%
Bank of America Corp., 7.25%91 111,847 
Wells Fargo & Co., 7.50%80 99,800 
211,647 
Electric Utilities — 1.1%
American Electric Power Co., Inc., 6.125%, 8/15/232,513 137,989 
NextEra Energy, Inc., 6.22%, 9/1/231,978 103,696 
241,685 
Health Care Equipment and Supplies — 1.8%
Becton Dickinson & Co., 6.00%, 6/1/234,448 224,624 
48


Quality Preferred ETF
Shares/Principal AmountValue
Boston Scientific Corp., 5.50%, 6/1/231,680 $177,621 
402,245 
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp., 6.875%, 2/15/241,342 130,550 
Life Sciences Tools and Services — 0.7%
Danaher Corp., 5.00%, 4/15/23111 156,362 
Multi-Utilities — 1.6%
DTE Energy Co., 6.25%, 11/1/223,910 200,700 
NiSource, Inc., 7.75%, 3/1/241,315 148,451 
349,151 
Thrifts and Mortgage Finance — 0.4%
New York Community Capital Trust V, 6.00%, 11/1/511,900 86,673 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,652,548)
1,578,313 
CORPORATE BONDS — 2.3%


Insurance — 0.9%
Allstate Corp., VRN, 5.75%, 8/15/53$231,000 212,231 
Oil, Gas and Consumable Fuels — 1.4%
Enbridge, Inc., VRN, 5.50%, 7/15/7791,000 83,322 
Transcanada Trust, VRN, 5.30%, 3/15/77248,000 230,022 
313,344 
TOTAL CORPORATE BONDS
(Cost $556,878)
525,575 
COMMON STOCKS — 2.0%


Electric Utilities — 1.0%
Southern Co.2,786 214,717 
Multi-Utilities — 1.0%
Dominion Energy, Inc.2,853 233,376 
TOTAL COMMON STOCKS
(Cost $454,162)
448,093 
SHORT-TERM INVESTMENTS — 4.0%


Money Market Funds — 4.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $904,709)
904,709 904,709 
TOTAL INVESTMENT SECURITIES — 99.3%
(Cost $24,184,184)

22,233,402 
OTHER ASSETS AND LIABILITIES — 0.7%

160,404 
TOTAL NET ASSETS — 100.0%

$22,393,806 

NOTES TO SCHEDULE OF INVESTMENTS
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.


See Notes to Financial Statements.
49


AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
SharesValue
COMMON STOCKS — 99.7%


Aerospace and Defense — 0.2%
Howmet Aerospace, Inc.11,849 $419,810 
Air Freight and Logistics — 1.3%
Expeditors International of Washington, Inc.2,235 229,959 
United Parcel Service, Inc., Class B16,462 3,202,024 
3,431,983 
Auto Components — 0.2%
Autoliv, Inc.5,481 426,367 
Automobiles — 1.7%
Tesla, Inc.(1)
15,934 4,391,570 
Beverages — 0.5%
Brown-Forman Corp., Class B5,772 419,625 
Constellation Brands, Inc., Class A1,737 427,389 
Monster Beverage Corp.(1)
4,910 436,155 
1,283,169 
Biotechnology — 4.8%
AbbVie, Inc.1,730 232,616 
Exelixis, Inc.(1)
75,060 1,331,565 
Incyte Corp.(1)
3,317 233,616 
Neurocrine Biosciences, Inc.(1)
34,337 3,592,680 
Regeneron Pharmaceuticals, Inc.(1)
5,589 3,247,544 
Vertex Pharmaceuticals, Inc.(1)
13,125 3,698,100 
12,336,121 
Building Products — 0.8%
Masco Corp.36,187 1,840,833 
Owens Corning2,689 219,772 
2,060,605 
Capital Markets — 3.9%
Ameriprise Financial, Inc.2,428 650,728 
Blackstone, Inc.6,532 613,616 
FactSet Research Systems, Inc.5,251 2,275,468 
LPL Financial Holdings, Inc.3,014 667,089 
MarketAxess Holdings, Inc.2,690 668,707 
Moody's Corp.788 224,202 
MSCI, Inc.9,916 4,454,664 
Raymond James Financial, Inc.2,217 231,388 
Tradeweb Markets, Inc., Class A6,171 429,440 
10,215,302 
Chemicals — 1.2%
Air Products and Chemicals, Inc.1,679 423,864 
CF Industries Holdings, Inc.12,320 1,274,627 
Chemours Co.20,576 694,028 
Corteva, Inc.7,079 434,863 
Mosaic Co.3,892 209,662 
3,037,044 
Commercial Services and Supplies — 1.5%
Cintas Corp.1,033 420,266 
Republic Services, Inc.3,034 433,012 
Waste Management, Inc.18,716 3,163,566 
4,016,844 
50


STOXX® U.S. Quality Growth ETF
SharesValue
Communications Equipment — 1.4%
Arista Networks, Inc.(1)
30,219 $3,622,654 
Construction and Engineering — 0.2%
WillScot Mobile Mini Holdings Corp.(1)
10,518 422,192 
Construction Materials — 0.1%
Eagle Materials, Inc.1,881 225,005 
Diversified Consumer Services — 0.3%
H&R Block, Inc.20,589 926,505 
Electrical Equipment — 0.1%
Generac Holdings, Inc.(1)
1,795 395,636 
Electronic Equipment, Instruments and Components — 0.5%
CDW Corp.3,665 625,616 
Keysight Technologies, Inc.(1)
3,990 653,921 
1,279,537 
Equity Real Estate Investment Trusts (REITs) — 1.4%
Camden Property Trust3,239 416,244 
Equinix, Inc.649 426,633 
Gaming and Leisure Properties, Inc.8,684 419,177 
National Retail Properties, Inc.9,634 432,567 
SBA Communications Corp.3,685 1,198,546 
Weyerhaeuser Co.20,235 691,227 
3,584,394 
Food and Staples Retailing — 2.3%
Casey's General Stores, Inc.1,102 235,575 
Costco Wholesale Corp.9,754 5,092,563 
Sysco Corp.7,972 655,458 
5,983,596 
Food Products — 1.3%
Archer-Daniels-Midland Co.7,576 665,855 
Hershey Co.2,951 663,001 
Lamb Weston Holdings, Inc.25,050 1,992,226 
3,321,082 
Gas Utilities — 0.1%
National Fuel Gas Co.3,248 231,485 
Health Care Equipment and Supplies — 2.2%
ABIOMED, Inc.(1)
1,631 422,886 
DexCom, Inc.(1)
40,527 3,331,724 
Edwards Lifesciences Corp.(1)
7,126 642,052 
Hologic, Inc.(1)
3,387 228,826 
IDEXX Laboratories, Inc.(1)
1,855 644,835 
ResMed, Inc.1,953 429,504 
5,699,827 
Health Care Providers and Services — 0.7%
AmerisourceBergen Corp.1,603 234,936 
Chemed Corp.500 238,095 
HCA Healthcare, Inc.1,129 223,395 
Humana, Inc.904 435,529 
Molina Healthcare, Inc.(1)
736 248,304 
UnitedHealth Group, Inc.827 429,486 
1,809,745 
51


STOXX® U.S. Quality Growth ETF
SharesValue
Health Care Technology — 0.9%
Veeva Systems, Inc., Class A(1)
12,314 $2,454,426 
Hotels, Restaurants and Leisure — 6.1%
Chipotle Mexican Grill, Inc.(1)
2,836 4,528,525 
Choice Hotels International, Inc.1,992 228,502 
Churchill Downs, Inc.2,099 413,692 
Marriott International, Inc., Class A42,338 6,509,044 
Texas Roadhouse, Inc.14,861 1,319,063 
Vail Resorts, Inc.12,278 2,758,621 
15,757,447 
Household Durables — 0.1%
Tempur Sealy International, Inc.8,895 222,464 
Household Products — 0.2%
Colgate-Palmolive Co.2,979 232,988 
Kimberly-Clark Corp.1,814 231,321 
464,309 
Insurance — 0.7%
Arthur J. Gallagher & Co.2,343 425,418 
Kinsale Capital Group, Inc.1,663 421,704 
Progressive Corp.3,541 434,304 
WR Berkley Corp.6,634 429,883 
1,711,309 
Interactive Media and Services — 2.7%
Alphabet, Inc., Class C(1)
24,576 2,682,470 
Meta Platforms, Inc., Class A(1)
14,282 2,326,966 
ZoomInfo Technologies, Inc.(1)
42,478 1,929,351 
6,938,787 
Internet and Direct Marketing Retail — 1.2%
Etsy, Inc.(1)
4,133 436,486 
MercadoLibre, Inc.(1)
3,184 2,723,466 
3,159,952 
IT Services — 5.1%
Accenture PLC, Class A1,445 416,825 
Automatic Data Processing, Inc.1,734 423,807 
Cognizant Technology Solutions Corp., Class A3,596 227,159 
EPAM Systems, Inc.(1)
4,554 1,942,281 
Gartner, Inc.(1)
9,370 2,673,449 
Globant SA(1)
1,960 413,109 
GoDaddy, Inc., Class A(1)
8,538 647,351 
Mastercard, Inc., Class A18,883 6,125,079 
Visa, Inc., Class A2,134 424,047 
13,293,107 
Life Sciences Tools and Services — 3.2%
Agilent Technologies, Inc.3,292 422,199 
Bio-Techne Corp.1,249 414,431 
Bruker Corp.7,358 412,048 
IQVIA Holdings, Inc.(1)
1,907 405,543 
Mettler-Toledo International, Inc.(1)
520 630,479 
Repligen Corp.(1)
7,535 1,652,953 
West Pharmaceutical Services, Inc.14,992 4,447,976 
8,385,629 
52


STOXX® U.S. Quality Growth ETF
SharesValue
Machinery — 0.4%
Chart Industries, Inc.(1)
4,404 $853,760 
Lincoln Electric Holdings, Inc.1,654 226,085 
1,079,845 
Media — 0.1%
Nexstar Media Group, Inc., Class A1,237 236,663 
Metals and Mining — 0.1%
Nucor Corp.2,554 339,529 
Oil, Gas and Consumable Fuels — 3.4%
Chesapeake Energy Corp.9,289 933,452 
ConocoPhillips6,145 672,570 
Coterra Energy, Inc.7,711 238,347 
Devon Energy Corp.32,231 2,276,153 
Diamondback Energy, Inc.1,769 235,772 
HF Sinclair Corp.12,479 656,770 
Marathon Oil Corp.9,141 233,918 
Marathon Petroleum Corp.6,470 651,853 
Matador Resources Co.3,843 229,043 
Occidental Petroleum Corp.9,247 656,537 
Pioneer Natural Resources Co.2,650 671,033 
SM Energy Co.10,422 459,298 
Texas Pacific Land Corp.385 708,577 
Valero Energy Corp.1,954 228,852 
8,852,175 
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A1,614 410,569 
Pharmaceuticals — 2.4%
Eli Lilly & Co.1,385 417,204 
Merck & Co., Inc.37,385 3,191,184 
Pfizer, Inc.46,389 2,098,174 
Zoetis, Inc.2,704 423,257 
6,129,819 
Professional Services — 0.5%
Robert Half International, Inc.17,891 1,377,070 
Real Estate Management and Development — 0.1%
CBRE Group, Inc., Class A(1)
2,888 228,036 
Road and Rail — 3.7%
J.B. Hunt Transport Services, Inc.18,913 3,291,240 
Landstar System, Inc.1,558 228,450 
Old Dominion Freight Line, Inc.18,310 4,969,517 
Saia, Inc.(1)
3,995 826,286 
XPO Logistics, Inc.(1)
4,233 221,894 
9,537,387 
Semiconductors and Semiconductor Equipment — 10.6%
Advanced Micro Devices, Inc.(1)
36,853 3,127,714 
Applied Materials, Inc.22,957 2,159,565 
Enphase Energy, Inc.(1)
9,763 2,796,514 
KLA Corp.6,399 2,202,088 
Lam Research Corp.504 220,707 
Lattice Semiconductor Corp.(1)
22,588 1,217,493 
Microchip Technology, Inc.3,415 222,829 
53


STOXX® U.S. Quality Growth ETF
SharesValue
Micron Technology, Inc.3,939 $222,672 
Monolithic Power Systems, Inc.8,033 3,640,395 
NVIDIA Corp.38,448 5,803,341 
ON Semiconductor Corp.(1)
24,690 1,697,931 
Power Integrations, Inc.6,009 429,824 
QUALCOMM, Inc.16,482 2,180,074 
SolarEdge Technologies, Inc.(1)
1,488 410,643 
Teradyne, Inc.2,502 211,769 
Texas Instruments, Inc.1,360 224,685 
Universal Display Corp.5,771 644,794 
27,413,038 
Software — 21.6%
Adobe, Inc.(1)
8,270 3,088,349 
Aspen Technology, Inc.(1)
3,179 669,497 
Atlassian Corp. PLC, Class A(1)
1,681 416,317 
Autodesk, Inc.(1)
25,027 5,048,947 
Cadence Design Systems, Inc.(1)
37,268 6,476,060 
Crowdstrike Holdings, Inc., Class A(1)
13,236 2,417,026 
Datadog, Inc., Class A(1)
24,334 2,553,853 
Fair Isaac Corp.(1)
1,418 637,249 
Five9, Inc.(1)
4,284 420,303 
Fortinet, Inc.(1)
81,233 3,955,235 
HubSpot, Inc.(1)
5,087 1,714,523 
Intuit, Inc.10,127 4,372,636 
Microsoft Corp.13,708 3,584,231 
Palantir Technologies, Inc., Class A(1)
212,668 1,641,797 
Palo Alto Networks, Inc.(1)
6,222 3,464,472 
Paycom Software, Inc.(1)
7,179 2,521,265 
Paylocity Holding Corp.(1)
1,792 431,872 
PTC, Inc.(1)
5,772 663,145 
Salesforce, Inc.(1)
2,574 401,853 
ServiceNow, Inc.(1)
8,202 3,564,753 
Synopsys, Inc.(1)
13,407 4,639,090 
Trade Desk, Inc., Class A(1)
40,556 2,542,861 
Workday, Inc., Class A(1)
2,757 453,692 
Zoom Video Communications, Inc., Class A(1)
2,812 226,085 
55,905,111 
Specialty Retail — 2.3%
AutoNation, Inc.(1)
3,733 465,132 
Dick's Sporting Goods, Inc.4,374 465,262 
Floor & Decor Holdings, Inc., Class A(1)
5,016 408,102 
Lowe's Cos., Inc.1,143 221,902 
Murphy USA, Inc.810 235,037 
O'Reilly Automotive, Inc.(1)
1,290 899,285 
Ulta Beauty, Inc.(1)
5,667 2,379,403 
Williams-Sonoma, Inc.5,809 864,089 
5,938,212 
Technology Hardware, Storage and Peripherals — 2.2%
Apple, Inc.22,481 3,534,463 
NetApp, Inc.3,068 221,295 
Pure Storage, Inc., Class A(1)
65,434 1,895,623 
5,651,381 
54


STOXX® U.S. Quality Growth ETF
SharesValue
Textiles, Apparel and Luxury Goods — 2.7%
lululemon athletica, Inc.(1)
11,821 $3,545,827 
NIKE, Inc., Class B23,926 2,546,923 
Tapestry, Inc.26,223 910,725 
7,003,475 
Trading Companies and Distributors — 0.2%
Univar Solutions, Inc.(1)
16,636 419,560 
W.W. Grainger, Inc.413 229,190 
648,750 
Wireless Telecommunication Services — 2.4%
T-Mobile US, Inc.(1)
42,615 6,134,855 
TOTAL COMMON STOCKS
(Cost $259,113,977)
258,393,818 
SHORT-TERM INVESTMENTS — 0.3%


Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $692,303)
692,303 692,303 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $259,806,280)

259,086,121 
OTHER ASSETS AND LIABILITIES

46,842 
TOTAL NET ASSETS — 100.0%

$259,132,963 

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


See Notes to Financial Statements.
55


AUGUST 31, 2022
STOXX® U.S. Quality Value ETF
SharesValue
COMMON STOCKS — 99.6%


Aerospace and Defense — 2.4%
General Dynamics Corp.1,469 $336,298 
Huntington Ingalls Industries, Inc.1,447 333,186 
Lockheed Martin Corp.8,400 3,528,924 
Raytheon Technologies Corp.3,637 326,421 
Textron, Inc.5,221 325,686 
4,850,515 
Air Freight and Logistics — 1.7%
FedEx Corp.12,266 2,585,796 
United Parcel Service, Inc., Class B4,571 889,105 
3,474,901 
Airlines — 0.3%
Alaska Air Group, Inc.(1)
7,568 329,662 
Southwest Airlines Co.(1)
9,069 332,832 
662,494 
Auto Components — 0.2%
BorgWarner, Inc.8,992 338,998 
Automobiles — 1.2%
Ford Motor Co.93,428 1,423,843 
Harley-Davidson, Inc.8,445 325,724 
Thor Industries, Inc.7,847 635,685 
2,385,252 
Banks — 2.9%
Citigroup, Inc.36,162 1,765,067 
Citizens Financial Group, Inc.47,951 1,758,843 
Comerica, Inc.8,122 652,197 
KeyCorp79,018 1,397,828 
Popular, Inc.4,316 333,282 
5,907,217 
Beverages — 0.3%
Molson Coors Beverage Co., Class B6,280 324,488 
PepsiCo, Inc.1,950 335,926 
660,414 
Biotechnology — 5.1%
AbbVie, Inc.18,724 2,517,629 
Amgen, Inc.10,619 2,551,746 
Biogen, Inc.(1)
1,707 333,514 
Gilead Sciences, Inc.41,025 2,603,857 
Moderna, Inc.(1)
12,306 1,627,714 
Regeneron Pharmaceuticals, Inc.(1)
579 336,434 
United Therapeutics Corp.(1)
1,584 358,966 
10,329,860 
Building Products — 0.3%
Johnson Controls International PLC6,132 331,986 
Owens Corning4,464 364,843 
696,829 
Capital Markets — 1.6%
Bank of New York Mellon Corp.8,037 333,777 
Franklin Resources, Inc.27,513 717,264 
56


STOXX® U.S. Quality Value ETF
SharesValue
Morgan Stanley6,195 $527,938 
State Street Corp.4,878 333,411 
T. Rowe Price Group, Inc.11,916 1,429,920 
3,342,310 
Chemicals — 3.3%
CF Industries Holdings, Inc.3,140 324,864 
Dow, Inc.46,785 2,386,035 
DuPont de Nemours, Inc.5,770 321,043 
Huntsman Corp.11,493 322,034 
LyondellBasell Industries NV, Class A20,455 1,697,765 
Mosaic Co.22,578 1,216,277 
Olin Corp.9,842 537,964 
6,805,982 
Communications Equipment — 0.2%
F5, Inc.(1)
2,088 327,941 
Construction and Engineering — 0.2%
EMCOR Group, Inc.2,819 335,236 
Consumer Finance — 0.2%
American Express Co.2,155 327,560 
Containers and Packaging — 0.4%
Packaging Corp. of America4,010 549,049 
Sealed Air Corp.6,057 325,927 
874,976 
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc., Class B(1)
1,173 329,378 
Diversified Telecommunication Services — 3.1%
AT&T, Inc.193,271 3,389,973 
Verizon Communications, Inc.70,302 2,939,327 
6,329,300 
Electric Utilities — 4.7%
Alliant Energy Corp.4,422 269,919 
American Electric Power Co., Inc.6,730 674,346 
Duke Energy Corp.3,158 337,622 
Entergy Corp.17,542 2,022,593 
FirstEnergy Corp.4,777 188,930 
NRG Energy, Inc.75,299 3,108,343 
OGE Energy Corp.17,904 725,828 
Pinnacle West Capital Corp.24,434 1,841,102 
Southern Co.2,379 183,349 
Xcel Energy, Inc.2,475 183,769 
9,535,801 
Electrical Equipment — 0.2%
Emerson Electric Co.3,974 324,835 
Electronic Equipment, Instruments and Components — 0.9%
Corning, Inc.15,004 514,937 
Flex Ltd.(1)
21,647 385,533 
II-VI, Inc.(1)
6,426 303,500 
Jabil, Inc.5,928 357,459 
TE Connectivity Ltd.2,640 333,194 
1,894,623 
57


STOXX® U.S. Quality Value ETF
SharesValue
Equity Real Estate Investment Trusts (REITs) — 5.0%
Apartment Income REIT Corp.4,361 $178,147 
Brixmor Property Group, Inc.29,552 634,777 
Crown Castle, Inc.1,089 186,034 
CubeSmart3,809 175,404 
Essex Property Trust, Inc.664 176,000 
Extra Space Storage, Inc.1,088 216,218 
Federal Realty Investment Trust8,848 896,037 
Gaming and Leisure Properties, Inc.36,520 1,762,820 
Host Hotels & Resorts, Inc.18,276 324,764 
Kimco Realty Corp.9,094 191,702 
Lamar Advertising Co., Class A14,749 1,384,784 
Life Storage, Inc.1,672 212,762 
National Retail Properties, Inc.40,512 1,818,989 
Omega Healthcare Investors, Inc.10,585 345,706 
STORE Capital Corp.54,117 1,460,077 
Weyerhaeuser Co.9,547 326,125 
10,290,346 
Food and Staples Retailing — 4.4%
Kroger Co.56,712 2,718,774 
Walgreens Boots Alliance, Inc.106,565 3,736,169 
Walmart, Inc.19,355 2,565,505 
9,020,448 
Food Products — 4.5%
Archer-Daniels-Midland Co.3,846 338,025 
Campbell Soup Co.38,793 1,954,391 
General Mills, Inc.26,891 2,065,229 
J.M. Smucker Co.4,024 563,320 
Kellogg Co.2,482 180,541 
Kraft Heinz Co.31,474 1,177,127 
Tyson Foods, Inc., Class A39,026 2,941,780 
9,220,413 
Gas Utilities — 0.1%
UGI Corp.4,650 183,675 
Health Care Equipment and Supplies — 0.5%
Becton Dickinson and Co.1,345 339,505 
DENTSPLY SIRONA, Inc.10,058 329,601 
Medtronic PLC3,795 333,656 
1,002,762 
Health Care Providers and Services — 5.4%
Cardinal Health, Inc.5,060 357,843 
Centene Corp.(1)
32,870 2,949,754 
Cigna Corp.1,774 502,840 
CVS Health Corp.3,423 335,967 
DaVita, Inc.(1)
11,381 970,686 
Elevance Health, Inc.710 344,428 
HCA Healthcare, Inc.9,823 1,943,677 
Henry Schein, Inc.(1)
4,655 341,724 
Humana, Inc.706 340,137 
Laboratory Corp. of America Holdings1,475 332,273 
Molina Healthcare, Inc.(1)
1,068 360,311 
58


STOXX® U.S. Quality Value ETF
SharesValue
Quest Diagnostics, Inc.2,677 $335,455 
Tenet Healthcare Corp.(1)
16,570 936,205 
UnitedHealth Group, Inc.646 335,487 
Universal Health Services, Inc., Class B5,984 585,475 
10,972,262 
Hotels, Restaurants and Leisure — 1.0%
Boyd Gaming Corp.6,109 332,513 
Darden Restaurants, Inc.10,638 1,316,027 
Expedia Group, Inc.(1)
3,225 331,046 
1,979,586 
Household Durables — 1.7%
Leggett & Platt, Inc.18,803 718,651 
Lennar Corp., Class A4,118 318,939 
Mohawk Industries, Inc.(1)
9,061 999,972 
PulteGroup, Inc.8,121 330,200 
Whirlpool Corp.6,554 1,026,356 
3,394,118 
Household Products — 1.2%
Colgate-Palmolive Co.2,327 181,995 
Kimberly-Clark Corp.15,777 2,011,883 
Procter & Gamble Co.1,334 184,012 
2,377,890 
Industrial Conglomerates — 1.0%
3M Co.16,312 2,028,397 
Insurance — 1.7%
Alleghany Corp.(1)
415 349,090 
First American Financial Corp.3,252 173,982 
MetLife, Inc.5,197 334,323 
Principal Financial Group, Inc.2,661 198,936 
Reinsurance Group of America, Inc.2,708 339,475 
Unum Group53,708 2,032,848 
3,428,654 
Interactive Media and Services — 2.6%
Alphabet, Inc., Class C(1)
26,734 2,918,016 
Meta Platforms, Inc., Class A(1)
14,500 2,362,485 
5,280,501 
Internet and Direct Marketing Retail — 0.2%
eBay, Inc.7,504 331,152 
IT Services — 4.9%
Accenture PLC, Class A1,129 325,671 
Akamai Technologies, Inc.(1)
3,695 333,585 
Amdocs Ltd.3,975 339,743 
Cognizant Technology Solutions Corp., Class A41,728 2,635,958 
Concentrix Corp.7,842 986,367 
Genpact Ltd.7,327 344,222 
International Business Machines Corp.26,095 3,351,903 
PayPal Holdings, Inc.(1)
3,615 337,785 
Visa, Inc., Class A1,666 331,051 
Western Union Co.70,413 1,043,521 
10,029,806 
59


STOXX® U.S. Quality Value ETF
SharesValue
Leisure Products — 0.2%
Brunswick Corp.4,259 $318,190 
Machinery — 0.8%
AGCO Corp.3,033 329,718 
Caterpillar, Inc.1,758 324,720 
Cummins, Inc.1,527 328,870 
Dover Corp.2,590 323,646 
Parker-Hannifin Corp.1,196 316,940 
1,623,894 
Media — 2.1%
Altice USA, Inc., Class A(1)
67,042 670,420 
Charter Communications, Inc., Class A(1)
797 328,866 
Comcast Corp., Class A9,299 336,531 
Fox Corp., Class A9,995 341,629 
Interpublic Group of Cos., Inc.43,922 1,214,004 
Omnicom Group, Inc.21,500 1,438,350 
4,329,800 
Metals and Mining — 0.7%
Alcoa Corp.16,996 840,962 
Nucor Corp.2,424 322,246 
Steel Dynamics, Inc.4,030 325,302 
1,488,510 
Multi-Utilities — 0.2%
Ameren Corp.1,955 181,072 
WEC Energy Group, Inc.2,126 219,276 
400,348 
Multiline Retail — 1.2%
Macy's, Inc.36,687 635,419 
Target Corp.11,722 1,879,505 
2,514,924 
Oil, Gas and Consumable Fuels — 6.8%
Antero Resources Corp.(1)
8,244 330,419 
APA Corp.25,962 1,015,374 
Chesapeake Energy Corp.(2)
3,368 338,450 
Chevron Corp.13,560 2,143,294 
Exxon Mobil Corp.22,527 2,153,356 
HF Sinclair Corp.9,746 512,932 
Marathon Oil Corp.13,258 339,272 
Marathon Petroleum Corp.3,299 332,374 
Murphy Oil Corp.8,949 348,743 
Occidental Petroleum Corp.4,694 333,274 
Ovintiv, Inc.19,299 1,025,549 
PDC Energy, Inc.10,210 693,361 
Phillips 6619,782 1,769,698 
SM Energy Co.15,116 666,162 
Valero Energy Corp.15,043 1,761,836 
13,764,094 
Paper and Forest Products — 0.3%
Louisiana-Pacific Corp.11,945 647,777 
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.4,890 329,635 
60


STOXX® U.S. Quality Value ETF
SharesValue
Johnson & Johnson13,194 $2,128,720 
Merck & Co., Inc.28,470 2,430,199 
Organon & Co.11,524 328,780 
Perrigo Co. PLC8,678 324,731 
Pfizer, Inc.99,071 4,480,981 
10,023,046 
Professional Services — 1.1%
CACI International, Inc., Class A(1)
1,244 349,402 
Leidos Holdings, Inc.3,505 333,150 
ManpowerGroup, Inc.11,355 832,549 
Nielsen Holdings PLC12,558 349,615 
Robert Half International, Inc.4,325 332,895 
2,197,611 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
4,190 330,842 
Jones Lang LaSalle, Inc.(1)
1,933 334,409 
665,251 
Road and Rail — 0.8%
CSX Corp.10,289 325,647 
Norfolk Southern Corp.1,329 323,120 
Union Pacific Corp.1,462 328,233 
XPO Logistics, Inc.(1)
12,278 643,613 
1,620,613 
Semiconductors and Semiconductor Equipment — 5.6%
Analog Devices, Inc.2,093 317,152 
Applied Materials, Inc.3,330 313,253 
Broadcom, Inc.978 488,130 
Intel Corp.90,188 2,878,801 
Microchip Technology, Inc.4,954 323,248 
Micron Technology, Inc.39,990 2,260,635 
MKS Instruments, Inc.3,199 318,652 
ON Semiconductor Corp.(1)
22,789 1,567,199 
Qorvo, Inc.(1)
3,429 307,856 
QUALCOMM, Inc.2,632 348,135 
Skyworks Solutions, Inc.14,039 1,383,543 
Synaptics, Inc.(1)
2,611 301,858 
Teradyne, Inc.3,629 307,159 
Texas Instruments, Inc.1,972 325,794 
11,441,415 
Software — 1.1%
Check Point Software Technologies Ltd.(1)
2,850 342,684 
Microsoft Corp.1,254 327,883 
NortonLifeLock, Inc.14,954 337,811 
Oracle Corp. (New York)4,547 337,160 
Salesforce, Inc.(1)
2,010 313,801 
VMware, Inc., Class A2,873 333,354 
Zoom Video Communications, Inc., Class A(1)
4,079 327,952 
2,320,645 
Specialty Retail — 3.2%
Advance Auto Parts, Inc.1,932 325,813 
AutoNation, Inc.(1)
5,415 674,709 
61


STOXX® U.S. Quality Value ETF
SharesValue
Bath & Body Works, Inc.9,218 $344,108 
Best Buy Co., Inc.36,804 2,601,675 
Dick's Sporting Goods, Inc.(2)
6,344 674,811 
Home Depot, Inc.1,129 325,626 
Lowe's Cos., Inc.1,657 321,690 
Murphy USA, Inc.1,176 341,240 
Williams-Sonoma, Inc.6,319 939,951 
6,549,623 
Technology Hardware, Storage and Peripherals — 4.3%
Apple, Inc.12,572 1,976,570 
Dell Technologies, Inc., Class C7,299 279,479 
Hewlett Packard Enterprise Co.163,594 2,224,878 
HP, Inc.103,696 2,977,112 
NetApp, Inc.4,450 320,978 
Seagate Technology Holdings PLC15,131 1,013,172 
8,792,189 
Textiles, Apparel and Luxury Goods — 0.8%
Capri Holdings Ltd.(1)
6,746 318,276 
PVH Corp.10,326 580,837 
Ralph Lauren Corp.5,475 500,032 
Tapestry, Inc.9,508 330,213 
1,729,358 
Tobacco — 1.4%
Altria Group, Inc.7,537 340,070 
Philip Morris International, Inc.26,568 2,536,978 
2,877,048 
Trading Companies and Distributors — 0.2%
United Rentals, Inc.(1)
1,094 319,492 
TOTAL COMMON STOCKS
(Cost $207,115,471)
202,898,260 
SHORT-TERM INVESTMENTS — 0.5%


Money Market Funds — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class340,212 340,212 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
600,005 600,005 
TOTAL SHORT-TERM INVESTMENTS
(Cost $940,217)
940,217 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $208,055,688)

203,838,477 
OTHER ASSETS AND LIABILITIES — (0.1)%

(193,924)
TOTAL NET ASSETS — 100.0%

$203,644,553 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $790,512. 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 $801,453, which includes securities collateral of $201,448.


See Notes to Financial Statements.
62


Statements of Assets and Liabilities
AUGUST 31, 2022
Low Volatility ETFQuality Convertible Securities ETF
Assets
Investment securities, at value (cost of $7,510,810 and $25,980,652, respectively)$7,441,710 $24,560,630 
Dividends and interest receivable10,525 84,411 
7,452,235 24,645,041 
Liabilities
Accrued management fees1,923 6,856 
Net Assets$7,450,312 $24,638,185 
Shares outstanding (unlimited number of shares authorized)180,000 600,000 
Net Asset Value Per Share$41.39 $41.06 
Net Assets Consist of:
Capital paid in$8,069,394 $28,660,267 
Distributable earnings(619,082)(4,022,082)
$7,450,312 $24,638,185 


See Notes to Financial Statements.
63


AUGUST 31, 2022
Quality Diversified International ETFQuality Preferred ETF
Assets
Investment securities, at value (cost of $211,276,771 and $24,184,184, respectively) — including $3,558,796 and $—, respectively of securities on loan$189,386,726 $22,233,402 
Investment made with cash collateral received for securities on loan, at value (cost of $1,364,843 and $—, respectively)1,364,843 — 
Total investment securities, at value (cost of $212,641,614 and $24,184,184, respectively)190,751,569 22,233,402 
Foreign currency holdings, at value (cost of $12,286 and $—, respectively)12,253 — 
Dividends and interest receivable912,624 166,659 
Securities lending receivable3,744 — 
191,680,190 22,400,061 
Liabilities
Payable for collateral received for securities on loan1,364,843 — 
Accrued management fees65,972 6,255 
1,430,815 6,255 
Net Assets$190,249,375 $22,393,806 
Shares outstanding (unlimited number of shares authorized)4,950,000 615,000 
Net Asset Value Per Share$38.43 $36.41 
Net Assets Consist of:
Capital paid in$238,417,263 $24,932,402 
Distributable earnings(48,167,888)(2,538,596)
$190,249,375 $22,393,806 


See Notes to Financial Statements.
64


AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Assets
Investment securities, at value (cost of $259,806,280 and $207,455,683, respectively) — including $— and $790,512, respectively of securities on loan$259,086,121 $203,238,472 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $600,005, respectively)— 600,005 
Total investment securities, at value (cost of $259,806,280 and $208,055,688, respectively)259,086,121 203,838,477 
Receivable for investments sold79,636,065 54,241,945 
Receivable for capital shares sold— 5,984,300 
Dividends and interest receivable515,259 722,495 
Securities lending receivable— 70 
339,237,445 264,787,287 
Liabilities
Payable for collateral received for securities on loan— 600,005 
Payable for investments purchased80,041,719 54,637,433 
Payable for capital shares redeemed— 5,852,425 
Accrued management fees62,763 52,871 
80,104,482 61,142,734 
Net Assets$259,132,963 $203,644,553 
Shares outstanding (unlimited number of shares authorized)4,300,000 4,350,000 
Net Asset Value Per Share$60.26 $46.81 
Net Assets Consist of:
Capital paid in$307,835,086 $229,515,611 
Distributable earnings(48,702,123)(25,871,058)
$259,132,963 $203,644,553 


See Notes to Financial Statements.
65


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Low Volatility ETFQuality Convertible Securities ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $105 and $—, respectively)$134,229 $317,603 
Interest163 187,658 
134,392 505,261 
Expenses:
Management fees21,528 76,593 
Net investment income (loss)112,864 428,668 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(184,372)(1,495,888)
Change in net unrealized appreciation (depreciation) on investments(853,772)(2,374,184)
Net realized and unrealized gain (loss)(1,038,144)(3,870,072)
Net Increase (Decrease) in Net Assets Resulting from Operations$(925,280)$(3,441,404)


See Notes to Financial Statements.
66


YEAR ENDED AUGUST 31, 2022
Quality Diversified International ETFQuality Preferred ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $813,572 and $83, respectively)$7,394,818 $915,771 
Interest3,461 102,226 
Securities lending, net54,338 — 
7,452,617 1,017,997 
Expenses:
Management fees820,589 66,377 
Other expenses449 — 
821,038 66,377 
Net investment income (loss)6,631,579 951,620 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(20,714,345)(562,701)
Foreign currency translation transactions(26,135)— 
(20,740,480)(562,701)
Change in net unrealized appreciation (depreciation) on:
Investments(46,361,540)(2,353,989)
Translation of assets and liabilities in foreign currencies(37,897)— 
(46,399,437)(2,353,989)
Net realized and unrealized gain (loss)(67,139,917)(2,916,690)
Net Increase (Decrease) in Net Assets Resulting from Operations$(60,508,338)$(1,965,070)


See Notes to Financial Statements.
67


YEAR ENDED AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $751, respectively)$1,704,112 $5,713,152 
Securities lending, net6,175 1,889 
Interest2,853 2,350 
1,713,140 5,717,391 
Expenses:
Management fees670,267 624,809 
Other expenses— 475 
670,267 625,284 
Net investment income (loss)1,042,873 5,092,107 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(22,578,679)14,286,072 
Change in net unrealized appreciation (depreciation) on investments(33,328,949)(37,284,433)
Net realized and unrealized gain (loss)(55,907,628)(22,998,361)
Net Increase (Decrease) in Net Assets Resulting from Operations$(54,864,755)$(17,906,254)


See Notes to Financial Statements.
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Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Low Volatility ETFQuality Convertible Securities ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
August 31, 2022
August 31, 2021(2)
Operations
Net investment income (loss)$112,864 $40,657 $428,668 $147,026 
Net realized gain (loss)(184,372)165,605 (1,495,888)(523,605)
Change in net unrealized appreciation (depreciation)(853,772)784,672 (2,374,184)954,162 
Net increase (decrease) in net assets resulting from operations(925,280)990,934 (3,441,404)577,583 
Distributions to Shareholders
From earnings(98,904)(27,228)(478,670)(104,616)
Capital Share Transactions
Proceeds from shares sold4,872,033 6,851,065 10,241,059 25,554,072 
Payments for shares redeemed(2,830,681)(1,381,627)(7,753,296)— 
Other capital— — 26,490 16,967 
Net increase (decrease) in net assets from capital share transactions2,041,352 5,469,438 2,514,253 25,571,039 
Net increase (decrease) in net assets1,017,168 6,433,144 (1,405,821)26,044,006 
Net Assets
Beginning of period6,433,144 — 26,044,006 — 
End of period$7,450,312 $6,433,144 $24,638,185 $26,044,006 
Transactions in Shares of the Funds
Sold105,000 165,000 220,000 540,000 
Redeemed(60,000)(30,000)(160,000)— 
Net increase (decrease) in shares of the funds45,000 135,000 60,000 540,000 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
69


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Quality Diversified International ETFQuality Preferred ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$6,631,579 $3,487,829 $951,620 $344,799 
Net realized gain (loss)(20,740,480)13,029,182 (562,701)175,516 
Change in net unrealized appreciation (depreciation)(46,399,437)13,883,259 (2,353,989)403,207 
Net increase (decrease) in net assets resulting from operations(60,508,338)30,400,270 (1,965,070)923,522 
Distributions to Shareholders
From earnings(6,315,055)(3,209,185)(961,361)(292,191)
Capital Share Transactions
Proceeds from shares sold69,646,490 129,800,116 11,206,587 26,206,795 
Payments for shares redeemed(20,994,370)(49,841,406)(8,412,358)(4,335,252)
Other capital— — 11,268 11,866 
Net increase (decrease) in net assets from capital share transactions48,652,120 79,958,710 2,805,497 21,883,409 
Net increase (decrease) in net assets(18,171,273)107,149,795 (120,934)22,514,740 
Net Assets
Beginning of period208,420,648 101,270,853 22,514,740 — 
End of period$190,249,375 $208,420,648 $22,393,806 $22,514,740 
Transactions in Shares of the Funds
Sold1,400,000 2,600,000 285,000 645,000 
Redeemed(400,000)(1,000,000)(210,000)(105,000)
Net increase (decrease) in shares of the funds1,000,000 1,600,000 75,000 540,000 
(1)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
70


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022August 31, 2021
Operations
Net investment income (loss)$1,042,873 $841,343 $5,092,107 $3,562,962 
Net realized gain (loss)(22,578,679)68,950,979 14,286,072 33,367,852 
Change in net unrealized appreciation (depreciation)(33,328,949)1,940,684 (37,284,433)21,953,183 
Net increase (decrease) in net assets resulting from operations(54,864,755)71,733,006 (17,906,254)58,883,997 
Distributions to Shareholders
From earnings(911,250)(546,618)(4,592,625)(3,277,478)
Capital Share Transactions
Proceeds from shares sold145,371,800 250,557,892 91,853,363 171,502,978 
Payments for shares redeemed(88,984,655)(278,660,990)(120,929,370)(109,488,315)
Net increase (decrease) in net assets from capital share transactions56,387,145 (28,103,098)(29,076,007)62,014,663 
Net increase (decrease) in net assets611,140 43,083,290 (51,574,886)117,621,182 
Net Assets
Beginning of period258,521,823 215,438,533 255,219,439 137,598,257 
End of period$259,132,963 $258,521,823 $203,644,553 $255,219,439 
Transactions in Shares of the Funds
Sold2,125,000 3,800,000 1,825,000 3,625,000 
Redeemed(1,250,000)(4,225,000)(2,400,000)(2,250,000)
Net increase (decrease) in shares of the funds875,000 (425,000)(575,000)1,375,000 


See Notes to Financial Statements.
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Notes to Financial Statements

AUGUST 31, 2022

1. Organization

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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


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Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Quality Convertible Securities ETF and Quality Preferred ETF. Distributions from net investment income, if any, are generally declared and paid quarterly for Low Volatility ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF. Distributions from net investment income, if any, are generally declared and paid semiannually for Quality Diversified International ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Quality Diversified International ETF
Common Stocks$1,364,843 — — — $1,364,843 
Gross amount of recognized liabilities for securities lending transactions$1,364,843 
STOXX® U.S. Quality Value ETF
Common Stocks$600,005 — — — $600,005 
Gross amount of recognized liabilities for securities lending transactions$600,005 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 33%, 29% and 50% of the shares of Quality Diversified International ETF , STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF, respectively. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 28% of the shares of Low Volatility ETF. ACIM owns 56% of the shares of Low Volatility ETF. Related parties do not invest in the funds for the purpose of exercising management or control.


74


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

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

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Low Volatility ETFQuality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Purchases$12,251,359$19,441,852$243,674,955$10,673,005$355,965,698$254,650,658
Sales$12,420,675$14,271,836$224,291,655$10,026,302$353,091,972$253,603,879

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Low Volatility ETF$4,787,173$2,577,803$371,508
Quality Convertible Securities ETF$4,859,721$7,436,970$585,502
Quality Diversified International ETF$49,446,769$20,530,312$3,791,238
Quality Preferred ETF$9,328,371$7,489,105$80,601
STOXX® U.S. Quality Growth ETF
$142,635,735$87,724,212$20,081,510
STOXX® U.S. Quality Value ETF
$89,166,023$118,311,256$25,188,025
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
75


6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Low Volatility ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$7,396,348 — — 
Short-Term Investments45,362 — — 
$7,441,710 — — 

Quality Convertible Securities ETF
Level 1Level 2Level 3
Assets
Investment Securities
Convertible Bonds— $17,820,472 — 
Convertible Preferred Stocks$351,480 4,416,399 — 
Common Stocks1,249,213 — — 
Short-Term Investments723,066 — — 
$2,323,759 $22,236,871 — 

Quality Diversified International ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$995,136 $187,212,760 — 
Short-Term Investments2,543,673 — — 
$3,538,809 $187,212,760 — 

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Quality Preferred ETF
Level 1Level 2Level 3
Assets
Investment Securities
Preferred Stocks$15,669,228 $3,107,484 — 
Convertible Preferred Stocks224,624 1,353,689 — 
Corporate Bonds— 525,575 — 
Common Stocks448,093 — — 
Short-Term Investments904,709 — — 
$17,246,654 $4,986,748 — 

STOXX® U.S. Quality Growth ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$258,393,818 — — 
Short-Term Investments692,303 — — 
$259,086,121 — — 

STOXX® U.S. Quality Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$202,898,260 — — 
Short-Term Investments940,217 — — 
$203,838,477 — — 

7. Risk Factors

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

Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are not actively managed and do not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the funds generally will not buy or sell securities unless they are added or removed from their respective indexes, even if the security is underperforming. If the funds' respective indexes have high portfolio turnover, the funds may also have high portfolio turnover.

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

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

77


8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Low Volatility ETF(1)
$98,904 — $27,228 — 
Quality Convertible
Securities ETF(2)
$478,670 — $104,616 — 
Quality Diversified
International ETF
$6,315,055 — $3,209,185 — 
Quality Preferred ETF(2)
$961,361 — $292,191 — 
STOXX® U.S. Quality
Growth ETF
$911,250 — $546,618 — 
STOXX® U.S. Quality
Value ETF
$4,592,625 — $3,277,478 — 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.

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

The reclassifications, which are primarily due to in kind transactions, were as follows:
 Low Volatility ETFQuality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Capital paid in$376,002 $574,975 $3,828,624 $94,063 $20,050,908 $25,040,370 
Distributable earnings$(376,002)$(574,975)$(3,828,624)$(94,063)$(20,050,908)$(25,040,370)


78


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETF
Federal tax cost of investments$7,541,719 $26,101,126 $213,787,716 
Gross tax appreciation of investments$275,753 $937,851 $7,501,079 
Gross tax depreciation of investments(375,762)(2,478,347)(30,537,226)
Net tax appreciation (depreciation)
of investments
(100,009)(1,540,496)(23,036,147)
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies— — $(35,997)
Net tax appreciation (depreciation)$(100,009)$(1,540,496)$(23,072,144)
Undistributed ordinary income$16,001 $87,677 $1,328,397 
Accumulated long-term capital losses— $(375,354)$(2,425,958)
Accumulated short-term capital losses$(535,074)$(2,193,909)$(23,998,183)

Quality
Preferred ETF
STOXX® U.S.
Quality Growth ETF
STOXX® U.S.
Quality Value ETF
Federal tax cost of investments$24,125,881 $261,283,766 $209,819,547 
Gross tax appreciation of investments$13,044 $9,226,611 $8,060,393 
Gross tax depreciation of investments(1,905,523)(11,424,256)(14,041,463)
Net tax appreciation (depreciation)
of investments
$(1,892,479)$(2,197,645)$(5,981,070)
Undistributed ordinary income$123,232 $51,900 $806,810 
Accumulated long-term capital losses$(60,171)$(3,532,154)$(1,378,509)
Accumulated short-term capital losses$(709,178)$(43,024,224)$(19,318,289)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, return of capital dividends received and to the timing and recognition of partnership income.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
79


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Low Volatility ETF
2022$47.650.68(6.35)(5.67)(0.59)$41.39(11.98)%0.29%1.52%167%$7,450 
2021(4)
$39.840.347.708.04(0.23)$47.6520.26%
0.29%(5)
1.24%(5)
61%$6,433 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 12, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Convertible Securities ETF
2022$48.230.80(7.10)(6.30)(0.92)0.05$41.06(13.13)%0.32%1.79%64%$24,638 
2021(4)
$50.000.39(1.95)(1.56)(0.25)0.04$48.23(3.03)%
0.32%(5)
1.53%(5)
110%$26,044 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Diversified International ETF
2022$52.761.45(14.40)(12.95)(1.38)$38.43(24.82)%0.39%3.15%108%$190,249 
2021$43.091.179.5610.73(1.06)$52.7625.04%0.39%2.37%107%$208,421 
2020$37.440.785.426.20(0.55)$43.0916.67%0.39%2.00%118%$101,271 
2019(4)
$39.850.98(2.69)(1.71)(0.70)$37.44(4.32)%
0.39%(5)
2.67%(5)
119%$18,719 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Preferred ETF
2022$41.691.78(5.29)(3.51)(1.79)0.02$36.41(8.58)%0.32%4.59%51%$22,394 
2021(4)
$40.001.011.482.49(0.83)0.03$41.696.35%
0.32%(5)
4.59%(5)
61%$22,515 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Growth ETF
2022$75.480.30(15.26)(14.96)(0.26)$60.26(19.83)%0.29%0.45%153%$259,133 
2021$55.960.2319.4419.67(0.15)$75.4835.20%0.29%0.36%162%$258,522 
2020$41.840.1814.1114.29(0.17)$55.9634.30%0.29%0.39%180%$215,439 
2019(4)
$40.150.181.641.82(0.13)$41.844.57%
0.29%(5)
0.48%(5)
191%$21,964 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Value ETF
2022$51.821.19(5.14)(3.95)(1.06)$46.81(7.70)%0.29%2.36%118%$203,645 
2021$38.760.8313.0213.85(0.79)$51.8236.16%0.29%1.81%147%$255,219 
2020$39.211.02(0.47)0.55(1.00)$38.761.55%0.29%2.66%178%$137,598 
2019$41.661.15(2.68)(1.53)(0.92)$39.21(3.60)%0.29%2.94%190%$30,391 
2018(4)
$40.370.551.111.66(0.37)$41.664.16%
0.29%(5)
2.17%(5)
77%$7,291 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 11, 2018 (fund inception) through August 31, 2018.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Low Volatility ETF, American Century Quality Convertible Securities ETF, American Century Quality Diversified International ETF, American Century Quality Preferred ETF, American Century STOXX® U.S. Quality Growth ETF, and American Century STOXX® U.S. Quality Value ETF (the “Funds”), six of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
American Century Low Volatility ETFFor the year ended August 31, 2022For the year ended August 31, 2022 and the period from January 12, 2021 (fund inception) through August 31, 2021
American Century Quality Convertible Securities ETFFor the year ended August 31, 2022For the year ended August 31, 2022 and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century Quality Diversified International ETFFor the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Quality Preferred ETFFor the year ended August 31, 2022For the year ended August 31, 2022 and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century STOXX® U.S. Quality Growth ETF
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century STOXX® U.S. Quality Value ETF
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018

86


Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
87


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
88


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


89


Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
90


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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided
91


by the Advisor to each Fund under the management agreement to be competitive and of high quality.

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

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

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

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

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.
92



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

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.


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Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.
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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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

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Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income
for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$98,904$326,651$11,565$716,290$911,250$4,592,625

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$160,953$101,725

The funds hereby utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization) for the fiscal year ended August 31, 2022.

Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$11,276$102,168$509,912

For the fiscal year ended August 31, 2022, Quality Diversified International ETF intends to pass through to shareholders foreign source income of $6,866,938 and foreign taxes paid of $617,422, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on August 31, 2022 are $1.3873 and $0.1247, respectively.
96






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Contact Usamericancenturyetfs.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-ACI-ETFS
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96948 2210






ai_lockupxblkxrgb002a.jpg
Annual Report
August 31, 2022
Avantis® Real Estate ETF (AVRE)
Avantis® U.S. Equity ETF (AVUS)
Avantis® U.S. Large Cap Value ETF (AVLV)
Avantis® U.S. Small Cap Equity ETF (AVSC)
Avantis® U.S. Small Cap Value ETF (AVUV)







































Table of Contents

Chairman’s Letter
Avantis Real Estate ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Large Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreements
Liquidity Risk Management Program
Additional Information


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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Real Estate ETF (AVRE)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-8.86%9/28/2021
Market Price-8.76%9/28/2021
S&P Global REIT Index-9.78%
MSCI World IMI Index-12.77%
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 28, 2021
chart-17770658070a408a8cba.jpg
Value on August 31, 2022
Net Asset Value — $9,114
S&P Global REIT Index — $9,022
MSCI World IMI Index — $8,723
Total Annual Fund Operating Expenses
0.17%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Real Estate ETF seeks long-term capital appreciation by investing in a diverse group of global real estate securities, including real estate investment trusts (REITs) and REIT-like entities across property sectors.

The fund seeks securities of companies that it expects to have higher returns and attractive risk characteristics. It places an enhanced emphasis on securities of companies with lower levels of leverage. Conversely, the fund seeks to underweight or exclude securities with high levels of leverage, with the goal of achieving a better risk/return profile. Under normal market conditions, the fund will invest at least 80% of its assets in securities issued by REITs and other companies engaged in the real estate industry. The fund generally invests in companies located in countries included in the fund’s benchmark, the S&P Global REIT Index.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the period from the fund’s inception on September 28, 2021, through August 31, 2022, Avantis Real Estate ETF returned -8.76%* on a market price basis. On a net asset value (NAV) basis, the fund returned -8.86%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the global REIT market, as measured by the S&P Global REIT Index, which returned -9.78% for the reporting period. The S&P Global REIT Index is an unmanaged index generally representative of publicly traded equity REITs in developed and emerging markets.

The fund’s outperformance versus the index was in part due to an underweight position in REITs with the highest leverage (total debt to capitalization) versus the index, which underperformed. The fund also had an overweight in specialized REITs, which outperformed.




















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


Fund Characteristics
AUGUST 31, 2022
Avantis Real Estate ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Short-Term Investments0.2%
Other Assets and Liabilities0.2%
Top Five Sectors% of net assets
Specialized REITs28.4%
Industrial REITs16.5%
Retail REITs16.2%
Residential REITs14.4%
Diversified REITs8.1%

5


Performance
Avantis U.S. Equity ETF (AVUS)
Total Returns as of August 31, 2022Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value-9.21%12.89%9/24/2019
Market Price-9.23%12.89%9/24/2019
Russell 3000 Index-13.28%11.61%
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 24, 2019
chart-602a3add6f3e4f57b99a.jpg
Value on August 31, 2022
Net Asset Value — $14,278
Russell 3000 Index — $13,806
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis U.S. Equity ETF returned -9.23% on a market price basis. On a net asset value (NAV) basis, the fund returned -9.21%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned -13.28% for the reporting period. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories.

The fund’s outperformance versus the index was largely due to the fund’s emphasis on value-oriented stocks. Specifically, the fund was overweight versus the index in stocks with the highest book-to-market and profitability characteristics and underweight in stocks with the lowest book-to-market and profitability traits.

Value stocks, as measured by the Russell 3000 Value Index, returned -6.49% for the 12-month period. Growth stocks, as measured by the Russell 3000 Growth Index, returned -19.44% for the 12 months.














7


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Short-Term Investments0.4%
Other Assets and Liabilities(0.2)%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels8.9%
Software5.9%
Banks5.7%
Technology Hardware, Storage and Peripherals5.1%
Semiconductors and Semiconductor Equipment4.4%

8


Performance
Avantis U.S. Large Cap Value ETF (AVLV)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-1.03%9/21/2021
Market Price-1.04%9/21/2021
Russell 1000 Value Index-2.42%
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 21, 2021
chart-25f925bc7b034a26a2aa.jpg
Value on August 31, 2022
Net Asset Value — $9,897
Russell 1000 Value Index — $9,758
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Large Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of large-capitalization (large-cap) U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the portfolio’s inception on September 21, 2021, through August 31, 2022, Avantis U.S. Large Cap Value ETF returned -1.04%* on a market price basis. On a net asset value (NAV) basis, the fund returned -1.03%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad U.S. large-cap value universe, as measured by the Russell 1000 Value Index, which returned -2.42% for the reporting period. The Russell 1000 Value Index is an unmanaged index generally representative of the performance of U.S. large-cap companies with lower price-to-book ratios and lower forecasted growth values.

The outperformance was largely due to the fund’s overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.


















*Total returns for periods less than one year are not annualized.
10


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Large Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Short-Term Investments0.3%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels18.4%
Pharmaceuticals8.3%
Semiconductors and Semiconductor Equipment5.9%
Specialty Retail5.0%
Road and Rail5.0%

11


Performance
Avantis U.S. Small Cap Equity ETF (AVSC)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-11.95%1/11/2022
Market Price-11.94%1/11/2022
Russell 2000 Index-15.24%
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, 2022
chart-4b0e3115946e426e892a.jpg
Value on August 31, 2022
Net Asset Value — $8,805
Russell 2000 Index — $8,476
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. This includes securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in small-capitalization (small-cap) equity securities of U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the period from the portfolio’s inception on January 11, 2022, through August 31, 2022, Avantis U.S. Small Cap Equity ETF returned -11.94%* on a market price basis. On a net asset value (NAV) basis, the fund returned -11.95%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad small-cap U.S. stock market, as measured by the Russell 2000 Index, which returned -15.24% for the reporting period. The Russell 2000 Index is an unmanaged index generally representative of the performance of U.S. small-cap stocks.

The outperformance was largely due to the fund’s underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.




















*Total returns for periods less than one year are not annualized.
13


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Small Cap Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Short-Term Investments0.2%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Banks14.6%
Oil, Gas and Consumable Fuels6.0%
Biotechnology4.8%
Specialty Retail4.3%
Machinery4.1%

14


Performance
Avantis U.S. Small Cap Value ETF (AVUV)
Total Returns as of August 31, 2022Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value-0.47%15.87%9/24/2019
Market Price-0.45%15.87%9/24/2019
Russell 2000 Value Index-10.18%8.71%
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 24, 2019
chart-d0f54ab58d7a40f99a0a.jpg
Value on August 31, 2022
Net Asset Value — $15,412
Russell 2000 Value Index — $12,779
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies located in the U.S.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis U.S. Small Cap Value ETF returned -0.45% on a market price basis. On a net asset value (NAV) basis, the fund returned -0.47%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund significantly outperformed the broad U.S. small-cap value universe, as measured by the Russell 2000 Value Index, which returned -10.18% for the reporting period. The Russell 2000 Value Index is an unmanaged index generally representative of the performance of U.S. small-cap companies with lower price-to-book ratios and lower forecasted growth values.

The outperformance was largely due to the fund’s overweight versus the index in companies with the highest profitability and book-to-market characteristics. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics also aided relative results. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.

















16


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Small Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Short-Term Investments0.7%
Other Assets and Liabilities(0.5)%
Top Five Industries% of net assets
Banks16.7%
Oil, Gas and Consumable Fuels13.1%
Specialty Retail7.4%
Trading Companies and Distributors5.0%
Thrifts and Mortgage Finance5.0%

17


Shareholder Fee Examples

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

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

18


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)
Avantis Real Estate ETF
Actual$1,000$911.90$0.820.17%
Hypothetical$1,000$1,024.35$0.870.17%
Avantis U.S. Equity ETF
Actual$1,000$921.20$0.730.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis U.S. Large Cap Value ETF
Actual$1,000$946.00$0.740.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis U.S. Small Cap Equity ETF
Actual$1,000$925.80$1.210.25%
Hypothetical$1,000$1,023.95$1.280.25%
Avantis U.S. Small Cap Value ETF
Actual$1,000$946.40$1.230.25%
Hypothetical$1,000$1,023.95$1.280.25%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
19


Schedules of Investments

AUGUST 31, 2022
Avantis Real Estate ETF
SharesValue
COMMON STOCKS — 99.6%


Diversified REITs — 8.1%
Abacus Property Group60,900 $112,254 
Abrdn Property Income Trust Ltd.34,455 30,592 
Activia Properties, Inc.12 37,277 
AEW UK REIT PLC17,434 22,582 
Alarko Gayrimenkul Yatirim Ortakligi AS13,704 28,847 
Alexander & Baldwin, Inc.4,168 78,067 
Argosy Property Ltd.50,135 40,668 
Balanced Commercial Property Trust Ltd.85,754 105,918 
British Land Co. PLC120,198 599,573 
Broadstone Net Lease, Inc.10,127 193,831 
Centuria Capital Group31,116 38,587 
Charter Hall Group31,669 288,819 
Charter Hall Long Wale REIT57,241 173,535 
Cromwell European Real Estate Investment Trust20,500 42,459 
Custodian Reit PLC38,396 45,631 
D&D Platform REIT Co. Ltd.4,878 16,920 
Daiwa House REIT Investment Corp.215 497,036 
ESCON Japan Reit Investment Corp.6,074 
Essential Properties Realty Trust, Inc.8,191 185,444 
Fibra Uno Administracion SA de CV326,401 340,229 
Fortress REIT Ltd., A Shares147,520 89,671 
Fortress REIT Ltd., B Shares(1)
117,422 27,964 
GPT Group269,279 767,311 
Growthpoint Properties Australia Ltd.29,745 71,151 
Growthpoint Properties Ltd.533,717 396,995 
H&R Real Estate Investment Trust19,861 191,752 
Hankyu Hanshin REIT, Inc.66 73,758 
Heiwa Real Estate REIT, Inc.71 80,578 
Hulic Reit, Inc.125 149,064 
Industrials REIT Ltd.10,778 20,912 
Is Gayrimenkul Yatirim Ortakligi AS(1)(2)
150,603 149,753 
Land Securities Group PLC72,915 549,955 
LXI REIT PLC177,985 304,171 
Marimo Regional Revitalization REIT, Inc.4,799 
Menivim- The New REIT Ltd.49,307 29,717 
Merlin Properties Socimi SA30,567 279,722 
Mirvac Group485,471 691,375 
Nomura Real Estate Master Fund, Inc.390 476,994 
NTT UD REIT Investment Corp.201 217,267 
Ozak Gayrimenkul Yatirim Ortakligi(1)
97,896 43,452 
PRO Real Estate Investment Trust2,637 12,790 
Redefine Properties Ltd.826,646 183,058 
Reit 1 Ltd.25,165 160,013 
SA Corporate Real Estate Ltd.173,837 21,331 
Schroder Real Estate Investment Trust Ltd.57,173 35,346 
20


Avantis Real Estate ETF
SharesValue
Sekisui House Reit, Inc.285 $172,718 
Sella Capital Real Estate Ltd.22,035 70,289 
Shinhan Seobu T&D REIT Co. Ltd.3,900 13,869 
SK REITs Co. Ltd.7,587 32,158 
Stockland401,770 988,300 
STORE Capital Corp.18,181 490,523 
Stride Property Group22,533 24,777 
Takara Leben Real Estate Investment Corp.63 48,494 
Tokaido REIT, Inc.10 8,821 
Tokyu REIT, Inc.123 175,360 
United Urban Investment Corp.334 355,354 
WP Carey, Inc.16,574 1,392,713 
XYMAX REIT Investment Corp.19 17,205 
Ziraat Gayrimenkul Yatirim Ortakligi AS101,747 19,150 
11,722,973 
Health Care REITs — 6.7%
Aedifica SA3,985 377,036 
Assura PLC386,112 292,044 
CareTrust REIT, Inc.7,966 171,588 
Cofinimmo SA4,847 491,706 
Community Healthcare Trust, Inc.1,523 56,183 
First Real Estate Investment Trust152,500 29,948 
Global Medical REIT, Inc.901 9,767 
Health Care & Medical Investment Corp.53 70,290 
Healthcare Realty Trust, Inc., Class A27,840 677,069 
Healthpeak Properties, Inc.60,542 1,589,227 
Impact Healthcare Reit PLC37,285 49,615 
LTC Properties, Inc.5,515 247,568 
National Health Investors, Inc.6,452 422,670 
NorthWest Healthcare Properties Real Estate Investment Trust10,927 104,332 
Parkway Life Real Estate Investment Trust41,400 142,178 
Physicians Realty Trust14,969 249,384 
Primary Health Properties PLC42,764 67,771 
Universal Health Realty Income Trust1,438 73,180 
Ventas, Inc.41,389 1,980,878 
Vital Healthcare Property Trust51,426 85,528 
Welltower, Inc.32,348 2,479,474 
9,667,436 
Hotel & Resort REITs — 2.3%
Apple Hospitality REIT, Inc.15,527 247,035 
Ascott Residence Trust256,600 199,935 
CDL Hospitality Trusts116,600 103,308 
DiamondRock Hospitality Co.(1)
14,750 128,768 
Far East Hospitality Trust116,400 51,599 
Frasers Hospitality Trust73,700 36,899 
Hoshino Resorts REIT, Inc.16 74,620 
Host Hotels & Resorts, Inc.88,998 1,581,494 
Japan Hotel REIT Investment Corp.522 257,345 
Pebblebrook Hotel Trust2,300 40,526 
Ryman Hospitality Properties, Inc.(1)
4,456 366,372 
Sunstone Hotel Investors, Inc.(1)
16,458 179,228 
3,267,129 
21


Avantis Real Estate ETF
SharesValue
Industrial REITs — 16.5%
AIMS APAC REIT56,900 $55,709 
Americold Realty Trust, Inc.23,694 697,078 
Ascendas Real Estate Investment Trust437,400 881,539 
Centuria Industrial REIT54,045 113,551 
CRE Logistics REIT, Inc.55 84,518 
Dexus Industria REIT17,648 33,001 
Dream Industrial Real Estate Investment Trust10,506 97,593 
Duke Realty Corp.51,796 3,048,195 
EastGroup Properties, Inc.4,437 732,238 
Equites Property Fund Ltd.74,137 77,562 
ESR Kendall Square REIT Co. Ltd.16,081 66,359 
ESR-LOGOS REIT409,127 119,897 
FIBRA Macquarie Mexico95,593 120,378 
First Industrial Realty Trust, Inc.11,218 568,528 
Frasers Logistics & Commercial Trust246,600 239,594 
GLP J-Reit386 470,220 
Goodman Group160,528 2,134,699 
Goodman Property Trust103,551 137,604 
Granite Real Estate Investment Trust3,126 177,561 
Industrial & Infrastructure Fund Investment Corp.132 174,187 
Innovative Industrial Properties, Inc.956 87,684 
Intervest Offices & Warehouses NV1,754 43,870 
Japan Logistics Fund, Inc.74 175,628 
LaSalle Logiport REIT137 169,281 
LondonMetric Property PLC106,703 269,358 
LXP Industrial Trust27,674 278,400 
Mapletree Industrial Trust238,500 431,106 
Mapletree Logistics Trust378,900 451,969 
Mitsubishi Estate Logistics REIT Investment Corp.32 109,987 
Mitsui Fudosan Logistics Park, Inc.40 156,692 
Montea NV799 71,988 
Nexus Industrial REIT1,250 9,670 
Nippon Prologis REIT, Inc.191 480,505 
PLA Administradora Industrial S de RL de CV71,222 94,991 
Prologis Property Mexico SA de CV44,200 114,062 
Prologis, Inc.56,698 7,059,468 
Rexford Industrial Realty, Inc.11,818 735,198 
Segro PLC107,989 1,178,481 
SOSiLA Logistics REIT, Inc.62 70,246 
STAG Industrial, Inc.9,493 292,384 
Summit Industrial Income REIT9,850 138,148 
Terreno Realty Corp.4,854 296,045 
Tritax Big Box REIT PLC179,249 345,816 
Urban Logistics REIT PLC52,071 102,732 
Warehouse Reit PLC33,623 60,416 
Warehouses De Pauw14,818 450,868 
23,705,004 
Office REITs — 7.0%
Alexandria Real Estate Equities, Inc.10,513 1,612,694 
Allied Properties Real Estate Investment Trust6,091 145,533 
22


Avantis Real Estate ETF
SharesValue
alstria office REIT AG9,250 $117,759 
AREIT, Inc.108,510 74,232 
Centuria Office REIT28,136 31,369 
Cousins Properties, Inc.14,747 395,957 
Daiwa Office Investment Corp.55 277,917 
Derwent London PLC16,737 472,179 
Dexus134,025 792,754 
Dream Office Real Estate Investment Trust3,733 51,930 
Easterly Government Properties, Inc.3,167 56,848 
Embassy Office Parks REIT50,319 229,142 
GDI Property Group Partnership50,200 30,979 
Gecina SA12,562 1,117,992 
Great Portland Estates PLC32,409 187,041 
Inmobiliaria Colonial Socimi SA29,752 176,232 
Japan Excellent, Inc.132 124,451 
Japan Prime Realty Investment Corp.81 239,916 
Japan Real Estate Investment Corp.156 722,526 
JBG SMITH Properties2,614 57,430 
JR Global Reit17,524 61,532 
Kenedix Office Investment Corp.61 315,141 
Keppel Pacific Oak US REIT64,500 42,869 
Keppel REIT222,600 171,880 
Kilroy Realty Corp.9,068 442,246 
Mindspace Business Parks REIT15,172 70,274 
Mori Hills REIT Investment Corp.160 179,748 
Nippon Building Fund, Inc.197 981,249 
NSI NV1,720 51,885 
Orion Office REIT, Inc.1,806 17,825 
Orix JREIT, Inc.264 363,080 
Postal Realty Trust, Inc., Class A1,103 16,379 
Precinct Properties New Zealand Ltd.173,288 141,812 
Prime US REIT50,100 31,287 
Prosperity REIT8,000 2,304 
RL Commercial REIT, Inc.326,700 35,698 
Vakif Gayrimenkul Yatirim Ortakligi AS(1)
82,194 12,806 
Veris Residential, Inc.(1)
5,534 74,377 
Workspace Group PLC15,922 96,391 
10,023,664 
Real Estate Operating Companies
Lighthouse Properties PLC69,479 25,872 
Residential REITs — 14.4%
Advance Residence Investment Corp.138 364,909 
Altarea SCA770 100,853 
American Homes 4 Rent, Class A19,720 701,243 
Apartment Income REIT Corp.9,029 368,835 
AvalonBay Communities, Inc.12,038 2,418,555 
Boardwalk Real Estate Investment Trust2,864 105,327 
BRT Apartments Corp.1,393 33,251 
BSR Real Estate Investment Trust198 3,202 
Camden Property Trust10,525 1,352,568 
Canadian Apartment Properties REIT9,247 314,511 
23


Avantis Real Estate ETF
SharesValue
Care Property Invest NV(2)
4,282 $92,405 
Centerspace913 68,822 
Civitas Social Housing PLC53,391 44,079 
Comforia Residential REIT, Inc.53 130,054 
Daiwa Securities Living Investments Corp.231 206,278 
Emlak Konut Gayrimenkul Yatirim Ortakligi AS105,296 23,176 
Empiric Student Property PLC59,132 66,175 
Equity LifeStyle Properties, Inc.18,972 1,329,937 
Equity Residential36,480 2,669,606 
Essex Property Trust, Inc.5,564 1,474,794 
Flagship Communities REIT294 4,795 
Independence Realty Trust, Inc.13,886 270,083 
Ingenia Communities Group48,442 139,710 
InterRent Real Estate Investment Trust7,519 70,189 
Invitation Homes, Inc.41,054 1,489,439 
Irish Residential Properties REIT PLC106,234 135,450 
Kenedix Residential Next Investment Corp.102 165,694 
Killam Apartment Real Estate Investment Trust5,971 76,652 
Mid-America Apartment Communities, Inc.10,857 1,798,679 
Minto Apartment Real Estate Investment Trust1,605 18,356 
Nippon Accommodations Fund, Inc.61 299,413 
PRS REIT PLC51,343 61,174 
Samty Residential Investment Corp.14 12,790 
Sinpas Gayrimenkul Yatirim Ortakligi AS(1)
2,473 579 
Starts Proceed Investment Corp.12,901 
Sun Communities, Inc.12,896 1,982,244 
UDR, Inc.33,510 1,503,594 
UMH Properties, Inc.1,160 20,926 
UNITE Group PLC46,190 563,151 
Washington Real Estate Investment Trust9,799 192,158 
Xior Student Housing NV2,288 92,473 
20,779,030 
Retail REITs — 16.2%
AEON REIT Investment Corp.138 155,813 
Agree Realty Corp.9,661 727,666 
BWP Trust83,174 225,059 
Capital & Counties Properties PLC78,867 109,602 
CapitaLand Integrated Commercial Trust835,900 1,236,315 
Carmila SA12,321 196,227 
Charter Hall Retail REIT90,536 251,720 
Choice Properties Real Estate Investment Trust14,845 153,610 
Crombie Real Estate Investment Trust5,221 61,816 
CT Real Estate Investment Trust4,970 61,077 
Eurocommercial Properties NV5,298 110,880 
Federal Realty Investment Trust10,280 1,041,056 
First Capital Real Estate Investment Trust10,486 120,720 
Fortune Real Estate Investment Trust144,000 117,079 
Frasers Centrepoint Trust108,900 175,781 
Frontier Real Estate Investment Corp.64 244,972 
Fukuoka REIT Corp.73 89,298 
Getty Realty Corp.2,944 88,555 
24


Avantis Real Estate ETF
SharesValue
Hamborner REIT AG11,025 $90,395 
HomeCo Daily Needs REIT142,278 125,055 
Hyprop Investments Ltd.58,147 120,406 
InvenTrust Properties Corp.5,146 135,134 
Japan Metropolitan Fund Invest1,034 821,179 
Kenedix Retail REIT Corp.56 114,652 
Kimco Realty Corp.75,399 1,589,411 
Kite Realty Group Trust9,182 177,763 
Kiwi Property Group Ltd.12,883 8,022 
Klepierre SA(1)
43,950 901,514 
Lendlease Global Commercial REIT156,754 92,367 
Link REIT183,600 1,420,884 
LOTTE Reit Co. Ltd.23,539 90,062 
Mapletree Pan Asia Commercial Trust247,600 325,593 
National Retail Properties, Inc.22,072 991,033 
NETSTREIT Corp.(2)
3,739 73,509 
Phillips Edison & Co., Inc.8,983 293,475 
Primaris Real Estate Investment Trust4,549 46,205 
Realty Income Corp.62,008 4,233,906 
Regency Centers Corp.18,211 1,107,957 
Resilient REIT Ltd.41,188 130,069 
Retail Opportunity Investments Corp.6,737 112,845 
RioCan Real Estate Investment Trust23,149 354,810 
Sasseur Real Estate Investment Trust54,400 30,148 
Shaftesbury PLC(2)
26,736 127,852 
Shopping Centres Australasia Property Group120,711 222,950 
Simon Property Group, Inc.23,355 2,381,743 
SITE Centers Corp.19,883 257,684 
SmartCentres Real Estate Investment Trust7,735 164,730 
SPH REIT201,000 134,425 
Spirit Realty Capital, Inc.8,492 346,898 
Starhill Global REIT108,900 45,131 
Supermarket Income REIT PLC130,046 182,813 
Urstadt Biddle Properties, Inc., Class A3,378 56,480 
Vastned Retail NV1,035 22,970 
Vicinity Centres429,611 562,451 
Vukile Property Fund Ltd.116,910 91,753 
Waypoint REIT Ltd.68,502 122,553 
Wereldhave NV3,893 52,690 
23,326,763 
Specialized REITs — 28.4%
American Tower Corp.38,779 9,851,805 
Arena REIT34,214 97,421 
Automotive Properties Real Estate Investment Trust1,936 18,986 
Big Yellow Group PLC21,616 332,974 
Charter Hall Social Infrastructure REIT51,367 128,826 
Crown Castle, Inc.33,897 5,790,625 
CubeSmart16,438 756,970 
Digital Realty Trust, Inc.20,813 2,573,111 
Equinix, Inc.6,799 4,469,459 
Extra Space Storage, Inc.9,708 1,929,271 
25


Avantis Real Estate ETF
SharesValue
Farmland Partners, Inc.947 $13,741 
Four Corners Property Trust, Inc.6,128 164,782 
Gaming and Leisure Properties, Inc.20,019 966,317 
Gladstone Land Corp.548 12,883 
Hotel Property Investments20,255 45,907 
Keppel DC REIT104,800 145,400 
Koramco Energy Plus Reit7,888 31,465 
Lamar Advertising Co., Class A8,227 772,433 
Life Storage, Inc.8,021 1,020,672 
National Storage Affiliates Trust5,774 291,703 
National Storage REIT106,625 175,136 
Power REIT(1)
153 2,601 
Public Storage18,091 5,985,046 
Rural Funds Group39,014 69,466 
Safestore Holdings PLC17,840 228,382 
SBA Communications Corp.8,408 2,734,702 
Stor-Age Property REIT Ltd.32,780 25,154 
VICI Properties, Inc.67,070 2,212,639 
40,847,877 
TOTAL COMMON STOCKS
(Cost $152,532,174)
143,365,748 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class180,152 180,152 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
155,811 155,811 
TOTAL SHORT-TERM INVESTMENTS
(Cost $335,963)
335,963 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $152,868,137)

143,701,711 
OTHER ASSETS AND LIABILITIES — 0.2%

264,378 
TOTAL NET ASSETS — 100.0%

$143,966,089 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $279,377. 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 $297,161, which includes securities collateral of $141,350.


See Notes to Financial Statements.
26


AUGUST 31, 2022
Avantis U.S. Equity ETF
SharesValue
COMMON STOCKS — 99.8%


Aerospace and Defense — 1.1%
AAR Corp.(1)
4,892 $209,769 
Aerojet Rocketdyne Holdings, Inc.(1)
12,505 538,590 
AerSale Corp.(1)
1,958 37,750 
Archer Aviation, Inc., Class A(1)(2)
8,098 28,667 
Astronics Corp.(1)
2,546 23,449 
Axon Enterprise, Inc.(1)
3,224 376,176 
Boeing Co.(1)
10,703 1,715,156 
BWX Technologies, Inc.25,635 1,336,353 
Curtiss-Wright Corp.4,641 683,109 
Ducommun, Inc.(1)
892 39,248 
General Dynamics Corp.6,588 1,508,191 
HEICO Corp.1,000 152,300 
HEICO Corp., Class A2,068 253,495 
Hexcel Corp.13,537 794,216 
Howmet Aerospace, Inc.20,407 723,020 
Huntington Ingalls Industries, Inc.3,746 862,554 
Kaman Corp.2,893 91,766 
Kratos Defense & Security Solutions, Inc.(1)
4,717 59,151 
L3Harris Technologies, Inc.5,501 1,255,273 
Lockheed Martin Corp.15,078 6,334,419 
Maxar Technologies, Inc.1,356 32,314 
Mercury Systems, Inc.(1)
663 31,910 
Moog, Inc., Class A7,671 575,172 
National Presto Industries, Inc.452 30,835 
Northrop Grumman Corp.4,035 1,928,690 
Park Aerospace Corp.228 2,624 
Parsons Corp.(1)
2,119 87,684 
Raytheon Technologies Corp.56,077 5,032,911 
Spirit AeroSystems Holdings, Inc., Class A(2)
384 11,558 
Textron, Inc.32,606 2,033,962 
TransDigm Group, Inc.1,447 868,764 
Triumph Group, Inc.(1)
936 12,159 
V2X, Inc.(1)
491 17,018 
Virgin Galactic Holdings, Inc.(1)
9,216 54,467 
Woodward, Inc.6,504 605,327 
28,348,047 
Air Freight and Logistics — 1.0%
Air Transport Services Group, Inc.(1)
24,458 736,920 
Atlas Air Worldwide Holdings, Inc.(1)
9,204 919,664 
CH Robinson Worldwide, Inc.10,045 1,146,637 
Expeditors International of Washington, Inc.26,910 2,768,770 
FedEx Corp.29,020 6,117,706 
Forward Air Corp.6,501 630,857 
GXO Logistics, Inc.(1)
5,143 228,246 
Hub Group, Inc., Class A(1)
8,510 679,183 
Radiant Logistics, Inc.(1)
4,371 30,597 
United Parcel Service, Inc., Class B60,781 11,822,512 
25,081,092 
27


Avantis U.S. Equity ETF
SharesValue
Airlines — 0.3%
Alaska Air Group, Inc.(1)
18,829 $820,191 
Allegiant Travel Co.(1)
4,274 412,441 
American Airlines Group, Inc.(1)
32,567 423,045 
Blade Air Mobility, Inc.(1)
1,626 8,390 
Delta Air Lines, Inc.(1)
31,113 966,681 
Frontier Group Holdings, Inc.(1)(2)
2,424 31,270 
Hawaiian Holdings, Inc.(1)
13,923 208,706 
JetBlue Airways Corp.(1)
46,041 358,659 
Joby Aviation, Inc.(1)(2)
15,320 81,196 
Mesa Air Group, Inc.(1)
29 71 
SkyWest, Inc.(1)
11,182 238,065 
Southwest Airlines Co.(1)
49,514 1,817,164 
Spirit Airlines, Inc.(1)
20,815 472,084 
Sun Country Airlines Holdings, Inc.(1)
3,484 69,401 
United Airlines Holdings, Inc.(1)
21,975 769,345 
Wheels Up Experience, Inc.(1)
5,100 9,537 
6,686,246 
Auto Components — 0.4%
American Axle & Manufacturing Holdings, Inc.(1)
66,709 690,438 
Aptiv PLC(1)
17,580 1,642,499 
Autoliv, Inc.15,143 1,177,974 
BorgWarner, Inc.41,409 1,561,119 
Dana, Inc.27,951 432,402 
Dorman Products, Inc.(1)
4,503 408,197 
Garrett Motion, Inc.(1)
1,509 10,397 
Gentex Corp.46,729 1,275,234 
Gentherm, Inc.(1)
7,923 474,588 
Goodyear Tire & Rubber Co.(1)
65,737 922,290 
LCI Industries1,163 134,757 
Lear Corp.9,111 1,263,149 
Modine Manufacturing Co.(1)
7,758 116,215 
Motorcar Parts of America, Inc.(1)
753 11,190 
Patrick Industries, Inc.3,643 192,970 
QuantumScape Corp.(1)(2)
4,621 50,970 
Solid Power, Inc.(1)
7,256 47,744 
Standard Motor Products, Inc.2,277 83,566 
Stoneridge, Inc.(1)
2,616 49,704 
Visteon Corp.(1)
2,384 285,675 
XPEL, Inc.(1)
618 42,351 
10,873,429 
Automobiles — 1.3%
Canoo, Inc.(1)
2,099 6,696 
Fisker, Inc.(1)(2)
1,704 15,387 
Ford Motor Co.331,984 5,059,436 
General Motors Co.123,676 4,725,660 
Harley-Davidson, Inc.31,364 1,209,709 
Lordstown Motors Corp., Class A(1)
8,008 17,137 
Lucid Group, Inc.(1)(2)
7,374 113,117 
Rivian Automotive, Inc., Class A(1)(2)
13,295 434,879 
Tesla, Inc.(1)
72,197 19,898,215 
28


Avantis U.S. Equity ETF
SharesValue
Thor Industries, Inc.10,753 $871,101 
Winnebago Industries, Inc.9,622 554,035 
Workhorse Group, Inc.(1)(2)
28,859 90,329 
32,995,701 
Banks — 5.7%
1st Source Corp.879 41,480 
ACNB Corp.(2)
607 21,585 
Allegiance Bancshares, Inc.3,173 134,408 
Amalgamated Financial Corp.1,882 42,345 
Amerant Bancorp, Inc.5,032 131,788 
American National Bankshares, Inc.154 5,071 
Ameris Bancorp13,031 608,287 
Arrow Financial Corp.2,252 72,312 
Associated Banc-Corp.29,179 584,747 
Atlantic Union Bankshares Corp.12,753 413,835 
Banc of California, Inc.10,178 171,805 
BancFirst Corp.2,563 276,445 
Bancorp, Inc.(1)
23,879 566,410 
Bank First Corp.(2)
1,208 98,174 
Bank of America Corp.294,019 9,881,979 
Bank of Hawaii Corp.8,346 651,155 
Bank of Marin Bancorp1,618 49,996 
Bank OZK20,312 823,245 
BankUnited, Inc.16,960 628,368 
Bankwell Financial Group, Inc.390 12,293 
Banner Corp.6,757 410,555 
Bar Harbor Bankshares1,386 39,265 
Baycom Corp.535 9,956 
BCB Bancorp, Inc.3,151 56,718 
Berkshire Hills Bancorp, Inc.7,977 225,031 
Blue Ridge Bankshares, Inc.1,176 17,252 
BOK Financial Corp.2,869 254,968 
Brookline Bancorp., Inc.14,184 176,874 
Business First Bancshares, Inc.2,302 54,304 
Byline Bancorp, Inc.4,125 89,966 
Cadence Bank36,260 923,905 
Cambridge Bancorp976 80,256 
Camden National Corp.2,488 112,532 
Capital City Bank Group, Inc.1,758 56,133 
Capstar Financial Holdings, Inc.2,332 46,990 
Carter Bankshares, Inc.(1)
2,725 44,881 
Cathay General Bancorp.14,807 621,006 
CBTX, Inc.2,246 66,931 
Central Pacific Financial Corp.6,548 142,681 
Central Valley Community Bancorp21 374 
Citigroup, Inc.136,534 6,664,225 
Citizens & Northern Corp.155 3,720 
Citizens Financial Group, Inc.57,203 2,098,206 
City Holding Co.2,660 226,127 
Civista Bancshares, Inc.849 17,956 
CNB Financial Corp.3,102 81,645 
29


Avantis U.S. Equity ETF
SharesValue
Coastal Financial Corp.(1)
861 $34,612 
Codorus Valley Bancorp, Inc.16 320 
Columbia Banking System, Inc.12,336 369,463 
Comerica, Inc.21,876 1,756,643 
Commerce Bancshares, Inc.15,413 1,059,952 
Community Bank System, Inc.6,934 453,345 
Community Trust Bancorp, Inc.3,028 127,933 
ConnectOne Bancorp, Inc.6,543 163,771 
CrossFirst Bankshares, Inc.(1)
6,677 88,003 
Cullen/Frost Bankers, Inc.6,516 846,819 
Customers Bancorp, Inc.(1)
7,949 275,751 
CVB Financial Corp.18,200 477,568 
Dime Community Bancshares, Inc.9,508 297,220 
Eagle Bancorp, Inc.11,234 545,186 
East West Bancorp, Inc.22,654 1,634,939 
Eastern Bankshares, Inc.35,518 689,049 
Enterprise Bancorp, Inc.600 19,308 
Enterprise Financial Services Corp.6,713 306,918 
Equity Bancshares, Inc., Class A2,764 86,320 
Esquire Financial Holdings, Inc.310 11,588 
F.N.B. Corp.68,839 820,561 
Farmers & Merchants Bancorp, Inc.647 18,478 
Farmers National Banc Corp.3,803 54,345 
FB Financial Corp.6,574 260,462 
Fifth Third Bancorp81,662 2,788,757 
Financial Institutions, Inc.2,812 73,196 
First BanCorp53,643 767,095 
First Bancorp, Inc.582 16,878 
First Bancorp/Southern Pines NC5,756 209,576 
First Bancshares, Inc.3,315 99,119 
First Busey Corp.9,506 218,638 
First Business Financial Services, Inc.806 26,824 
First Citizens BancShares, Inc., Class A2,078 1,687,253 
First Commonwealth Financial Corp.14,363 193,613 
First Community Bankshares, Inc.2,112 66,591 
First Financial Bancorp26,735 576,941 
First Financial Bankshares, Inc.16,586 705,071 
First Financial Corp.1,812 84,258 
First Foundation, Inc.9,105 172,631 
First Hawaiian, Inc.21,920 563,563 
First Horizon Corp.57,687 1,304,880 
First Internet Bancorp1,280 46,938 
First Interstate Bancsystem, Inc., Class A16,740 673,952 
First Merchants Corp.14,647 583,244 
First Mid Bancshares, Inc.3,037 107,358 
First of Long Island Corp.2,567 47,258 
First Republic Bank14,565 2,211,404 
Flushing Financial Corp.5,686 117,416 
Fulton Financial Corp.38,080 618,038 
German American Bancorp, Inc.3,840 144,230 
Glacier Bancorp, Inc.13,902 704,553 
30


Avantis U.S. Equity ETF
SharesValue
Great Southern Bancorp, Inc.2,104 $123,673 
Guaranty Bancshares, Inc.883 30,596 
Hancock Whitney Corp.16,167 779,734 
Hanmi Financial Corp.8,993 222,307 
HarborOne Bancorp, Inc.6,589 89,874 
Heartland Financial USA, Inc.12,518 559,179 
Heritage Commerce Corp.9,127 103,044 
Heritage Financial Corp.6,202 161,190 
Hilltop Holdings, Inc.18,880 498,432 
Home BancShares, Inc.23,712 557,943 
HomeStreet, Inc.4,609 160,439 
HomeTrust Bancshares, Inc.894 20,759 
Hope Bancorp, Inc.39,434 570,610 
Horizon Bancorp, Inc.6,529 123,529 
Huntington Bancshares, Inc.195,081 2,614,085 
Independent Bank Corp. (Massachusetts)7,996 625,527 
Independent Bank Corp. (Michigan)3,937 80,787 
Independent Bank Group, Inc.3,421 230,439 
International Bancshares Corp.14,685 612,805 
Investar Holding Corp.198 4,277 
JPMorgan Chase & Co.153,624 17,471,658 
KeyCorp123,340 2,181,885 
Lakeland Bancorp, Inc.9,990 162,737 
Lakeland Financial Corp.4,042 304,524 
Live Oak Bancshares, Inc.7,693 278,794 
M&T Bank Corp.16,371 2,975,920 
Macatawa Bank Corp.2,744 26,123 
MainStreet Bancshares, Inc.72 1,744 
Mercantile Bank Corp.2,588 85,611 
Metrocity Bankshares, Inc.4,302 85,997 
Metropolitan Bank Holding Corp.(1)
1,189 85,121 
Mid Penn Bancorp, Inc.1,010 29,381 
Midland States Bancorp, Inc.4,225 106,005 
MidWestOne Financial Group, Inc.1,178 35,929 
MVB Financial Corp.1,299 41,542 
National Bank Holdings Corp., Class A5,360 215,097 
NBT Bancorp, Inc.7,325 284,064 
Nicolet Bankshares, Inc.(1)
1,402 107,365 
Northeast Bank1,166 45,206 
Northrim BanCorp, Inc.414 16,788 
Northwest Bancshares, Inc.21,204 298,340 
OceanFirst Financial Corp.8,245 160,283 
OFG Bancorp14,801 402,587 
Old National Bancorp.48,783 814,188 
Old Second Bancorp, Inc.6,728 92,308 
Origin Bancorp, Inc.5,011 204,699 
Orrstown Financial Services, Inc.1,015 26,116 
Pacific Premier Bancorp, Inc.11,781 385,946 
PacWest Bancorp17,768 467,831 
Park National Corp.4,381 577,547 
Parke Bancorp, Inc.1,098 24,354 
31


Avantis U.S. Equity ETF
SharesValue
Pathward Financial, Inc.11,805 $389,093 
PCB Bancorp.1,175 22,067 
PCSB Financial Corp.315 5,831 
Peapack-Gladstone Financial Corp.2,271 76,465 
Peoples Bancorp, Inc.4,596 137,374 
Pinnacle Financial Partners, Inc.8,088 652,783 
PNC Financial Services Group, Inc.30,096 4,755,168 
Popular, Inc.18,214 1,406,485 
Preferred Bank3,541 240,221 
Premier Financial Corp.6,454 174,387 
Primis Financial Corp.1,437 18,839 
Professional Holding Corp., Class A(1)
763 21,333 
Prosperity Bancshares, Inc.10,598 751,186 
QCR Holdings, Inc.4,146 231,554 
RBB Bancorp2,767 61,151 
Regions Financial Corp.122,578 2,656,265 
Renasant Corp.8,940 298,060 
Republic Bancorp, Inc., Class A1,027 43,648 
S&T Bancorp, Inc.5,344 158,396 
Sandy Spring Bancorp, Inc.13,314 512,855 
Seacoast Banking Corp. of Florida17,250 557,520 
ServisFirst Bancshares, Inc.8,771 739,922 
Shore Bancshares, Inc.1,102 20,993 
Sierra Bancorp1,242 25,734 
Signature Bank6,588 1,148,684 
Silvergate Capital Corp., Class A(1)
1,566 142,694 
Simmons First National Corp., Class A15,907 375,246 
SmartFinancial, Inc.1,143 28,678 
South Plains Financial, Inc.841 22,816 
Southern First Bancshares, Inc.(1)
753 32,462 
Southside Bancshares, Inc.4,581 172,612 
SouthState Corp.10,123 789,999 
Stock Yards Bancorp, Inc.2,784 184,468 
Summit Financial Group, Inc.829 23,643 
SVB Financial Group(1)
7,040 2,861,901 
Synovus Financial Corp.28,633 1,149,901 
Texas Capital Bancshares, Inc.(1)
9,030 533,041 
Tompkins Financial Corp.2,065 147,937 
Towne Bank20,779 591,994 
Trico Bancshares6,340 299,185 
Triumph Bancorp, Inc.(1)
7,035 435,537 
Truist Financial Corp.91,357 4,279,162 
Trustmark Corp.19,668 620,329 
U.S. Bancorp99,923 4,557,488 
UMB Financial Corp.7,893 706,187 
Umpqua Holdings Corp.48,879 867,113 
United Bankshares, Inc.17,280 641,088 
United Community Banks, Inc.19,656 659,066 
United Security Bancshares415 2,947 
Unity Bancorp, Inc.959 26,881 
Univest Financial Corp.4,517 112,022 
32


Avantis U.S. Equity ETF
SharesValue
Valley National Bancorp60,050 $697,781 
Veritex Holdings, Inc.7,603 228,926 
Washington Federal, Inc.18,368 587,960 
Washington Trust Bancorp, Inc.2,999 151,839 
Webster Financial Corp.23,690 1,114,615 
Wells Fargo & Co.250,257 10,938,733 
WesBanco, Inc.17,707 605,756 
West BanCorp, Inc.1,287 31,673 
Westamerica Bancorporation3,919 219,268 
Western Alliance Bancorp17,156 1,316,208 
Wintrust Financial Corp.10,667 899,655 
Zions Bancorp NA25,735 1,416,197 
142,689,955 
Beverages — 1.1%
Boston Beer Co., Inc., Class A(1)
740 249,439 
Brown-Forman Corp., Class A3,038 214,392 
Brown-Forman Corp., Class B29,032 2,110,626 
Celsius Holdings, Inc.(1)
939 97,177 
Coca-Cola Co.142,135 8,771,151 
Coca-Cola Consolidated, Inc.1,361 645,563 
Constellation Brands, Inc., Class A7,277 1,790,506 
Duckhorn Portfolio, Inc.(1)
2,145 39,125 
Keurig Dr Pepper, Inc.27,967 1,066,102 
MGP Ingredients, Inc.185 20,250 
Molson Coors Beverage Co., Class B25,808 1,333,499 
Monster Beverage Corp.(1)
21,302 1,892,257 
National Beverage Corp.6,864 380,678 
PepsiCo, Inc.58,759 10,122,413 
Vintage Wine Estates, Inc.(1)(2)
1,800 10,638 
28,743,816 
Biotechnology — 3.1%
2seventy bio, Inc.(1)
3,479 51,246 
AbbVie, Inc.85,839 11,541,912 
Adagio Therapeutics, Inc.(1)
1,749 7,975 
Adicet Bio, Inc.(1)
2,017 28,561 
ADMA Biologics, Inc.(1)
5,354 14,456 
Agenus, Inc.(1)
4,971 13,422 
Agios Pharmaceuticals, Inc.(1)
4,516 115,158 
Albireo Pharma, Inc.(1)
1,606 28,105 
Aldeyra Therapeutics, Inc.(1)
5,236 36,861 
Alector, Inc.(1)
12,490 129,272 
Alkermes PLC(1)
11,615 274,927 
Allogene Therapeutics, Inc.(1)(2)
13,536 185,579 
Alnylam Pharmaceuticals, Inc.(1)
3,899 805,806 
Altimmune, Inc.(1)
4,810 106,205 
Amgen, Inc.35,376 8,500,853 
AnaptysBio, Inc.(1)
790 18,344 
Anavex Life Sciences Corp.(1)
1,024 9,820 
Anika Therapeutics, Inc.(1)
686 15,504 
Apellis Pharmaceuticals, Inc.(1)
2,435 147,342 
Arcellx, Inc.(1)
1,188 21,348 
33


Avantis U.S. Equity ETF
SharesValue
Arcus Biosciences, Inc.(1)
16,414 $395,249 
Arcutis Biotherapeutics, Inc.(1)
2,806 75,622 
Arrowhead Pharmaceuticals, Inc.(1)
1,983 78,745 
Atara Biotherapeutics, Inc.(1)
2,178 8,734 
Atreca, Inc., Class A(1)
18 33 
Avid Bioservices, Inc.(1)
3,202 55,138 
Beam Therapeutics, Inc.(1)
260 14,196 
BioCryst Pharmaceuticals, Inc.(1)
6,896 95,854 
Biogen, Inc.(1)
18,170 3,550,055 
Biohaven Pharmaceutical Holding Co. Ltd.(1)
4,822 720,166 
BioMarin Pharmaceutical, Inc.(1)
11,412 1,017,950 
Biomea Fusion, Inc.(1)
889 10,224 
Bluebird Bio, Inc.(1)(2)
1,541 8,999 
Blueprint Medicines Corp.(1)
7,158 524,109 
Bridgebio Pharma, Inc.(1)(2)
3,088 32,424 
C4 Therapeutics, Inc.(1)
872 8,790 
CareDx, Inc.(1)
1,571 30,776 
Caribou Biosciences, Inc.(1)
425 4,195 
Catalyst Pharmaceuticals, Inc.(1)
22,268 301,509 
Cerevel Therapeutics Holdings, Inc.(1)
294 8,555 
ChemoCentryx, Inc.(1)
3,341 170,324 
Chinook Therapeutics, Inc.(1)
6,926 144,061 
Cogent Biosciences, Inc.(1)
3,613 59,578 
Concert Pharmaceuticals, Inc.(1)
181 1,191 
Crinetics Pharmaceuticals, Inc.(1)
241 4,550 
CRISPR Therapeutics AG(1)(2)
7,014 456,541 
CTI BioPharma Corp.(1)
4,815 30,238 
Cullinan Oncology, Inc.(1)
3,636 49,013 
CytomX Therapeutics, Inc.(1)
14 
Day One Biopharmaceuticals, Inc.(1)
8,018 188,343 
Deciphera Pharmaceuticals, Inc.(1)
4,637 75,259 
Denali Therapeutics, Inc.(1)
7,149 197,813 
Design Therapeutics, Inc.(1)
167 3,383 
Dynavax Technologies Corp.(1)
33,564 384,979 
Dyne Therapeutics, Inc.(1)
1,566 15,347 
Eagle Pharmaceuticals, Inc.(1)
1,170 38,341 
Editas Medicine, Inc.(1)
5,061 74,397 
Eiger BioPharmaceuticals, Inc.(1)
17 
Emergent BioSolutions, Inc.(1)
9,931 238,543 
Enanta Pharmaceuticals, Inc.(1)
1,062 64,655 
Entrada Therapeutics, Inc.(1)
2,872 36,273 
EQRx, Inc.(1)(2)
42,524 207,942 
Evelo Biosciences, Inc.(1)
99 217 
Exact Sciences Corp.(1)
4,780 169,929 
Exelixis, Inc.(1)
44,268 785,314 
Fate Therapeutics, Inc.(1)
3,184 83,230 
Foghorn Therapeutics, Inc.(1)
1,354 13,459 
Forma Therapeutics Holdings, Inc.(1)
975 13,065 
Generation Bio Co.(1)
2,942 15,063 
Geron Corp.(1)(2)
25,830 68,191 
Gilead Sciences, Inc.143,720 9,121,908 
34


Avantis U.S. Equity ETF
SharesValue
Gossamer Bio, Inc.(1)(2)
1,430 $19,949 
Halozyme Therapeutics, Inc.(1)
38,533 1,569,449 
Horizon Therapeutics PLC(1)
20,387 1,207,114 
Humanigen, Inc.(1)
1,377 307 
Ideaya Biosciences, Inc.(1)
3,647 35,850 
Imago Biosciences, Inc.(1)
189 2,746 
ImmunityBio, Inc.(1)(2)
1,718 6,872 
ImmunoGen, Inc.(1)
2,876 16,710 
Incyte Corp.(1)
15,315 1,078,635 
Inovio Pharmaceuticals, Inc.(1)
4,201 9,620 
Intellia Therapeutics, Inc.(1)
1,880 112,913 
Intercept Pharmaceuticals, Inc.(1)
985 17,109 
Ionis Pharmaceuticals, Inc.(1)
7,366 313,202 
Iovance Biotherapeutics, Inc.(1)
7,081 75,908 
Ironwood Pharmaceuticals, Inc.(1)
52,595 565,922 
iTeos Therapeutics, Inc.(1)
4,335 96,150 
KalVista Pharmaceuticals, Inc.(1)
1,313 21,625 
Karuna Therapeutics, Inc.(1)
138 35,198 
Karyopharm Therapeutics, Inc.(1)
2,879 14,568 
Keros Therapeutics, Inc.(1)
1,005 35,547 
Kezar Life Sciences, Inc.(1)
2,073 21,310 
Kinnate Biopharma, Inc.(1)(2)
1,222 17,695 
Kodiak Sciences, Inc.(1)
479 4,795 
Krystal Biotech, Inc.(1)
1,128 79,084 
Kura Oncology, Inc.(1)
6,683 92,626 
Kymera Therapeutics, Inc.(1)
596 16,849 
Ligand Pharmaceuticals, Inc.(1)
1,609 148,656 
Lyell Immunopharma, Inc.(1)
14,815 99,261 
MannKind Corp.(1)(2)
11,800 43,070 
Mersana Therapeutics, Inc.(1)
5,475 41,063 
Merus NV(1)(2)
468 11,082 
MiMedx Group, Inc.(1)
1,944 6,862 
Mirati Therapeutics, Inc.(1)
1,829 148,204 
Mirum Pharmaceuticals, Inc.(1)
198 4,946 
Moderna, Inc.(1)
41,794 5,528,092 
Morphic Holding, Inc.(1)
721 19,842 
Myovant Sciences Ltd.(1)
847 14,475 
Myriad Genetics, Inc.(1)
21,316 476,199 
Natera, Inc.(1)
502 24,729 
Neurocrine Biosciences, Inc.(1)
7,536 788,492 
Nkarta, Inc.(1)
1,085 15,613 
Novavax, Inc.(1)(2)
377 12,456 
Nurix Therapeutics, Inc.(1)
2,656 41,779 
Nuvalent, Inc., Class A(1)
2,052 34,638 
Ocugen, Inc.(1)
457 1,179 
Organogenesis Holdings, Inc.(1)
6,078 21,820 
PDL BioPharma, Inc.(1)
1,937 4,959 
PMV Pharmaceuticals, Inc.(1)(2)
2,279 31,724 
Point Biopharma Global, Inc.(1)(2)
3,894 37,967 
Prometheus Biosciences, Inc.(1)
726 37,977 
Protagonist Therapeutics, Inc.(1)
979 8,537 
35


Avantis U.S. Equity ETF
SharesValue
PTC Therapeutics, Inc.(1)
3,800 $189,772 
Radius Health, Inc.(1)
996 10 
RAPT Therapeutics, Inc.(1)
813 21,715 
Recursion Pharmaceuticals, Inc., Class A(1)
4,672 49,103 
Regeneron Pharmaceuticals, Inc.(1)
13,262 7,706,018 
REGENXBIO, Inc.(1)
8,268 243,906 
Relay Therapeutics, Inc.(1)
1,888 43,367 
Repare Therapeutics, Inc.(1)(2)
1,152 13,732 
Replimune Group, Inc.(1)
3,439 65,547 
REVOLUTION Medicines, Inc.(1)
4,712 98,151 
Rhythm Pharmaceuticals, Inc.(1)
2,979 67,325 
Rigel Pharmaceuticals, Inc.(1)
5,348 7,594 
Rocket Pharmaceuticals, Inc.(1)
3,752 57,818 
Roivant Sciences Ltd.(1)(2)
13,886 49,434 
Sage Therapeutics, Inc.(1)
15,478 582,901 
Sana Biotechnology, Inc.(1)(2)
5,954 40,547 
Sangamo Therapeutics, Inc.(1)
32,370 174,798 
Sarepta Therapeutics, Inc.(1)
2,762 302,108 
Seagen, Inc.(1)
5,903 910,774 
Stoke Therapeutics, Inc.(1)
64 964 
Syndax Pharmaceuticals, Inc.(1)
3,090 72,955 
Tango Therapeutics, Inc.(1)
3,500 14,350 
TCR2 Therapeutics, Inc.(1)
Travere Therapeutics, Inc.(1)
1,018 27,242 
Twist Bioscience Corp.(1)
1,937 77,712 
Ultragenyx Pharmaceutical, Inc.(1)
2,831 135,010 
uniQure NV(1)
10,358 202,395 
United Therapeutics Corp.(1)
9,720 2,202,746 
Vanda Pharmaceuticals, Inc.(1)
6,611 69,944 
Vaxart, Inc.(1)(2)
2,744 8,506 
Vaxcyte, Inc.(1)
3,376 88,316 
Veracyte, Inc.(1)
4,325 88,230 
Vericel Corp.(1)
200 
Vertex Pharmaceuticals, Inc.(1)
29,202 8,227,956 
Verve Therapeutics, Inc.(1)
1,113 42,695 
Vir Biotechnology, Inc.(1)
25,354 602,158 
Xencor, Inc.(1)
5,756 151,901 
Xenon Pharmaceuticals, Inc.(1)
2,708 105,097 
XOMA Corp.(1)
135 2,684 
Y-mAbs Therapeutics, Inc.(1)
2,512 40,393 
Zentalis Pharmaceuticals, Inc.(1)
246 6,595 
Zymeworks, Inc.(1)
2,081 13,339 
77,582,585 
Building Products — 0.7%
Advanced Drainage Systems, Inc.7,804 1,059,003 
Allegion PLC7,627 725,328 
Alpha Pro Tech Ltd.(1)
26 107 
AO Smith Corp.18,774 1,059,792 
Apogee Enterprises, Inc.6,213 253,739 
Armstrong World Industries, Inc.10,820 908,772 
Builders FirstSource, Inc.(1)
38,297 2,244,587 
36


Avantis U.S. Equity ETF
SharesValue
Carlisle Cos., Inc.5,505 $1,627,608 
Carrier Global Corp.27,237 1,065,511 
CSW Industrials, Inc.1,598 202,307 
Fortune Brands Home & Security, Inc.7,040 432,467 
Gibraltar Industries, Inc.(1)
2,489 104,165 
Hayward Holdings, Inc.(1)
7,594 79,813 
Insteel Industries, Inc.2,774 80,169 
Janus International Group, Inc.(1)
2,408 24,875 
JELD-WEN Holding, Inc.(1)
20,972 233,838 
Johnson Controls International PLC17,338 938,679 
Lennox International, Inc.592 142,151 
Masco Corp.11,324 576,052 
Masonite International Corp.(1)
6,454 528,066 
Owens Corning23,553 1,924,987 
PGT Innovations, Inc.(1)
1,029 21,527 
Quanex Building Products Corp.5,105 113,841 
Resideo Technologies, Inc.(1)
1,537 32,000 
Simpson Manufacturing Co., Inc.6,839 633,565 
Trane Technologies PLC7,672 1,182,025 
Trex Co., Inc.(1)
20,209 945,579 
UFP Industries, Inc.11,474 910,921 
Zurn Elkay Water Solutions Corp.10,163 280,296 
18,331,770 
Capital Markets — 3.7%
Affiliated Managers Group, Inc.2,322 295,730 
Ameriprise Financial, Inc.18,803 5,039,392 
Ares Management Corp., Class A4,949 366,919 
Artisan Partners Asset Management, Inc., Class A19,087 644,377 
Assetmark Financial Holdings, Inc.(1)
872 16,864 
B. Riley Financial, Inc.(2)
9,561 475,851 
Bank of New York Mellon Corp.60,617 2,517,424 
BGC Partners, Inc., Class A39,402 158,396 
BlackRock, Inc.6,371 4,245,571 
Blackstone, Inc.46,842 4,400,338 
Blucora, Inc.(1)
1,232 24,739 
Blue Owl Capital, Inc.(2)
4,041 44,855 
Brightsphere Investment Group, Inc.24,798 423,798 
Carlyle Group, Inc.41,916 1,363,528 
Cboe Global Markets, Inc.6,267 739,318 
Charles Schwab Corp.84,924 6,025,358 
CME Group, Inc.16,548 3,236,954 
Cohen & Steers, Inc.7,124 508,511 
Coinbase Global, Inc., Class A(1)(2)
15,230 1,017,364 
Cowen, Inc., Class A5,072 195,018 
Diamond Hill Investment Group, Inc.901 154,116 
Donnelley Financial Solutions, Inc.(1)
1,272 53,996 
Evercore, Inc., Class A9,192 861,199 
FactSet Research Systems, Inc.2,879 1,247,586 
Federated Hermes, Inc.19,955 679,667 
Focus Financial Partners, Inc., Class A(1)
1,152 45,101 
Franklin Resources, Inc.30,417 792,971 
37


Avantis U.S. Equity ETF
SharesValue
Goldman Sachs Group, Inc.30,679 $10,205,983 
Hamilton Lane, Inc., Class A5,147 358,128 
Houlihan Lokey, Inc.12,694 996,479 
Interactive Brokers Group, Inc., Class A6,878 423,616 
Intercontinental Exchange, Inc.13,208 1,332,027 
Invesco Ltd.58,187 958,340 
Janus Henderson Group PLC35,306 826,160 
Jefferies Financial Group, Inc.37,869 1,215,216 
KKR & Co., Inc.64,558 3,264,053 
Lazard Ltd., Class A26,623 967,746 
LPL Financial Holdings, Inc.6,848 1,515,668 
Manning & Napier, Inc.2,881 36,675 
MarketAxess Holdings, Inc.2,324 577,723 
Moelis & Co., Class A16,661 694,097 
Moody's Corp.9,615 2,735,660 
Morgan Stanley111,068 9,465,215 
Morningstar, Inc.827 188,548 
MSCI, Inc.2,387 1,072,336 
Nasdaq, Inc.6,659 396,410 
Northern Trust Corp.25,489 2,423,749 
Open Lending Corp., Class A(1)
15,089 146,514 
Oppenheimer Holdings, Inc., Class A986 35,792 
Piper Sandler Cos.5,379 616,272 
PJT Partners, Inc., Class A729 50,461 
Pzena Investment Management, Inc., Class A14 133 
Raymond James Financial, Inc.26,636 2,779,999 
S&P Global, Inc.12,859 4,528,683 
SEI Investments Co.23,871 1,305,744 
State Street Corp.29,109 1,989,600 
StepStone Group, Inc., Class A9,943 271,344 
Stifel Financial Corp.19,397 1,150,436 
StoneX Group, Inc.(1)
4,796 445,261 
T. Rowe Price Group, Inc.29,963 3,595,560 
TPG, Inc.8,692 255,197 
Tradeweb Markets, Inc., Class A2,766 192,486 
Victory Capital Holdings, Inc., Class A4,889 130,927 
Virtu Financial, Inc., Class A24,762 568,536 
Virtus Investment Partners, Inc.1,731 331,054 
WisdomTree Investments, Inc.14,737 73,832 
93,696,601 
Chemicals — 2.7%
AdvanSix, Inc.10,951 397,083 
Air Products and Chemicals, Inc.15,322 3,868,039 
Albemarle Corp.13,472 3,609,957 
American Vanguard Corp.7,257 144,632 
Amyris, Inc.(1)(2)
4,476 13,159 
Ashland, Inc.7,864 800,241 
Avient Corp.12,194 534,463 
Axalta Coating Systems Ltd.(1)
21,375 550,406 
Balchem Corp.981 129,315 
Cabot Corp.18,607 1,339,146 
38


Avantis U.S. Equity ETF
SharesValue
Celanese Corp.18,760 $2,079,734 
CF Industries Holdings, Inc.45,686 4,726,674 
Chase Corp.827 72,908 
Chemours Co.47,053 1,587,098 
Corteva, Inc.66,345 4,075,573 
Danimer Scientific, Inc.(1)
8,628 38,395 
Dow, Inc.117,964 6,016,164 
DuPont de Nemours, Inc.36,613 2,037,147 
Eastman Chemical Co.21,600 1,965,600 
Ecolab, Inc.6,930 1,135,342 
Ecovyst, Inc.(1)
9,600 88,704 
Element Solutions, Inc.3,498 65,308 
FMC Corp.17,616 1,903,937 
FutureFuel Corp.3,000 21,870 
GCP Applied Technologies, Inc.(1)
3,819 119,993 
Ginkgo Bioworks Holdings, Inc.(1)
22,691 61,039 
H.B. Fuller Co.1,538 99,755 
Hawkins, Inc.2,975 114,002 
Huntsman Corp.43,684 1,224,026 
Ingevity Corp.(1)
10,403 729,666 
Innospec, Inc.6,407 598,798 
International Flavors & Fragrances, Inc.9,130 1,008,682 
Intrepid Potash, Inc.(1)
1,937 90,516 
Koppers Holdings, Inc.3,363 76,777 
Kronos Worldwide, Inc.4,375 56,350 
Linde PLC22,048 6,236,497 
Livent Corp.(1)
19,900 640,382 
LSB Industries, Inc.(1)
10,038 158,400 
LyondellBasell Industries NV, Class A53,353 4,428,299 
Minerals Technologies, Inc.8,814 513,504 
Mosaic Co.72,220 3,890,491 
NewMarket Corp.1,942 557,762 
Olin Corp.40,781 2,229,090 
Origin Materials, Inc.(1)
5,785 36,156 
Orion Engineered Carbons SA10,055 169,527 
PPG Industries, Inc.8,532 1,083,393 
PureCycle Technologies, Inc.(1)
9,764 89,145 
Quaker Chemical Corp.653 113,831 
Rayonier Advanced Materials, Inc.(1)
3,390 15,323 
RPM International, Inc.7,628 710,625 
Scotts Miracle-Gro Co.3,975 266,126 
Sensient Technologies Corp.7,628 607,723 
Sherwin-Williams Co.11,526 2,675,185 
Stepan Co.5,201 542,100 
Tredegar Corp.3,893 39,748 
Trinseo PLC7,782 206,456 
Tronox Holdings PLC, Class A36,080 527,850 
Valvoline, Inc.15,652 455,004 
Westlake Corp.7,147 704,909 
68,278,025 
39


Avantis U.S. Equity ETF
SharesValue
Commercial Services and Supplies — 0.6%
ABM Industries, Inc.609 $28,258 
Aris Water Solution, Inc., Class A532 9,044 
Brady Corp., Class A4,387 204,171 
Brink's Co.9,511 525,768 
Casella Waste Systems, Inc., Class A(1)
3,897 319,281 
Cimpress PLC(1)
4,681 157,188 
Cintas Corp.4,407 1,792,944 
Civeo Corp.(1)
3,500 103,810 
Clean Harbors, Inc.(1)
8,841 1,038,110 
Copart, Inc.(1)
22,447 2,685,784 
Deluxe Corp.2,787 53,622 
Ennis, Inc.3,748 79,570 
Healthcare Services Group, Inc.20,858 293,472 
Heritage-Crystal Clean, Inc.(1)
4,659 151,744 
HNI Corp.15,676 501,632 
IAA, Inc.(1)
11,831 440,823 
Interface, Inc.8,923 99,670 
KAR Auction Services, Inc.(1)
18,063 263,720 
Kimball International, Inc., Class B2,800 21,420 
Li-Cycle Holdings Corp.(1)(2)
7,930 57,175 
MSA Safety, Inc.1,023 121,594 
Pitney Bowes, Inc.14,248 41,177 
Quad/Graphics, Inc.(1)
695 2,196 
Republic Services, Inc.4,174 595,713 
Rollins, Inc.18,897 637,963 
SP Plus Corp.(1)
1,336 44,275 
Steelcase, Inc., Class A10,432 116,630 
Stericycle, Inc.(1)
933 46,734 
Team, Inc.(1)
25 32 
Tetra Tech, Inc.3,303 448,580 
UniFirst Corp.2,759 497,337 
VSE Corp.354 14,815 
Waste Connections, Inc.7,887 1,097,713 
Waste Management, Inc.23,346 3,946,174 
16,438,139 
Communications Equipment — 0.5%
ADTRAN Holdings, Inc.2,297 53,382 
Arista Networks, Inc.(1)
14,450 1,732,266 
Aviat Networks, Inc.(1)
72 2,254 
Ciena Corp.(1)
17,132 869,278 
Cisco Systems, Inc.103,386 4,623,422 
CommScope Holding Co., Inc.(1)
15,572 175,964 
Extreme Networks, Inc.(1)
8,633 123,711 
F5, Inc.(1)
3,592 564,160 
Harmonic, Inc.(1)
1,105 12,442 
Juniper Networks, Inc.11,340 322,283 
Lumentum Holdings, Inc.(1)
10,057 840,262 
Motorola Solutions, Inc.4,879 1,187,597 
NETGEAR, Inc.(1)
2,159 50,931 
NetScout Systems, Inc.(1)
4,957 157,335 
40


Avantis U.S. Equity ETF
SharesValue
Ubiquiti, Inc.(2)
195 $60,526 
ViaSat, Inc.(1)
15,587 591,994 
Viavi Solutions, Inc.(1)
16,691 235,009 
11,602,816 
Construction and Engineering — 0.5%
AECOM2,577 188,508 
Ameresco, Inc., Class A(1)
2,793 192,298 
Arcosa, Inc.10,830 633,014 
Argan, Inc.1,177 40,712 
Comfort Systems USA, Inc.4,038 405,173 
Dycom Industries, Inc.(1)
7,351 824,194 
EMCOR Group, Inc.8,197 974,787 
Fluor Corp.(1)
31,245 826,118 
Granite Construction, Inc.6,936 207,941 
Great Lakes Dredge & Dock Corp.(1)
12,481 119,443 
IES Holdings, Inc.(1)
284 8,631 
Infrastructure and Energy Alternatives, Inc.(1)
975 13,855 
INNOVATE Corp.(1)
1,669 2,554 
MasTec, Inc.(1)
11,543 929,211 
Matrix Service Co.(1)
30 170 
MDU Resources Group, Inc.27,143 818,361 
MYR Group, Inc.(1)
6,996 650,208 
Northwest Pipe Co.(1)
457 14,469 
NV5 Global, Inc.(1)
732 103,036 
Primoris Services Corp.19,523 395,731 
Quanta Services, Inc.20,823 2,942,290 
Sterling Infrastructure, Inc.(1)
5,109 129,207 
Tutor Perini Corp.(1)
3,734 25,317 
Valmont Industries, Inc.1,840 509,349 
WillScot Mobile Mini Holdings Corp.(1)
19,094 766,433 
11,721,010 
Construction Materials — 0.2%
Eagle Materials, Inc.10,183 1,218,090 
Martin Marietta Materials, Inc.4,568 1,588,339 
Summit Materials, Inc., Class A(1)
8,380 238,160 
United States Lime & Minerals, Inc.107 10,999 
Vulcan Materials Co.8,810 1,466,777 
4,522,365 
Consumer Finance — 1.0%
Ally Financial, Inc.67,301 2,234,393 
American Express Co.26,541 4,034,232 
Atlanticus Holdings Corp.(1)
921 26,221 
Bread Financial Holdings, Inc.13,931 535,368 
Capital One Financial Corp.48,810 5,165,074 
Consumer Portfolio Services, Inc.(1)
1,811 21,080 
Credit Acceptance Corp.(1)(2)
1,581 841,218 
Discover Financial Services49,887 5,013,145 
Encore Capital Group, Inc.(1)
8,977 490,862 
Enova International, Inc.(1)
13,160 459,810 
EZCORP, Inc., Class A(1)
6,490 56,788 
FirstCash Holdings, Inc.587 45,763 
41


Avantis U.S. Equity ETF
SharesValue
Green Dot Corp., Class A(1)
12,887 $261,477 
LendingClub Corp.(1)
10,858 141,914 
Navient Corp.44,036 677,714 
Nelnet, Inc., Class A4,823 406,290 
OneMain Holdings, Inc.29,616 1,034,487 
PRA Group, Inc.(1)
5,507 203,429 
PROG Holdings, Inc.(1)
11,339 210,225 
Regional Management Corp.1,642 55,319 
SLM Corp.85,494 1,306,348 
SoFi Technologies, Inc.(1)
25,626 151,706 
Synchrony Financial87,166 2,854,686 
World Acceptance Corp.(1)
562 65,327 
26,292,876 
Containers and Packaging — 0.6%
Amcor PLC65,110 781,971 
AptarGroup, Inc.8,022 824,742 
Ardagh Metal Packaging SA(2)
6,691 41,150 
Avery Dennison Corp.8,499 1,560,586 
Ball Corp.14,628 816,389 
Berry Global Group, Inc.(1)
11,310 614,472 
Crown Holdings, Inc.7,685 696,184 
Graphic Packaging Holding Co.38,669 861,159 
Greif, Inc., Class A3,018 202,357 
Greif, Inc., Class B579 37,791 
International Paper Co.46,942 1,953,726 
Myers Industries, Inc.7,324 141,500 
O-I Glass, Inc.(1)
12,177 158,423 
Packaging Corp. of America19,256 2,636,532 
Sealed Air Corp.13,048 702,113 
Silgan Holdings, Inc.2,950 134,372 
Sonoco Products Co.21,315 1,343,271 
TriMas Corp.6,496 178,770 
WestRock Co.41,977 1,703,846 
15,389,354 
Distributors — 0.3%
Funko, Inc., Class A(1)
45 
Genuine Parts Co.22,747 3,548,759 
LKQ Corp.27,232 1,449,287 
Pool Corp.4,059 1,376,772 
6,374,863 
Diversified Consumer Services — 0.2%
ADT, Inc.8,893 64,830 
Adtalem Global Education, Inc.(1)
15,711 592,148 
American Public Education, Inc.(1)
1,168 12,065 
Bright Horizons Family Solutions, Inc.(1)
1,672 114,030 
Carriage Services, Inc.255 9,029 
Chegg, Inc.(1)
3,251 63,980 
Coursera, Inc.(1)
1,108 12,742 
frontdoor, Inc.(1)
6,672 156,659 
Graham Holdings Co., Class B393 222,214 
Grand Canyon Education, Inc.(1)
9,187 747,638 
42


Avantis U.S. Equity ETF
SharesValue
H&R Block, Inc.15,097 $679,365 
Laureate Education, Inc., Class A13,106 144,428 
OneSpaWorld Holdings Ltd.(1)
2,875 25,329 
Perdoceo Education Corp.(1)
14,541 168,385 
Service Corp. International14,784 912,321 
Strategic Education, Inc.1,682 108,825 
Stride, Inc.(1)
4,771 181,966 
Terminix Global Holdings, Inc.(1)
623 26,571 
Universal Technical Institute, Inc.(1)
6,254 42,902 
4,285,427 
Diversified Financial Services — 0.8%
A-Mark Precious Metals, Inc.2,185 67,538 
Acacia Research Corp.(1)
1,942 8,720 
Alerus Financial Corp.2,014 47,853 
Apollo Global Management, Inc.29,563 1,643,112 
Berkshire Hathaway, Inc., Class B(1)
51,207 14,378,926 
Cannae Holdings, Inc.(1)
6,857 148,180 
Equitable Holdings, Inc.88,214 2,624,366 
Jackson Financial, Inc., Class A23,759 742,706 
Voya Financial, Inc.25,895 1,593,319 
21,254,720 
Diversified Telecommunication Services — 1.0%
Anterix, Inc.(1)
417 17,702 
AT&T, Inc.519,420 9,110,627 
ATN International, Inc.3,694 173,064 
Cogent Communications Holdings, Inc.1,813 96,542 
Consolidated Communications Holdings, Inc.(1)
5,433 31,185 
EchoStar Corp., Class A(1)
5,703 104,992 
Frontier Communications Parent, Inc.(1)
28,245 727,591 
Globalstar, Inc.(1)(2)
11,249 22,498 
IDT Corp., Class B(1)
3,911 100,004 
Iridium Communications, Inc.(1)
24,562 1,090,307 
Liberty Latin America Ltd., Class C(1)
1,731 12,065 
Lumen Technologies, Inc.(2)
67,736 674,651 
Radius Global Infrastructure, Inc., Class A(1)
5,645 77,732 
Verizon Communications, Inc.327,374 13,687,507 
25,926,467 
Electric Utilities — 2.1%
ALLETE, Inc.4,114 243,466 
Alliant Energy Corp.22,624 1,380,969 
American Electric Power Co., Inc.46,784 4,687,757 
Avangrid, Inc.(2)
3,332 164,601 
Constellation Energy Corp.31,036 2,532,227 
Duke Energy Corp.26,399 2,822,317 
Edison International45,659 3,094,310 
Entergy Corp.26,267 3,028,585 
Evergy, Inc.27,614 1,892,387 
Eversource Energy30,233 2,711,598 
Exelon Corp.100,482 4,412,165 
FirstEnergy Corp.32,336 1,278,889 
Genie Energy Ltd., Class B1,970 20,567 
43


Avantis U.S. Equity ETF
SharesValue
Hawaiian Electric Industries, Inc.19,618 $767,456 
IDACORP, Inc.6,052 661,120 
MGE Energy, Inc.688 52,990 
NextEra Energy, Inc.42,373 3,604,247 
NRG Energy, Inc.35,622 1,470,476 
OGE Energy Corp.30,666 1,243,200 
Otter Tail Corp.7,857 593,518 
PG&E Corp.(1)
211,609 2,609,139 
Pinnacle West Capital Corp.18,842 1,419,745 
PNM Resources, Inc.2,183 103,540 
Portland General Electric Co.16,991 877,925 
PPL Corp.90,164 2,621,969 
Southern Co.61,352 4,728,399 
Via Renewables, Inc.17 
Xcel Energy, Inc.48,534 3,603,649 
52,627,228 
Electrical Equipment — 0.6%
Acuity Brands, Inc.4,665 764,733 
AMETEK, Inc.9,922 1,192,228 
Array Technologies, Inc.(1)
6,891 144,022 
Atkore, Inc.(1)
13,265 1,119,699 
AZZ, Inc.10,430 444,422 
Babcock & Wilcox Enterprises, Inc.(1)
1,361 10,861 
Blink Charging Co.(1)(2)
1,434 30,645 
Bloom Energy Corp., Class A(1)
8,599 218,501 
ChargePoint Holdings, Inc.(1)(2)
4,254 69,213 
Eaton Corp. PLC9,771 1,335,109 
Emerson Electric Co.32,857 2,685,731 
Encore Wire Corp.6,435 837,193 
EnerSys1,995 124,428 
FREYR Battery SA(1)(2)
9,793 139,452 
FuelCell Energy, Inc.(1)(2)
14,615 61,237 
Generac Holdings, Inc.(1)
3,166 697,818 
GrafTech International Ltd.15,715 92,404 
Hubbell, Inc.3,371 695,437 
LSI Industries, Inc.925 7,160 
nVent Electric PLC6,618 218,129 
Orion Energy Systems, Inc.(1)
35 59 
Plug Power, Inc.(1)(2)
21,817 611,749 
Powell Industries, Inc.406 10,012 
Regal Rexnord Corp.4,860 668,687 
Rockwell Automation, Inc.5,782 1,369,987 
Sensata Technologies Holding PLC2,411 97,115 
Sunrun, Inc.(1)
15,255 503,873 
Thermon Group Holdings, Inc.(1)
1,797 31,537 
TPI Composites, Inc.(1)
9,343 173,686 
14,355,127 
Electronic Equipment, Instruments and Components — 1.2%
908 Devices, Inc.(1)
1,596 32,159 
Advanced Energy Industries, Inc.7,997 718,051 
Aeva Technologies, Inc.(1)
2,203 6,785 
44


Avantis U.S. Equity ETF
SharesValue
AEye, Inc.(1)(2)
1,934 $2,978 
Amphenol Corp., Class A16,317 1,199,789 
Arrow Electronics, Inc.(1)
10,961 1,148,822 
Avnet, Inc.17,522 769,041 
Badger Meter, Inc.7,042 666,807 
Bel Fuse, Inc., Class B733 20,832 
Belden, Inc.2,846 186,356 
Benchmark Electronics, Inc.8,401 230,607 
CDW Corp.9,996 1,706,317 
Cognex Corp.7,406 311,867 
Corning, Inc.116,824 4,009,400 
CTS Corp.4,378 185,277 
ePlus, Inc.(1)
9,073 427,520 
Fabrinet(1)
3,304 339,783 
FARO Technologies, Inc.(1)
666 22,344 
Flex Ltd.(1)
89,169 1,588,100 
II-VI, Inc.(1)
11,837 559,062 
Insight Enterprises, Inc.(1)
7,619 694,243 
IPG Photonics Corp.(1)
2,605 235,987 
Itron, Inc.(1)
1,437 68,372 
Jabil, Inc.33,526 2,021,618 
Keysight Technologies, Inc.(1)
14,826 2,429,833 
Kimball Electronics, Inc.(1)
3,734 80,430 
Knowles Corp.(1)
10,136 153,560 
Littelfuse, Inc.1,898 450,244 
Methode Electronics, Inc.3,782 153,020 
National Instruments Corp.1,474 58,606 
nLight, Inc.(1)
1,434 17,911 
Novanta, Inc.(1)
765 102,273 
OSI Systems, Inc.(1)
3,737 311,367 
PC Connection, Inc.1,080 53,654 
Plexus Corp.(1)
7,193 674,200 
Rogers Corp.(1)
2,500 626,300 
Sanmina Corp.(1)
17,959 871,371 
ScanSource, Inc.(1)
3,507 101,598 
SmartRent, Inc.(1)
2,260 7,300 
TD SYNNEX Corp.9,909 954,039 
TE Connectivity Ltd.22,997 2,902,451 
Teledyne Technologies, Inc.(1)
1,984 730,826 
Trimble, Inc.(1)
7,638 483,104 
TTM Technologies, Inc.(1)
20,460 321,836 
Vishay Intertechnology, Inc.39,495 776,867 
Vishay Precision Group, Inc.(1)
1,127 38,667 
Vontier Corp.8,993 197,127 
Zebra Technologies Corp., Class A(1)
1,846 556,827 
30,205,528 
Energy Equipment and Services — 0.7%
Archrock, Inc.69,294 512,083 
Baker Hughes Co.76,293 1,927,161 
Bristow Group, Inc.(1)
3,493 101,332 
Cactus, Inc., Class A10,888 434,976 
45


Avantis U.S. Equity ETF
SharesValue
ChampionX Corp.21,957 $478,882 
Core Laboratories NV382 6,169 
Diamond Offshore Drilling, Inc.(1)(2)
9,801 69,685 
DMC Global, Inc.(1)
932 20,802 
Dril-Quip, Inc.(1)
7,904 174,916 
Expro Group Holdings NV(1)
6,851 92,626 
Exterran Corp.(1)
1,701 8,352 
Halliburton Co.149,647 4,508,864 
Helix Energy Solutions Group, Inc.(1)
17,270 74,606 
Helmerich & Payne, Inc.17,554 750,433 
Liberty Energy, Inc., Class A(1)
19,517 292,755 
Nabors Industries Ltd.(1)
3,052 404,420 
National Energy Services Reunited Corp.(1)
1,433 10,060 
Newpark Resources, Inc.(1)
2,273 6,546 
NexTier Oilfield Solutions, Inc.(1)
29,556 276,940 
Noble Corp.(1)
9,400 285,290 
NOV, Inc.71,178 1,257,715 
Oceaneering International, Inc.(1)
47,211 417,817 
Oil States International, Inc.(1)
2,864 14,034 
Patterson-UTI Energy, Inc.61,061 909,809 
ProPetro Holding Corp.(1)
21,776 199,468 
RPC, Inc.4,496 35,743 
Schlumberger NV53,475 2,040,071 
SEACOR Marine Holdings, Inc.(1)
90 585 
Select Energy Services, Inc., Class A(1)
6,207 44,132 
Solaris Oilfield Infrastructure, Inc., Class A1,898 20,309 
TechnipFMC PLC(1)
79,176 647,660 
TETRA Technologies Inc(1)
19,656 78,231 
Tidewater, Inc.(1)
7,131 158,023 
Transocean Ltd.(1)
115,547 418,280 
US Silica Holdings, Inc.(1)
24,214 339,722 
Valaris Ltd.(1)
4,898 249,700 
Weatherford International PLC(1)
23,126 650,766 
17,918,963 
Entertainment — 0.7%
Activision Blizzard, Inc.18,578 1,458,187 
AMC Entertainment Holdings, Inc., Class A(1)
20,504 186,997 
Cinemark Holdings, Inc.(1)
1,358 19,121 
Electronic Arts, Inc.13,952 1,770,090 
IMAX Corp.(1)
3,850 60,368 
Liberty Media Corp.-Liberty Braves, Class C(1)
1,819 49,732 
Liberty Media Corp.-Liberty Formula One, Class A(1)
763 44,353 
Liberty Media Corp.-Liberty Formula One, Class C(1)
13,601 866,112 
Live Nation Entertainment, Inc.(1)
5,040 455,414 
Madison Square Garden Entertainment Corp.(1)
3,806 211,461 
Madison Square Garden Sports Corp.(1)
554 88,790 
Marcus Corp.(2)
2,297 36,959 
Netflix, Inc.(1)
17,542 3,921,690 
Playstudios, Inc.(1)
6,205 22,462 
Playtika Holding Corp.(1)
3,114 32,790 
ROBLOX Corp., Class A(1)
8,176 319,763 
46


Avantis U.S. Equity ETF
SharesValue
Roku, Inc.(1)
3,373 $229,364 
Take-Two Interactive Software, Inc.(1)
15,855 1,943,189 
Walt Disney Co.(1)
31,693 3,552,151 
Warner Bros Discovery, Inc.(1)
74,426 985,400 
World Wrestling Entertainment, Inc., Class A13,330 906,573 
17,160,966 
Food and Staples Retailing — 1.9%
Albertsons Cos., Inc., Class A19,487 536,087 
Andersons, Inc.3,851 142,603 
BJ's Wholesale Club Holdings, Inc.(1)
13,465 1,003,008 
Casey's General Stores, Inc.8,249 1,763,389 
Costco Wholesale Corp.33,435 17,456,414 
Grocery Outlet Holding Corp.(1)
3,257 130,671 
HF Foods Group, Inc.(1)
15 
Ingles Markets, Inc., Class A5,563 486,929 
Kroger Co.126,560 6,067,286 
Natural Grocers by Vitamin Cottage, Inc.1,404 20,161 
Performance Food Group Co.(1)
30,180 1,508,396 
PriceSmart, Inc.7,105 449,533 
Rite Aid Corp.(1)(2)
3,599 25,841 
SpartanNash Co.9,866 300,222 
Sprouts Farmers Market, Inc.(1)
35,102 1,014,448 
Sysco Corp.31,943 2,626,354 
United Natural Foods, Inc.(1)
17,141 755,575 
US Foods Holding Corp.(1)
2,951 90,360 
Village Super Market, Inc., Class A964 21,189 
Walgreens Boots Alliance, Inc.51,034 1,789,252 
Walmart, Inc.89,341 11,842,150 
Weis Markets, Inc.4,427 344,022 
48,373,905 
Food Products — 1.2%
Alico, Inc.400 13,580 
AppHarvest, Inc.(1)
8,724 25,125 
Archer-Daniels-Midland Co.38,049 3,344,127 
B&G Foods, Inc.23,005 498,288 
Benson Hill, Inc.(1)
725 2,574 
Beyond Meat, Inc.(1)(2)
233 5,685 
BRC, Inc., Class A(1)
1,643 16,019 
Bunge Ltd.21,831 2,164,980 
Cal-Maine Foods, Inc.3,502 187,742 
Calavo Growers, Inc.2,655 111,616 
Campbell Soup Co.14,177 714,237 
Conagra Brands, Inc.6,529 224,467 
Darling Ingredients, Inc.(1)
26,159 1,989,653 
Farmer Bros Co.(1)
1,836 10,300 
Flowers Foods, Inc.32,947 899,453 
Fresh Del Monte Produce, Inc.6,637 181,456 
General Mills, Inc.14,820 1,138,176 
Hain Celestial Group, Inc.(1)
11,015 223,164 
Hershey Co.13,983 3,141,561 
Hormel Foods Corp.14,967 752,541 
47


Avantis U.S. Equity ETF
SharesValue
Hostess Brands, Inc.(1)
13,870 $321,507 
Ingredion, Inc.11,413 993,730 
J&J Snack Foods Corp.907 135,170 
J.M. Smucker Co.10,326 1,445,537 
John B Sanfilippo & Son, Inc.1,089 87,915 
Kellogg Co.12,453 905,831 
Kraft Heinz Co.42,513 1,589,986 
Lamb Weston Holdings, Inc.20,976 1,668,221 
Lancaster Colony Corp.1,509 254,342 
Landec Corp.(1)
471 4,945 
McCormick & Co., Inc.5,745 482,982 
Mission Produce, Inc.(1)
3,648 58,733 
Mondelez International, Inc., Class A47,518 2,939,463 
Pilgrim's Pride Corp.(1)
11,243 320,088 
Post Holdings, Inc.(1)
1,439 127,726 
Seaboard Corp.34 131,320 
Seneca Foods Corp., Class A(1)
779 41,155 
Simply Good Foods Co.(1)
6,608 201,874 
Tootsie Roll Industries, Inc.1,066 38,195 
TreeHouse Foods, Inc.(1)
751 34,997 
Tyson Foods, Inc., Class A37,079 2,795,015 
30,223,476 
Gas Utilities — 0.2%
Atmos Energy Corp.8,757 992,869 
Chesapeake Utilities Corp.584 73,759 
National Fuel Gas Co.14,260 1,016,310 
New Jersey Resources Corp.18,744 827,360 
Northwest Natural Holding Co.7,630 363,264 
ONE Gas, Inc.4,021 314,724 
South Jersey Industries, Inc.3,882 131,406 
Southwest Gas Holdings, Inc.1,238 96,378 
Spire, Inc.345 24,112 
Star Group LP906 8,326 
UGI Corp.21,261 839,810 
4,688,318 
Health Care Equipment and Supplies — 1.8%
Abbott Laboratories64,677 6,639,094 
ABIOMED, Inc.(1)
2,666 691,240 
Align Technology, Inc.(1)
4,826 1,176,096 
AngioDynamics, Inc.(1)
2,566 56,811 
Apyx Medical Corp.(1)
34 195 
Atrion Corp.182 109,919 
Avanos Medical, Inc.(1)
4,066 100,146 
Axogen, Inc.(1)
60 562 
Baxter International, Inc.15,267 877,242 
Becton Dickinson and Co.6,112 1,542,791 
BioLife Solutions, Inc.(1)
1,379 32,558 
Boston Scientific Corp.(1)
48,849 1,969,103 
Butterfly Network, Inc.(1)
6,096 37,978 
Cardiovascular Systems, Inc.(1)
1,836 24,254 
Co-Diagnostics, Inc.(1)(2)
4,362 14,744 
48


Avantis U.S. Equity ETF
SharesValue
CONMED Corp.552 $48,891 
Cooper Cos., Inc.3,096 889,914 
CryoPort, Inc.(1)
2,105 68,749 
Cue Health, Inc.(1)
1,307 4,352 
DENTSPLY SIRONA, Inc.11,911 390,323 
DexCom, Inc.(1)
9,281 762,991 
Edwards Lifesciences Corp.(1)
29,822 2,686,962 
Embecta Corp.2,919 93,174 
Enovis Corp.(1)
3,578 181,226 
Envista Holdings Corp.(1)
6,142 227,807 
Glaukos Corp.(1)
3,641 176,771 
Globus Medical, Inc., Class A(1)
6,438 381,065 
Haemonetics Corp.(1)
7,881 591,311 
Heska Corp.(1)
481 43,805 
Hologic, Inc.(1)
46,230 3,123,299 
IDEXX Laboratories, Inc.(1)
7,628 2,651,645 
Inogen, Inc.(1)
2,072 59,321 
Inspire Medical Systems, Inc.(1)
446 85,405 
Insulet Corp.(1)
1,914 488,970 
Integer Holdings Corp.(1)
5,955 375,582 
Integra LifeSciences Holdings Corp.(1)
6,105 291,270 
Intuitive Surgical, Inc.(1)
11,774 2,422,383 
Lantheus Holdings, Inc.(1)
18,902 1,489,478 
LeMaitre Vascular, Inc.2,208 109,031 
LENSAR, Inc.(1)
146 787 
Masimo Corp.(1)
2,888 424,218 
Medtronic PLC42,330 3,721,654 
Meridian Bioscience, Inc.(1)
15,240 496,672 
Merit Medical Systems, Inc.(1)
9,929 588,095 
Neogen Corp.(1)
6,340 132,506 
Novocure Ltd.(1)
2,027 166,477 
NuVasive, Inc.(1)
11,690 496,942 
Omnicell, Inc.(1)
1,395 142,695 
OraSure Technologies, Inc.(1)
69 282 
Orthofix Medical, Inc.(1)
1,659 33,014 
Outset Medical, Inc.(1)
982 17,961 
Penumbra, Inc.(1)
865 142,007 
PROCEPT BioRobotics Corp.(1)
440 17,811 
Pulmonx Corp.(1)
305 5,603 
QuidelOrtho Corp.(1)
12,395 982,428 
ResMed, Inc.6,385 1,404,189 
Shockwave Medical, Inc.(1)
576 170,991 
SI-BONE, Inc.(1)
1,456 24,024 
STAAR Surgical Co.(1)
156 14,756 
STERIS PLC4,280 861,906 
Stryker Corp.8,040 1,649,808 
Surmodics, Inc.(1)
184 6,199 
Teleflex, Inc.2,216 501,392 
Utah Medical Products, Inc.303 27,846 
Varex Imaging Corp.(1)
3,668 77,358 
Zimmer Biomet Holdings, Inc.11,620 1,235,438 
49


Avantis U.S. Equity ETF
SharesValue
Zimvie, Inc.(1)
3,747 $57,029 
44,316,546 
Health Care Providers and Services — 2.5%
23andMe Holding Co., Class A(1)(2)
18,394 61,988 
Acadia Healthcare Co., Inc.(1)
4,746 388,840 
Accolade, Inc.(1)
1,759 17,907 
AdaptHealth Corp.(1)
1,164 20,917 
Addus HomeCare Corp.(1)
318 28,372 
agilon health, Inc.(1)
6,671 138,623 
Alignment Healthcare, Inc.(1)
2,819 42,877 
Amedisys, Inc.(1)
594 70,359 
AmerisourceBergen Corp.12,941 1,896,633 
AMN Healthcare Services, Inc.(1)
8,644 887,220 
Apollo Medical Holdings, Inc.(1)(2)
2,627 113,303 
Brookdale Senior Living, Inc.(1)
97,084 427,170 
Cardinal Health, Inc.15,392 1,088,522 
Castle Biosciences, Inc.(1)
1,093 31,697 
Centene Corp.(1)
66,343 5,953,621 
Chemed Corp.1,614 768,571 
Cigna Corp.10,343 2,931,723 
Clover Health Investments Corp.(1)
18,695 48,794 
Community Health Systems, Inc.(1)
3,206 8,528 
CorVel Corp.(1)
1,182 183,659 
Cross Country Healthcare, Inc.(1)
482 12,233 
CVS Health Corp.26,771 2,627,574 
DaVita, Inc.(1)
3,190 272,075 
DocGo, Inc.(1)
416 4,243 
Elevance Health, Inc.18,056 8,759,146 
Encompass Health Corp.2,756 133,859 
Enhabit, Inc.(1)
1,164 19,322 
Ensign Group, Inc.12,799 1,091,755 
Fulgent Genetics, Inc.(1)
7,944 345,326 
Guardant Health, Inc.(1)
1,305 65,328 
Hanger, Inc.(1)
1,813 33,776 
HCA Healthcare, Inc.8,200 1,622,534 
HealthEquity, Inc.(1)
1,656 109,429 
Henry Schein, Inc.(1)
8,481 622,590 
Hims & Hers Health, Inc.(1)
7,222 45,932 
Humana, Inc.12,991 6,258,804 
Invitae Corp.(1)(2)
3,886 11,813 
Joint Corp.(1)
250 4,560 
Laboratory Corp. of America Holdings10,048 2,263,513 
LHC Group, Inc.(1)
377 60,874 
McKesson Corp.5,332 1,956,844 
ModivCare, Inc.(1)
4,962 537,484 
Molina Healthcare, Inc.(1)
11,958 4,034,270 
National Healthcare Corp.2,291 159,110 
National Research Corp.2,840 96,872 
Oak Street Health, Inc.(1)
2,330 61,046 
OPKO Health, Inc.(1)
34,966 76,226 
Option Care Health, Inc.(1)
2,717 84,118 
50


Avantis U.S. Equity ETF
SharesValue
Owens & Minor, Inc.19,414 $572,907 
Patterson Cos., Inc.20,120 561,147 
Pediatrix Medical Group, Inc.(1)
408 7,271 
Premier, Inc., Class A19,823 698,563 
Quest Diagnostics, Inc.5,049 632,690 
R1 RCM, Inc.(1)
24,423 533,643 
RadNet, Inc.(1)
2,713 54,504 
Select Medical Holdings Corp.1,934 49,588 
Signify Health, Inc., Class A(1)
436 12,164 
Tenet Healthcare Corp.(1)
8,902 502,963 
UnitedHealth Group, Inc.24,671 12,812,390 
Universal Health Services, Inc., Class B11,036 1,079,762 
63,997,572 
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc.(1)
34,123 580,091 
American Well Corp., Class A(1)
27,080 123,214 
Change Healthcare, Inc.(1)
27,001 663,415 
Doximity, Inc., Class A(1)(2)
2,017 66,944 
Evolent Health, Inc., Class A(1)
18,647 685,277 
HealthStream, Inc.(1)
1,147 25,383 
Multiplan Corp.(1)
3,646 12,834 
NextGen Healthcare, Inc.(1)
3,200 54,848 
OptimizeRx Corp.(1)
792 12,569 
Phreesia, Inc.(1)
1,042 26,738 
Schrodinger, Inc.(1)
2,566 70,411 
Sharecare, Inc.(1)
7,165 13,112 
Simulations Plus, Inc.670 40,234 
Teladoc Health, Inc.(1)
3,851 119,612 
Veeva Systems, Inc., Class A(1)
5,613 1,118,783 
3,613,465 
Hotels, Restaurants and Leisure — 1.5%
Accel Entertainment, Inc.(1)
5,685 53,496 
Airbnb, Inc., Class A(1)
6,804 769,668 
Aramark8,716 311,248 
BJ's Restaurants, Inc.(1)
2,996 75,140 
Bloomin' Brands, Inc.19,658 397,485 
Booking Holdings, Inc.(1)
2,136 4,006,730 
Bowlero Corp.(1)
1,353 15,992 
Boyd Gaming Corp.16,465 896,190 
Brinker International, Inc.(1)
1,123 27,525 
Caesars Entertainment, Inc.(1)
10,014 431,804 
Carnival Corp.(1)
39,494 373,613 
Carrols Restaurant Group, Inc.(1)
62 136 
Century Casinos, Inc.(1)
2,996 22,081 
Cheesecake Factory, Inc.(2)
15,941 488,113 
Chipotle Mexican Grill, Inc.(1)
2,108 3,366,054 
Choice Hotels International, Inc.3,806 436,586 
Churchill Downs, Inc.3,620 713,466 
Chuy's Holdings, Inc.(1)
2,590 57,835 
Cracker Barrel Old Country Store, Inc.(2)
5,062 546,392 
Darden Restaurants, Inc.21,226 2,625,868 
51


Avantis U.S. Equity ETF
SharesValue
Dave & Buster's Entertainment, Inc.(1)
4,237 $175,158 
Denny's Corp.(1)
344 3,251 
Dine Brands Global, Inc.739 49,217 
Domino's Pizza, Inc.1,293 480,815 
DraftKings, Inc., Class A(1)
3,001 48,196 
Everi Holdings, Inc.(1)
5,752 106,412 
Expedia Group, Inc.(1)
5,405 554,823 
Fiesta Restaurant Group, Inc.(1)
103 687 
Golden Entertainment, Inc.(1)
4,821 184,451 
Hilton Grand Vacations, Inc.(1)
14,878 606,725 
Hilton Worldwide Holdings, Inc.8,356 1,064,220 
Hyatt Hotels Corp., Class A(1)
7,988 715,885 
International Game Technology PLC4,798 86,076 
Jack in the Box, Inc.718 57,339 
Krispy Kreme, Inc.4,174 49,045 
Las Vegas Sands Corp.(1)
17,424 655,665 
Life Time Group Holdings, Inc.(1)(2)
2,409 28,547 
Lindblad Expeditions Holdings, Inc.(1)
902 6,972 
Marriott International, Inc., Class A10,824 1,664,082 
Marriott Vacations Worldwide Corp.885 126,042 
McDonald's Corp.17,635 4,448,958 
MGM Resorts International24,547 801,214 
Monarch Casino & Resort, Inc.(1)
2,813 169,877 
Noodles & Co.(1)
6,097 28,961 
Norwegian Cruise Line Holdings Ltd.(1)
31,403 410,751 
ONE Group Hospitality, Inc.(1)
112 800 
Papa John's International, Inc.855 69,110 
Penn Entertainment, Inc.(1)
18,528 578,629 
Planet Fitness, Inc., Class A(1)
2,296 155,554 
Playa Hotels & Resorts NV(1)
21,029 137,950 
RCI Hospitality Holdings, Inc.1,205 78,578 
Red Robin Gourmet Burgers, Inc.(1)
318 2,363 
Red Rock Resorts, Inc., Class A11,667 445,913 
Royal Caribbean Cruises Ltd.(1)
10,599 432,969 
Ruth's Hospitality Group, Inc.5,749 104,747 
Scientific Games Corp., Class A(1)
2,912 143,358 
SeaWorld Entertainment, Inc.(1)
11,698 587,824 
Shake Shack, Inc., Class A(1)
1,451 69,155 
Six Flags Entertainment Corp.(1)
1,413 31,298 
Starbucks Corp.28,329 2,381,619 
Target Hospitality Corp.(1)(2)
4,204 55,871 
Texas Roadhouse, Inc.15,280 1,356,253 
Travel + Leisure Co.8,543 362,223 
Vail Resorts, Inc.1,823 409,592 
Wendy's Co.30,120 577,702 
Wingstop, Inc.532 60,574 
Wyndham Hotels & Resorts, Inc.3,445 225,096 
Wynn Resorts Ltd.(1)
11,105 672,852 
Yum! Brands, Inc.9,045 1,006,166 
38,084,987 
52


Avantis U.S. Equity ETF
SharesValue
Household Durables — 0.8%
Bassett Furniture Industries, Inc.340 $6,480 
Beazer Homes USA, Inc.(1)
3,691 52,560 
Cavco Industries, Inc.(1)
1,845 431,748 
Century Communities, Inc.10,534 491,832 
D.R. Horton, Inc.27,217 1,936,490 
Ethan Allen Interiors, Inc.5,840 138,817 
Garmin Ltd.11,031 976,133 
GoPro, Inc., Class A(1)
15,431 93,975 
Green Brick Partners, Inc.(1)
3,432 83,604 
Hooker Furnishings Corp.1,278 20,282 
Installed Building Products, Inc.2,302 208,469 
iRobot Corp.(1)
3,512 206,787 
KB Home11,970 342,941 
La-Z-Boy, Inc.18,755 494,944 
Legacy Housing Corp.(1)
63 1,077 
Leggett & Platt, Inc.5,392 206,082 
Lennar Corp., B Shares731 45,088 
Lennar Corp., Class A28,604 2,215,380 
LGI Homes, Inc.(1)
1,820 172,736 
Lifetime Brands, Inc.86 767 
M.D.C. Holdings, Inc.5,224 162,362 
M/I Homes, Inc.(1)
10,905 471,532 
Meritage Homes Corp.(1)
7,408 580,417 
Mohawk Industries, Inc.(1)
10,669 1,177,431 
Newell Brands, Inc.60,315 1,076,623 
NVR, Inc.(1)
422 1,747,105 
PulteGroup, Inc.46,196 1,878,329 
Skyline Champion Corp.(1)
9,909 561,543 
Sonos, Inc.(1)
27,212 409,268 
Taylor Morrison Home Corp.(1)
27,850 699,314 
Tempur Sealy International, Inc.20,248 506,402 
Toll Brothers, Inc.21,803 954,753 
TopBuild Corp.(1)
380 69,829 
Tri Pointe Homes, Inc.(1)
30,130 522,153 
Universal Electronics, Inc.(1)
1,055 23,453 
Vuzix Corp.(1)(2)
3,281 24,640 
Whirlpool Corp.11,731 1,837,075 
20,828,421 
Household Products — 0.8%
Central Garden & Pet Co.(1)
35 1,397 
Central Garden & Pet Co., Class A(1)
14,690 554,694 
Church & Dwight Co., Inc.13,962 1,168,759 
Clorox Co.9,651 1,393,025 
Colgate-Palmolive Co.53,717 4,201,207 
Energizer Holdings, Inc.1,905 53,530 
Kimberly-Clark Corp.25,251 3,220,008 
Oil-Dri Corp. of America506 13,961 
Procter & Gamble Co.68,605 9,463,374 
Spectrum Brands Holdings, Inc.10,895 686,276 
WD-40 Co.969 183,296 
20,939,527 
53


Avantis U.S. Equity ETF
SharesValue
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.131,635 $3,350,111 
Brookfield Renewable Corp., Class A7,149 274,450 
Clearway Energy, Inc., Class A7,120 245,497 
Clearway Energy, Inc., Class C17,698 656,596 
Montauk Renewables, Inc.(1)
4,235 75,171 
NextEra Energy Partners LP9,645 791,758 
Ormat Technologies, Inc.(2)
8,046 752,140 
Sunnova Energy International, Inc.(1)(2)
15,327 386,547 
Vistra Corp.103,785 2,568,679 
9,100,949 
Industrial Conglomerates — 0.3%
3M Co.23,226 2,888,153 
General Electric Co.28,095 2,063,297 
Honeywell International, Inc.19,978 3,782,834 
8,734,284 
Insurance — 3.7%
Aflac, Inc.65,038 3,864,558 
Alleghany Corp.(1)
889 747,809 
Allstate Corp.38,728 4,666,724 
Ambac Financial Group, Inc.(1)
4,370 65,943 
American Equity Investment Life Holding Co.16,402 623,276 
American Financial Group, Inc.15,841 2,022,579 
American International Group, Inc.98,895 5,117,816 
AMERISAFE, Inc.2,734 130,740 
Aon PLC, Class A12,903 3,603,292 
Arch Capital Group Ltd.(1)
46,938 2,146,005 
Argo Group International Holdings Ltd.8,704 170,860 
Arthur J. Gallagher & Co.16,296 2,958,865 
Assurant, Inc.7,688 1,218,471 
Assured Guaranty Ltd.12,507 638,732 
Axis Capital Holdings Ltd.23,251 1,235,791 
Brighthouse Financial, Inc.(1)
15,322 728,561 
Brown & Brown, Inc.3,508 221,144 
Chubb Ltd.27,295 5,160,120 
Cincinnati Financial Corp.16,910 1,639,594 
CNA Financial Corp.2,425 93,266 
CNO Financial Group, Inc.27,228 501,267 
Employers Holdings, Inc.5,275 206,569 
Enstar Group Ltd.(1)
1,112 210,446 
Erie Indemnity Co., Class A2,673 574,508 
Everest Re Group Ltd.5,066 1,363,007 
Fidelity National Financial, Inc.59,824 2,339,118 
First American Financial Corp.20,988 1,122,858 
Genworth Financial, Inc., Class A(1)
153,947 649,656 
Globe Life, Inc.13,471 1,309,246 
Greenlight Capital Re Ltd., A Shares(1)
438 3,456 
Hallmark Financial Services, Inc.(1)
138 175 
Hanover Insurance Group, Inc.6,152 796,007 
Hartford Financial Services Group, Inc.63,797 4,102,785 
HCI Group, Inc.(2)
626 29,917 
54


Avantis U.S. Equity ETF
SharesValue
Horace Mann Educators Corp.14,988 $536,121 
James River Group Holdings Ltd.3,137 74,535 
Kemper Corp.8,125 373,750 
Kinsale Capital Group, Inc.2,621 664,633 
Lemonade, Inc.(1)
2,080 46,010 
Lincoln National Corp.19,080 878,825 
Loews Corp.25,248 1,396,467 
Markel Corp.(1)
1,191 1,422,185 
Marsh & McLennan Cos., Inc.13,659 2,204,153 
MBIA, Inc.(1)
2,999 35,358 
Mercury General Corp.3,646 116,307 
MetLife, Inc.62,141 3,997,531 
National Western Life Group, Inc., Class A206 39,204 
Old Republic International Corp.52,968 1,156,821 
Oscar Health, Inc., Class A(1)
11,260 74,654 
Palomar Holdings, Inc.(1)
4,070 322,710 
Primerica, Inc.9,881 1,252,417 
Principal Financial Group, Inc.34,666 2,591,630 
ProAssurance Corp.9,411 201,301 
Progressive Corp.50,914 6,244,602 
Prudential Financial, Inc.38,255 3,662,916 
Reinsurance Group of America, Inc.9,776 1,225,519 
RenaissanceRe Holdings Ltd.6,723 909,353 
RLI Corp.4,685 514,226 
Ryan Specialty Holdings, Inc.(1)
2,302 97,513 
Safety Insurance Group, Inc.3,304 297,525 
Selective Insurance Group, Inc.10,893 865,122 
SiriusPoint Ltd.(1)
5,795 25,904 
Stewart Information Services Corp.10,224 517,743 
Tiptree, Inc.1,990 23,781 
Travelers Cos., Inc.38,045 6,149,594 
Trupanion, Inc.(1)
1,128 79,614 
United Fire Group, Inc.4,532 133,377 
Universal Insurance Holdings, Inc.1,959 23,390 
Unum Group32,566 1,232,623 
White Mountains Insurance Group Ltd.557 763,090 
Willis Towers Watson PLC3,379 698,879 
WR Berkley Corp.25,382 1,644,754 
92,757,298 
Interactive Media and Services — 3.1%
Alphabet, Inc., Class A(1)
268,839 29,093,757 
Alphabet, Inc., Class C(1)
243,224 26,547,900 
Bumble, Inc., Class A(1)
440 11,022 
Cargurus, Inc.(1)
167 3,123 
Cars.com, Inc.(1)
18,061 230,278 
Eventbrite, Inc., Class A(1)
2,547 18,109 
IAC, Inc.(1)
4,568 293,585 
Match Group, Inc.(1)
7,719 436,355 
Meta Platforms, Inc., Class A(1)
109,448 17,832,363 
Nextdoor Holdings, Inc.(1)(2)
6,500 20,670 
Pinterest, Inc., Class A(1)
16,173 372,626 
55


Avantis U.S. Equity ETF
SharesValue
QuinStreet, Inc.(1)
2,396 $28,776 
Shutterstock, Inc.5,416 300,101 
Snap, Inc., Class A(1)
25,165 273,795 
TripAdvisor, Inc.(1)
516 12,281 
TrueCar, Inc.(1)
11,316 24,669 
Twitter, Inc.(1)
34,298 1,329,047 
Yelp, Inc.(1)
6,267 214,143 
Ziff Davis, Inc.(1)
2,369 183,076 
ZipRecruiter, Inc., Class A(1)
881 14,695 
ZoomInfo Technologies, Inc.(1)
2,420 109,916 
77,350,287 
Internet and Direct Marketing Retail — 1.9%
1-800-Flowers.com, Inc., Class A(1)
3,337 28,965 
Amazon.com, Inc.(1)
339,345 43,018,765 
Chewy, Inc., Class A(1)
5,328 182,910 
ContextLogic, Inc., Class A(1)(2)
7,999 10,399 
DoorDash, Inc., Class A(1)
6,941 415,766 
Duluth Holdings, Inc., Class B(1)
133 1,180 
eBay, Inc.40,576 1,790,619 
Etsy, Inc.(1)
5,403 570,611 
Lands' End, Inc.(1)
338 4,671 
Liquidity Services, Inc.(1)
5,958 104,205 
MercadoLibre, Inc.(1)
1,041 890,430 
PetMed Express, Inc.1,769 36,388 
Poshmark, Inc., Class A(1)
1,072 11,599 
Revolve Group, Inc.(1)
7,624 179,088 
Stitch Fix, Inc., Class A(1)
1,184 5,944 
Wayfair, Inc., Class A(1)
1,930 101,730 
47,353,270 
IT Services — 3.2%
Accenture PLC, Class A31,023 8,948,895 
Affirm Holdings, Inc.(1)(2)
1,866 43,720 
Akamai Technologies, Inc.(1)
15,186 1,370,992 
Amdocs Ltd.13,844 1,183,247 
Automatic Data Processing, Inc.30,983 7,572,555 
AvidXchange Holdings, Inc.(1)
1,562 12,168 
Block, Inc.(1)
10,614 731,411 
Brightcove, Inc.(1)
3,022 20,066 
Broadridge Financial Solutions, Inc., ADR8,295 1,419,855 
Cass Information Systems, Inc.1,956 71,746 
Cloudflare, Inc., Class A(1)
1,622 101,488 
Cognizant Technology Solutions Corp., Class A46,246 2,921,360 
Computer Task Group, Inc.(1)
51 402 
Concentrix Corp.6,212 781,345 
Conduent, Inc.(1)
4,885 19,980 
CSG Systems International, Inc.11,456 662,730 
Cyxtera Technologies, Inc.(1)(2)
2,886 18,297 
DigitalOcean Holdings, Inc.(1)
570 23,991 
DXC Technology Co.(1)
57,180 1,416,920 
EPAM Systems, Inc.(1)
3,074 1,311,061 
Euronet Worldwide, Inc.(1)
5,323 471,937 
56


Avantis U.S. Equity ETF
SharesValue
EVERTEC, Inc.7,015 $235,704 
Evo Payments, Inc., Class A(1)
1,973 65,740 
ExlService Holdings, Inc.(1)
2,080 348,837 
Fastly, Inc., Class A(1)
3,633 33,968 
Fidelity National Information Services, Inc.12,025 1,098,724 
Fiserv, Inc.(1)
11,232 1,136,566 
FleetCor Technologies, Inc.(1)
3,383 718,989 
Gartner, Inc.(1)
6,421 1,832,040 
Genpact Ltd.6,127 287,846 
Global Payments, Inc.6,330 786,376 
Globant SA(1)
1,279 269,575 
GoDaddy, Inc., Class A(1)
8,685 658,497 
Hackett Group, Inc.2,792 57,320 
Information Services Group, Inc.3,447 19,889 
International Business Machines Corp.30,728 3,947,012 
International Money Express, Inc.(1)
13,317 298,301 
Jack Henry & Associates, Inc.8,509 1,635,430 
Kyndryl Holdings, Inc.(1)
31,900 332,398 
Marqeta, Inc., Class A(1)
13,002 101,286 
Mastercard, Inc., Class A36,913 11,973,470 
MAXIMUS, Inc.8,237 499,080 
MongoDB, Inc.(1)
796 256,996 
Okta, Inc.(1)
1,627 148,708 
Paya Holdings, Inc.(1)
3,711 23,268 
Paychex, Inc.29,399 3,626,073 
Payoneer Global, Inc.(1)
16,459 108,959 
PayPal Holdings, Inc.(1)
30,255 2,827,027 
Paysafe Ltd.(1)(2)
8,658 14,286 
Perficient, Inc.(1)
768 59,981 
PFSweb, Inc.(1)
66 624 
Remitly Global, Inc.(1)
1,084 11,924 
Repay Holdings Corp.(1)
1,763 16,378 
Sabre Corp.(1)
13,115 94,297 
Shift4 Payments, Inc., Class A(1)
613 27,763 
Snowflake, Inc., Class A(1)
2,676 484,222 
Squarespace, Inc., Class A(1)
214 4,494 
SS&C Technologies Holdings, Inc.4,672 260,511 
Switch, Inc., Class A2,302 78,153 
Toast, Inc., Class A(1)
3,393 64,229 
TTEC Holdings, Inc.2,518 131,817 
Twilio, Inc., Class A(1)
5,172 359,868 
Unisys Corp.(1)
1,565 14,570 
VeriSign, Inc.(1)
3,001 546,842 
Verra Mobility Corp.(1)
9,352 149,071 
Visa, Inc., Class A76,360 15,173,496 
Western Union Co.45,297 671,301 
WEX, Inc.(1)
2,433 375,290 
80,971,362 
Leisure Products — 0.2%
Acushnet Holdings Corp.4,327 206,182 
American Outdoor Brands, Inc.(1)
141 1,211 
57


Avantis U.S. Equity ETF
SharesValue
AMMO, Inc.(1)(2)
4,246 $16,177 
Brunswick Corp.15,568 1,163,085 
Callaway Golf Co.(1)
8,673 191,934 
Clarus Corp.(2)
1,481 22,467 
Hasbro, Inc.7,409 583,977 
JAKKS Pacific, Inc.(1)
608 13,619 
Johnson Outdoors, Inc., Class A466 28,491 
Malibu Boats, Inc., Class A(1)
9,476 568,844 
Marine Products Corp.20 
MasterCraft Boat Holdings, Inc.(1)
4,086 98,432 
Mattel, Inc.(1)
14,498 320,696 
Peloton Interactive, Inc., Class A(1)(2)
9,526 97,070 
Polaris, Inc.11,853 1,342,589 
Smith & Wesson Brands, Inc.13,781 183,287 
Sturm Ruger & Co., Inc.7,750 404,938 
Vista Outdoor, Inc.(1)
17,321 487,067 
YETI Holdings, Inc.(1)
15,034 554,604 
6,284,690 
Life Sciences Tools and Services — 1.0%
10X Genomics, Inc., Class A(1)
535 17,650 
AbCellera Biologics, Inc.(1)
17,609 188,064 
Adaptive Biotechnologies Corp.(1)
4,298 38,338 
Agilent Technologies, Inc.11,225 1,439,606 
Avantor, Inc.(1)
10,174 253,434 
Azenta, Inc.7,239 381,568 
Bio-Rad Laboratories, Inc., Class A(1)
1,773 859,976 
Bio-Techne Corp.1,747 579,672 
Bionano Genomics, Inc.(1)
14,024 34,780 
Bruker Corp.13,492 755,552 
Charles River Laboratories International, Inc.(1)
2,436 499,989 
Cytek Biosciences, Inc.(1)
165 1,922 
Danaher Corp.14,615 3,944,735 
Illumina, Inc.(1)
4,059 818,457 
IQVIA Holdings, Inc.(1)
6,249 1,328,912 
Maravai LifeSciences Holdings, Inc., Class A(1)
7,882 164,497 
MaxCyte, Inc.(1)
6,827 35,500 
Medpace Holdings, Inc.(1)
1,291 190,565 
Mettler-Toledo International, Inc.(1)
2,203 2,671,049 
NeoGenomics, Inc.(1)
5,328 53,546 
PerkinElmer, Inc.2,282 308,207 
Quanterix Corp.(1)
730 6,826 
Repligen Corp.(1)
2,885 632,882 
Seer, Inc.(1)
2,551 25,765 
SomaLogic, Inc.(1)(2)
5,131 18,882 
Sotera Health Co.(1)
4,745 80,238 
Syneos Health, Inc.(1)
1,232 74,056 
Thermo Fisher Scientific, Inc.11,056 6,029,058 
Waters Corp.(1)
7,736 2,309,970 
West Pharmaceutical Services, Inc.5,965 1,769,756 
25,513,452 
58


Avantis U.S. Equity ETF
SharesValue
Machinery — 2.1%
AGCO Corp.9,782 $1,063,401 
Alamo Group, Inc.1,958 256,028 
Albany International Corp., Class A7,251 639,466 
Allison Transmission Holdings, Inc.7,043 255,379 
Altra Industrial Motion Corp.3,818 144,893 
Astec Industries, Inc.5,646 215,564 
Barnes Group, Inc.3,716 115,382 
Caterpillar, Inc.37,967 7,012,885 
Chart Industries, Inc.(1)
1,362 264,037 
CIRCOR International, Inc.(1)
1,274 20,766 
Commercial Vehicle Group, Inc.(1)
656 4,284 
Crane Holdings Co.2,781 262,415 
Cummins, Inc.18,859 4,061,663 
Deere & Co.26,110 9,536,677 
Desktop Metal, Inc., Class A(1)
1,364 4,338 
Donaldson Co., Inc.18,780 964,353 
Douglas Dynamics, Inc.2,123 61,779 
Dover Corp.4,574 571,567 
Energy Recovery, Inc.(1)
2,454 56,295 
Enerpac Tool Group Corp.2,806 54,436 
Esab Corp.4,270 175,454 
ESCO Technologies, Inc.725 59,037 
Evoqua Water Technologies Corp.(1)
4,036 141,583 
Federal Signal Corp.9,256 369,037 
Flowserve Corp.14,857 452,693 
Fortive Corp.4,829 305,821 
Franklin Electric Co., Inc.2,203 191,331 
Gates Industrial Corp. PLC(1)
6,029 64,631 
Gorman-Rupp Co.1,605 42,388 
Graco, Inc.22,442 1,432,697 
Greenbrier Cos., Inc.14,571 415,419 
Helios Technologies, Inc.2,493 136,168 
Hillenbrand, Inc.2,858 119,093 
Hyliion Holdings Corp.(1)(2)
11,328 39,761 
Hyster-Yale Materials Handling, Inc.921 26,829 
IDEX Corp.3,399 683,913 
Illinois Tool Works, Inc.15,505 3,020,839 
Ingersoll Rand, Inc.19,628 929,778 
ITT, Inc.9,163 664,592 
John Bean Technologies Corp.1,642 169,553 
Kadant, Inc.750 134,572 
Kennametal, Inc.17,006 398,621 
Lincoln Electric Holdings, Inc.10,302 1,408,180 
Lindsay Corp.809 129,731 
Manitowoc Co., Inc.(1)
2,026 19,348 
Mayville Engineering Co., Inc.(1)
21 
Middleby Corp.(1)
722 103,838 
Miller Industries, Inc.912 21,441 
Mueller Industries, Inc.16,595 1,048,306 
Mueller Water Products, Inc., Class A46,629 525,975 
59


Avantis U.S. Equity ETF
SharesValue
Nikola Corp.(1)
5,549 $29,743 
Nordson Corp.1,805 410,042 
Omega Flex, Inc.231 23,336 
Oshkosh Corp.10,937 872,335 
Otis Worldwide Corp.11,763 849,524 
PACCAR, Inc.32,781 2,868,665 
Park-Ohio Holdings Corp.42 697 
Parker-Hannifin Corp.2,655 703,575 
Pentair PLC3,467 154,281 
Proterra, Inc.(1)
9,921 59,923 
Proto Labs, Inc.(1)
2,685 103,104 
RBC Bearings, Inc.(1)
2,996 721,077 
REV Group, Inc.5,713 65,814 
Shyft Group, Inc.12,508 299,567 
Snap-on, Inc.7,995 1,741,791 
SPX Technologies, Inc.(1)
2,716 154,975 
Standex International Corp.1,524 137,785 
Stanley Black & Decker, Inc.2,961 260,864 
Tennant Co.2,016 121,666 
Terex Corp.17,066 566,932 
Timken Co.11,139 701,646 
Titan International, Inc.(1)
10,384 145,688 
Toro Co.15,950 1,322,733 
Trinity Industries, Inc.22,045 537,457 
Velo3D, Inc.(1)(2)
833 3,590 
Wabash National Corp.3,881 63,842 
Watts Water Technologies, Inc., Class A4,817 667,251 
Westinghouse Air Brake Technologies Corp.10,723 939,871 
Xylem, Inc.5,066 461,513 
53,785,545 
Marine — 0.1%
Costamare, Inc.13,290 149,911 
Eagle Bulk Shipping, Inc.3,028 131,536 
Genco Shipping & Trading Ltd.13,257 181,754 
Kirby Corp.(1)
6,066 406,786 
Matson, Inc.12,137 894,011 
Pangaea Logistics Solutions Ltd.1,520 7,615 
Safe Bulkers, Inc.15,972 50,951 
1,822,564 
Media — 0.9%
Altice USA, Inc., Class A(1)
21,980 219,800 
AMC Networks, Inc., Class A(1)
8,961 240,065 
Audacy, Inc.(1)
1,679 926 
Boston Omaha Corp., Class A(1)
2,163 58,033 
Cable One, Inc.742 842,170 
Charter Communications, Inc., Class A(1)
3,863 1,593,990 
Comcast Corp., Class A250,408 9,062,266 
Cumulus Media, Inc., Class A(1)
747 6,962 
DISH Network Corp., Class A(1)
33,044 573,313 
Emerald Holding, Inc.(1)
896 3,432 
Entravision Communications Corp., Class A9,735 49,454 
60


Avantis U.S. Equity ETF
SharesValue
Fox Corp., Class A46,840 $1,600,991 
Fox Corp., Class B21,411 677,016 
Gray Television, Inc.25,583 488,635 
iHeartMedia, Inc., Class A(1)
124 1,097 
Interpublic Group of Cos., Inc.19,251 532,098 
John Wiley & Sons, Inc., Class A739 34,016 
Liberty Broadband Corp., Class A(1)
895 90,234 
Liberty Broadband Corp., Class C(1)
10,712 1,089,410 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
2,119 88,023 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
7,256 300,108 
Loyalty Ventures, Inc.(1)
43 91 
Magnite, Inc.(1)
2,469 18,592 
New York Times Co., Class A18,653 568,730 
News Corp., Class A36,897 624,297 
News Corp., Class B16,699 287,891 
Nexstar Media Group, Inc., Class A2,152 411,721 
Omnicom Group, Inc.11,052 739,379 
Paramount Global, Class B(2)
40,052 936,816 
PubMatic, Inc., Class A(1)
6,054 118,477 
Scholastic Corp.4,084 187,496 
Sinclair Broadcast Group, Inc., Class A3,662 80,894 
Sirius XM Holdings, Inc.(2)
19,316 117,634 
TechTarget, Inc.(1)
969 62,888 
TEGNA, Inc.24 514 
Thryv Holdings, Inc.(1)
710 18,162 
WideOpenWest, Inc.(1)
18,018 320,720 
22,046,341 
Metals and Mining — 1.4%
Alcoa Corp.42,419 2,098,892 
Alpha Metallurgical Resources, Inc.6,083 955,943 
Arconic Corp.(1)
23,211 585,149 
ATI, Inc.(1)
21,496 643,375 
Carpenter Technology Corp.8,713 295,981 
Century Aluminum Co.(1)
4,487 34,640 
Cleveland-Cliffs, Inc.(1)
122,006 2,107,044 
Coeur Mining, Inc.(1)
53,471 147,580 
Commercial Metals Co.28,784 1,166,040 
Fortitude Gold Corp.744 4,486 
Freeport-McMoRan, Inc.199,964 5,918,934 
Gatos Silver, Inc.(1)
5,078 15,437 
Gold Resource Corp.5,263 8,947 
Haynes International, Inc.992 39,372 
Hecla Mining Co.61,236 241,270 
Kaiser Aluminum Corp.5,738 411,759 
MP Materials Corp.(1)
8,224 287,758 
Newmont Corp.82,268 3,402,605 
Nucor Corp.49,000 6,514,060 
Olympic Steel, Inc.1,419 37,348 
Ramaco Resources, Inc.4,948 52,152 
Reliance Steel & Aluminum Co.10,846 2,038,831 
Royal Gold, Inc.8,556 786,296 
61


Avantis U.S. Equity ETF
SharesValue
Ryerson Holding Corp.6,996 $199,386 
Schnitzer Steel Industries, Inc., Class A6,797 224,573 
Steel Dynamics, Inc.46,316 3,738,628 
SunCoke Energy, Inc.26,823 176,764 
TimkenSteel Corp.(1)
16,443 252,236 
United States Steel Corp.63,129 1,443,760 
Warrior Met Coal, Inc.24,424 795,001 
Worthington Industries, Inc.9,411 479,867 
35,104,114 
Multi-Utilities — 1.0%
Ameren Corp.26,949 2,496,016 
Avista Corp.14,212 577,434 
Black Hills Corp.1,295 97,747 
CenterPoint Energy, Inc.33,806 1,065,903 
CMS Energy Corp.26,683 1,802,170 
Consolidated Edison, Inc.39,784 3,888,488 
Dominion Energy, Inc.34,523 2,823,981 
DTE Energy Co.15,468 2,016,099 
NiSource, Inc.54,277 1,601,714 
NorthWestern Corp.4,152 219,973 
Public Service Enterprise Group, Inc.31,858 2,050,381 
Sempra Energy28,949 4,775,717 
Unitil Corp.3,441 179,242 
WEC Energy Group, Inc.15,074 1,554,732 
25,149,597 
Multiline Retail — 0.8%
Big Lots, Inc.(2)
11,708 240,834 
Dillard's, Inc., Class A(2)
1,046 309,867 
Dollar General Corp.19,003 4,511,692 
Dollar Tree, Inc.(1)
26,943 3,655,626 
Kohl's Corp.35,202 1,000,441 
Macy's, Inc.77,681 1,345,435 
Nordstrom, Inc.(2)
32,142 549,950 
Ollie's Bargain Outlet Holdings, Inc.(1)
3,837 212,224 
Target Corp.48,630 7,797,334 
19,623,403 
Oil, Gas and Consumable Fuels — 8.9%
Aemetis, Inc.(1)
1,036 9,448 
Alto Ingredients, Inc.(1)
4,759 20,559 
Amplify Energy Corp.(1)
1,985 14,788 
Antero Midstream Corp.76,794 773,316 
Antero Resources Corp.(1)
61,135 2,450,291 
APA Corp.63,231 2,472,964 
Arch Resources, Inc.6,847 996,786 
Archaea Energy, Inc.(1)
4,045 79,929 
Ardmore Shipping Corp.(1)
2,984 28,766 
Battalion Oil Corp.(1)
400 5,296 
Berry Corp.22,548 206,314 
Brigham Minerals, Inc., Class A6,313 187,812 
California Resources Corp.5,857 292,616 
Callon Petroleum Co.(1)
19,035 810,130 
62


Avantis U.S. Equity ETF
SharesValue
Centrus Energy Corp., Class A(1)
279 $13,897 
Cheniere Energy, Inc.8,724 1,397,410 
Chesapeake Energy Corp.(2)
26,434 2,656,353 
Chevron Corp.138,559 21,900,636 
Chord Energy Corp.10,797 1,528,315 
Civitas Resources, Inc.16,502 1,108,769 
Clean Energy Fuels Corp.(1)
16,568 111,337 
CNX Resources Corp.(1)
56,008 989,661 
Comstock Resources, Inc.(1)
35,636 698,466 
ConocoPhillips149,758 16,391,013 
CONSOL Energy, Inc.11,394 817,861 
Continental Resources, Inc.13,681 955,344 
Coterra Energy, Inc.177,223 5,477,963 
Crescent Energy Co., Class A(2)
8,885 152,200 
CVR Energy, Inc.11,089 362,167 
Delek US Holdings, Inc.25,599 723,172 
Denbury, Inc.(1)
13,080 1,163,204 
Devon Energy Corp.138,019 9,746,902 
DHT Holdings, Inc.26,250 205,013 
Diamondback Energy, Inc.36,667 4,886,988 
Dorian LPG Ltd.7,148 104,003 
DTE Midstream LLC(1)
11,964 660,532 
Earthstone Energy, Inc., Class A(1)
21,658 329,202 
EnLink Midstream LLC(1)
106,546 1,082,507 
Enviva, Inc.57 3,963 
EOG Resources, Inc.90,904 11,026,655 
EQT Corp.71,931 3,438,302 
Equitrans Midstream Corp.127,117 1,178,375 
Evolution Petroleum Corp.5,367 37,247 
Excelerate Energy, Inc., Class A1,305 33,512 
Exxon Mobil Corp.312,196 29,842,816 
Gevo, Inc.(1)(2)
20,816 65,154 
Green Plains, Inc.(1)
18,694 684,761 
Gulfport Energy Corp.(1)
1,733 169,418 
Hallador Energy Co.(1)
2,647 17,258 
Hess Corp.55,285 6,677,322 
Hess Midstream LP, Class A5,313 150,411 
HF Sinclair Corp.22,550 1,186,807 
HighPeak Energy, Inc.5,135 130,018 
International Seaways, Inc.7,117 210,165 
Kimbell Royalty Partners LP12,840 227,782 
Kinder Morgan, Inc.127,473 2,335,305 
Kosmos Energy Ltd.(1)
174,997 1,237,229 
Laredo Petroleum, Inc.(1)
6,044 469,075 
Magnolia Oil & Gas Corp., Class A57,039 1,361,521 
Marathon Oil Corp.171,519 4,389,171 
Marathon Petroleum Corp.78,113 7,869,885 
Matador Resources Co.35,349 2,106,800 
Murphy Oil Corp.44,922 1,750,610 
NACCO Industries, Inc., Class A181 8,140 
New Fortress Energy, Inc.(2)
2,956 169,527 
63


Avantis U.S. Equity ETF
SharesValue
NextDecade Corp.(1)(2)
153 $1,128 
Nordic American Tankers Ltd.(2)
26,921 69,995 
Northern Oil & Gas, Inc.3,481 110,139 
Occidental Petroleum Corp.139,497 9,904,287 
ONEOK, Inc.77,125 4,722,364 
Overseas Shipholding Group, Inc., Class A(1)
821 2,553 
Ovintiv, Inc.62,405 3,316,202 
Par Pacific Holdings, Inc.(1)
1,765 33,182 
PBF Energy, Inc., Class A(1)
34,812 1,189,178 
PDC Energy, Inc.31,062 2,109,420 
Peabody Energy Corp.(1)
26,439 651,986 
Permian Resources Corp.(1)
57,364 472,106 
Phillips 6675,679 6,770,243 
PHX Minerals, Inc.28 92 
Pioneer Natural Resources Co.32,406 8,205,847 
Plains GP Holdings LP, Class A(1)
34,739 416,173 
Range Resources Corp.(1)
83,203 2,734,051 
Ranger Oil Corp., Class A7,655 298,468 
REX American Resources Corp.(1)
3,294 99,808 
Ring Energy, Inc.(1)
13,056 42,301 
SandRidge Energy, Inc.(1)
12,837 269,320 
Scorpio Tankers, Inc.8,867 368,867 
SFL Corp. Ltd.31,998 342,379 
SilverBow Resources, Inc.(1)(2)
3,156 125,483 
Sitio Royalties Corp.762 19,385 
SM Energy Co.41,949 1,848,692 
Southwestern Energy Co.(1)
230,873 1,729,239 
Talos Energy, Inc.(1)
22,219 460,600 
Targa Resources Corp.55,438 3,782,535 
Teekay Corp.(1)
317 1,106 
Teekay Tankers Ltd., Class A(1)
3,861 94,981 
Texas Pacific Land Corp.1,391 2,560,080 
VAALCO Energy, Inc.20,449 102,450 
Valero Energy Corp.60,461 7,081,192 
Viper Energy Partners LP2,450 74,774 
W&T Offshore, Inc.(1)
5,246 34,099 
Williams Cos., Inc.135,573 4,613,549 
World Fuel Services Corp.20,394 526,165 
223,773,578 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
6,341 269,746 
Glatfelter Corp.2,820 13,733 
Louisiana-Pacific Corp.24,295 1,317,518 
Mercer International, Inc.15,489 251,232 
Sylvamo Corp.11,996 533,102 
2,385,331 
Personal Products — 0.2%
BellRing Brands, Inc.(1)
389 9,215 
Coty, Inc., Class A(1)
3,823 28,711 
Edgewell Personal Care Co.11,811 460,157 
Estee Lauder Cos., Inc., Class A12,591 3,202,899 
64


Avantis U.S. Equity ETF
SharesValue
Herbalife Nutrition Ltd.(1)
2,711 $70,730 
Inter Parfums, Inc.628 49,311 
Lifevantage Corp.15 60 
Medifast, Inc.3,721 466,911 
Nature's Sunshine Products, Inc.(1)
19 
NewAge, Inc.(1)
63 14 
Nu Skin Enterprises, Inc., Class A14,574 596,659 
Olaplex Holdings, Inc.(1)
5,434 72,381 
Thorne HealthTech, Inc.(1)
1,462 6,842 
USANA Health Sciences, Inc.(1)
2,586 166,849 
Veru, Inc.(1)
5,135 78,565 
5,209,323 
Pharmaceuticals — 4.2%
Aclaris Therapeutics, Inc.(1)
1,836 29,211 
Aerie Pharmaceuticals, Inc.(1)
1,310 19,781 
Amneal Pharmaceuticals, Inc.(1)
3,268 7,092 
Amphastar Pharmaceuticals, Inc.(1)
3,941 116,654 
Amylyx Pharmaceuticals, Inc.(1)
7,441 187,811 
ANI Pharmaceuticals, Inc.(1)
656 24,200 
Arvinas, Inc.(1)
9,431 399,309 
Assertio Holdings, Inc.(1)(2)
3,356 8,558 
AstraZeneca PLC, ADR16,803 1,048,171 
ATAI Life Sciences NV(1)
5,176 23,292 
Atea Pharmaceuticals, Inc.(1)
10,199 76,493 
Bristol-Myers Squibb Co.199,520 13,449,643 
Cassava Sciences, Inc.(1)(2)
1,285 33,063 
Catalent, Inc.(1)
8,939 786,632 
CinCor Pharma, Inc.(1)
1,088 36,742 
Collegium Pharmaceutical, Inc.(1)
887 15,593 
Corcept Therapeutics, Inc.(1)
29,738 767,835 
Cymabay Therapeutics, Inc.(1)
297 1,051 
DICE Therapeutics, Inc.(1)
3,665 57,541 
Edgewise Therapeutics, Inc.(1)
239 2,409 
Elanco Animal Health, Inc.(1)
34,443 521,123 
Eli Lilly & Co.47,166 14,207,814 
Endo International PLC(1)
30 
Esperion Therapeutics, Inc.(1)
1,615 12,048 
Harmony Biosciences Holdings, Inc.(1)
9,202 404,060 
Innoviva, Inc.(1)
19,241 253,212 
Intra-Cellular Therapies, Inc.(1)
11,472 576,583 
Jazz Pharmaceuticals PLC(1)
8,114 1,259,455 
Johnson & Johnson161,330 26,028,982 
Merck & Co., Inc.206,240 17,604,646 
Nektar Therapeutics(1)
8,235 32,446 
NGM Biopharmaceuticals, Inc.(1)
841 11,867 
Nuvation Bio, Inc.(1)
13,618 38,130 
Ocular Therapeutix, Inc.(1)
5,603 28,463 
Omeros Corp.(1)(2)
1,336 5,384 
Oramed Pharmaceuticals, Inc.(1)
470 4,023 
Organon & Co.12,312 351,261 
Paratek Pharmaceuticals, Inc.(1)(2)
1,588 3,986 
65


Avantis U.S. Equity ETF
SharesValue
Perrigo Co. PLC17,786 $665,552 
Pfizer, Inc.416,529 18,839,607 
Phibro Animal Health Corp., Class A1,151 17,046 
Pliant Therapeutics, Inc.(1)
2,546 49,087 
Prestige Consumer Healthcare, Inc.(1)
11,557 584,553 
ProPhase Labs, Inc.(2)
872 10,560 
Relmada Therapeutics, Inc.(1)
509 14,832 
Revance Therapeutics, Inc.(1)
647 12,875 
Royalty Pharma PLC, Class A15,056 629,491 
SIGA Technologies, Inc.16,753 252,635 
Strongbridge LLC(1)
1,036 188 
Supernus Pharmaceuticals, Inc.(1)
20,389 697,915 
TherapeuticsMD, Inc.(1)
303 3,003 
Theravance Biopharma, Inc.(1)
2,554 23,012 
Tricida, Inc.(1)(2)
1,665 20,846 
Ventyx Biosciences, Inc.(1)
1,100 22,440 
Viatris, Inc.199,920 1,909,236 
Xeris Biopharma Holdings, Inc.(1)(2)
13 
Zoetis, Inc.26,517 4,150,706 
106,338,164 
Professional Services — 0.6%
ASGN, Inc.(1)
1,736 167,871 
Barrett Business Services, Inc.1,313 105,880 
BGSF, Inc.85 
Booz Allen Hamilton Holding Corp.11,355 1,086,673 
CACI International, Inc., Class A(1)
444 124,706 
CBIZ, Inc.(1)
4,900 213,934 
Clarivate PLC(1)
18,662 217,786 
CoStar Group, Inc.(1)
16,449 1,145,508 
CRA International, Inc.1,265 115,634 
Dun & Bradstreet Holdings, Inc.3,414 48,650 
Equifax, Inc.4,848 915,060 
Exponent, Inc.6,939 651,295 
First Advantage Corp.(1)
687 9,508 
Franklin Covey Co.(1)
3,647 173,488 
FTI Consulting, Inc.(1)
1,294 207,816 
Heidrick & Struggles International, Inc.4,579 130,318 
ICF International, Inc.301 30,570 
Insperity, Inc.6,968 759,651 
Jacobs Solutions, Inc.5,025 626,015 
KBR, Inc.14,835 716,530 
Kelly Services, Inc., Class A5,460 87,961 
Kforce, Inc.6,299 344,681 
Korn Ferry13,601 828,573 
Leidos Holdings, Inc.6,138 583,417 
ManpowerGroup, Inc.9,020 661,346 
ManTech International Corp., Class A336 32,226 
Nielsen Holdings PLC7,418 206,517 
Planet Labs PBC(1)
16,681 91,412 
RCM Technologies, Inc.(1)
565 9,865 
Resources Connection, Inc.3,193 62,391 
66


Avantis U.S. Equity ETF
SharesValue
Robert Half International, Inc.22,140 $1,704,116 
Science Applications International Corp.1,784 162,469 
TransUnion6,839 505,197 
TriNet Group, Inc.(1)
8,420 693,808 
TrueBlue, Inc.(1)
6,362 130,675 
Verisk Analytics, Inc.6,626 1,240,122 
14,791,754 
Real Estate Management and Development — 0.2%
CBRE Group, Inc., Class A(1)
30,637 2,419,098 
Cushman & Wakefield PLC(1)
6,981 104,436 
Douglas Elliman, Inc.6,602 30,435 
Five Point Holdings LLC, Class A(1)
2,053 7,493 
Forestar Group, Inc.(1)
1,457 18,125 
FRP Holdings, Inc.(1)
435 25,021 
Howard Hughes Corp.(1)
6,310 401,505 
Jones Lang LaSalle, Inc.(1)
8,380 1,449,740 
Kennedy-Wilson Holdings, Inc.18,741 329,092 
Marcus & Millichap, Inc.4,614 172,471 
Newmark Group, Inc., Class A2,016 20,664 
Opendoor Technologies, Inc.(1)(2)
18,117 78,447 
RE/MAX Holdings, Inc., Class A4,152 94,500 
RMR Group, Inc., Class A1,714 44,633 
Seritage Growth Properties, Class A(1)
949 11,900 
St. Joe Co.5,335 203,797 
Tejon Ranch Co.(1)
586 9,235 
WeWork, Inc., Class A(1)(2)
5,457 22,374 
Zillow Group, Inc., Class A(1)
3,564 119,038 
Zillow Group, Inc., Class C(1)
7,164 239,707 
5,801,711 
Road and Rail — 1.8%
AMERCO1,600 841,072 
ArcBest Corp.7,880 634,576 
Avis Budget Group, Inc.(1)
772 129,217 
Canadian Pacific Railway Ltd.12,665 948,102 
Covenant Logistics Group, Inc.1,851 52,050 
CSX Corp.258,579 8,184,025 
Daseke, Inc.(1)
1,429 8,660 
Heartland Express, Inc.8,114 122,927 
Hertz Global Holdings, Inc.(1)
28,055 517,895 
J.B. Hunt Transport Services, Inc.16,477 2,867,328 
Knight-Swift Transportation Holdings, Inc.21,421 1,081,975 
Landstar System, Inc.8,137 1,193,128 
Lyft, Inc., Class A(1)
2,735 40,287 
Marten Transport Ltd.12,260 242,871 
Norfolk Southern Corp.27,846 6,770,198 
Old Dominion Freight Line, Inc.15,594 4,232,368 
PAM Transportation Services, Inc.(1)
495 14,706 
Ryder System, Inc.14,758 1,128,101 
Saia, Inc.(1)
5,367 1,110,057 
Schneider National, Inc., Class B7,539 172,342 
TuSimple Holdings, Inc., Class A(1)
6,948 49,956 
67


Avantis U.S. Equity ETF
SharesValue
Uber Technologies, Inc.(1)
19,004 $546,555 
Union Pacific Corp.59,412 13,338,588 
Universal Logistics Holdings, Inc.1,509 55,094 
Werner Enterprises, Inc.16,003 636,759 
XPO Logistics, Inc.(1)
5,316 278,665 
45,197,502 
Semiconductors and Semiconductor Equipment — 4.4%
ACM Research, Inc., Class A(1)
1,519 25,656 
Advanced Micro Devices, Inc.(1)
73,251 6,216,812 
Allegro MicroSystems, Inc.(1)
4,506 105,080 
Alpha & Omega Semiconductor Ltd.(1)
5,153 199,215 
Amkor Technology, Inc.27,647 556,534 
Analog Devices, Inc.20,403 3,091,667 
Applied Materials, Inc.77,344 7,275,750 
Axcelis Technologies, Inc.(1)
7,128 477,148 
AXT, Inc.(1)
1,500 12,885 
Broadcom, Inc.13,169 6,572,780 
CEVA, Inc.(1)
1,171 34,275 
Cirrus Logic, Inc.(1)
9,960 763,832 
Cohu, Inc.(1)
17,407 467,030 
Diodes, Inc.(1)
8,717 620,389 
Enphase Energy, Inc.(1)
9,429 2,700,843 
Entegris, Inc.9,222 874,983 
First Solar, Inc.(1)
11,503 1,467,208 
Formfactor, Inc.(1)
14,774 432,583 
GLOBALFOUNDRIES, Inc.(1)(2)
6,130 366,697 
Impinj, Inc.(1)
837 74,727 
Intel Corp.263,642 8,415,453 
KLA Corp.16,865 5,803,752 
Kulicke & Soffa Industries, Inc.15,136 636,317 
Lam Research Corp.13,974 6,119,354 
Lattice Semiconductor Corp.(1)
11,240 605,836 
MACOM Technology Solutions Holdings, Inc.(1)
1,812 99,932 
MagnaChip Semiconductor Corp.(1)
5,631 65,883 
Marvell Technology, Inc.23,315 1,091,608 
MaxLinear, Inc.(1)
7,964 286,147 
Microchip Technology, Inc.20,814 1,358,114 
Micron Technology, Inc.117,300 6,630,969 
MKS Instruments, Inc.5,047 502,732 
Monolithic Power Systems, Inc.2,132 966,180 
Navitas Semiconductor Corp.(1)
3,767 22,263 
NVE Corp.234 11,869 
NVIDIA Corp.66,662 10,061,962 
NXP Semiconductors NV7,537 1,240,439 
ON Semiconductor Corp.(1)
63,311 4,353,897 
Onto Innovation, Inc.(1)
4,902 347,993 
PDF Solutions, Inc.(1)
1,548 40,836 
Photronics, Inc.(1)
17,169 288,439 
Power Integrations, Inc.6,473 463,014 
Qorvo, Inc.(1)
11,874 1,066,048 
QUALCOMM, Inc.65,641 8,682,335 
68


Avantis U.S. Equity ETF
SharesValue
Rambus, Inc.(1)
8,646 $222,980 
Semtech Corp.(1)
3,227 149,055 
Silicon Laboratories, Inc.(1)
2,549 319,466 
SiTime Corp.(1)
259 27,560 
Skyworks Solutions, Inc.18,384 1,811,743 
SMART Global Holdings, Inc.(1)
5,645 103,586 
SolarEdge Technologies, Inc.(1)
3,675 1,014,190 
Synaptics, Inc.(1)
5,205 601,750 
Teradyne, Inc.28,824 2,439,663 
Texas Instruments, Inc.74,458 12,301,206 
Ultra Clean Holdings, Inc.(1)
11,551 338,098 
Universal Display Corp.3,301 368,821 
Veeco Instruments, Inc.(1)
3,186 67,352 
Wolfspeed, Inc.(1)
6,574 745,952 
112,008,888 
Software — 5.9%
A10 Networks, Inc.12,728 176,919 
ACI Worldwide, Inc.(1)
15,653 370,976 
Adobe, Inc.(1)
13,871 5,179,986 
Agilysys, Inc.(1)
1,242 64,298 
Altair Engineering, Inc., Class A(1)
234 12,170 
American Software, Inc., Class A2,265 38,346 
ANSYS, Inc.(1)
2,424 601,879 
AppLovin Corp., Class A(1)(2)
752 18,522 
Aspen Technology, Inc.(1)
2,658 559,775 
Autodesk, Inc.(1)
12,375 2,496,533 
Avalara, Inc.(1)
1,494 136,835 
Bentley Systems, Inc., Class B6,069 223,157 
Bill.com Holdings, Inc.(1)
4,020 650,758 
Black Knight, Inc.(1)
3,650 241,484 
Blackbaud, Inc.(1)
6,763 353,705 
Box, Inc., Class A(1)
6,725 173,169 
BTRS Holdings, Inc., Class A(1)
4,472 30,231 
C3.ai, Inc., Class A(1)
6,859 123,462 
Cadence Design Systems, Inc.(1)
17,458 3,033,677 
Cerence, Inc.(1)
140 
Ceridian HCM Holding, Inc.(1)
896 53,437 
ChannelAdvisor Corp.(1)
87 1,313 
Citrix Systems, Inc.5,254 539,954 
CommVault Systems, Inc.(1)
4,026 218,572 
Confluent, Inc., Class A(1)(2)
583 15,951 
Consensus Cloud Solutions, Inc.(1)
784 39,474 
Crowdstrike Holdings, Inc., Class A(1)
8,693 1,587,429 
Datadog, Inc., Class A(1)
3,982 417,911 
Digital Turbine, Inc.(1)
5,822 107,532 
DocuSign, Inc.(1)
7,778 452,835 
Dolby Laboratories, Inc., Class A7,446 545,345 
Domo, Inc., Class B(1)
393 7,569 
Dropbox, Inc., Class A(1)
11,043 236,210 
Duck Creek Technologies, Inc.(1)
6,715 79,909 
Dynatrace, Inc.(1)
2,654 101,330 
69


Avantis U.S. Equity ETF
SharesValue
Ebix, Inc.(2)
864 $22,481 
eGain Corp.(1)
2,058 18,954 
Elastic NV(1)
685 57,478 
Envestnet, Inc.(1)
781 40,901 
Fair Isaac Corp.(1)
1,556 699,266 
Five9, Inc.(1)
898 88,103 
Fortinet, Inc.(1)
78,469 3,820,656 
Gitlab, Inc., Class A(1)(2)
946 56,637 
Guidewire Software, Inc.(1)
3,482 249,694 
HubSpot, Inc.(1)
1,330 448,263 
InterDigital, Inc.9,545 478,777 
Intuit, Inc.6,975 3,011,666 
JFrog Ltd.(1)
2,363 49,977 
KnowBe4, Inc., Class A(1)
538 10,340 
LiveRamp Holdings, Inc.(1)
3,077 61,078 
Manhattan Associates, Inc.(1)
9,193 1,298,603 
Marathon Digital Holdings, Inc.(1)(2)
3,908 46,310 
Matterport, Inc.(1)
2,267 10,451 
Microsoft Corp.343,909 89,921,886 
MicroStrategy, Inc., Class A(1)(2)
136 31,492 
Mitek Systems, Inc.(1)
2,761 28,217 
NCR Corp.(1)
15,837 491,739 
NortonLifeLock, Inc.41,269 932,267 
Nutanix, Inc., Class A(1)
6,002 103,835 
Oracle Corp. (New York)57,820 4,287,353 
Palantir Technologies, Inc., Class A(1)
60,538 467,353 
Palo Alto Networks, Inc.(1)
7,163 3,988,430 
Paycom Software, Inc.(1)
5,093 1,788,662 
Paycor HCM, Inc.(1)
1,072 31,763 
Paylocity Holding Corp.(1)
2,886 695,526 
Pegasystems, Inc.5,131 187,846 
Procore Technologies, Inc.(1)
1,239 67,649 
Progress Software Corp.2,551 122,780 
PROS Holdings, Inc.(1)
1,704 35,528 
PTC, Inc.(1)
3,141 360,869 
Qualys, Inc.(1)
7,678 1,166,288 
Rapid7, Inc.(1)
1,494 85,905 
Rimini Street, Inc.(1)
2,500 12,600 
RingCentral, Inc., Class A(1)
625 26,900 
Riot Blockchain, Inc.(1)(2)
6,275 44,992 
Roper Technologies, Inc.1,960 789,057 
Salesforce, Inc.(1)
19,387 3,026,698 
Samsara, Inc., Class A(1)
487 7,242 
SentinelOne, Inc., Class A(1)
3,235 88,348 
ServiceNow, Inc.(1)
6,409 2,785,480 
ShotSpotter, Inc.(1)
385 12,563 
Splunk, Inc.(1)
1,993 179,430 
SPS Commerce, Inc.(1)
2,014 245,950 
Synopsys, Inc.(1)
5,565 1,925,601 
Tenable Holdings, Inc.(1)
1,290 51,097 
Teradata Corp.(1)
15,700 516,530 
70


Avantis U.S. Equity ETF
SharesValue
Trade Desk, Inc., Class A(1)
8,095 $507,557 
Tyler Technologies, Inc.(1)
1,462 543,148 
UiPath, Inc., Class A(1)
4,644 76,394 
Unity Software, Inc.(1)
1,629 69,591 
Verint Systems, Inc.(1)
509 24,681 
Vertex, Inc., Class A(1)
2,086 28,536 
VMware, Inc., Class A6,717 779,374 
Workday, Inc., Class A(1)
3,215 529,060 
Xperi Holding Corp.6,161 98,022 
Zendesk, Inc.(1)
1,463 112,315 
Zoom Video Communications, Inc., Class A(1)
11,241 903,776 
Zscaler, Inc.(1)
700 111,468 
147,652,226 
Specialty Retail — 2.7%
Aaron's Co., Inc.5,617 66,842 
Abercrombie & Fitch Co., Class A(1)
19,651 282,778 
Academy Sports & Outdoors, Inc.24,664 1,062,525 
Advance Auto Parts, Inc.11,297 1,905,126 
America's Car-Mart, Inc.(1)
744 59,974 
American Eagle Outfitters, Inc.23,978 269,992 
Arko Corp.15,674 149,373 
Asbury Automotive Group, Inc.(1)
4,564 796,327 
AutoNation, Inc.(1)
15,252 1,900,399 
AutoZone, Inc.(1)
580 1,229,142 
Bath & Body Works, Inc.11,064 413,019 
Bed Bath & Beyond, Inc.(1)(2)
21,548 205,352 
Best Buy Co., Inc.35,669 2,521,442 
Big 5 Sporting Goods Corp.3,884 47,540 
Boot Barn Holdings, Inc.(1)
6,803 453,216 
Buckle, Inc.16,422 530,102 
Build-A-Bear Workshop, Inc.2,133 32,678 
Burlington Stores, Inc.(1)
8,194 1,148,717 
Caleres, Inc.11,754 299,962 
Camping World Holdings, Inc., Class A475 14,307 
CarMax, Inc.(1)
20,994 1,856,709 
Cato Corp., Class A1,679 18,150 
Chico's FAS, Inc.(1)
26,387 149,878 
Children's Place, Inc.(1)
1,932 81,492 
Citi Trends, Inc.(1)
1,443 29,149 
Conn's, Inc.(1)
549 5,276 
Container Store Group, Inc.(1)
5,121 34,720 
Designer Brands, Inc., Class A13,701 233,739 
Destination XL Group, Inc.(1)
8,008 44,124 
Dick's Sporting Goods, Inc.(2)
13,865 1,474,820 
EVgo, Inc.(1)
1,349 12,802 
Five Below, Inc.(1)
5,572 712,547 
Floor & Decor Holdings, Inc., Class A(1)
9,034 735,006 
Foot Locker, Inc.24,663 908,585 
GameStop Corp., Class A(1)(2)
1,176 33,681 
Gap, Inc.58,135 531,354 
Genesco, Inc.(1)
3,014 170,532 
71


Avantis U.S. Equity ETF
SharesValue
Group 1 Automotive, Inc.4,655 $831,337 
Guess?, Inc.9,243 161,475 
Haverty Furniture Cos., Inc.3,957 106,127 
Hibbett, Inc.5,714 334,840 
Home Depot, Inc.22,350 6,446,187 
Leslie's, Inc.(1)
5,958 84,484 
Lithia Motors, Inc.6,395 1,697,489 
LL Flooring Holdings, Inc.(1)
2,757 22,442 
Lowe's Cos., Inc.25,925 5,033,080 
MarineMax, Inc.(1)
8,894 323,208 
Monro, Inc.98 4,538 
Murphy USA, Inc.6,848 1,987,084 
National Vision Holdings, Inc.(1)
3,443 114,411 
O'Reilly Automotive, Inc.(1)
3,485 2,429,463 
ODP Corp.(1)
14,432 515,944 
Penske Automotive Group, Inc.8,000 943,280 
Rent-A-Center, Inc.9,223 238,322 
RH(1)
2,371 606,763 
Ross Stores, Inc.51,710 4,461,022 
Sally Beauty Holdings, Inc.(1)
9,904 147,372 
Shoe Carnival, Inc.2,170 51,624 
Signet Jewelers Ltd.14,269 932,765 
Sleep Number Corp.(1)
263 10,896 
Sonic Automotive, Inc., Class A5,158 274,354 
Sportsman's Warehouse Holdings, Inc.(1)
3,818 30,391 
Tilly's, Inc., Class A1,024 7,680 
TJX Cos., Inc.115,632 7,209,655 
Tractor Supply Co.20,675 3,827,976 
TravelCenters of America, Inc.(1)
3,568 192,957 
Ulta Beauty, Inc.(1)
10,593 4,447,683 
Urban Outfitters, Inc.(1)
15,030 302,554 
Victoria's Secret & Co.(1)
19,662 657,497 
Williams-Sonoma, Inc.16,714 2,486,208 
Winmark Corp.91 18,780 
Zumiez, Inc.(1)
6,325 164,197 
67,525,462 
Technology Hardware, Storage and Peripherals — 5.1%
Apple, Inc.771,093 121,231,242 
Avid Technology, Inc.(1)
1,549 42,365 
Contra Zagg, Inc.(1)
— 
Dell Technologies, Inc., Class C7,676 293,914 
Eastman Kodak Co.(1)
6,666 36,063 
Hewlett Packard Enterprise Co.62,964 856,310 
HP, Inc.33,590 964,369 
Immersion Corp.(1)
4,066 24,233 
IonQ, Inc.(1)(2)
2,370 14,078 
NetApp, Inc.17,396 1,254,774 
Pure Storage, Inc., Class A(1)
7,963 230,688 
Seagate Technology Holdings PLC27,067 1,812,406 
Stratasys Ltd.(1)
556 9,597 
Super Micro Computer, Inc.(1)
14,297 930,449 
72


Avantis U.S. Equity ETF
SharesValue
Turtle Beach Corp.(1)
89 $836 
Western Digital Corp.(1)
22,513 951,399 
Xerox Holdings Corp.34,094 566,642 
129,219,365 
Textiles, Apparel and Luxury Goods — 1.0%
Allbirds, Inc., Class A(1)(2)
2,473 10,164 
Capri Holdings Ltd.(1)
32,156 1,517,120 
Carter's, Inc.8,809 650,545 
Columbia Sportswear Co.4,837 344,588 
Crocs, Inc.(1)
15,771 1,162,323 
Deckers Outdoor Corp.(1)
5,250 1,688,243 
Ermenegildo Zegna NV5,235 53,606 
Fossil Group, Inc.(1)
3,467 14,665 
G-III Apparel Group Ltd.(1)
20,457 431,029 
Hanesbrands, Inc.37,039 322,610 
Kontoor Brands, Inc.3,228 120,178 
Levi Strauss & Co., Class A24,693 417,065 
lululemon athletica, Inc.(1)
13,438 4,030,863 
Movado Group, Inc.3,968 126,540 
NIKE, Inc., Class B74,734 7,955,434 
Oxford Industries, Inc.6,676 712,530 
PVH Corp.9,897 556,706 
Ralph Lauren Corp.8,465 773,108 
Rocky Brands, Inc.280 7,316 
Skechers USA, Inc., Class A(1)
17,252 652,126 
Steven Madden Ltd.15,576 453,417 
Tapestry, Inc.63,026 2,188,893 
Under Armour, Inc., Class A(1)
21,810 183,640 
Under Armour, Inc., Class C(1)
19,783 150,153 
Unifi, Inc.(1)
1,684 19,130 
Vera Bradley, Inc.(1)
320 1,267 
VF Corp.24,740 1,025,473 
Wolverine World Wide, Inc.15,298 298,923 
25,867,655 
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
14,560 608,317 
Blue Foundry Bancorp(1)
470 5,344 
Bridgewater Bancshares, Inc.(1)
3,516 60,405 
Columbia Financial, Inc.(1)
4,823 102,875 
Enact Holdings, Inc.4,868 123,647 
Essent Group Ltd.26,071 1,042,579 
Federal Agricultural Mortgage Corp., Class C1,700 185,708 
Flagstar Bancorp, Inc.14,975 576,987 
FS Bancorp, Inc.826 24,540 
Hingham Institution For Savings252 74,819 
Home Bancorp, Inc.153 5,973 
Kearny Financial Corp.9,597 109,022 
Merchants Bancorp2,718 73,304 
MGIC Investment Corp.75,021 1,072,050 
Mr. Cooper Group, Inc.(1)
19,399 820,578 
New York Community Bancorp, Inc.(2)
70,392 689,138 
73


Avantis U.S. Equity ETF
SharesValue
NMI Holdings, Inc., Class A(1)
27,765 $570,015 
Northfield Bancorp, Inc.6,269 92,405 
OP Bancorp18 218 
PennyMac Financial Services, Inc.10,548 560,310 
Provident Financial Services, Inc.13,319 309,400 
Radian Group, Inc.40,905 863,504 
Southern Missouri Bancorp, Inc.1,063 56,052 
Sterling Bancorp, Inc.(1)
18 
Territorial Bancorp, Inc.41 853 
TFS Financial Corp.2,590 37,037 
TrustCo Bank Corp. NY3,584 119,490 
Walker & Dunlop, Inc.7,647 768,218 
Waterstone Financial, Inc.2,638 45,611 
Western New England Bancorp, Inc.90 750 
WSFS Financial Corp.13,899 672,017 
9,671,184 
Trading Companies and Distributors — 0.8%
Air Lease Corp.26,706 971,030 
Applied Industrial Technologies, Inc.6,879 729,312 
Beacon Roofing Supply, Inc.(1)
676 37,119 
BlueLinx Holdings, Inc.(1)
3,095 216,959 
Boise Cascade Co.12,760 795,331 
Fastenal Co.63,654 3,203,706 
GATX Corp.9,403 908,424 
Global Industrial Co.1,501 45,150 
H&E Equipment Services, Inc.12,345 390,843 
Herc Holdings, Inc.7,073 795,925 
Hudson Technologies, Inc.(1)
966 8,018 
McGrath RentCorp7,621 644,127 
MRC Global, Inc.(1)
7,555 73,510 
MSC Industrial Direct Co., Inc., Class A7,626 604,055 
NOW, Inc.(1)
17,726 214,839 
Rush Enterprises, Inc., Class A12,080 568,485 
Rush Enterprises, Inc., Class B820 41,525 
SiteOne Landscape Supply, Inc.(1)
5,239 655,713 
Textainer Group Holdings Ltd.16,848 511,842 
Titan Machinery, Inc.(1)
5,491 169,013 
Triton International Ltd.19,742 1,176,426 
United Rentals, Inc.(1)
5,888 1,719,531 
Univar Solutions, Inc.(1)
4,131 104,184 
Veritiv Corp.(1)
4,886 582,362 
W.W. Grainger, Inc.7,206 3,998,898 
Watsco, Inc.2,391 650,424 
WESCO International, Inc.(1)
2,067 272,182 
20,088,933 
Water Utilities — 0.1%
American States Water Co.3,548 294,378 
American Water Works Co., Inc.9,652 1,432,839 
Artesian Resources Corp., Class A731 39,935 
California Water Service Group3,393 198,592 
Essential Utilities, Inc.11,807 580,314 
74


Avantis U.S. Equity ETF
SharesValue
Global Water Resources, Inc.$95 
2,546,153 
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(1)
3,495 51,936 
Shenandoah Telecommunications Co.17,411 388,091 
T-Mobile US, Inc.(1)
56,525 8,137,339 
Telephone and Data Systems, Inc.32,429 527,620 
United States Cellular Corp.(1)
2,811 80,366 
9,185,352 
TOTAL COMMON STOCKS
(Cost $2,497,670,567)
2,517,309,070 
SHORT-TERM INVESTMENTS — 0.4%


Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class2,787,830 2,787,830 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
7,532,352 7,532,352 
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,320,182)
10,320,182 
TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $2,507,990,749)

2,527,629,252 
OTHER ASSETS AND LIABILITIES — (0.2)%

(4,892,136)
TOTAL NET ASSETS — 100.0%

$2,522,737,116 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $10,593,875. 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 $10,877,160, which includes securities collateral of $3,344,808.


See Notes to Financial Statements.
75


AUGUST 31, 2022
Avantis U.S. Large Cap Value ETF
SharesValue
COMMON STOCKS — 99.6%


Aerospace and Defense — 0.2%
BWX Technologies, Inc.16,626 $866,713 
Air Freight and Logistics — 2.6%
Expeditors International of Washington, Inc.15,699 1,615,270 
FedEx Corp.16,287 3,433,463 
United Parcel Service, Inc., Class B40,334 7,845,366 
12,894,099 
Airlines — 0.1%
Alaska Air Group, Inc.(1)
14,238 620,207 
Auto Components
Gentex Corp.15 409 
Automobiles — 1.0%
Ford Motor Co.185,368 2,825,008 
General Motors Co.43,609 1,666,300 
Harley-Davidson, Inc.14,610 563,508 
5,054,816 
Banks — 4.6%
Citigroup, Inc.77,155 3,765,935 
Comerica, Inc.29 2,329 
JPMorgan Chase & Co.85,675 9,743,818 
KeyCorp59,838 1,058,534 
PacWest Bancorp5,670 149,291 
Popular, Inc.10,465 808,107 
Regions Financial Corp.125 2,709 
Synovus Financial Corp.26,729 1,073,437 
Wells Fargo & Co.138,585 6,057,550 
22,661,710 
Beverages
National Beverage Corp.215 11,924 
Biotechnology — 4.4%
Biogen, Inc.(1)
7,658 1,496,220 
Gilead Sciences, Inc.92,928 5,898,140 
Halozyme Therapeutics, Inc.(1)
4,677 190,494 
Moderna, Inc.(1)
28,358 3,750,913 
Regeneron Pharmaceuticals, Inc.(1)
8,335 4,843,135 
United Therapeutics Corp.(1)
5,200 1,178,424 
Vertex Pharmaceuticals, Inc.(1)
15,148 4,268,101 
21,625,427 
Building Products — 0.8%
Builders FirstSource, Inc.(1)
24,878 1,458,100 
Owens Corning18,025 1,473,183 
UFP Industries, Inc.10,962 870,273 
3,801,556 
Capital Markets — 4.5%
Ameriprise Financial, Inc.11,437 3,065,230 
Blackstone, Inc.11,014 1,034,655 
Carlyle Group, Inc.41,920 1,363,658 
Goldman Sachs Group, Inc.20,671 6,876,622 
Houlihan Lokey, Inc.15,075 1,183,387 
76


Avantis U.S. Large Cap Value ETF
SharesValue
Morgan Stanley52,813 $4,500,724 
Raymond James Financial, Inc.102 10,646 
SEI Investments Co.14,070 769,629 
Stifel Financial Corp.13,255 786,154 
T. Rowe Price Group, Inc.23,372 2,804,640 
22,395,345 
Chemicals — 3.5%
Celanese Corp.11,366 1,260,035 
CF Industries Holdings, Inc.25,461 2,634,195 
Chemours Co.23,809 803,077 
Dow, Inc.69,486 3,543,786 
Eastman Chemical Co.4,841 440,531 
Huntsman Corp.25,437 712,745 
LyondellBasell Industries NV, Class A30,138 2,501,454 
Mosaic Co.56,113 3,022,807 
Olin Corp.30,792 1,683,091 
Westlake Corp.6,720 662,794 
17,264,515 
Construction Materials
Eagle Materials, Inc.1,692 202,397 
Consumer Finance — 2.5%
Ally Financial, Inc.50,765 1,685,398 
Capital One Financial Corp.33,943 3,591,848 
Credit Acceptance Corp.(1)(2)
1,378 733,206 
Discover Financial Services32,555 3,271,452 
OneMain Holdings, Inc.20,363 711,280 
Synchrony Financial70,087 2,295,349 
12,288,533 
Containers and Packaging — 0.4%
Packaging Corp. of America14,115 1,932,626 
Diversified Financial Services — 0.8%
Apollo Global Management, Inc.2,223 123,554 
Equitable Holdings, Inc.71,995 2,141,851 
Voya Financial, Inc.24,554 1,510,808 
3,776,213 
Diversified Telecommunication Services — 1.8%
Iridium Communications, Inc.(1)
16,909 750,591 
Verizon Communications, Inc.194,303 8,123,808 
8,874,399 
Electronic Equipment, Instruments and Components — 1.2%
Corning, Inc.84,577 2,902,683 
Flex Ltd.(1)
67,678 1,205,345 
Jabil, Inc.28,283 1,705,465 
5,813,493 
Energy Equipment and Services — 0.1%
Halliburton Co.9,190 276,895 
Entertainment — 0.1%
World Wrestling Entertainment, Inc., Class A8,649 588,219 
Food and Staples Retailing — 4.5%
Albertsons Cos., Inc., Class A22,324 614,133 
Casey's General Stores, Inc.6,312 1,349,316 
77


Avantis U.S. Large Cap Value ETF
SharesValue
Costco Wholesale Corp.15,822 $8,260,666 
Kroger Co.82,325 3,946,661 
Walmart, Inc.63,193 8,376,232 
22,547,008 
Food Products — 0.2%
Darling Ingredients, Inc.(1)
950 72,257 
Pilgrim's Pride Corp.(1)
27,060 770,398 
Tyson Foods, Inc., Class A32 2,412 
845,067 
Health Care Equipment and Supplies — 0.5%
Hologic, Inc.(1)
31,632 2,137,058 
QuidelOrtho Corp.(1)
5,185 410,963 
2,548,021 
Health Care Providers and Services — 1.4%
Centene Corp.(1)
33,427 2,999,739 
Ensign Group, Inc.6,375 543,788 
Humana, Inc.823 396,505 
Molina Healthcare, Inc.(1)
8,836 2,981,001 
6,921,033 
Hotels, Restaurants and Leisure — 0.5%
Boyd Gaming Corp.16,820 915,513 
Choice Hotels International, Inc.4,665 535,122 
Texas Roadhouse, Inc.12,615 1,119,707 
2,570,342 
Household Durables — 0.7%
NVR, Inc.(1)
136 563,048 
PulteGroup, Inc.28,338 1,152,223 
Toll Brothers, Inc.8,293 363,151 
Whirlpool Corp.9,614 1,505,552 
3,583,974 
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.38,712 985,221 
Clearway Energy, Inc., Class A6,884 237,360 
Clearway Energy, Inc., Class C11,452 424,869 
Vistra Corp.28,245 699,064 
2,346,514 
Insurance — 3.8%
Allstate Corp.14,082 1,696,881 
American Financial Group, Inc.7,920 1,011,225 
American International Group, Inc.45,096 2,333,718 
Fidelity National Financial, Inc.46,350 1,812,285 
First American Financial Corp.19,322 1,033,727 
Hartford Financial Services Group, Inc.46,806 3,010,094 
MetLife, Inc.24,800 1,595,384 
Old Republic International Corp.34,465 752,716 
Primerica, Inc.9,011 1,142,144 
RenaissanceRe Holdings Ltd.60 8,116 
Selective Insurance Group, Inc.2,377 188,781 
Travelers Cos., Inc.26,908 4,349,409 
18,934,480 
78


Avantis U.S. Large Cap Value ETF
SharesValue
Interactive Media and Services — 1.9%
Meta Platforms, Inc., Class A(1)
56,402 $9,189,578 
Internet and Direct Marketing Retail — 0.5%
eBay, Inc.57,579 2,540,961 
IT Services — 0.3%
Automatic Data Processing, Inc.872 213,125 
DXC Technology Co.(1)
42,319 1,048,665 
Jack Henry & Associates, Inc.869 167,022 
1,428,812 
Leisure Products
Brunswick Corp.2,713 202,688 
Machinery — 1.5%
Cummins, Inc.8,987 1,935,530 
Deere & Co.14,602 5,333,381 
Lincoln Electric Holdings, Inc.2,570 351,293 
Snap-on, Inc.214 46,622 
7,666,826 
Media — 0.1%
DISH Network Corp., Class A(1)
26,675 462,811 
Metals and Mining — 2.9%
Cleveland-Cliffs, Inc.(1)
67,763 1,170,267 
Commercial Metals Co.4,573 185,252 
Freeport-McMoRan, Inc.137,847 4,080,271 
Nucor Corp.34,356 4,567,287 
Reliance Steel & Aluminum Co.1,862 350,019 
Steel Dynamics, Inc.32,686 2,638,414 
United States Steel Corp.55,595 1,271,458 
14,262,968 
Multiline Retail — 1.6%
Kohl's Corp.25,689 730,082 
Macy's, Inc.67,488 1,168,892 
Target Corp.36,856 5,909,491 
7,808,465 
Oil, Gas and Consumable Fuels — 18.4%
Antero Resources Corp.(1)
25,354 1,016,188 
Chevron Corp.87,126 13,771,135 
ConocoPhillips94,480 10,340,836 
Continental Resources, Inc.13,536 945,219 
Coterra Energy, Inc.81,252 2,511,499 
Devon Energy Corp.99,809 7,048,512 
Diamondback Energy, Inc.24,557 3,272,957 
EOG Resources, Inc.55,063 6,679,142 
EQT Corp.28,619 1,367,988 
Exxon Mobil Corp.176,533 16,874,789 
Hess Corp.27,498 3,321,208 
Marathon Oil Corp.117,735 3,012,839 
Marathon Petroleum Corp.40,841 4,114,731 
Murphy Oil Corp.29,767 1,160,020 
Occidental Petroleum Corp.74,880 5,316,480 
ONEOK, Inc.59,299 3,630,878 
Ovintiv, Inc.18,321 973,578 
79


Avantis U.S. Large Cap Value ETF
SharesValue
PDC Energy, Inc.8,370 $568,407 
Phillips 6633,913 3,033,857 
Range Resources Corp.(1)
44,717 1,469,401 
Texas Pacific Land Corp.455 837,409 
91,267,073 
Paper and Forest Products — 0.2%
Louisiana-Pacific Corp.19,702 1,068,440 
Pharmaceuticals — 8.3%
Bristol-Myers Squibb Co.77,805 5,244,835 
Jazz Pharmaceuticals PLC(1)
10,313 1,600,784 
Johnson & Johnson76,337 12,316,212 
Merck & Co., Inc.114,643 9,785,926 
Pfizer, Inc.243,303 11,004,595 
Viatris, Inc.103,060 984,223 
40,936,575 
Professional Services — 0.5%
Robert Half International, Inc.22,098 1,700,883 
TriNet Group, Inc.(1)
12,624 1,040,218 
2,741,101 
Road and Rail — 5.0%
AMERCO1,567 823,725 
CSX Corp.157,527 4,985,730 
Hertz Global Holdings, Inc.(1)
799 14,750 
J.B. Hunt Transport Services, Inc.12,986 2,259,824 
Knight-Swift Transportation Holdings, Inc.19,612 990,602 
Landstar System, Inc.3,480 510,272 
Norfolk Southern Corp.12,921 3,141,483 
Old Dominion Freight Line, Inc.6,657 1,806,776 
Saia, Inc.(1)
5,240 1,083,789 
Union Pacific Corp.40,054 8,992,523 
24,609,474 
Semiconductors and Semiconductor Equipment — 5.9%
Amkor Technology, Inc.18,015 362,642 
Applied Materials, Inc.47,700 4,487,139 
GLOBALFOUNDRIES, Inc.(1)(2)
4,245 253,936 
KLA Corp.6,446 2,218,262 
Lam Research Corp.9,671 4,235,028 
Micron Technology, Inc.50,098 2,832,040 
ON Semiconductor Corp.(1)
6,112 420,322 
QUALCOMM, Inc.28,415 3,758,452 
Teradyne, Inc.22,145 1,874,353 
Texas Instruments, Inc.51,977 8,587,120 
29,029,294 
Software — 1.1%
Aspen Technology, Inc.(1)
41 8,635 
Microsoft Corp.18,443 4,822,291 
Qualys, Inc.(1)
3,095 470,130 
5,301,056 
Specialty Retail — 5.0%
AutoNation, Inc.(1)
11,747 1,463,676 
Best Buy Co., Inc.30,003 2,120,912 
80


Avantis U.S. Large Cap Value ETF
SharesValue
Burlington Stores, Inc.(1)
6,781 $950,628 
Dick's Sporting Goods, Inc.(2)
15,334 1,631,078 
Gap, Inc.17,382 158,871 
Lithia Motors, Inc.2,763 733,411 
Penske Automotive Group, Inc.7,859 926,655 
RH(1)
2,721 696,331 
Ross Stores, Inc.35,262 3,042,053 
TJX Cos., Inc.80,134 4,996,355 
Tractor Supply Co.16,597 3,072,934 
Ulta Beauty, Inc.(1)
7,464 3,133,910 
Williams-Sonoma, Inc.14,000 2,082,500 
25,009,314 
Technology Hardware, Storage and Peripherals — 2.8%
Apple, Inc.87,429 13,745,587 
Textiles, Apparel and Luxury Goods — 1.4%
Capri Holdings Ltd.(1)
29,539 1,393,650 
Levi Strauss & Co., Class A31,523 532,423 
lululemon athletica, Inc.(1)
5,974 1,791,961 
NIKE, Inc., Class B9,572 1,018,939 
Ralph Lauren Corp.3,601 328,879 
Tapestry, Inc.51,189 1,777,794 
Under Armour, Inc., Class A(1)
7,706 64,885 
Under Armour, Inc., Class C(1)
9,435 71,612 
6,980,143 
Trading Companies and Distributors — 0.6%
W.W. Grainger, Inc.5,591 3,102,670 
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc.(1)
31,720 4,566,411 
TOTAL COMMON STOCKS
(Cost $506,729,159)
493,166,182 
SHORT-TERM INVESTMENTS — 0.3%


Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class183,451 183,451 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,262,664 1,262,664 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,446,115)
1,446,115 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $508,175,274)

494,612,297 
OTHER ASSETS AND LIABILITIES — 0.1%

342,308 
TOTAL NET ASSETS — 100.0%

$494,954,605 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,714,564. 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 $1,764,108, which includes securities collateral of $501,444.


See Notes to Financial Statements.
81


AUGUST 31, 2022
Avantis U.S. Small Cap Equity ETF
SharesValue
COMMON STOCKS — 99.7%


Aerospace and Defense — 1.0%
AAR Corp.(1)
1,040 $44,595 
AerSale Corp.(1)
560 10,797 
Archer Aviation, Inc., Class A(1)
2,708 9,586 
Astronics Corp.(1)
560 5,158 
Ducommun, Inc.(1)
300 13,200 
Kaman Corp.740 23,473 
Kratos Defense & Security Solutions, Inc.(1)
901 11,299 
Maxar Technologies, Inc.2,080 49,566 
Momentus, Inc.(1)
885 1,566 
Moog, Inc., Class A882 66,132 
National Presto Industries, Inc.140 9,551 
Park Aerospace Corp.500 5,755 
V2X, Inc.(1)
300 10,398 
261,076 
Air Freight and Logistics — 1.3%
Air Transport Services Group, Inc.(1)
2,044 61,586 
Atlas Air Worldwide Holdings, Inc.(1)
940 93,925 
Forward Air Corp.860 83,454 
Hub Group, Inc., Class A(1)
1,040 83,002 
Radiant Logistics, Inc.(1)
1,400 9,800 
331,767 
Airlines — 0.7%
Allegiant Travel Co.(1)
420 40,530 
Frontier Group Holdings, Inc.(1)
1,041 13,429 
Hawaiian Holdings, Inc.(1)
1,340 20,087 
Mesa Air Group, Inc.(1)
780 1,895 
SkyWest, Inc.(1)
1,340 28,529 
Spirit Airlines, Inc.(1)
3,041 68,970 
Sun Country Airlines Holdings, Inc.(1)
910 18,127 
191,567 
Auto Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(1)
3,120 32,292 
Cooper-Standard Holdings, Inc.(1)
480 3,758 
Dana, Inc.3,320 51,360 
Dorman Products, Inc.(1)
760 68,894 
Gentherm, Inc.(1)
1,000 59,900 
Modine Manufacturing Co.(1)
1,608 24,088 
Motorcar Parts of America, Inc.(1)
500 7,430 
Patrick Industries, Inc.600 31,782 
Standard Motor Products, Inc.600 22,020 
Stoneridge, Inc.(1)
640 12,160 
Visteon Corp.(1)
490 58,717 
XPEL, Inc.(1)
84 5,757 
378,158 
Automobiles — 0.2%
Winnebago Industries, Inc.880 50,670 
Workhorse Group, Inc.(1)
2,020 6,323 
56,993 
82


Avantis U.S. Small Cap Equity ETF
SharesValue
Banks — 14.6%
1st Source Corp.240 $11,326 
ACNB Corp.282 10,028 
Allegiance Bancshares, Inc.640 27,110 
Amalgamated Financial Corp.380 8,550 
Amerant Bancorp, Inc.980 25,666 
American National Bankshares, Inc.300 9,879 
Ameris Bancorp840 39,211 
Ames National Corp.268 5,858 
Arrow Financial Corp.380 12,202 
Atlantic Union Bankshares Corp.2,287 74,213 
Banc of California, Inc.1,420 23,970 
BancFirst Corp.540 58,244 
Bancorp, Inc.(1)
1,440 34,157 
Bank First Corp.200 16,254 
Bank of Marin Bancorp440 13,596 
Bank7 Corp.120 2,857 
Bankwell Financial Group, Inc.184 5,800 
Banner Corp.940 57,114 
Bar Harbor Bankshares380 10,765 
Baycom Corp.441 8,207 
BCB Bancorp, Inc.548 9,864 
Berkshire Hills Bancorp, Inc.1,240 34,980 
Blue Ridge Bankshares, Inc.460 6,748 
Brookline Bancorp., Inc.2,100 26,187 
Business First Bancshares, Inc.540 12,739 
Byline Bancorp, Inc.660 14,395 
Cambridge Bancorp180 14,801 
Camden National Corp.380 17,187 
Capital Bancorp, Inc.260 6,440 
Capital City Bank Group, Inc.340 10,856 
Capstar Financial Holdings, Inc.460 9,269 
Carter Bankshares, Inc.(1)
747 12,303 
CBTX, Inc.461 13,738 
Central Pacific Financial Corp.780 16,996 
Central Valley Community Bancorp280 4,984 
Citizens & Northern Corp.400 9,600 
City Holding Co.400 34,004 
Civista Bancshares, Inc.400 8,460 
CNB Financial Corp.480 12,634 
Coastal Financial Corp.(1)
320 12,864 
Colony Bankcorp, Inc.465 6,566 
Columbia Banking System, Inc.2,205 66,040 
Community Trust Bancorp, Inc.420 17,745 
ConnectOne Bancorp, Inc.1,120 28,034 
CrossFirst Bankshares, Inc.(1)
1,140 15,025 
Customers Bancorp, Inc.(1)
960 33,302 
Dime Community Bancshares, Inc.840 26,258 
Eagle Bancorp, Inc.840 40,765 
Enterprise Bancorp, Inc.280 9,010 
Enterprise Financial Services Corp.960 43,891 
83


Avantis U.S. Small Cap Equity ETF
SharesValue
Equity Bancshares, Inc., Class A440 $13,741 
Esquire Financial Holdings, Inc.220 8,224 
Farmers & Merchants Bancorp, Inc.421 12,024 
Farmers National Banc Corp.960 13,718 
FB Financial Corp.1,060 41,997 
Financial Institutions, Inc.440 11,453 
First BanCorp5,705 81,581 
First Bancorp, Inc.260 7,540 
First Bancorp/Southern Pines NC900 32,769 
First Bancshares, Inc.540 16,146 
First Bank/Hamilton NJ542 8,125 
First Busey Corp.1,460 33,580 
First Business Financial Services, Inc.249 8,287 
First Commonwealth Financial Corp.2,940 39,631 
First Community Bankshares, Inc.440 13,873 
First Financial Bancorp2,540 54,813 
First Financial Corp.300 13,950 
First Foundation, Inc.1,480 28,061 
First Internet Bancorp300 11,001 
First Merchants Corp.1,785 71,079 
First Mid Bancshares, Inc.460 16,261 
First of Long Island Corp.600 11,046 
First Western Financial, Inc.(1)
243 6,447 
Five Star Bancorp300 7,629 
Flushing Financial Corp.860 17,759 
Fulton Financial Corp.4,520 73,360 
German American Bancorp, Inc.760 28,546 
Great Southern Bancorp, Inc.300 17,634 
Guaranty Bancshares, Inc.220 7,623 
Hanmi Financial Corp.940 23,237 
HarborOne Bancorp, Inc.1,280 17,459 
Heartland Financial USA, Inc.1,060 47,350 
Heritage Commerce Corp.1,560 17,612 
Heritage Financial Corp.940 24,431 
Hilltop Holdings, Inc.1,626 42,926 
HomeStreet, Inc.600 20,886 
HomeTrust Bancshares, Inc.440 10,217 
Hope Bancorp, Inc.3,240 46,883 
Horizon Bancorp, Inc.1,100 20,812 
Independent Bank Corp. (Michigan)600 12,312 
International Bancshares Corp.1,520 63,430 
Lakeland Bancorp, Inc.1,860 30,299 
Lakeland Financial Corp.700 52,738 
Live Oak Bancshares, Inc.1,060 38,414 
Macatawa Bank Corp.860 8,187 
Mercantile Bank Corp.420 13,894 
Metrocity Bankshares, Inc.600 11,994 
Metropolitan Bank Holding Corp.(1)
340 24,341 
Mid Penn Bancorp, Inc.420 12,218 
Midland States Bancorp, Inc.560 14,050 
MidWestOne Financial Group, Inc.280 8,540 
84


Avantis U.S. Small Cap Equity ETF
SharesValue
MVB Financial Corp.280 $8,954 
National Bank Holdings Corp., Class A940 37,722 
NBT Bancorp, Inc.1,269 49,212 
Nicolet Bankshares, Inc.(1)
360 27,569 
Northeast Bank200 7,754 
Northrim BanCorp, Inc.160 6,488 
Northwest Bancshares, Inc.3,320 46,712 
OceanFirst Financial Corp.1,660 32,270 
OFG Bancorp1,440 39,168 
Old Second Bancorp, Inc.1,140 15,641 
Origin Bancorp, Inc.580 23,693 
Orrstown Financial Services, Inc.326 8,388 
Park National Corp.420 55,369 
Parke Bancorp, Inc.342 7,586 
Pathward Financial, Inc.900 29,664 
PCB Bancorp.340 6,385 
PCSB Financial Corp.401 7,423 
Peapack-Gladstone Financial Corp.480 16,162 
Peoples Bancorp, Inc.720 21,521 
Peoples Financial Services Corp.200 9,736 
Preferred Bank427 28,968 
Premier Financial Corp.1,040 28,101 
Primis Financial Corp.620 8,128 
Professional Holding Corp., Class A(1)
420 11,743 
QCR Holdings, Inc.440 24,574 
RBB Bancorp420 9,282 
Renasant Corp.1,440 48,010 
Republic Bancorp, Inc., Class A400 17,000 
Republic First Bancorp, Inc.(1)
1,380 4,388 
S&T Bancorp, Inc.1,020 30,233 
Sandy Spring Bancorp, Inc.1,280 49,306 
Seacoast Banking Corp. of Florida1,809 58,467 
Shore Bancshares, Inc.520 9,906 
Sierra Bancorp380 7,874 
Silvergate Capital Corp., Class A(1)
623 56,768 
SmartFinancial, Inc.400 10,036 
South Plains Financial, Inc.280 7,596 
Southern First Bancshares, Inc.(1)
220 9,484 
Southside Bancshares, Inc.920 34,666 
Stock Yards Bancorp, Inc.800 53,008 
Summit Financial Group, Inc.320 9,126 
Texas Capital Bancshares, Inc.(1)
1,425 84,118 
Third Coast Bancshares, Inc.(1)
328 5,970 
Tompkins Financial Corp.340 24,358 
Towne Bank1,949 55,527 
Trico Bancshares907 42,801 
Triumph Bancorp, Inc.(1)
780 48,290 
Trustmark Corp.1,540 48,572 
Unity Bancorp, Inc.200 5,606 
Univest Financial Corp.820 20,336 
Veritex Holdings, Inc.1,300 39,143 
85


Avantis U.S. Small Cap Equity ETF
SharesValue
Washington Federal, Inc.1,780 $56,978 
Washington Trust Bancorp, Inc.440 22,277 
WesBanco, Inc.1,640 56,104 
West BanCorp, Inc.420 10,336 
Westamerica Bancorporation801 44,816 
3,840,133 
Beverages — 0.1%
MGP Ingredients, Inc.85 9,304 
Vita Coco Co., Inc.(1)
265 3,972 
13,276 
Biotechnology — 4.8%
89bio, Inc.(1)
300 1,338 
Aadi Bioscience, Inc.(1)
400 5,420 
Actinium Pharmaceuticals, Inc.(1)
580 4,077 
Adicet Bio, Inc.(1)
800 11,328 
Agios Pharmaceuticals, Inc.(1)
1,040 26,520 
Akero Therapeutics, Inc.(1)
600 7,050 
Akouos, Inc.(1)
380 1,273 
Aldeyra Therapeutics, Inc.(1)
1,140 8,026 
Alector, Inc.(1)
900 9,315 
Allogene Therapeutics, Inc.(1)
1,700 23,307 
Allovir, Inc.(1)
800 6,008 
Alpine Immune Sciences, Inc.(1)
520 3,905 
Altimmune, Inc.(1)
1,040 22,963 
AnaptysBio, Inc.(1)
640 14,861 
Anika Therapeutics, Inc.(1)
380 8,588 
Annexon, Inc.(1)
360 2,117 
AquaBounty Technologies, Inc.(1)
1,000 1,200 
Arcus Biosciences, Inc.(1)
1,580 38,046 
Arcutis Biotherapeutics, Inc.(1)
580 15,631 
Assembly Biosciences, Inc.(1)
960 1,795 
Atreca, Inc., Class A(1)
780 1,451 
aTyr Pharma, Inc.(1)
840 2,873 
Bioxcel Therapeutics, Inc.(1)
500 6,840 
Bluebird Bio, Inc.(1)
1,100 6,424 
BrainStorm Cell Therapeutics, Inc.(1)
22 80 
Cardiff Oncology, Inc.(1)
1,020 2,744 
Catalyst Pharmaceuticals, Inc.(1)
3,000 40,620 
Chinook Therapeutics, Inc.(1)
960 19,968 
Cogent Biosciences, Inc.(1)
905 14,923 
Cullinan Oncology, Inc.(1)
939 12,658 
CytomX Therapeutics, Inc.(1)
1,542 2,313 
Deciphera Pharmaceuticals, Inc.(1)
1,464 23,761 
Dynavax Technologies Corp.(1)
3,660 41,980 
Dyne Therapeutics, Inc.(1)
520 5,096 
Eagle Pharmaceuticals, Inc.(1)
320 10,486 
Editas Medicine, Inc.(1)
1,065 15,655 
Eiger BioPharmaceuticals, Inc.(1)
700 5,782 
Emergent BioSolutions, Inc.(1)
940 22,579 
Enanta Pharmaceuticals, Inc.(1)
466 28,370 
Enochian Biosciences, Inc.(1)
640 1,581 
86


Avantis U.S. Small Cap Equity ETF
SharesValue
Essa Pharma, Inc.(1)
660 $1,703 
F-star Therapeutics, Inc.(1)
420 2,818 
Forma Therapeutics Holdings, Inc.(1)
560 7,504 
Frequency Therapeutics, Inc.(1)
480 989 
G1 Therapeutics, Inc.(1)
560 8,126 
Generation Bio Co.(1)
680 3,482 
Genprex, Inc.(1)
920 1,472 
Gritstone bio, Inc.(1)
621 2,043 
Harpoon Therapeutics, Inc.(1)
380 631 
Homology Medicines, Inc.(1)
820 1,919 
Ideaya Biosciences, Inc.(1)
820 8,061 
Immunic, Inc.(1)
420 1,869 
Immunovant, Inc.(1)
1,120 5,768 
Inmune Bio, Inc.(1)
240 1,937 
Inovio Pharmaceuticals, Inc.(1)
5,020 11,496 
Iovance Biotherapeutics, Inc.(1)
260 2,787 
Ironwood Pharmaceuticals, Inc.(1)
3,860 41,533 
iTeos Therapeutics, Inc.(1)
760 16,857 
Jounce Therapeutics, Inc.(1)
1,020 3,733 
KalVista Pharmaceuticals, Inc.(1)
380 6,259 
Kiniksa Pharmaceuticals Ltd., Class A(1)
740 8,673 
Kinnate Biopharma, Inc.(1)
580 8,398 
Kronos Bio, Inc.(1)
620 2,480 
Krystal Biotech, Inc.(1)
540 37,859 
Kura Oncology, Inc.(1)
1,200 16,632 
Larimar Therapeutics, Inc.(1)
300 816 
Ligand Pharmaceuticals, Inc.(1)
480 44,347 
Lineage Cell Therapeutics, Inc.(1)
2,282 3,218 
Lyell Immunopharma, Inc.(1)
2,786 18,666 
MacroGenics, Inc.(1)
1,060 4,208 
MediciNova, Inc.(1)
1,180 2,513 
MeiraGTx Holdings PLC(1)
820 6,806 
Mersana Therapeutics, Inc.(1)
960 7,200 
Myriad Genetics, Inc.(1)
1,920 42,893 
NextCure, Inc.(1)
360 1,476 
NightHawk Biosciences, Inc.(1)
660 1,426 
Nkarta, Inc.(1)
220 3,166 
Nurix Therapeutics, Inc.(1)
1,200 18,876 
Olema Pharmaceuticals, Inc.(1)
440 1,738 
Organogenesis Holdings, Inc.(1)
1,140 4,093 
ORIC Pharmaceuticals, Inc.(1)
860 2,976 
Ovid therapeutics, Inc.(1)
1,460 2,935 
Oyster Point Pharma, Inc.(1)
120 750 
Passage Bio, Inc.(1)
720 1,454 
PMV Pharmaceuticals, Inc.(1)
620 8,630 
Point Biopharma Global, Inc.(1)
2,241 21,850 
Poseida Therapeutics, Inc.(1)
700 2,317 
Praxis Precision Medicines, Inc.(1)
960 2,995 
Prothena Corp. PLC(1)
960 26,467 
Quince Therapeutics, Inc.(1)
280 493 
REGENXBIO, Inc.(1)
1,020 30,090 
87


Avantis U.S. Small Cap Equity ETF
SharesValue
Repare Therapeutics, Inc.(1)
560 $6,675 
Replimune Group, Inc.(1)
800 15,248 
REVOLUTION Medicines, Inc.(1)
1,860 38,744 
Rhythm Pharmaceuticals, Inc.(1)
700 15,820 
Rocket Pharmaceuticals, Inc.(1)
500 7,705 
Roivant Sciences Ltd.(1)
2,923 10,406 
Sage Therapeutics, Inc.(1)
1,366 51,443 
Sangamo Therapeutics, Inc.(1)
2,749 14,845 
Shattuck Labs, Inc.(1)
400 1,300 
Silverback Therapeutics, Inc.(1)
380 2,067 
SQZ Biotechnologies Co.(1)
560 1,680 
Stoke Therapeutics, Inc.(1)
360 5,422 
Surface Oncology, Inc.(1)
740 1,006 
Sutro Biopharma, Inc.(1)
1,000 5,660 
TCR2 Therapeutics, Inc.(1)
500 1,360 
Twist Bioscience Corp.(1)
969 38,876 
uniQure NV(1)
1,040 20,321 
Vanda Pharmaceuticals, Inc.(1)
1,320 13,966 
Viking Therapeutics, Inc.(1)
1,880 5,978 
Viracta Therapeutics, Inc.(1)
620 2,511 
Voyager Therapeutics, Inc.(1)
720 4,298 
XBiotech, Inc.(1)
460 1,845 
Xencor, Inc.(1)
1,820 48,030 
Zymeworks, Inc.(1)
620 3,974 
1,265,560 
Building Products — 1.1%
Alpha Pro Tech Ltd.(1)
340 1,404 
Apogee Enterprises, Inc.740 30,222 
CSW Industrials, Inc.421 53,299 
Griffon Corp.987 30,942 
Insteel Industries, Inc.580 16,762 
Janus International Group, Inc.(1)
1,809 18,687 
JELD-WEN Holding, Inc.(1)
2,420 26,983 
Masonite International Corp.(1)
660 54,001 
PGT Innovations, Inc.(1)
1,568 32,803 
Quanex Building Products Corp.880 19,624 
284,727 
Capital Markets — 2.1%
Artisan Partners Asset Management, Inc., Class A1,564 52,801 
Assetmark Financial Holdings, Inc.(1)
520 10,057 
B. Riley Financial, Inc.540 26,876 
BGC Partners, Inc., Class A8,560 34,411 
Blucora, Inc.(1)
1,280 25,702 
Bridge Investment Group Holdings, Inc., Class A242 3,947 
Cowen, Inc., Class A680 26,146 
Diamond Hill Investment Group, Inc.100 17,105 
Donnelley Financial Solutions, Inc.(1)
920 39,054 
Federated Hermes, Inc.1,606 54,700 
Greenhill & Co., Inc.340 2,659 
Manning & Napier, Inc.298 3,793 
Open Lending Corp., Class A(1)
2,482 24,100 
88


Avantis U.S. Small Cap Equity ETF
SharesValue
Oppenheimer Holdings, Inc., Class A200 $7,260 
Piper Sandler Cos.560 64,159 
PJT Partners, Inc., Class A543 37,586 
Pzena Investment Management, Inc., Class A440 4,189 
StoneX Group, Inc.(1)
440 40,850 
Victory Capital Holdings, Inc., Class A620 16,604 
Virtus Investment Partners, Inc.180 34,425 
WisdomTree Investments, Inc.3,280 16,433 
542,857 
Chemicals — 2.1%
AdvanSix, Inc.900 32,634 
American Vanguard Corp.720 14,350 
Chase Corp.200 17,632 
Danimer Scientific, Inc.(1)
1,810 8,054 
Ecovyst, Inc.(1)
1,541 14,239 
FutureFuel Corp.700 5,103 
Hawkins, Inc.540 20,693 
Ingevity Corp.(1)
1,028 72,104 
Innospec, Inc.680 63,553 
Intrepid Potash, Inc.(1)
320 14,954 
Koppers Holdings, Inc.540 12,328 
Kronos Worldwide, Inc.600 7,728 
LSB Industries, Inc.(1)
1,040 16,411 
Mativ Holdings, Inc.644 15,211 
Minerals Technologies, Inc.880 51,269 
Origin Materials, Inc.(1)
3,720 23,250 
Orion Engineered Carbons SA1,640 27,650 
PureCycle Technologies, Inc.(1)
2,570 23,464 
Rayonier Advanced Materials, Inc.(1)
1,580 7,142 
Stepan Co.604 62,955 
Tredegar Corp.760 7,760 
Trinseo PLC741 19,659 
Tronox Holdings PLC, Class A166 2,428 
540,571 
Commercial Services and Supplies — 1.6%
ABM Industries, Inc.162 7,517 
ACCO Brands Corp.2,500 14,825 
ARC Document Solutions, Inc.1,140 3,363 
Brady Corp., Class A1,240 57,709 
BrightView Holdings, Inc.(1)
1,028 10,403 
Civeo Corp.(1)
320 9,491 
Deluxe Corp.1,040 20,010 
Ennis, Inc.680 14,436 
Harsco Corp.(1)
2,180 12,361 
Healthcare Services Group, Inc.1,540 21,668 
Heritage-Crystal Clean, Inc.(1)
500 16,285 
HNI Corp.1,200 38,400 
Interface, Inc.1,660 18,542 
KAR Auction Services, Inc.(1)
3,630 52,998 
Kimball International, Inc., Class B980 7,497 
Li-Cycle Holdings Corp.(1)
2,944 21,226 
89


Avantis U.S. Small Cap Equity ETF
SharesValue
Matthews International Corp., Class A840 $21,008 
Pitney Bowes, Inc.4,640 13,410 
Quad/Graphics, Inc.(1)
860 2,718 
SP Plus Corp.(1)
620 20,547 
Steelcase, Inc., Class A2,748 30,723 
VSE Corp.300 12,555 
427,692 
Communications Equipment — 1.2%
ADTRAN Holdings, Inc.1,300 30,212 
Applied Optoelectronics, Inc.(1)
500 1,205 
Aviat Networks, Inc.(1)
280 8,764 
Cambium Networks Corp.(1)
180 3,503 
Comtech Telecommunications Corp.720 8,129 
Digi International, Inc.(1)
621 20,561 
DZS, Inc.(1)
480 6,389 
EMCORE Corp.(1)
780 1,856 
Extreme Networks, Inc.(1)
4,160 59,613 
KVH Industries, Inc.(1)
420 4,116 
NETGEAR, Inc.(1)
820 19,344 
NetScout Systems, Inc.(1)
1,940 61,576 
Ribbon Communications, Inc.(1)
1,540 5,405 
ViaSat, Inc.(1)
2,044 77,631 
308,304 
Construction and Engineering — 1.9%
Arcosa, Inc.1,320 77,154 
Argan, Inc.400 13,836 
Concrete Pumping Holdings, Inc.(1)
700 4,690 
Dycom Industries, Inc.(1)
940 105,393 
Fluor Corp.(1)
2,084 55,101 
Granite Construction, Inc.1,240 37,175 
Great Lakes Dredge & Dock Corp.(1)
1,720 16,460 
IES Holdings, Inc.(1)
28 851 
Infrastructure and Energy Alternatives, Inc.(1)
660 9,379 
Matrix Service Co.(1)
640 3,635 
MYR Group, Inc.(1)
420 39,035 
Northwest Pipe Co.(1)
260 8,232 
NV5 Global, Inc.(1)
440 61,934 
Primoris Services Corp.1,420 28,783 
Sterling Infrastructure, Inc.(1)
860 21,749 
Tutor Perini Corp.(1)
1,120 7,594 
491,001 
Construction Materials
United States Lime & Minerals, Inc.60 6,167 
Consumer Finance — 1.4%
Atlanticus Holdings Corp.(1)
180 5,125 
Bread Financial Holdings, Inc.1,448 55,647 
Consumer Portfolio Services, Inc.(1)
480 5,587 
Elevate Credit, Inc.(1)
680 1,006 
Encore Capital Group, Inc.(1)
720 39,369 
Enova International, Inc.(1)
1,020 35,639 
EZCORP, Inc., Class A(1)
1,520 13,300 
90


Avantis U.S. Small Cap Equity ETF
SharesValue
Green Dot Corp., Class A(1)
1,240 $25,160 
LendingClub Corp.(1)
1,885 24,637 
Medallion Financial Corp.380 3,025 
Navient Corp.4,140 63,714 
Oportun Financial Corp.(1)
740 3,781 
PRA Group, Inc.(1)
1,340 49,499 
PROG Holdings, Inc.(1)
1,740 32,260 
Regional Management Corp.220 7,412 
World Acceptance Corp.(1)
140 16,274 
381,435 
Containers and Packaging — 0.7%
Greif, Inc., Class A720 48,276 
Greif, Inc., Class B181 11,814 
Myers Industries, Inc.1,189 22,971 
O-I Glass, Inc.(1)
4,800 62,448 
Pactiv Evergreen, Inc.1,000 11,100 
TriMas Corp.1,080 29,722 
186,331 
Distributors — 0.1%
Funko, Inc., Class A(1)
629 14,008 
Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc.(1)
1,220 45,982 
American Public Education, Inc.(1)
420 4,339 
Carriage Services, Inc.500 17,705 
Chegg, Inc.(1)
1,620 31,882 
Graham Holdings Co., Class B88 49,758 
Laureate Education, Inc., Class A648 7,141 
Lincoln Educational Services Corp.(1)
640 4,160 
OneSpaWorld Holdings Ltd.(1)
1,800 15,858 
Perdoceo Education Corp.(1)
1,840 21,307 
Strategic Education, Inc.500 32,350 
Stride, Inc.(1)
1,140 43,479 
Universal Technical Institute, Inc.(1)
920 6,311 
280,272 
Diversified Financial Services — 0.5%
Alerus Financial Corp.340 8,079 
Cannae Holdings, Inc.(1)
2,100 45,381 
Jackson Financial, Inc., Class A2,309 72,179 
125,639 
Diversified Telecommunication Services — 0.3%
ATN International, Inc.280 13,118 
Consolidated Communications Holdings, Inc.(1)
1,540 8,840 
EchoStar Corp., Class A(1)
1,040 19,146 
IDT Corp., Class B(1)
600 15,342 
Liberty Latin America Ltd., Class A(1)
106 742 
Liberty Latin America Ltd., Class C(1)
422 2,941 
Radius Global Infrastructure, Inc., Class A(1)
2,044 28,146 
88,275 
Electric Utilities — 0.7%
MGE Energy, Inc.1,000 77,020 
Otter Tail Corp.1,300 98,202 
91


Avantis U.S. Small Cap Equity ETF
SharesValue
Via Renewables, Inc.320 $2,730 
177,952 
Electrical Equipment — 1.1%
AZZ, Inc.660 28,123 
Encore Wire Corp.680 88,468 
EnerSys1,060 66,112 
FREYR Battery SA(1)
2,780 39,587 
FuelCell Energy, Inc.(1)
1,088 4,559 
GrafTech International Ltd.5,488 32,270 
Orion Energy Systems, Inc.(1)
540 907 
Powell Industries, Inc.240 5,918 
Preformed Line Products Co.40 3,112 
Thermon Group Holdings, Inc.(1)
880 15,444 
TPI Composites, Inc.(1)
480 8,923 
293,423 
Electronic Equipment, Instruments and Components — 3.5%
Advanced Energy Industries, Inc.931 83,594 
Aeva Technologies, Inc.(1)
1,762 5,427 
Airgain, Inc.(1)
200 1,550 
Akoustis Technologies, Inc.(1)
960 4,205 
Badger Meter, Inc.820 77,646 
Bel Fuse, Inc., Class B280 7,958 
Belden, Inc.1,360 89,053 
Benchmark Electronics, Inc.1,000 27,450 
CTS Corp.880 37,242 
Daktronics, Inc.(1)
1,000 3,200 
ePlus, Inc.(1)
840 39,581 
Evolv Technologies Holdings, Inc.(1)
1,160 2,633 
Itron, Inc.(1)
1,004 47,770 
Kimball Electronics, Inc.(1)
660 14,216 
Knowles Corp.(1)
2,620 39,693 
Methode Electronics, Inc.980 39,651 
Napco Security Technologies, Inc.(1)
980 29,067 
nLight, Inc.(1)
821 10,254 
OSI Systems, Inc.(1)
400 33,328 
PC Connection, Inc.280 13,910 
Plexus Corp.(1)
680 63,736 
Richardson Electronics Ltd.360 5,843 
Sanmina Corp.(1)
1,925 93,401 
ScanSource, Inc.(1)
800 23,176 
TTM Technologies, Inc.(1)
2,640 41,527 
Vishay Intertechnology, Inc.3,483 68,511 
Vishay Precision Group, Inc.(1)
320 10,979 
Wrap Technologies, Inc.(1)
500 1,000 
915,601 
Energy Equipment and Services — 3.0%
Archrock, Inc.4,080 30,151 
Bristow Group, Inc.(1)
700 20,307 
Core Laboratories NV1,470 23,741 
Diamond Offshore Drilling, Inc.(1)
542 3,854 
DMC Global, Inc.(1)
520 11,606 
92


Avantis U.S. Small Cap Equity ETF
SharesValue
Dril-Quip, Inc.(1)
820 $18,147 
Expro Group Holdings NV(1)
2,060 27,851 
Exterran Corp.(1)
580 2,848 
Forum Energy Technologies, Inc.(1)
120 3,226 
Helix Energy Solutions Group, Inc.(1)
3,800 16,416 
Liberty Energy, Inc., Class A(1)
5,204 78,060 
Nabors Industries Ltd.(1)
220 29,152 
National Energy Services Reunited Corp.(1)
760 5,335 
Newpark Resources, Inc.(1)
2,700 7,776 
NexTier Oilfield Solutions, Inc.(1)
7,161 67,099 
Noble Corp.(1)
1,362 41,337 
Oceaneering International, Inc.(1)
2,740 24,249 
Oil States International, Inc.(1)
1,680 8,232 
Patterson-UTI Energy, Inc.4,810 71,669 
ProPetro Holding Corp.(1)
2,780 25,465 
RPC, Inc.2,500 19,875 
Select Energy Services, Inc., Class A(1)
1,940 13,793 
Solaris Oilfield Infrastructure, Inc., Class A840 8,988 
TechnipFMC PLC(1)
7,027 57,481 
TETRA Technologies Inc(1)
3,990 15,880 
Tidewater, Inc.(1)
1,040 23,046 
Transocean Ltd.(1)
14,741 53,362 
US Silica Holdings, Inc.(1)
1,940 27,218 
Weatherford International PLC(1)
2,260 63,596 
799,760 
Entertainment — 0.4%
CuriosityStream, Inc.(1)
440 748 
IMAX Corp.(1)
1,480 23,206 
Madison Square Garden Entertainment Corp.(1)
829 46,059 
Marcus Corp.680 10,941 
Playstudios, Inc.(1)
2,643 9,568 
Sciplay Corp., Class A(1)
640 7,802 
98,324 
Food and Staples Retailing — 1.7%
Andersons, Inc.1,020 37,771 
Blue Apron Holdings, Inc., Class A(1)
565 3,283 
Grocery Outlet Holding Corp.(1)
2,260 90,671 
HF Foods Group, Inc.(1)
1,300 6,617 
Ingles Markets, Inc., Class A480 42,014 
Natural Grocers by Vitamin Cottage, Inc.360 5,170 
PriceSmart, Inc.660 41,758 
Rite Aid Corp.(1)
1,480 10,626 
SpartanNash Co.1,120 34,082 
Sprouts Farmers Market, Inc.(1)
1,610 46,529 
United Natural Foods, Inc.(1)
1,900 83,752 
Village Super Market, Inc., Class A200 4,396 
Weis Markets, Inc.500 38,855 
445,524 
Food Products — 1.4%
Alico, Inc.120 4,074 
AppHarvest, Inc.(1)
900 2,592 
93


Avantis U.S. Small Cap Equity ETF
SharesValue
B&G Foods, Inc.1,700 $36,822 
Cal-Maine Foods, Inc.1,322 70,872 
Calavo Growers, Inc.420 17,657 
Farmer Bros Co.(1)
300 1,683 
Fresh Del Monte Produce, Inc.1,020 27,887 
Hain Celestial Group, Inc.(1)
421 8,529 
Hostess Brands, Inc.(1)
2,344 54,334 
J&J Snack Foods Corp.186 27,720 
Landec Corp.(1)
700 7,350 
Limoneira Co.420 5,149 
Mission Produce, Inc.(1)
920 14,812 
Seneca Foods Corp., Class A(1)
160 8,453 
Tootsie Roll Industries, Inc.423 15,156 
TreeHouse Foods, Inc.(1)
1,480 68,968 
Vital Farms, Inc.(1)
500 6,475 
378,533 
Gas Utilities — 0.5%
Chesapeake Utilities Corp.240 30,312 
Northwest Natural Holding Co.820 39,040 
South Jersey Industries, Inc.2,206 74,673 
Star Group LP29 267 
144,292 
Health Care Equipment and Supplies — 2.4%
Accuray, Inc.(1)
2,400 5,712 
AngioDynamics, Inc.(1)
1,020 22,583 
Atrion Corp.40 24,158 
Avanos Medical, Inc.(1)
1,340 33,004 
Axogen, Inc.(1)
460 4,310 
Butterfly Network, Inc.(1)
1,722 10,728 
Cardiovascular Systems, Inc.(1)
580 7,662 
Co-Diagnostics, Inc.(1)
920 3,110 
CytoSorbents Corp.(1)
740 1,406 
Glaukos Corp.(1)
442 21,459 
Haemonetics Corp.(1)
1,360 102,041 
Inogen, Inc.(1)
320 9,162 
Integer Holdings Corp.(1)
920 58,024 
iRhythm Technologies, Inc.(1)
104 15,335 
Lantheus Holdings, Inc.(1)
1,610 126,868 
LeMaitre Vascular, Inc.540 26,665 
Meridian Bioscience, Inc.(1)
1,160 37,804 
Merit Medical Systems, Inc.(1)
237 
Neuronetics, Inc.(1)
540 1,928 
NuVasive, Inc.(1)
1,460 62,065 
OraSure Technologies, Inc.(1)
1,900 7,771 
Orthofix Medical, Inc.(1)
460 9,154 
Retractable Technologies, Inc.(1)
320 746 
SeaSpine Holdings Corp.(1)
720 4,608 
Sensus Healthcare, Inc.(1)
105 1,307 
UFP Technologies, Inc.(1)
61 5,672 
Utah Medical Products, Inc.100 9,190 
Varex Imaging Corp.(1)
1,060 22,355 
635,064 
94


Avantis U.S. Small Cap Equity ETF
SharesValue
Health Care Providers and Services — 1.9%
Addus HomeCare Corp.(1)
403 $35,956 
Apollo Medical Holdings, Inc.(1)
880 37,955 
Brookdale Senior Living, Inc.(1)
3,960 17,424 
Clover Health Investments Corp.(1)
7,441 19,421 
CorVel Corp.(1)
300 46,614 
Fulgent Genetics, Inc.(1)
540 23,474 
Hanger, Inc.(1)
1,008 18,779 
InfuSystem Holdings, Inc.(1)
400 3,084 
Joint Corp.(1)
380 6,931 
ModivCare, Inc.(1)
340 36,829 
National Healthcare Corp.340 23,613 
National Research Corp.520 17,737 
OPKO Health, Inc.(1)
11,740 25,593 
Owens & Minor, Inc.2,020 59,610 
Patterson Cos., Inc.1,324 36,926 
Privia Health Group, Inc.(1)
486 19,338 
RadNet, Inc.(1)
1,120 22,501 
Select Medical Holdings Corp.1,210 31,024 
U.S. Physical Therapy, Inc.340 28,087 
510,896 
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.(1)
3,300 56,100 
American Well Corp., Class A(1)
3,941 17,932 
Computer Programs and Systems, Inc.(1)
380 11,594 
HealthStream, Inc.(1)
680 15,048 
Multiplan Corp.(1)
3,721 13,098 
NextGen Healthcare, Inc.(1)
1,500 25,710 
Simulations Plus, Inc.420 25,221 
164,703 
Hotels, Restaurants and Leisure — 1.7%
Accel Entertainment, Inc.(1)
602 5,665 
Bally's Corp.(1)
762 18,052 
BJ's Restaurants, Inc.(1)
600 15,048 
Bloomin' Brands, Inc.2,665 53,886 
BurgerFi International, Inc.(1)
100 301 
Carrols Restaurant Group, Inc.(1)
700 1,540 
Century Casinos, Inc.(1)
740 5,454 
Cheesecake Factory, Inc.1,300 39,806 
Chuy's Holdings, Inc.(1)
540 12,058 
Cracker Barrel Old Country Store, Inc.640 69,082 
Dave & Buster's Entertainment, Inc.(1)
1,261 52,130 
El Pollo Loco Holdings, Inc.(1)
400 3,620 
Everi Holdings, Inc.(1)
2,420 44,770 
Fiesta Restaurant Group, Inc.(1)
360 2,401 
Golden Entertainment, Inc.(1)
520 19,895 
Monarch Casino & Resort, Inc.(1)
360 21,740 
Noodles & Co.(1)
1,120 5,320 
ONE Group Hospitality, Inc.(1)
780 5,569 
Playa Hotels & Resorts NV(1)
3,780 24,797 
PlayAGS, Inc.(1)
640 4,710 
95


Avantis U.S. Small Cap Equity ETF
SharesValue
RCI Hospitality Holdings, Inc.260 $16,955 
Red Robin Gourmet Burgers, Inc.(1)
240 1,783 
Ruth's Hospitality Group, Inc.860 15,669 
440,251 
Household Durables — 2.3%
Aterian, Inc.(1)
1,767 4,029 
Bassett Furniture Industries, Inc.180 3,431 
Beazer Homes USA, Inc.(1)
960 13,670 
Cavco Industries, Inc.(1)
280 65,523 
Century Communities, Inc.940 43,889 
Ethan Allen Interiors, Inc.700 16,639 
Flexsteel Industries, Inc.160 2,798 
GoPro, Inc., Class A(1)
3,400 20,706 
Green Brick Partners, Inc.(1)
980 23,873 
Hooker Furnishings Corp.240 3,809 
Hovnanian Enterprises, Inc., Class A(1)
140 5,613 
iRobot Corp.(1)
680 40,038 
KB Home802 22,977 
La-Z-Boy, Inc.1,220 32,196 
Legacy Housing Corp.(1)
280 4,785 
LGI Homes, Inc.(1)
580 55,048 
Lifetime Brands, Inc.380 3,390 
M.D.C. Holdings, Inc.1,588 49,355 
M/I Homes, Inc.(1)
820 35,457 
Meritage Homes Corp.(1)
748 58,606 
Skyline Champion Corp.(1)
206 11,674 
Sonos, Inc.(1)
1,224 18,409 
Tri Pointe Homes, Inc.(1)
3,420 59,268 
Universal Electronics, Inc.(1)
280 6,224 
VOXX International Corp.(1)
380 3,663 
605,070 
Household Products — 0.7%
Central Garden & Pet Co.(1)
280 11,178 
Central Garden & Pet Co., Class A(1)
1,100 41,536 
Energizer Holdings, Inc.1,780 50,018 
Oil-Dri Corp. of America140 3,863 
WD-40 Co.360 68,097 
174,692 
Independent Power and Renewable Electricity Producers — 0.3%
Sunnova Energy International, Inc.(1)
2,720 68,598 
Insurance — 2.4%
Ambac Financial Group, Inc.(1)
1,220 18,410 
AMERISAFE, Inc.520 24,866 
Argo Group International Holdings Ltd.940 18,452 
Bright Health Group, Inc.(1)
4,166 6,291 
CNO Financial Group, Inc.3,280 60,385 
Donegal Group, Inc., Class A465 6,752 
eHealth, Inc.(1)
340 2,176 
Employers Holdings, Inc.760 29,762 
Genworth Financial, Inc., Class A(1)
15,140 63,891 
Greenlight Capital Re Ltd., A Shares(1)
560 4,418 
96


Avantis U.S. Small Cap Equity ETF
SharesValue
HCI Group, Inc.225 $10,753 
Heritage Insurance Holdings, Inc.580 1,531 
Horace Mann Educators Corp.1,268 45,356 
Investors Title Co.40 5,894 
James River Group Holdings Ltd.900 21,384 
Lemonade, Inc.(1)
540 11,945 
Mercury General Corp.784 25,010 
National Western Life Group, Inc., Class A60 11,419 
Oscar Health, Inc., Class A(1)
1,861 12,338 
ProAssurance Corp.1,620 34,652 
Safety Insurance Group, Inc.466 41,963 
SelectQuote, Inc.(1)
1,920 2,131 
SiriusPoint Ltd.(1)
2,160 9,655 
Stewart Information Services Corp.840 42,537 
Tiptree, Inc.700 8,365 
United Fire Group, Inc.700 20,601 
Universal Insurance Holdings, Inc.820 9,791 
White Mountains Insurance Group Ltd.67 91,790 
642,518 
Interactive Media and Services — 0.7%
Cars.com, Inc.(1)
2,200 28,050 
DHI Group, Inc.(1)
1,460 7,446 
Eventbrite, Inc., Class A(1)
2,100 14,931 
QuinStreet, Inc.(1)
1,340 16,093 
TripAdvisor, Inc.(1)
2,365 56,287 
TrueCar, Inc.(1)
1,720 3,750 
Yelp, Inc.(1)
1,940 66,290 
Zedge, Inc., Class B(1)
240 679 
193,526 
Internet and Direct Marketing Retail — 0.3%
1-800-Flowers.com, Inc., Class A(1)
700 6,076 
ContextLogic, Inc., Class A(1)
6,860 8,918 
Duluth Holdings, Inc., Class B(1)
280 2,483 
Lands' End, Inc.(1)
240 3,317 
Liquidity Services, Inc.(1)
720 12,593 
PetMed Express, Inc.540 11,108 
Qurate Retail, Inc., Series A8,280 25,668 
Stitch Fix, Inc., Class A(1)
1,241 6,230 
76,393 
IT Services — 1.4%
Brightcove, Inc.(1)
1,080 7,171 
Cass Information Systems, Inc.380 13,938 
Conduent, Inc.(1)
4,460 18,241 
CSG Systems International, Inc.1,000 57,850 
EVERTEC, Inc.1,868 62,765 
Hackett Group, Inc.740 15,192 
Information Services Group, Inc.1,240 7,155 
Innodata, Inc.(1)
680 2,292 
International Money Express, Inc.(1)
860 19,264 
Kyndryl Holdings, Inc.(1)
5,720 59,602 
Paya Holdings, Inc.(1)
1,400 8,778 
97


Avantis U.S. Small Cap Equity ETF
SharesValue
Paysafe Ltd.(1)
9,888 $16,315 
PFSweb, Inc.(1)
601 5,686 
Rackspace Technology, Inc.(1)
1,108 4,942 
SolarWinds Corp.(1)
1,007 9,134 
Verra Mobility Corp.(1)
4,080 65,035 
373,360 
Leisure Products — 0.6%
American Outdoor Brands, Inc.(1)
260 2,233 
AMMO, Inc.(1)
1,840 7,010 
JAKKS Pacific, Inc.(1)
220 4,928 
Johnson Outdoors, Inc., Class A140 8,560 
Malibu Boats, Inc., Class A(1)
560 33,617 
MasterCraft Boat Holdings, Inc.(1)
520 12,527 
Nautilus, Inc.(1)
440 889 
Smith & Wesson Brands, Inc.1,000 13,300 
Sturm Ruger & Co., Inc.480 25,080 
Vista Outdoor, Inc.(1)
1,640 46,117 
154,261 
Life Sciences Tools and Services — 0.1%
Harvard Bioscience, Inc.(1)
860 2,838 
Personalis, Inc.(1)
620 2,052 
Quanterix Corp.(1)
607 5,676 
SomaLogic, Inc.(1)
2,422 8,913 
19,479 
Machinery — 4.1%
Alamo Group, Inc.320 41,843 
Albany International Corp., Class A900 79,371 
Altra Industrial Motion Corp.1,740 66,033 
Astec Industries, Inc.640 24,435 
Barnes Group, Inc.1,300 40,365 
CIRCOR International, Inc.(1)
540 8,802 
Commercial Vehicle Group, Inc.(1)
820 5,355 
Desktop Metal, Inc., Class A(1)
5,404 17,185 
Douglas Dynamics, Inc.640 18,624 
Enerpac Tool Group Corp.1,580 30,652 
EnPro Industries, Inc.90 
Federal Signal Corp.1,700 67,779 
Gorman-Rupp Co.680 17,959 
Greenbrier Cos., Inc.840 23,948 
Helios Technologies, Inc.940 51,343 
Hurco Cos., Inc.160 3,883 
Hyliion Holdings Corp.(1)
2,340 8,213 
Hyster-Yale Materials Handling, Inc.200 5,826 
Kadant, Inc.360 64,595 
Kennametal, Inc.2,300 53,912 
Manitowoc Co., Inc.(1)
920 8,786 
Mayville Engineering Co., Inc.(1)
140 974 
Miller Industries, Inc.300 7,053 
Mueller Industries, Inc.428 27,037 
Mueller Water Products, Inc., Class A4,260 48,053 
NN, Inc.(1)
740 1,584 
98


Avantis U.S. Small Cap Equity ETF
SharesValue
Omega Flex, Inc.80 $8,082 
Park-Ohio Holdings Corp.240 3,982 
Proterra, Inc.(1)
3,769 22,765 
Proto Labs, Inc.(1)
741 28,454 
REV Group, Inc.900 10,368 
Shyft Group, Inc.960 22,992 
SPX Technologies, Inc.(1)
1,130 64,478 
Standex International Corp.340 30,739 
Tennant Co.480 28,968 
Terex Corp.1,840 61,125 
Titan International, Inc.(1)
1,660 23,290 
Trinity Industries, Inc.2,580 62,900 
1,091,843 
Marine — 0.2%
Costamare, Inc.1,120 12,634 
Eagle Bulk Shipping, Inc.260 11,294 
Genco Shipping & Trading Ltd.980 13,436 
Pangaea Logistics Solutions Ltd.680 3,407 
Safe Bulkers, Inc.1,780 5,678 
46,449 
Media — 1.6%
AMC Networks, Inc., Class A(1)
640 17,146 
Boston Omaha Corp., Class A(1)
520 13,952 
Cardlytics, Inc.(1)
640 8,474 
comScore, Inc.(1)
329 717 
Cumulus Media, Inc., Class A(1)
608 5,666 
Daily Journal Corp.(1)
20 5,224 
E.W. Scripps Co., Class A(1)
1,600 23,920 
Entravision Communications Corp., Class A1,660 8,433 
Gannett Co., Inc.(1)
3,720 8,630 
Gray Television, Inc.2,300 43,930 
iHeartMedia, Inc., Class A(1)
2,563 22,682 
John Wiley & Sons, Inc., Class A1,087 50,035 
Lee Enterprises, Inc.(1)
180 3,582 
Magnite, Inc.(1)
2,967 22,341 
PubMatic, Inc., Class A(1)
840 16,439 
Salem Media Group, Inc.(1)
640 1,536 
Scholastic Corp.560 25,710 
Sinclair Broadcast Group, Inc., Class A1,161 25,646 
Stagwell, Inc.(1)
1,242 8,421 
TechTarget, Inc.(1)
840 54,516 
Thryv Holdings, Inc.(1)
640 16,371 
Urban One, Inc.(1)
721 3,021 
Urban One, Inc., Class A(1)
260 1,420 
WideOpenWest, Inc.(1)
1,480 26,344 
414,156 
Metals and Mining — 2.1%
Alpha Metallurgical Resources, Inc.483 75,904 
Arconic Corp.(1)
2,209 55,689 
Ascent Industries Co.(1)
260 4,352 
ATI, Inc.(1)
230 6,884 
99


Avantis U.S. Small Cap Equity ETF
SharesValue
Carpenter Technology Corp.1,583 $53,775 
Century Aluminum Co.(1)
1,340 10,345 
Coeur Mining, Inc.(1)
4,740 13,082 
Compass Minerals International, Inc.844 34,174 
Haynes International, Inc.360 14,288 
Hecla Mining Co.15,087 59,443 
Kaiser Aluminum Corp.380 27,269 
Materion Corp.24 2,071 
Olympic Steel, Inc.220 5,790 
Ramaco Resources, Inc.305 3,215 
Ryerson Holding Corp.540 15,390 
Schnitzer Steel Industries, Inc., Class A720 23,789 
SunCoke Energy, Inc.2,260 14,893 
TimkenSteel Corp.(1)
1,260 19,328 
Warrior Met Coal, Inc.1,680 54,684 
Worthington Industries, Inc.900 45,891 
540,256 
Multi-Utilities — 0.4%
Avista Corp.1,143 46,440 
NorthWestern Corp.825 43,708 
Unitil Corp.420 21,878 
112,026 
Multiline Retail — 0.3%
Big Lots, Inc.860 17,690 
Ollie's Bargain Outlet Holdings, Inc.(1)
905 50,056 
67,746 
Oil, Gas and Consumable Fuels — 6.0%
Alto Ingredients, Inc.(1)
1,880 8,122 
Arch Resources, Inc.382 55,611 
Berry Corp.2,360 21,594 
Brigham Minerals, Inc., Class A1,440 42,840 
Callon Petroleum Co.(1)
2,046 87,078 
Chord Energy Corp.887 125,555 
Clean Energy Fuels Corp.(1)
4,406 29,608 
CNX Resources Corp.(1)
2,783 49,176 
Comstock Resources, Inc.(1)
1,562 30,615 
CONSOL Energy, Inc.760 54,553 
Crescent Energy Co., Class A1,030 17,644 
CVR Energy, Inc.960 31,354 
Delek US Holdings, Inc.2,367 66,868 
DHT Holdings, Inc.3,760 29,366 
Diamondback Energy, Inc.142 18,991 
Dorian LPG Ltd.820 11,931 
Earthstone Energy, Inc., Class A(1)
2,448 37,210 
Evolution Petroleum Corp.820 5,691 
Gevo, Inc.(1)
5,260 16,464 
Green Plains, Inc.(1)
1,540 56,410 
International Seaways, Inc.1,240 36,617 
Kimbell Royalty Partners LP1,400 24,836 
Kosmos Energy Ltd.(1)
7,681 54,305 
Laredo Petroleum, Inc.(1)
560 43,461 
100


Avantis U.S. Small Cap Equity ETF
SharesValue
Nordic American Tankers Ltd.3,080 $8,008 
PBF Energy, Inc., Class A(1)
3,080 105,213 
Peabody Energy Corp.(1)
2,349 57,926 
Permian Resources Corp.(1)
6,580 54,153 
Plains GP Holdings LP, Class A(1)
6,281 75,246 
Ranger Oil Corp., Class A800 31,192 
REX American Resources Corp.(1)
540 16,362 
Riley Exploration Permian, Inc.240 6,034 
Ring Energy, Inc.(1)
1,880 6,091 
SandRidge Energy, Inc.(1)
1,040 21,819 
Scorpio Tankers, Inc.1,768 73,549 
SFL Corp. Ltd.3,340 35,738 
SilverBow Resources, Inc.(1)
300 11,928 
Sitio Royalties Corp.365 9,286 
Talos Energy, Inc.(1)
2,080 43,118 
Teekay Corp.(1)
1,880 6,561 
Teekay Tankers Ltd., Class A(1)
600 14,760 
VAALCO Energy, Inc.1,540 7,715 
Vertex Energy, Inc.(1)
366 3,111 
World Fuel Services Corp.1,700 43,860 
1,587,570 
Paper and Forest Products — 0.4%
Clearwater Paper Corp.(1)
540 22,971 
Glatfelter Corp.1,360 6,623 
Mercer International, Inc.1,080 17,518 
Sylvamo Corp.1,120 49,773 
96,885 
Personal Products — 0.9%
Edgewell Personal Care Co.1,460 56,882 
elf Beauty, Inc.(1)
1,288 49,111 
Inter Parfums, Inc.206 16,175 
Medifast, Inc.240 30,115 
Nature's Sunshine Products, Inc.(1)
340 3,298 
Nu Skin Enterprises, Inc., Class A1,340 54,860 
USANA Health Sciences, Inc.(1)
320 20,646 
231,087 
Pharmaceuticals — 1.5%
Amneal Pharmaceuticals, Inc.(1)
3,680 7,986 
Amphastar Pharmaceuticals, Inc.(1)
980 29,008 
ANI Pharmaceuticals, Inc.(1)
380 14,018 
Arvinas, Inc.(1)
107 4,530 
Assertio Holdings, Inc.(1)
1,180 3,009 
Atea Pharmaceuticals, Inc.(1)
880 6,600 
Athira Pharma, Inc.(1)
1,000 3,380 
Collegium Pharmaceutical, Inc.(1)
429 7,542 
Contra Zogenix, Inc.(1)
118 80 
Corcept Therapeutics, Inc.(1)
2,900 74,878 
CorMedix, Inc.(1)
528 1,864 
Cymabay Therapeutics, Inc.(1)
2,180 7,717 
Evolus, Inc.(1)
267 2,566 
Harmony Biosciences Holdings, Inc.(1)
842 36,972 
101


Avantis U.S. Small Cap Equity ETF
SharesValue
Harrow Health, Inc.(1)
680 $6,113 
Innoviva, Inc.(1)
1,880 24,741 
KemPharm, Inc.(1)
820 4,477 
Nektar Therapeutics(1)
4,567 17,994 
Phibro Animal Health Corp., Class A500 7,405 
Pliant Therapeutics, Inc.(1)
380 7,326 
Prestige Consumer Healthcare, Inc.(1)
1,046 52,907 
SIGA Technologies, Inc.1,340 20,207 
Supernus Pharmaceuticals, Inc.(1)
1,420 48,607 
TFF Pharmaceuticals, Inc.(1)
304 1,402 
Ventyx Biosciences, Inc.(1)
566 11,546 
402,875 
Professional Services — 1.2%
Barrett Business Services, Inc.200 16,128 
CBIZ, Inc.(1)
1,420 61,997 
CRA International, Inc.200 18,282 
DLH Holdings Corp.(1)
200 3,274 
First Advantage Corp.(1)
1,385 19,168 
Forrester Research, Inc.(1)
360 14,972 
Franklin Covey Co.(1)
380 18,077 
Heidrick & Struggles International, Inc.540 15,368 
HireRight Holdings Corp.(1)
220 3,577 
Hudson Global, Inc.(1)
80 2,822 
ICF International, Inc.540 54,843 
Kelly Services, Inc., Class A860 13,855 
Kforce, Inc.620 33,927 
Mistras Group, Inc.(1)
480 2,654 
Resources Connection, Inc.940 18,368 
TrueBlue, Inc.(1)
1,000 20,540 
317,852 
Real Estate Management and Development — 0.8%
Anywhere Real Estate, Inc.(1)
3,146 30,736 
Five Point Holdings LLC, Class A(1)
1,400 5,110 
Forestar Group, Inc.(1)
500 6,220 
FRP Holdings, Inc.(1)
22 1,266 
Kennedy-Wilson Holdings, Inc.3,285 57,685 
Marcus & Millichap, Inc.780 29,156 
Rafael Holdings, Inc., Class B(1)
440 955 
RE/MAX Holdings, Inc., Class A500 11,380 
RMR Group, Inc., Class A420 10,937 
Seritage Growth Properties, Class A(1)
809 10,145 
St. Joe Co.501 19,138 
Stratus Properties, Inc.(1)
226 8,048 
Tejon Ranch Co.(1)
620 9,771 
200,547 
Road and Rail — 0.9%
ArcBest Corp.900 72,477 
Covenant Logistics Group, Inc.320 8,998 
Daseke, Inc.(1)
1,400 8,484 
Heartland Express, Inc.1,240 18,786 
Marten Transport Ltd.1,800 35,658 
102


Avantis U.S. Small Cap Equity ETF
SharesValue
PAM Transportation Services, Inc.(1)
200 $5,942 
TuSimple Holdings, Inc., Class A(1)
401 2,883 
Universal Logistics Holdings, Inc.180 6,572 
US Xpress Enterprises, Inc., Class A(1)
560 1,378 
USA Truck, Inc.(1)
220 6,899 
Werner Enterprises, Inc.1,660 66,052 
234,129 
Semiconductors and Semiconductor Equipment — 1.6%
ACM Research, Inc., Class A(1)
828 13,985 
Alpha & Omega Semiconductor Ltd.(1)
720 27,835 
Amtech Systems, Inc.(1)
260 2,886 
Axcelis Technologies, Inc.(1)
1,000 66,940 
AXT, Inc.(1)
1,060 9,105 
CEVA, Inc.(1)
210 6,147 
Cohu, Inc.(1)
1,300 34,879 
CyberOptics Corp.(1)
180 9,583 
Formfactor, Inc.(1)
738 21,609 
inTEST Corp.(1)
200 1,776 
Kulicke & Soffa Industries, Inc.183 7,693 
MagnaChip Semiconductor Corp.(1)
1,260 14,742 
NVE Corp.120 6,086 
Photronics, Inc.(1)
1,960 32,928 
Rambus, Inc.(1)
3,260 84,076 
SMART Global Holdings, Inc.(1)
1,540 28,259 
Ultra Clean Holdings, Inc.(1)
1,220 35,709 
Veeco Instruments, Inc.(1)
1,341 28,349 
432,587 
Software — 1.5%
A10 Networks, Inc.1,980 27,522 
Agilysys, Inc.(1)
406 21,019 
Avaya Holdings Corp.(1)
2,103 3,344 
C3.ai, Inc., Class A(1)
2,478 44,604 
ChannelAdvisor Corp.(1)
121 1,826 
Cleanspark, Inc.(1)
1,060 4,537 
CommVault Systems, Inc.(1)
842 45,712 
CoreCard Corp.(1)
180 4,365 
Digital Turbine, Inc.(1)
1,465 27,058 
Ebix, Inc.660 17,173 
eGain Corp.(1)
210 1,934 
InterDigital, Inc.840 42,134 
LiveRamp Holdings, Inc.(1)
1,780 35,333 
Mitek Systems, Inc.(1)
1,160 11,855 
N-able, Inc.(1)
1,369 13,635 
OneSpan, Inc.(1)
680 7,827 
Progress Software Corp.1,200 57,756 
SRAX, Inc.(1)
600 1,422 
Upland Software, Inc.(1)
400 4,188 
Vertex, Inc., Class A(1)
720 9,850 
Yext, Inc.(1)
2,129 9,474 
392,568 
Specialty Retail — 4.3%
Aaron's Co., Inc.840 9,996 
103


Avantis U.S. Small Cap Equity ETF
SharesValue
Abercrombie & Fitch Co., Class A(1)
1,500 $21,585 
Academy Sports & Outdoors, Inc.1,290 55,573 
America's Car-Mart, Inc.(1)
160 12,898 
American Eagle Outfitters, Inc.2,985 33,611 
Arko Corp.2,480 23,634 
Barnes & Noble Education, Inc.(1)
1,000 2,560 
Bed Bath & Beyond, Inc.(1)
1,660 15,820 
Big 5 Sporting Goods Corp.560 6,854 
Boot Barn Holdings, Inc.(1)
1,020 67,952 
Buckle, Inc.840 27,115 
Build-A-Bear Workshop, Inc.440 6,741 
Caleres, Inc.980 25,010 
Cato Corp., Class A500 5,405 
Chico's FAS, Inc.(1)
3,120 17,722 
Children's Place, Inc.(1)
360 15,185 
Citi Trends, Inc.(1)
220 4,444 
Conn's, Inc.(1)
500 4,805 
Container Store Group, Inc.(1)
820 5,560 
Designer Brands, Inc., Class A1,620 27,637 
Express, Inc.(1)
1,884 2,864 
Foot Locker, Inc.2,746 101,163 
Genesco, Inc.(1)
380 21,500 
Group 1 Automotive, Inc.370 66,078 
Guess?, Inc.1,100 19,217 
Haverty Furniture Cos., Inc.420 11,264 
Hibbett, Inc.320 18,752 
Kirkland's, Inc.(1)
240 979 
Lazydays Holdings, Inc.(1)
240 3,950 
LL Flooring Holdings, Inc.(1)
700 5,698 
MarineMax, Inc.(1)
640 23,258 
Monro, Inc.880 40,753 
National Vision Holdings, Inc.(1)
803 26,684 
ODP Corp.(1)
1,441 51,516 
OneWater Marine, Inc., Class A(1)
280 11,158 
Party City Holdco, Inc.(1)
2,260 4,452 
Sally Beauty Holdings, Inc.(1)
3,020 44,938 
Shoe Carnival, Inc.480 11,419 
Signet Jewelers Ltd.1,307 85,438 
Sonic Automotive, Inc., Class A580 30,850 
Sportsman's Warehouse Holdings, Inc.(1)
1,201 9,560 
Tile Shop Holdings, Inc.980 3,842 
Tilly's, Inc., Class A620 4,650 
TravelCenters of America, Inc.(1)
400 21,632 
Urban Outfitters, Inc.(1)
1,600 32,208 
Victoria's Secret & Co.(1)
2,124 71,026 
Zumiez, Inc.(1)
580 15,057 
1,130,013 
Technology Hardware, Storage and Peripherals — 0.5%
Eastman Kodak Co.(1)
1,380 7,466 
Immersion Corp.(1)
620 3,695 
Intevac, Inc.(1)
660 3,294 
104


Avantis U.S. Small Cap Equity ETF
SharesValue
Super Micro Computer, Inc.(1)
1,360 $88,509 
Turtle Beach Corp.(1)
380 3,568 
Xerox Holdings Corp.1,605 26,675 
133,207 
Textiles, Apparel and Luxury Goods — 1.0%
Allbirds, Inc., Class A(1)
1,106 4,545 
Delta Apparel, Inc.(1)
160 3,005 
Fossil Group, Inc.(1)
1,260 5,330 
G-III Apparel Group Ltd.(1)
1,200 25,284 
Kontoor Brands, Inc.1,460 54,356 
Lakeland Industries, Inc.(1)
200 2,700 
Movado Group, Inc.500 15,945 
Oxford Industries, Inc.460 49,096 
Rocky Brands, Inc.160 4,181 
Steven Madden Ltd.1,580 45,994 
Superior Group of Cos., Inc.300 3,333 
Unifi, Inc.(1)
400 4,544 
Vera Bradley, Inc.(1)
660 2,613 
Wolverine World Wide, Inc.2,180 42,597 
263,523 
Thrifts and Mortgage Finance — 2.2%
Axos Financial, Inc.(1)
1,309 54,690 
Blue Foundry Bancorp(1)
725 8,243 
Bridgewater Bancshares, Inc.(1)
580 9,964 
Columbia Financial, Inc.(1)
1,243 26,513 
Federal Agricultural Mortgage Corp., Class C280 30,587 
Flagstar Bancorp, Inc.1,460 56,254 
FS Bancorp, Inc.188 5,585 
Hingham Institution For Savings42 12,470 
Home Bancorp, Inc.200 7,808 
Kearny Financial Corp.1,880 21,357 
Merchants Bancorp440 11,867 
Mr. Cooper Group, Inc.(1)
1,066 45,092 
NMI Holdings, Inc., Class A(1)
2,280 46,808 
Northfield Bancorp, Inc.1,180 17,393 
Ocwen Financial Corp.(1)
220 5,760 
PennyMac Financial Services, Inc.766 40,690 
Provident Financial Services, Inc.2,040 47,389 
Southern Missouri Bancorp, Inc.220 11,601 
TrustCo Bank Corp. NY500 16,670 
Waterstone Financial, Inc.600 10,374 
WSFS Financial Corp.1,800 87,030 
574,145 
Trading Companies and Distributors — 1.5%
Alta Equipment Group, Inc.560 6,591 
BlueLinx Holdings, Inc.(1)
320 22,432 
Boise Cascade Co.885 55,162 
Distribution Solutions Group, Inc.(1)
90 3,577 
Global Industrial Co.440 13,235 
H&E Equipment Services, Inc.920 29,127 
McGrath RentCorp660 55,783 
105


Avantis U.S. Small Cap Equity ETF
SharesValue
MRC Global, Inc.(1)
2,064 $20,083 
NOW, Inc.(1)
3,648 44,214 
Rush Enterprises, Inc., Class A1,149 54,072 
Rush Enterprises, Inc., Class B227 11,495 
Titan Machinery, Inc.(1)
640 19,699 
Transcat, Inc.(1)
240 17,782 
Veritiv Corp.(1)
460 54,827 
408,079 
Water Utilities — 0.5%
American States Water Co.610 50,612 
Artesian Resources Corp., Class A220 12,019 
California Water Service Group948 55,486 
Consolidated Water Co. Ltd.380 6,156 
York Water Co.221 9,717 
133,990 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.1,300 28,977 
Spok Holdings, Inc.440 3,168 
Telephone and Data Systems, Inc.2,860 46,532 
United States Cellular Corp.(1)
426 12,180 
90,857 
TOTAL COMMON STOCKS
(Cost $26,022,464)
26,230,419 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $66,159)
66,159 66,159 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $26,088,623)

26,296,578 
OTHER ASSETS AND LIABILITIES — 0.1%

18,418 
TOTAL NET ASSETS — 100.0%

$26,314,996 

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


See Notes to Financial Statements.
106


AUGUST 31, 2022
Avantis U.S. Small Cap Value ETF
SharesValue
COMMON STOCKS — 99.8%
Aerospace and Defense — 0.2%
AAR Corp.(1)
48,254 $2,069,132 
AerSale Corp.(1)
38,048 733,565 
Kaman Corp.30,580 969,998 
Moog, Inc., Class A36,844 2,762,563 
6,535,258 
Air Freight and Logistics — 1.4%
Air Transport Services Group, Inc.(1)
549,436 16,554,507 
Atlas Air Worldwide Holdings, Inc.(1)
237,766 23,757,579 
Hub Group, Inc., Class A(1)
160,555 12,813,894 
53,125,980 
Airlines — 0.8%
Allegiant Travel Co.(1)
103,489 9,986,688 
Hawaiian Holdings, Inc.(1)
261,637 3,921,939 
JetBlue Airways Corp.(1)
1,216,425 9,475,951 
Mesa Air Group, Inc.(1)
22,440 54,529 
SkyWest, Inc.(1)
330,663 7,039,815 
Wheels Up Experience, Inc.(1)
272,156 508,932 
30,987,854 
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc.(1)
724,038 7,493,793 
Dorman Products, Inc.(1)
57,290 5,193,339 
Goodyear Tire & Rubber Co.(1)
1,629,696 22,864,635 
LCI Industries43,731 5,067,111 
Motorcar Parts of America, Inc.(1)
83,587 1,242,103 
Standard Motor Products, Inc.34,446 1,264,168 
43,125,149 
Automobiles — 1.2%
Harley-Davidson, Inc.142,386 5,491,828 
Thor Industries, Inc.293,844 23,804,302 
Winnebago Industries, Inc.213,446 12,290,221 
Workhorse Group, Inc.(1)(2)
468,256 1,465,641 
43,051,992 
Banks — 16.7%
1st Source Corp.40,580 1,914,970 
ACNB Corp.(2)
39,875 1,417,955 
Allegiance Bancshares, Inc.31,254 1,323,919 
Amalgamated Financial Corp.90,564 2,037,690 
Amerant Bancorp, Inc.126,278 3,307,221 
American National Bankshares, Inc.3,000 98,790 
Ameris Bancorp265,259 12,382,290 
Arrow Financial Corp.71,978 2,311,214 
Associated Banc-Corp.603,378 12,091,695 
Atlantic Union Bankshares Corp.72,233 2,343,961 
Banc of California, Inc.154,877 2,614,324 
BancFirst Corp.72,469 7,816,506 
Bancorp, Inc.(1)
216,294 5,130,494 
Bank First Corp.(2)
16,236 1,319,500 
Bank of Hawaii Corp.187,209 14,606,046 
107


Avantis U.S. Small Cap Value ETF
SharesValue
Bank of Marin Bancorp20,867 $644,790 
Bank OZK194,477 7,882,153 
Bank7 Corp.2,336 55,620 
BankFinancial Corp.55,406 551,290 
BankUnited, Inc.382,143 14,158,398 
Bankwell Financial Group, Inc.27,668 872,095 
Banner Corp.153,019 9,297,434 
Bar Harbor Bankshares13,444 380,869 
Baycom Corp.18,670 347,449 
BCB Bancorp, Inc.87,024 1,566,432 
Berkshire Hills Bancorp, Inc.60,483 1,706,225 
Brookline Bancorp., Inc.256,015 3,192,507 
Business First Bancshares, Inc.31,246 737,093 
Byline Bancorp, Inc.129,252 2,818,986 
Cadence Bank54,697 1,393,680 
Cambridge Bancorp11,370 934,955 
Camden National Corp.34,114 1,542,976 
Capital City Bank Group, Inc.14,734 470,457 
Capstar Financial Holdings, Inc.28,306 570,366 
Carter Bankshares, Inc.(1)
34,169 562,763 
Cathay General Bancorp.354,329 14,860,558 
CB Financial Services, Inc.19,701 429,482 
Central Pacific Financial Corp.165,896 3,614,874 
Central Valley Community Bancorp59,229 1,054,276 
City Holding Co.57,089 4,853,136 
Civista Bancshares, Inc.14,616 309,128 
CNB Financial Corp.83,466 2,196,825 
Coastal Financial Corp.(1)
1,350 54,270 
Codorus Valley Bancorp, Inc.46,003 920,520 
Colony Bankcorp, Inc.23,343 329,603 
Columbia Banking System, Inc.73,917 2,213,814 
Community Trust Bancorp, Inc.55,607 2,349,396 
ConnectOne Bancorp, Inc.166,074 4,156,832 
CrossFirst Bankshares, Inc.(1)
85,719 1,129,776 
Customers Bancorp, Inc.(1)
167,940 5,825,839 
Dime Community Bancshares, Inc.128,863 4,028,257 
Eagle Bancorp, Inc.163,407 7,930,142 
Enterprise Financial Services Corp.106,394 4,864,334 
Equity Bancshares, Inc., Class A30,515 952,983 
Esquire Financial Holdings, Inc.10,698 399,891 
F.N.B. Corp.928,574 11,068,602 
Farmers National Banc Corp.148,593 2,123,394 
FB Financial Corp.99,621 3,946,984 
Fidelity D&D Bancorp, Inc.1,144 45,760 
Financial Institutions, Inc.86,598 2,254,146 
First BanCorp979,230 14,002,989 
First Bancorp, Inc.19,768 573,272 
First Bancorp/Southern Pines NC50,397 1,834,955 
First Bancshares, Inc.40,206 1,202,159 
First Busey Corp.176,157 4,051,611 
First Business Financial Services, Inc.41,068 1,366,743 
108


Avantis U.S. Small Cap Value ETF
SharesValue
First Commonwealth Financial Corp.260,456 $3,510,947 
First Community Bankshares, Inc.26,357 831,036 
First Financial Corp.40,501 1,883,296 
First Foundation, Inc.222,085 4,210,732 
First Guaranty Bancshares, Inc.3,820 85,110 
First Internet Bancorp46,391 1,701,158 
First Interstate Bancsystem, Inc., Class A224 9,018 
First Mid Bancshares, Inc.74,320 2,627,212 
First of Long Island Corp.114,949 2,116,211 
First United Corp.34,807 609,123 
First Western Financial, Inc.(1)
3,364 89,247 
Five Star Bancorp1,698 43,180 
Flushing Financial Corp.80,510 1,662,532 
Franklin Financial Services Corp.19,608 627,064 
Fulton Financial Corp.642,683 10,430,745 
FVCBankcorp, Inc.(1)(2)
16,706 321,758 
Great Southern Bancorp, Inc.68,733 4,040,126 
Guaranty Bancshares, Inc.3,094 107,207 
Hancock Whitney Corp.376,899 18,177,839 
Hanmi Financial Corp.181,544 4,487,768 
HarborOne Bancorp, Inc.159,152 2,170,833 
Hawthorn Bancshares, Inc.29,892 714,718 
Heartland Financial USA, Inc.137,851 6,157,804 
Heritage Commerce Corp.38,115 430,318 
Hilltop Holdings, Inc.289,666 7,647,182 
HomeStreet, Inc.128,600 4,476,566 
HomeTrust Bancshares, Inc.36,547 848,621 
Hope Bancorp, Inc.506,329 7,326,581 
Horizon Bancorp, Inc.118,120 2,234,830 
Independent Bank Corp. (Massachusetts)237 18,541 
Independent Bank Corp. (Michigan)122,548 2,514,685 
International Bancshares Corp.261,980 10,932,425 
Investar Holding Corp.4,779 103,226 
Lakeland Bancorp, Inc.266,752 4,345,390 
Lakeland Financial Corp.89,137 6,715,582 
Live Oak Bancshares, Inc.70,671 2,561,117 
Macatawa Bank Corp.151,804 1,445,174 
Mercantile Bank Corp.87,913 2,908,162 
Metrocity Bankshares, Inc.17,092 341,669 
Metropolitan Bank Holding Corp.(1)
31,219 2,234,968 
Mid Penn Bancorp, Inc.8,475 246,538 
Midland States Bancorp, Inc.129,308 3,244,338 
MidWestOne Financial Group, Inc.70,815 2,159,857 
MVB Financial Corp.75,247 2,406,399 
National Bank Holdings Corp., Class A87,914 3,527,989 
NBT Bancorp, Inc.156,760 6,079,153 
Nicolet Bankshares, Inc.(1)
9,316 713,419 
Northeast Bank50,135 1,943,734 
Northrim BanCorp, Inc.31,680 1,284,624 
OceanFirst Financial Corp.105,763 2,056,033 
OFG Bancorp265,307 7,216,350 
109


Avantis U.S. Small Cap Value ETF
SharesValue
Old Second Bancorp, Inc.193,731 $2,657,989 
Origin Bancorp, Inc.69,148 2,824,696 
Orrstown Financial Services, Inc.56,127 1,444,148 
Pacific Premier Bancorp, Inc.289,352 9,479,172 
PacWest Bancorp545,634 14,366,543 
Park National Corp.39,491 5,206,099 
Parke Bancorp, Inc.56,871 1,261,399 
Pathward Financial, Inc.122,930 4,051,773 
PCB Bancorp.72,568 1,362,827 
PCSB Financial Corp.4,055 75,058 
Peapack-Gladstone Financial Corp.90,277 3,039,627 
Peoples Bancorp, Inc.62,783 1,876,584 
Popular, Inc.137,682 10,631,804 
Preferred Bank45,367 3,077,697 
Premier Financial Corp.109,720 2,964,634 
Primis Financial Corp.106,546 1,396,818 
QCR Holdings, Inc.79,256 4,426,448 
RBB Bancorp88,909 1,964,889 
Red River Bancshares, Inc.2,518 128,695 
Republic Bancorp, Inc., Class A60,455 2,569,337 
Republic First Bancorp, Inc.(1)
46,793 148,802 
Riverview Bancorp, Inc.119,597 843,159 
Sandy Spring Bancorp, Inc.175,314 6,753,095 
ServisFirst Bancshares, Inc.105,537 8,903,101 
Shore Bancshares, Inc.36,817 701,364 
Sierra Bancorp74,957 1,553,109 
Simmons First National Corp., Class A149,574 3,528,451 
SmartFinancial, Inc.58,952 1,479,106 
South Plains Financial, Inc.6,379 173,062 
Southern First Bancshares, Inc.(1)
37,854 1,631,886 
Southside Bancshares, Inc.30,902 1,164,387 
SouthState Corp.18,263 1,425,245 
Stock Yards Bancorp, Inc.425 28,161 
Summit Financial Group, Inc.57,645 1,644,035 
Synovus Financial Corp.194,118 7,795,779 
Texas Capital Bancshares, Inc.(1)
193,060 11,396,332 
Tompkins Financial Corp.30,088 2,155,504 
Towne Bank246,121 7,011,987 
Trico Bancshares80,296 3,789,168 
Triumph Bancorp, Inc.(1)
106,477 6,591,991 
Trustmark Corp.232,110 7,320,749 
UMB Financial Corp.171,127 15,310,733 
Umpqua Holdings Corp.965,874 17,134,605 
United Community Banks, Inc.210,494 7,057,864 
United Security Bancshares83,262 591,160 
Unity Bancorp, Inc.41,154 1,153,547 
Univest Financial Corp.78,190 1,939,112 
Valley National Bancorp645,230 7,497,573 
Washington Federal, Inc.304,009 9,731,328 
Washington Trust Bancorp, Inc.78,139 3,956,178 
West BanCorp, Inc.78,905 1,941,852 
110


Avantis U.S. Small Cap Value ETF
SharesValue
Wintrust Financial Corp.198,566 $16,747,056 
613,831,517 
Beverages — 0.2%
Coca-Cola Consolidated, Inc.18,611 8,827,756 
Biotechnology — 1.7%
Alector, Inc.(1)
203,782 2,109,144 
Capricor Therapeutics, Inc.(1)
2,254 13,118 
Catalyst Pharmaceuticals, Inc.(1)
609,720 8,255,609 
Cullinan Oncology, Inc.(1)
39,769 536,086 
Dynavax Technologies Corp.(1)
581,949 6,674,955 
Emergent BioSolutions, Inc.(1)
297,547 7,147,079 
Ironwood Pharmaceuticals, Inc.(1)
1,003,611 10,798,854 
iTeos Therapeutics, Inc.(1)
164,483 3,648,233 
Ligand Pharmaceuticals, Inc.(1)
22,751 2,101,965 
Organogenesis Holdings, Inc.(1)
136,305 489,335 
Ovid therapeutics, Inc.(1)(2)
18,086 36,353 
REGENXBIO, Inc.(1)
246,712 7,278,004 
Tango Therapeutics, Inc.(1)
41,807 171,409 
uniQure NV(1)
193,755 3,785,973 
Vir Biotechnology, Inc.(1)
354,775 8,425,906 
XBiotech, Inc.(1)
852 3,416 
XOMA Corp.(1)
18,806 373,863 
61,849,302 
Building Products — 0.7%
Apogee Enterprises, Inc.146,097 5,966,602 
Insteel Industries, Inc.92,028 2,659,609 
Masonite International Corp.(1)
144,132 11,792,880 
Quanex Building Products Corp.163,620 3,648,726 
UFP Industries, Inc.2,739 217,449 
24,285,266 
Capital Markets — 1.8%
Artisan Partners Asset Management, Inc., Class A13,646 460,689 
B. Riley Financial, Inc.68,417 3,405,114 
Cowen, Inc., Class A137,831 5,299,602 
Diamond Hill Investment Group, Inc.15,852 2,711,485 
Evercore, Inc., Class A132,490 12,412,988 
Janus Henderson Group PLC309,742 7,247,963 
Manning & Napier, Inc.26,797 341,126 
Moelis & Co., Class A132,817 5,533,156 
Oppenheimer Holdings, Inc., Class A43,892 1,593,280 
Piper Sandler Cos.82,116 9,408,030 
Stifel Financial Corp.126,847 7,523,295 
StoneX Group, Inc.(1)
76,405 7,093,440 
Victory Capital Holdings, Inc., Class A161 
Virtus Investment Partners, Inc.19,914 3,808,552 
66,838,881 
Chemicals — 2.9%
AdvanSix, Inc.210,957 7,649,301 
AgroFresh Solutions, Inc.(1)
125,141 200,851 
American Vanguard Corp.203,078 4,047,345 
Cabot Corp.353,597 25,448,376 
111


Avantis U.S. Small Cap Value ETF
SharesValue
Chemours Co.734,173 $24,763,655 
Ecovyst, Inc.(1)
87,418 807,742 
FutureFuel Corp.27,557 200,890 
Hawkins, Inc.70,240 2,691,597 
Intrepid Potash, Inc.(1)
60,419 2,823,380 
Kronos Worldwide, Inc.110,521 1,423,510 
LSB Industries, Inc.(1)
283,229 4,469,354 
NewMarket Corp.12,595 3,617,410 
Orion Engineered Carbons SA226,436 3,817,711 
Rayonier Advanced Materials, Inc.(1)
462,796 2,091,838 
Sensient Technologies Corp.98 7,808 
Stepan Co.88,563 9,230,921 
Tredegar Corp.71,477 729,780 
Trinseo PLC68,122 1,807,277 
Tronox Holdings PLC, Class A820,143 11,998,692 
Valhi, Inc.7,238 252,896 
108,080,334 
Commercial Services and Supplies — 0.3%
Civeo Corp.(1)
46,257 1,371,983 
Ennis, Inc.145,530 3,089,602 
Heritage-Crystal Clean, Inc.(1)
86,011 2,801,378 
HNI Corp.37,499 1,199,968 
Interface, Inc.271,564 3,033,370 
Quad/Graphics, Inc.(1)
158,491 500,831 
11,997,132 
Communications Equipment — 0.4%
Aviat Networks, Inc.(1)
2,363 73,962 
EMCORE Corp.(1)
65,691 156,344 
ViaSat, Inc.(1)
424,669 16,128,929 
16,359,235 
Construction and Engineering — 0.6%
Ameresco, Inc., Class A(1)
27,892 1,920,364 
Argan, Inc.10,528 364,164 
Fluor Corp.(1)
6,426 169,903 
Granite Construction, Inc.109,038 3,268,959 
Great Lakes Dredge & Dock Corp.(1)
159,345 1,524,932 
MYR Group, Inc.(1)
111,495 10,362,345 
Northwest Pipe Co.(1)
29,871 945,716 
Primoris Services Corp.107,400 2,176,998 
Sterling Infrastructure, Inc.(1)
35,833 906,217 
Tutor Perini Corp.(1)
200,371 1,358,515 
22,998,113 
Construction Materials — 0.1%
Eagle Materials, Inc.42,886 5,130,023 
Consumer Finance — 2.2%
Atlanticus Holdings Corp.(1)
12,827 365,185 
Bread Financial Holdings, Inc.322,940 12,410,584 
Consumer Portfolio Services, Inc.(1)
27,834 323,988 
Elevate Credit, Inc.(1)
797 1,180 
Encore Capital Group, Inc.(1)
112,712 6,163,092 
Green Dot Corp., Class A(1)
199,293 4,043,655 
112


Avantis U.S. Small Cap Value ETF
SharesValue
LendingClub Corp.(1)
90,258 $1,179,672 
Navient Corp.672,528 10,350,206 
Nelnet, Inc., Class A90,213 7,599,543 
OneMain Holdings, Inc.160,395 5,602,597 
Oportun Financial Corp.(1)
19,856 101,464 
PRA Group, Inc.(1)
121,965 4,505,387 
PROG Holdings, Inc.(1)
234,710 4,351,523 
Regional Management Corp.50,358 1,696,561 
SLM Corp.1,366,767 20,884,200 
World Acceptance Corp.(1)(2)
9,967 1,158,564 
80,737,401 
Containers and Packaging
TriMas Corp.927 25,511 
Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.(1)
257,645 9,710,640 
American Public Education, Inc.(1)
22,143 228,737 
Graham Holdings Co., Class B1,696 
Grand Canyon Education, Inc.(1)
162,027 13,185,757 
Lincoln Educational Services Corp.(1)
24,562 159,653 
Perdoceo Education Corp.(1)
485,372 5,620,608 
Stride, Inc.(1)
62,467 2,382,492 
Universal Technical Institute, Inc.(1)
139,935 959,954 
32,249,537 
Diversified Financial Services — 0.2%
Alerus Financial Corp.51,047 1,212,877 
Jackson Financial, Inc., Class A176,662 5,522,454 
6,735,331 
Diversified Telecommunication Services — 0.8%
ATN International, Inc.59,500 2,787,575 
EchoStar Corp., Class A(1)
220,896 4,066,695 
Iridium Communications, Inc.(1)
466,004 20,685,918 
27,540,188 
Electrical Equipment — 1.2%
Atkore, Inc.(1)
277,746 23,444,540 
Encore Wire Corp.158,427 20,611,353 
LSI Industries, Inc.6,383 49,404 
Powell Industries, Inc.74 
TPI Composites, Inc.(1)
1,218 22,643 
44,128,014 
Electronic Equipment, Instruments and Components — 1.6%
Avnet, Inc.32,286 1,417,033 
Bel Fuse, Inc., Class B14,765 419,621 
Benchmark Electronics, Inc.45,323 1,244,116 
CTS Corp.33,707 1,426,480 
Daktronics, Inc.(1)
46,859 149,949 
Kimball Electronics, Inc.(1)
47,504 1,023,236 
Methode Electronics, Inc.50,758 2,053,669 
Plexus Corp.(1)
22,655 2,123,453 
Sanmina Corp.(1)
447,019 21,689,362 
ScanSource, Inc.(1)
38 1,101 
TTM Technologies, Inc.(1)
542,038 8,526,258 
113


Avantis U.S. Small Cap Value ETF
SharesValue
Vishay Intertechnology, Inc.924,853 $18,191,858 
Vishay Precision Group, Inc.(1)
11,413 391,580 
58,657,716 
Energy Equipment and Services — 2.5%
Archrock, Inc.1,042,380 7,703,188 
Bristow Group, Inc.(1)
137,824 3,998,274 
ChampionX Corp.414,802 9,046,832 
Diamond Offshore Drilling, Inc.(1)
21,360 151,870 
Dril-Quip, Inc.(1)
125,756 2,782,980 
Exterran Corp.(1)
220,918 1,084,707 
Helix Energy Solutions Group, Inc.(1)
665,350 2,874,312 
Helmerich & Payne, Inc.275,090 11,760,098 
Liberty Energy, Inc., Class A(1)
207,377 3,110,655 
Nabors Industries Ltd.(1)
59,554 7,891,501 
National Energy Services Reunited Corp.(1)
65,500 459,810 
Natural Gas Services Group, Inc.(1)
765 8,514 
Newpark Resources, Inc.(1)
209,427 603,150 
Oceaneering International, Inc.(1)
573,866 5,078,714 
Oil States International, Inc.(1)
32,414 158,829 
Patterson-UTI Energy, Inc.41,716 621,568 
ProPetro Holding Corp.(1)
526,115 4,819,213 
Select Energy Services, Inc., Class A(1)
51 363 
TechnipFMC PLC(1)
716,593 5,861,731 
TETRA Technologies Inc(1)
189,529 754,325 
Transocean Ltd.(1)
2,248,119 8,138,191 
US Silica Holdings, Inc.(1)
500,468 7,021,566 
Valaris Ltd.(1)
25,909 1,320,841 
Weatherford International PLC(1)
181,716 5,113,488 
90,364,720 
Entertainment — 0.2%
Gaia, Inc.(1)
771 2,544 
Marcus Corp.(2)
30,651 493,175 
World Wrestling Entertainment, Inc., Class A92,585 6,296,706 
6,792,425 
Food and Staples Retailing — 2.0%
Ingles Markets, Inc., Class A135,049 11,820,839 
Natural Grocers by Vitamin Cottage, Inc.75,995 1,091,288 
PriceSmart, Inc.54,733 3,462,957 
SpartanNash Co.284,359 8,653,044 
Sprouts Farmers Market, Inc.(1)
676,706 19,556,803 
United Natural Foods, Inc.(1)
456,086 20,104,271 
Village Super Market, Inc., Class A56,177 1,234,771 
Weis Markets, Inc.114,344 8,885,672 
74,809,645 
Food Products — 0.4%
Flowers Foods, Inc.160,980 4,394,754 
Fresh Del Monte Produce, Inc.135,884 3,715,069 
Hostess Brands, Inc.(1)
15,680 363,462 
John B Sanfilippo & Son, Inc.2,695 217,567 
Pilgrim's Pride Corp.(1)
118,018 3,359,973 
Seaboard Corp.34,761 
114


Avantis U.S. Small Cap Value ETF
SharesValue
Seneca Foods Corp., Class A(1)
28,192 $1,489,383 
13,574,969 
Health Care Equipment and Supplies — 0.5%
Co-Diagnostics, Inc.(1)(2)
153,564 519,046 
FONAR Corp.(1)
29,522 416,260 
Meridian Bioscience, Inc.(1)
23,255 757,881 
QuidelOrtho Corp.(1)
192,050 15,221,883 
Retractable Technologies, Inc.(1)
6,054 14,106 
16,929,176 
Health Care Providers and Services — 0.4%
Ensign Group, Inc.3,508 299,232 
Fulgent Genetics, Inc.(1)
150,924 6,560,666 
Innovage Holding Corp.(1)(2)
338 1,241 
National Healthcare Corp.4,859 337,458 
Patterson Cos., Inc.199,057 5,551,700 
Premier, Inc., Class A10,388 366,073 
13,116,370 
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.(1)
531,391 9,033,647 
Hotels, Restaurants and Leisure — 0.8%
BJ's Restaurants, Inc.(1)
92,034 2,308,213 
Bluegreen Vacations Holding Corp.21 
Canterbury Park Holding Corp.249 5,478 
Carrols Restaurant Group, Inc.(1)
115,369 253,812 
Century Casinos, Inc.(1)
73,211 539,565 
Cheesecake Factory, Inc.(2)
254,499 7,792,759 
Chuy's Holdings, Inc.(1)
95,580 2,134,301 
Cracker Barrel Old Country Store, Inc.98,757 10,659,831 
Golden Entertainment, Inc.(1)
348 13,315 
Monarch Casino & Resort, Inc.(1)
87,157 5,263,411 
ONE Group Hospitality, Inc.(1)
32,122 229,351 
Playa Hotels & Resorts NV(1)
151,259 992,259 
RCI Hospitality Holdings, Inc.1,677 109,357 
Red Robin Gourmet Burgers, Inc.(1)
38,724 287,719 
Target Hospitality Corp.(1)
7,277 96,711 
30,686,103 
Household Durables — 1.6%
Bassett Furniture Industries, Inc.40,798 777,610 
Beazer Homes USA, Inc.(1)
24,624 350,646 
Ethan Allen Interiors, Inc.163,397 3,883,947 
GoPro, Inc., Class A(1)
821,120 5,000,621 
Green Brick Partners, Inc.(1)
38,849 946,362 
Hamilton Beach Brands Holding Co., Class A724 8,941 
Hooker Furnishings Corp.26,580 421,824 
Hovnanian Enterprises, Inc., Class A(1)
8,080 323,927 
La-Z-Boy, Inc.221,605 5,848,156 
Legacy Housing Corp.(1)
24,910 425,712 
M/I Homes, Inc.(1)
49,090 2,122,651 
Skyline Champion Corp.(1)
49,603 2,811,002 
Taylor Morrison Home Corp.(1)
879,696 22,089,166 
Tri Pointe Homes, Inc.(1)
673,496 11,671,686 
115


Avantis U.S. Small Cap Value ETF
SharesValue
Universal Electronics, Inc.(1)
76,009 $1,689,680 
VOXX International Corp.(1)
20,501 197,630 
58,569,561 
Household Products
Central Garden & Pet Co.(1)
336 13,413 
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.(2)
32,284 3,017,908 
Insurance — 4.2%
Ambac Financial Group, Inc.(1)
5,425 81,863 
American Equity Investment Life Holding Co.25,761 978,918 
AMERISAFE, Inc.68,138 3,258,359 
Argo Group International Holdings Ltd.152,171 2,987,117 
Assured Guaranty Ltd.186,662 9,532,828 
Axis Capital Holdings Ltd.396,599 21,079,237 
Brighthouse Financial, Inc.(1)
383,722 18,245,981 
CNO Financial Group, Inc.564,552 10,393,402 
Crawford & Co., Class A39,553 240,482 
Donegal Group, Inc., Class A13,581 197,196 
Employers Holdings, Inc.125,652 4,920,532 
Genworth Financial, Inc., Class A(1)
2,379,005 10,039,401 
Greenlight Capital Re Ltd., A Shares(1)
15,315 120,836 
Hanover Insurance Group, Inc.87,514 11,323,437 
Horace Mann Educators Corp.141,201 5,050,760 
Investors Title Co.301 44,352 
National Western Life Group, Inc., Class A4,196 798,541 
Oscar Health, Inc., Class A(1)
66,467 440,676 
Primerica, Inc.9,664 1,224,912 
ProAssurance Corp.128,425 2,747,011 
Safety Insurance Group, Inc.58,505 5,268,375 
Selective Insurance Group, Inc.229,702 18,242,933 
SiriusPoint Ltd.(1)
315,046 1,408,256 
Stewart Information Services Corp.104,852 5,309,705 
United Fire Group, Inc.53,616 1,577,919 
Unum Group286,088 10,828,431 
White Mountains Insurance Group Ltd.5,437 7,448,690 
153,790,150 
Interactive Media and Services — 0.1%
Cars.com, Inc.(1)
423,599 5,400,887 
Internet and Direct Marketing Retail
Duluth Holdings, Inc., Class B(1)
34,347 304,658 
Lands' End, Inc.(1)
30,871 426,637 
PetMed Express, Inc.72 1,481 
732,776 
IT Services — 0.3%
Cass Information Systems, Inc.32,063 1,176,071 
International Money Express, Inc.(1)
125,658 2,814,739 
Kyndryl Holdings, Inc.(1)
533,569 5,559,789 
9,550,599 
Leisure Products — 0.9%
Acushnet Holdings Corp.43,547 2,075,015 
American Outdoor Brands, Inc.(1)
2,466 21,183 
116


Avantis U.S. Small Cap Value ETF
SharesValue
JAKKS Pacific, Inc.(1)
6,536 $146,406 
Malibu Boats, Inc., Class A(1)
122,852 7,374,806 
MasterCraft Boat Holdings, Inc.(1)
67,184 1,618,463 
Nautilus, Inc.(1)
2,437 4,923 
Smith & Wesson Brands, Inc.343,931 4,574,282 
Sturm Ruger & Co., Inc.113,482 5,929,434 
Vista Outdoor, Inc.(1)
370,485 10,418,038 
32,162,550 
Life Sciences Tools and Services — 0.1%
AbCellera Biologics, Inc.(1)(2)
306,359 3,271,914 
Machinery — 1.4%
Albany International Corp., Class A134,142 11,829,983 
Commercial Vehicle Group, Inc.(1)
26,106 170,472 
Hurco Cos., Inc.471 11,431 
Kennametal, Inc.486,603 11,405,974 
Mayville Engineering Co., Inc.(1)
3,596 25,028 
Miller Industries, Inc.34,855 819,441 
Mueller Industries, Inc.400,251 25,283,856 
REV Group, Inc.168,540 1,941,581 
Titan International, Inc.(1)
99,517 1,396,224 
52,883,990 
Marine — 1.0%
Costamare, Inc.405,908 4,578,642 
Eagle Bulk Shipping, Inc.97,729 4,245,348 
Genco Shipping & Trading Ltd.322,897 4,426,918 
Matson, Inc.303,807 22,378,423 
Pangaea Logistics Solutions Ltd.157,192 787,532 
Safe Bulkers, Inc.399,200 1,273,448 
37,690,311 
Media — 0.4%
Audacy, Inc.(1)
712,449 392,987 
Cumulus Media, Inc., Class A(1)
70,460 656,687 
Entravision Communications Corp., Class A384,232 1,951,899 
Gambling.com Group Ltd.(1)
1,804 14,252 
PubMatic, Inc., Class A(1)
26,115 511,070 
Scholastic Corp.101,648 4,666,660 
WideOpenWest, Inc.(1)
308,253 5,486,903 
13,680,458 
Metals and Mining — 3.0%
Alpha Metallurgical Resources, Inc.136,391 21,433,846 
Arconic Corp.(1)
114,625 2,889,696 
Carpenter Technology Corp.103,051 3,500,642 
Century Aluminum Co.(1)
26,335 203,306 
Coeur Mining, Inc.(1)
1,265,135 3,491,773 
Commercial Metals Co.605,227 24,517,746 
Gold Resource Corp.220,629 375,069 
Haynes International, Inc.346 13,733 
Hecla Mining Co.2,393,336 9,429,744 
Kaiser Aluminum Corp.83,560 5,996,265 
Olympic Steel, Inc.11,917 313,655 
Ramaco Resources, Inc.133,398 1,406,015 
117


Avantis U.S. Small Cap Value ETF
SharesValue
Ryerson Holding Corp.151,528 $4,318,548 
Schnitzer Steel Industries, Inc., Class A165,792 5,477,768 
SunCoke Energy, Inc.707,063 4,659,545 
TimkenSteel Corp.(1)
382,903 5,873,732 
United States Steel Corp.5,533 126,540 
Warrior Met Coal, Inc.495,391 16,124,977 
Worthington Industries, Inc.31 1,581 
110,154,181 
Multiline Retail — 1.3%
Big Lots, Inc.(2)
186,347 3,833,158 
Dillard's, Inc., Class A(2)
30,715 9,099,012 
Kohl's Corp.564,241 16,035,729 
Macy's, Inc.1,144,563 19,823,831 
48,791,730 
Oil, Gas and Consumable Fuels — 13.1%
Antero Midstream Corp.1,723,480 17,355,444 
Antero Resources Corp.(1)
78 3,126 
Arch Resources, Inc.134,872 19,634,666 
Berry Corp.498,659 4,562,730 
Brigham Minerals, Inc., Class A193,705 5,762,724 
California Resources Corp.90,009 4,496,850 
Callon Petroleum Co.(1)
391,549 16,664,325 
Chord Energy Corp.170,893 24,189,904 
Civitas Resources, Inc.336,275 22,594,317 
CNX Resources Corp.(1)
270,876 4,786,379 
Comstock Resources, Inc.(1)
632,807 12,403,017 
CONSOL Energy, Inc.219,128 15,729,008 
Crescent Energy Co., Class A1,127 19,306 
CVR Energy, Inc.194,371 6,348,157 
Delek US Holdings, Inc.112,649 3,182,334 
Denbury, Inc.(1)
203,245 18,074,578 
DHT Holdings, Inc.599,889 4,685,133 
Dorian LPG Ltd.203,773 2,964,897 
Earthstone Energy, Inc., Class A(1)
329,263 5,004,798 
EnLink Midstream LLC(1)
1,254,853 12,749,307 
Epsilon Energy Ltd.29,172 210,038 
Equitrans Midstream Corp.2,425,914 22,488,223 
Evolution Petroleum Corp.121,946 846,305 
Hallador Energy Co.(1)(2)
72,257 471,116 
HF Sinclair Corp.55,926 2,943,385 
HighPeak Energy, Inc.15,668 396,714 
International Seaways, Inc.4,965 146,616 
Kimbell Royalty Partners LP168,730 2,993,270 
Kosmos Energy Ltd.(1)
3,213,163 22,717,062 
Laredo Petroleum, Inc.(1)
106,209 8,242,881 
Magnolia Oil & Gas Corp., Class A570,851 13,626,213 
Matador Resources Co.404,770 24,124,292 
Murphy Oil Corp.652,708 25,436,031 
NACCO Industries, Inc., Class A25,822 1,161,215 
Overseas Shipholding Group, Inc., Class A(1)
263,793 820,396 
PBF Energy, Inc., Class A(1)
663,712 22,672,402 
118


Avantis U.S. Small Cap Value ETF
SharesValue
PDC Energy, Inc.316,746 $21,510,221 
Peabody Energy Corp.(1)
407,426 10,047,125 
Permian Resources Corp.(1)
1,349,872 11,109,447 
Plains GP Holdings LP, Class A(1)
608,517 7,290,034 
PrimeEnergy Resources Corp.(1)
366 34,389 
Range Resources Corp.(1)
494,789 16,258,767 
Ranger Oil Corp., Class A146,262 5,702,755 
REX American Resources Corp.(1)
37,337 1,131,311 
Riley Exploration Permian, Inc.6,010 151,091 
Ring Energy, Inc.(1)
491,383 1,592,081 
SandRidge Energy, Inc.(1)
240,387 5,043,319 
SFL Corp. Ltd.775,128 8,293,870 
SilverBow Resources, Inc.(1)(2)
89,291 3,550,210 
Sitio Royalties Corp.11,246 286,098 
SM Energy Co.564,988 24,899,021 
Talos Energy, Inc.(1)
499,100 10,346,343 
Teekay Corp.(1)
162,857 568,371 
VAALCO Energy, Inc.251,307 1,259,048 
479,580,660 
Paper and Forest Products — 1.0%
Clearwater Paper Corp.(1)
125,619 5,343,833 
Louisiana-Pacific Corp.462,344 25,072,915 
Mercer International, Inc.333,064 5,402,298 
Sylvamo Corp.43,196 1,919,630 
37,738,676 
Personal Products — 0.5%
Inter Parfums, Inc.42 3,298 
Lifevantage Corp.58,539 232,985 
Nature's Sunshine Products, Inc.(1)
16,674 161,738 
Nu Skin Enterprises, Inc., Class A313,205 12,822,613 
USANA Health Sciences, Inc.(1)
64,171 4,140,313 
17,360,947 
Pharmaceuticals — 1.0%
Amphastar Pharmaceuticals, Inc.(1)
30,915 915,084 
Arvinas, Inc.(1)
243,254 10,299,374 
Assertio Holdings, Inc.(1)(2)
207,719 529,683 
Collegium Pharmaceutical, Inc.(1)
45,646 802,457 
Corcept Therapeutics, Inc.(1)
16,062 414,721 
Innoviva, Inc.(1)
464,555 6,113,544 
Prestige Consumer Healthcare, Inc.(1)
231,640 11,716,351 
ProPhase Labs, Inc.(2)
43,917 531,835 
SIGA Technologies, Inc.347,695 5,243,241 
Supernus Pharmaceuticals, Inc.(1)
10,884 372,559 
36,938,849 
Professional Services — 0.9%
Barrett Business Services, Inc.7,072 570,286 
BGSF, Inc.200 2,420 
CBIZ, Inc.(1)
84,195 3,675,954 
CRA International, Inc.7,747 708,153 
Heidrick & Struggles International, Inc.113,381 3,226,823 
Kelly Services, Inc., Class A77,646 1,250,877 
119


Avantis U.S. Small Cap Value ETF
SharesValue
Kforce, Inc.97,161 $5,316,650 
Korn Ferry232,520 14,165,118 
RCM Technologies, Inc.(1)
2,109 36,823 
TrueBlue, Inc.(1)
162,081 3,329,144 
32,282,248 
Real Estate Management and Development — 0.6%
Douglas Elliman, Inc.268,594 1,238,218 
Five Point Holdings LLC, Class A(1)
19,374 70,715 
Forestar Group, Inc.(1)
83,521 1,039,001 
Howard Hughes Corp.(1)
38,852 2,472,153 
Kennedy-Wilson Holdings, Inc.499,627 8,773,450 
Marcus & Millichap, Inc.181,991 6,802,824 
RE/MAX Holdings, Inc., Class A128,260 2,919,198 
23,315,559 
Road and Rail — 2.7%
ArcBest Corp.187,865 15,128,768 
Covenant Logistics Group, Inc.67,613 1,901,278 
Heartland Express, Inc.277,729 4,207,594 
Landstar System, Inc.3,335 489,011 
Marten Transport Ltd.446,219 8,839,598 
PAM Transportation Services, Inc.(1)
23,304 692,362 
Ryder System, Inc.395,667 30,244,786 
Saia, Inc.(1)
79,351 16,412,167 
Schneider National, Inc., Class B270,225 6,177,344 
Universal Logistics Holdings, Inc.20,860 761,599 
US Xpress Enterprises, Inc., Class A(1)
109,942 270,457 
USA Truck, Inc.(1)
11,196 351,107 
Werner Enterprises, Inc.358,685 14,272,076 
99,748,147 
Semiconductors and Semiconductor Equipment — 1.9%
Alpha & Omega Semiconductor Ltd.(1)
162,350 6,276,451 
Amkor Technology, Inc.586,819 11,812,666 
Axcelis Technologies, Inc.(1)
63,167 4,228,399 
Cirrus Logic, Inc.(1)
86,928 6,666,508 
Diodes, Inc.(1)
223,618 15,914,893 
Everspin Technologies, Inc.(1)
2,705 19,747 
Kulicke & Soffa Industries, Inc.395,387 16,622,070 
Photronics, Inc.(1)
481,097 8,082,430 
Ultra Clean Holdings, Inc.(1)
53,635 1,569,896 
71,193,060 
Software — 0.2%
Cleanspark, Inc.(1)(2)
28,682 122,759 
CoreCard Corp.(1)
1,461 35,429 
Greenidge Generation Holdings, Inc.(1)(2)
16,917 41,109 
InterDigital, Inc.154,370 7,743,199 
7,942,496 
Specialty Retail — 7.4%
Aaron's Co., Inc.228,561 2,719,876 
Abercrombie & Fitch Co., Class A(1)
378,497 5,446,572 
Academy Sports & Outdoors, Inc.530,387 22,849,072 
American Eagle Outfitters, Inc.850,021 9,571,236 
120


Avantis U.S. Small Cap Value ETF
SharesValue
Asbury Automotive Group, Inc.(1)
39,249 $6,848,166 
AutoNation, Inc.(1)
183,637 22,881,170 
Barnes & Noble Education, Inc.(1)
21,541 55,145 
Bed Bath & Beyond, Inc.(1)(2)
249,656 2,379,222 
Big 5 Sporting Goods Corp.170,771 2,090,237 
Buckle, Inc.201,464 6,503,258 
Build-A-Bear Workshop, Inc.70,029 1,072,844 
Caleres, Inc.298,249 7,611,314 
Cato Corp., Class A70,239 759,284 
Chico's FAS, Inc.(1)
796,757 4,525,580 
Children's Place, Inc.(1)
60,160 2,537,549 
Citi Trends, Inc.(1)
62,482 1,262,136 
Conn's, Inc.(1)
83,602 803,415 
Container Store Group, Inc.(1)
146,521 993,412 
Designer Brands, Inc., Class A437,169 7,458,103 
Destination XL Group, Inc.(1)
138,650 763,962 
Dick's Sporting Goods, Inc.(2)
438 46,590 
Foot Locker, Inc.558,848 20,587,960 
Gap, Inc.1,599,734 14,621,569 
Genesco, Inc.(1)
106,531 6,027,524 
Group 1 Automotive, Inc.75,196 13,429,254 
Guess?, Inc.241,903 4,226,045 
Haverty Furniture Cos., Inc.91,597 2,456,632 
Hibbett, Inc.102,642 6,014,821 
LL Flooring Holdings, Inc.(1)
42,389 345,046 
MarineMax, Inc.(1)
156,202 5,676,381 
Murphy USA, Inc.100,033 29,026,576 
ODP Corp.(1)
239,554 8,564,055 
Rent-A-Center, Inc.174,822 4,517,400 
Shoe Carnival, Inc.91,622 2,179,687 
Signet Jewelers Ltd.308,737 20,182,138 
Sonic Automotive, Inc., Class A132,393 7,041,984 
Tilly's, Inc., Class A123,241 924,308 
TravelCenters of America, Inc.(1)
92,084 4,979,903 
Urban Outfitters, Inc.(1)
403,217 8,116,758 
Zumiez, Inc.(1)
129,449 3,360,496 
271,456,680 
Technology Hardware, Storage and Peripherals
Immersion Corp.(1)
100,470 598,801 
Textiles, Apparel and Luxury Goods — 1.6%
Carter's, Inc.177,786 13,129,496 
Culp, Inc.24,583 113,082 
Delta Apparel, Inc.(1)
696 13,071 
G-III Apparel Group Ltd.(1)
274,520 5,784,136 
Lakeland Industries, Inc.(1)
16,300 220,050 
Movado Group, Inc.98,257 3,133,416 
Oxford Industries, Inc.117,026 12,490,185 
PVH Corp.277,146 15,589,462 
Superior Group of Cos., Inc.278 3,089 
Under Armour, Inc., Class A(1)
397,774 3,349,257 
Under Armour, Inc., Class C(1)
356,146 2,703,148 
121


Avantis U.S. Small Cap Value ETF
SharesValue
Unifi, Inc.(1)
19,035 $216,238 
Vera Bradley, Inc.(1)
45,375 179,685 
56,924,315 
Thrifts and Mortgage Finance — 5.0%
Axos Financial, Inc.(1)
257,077 10,740,677 
Bridgewater Bancshares, Inc.(1)
116,814 2,006,865 
Enact Holdings, Inc.55,201 1,402,105 
Essent Group Ltd.491,545 19,656,885 
Federal Agricultural Mortgage Corp., Class C56,158 6,134,700 
Flagstar Bancorp, Inc.287,346 11,071,441 
FS Bancorp, Inc.45,287 1,345,477 
Greene County Bancorp, Inc.1,987 105,708 
Hingham Institution For Savings2,025 601,223 
Home Bancorp, Inc.33,249 1,298,041 
Kearny Financial Corp.107,403 1,220,098 
loanDepot, Inc., Class A(2)
2,306 3,805 
Luther Burbank Corp.74,720 979,579 
Merchants Bancorp119,067 3,211,237 
MGIC Investment Corp.1,566,998 22,392,401 
Mr. Cooper Group, Inc.(1)
393,954 16,664,254 
New York Community Bancorp, Inc.(2)
1,303,916 12,765,338 
NMI Holdings, Inc., Class A(1)
425,709 8,739,806 
Northfield Bancorp, Inc.112,484 1,658,014 
Ocwen Financial Corp.(1)
8,097 211,980 
OP Bancorp69,617 841,670 
PennyMac Financial Services, Inc.171,290 9,098,925 
Ponce Financial Group, Inc.(1)(2)
879 8,271 
Provident Financial Services, Inc.261,441 6,073,274 
Radian Group, Inc.820,097 17,312,248 
Southern Missouri Bancorp, Inc.38,744 2,042,971 
Sterling Bancorp, Inc.(1)
27,983 164,820 
Territorial Bancorp, Inc.37,690 784,329 
TrustCo Bank Corp. NY99,271 3,309,695 
Walker & Dunlop, Inc.109,300 10,980,278 
Waterstone Financial, Inc.119,662 2,068,956 
WSFS Financial Corp.157,261 7,603,569 
182,498,640 
Trading Companies and Distributors — 5.0%
Air Lease Corp.736,486 26,778,631 
Alta Equipment Group, Inc.8,370 98,515 
BlueLinx Holdings, Inc.(1)
76,707 5,377,161 
Boise Cascade Co.307,686 19,178,068 
GATX Corp.261,343 25,248,347 
Global Industrial Co.1,651 49,662 
H&E Equipment Services, Inc.203,773 6,451,453 
Herc Holdings, Inc.157,045 17,672,274 
McGrath RentCorp167,296 14,139,858 
NOW, Inc.(1)
319,300 3,869,916 
Rush Enterprises, Inc., Class A161,436 7,597,178 
Rush Enterprises, Inc., Class B17,798 901,291 
Textainer Group Holdings Ltd.296,120 8,996,125 
122


Avantis U.S. Small Cap Value ETF
SharesValue
Titan Machinery, Inc.(1)
136,727 $4,208,457 
Triton International Ltd.532,259 31,717,314 
Veritiv Corp.(1)
107,619 12,827,109 
185,111,359 
Wireless Telecommunication Services — 0.4%
Telephone and Data Systems, Inc.712,031 11,584,745 
United States Cellular Corp.(1)
100,766 2,880,900 
14,465,645 
TOTAL COMMON STOCKS
(Cost $3,776,117,290)
3,669,271,055 
SHORT-TERM INVESTMENTS — 0.7%


Money Market Funds — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class3,512,891 3,512,891 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
22,491,144 22,491,144 
TOTAL SHORT-TERM INVESTMENTS
(Cost $26,004,035)
26,004,035 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $3,802,121,325)

3,695,275,090 
OTHER ASSETS AND LIABILITIES — (0.5)%

(19,984,760)
TOTAL NET ASSETS — 100.0%

$3,675,290,330 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $24,916,226. 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 $25,657,289, which includes securities collateral of $3,166,145.


See Notes to Financial Statements.
123


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Real Estate ETFAvantis U.S. Equity ETF
Assets
Investment securities, at value (cost of $152,712,326 and $2,500,458,397, respectively) — including $279,377 and $10,593,875, respectively of securities on loan$143,545,900 $2,520,096,900 
Investment made with cash collateral received for securities on loan, at value (cost of $155,811 and $7,532,352, respectively)155,811 7,532,352 
Total investment securities, at value (cost of $152,868,137 and $2,507,990,749, respectively)143,701,711 2,527,629,252 
Foreign currency holdings, at value (cost of $106,492 and $—, respectively)106,447 — 
Receivable for investments sold23,868 — 
Receivable for capital shares sold6,877 4,144,293 
Dividends and interest receivable303,996 4,444,626 
Securities lending receivable450 14,017 
144,143,349 2,536,232,188 
Liabilities
Disbursements in excess of demand deposit cash— 1,521 
Payable for collateral received for securities on loan155,811 7,532,352 
Payable for investments purchased— 5,632,911 
Accrued management fees21,449 328,288 
177,260 13,495,072 
Net Assets$143,966,089 $2,522,737,116 
Shares outstanding (unlimited number of shares authorized)3,200,000 36,660,000 
Net Asset Value Per Share$44.99 $68.81 
Net Assets Consist of:
Capital paid in$152,409,130 $2,505,319,288 
Distributable earnings(8,443,041)17,417,828 
$143,966,089 $2,522,737,116 


See Notes to Financial Statements.
124


AUGUST 31, 2022
Avantis U.S. Large Cap
Value ETF
Avantis U.S. Small Cap Equity ETF
Assets
Investment securities, at value (cost of $506,912,610 and $26,088,623, respectively) — including $1,714,564 and $—, respectively of securities on loan$493,349,633 $26,296,578 
Investment made with cash collateral received for securities on loan, at value (cost of $1,262,664 and $—, respectively)1,262,664 — 
Total investment securities, at value (cost of $508,175,274 and $26,088,623, respectively)494,612,297 26,296,578 
Receivable for capital shares sold10,773,878 — 
Dividends and interest receivable1,319,354 24,292 
Securities lending receivable1,095 — 
506,706,624 26,320,870 
Liabilities
Payable for collateral received for securities on loan1,262,664 — 
Payable for investments purchased10,428,558 — 
Accrued management fees60,797 5,874 
11,752,019 5,874 
Net Assets$494,954,605 $26,314,996 
Shares outstanding (unlimited number of shares authorized)10,120,000 600,000 
Net Asset Value Per Share$48.91 $43.86 
Net Assets Consist of:
Capital paid in$514,696,003 $26,179,605 
Distributable earnings(19,741,398)135,391 
$494,954,605 $26,314,996 


See Notes to Financial Statements.
125


AUGUST 31, 2022
Avantis U.S. Small Cap Value ETF
Assets
Investment securities, at value (cost of $3,779,630,181) — including $24,916,226 of securities on loan$3,672,783,946 
Investment made with cash collateral received for securities on loan, at value
(cost of $22,491,144)
22,491,144 
Total investment securities, at value (cost of $3,802,121,325)3,695,275,090 
Cash129,288 
Receivable for capital shares sold44,423,340 
Dividends and interest receivable4,804,936 
Securities lending receivable26,121 
3,744,658,775 
Liabilities
Payable for collateral received for securities on loan22,491,144 
Payable for investments purchased46,090,358 
Accrued management fees786,943 
69,368,445 
Net Assets$3,675,290,330 
Shares outstanding (unlimited number of shares authorized)49,640,000 
Net Asset Value Per Share$74.04 
Net Assets Consist of:
Capital paid in$3,864,704,778 
Distributable earnings(189,414,448)
$3,675,290,330 


See Notes to Financial Statements.
126


Statements of Operations
YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Real Estate ETF(1)
Avantis U.S. Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $126,903 and $7,950, respectively)$1,764,383 $32,368,718 
Securities lending, net
766
67,117 
Interest2,822 9,586 
1,767,971 32,445,421 
Expenses:
Management fees89,911 2,912,073 
Net investment income (loss)1,678,060 29,533,348 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(310,340)67,299,634 
Foreign currency translation transactions(1,820)(30)
(312,160)67,299,604 
Change in net unrealized appreciation (depreciation) on:
Investments(9,166,426)(294,173,080)
Translation of assets and liabilities in foreign currencies(5,055)(26)
(9,171,481)(294,173,106)
Net realized and unrealized gain (loss)(9,483,641)(226,873,502)
Net Increase (Decrease) in Net Assets Resulting from Operations$(7,805,581)$(197,340,154)
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
127


PERIOD ENDED AUGUST 31, 2022
Avantis U.S. Large Cap Value ETF(1)
Avantis U.S. Small Cap Equity ETF(2)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $517 and $130, respectively)$4,766,113 $120,563 
Securities lending, net2,512 — 
Interest1,690 148 
4,770,315 120,711 
Expenses:
Management fees276,288 17,281 
Other expenses516 — 
276,804 17,281 
Net investment income (loss)4,493,511 103,430 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(6,821,509)(143,600)
Change in net unrealized appreciation (depreciation) on investments(13,562,977)207,955 
Net realized and unrealized gain (loss)(20,384,486)64,355 
Net Increase (Decrease) in Net Assets Resulting from Operations$(15,890,975)$167,785 
(1)September 21, 2021 (fund inception) through August 31, 2022.
(2)January 11, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
128


YEAR ENDED AUGUST 31, 2022
Avantis U.S. Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $67,030)$53,041,491 
Securities lending, net77,048 
Interest25,771 
53,144,310 
Expenses:
Management fees6,593,208 
Net investment income (loss)46,551,102 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions235,537,603 
Change in net unrealized appreciation (depreciation) on investments(376,259,387)
Net realized and unrealized gain (loss)(140,721,784)
Net Increase (Decrease) in Net Assets Resulting from Operations$(94,170,682)


See Notes to Financial Statements.
129


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis Real Estate ETFAvantis U.S. Equity ETF
Increase (Decrease) in Net Assets
August 31, 2022(1)
August 31, 2022August 31, 2021
Operations
Net investment income (loss)$1,678,060 $29,533,348 $11,940,979 
Net realized gain (loss)(312,160)67,299,604 7,906,935 
Change in net unrealized appreciation (depreciation)(9,171,481)(294,173,106)243,650,591 
Net increase (decrease) in net assets resulting from operations(7,805,581)(197,340,154)263,498,505 
Distributions to Shareholders
From earnings(637,460)(24,641,184)(9,363,483)
Capital Share Transactions
Proceeds from shares sold152,347,682 1,439,756,772 819,649,560 
Payments for shares redeemed— (181,495,905)(23,425,992)
Other capital61,448 — — 
Net increase (decrease) in net assets from capital share transactions152,409,130 1,258,260,867 796,223,568 
Net increase (decrease) in net assets143,966,089 1,036,279,529 1,050,358,590 
Net Assets
Beginning of period— 1,486,457,587 436,098,997 
End of period$143,966,089 $2,522,737,116 $1,486,457,587 
Transactions in Shares of the Funds
Sold3,200,000 19,830,000 11,940,000 
Redeemed— (2,520,000)(360,000)
Net increase (decrease) in shares of the funds3,200,000 17,310,000 11,580,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
130


PERIOD ENDED AUGUST 31, 2022
Avantis U.S. Large Cap Value ETFAvantis U.S. Small Cap Equity ETF
Increase (Decrease) in Net Assets
August 31, 2022(1)
August 31, 2022(2)
Operations
Net investment income (loss)$4,493,511 $103,430 
Net realized gain (loss)(6,821,509)(143,600)
Change in net unrealized appreciation (depreciation)(13,562,977)207,955 
Net increase (decrease) in net assets resulting from operations(15,890,975)167,785 
Distributions to Shareholders
From earnings(2,368,608)(32,394)
Capital Share Transactions
Proceeds from shares sold522,133,836 26,179,605 
Payments for shares redeemed(8,919,648)— 
Net increase (decrease) in net assets from capital share transactions
513,214,188 26,179,605 
Net increase (decrease) in net assets494,954,605 26,314,996 
Net Assets
End of period$494,954,605 $26,314,996 
Transactions in Shares of the Funds
Sold10,300,000 600,000 
Redeemed(180,000)— 
Net increase (decrease) in shares of the funds10,120,000 600,000 
(1)September 21, 2021 (fund inception) through August 31, 2022.
(2)January 11, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
131


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
Operations
Net investment income (loss)$46,551,102 $14,994,902 
Net realized gain (loss)235,537,603 88,689,568 
Change in net unrealized appreciation (depreciation)(376,259,387)222,948,763 
Net increase (decrease) in net assets resulting from operations(94,170,682)326,633,233 
Distributions to Shareholders
From earnings(36,861,258)(10,315,324)
Capital Share Transactions
Proceeds from shares sold3,146,383,598 1,112,455,368 
Payments for shares redeemed(910,204,464)(213,928,626)
Net increase (decrease) in net assets from capital share transactions2,236,179,134 898,526,742 
Net increase (decrease) in net assets2,105,147,194 1,214,844,651 
Net Assets
Beginning of period1,570,143,136 355,298,485 
End of period$3,675,290,330 $1,570,143,136 
Transactions in Shares of the Funds
Sold40,460,000 16,280,000 
Redeemed(11,620,000)(3,380,000)
Net increase (decrease) in shares of the funds28,840,000 12,900,000 


See Notes to Financial Statements.
132


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Real Estate ETF incepted on September 28, 2021. Avantis U.S. Large Cap Value ETF incepted on September 21, 2021. Avantis U.S. Small Cap Equity ETF incepted on January 11, 2022.

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Real Estate ETF
Common Stocks$155,811 — — — $155,811 
Gross amount of recognized liabilities for securities lending transactions$155,811 
Avantis U.S. Equity ETF
Common Stocks$7,532,352 — — — $7,532,352 
Gross amount of recognized liabilities for securities lending transactions$7,532,352 
Avantis U.S. Large Cap Value ETF
Common Stocks$1,262,664 — — — $1,262,664 
Gross amount of recognized liabilities for securities lending transactions$1,262,664 
Avantis U.S. Small Cap Value ETF
Common Stocks$22,491,144 — — — $22,491,144 
Gross amount of recognized liabilities for securities lending transactions$22,491,144 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

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The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Real Estate ETF0.17%
Avantis U.S. Equity ETF0.15%
Avantis U.S. Large Cap Value ETF0.15%
Avantis U.S. Small Cap Equity ETF0.25%
Avantis U.S. Small Cap Value ETF0.25%

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Avantis Real Estate ETF(1)
Avantis U.S. Equity ETF
Avantis U.S. Large Cap Value ETF(2)
Avantis U.S. Small Cap Equity ETF(3)
Avantis U.S. Small Cap Value ETF
Purchases$76,206,213$143,384,891$55,700,229$1,812,040$849,226,680
Sales$3,826,990$77,451,574$44,582,450$1,422,876$625,867,645
(1)September 28, 2021 (fund inception) through August 31, 2022.
(2)September 21, 2021 (fund inception) through August 31, 2022.
(3)January 11, 2022 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Real Estate ETF(1)
$81,485,813
Avantis U.S. Equity ETF$1,376,533,386$170,308,638$76,279,709
Avantis U.S. Large Cap Value ETF(2)
$511,405,771$8,854,617$1,482,300
Avantis U.S. Small Cap Equity ETF(3)
$26,032,230
Avantis U.S. Small Cap Value ETF$2,933,887,062$847,884,078$322,686,850
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through August 31, 2022.
(2)September 21, 2021 (fund inception) through August 31, 2022.
(3)January 11, 2022 (fund inception) through August 31, 2022.

5. Capital Share Transactions

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

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6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Real Estate ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Diversified REITs$2,340,578 $9,382,395 — 
Health Care REITs7,956,988 1,710,448 — 
Hotel and Resort REITs2,543,423 723,706 — 
Industrial REITs13,795,218 9,909,786 — 
Office REITs2,673,756 7,349,908 — 
Real Estate Operating Companies— 25,872 — 
Residential REITs17,674,734 3,104,296 — 
Retail REITs13,615,115 9,711,648 — 
Specialized REITs39,548,760 1,299,117 — 
Short-Term Investments335,963 — — 
$100,484,535 $43,217,176 — 

Avantis U.S. Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$2,517,309,070 — — 
Short-Term Investments10,320,182 — — 
$2,527,629,252 — — 

Avantis U.S. Large Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$493,166,182 — — 
Short-Term Investments1,446,115 — — 
$494,612,297 — — 

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Avantis U.S. Small Cap Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$26,230,419 — — 
Short-Term Investments66,159 — — 
$26,296,578 — — 

Avantis U.S. Small Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$3,669,271,055 — — 
Short-Term Investments26,004,035 — — 
$3,695,275,090 — — 

7. Risk Factors

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

Avantis Real Estate ETF concentrates its investments in a narrow segment of the total market. Because of this, the fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments. The fund may be subject to certain risks similar to those associated with direct investment in real estate including but not limited to: local or regional economic conditions, changes in zoning laws, changes in property values, property tax increases, overbuilding, increased competition, environmental contamination, natural disasters, and interest rate risk.

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

Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value ETF invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.

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8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 (except as noted) and August 31, 2021 were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Avantis Real Estate ETF(1)
$637,460 — N/AN/A
Avantis U.S. Equity ETF$24,641,184 — $9,363,483 — 
Avantis U.S. Large Cap Value ETF(2)
$2,368,608 — N/AN/A
Avantis U.S. Small Cap Equity ETF(3)
$32,394 — N/AN/A
Avantis U.S. Small Cap Value ETF$36,861,258 — $10,315,324 — 
(1)September 28, 2021 (fund inception) through August 31, 2022.
(2)September 21, 2021 (fund inception) through August 31, 2022.
(3)January 11, 2022 (fund inception) through August 31, 2022.

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

The reclassifications, which are primarily due to in kind transactions, were as follows:

Avantis Real Estate ETFAvantis U.S. Equity ETFAvantis U.S. Large Cap Value ETFAvantis U.S. Small Cap Equity ETFAvantis U.S. Small Cap Value ETF
Capital paid in— $76,372,847 $1,481,815 — $322,785,617 
Distributable earnings— $(76,372,847)$(1,481,815)— $(322,785,617)




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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Real Estate ETFAvantis U.S. Equity ETFAvantis U.S. Large Cap Value ETFAvantis U.S. Small Cap Equity ETFAvantis U.S. Small Cap Value ETF
Federal tax cost of investments$152,960,384 $2,507,628,318 $508,174,753 $26,105,789 $3,803,333,596 
Gross tax appreciation of investments$1,260,727 $194,491,760 $16,638,143 $1,626,576 $217,214,480 
Gross tax depreciation of investments(10,519,400)(174,490,826)(30,200,599)(1,435,787)(325,272,986)
Net tax appreciation (depreciation) of investments(9,258,673)20,000,934 (13,562,456)190,789 (108,058,506)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies (5,055)(26)— — — 
Net tax appreciation (depreciation) $(9,263,728)$20,000,908 $(13,562,456)$190,789 $(108,058,506)
Undistributed ordinary income$1,193,946 $8,181,360 $2,124,540 $87,379 $13,270,949 
Accumulated short-term capital losses$(373,259)$(10,686,670)$(8,303,482)$(142,777)$(90,058,892)
Accumulated long-term capital losses— $(77,770)— — (4,567,999)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive
foreign investment companies, return of capital dividends received and tax deferral of losses on wash sales.

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



140


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Real Estate ETF
2022(4)
$50.001.40(5.82)(4.42)(0.64)0.05$44.99(8.86)%
0.17%(5)
3.17%(5)
7%$143,966 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Equity ETF
2022$76.821.12(8.15)(7.03)(0.98)$68.81(9.21)%0.15%1.52%4%$2,522,737 
2021$56.130.9320.5421.47(0.78)$76.8238.56%0.15%1.36%4%$1,486,458 
2020(4)
$50.000.825.846.66(0.53)$56.1313.50%
0.15%(5)
1.76%(5)
3%$436,099 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Large Cap Value ETF
2022(4)
$50.001.16(1.65)(0.49)(0.60)$48.91(1.03)%
0.15%(5)
2.44%(5)
23%$494,955 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 21, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Equity ETF
2022(4)
$50.000.42(6.39)(5.97)(0.17)$43.86(11.95)%
0.25%(5)
1.50%(5)
14%$26,315 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 11, 2022 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Value ETF
2022$75.491.36(1.70)(0.34)(1.11)$74.04(0.47)%0.25%1.77%24%$3,675,290 
2021$44.971.1630.2431.40(0.88)$75.4970.34%0.25%1.72%22%$1,570,143 
2020(4)
$50.000.72(5.30)(4.58)(0.45)$44.97(9.09)%
0.25%(5)
1.87%(5)
20%$355,298 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Real Estate ETF, Avantis® U.S. Equity ETF, Avantis® U.S. Large Cap Value ETF, Avantis® U.S. Small Cap Equity ETF, and Avantis® U.S. Small Cap Value ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® Real Estate ETF
For the period September 28, 2021 (fund inception) through August 31, 2022
Avantis® U.S. Equity ETF
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from September 24, 2019 (fund inception) through August 31, 2020
Avantis® U.S. Large Cap Value ETF
For the period September 21, 2021 (fund inception) through August 31, 2022
Avantis® U.S. Small Cap Equity ETF
For the period January 11, 2022 (fund inception) through August 31, 2022
Avantis® U.S. Small Cap Value ETF
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021 and the period from September 24, 2019 (fund inception) through August 31, 2020

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
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Approval of Management Agreements
Avantis U.S. Small Cap Equity ETF
At a meeting held on December 8, 2021, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis U.S. Small Cap Equity ETF (the "New Fund"). Under Section 15(c) of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:
the nature, extent, and quality of investment management and other services to be provided to the New Fund;
the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
the cost of owning the New Fund compared to the cost of owning similarly-managed funds;
the Advisor’s compliance policies, procedures, and regulatory experience; and
any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.


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Avantis Real Estate ETF
Avantis U.S. Equity ETF
Avantis U.S. Large Cap Value ETF
Avantis U.S. Small Cap Value ETF
At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, and Avantis U.S. Small Cap Value ETF (collectively the "Existing Funds"). Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.
151


Factors Considered

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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Existing Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the
152


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

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

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

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

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

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Existing Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the
153


Existing Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Existing Funds were reasonable by comparison.

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

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Existing Fund is fair in light of the services provided and that the investment management agreement between each Existing Fund and the Advisor should be renewed for an additional one-year period.





154


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

155


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

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


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











156


Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Avantis Real Estate ETFAvantis U.S. Equity ETFAvantis U.S. Large Cap Value ETFAvantis U.S. Small Cap Equity ETFAvantis U.S. Small Cap Value ETF
$24,641,184$2,368,608$32,394$36,861,258


157


Notes
158






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Contact Usavantisinvestors.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-928-2684
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-97504 2210




ai_lockupxblkxrgb002a.jpg
Annual Report
August 31, 2022
Avantis® Emerging Markets Equity ETF (AVEM)
Avantis® Emerging Markets Value ETF (AVES)
Avantis® International Equity ETF (AVDE)
Avantis® International Large Cap Value ETF (AVIV)
Avantis® International Small Cap Value ETF (AVDV)







































Table of Contents

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


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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Emerging Markets Equity ETF (AVEM)
Total Returns as of August 31, 2022Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value-20.36%3.08%9/17/2019
Market Price-20.82%2.97%9/17/2019
MSCI Emerging Markets IMI Index-21.15%2.41%
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 17, 2019
chart-18fbd18970e146dda61a.jpg
Value on August 31, 2022
Net Asset Value — $10,937
MSCI Emerging Markets IMI Index — $10,730
Total Annual Fund Operating Expenses
0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Emerging Markets Equity ETF seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Emerging Markets Equity ETF returned -20.82% on a market price basis. On a net asset value (NAV) basis, the fund returned -20.36%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad emerging markets stock universe, as measured by the MSCI Emerging Markets IMI Index, which returned -21.15% for the reporting period. The MSCI Emerging Markets IMI Index is an unmanaged index generally representative of the performance of emerging markets stocks across capitalization categories.
The outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented firms. The fund’s underweight to growth-oriented companies versus the index also aided results.

Value stocks, as measured by the MSCI Emerging Markets IMI Value Index, returned -16.99% for the period. Growth stocks, as measured by the MSCI Emerging Markets IMI Growth Index, lagged their value-style counterparts, returning -24.94%.












4


Fund Characteristics
AUGUST 31, 2022
Avantis Emerging Markets Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Warrants
—*
Corporate Bonds
—*
Rights
—*
Short-Term Investments1.7%
Other Assets and Liabilities(1.3)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China28.8%
Taiwan17.2%
India17.2%
South Korea13.1%
Brazil6.1%

5


Performance
Avantis Emerging Markets Value ETF (AVES)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-14.38%9/28/2021
Market Price-14.34%9/28/2021
MSCI Emerging Markets IMI Value Index-14.71%
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 28, 2021
chart-bd4a2aad121241aa947a.jpg
Value on August 31, 2022
Net Asset Value — $8,562
MSCI Emerging Markets IMI Value Index — $8,529
Total Annual Fund Operating Expenses
0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.










Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Emerging Markets Value ETF seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the portfolio’s inception on September 28, 2021, through August 31, 2022, Avantis Emerging Markets Value ETF returned -14.34%* on a market price basis. On a net asset value (NAV) basis, the fund returned -14.38%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad emerging markets value stock universe, as measured by the MSCI Emerging Markets IMI Value Index, which returned -14.71% for the reporting period. The MSCI Emerging Markets IMI Value Index is an unmanaged index generally representative of the performance of emerging markets stocks with lower price-to-book ratios and lower forecasted growth values across capitalization categories.

The outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values.

















*Total returns for periods less than one year are not annualized.
7


Fund Characteristics
AUGUST 31, 2022
Avantis Emerging Markets Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.4%
Warrants
—*
Rights
—*
Short-Term Investments1.8%
Other Assets and Liabilities(1.2)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China28.3%
India17.5%
Taiwan17.0%
South Korea13.7%
Brazil6.3%
8


Performance
Avantis International Equity ETF (AVDE)
Total Returns as of August 31, 2022Average Annual Returns 
1 yearSince InceptionInception Date
Net Asset Value-18.85%2.59%9/24/2019
Market Price-18.95%2.62%9/24/2019
MSCI World ex-USA IMI Index-19.49%1.95%
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 24, 2019
chart-73f6b60d1cda40acb7ca.jpg
Value on August 31, 2022
Net Asset Value — $10,781
MSCI World ex-USA IMI Index — $10,584
Total Annual Fund Operating Expenses
0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Equity ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis International Equity ETF returned -18.95% on a market price basis. On a net asset value (NAV) basis, the portfolio returned -18.85%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total non-U.S. developed markets stock universe, as measured by the MSCI World ex-USA IMI Index, which returned -19.49% for the reporting period. The MSCI World ex-USA IMI Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks across capitalization categories.

The outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values. The fund’s underweight to companies with the lowest levels of profitability and book-to-market values also aided results.

Value stocks, as measured by the MSCI World ex-USA IMI Value Index, returned -13.09% for the reporting period. These securities outperformed growth stocks, which returned -25.91%, according to the MSCI World ex-USA IMI Growth Index.

10


Fund Characteristics
AUGUST 31, 2022
Avantis International Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Warrants
—*
Rights
—*
Short-Term Investments3.5%
Other Assets and Liabilities(3.0)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan21.1%
United Kingdom13.6%
Canada11.4%
France8.8%
Switzerland8.4%

11


Performance
Avantis International Large Cap Value ETF (AVIV)
Total Returns as of August 31, 2022 
Since InceptionInception Date
Net Asset Value-13.93%9/28/2021
Market Price-13.82%9/28/2021
MSCI World ex-USA Value Index-10.95%
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 28, 2021
chart-f7e6d7c36d7e4faf823a.jpg
Value on August 31, 2022
Net Asset Value — $8,607
MSCI World ex-USA Value Index — $8,905
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Large Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of large-capitalization (large-cap) companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the portfolio’s inception on September 28, 2021, through August 31, 2022, Avantis International Large Cap Value ETF returned -13.82%* on a market price basis. On a net asset value (NAV) basis, the fund returned -13.93%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total non-U.S. developed markets value stock universe, as measured by the MSCI World ex-USA Value Index, which returned -10.95% for the reporting period. The MSCI World ex-USA Value Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks with lower price-to-book ratios and lower forecasted growth values.

The underperformance versus the index was largely due to the fund’s overweight versus the index in large- and mid-cap companies with high book-to-market and profitability characteristics. Stocks of these companies underperformed mega caps for the reporting period.




















*Total returns for periods less than one year are not annualized.
13


Fund Characteristics
AUGUST 31, 2022
Avantis International Large Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Short-Term Investments8.3%
Other Assets and Liabilities(7.8)%
Top Five Countries% of net assets
Japan20.3%
United Kingdom19.1%
Canada11.8%
Germany8.8%
France7.4%

14


Performance
Avantis International Small Cap Value ETF (AVDV)
Total Returns as of August 31, 2022Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value-16.92%4.34%9/24/2019
Market Price-17.05%4.37%9/24/2019
MSCI World ex-USA Small Cap Index-24.53%2.51%
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 24, 2019
chart-3cfcdbcdc6374e00808a.jpg
Value on August 31, 2022
Net Asset Value — $11,330
MSCI World ex-USA Small Cap Index — $10,756
Total Annual Fund Operating Expenses
0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis International Small Cap Value ETF returned -17.05% on a market price basis. On a net asset value (NAV) basis, the fund returned -16.92%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total non-U.S. developed markets small-cap stock universe, as measured by the MSCI World ex-USA Small Cap Index, which returned -24.53% for the reporting period. The MSCI World ex-USA Small Cap Index is an unmanaged index generally representative of the performance of non-U.S. developed markets small-cap stocks.

The outperformance versus the index was largely due to the fund’s emphasis on small-cap companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented stocks.

Small-cap value stocks, as measured by the MSCI World ex-USA Small Cap Value Index, returned -19.00% for the reporting period. Small-cap growth stocks, as measured by the MSCI World ex-USA Small Cap Growth Index, lagged their value-style peers, returning -29.98%.










16


Fund Characteristics
AUGUST 31, 2022
Avantis International Small Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Rights
—*
Warrants
—*
Short-Term Investments3.6%
Other Assets and Liabilities(3.2)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan27.0%
United Kingdom14.3%
Canada10.6%
Australia9.7%
Sweden5.1%

17


Shareholder Fee Examples

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

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

18


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)
Avantis Emerging Markets Equity ETF
Actual$1,000$865.40$1.550.33%
Hypothetical$1,000$1,023.54$1.680.33%
Avantis Emerging Markets Value ETF
Actual$1,000$862.30$1.690.36%
Hypothetical$1,000$1,023.39$1.840.36%
Avantis International Equity ETF
Actual$1,000$858.50$1.080.23%
Hypothetical$1,000$1,024.05$1.170.23%
Avantis International Large Cap Value ETF
Actual$1,000$857.50$1.170.25%
Hypothetical$1,000$1,023.95$1.280.25%
Avantis International Small Cap Value ETF
Actual$1,000$867.10$1.690.36%
Hypothetical$1,000$1,023.39$1.840.36%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
19


Schedules of Investments

AUGUST 31, 2022
Avantis Emerging Markets Equity ETF
SharesValue
COMMON STOCKS — 99.6%
Brazil — 6.1%
3R Petroleum Oleo E Gas SA(1)
92,066 $659,915 
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA36,000 15,916 
AES Brasil Energia SA100,200 186,440 
Aliansce Sonae Shopping Centers SA54,530 183,639 
Alliar Medicos A Frente SA(1)
10,800 41,561 
Alpargatas SA, Preference Shares48,400 194,627 
Alupar Investimento SA19,700 107,921 
Ambev SA, ADR531,661 1,541,817 
Americanas SA24,743 77,239 
Arezzo Industria e Comercio SA7,300 129,571 
Atacadao SA54,300 207,810 
Auren Energia SA105,283 310,037 
Azul SA, ADR(1)(2)
11,628 108,722 
B3 SA - Brasil Bolsa Balcao609,200 1,399,343 
Banco ABC Brasil SA, Preference Shares39,110 142,986 
Banco BMG SA, Preference Shares46,900 23,710 
Banco Bradesco SA213,798 649,317 
Banco Bradesco SA, ADR852,581 3,094,869 
Banco BTG Pactual SA167,600 824,727 
Banco do Brasil SA160,190 1,286,163 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares122,800 264,134 
Banco Pan SA, Preference Shares40,800 57,721 
Banco Santander Brasil SA, ADR(2)
77,459 443,065 
BB Seguridade Participacoes SA101,100 552,684 
Bemobi Mobile Tech SA19,600 52,933 
Boa Vista Servicos SA20,600 27,124 
BR Malls Participacoes SA399,400 635,674 
BR Properties SA107,100 170,046 
BrasilAgro - Co. Brasileira de Propriedades Agricolas36,000 198,947 
Braskem SA, ADR(2)
30,441 359,813 
BRF SA, ADR(1)(2)
218,181 652,361 
C&A MODAS SA(1)
27,000 16,763 
Camil Alimentos SA43,500 83,782 
CCR SA389,300 1,040,149 
Centrais Eletricas Brasileiras SA, ADR(2)
73,658 658,502 
Centrais Eletricas Brasileiras SA, Class B Preference Shares45,200 417,907 
Cia Brasileira de Aluminio30,800 76,372 
Cia Brasileira de Distribuicao, ADR(2)
131,366 535,973 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR80,360 752,170 
Cia de Saneamento de Minas Gerais-COPASA99,100 257,541 
Cia de Saneamento do Parana55,100 182,911 
Cia de Saneamento do Parana, Preference Shares450,200 304,610 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares43,900 202,016 
20


Avantis Emerging Markets Equity ETF
SharesValue
Cia Energetica de Minas Gerais, ADR366,946 $865,993 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares19,200 195,159 
Cia Paranaense de Energia, ADR79,808 523,540 
Cia Paranaense de Energia, Preference Shares573,000 766,585 
Cia Siderurgica Nacional SA, ADR(2)
317,208 856,462 
Cielo SA460,200 487,410 
Clear Sale SA(1)
38,200 41,193 
Construtora Tenda SA(1)
33,700 38,154 
Cosan SA94,996 366,296 
CPFL Energia SA39,000 264,103 
Cristal Pigmentos do Brasil SA, Preference Shares1,700 9,150 
Cury Construtora e Incorporadora SA44,100 75,529 
Cyrela Brazil Realty SA Empreendimentos e Participacoes89,200 244,844 
Desktop - Sigmanet Comunicacao Multimidia S.A17,400 36,021 
Dexco SA135,610 259,625 
Dexxos Participacoes SA17,400 23,379 
Direcional Engenharia SA14,000 34,769 
EcoRodovias Infraestrutura e Logistica SA(1)
124,200 139,422 
EDP - Energias do Brasil SA52,100 227,131 
Embraer SA, ADR(1)
79,025 842,406 
Enauta Participacoes SA80,400 257,007 
Energisa SA88,200 720,194 
Eneva SA(1)
127,600 379,190 
Engie Brasil Energia SA61,800 483,599 
Equatorial Energia SA140,900 656,237 
Eternit SA36,400 90,258 
Eucatex SA Industria e Comercio, Preference Shares16,500 26,261 
Even Construtora e Incorporadora SA47,100 53,778 
Ez Tec Empreendimentos e Participacoes SA49,900 172,363 
Fleury SA43,200 130,537 
Fras-Le SA25,137 61,606 
Gafisa SA(1)
76,300 17,600 
Gerdau SA, ADR367,016 1,655,242 
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR2,647 4,632 
Gol Linhas Aereas Inteligentes SA, ADR(2)
11,371 43,437 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
22,120 42,944 
GPS Participacoes e Empreendimentos SA5,200 13,594 
Grendene SA44,600 64,897 
Grupo SBF SA7,300 30,912 
Guararapes Confeccoes SA29,400 52,161 
Hapvida Participacoes e Investimentos SA203,685 286,202 
Hidrovias do Brasil SA(1)
35,200 16,577 
Hypera SA12,800 106,019 
Iguatemi SA55,980 210,797 
Iguatemi SA100,000 46,709 
Instituto Hermes Pardini SA14,100 53,691 
Inter & Co., Inc.5,966 24,244 
International Meal Co. Alimentacao SA, Class A(1)
63,300 24,457 
Iochpe Maxion SA64,800 170,271 
Irani Papel e Embalagem SA27,700 40,732 
21


Avantis Emerging Markets Equity ETF
SharesValue
IRB Brasil Resseguros S/A(1)
194,096 $61,933 
Itau Unibanco Holding SA, ADR867,942 4,287,633 
Jalles Machado SA74,200 106,970 
JBS SA156,100 887,859 
JHSF Participacoes SA125,400 149,928 
Kepler Weber SA29,400 119,354 
Klabin SA263,100 958,861 
Lavvi Empreendimentos Imobiliarios Ltda44,580 48,673 
Light SA71,000 77,791 
Localiza Rent a Car SA140,693 1,649,945 
LOG Commercial Properties e Participacoes SA29,400 148,854 
Log-in Logistica Intermodal SA(1)
27,967 212,451 
Lojas Renner SA92,400 472,799 
LPS Brasil Consultoria de Imoveis SA47,300 26,367 
M Dias Branco SA16,700 137,005 
Magazine Luiza SA(1)
135,700 112,162 
Mahle-Metal Leve SA10,400 48,797 
Marcopolo SA, Preference Shares182,300 91,809 
Marfrig Global Foods SA131,800 334,415 
Marisa Lojas SA(1)
43,087 20,954 
Metalurgica Gerdau SA, Preference Shares303,800 581,041 
Mills Estruturas e Servicos de Engenharia SA105,400 201,586 
Minerva SA77,600 230,008 
Mitre Realty Empreendimentos E Participacoes LTDA16,000 16,946 
Movida Participacoes SA107,300 286,070 
MRV Engenharia e Participacoes SA113,900 223,316 
Multilaser Industrial SA57,100 52,903 
Multiplan Empreendimentos Imobiliarios SA109,100 509,178 
Natura & Co. Holding SA51,756 144,353 
Odontoprev SA85,140 149,908 
Omega Energia SA(1)
63,009 135,770 
Petro Rio SA(1)
239,400 1,258,571 
Petroleo Brasileiro SA, ADR406,451 5,808,185 
Petroleo Brasileiro SA, ADR Preference Shares520,250 6,627,985 
Petroreconcavo SA44,200 231,603 
Porto Seguro SA25,400 103,750 
Portobello SA24,300 46,616 
Positivo Tecnologia SA60,400 137,695 
Qualicorp Consultoria e Corretora de Seguros SA50,200 92,248 
Raia Drogasil SA88,000 370,444 
Randon SA Implementos e Participacoes, Preference Shares53,400 98,231 
Rede D'Or Sao Luiz SA15,900 101,774 
Romi SA10,966 28,414 
Rumo SA181,600 705,121 
Santos Brasil Participacoes SA122,100 189,637 
Sao Martinho SA91,000 559,217 
Sendas Distribuidora SA, ADR(2)
68,000 1,198,160 
Ser Educacional SA19,800 23,635 
SIMPAR SA94,900 195,367 
SLC Agricola SA33,880 316,632 
StoneCo Ltd., A Shares(1)
72,084 683,356 
22


Avantis Emerging Markets Equity ETF
SharesValue
Sul America SA155,527 $729,145 
Suzano SA, ADR170,040 1,460,644 
SYN prop e tech SA61,800 53,931 
Taurus Armas SA, Preference Shares31,600 105,690 
Telefonica Brasil SA, ADR(2)
36,836 299,108 
TIM SA, ADR62,534 709,136 
TOTVS SA112,000 611,841 
Transmissora Alianca de Energia Eletrica SA105,200 845,256 
Trisul SA18,100 16,248 
Tupy SA23,900 122,523 
Ultrapar Participacoes SA, ADR(2)
198,880 529,021 
Unipar Carbocloro SA, Class B Preference Shares36,160 704,030 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares285,200 440,211 
Vale SA, ADR749,216 9,305,263 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA30,600 62,113 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA18,000 49,270 
Via S/A(1)
711,300 438,888 
Vibra Energia SA217,700 774,571 
Vivara Participacoes SA8,900 43,350 
Vulcabras Azaleia SA16,100 44,564 
WEG SA119,800 651,688 
Wiz Solucoes e Corretagem de Seguros SA29,400 45,945 
XP, Inc., Class A(1)
8,935 171,909 
YDUQS Participacoes SA48,300 114,752 
Zamp SA(1)
84,400 126,542 
81,080,766 
Chile — 0.7%
Aguas Andinas SA, A Shares872,574 194,717 
Banco de Chile5,359,986 508,518 
Banco de Credito e Inversiones SA8,861 261,010 
Banco Santander Chile, ADR28,694 460,252 
Besalco SA44,236 16,781 
CAP SA45,324 365,682 
Cencosud SA592,777 828,730 
Cencosud Shopping SA90,907 125,267 
Cia Cervecerias Unidas SA, ADR20,801 227,355 
Cia Sud Americana de Vapores SA3,138,368 287,872 
Colbun SA3,301,713 314,680 
Embotelladora Andina SA, Class B Preference Shares198,039 405,469 
Empresa Nacional de Telecomunicaciones SA74,959 236,992 
Empresas CMPC SA426,276 808,557 
Empresas COPEC SA86,594 762,800 
Enel Americas SA2,107,179 232,618 
Enel Chile SA9,954,322 340,641 
Engie Energia Chile SA(1)
182,950 103,085 
Falabella SA59,522 140,263 
Forus SA124 165 
Grupo Security SA164,860 26,138 
Inversiones Aguas Metropolitanas SA44,542 22,513 
23


Avantis Emerging Markets Equity ETF
SharesValue
Itau CorpBanca Chile SA44,740,341 $102,335 
Parque Arauco SA247,310 261,466 
Ripley Corp. SA828,763 151,651 
Sociedad Quimica y Minera de Chile SA, ADR18,058 1,800,021 
Vina Concha y Toro SA25,279 30,885 
9,016,463 
China — 28.8%
360 DigiTech, Inc., ADR76,958 1,229,789 
361 Degrees International Ltd.(1)
396,000 202,348 
3SBio, Inc.815,000 541,860 
A-Living Smart City Services Co. Ltd.63,500 65,410 
AAC Technologies Holdings, Inc.(2)
329,000 609,513 
AAG Energy Holdings Ltd.(2)
1,110,000 209,539 
Agile Group Holdings Ltd.(2)
588,000 205,918 
Agricultural Bank of China Ltd., H Shares4,741,000 1,549,177 
Air China Ltd., H Shares(1)
54,000 43,257 
AK Medical Holdings Ltd.106,000 91,904 
Alibaba Group Holding Ltd., ADR(1)
199,308 19,015,976 
Alibaba Pictures Group Ltd.(1)
1,390,000 109,347 
Aluminum Corp. of China Ltd., H Shares1,386,000 512,141 
Anhui Conch Cement Co. Ltd., H Shares451,500 1,720,600 
Anhui Expressway Co. Ltd., H Shares268,000 194,547 
ANTA Sports Products Ltd.240,000 2,890,184 
Antengene Corp. Ltd.(1)
32,500 17,146 
Anton Oilfield Services Group(1)
330,000 19,537 
Ascletis Pharma, Inc.(1)
64,000 26,936 
Asia Cement China Holdings Corp.188,500 94,254 
Autohome, Inc., ADR35,409 1,260,914 
BAIC Motor Corp. Ltd., H Shares266,000 73,224 
Baidu, Inc., ADR(1)
33,737 4,857,116 
BAIOO Family Interactive Ltd.448,000 23,064 
Bank of China Ltd., H Shares18,727,000 6,535,126 
Bank of Chongqing Co. Ltd., H Shares216,000 111,764 
Bank of Communications Co. Ltd., H Shares2,193,000 1,249,503 
BBMG Corp., H Shares181,000 24,395 
BeiGene Ltd., ADR(1)
5,906 1,013,824 
Beijing Capital International Airport Co. Ltd., H Shares(1)
870,000 546,061 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares7,500 10,907 
Beijing Energy International Holding Co. Ltd.(1)
70,000 2,150 
Beijing Enterprises Holdings Ltd.268,000 797,146 
Beijing Enterprises Water Group Ltd.1,826,000 469,062 
Beijing Jingneng Clean Energy Co. Ltd., H Shares584,000 122,470 
Beijing North Star Co. Ltd., H Shares4,000 468 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.221,000 274,983 
Bilibili, Inc., ADR(1)(2)
815 20,342 
Binjiang Service Group Co. Ltd.45,000 124,420 
BOC Aviation Ltd.151,100 1,209,477 
BOE Varitronix Ltd.362,000 825,756 
Bosideng International Holdings Ltd.1,866,000 1,047,742 
BYD Co. Ltd., H Shares144,000 4,437,406 
24


Avantis Emerging Markets Equity ETF
SharesValue
BYD Electronic International Co. Ltd.(2)
511,500 $1,351,449 
C&D International Investment Group Ltd.23,980 47,959 
C&D Property Management Group Co. Ltd.132,000 60,238 
Cabbeen Fashion Ltd.102,000 17,626 
Canaan, Inc., ADR(1)(2)
100,097 351,340 
Canadian Solar, Inc.(1)(2)
29,188 1,318,422 
Cango, Inc., ADR(2)
4,407 10,665 
CanSino Biologics, Inc., H Shares(2)
12,200 76,147 
Canvest Environmental Protection Group Co. Ltd.204,000 122,295 
Cathay Media And Education Group, Inc.(2)
96,000 14,744 
Central China Management Co. Ltd.117,000 11,459 
Central China New Life Ltd.135,000 58,284 
Central China Real Estate Ltd.(2)
218,000 14,402 
CGN Mining Co. Ltd.(1)(2)
1,105,000 143,966 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)(2)
53,400 54,833 
Chaowei Power Holdings Ltd.168,000 38,815 
Cheerwin Group Ltd.115,000 29,226 
Chen Lin Education Group Holdings Ltd.(1)
16,000 4,282 
China Automotive Systems, Inc.(1)
5,187 21,682 
China BlueChemical Ltd., H Shares1,242,000 323,401 
China Bohai Bank Co. Ltd., H Shares1,012,500 167,697 
China Cinda Asset Management Co. Ltd., H Shares4,857,000 666,977 
China CITIC Bank Corp. Ltd., H Shares3,098,000 1,328,144 
China Coal Energy Co. Ltd., H Shares1,208,000 1,074,235 
China Communications Services Corp. Ltd., H Shares1,748,000 750,585 
China Conch Environment Protection Holdings Ltd.(1)
378,500 337,840 
China Conch Venture Holdings Ltd.741,500 1,513,243 
China Construction Bank Corp., H Shares20,401,000 12,611,549 
China Datang Corp. Renewable Power Co. Ltd., H Shares1,708,000 427,730 
China Dongxiang Group Co. Ltd.(1)
1,053,000 46,828 
China East Education Holdings Ltd.(2)
489,000 206,643 
China Eastern Airlines Corp. Ltd., H Shares(1)(2)
116,000 39,932 
China Education Group Holdings Ltd.470,000 409,453 
China Energy Development Holdings Ltd.(1)
4,000 82 
China Everbright Bank Co. Ltd., H Shares1,101,000 337,525 
China Everbright Environment Group Ltd.2,639,000 1,304,359 
China Everbright Greentech Ltd.(2)
198,000 41,307 
China Everbright Ltd.590,000 430,894 
China Everbright Water Ltd. (Singapore)(2)
138,500 27,232 
China Feihe Ltd.1,582,000 1,309,352 
China Foods Ltd.282,000 89,765 
China Galaxy Securities Co. Ltd., H Shares1,546,000 845,221 
China Gas Holdings Ltd.862,800 1,220,950 
China General Education Group Ltd.(1)
60,000 31,392 
China Glass Holdings Ltd.(2)
622,000 88,374 
China Hanking Holdings Ltd.175,000 18,692 
China Harmony Auto Holding Ltd.269,500 70,804 
China High Speed Transmission Equipment Group Co. Ltd.(1)
195,000 110,242 
China Hongqiao Group Ltd.1,105,000 1,071,476 
China International Capital Corp. Ltd., H Shares575,600 1,012,654 
25


Avantis Emerging Markets Equity ETF
SharesValue
China Kepei Education Group Ltd.130,000 $33,385 
China Lesso Group Holdings Ltd.699,000 830,833 
China Life Insurance Co. Ltd., ADR229,573 1,632,264 
China Lilang Ltd.164,000 80,085 
China Literature Ltd.(1)
62,600 253,675 
China Longyuan Power Group Corp. Ltd., H Shares1,590,000 2,568,112 
China Maple Leaf Educational Systems Ltd.(1)
230,000 10,403 
China Medical System Holdings Ltd.1,072,000 1,586,538 
China Meidong Auto Holdings Ltd.204,000 414,845 
China Mengniu Dairy Co. Ltd.(1)
984,000 4,455,825 
China Merchants Bank Co. Ltd., H Shares776,500 3,971,107 
China Merchants Land Ltd.(1)
148,000 11,660 
China Merchants Port Holdings Co. Ltd.881,545 1,323,435 
China Minsheng Banking Corp. Ltd., H Shares(2)
1,799,000 572,259 
China Modern Dairy Holdings Ltd.(2)
1,978,000 261,669 
China National Building Material Co. Ltd., H Shares2,880,000 2,719,497 
China New Higher Education Group Ltd.612,000 191,743 
China Oil & Gas Group Ltd.(1)
280,000 11,411 
China Oriental Group Co. Ltd.530,000 97,641 
China Pacific Insurance Group Co. Ltd., H Shares667,600 1,414,188 
China Petroleum & Chemical Corp., ADR60,403 2,809,948 
China Pioneer Pharma Holdings Ltd.123,000 35,202 
China Power International Development Ltd.1,476,000 823,981 
China Railway Group Ltd., H Shares1,417,000 811,223 
China Railway Signal & Communication Corp. Ltd., H Shares141,000 44,334 
China Rare Earth Holdings Ltd.(1)
604,000 36,081 
China Reinsurance Group Corp., H Shares302,000 22,250 
China Renaissance Holdings Ltd.(1)
100,700 113,923 
China Resources Beer Holdings Co. Ltd.294,000 2,049,479 
China Resources Cement Holdings Ltd.1,748,000 1,077,483 
China Resources Gas Group Ltd.162,900 634,236 
China Resources Land Ltd.1,112,000 4,552,802 
China Resources Medical Holdings Co. Ltd.527,500 312,938 
China Resources Mixc Lifestyle Services Ltd.151,400 686,564 
China Resources Pharmaceutical Group Ltd.433,500 297,013 
China Resources Power Holdings Co. Ltd.1,234,000 2,453,611 
China Risun Group Ltd.1,009,000 395,561 
China Sanjiang Fine Chemicals Co. Ltd.248,000 50,707 
China SCE Group Holdings Ltd.496,000 41,525 
China Shengmu Organic Milk Ltd.(1)
82,000 3,759 
China Shenhua Energy Co. Ltd., H Shares1,086,500 3,407,558 
China Shineway Pharmaceutical Group Ltd.171,000 131,171 
China Shuifa Singyes Energy Holdings Ltd.(2)
434,000 56,695 
China Silver Group Ltd.(1)
376,000 17,699 
China South City Holdings Ltd.(2)
1,568,000 98,582 
China Southern Airlines Co. Ltd., H Shares(1)
282,000 152,212 
China Starch Holdings Ltd.1,320,000 43,569 
China Sunshine Paper Holdings Co. Ltd.645,500 151,576 
China Suntien Green Energy Corp. Ltd., H Shares958,000 429,659 
China Taiping Insurance Holdings Co. Ltd.1,017,200 1,038,536 
China Tobacco International HK Co. Ltd.(2)
6,000 8,854 
26


Avantis Emerging Markets Equity ETF
SharesValue
China Tower Corp. Ltd., H Shares23,554,000 $2,937,133 
China Traditional Chinese Medicine Holdings Co. Ltd.1,572,000 677,899 
China Travel International Investment Hong Kong Ltd.(1)
842,000 152,961 
China Vanke Co. Ltd., H Shares415,900 811,932 
China Vast Industrial Urban Development Co. Ltd.5,000 1,516 
China Water Affairs Group Ltd.376,000 342,490 
China Wood Optimization Holding Ltd.(1)
8,000 917 
China Xinhua Education Group Ltd.42,000 5,891 
China XLX Fertiliser Ltd.556,000 316,836 
China Yongda Automobiles Services Holdings Ltd.731,000 515,554 
China Youran Dairy Group Ltd.(1)
201,000 60,853 
China Yuchai International Ltd.4,954 41,267 
China Yuhua Education Corp. Ltd.(1)(2)
1,390,000 218,417 
China ZhengTong Auto Services Holdings Ltd.(1)(2)
518,000 32,757 
Chindata Group Holdings Ltd., ADR(1)
81,044 684,011 
Chongqing Rural Commercial Bank Co. Ltd., H Shares683,000 236,395 
CIFI Ever Sunshine Services Group Ltd.368,000 226,169 
CIFI Holdings Group Co. Ltd.(2)
1,689,616 427,633 
CIMC Enric Holdings Ltd.(2)
82,000 87,585 
CIMC Vehicles Group Co. Ltd., Class H20,000 12,467 
CITIC Ltd.2,000,000 2,061,757 
CITIC Securities Co. Ltd., H Shares683,950 1,386,255 
CMGE Technology Group Ltd.(1)
646,000 159,387 
CMOC Group Ltd., H Shares345,000 153,841 
CNFinance Holdings Ltd., ADR(1)(2)
5,468 14,818 
COFCO Joycome Foods Ltd.(1)
2,307,000 883,142 
Concord New Energy Group Ltd.3,080,000 282,211 
Consun Pharmaceutical Group Ltd.108,000 55,429 
Coolpad Group Ltd.(1)
1,854,000 28,745 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(1)
136,000 103,017 
COSCO SHIPPING Holdings Co. Ltd., Class H1,157,249 1,727,611 
COSCO SHIPPING International Hong Kong Co. Ltd.86,000 24,312 
COSCO SHIPPING Ports Ltd.729,118 471,796 
Country Garden Holdings Co. Ltd.(2)
2,007,339 592,558 
Country Garden Services Holdings Co. Ltd.225,000 442,162 
CPMC Holdings Ltd.165,000 70,590 
Crazy Sports Group Ltd.(1)(2)
902,000 26,259 
CSPC Pharmaceutical Group Ltd.4,899,760 4,970,432 
CSSC Hong Kong Shipping Co. Ltd.(2)
620,000 104,799 
Dali Foods Group Co. Ltd.827,500 378,293 
Daqo New Energy Corp., ADR(1)
59,833 3,989,066 
Datang International Power Generation Co. Ltd., H Shares184,000 37,915 
Dexin China Holdings Co. Ltd.50,000 12,679 
Differ Group Auto Ltd.(1)(2)
1,958,000 493,550 
Digital China Holdings Ltd.356,000 158,803 
Dongfeng Motor Group Co. Ltd., Class H1,468,000 930,782 
Dongyue Group Ltd.958,000 1,075,204 
DouYu International Holdings Ltd., ADR(1)
16,143 24,215 
Duiba Group Ltd.(1)
119,600 12,161 
Dynagreen Environmental Protection Group Co. Ltd., H Shares11,000 4,037 
27


Avantis Emerging Markets Equity ETF
SharesValue
E-House China Enterprise Holdings Ltd.(1)(2)
622,200 $54,399 
ENN Energy Holdings Ltd.142,200 2,065,799 
EVA Precision Industrial Holdings Ltd.(2)
1,018,000 194,749 
Everest Medicines Ltd.(1)
26,000 39,323 
Excellence Commercial Property & Facilities Management Group Ltd.72,000 29,935 
Fanhua, Inc., ADR(2)
23,222 129,579 
FIH Mobile Ltd.(1)
1,321,000 171,112 
FinVolution Group, ADR126,902 624,358 
Fire Rock Holdings Ltd.(1)(2)
186,000 13,271 
First Tractor Co. Ltd., H Shares(2)
202,000 80,906 
Flat Glass Group Co. Ltd., H Shares(1)(2)
39,000 128,454 
Fosun International Ltd.783,500 578,326 
Fountain SET Holdings Ltd.26,000 3,310 
Fu Shou Yuan International Group Ltd.801,000 511,772 
Fufeng Group Ltd.1,044,000 586,634 
Fuyao Glass Industry Group Co. Ltd., H Shares175,200 836,026 
Ganfeng Lithium Co. Ltd., H Shares(2)
35,880 315,222 
GCL New Energy Holdings Ltd.(1)(2)
5,662,000 63,276 
GCL-Poly Energy Holdings Ltd.(1)(2)
3,342,000 1,192,851 
GDS Holdings Ltd., Class A(1)
205,100 700,474 
Geely Automobile Holdings Ltd.3,059,000 6,146,197 
Gemdale Properties & Investment Corp. Ltd.2,372,000 202,115 
Genertec Universal Medical Group Co. Ltd.330,500 186,025 
GF Securities Co. Ltd., H Shares379,200 495,351 
Global Bio-Chem Technology Group Co. Ltd.(1)
40,000 918 
Global Cord Blood Corp.(1)
18,571 42,899 
Glorious Property Holdings Ltd.(1)
130,000 2,391 
Glory Health Industry Ltd.(1)
17,000 366 
Glory Sun Financial Group Ltd.(1)(2)
5,680,000 25,945 
GOME Retail Holdings Ltd.(1)
1,947,000 60,691 
Goodbaby International Holdings Ltd.(1)
338,000 34,360 
Grand Baoxin Auto Group Ltd.(1)
22,000 1,364 
Grand Pharmaceutical Group Ltd.778,000 415,360 
Great Wall Motor Co. Ltd., H Shares298,000 447,099 
Greatview Aseptic Packaging Co. Ltd.139,000 26,544 
Greenland Hong Kong Holdings Ltd.321,000 33,408 
Greentown China Holdings Ltd.244,500 461,319 
Greentown Management Holdings Co. Ltd.60,000 50,770 
GreenTree Hospitality Group Ltd., ADR(2)
1,515 6,378 
Guangzhou Automobile Group Co. Ltd., H Shares370,000 318,130 
Guangzhou R&F Properties Co. Ltd., H Shares(2)
984,800 203,695 
Guotai Junan Securities Co. Ltd., H Shares69,200 81,990 
H World Group Ltd., ADR44,282 1,666,332 
Haidilao International Holding Ltd.(1)(2)
374,000 880,059 
Haier Smart Home Co. Ltd., H Shares498,600 1,628,925 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
132,000 310,799 
Haitian International Holdings Ltd.378,000 926,083 
Haitong Securities Co. Ltd., H Shares1,103,600 722,549 
Hangzhou Tigermed Consulting Co. Ltd., H Shares10,900 107,919 
Hansoh Pharmaceutical Group Co. Ltd.102,000 203,504 
28


Avantis Emerging Markets Equity ETF
SharesValue
Harbin Electric Co. Ltd., H Shares(1)
416,000 $113,056 
Hebei Construction Group Corp. Ltd., H Shares(1)
31,500 4,039 
Hello Group, Inc., ADR109,713 565,022 
Hengan International Group Co. Ltd.408,000 1,952,488 
Hi Sun Technology China Ltd.(1)(2)
363,000 40,158 
Hilong Holding Ltd.(1)
968,000 76,313 
Hisense Home Appliances Group Co. Ltd., H Shares111,000 119,594 
Hollysys Automation Technologies Ltd.45,726 778,714 
Homeland Interactive Technology Ltd.(1)(2)
142,000 27,017 
Honworld Group Ltd.(1)
7,500 2,934 
Hope Education Group Co. Ltd.(2)
1,860,000 160,335 
Hopson Development Holdings Ltd.(2)
224,949 309,302 
Hua Hong Semiconductor Ltd.(1)(2)
277,000 813,124 
Huabao International Holdings Ltd.(2)
172,000 87,952 
Huadian Power International Corp. Ltd., H Shares(2)
132,000 54,251 
Huaneng Power International, Inc., H Shares(1)
970,000 495,733 
Huatai Securities Co. Ltd., H Shares763,200 1,020,110 
Huaxi Holdings Co. Ltd.4,000 611 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
248,000 78,991 
Huijing Holdings Co. Ltd.(2)
516,000 10,047 
HUYA, Inc., ADR(1)
25,529 83,990 
Hygeia Healthcare Holdings Co. Ltd.(1)(2)
68,400 369,187 
I-Mab, ADR(1)
2,742 16,808 
iDreamSky Technology Holdings Ltd.(1)
158,000 106,176 
Industrial & Commercial Bank of China Ltd., H Shares11,761,000 5,975,092 
Ingdan, Inc.(1)(2)
198,000 45,488 
Inkeverse Group Ltd.(1)
436,000 71,318 
International Alliance Financial Leasing Co. Ltd.(1)(2)
141,000 74,450 
iQIYI, Inc., ADR(1)(2)
154,415 565,159 
IVD Medical Holding Ltd.3,000 911 
JD Health International, Inc.(1)
117,600 810,102 
JD.com, Inc., ADR65,273 4,144,183 
JD.com, Inc., Class A36,345 1,150,506 
JH Educational Technology, Inc.(1)
102,000 41,399 
Jiangsu Expressway Co. Ltd., H Shares514,000 440,244 
Jiangxi Copper Co. Ltd., H Shares528,000 648,475 
Jiayuan International Group Ltd.(1)(2)
674,000 18,550 
Jinchuan Group International Resources Co. Ltd.(2)
2,216,000 239,139 
Jingrui Holdings Ltd.(1)
10,000 752 
JinkoSolar Holding Co. Ltd., ADR(1)(2)
12,774 777,553 
Jinxin Fertility Group Ltd.565,500 368,240 
Jiumaojiu International Holdings Ltd.(2)
387,000 761,379 
JNBY Design Ltd.93,500 101,746 
JOYY, Inc., ADR39,943 1,211,072 
Jutal Offshore Oil Services Ltd.(1)
186,000 13,956 
JW Cayman Therapeutics Co. Ltd.(1)(2)
36,000 27,953 
Kandi Technologies Group, Inc.(1)(2)
17,258 37,795 
Kangji Medical Holdings Ltd.(2)
185,000 147,467 
Kanzhun Ltd., ADR(1)
3,060 71,879 
Kasen International Holdings Ltd.(1)
143,000 8,105 
KE Holdings, Inc., ADR(1)
79,292 1,430,428 
29


Avantis Emerging Markets Equity ETF
SharesValue
Kingboard Holdings Ltd.444,500 $1,403,597 
Kingboard Laminates Holdings Ltd.646,500 616,705 
Kingsoft Corp. Ltd.321,800 978,042 
Koolearn Technology Holding Ltd.(1)(2)
6,000 22,713 
Kuaishou Technology(1)
108,100 936,631 
Kunlun Energy Co. Ltd.1,002,000 872,468 
KWG Group Holdings Ltd.388,500 69,895 
KWG Living Group Holdings Ltd.255,249 45,278 
Lee & Man Paper Manufacturing Ltd.494,000 177,331 
Lenovo Group Ltd.2,024,000 1,666,990 
Leoch International Technology Ltd.(1)
122,000 9,914 
LexinFintech Holdings Ltd., ADR(1)
64,339 131,252 
Li Auto, Inc., ADR(1)
179,176 5,154,894 
Li Ning Co. Ltd.613,000 5,583,392 
Lifetech Scientific Corp.(1)
1,122,000 365,899 
Logan Group Co. Ltd.(2)
211,000 23,015 
Longfor Group Holdings Ltd.533,500 1,731,615 
Lonking Holdings Ltd.1,310,000 221,812 
Lufax Holding Ltd., ADR81,752 357,256 
Luokung Technology Corp.(1)
475 97 
Luoyang Glass Co. Ltd., H Shares(1)(2)
30,000 41,705 
Luye Pharma Group Ltd.(1)(2)
644,000 185,884 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
466,000 56,161 
Maanshan Iron & Steel Co. Ltd., H Shares60,000 15,626 
Maoyan Entertainment(1)(2)
173,200 145,450 
Meitu, Inc.(1)(2)
1,750,000 186,047 
Meituan, Class B(1)
276,000 6,628,749 
Metallurgical Corp. of China Ltd., H Shares198,000 37,501 
Midea Real Estate Holding Ltd.(2)
174,000 185,653 
Minsheng Education Group Co. Ltd.254,000 19,368 
Minth Group Ltd.406,000 1,148,848 
MMG Ltd.(1)
2,440,000 667,488 
Mobvista, Inc.(1)
109,000 65,711 
Mulsanne Group Holding Ltd.(1)(2)
87,500 42,998 
Nam Tai Property, Inc.(1)
9,475 39,937 
NetDragon Websoft Holdings Ltd.229,500 499,339 
NetEase, Inc., ADR106,588 9,434,104 
New China Life Insurance Co. Ltd., H Shares267,400 629,375 
New Oriental Education & Technology Group, Inc., ADR(1)
97,665 2,773,686 
Nexteer Automotive Group Ltd.681,000 506,075 
Nine Dragons Paper Holdings Ltd.859,000 674,032 
NIO, Inc., ADR(1)
132,130 2,630,708 
Noah Holdings Ltd., ADR(1)
23,231 411,421 
Nongfu Spring Co. Ltd., H Shares(2)
413,000 2,455,636 
OneConnect Financial Technology Co. Ltd., ADR(1)
51,874 56,024 
Orient Overseas International Ltd.63,500 1,770,059 
Peijia Medical Ltd.(1)
48,000 38,217 
People's Insurance Co. Group of China Ltd., H Shares2,411,000 745,152 
Perennial Energy Holdings Ltd.320,000 43,897 
PetroChina Co. Ltd., ADR(2)
53,262 2,462,302 
Pharmaron Beijing Co. Ltd., H Shares18,450 122,041 
30


Avantis Emerging Markets Equity ETF
SharesValue
PICC Property & Casualty Co. Ltd., H Shares2,666,000 $2,883,626 
Pinduoduo, Inc., ADR(1)
67,433 4,807,973 
Ping An Insurance Group Co. of China Ltd., H Shares1,532,782 9,015,277 
Poly Property Group Co. Ltd.1,247,844 253,632 
Poly Property Services Co. Ltd., Class H49,200 288,177 
Postal Savings Bank of China Co. Ltd., H Shares(2)
1,774,000 1,059,027 
Pou Sheng International Holdings Ltd.171,000 17,190 
Powerlong Commercial Management Holdings Ltd.96,000 51,933 
Powerlong Real Estate Holdings Ltd.327,000 41,007 
Prinx Chengshan Holdings Ltd.1,000 891 
Q Technology Group Co. Ltd.(1)
220,000 120,890 
Qudian, Inc., ADR(1)(2)
69,556 66,078 
Radiance Holdings Group Co. Ltd.329,000 159,002 
Redco Properties Group Ltd.(1)(2)
44,000 9,974 
Redsun Properties Group Ltd.(1)(2)
396,000 56,995 
ReneSola Ltd., ADR(1)
12,150 70,956 
Road King Infrastructure Ltd.27,000 14,121 
Ronshine China Holdings Ltd.(1)(2)
202,500 19,347 
Sany Heavy Equipment International Holdings Co. Ltd.451,000 467,175 
SCE Intelligent Commercial Management Holdings Ltd.(2)
165,000 37,093 
Seazen Group Ltd.(1)
774,000 256,924 
Shandong Gold Mining Co. Ltd., H Shares(2)
140,500 238,183 
Shandong Hi-Speed New Energy Group Ltd.(1)(2)
7,260,000 70,123 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares950,000 1,288,740 
Shanghai Electric Group Co. Ltd., H Shares(1)
208,000 49,709 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares42,500 136,723 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares60,000 279,585 
Shanghai Industrial Holdings Ltd.239,000 332,238 
Shanghai Industrial Urban Development Group Ltd.403,600 32,382 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares311,400 452,711 
Shenzhen Expressway Corp. Ltd., H Shares352,000 308,182 
Shenzhen International Holdings Ltd.856,500 738,309 
Shenzhen Investment Ltd.1,130,000 206,928 
Shenzhou International Group Holdings Ltd.161,500 1,687,886 
Shimao Group Holdings Ltd.(2)
245,000 137,972 
Shimao Services Holdings Ltd.(1)(2)
148,000 37,911 
Shoucheng Holdings Ltd.232,800 39,579 
Shougang Fushan Resources Group Ltd.1,949,249 618,278 
Shui On Land Ltd.2,733,000 343,774 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
2,368,000 300,296 
Simcere Pharmaceutical Group Ltd.470,000 469,815 
Sino Biopharmaceutical Ltd.3,548,500 1,863,728 
Sino-Ocean Group Holding Ltd.2,162,500 315,633 
Sinolink Worldwide Holdings Ltd.(1)
116,000 3,247 
Sinopec Engineering Group Co. Ltd., H Shares628,500 280,795 
Sinopec Kantons Holdings Ltd.356,000 108,653 
Sinopec Shanghai Petrochemical Co. Ltd., ADR(2)
3,184 49,193 
Sinopharm Group Co. Ltd., H Shares608,800 1,356,280 
Sinotrans Ltd., H Shares138,000 39,433 
Sinotruk Hong Kong Ltd.265,000 264,214 
Skyworth Group Ltd.1,148,924 570,827 
31


Avantis Emerging Markets Equity ETF
SharesValue
SOHO China Ltd.(1)(2)
645,500 $114,952 
Sohu.com Ltd., ADR(1)(2)
19,155 341,342 
South Manganese Investment Ltd.(1)(2)
1,045,000 116,604 
SSY Group Ltd.992,000 467,135 
Sun King Technology Group Ltd.(1)
628,000 178,239 
Sunny Optical Technology Group Co. Ltd.199,500 2,723,664 
Sunpower Group Ltd.(1)
104,600 28,400 
SY Holdings Group Ltd.(2)
48,000 32,116 
TAL Education Group, ADR(1)
53,685 310,299 
TCL Electronics Holdings Ltd.417,000 199,216 
Tencent Holdings Ltd.597,200 24,682,721 
Tencent Music Entertainment Group, ADR(1)
151,194 772,601 
Tian Ge Interactive Holdings Ltd.(1)
9,000 1,087 
Tian Lun Gas Holdings Ltd.187,500 84,678 
Tiangong International Co. Ltd.(2)
890,000 298,477 
Tianneng Power International Ltd.(2)
488,000 519,182 
Tibet Water Resources Ltd.(1)
19,000 1,257 
Times China Holdings Ltd.(2)
341,000 50,612 
Tingyi Cayman Islands Holding Corp.1,072,000 1,903,577 
Tong Ren Tang Technologies Co. Ltd., H Shares373,000 263,668 
Tongcheng Travel Holdings Ltd.(1)
620,400 1,270,679 
Tongda Group Holdings Ltd.(1)
2,745,000 41,812 
Topsports International Holdings Ltd.1,025,000 809,027 
Towngas Smart Energy Co. Ltd.(1)
365,000 160,124 
TravelSky Technology Ltd., H Shares389,000 677,981 
Trigiant Group Ltd.(1)
28,000 2,099 
Trip.com Group Ltd., ADR(1)
110,711 2,847,487 
Truly International Holdings Ltd.1,558,000 341,313 
Tsaker New Energy Tech Co. Ltd.123,500 22,119 
Tsingtao Brewery Co. Ltd., H Shares90,000 873,987 
Tuya, Inc., ADR(1)(2)
16,113 21,269 
Uni-President China Holdings Ltd.952,000 819,622 
United Strength Power Holdings Ltd.21,000 29,932 
Venus MedTech Hangzhou, Inc., H Shares(1)
36,500 63,526 
Vinda International Holdings Ltd.(2)
226,000 631,686 
Vipshop Holdings Ltd., ADR(1)
226,479 2,629,421 
Viva Biotech Holdings(1)
93,500 22,031 
VNET Group, Inc., ADR(1)
37,403 200,106 
Want Want China Holdings Ltd.2,917,000 2,054,797 
Wasion Holdings Ltd.82,000 27,588 
Weibo Corp., ADR(1)
31,970 661,459 
Weichai Power Co. Ltd., H Shares447,000 597,198 
Weiqiao Textile Co., H Shares80,000 15,094 
West China Cement Ltd.2,090,000 257,805 
Wharf Holdings Ltd.464,000 1,747,406 
Wison Engineering Services Co. Ltd.(1)
19,000 663 
Wuling Motors Holdings Ltd.(2)
800,000 105,500 
WuXi AppTec Co. Ltd., H Shares37,404 422,254 
Wuxi Biologics Cayman, Inc.(1)
415,500 3,665,582 
X Financial, ADR(1)
464 1,211 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
474,500 223,415 
32


Avantis Emerging Markets Equity ETF
SharesValue
Xiamen International Port Co. Ltd., H Shares1,016,000 $287,937 
Ximei Resources Holding Ltd.(1)
35,000 21,837 
Xin Point Holdings Ltd.(2)
57,000 16,650 
Xingda International Holdings Ltd.154,482 31,634 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares146,000 102,701 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares367,400 547,486 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
256,000 38,284 
Xinte Energy Co. Ltd., H Shares202,400 528,203 
Xinyi Energy Holdings Ltd.158,000 63,811 
Xinyi Solar Holdings Ltd.1,580,976 2,174,188 
XPeng, Inc., Class A, ADR(1)
29,867 553,137 
XTEP International Holdings Ltd.727,500 1,009,541 
Yadea Group Holdings Ltd.686,000 1,308,474 
Yankuang Energy Group Co. Ltd., H Shares(2)
894,000 3,538,818 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
71,000 45,074 
Yihai International Holding Ltd.(1)(2)
126,000 317,318 
YuanShengTai Dairy Farm Ltd.(1)
190,000 5,200 
Yuexiu Property Co. Ltd.838,400 1,048,647 
Yuexiu Transport Infrastructure Ltd.784,000 375,133 
Yum China Holdings, Inc.161,922 8,113,911 
Yuzhou Group Holdings Co. Ltd.(2)
782,955 33,819 
Zengame Technology Holding Ltd.(1)
150,000 28,784 
Zepp Health Corp., ADR1,207 2,305 
Zhaojin Mining Industry Co. Ltd., H Shares(1)
902,000 763,754 
Zhejiang Expressway Co. Ltd., H Shares1,016,000 773,297 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares119,600 138,668 
Zhenro Properties Group Ltd.(1)
482,000 22,315 
Zhong An Group Ltd.(1)
415,000 12,820 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2)
400 1,172 
Zhongliang Holdings Group Co. Ltd.(2)
269,500 22,658 
Zhongsheng Group Holdings Ltd.215,500 1,018,963 
Zhongyu Energy Holdings Ltd.175,000 143,643 
Zhou Hei Ya International Holdings Co. Ltd.(1)
849,000 424,150 
Zhuguang Holdings Group Co. Ltd.(1)
616,000 78,380 
Zijin Mining Group Co. Ltd., H Shares1,834,000 2,072,370 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H447,200 201,596 
ZTO Express Cayman, Inc., ADR127,680 3,326,064 
381,156,851 
Colombia — 0.2%
Banco Davivienda SA, Preference Shares24,226 169,565 
Bancolombia SA37,189 287,167 
Bancolombia SA, ADR19,013 521,907 
Cementos Argos SA6,574 5,179 
Corp. Financiera Colombiana SA(1)
24,838 109,357 
Ecopetrol SA, ADR(2)
55,344 570,597 
Empresa de Telecomunicaciones de Bogota(1)
18,600 622 
Grupo Argos SA159,091 350,223 
Interconexion Electrica SA ESP78,459 339,593 
2,354,210 
33


Avantis Emerging Markets Equity ETF
SharesValue
Czech Republic — 0.2%
CEZ AS34,377 $1,392,682 
Komercni banka AS13,292 311,312 
Moneta Money Bank AS136,632 433,502 
2,137,496 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR442,157 776,417 
Greece — 0.3%
Alpha Services & Holdings SA(1)
456,912 421,960 
Athens Water Supply & Sewage Co. SA3,091 24,123 
Eurobank Ergasias Services and Holdings SA, Class A(1)
669,765 621,413 
Fourlis Holdings SA364 1,095 
GEK Terna Holding Real Estate Construction SA(1)
10,321 99,945 
Hellenic Exchanges - Athens Stock Exchange SA8,827 29,241 
Hellenic Petroleum Holdings SA15,901 109,410 
Hellenic Telecommunications Organization SA24,439 388,796 
Intracom Holdings SA(1)
19,243 33,657 
JUMBO SA38,086 544,468 
LAMDA Development SA(1)
8,171 48,517 
Motor Oil Hellas Corinth Refineries SA13,501 254,543 
Mytilineos SA11,184 174,892 
National Bank of Greece SA(1)
141,333 456,114 
OPAP SA25,054 330,009 
Piraeus Financial Holdings SA(1)
169,308 177,199 
Public Power Corp. SA(1)
42,251 220,567 
Terna Energy SA12,145 216,610 
Titan Cement International SA(1)
16,364 194,691 
Viohalco SA30,134 103,761 
4,451,011 
Hong Kong
Beijing Gas Blue Sky Holdings Ltd.(1)
88,000 1,345 
Brilliance China Automotive Holdings Ltd.(1)
338,000 154,171 
China Isotope & Radiation Corp.14,400 32,448 
China Zhongwang Holdings Ltd.(1)
525,200 112,418 
Edvantage Group Holdings Ltd.144,000 42,854 
Essex Bio-technology Ltd.120,000 63,349 
IMAX China Holding, Inc.32,000 23,980 
Tianyun International Holdings Ltd.(1)
84,000 16,375 
446,940 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC79,956 67,888 
MOL Hungarian Oil & Gas PLC187,146 1,289,502 
OTP Bank Nyrt33,713 716,974 
Richter Gedeon Nyrt12,974 261,583 
2,335,947 
India — 17.2%
63 Moons Technologies Ltd.6,904 15,444 
Aarti Drugs Ltd.9,663 52,131 
Aarti Industries Ltd.7,452 76,901 
ACC Ltd.26,254 752,292 
Accelya Solutions India Ltd.1,465 20,485 
34


Avantis Emerging Markets Equity ETF
SharesValue
Action Construction Equipment Ltd.9,606 $30,135 
Adani Enterprises Ltd.39,537 1,568,976 
Adani Green Energy Ltd.(1)
33,383 1,008,695 
Adani Ports & Special Economic Zone Ltd.104,567 1,094,032 
Adani Power Ltd.(1)
51,167 261,292 
Adani Total Gas Ltd.38,259 1,784,302 
Adani Transmission Ltd.(1)
85,509 4,193,234 
Aditya Birla Capital Ltd.(1)
239,350 338,063 
Advanced Enzyme Technologies Ltd.16,916 56,654 
Aegis Logistics Ltd.94,747 346,462 
Affle India Ltd.(1)
3,390 54,553 
AGI Greenpac Ltd.34,439 134,186 
AIA Engineering Ltd.9,387 305,244 
Ajanta Pharma Ltd.11,947 204,890 
Akzo Nobel India Ltd.1,400 33,962 
Alembic Ltd.8,551 7,804 
Alembic Pharmaceuticals Ltd.35,995 291,284 
Alkyl Amines Chemicals4,913 181,363 
Allcargo Logistics Ltd.46,735 207,630 
Alok Industries Ltd.(1)
45,160 10,843 
Amara Raja Batteries Ltd.63,768 404,533 
Ambika Cotton Mills Ltd.1,427 31,611 
Ambuja Cements Ltd.141,561 725,902 
Amrutanjan Health Care Ltd.2,916 27,566 
Anant Raj Ltd.59,615 64,359 
Andhra Sugars Ltd.26,768 48,623 
Apar Industries Ltd.6,218 103,606 
Apcotex Industries Ltd.6,865 50,422 
APL Apollo Tubes Ltd.(1)
57,999 682,057 
Apollo Hospitals Enterprise Ltd.31,815 1,709,368 
Apollo Tyres Ltd.196,636 613,481 
Aptech Ltd.7,681 24,021 
Arvind Ltd.(1)
83,750 101,726 
Ashok Leyland Ltd.387,965 742,073 
Ashoka Buildcon Ltd.(1)
37,620 37,481 
Asian Paints Ltd.28,362 1,194,007 
Astec Lifesciences Ltd.1,514 36,315 
Aster DM Healthcare Ltd.(1)
81,019 223,416 
Astra Microwave Products Ltd.27,941 122,732 
Astral Ltd.10,504 273,126 
AstraZeneca Pharma India Ltd.328 12,654 
Atul Ltd.2,495 285,359 
AU Small Finance Bank Ltd.57,466 451,926 
Aurobindo Pharma Ltd.111,130 756,598 
Avadh Sugar & Energy Ltd.7,220 48,142 
Avanti Feeds Ltd.12,625 72,963 
Avenue Supermarts Ltd.(1)
7,242 407,089 
Axis Bank Ltd., GDR37,051 1,755,371 
Bajaj Auto Ltd.8,785 447,454 
Bajaj Consumer Care Ltd.68,195 137,312 
Bajaj Electricals Ltd.11,447 176,509 
35


Avantis Emerging Markets Equity ETF
SharesValue
Bajaj Finance Ltd.22,822 $2,059,715 
Bajaj Finserv Ltd.3,898 817,197 
Bajaj Hindusthan Sugar Ltd.(1)
570,901 70,959 
Balaji Amines Ltd.3,447 147,932 
Balkrishna Industries Ltd.19,897 505,445 
Balmer Lawrie & Co. Ltd.12,135 18,816 
Balrampur Chini Mills Ltd.101,388 442,165 
Bandhan Bank Ltd.(1)
252,788 872,416 
BASF India Ltd.3,328 137,512 
Bata India Ltd.12,210 295,183 
Bayer CropScience Ltd.2,143 146,117 
BEML Ltd.1,894 43,471 
Berger Paints India Ltd.18,465 154,429 
Bhansali Engineering Polymers Ltd.11,499 18,129 
Bharat Electronics Ltd.516,961 1,975,299 
Bharat Forge Ltd.39,007 359,086 
Bharat Heavy Electricals Ltd.(1)
304,098 222,158 
Bharat Petroleum Corp. Ltd.317,728 1,301,537 
Bharat Rasayan Ltd.356 53,695 
Bharti Airtel Ltd.16,614 71,574 
Bharti Airtel Ltd.232,596 2,106,957 
Biocon Ltd.44,815 173,399 
Birla Corp. Ltd.10,916 132,037 
Birlasoft Ltd.75,089 297,067 
Blue Dart Express Ltd.1,832 195,494 
Blue Star Ltd.26,553 364,269 
Bombay Burmah Trading Co.7,835 88,701 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
1,774 2,202 
Borosil Renewables Ltd.(1)
2,629 18,386 
Bosch Ltd.489 106,690 
Brigade Enterprises Ltd.77,497 492,157 
Brightcom Group Ltd.274,527 139,153 
Britannia Industries Ltd.22,802 1,066,937 
BSE Ltd.54,275 439,210 
Butterfly Gandhimathi Appliances Ltd.136 2,583 
Can Fin Homes Ltd.42,938 337,783 
Canara Bank145,617 434,253 
Capacit'e Infraprojects Ltd.(1)
19,339 39,670 
Caplin Point Laboratories Ltd.7,672 74,694 
Capri Global Capital Ltd.100 899 
Carborundum Universal Ltd.26,856 282,649 
Care Ratings Ltd.15,230 95,858 
Castrol India Ltd.157,671 224,516 
CCL Products India Ltd.48,413 289,621 
Ceat Ltd.11,847 205,231 
Central Depository Services India Ltd.5,186 80,075 
Century Enka Ltd.6,013 34,572 
Century Plyboards India Ltd.23,590 196,973 
Century Textiles & Industries Ltd.18,862 201,932 
Cera Sanitaryware Ltd.2,532 157,785 
CESC Ltd.127,560 129,476 
36


Avantis Emerging Markets Equity ETF
SharesValue
CG Power & Industrial Solutions Ltd.(1)
26,937 $75,005 
Chalet Hotels Ltd.(1)
8,387 33,651 
Chambal Fertilisers and Chemicals Ltd.141,267 615,243 
Chennai Petroleum Corp. Ltd.46,465 169,102 
Cholamandalam Financial Holdings Ltd.3,258 27,204 
Cholamandalam Investment and Finance Co. Ltd.155,729 1,525,694 
Cigniti Technologies Ltd.3,206 23,315 
Cipla Ltd.124,345 1,611,304 
City Union Bank Ltd.296,272 663,018 
Coal India Ltd.466,429 1,362,899 
Cochin Shipyard Ltd.24,665 115,995 
Coforge Ltd.4,049 178,466 
Colgate-Palmolive India Ltd.31,764 666,947 
Computer Age Management Services Ltd.7,758 221,835 
Confidence Petroleum India Ltd.38,839 31,609 
Container Corp. of India Ltd.73,677 639,110 
Coromandel International Ltd.62,152 816,009 
Cosmo Films Ltd.13,104 149,633 
CreditAccess Grameen Ltd.(1)
40,856 505,728 
CRISIL Ltd.3,327 136,027 
Crompton Greaves Consumer Electricals Ltd.73,110 372,010 
Cummins India Ltd.29,478 437,784 
Cyient Ltd.34,182 357,931 
Dabur India Ltd.64,578 470,858 
Dalmia Bharat Ltd.22,527 431,070 
Dalmia Bharat Sugar & Industries Ltd.13,724 59,224 
DB Corp. Ltd.18,592 24,338 
DCB Bank Ltd.121,786 142,871 
DCM Shriram Ltd.34,620 451,859 
Deccan Cements Ltd.2,682 17,400 
Deepak Fertilisers & Petrochemicals Corp. Ltd.54,143 611,974 
Deepak Nitrite Ltd.28,082 689,114 
Delta Corp. Ltd.21,685 56,657 
DEN Networks Ltd.(1)
50,404 23,079 
DFM Foods Ltd.4,696 20,656 
Dhampur Bio Organics Ltd.(1)
14,248 4,698 
Dhampur Sugar Mills Ltd.14,248 41,147 
Dhani Services Ltd.(1)
48,019 38,780 
Dhanuka Agritech Ltd.3,413 30,269 
Dilip Buildcon Ltd.11,891 35,591 
Dish TV India Ltd.(1)
427,132 63,899 
Dishman Carbogen Amcis Ltd.(1)
16,627 24,130 
Divi's Laboratories Ltd.14,183 640,345 
Dixon Technologies India Ltd.4,584 233,098 
DLF Ltd.70,353 339,842 
Dolat Algotech Ltd.16,966 14,436 
Dollar Industries Ltd.6,412 37,717 
Dr Lal PathLabs Ltd.1,949 62,092 
Dr Reddy's Laboratories Ltd., ADR39,157 2,047,520 
Dwarikesh Sugar Industries Ltd.128,758 155,231 
eClerx Services Ltd.5,636 147,963 
37


Avantis Emerging Markets Equity ETF
SharesValue
Edelweiss Financial Services Ltd.146,943 $111,297 
Eicher Motors Ltd.35,195 1,468,872 
EID Parry India Ltd.63,545 420,371 
EIH Ltd.(1)
32,352 64,430 
Elecon Engineering Co. Ltd.37,000 172,234 
Electrosteel Castings Ltd.150,505 68,851 
Emami Ltd.74,951 453,716 
Endurance Technologies Ltd.8,816 164,571 
Engineers India Ltd.181,197 153,503 
EPL Ltd.50,090 106,460 
Equitas Holdings Ltd.(1)
122,426 152,113 
Eris Lifesciences Ltd.8,852 76,469 
Escorts Kubota Ltd.32,530 810,983 
Ester Industries Ltd.21,161 42,632 
Eveready Industries India Ltd.(1)
17,861 79,242 
Everest Industries Ltd.6,868 60,306 
Everest Kanto Cylinder Ltd.14,324 20,786 
Excel Industries Ltd.2,396 43,462 
Exide Industries Ltd.231,066 461,416 
FDC Ltd.(1)
11,851 39,006 
Federal Bank Ltd.855,830 1,241,138 
FIEM Industries Ltd.2,287 42,519 
Filatex India Ltd.19,510 27,327 
Fine Organic Industries Ltd.1,757 135,365 
Finolex Cables Ltd.22,911 131,551 
Finolex Industries Ltd.89,019 168,182 
Firstsource Solutions Ltd.31,653 42,090 
Force Motors Ltd.1,685 27,229 
Fortis Healthcare Ltd.(1)
6,563 24,070 
Future Consumer Ltd.(1)
738,951 15,651 
Gabriel India Ltd.15,306 30,018 
GAIL India Ltd.416,859 708,088 
Galaxy Surfactants Ltd.3,257 133,132 
Ganesha Ecosphere Ltd.2,544 20,512 
Garden Reach Shipbuilders & Engineers Ltd.26,723 99,856 
Gateway Rail Freight Ltd.127,972 108,771 
General Insurance Corp. of India46,922 72,637 
Genus Power Infrastructures Ltd.50,411 52,790 
Geojit Financial Services Ltd.18,976 10,827 
GHCL Ltd.63,552 472,658 
GIC Housing Finance Ltd.9,147 16,742 
GlaxoSmithKline Pharmaceuticals Ltd.2,479 45,227 
Glenmark Pharmaceuticals Ltd.85,518 396,081 
Globus Spirits Ltd.6,451 69,884 
GMR Infrastructure Ltd.(1)
141,365 63,130 
Godawari Power and Ispat Ltd.41,518 152,046 
Godrej Agrovet Ltd.886 5,777 
Godrej Consumer Products Ltd.(1)
21,348 245,905 
Godrej Properties Ltd.(1)
299 5,215 
Gokaldas Exports Ltd.(1)
19,364 86,773 
Granules India Ltd.91,156 347,054 
38


Avantis Emerging Markets Equity ETF
SharesValue
Graphite India Ltd.33,367 $170,845 
Grasim Industries Ltd.71,891 1,498,312 
Great Eastern Shipping Co. Ltd.86,605 616,063 
Greaves Cotton Ltd.63,140 133,051 
Greenpanel Industries Ltd.36,834 205,541 
Greenply Industries Ltd.47,311 110,709 
Gufic Biosciences Ltd.21,615 56,632 
Gujarat Alkalies & Chemicals Ltd.15,153 167,132 
Gujarat Ambuja Exports Ltd.63,680 216,944 
Gujarat Fluorochemicals Ltd.5,413 224,430 
Gujarat Gas Ltd.41,449 243,907 
Gujarat Industries Power Co. Ltd.24,476 28,149 
Gujarat Mineral Development Corp. Ltd.53,625 110,508 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.63,798 593,712 
Gujarat Pipavav Port Ltd.190,970 207,374 
Gujarat State Fertilizers & Chemicals Ltd.185,622 363,965 
Gujarat State Petronet Ltd.107,329 323,464 
Happiest Minds Technologies Ltd.3,847 48,895 
Hathway Cable & Datacom Ltd.(1)
327,684 72,881 
Havells India Ltd.11,875 205,576 
HBL Power Systems Ltd.108,784 109,632 
HCL Technologies Ltd.189,141 2,200,057 
HDFC Asset Management Co. Ltd.12,935 333,710 
HDFC Life Insurance Co. Ltd.60,548 433,899 
HEG Ltd.4,763 74,506 
HeidelbergCement India Ltd.21,787 51,954 
Heritage Foods Ltd.4,758 19,286 
Hero MotoCorp Ltd.21,434 755,017 
HFCL Ltd.373,176 342,658 
HG Infra Engineering Ltd.7,905 59,018 
Hikal Ltd.13,702 58,306 
HIL Ltd.1,459 67,291 
Himadri Speciality Chemical Ltd., ADR38,530 47,150 
Himatsingka Seide Ltd.(1)
11,317 14,816 
Hindalco Industries Ltd.565,092 3,064,833 
Hinduja Global Solutions Ltd.6,962 129,678 
Hindustan Copper Ltd.17,442 25,586 
Hindustan Oil Exploration Co. Ltd.(1)
16,740 33,981 
Hindustan Petroleum Corp. Ltd.237,554 721,034 
Hindustan Unilever Ltd.50,492 1,671,586 
Hindware Home Innovation Ltd.6,689 27,123 
Housing Development Finance Corp. Ltd.221,709 6,712,332 
I G Petrochemicals Ltd.7,893 58,272 
ICICI Bank Ltd., ADR186,857 4,080,957 
ICICI Lombard General Insurance Co. Ltd.35,064 563,251 
ICICI Prudential Life Insurance Co. Ltd.29,126 215,020 
IDFC First Bank Ltd.(1)
867,361 527,968 
IDFC Ltd.903,171 769,383 
IFB Industries Ltd.(1)
1,596 20,367 
IFCI Ltd.(1)
361,243 49,155 
IIFL Finance Ltd.114,341 489,764 
39


Avantis Emerging Markets Equity ETF
SharesValue
IIFL Securities Ltd.68,787 $61,362 
IIFL Wealth Management Ltd.11,129 232,374 
India Cements Ltd.103,508 293,087 
India Glycols Ltd.6,368 70,607 
Indiabulls Housing Finance Ltd.(1)
157,708 265,989 
Indiabulls Real Estate Ltd.(1)
215,530 231,691 
Indian Bank156,661 376,989 
Indian Energy Exchange Ltd.152,162 303,251 
Indian Hotels Co. Ltd.68,826 243,548 
Indian Metals & Ferro Alloys Ltd.12,770 43,909 
Indian Oil Corp. Ltd.648,004 578,220 
Indian Overseas Bank(1)
35,971 8,006 
Indian Railway Catering & Tourism Corp. Ltd.14,485 127,053 
Indo Count Industries Ltd.24,311 49,459 
Indraprastha Medical Corp. Ltd.(1)
21,721 18,887 
Indus Towers Ltd.311,562 774,778 
INEOS Styrolution India Ltd.1,561 18,016 
Infibeam Avenues Ltd.30,456 5,998 
Info Edge India Ltd.10,032 539,651 
Infosys Ltd., ADR495,950 9,075,885 
Inox Leisure Ltd.(1)
22,946 143,715 
Inox Wind Ltd.(1)
24,296 33,717 
Insecticides India Ltd.(1)
2,026 25,584 
Intellect Design Arena Ltd.24,958 183,193 
InterGlobe Aviation Ltd.(1)
8,303 207,346 
IOL Chemicals and Pharmaceuticals Ltd.17,417 77,886 
Ipca Laboratories Ltd.51,413 581,770 
IRB Infrastructure Developers Ltd.55,466 162,881 
IRCON International Ltd.98,906 50,484 
ISGEC Heavy Engineering Ltd.2,727 16,260 
ITD Cementation India Ltd.21,419 28,293 
J Kumar Infraprojects Ltd.42,128 156,258 
Jagran Prakashan Ltd.44,477 34,997 
Jai Corp. Ltd.25,985 42,390 
Jain Irrigation Systems Ltd.(1)
235,143 118,350 
Jaiprakash Associates Ltd.(1)
521,016 53,182 
Jaiprakash Power Ventures Ltd.(1)
1,605,118 150,112 
Jammu & Kashmir Bank Ltd.(1)
221,834 87,210 
Jamna Auto Industries Ltd.36,500 52,945 
JB Chemicals & Pharmaceuticals Ltd.4,634 103,125 
JBM Auto Ltd.13,780 68,754 
Jindal Poly Films Ltd.9,031 118,207 
Jindal Saw Ltd.75,959 81,994 
Jindal Stainless Hisar Ltd.(1)
71,738 217,831 
Jindal Stainless Ltd.(1)
124,030 197,319 
Jindal Steel & Power Ltd.193,157 1,039,324 
JK Cement Ltd.15,080 509,073 
JK Lakshmi Cement Ltd.24,614 144,641 
JK Paper Ltd.49,726 258,380 
JK Tyre & Industries Ltd.96,052 166,436 
JM Financial Ltd.265,915 211,158 
40


Avantis Emerging Markets Equity ETF
SharesValue
Johnson Controls-Hitachi Air Conditioning India Ltd.(1)
497 $9,887 
JSW Energy Ltd.101,564 431,606 
JSW Steel Ltd.249,402 2,068,325 
Jubilant Foodworks Ltd.67,115 511,231 
Jubilant Ingrevia Ltd.11,999 69,671 
Jubilant Pharmova Ltd.18,288 80,039 
Just Dial Ltd.(1)
6,866 50,340 
Kajaria Ceramics Ltd.19,394 281,230 
Kalpataru Power Transmission Ltd.27,696 141,141 
Kalyani Steels Ltd.4,946 19,721 
Karnataka Bank Ltd.117,924 109,808 
Karur Vysya Bank Ltd.353,013 299,912 
Kaveri Seed Co. Ltd.17,663 100,587 
KCP Ltd.13,450 19,347 
KEC International Ltd.67,848 344,431 
KEI Industries Ltd.5,386 98,149 
Kellton Tech Solutions Ltd.21,339 18,273 
Kiri Industries Ltd.(1)
6,687 40,871 
Kirloskar Ferrous Industries Ltd.53,234 168,169 
Kitex Garments Ltd.19,681 56,133 
KNR Constructions Ltd.85,833 278,438 
Kolte-Patil Developers Ltd.12,134 46,495 
Kotak Mahindra Bank Ltd.76,098 1,805,362 
KPIT Technologies Ltd.80,575 556,691 
KPR Mill Ltd.33,605 252,734 
KRBL Ltd.41,605 163,152 
L&T Finance Holdings Ltd.521,748 512,438 
L&T Technology Services Ltd.5,165 236,548 
Larsen & Toubro Infotech Ltd.9,662 552,892 
Larsen & Toubro Ltd.162,769 3,884,846 
Laurus Labs Ltd.88,140 634,468 
LG Balakrishnan & Bros Ltd.6,278 54,458 
LIC Housing Finance Ltd.177,489 901,846 
Lincoln Pharmaceuticals Ltd.6,400 22,933 
Linde India Ltd.2,410 102,866 
LT Foods Ltd.88,028 104,330 
Lupin Ltd.73,268 612,260 
LUX Industries Ltd.1,865 42,218 
Mahanagar Gas Ltd.15,906 172,830 
Maharashtra Scooters Ltd.500 26,065 
Maharashtra Seamless Ltd.15,828 165,347 
Mahindra & Mahindra Financial Services Ltd.354,517 902,915 
Mahindra & Mahindra Ltd.248,552 4,034,155 
Mahindra CIE Automotive Ltd.20,725 70,805 
Mahindra Holidays & Resorts India Ltd.(1)
7,144 23,374 
Mahindra Lifespace Developers Ltd.5,296 34,220 
Mahindra Logistics Ltd.11,828 71,079 
Maithan Alloys Ltd.5,265 67,758 
Man Infraconstruction Ltd.41,698 47,067 
Manali Petrochemicals Ltd.80,005 91,911 
Manappuram Finance Ltd.307,314 403,738 
41


Avantis Emerging Markets Equity ETF
SharesValue
Mangalam Cement Ltd.7,000 $29,892 
Marico Ltd.121,947 800,565 
Marksans Pharma Ltd.72,230 46,931 
Maruti Suzuki India Ltd.21,313 2,404,051 
MAS Financial Services Ltd.10,285 96,247 
Mastek Ltd.4,905 114,937 
Mayur Uniquoters Ltd.3,977 24,044 
Mazagon Dock Shipbuilders Ltd.14,877 72,419 
Meghmani Finechem Ltd.(1)
9,434 167,153 
Meghmani Organics Ltd.109,721 166,582 
Metropolis Healthcare Ltd.5,896 105,082 
Minda Corp. Ltd.25,905 72,431 
Mindtree Ltd.16,262 661,700 
Mirza International Ltd.(1)
16,051 63,695 
Mishra Dhatu Nigam Ltd.22,478 55,884 
MOIL Ltd.40,373 82,595 
Mold-Tek Packaging Ltd.2,551 29,872 
Motherson Sumi Wiring India Ltd.196,201 199,336 
Motilal Oswal Financial Services Ltd.28,303 271,280 
Mphasis Ltd.22,200 584,026 
MRF Ltd.771 821,825 
Mrs Bectors Food Specialities Ltd.5,977 25,934 
MSTC Ltd.10,973 37,247 
Multi Commodity Exchange of India Ltd.9,338 149,607 
Muthoot Finance Ltd.41,507 543,794 
Narayana Hrudayalaya Ltd.13,965 122,097 
Natco Pharma Ltd.30,624 235,510 
National Aluminium Co. Ltd.671,550 668,736 
National Fertilizers Ltd.(1)
53,307 33,281 
Nava Ltd.72,134 203,164 
Navneet Education Ltd.18,910 33,437 
NBCC India Ltd.494,783 211,691 
NCC Ltd.253,673 220,248 
NCL Industries Ltd.7,144 16,315 
NELCO Ltd.5,720 69,914 
Neogen Chemicals Ltd.3,235 59,681 
NESCO Ltd.6,909 49,607 
Nestle India Ltd.5,523 1,375,110 
Neuland Laboratories Ltd.2,794 44,157 
Newgen Software Technologies Ltd.4,838 23,604 
NIIT Ltd.47,453 204,175 
Nilkamal Ltd.800 20,532 
Nippon Life India Asset Management Ltd.63,034 237,034 
NLC India Ltd.136,872 129,919 
NOCIL Ltd.13,492 44,261 
NTPC Ltd.1,199,170 2,458,128 
Oberoi Realty Ltd.33,204 415,031 
Oil & Natural Gas Corp. Ltd.621,580 1,076,026 
Oil India Ltd.107,677 259,274 
Olectra Greentech Ltd.(1)
18,741 144,057 
OnMobile Global Ltd.15,331 23,616 
42


Avantis Emerging Markets Equity ETF
SharesValue
Oracle Financial Services Software Ltd.10,630 $419,957 
Orient Cement Ltd.111,521 166,410 
Orient Electric Ltd.45,372 147,065 
Page Industries Ltd.902 574,680 
Paisalo Digital Ltd.28,560 26,724 
Panama Petrochem Ltd.12,000 48,448 
Parag Milk Foods Ltd.1,585 2,192 
PCBL Ltd.122,208 208,875 
Persistent Systems Ltd.15,516 674,791 
Petronet LNG Ltd.301,952 833,013 
Phoenix Mills Ltd.5,274 92,236 
PI Industries Ltd.8,448 361,230 
Pidilite Industries Ltd.13,424 458,235 
Piramal Enterprises Ltd.27,760 366,290 
Piramal Pharma Ltd.(1)
111,040 304,455 
PNB Gilts Ltd.22,203 17,683 
PNB Housing Finance Ltd.(1)
36,647 158,951 
PNC Infratech Ltd.46,836 165,224 
Pokarna Ltd.6,924 47,549 
Poly Medicure Ltd.2,282 24,239 
Polycab India Ltd.8,365 256,575 
Polyplex Corp. Ltd.16,298 435,967 
Poonawalla Fincorp Ltd.59,543 225,127 
Power Finance Corp. Ltd.70,033 104,393 
Power Grid Corp. of India Ltd.893,685 2,558,684 
Power Mech Projects Ltd.(1)
2,490 43,760 
Praj Industries Ltd.66,164 344,126 
Prakash Industries Ltd.(1)
19,502 13,608 
Prestige Estates Projects Ltd.39,944 226,838 
Pricol Ltd.(1)
50,806 109,285 
Prince Pipes & Fittings Ltd.12,478 90,952 
Prism Johnson Ltd.(1)
51,053 80,176 
Privi Speciality Chemicals Ltd.2,600 44,963 
Procter & Gamble Health Ltd.55 2,901 
PSP Projects Ltd.3,816 28,805 
PTC India Ltd.120,717 127,438 
Quess Corp. Ltd.9,082 64,632 
Radico Khaitan Ltd.19,433 253,029 
Rain Industries Ltd.3,155 7,768 
Rajesh Exports Ltd.19,058 140,427 
Rallis India Ltd.30,724 86,407 
Ramco Cements Ltd.51,015 481,360 
Ramco Industries Ltd.7,096 18,689 
Ramkrishna Forgings Ltd.20,160 50,115 
Ramky Infrastructure Ltd.(1)
7,149 17,247 
Rashtriya Chemicals & Fertilizers Ltd.132,601 163,109 
Raymond Ltd.29,993 357,333 
RBL Bank Ltd.(1)
133,725 201,855 
REC Ltd.691,432 938,835 
Redington India Ltd.330,156 616,029 
Relaxo Footwears Ltd.4,267 53,235 
43


Avantis Emerging Markets Equity ETF
SharesValue
Reliance Industrial Infrastructure Ltd.1,798 $22,799 
Reliance Industries Ltd., GDR147,285 9,675,556 
Reliance Infrastructure Ltd.(1)
73,282 147,253 
Reliance Power Ltd.(1)
1,967,209 408,670 
Repco Home Finance Ltd.16,729 51,360 
Rhi Magnesita India Ltd.18,440 135,586 
Route Mobile Ltd.1,407 26,422 
RSWM Ltd.4,000 19,231 
Rupa & Co. Ltd.8,000 34,101 
Sagar Cements Ltd.9,772 24,916 
Samvardhana Motherson International Ltd.385,316 587,711 
Sanghi Industries Ltd.(1)
10,104 6,930 
Sanofi India Ltd.4,227 327,715 
Sarda Energy & Minerals Ltd.8,082 92,240 
Saregama India Ltd.5,611 28,064 
Satia Industries Ltd.20,542 29,567 
SBI Cards & Payment Services Ltd.17,809 204,203 
SBI Life Insurance Co. Ltd.40,013 661,244 
Schaeffler India Ltd.5,445 206,078 
SEAMEC Ltd.(1)
1,917 26,054 
Sequent Scientific Ltd.4,729 6,642 
SH Kelkar & Co. Ltd.10,925 19,664 
Shankara Building Products Ltd.4,974 47,273 
Sharda Cropchem Ltd.16,930 109,310 
Share India Securities Ltd.11,524 160,900 
Shilpa Medicare Ltd.9,817 48,129 
Shipping Corp. of India Ltd.62,678 92,055 
Shree Cement Ltd.1,472 404,094 
Shree Digvijay Cement Co. Ltd.24,457 20,766 
Shree Renuka Sugars Ltd.(1)
59,409 34,490 
Shriram City Union Finance Ltd.13,662 324,753 
Shriram Transport Finance Co. Ltd.84,886 1,424,753 
Siemens Ltd.8,514 305,691 
Siyaram Silk Mills Ltd.4,811 30,113 
SKF India Ltd.3,745 227,256 
Sobha Ltd.29,353 254,180 
Solar Industries India Ltd.3,514 146,149 
Somany Ceramics Ltd.(1)
5,124 41,106 
Sonata Software Ltd.39,554 350,220 
South Indian Bank Ltd.(1)
293,008 30,021 
Southern Petrochemical Industries Corp. Ltd.(1)
114,672 87,183 
Spandana Sphoorty Financial Ltd.(1)
16,835 114,722 
SRF Ltd.25,875 816,558 
Star Cement Ltd.(1)
22,000 26,081 
State Bank of India, GDR31,180 2,059,707 
Sterling and Wilson Renewable(1)
27,192 100,354 
Sterlite Technologies Ltd.54,881 117,021 
Strides Pharma Science Ltd.(1)
29,009 119,338 
Sudarshan Chemical Industries Ltd.20,068 114,859 
Sumitomo Chemical India Ltd.29,259 178,649 
Sun Pharma Advanced Research Co. Ltd.(1)
5,387 15,381 
44


Avantis Emerging Markets Equity ETF
SharesValue
Sun Pharmaceutical Industries Ltd.195,650 $2,183,496 
Sun TV Network Ltd.44,030 275,012 
Sundaram Finance Ltd.5,399 141,492 
Sundram Fasteners Ltd.8,949 93,321 
Sunflag Iron & Steel Co.(1)
32,298 35,455 
Sunteck Realty Ltd.17,217 101,936 
Suprajit Engineering Ltd.30,007 126,937 
Supreme Industries Ltd.27,378 671,973 
Supreme Petrochem Ltd.14,289 139,095 
Surya Roshni Ltd.4,130 25,331 
Suven Pharmaceuticals Ltd.29,490 180,620 
Suzlon Energy Ltd.(1)
537,185 54,531 
Swaraj Engines Ltd.1,157 23,138 
Tamil Nadu Newsprint & Papers Ltd.42,975 136,677 
Tamilnadu Petroproducts Ltd.58,751 74,171 
Tanla Platforms Ltd.51,746 458,048 
TARC Ltd.(1)
31,587 16,981 
Tata Chemicals Ltd.75,652 1,063,103 
Tata Communications Ltd.49,195 735,715 
Tata Consultancy Services Ltd.120,853 4,819,809 
Tata Consumer Products Ltd.21,954 221,890 
Tata Elxsi Ltd.6,087 678,968 
Tata Investment Corp. Ltd.5,111 102,206 
Tata Metaliks Ltd.6,955 67,143 
Tata Motors Ltd., ADR(1)(2)
102,123 2,961,567 
Tata Power Co. Ltd.389,194 1,141,259 
Tata Steel Long Products Ltd.8,116 62,936 
Tata Steel Ltd.2,554,822 3,430,110 
Tata Teleservices Maharashtra Ltd.(1)
42,691 57,856 
TCI Express Ltd.2,703 59,504 
TeamLease Services Ltd.(1)
2,705 114,596 
Tech Mahindra Ltd.158,234 2,108,235 
Tejas Networks Ltd.(1)
8,477 64,408 
Texmaco Rail & Engineering Ltd.136,529 84,942 
Thermax Ltd.21,660 652,026 
Thirumalai Chemicals Ltd.53,644 156,163 
Thomas Cook India Ltd.(1)
31,992 28,909 
Thyrocare Technologies Ltd.4,641 35,843 
Tide Water Oil Co. India Ltd.3,215 45,707 
Time Technoplast Ltd.81,039 120,081 
Timken India Ltd.3,048 114,795 
Tinplate Co. of India Ltd.23,219 91,182 
Titagarh Wagons Ltd.(1)
33,440 71,164 
Titan Co. Ltd.18,943 613,834 
Torrent Pharmaceuticals Ltd.30,325 585,963 
Torrent Power Ltd.53,993 391,879 
Transport Corp. of India Ltd.10,925 97,187 
Trent Ltd.11,770 205,858 
Trident Ltd.506,689 229,554 
Triveni Engineering & Industries Ltd.52,908 154,743 
Triveni Turbine Ltd.30,164 76,814 
45


Avantis Emerging Markets Equity ETF
SharesValue
TTK Prestige Ltd.2,550 $30,516 
Tube Investments of India Ltd.27,683 780,542 
TV Today Network Ltd.12,283 43,306 
TV18 Broadcast Ltd.(1)
217,536 109,963 
Uflex Ltd.36,177 352,686 
Ujjivan Financial Services Ltd.(1)
8,440 20,531 
UltraTech Cement Ltd.11,982 996,122 
United Spirits Ltd.(1)
74,872 756,797 
UPL Ltd.49,277 471,978 
Usha Martin Ltd.59,005 104,010 
UTI Asset Management Co. Ltd.25,595 262,376 
V-Guard Industries Ltd.1,107 3,130 
VA Tech Wabag Ltd.(1)
19,467 63,897 
Vaibhav Global Ltd.7,950 34,333 
Vakrangee Ltd.175,114 60,408 
Valiant Organics Ltd.(1)
6,994 51,756 
Vardhman Textiles Ltd.40,505 167,217 
Varun Beverages Ltd.58,057 748,773 
Vedanta Ltd.404,628 1,356,074 
Venky's India Ltd.3,565 93,017 
Vidhi Specialty Food Ingredients Ltd.7,127 34,719 
Vinati Organics Ltd.(1)
4,973 136,474 
VIP Industries Ltd.4,143 30,578 
Visaka Industries Ltd.4,647 35,147 
Vodafone Idea Ltd.(1)
1,680,095 188,388 
Voltas Ltd.10,398 129,472 
VRL Logistics Ltd.22,001 169,923 
VST Tillers Tractors Ltd.1,038 32,717 
Welspun Corp. Ltd.104,612 293,322 
Welspun India Ltd.93,718 89,853 
West Coast Paper Mills Ltd.12,238 95,969 
Westlife Development Ltd.(1)
4,792 38,588 
Wipro Ltd., ADR199,396 998,974 
Wockhardt Ltd.(1)
8,602 25,720 
Yes Bank Ltd.(1)
4,261,677 873,496 
Zee Entertainment Enterprises Ltd.404,697 1,289,345 
Zee Media Corp. Ltd.(1)
136,836 31,741 
Zen Technologies Ltd.11,632 30,195 
Zensar Technologies Ltd.56,416 160,286 
227,472,699 
Indonesia — 2.4%
Ace Hardware Indonesia Tbk PT576,500 27,973 
Adaro Energy Indonesia Tbk PT6,679,400 1,592,347 
Adhi Karya Persero Tbk PT(1)
661,700 36,090 
Adi Sarana Armada Tbk PT(1)
488,400 47,975 
AKR Corporindo Tbk PT5,702,500 460,875 
Alam Sutera Realty Tbk PT(1)
486,000 5,889 
Aneka Gas Industri Tbk PT170,800 24,045 
Aneka Tambang Tbk4,068,900 544,080 
Astra Agro Lestari Tbk PT175,900 108,421 
Astra International Tbk PT4,575,100 2,146,724 
46


Avantis Emerging Markets Equity ETF
SharesValue
Bank BTPN Syariah Tbk PT472,400 $94,139 
Bank Bukopin Tbk PT(1)
3,742,897 46,120 
Bank Central Asia Tbk PT4,451,500 2,458,220 
Bank Jago Tbk PT(1)
151,100 85,619 
Bank Mandiri Persero Tbk PT4,232,800 2,518,875 
Bank Negara Indonesia Persero Tbk PT1,621,700 930,152 
Bank Pan Indonesia Tbk PT1,152,900 154,993 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT833,874 78,084 
Bank Pembangunan Daerah Jawa Timur Tbk PT862,000 41,811 
Bank Rakyat Indonesia Persero Tbk PT6,479,918 1,892,324 
Bank Syariah Indonesia Tbk PT155,400 15,885 
Bank Tabungan Negara Persero Tbk PT2,889,100 292,707 
Barito Pacific Tbk PT957,200 52,840 
BFI Finance Indonesia Tbk PT2,358,100 198,414 
Buana Lintas Lautan Tbk PT(1)
4,340,500 49,424 
Bukit Asam Tbk PT1,928,100 551,687 
Bumi Resources Tbk PT(1)
452,000 5,121 
Bumi Serpong Damai Tbk PT(1)
1,713,500 106,067 
Charoen Pokphand Indonesia Tbk PT1,591,400 629,895 
Ciputra Development Tbk PT6,235,500 398,879 
Delta Dunia Makmur Tbk PT(1)
4,766,600 120,651 
Dharma Satya Nusantara Tbk PT1,939,500 65,903 
Elnusa Tbk PT1,459,800 31,290 
Erajaya Swasembada Tbk PT3,010,100 98,891 
Gajah Tunggal Tbk PT(1)
531,100 24,501 
Global Mediacom Tbk PT(1)
976,100 23,665 
Hanson International Tbk PT(1)
1,531,500 5,159 
Indah Kiat Pulp & Paper Tbk PT1,283,600 719,007 
Indika Energy Tbk PT1,315,600 254,157 
Indo Tambangraya Megah Tbk PT247,800 656,367 
Indocement Tunggal Prakarsa Tbk PT397,100 252,537 
Indofood CBP Sukses Makmur Tbk PT236,100 132,144 
Indofood Sukses Makmur Tbk PT1,258,600 528,002 
Indomobil Sukses Internasional Tbk PT19,800 1,133 
Indosat Tbk PT514,600 248,433 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT439,030 20,982 
Integra Indocabinet Tbk PT481,500 16,702 
Jaccs Mitra Pinasthika Mustika Tbk PT309,400 21,262 
Japfa Comfeed Indonesia Tbk PT1,745,900 186,312 
Jasa Marga Persero Tbk PT(1)
940,300 217,791 
Kalbe Farma Tbk PT6,333,600 716,197 
Kino Indonesia Tbk PT52,400 8,369 
Link Net Tbk PT(1)
366,800 117,369 
Lippo Karawaci Tbk PT(1)
5,989,600 46,383 
Matahari Department Store Tbk PT1,171,600 302,663 
Matahari Putra Prima Tbk PT(1)
1,186,000 14,869 
Medco Energi Internasional Tbk PT4,898,020 283,909 
Media Nusantara Citra Tbk PT2,569,600 158,251 
Merdeka Copper Gold Tbk PT(1)
1,926,158 553,906 
Mitra Adiperkasa Tbk PT(1)
9,138,700 620,930 
Mitra Keluarga Karyasehat Tbk PT1,364,000 244,342 
47


Avantis Emerging Markets Equity ETF
SharesValue
MNC Kapital Indonesia Tbk PT(1)
6,385,800 $49,545 
MNC Studios International Tbk PT434,500 167,649 
MNC Vision Networks Tbk PT(1)
5,403,500 33,882 
Pabrik Kertas Tjiwi Kimia Tbk PT305,600 139,355 
Pacific Strategic Financial Tbk PT(1)
828,800 66,730 
Pakuwon Jati Tbk PT3,204,800 104,460 
Panin Financial Tbk PT4,121,600 106,034 
Perusahaan Gas Negara Tbk PT3,854,000 476,805 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT1,913,200 152,034 
PP Persero Tbk PT(1)
1,481,700 100,682 
PT Medikaloka Hermina Tbk2,312,900 232,450 
PT Temas Tbk475,200 77,865 
Puradelta Lestari Tbk PT976,100 11,573 
Ramayana Lestari Sentosa Tbk PT547,700 21,755 
Salim Ivomas Pratama Tbk PT183,800 5,644 
Samudera Indonesia Tbk PT724,600 126,062 
Sarana Menara Nusantara Tbk PT4,071,900 340,420 
Semen Indonesia Persero Tbk PT1,035,300 459,736 
Sentul City Tbk PT(1)
1,197,800 4,512 
Siloam International Hospitals Tbk PT9,600 673 
Smartfren Telecom Tbk PT(1)
39,123,800 260,980 
Sri Rejeki Isman Tbk PT(1)
918,200 9,032 
Summarecon Agung Tbk PT2,844,978 114,765 
Surya Citra Media Tbk PT3,277,000 49,865 
Surya Semesta Internusa Tbk PT(1)
423,900 10,446 
Telkom Indonesia Persero Tbk PT, ADR(2)
101,772 3,060,284 
Timah Tbk PT1,423,400 143,068 
Tower Bersama Infrastructure Tbk PT3,145,700 597,227 
Transcoal Pacific Tbk PT87,900 49,152 
Tunas Baru Lampung Tbk PT339,100 17,582 
Unilever Indonesia Tbk PT970,700 299,972 
United Tractors Tbk PT612,100 1,393,793 
Vale Indonesia Tbk PT(1)
256,900 105,296 
Waskita Beton Precast Tbk PT(1)
238,300 1,525 
Waskita Karya Persero Tbk PT(1)
3,601,745 136,856 
Wijaya Karya Persero Tbk PT(1)
1,052,600 75,794 
XL Axiata Tbk PT1,130,000 200,085 
31,491,340 
Malaysia — 1.9%
7-Eleven Malaysia Holdings Bhd, Class B21,600 7,547 
Aeon Co. M Bhd267,700 87,587 
AEON Credit Service M Bhd4,800 15,092 
Alliance Bank Malaysia Bhd595,000 467,861 
AMMB Holdings Bhd756,500 703,126 
Ann Joo Resources Bhd103,300 24,013 
Astro Malaysia Holdings Bhd(2)
96,000 17,866 
ATA IMS Bhd11,300 706 
Axiata Group Bhd318,400 215,918 
Bank Islam Malaysia Bhd287,000 166,981 
Berjaya Corp. Bhd(1)
1,458,268 78,007 
Berjaya Land Bhd(1)
2,900 149 
48


Avantis Emerging Markets Equity ETF
SharesValue
Bermaz Auto Bhd148,900 $60,432 
Boustead Holdings Bhd(1)
572,700 83,180 
Boustead Plantations Bhd491,100 84,773 
Bumi Armada Bhd(1)
1,873,000 172,142 
Bursa Malaysia Bhd179,900 257,105 
Cahya Mata Sarawak Bhd204,700 42,941 
Capital A Bhd(1)
140,600 18,895 
Carlsberg Brewery Malaysia Bhd16,900 87,248 
Chin Hin Group Bhd(2)
82,400 47,524 
CIMB Group Holdings Bhd866,790 1,036,567 
CSC Steel Holdings Bhd75,000 19,895 
CTOS Digital Bhd109,100 34,835 
D&O Green Technologies Bhd80,000 68,267 
Dagang NeXchange Bhd(2)
1,759,400 331,899 
Dayang Enterprise Holdings Bhd114,920 27,758 
Dialog Group Bhd392,200 212,164 
DiGi.Com Bhd412,900 344,619 
DRB-Hicom Bhd107,800 34,589 
Dufu Technology Corp. Bhd13,600 8,563 
Duopharma Biotech Bhd10,630 2,937 
Eco World Development Group Bhd601,900 89,604 
Eco World International Bhd(1)
194,300 14,901 
Ekovest Bhd(1)
1,008,300 86,207 
Evergreen Fibreboard Bhd239,000 27,272 
Formosa Prosonic Industries Bhd28,500 19,764 
Fraser & Neave Holdings Bhd18,300 91,248 
Frontken Corp. Bhd227,250 137,740 
Gamuda Bhd582,323 496,173 
Genting Bhd667,200 697,348 
Genting Malaysia Bhd314,300 208,624 
Genting Plantations Bhd105,000 157,053 
Globetronics Technology Bhd102,800 28,654 
Greatech Technology Bhd(1)
94,500 74,677 
HAP Seng Consolidated Bhd65,700 101,944 
Hap Seng Plantations Holdings Bhd58,900 29,701 
Hartalega Holdings Bhd487,700 180,565 
Heineken Malaysia Bhd29,500 155,086 
Hengyuan Refining Co. Bhd(1)
57,800 68,386 
Hextar Global Bhd58,320 20,865 
Hiap Teck Venture Bhd691,900 42,780 
Hibiscus Petroleum Bhd1,440,600 337,512 
Hong Leong Bank Bhd78,200 363,985 
Hong Leong Capital Bhd24,300 34,228 
Hong Leong Financial Group Bhd45,900 198,412 
Hong Seng Consolidated Bhd(1)
180,800 18,804 
Hup Seng Industries Bhd9,000 1,467 
IHH Healthcare Bhd133,200 183,839 
IJM Corp. Bhd1,365,600 519,773 
Inari Amertron Bhd462,900 275,504 
Innoprise Plantations Bhd67,500 23,761 
IOI Corp. Bhd234,200 220,933 
49


Avantis Emerging Markets Equity ETF
SharesValue
IOI Properties Group Bhd130,000 $28,654 
Jaya Tiasa Holdings Bhd(1)
590,500 80,652 
KNM Group Bhd(1)
595,500 15,270 
Kossan Rubber Industries Bhd653,800 147,119 
KPJ Healthcare Bhd353,700 69,007 
Kuala Lumpur Kepong Bhd54,900 283,666 
Kumpulan Perangsang Selangor Bhd6,000 960 
Leong Hup International Bhd(1)
10,100 1,099 
Lotte Chemical Titan Holding Bhd179,600 68,548 
Mah Sing Group Bhd235,900 32,051 
Malakoff Corp. Bhd157,200 24,315 
Malayan Banking Bhd753,496 1,507,367 
Malayan Flour Mills Bhd212,300 28,075 
Malaysia Airports Holdings Bhd(1)
178,300 232,986 
Malaysia Building Society Bhd(2)
1,018,892 131,338 
Malaysia Marine and Heavy Engineering Holdings Bhd(1)
10,900 948 
Malaysian Bulk Carriers Bhd(1)
163,800 15,101 
Malaysian Pacific Industries Bhd20,000 134,286 
Malaysian Resources Corp. Bhd259,300 20,137 
Matrix Concepts Holdings Bhd77,400 39,175 
Maxis Bhd(2)
245,800 210,705 
Media Prima Bhd407,400 42,630 
Mega First Corp. Bhd26,400 21,357 
MISC Bhd290,300 459,325 
MNRB Holdings Bhd10,700 2,329 
Muda Holdings Bhd27,400 10,942 
My EG Services Bhd756,914 134,211 
Nestle Malaysia Bhd7,800 231,452 
OSK Holdings Bhd20,000 4,149 
Padini Holdings Bhd3,200 2,383 
Pantech Group Holdings Bhd203,100 30,049 
PESTECH International Bhd186,625 15,115 
Petron Malaysia Refining & Marketing Bhd26,800 32,258 
Petronas Chemicals Group Bhd453,100 888,742 
Petronas Dagangan Bhd34,300 179,657 
Petronas Gas Bhd118,500 457,945 
Pos Malaysia Bhd(1)
5,700 809 
Power Root Bhd5,800 2,376 
PPB Group Bhd64,500 253,549 
Press Metal Aluminium Holdings Bhd219,300 232,435 
Public Bank Bhd2,710,000 2,845,608 
QL Resources Bhd90,000 102,570 
Ranhill Utilities Bhd(1)
299 28 
RHB Bank Bhd576,942 737,205 
Rubberex Corp. M Bhd(1)
196,500 17,727 
Sam Engineering & Equipment M Bhd50,800 49,066 
Sarawak Oil Palms Bhd168,750 103,797 
Sarawak Plantation Bhd45,200 21,862 
Scientex Bhd194,100 152,554 
SEG International Bhd12,300 1,746 
Sime Darby Bhd722,800 368,266 
50


Avantis Emerging Markets Equity ETF
SharesValue
Sime Darby Plantation Bhd547,357 $544,074 
Sime Darby Property Bhd367,700 39,288 
SKP Resources Bhd118,000 44,379 
SP Setia Bhd Group409,900 68,349 
Sports Toto Bhd61,307 24,729 
Sunway Bhd502,448 183,530 
Sunway Construction Group Bhd55,900 19,303 
Supermax Corp. Bhd681,422 110,856 
Syarikat Takaful Malaysia Keluarga Bhd79,874 59,332 
Ta Ann Holdings Bhd165,600 147,376 
TASCO Bhd91,000 19,109 
TDM Bhd278,600 13,064 
Telekom Malaysia Bhd318,700 423,672 
Tenaga Nasional Bhd484,100 971,798 
Thong Guan Industries Bhd44,400 25,240 
TIME dotCom Bhd172,800 183,759 
Tiong NAM Logistics Holdings(1)
95,600 13,216 
Top Glove Corp. Bhd1,251,500 224,075 
Tropicana Corp. Bhd(1)
20,482 5,303 
TSH Resources Bhd488,400 120,706 
Uchi Technologies Bhd42,900 31,937 
UEM Sunrise Bhd(1)
10,800 706 
UMW Holdings Bhd36,100 24,738 
Unisem M Bhd172,200 104,292 
United Plantations Bhd31,000 102,366 
UOA Development Bhd1,700 652 
UWC Bhd43,100 37,145 
Velesto Energy Bhd(1)
2,752,500 51,732 
ViTrox Corp. Bhd6,000 9,536 
VS Industry Bhd(2)
949,200 212,403 
Wah Seong Corp. Bhd(1)
136,000 20,292 
Westports Holdings Bhd222,600 172,633 
Yinson Holdings Bhd726,600 341,116 
YTL Corp. Bhd775,813 101,937 
24,594,240 
Mexico — 2.3%
Alfa SAB de CV, Class A1,474,748 931,851 
Alpek SAB de CV35,137 48,293 
Alsea SAB de CV(1)
396,698 718,709 
America Movil SAB de CV, Class L ADR(2)
231,409 3,933,953 
Arca Continental SAB de CV83,983 568,432 
Banco del Bajio SA344,462 721,701 
Becle SAB de CV38,227 77,909 
Bolsa Mexicana de Valores SAB de CV117,102 210,936 
Cemex SAB de CV, ADR(1)
109,607 409,930 
Coca-Cola Femsa SAB de CV151,389 924,197 
Consorcio ARA SAB de CV34,198 5,568 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)(2)
41,350 367,188 
Corp. Inmobiliaria Vesta SAB de CV159,668 295,219 
El Puerto de Liverpool SAB de CV, Class C1(2)
7,605 33,891 
Fomento Economico Mexicano SAB de CV, ADR17,132 1,074,348 
51


Avantis Emerging Markets Equity ETF
SharesValue
GCC SAB de CV54,498 $313,168 
Genomma Lab Internacional SAB de CV, Class B522,396 426,806 
Gentera SAB de CV787,672 617,345 
Gruma SAB de CV, B Shares110,666 1,209,847 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR8,761 457,938 
Grupo Aeroportuario del Pacifico SAB de CV, ADR7,133 1,016,952 
Grupo Aeroportuario del Sureste SAB de CV, ADR4,069 860,471 
Grupo Bimbo SAB de CV, Series A228,837 770,911 
Grupo Carso SAB de CV, Series A170,857 243,207 
Grupo Comercial Chedraui SA de CV100,512 285,224 
Grupo Financiero Banorte SAB de CV, Class O482,713 2,851,257 
Grupo Financiero Inbursa SAB de CV, Class O(1)(2)
610,417 956,234 
Grupo GICSA SAB de CV(1)
21,090 1,958 
Grupo Industrial Saltillo SAB de CV26,514 39,482 
Grupo Mexico SAB de CV, Series B599,340 2,257,956 
Grupo Rotoplas SAB de CV(1)
4,698 6,417 
Grupo Televisa SAB, ADR212,861 1,347,410 
Grupo Traxion SAB de CV(1)(2)
124,800 138,078 
Hoteles City Express SAB de CV(1)
9,494 1,734 
Industrias Bachoco SAB de CV13,371 52,856 
Industrias Penoles SAB de CV78,632 650,124 
Kimberly-Clark de Mexico SAB de CV, A Shares(2)
207,002 281,017 
La Comer SAB de CV(2)
170,365 287,768 
Megacable Holdings SAB de CV358,749 752,524 
Nemak SAB de CV(1)
896,695 189,162 
Operadora de Sites Mexicanos SA de CV128,052 127,439 
Orbia Advance Corp. SAB de CV310,820 586,264 
Promotora y Operadora de Infraestructura SAB de CV61,602 433,429 
Qualitas Controladora SAB de CV117,498 514,690 
Regional SAB de CV111,888 604,911 
Unifin Financiera SAB de CV(1)(2)
17,710 1,530 
Wal-Mart de Mexico SAB de CV445,796 1,460,872 
30,067,106 
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR169,790 903,283 
Credicorp Ltd.8,384 1,080,614 
Intercorp Financial Services, Inc.19,042 410,545 
Southern Copper Corp.10,357 487,504 
2,881,946 
Philippines — 0.9%
Aboitiz Equity Ventures, Inc.585,770 584,239 
Aboitiz Power Corp.60,500 33,688 
ACEN Corp.835,520 111,268 
Alliance Global Group, Inc.1,108,600 197,975 
Ayala Corp.46,790 583,074 
Ayala Land, Inc.712,600 361,739 
Ayalaland Logistics Holdings Corp.(1)
28,000 1,806 
Bank of the Philippine Islands434,110 732,946 
BDO Unibank, Inc.400,540 915,893 
Cebu Air, Inc.(1)
19,350 14,169 
Century Pacific Food, Inc.256,200 113,157 
52


Avantis Emerging Markets Equity ETF
SharesValue
Converge Information and Communications Technology Solutions, Inc.(1)
643,700 $198,486 
Cosco Capital, Inc.227,200 17,450 
DITO CME Holdings Corp.(1)
425,200 28,588 
DMCI Holdings, Inc.2,846,800 480,976 
East West Banking Corp.65,600 7,992 
Filinvest Land, Inc.519,000 8,219 
Ginebra San Miguel, Inc.7,600 14,361 
Global Ferronickel Holdings, Inc.757,000 31,639 
Globe Telecom, Inc.7,670 286,179 
GT Capital Holdings, Inc.39,760 340,540 
International Container Terminal Services, Inc.172,240 554,727 
JG Summit Holdings, Inc.415,834 378,141 
Jollibee Foods Corp.102,430 436,585 
LT Group, Inc.183,600 28,824 
Manila Electric Co.52,080 278,922 
Manila Water Co., Inc.265,100 73,048 
Max's Group, Inc.(1)
15,000 1,496 
Megaworld Corp.3,128,800 138,891 
Metro Pacific Investments Corp.4,116,000 273,116 
Metropolitan Bank & Trust Co.857,140 801,108 
Monde Nissin Corp.(1)
647,800 190,119 
Nickel Asia Corp.1,572,800 159,355 
Petron Corp.(1)
137,700 7,521 
Pilipinas Shell Petroleum Corp.7,000 2,610 
PLDT, Inc., ADR(2)
17,924 521,230 
Puregold Price Club, Inc.289,500 176,294 
Robinsons Land Corp.742,200 247,825 
Robinsons Retail Holdings, Inc.128,010 136,599 
Security Bank Corp.307,900 492,181 
Semirara Mining & Power Corp.478,300 349,843 
SM Investments Corp.25,075 370,131 
SM Prime Holdings, Inc.744,500 500,469 
Universal Robina Corp.186,550 404,901 
Vista Land & Lifescapes, Inc.266,100 9,539 
Wilcon Depot, Inc.279,300 148,893 
11,746,752 
Poland — 0.7%
Alior Bank SA(1)
50,816 280,588 
Allegro.eu SA(1)
24,626 129,168 
AmRest Holdings SE(1)
9,743 41,095 
Asseco Poland SA5,620 85,677 
Bank Handlowy w Warszawie SA1,500 18,930 
Bank Millennium SA(1)
269,763 216,808 
Bank Polska Kasa Opieki SA35,859 496,077 
Budimex SA1,528 82,109 
CCC SA(1)
276 2,213 
CD Projekt SA22,721 405,185 
Ciech SA(1)
8,081 54,997 
Cyfrowy Polsat SA30,113 124,194 
Dino Polska SA(1)
7,626 556,344 
53


Avantis Emerging Markets Equity ETF
SharesValue
Enea SA(1)
78,670 $126,579 
Eurocash SA(1)
19,678 48,174 
Famur SA(1)
28,812 17,971 
Grupa Azoty SA(1)
20,814 144,063 
Jastrzebska Spolka Weglowa SA(1)
45,345 458,052 
KGHM Polska Miedz SA30,381 569,321 
KRUK SA4,763 306,244 
LPP SA329 592,405 
Lubelski Wegiel Bogdanka SA857 9,010 
mBank SA(1)
3,942 181,100 
Orange Polska SA282,077 359,465 
PGE Polska Grupa Energetyczna SA(1)
68,057 103,743 
Polski Koncern Naftowy ORLEN SA121,876 1,578,564 
Polskie Gornictwo Naftowe i Gazownictwo SA(1)
325,856 387,094 
Powszechna Kasa Oszczednosci Bank Polski SA65,141 324,959 
Powszechny Zaklad Ubezpieczen SA99,967 598,385 
Santander Bank Polska SA6,676 303,355 
Tauron Polska Energia SA(1)
366,781 179,702 
TEN Square Games SA1,102 22,761 
Warsaw Stock Exchange5,163 37,759 
XTB SA11,743 54,491 
8,896,582 
Romania
MAS PLC71,323 84,401 
Russia(3)†
Gazprom PJSC, ADR(1)
13,735 
Gazprom PJSC(1)
1,738,516 
Globaltrans Investment PLC, GDR112,592 11 
LUKOIL PJSC69,112 — 
LUKOIL PJSC, ADR2,950 — 
Magnit PJSC9,702 — 
Magnit PJSC, GDR(1)
— 
Mechel PJSC(1)
22,684 — 
MMC Norilsk Nickel PJSC6,947 — 
MMC Norilsk Nickel PJSC, ADR5,465 
Mobile TeleSystems PJSC, ADR(1)
58,032 
Novatek PJSC LI, GDR215 — 
Novatek PJSC, GDR36,400 — 
Novolipetsk Steel PJSC405,900 
PhosAgro PJSC(1)
275 — 
PhosAgro PJSC LI, GDR— 
PhosAgro PJSC RX14,221 — 
Ros Agro PLC, GDR2,060 — 
Rosneft Oil Co. PJSC192,337 — 
Severstal PAO, GDR(1)
53,821 
Tatneft PJSC, ADR37,246 
VTB Bank PJSC(1)
1,439,642,000 2,360 
X5 Retail Group NV, GDR13,628 
2,394 
South Africa — 4.0%
Absa Group Ltd.191,075 1,978,993 
54


Avantis Emerging Markets Equity ETF
SharesValue
Adcock Ingram Holdings Ltd.1,014 $2,922 
Advtech Ltd.35,578 33,912 
AECI Ltd.(2)
73,859 357,619 
African Rainbow Minerals Ltd.61,838 851,676 
Afrimat Ltd.9,681 28,172 
Alexander Forbes Group Holdings Ltd.85,796 23,566 
Anglo American Platinum Ltd.5,079 354,563 
AngloGold Ashanti Ltd., ADR112,449 1,515,813 
ArcelorMittal South Africa Ltd.(1)
60,938 18,102 
Aspen Pharmacare Holdings Ltd.106,892 917,325 
Astral Foods Ltd.25,588 308,552 
AVI Ltd.113,632 488,075 
Barloworld Ltd.113,243 576,404 
Bid Corp. Ltd.38,888 736,582 
Bidvest Group Ltd.55,899 700,232 
Brait PLC(1)(2)
36,591 8,322 
Capitec Bank Holdings Ltd.9,487 1,128,055 
Cashbuild Ltd.1,658 22,001 
City Lodge Hotels Ltd.(1)
91,493 22,757 
Clicks Group Ltd.38,264 665,285 
Coronation Fund Managers Ltd.64,473 118,691 
DataTec Ltd.25,021 61,972 
Dis-Chem Pharmacies Ltd.72,041 149,111 
Discovery Ltd.(1)(2)
76,460 547,831 
Distell Group Holdings Ltd.(1)
12,494 125,540 
DRDGOLD Ltd.84,738 45,917 
Exxaro Resources Ltd.56,532 720,231 
Famous Brands Ltd.3,093 10,268 
FirstRand Ltd.571,505 2,134,633 
Foschini Group Ltd.123,881 917,109 
Gold Fields Ltd., ADR219,789 1,778,093 
Grindrod Shipping Holdings Ltd.9,223 217,039 
Harmony Gold Mining Co. Ltd., ADR312,802 816,413 
Impala Platinum Holdings Ltd.207,671 2,176,049 
Investec Ltd.95,945 450,507 
Kaap Agri Ltd.1,532 3,418 
KAP Industrial Holdings Ltd.1,324,375 350,840 
Kumba Iron Ore Ltd.(2)
9,172 203,062 
Life Healthcare Group Holdings Ltd.285,953 335,073 
Massmart Holdings Ltd.(1)
20,403 69,223 
Metair Investments Ltd.41,971 64,742 
MiX Telematics Ltd., ADR5,715 45,720 
Momentum Metropolitan Holdings555,143 538,502 
Motus Holdings Ltd.104,328 706,984 
Mr Price Group Ltd.54,724 592,814 
MTN Group Ltd.310,736 2,249,121 
MultiChoice Group94,615 638,954 
Murray & Roberts Holdings Ltd.(1)
20,297 10,558 
Nampak Ltd.(1)
136,616 18,862 
Naspers Ltd.,, N Shares18,039 2,543,615 
Nedbank Group Ltd.(2)
120,136 1,418,021 
55


Avantis Emerging Markets Equity ETF
SharesValue
NEPI Rockcastle SA148,256 $789,989 
Netcare Ltd.458,595 392,925 
Ninety One Ltd.49,468 111,477 
Northam Platinum Holdings Ltd.(1)
52,637 495,905 
Oceana Group Ltd.(2)
2,532 8,101 
Old Mutual Ltd.1,947,317 1,153,634 
Omnia Holdings Ltd.125,590 452,805 
Pick n Pay Stores Ltd.(2)
138,734 500,669 
PPC Ltd.(1)
754,515 112,168 
Rand Merchant Investment Holdings Ltd.173,970 274,624 
Raubex Group Ltd.14,747 30,031 
Reinet Investments SCA56,046 918,007 
Remgro Ltd.130,866 970,428 
Reunert Ltd.43,189 113,282 
RFG Holdings Ltd.19,543 11,503 
RMB Holdings Ltd.(1)
124,786 13,128 
Royal Bafokeng Platinum Ltd.(2)
95,967 813,523 
Sanlam Ltd.232,988 724,324 
Santam Ltd.9,542 135,441 
Sappi Ltd.(1)(2)
350,200 933,493 
Sasol Ltd., ADR(1)(2)
133,734 2,581,066 
Shoprite Holdings Ltd.104,789 1,420,941 
Sibanye Stillwater Ltd., ADR(2)
201,335 1,807,988 
SPAR Group Ltd.61,760 563,635 
Standard Bank Group Ltd.202,927 1,810,830 
Steinhoff International Holdings NV(1)
540,745 73,520 
Super Group Ltd.69,845 118,401 
Telkom SA SOC Ltd.(1)
224,397 575,895 
Thungela Resources Ltd.(2)
113,385 2,161,144 
Tiger Brands Ltd.(2)
39,159 381,015 
Transaction Capital Ltd.16,857 37,065 
Truworths International Ltd.151,183 504,164 
Tsogo Sun Gaming Ltd.(1)
11,283 8,282 
Vodacom Group Ltd.88,590 652,081 
Wilson Bayly Holmes-Ovcon Ltd.9,429 48,534 
Woolworths Holdings Ltd.160,005 521,998 
Zeder Investments Ltd.(2)
120,266 12,690 
53,032,547 
South Korea — 13.1%
ABLBio, Inc.(1)
10,483 177,422 
Able C&C Co. Ltd.(1)
610 2,558 
Advanced Process Systems Corp.4,807 69,393 
Aekyung Industrial Co. Ltd.63 657 
AfreecaTV Co. Ltd.1,874 106,359 
Ahnlab, Inc.1,317 81,964 
Alteogen, Inc.(1)
960 45,262 
Amorepacific Corp.4,608 419,978 
AMOREPACIFIC Group5,619 145,455 
Ananti, Inc.(1)
42,423 214,700 
APTC Co. Ltd.1,177 14,782 
Asiana Airlines, Inc.(1)
22,930 257,983 
56


Avantis Emerging Markets Equity ETF
SharesValue
BGF Co. Ltd.12,496 $37,593 
BGF retail Co. Ltd.3,194 382,573 
BH Co. Ltd.2,474 57,853 
Binggrae Co. Ltd.3,060 104,336 
Bioneer Corp.(1)
7,543 168,333 
BNK Financial Group, Inc.142,413 710,115 
Boditech Med, Inc.3,086 24,958 
Boryung4,172 31,463 
Bukwang Pharmaceutical Co. Ltd.6,484 43,413 
Byucksan Corp.12,984 25,120 
Caregen Co. Ltd.654 61,920 
Celltrion Healthcare Co. Ltd.3,341 178,791 
Celltrion Pharm, Inc.(1)
1,561 90,796 
Celltrion, Inc.15,550 2,188,779 
Chabiotech Co. Ltd.(1)
5,918 75,020 
Cheil Worldwide, Inc.13,859 225,950 
Chong Kun Dang Pharmaceutical Corp.1,087 69,508 
Chongkundang Holdings Corp.112 4,992 
Chunbo Co. Ltd.124 20,792 
CJ CheilJedang Corp.2,210 670,376 
CJ Corp.6,881 400,354 
CJ ENM Co. Ltd.7,159 521,796 
CJ Logistics Corp.(1)
3,862 340,404 
Classys, Inc.3,850 40,685 
CMG Pharmaceutical Co. Ltd.(1)
9,916 20,747 
Com2uSCorp1,096 65,703 
Cosmax, Inc.4,069 189,378 
Coway Co. Ltd.23,095 1,095,729 
COWELL FASHION Co. Ltd.16,647 81,581 
CrystalGenomics, Inc.(1)
11,842 32,118 
CS Wind Corp.1,378 70,206 
Cuckoo Holdings Co. Ltd.2,944 38,967 
Cuckoo Homesys Co. Ltd.4,724 111,629 
Dae Han Flour Mills Co. Ltd.490 53,456 
Daeduck Electronics Co. Ltd.27,026 592,646 
Daesang Corp.7,824 131,699 
Daewon Pharmaceutical Co. Ltd.2,047 24,934 
Daewoo Engineering & Construction Co. Ltd.(1)
124,142 478,749 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
3,806 56,783 
Daewoong Co. Ltd.2,717 49,023 
Daewoong Pharmaceutical Co. Ltd.881 114,899 
Daishin Securities Co. Ltd.21,905 250,905 
Daol Investment & Securities Co. Ltd.28,641 97,731 
Daou Data Corp.10,233 92,274 
Daou Technology, Inc.16,706 233,592 
DB Financial Investment Co. Ltd.13,706 50,787 
DB HiTek Co. Ltd.18,112 621,689 
DB Insurance Co. Ltd.27,421 1,221,161 
Dentium Co. Ltd.4,690 305,046 
DGB Financial Group, Inc.97,412 539,905 
DI Dong Il Corp.2,393 31,431 
57


Avantis Emerging Markets Equity ETF
SharesValue
DIO Corp.(1)
879 $17,519 
DL E&C Co. Ltd.17,573 533,379 
DL Holdings Co. Ltd.11,024 547,116 
Dong-A Socio Holdings Co. Ltd.783 63,358 
Dong-A ST Co. Ltd.975 40,935 
Dongjin Semichem Co. Ltd.16,489 420,719 
DongKook Pharmaceutical Co. Ltd.3,539 48,765 
Dongkuk Steel Mill Co. Ltd.43,318 424,354 
Dongsuh Cos., Inc.2,441 44,437 
Dongwha Enterprise Co. Ltd.(1)
633 31,833 
Dongwha Pharm Co. Ltd.4,407 32,874 
Dongwon Development Co. Ltd.10,306 28,575 
Dongwon F&B Co. Ltd.482 55,693 
Dongwon Industries Co. Ltd.505 85,076 
Dongwon Systems Corp.602 24,194 
Doosan Bobcat, Inc.5,255 135,108 
Doosan Co. Ltd.327 20,012 
Doosan Enerbility Co. Ltd.(1)
37,028 556,481 
Doosan Fuel Cell Co. Ltd.(1)
1,092 30,892 
Doosan Tesna, Inc.10,320 219,812 
DoubleUGames Co. Ltd.1,703 54,324 
Douzone Bizon Co. Ltd.2,938 78,740 
Dreamtech Co. Ltd.3,895 27,279 
Duk San Neolux Co. Ltd.(1)
1,519 40,584 
E-MART, Inc.7,328 531,999 
Easy Bio, Inc.465 1,694 
Easy Holdings Co. Ltd.
Echo Marketing, Inc.2,946 35,362 
Ecopro BM Co. Ltd.4,048 334,943 
Ecopro Co. Ltd.1,228 104,080 
Ecopro HN Co. Ltd.984 38,872 
ENF Technology Co. Ltd.2,415 52,085 
Eo Technics Co. Ltd.907 50,534 
Eugene Corp.22,122 63,907 
Eugene Investment & Securities Co. Ltd.25,011 53,100 
Eugene Technology Co. Ltd.2,922 59,258 
F&F Co. Ltd. / New4,805 506,997 
Fila Holdings Corp.25,928 598,880 
Foosung Co. Ltd.7,703 92,148 
Genexine, Inc.(1)
1,193 26,913 
GOLFZON Co. Ltd.2,207 216,922 
Gradiant Corp.2,065 28,596 
Grand Korea Leisure Co. Ltd.(1)
3,996 47,409 
Green Cross Corp.247 30,152 
Green Cross Holdings Corp.2,440 34,143 
GS Engineering & Construction Corp.39,009 872,567 
GS Holdings Corp.24,652 846,353 
GS Retail Co. Ltd.24,660 466,161 
HAESUNG DS Co. Ltd.7,830 340,509 
Halla Holdings Corp.3,576 102,198 
Hana Financial Group, Inc.106,694 3,109,773 
58


Avantis Emerging Markets Equity ETF
SharesValue
Hana Materials, Inc.3,691 $103,753 
Hana Micron, Inc.(1)
23,684 224,434 
Handsome Co. Ltd.10,538 222,200 
Hanil Cement Co. Ltd.4,810 54,532 
Hanjin Kal Corp.(1)
674 26,525 
Hanjin Transportation Co. Ltd.3,382 64,782 
Hankook Shell Oil Co. Ltd.114 21,615 
Hankook Tire & Technology Co. Ltd.27,046 762,476 
Hanmi Pharm Co. Ltd.1,949 446,633 
Hanmi Semiconductor Co. Ltd.7,590 67,430 
Hanon Systems40,772 311,791 
Hansae Co. Ltd.9,679 113,530 
Hansol Chemical Co. Ltd.1,235 199,458 
Hansol Paper Co. Ltd.4,250 49,636 
Hansol Technics Co. Ltd.(1)
26,009 117,115 
Hanssem Co. Ltd.2,979 119,135 
Hanwha Aerospace Co. Ltd.20,175 1,220,533 
Hanwha Corp., Preference Shares1,663 19,743 
Hanwha Corp.31,349 741,344 
Hanwha General Insurance Co. Ltd.(1)
2,720 9,517 
Hanwha Investment & Securities Co. Ltd.57,162 131,686 
Hanwha Life Insurance Co. Ltd.(1)
155,428 266,646 
Hanwha Solutions Corp.(1)
27,331 1,065,687 
Hanwha Systems Co. Ltd.15,137 174,668 
Harim Holdings Co. Ltd.28,774 178,916 
HD Hyundai Co. Ltd.14,887 698,994 
HDC Holdings Co. Ltd.3,073 15,935 
HDC Hyundai Development Co-Engineering & Construction, E Shares16,660 153,941 
Helixmith Co. Ltd.(1)
5,398 66,407 
Hite Jinro Co. Ltd.10,838 246,014 
HJ Shipbuilding & Construction Co. Ltd.(1)
15,718 70,582 
HLB, Inc.(1)
4,391 160,313 
HMM Co. Ltd.113,246 1,866,306 
Hotel Shilla Co. Ltd.9,577 524,620 
HS Industries Co. Ltd.11,046 41,010 
Huchems Fine Chemical Corp.7,190 113,620 
Hugel, Inc.(1)
981 88,783 
Humax Co. Ltd.(1)
14,003 41,598 
Humedix Co. Ltd.4,107 72,454 
Huons Co. Ltd.1,038 27,548 
Huons Global Co. Ltd.1,022 16,351 
Hwaseung Enterprise Co. Ltd.1,558 15,323 
HYBE Co. Ltd.(1)
763 102,246 
Hyosung Advanced Materials Corp.1,021 320,056 
Hyosung Chemical Corp.(1)
1,063 136,505 
Hyosung Corp.740 41,120 
Hyosung Heavy Industries Corp.(1)
1,843 101,052 
Hyosung TNC Corp.1,751 407,210 
Hyundai Autoever Corp.926 82,585 
Hyundai Construction Equipment Co. Ltd.4,697 141,809 
59


Avantis Emerging Markets Equity ETF
SharesValue
Hyundai Corp.3,168 $43,079 
Hyundai Department Store Co. Ltd.7,000 322,027 
Hyundai Doosan Infracore Co. Ltd.(1)
66,273 303,207 
Hyundai Electric & Energy System Co. Ltd.(1)
19,118 452,621 
Hyundai Elevator Co. Ltd.9,493 206,416 
Hyundai Engineering & Construction Co. Ltd.28,444 1,017,096 
Hyundai Glovis Co. Ltd.8,075 1,058,043 
Hyundai Greenfood Co. Ltd.11,576 66,291 
Hyundai Heavy Industries Co. Ltd.(1)
4,332 460,972 
Hyundai Home Shopping Network Corp.2,978 110,931 
Hyundai Marine & Fire Insurance Co. Ltd.39,765 932,805 
Hyundai Mipo Dockyard Co. Ltd.(1)
5,532 439,162 
Hyundai Mobis Co. Ltd.8,565 1,365,888 
Hyundai Motor Co.31,050 4,511,013 
Hyundai Rotem Co. Ltd.(1)
8,502 190,924 
Hyundai Steel Co.36,693 894,748 
Hyundai Wia Corp.6,286 353,782 
i-SENS, Inc.1,013 28,241 
ICD Co. Ltd.6,931 48,792 
Il Dong Pharmaceutical Co. Ltd.(1)
137 3,783 
Iljin Materials Co. Ltd.1,375 75,350 
Ilyang Pharmaceutical Co. Ltd.8,045 130,299 
iMarketKorea, Inc.7,862 60,793 
Industrial Bank of Korea114,889 818,047 
Innocean Worldwide, Inc.4,112 130,020 
Innox Advanced Materials Co. Ltd.5,202 133,174 
Insun ENT Co. Ltd.(1)
9,908 79,411 
Interflex Co. Ltd.(1)
344 3,176 
INTOPS Co. Ltd.5,066 112,978 
iNtRON Biotechnology, Inc.(1)
11,031 93,877 
IS Dongseo Co. Ltd.9,892 271,678 
JB Financial Group Co. Ltd.74,751 422,318 
Jusung Engineering Co. Ltd.21,793 256,267 
JW Holdings Corp.
JW Pharmaceutical Corp.9,269 150,655 
JYP Entertainment Corp.4,858 219,938 
Kakao Corp.22,306 1,211,297 
Kakao Games Corp.(1)
2,446 95,405 
KakaoBank Corp.(1)
5,416 109,667 
Kangwon Land, Inc.(1)
13,067 257,636 
KB Financial Group, Inc., ADR(2)
107,267 3,923,827 
KC Co. Ltd.5,885 78,771 
KC Tech Co. Ltd.6,554 79,043 
KCC Corp.638 139,313 
KCC Glass Corp.8,405 314,850 
KEPCO Engineering & Construction Co., Inc.1,249 67,988 
KEPCO Plant Service & Engineering Co. Ltd.10,471 321,359 
KG Dongbu Steel Co. Ltd.1,377 12,822 
Kginicis Co. Ltd.12,487 124,116 
KH Vatec Co. Ltd.9,846 138,633 
Kia Corp.63,633 3,814,024 
60


Avantis Emerging Markets Equity ETF
SharesValue
KISCO Corp.15,701 $80,720 
KISWIRE Ltd.1,961 29,841 
KIWOOM Securities Co. Ltd.9,227 586,316 
KMW Co. Ltd.(1)
675 16,030 
Koentec Co. Ltd.3,932 26,712 
Koh Young Technology, Inc.7,227 75,667 
Kolmar BNH Co. Ltd.1,408 27,090 
Kolmar Korea Holdings Co. Ltd.1,580 19,464 
Kolon Corp.1,460 27,545 
Kolon Industries, Inc.7,471 290,397 
KoMiCo Ltd.4,670 161,607 
KONA I Co. Ltd.(1)
3,110 37,403 
Korea Aerospace Industries Ltd.30,242 1,372,254 
Korea District Heating Corp.758 17,936 
Korea Electric Power Corp., ADR(1)(2)
61,715 470,885 
Korea Electric Terminal Co. Ltd.2,213 109,606 
Korea Gas Corp.4,476 144,997 
Korea Investment Holdings Co. Ltd.22,974 968,700 
Korea Line Corp.(1)
109,777 185,538 
Korea Petrochemical Ind Co. Ltd.2,079 187,797 
Korea Real Estate Investment & Trust Co. Ltd.45,582 55,236 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
13,212 953,522 
Korea United Pharm, Inc.1,469 26,915 
Korea Zinc Co. Ltd.1,556 778,353 
Korean Air Lines Co. Ltd.(1)
73,608 1,462,965 
Korean Reinsurance Co.29,667 184,552 
Krafton, Inc.(1)
1,161 212,086 
KT Skylife Co. Ltd.12,012 76,497 
Kumho Petrochemical Co. Ltd.8,732 842,262 
Kumho Tire Co., Inc.(1)
23,830 61,542 
KUMHOE & C Co. Ltd.253 1,560 
Kyung Dong Navien Co. Ltd.926 29,800 
L&F Co. Ltd.(1)
822 139,413 
LB Semicon, Inc.11,772 80,700 
LEENO Industrial, Inc.2,858 304,180 
LF Corp.10,203 128,537 
LG Chem Ltd.4,948 2,316,140 
LG Corp.19,630 1,197,842 
LG Display Co. Ltd., ADR(2)
183,787 1,051,262 
LG Electronics, Inc.25,250 1,889,458 
LG Energy Solution Ltd.(1)
1,253 429,425 
LG H&H Co. Ltd.1,125 595,734 
LG HelloVision Co. Ltd.6,071 23,146 
LG Innotek Co. Ltd.5,644 1,436,725 
LG Uplus Corp.103,809 889,019 
LIG Nex1 Co. Ltd.8,823 695,918 
Lock&Lock Co. Ltd.(1)
3,706 21,417 
Lotte Chemical Corp.2,936 381,223 
Lotte Chilsung Beverage Co. Ltd.2,538 292,031 
Lotte Confectionery Co. Ltd.930 86,633 
Lotte Corp.1,759 54,265 
61


Avantis Emerging Markets Equity ETF
SharesValue
Lotte Data Communication Co.2,619 $52,422 
LOTTE Fine Chemical Co. Ltd.5,710 298,761 
LOTTE Himart Co. Ltd.1,460 17,082 
Lotte Rental Co. Ltd.12,038 319,745 
Lotte Shopping Co. Ltd.6,832 501,481 
LS Corp.5,518 274,971 
LS Electric Co. Ltd.5,011 207,838 
Lutronic Corp.9,910 138,700 
LVMC Holdings(1)
7,813 17,498 
LX Hausys Ltd.4,181 139,757 
LX Holdings Corp.(1)
27,968 174,501 
LX INTERNATIONAL Corp.12,326 396,948 
LX Semicon Co. Ltd.6,261 440,520 
Maeil Dairies Co. Ltd.2,084 89,083 
Mando Corp.21,393 855,041 
Mcnex Co. Ltd.2,570 70,461 
Medytox, Inc.(1)
1,165 106,098 
MegaStudyEdu Co. Ltd.5,732 333,434 
Meritz Financial Group, Inc.18,139 415,750 
Meritz Fire & Marine Insurance Co. Ltd.21,883 624,770 
Meritz Securities Co. Ltd.166,006 598,293 
Mirae Asset Life Insurance Co. Ltd.22,028 49,800 
Mirae Asset Securities Co. Ltd.111,560 544,060 
Miwon Commercial Co. Ltd.112 14,729 
Namhae Chemical Corp.4,357 34,880 
Namsun Aluminum Co. Ltd.(1)
7,959 13,268 
NAVER Corp.10,078 1,788,307 
NCSoft Corp.1,708 479,969 
Neowiz(1)
2,115 61,711 
NEPES Corp.(1)
5,225 84,466 
Netmarble Corp.1,805 85,099 
Nexen Tire Corp.14,849 73,465 
NEXTIN, Inc.1,041 43,760 
NH Investment & Securities Co. Ltd.72,012 533,092 
NHN Corp.(1)
3,656 68,661 
NHN KCP Corp.(1)
4,752 44,669 
NICE Holdings Co. Ltd.8,854 90,161 
NICE Information Service Co. Ltd.6,796 72,664 
NongShim Co. Ltd.751 167,894 
OCI Co. Ltd.3,129 272,262 
OptoElectronics Solutions Co. Ltd.901 14,979 
Orion Corp./Republic of Korea7,821 572,924 
Orion Holdings Corp.8,594 93,455 
Oscotec, Inc.(1)
168 2,532 
Osstem Implant Co. Ltd.3,438 329,175 
Ottogi Corp.414 148,139 
Pan Ocean Co. Ltd.160,186 612,930 
Paradise Co. Ltd.(1)
7,371 87,406 
Partron Co. Ltd.30,167 194,389 
Pearl Abyss Corp.(1)
3,308 139,105 
PharmaResearch Co. Ltd.879 44,038 
62


Avantis Emerging Markets Equity ETF
SharesValue
PI Advanced Materials Co. Ltd.4,893 $135,140 
Poongsan Corp.6,690 154,503 
POSCO Chemical Co. Ltd.1,482 184,233 
POSCO Holdings, Inc., ADR63,718 2,996,020 
Posco ICT Co. Ltd.8,297 40,897 
Posco International Corp.14,979 299,004 
PSK, Inc.7,357 186,389 
Pulmuone Co. Ltd.3,081 31,580 
S&S Tech Corp.1,373 22,516 
S-1 Corp.4,672 202,858 
S-Oil Corp.15,324 1,162,325 
SAM KANG M&T Co. Ltd.(1)
2,424 48,591 
Sam Young Electronics Co. Ltd.3,086 25,066 
Samjin Pharmaceutical Co. Ltd.1,819 33,600 
Samsung Biologics Co. Ltd.(1)
2,089 1,299,272 
Samsung C&T Corp.12,231 1,095,125 
Samsung Card Co. Ltd.2,438 56,992 
Samsung Electro-Mechanics Co. Ltd.20,379 2,109,972 
Samsung Electronics Co. Ltd., GDR24,832 27,155,496 
Samsung Engineering Co. Ltd.(1)
73,508 1,278,087 
Samsung Fire & Marine Insurance Co. Ltd.12,151 1,765,954 
Samsung Heavy Industries Co. Ltd.(1)
303,186 1,345,188 
Samsung Life Insurance Co. Ltd.23,900 1,103,082 
Samsung SDI Co. Ltd.5,755 2,544,294 
Samsung SDS Co. Ltd.5,090 485,782 
Samsung Securities Co. Ltd.29,725 748,331 
Samwha Capacitor Co. Ltd.1,445 44,887 
Samyang Corp.1,845 55,818 
Samyang Foods Co. Ltd.1,666 138,370 
Samyang Holdings Corp.1,825 93,295 
Sangsangin Co. Ltd.30,631 194,881 
SD Biosensor, Inc.18,118 473,687 
Seah Besteel Holdings Corp.5,807 80,350 
SeAH Steel Corp.1,232 174,927 
SeAH Steel Holdings Corp.810 109,869 
Sebang Global Battery Co. Ltd.1,882 72,742 
Seegene, Inc.(2)
23,364 547,370 
Sejong Telecom, Inc.2,388 1,069 
Seobu T&D9,588 57,067 
Seoul Semiconductor Co. Ltd.10,199 87,244 
SFA Engineering Corp.2,392 73,025 
SFA Semicon Co. Ltd.(1)
26,556 101,211 
SGC Energy Co. Ltd.1,008 28,006 
Shinhan Financial Group Co. Ltd., ADR(2)
122,126 3,261,985 
Shinsegae International, Inc.7,481 155,097 
Shinsegae, Inc.4,364 723,269 
Shinsung E&G Co. Ltd.(1)
13,081 23,707 
Shinyoung Securities Co. Ltd.714 30,322 
SillaJen, Inc.(1)
626 1,498 
SIMMTECH Co. Ltd.(2)
13,157 377,128 
SK Biopharmaceuticals Co. Ltd.(1)
5,777 307,146 
63


Avantis Emerging Markets Equity ETF
SharesValue
SK Bioscience Co. Ltd.(1)
1,712 $143,327 
SK Chemicals Co. Ltd.7,887 571,751 
SK D&D Co. Ltd.2,714 54,096 
SK Discovery Co. Ltd.5,267 142,225 
SK Gas Ltd.666 57,729 
SK Hynix, Inc.127,312 8,951,043 
SK IE Technology Co. Ltd.(1)
1,480 91,038 
SK Innovation Co. Ltd.(1)
7,408 1,042,863 
SK Networks Co. Ltd.98,738 333,850 
SK Securities Co. Ltd.132,330 74,202 
SK Telecom Co. Ltd., ADR(2)
38,585 823,790 
SK, Inc.6,566 1,135,714 
SKC Co. Ltd.4,860 436,720 
SL Corp.6,588 187,803 
SM Entertainment Co. Ltd.3,478 178,492 
SNT Dynamics Co. Ltd.3,850 32,495 
SNT Motiv Co. Ltd.2,927 105,345 
Songwon Industrial Co. Ltd.5,948 83,694 
Soulbrain Co. Ltd.1,205 193,578 
Soulbrain Holdings Co. Ltd.1,229 20,648 
SPC Samlip Co. Ltd.1,750 105,353 
Ssangyong Motor Co.(1)
2,905 6,016 
STIC Investments, Inc.2,476 13,778 
Studio Dragon Corp.(1)
2,038 114,758 
Sungwoo Hitech Co. Ltd.2,998 11,659 
Taekwang Industrial Co. Ltd.59 36,280 
Taewoong Co. Ltd.(1)
329 3,353 
Taeyoung Engineering & Construction Co. Ltd.8,091 38,462 
Taihan Electric Wire Co. Ltd.(1)
39,071 54,273 
TES Co. Ltd.10,262 151,373 
TK Corp.3,134 45,190 
Tokai Carbon Korea Co. Ltd.1,898 157,714 
Tongyang Life Insurance Co. Ltd.24,322 101,956 
Tongyang, Inc.2,830 2,372 
Toptec Co. Ltd.(1)
329 1,978 
TSE Co. Ltd.1,752 75,223 
TY Holdings Co. Ltd.(1)
1,589 19,977 
Unid Co. Ltd.2,924 225,807 
Value Added Technology Co. Ltd.3,454 86,175 
Vieworks Co. Ltd.968 28,522 
Webzen, Inc.(1)
3,108 42,796 
Wemade Co. Ltd.4,044 185,093 
Whanin Pharmaceutical Co. Ltd.148 1,886 
Winix, Inc.1,433 13,206 
WiSoL Co. Ltd.6,266 40,693 
Wonik Holdings Co. Ltd.(1)
5,541 15,593 
WONIK IPS Co. Ltd.7,578 156,821 
Wonik Materials Co. Ltd.745 16,836 
Wonik QnC Corp.11,018 223,398 
Woongjin Thinkbig Co. Ltd.11,642 22,317 
Woori Financial Group, Inc.223,588 2,022,560 
64


Avantis Emerging Markets Equity ETF
SharesValue
Woori Investment Bank Co. Ltd.215,741 $141,973 
Woori Technology Investment Co. Ltd.(1)
43,283 187,922 
Y G-1 Co. Ltd.31 
YG Entertainment, Inc.1,052 47,247 
Youlchon Chemical Co. Ltd.1,157 27,080 
Young Poong Corp.116 60,278 
Youngone Corp.8,401 278,151 
Youngone Holdings Co. Ltd.4,116 162,176 
Yuanta Securities Korea Co. Ltd.39,133 83,190 
Yuhan Corp.5,667 239,663 
Zinus, Inc.2,151 69,377 
173,668,722 
Taiwan — 17.2%
Aaeon Technology, Inc.1,000 2,902 
Abico Avy Co. Ltd.38,060 28,440 
Ability Enterprise Co. Ltd.(2)
102,000 77,882 
AcBel Polytech, Inc.95,000 93,702 
Accton Technology Corp.65,000 598,559 
Acer, Inc.(2)
1,085,000 779,271 
ACES Electronic Co. Ltd.39,720 48,323 
Acter Group Corp. Ltd.30,207 209,903 
ADATA Technology Co. Ltd.66,000 131,443 
Advanced Ceramic X Corp.9,000 55,740 
Advanced International Multitech Co. Ltd.42,000 139,354 
Advanced Optoelectronic Technology, Inc.(1)
23,000 14,951 
Advanced Power Electronics Corp.25,000 94,323 
Advantech Co. Ltd.65,199 695,543 
AGV Products Corp.183,000 59,646 
Airtac International Group(1)
4,185 112,216 
Alexander Marine Co. Ltd.(2)
13,000 132,251 
Allied Circuit Co. Ltd.10,000 40,311 
Allied Supreme Corp.13,000 167,468 
Alltek Technology Corp.(2)
59,529 73,603 
Alltop Technology Co. Ltd.18,252 91,493 
Alpha Networks, Inc.35,772 36,704 
Altek Corp.31,000 37,840 
Amazing Microelectronic Corp.33,000 117,934 
Ampire Co. Ltd.33,000 27,791 
AMPOC Far-East Co. Ltd.22,000 30,357 
AmTRAN Technology Co. Ltd.186,973 78,052 
Anji Technology Co. Ltd.(2)
20,000 37,678 
Anpec Electronics Corp.(2)
26,000 118,892 
Apacer Technology, Inc.(2)
53,000 70,201 
APAQ Technology Co. Ltd.12,000 15,702 
Apex International Co. Ltd.19,000 38,258 
Arcadyan Technology Corp.43,061 161,966 
Ardentec Corp.(2)
264,000 394,186 
Argosy Research, Inc.28,545 69,269 
ASE Technology Holding Co. Ltd., ADR358,547 2,065,231 
Asia Cement Corp.781,000 1,105,606 
Asia Optical Co., Inc.2,000 4,292 
65


Avantis Emerging Markets Equity ETF
SharesValue
Asia Pacific Telecom Co. Ltd.(1)
7,209 $1,656 
Asia Polymer Corp.193,007 172,979 
Asia Vital Components Co. Ltd.123,000 433,274 
ASIX Electronics Corp.11,000 43,942 
ASMedia Technology, Inc.1,000 30,184 
ASolid Technology Co. Ltd.13,000 35,987 
ASPEED Technology, Inc.(2)
4,400 289,587 
ASROCK, Inc.3,000 9,407 
Asustek Computer, Inc.(2)
177,000 1,472,824 
Aten International Co. Ltd.9,000 23,080 
Audix Corp.19,000 31,414 
AUO Corp.(2)
3,070,200 1,676,419 
AURAS Technology Co. Ltd.(2)
36,000 181,575 
AVer Information, Inc.14,000 21,811 
Avermedia Technologies24,000 19,006 
Azurewave Technologies, Inc.(1)
12,000 8,442 
Bafang Yunji International Co. Ltd.19,000 102,245 
Bank of Kaohsiung Co. Ltd.138,318 63,052 
Baolong International Co. Ltd.34,000 22,682 
Basso Industry Corp.26,000 36,051 
BenQ Materials Corp.(2)
108,000 112,265 
BenQ Medical Technology Corp.23,000 57,554 
BES Engineering Corp.1,076,000 329,709 
Bin Chuan Enterprise Co. Ltd.23,000 20,792 
Bioteque Corp.6,000 22,019 
Bizlink Holding, Inc.14,000 155,112 
Bora Pharmaceuticals Co. Ltd.5,502 61,150 
Brighton-Best International Taiwan, Inc.(2)
206,000 232,012 
C Sun Manufacturing Ltd.40,976 63,081 
Capital Futures Corp.19,000 22,501 
Capital Securities Corp.799,000 311,963 
Career Technology MFG. Co. Ltd.(1)
148,100 127,764 
Catcher Technology Co. Ltd.(1)
269,000 1,630,621 
Cathay Financial Holding Co. Ltd.(2)
1,825,000 2,655,058 
Cayman Engley Industrial Co. Ltd.7,000 17,288 
Center Laboratories, Inc.51,738 106,516 
Central Reinsurance Co. Ltd.111,000 77,556 
Century Iron & Steel Industrial Co. Ltd.(2)
62,000 176,853 
Chailease Holding Co. Ltd.69,783 448,056 
Champion Building Materials Co. Ltd.91,000 28,008 
Champion Microelectronic Corp.19,000 31,424 
Chang Hwa Commercial Bank Ltd.1,406,864 812,620 
Chang Wah Electromaterials, Inc.174,000 197,706 
Chang Wah Technology Co. Ltd.17,500 20,836 
Channel Well Technology Co. Ltd.20,000 20,090 
Charoen Pokphand Enterprise61,600 162,758 
CHC Healthcare Group41,000 62,427 
Chen Full International Co. Ltd.(1)
16,000 20,437 
Cheng Loong Corp.298,000 276,076 
Cheng Mei Materials Technology Corp.(1)
321,000 113,173 
Cheng Shin Rubber Industry Co. Ltd.376,000 435,575 
66


Avantis Emerging Markets Equity ETF
SharesValue
Cheng Uei Precision Industry Co. Ltd.133,000 $162,168 
Chia Chang Co. Ltd.30,000 36,962 
Chia Hsin Cement Corp.126,000 74,868 
Chicony Electronics Co. Ltd.96,000 256,293 
Chicony Power Technology Co. Ltd.42,000 97,557 
Chieftek Precision Co. Ltd.1,100 2,676 
Chin-Poon Industrial Co. Ltd.186,000 189,493 
China Airlines Ltd.(2)
1,211,000 895,807 
China Bills Finance Corp.117,000 62,344 
China Chemical & Pharmaceutical Co. Ltd.152,000 113,946 
China Container Terminal Corp.38,000 31,521 
China Development Financial Holding Corp., Preference Shares402,360 111,990 
China Development Financial Holding Corp.(2)
3,288,943 1,436,916 
China Electric Manufacturing Corp.28,000 15,767 
China General Plastics Corp.157,722 121,892 
China Man-Made Fiber Corp.430,320 115,496 
China Metal Products115,000 112,136 
China Motor Corp.122,800 186,826 
China Petrochemical Development Corp.(2)
1,190,980 398,824 
China Steel Corp.2,912,000 2,757,857 
China Steel Structure Co. Ltd.18,000 33,925 
China Wire & Cable Co. Ltd.37,000 31,967 
Chinese Maritime Transport Ltd.(2)
61,000 77,078 
Chipbond Technology Corp.(2)
343,000 640,179 
ChipMOS Technologies, Inc.(2)
388,000 452,126 
Chlitina Holding Ltd.21,000 118,388 
Chong Hong Construction Co. Ltd.1,000 2,435 
Chroma ATE, Inc.(2)
147,000 902,070 
Chun Yuan Steel Industry Co. Ltd.(2)
229,000 124,833 
Chung Hung Steel Corp.(2)
180,000 151,882 
Chung Hwa Pulp Corp.96,000 57,463 
Chung-Hsin Electric & Machinery Manufacturing Corp.(2)
258,000 557,509 
Chunghwa Precision Test Tech Co. Ltd.7,000 105,439 
Chunghwa Telecom Co. Ltd., ADR56,585 2,247,556 
Cleanaway Co. Ltd.64,000 370,917 
Clevo Co.82,000 92,711 
CMC Magnetics Corp.(1)
593,685 155,648 
Co-Tech Development Corp.56,000 78,461 
Compal Electronics, Inc.(2)
1,598,000 1,189,815 
Compeq Manufacturing Co. Ltd.575,000 986,015 
Concord International Securities Co. Ltd.79,775 30,263 
Concord Securities Co. Ltd.(2)
197,000 70,197 
Concraft Holding Co. Ltd.6,899 3,474 
Continental Holdings Corp.204,000 199,887 
Contrel Technology Co. Ltd.79,000 40,852 
Coremax Corp.10,325 44,779 
Coretronic Corp.125,000 256,333 
Creative Sensor, Inc.35,000 25,183 
CTBC Financial Holding Co. Ltd.4,869,000 3,729,440 
CTCI Corp.324,000 477,929 
67


Avantis Emerging Markets Equity ETF
SharesValue
CviLux Corp.19,000 $24,181 
CX Technology Co. Ltd.18,000 16,895 
CyberTAN Technology, Inc.(2)
61,000 59,348 
D-Link Corp.(1)
4,600 2,515 
DA CIN Construction Co. Ltd.53,000 53,466 
Da-Li Development Co. Ltd.2,242 2,086 
Dafeng TV Ltd.4,000 6,365 
Darfon Electronics Corp.100,000 134,951 
Darwin Precisions Corp.(1)(2)
172,000 57,778 
Daxin Materials Corp.31,000 74,349 
Delta Electronics, Inc.259,000 2,217,467 
Depo Auto Parts Ind Co. Ltd.81,000 219,747 
Dimerco Express Corp.(2)
50,160 132,129 
Double Bond Chemical Industry Co. Ltd.1,134 1,995 
Dr Wu Skincare Co. Ltd.8,000 25,344 
Dynamic Holding Co. Ltd.139,147 92,117 
Dynapack International Technology Corp.63,000 164,143 
E Ink Holdings, Inc.17,000 132,189 
E-LIFE MALL Corp.4,000 10,969 
E.Sun Financial Holding Co. Ltd.1,384,918 1,276,076 
Eastern Media International Corp.79,515 63,250 
Eclat Textile Co. Ltd.9,000 130,351 
ECOVE Environment Corp.1,000 8,699 
Edison Opto Corp.(1)
38,911 21,250 
Edom Technology Co. Ltd.68,200 65,066 
eGalax_eMPIA Technology, Inc.21,174 43,803 
Egis Technology, Inc.20,000 52,673 
Elan Microelectronics Corp.158,000 499,689 
Elite Advanced Laser Corp.55,000 82,844 
Elite Material Co. Ltd.155,000 815,861 
Elite Semiconductor Microelectronics Technology, Inc.(2)
154,000 396,198 
Elitegroup Computer Systems Co. Ltd.44,000 37,673 
eMemory Technology, Inc.4,000 178,897 
Emerging Display Technologies Corp.39,000 29,287 
ENNOSTAR, Inc.244,375 410,508 
Eson Precision Ind Co. Ltd.15,000 30,795 
Eternal Materials Co. Ltd.176,000 195,165 
Eurocharm Holdings Co. Ltd.6,000 32,999 
Eva Airways Corp.(2)
889,000 972,894 
Everest Textile Co. Ltd.(1)
2,322 599 
Evergreen International Storage & Transport Corp.225,000 218,615 
Evergreen Marine Corp. Taiwan Ltd.664,190 1,903,380 
EVERGREEN Steel Corp.21,000 42,235 
Everlight Chemical Industrial Corp.130,000 89,583 
Everlight Electronics Co. Ltd.297,000 381,578 
Excelliance Mos Corp.14,000 58,973 
Excelsior Medical Co. Ltd.58,800 130,715 
Far Eastern Department Stores Ltd.167,000 111,026 
Far Eastern International Bank884,761 356,095 
Far Eastern New Century Corp.878,000 940,829 
Far EasTone Telecommunications Co. Ltd.632,000 1,550,015 
68


Avantis Emerging Markets Equity ETF
SharesValue
Faraday Technology Corp.(2)
70,000 $422,645 
Farglory F T Z Investment Holding Co. Ltd.17,000 29,077 
Farglory Land Development Co. Ltd.103,000 215,325 
Federal Corp.(1)
89,000 62,445 
Feedback Technology Corp.20,000 54,643 
Feng Hsin Steel Co. Ltd.101,000 221,246 
Feng TAY Enterprise Co. Ltd.54,800 307,448 
Firich Enterprises Co. Ltd.61,228 69,243 
First Financial Holding Co. Ltd.2,506,997 2,175,017 
First Hi-Tec Enterprise Co. Ltd.3,793 5,584 
First Steamship Co. Ltd.(1)(2)
391,210 122,944 
FIT Holding Co. Ltd.(2)
75,000 70,434 
Fitipower Integrated Technology, Inc.35,361 146,143 
Fittech Co. Ltd.26,223 105,197 
FLEXium Interconnect, Inc.(1)
126,000 385,006 
Flytech Technology Co. Ltd.(2)
72,000 200,647 
FocalTech Systems Co. Ltd.(2)
53,804 134,412 
Forcecon Tech Co. Ltd.2,595 5,255 
Forest Water Environment Engineering Co. Ltd.70 72 
Formosa Advanced Technologies Co. Ltd.41,000 51,961 
Formosa Chemicals & Fibre Corp.626,000 1,406,370 
Formosa International Hotels Corp.24,000 136,383 
Formosa Laboratories, Inc.(2)
36,000 70,524 
Formosa Oilseed Processing Co. Ltd.49,000 86,029 
Formosa Petrochemical Corp.50,000 137,056 
Formosa Plastics Corp.805,000 2,400,183 
Formosa Sumco Technology Corp.7,000 41,434 
Formosa Taffeta Co. Ltd.(2)
170,000 153,648 
Formosan Rubber Group, Inc.87,000 63,087 
Formosan Union Chemical237,650 192,248 
Fortune Electric Co. Ltd.1,000 1,329 
Foxconn Technology Co. Ltd.(2)
343,000 567,084 
Foxsemicon Integrated Technology, Inc.25,000 166,674 
Franbo Lines Corp.(2)
99,957 64,499 
Froch Enterprise Co. Ltd.(2)
45,000 36,616 
FSP Technology, Inc.20,000 25,868 
Fubon Financial Holding Co. Ltd.1,715,115 3,215,924 
Fulgent Sun International Holding Co. Ltd.12,000 74,249 
Fulltech Fiber Glass Corp.94,759 44,565 
Fusheng Precision Co. Ltd.26,000 168,009 
G Shank Enterprise Co. Ltd.32,000 61,778 
Gamania Digital Entertainment Co. Ltd.95,000 188,541 
GEM Services, Inc.9,000 22,863 
Gemtek Technology Corp.224,000 231,899 
General Interface Solution Holding Ltd.125,000 328,560 
Generalplus Technology, Inc.27,000 50,406 
GeneReach Biotechnology Corp.13,206 39,446 
Genesys Logic, Inc.12,000 48,005 
Genius Electronic Optical Co. Ltd.(2)
19,079 277,954 
Getac Holdings Corp.94,000 146,304 
GFC Ltd.1,000 2,471 
69


Avantis Emerging Markets Equity ETF
SharesValue
Giant Manufacturing Co. Ltd.52,000 $406,193 
Giantplus Technology Co. Ltd.(1)
55,000 24,808 
Gigabyte Technology Co. Ltd.(2)
261,000 727,961 
Global Brands Manufacture Ltd.(2)
174,280 165,411 
Global Lighting Technologies, Inc.26,000 50,193 
Global Mixed Mode Technology, Inc.29,000 140,887 
Global PMX Co. Ltd.14,000 71,926 
Global Unichip Corp.(2)
30,000 525,994 
Globalwafers Co. Ltd.11,000 174,030 
Gloria Material Technology Corp.191,000 177,440 
GMI Technology, Inc.44,767 28,470 
Gold Circuit Electronics Ltd.104,000 282,815 
Goldsun Building Materials Co. Ltd.481,674 399,405 
Gourmet Master Co. Ltd.75,000 248,700 
Grand Fortune Securities Co. Ltd.(2)
108,000 56,086 
Grand Ocean Retail Group Ltd.1,000 484 
Grand Pacific Petrochemical(2)
418,000 256,720 
Grand Process Technology Corp.5,000 46,596 
Grape King Bio Ltd.47,000 229,497 
Great China Metal Industry9,000 7,498 
Great Tree Pharmacy Co. Ltd.8,151 82,379 
Great Wall Enterprise Co. Ltd.84,220 135,870 
Greatek Electronics, Inc.(2)
123,000 238,493 
Group Up Industrial Co. Ltd.8,000 23,745 
Gudeng Precision Industrial Co. Ltd.3,346 31,007 
Hai Kwang Enterprise Corp.(2)
76,000 55,143 
Hannstar Board Corp.182,927 195,557 
HannStar Display Corp.(2)
743,000 288,878 
HannsTouch Solution, Inc.238,000 85,032 
Harmony Electronics Corp.17,000 20,785 
Harvatek Corp.35,000 22,680 
Heran Co. Ltd.7,000 25,575 
Highlight Tech Corp.16,000 28,786 
Highwealth Construction Corp.6,600 10,465 
Hiroca Holdings Ltd.47,000 85,834 
Hitron Technology, Inc.42,000 40,124 
Hiwin Technologies Corp.123,451 833,239 
Ho Tung Chemical Corp.506,000 154,999 
Hocheng Corp.126,000 45,253 
Hold-Key Electric Wire & Cable Co. Ltd.44,800 19,126 
Holiday Entertainment Co. Ltd.13,000 23,371 
Holtek Semiconductor, Inc.(2)
78,000 188,420 
Holy Stone Enterprise Co. Ltd.78,000 227,704 
Hon Hai Precision Industry Co. Ltd.2,268,000 8,075,847 
Hong Pu Real Estate Development Co. Ltd.(1)
5,000 3,789 
Hong TAI Electric Industrial36,000 19,932 
Horizon Securities Co. Ltd.(2)
161,120 59,959 
Hota Industrial Manufacturing Co. Ltd.3,000 8,604 
Hotai Finance Co. Ltd.72,000 246,860 
Hotai Motor Co. Ltd.38,000 761,433 
Hsin Kuang Steel Co. Ltd.2,000 2,492 
70


Avantis Emerging Markets Equity ETF
SharesValue
Hsin Yung Chien Co. Ltd.9,900 $36,474 
Hsing TA Cement Co.62,000 36,371 
HTC Corp.(1)
48,000 96,794 
Hu Lane Associate, Inc.(2)
35,225 190,451 
Hua Nan Financial Holdings Co. Ltd.1,968,987 1,494,487 
Huaku Development Co. Ltd.51,000 155,287 
Huang Hsiang Construction Corp.31,000 46,617 
Hung Ching Development & Construction Co. Ltd.31,000 22,541 
Hung Sheng Construction Ltd.185,880 157,466 
Huxen Corp.2,000 3,234 
Hycon Technology Corp.351 822 
I-Sheng Electric Wire & Cable Co. Ltd.10,000 13,915 
IBF Financial Holdings Co. Ltd.642,396 281,176 
IC Plus Corp.16,000 25,574 
Ichia Technologies, Inc.57,000 28,776 
IEI Integration Corp.42,000 103,033 
Info-Tek Corp.19,000 41,355 
Infortrend Technology, Inc.92,000 49,614 
Innodisk Corp.8,401 47,093 
Innolux Corp.(2)
3,207,000 1,263,213 
Inpaq Technology Co. Ltd.30,000 52,520 
Insyde Software Corp.18,000 44,997 
Integrated Service Technology, Inc.(1)
39,000 86,074 
Interactive Digital Technologies, Inc.3,000 6,236 
International CSRC Investment Holdings Co.(2)
444,000 302,486 
International Games System Co. Ltd.59,000 719,379 
Inventec Corp.784,000 593,542 
ITE Technology, Inc.(2)
72,000 164,620 
ITEQ Corp.65,000 143,908 
Jarllytec Co. Ltd.27,000 59,491 
Jentech Precision Industrial Co. Ltd.3,000 38,937 
Jess-Link Products Co. Ltd.39,000 50,208 
Jih Lin Technology Co. Ltd.11,000 30,624 
Jiin Yeeh Ding Enterprise Co. Ltd.33,000 32,974 
K Laser Technology, Inc.38,000 23,509 
Kaimei Electronic Corp.49,000 92,899 
Kaori Heat Treatment Co. Ltd.53,000 197,090 
KEE TAI Properties Co. Ltd.181,000 85,810 
Kenda Rubber Industrial Co. Ltd.124,800 142,378 
Kerry TJ Logistics Co. Ltd.(2)
94,000 126,143 
Kindom Development Co. Ltd.164,200 152,004 
King Slide Works Co. Ltd.3,000 44,743 
King Yuan Electronics Co. Ltd.(2)
578,000 704,084 
King's Town Bank Co. Ltd.318,000 366,815 
Kinik Co.(2)
64,000 330,071 
Kinpo Electronics279,000 122,819 
Kinsus Interconnect Technology Corp.(2)
205,000 814,289 
KMC Kuei Meng International, Inc.14,000 74,942 
KNH Enterprise Co. Ltd.(2)
99,000 61,549 
KS Terminals, Inc.16,000 43,560 
Kung Long Batteries Industrial Co. Ltd.48,000 221,879 
71


Avantis Emerging Markets Equity ETF
SharesValue
Kung Sing Engineering Corp.70,400 $16,158 
Kuo Toong International Co. Ltd.67,000 51,097 
Kuo Yang Construction Co. Ltd.49,727 32,113 
L&K Engineering Co. Ltd.44,000 46,723 
LandMark Optoelectronics Corp.15,000 86,633 
Lanner Electronics, Inc.18,000 40,658 
Largan Precision Co. Ltd.26,000 1,653,864 
Leadtrend Technology Corp.20,330 42,912 
Lealea Enterprise Co. Ltd.101,000 37,932 
Lelon Electronics Corp.12,138 23,132 
Li Cheng Enterprise Co. Ltd.(1)
1,071 1,139 
Li Peng Enterprise Co. Ltd.(1)
391,000 118,217 
Lian HWA Food Corp.47,408 117,056 
Lien Hwa Industrial Holdings Corp.8,038 14,990 
Lingsen Precision Industries Ltd.(2)
239,000 124,163 
Lion Travel Service Co. Ltd.(1)
1,000 3,024 
Lite-On Technology Corp.550,000 1,183,616 
Liton Technology Corp.1,000 1,071 
Long Bon International Co. Ltd.(1)
1,800 1,001 
Longchen Paper & Packaging Co. Ltd.(2)
288,587 155,941 
Longwell Co.17,000 31,586 
Lotes Co. Ltd.20,251 480,113 
Lotus Pharmaceutical Co. Ltd.(1)
28,000 158,509 
Lucky Cement Corp.60,000 21,404 
Lumax International Corp. Ltd.10,000 22,732 
Lung Yen Life Service Corp.18,000 24,665 
Macauto Industrial Co. Ltd.11,000 24,331 
Machvision, Inc.17,039 85,410 
Macroblock, Inc.19,000 73,003 
Macronix International Co. Ltd.(2)
921,000 988,571 
Makalot Industrial Co. Ltd.40,825 239,879 
Marketech International Corp.38,000 153,437 
Materials Analysis Technology, Inc.20,000 80,788 
Mechema Chemicals International Corp.2,000 8,896 
MediaTek, Inc.101,000 2,185,309 
Mega Financial Holding Co. Ltd.1,208,475 1,417,452 
Mercuries & Associates Holding Ltd.55,000 32,684 
Mercuries Life Insurance Co. Ltd.(1)(2)
533,211 124,386 
Merry Electronics Co. Ltd.6,000 16,571 
Micro-Star International Co. Ltd.103,000 385,593 
Microbio Co. Ltd.7,221 18,537 
MIN AIK Technology Co. Ltd.35,000 22,715 
Mirle Automation Corp.41,000 53,936 
Mitac Holdings Corp.(2)
350,560 322,300 
momo.com, Inc.(2)
9,000 213,412 
MOSA Industrial Corp.48,000 47,928 
Mosel Vitelic, Inc.30,000 40,175 
Motech Industries, Inc.(2)
36,451 33,960 
MPI Corp.42,000 132,976 
Nak Sealing Technologies Corp.15,000 49,006 
Namchow Holdings Co. Ltd.33,000 49,659 
72


Avantis Emerging Markets Equity ETF
SharesValue
Nan Kang Rubber Tire Co. Ltd.(1)
1,000 $1,269 
Nan Liu Enterprise Co. Ltd.6,000 16,880 
Nan Pao Resins Chemical Co. Ltd.11,000 50,980 
Nan Ya Plastics Corp.985,000 2,212,503 
Nan Ya Printed Circuit Board Corp.(2)
55,000 479,832 
Nantex Industry Co. Ltd.(2)
136,000 190,031 
Nanya Technology Corp.293,000 508,879 
Nichidenbo Corp.36,000 61,097 
Nien Made Enterprise Co. Ltd.39,000 360,154 
Niko Semiconductor Co. Ltd.29,000 61,006 
Nishoku Technology, Inc.6,000 17,186 
Novatek Microelectronics Corp.(2)
146,000 1,249,074 
Nuvoton Technology Corp.(2)
50,428 204,699 
Nyquest Technology Co. Ltd.14,000 37,007 
O-Bank Co. Ltd.642,430 182,332 
O-TA Precision Industry Co. Ltd.37,000 150,087 
Ocean Plastics Co. Ltd.30,000 36,411 
Orient Semiconductor Electronics Ltd.(2)
356,000 215,325 
Oriental Union Chemical Corp.218,000 130,366 
P-Duke Technology Co. Ltd.1,105 2,995 
Pacific Hospital Supply Co. Ltd.11,099 25,036 
Pan Jit International, Inc.(2)
401,000 908,671 
Pan-International Industrial Corp.112,000 126,261 
Parade Technologies Ltd.2,000 55,987 
Pegatron Corp.825,000 1,715,855 
Pegavision Corp.8,000 110,698 
PharmaEngine, Inc.(2)
52,000 218,230 
Pharmally International Holding Co. Ltd.(1)
1,282 2,384 
Phihong Technology Co. Ltd.(1)
67,000 84,947 
Phison Electronics Corp.17,000 172,812 
Phoenix Silicon International Corp.(2)
82,280 187,436 
Pixart Imaging, Inc.(2)
42,000 129,484 
Pou Chen Corp.569,000 539,009 
Power Wind Health Industry, Inc.(1)
4,252 17,237 
Powerchip Semiconductor Manufacturing Corp.653,000 732,236 
Powertech Technology, Inc.369,000 1,029,669 
Poya International Co. Ltd.31,301 437,768 
President Chain Store Corp.206,000 1,810,238 
President Securities Corp.264,929 145,187 
Primax Electronics Ltd.83,000 181,595 
Prince Housing & Development Corp.361,000 141,643 
Promate Electronic Co. Ltd.22,000 28,157 
Prosperity Dielectrics Co. Ltd.34,000 46,013 
Qisda Corp.251,000 240,350 
QST International Corp.9,000 21,773 
Quang Viet Enterprise Co. Ltd.6,000 25,785 
Quanta Computer, Inc.540,000 1,399,901 
Quanta Storage, Inc.115,000 166,462 
Radiant Opto-Electronics Corp.160,000 525,779 
Radium Life Tech Co. Ltd.134,000 42,469 
Raydium Semiconductor Corp.19,000 170,955 
73


Avantis Emerging Markets Equity ETF
SharesValue
Realtek Semiconductor Corp.111,000 $1,247,273 
Rechi Precision Co. Ltd.41,000 25,918 
Rexon Industrial Corp. Ltd.(2)
49,000 54,946 
Rich Development Co. Ltd.92,000 27,667 
Ritek Corp.(1)
64,281 17,842 
Roo Hsing Co. Ltd.(1)
170,000 16,309 
Ruentex Development Co. Ltd.430,600 887,919 
Ruentex Engineering & Construction Co.23,290 68,951 
Ruentex Industries Ltd.(2)
189,800 404,276 
Sampo Corp.50,000 46,285 
San Fang Chemical Industry Co. Ltd.5,000 3,500 
San Shing Fastech Corp.17,000 29,612 
Sanyang Motor Co. Ltd.(2)
328,000 390,446 
SCI Pharmtech, Inc.(1)
5,600 16,095 
Scientech Corp.24,000 65,735 
ScinoPharm Taiwan Ltd.2,000 1,858 
SDI Corp.15,000 57,822 
Senao International Co. Ltd.1,000 1,053 
Senao Networks, Inc.(2)
7,000 52,281 
Sensortek Technology Corp.6,000 59,717 
Sesoda Corp.(2)
111,997 176,148 
Shanghai Commercial & Savings Bank Ltd.1,074,000 1,748,157 
Sheng Yu Steel Co. Ltd.51,000 42,802 
ShenMao Technology, Inc.17,000 28,625 
Shih Her Technologies, Inc.24,000 45,918 
Shih Wei Navigation Co. Ltd.(2)
97,875 89,967 
Shihlin Paper Corp.(1)
30,000 55,743 
Shin Foong Specialty & Applied Materials Co. Ltd.(2)
18,000 41,130 
Shin Kong Financial Holding Co. Ltd.4,623,740 1,328,314 
Shin Zu Shing Co. Ltd.51,536 148,418 
Shining Building Business Co. Ltd.(1)
125,000 37,908 
Shinkong Insurance Co. Ltd.66,000 124,915 
Shinkong Synthetic Fibers Corp.389,000 230,368 
Shiny Chemical Industrial Co. Ltd.39,582 173,446 
ShunSin Technology Holding Ltd.12,000 33,132 
Shuttle, Inc.(1)(2)
124,000 64,177 
Sigurd Microelectronics Corp.275,063 458,613 
Silergy Corp.(2)
12,000 205,722 
Silicon Integrated Systems Corp.(2)
283,404 185,815 
Simplo Technology Co. Ltd.85,000 802,047 
Sinbon Electronics Co. Ltd.4,000 36,964 
Sincere Navigation Corp.(2)
79,060 55,197 
Singatron Enterprise Co. Ltd.48,000 37,732 
Sinher Technology, Inc.15,000 19,520 
Sinkang Industries Co. Ltd.3,000 1,932 
Sinmag Equipment Corp.9,000 28,617 
Sino-American Silicon Products, Inc.207,000 1,128,525 
Sinon Corp.264,000 391,604 
SinoPac Financial Holdings Co. Ltd.3,540,050 2,006,898 
Sinopower Semiconductor, Inc.6,000 23,822 
Sinyi Realty, Inc.34,000 34,636 
74


Avantis Emerging Markets Equity ETF
SharesValue
Sitronix Technology Corp.(2)
75,000 $463,713 
Siward Crystal Technology Co. Ltd.72,000 97,261 
Softstar Entertainment, Inc.1,000 2,705 
Solar Applied Materials Technology Corp.(2)
264,670 334,953 
Solomon Technology Corp.54,000 48,445 
Solteam, Inc.28,000 56,947 
Sonix Technology Co. Ltd.(2)
66,000 127,934 
Speed Tech Corp.1,000 1,906 
Sporton International, Inc.10,000 75,279 
St Shine Optical Co. Ltd.21,000 184,332 
Standard Chemical & Pharmaceutical Co. Ltd.16,000 26,037 
Standard Foods Corp.59,000 79,391 
Stark Technology, Inc.35,000 96,806 
Sunjuice Holdings Co. Ltd.3,000 22,377 
Sunny Friend Environmental Technology Co. Ltd.10,000 59,525 
Sunonwealth Electric Machine Industry Co. Ltd.32,000 43,905 
Sunplus Technology Co. Ltd.25,000 21,403 
Sunrex Technology Corp.24,000 30,259 
Supreme Electronics Co. Ltd.49,755 61,217 
Swancor Holding Co. Ltd.(2)
10,000 33,272 
Sweeten Real Estate Development Co. Ltd.4,320 3,391 
Symtek Automation Asia Co. Ltd.29,000 85,909 
Syncmold Enterprise Corp.32,000 71,246 
Synnex Technology International Corp.393,000 716,353 
Systex Corp.17,000 40,804 
T3EX Global Holdings Corp.(2)
57,213 146,665 
TA Chen Stainless Pipe(2)
611,184 787,906 
Ta Ya Electric Wire & Cable(2)
127,363 90,868 
TA-I Technology Co. Ltd.31,750 47,080 
TAI Roun Products Co. Ltd.23,000 11,994 
Tai Tung Communication Co. Ltd.(1)
42,000 22,295 
Tai-Saw Technology Co. Ltd.75,000 87,679 
Taichung Commercial Bank Co. Ltd.1,504,625 671,805 
TaiDoc Technology Corp.(2)
32,000 233,711 
Taiflex Scientific Co. Ltd.22,000 29,463 
Taigen Biopharmaceuticals Holdings Ltd.(1)
68,000 42,145 
Taimide Tech, Inc.55,000 70,960 
Tainan Spinning Co. Ltd.189,000 116,460 
Taishin Financial Holding Co. Ltd.3,445,841 1,710,263 
Taisun Enterprise Co. Ltd.4,000 4,527 
Taita Chemical Co. Ltd.80,850 59,708 
Taiwan Business Bank2,689,825 1,127,395 
Taiwan Cement Corp.(2)
757,853 975,575 
Taiwan Cogeneration Corp.48,000 58,513 
Taiwan Cooperative Financial Holding Co. Ltd.1,989,263 1,796,484 
Taiwan Fertilizer Co. Ltd.284,000 584,012 
Taiwan Fire & Marine Insurance Co. Ltd.41,000 27,095 
Taiwan FU Hsing Industrial Co. Ltd.29,000 40,180 
Taiwan Glass Industry Corp.412,000 236,447 
Taiwan High Speed Rail Corp.513,000 490,462 
Taiwan Hon Chuan Enterprise Co. Ltd.256,000 627,676 
75


Avantis Emerging Markets Equity ETF
SharesValue
Taiwan Hopax Chemicals Manufacturing Co. Ltd.41,000 $58,405 
Taiwan IC Packaging Corp.(1)
32,000 15,803 
Taiwan Mask Corp.24,000 58,785 
Taiwan Mobile Co. Ltd.420,000 1,372,829 
Taiwan Navigation Co. Ltd.(2)
126,000 111,502 
Taiwan Paiho Ltd.92,000 191,009 
Taiwan PCB Techvest Co. Ltd.238,000 298,759 
Taiwan Sakura Corp.4,000 8,447 
Taiwan Secom Co. Ltd.62,000 208,223 
Taiwan Semiconductor Co. Ltd.76,000 236,165 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR465,132 38,768,752 
Taiwan Shin Kong Security Co. Ltd.7,070 9,329 
Taiwan Steel Union Co. Ltd.22,000 66,004 
Taiwan Styrene Monomer72,000 34,536 
Taiwan Surface Mounting Technology Corp.147,000 489,905 
Taiwan TEA Corp.(1)
173,000 112,796 
Taiwan Union Technology Corp.70,000 131,401 
Taiwan-Asia Semiconductor Corp.(2)
200,000 255,260 
Taiyen Biotech Co. Ltd.24,000 25,941 
Tatung Co. Ltd.(1)(2)
483,000 544,765 
Tatung System Technologies, Inc.21,000 26,736 
TCI Co. Ltd.19,000 91,116 
Teco Electric and Machinery Co. Ltd.605,000 585,218 
Test Research, Inc.20,000 39,085 
Test Rite International Co. Ltd.33,000 23,100 
Thermaltake Technology Co. Ltd.97 84 
Thinking Electronic Industrial Co. Ltd.26,000 121,477 
Thye Ming Industrial Co. Ltd.(2)
77,400 109,168 
Ton Yi Industrial Corp.421,000 279,318 
Tong Hsing Electronic Industries Ltd.(1)
49,472 342,977 
Tong Yang Industry Co. Ltd.258,000 459,906 
Top Bright Holding Co. Ltd.8,000 29,579 
Topco Scientific Co. Ltd.95,000 507,397 
Topkey Corp.3,000 17,440 
Topoint Technology Co. Ltd.51,000 48,761 
TPK Holding Co. Ltd.157,000 186,066 
Trade-Van Information Services Co.2,000 4,623 
Transcend Information, Inc.49,000 106,167 
Tripod Technology Corp.126,000 413,695 
Tsann Kuen Enterprise Co. Ltd.38,589 59,229 
TSC Auto ID Technology Co. Ltd.8,000 51,246 
TSRC Corp.329,000 302,766 
Ttet Union Corp.6,000 31,003 
TTY Biopharm Co. Ltd.74,000 184,176 
Tul Corp.18,000 36,140 
Tung Ho Steel Enterprise Corp.(2)
389,760 689,097 
Tung Thih Electronic Co. Ltd.12,000 71,184 
TXC Corp.(2)
184,000 520,785 
TYC Brother Industrial Co. Ltd.(2)
136,000 136,045 
Tycoons Group Enterprise(1)
66,000 18,812 
U-Ming Marine Transport Corp.207,000 257,450 
76


Avantis Emerging Markets Equity ETF
SharesValue
UDE Corp.31,000 $39,090 
Ultra Chip, Inc.(2)
20,000 85,800 
Uni-President Enterprises Corp.804,000 1,737,494 
Unimicron Technology Corp.496,000 2,430,264 
Union Bank of Taiwan796,129 429,253 
Unitech Computer Co. Ltd.46,000 48,333 
Unitech Printed Circuit Board Corp.(1)
100,000 75,581 
United Integrated Services Co. Ltd.82,000 424,641 
United Microelectronics Corp.(1)(2)
2,880,000 3,831,744 
United Renewable Energy Co. Ltd.(1)
225,085 169,517 
Universal Cement Corp.107,000 78,739 
Universal Vision Biotechnology Co. Ltd.14,700 153,066 
Universal, Inc.17,000 15,646 
Unizyx Holding Corp.(2)
147,000 133,859 
UPC Technology Corp.209,000 95,941 
Userjoy Technology Co. Ltd.15,350 35,816 
USI Corp.262,000 203,156 
Utechzone Co. Ltd.26,000 78,140 
Vanguard International Semiconductor Corp.(2)
353,000 853,386 
Ventec International Group Co. Ltd.17,000 41,107 
VIA Labs, Inc.2,000 16,426 
Visual Photonics Epitaxy Co. Ltd.44,000 108,896 
Voltronic Power Technology Corp.9,100 513,500 
Wafer Works Corp.(2)
41,000 69,569 
Wah Hong Industrial Corp.19,000 17,669 
Wah Lee Industrial Corp.37,740 112,538 
Walsin Lihwa Corp.(2)
988,553 1,276,650 
Walsin Technology Corp.(2)
95,000 287,086 
Walton Advanced Engineering, Inc.88,000 38,670 
Wan Hai Lines Ltd.(2)
176,640 497,841 
WEI Chih Steel Industrial Co. Ltd.(2)
76,000 65,971 
Wei Chuan Foods Corp.82,000 54,651 
Weikeng Industrial Co. Ltd.147,000 129,439 
Well Shin Technology Co. Ltd.16,000 23,595 
Wholetech System Hitech Ltd.33,000 51,342 
Win Semiconductors Corp.(2)
99,000 575,025 
Winbond Electronics Corp.(2)
1,330,000 958,270 
Winstek Semiconductor Co. Ltd.(2)
54,000 87,429 
WinWay Technology Co. Ltd.10,000 130,690 
Wisdom Marine Lines Co. Ltd.(2)
239,378 451,096 
Wisechip Semiconductor, Inc.12,000 26,764 
Wistron Corp.715,000 648,216 
Wistron Information Technology & Services Corp.8,000 23,113 
Wistron NeWeb Corp.330,000 915,123 
Wiwynn Corp.(2)
5,000 125,168 
Wowprime Corp.(1)
45,000 183,730 
WPG Holdings Ltd.271,000 455,748 
WT Microelectronics Co. Ltd.195,000 411,230 
XinTec, Inc.39,000 166,966 
Xxentria Technology Materials Corp.16,000 34,192 
Yageo Corp.85,212 911,361 
77


Avantis Emerging Markets Equity ETF
SharesValue
Yang Ming Marine Transport Corp.(2)
563,000 $1,442,278 
YC INOX Co. Ltd.47,486 47,826 
Yea Shin International Development Co. Ltd.38,106 27,884 
Yem Chio Co. Ltd.99,579 46,090 
Yeong Guan Energy Technology Group Co. Ltd.(2)
24,000 43,796 
YFY, Inc.403,000 326,003 
Yieh Hsing Enterprise Co. Ltd.(1)
41,000 15,941 
Yieh Phui Enterprise Co. Ltd.(2)
172,200 88,053 
Young Fast Optoelectronics Co. Ltd.39,000 38,459 
Youngtek Electronics Corp.50,000 106,579 
Yuanta Financial Holding Co. Ltd.2,653,733 1,761,535 
Yulon Finance Corp.100,900 533,509 
Yulon Motor Co. Ltd.330,397 445,158 
YungShin Global Holding Corp.1,000 1,356 
Zeng Hsing Industrial Co. Ltd.15,000 65,686 
Zenitron Corp.50,000 48,434 
Zero One Technology Co. Ltd.33,526 46,322 
Zhen Ding Technology Holding Ltd.234,000 868,416 
Zinwell Corp.(1)
75,000 43,699 
Zippy Technology Corp.3,000 4,055 
ZongTai Real Estate Development Co. Ltd.71,496 76,126 
228,054,528 
Thailand — 2.5%
AAPICO Hitech PCL, NVDR99,800 68,979 
Advanced Info Service PCL, NVDR156,500 823,364 
Advanced Information Technology PCL, NVDR219,700 37,296 
AEON Thana Sinsap Thailand PCL, NVDR34,200 155,137 
Airports of Thailand PCL, NVDR(1)
318,900 635,489 
AJ Plast PCL, NVDR39,300 16,048 
Amanah Leasing PCL, NVDR318,700 38,538 
Amata Corp. PCL, NVDR263,000 150,593 
Ananda Development PCL, NVDR(1)
53,000 1,856 
AP Thailand PCL, NVDR1,678,200 459,503 
Aqua Corp. PCL, NVDR(1)
1,757,300 28,971 
Asia Aviation PCL, NVDR(1)
50,344 3,911 
Asia Plus Group Holdings PCL, NVDR561,700 47,364 
Asia Sermkij Leasing PCL, NVDR35,700 34,961 
Asian Sea Corp. PCL, NVDR72,150 35,212 
Asset World Corp. PCL, NVDR529,200 81,053 
B Grimm Power PCL, NVDR143,400 145,263 
Bangchak Corp. PCL, NVDR600,800 580,298 
Bangkok Airways PCL, NVDR(1)
59,900 17,388 
Bangkok Bank PCL, NVDR74,200 278,188 
Bangkok Chain Hospital PCL, NVDR880,200 450,518 
Bangkok Dusit Medical Services PCL, NVDR1,549,300 1,241,687 
Bangkok Expressway & Metro PCL, NVDR478,300 114,686 
Bangkok Land PCL, NVDR2,403,600 66,506 
Bangkok Life Assurance PCL, NVDR625,200 608,025 
Banpu PCL, NVDR2,491,566 989,168 
Banpu Power PCL, NVDR69,100 29,926 
BCPG PCL, NVDR117,700 34,816 
78


Avantis Emerging Markets Equity ETF
SharesValue
Beauty Community PCL, NVDR(1)
64,400 $2,575 
BEC World PCL, NVDR687,000 263,365 
Berli Jucker PCL, NVDR66,300 60,928 
Better World Green PCL, NVDR(1)
3,280,900 73,597 
BG Container Glass PCL, NVDR56,100 15,844 
BTS Group Holdings PCL, NVDR520,100 119,723 
Bumrungrad Hospital PCL, NVDR108,700 643,640 
Cal-Comp Electronics Thailand PCL, NVDR476,838 32,082 
Carabao Group PCL, NVDR10,500 29,051 
Central Pattana PCL, NVDR228,900 434,088 
Central Retail Corp. PCL, NVDR193,866 214,892 
CH Karnchang PCL, NVDR368,600 212,140 
Charoen Pokphand Foods PCL, NVDR798,200 568,722 
Chularat Hospital PCL, NVDR1,181,300 118,542 
CK Power PCL, NVDR296,300 41,401 
Com7 PCL, NVDR603,800 569,177 
Country Group Development PCL, NVDR(1)
979,000 11,807 
CP ALL PCL, NVDR506,800 854,239 
Delta Electronics Thailand PCL, NVDR13,400 192,010 
Dhipaya Group Holdings PCL, NVDR48,200 82,266 
Diamond Building Products PCL, NVDR51,200 11,015 
Ditto Thailand PCL, NVDR48,000 75,979 
Dynasty Ceramic PCL, NVDR1,977,800 146,382 
Eastern Polymer Group PCL, NVDR295,500 77,726 
Ekachai Medical Care PCL, NVDR156,000 32,062 
Electricity Generating PCL, NVDR89,600 449,261 
Energy Absolute PCL, NVDR283,100 660,952 
Erawan Group PCL, NVDR(1)
77,040 7,633 
Esso Thailand PCL, NVDR(1)
308,100 119,007 
Forth Corp. PCL, NVDR129,100 204,938 
G J Steel PCL, NVDR(1)
6,403,900 68,415 
GFPT PCL, NVDR188,400 86,690 
Global Power Synergy PCL, NVDR115,800 215,557 
Gulf Energy Development PCL, NVDR164,020 230,161 
Gunkul Engineering PCL, NVDR1,181,800 161,133 
Haad Thip PCL, NVDR13,900 12,188 
Hana Microelectronics PCL, NVDR94,800 110,694 
Home Product Center PCL, NVDR1,121,200 427,117 
Ichitan Group PCL, NVDR86,500 21,567 
Indorama Ventures PCL, NVDR352,600 417,588 
IRPC PCL, NVDR3,488,700 326,583 
Italian-Thai Development PCL, NVDR(1)
1,929,200 101,473 
Jasmine International PCL, NVDR(1)
3,889,400 272,547 
Jay Mart PCL, NVDR68,641 97,706 
JMT Network Services PCL, NVDR71,668 153,116 
JWD Infologistics PCL, NVDR210,600 98,578 
KCE Electronics PCL, NVDR316,000 468,347 
KGI Securities Thailand PCL, NVDR805,200 109,872 
Khon Kaen Sugar Industry PCL, NVDR380,000 37,467 
Kiatnakin Phatra Bank PCL, NVDR99,300 197,100 
Krung Thai Bank PCL, NVDR899,400 415,857 
79


Avantis Emerging Markets Equity ETF
SharesValue
Krungthai Card PCL, NVDR200,500 $330,590 
Land & Houses PCL, NVDR2,661,700 649,351 
Lanna Resources PCL, NVDR86,300 56,549 
LPN Development PCL, NVDR441,700 54,713 
Major Cineplex Group PCL, NVDR59,700 31,071 
Master Ad PCL, NVDR(1)
1,993,300 30,521 
MBK PCL, NVDR(1)
180,600 80,586 
MC Group PCL, NVDR20,300 5,560 
MCS Steel PCL, NVDR184,800 52,135 
Mega Lifesciences PCL, NVDR88,500 119,330 
MFEC PCL, NVDR71,500 18,303 
Minor International PCL, NVDR(1)
543,100 486,345 
MK Restaurants Group PCL, NVDR9,300 15,027 
Muangthai Capital PCL, NVDR132,000 153,568 
Namyong Terminal PCL, NVDR30,600 3,053 
Noble Development PCL, Class C, NVDR205,200 27,672 
Nusasiri PCL, NVDR(1)
2,794,300 78,016 
Origin Property PCL, NVDR292,000 82,316 
Osotspa PCL, NVDR229,800 196,755 
Plan B Media PCL, NVDR(1)
739,800 133,675 
Polyplex Thailand PCL, NVDR98,600 61,876 
POSCO-Thainox PCL, NVDR576,900 18,805 
Precious Shipping PCL, NVDR651,100 253,037 
Premier Marketing PCL, NVDR72,700 17,532 
Prima Marine PCL, NVDR477,300 81,099 
Property Perfect PCL, NVDR2,307,910 25,859 
Pruksa Holding PCL, NVDR89,200 31,486 
PTG Energy PCL, NVDR269,800 112,951 
PTT Exploration & Production PCL, NVDR275,400 1,273,734 
PTT Global Chemical PCL, NVDR440,100 572,230 
PTT Oil & Retail Business PCL, NVDR369,300 275,695 
PTT PCL, NVDR1,466,000 1,506,201 
Quality Houses PCL, NVDR6,104,100 361,385 
R&B Food Supply PCL, NVDR29,500 11,393 
Raimon Land PCL, NVDR(1)
1,000,000 21,382 
Rajthanee Hospital PCL, NVDR65,600 64,772 
Ratch Group PCL, NVDR87,750 105,852 
Ratchthani Leasing PCL, NVDR998,700 130,176 
Regional Container Lines PCL, NVDR443,600 394,595 
Rojana Industrial Park PCL, NVDR239,200 38,973 
RS PCL, NVDR189,100 79,734 
S Hotels & Resorts PCL, NVDR(1)
289,200 32,311 
S Kijchai Enterprise PCL, R Shares, NVDR189,900 29,350 
Sabina PCL, NVDR40,300 29,265 
Samart Corp. PCL, NVDR(1)
72,200 12,461 
Sansiri PCL, NVDR5,153,500 155,273 
Sappe PCL, NVDR43,800 53,375 
SC Asset Corp. PCL, NVDR869,800 83,809 
SCB X PCL, NVDR122,700 370,904 
SEAFCO PCL, NVDR(1)
16,100 1,686 
Sermsang Power Corp. Co. Ltd., NVDR206,668 54,344 
80


Avantis Emerging Markets Equity ETF
SharesValue
Siam Cement PCL, NVDR78,500 $770,083 
Siam City Cement PCL, NVDR19,500 84,706 
Siam Global House PCL, NVDR418,301 224,813 
Siam Makro PCL, NVDR20,337 19,215 
Siamgas & Petrochemicals PCL, NVDR124,500 38,193 
Sikarin PCL, NVDR21,100 7,517 
Singha Estate PCL, NVDR(1)
1,000,000 52,680 
Sino-Thai Engineering & Construction PCL, NVDR676,800 227,916 
SNC Former PCL, NVDR107,500 50,055 
Somboon Advance Technology PCL, NVDR113,400 60,558 
SPCG PCL, NVDR87,000 37,670 
Sri Trang Agro-Industry PCL, NVDR222,500 137,714 
Srisawad Corp. PCL, NVDR274,100 365,541 
Srisawad Finance PCL, NVDR45,700 37,545 
Srivichai Vejvivat PCL, NVDR93,400 24,558 
Star Petroleum Refining PCL, NVDR459,000 162,179 
STP & I PCL, NVDR(1)
367,800 36,453 
Supalai PCL, NVDR440,800 235,595 
Super Energy Corp. PCL, NVDR6,494,800 135,306 
Synnex Thailand PCL, NVDR47,100 26,790 
Taokaenoi Food & Marketing PCL, Class R NVDR221,400 46,708 
Tata Steel Thailand PCL, NVDR498,600 13,930 
Thai Airways International PCL, NVDR(1)
20,500 1,867 
Thai Oil PCL, NVDR348,500 579,831 
Thai Solar Energy PCL, NVDR212,200 12,328 
Thai Union Group PCL, NVDR1,417,500 679,711 
Thai Vegetable Oil PCL, NVDR244,200 204,361 
Thaicom PCL, NVDR154,300 43,915 
Thaifoods Group PCL, NVDR145,600 24,952 
Thanachart Capital PCL, NVDR70,900 78,641 
Thonburi Healthcare Group PCL, NVDR289,600 541,674 
Thoresen Thai Agencies PCL, NVDR784,800 178,353 
Tipco Asphalt PCL, NVDR270,600 123,857 
Tisco Financial Group PCL, NVDR63,900 164,151 
TMBThanachart Bank PCL, NVDR1,642,100 57,074 
TOA Paint Thailand PCL, NVDR71,800 60,525 
Total Access Communication PCL, NVDR54,400 64,161 
TPI Polene PCL, NVDR1,342,100 62,526 
TPI Polene Power PCL, NVDR537,300 55,069 
TQM Alpha PCL, NVDR96,100 112,660 
True Corp. PCL, NVDR4,802,500 600,255 
TTW PCL, NVDR157,600 45,387 
U City PCL, NVDR(1)
3,088,800 114,106 
Unique Engineering & Construction PCL, NVDR(1)
129,200 17,207 
United Paper PCL, NVDR45,600 21,108 
Univentures PCL, NVDR191,000 15,389 
Vanachai Group PCL, NVDR117,200 20,871 
VGI PCL, NVDR194,070 23,279 
WHA Corp. PCL, NVDR441,900 42,360 
Workpoint Entertainment PCL, NVDR45,500 24,040 
33,161,608 
81


Avantis Emerging Markets Equity ETF
SharesValue
Turkey — 0.6%
AG Anadolu Grubu Holding AS7,413 $30,183 
Akbank TAS786,529 505,174 
Aksa Akrilik Kimya Sanayii AS43,628 132,001 
Aksa Enerji Uretim AS67,604 105,456 
Alarko Holding AS3,511 9,513 
Albaraka Turk Katilim Bankasi AS(1)
199,590 26,915 
Anadolu Anonim Turk Sigorta Sirketi(1)
49,944 22,226 
Anadolu Efes Biracilik Ve Malt Sanayii AS14,148 31,968 
Aselsan Elektronik Sanayi Ve Ticaret AS54,650 78,179 
Aygaz AS17,880 44,986 
Bagfas Bandirma Gubre Fabrikalari AS(1)
24,987 30,144 
Bera Holding AS134,336 131,143 
BIM Birlesik Magazalar AS50,124 300,716 
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1)
2,241 5,270 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS2,541 5,155 
Cimsa Cimento Sanayi VE Ticaret AS2,951 8,590 
Coca-Cola Icecek AS22,819 200,176 
Dogan Sirketler Grubu Holding AS93,300 27,061 
Dogus Otomotiv Servis ve Ticaret AS10,857 59,540 
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS5,143 3,908 
Enerjisa Enerji AS111,018 104,149 
Eregli Demir ve Celik Fabrikalari TAS184,379 291,349 
Ford Otomotiv Sanayi AS4,847 88,070 
Goodyear Lastikleri TAS(1)
456 272 
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1)
35,254 18,289 
GSD Holding AS143,314 34,386 
Gubre Fabrikalari TAS(1)
5,436 34,861 
Haci Omer Sabanci Holding AS216,220 302,048 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
33,311 32,742 
Is Finansal Kiralama AS(1)
128,833 58,146 
Is Yatirim Menkul Degerler AS27,641 43,155 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(2)
382,092 247,519 
KOC Holding AS147,079 366,948 
Koza Altin Isletmeleri AS7,429 64,705 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
64,168 95,427 
Logo Yazilim Sanayi Ve Ticaret AS1,540 4,020 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares9,064 34,836 
Migros Ticaret AS(1)
28,022 125,741 
MLP Saglik Hizmetleri AS(1)
23,137 51,406 
NET Holding AS(1)
41,981 27,169 
Nuh Cimento Sanayi AS8,333 34,817 
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)
226,375 56,043 
Otokar Otomotiv Ve Savunma Sanayi AS1,892 49,602 
Pegasus Hava Tasimaciligi AS(1)
8,451 96,831 
Petkim Petrokimya Holding AS(1)
208,304 165,431 
Sasa Polyester Sanayi AS(1)
18,108 53,021 
Sekerbank Turk AS(1)
6,054 1,243 
Selcuk Ecza Deposu Ticaret ve Sanayi AS14,657 16,076 
Sok Marketler Ticaret AS(1)
77,870 72,142 
82


Avantis Emerging Markets Equity ETF
SharesValue
TAV Havalimanlari Holding AS(1)
84,976 $290,028 
Tekfen Holding AS23,085 37,749 
Tofas Turk Otomobil Fabrikasi AS13,715 66,171 
Turk Hava Yollari AO(1)
203,802 817,379 
Turk Traktor ve Ziraat Makineleri AS5,674 76,172 
Turkcell Iletisim Hizmetleri AS, ADR117,278 348,316 
Turkiye Halk Bankasi AS(1)
139,732 65,835 
Turkiye Is Bankasi AS, C Shares1,240,843 537,501 
Turkiye Petrol Rafinerileri AS(1)
37,542 740,172 
Turkiye Sinai Kalkinma Bankasi AS(1)
616,866 166,526 
Turkiye Sise ve Cam Fabrikalari AS128,771 174,326 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
179,737 72,071 
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1)
777 5,505 
Vestel Elektronik Sanayi ve Ticaret AS11,329 18,537 
Yapi ve Kredi Bankasi AS(2)
571,144 220,691 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS30,757 27,232 
Zorlu Enerji Elektrik Uretim AS(1)
3,170 509 
7,993,468 
TOTAL COMMON STOCKS
(Cost $1,443,050,588)
1,316,904,434 
RIGHTS
Brazil
AES Brasil Energia SA(1)
23,663 364 
China
Zhong An Group Ltd.(1)
2,207 
Thailand
Thai Oil PCL, NVDR(1)
28,755 
TOTAL RIGHTS
(Cost $—)
375
WARRANTS
Malaysia
Eco World Development Group Bhd(1)
120,380 2,555 
PESTECH International Bhd(1)
18,662 646 
Yinson Holdings Bhd(1)
88,971 11,332 
14,533 
Thailand
Aqua Corp. PCL(1)
878,650 1,687 
Maco Pharma(1)
498,325 136 
MBK PCL(1)
7,224 2,556 
Minor International PCL, NVDR(1)
— 
VGI PCL(1)
44,070 204 
4,583 
TOTAL WARRANTS
(Cost $—)
19,116 
CORPORATE BONDS
India
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $1,668)(4)
(Cost $1,668)
INR
121,365 1,490 
SHORT-TERM INVESTMENTS — 1.7%
Money Market Funds — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class998,676 998,676 
83


Avantis Emerging Markets Equity ETF
SharesValue
State Street Navigator Securities Lending Government Money Market Portfolio(5)
22,098,803 $22,098,803 
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,097,479)
23,097,479 
TOTAL INVESTMENT SECURITIES — 101.3%
(Cost $1,466,149,735)
1,340,022,894 
OTHER ASSETS AND LIABILITIES — (1.3)%
(17,627,033)
TOTAL NET ASSETS — 100.0%


$1,322,395,861 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials20.0%
Information Technology18.2%
Consumer Discretionary13.4%
Materials10.5%
Industrials9.0%
Communication Services7.6%
Energy5.8%
Consumer Staples5.7%
Health Care3.8%
Utilities3.8%
Real Estate1.8%
Short-Term Investments1.7%
Other Assets and Liabilities(1.3)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $71,542,673. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Securities may be subject to resale, redemption or transferability restrictions.
(4)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,490, which represented less than 0.05% of total net assets.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $79,323,096, which includes securities collateral of $57,224,293.


See Notes to Financial Statements.

84


AUGUST 31, 2022
Avantis Emerging Markets Value ETF
SharesValue
COMMON STOCKS — 99.4%
Brazil — 6.3%
3R Petroleum Oleo E Gas SA(1)
8,500 $60,927 
Aliansce Sonae Shopping Centers SA9,500 31,993 
Alpargatas SA, Preference Shares12,000 48,255 
Auren Energia SA772 2,273 
Banco ABC Brasil SA, Preference Shares15,900 58,131 
Banco BMG SA, Preference Shares400 202 
Banco Bradesco SA47,680 144,807 
Banco Bradesco SA, ADR178,782 648,979 
Banco do Brasil SA56,100 450,426 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares33,700 72,486 
Banco Santander Brasil SA, ADR14,731 84,261 
BR Malls Participacoes SA58,700 93,425 
BR Properties SA14,800 23,498 
BrasilAgro - Co. Brasileira de Propriedades Agricolas4,200 23,210 
Braskem SA, ADR(2)
11,270 133,211 
C&A MODAS SA(1)
8,800 5,464 
Camil Alimentos SA11,700 22,535 
CCR SA50,600 135,195 
Cia Brasileira de Distribuicao, ADR(2)
18,964 77,373 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares3,400 34,559 
Cia Siderurgica Nacional SA, ADR76,432 206,366 
Construtora Tenda SA(1)
8,300 9,397 
Cury Construtora e Incorporadora SA7,200 12,331 
Desktop - Sigmanet Comunicacao Multimidia S.A3,000 6,211 
Dexco SA20,040 38,367 
EcoRodovias Infraestrutura e Logistica SA(1)
23,200 26,043 
Embraer SA, ADR(1)
18,152 193,500 
Enauta Participacoes SA16,000 51,146 
Engie Brasil Energia SA10,200 79,817 
Even Construtora e Incorporadora SA6,600 7,536 
Gafisa SA(1)
22,900 5,282 
Gerdau SA, ADR71,429 322,145 
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR359 628 
Infracommerce CXAAS SA(1)
4,400 4,728 
Iochpe Maxion SA23,000 60,436 
IRB Brasil Resseguros S/A(1)
72,900 23,261 
Itau Unibanco Holding SA, ADR207,044 1,022,797 
JBS SA1,300 7,394 
JHSF Participacoes SA19,500 23,314 
Kepler Weber SA3,000 12,179 
Klabin SA45,200 164,730 
Localiza Rent a Car SA14,300 167,700 
LOG Commercial Properties e Participacoes SA4,200 21,265 
Log-in Logistica Intermodal SA(1)
3,700 28,107 
Lojas Quero Quero S/A16,100 21,416 
LPS Brasil Consultoria de Imoveis SA9,300 5,184 
Marfrig Global Foods SA24,300 61,656 
85


Avantis Emerging Markets Value ETF
SharesValue
Minerva SA10,700 $31,715 
Movida Participacoes SA14,000 37,325 
MRV Engenharia e Participacoes SA600 1,176 
Petro Rio SA(1)
78,100 410,587 
Petroleo Brasileiro SA, ADR28,350 405,122 
Petroleo Brasileiro SA, ADR Preference Shares36,485 464,819 
Petroreconcavo SA3,200 16,768 
Randon SA Implementos e Participacoes, Preference Shares11,600 21,339 
Sao Martinho SA7,300 44,860 
Sendas Distribuidora SA, ADR(2)
13,420 236,460 
Ser Educacional SA4,300 5,133 
StoneCo Ltd., A Shares(1)
17,428 165,217 
Sul America SA14,900 69,855 
Suzano SA, ADR53,657 460,914 
SYN prop e tech SA11,300 9,861 
Taurus Armas SA, Preference Shares8,000 26,757 
TIM SA, ADR21,811 247,337 
Tupy SA3,700 18,968 
Unipar Carbocloro SA, Class B Preference Shares5,500 107,084 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares31,700 48,930 
Vale SA, ADR41,428 514,536 
Via S/A(1)
108,800 67,132 
Wilson Sons Holdings Brasil SA6,000 10,207 
8,156,248 
Chile — 0.7%
Banco de Chile583,267 55,336 
Banco de Credito e Inversiones SA459 13,520 
Banco Santander Chile, ADR120 1,925 
CAP SA5,932 47,860 
Cencosud SA63,224 88,390 
Colbun SA586,420 55,891 
Embotelladora Andina SA, Class B Preference Shares23,280 47,664 
Empresa Nacional de Telecomunicaciones SA10,496 33,184 
Empresas CMPC SA52,032 98,694 
Empresas COPEC SA13,368 117,758 
Itau CorpBanca Chile SA17,011,041 38,910 
Parque Arauco SA26,153 27,650 
Sociedad Quimica y Minera de Chile SA, ADR2,607 259,866 
Vina Concha y Toro SA5,557 6,789 
893,437 
China — 28.3%
360 DigiTech, Inc., ADR5,213 83,304 
A-Living Smart City Services Co. Ltd.(2)
34,250 35,280 
AAC Technologies Holdings, Inc.53,000 98,189 
AAG Energy Holdings Ltd.236,000 44,551 
Agile Group Holdings Ltd.(2)
78,000 27,316 
Aluminum Corp. of China Ltd., H Shares432,000 159,628 
Anhui Conch Cement Co. Ltd., H Shares141,000 537,330 
Anhui Expressway Co. Ltd., H Shares30,000 21,778 
Anton Oilfield Services Group(1)
34,000 2,013 
86


Avantis Emerging Markets Value ETF
SharesValue
Asia Cement China Holdings Corp.21,500 $10,750 
AsiaInfo Technologies Ltd.(2)
14,000 20,076 
Autohome, Inc., ADR9,066 322,840 
Bank of Communications Co. Ltd., H Shares1,052,000 599,397 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares2,750 3,999 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.14,000 17,420 
BOC Aviation Ltd.48,100 385,016 
BOE Varitronix Ltd.55,000 125,460 
Bosideng International Holdings Ltd.204,000 114,544 
BYD Electronic International Co. Ltd.17,000 44,916 
Canaan, Inc., ADR(1)(2)
18,893 66,314 
Canadian Solar, Inc.(1)
446 20,146 
Canvest Environmental Protection Group Co. Ltd.(2)
41,000 24,579 
CGN Mining Co. Ltd.(1)(2)
310,000 40,389 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
8,700 8,933 
China BlueChemical Ltd., H Shares302,000 78,637 
China Bohai Bank Co. Ltd., H Shares(2)
182,000 30,144 
China Cinda Asset Management Co. Ltd., H Shares1,149,000 157,784 
China CITIC Bank Corp. Ltd., H Shares876,000 375,550 
China Coal Energy Co. Ltd., H Shares216,000 192,082 
China Communications Services Corp. Ltd., H Shares386,000 165,747 
China Conch Venture Holdings Ltd.181,000 369,382 
China Datang Corp. Renewable Power Co. Ltd., H Shares294,000 73,626 
China East Education Holdings Ltd.68,500 28,947 
China Education Group Holdings Ltd.60,000 52,271 
China Everbright Bank Co. Ltd., H Shares211,000 64,685 
China Everbright Environment Group Ltd.757,000 374,157 
China Everbright Greentech Ltd.(2)
40,000 8,345 
China Everbright Ltd.(2)
140,000 102,246 
China Feihe Ltd.465,000 384,860 
China Foods Ltd.70,000 22,282 
China Galaxy Securities Co. Ltd., H Shares319,000 174,402 
China Glass Holdings Ltd.(2)
114,000 16,197 
China Hanking Holdings Ltd.11,000 1,175 
China High Speed Transmission Equipment Group Co. Ltd.(1)
63,000 35,617 
China Hongqiao Group Ltd.424,500 411,621 
China International Capital Corp. Ltd., H Shares187,200 329,341 
China Kepei Education Group Ltd.30,000 7,704 
China Lesso Group Holdings Ltd.119,000 141,444 
China Longyuan Power Group Corp. Ltd., H Shares375,000 605,687 
China Medical System Holdings Ltd.159,000 235,317 
China Mengniu Dairy Co. Ltd.(1)
180,000 815,090 
China Minsheng Banking Corp. Ltd., H Shares(2)
365,000 116,106 
China Modern Dairy Holdings Ltd.(2)
199,000 26,326 
China National Building Material Co. Ltd., H Shares722,000 681,763 
China New Higher Education Group Ltd.85,000 26,631 
China Nuclear Energy Technology Corp. Ltd.(1)
40,000 3,356 
China Oriental Group Co. Ltd.136,000 25,055 
China Pacific Insurance Group Co. Ltd., H Shares187,400 396,972 
China Petroleum & Chemical Corp., ADR2,460 114,439 
China Railway Group Ltd., H Shares374,000 214,112 
87


Avantis Emerging Markets Value ETF
SharesValue
China Renaissance Holdings Ltd.(1)
20,500 $23,192 
China Resources Cement Holdings Ltd.338,000 208,346 
China Resources Land Ltd.288,000 1,179,143 
China Resources Power Holdings Co. Ltd.306,000 608,432 
China Risun Group Ltd.(2)
169,000 66,254 
China Sanjiang Fine Chemicals Co. Ltd.16,000 3,271 
China Shenhua Energy Co. Ltd., H Shares226,000 708,797 
China Shineway Pharmaceutical Group Ltd.7,000 5,370 
China Shuifa Singyes Energy Holdings Ltd.71,000 9,275 
China Sunshine Paper Holdings Co. Ltd.110,000 25,830 
China Suntien Green Energy Corp. Ltd., H Shares138,000 61,892 
China Taiping Insurance Holdings Co. Ltd.278,600 284,444 
China Tower Corp. Ltd., H Shares5,296,000 660,400 
China Vanke Co. Ltd., H Shares1,400 2,733 
China XLX Fertiliser Ltd.129,000 73,510 
China Yongda Automobiles Services Holdings Ltd.144,000 101,559 
China Youran Dairy Group Ltd.(1)
89,000 26,945 
China Yuhua Education Corp. Ltd.(1)
184,000 28,913 
China ZhengTong Auto Services Holdings Ltd.(1)
8,000 506 
Chongqing Rural Commercial Bank Co. Ltd., H Shares94,000 32,535 
CIMC Enric Holdings Ltd.(2)
68,000 72,632 
CITIC Ltd.706,000 727,800 
CITIC Resources Holdings Ltd.426,000 26,682 
CITIC Securities Co. Ltd., H Shares277,600 562,650 
CMOC Group Ltd., H Shares315,000 140,464 
CNFinance Holdings Ltd., ADR(1)
998 2,705 
COFCO Joycome Foods Ltd.(1)
482,000 184,514 
COSCO SHIPPING Holdings Co. Ltd., Class H(2)
436,500 651,633 
COSCO SHIPPING Ports Ltd.76,000 49,178 
Country Garden Holdings Co. Ltd.(2)
311,000 91,806 
CSPC Pharmaceutical Group Ltd.1,122,000 1,138,183 
CSSC Hong Kong Shipping Co. Ltd.132,000 22,312 
Dali Foods Group Co. Ltd.248,500 113,602 
Daqo New Energy Corp., ADR(1)
10,149 676,634 
Differ Group Auto Ltd.(1)(2)
304,000 76,629 
Digital China Holdings Ltd.80,000 35,686 
Dongfeng Motor Group Co. Ltd., Class H372,000 235,866 
Dongyue Group Ltd.137,000 153,761 
E-House China Enterprise Holdings Ltd.(1)(2)
153,000 13,377 
Ebang International Holdings, Inc., A Shares(1)
2,529 1,182 
EVA Precision Industrial Holdings Ltd.(2)
174,000 33,287 
Fanhua, Inc., ADR(2)
4,238 23,648 
FIH Mobile Ltd.(1)
466,000 60,362 
FinVolution Group, ADR24,288 119,497 
First Tractor Co. Ltd., H Shares(2)
32,000 12,817 
Fu Shou Yuan International Group Ltd.110,000 70,281 
Fufeng Group Ltd.260,000 146,097 
Fuyao Glass Industry Group Co. Ltd., H Shares9,200 43,901 
GDS Holdings Ltd., Class A(1)
69,100 235,996 
Geely Automobile Holdings Ltd.441,000 886,065 
GF Securities Co. Ltd., H Shares134,200 175,306 
88


Avantis Emerging Markets Value ETF
SharesValue
Grand Pharmaceutical Group Ltd.121,000 $64,600 
Great Wall Motor Co. Ltd., H Shares21,000 31,507 
Greentown Management Holdings Co. Ltd.35,000 29,616 
GreenTree Hospitality Group Ltd., ADR(2)
414 1,743 
Guangzhou R&F Properties Co. Ltd., H Shares(2)
183,600 37,976 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
26,000 61,218 
Haitian International Holdings Ltd.56,000 137,197 
Haitong Securities Co. Ltd., H Shares245,600 160,799 
Harbin Electric Co. Ltd., H Shares(1)
16,000 4,348 
Hello Group, Inc., ADR22,577 116,272 
Henan Jinma Energy Co. Ltd., H Shares4,000 1,613 
Hengan International Group Co. Ltd.116,500 557,512 
Hilong Holding Ltd.(1)
199,000 15,688 
Hisense Home Appliances Group Co. Ltd., H Shares28,000 30,168 
Hollysys Automation Technologies Ltd.1,174 19,993 
Hope Education Group Co. Ltd.(2)
368,000 31,722 
Hua Hong Semiconductor Ltd.(1)
59,000 173,193 
Huatai Securities Co. Ltd., H Shares198,200 264,918 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
80,000 25,481 
Huijing Holdings Co. Ltd.(2)
116,000 2,259 
Ingdan, Inc.(1)
44,000 10,108 
Inkeverse Group Ltd.(1)
165,000 26,990 
International Alliance Financial Leasing Co. Ltd.(1)
159,000 83,955 
Jiangsu Expressway Co. Ltd., H Shares86,000 73,659 
Jiangxi Copper Co. Ltd., H Shares199,000 244,406 
Jinchuan Group International Resources Co. Ltd.(2)
460,000 49,641 
Jinxin Fertility Group Ltd.86,000 56,001 
Jiumaojiu International Holdings Ltd.(2)
33,000 64,924 
JNBY Design Ltd.12,000 13,058 
Kingboard Holdings Ltd.99,500 314,191 
Kingboard Laminates Holdings Ltd.64,500 61,527 
Lee & Man Paper Manufacturing Ltd.55,000 19,743 
LexinFintech Holdings Ltd., ADR(1)
14,536 29,653 
Li Auto, Inc., ADR(1)
5,461 157,113 
Longfor Group Holdings Ltd.194,000 629,678 
Lonking Holdings Ltd.339,000 57,400 
Maoyan Entertainment(1)(2)
25,800 21,666 
Meitu, Inc.(1)(2)
303,000 32,213 
Midea Real Estate Holding Ltd.(2)
35,200 37,557 
Minth Group Ltd.38,000 107,528 
MMG Ltd.(1)
348,000 95,199 
NetDragon Websoft Holdings Ltd.38,500 83,767 
NetEase, Inc., ADR11,958 1,058,403 
New China Life Insurance Co. Ltd., H Shares76,300 179,586 
New Oriental Education & Technology Group, Inc., ADR(1)
8,404 238,674 
Nexteer Automotive Group Ltd.85,000 63,166 
Nine Dragons Paper Holdings Ltd.98,000 76,898 
NiSun International Enterprise Development Group Co. Ltd.(1)
836 602 
Noah Holdings Ltd., ADR(1)
4,076 72,186 
OneConnect Financial Technology Co. Ltd., ADR(1)
13,145 14,197 
People's Insurance Co. Group of China Ltd., H Shares250,000 77,266 
89


Avantis Emerging Markets Value ETF
SharesValue
Perennial Energy Holdings Ltd.130,000 $17,833 
PICC Property & Casualty Co. Ltd., H Shares740,000 800,406 
Poly Property Group Co. Ltd.17,681 3,594 
Poly Property Services Co. Ltd., Class H3,800 22,258 
Postal Savings Bank of China Co. Ltd., H Shares(2)
75,000 44,773 
Powerlong Commercial Management Holdings Ltd.20,500 11,090 
Q Technology Group Co. Ltd.(1)
44,000 24,178 
Qudian, Inc., ADR(1)(2)
6,009 5,709 
Redsun Properties Group Ltd.(1)(2)
61,000 8,780 
Sany Heavy Equipment International Holdings Co. Ltd.55,000 56,973 
Shanghai Industrial Holdings Ltd.65,000 90,357 
Shenzhen International Holdings Ltd.166,000 143,093 
Shimao Services Holdings Ltd.(1)(2)
68,000 17,419 
Shougang Fushan Resources Group Ltd.214,000 67,878 
Shui On Land Ltd.551,000 69,308 
Sino Biopharmaceutical Ltd.1,376,000 722,697 
Sino-Ocean Group Holding Ltd.376,000 54,880 
Sinopec Engineering Group Co. Ltd., H Shares99,000 44,230 
Skyworth Group Ltd.222,000 110,298 
South Manganese Investment Ltd.(1)
240,000 26,780 
SSY Group Ltd.184,000 86,646 
Sun King Technology Group Ltd.(1)(2)
108,000 30,653 
SY Holdings Group Ltd.27,500 18,400 
Tiangong International Co. Ltd.(2)
188,000 63,049 
Tingyi Cayman Islands Holding Corp.310,000 550,475 
Tong Ren Tang Technologies Co. Ltd., H Shares19,000 13,431 
Tongcheng Travel Holdings Ltd.(1)
52,800 108,143 
Tongda Group Holdings Ltd.(1)
190,000 2,894 
Topsports International Holdings Ltd.146,000 115,237 
TravelSky Technology Ltd., H Shares86,000 149,888 
Truly International Holdings Ltd.340,000 74,484 
Tsaker New Energy Tech Co. Ltd.55,000 9,851 
Tsingtao Brewery Co. Ltd., H Shares20,000 194,219 
Uni-President China Holdings Ltd.197,000 169,607 
Vinda International Holdings Ltd.(2)
2,000 5,590 
Vipshop Holdings Ltd., ADR(1)
43,799 508,506 
VNET Group, Inc., ADR(1)
11,141 59,604 
Want Want China Holdings Ltd.759,000 534,656 
Wasion Holdings Ltd.74,000 24,896 
Weibo Corp., ADR(1)
2,954 61,118 
West China Cement Ltd.422,000 52,054 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
76,000 35,784 
Xiamen International Port Co. Ltd., H Shares204,000 57,814 
Xinchen China Power Holdings Ltd.(1)
46,000 2,775 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares31,000 21,806 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares70,200 104,609 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
47,000 7,029 
Xinte Energy Co. Ltd., H Shares39,600 103,344 
Xinyi Solar Holdings Ltd.54,000 74,262 
XTEP International Holdings Ltd.174,000 241,457 
Yadea Group Holdings Ltd.100,000 190,740 
90


Avantis Emerging Markets Value ETF
SharesValue
Yankuang Energy Group Co. Ltd., H Shares(2)
274,000 $1,084,604 
Yuexiu Property Co. Ltd.79,000 98,811 
Yuexiu Transport Infrastructure Ltd.182,000 87,084 
Yum China Holdings, Inc.29,767 1,491,624 
Zengame Technology Holding Ltd.(1)
106,000 20,341 
Zhaojin Mining Industry Co. Ltd., H Shares(1)
231,500 196,019 
Zhejiang Expressway Co. Ltd., H Shares192,000 146,135 
Zhongsheng Group Holdings Ltd.78,000 368,813 
Zhou Hei Ya International Holdings Co. Ltd.(1)
115,500 57,702 
Zijin Mining Group Co. Ltd., H Shares592,000 668,944 
36,623,578 
Greece — 0.3%
Aegean Airlines SA(1)
2,605 12,776 
Eurobank Ergasias Services and Holdings SA, Class A(1)
134,827 125,093 
Hellenic Petroleum Holdings SA3,094 21,289 
JUMBO SA5,506 78,712 
Motor Oil Hellas Corinth Refineries SA3,430 64,668 
Mytilineos SA1,224 19,141 
National Bank of Greece SA(1)
25,056 80,862 
Titan Cement International SA(1)
3,052 36,311 
Viohalco SA4,626 15,929 
454,781 
Hong Kong
Edvantage Group Holdings Ltd.18,000 5,357 
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC16,810 115,827 
OTP Bank Nyrt4,173 88,747 
204,574 
India — 17.5%
ACC Ltd.6,914 198,116 
Aditya Birla Capital Ltd.(1)
32,637 46,097 
AGI Greenpac Ltd.4,780 18,624 
Alembic Pharmaceuticals Ltd.6,262 50,674 
Allcargo Logistics Ltd.9,396 41,744 
Amara Raja Batteries Ltd.9,793 62,125 
Ambika Cotton Mills Ltd.311 6,889 
Andhra Sugars Ltd.4,689 8,517 
Apar Industries Ltd.3,493 58,201 
APL Apollo Tubes Ltd.(1)
7,577 89,104 
Apollo Hospitals Enterprise Ltd.8,609 462,548 
Apollo Tyres Ltd.43,125 134,545 
Aptech Ltd.1,562 4,885 
Arvind Ltd.(1)
11,995 14,570 
Ashoka Buildcon Ltd.(1)
7,902 7,873 
Aster DM Healthcare Ltd.(1)
9,036 24,917 
Astra Microwave Products Ltd.7,929 34,829 
Aurobindo Pharma Ltd.11,511 78,370 
Avadh Sugar & Energy Ltd.1,300 8,668 
Avanti Feeds Ltd.3,159 18,257 
Bajaj Consumer Care Ltd.11,479 23,113 
Bajaj Electricals Ltd.4,060 62,604 
91


Avantis Emerging Markets Value ETF
SharesValue
Bajaj Hindusthan Sugar Ltd.(1)
90,255 $11,218 
Balrampur Chini Mills Ltd.15,901 69,346 
Bandhan Bank Ltd.(1)
37,768 130,344 
BASF India Ltd.963 39,791 
Bayer CropScience Ltd.650 44,319 
Bhansali Engineering Polymers Ltd.2,536 3,998 
Bharat Electronics Ltd.131,430 502,192 
Bharat Petroleum Corp. Ltd.53,006 217,133 
Birla Corp. Ltd.1,882 22,764 
Birlasoft Ltd.7,836 31,001 
Bombay Burmah Trading Co.1,001 11,332 
Brigade Enterprises Ltd.11,926 75,738 
Brightcom Group Ltd.43,823 22,213 
BSE Ltd.8,899 72,013 
Butterfly Gandhimathi Appliances Ltd.68 1,292 
Can Fin Homes Ltd.8,482 66,726 
Canara Bank23,689 70,644 
Caplin Point Laboratories Ltd.1,154 11,235 
Castrol India Ltd.58,341 83,075 
CCL Products India Ltd.7,880 47,141 
Ceat Ltd.1,017 17,618 
Century Enka Ltd.2,034 11,695 
Cera Sanitaryware Ltd.575 35,832 
Chambal Fertilisers and Chemicals Ltd.20,837 90,749 
Chennai Petroleum Corp. Ltd.5,140 18,706 
Cholamandalam Investment and Finance Co. Ltd.40,789 399,614 
Cipla Ltd.12,189 157,949 
City Union Bank Ltd.60,116 134,532 
Coal India Ltd.94,945 277,428 
Cochin Shipyard Ltd.4,351 20,462 
Coromandel International Ltd.11,165 146,588 
Cosmo Films Ltd.2,175 24,836 
CreditAccess Grameen Ltd.(1)
6,079 75,248 
Cyient Ltd.12,216 127,918 
Dalmia Bharat Ltd.3,919 74,993 
Dalmia Bharat Sugar & Industries Ltd.1,821 7,858 
DCB Bank Ltd.12,132 14,232 
DCM Shriram Ltd.5,890 76,876 
Deepak Fertilisers & Petrochemicals Corp. Ltd.8,499 96,063 
Deepak Nitrite Ltd.6,989 171,506 
Dhampur Bio Organics Ltd.(1)
1,877 619 
Dhampur Sugar Mills Ltd.1,877 5,421 
Dish TV India Ltd.(1)
67,412 10,085 
Dr Reddy's Laboratories Ltd., ADR6,543 342,133 
Edelweiss Financial Services Ltd.20,010 15,156 
Eicher Motors Ltd.6,288 262,431 
EID Parry India Ltd.15,380 101,744 
Elecon Engineering Co. Ltd.7,188 33,460 
Emami Ltd.17,089 103,448 
Endurance Technologies Ltd.2,695 50,309 
Engineers India Ltd.31,749 26,897 
92


Avantis Emerging Markets Value ETF
SharesValue
EPL Ltd.7,795 $16,567 
Equitas Holdings Ltd.(1)
11,956 14,855 
Escorts Kubota Ltd.5,261 131,158 
Ester Industries Ltd.4,313 8,689 
Eveready Industries India Ltd.(1)
3,482 15,448 
Everest Industries Ltd.1,179 10,352 
Excel Industries Ltd.459 8,326 
Exide Industries Ltd.29,700 59,308 
Federal Bank Ltd.187,370 271,727 
Filatex India Ltd.3,577 5,010 
Finolex Industries Ltd.20,683 39,076 
Future Consumer Ltd.(1)
106,536 2,256 
Galaxy Surfactants Ltd.518 21,174 
Garden Reach Shipbuilders & Engineers Ltd.4,895 18,291 
GHCL Ltd.13,434 99,913 
Glenmark Pharmaceuticals Ltd.11,707 54,222 
Globus Spirits Ltd.932 10,096 
Godawari Power and Ispat Ltd.6,540 23,951 
Granules India Ltd.14,599 55,582 
Graphite India Ltd.5,696 29,165 
Grasim Industries Ltd.18,011 375,375 
Great Eastern Shipping Co. Ltd.13,363 95,057 
Greaves Cotton Ltd.10,870 22,906 
Greenpanel Industries Ltd.5,555 30,998 
Greenply Industries Ltd.10,648 24,917 
Gufic Biosciences Ltd.5,829 15,272 
Gujarat Alkalies & Chemicals Ltd.1,811 19,975 
Gujarat Ambuja Exports Ltd.9,501 32,368 
Gujarat Mineral Development Corp. Ltd.5,151 10,615 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.14,672 136,540 
Gujarat Pipavav Port Ltd.31,211 33,892 
Gujarat State Fertilizers & Chemicals Ltd.39,672 77,788 
Hathway Cable & Datacom Ltd.(1)
37,648 8,373 
HBL Power Systems Ltd.17,551 17,688 
HCL Technologies Ltd.56,520 657,431 
HDFC Asset Management Co. Ltd.2,510 64,756 
HEG Ltd.358 5,600 
Hero MotoCorp Ltd.6,914 243,547 
HFCL Ltd.66,004 60,606 
HIL Ltd.511 23,568 
Himatsingka Seide Ltd.(1)
4,246 5,559 
Hindalco Industries Ltd.133,423 723,633 
Hinduja Global Solutions Ltd.950 17,695 
Hindustan Petroleum Corp. Ltd.47,489 144,141 
Hindware Home Innovation Ltd.2,624 10,640 
I G Petrochemicals Ltd.1,051 7,759 
IIFL Finance Ltd.23,048 98,723 
IIFL Securities Ltd.8,473 7,558 
India Cements Ltd.17,803 50,410 
India Glycols Ltd.1,274 14,126 
Indiabulls Housing Finance Ltd.(1)
20,046 33,809 
Indiabulls Real Estate Ltd.(1)
15,634 16,806 
93


Avantis Emerging Markets Value ETF
SharesValue
Indian Bank32,022 $77,058 
Indian Metals & Ferro Alloys Ltd.1,190 4,092 
Indian Oil Corp. Ltd.151,794 135,447 
Indus Towers Ltd.32,025 79,638 
Intellect Design Arena Ltd.6,555 48,114 
IOL Chemicals and Pharmaceuticals Ltd.972 4,347 
ISGEC Heavy Engineering Ltd.1,198 7,143 
J Kumar Infraprojects Ltd.6,591 24,447 
Jaiprakash Power Ventures Ltd.(1)
285,099 26,663 
Jammu & Kashmir Bank Ltd.(1)
25,685 10,098 
Jamna Auto Industries Ltd.7,499 10,878 
JBM Auto Ltd.1,877 9,365 
Jindal Poly Films Ltd.1,238 16,204 
Jindal Saw Ltd.10,436 11,265 
Jindal Stainless Hisar Ltd.(1)
11,655 35,390 
Jindal Stainless Ltd.(1)
21,756 34,612 
Jindal Steel & Power Ltd.47,733 256,838 
JK Cement Ltd.2,454 82,843 
JK Lakshmi Cement Ltd.7,677 45,113 
JK Paper Ltd.14,385 74,745 
JK Tyre & Industries Ltd.6,818 11,814 
JM Financial Ltd.46,248 36,725 
JSW Steel Ltd.59,880 496,593 
Jubilant Pharmova Ltd.4,145 18,141 
Kalpataru Power Transmission Ltd.4,836 24,645 
Karnataka Bank Ltd.11,225 10,452 
Karur Vysya Bank Ltd.73,299 62,273 
Kaveri Seed Co. Ltd.3,211 18,286 
KEC International Ltd.20,257 102,835 
Kirloskar Ferrous Industries Ltd.8,130 25,683 
KNR Constructions Ltd.14,489 47,002 
Kolte-Patil Developers Ltd.2,489 9,537 
KPIT Technologies Ltd.13,137 90,763 
KPR Mill Ltd.5,212 39,198 
KRBL Ltd.4,023 15,776 
L&T Finance Holdings Ltd.56,321 55,316 
Larsen & Toubro Ltd.43,487 1,037,914 
LG Balakrishnan & Bros Ltd.1,108 9,611 
LIC Housing Finance Ltd.46,510 236,324 
LT Foods Ltd.11,320 13,416 
LUX Industries Ltd.271 6,135 
Maharashtra Seamless Ltd.2,931 30,619 
Mahindra & Mahindra Financial Services Ltd.79,619 202,781 
Mahindra & Mahindra Ltd.56,425 915,813 
Mahindra Logistics Ltd.1,585 9,525 
Maithan Alloys Ltd.648 8,339 
Manali Petrochemicals Ltd.13,942 16,017 
Manappuram Finance Ltd.39,472 51,857 
Marksans Pharma Ltd.6,924 4,499 
Mazagon Dock Shipbuilders Ltd.2,533 12,330 
Meghmani Finechem Ltd.(1)
1,230 21,793 
94


Avantis Emerging Markets Value ETF
SharesValue
Meghmani Organics Ltd.7,596 $11,532 
MOIL Ltd.8,159 16,692 
Motherson Sumi Wiring India Ltd.33,346 33,879 
Motilal Oswal Financial Services Ltd.3,345 32,061 
MRF Ltd.157 167,350 
Mrs Bectors Food Specialities Ltd.1,317 5,714 
MSTC Ltd.2,242 7,610 
Muthoot Finance Ltd.8,353 109,435 
National Aluminium Co. Ltd.69,427 69,136 
National Fertilizers Ltd.(1)
11,767 7,346 
Nava Ltd.8,151 22,957 
NBCC India Ltd.85,191 36,449 
NCC Ltd.42,057 36,515 
Neuland Laboratories Ltd.654 10,336 
NIIT Ltd.6,404 27,554 
Nippon Life India Asset Management Ltd.16,510 62,084 
NLC India Ltd.23,997 22,778 
NTPC Ltd.302,296 619,664 
Oil & Natural Gas Corp. Ltd.174,781 302,566 
Oil India Ltd.15,344 36,947 
Olectra Greentech Ltd.(1)
5,472 42,062 
Oracle Financial Services Software Ltd.711 28,089 
Orient Cement Ltd.18,137 27,064 
Orient Electric Ltd.8,736 28,316 
PCBL Ltd.14,507 24,795 
Petronet LNG Ltd.61,967 170,952 
PNB Housing Finance Ltd.(1)
6,311 27,373 
PNC Infratech Ltd.11,889 41,941 
Polyplex Corp. Ltd.3,109 83,165 
Praj Industries Ltd.18,823 97,901 
Prince Pipes & Fittings Ltd.2,142 15,613 
Prism Johnson Ltd.(1)
6,637 10,423 
Ramco Cements Ltd.11,690 110,303 
Rashtriya Chemicals & Fertilizers Ltd.21,021 25,857 
Raymond Ltd.3,996 47,608 
RBL Bank Ltd.(1)
18,154 27,403 
REC Ltd.125,696 170,672 
Redington India Ltd.55,731 103,987 
Reliance Power Ltd.(1)
315,988 65,644 
Rhi Magnesita India Ltd.3,248 23,882 
Rupa & Co. Ltd.1,880 8,014 
Samvardhana Motherson International Ltd.58,816 89,710 
Sanofi India Ltd.743 57,604 
Sarda Energy & Minerals Ltd.1,500 17,119 
Satia Industries Ltd.7,648 11,008 
Shankara Building Products Ltd.882 8,383 
Sharda Cropchem Ltd.3,884 25,077 
Share India Securities Ltd.1,267 17,690 
Shipping Corp. of India Ltd.12,981 19,065 
Shree Cement Ltd.396 108,710 
Shriram City Union Finance Ltd.3,294 78,300 
95


Avantis Emerging Markets Value ETF
SharesValue
Shriram Transport Finance Co. Ltd.26,352 $442,300 
Siyaram Silk Mills Ltd.1,138 7,123 
Sobha Ltd.3,521 30,490 
Sonata Software Ltd.7,854 69,541 
Southern Petrochemical Industries Corp. Ltd.(1)
13,120 9,975 
State Bank of India, GDR8,634 570,350 
Sterling and Wilson Renewable(1)
3,352 12,371 
Sterlite Technologies Ltd.10,152 21,647 
Strides Pharma Science Ltd.(1)
1,933 7,952 
Sudarshan Chemical Industries Ltd.3,760 21,520 
Sun TV Network Ltd.7,999 49,962 
Sunflag Iron & Steel Co.(1)
6,209 6,816 
Suprajit Engineering Ltd.8,027 33,956 
Supreme Industries Ltd.4,391 107,774 
Supreme Petrochem Ltd.2,168 21,104 
Surya Roshni Ltd.1,022 6,268 
Tamil Nadu Newsprint & Papers Ltd.6,047 19,232 
Tamilnadu Petroproducts Ltd.8,337 10,525 
Tanla Platforms Ltd.3,889 34,425 
Tata Chemicals Ltd.12,586 176,865 
Tata Metaliks Ltd.1,355 13,081 
Tata Motors Ltd., ADR(1)(2)
10,990 318,710 
Tata Steel Long Products Ltd.1,015 7,871 
Tata Steel Ltd.543,032 729,076 
Tech Mahindra Ltd.40,280 536,672 
Thermax Ltd.3,891 117,130 
Thirumalai Chemicals Ltd.8,400 24,453 
Time Technoplast Ltd.12,711 18,835 
Tinplate Co. of India Ltd.3,877 15,225 
Transport Corp. of India Ltd.1,955 17,391 
Triveni Engineering & Industries Ltd.9,853 28,818 
Triveni Turbine Ltd.7,053 17,961 
Tube Investments of India Ltd.4,947 139,484 
TV Today Network Ltd.1,420 5,007 
TV18 Broadcast Ltd.(1)
31,080 15,711 
Uflex Ltd.5,946 57,967 
UltraTech Cement Ltd.4,628 384,748 
Usha Martin Ltd.8,471 14,932 
UTI Asset Management Co. Ltd.3,984 40,840 
Vaibhav Global Ltd.1,922 8,300 
Valiant Organics Ltd.(1)
1,468 10,863 
Varroc Engineering Ltd.(1)
4,313 18,435 
Vedanta Ltd.68,657 230,098 
Venky's India Ltd.511 13,333 
VRL Logistics Ltd.3,797 29,326 
Welspun Corp. Ltd.24,093 67,554 
West Coast Paper Mills Ltd.2,171 17,025 
Wipro Ltd., ADR7,595 38,051 
Yes Bank Ltd.(1)
257,765 52,833 
Zee Entertainment Enterprises Ltd.79,870 254,462 
22,697,523 
96


Avantis Emerging Markets Value ETF
SharesValue
Indonesia — 2.5%
Adaro Energy Indonesia Tbk PT1,051,700 $250,722 
AKR Corporindo Tbk PT556,300 44,960 
Aneka Tambang Tbk615,600 82,316 
Astra Agro Lestari Tbk PT37,100 22,868 
Astra International Tbk PT731,000 342,999 
Bank BTPN Syariah Tbk PT145,700 29,035 
Bank Mandiri Persero Tbk PT755,900 449,825 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT233,300 21,846 
Bank Tabungan Negara Persero Tbk PT290,700 29,452 
BFI Finance Indonesia Tbk PT733,300 61,701 
Buana Lintas Lautan Tbk PT(1)
564,800 6,431 
Bukit Asam Tbk PT378,600 108,329 
Charoen Pokphand Indonesia Tbk PT1,200 475 
Ciputra Development Tbk PT870,400 55,679 
Delta Dunia Makmur Tbk PT(1)
184,000 4,657 
Dharma Satya Nusantara Tbk PT556,300 18,903 
Elnusa Tbk PT137,700 2,951 
Erajaya Swasembada Tbk PT364,200 11,965 
Indah Kiat Pulp & Paper Tbk PT46,500 26,047 
Indo Tambangraya Megah Tbk PT41,300 109,395 
Indosat Tbk PT59,500 28,725 
Jaccs Mitra Pinasthika Mustika Tbk PT229,100 15,744 
Jasa Marga Persero Tbk PT(1)
123,900 28,697 
Link Net Tbk PT(1)
97,700 31,262 
Lippo Karawaci Tbk PT(1)
403,300 3,123 
Matahari Department Store Tbk PT80,500 20,796 
Medco Energi Internasional Tbk PT640,600 37,132 
Media Nusantara Citra Tbk PT580,100 35,726 
Metrodata Electronics Tbk PT129,900 6,126 
Mitra Adiperkasa Tbk PT(1)
706,600 48,010 
MNC Vision Networks Tbk PT(1)
1,568,700 9,836 
Multipolar Tbk PT(1)
500,200 5,124 
Pabrik Kertas Tjiwi Kimia Tbk PT4,800 2,189 
Pakuwon Jati Tbk PT50,800 1,656 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT340,600 27,066 
PP Persero Tbk PT(1)
294,500 20,011 
Samudera Indonesia Tbk PT164,800 28,671 
Sawit Sumbermas Sarana Tbk PT417,100 39,501 
Semen Indonesia Persero Tbk PT18,800 8,348 
Smartfren Telecom Tbk PT(1)
1,831,700 12,218 
Summarecon Agung Tbk PT592,500 23,901 
Telkom Indonesia Persero Tbk PT, ADR26,252 789,398 
Timah Tbk PT302,800 30,435 
United Tractors Tbk PT97,700 222,469 
XL Axiata Tbk PT184,000 32,580 
3,189,300 
Malaysia — 1.9%
Aeon Co. M Bhd66,900 21,889 
Alliance Bank Malaysia Bhd78,400 61,648 
AMMB Holdings Bhd93,200 86,624 
97


Avantis Emerging Markets Value ETF
SharesValue
Ann Joo Resources Bhd5,900 $1,371 
Bank Islam Malaysia Bhd36,800 21,411 
Boustead Holdings Bhd(1)
85,400 12,404 
Boustead Plantations Bhd53,700 9,270 
Bumi Armada Bhd(1)
227,500 20,909 
Bursa Malaysia Bhd43,700 62,454 
Chin Hin Group Bhd(2)
26,200 15,111 
Dagang NeXchange Bhd236,600 44,633 
Eco World Development Group Bhd70,100 10,436 
Evergreen Fibreboard Bhd31,000 3,537 
Gamuda Bhd125,809 107,197 
Genting Bhd44,000 45,988 
Genting Plantations Bhd17,900 26,774 
Hartalega Holdings Bhd57,700 21,363 
Hiap Teck Venture Bhd109,800 6,789 
Hibiscus Petroleum Bhd117,300 27,482 
IJM Corp. Bhd162,500 61,851 
Jaya Tiasa Holdings Bhd(1)
66,000 9,014 
Kossan Rubber Industries Bhd48,500 10,913 
Lingkaran Trans Kota Holdings Bhd10,000 10,897 
Lotte Chemical Titan Holding Bhd29,100 11,107 
Malayan Banking Bhd153,703 307,482 
Malaysia Building Society Bhd179,400 23,125 
Malaysian Bulk Carriers Bhd(1)
25,900 2,388 
MISC Bhd41,800 66,138 
PESTECH International Bhd17,000 1,377 
Petronas Chemicals Group Bhd88,600 173,786 
Petronas Dagangan Bhd4,800 25,141 
Public Bank Bhd621,600 652,705 
RHB Bank Bhd69,000 88,167 
Rubberex Corp. M Bhd(1)
1,400 126 
Sapura Energy Bhd(1)
62,700 697 
Sarawak Oil Palms Bhd22,350 13,747 
Serba Dinamik Holdings Bhd(1)
21,300 141 
Sime Darby Bhd87,900 44,785 
Sime Darby Plantation Bhd124,300 123,554 
Sunway Bhd101,900 37,221 
Supermax Corp. Bhd44,020 7,161 
Syarikat Takaful Malaysia Keluarga Bhd14,000 10,399 
Ta Ann Holdings Bhd19,100 16,998 
TASCO Bhd6,400 1,344 
Telekom Malaysia Bhd46,600 61,949 
Top Glove Corp. Bhd124,800 22,345 
TSH Resources Bhd95,200 23,528 
Unisem M Bhd11,800 7,147 
Westports Holdings Bhd23,600 18,302 
Yinson Holdings Bhd78,400 36,806 
2,477,631 
Mexico — 2.3%
Alfa SAB de CV, Class A183,951 116,233 
Alpek SAB de CV15,151 20,824 
98


Avantis Emerging Markets Value ETF
SharesValue
America Movil SAB de CV, Class L ADR43,404 $737,868 
Banco del Bajio SA48,809 102,262 
Coca-Cola Femsa SAB de CV19,304 117,847 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
6,602 58,626 
GCC SAB de CV6,884 39,558 
Genomma Lab Internacional SAB de CV, Class B63,376 51,779 
Gentera SAB de CV101,654 79,672 
Gruma SAB de CV, B Shares5,651 61,779 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR1,837 96,020 
Grupo Comercial Chedraui SA de CV13,100 37,174 
Grupo Financiero Banorte SAB de CV, Class O22,415 132,400 
Grupo Financiero Inbursa SAB de CV, Class O(1)
132,120 206,969 
Grupo Mexico SAB de CV, Series B134,609 507,127 
Grupo Televisa SAB, ADR31,627 200,199 
Industrias Penoles SAB de CV10,925 90,327 
Megacable Holdings SAB de CV63,376 132,940 
Nemak SAB de CV(1)
242,172 51,087 
Qualitas Controladora SAB de CV15,315 67,086 
Regional SAB de CV18,422 99,597 
3,007,374 
Philippines — 0.9%
ACEN Corp.25,880 3,446 
Alliance Global Group, Inc.169,500 30,270 
Ayala Corp.12,350 153,900 
Bank of the Philippine Islands93,090 157,172 
BDO Unibank, Inc.103,940 237,674 
DMCI Holdings, Inc.446,300 75,404 
First Gen Corp.7,800 2,564 
Globe Telecom, Inc.940 35,073 
GT Capital Holdings, Inc.6,270 53,702 
LT Group, Inc.153,600 24,114 
Metropolitan Bank & Trust Co.157,450 147,157 
Nickel Asia Corp.238,600 24,175 
PLDT, Inc., ADR(2)
490 14,249 
Puregold Price Club, Inc.45,000 27,403 
Robinsons Land Corp.41,000 13,690 
Robinsons Retail Holdings, Inc.13,960 14,897 
Security Bank Corp.48,190 77,032 
Semirara Mining & Power Corp.78,400 57,344 
Universal Robina Corp.700 1,519 
1,150,785 
Poland — 0.7%
Alior Bank SA(1)
7,649 42,235 
Bank Handlowy w Warszawie SA1,053 13,289 
Bank Millennium SA(1)
44,803 36,008 
Budimex SA61 3,278 
CD Projekt SA1,740 31,030 
Ciech SA(1)
4,184 28,475 
Grupa Azoty SA(1)
994 6,880 
Jastrzebska Spolka Weglowa SA(1)
6,455 65,205 
KGHM Polska Miedz SA6,525 122,274 
99


Avantis Emerging Markets Value ETF
SharesValue
KRUK SA769 $49,444 
LPP SA54 97,234 
Mercator Medical SA(1)
130 1,446 
Orange Polska SA47,679 60,760 
Polski Koncern Naftowy ORLEN SA21,855 283,071 
Polskie Gornictwo Naftowe i Gazownictwo SA(1)
64,265 76,342 
916,971 
Russia(3)†
Globaltrans Investment PLC, GDR15,648 
LUKOIL PJSC7,931 — 
Novolipetsk Steel PJSC70,860 — 
VTB Bank PJSC(1)
152,598,000 250 
252 
South Africa — 3.9%
Absa Group Ltd.51,261 530,918 
AECI Ltd.(2)
625 3,026 
African Rainbow Minerals Ltd.12,628 173,922 
Anglo American Platinum Ltd.2,283 159,375 
AngloGold Ashanti Ltd., ADR8,478 114,283 
ArcelorMittal South Africa Ltd.(1)
29,771 8,844 
Aspen Pharmacare Holdings Ltd.6,618 56,794 
Astral Foods Ltd.5,672 68,396 
Aveng Ltd.(1)
13,159 12,388 
Barloworld Ltd.16,454 83,751 
Gold Fields Ltd., ADR4,784 38,703 
Grindrod Shipping Holdings Ltd.1,560 36,710 
Harmony Gold Mining Co. Ltd., ADR105 274 
Impala Platinum Holdings Ltd.44,458 465,846 
Investec Ltd.11,949 56,106 
KAP Industrial Holdings Ltd.227,253 60,202 
Kumba Iron Ore Ltd.2,288 50,655 
Merafe Resources Ltd.218,751 16,574 
Momentum Metropolitan Holdings137,859 133,727 
Motus Holdings Ltd.17,253 116,916 
MTN Group Ltd.66,712 482,864 
Murray & Roberts Holdings Ltd.(1)
4,081 2,123 
Nedbank Group Ltd.(2)
9,333 110,162 
Ninety One Ltd.2,262 5,097 
Old Mutual Ltd.394,116 233,483 
Omnia Holdings Ltd.19,384 69,888 
PPC Ltd.(1)
98,041 14,575 
Raubex Group Ltd.9,646 19,643 
Reinet Investments SCA8,295 135,868 
Remgro Ltd.12,057 89,408 
Royal Bafokeng Platinum Ltd.15,691 133,014 
Sappi Ltd.(1)
89,427 238,376 
Sasol Ltd., ADR(1)
33,217 641,088 
Shoprite Holdings Ltd.2,603 35,297 
Sibanye Stillwater Ltd., ADR43,563 391,196 
Standard Bank Group Ltd.1,490 13,296 
Telkom SA SOC Ltd.(1)
36,834 94,531 
100


Avantis Emerging Markets Value ETF
SharesValue
Thungela Resources Ltd.11,965 $228,056 
5,125,375 
South Korea — 13.7%
Advanced Process Systems Corp.564 8,142 
Ananti, Inc.(1)
5,988 30,305 
Asiana Airlines, Inc.(1)
4,077 45,870 
BGF retail Co. Ltd.557 66,717 
Binggrae Co. Ltd.448 15,275 
Bioneer Corp.(1)
59 1,317 
BNK Financial Group, Inc.21,836 108,881 
Boditech Med, Inc.749 6,058 
CJ CheilJedang Corp.584 177,149 
CJ Corp.1,350 78,546 
CJ ENM Co. Ltd.581 42,347 
CJ Logistics Corp.(1)
946 83,382 
Cosmax, Inc.357 16,615 
Coway Co. Ltd.3,564 169,092 
Cuckoo Homesys Co. Ltd.777 18,361 
Daeduck Electronics Co. Ltd.4,341 95,193 
Daewoo Engineering & Construction Co. Ltd.(1)
17,714 68,313 
Daishin Securities Co. Ltd.3,023 34,626 
Daol Investment & Securities Co. Ltd.6,177 21,078 
Daou Data Corp.2,131 19,216 
Daou Technology, Inc.2,282 31,908 
DB Financial Investment Co. Ltd.1,187 4,398 
DB HiTek Co. Ltd.2,943 101,018 
DB Insurance Co. Ltd.6,161 274,373 
Dentium Co. Ltd.245 15,935 
DGB Financial Group, Inc.17,075 94,638 
DL E&C Co. Ltd.3,159 95,883 
DL Holdings Co. Ltd.1,522 75,536 
Dongjin Semichem Co. Ltd.209 5,333 
Dongkuk Steel Mill Co. Ltd.7,136 69,906 
Dongwon F&B Co. Ltd.47 5,431 
Dongwon Industries Co. Ltd.77 12,972 
Doosan Tesna, Inc.1,825 38,872 
Dreamtech Co. Ltd.1,784 12,494 
E-MART, Inc.1,160 84,214 
Eugene Investment & Securities Co. Ltd.4,137 8,783 
Fila Holdings Corp.4,451 102,808 
GOLFZON Co. Ltd.111 10,910 
GS Engineering & Construction Corp.6,311 141,167 
GS Holdings Corp.5,635 193,461 
GS Retail Co. Ltd.3,511 66,370 
Halla Holdings Corp.774 22,120 
Hana Financial Group, Inc.23,799 693,661 
Handsome Co. Ltd.1,100 23,194 
Hankook Tire & Technology Co. Ltd.3,080 86,831 
Hansae Co. Ltd.752 8,821 
Hanwha Aerospace Co. Ltd.3,848 232,794 
Hanwha Corp., Preference Shares1,870 22,201 
101


Avantis Emerging Markets Value ETF
SharesValue
Hanwha Corp.3,666 $86,694 
Hanwha Life Insurance Co. Ltd.(1)
17,681 30,333 
Harim Holdings Co. Ltd.5,206 32,371 
HD Hyundai Co. Ltd.4,606 216,267 
HDC Holdings Co. Ltd.1,104 5,725 
HDC Hyundai Development Co-Engineering & Construction, E Shares2,113 19,524 
Hite Jinro Co. Ltd.1,082 24,561 
HJ Shipbuilding & Construction Co. Ltd.(1)
1,200 5,389 
HMM Co. Ltd.25,341 417,622 
Humax Co. Ltd.(1)
1,427 4,239 
Hyosung Chemical Corp.(1)
138 17,721 
Hyosung Heavy Industries Corp.(1)
208 11,405 
Hyosung TNC Corp.256 59,535 
Hyundai Doosan Infracore Co. Ltd.(1)
17,900 81,895 
Hyundai Electric & Energy System Co. Ltd.(1)
3,112 73,677 
Hyundai Elevator Co. Ltd.1,174 25,527 
Hyundai Engineering & Construction Co. Ltd.6,796 243,010 
Hyundai Glovis Co. Ltd.1,219 159,722 
Hyundai Home Shopping Network Corp.151 5,625 
Hyundai Marine & Fire Insurance Co. Ltd.7,354 172,510 
Hyundai Motor Co.7,134 1,036,443 
Hyundai Steel Co.5,550 135,335 
Hyundai Wia Corp.780 43,899 
ICD Co. Ltd.881 6,202 
iMarketKorea, Inc.1,069 8,266 
Industrial Bank of Korea17,231 122,690 
Innocean Worldwide, Inc.188 5,944 
IS Dongseo Co. Ltd.1,792 49,216 
JB Financial Group Co. Ltd.13,452 75,999 
Jusung Engineering Co. Ltd.2,401 28,234 
KB Financial Group, Inc., ADR(2)
25,253 923,755 
KCC Glass Corp.1,027 38,471 
KEPCO Plant Service & Engineering Co. Ltd.848 26,025 
Kginicis Co. Ltd.1,936 19,243 
KH Vatec Co. Ltd.1,317 18,543 
Kia Corp.17,411 1,043,577 
KISCO Corp.2,176 11,187 
KIWOOM Securities Co. Ltd.1,033 65,640 
Kolon Industries, Inc.1,006 39,103 
KoMiCo Ltd.713 24,674 
Korea Aerospace Industries Ltd.5,621 255,057 
Korea Electric Terminal Co. Ltd.348 17,236 
Korea Investment Holdings Co. Ltd.3,701 156,053 
Korea Line Corp.(1)
12,529 21,176 
Korea Petrochemical Ind Co. Ltd.320 28,906 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
2,988 215,647 
Korean Air Lines Co. Ltd.(1)
13,109 260,542 
Kumho Petrochemical Co. Ltd.1,668 160,890 
LF Corp.2,876 36,232 
LG Display Co. Ltd., ADR(2)
34,807 199,096 
102


Avantis Emerging Markets Value ETF
SharesValue
LG Electronics, Inc.7,652 $572,599 
LG Innotek Co. Ltd.1,313 334,235 
LG Uplus Corp.14,269 122,199 
LIG Nex1 Co. Ltd.1,447 114,133 
Lotte Chilsung Beverage Co. Ltd.354 40,733 
Lotte Confectionery Co. Ltd.174 16,209 
Lotte Rental Co. Ltd.2,150 57,107 
Lotte Shopping Co. Ltd.775 56,886 
LS Electric Co. Ltd.779 32,310 
Lutronic Corp.1,374 19,230 
LX Hausys Ltd.663 22,162 
LX INTERNATIONAL Corp.3,949 127,174 
LX Semicon Co. Ltd.1,349 94,915 
Maeil Dairies Co. Ltd.404 17,269 
Mando Corp.1,729 69,105 
Mcnex Co. Ltd.1,178 32,297 
MegaStudyEdu Co. Ltd.881 51,248 
Meritz Financial Group, Inc.3,220 73,803 
Meritz Fire & Marine Insurance Co. Ltd.3,987 113,831 
Meritz Securities Co. Ltd.23,671 85,311 
Mirae Asset Life Insurance Co. Ltd.707 1,598 
Mirae Asset Securities Co. Ltd.17,749 86,559 
NH Investment & Securities Co. Ltd.10,825 80,136 
NICE Holdings Co. Ltd.1,180 12,016 
Pan Ocean Co. Ltd.20,766 79,458 
Partron Co. Ltd.5,577 35,937 
POSCO Holdings, Inc., ADR11,280 530,386 
S-Oil Corp.334 25,334 
Samsung Electro-Mechanics Co. Ltd.3,667 379,669 
Samsung Engineering Co. Ltd.(1)
14,949 259,919 
Samsung Fire & Marine Insurance Co. Ltd.2,929 425,684 
Samsung Heavy Industries Co. Ltd.(1)
60,090 266,610 
Samsung Life Insurance Co. Ltd.2,264 104,493 
Samsung Securities Co. Ltd.4,903 123,434 
Samyang Foods Co. Ltd.173 14,369 
Sangsangin Co. Ltd.4,231 26,919 
SD Biosensor, Inc.2,389 62,459 
SeAH Steel Holdings Corp.50 6,782 
Seegene, Inc.1,665 39,007 
Shinhan Financial Group Co. Ltd., ADR(2)
29,945 799,831 
Shinsegae International, Inc.1,263 26,185 
Shinsegae, Inc.732 121,318 
SIMMTECH Co. Ltd.1,741 49,903 
SK Chemicals Co. Ltd.1,160 84,092 
SK Hynix, Inc.8,916 626,865 
SK Networks Co. Ltd.15,598 52,739 
SK Telecom Co. Ltd., ADR4,095 87,428 
SK, Inc.711 122,981 
SL Corp.178 5,074 
Soulbrain Co. Ltd.80 12,852 
TES Co. Ltd.1,004 14,810 
103


Avantis Emerging Markets Value ETF
SharesValue
Tongyang Life Insurance Co. Ltd.3,404 $14,269 
Unid Co. Ltd.317 24,480 
Value Added Technology Co. Ltd.652 16,267 
WONIK IPS Co. Ltd.1,028 21,274 
Woori Financial Group, Inc.54,424 492,315 
Woori Investment Bank Co. Ltd.38,774 25,516 
Woori Technology Investment Co. Ltd.(1)
6,976 30,288 
Youngone Corp.883 29,235 
Youngone Holdings Co. Ltd.734 28,921 
Yuanta Securities Korea Co. Ltd.5,679 12,073 
17,721,389 
Taiwan — 17.0%
AcBel Polytech, Inc.15,000 14,795 
Acer, Inc.132,000 94,805 
Acter Group Corp. Ltd.7,000 48,642 
Advanced International Multitech Co. Ltd.5,000 16,590 
Advanced Power Electronics Corp.4,000 15,092 
Alexander Marine Co. Ltd.(2)
4,000 40,693 
Allied Circuit Co. Ltd.2,000 8,062 
Alltek Technology Corp.10,800 13,353 
Alltop Technology Co. Ltd.3,000 15,038 
Amazing Microelectronic Corp.4,000 14,295 
Anji Technology Co. Ltd.3,000 5,652 
Apex International Co. Ltd.13,000 26,177 
Arcadyan Technology Corp.4,000 15,045 
Ardentec Corp.36,000 53,753 
ASE Technology Holding Co. Ltd., ADR62,512 360,069 
Asia Cement Corp.218,000 308,607 
Asia Polymer Corp.31,000 27,783 
Asia Vital Components Co. Ltd.19,000 66,929 
ASolid Technology Co. Ltd.2,000 5,536 
ASROCK, Inc.1,000 3,136 
AUO Corp.(2)
605,000 330,348 
AURAS Technology Co. Ltd.5,000 25,219 
Avermedia Technologies2,000 1,584 
Bafang Yunji International Co. Ltd.6,000 32,288 
BenQ Materials Corp.13,000 13,513 
Bioteque Corp.5,000 18,349 
Brighton-Best International Taiwan, Inc.35,000 39,419 
Capital Securities Corp.138,000 53,881 
Career Technology MFG. Co. Ltd.(1)
34,000 29,331 
Catcher Technology Co. Ltd.(1)
65,000 394,016 
Cathay Financial Holding Co. Ltd.507,000 737,597 
Central Reinsurance Co. Ltd.19,000 13,275 
Cheng Loong Corp.89,000 82,452 
Cheng Mei Materials Technology Corp.(1)
67,000 23,622 
Cheng Shin Rubber Industry Co. Ltd.134,000 155,232 
Chia Chang Co. Ltd.7,000 8,624 
Chicony Electronics Co. Ltd.28,000 74,752 
Chicony Power Technology Co. Ltd.7,000 16,260 
China Airlines Ltd.(2)
245,000 181,233 
104


Avantis Emerging Markets Value ETF
SharesValue
China Bills Finance Corp.27,000 $14,387 
China Container Terminal Corp.12,000 9,954 
China Development Financial Holding Corp., Preference Shares59,976 16,693 
China Development Financial Holding Corp.1,085,728 474,347 
China Metal Products24,000 23,402 
China Motor Corp.9,000 13,692 
Chinese Maritime Transport Ltd.9,000 11,372 
Chipbond Technology Corp.70,000 130,649 
ChipMOS Technologies, Inc.60,000 69,916 
Chlitina Holding Ltd.3,000 16,913 
Chung-Hsin Electric & Machinery Manufacturing Corp.50,000 108,044 
CMC Magnetics Corp.(1)
34,000 8,914 
Co-Tech Development Corp.15,000 21,016 
Compal Electronics, Inc.294,000 218,902 
Compeq Manufacturing Co. Ltd.120,000 205,777 
Concord Securities Co. Ltd.46,000 16,391 
Continental Holdings Corp.43,000 42,133 
Contrel Technology Co. Ltd.7,000 3,620 
CTBC Financial Holding Co. Ltd.849,000 650,297 
CTCI Corp.65,000 95,881 
CX Technology Co. Ltd.2,250 2,112 
DA CIN Construction Co. Ltd.30,000 30,264 
Darfon Electronics Corp.14,000 18,893 
Daxin Materials Corp.3,000 7,195 
Dimerco Express Corp.15,000 39,512 
Dynamic Holding Co. Ltd.22,000 14,564 
Dynapack International Technology Corp.8,000 20,844 
Edom Technology Co. Ltd.12,000 11,449 
Elan Microelectronics Corp.13,000 41,114 
Elite Advanced Laser Corp.9,000 13,556 
Elite Material Co. Ltd.16,000 84,218 
Elite Semiconductor Microelectronics Technology, Inc.18,000 46,309 
ENNOSTAR, Inc.57,000 95,750 
Eva Airways Corp.(2)
126,000 137,891 
Evergreen Marine Corp. Taiwan Ltd.182,000 521,560 
Everlight Electronics Co. Ltd.45,000 57,815 
Excelliance Mos Corp.2,000 8,425 
Excelsior Medical Co. Ltd.10,500 23,342 
Far Eastern International Bank153,000 61,579 
Far Eastern New Century Corp.130,000 139,303 
Far EasTone Telecommunications Co. Ltd.146,000 358,073 
Farglory Land Development Co. Ltd.19,000 39,720 
First Steamship Co. Ltd.(1)
67,000 21,056 
Fitipower Integrated Technology, Inc.4,000 16,532 
Fittech Co. Ltd.4,000 16,046 
FLEXium Interconnect, Inc.(1)
37,000 113,057 
FocalTech Systems Co. Ltd.(2)
6,000 14,989 
Formosa International Hotels Corp.3,000 17,048 
Formosa Plastics Corp.119,000 354,810 
Formosan Union Chemical17,000 13,752 
Foxconn Technology Co. Ltd.(2)
42,000 69,439 
105


Avantis Emerging Markets Value ETF
SharesValue
Foxsemicon Integrated Technology, Inc.4,000 $26,668 
Franbo Lines Corp.23,028 14,859 
Fu Chun Shin Machinery Manufacture Co. Ltd.6,120 3,569 
Fubon Financial Holding Co. Ltd.465,000 871,898 
Full Wang International Development Co. Ltd.5,000 2,032 
G Shank Enterprise Co. Ltd.15,000 28,958 
Gamania Digital Entertainment Co. Ltd.14,000 27,785 
GEM Services, Inc.1,000 2,540 
General Interface Solution Holding Ltd.30,000 78,854 
Generalplus Technology, Inc.4,000 7,468 
Global Brands Manufacture Ltd.19,760 18,754 
Global Lighting Technologies, Inc.3,000 5,791 
Global PMX Co. Ltd.1,000 5,138 
Gold Circuit Electronics Ltd.9,000 24,474 
Goldsun Building Materials Co. Ltd.113,000 93,700 
Gourmet Master Co. Ltd.4,000 13,264 
Grand Fortune Securities Co. Ltd.18,000 9,348 
Grand Pacific Petrochemical76,000 46,676 
Great Tree Pharmacy Co. Ltd.1,257 12,704 
Greatek Electronics, Inc.19,000 36,840 
Group Up Industrial Co. Ltd.4,000 11,873 
Hai Kwang Enterprise Corp.4,000 2,902 
Hannstar Board Corp.21,000 22,450 
HannStar Display Corp.85,000 33,048 
HannsTouch Solution, Inc.44,000 15,720 
Ho Tung Chemical Corp.88,000 26,956 
Hocheng Corp.3,000 1,077 
Holy Stone Enterprise Co. Ltd.15,000 43,789 
Hon Hai Precision Industry Co. Ltd.200,000 712,156 
Horizon Securities Co. Ltd.7,420 2,761 
Hotai Finance Co. Ltd.10,000 34,286 
Hotel Holiday Garden14,850 13,523 
Hung Ching Development & Construction Co. Ltd.4,000 2,909 
Hung Sheng Construction Ltd.34,000 28,803 
Hycon Technology Corp.3,000 7,026 
IEI Integration Corp.16,000 39,251 
Innolux Corp.953,000 375,380 
Integrated Service Technology, Inc.(1)
11,000 24,277 
International CSRC Investment Holdings Co.82,000 55,865 
International Games System Co. Ltd.6,000 73,157 
Inventec Corp.102,000 77,221 
ITE Technology, Inc.5,000 11,432 
Jiin Yeeh Ding Enterprise Co. Ltd.5,000 4,996 
Kaimei Electronic Corp.10,000 18,959 
Kaori Heat Treatment Co. Ltd.7,000 26,031 
Kenmec Mechanical Engineering Co. Ltd.(1)
19,000 20,702 
Kerry TJ Logistics Co. Ltd.18,000 24,155 
Kindom Development Co. Ltd.24,000 22,217 
King Yuan Electronics Co. Ltd.128,000 155,922 
King's Town Bank Co. Ltd.73,000 84,206 
Kinik Co.12,000 61,888 
106


Avantis Emerging Markets Value ETF
SharesValue
Kinsus Interconnect Technology Corp.(2)
10,000 $39,721 
KNH Enterprise Co. Ltd.2,000 1,243 
L&K Engineering Co. Ltd.14,000 14,866 
Largan Precision Co. Ltd.1,000 63,610 
Leadtek Research, Inc.(1)
3,000 3,722 
Lingsen Precision Industries Ltd.28,000 14,546 
Macronix International Co. Ltd.182,000 195,353 
Marketech International Corp.3,000 12,113 
Materials Analysis Technology, Inc.4,000 16,158 
Megaforce Co. Ltd.3,000 2,143 
Micro-Star International Co. Ltd.14,000 52,411 
MIN AIK Technology Co. Ltd.1,000 649 
Mirle Automation Corp.15,000 19,733 
MPI Corp.3,000 9,498 
Namchow Holdings Co. Ltd.4,000 6,019 
Nan Liu Enterprise Co. Ltd.1,000 2,813 
Nan Ya Plastics Corp.321,000 721,029 
Nan Ya Printed Circuit Board Corp.(2)
6,000 52,345 
Nantex Industry Co. Ltd.25,000 34,932 
Nanya Technology Corp.81,000 140,680 
Netronix, Inc.3,000 5,781 
Nien Made Enterprise Co. Ltd.4,000 36,939 
Novatek Microelectronics Corp.58,000 496,208 
Nyquest Technology Co. Ltd.2,000 5,287 
O-Bank Co. Ltd.103,000 29,233 
Orient Semiconductor Electronics Ltd.36,000 21,774 
Pacific Hospital Supply Co. Ltd.1,000 2,256 
Pegatron Corp.156,000 324,453 
Pegavision Corp.1,000 13,837 
PharmaEngine, Inc.9,000 37,771 
Pou Chen Corp.64,000 60,627 
Powertech Technology, Inc.81,000 226,025 
Poya International Co. Ltd.3,030 42,377 
President Chain Store Corp.7,000 61,513 
President Securities Corp.62,000 33,977 
Prince Housing & Development Corp.83,000 32,566 
Prosperity Dielectrics Co. Ltd.4,000 5,413 
Radiant Opto-Electronics Corp.18,000 59,150 
Raydium Semiconductor Corp.6,000 53,986 
Realtek Semiconductor Corp.54,000 606,781 
Rexon Industrial Corp. Ltd.4,000 4,485 
Roo Hsing Co. Ltd.(1)
30,000 2,878 
Scientech Corp.4,000 10,956 
Sea & Land Integrated Corp.10,400 10,489 
Sensortek Technology Corp.1,000 9,953 
Sesoda Corp.22,000 34,601 
Shih Her Technologies, Inc.2,000 3,826 
Shih Wei Navigation Co. Ltd.18,000 16,546 
Shin Foong Specialty & Applied Materials Co. Ltd.3,000 6,855 
Shin Kong Financial Holding Co. Ltd.821,000 235,858 
Shin Zu Shing Co. Ltd.17,000 48,958 
107


Avantis Emerging Markets Value ETF
SharesValue
Shinkong Insurance Co. Ltd.9,000 $17,034 
Sigurd Microelectronics Corp.47,000 78,363 
Simplo Technology Co. Ltd.16,000 150,974 
Sincere Navigation Corp.25,000 17,454 
Sino-American Silicon Products, Inc.53,000 288,946 
Sinon Corp.37,000 54,884 
SinoPac Financial Holdings Co. Ltd.996,090 564,696 
Sinopower Semiconductor, Inc.1,000 3,970 
Sinyi Realty, Inc.22,000 22,412 
Sitronix Technology Corp.13,000 80,377 
Siward Crystal Technology Co. Ltd.23,000 31,070 
Soft-World International Corp.4,000 10,126 
Softstar Entertainment, Inc.4,000 10,821 
Solteam, Inc.7,000 14,237 
Sonix Technology Co. Ltd.12,000 23,261 
Symtek Automation Asia Co. Ltd.7,000 20,737 
T3EX Global Holdings Corp.11,000 28,198 
TA-I Technology Co. Ltd.4,000 5,931 
Tai Tung Communication Co. Ltd.(1)
5,000 2,654 
Taichung Commercial Bank Co. Ltd.337,709 150,785 
TaiDoc Technology Corp.3,000 21,910 
Taimide Tech, Inc.6,000 7,741 
Taishin Financial Holding Co. Ltd.997,362 495,017 
Taita Chemical Co. Ltd.10,500 7,754 
Taiwan Business Bank376,431 157,775 
Taiwan Cogeneration Corp.13,000 15,847 
Taiwan Glass Industry Corp.91,000 52,225 
Taiwan High Speed Rail Corp.107,000 102,299 
Taiwan Hon Chuan Enterprise Co. Ltd.30,000 73,556 
Taiwan Mobile Co. Ltd.41,000 134,014 
Taiwan Navigation Co. Ltd.23,000 20,354 
Taiwan Paiho Ltd.6,000 12,457 
Taiwan PCB Techvest Co. Ltd.23,000 28,872 
Taiwan Surface Mounting Technology Corp.26,000 86,650 
Taiwan-Asia Semiconductor Corp.34,000 43,394 
Tex-Ray Industrial Co. Ltd.4,000 1,561 
Thye Ming Industrial Co. Ltd.16,000 22,567 
Ton Yi Industrial Corp.112,000 74,308 
Tong Yang Industry Co. Ltd.41,000 73,086 
Topco Scientific Co. Ltd.13,000 69,433 
Topkey Corp.1,000 5,813 
TPK Holding Co. Ltd.13,000 15,407 
Tripod Technology Corp.29,000 95,216 
Tsann Kuen Enterprise Co. Ltd.13,331 20,461 
TSRC Corp.43,000 39,571 
TTY Biopharm Co. Ltd.9,000 22,400 
Tung Ho Steel Enterprise Corp.47,340 83,697 
TXC Corp.32,000 90,571 
TZE Shin International Co. Ltd.14,300 7,852 
U-Ming Marine Transport Corp.33,000 41,043 
UDE Corp.2,000 2,522 
108


Avantis Emerging Markets Value ETF
SharesValue
Unimicron Technology Corp.131,000 $641,864 
Union Bank of Taiwan206,815 111,509 
Unitech Computer Co. Ltd.5,000 5,254 
United Integrated Services Co. Ltd.18,000 93,214 
United Microelectronics Corp.(1)(2)
305,000 405,792 
Universal, Inc.2,000 1,841 
Unizyx Holding Corp.24,000 21,855 
USI Corp.68,000 52,728 
Utechzone Co. Ltd.3,000 9,016 
Vanguard International Semiconductor Corp.44,000 106,371 
Walsin Technology Corp.11,000 33,242 
Wan Hai Lines Ltd.21,850 61,582 
Wei Chuan Foods Corp.14,000 9,331 
Weikeng Industrial Co. Ltd.16,000 14,089 
Wha Yu Industrial Co. Ltd.(1)
9,000 5,571 
Wholetech System Hitech Ltd.5,000 7,779 
Winbond Electronics Corp.265,000 190,934 
Wisdom Marine Lines Co. Ltd.47,000 88,569 
Wistron Corp.(2)
366,000 331,814 
Wistron NeWeb Corp.18,000 49,916 
Wowprime Corp.(1)
5,000 20,414 
WT Microelectronics Co. Ltd.32,000 67,484 
XinTec, Inc.8,000 34,249 
Yang Ming Marine Transport Corp.162,000 415,007 
Yeong Guan Energy Technology Group Co. Ltd.9,000 16,423 
YFY, Inc.98,000 79,276 
Youngtek Electronics Corp.16,000 34,105 
Yuanta Financial Holding Co. Ltd.61,800 41,023 
Yulon Finance Corp.16,288 86,123 
Yulon Motor Co. Ltd.46,000 61,978 
Zhen Ding Technology Holding Ltd.29,000 107,624 
Zinwell Corp.(1)
9,000 5,244 
Zippy Technology Corp.8,000 10,813 
ZongTai Real Estate Development Co. Ltd.12,288 13,084 
21,996,186 
Thailand — 2.6%
AAPICO Hitech PCL, NVDR16,100 11,128 
Advanced Info Service PCL, NVDR44,200 232,541 
Advanced Information Technology PCL, NVDR62,200 10,559 
AEON Thana Sinsap Thailand PCL, NVDR6,900 31,300 
Amanah Leasing PCL, NVDR6,400 774 
AP Thailand PCL, NVDR225,800 61,826 
Asia Plus Group Holdings PCL, NVDR140,300 11,830 
Bangchak Corp. PCL, NVDR92,400 89,247 
Bangkok Chain Hospital PCL, NVDR66,800 34,191 
Banpu PCL, NVDR395,800 157,135 
BCPG PCL, NVDR55,500 16,417 
BEC World PCL, NVDR93,200 35,729 
Better World Green PCL, NVDR(1)
395,300 8,867 
BG Container Glass PCL, NVDR13,600 3,841 
Bumrungrad Hospital PCL, NVDR21,400 126,715 
109


Avantis Emerging Markets Value ETF
SharesValue
CH Karnchang PCL, NVDR10,500 $6,043 
Chularat Hospital PCL, NVDR246,000 24,686 
Dynasty Ceramic PCL, NVDR199,500 14,765 
Ekachai Medical Care PCL, NVDR9,084 1,867 
Electricity Generating PCL, NVDR16,300 81,729 
G J Steel PCL, NVDR(1)
1,470,300 15,708 
GFPT PCL, NVDR7,900 3,635 
Gunkul Engineering PCL, NVDR35,700 4,868 
Ichitan Group PCL, NVDR2,000 499 
Indorama Ventures PCL, NVDR75,200 89,060 
Interlink Communication PCL, NVDR6,900 1,586 
IRPC PCL, NVDR364,500 34,121 
Italian-Thai Development PCL, NVDR(1)
382,400 20,114 
Jasmine International PCL, NVDR(1)
332,400 23,293 
JWD Infologistics PCL, NVDR25,100 11,749 
Karmarts PCL, NVDR71,000 8,940 
KGI Securities Thailand PCL, NVDR147,200 20,086 
Kiatnakin Phatra Bank PCL, NVDR20,300 40,293 
Krung Thai Bank PCL, NVDR114,900 53,126 
Krungthai Card PCL, NVDR32,100 52,927 
Land & Houses PCL, NVDR323,400 78,897 
Lanna Resources PCL, NVDR8,300 5,439 
MCS Steel PCL, NVDR47,600 13,429 
Mega Lifesciences PCL, NVDR21,800 29,394 
MFEC PCL, NVDR28,500 7,296 
Minor International PCL, NVDR(1)
2,000 1,791 
Mono Next PCL, NVDR(1)
69,600 2,946 
Muangthai Capital PCL, NVDR27,900 32,459 
Noble Development PCL, Class C, NVDR21,200 2,859 
Origin Property PCL, NVDR61,700 17,393 
Plan B Media PCL, NVDR(1)
195,688 35,359 
Polyplex Thailand PCL, NVDR7,500 4,707 
Precious Shipping PCL, NVDR82,400 32,023 
Premier Marketing PCL, NVDR6,800 1,640 
Prima Marine PCL, NVDR25,100 4,265 
Pruksa Holding PCL, NVDR94,900 33,498 
PTG Energy PCL, NVDR59,000 24,700 
PTT Exploration & Production PCL, NVDR65,100 301,089 
PTT Global Chemical PCL, NVDR85,200 110,779 
PTT Oil & Retail Business PCL, NVDR127,900 95,482 
PTT PCL, NVDR315,300 323,946 
Quality Houses PCL, NVDR718,900 42,561 
Ratchthani Leasing PCL, NVDR52,700 6,869 
Regional Container Lines PCL, NVDR33,900 30,155 
Sansiri PCL, NVDR1,199,500 36,140 
Sappe PCL, NVDR8,200 9,993 
SC Asset Corp. PCL, NVDR291,600 28,097 
SCB X PCL, NVDR29,200 88,267 
Sermsang Power Corp. Co. Ltd., NVDR89,590 23,558 
Siamgas & Petrochemicals PCL, NVDR28,300 8,681 
Sino-Thai Engineering & Construction PCL, NVDR102,900 34,652 
110


Avantis Emerging Markets Value ETF
SharesValue
SNC Former PCL, NVDR15,900 $7,404 
Somboon Advance Technology PCL, NVDR22,000 11,748 
SPCG PCL, NVDR29,200 12,643 
Sri Trang Agro-Industry PCL, NVDR63,500 39,303 
Srisawad Corp. PCL, NVDR32,600 43,476 
Srivichai Vejvivat PCL, NVDR5,900 1,551 
Super Energy Corp. PCL, NVDR1,200,900 25,018 
SVI PCL, NVDR16,100 3,298 
Synnex Thailand PCL, NVDR14,800 8,418 
Taokaenoi Food & Marketing PCL, Class R NVDR5,800 1,224 
Thai Oil PCL, NVDR61,800 102,822 
Thai Vegetable Oil PCL, NVDR49,260 41,224 
Thaicom PCL, NVDR40,700 11,584 
Thanachart Capital PCL, NVDR18,100 20,076 
Thonburi Healthcare Group PCL, NVDR45,100 84,356 
Thoresen Thai Agencies PCL, NVDR99,800 22,680 
Tisco Financial Group PCL, NVDR13,300 34,166 
TPI Polene PCL, NVDR438,500 20,429 
TPI Polene Power PCL, NVDR75,300 7,718 
True Corp. PCL, NVDR324,300 40,534 
U City PCL, NVDR(1)
318,200 11,755 
3,360,986 
Turkey — 0.6%
Akbank TAS152,796 98,138 
Aksa Akrilik Kimya Sanayii AS8,877 26,858 
Bera Holding AS17,265 16,855 
Dogus Otomotiv Servis ve Ticaret AS1,558 8,544 
Dyo Boya Fabrikalari Sanayi ve Ticaret AS(1)
394 410 
GSD Holding AS29,753 7,139 
Haci Omer Sabanci Holding AS55,981 78,202 
Is Finansal Kiralama AS(1)
2,489 1,123 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A12,237 6,135 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B12,677 6,364 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D52,990 34,327 
KOC Holding AS27,360 68,261 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
5,860 8,715 
Tekfen Holding AS12,371 20,229 
Turk Hava Yollari AO(1)
30,978 124,242 
Turkcell Iletisim Hizmetleri AS, ADR12,764 37,909 
Turkiye Halk Bankasi AS(1)
3,872 1,824 
Turkiye Is Bankasi AS, C Shares140,040 60,662 
Turkiye Petrol Rafinerileri AS(1)
5,215 102,818 
Turkiye Sinai Kalkinma Bankasi AS(1)
103,194 27,858 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
60,726 24,350 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS15,556 17,625 
Vestel Elektronik Sanayi ve Ticaret AS5,055 8,271 
Yapi ve Kredi Bankasi AS141,892 54,827 
Yesil Yapi Endustrisi AS(1)
17,827 1,194 
842,880 
TOTAL COMMON STOCKS
(Cost $148,528,493)
128,824,627 
111


Avantis Emerging Markets Value ETF
SharesValue
WARRANTS
Malaysia
Eco World Development Group Bhd(1)
14,020 $297 
PESTECH International Bhd(1)
1,700 59 
Yinson Holdings Bhd(1)
9,600 1,223 
TOTAL WARRANTS
(Cost $—)
1,579 
RIGHTS
Brazil
Infracommerce CXAAS SA(1)
1,248 125 
Thailand
Thai Oil PCL, NVDR(1)
4,843 
TOTAL RIGHTS
(Cost $—)
126 
SHORT-TERM INVESTMENTS — 1.8%
Money Market Funds — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class372,842 372,842 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,884,533 1,884,533 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,257,375)
2,257,375 
TOTAL INVESTMENT SECURITIES — 101.2%
(Cost $150,785,868)

131,083,707 
OTHER ASSETS AND LIABILITIES — (1.2)%

(1,527,937)
TOTAL NET ASSETS — 100.0%

$129,555,770 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials22.8%
Materials16.3%
Information Technology13.2%
Industrials12.1%
Consumer Discretionary10.6%
Energy6.6%
Communication Services5.7%
Consumer Staples4.3%
Health Care3.5%
Real Estate2.3%
Utilities2.0%
Short-Term Investments1.8%
Other Assets and Liabilities(1.2)%

112


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,952,104. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,323,744, which includes securities collateral of $2,439,211.


See Notes to Financial Statements.
113


AUGUST 31, 2022
Avantis International Equity ETF
SharesValue
COMMON STOCKS — 99.5%
Australia — 7.6%
29Metals Ltd.(1)(2)
53,312 $72,218 
Accent Group Ltd.64,983 66,078 
Adairs Ltd.(1)
18,374 28,313 
Adbri Ltd.52,893 79,194 
Aeris Resources Ltd.(2)
58,594 17,183 
AGL Energy Ltd.72,498 377,586 
Alkane Resources Ltd.(2)
119,313 59,197 
Alliance Aviation Services Ltd.(2)
12,349 30,018 
Allkem Ltd.(2)
14,401 133,497 
ALS Ltd.28,620 230,311 
Altium Ltd.7,451 183,752 
Alumina Ltd.137,794 140,636 
AMA Group Ltd.(1)(2)
2,514 274 
AMP Ltd.(2)
474,977 374,364 
Ampol Ltd.14,563 342,294 
Ansell Ltd.3,610 65,269 
APA Group98,691 744,211 
ARB Corp. Ltd.6,279 128,488 
Ardent Leisure Group Ltd.17,658 7,389 
Aristocrat Leisure Ltd.28,088 677,944 
ASX Ltd.30,768 1,637,850 
Atlas Arteria Ltd.19,479 105,970 
Atlassian Corp. PLC, Class A(2)
9,277 2,297,542 
AUB Group Ltd.3,110 46,517 
Aurelia Metals Ltd.(1)(2)
469,362 85,397 
Aurizon Holdings Ltd.505,537 1,278,569 
Austal Ltd.109,424 191,392 
Australia & New Zealand Banking Group Ltd.274,442 4,242,474 
Australian Agricultural Co. Ltd.(2)
49,709 61,259 
Australian Clinical Labs Ltd.19,027 57,213 
Australian Ethical Investment Ltd.12,659 55,491 
Australian Finance Group Ltd.53,619 69,760 
Baby Bunting Group Ltd.10,182 30,236 
Bank of Queensland Ltd.(1)
82,567 393,959 
Bapcor Ltd.17,603 79,783 
Beach Energy Ltd.715,659 827,178 
Bega Cheese Ltd.62,433 169,503 
Bendigo & Adelaide Bank Ltd.(1)
177,053 1,086,843 
BHP Group Ltd., ADR(1)
187,393 10,286,002 
Blackmores Ltd.634 29,631 
BlueScope Steel Ltd.124,360 1,395,297 
Boss Energy Ltd.(2)
36,842 66,859 
Brambles Ltd.190,515 1,603,417 
Bravura Solutions Ltd.16,149 17,330 
Brickworks Ltd.10,394 143,882 
carsales.com Ltd.15,214 231,947 
Cedar Woods Properties Ltd.11,527 35,679 
Challenger Ltd.199,482 860,005 
114


Avantis International Equity ETF
SharesValue
Champion Iron Ltd.88,158 $304,167 
Cleanaway Waste Management Ltd.262,221 498,038 
Cochlear Ltd.3,489 507,918 
Codan Ltd.(1)
7,802 38,337 
Coles Group Ltd.145,949 1,746,889 
Collins Foods Ltd.8,619 57,445 
Commonwealth Bank of Australia95,983 6,342,768 
Computershare Ltd.11,334 189,025 
Cooper Energy Ltd.(2)
248,098 45,604 
Coronado Global Resources, Inc.165,950 181,553 
Costa Group Holdings Ltd.105,412 192,368 
Credit Corp. Group Ltd.(1)
11,629 160,211 
CSL Ltd.20,730 4,146,365 
CSR Ltd.83,413 255,919 
Data#3 Ltd.8,013 33,429 
Deterra Royalties Ltd.65,767 185,782 
Domino's Pizza Enterprises Ltd.(1)
3,067 132,194 
Downer EDI Ltd.52,490 179,511 
Eagers Automotive Ltd.9,937 89,453 
Eclipx Group Ltd.(2)
67,605 109,458 
Elders Ltd.9,295 73,221 
Emeco Holdings Ltd.118,990 73,904 
Endeavour Group Ltd.142,703 706,211 
EVENT Hospitality and Entertainment Ltd.(2)
5,230 52,532 
Evolution Mining Ltd.479,884 771,199 
Fortescue Metals Group Ltd.230,859 2,869,016 
Genworth Mortgage Insurance Australia Ltd.149,328 287,305 
Gold Road Resources Ltd.148,243 127,032 
GrainCorp Ltd., A Shares49,237 278,483 
Grange Resources Ltd.240,025 141,915 
GUD Holdings Ltd.9,367 52,649 
Hansen Technologies Ltd.11,367 37,943 
Harvey Norman Holdings Ltd.96,860 278,135 
Healius Ltd.13,318 33,659 
HT&E Ltd.31,735 31,782 
HUB24 Ltd.1,118 18,012 
Humm Group Ltd.(1)
52,623 19,172 
IDP Education Ltd.(1)
4,268 84,022 
IGO Ltd.134,694 1,205,414 
Iluka Resources Ltd.158,656 1,115,427 
Imdex Ltd.56,137 76,204 
Incitec Pivot Ltd.227,710 601,759 
Infomedia Ltd.19,353 18,953 
Inghams Group Ltd.65,857 116,371 
Insignia Financial Ltd.21,881 51,475 
Insurance Australia Group Ltd.56,692 179,141 
Integral Diagnostics Ltd.7,011 14,144 
InvoCare Ltd.27,025 202,866 
IPH Ltd.12,111 78,502 
IRESS Ltd.3,284 25,114 
James Hardie Industries PLC58,093 1,316,700 
115


Avantis International Equity ETF
SharesValue
JB Hi-Fi Ltd.(1)
19,369 $534,192 
Judo Capital Holdings Ltd.(1)(2)
34,715 28,312 
Jumbo Interactive Ltd.3,168 30,380 
Jupiter Mines Ltd.132,283 18,098 
Karoon Energy Ltd.(2)
156,794 227,040 
Kelsian Group Ltd.(1)
5,450 20,059 
Lendlease Corp. Ltd.107,098 746,314 
Link Administration Holdings Ltd.33,767 98,969 
Lovisa Holdings Ltd.(1)
11,366 177,310 
Lynas Rare Earths Ltd.(2)
57,605 344,136 
MA Financial Group Ltd.6,842 25,519 
MACA Ltd.7,344 5,323 
Macmahon Holdings Ltd.38,005 4,386 
Macquarie Group Ltd.15,091 1,805,687 
Magellan Financial Group Ltd.(1)
23,683 207,901 
Mayne Pharma Group Ltd.(2)
440,581 89,599 
McMillan Shakespeare Ltd.11,056 107,722 
Medibank Pvt Ltd.384,104 967,545 
Metcash Ltd.514,675 1,440,261 
Mineral Resources Ltd.35,986 1,533,271 
Monadelphous Group Ltd.33,742 301,153 
Money3 Corp. Ltd.24,619 38,430 
Mount Gibson Iron Ltd.(1)
124,105 35,987 
Myer Holdings Ltd.134,614 46,165 
MyState Ltd.2,727 7,118 
National Australia Bank Ltd.240,853 4,994,359 
Netwealth Group Ltd.8,102 71,920 
New Hope Corp. Ltd.(1)
206,948 683,883 
Newcrest Mining Ltd.15,255 178,644 
Newcrest Mining Ltd. (Sydney)89,916 1,080,939 
NEXTDC Ltd.(2)
17,985 127,108 
nib holdings Ltd.54,902 305,627 
Nick Scali Ltd.(1)
14,783 110,416 
Nickel Industries Ltd.72,721 48,288 
Nine Entertainment Co. Holdings Ltd.132,302 196,369 
Northern Star Resources Ltd.214,087 1,131,501 
NRW Holdings Ltd.184,500 306,713 
Nufarm Ltd.105,036 379,235 
OFX Group Ltd.(2)
22,626 40,697 
Omni Bridgeway Ltd.(2)
8,695 26,912 
oOh!media Ltd.26,761 25,032 
Orica Ltd.112,611 1,177,927 
Origin Energy Ltd.257,986 1,098,777 
Orora Ltd.185,472 417,752 
OZ Minerals Ltd.63,762 1,098,867 
Pacific Current Group Ltd.6,132 37,886 
Pact Group Holdings Ltd.18,243 18,893 
Peet Ltd.34,647 26,718 
Pendal Group Ltd.49,618 174,200 
Perenti Global Ltd.164,573 87,296 
Perpetual Ltd.(1)
3,506 65,210 
116


Avantis International Equity ETF
SharesValue
Perseus Mining Ltd.441,460 $466,920 
PEXA Group Ltd.(1)(2)
3,527 34,565 
Pilbara Minerals Ltd.(2)
28,929 70,157 
Platinum Asset Management Ltd.71,163 85,838 
Premier Investments Ltd.9,227 132,674 
Pro Medicus Ltd.(1)
2,137 78,550 
PWR Holdings Ltd.4,541 29,277 
Qantas Airways Ltd.(2)
55,594 199,790 
QBE Insurance Group Ltd.121,113 992,976 
Qube Holdings Ltd.174,401 341,433 
Ramelius Resources Ltd.237,352 129,255 
Ramsay Health Care Ltd.5,641 274,919 
REA Group Ltd.2,692 232,154 
Red 5 Ltd.(2)
66,325 11,409 
Reece Ltd.7,131 77,203 
Regis Resources Ltd.310,042 325,245 
Reliance Worldwide Corp. Ltd.59,045 155,126 
Resolute Mining Ltd.(1)(2)
192,523 36,870 
Rio Tinto Ltd.31,516 2,001,687 
Sandfire Resources Ltd.124,040 383,078 
Santos Ltd.531,874 2,839,294 
SEEK Ltd.8,278 116,792 
Select Harvests Ltd.(1)
17,604 59,451 
Servcorp Ltd.9,505 24,188 
Service Stream Ltd.(1)(2)
70,192 34,788 
Seven Group Holdings Ltd.15,447 194,288 
Seven West Media Ltd.(1)(2)
267,372 94,073 
Sierra Rutile Holdings Ltd.(1)(2)
144,997 29,764 
Sigma Healthcare Ltd.(1)
160,963 75,194 
Silver Lake Resources Ltd.(2)
308,282 276,542 
Sims Ltd.35,411 365,350 
SmartGroup Corp. Ltd.3,284 13,263 
Sonic Healthcare Ltd.18,284 422,817 
South32 Ltd.808,773 2,227,124 
Southern Cross Media Group Ltd.67,219 49,112 
St. Barbara Ltd.115,871 71,485 
Star Entertainment Group Ltd.(2)
61,102 115,057 
Steadfast Group Ltd.25,669 87,853 
Suncorp Group Ltd.121,038 893,896 
Super Retail Group Ltd.(1)
28,909 206,503 
Superloop Ltd.(2)
34,972 17,580 
Symbio Holdings Ltd.38 102 
Syrah Resources Ltd.(1)(2)
67,553 84,390 
Tassal Group Ltd.46,221 163,080 
Technology One Ltd.19,749 158,156 
Telstra Corp. Ltd.449,111 1,214,505 
TPG Telecom Ltd.5,094 18,513 
Transurban Group110,463 1,048,014 
Treasury Wine Estates Ltd.84,560 758,526 
Tuas Ltd.(2)
2,799 2,838 
United Malt Group Ltd.62,862 152,225 
117


Avantis International Equity ETF
SharesValue
Ventia Services Group Pty Ltd.23,158 $43,533 
Viva Energy Group Ltd.236,299 477,853 
Vulcan Steel Ltd.7,025 37,733 
Washington H Soul Pattinson & Co. Ltd.(1)
21,744 378,957 
Wesfarmers Ltd.67,466 2,158,166 
West African Resources Ltd.(2)
442,166 376,495 
Westgold Resources Ltd.90,799 57,085 
Westpac Banking Corp.242,938 3,565,727 
Whitehaven Coal Ltd.362,943 1,933,255 
WiseTech Global Ltd.2,362 93,298 
Woodside Energy Group Ltd.134,924 3,134,084 
Woodside Energy Group Ltd., ADR(1)
59,682 1,361,346 
Woolworths Group Ltd.93,484 2,304,636 
Worley Ltd.7,793 76,330 
Xero Ltd.(2)
2,298 135,189 
114,239,519 
Austria — 0.3%
ANDRITZ AG4,138 190,581 
AT&S Austria Technologie & Systemtechnik AG5,163 229,804 
BAWAG Group AG(2)
5,496 247,969 
CA Immobilien Anlagen AG677 21,562 
DO & CO. AG(2)
1,008 79,745 
Erste Group Bank AG14,166 318,561 
EVN AG7,023 136,240 
FACC AG(1)(2)
162 1,146 
IMMOFINANZ AG(2)
10,076 149,786 
Lenzing AG(1)
1,205 89,123 
Oesterreichische Post AG(1)
4,175 116,559 
OMV AG11,957 481,775 
POLYTEC Holding AG(1)
3,258 18,716 
Porr AG2,511 28,749 
Raiffeisen Bank International AG11,405 144,018 
S IMMO AG1,763 40,285 
Schoeller-Bleckmann Oilfield Equipment AG233 14,091 
Semperit AG Holding(1)
3,930 71,414 
Strabag SE933 35,852 
Telekom Austria AG(2)
14,883 92,932 
UNIQA Insurance Group AG22,170 146,552 
Verbund AG6,726 642,721 
Vienna Insurance Group AG Wiener Versicherung Gruppe6,986 165,618 
voestalpine AG10,973 220,804 
Wienerberger AG9,946 232,571 
3,917,174 
Belgium — 0.9%
Ackermans & van Haaren NV(1)
5,351 782,279 
Ageas SA/NV26,628 1,080,445 
AGFA-Gevaert NV(2)
25,959 93,861 
Anheuser-Busch InBev SA, ADR(1)
32,287 1,561,399 
Argenx SE, ADR(2)
1,160 438,329 
Atenor123 6,327 
Barco NV9,728 216,790 
118


Avantis International Equity ETF
SharesValue
Bekaert SA10,194 $312,680 
bpost SA22,304 135,489 
Cie d'Entreprises CFE(1)(2)
1,744 17,358 
D'ieteren Group3,211 484,063 
Deceuninck NV12,057 27,837 
Deme Group NV(2)
1,744 199,590 
Econocom Group SA16,489 51,393 
Elia Group SA3,183 462,399 
Etablissements Franz Colruyt NV10,222 284,100 
Euronav NV50,525 814,676 
Exmar NV7,468 65,068 
Fagron14,061 180,521 
Galapagos NV, ADR(2)
8,129 406,938 
Gimv NV6,351 324,931 
Greenyard NV(2)
2,093 17,657 
Immobel SA61 3,686 
Ion Beam Applications4,505 80,048 
KBC Ancora8,027 264,258 
KBC Group NV23,590 1,125,066 
Kinepolis Group NV(2)
3,103 136,046 
Melexis NV3,970 299,364 
Ontex Group NV(2)
8,093 46,469 
Proximus SADP29,080 370,160 
Recticel SA6,667 92,900 
Shurgard Self Storage SA2,002 96,645 
Solvay SA12,494 1,008,593 
Telenet Group Holding NV1,521 21,598 
Tessenderlo Group SA(2)
5,098 165,524 
UCB SA16,305 1,145,700 
Umicore SA(1)
29,603 940,963 
VGP NV477 69,351 
13,830,501 
Canada — 11.4%
5N Plus, Inc.(1)(2)
16,500 21,106 
Absolute Software Corp.(1)
11,661 125,990 
Advantage Energy Ltd.(2)
70,477 602,088 
Aecon Group, Inc.(1)
10,217 84,639 
AG Growth International, Inc.3,004 89,822 
AGF Management Ltd., Class B(1)
10,400 48,858 
Agnico Eagle Mines Ltd.48,971 2,019,469 
Aimia, Inc.(1)(2)
8,705 27,109 
Air Canada(1)(2)
1,722 23,194 
Alamos Gold, Inc., Class A48,653 350,816 
Alaris Equity Partners Income2,635 34,669 
Algonquin Power & Utilities Corp.(1)
14,947 205,310 
Alimentation Couche-Tard, Inc.59,123 2,540,756 
AltaGas Ltd.(1)
12,042 259,664 
Altius Minerals Corp.661 9,215 
Amerigo Resources Ltd.28,700 23,164 
ARC Resources Ltd.136,200 1,880,158 
Argonaut Gold, Inc.(2)
54,995 19,471 
119


Avantis International Equity ETF
SharesValue
Aritzia, Inc.(2)
11,254 $366,065 
Atco Ltd., Class I19,106 676,460 
Athabasca Oil Corp.(1)(2)
258,593 509,960 
Atrium Mortgage Investment Corp.(1)
5,535 50,194 
ATS Automation Tooling Systems, Inc.(2)
6,334 193,490 
AutoCanada, Inc.(2)
4,808 108,984 
B2Gold Corp.341,342 1,047,404 
Badger Infrastructure Solutions Ltd.4,729 111,370 
Ballard Power Systems, Inc.(1)(2)
8,100 63,216 
Bank of Montreal49,477 4,567,774 
Bank of Nova Scotia73,141 4,044,238 
Barrick Gold Corp. (Toronto)148,613 2,206,536 
Bausch Health Cos., Inc.(2)
16,016 96,095 
Baytex Energy Corp.(1)(2)
201,726 1,045,992 
BCE, Inc.(1)
3,817 184,202 
BELLUS Health, Inc.(2)
3,600 41,061 
Birchcliff Energy Ltd.110,243 971,189 
Bird Construction, Inc.(1)
10,205 51,516 
Bombardier, Inc., Class B(2)
2,663 66,263 
Bonterra Energy Corp.(2)
6,800 45,563 
Boralex, Inc., A Shares21,072 794,201 
Boyd Group Services, Inc.1,000 137,816 
Brookfield Asset Management, Inc., Class A40,669 1,956,422 
Brookfield Business Corp., Class A(1)
2,833 68,899 
Brookfield Infrastructure Corp., A Shares(1)
19,396 924,646 
Brookfield Infrastructure Corp., Class A1,005 47,838 
Brookfield Renewable Corp., Class A2,200 84,543 
BRP, Inc.861 59,716 
CAE, Inc.(2)
21,268 388,325 
Calian Group Ltd.(1)
2,200 100,774 
Calibre Mining Corp.(2)
20,300 14,684 
Cameco Corp.28,151 820,513 
Canaccord Genuity Group, Inc.20,833 124,521 
Canacol Energy Ltd.(1)
27,002 51,605 
Canada Goose Holdings, Inc.(1)(2)
5,500 99,083 
Canadian Imperial Bank of Commerce66,963 3,166,766 
Canadian National Railway Co.34,671 4,123,245 
Canadian Natural Resources Ltd.(1)
117,786 6,457,222 
Canadian Pacific Railway Ltd.23,658 1,771,085 
Canadian Tire Corp. Ltd., Class A6,076 714,630 
Canadian Utilities Ltd., A Shares14,825 453,549 
Canadian Western Bank21,760 405,758 
Canfor Corp.(2)
18,575 364,471 
Canfor Pulp Products, Inc.(2)
1,114 4,699 
Capital Power Corp.37,138 1,440,729 
Capstone Mining Corp.(2)
72,738 163,382 
Cardinal Energy Ltd.52,098 331,625 
Cargojet, Inc.1,100 115,733 
Cascades, Inc.(1)
13,743 93,654 
CCL Industries, Inc., Class B8,412 412,610 
Celestica, Inc.(2)
22,716 234,364 
120


Avantis International Equity ETF
SharesValue
Cenovus Energy, Inc.192,130 $3,604,586 
Centerra Gold, Inc.95,117 430,918 
CES Energy Solutions Corp.(1)
52,900 99,891 
CGI, Inc.(2)
12,168 963,545 
China Gold International Resources Corp. Ltd.(1)
43,700 124,444 
Chorus Aviation, Inc.(1)(2)
12,046 25,773 
CI Financial Corp.13,110 143,742 
Cineplex, Inc.(1)(2)
2,300 15,779 
Cogeco Communications, Inc.2,300 140,818 
Cogeco, Inc.(1)
400 19,239 
Colliers International Group, Inc. (Toronto)2,900 337,816 
Computer Modelling Group Ltd.6,000 21,015 
Constellation Software, Inc.1,386 2,086,382 
Copper Mountain Mining Corp.(1)(2)
35,300 39,242 
Corus Entertainment, Inc., B Shares37,973 106,978 
Crescent Point Energy Corp.168,432 1,279,896 
Crew Energy, Inc.(2)
49,000 242,510 
Descartes Systems Group, Inc.(2)
3,100 218,382 
Dollarama, Inc.20,982 1,277,756 
Dorel Industries, Inc., Class B(1)
8,200 42,394 
DREAM Unlimited Corp., Class A3,222 69,158 
Dundee Precious Metals, Inc.41,236 187,758 
Eldorado Gold Corp. (Toronto)(2)
30,653 168,978 
Element Fleet Management Corp.62,933 792,562 
Emera, Inc.27,499 1,272,406 
Empire Co. Ltd., Class A26,193 746,092 
Enbridge, Inc.66,746 2,752,475 
Endeavour Mining PLC19,822 385,769 
Enerflex Ltd.(1)
21,246 106,606 
Enerplus Corp.63,964 985,747 
Enghouse Systems Ltd.(1)
5,435 132,673 
Ensign Energy Services, Inc.(2)
33,400 79,091 
EQB, Inc.4,200 168,403 
Equinox Gold Corp.(1)(2)
32,087 112,629 
ERO Copper Corp.(2)
7,643 72,511 
Evertz Technologies Ltd.2,936 33,085 
Exchange Income Corp.(1)
4,051 142,966 
Extendicare, Inc.(1)
18,746 102,626 
Fairfax Financial Holdings Ltd.2,512 1,252,299 
Fiera Capital Corp.(1)
6,753 46,945 
Finning International, Inc.31,710 683,286 
Firm Capital Mortgage Investment Corp.(1)
4,935 46,068 
First National Financial Corp.(1)
2,786 78,891 
First Quantum Minerals Ltd.109,742 1,941,907 
FirstService Corp.1,000 125,092 
Fortis, Inc.42,818 1,888,967 
Fortuna Silver Mines, Inc.(1)(2)
46,685 108,061 
Franco-Nevada Corp.6,292 756,468 
Freehold Royalties Ltd.(1)
32,275 352,399 
Frontera Energy Corp.(2)
24,368 205,765 
Galiano Gold, Inc.(1)(2)
36,800 17,653 
121


Avantis International Equity ETF
SharesValue
GCM Mining Corp.27,668 $68,888 
Gear Energy Ltd.54,000 50,984 
George Weston Ltd.7,512 858,817 
GFL Environmental, Inc.8,668 244,197 
Gibson Energy, Inc.17,885 337,586 
Gildan Activewear, Inc.40,508 1,197,952 
goeasy Ltd.2,735 249,604 
Great-West Lifeco, Inc.(1)
33,927 796,930 
Headwater Exploration, Inc.(2)
52,600 239,901 
Heroux-Devtek, Inc.(2)
4,400 43,787 
High Liner Foods, Inc.(1)
5,446 55,689 
HLS Therapeutics, Inc.88 754 
Home Capital Group, Inc.(1)
11,152 237,246 
Hudbay Minerals, Inc.78,485 346,605 
Hydro One Ltd.44,280 1,198,916 
i-80 Gold Corp.(2)
11,800 21,114 
iA Financial Corp., Inc.13,944 749,038 
IAMGOLD Corp.(1)(2)
82,625 98,771 
IBI Group, Inc.(2)
2,400 35,360 
IGM Financial, Inc.4,421 120,342 
Imperial Oil Ltd.(1)
23,550 1,155,848 
Intact Financial Corp.7,142 1,034,580 
Interfor Corp.(2)
34,985 860,673 
International Petroleum Corp.(1)(2)
1,380 13,586 
Ivanhoe Mines Ltd., Class A(2)
17,544 112,743 
Jamieson Wellness, Inc.(1)
3,000 83,900 
K-Bro Linen, Inc.(1)
1,200 27,913 
K92 Mining, Inc.(2)
7,700 39,692 
Karora Resources, Inc.(2)
34,900 76,000 
Kelt Exploration Ltd.(2)
47,272 226,399 
Keyera Corp.(1)
34,451 848,848 
Kinross Gold Corp.222,869 731,386 
Kiwetinohk Energy Corp.(2)
2,000 23,863 
Knight Therapeutics, Inc.(2)
20,346 88,303 
Labrador Iron Ore Royalty Corp.(1)
9,099 202,231 
Lassonde Industries, Inc., Class A(1)
400 34,720 
Laurentian Bank of Canada5,817 159,360 
LifeWorks, Inc.3,205 77,920 
Linamar Corp.9,296 439,478 
Loblaw Cos. Ltd.20,494 1,811,199 
Lundin Gold, Inc.12,846 85,780 
Lundin Mining Corp.(1)
127,407 662,573 
Magna International, Inc.28,261 1,632,590 
Major Drilling Group International, Inc.(2)
6,258 42,408 
Manulife Financial Corp.179,173 3,099,563 
Maple Leaf Foods, Inc.7,500 132,314 
Martinrea International, Inc.14,140 111,432 
MCAN Mortgage Corp.(1)
4,620 56,284 
MDA Ltd.(2)
2,800 15,883 
MEG Energy Corp.(2)
82,231 1,149,550 
Methanex Corp.13,780 498,067 
122


Avantis International Equity ETF
SharesValue
Metro, Inc.(1)
35,001 $1,840,994 
Morguard Corp.200 17,436 
MTY Food Group, Inc.1,461 65,321 
Mullen Group Ltd.15,714 168,225 
National Bank of Canada42,701 2,825,058 
Neo Performance Materials, Inc.1,800 19,832 
New Gold, Inc. (Toronto)(2)
203,910 131,971 
North American Construction Group Ltd.(1)
7,735 88,932 
North West Co., Inc.10,640 275,853 
Northland Power, Inc.44,165 1,511,903 
Novagold Resources, Inc.(2)
26,087 115,565 
Nutrien Ltd.35,330 3,243,414 
Nuvei Corp.(2)
2,394 73,259 
NuVista Energy Ltd.(2)
69,124 568,424 
Obsidian Energy Ltd.(2)
20,900 188,098 
OceanaGold Corp.(2)
246,089 363,508 
Onex Corp.13,069 646,310 
Open Text Corp.14,163 446,129 
Osisko Gold Royalties Ltd. (Toronto)14,023 135,708 
Osisko Mining, Inc.(2)
6,500 12,521 
Pan American Silver Corp.35,265 524,672 
Paramount Resources Ltd., A Shares11,250 256,463 
Parex Resources, Inc.52,800 844,655 
Parkland Corp.(1)
4,041 99,198 
Pason Systems, Inc.12,235 129,491 
Pembina Pipeline Corp.(1)
65,053 2,297,299 
Pet Valu Holdings Ltd.1,700 43,427 
Peyto Exploration & Development Corp.65,217 608,298 
Pine Cliff Energy Ltd.71,200 102,462 
Pipestone Energy Corp.(2)
23,900 88,805 
Pizza Pizza Royalty Corp.(1)
1,800 18,036 
Polaris Renewable Energy, Inc.(1)
5,700 83,676 
Power Corp. of Canada38,113 979,995 
PrairieSky Royalty Ltd.12,337 168,144 
Precision Drilling Corp.(1)(2)
3,189 196,000 
Primo Water Corp.2,635 34,609 
Quebecor, Inc., Class B(1)
22,474 485,466 
Real Matters, Inc.(2)
8,188 36,097 
Recipe UnLtd. Corp.(2)
1,658 24,832 
Resolute Forest Products, Inc.(2)
12,122 245,329 
Restaurant Brands International, Inc.10,063 594,042 
Richelieu Hardware Ltd.1,054 28,177 
Ritchie Bros Auctioneers, Inc.12,510 866,608 
Rogers Communications, Inc., Class B15,068 648,795 
Royal Bank of Canada67,885 6,312,708 
Russel Metals, Inc.12,378 267,663 
Sabina Gold & Silver Corp.(2)
28,165 22,732 
Sandstorm Gold Ltd.11,571 65,813 
Saputo, Inc.15,137 384,375 
Shaw Communications, Inc., B Shares36,681 940,660 
Shawcor Ltd.(2)
22,500 134,656 
123


Avantis International Equity ETF
SharesValue
Shopify, Inc., Class A(2)
19,036 $602,670 
Sierra Metals, Inc.(1)
5,095 2,289 
Silvercorp Metals, Inc.18,355 41,787 
Sleep Country Canada Holdings, Inc.7,786 157,101 
Softchoice Corp.5,200 72,733 
Spartan Delta Corp.(2)
46,196 466,058 
Spin Master Corp., VTG Shares(2)
5,900 207,096 
Sprott, Inc.2,300 86,984 
SSR Mining, Inc.(1)
52,785 712,588 
SSR Mining, Inc. (NASDAQ)34,666 467,644 
Stantec, Inc.9,879 468,845 
Stelco Holdings, Inc.9,800 265,268 
Stella-Jones, Inc.(1)
7,823 238,201 
STEP Energy Services Ltd.(2)
7,400 36,342 
StorageVault Canada, Inc.7,000 32,512 
Sun Life Financial, Inc.(1)
43,219 1,904,025 
Suncor Energy, Inc.(1)
183,862 5,948,374 
SunOpta, Inc.(1)(2)
12,400 123,306 
Surge Energy, Inc.22,000 168,851 
Tamarack Valley Energy Ltd.(1)
153,645 490,176 
Taseko Mines Ltd.(1)(2)
73,100 76,253 
TC Energy Corp.45,946 2,214,126 
Teck Resources Ltd., Class B87,757 2,972,118 
TELUS Corp.(1)
37,040 834,236 
TFI International, Inc.6,635 661,959 
Thomson Reuters Corp.5,754 633,604 
Tidewater Midstream and Infrastructure Ltd.58,530 53,924 
Timbercreek Financial Corp.(1)
17,146 105,616 
TMX Group Ltd.2,178 218,737 
Topaz Energy Corp.6,176 97,247 
Torex Gold Resources, Inc.(2)
19,816 147,109 
Toromont Industries Ltd.10,088 780,863 
Toronto-Dominion Bank82,682 5,319,071 
Total Energy Services, Inc.4,100 22,695 
Tourmaline Oil Corp.54,277 3,209,052 
TransAlta Corp.(1)
46,002 431,876 
TransAlta Renewables, Inc.(1)
4,535 60,013 
Transcontinental, Inc., Class A9,035 113,922 
TransGlobe Energy Corp.(1)
14,400 47,804 
Trican Well Service Ltd.(2)
49,819 131,627 
Tricon Residential, Inc. (Toronto)36,012 375,928 
Trisura Group Ltd.(1)(2)
3,700 97,983 
Turquoise Hill Resources Ltd.(2)
12,004 330,136 
Uni-Select, Inc.(2)
7,700 217,806 
Vermilion Energy, Inc.56,790 1,516,879 
VersaBank1,400 10,500 
Victoria Gold Corp.(2)
4,900 29,027 
Viemed Healthcare, Inc.(2)
5,446 32,551 
Wajax Corp.5,600 90,480 
Wesdome Gold Mines Ltd.(2)
30,225 176,745 
West Fraser Timber Co. Ltd.30,224 2,704,016 
124


Avantis International Equity ETF
SharesValue
Western Forest Products, Inc.81,042 $95,028 
Westshore Terminals Investment Corp.(1)
6,610 153,907 
Wheaton Precious Metals Corp.(1)
20,510 626,068 
Whitecap Resources, Inc.217,001 1,581,223 
WildBrain Ltd.(1)(2)
9,000 18,365 
Winpak Ltd.2,500 82,670 
WSP Global, Inc.5,717 681,287 
Yamana Gold, Inc.226,629 1,000,836 
170,981,968 
China
Fullshare Holdings Ltd.(1)(2)
100,000 1,552 
Truly International Holdings Ltd.374,000 81,932 
83,484 
Denmark — 2.3%
ALK-Abello A/S(2)
14,465 268,931 
Alm Brand A/S536,946 786,761 
AP Moller - Maersk A/S, A Shares416 971,821 
AP Moller - Maersk A/S, B Shares697 1,672,210 
Bang & Olufsen A/S(2)
24,799 42,957 
Bavarian Nordic A/S(2)
5,002 188,455 
Carlsberg A/S, B Shares3,959 514,077 
Chemometec A/S1,745 186,679 
Chr Hansen Holding A/S1,962 114,320 
Coloplast A/S, B Shares6,998 799,388 
D/S Norden A/S16,507 769,626 
Danske Andelskassers Bank A/S9,479 13,571 
Danske Bank A/S80,261 1,071,717 
Demant A/S(2)
4,308 132,705 
Dfds A/S8,763 303,225 
Drilling Co. of 1972 A/S(2)
5,076 240,873 
DSV A/S7,146 1,055,950 
FLSmidth & Co. A/S6,208 171,838 
Genmab A/S, ADR(2)
49,498 1,756,684 
GN Store Nord A/S4,760 134,625 
H Lundbeck A/S47,040 184,740 
H Lundbeck A/S, A Shares(2)
11,760 45,033 
H+H International A/S, B Shares(2)
4,897 78,702 
ISS A/S(2)
6,692 117,173 
Jyske Bank A/S(2)
7,385 369,655 
Nilfisk Holding A/S(2)
2,826 63,211 
NKT A/S(2)
3,517 179,533 
NNIT A/S(2)
133 1,202 
Novo Nordisk A/S, ADR115,211 12,223,887 
Novozymes A/S, B Shares24,954 1,432,200 
Orsted A/S20,414 1,992,457 
Pandora A/S16,305 979,549 
Per Aarsleff Holding A/S3,846 110,601 
Ringkjoebing Landbobank A/S6,495 693,472 
ROCKWOOL A/S, B Shares868 178,664 
Royal Unibrew A/S8,142 609,997 
Schouw & Co. A/S1,181 86,115 
125


Avantis International Equity ETF
SharesValue
SimCorp A/S6,205 $453,128 
Solar A/S, B Shares1,529 123,618 
Spar Nord Bank A/S13,853 156,851 
Sparekassen Sjaelland-Fyn A/S2,040 44,465 
Sydbank A/S9,044 261,334 
Topdanmark A/S6,575 344,793 
TORM PLC4,729 91,698 
Trifork Holding AG(1)
1,154 27,323 
Tryg A/S27,250 615,735 
Vestas Wind Systems A/S107,354 2,686,115 
35,347,664 
Finland — 1.0%
Aktia Bank Oyj8,317 85,840 
Alandsbanken Abp, B Shares230 6,950 
Anora Group Oyj660 5,378 
Atria Oyj267 2,619 
CapMan Oyj, B Shares6,695 18,583 
Cargotec Oyj, B Shares1,485 50,503 
Caverion OYJ8,415 41,166 
Citycon Oyj(2)
15,919 112,807 
Elisa Oyj9,124 487,936 
Finnair Oyj(1)(2)
78,370 32,122 
Fortum Oyj21,713 223,350 
Huhtamaki Oyj6,102 213,675 
Kemira Oyj19,081 229,674 
Kesko Oyj, B Shares61,279 1,289,164 
Kojamo Oyj17,923 300,076 
Kone Oyj, B Shares23,871 954,661 
Konecranes Oyj2,058 48,382 
Marimekko Oyj8,300 81,851 
Metsa Board Oyj59,746 513,648 
Metso Outotec Oyj33,984 265,794 
Musti Group Oyj(2)
1,325 26,198 
Neste Oyj18,429 909,228 
Nokia Oyj, ADR274,531 1,386,382 
Nokian Renkaat Oyj20,478 212,526 
Oma Saastopankki Oyj1,110 20,623 
Orion Oyj, Class B13,839 627,462 
Outokumpu Oyj77,026 308,871 
Puuilo Oyj(1)
10,225 48,768 
QT Group Oyj(1)(2)
326 16,528 
Revenio Group Oyj2,340 105,852 
Rovio Entertainment Oyj6,099 36,705 
Sampo Oyj, A Shares30,200 1,366,258 
Sanoma Oyj5,288 72,124 
Scanfil Oyj1,113 7,333 
Stora Enso Oyj, R Shares81,482 1,212,939 
Suominen Oyj(1)
1,851 5,382 
Taaleri Oyj3,323 32,434 
Talenom Oyj3,448 37,603 
TietoEVRY Oyj759 19,422 
126


Avantis International Equity ETF
SharesValue
Tokmanni Group Corp.9,938 $118,649 
UPM-Kymmene Oyj47,295 1,606,814 
Uponor Oyj10,543 157,979 
Valmet Oyj29,073 736,924 
Wartsila Oyj Abp36,200 298,478 
YIT Oyj23,118 75,648 
14,411,309 
France — 8.8%
ABC arbitrage5,497 38,836 
Accor SA(2)
13,536 322,849 
Aeroports de Paris(2)
2,721 372,587 
Air France-KLM(2)
101,348 147,957 
Air Liquide SA28,758 3,603,747 
Airbus SE33,050 3,238,672 
AKWEL1,895 34,259 
ALD SA(1)
26,666 290,243 
Alstom SA(1)
26,270 538,357 
Alten SA7,710 947,951 
Amundi SA3,977 201,649 
APERAM SA10,505 283,544 
ArcelorMittal SA(1)
102,504 2,418,069 
Arkema SA17,077 1,441,668 
Atos SE(2)
3,078 31,056 
Aubay553 27,073 
AXA SA177,511 4,180,672 
Believe SA(2)
1,680 13,844 
Beneteau SA5,548 59,148 
Bigben Interactive1,821 22,273 
BioMerieux16,303 1,490,904 
Biosynex1,048 15,397 
BNP Paribas SA77,400 3,596,793 
Bollore SE13,081 62,511 
Bonduelle SCA2,923 37,748 
Bouygues SA49,679 1,459,319 
Bureau Veritas SA38,005 943,281 
Caisse Regionale de Credit Agricole Mutuel Brie Picardie269 5,619 
Caisse Regionale de Credit Agricole Mutuel Nord de France123 2,164 
Capgemini SE6,621 1,143,963 
Carrefour SA128,475 2,144,310 
Casino Guichard Perrachon SA(1)(2)
817 10,587 
Catana Group7,681 47,472 
Cellectis SA, ADR(2)
48 159 
Chargeurs SA3,479 52,134 
Cie de Saint-Gobain83,200 3,351,108 
Cie des Alpes(2)
4,974 78,688 
Cie Generale des Etablissements Michelin SCA121,313 2,950,486 
Cie Plastic Omnium SA17,000 315,215 
Claranova SE(2)
434 1,383 
Coface SA(2)
23,635 236,338 
Credit Agricole SA90,553 833,420 
Danone SA23,837 1,254,310 
127


Avantis International Equity ETF
SharesValue
Dassault Aviation SA6,094 $836,887 
Dassault Systemes SE14,576 562,097 
Derichebourg SA33,022 185,765 
Edenred12,133 613,680 
Eiffage SA23,967 2,108,015 
Electricite de France SA52,326 625,622 
Elis SA4,189 53,569 
Engie SA219,939 2,612,237 
Eramet SA3,158 267,747 
Esker SA659 85,441 
EssilorLuxottica SA10,511 1,565,481 
Esso SA Francaise(2)
1,073 66,020 
Etablissements Maurel et Prom SA22,643 114,598 
Eurazeo SE10,042 599,709 
Euroapi SA(2)
2,655 41,389 
Eurobio Scientific SA(2)
3,806 70,175 
Eurofins Scientific SE14,945 1,034,018 
Euronext NV7,555 558,337 
Eutelsat Communications SA62,189 562,500 
Faurecia SE(2)
67,929 974,160 
FIGEAC-AERO(2)
98 580 
Fnac Darty SA1,627 54,778 
Focus Entertainment(2)
642 29,037 
Fountaine Pajot SA512 
Gaztransport Et Technigaz SA10,456 1,331,095 
Genfit(2)
10,161 43,021 
Getlink SE28,796 542,258 
Groupe LDLC10 273 
Groupe SFPI119 301 
Hermes International1,917 2,455,227 
ID Logistics Group(2)
699 195,569 
Imerys SA5,617 162,534 
Innate Pharma SA(1)(2)
12,029 32,147 
Ipsen SA13,631 1,306,356 
IPSOS1,571 71,372 
Jacquet Metals SACA2,585 40,930 
JCDecaux SA(2)
13,512 187,364 
Kaufman & Broad SA2,490 58,971 
Kering SA6,227 3,124,413 
L'Oreal SA7,592 2,607,428 
La Francaise des Jeux SAEM28,973 939,716 
Legrand SA11,212 811,241 
LISI2,849 60,334 
Lumibird(2)
68 1,408 
LVMH Moet Hennessy Louis Vuitton SE14,073 9,080,839 
Maisons du Monde SA(1)
9,602 91,907 
Manitou BF SA1,848 30,427 
McPhy Energy SA(1)(2)
2,028 25,719 
Mersen SA3,800 112,379 
Metropole Television SA7,347 90,693 
MGI Digital Graphic Technology(2)
376 13,070 
128


Avantis International Equity ETF
SharesValue
Nacon SA(1)(2)
4,588 $22,176 
Neoen SA5,514 227,754 
Nexans SA7,770 709,918 
Nexity SA8,366 187,322 
Novacyt SA(2)
33,332 39,617 
Orange SA, ADR(1)
355,461 3,586,601 
Orpea SA(1)(2)
2,494 54,261 
Pernod Ricard SA10,710 1,965,161 
Publicis Groupe SA8,981 438,500 
Quadient SA4,719 79,935 
Remy Cointreau SA1,940 359,798 
Renault SA(2)
53,678 1,528,909 
ReWorld Media SA(2)
8,722 55,299 
Rexel SA(2)
41,619 675,974 
Rubis SCA8,436 198,867 
Safran SA18,043 1,839,565 
Sanofi, ADR102,452 4,203,606 
Sartorius Stedim Biotech1,461 534,377 
Schneider Electric SE12,337 1,466,343 
SCOR SE32,969 545,580 
SEB SA4,193 310,555 
SES SA146,614 1,029,281 
SES-imagotag SA(2)
1,530 152,913 
SMCP SA(2)
8,367 45,821 
Societe BIC SA4,971 282,782 
Societe Generale SA109,829 2,421,225 
Sodexo SA3,662 280,069 
SOITEC(2)
2,190 309,307 
Solutions 30 SE(1)(2)
20,776 60,643 
Sopra Steria Group SACA1,362 188,004 
SPIE SA6,057 131,869 
STMicroelectronics NV, NY Shares151,927 5,302,252 
Sword Group534 21,424 
Technicolor SA(2)
12,860 39,977 
Technip Energies NV18,807 235,138 
Teleperformance8,213 2,339,121 
Television Francaise 113,708 86,933 
Thales SA18,298 2,206,021 
TotalEnergies SE, ADR207,239 10,467,642 
Trigano SA2,148 185,962 
Ubisoft Entertainment SA(2)
36,216 1,670,103 
Valeo74,847 1,429,705 
Vallourec SA(2)
45,182 470,353 
Veolia Environnement SA60,747 1,353,893 
Verallia SA18,552 425,327 
Vicat SA3,183 80,548 
Vilmorin & Cie SA1,210 51,993 
Vinci SA56,929 5,251,895 
Virbac SA696 258,031 
Vivendi SE117,031 1,060,822 
Wavestone362 16,859 
129


Avantis International Equity ETF
SharesValue
Worldline SA(2)
1,638 $70,176 
X-Fab Silicon Foundries SE(2)
16,819 104,428 
Xilam Animation SA(2)
155 5,882 
132,353,626 
Germany — 6.2%
1&1 AG1,516 24,366 
2G Energy AG451 10,728 
7C Solarparken AG20,776 111,820 
Aareal Bank AG(2)
8,072 257,834 
ABO Wind AG286 17,235 
Adesso SE643 77,911 
adidas AG13,962 2,070,329 
ADLER Group SA(2)
6,494 18,215 
Allianz SE21,900 3,701,897 
Amadeus Fire AG678 67,637 
Aroundtown SA167,530 488,616 
Atoss Software AG790 104,797 
Aumann AG1,364 20,957 
AURELIUS Equity Opportunities SE & Co. KGaA7,906 183,582 
Aurubis AG10,874 658,382 
Baader Bank AG2,534 9,494 
BASF SE75,308 3,185,442 
Basler AG222 
Bauer AG(2)
2,186 19,187 
Bayer AG44,367 2,346,481 
Bayerische Motoren Werke AG34,922 2,573,006 
Bayerische Motoren Werke AG, Preference Shares4,575 318,073 
BayWa AG2,633 113,911 
Bechtle AG4,935 189,058 
Beiersdorf AG10,453 1,055,126 
Bertrandt AG464 15,837 
Bilfinger SE3,404 101,069 
Borussia Dortmund GmbH & Co. KGaA(2)
5,456 21,376 
Brenntag SE11,690 766,484 
CANCOM SE3,189 89,308 
Carl Zeiss Meditec AG2,825 351,597 
CECONOMY AG33,307 48,189 
Cewe Stiftung & Co. KGAA1,242 98,207 
Cliq Digital AG1,221 31,960 
Commerzbank AG(2)
208,120 1,384,815 
CompuGroup Medical SE & Co. KgaA3,719 139,872 
Continental AG4,994 287,526 
Covestro AG46,674 1,407,311 
CropEnergies AG6,201 101,589 
CTS Eventim AG & Co. KGaA(2)
11,356 610,541 
Daimler Truck Holding AG(2)
67,080 1,715,158 
Datagroup SE578 37,945 
Delivery Hero SE(2)
2,650 109,978 
Dermapharm Holding SE128 5,937 
Deutsche Bank AG215,752 1,792,899 
Deutsche Beteiligungs AG3,029 84,716 
130


Avantis International Equity ETF
SharesValue
Deutsche Boerse AG18,889 $3,193,648 
Deutsche Lufthansa AG(1)(2)
143,154 851,092 
Deutsche Pfandbriefbank AG28,558 246,460 
Deutsche Post AG84,312 3,077,315 
Deutsche Rohstoff AG1,280 34,894 
Deutsche Telekom AG214,386 4,040,582 
Deutz AG29,067 109,458 
DIC Asset AG4,477 45,829 
Draegerwerk AG & Co. KGaA502 20,292 
Draegerwerk AG & Co. KGaA, Preference Shares2,646 125,190 
Duerr AG9,844 216,832 
E.ON SE169,988 1,449,928 
Eckert & Ziegler Strahlen- und Medizintechnik AG1,537 60,567 
Einhell Germany AG, Preference Shares58 8,248 
Elmos Semiconductor SE1,403 59,518 
ElringKlinger AG6,440 45,198 
Encavis AG33,924 725,001 
Energiekontor AG1,216 106,818 
Envitec Biogas AG183 9,916 
Evonik Industries AG34,799 648,831 
Evotec SE(2)
1,344 29,546 
Fielmann AG2,048 76,107 
flatexDEGIRO AG(2)
16,472 158,511 
Fraport AG Frankfurt Airport Services Worldwide(2)
1,701 73,549 
Freenet AG24,611 536,427 
Fresenius Medical Care AG & Co. KGaA, ADR13,329 227,926 
Fresenius SE & Co. KGaA11,089 274,323 
FUCHS PETROLUB SE, Preference Shares6,898 186,685 
GEA Group AG28,819 1,002,521 
Gerresheimer AG6,702 350,575 
GFT Technologies SE2,706 89,955 
Grand City Properties SA15,745 186,806 
GRENKE AG5,644 135,704 
Hamburger Hafen und Logistik AG7,308 89,377 
Hannover Rueck SE3,697 544,886 
HeidelbergCement AG23,296 1,051,988 
Heidelberger Druckmaschinen AG(2)
55,945 81,584 
HelloFresh SE(2)
50,398 1,203,301 
Henkel AG & Co. KGaA2,144 134,084 
Henkel AG & Co. KGaA, Preference Shares5,615 362,356 
Hensoldt AG2,635 58,598 
HOCHTIEF AG2,939 145,106 
Hornbach Holding AG & Co. KGaA1,507 106,298 
HUGO BOSS AG24,672 1,344,678 
Hypoport SE(2)
257 50,186 
Indus Holding AG3,842 85,767 
Infineon Technologies AG82,216 2,011,732 
Instone Real Estate Group SE11,568 102,401 
Jenoptik AG5,068 107,250 
JOST Werke AG3,780 140,092 
Jungheinrich AG, Preference Shares9,461 230,978 
131


Avantis International Equity ETF
SharesValue
K+S AG42,438 $966,805 
KION Group AG7,460 298,078 
Kloeckner & Co. SE16,800 151,610 
Knorr-Bremse AG14,640 709,526 
Koenig & Bauer AG(2)
2,590 30,192 
Kontron AG12,365 188,123 
Krones AG2,792 229,933 
KSB SE & Co. KGaA17 6,560 
KSB SE & Co. KGaA, Preference Shares67 20,704 
KWS Saat SE & Co. KGaA1,413 85,976 
Lang & Schwarz AG1,638 23,339 
Lanxess AG18,241 615,479 
LEG Immobilien SE11,024 833,125 
Leoni AG(2)
7,189 50,385 
MBB SE132 12,785 
Medios AG(2)
1,294 31,718 
Mercedes-Benz Group AG61,129 3,427,239 
Merck KGaA5,505 945,649 
METRO AG(2)
9,856 78,465 
MLP SE5,074 28,023 
MorphoSys AG(2)
1,781 31,029 
MPH Health Care AG(2)
17 285 
MTU Aero Engines AG8,439 1,488,322 
Muenchener Rueckversicherungs-Gesellschaft AG11,549 2,759,296 
Mutares SE & Co. KGaA2,739 44,207 
Nabaltec AG291 7,953 
Nagarro SE(2)
1,730 173,850 
Nemetschek SE6,129 361,060 
New Work SE663 79,033 
Nordex SE(2)
1,802 17,327 
Norma Group SE4,199 66,024 
Patrizia SE1,333 16,854 
Pfeiffer Vacuum Technology AG154 20,324 
Porsche Automobil Holding SE, Preference Shares16,225 1,144,017 
ProSiebenSat.1 Media SE13,178 101,865 
Puma SE6,056 370,164 
PVA TePla AG(2)
3,677 61,762 
QIAGEN NV(2)
20,134 914,688 
Rational AG334 180,147 
Rheinmetall AG9,743 1,546,652 
RTL Group SA593 22,033 
RWE AG97,653 3,728,137 
SAF-Holland SE8,108 64,521 
Salzgitter AG6,881 169,166 
SAP SE, ADR24,681 2,103,315 
Sartorius AG, Preference Shares2,363 984,485 
Schaeffler AG, Preference Shares28,279 147,331 
Scout24 SE4,541 261,621 
Secunet Security Networks AG211 45,913 
SGL Carbon SE(2)
12,264 83,347 
Siemens AG27,557 2,791,362 
132


Avantis International Equity ETF
SharesValue
Siemens Energy AG(2)
38,926 $572,574 
Siemens Healthineers AG18,389 898,599 
Siltronic AG3,112 213,257 
Sixt SE1,906 186,383 
Sixt SE, Preference Shares2,216 132,451 
SMA Solar Technology AG(2)
134 6,742 
Software AG298 8,106 
Stabilus SA4,968 254,106 
Steico SE1,178 90,554 
STO SE & Co. KGaA, Preference Shares497 77,735 
STRATEC SE1,501 127,939 
Stroeer SE & Co. KGaA3,977 169,015 
Suedzucker AG10,333 141,698 
SUESS MicroTec SE3,511 43,479 
Symrise AG10,407 1,088,928 
TAG Immobilien AG30,520 281,562 
TeamViewer AG(2)
24,430 244,470 
Technotrans SE448 12,162 
Telefonica Deutschland Holding AG472,423 1,226,383 
ThyssenKrupp AG(2)
126,700 706,716 
Uniper SE3,325 17,991 
United Internet AG11,304 255,703 
Varta AG2,459 172,516 
VERBIO Vereinigte BioEnergie AG3,962 254,292 
Villeroy & Boch AG, Preference Shares748 14,121 
Vitesco Technologies Group AG, Class A(2)
2,779 135,714 
Volkswagen AG1,703 315,005 
Volkswagen AG, Preference Shares13,068 1,858,781 
Vonovia SE65,618 1,776,379 
Vossloh AG720 24,618 
Wacker Chemie AG2,956 420,396 
Wacker Neuson SE6,179 102,298 
Washtec AG1,313 52,657 
Wuestenrot & Wuerttembergische AG2,845 46,330 
Zalando SE(2)
9,249 214,141 
93,745,139 
Hong Kong — 2.6%
AIA Group Ltd.719,464 6,922,133 
ASMPT Ltd.83,200 644,418 
Atlas Corp.(1)
30,546 438,335 
Bank of East Asia Ltd.418,411 527,157 
BOC Hong Kong Holdings Ltd.455,500 1,567,740 
Bossini International Holdings Ltd.(2)
40,000 2,358 
Bright Smart Securities & Commodities Group Ltd.8,000 1,281 
Budweiser Brewing Co. APAC Ltd.64,100 188,418 
Cafe de Coral Holdings Ltd.54,000 77,311 
China Tonghai International Financial Ltd.(2)
20,000 429 
Chow Sang Sang Holdings International Ltd.81,000 91,192 
Chow Tai Fook Jewellery Group Ltd.53,800 108,284 
Chuang's Consortium International Ltd.4,000 535 
Citychamp Watch & Jewellery Group Ltd.(2)
156,000 24,046 
133


Avantis International Equity ETF
SharesValue
CK Asset Holdings Ltd.256,186 $1,729,195 
CK Hutchison Holdings Ltd.115,000 742,630 
CK Infrastructure Holdings Ltd.69,000 419,590 
CLP Holdings Ltd.226,500 1,951,590 
CMBC Capital Holdings Ltd.(1)
73,000 15,782 
Cowell e Holdings, Inc.(1)(2)
60,000 121,620 
Dah Sing Banking Group Ltd.49,200 38,205 
Dah Sing Financial Holdings Ltd.28,400 75,609 
DFI Retail Group Holdings Ltd.18,700 50,772 
Dickson Concepts International Ltd.15,500 7,363 
E-Commodities Holdings Ltd.518,000 115,689 
EC Healthcare57,000 40,055 
Esprit Holdings Ltd.(1)(2)
152,500 18,946 
ESR Group Ltd.(2)
36,000 100,804 
Far East Consortium International Ltd.17,000 5,388 
First Pacific Co. Ltd.254,000 97,951 
Fosun Tourism Group(1)(2)
28,000 39,084 
FSE Lifestyle Services Ltd.3,000 1,913 
Futu Holdings Ltd., ADR(1)(2)
4,006 196,655 
Galaxy Entertainment Group Ltd.53,000 296,253 
Giordano International Ltd.250,000 58,173 
Green Future Food Hydrocolloid Marine Science Co. Ltd.(2)
96,000 42,839 
Guotai Junan International Holdings Ltd.520,000 52,172 
Haitong International Securities Group Ltd.(1)
470,800 52,088 
Hang Lung Group Ltd.165,000 279,073 
Hang Lung Properties Ltd.436,000 725,072 
Hang Seng Bank Ltd.53,300 834,498 
Henderson Land Development Co. Ltd.184,000 615,502 
HK Electric Investments & HK Electric Investments Ltd.250,000 208,591 
HKT Trust & HKT Ltd.190,000 254,900 
Hong Kong & China Gas Co. Ltd.514,990 507,719 
Hong Kong Exchanges & Clearing Ltd.58,188 2,344,658 
Hong Kong Technology Venture Co. Ltd.(1)
39,000 29,486 
Hongkong & Shanghai Hotels Ltd.(2)
20,000 17,917 
Hongkong Land Holdings Ltd.200,200 967,785 
Hysan Development Co. Ltd.112,000 315,643 
IGG, Inc.137,000 58,896 
International Housewares Retail Co. Ltd.24,000 8,860 
IRC Ltd.(1)(2)
1,018,000 17,464 
Jardine Matheson Holdings Ltd.12,100 641,683 
JBM Healthcare Ltd.(2)
1,000 102 
Johnson Electric Holdings Ltd.64,500 76,179 
K Wah International Holdings Ltd.171,000 64,489 
Karrie International Holdings Ltd.96,000 16,843 
Kerry Logistics Network Ltd.9,566 21,031 
Kerry Properties Ltd.160,500 370,039 
Kwoon Chung Bus Holdings Ltd.(2)
4,000 947 
Lifestyle International Holdings Ltd.(2)
18,000 10,535 
LK Technology Holdings Ltd.(1)
82,250 120,205 
Luk Fook Holdings International Ltd.81,000 207,058 
Man Wah Holdings Ltd.172,400 136,239 
134


Avantis International Equity ETF
SharesValue
Melco Resorts & Entertainment Ltd., ADR(2)
12,986 $74,799 
Modern Dental Group Ltd.48,000 13,674 
MTR Corp. Ltd.70,286 359,957 
Multifield International Holdings Ltd.6,400 774 
New World Development Co. Ltd.436,750 1,423,185 
NWS Holdings Ltd.251,000 241,463 
Oriental Watch Holdings122,000 69,667 
Pacific Basin Shipping Ltd.2,155,000 764,874 
Pacific Textiles Holdings Ltd.190,000 71,352 
Paliburg Holdings Ltd.(2)
4,000 952 
PAX Global Technology Ltd.82,000 78,379 
PC Partner Group Ltd.(1)
54,000 51,338 
PCCW Ltd.326,357 163,377 
Perfect Medical Health Management Ltd.64,000 32,727 
Power Assets Holdings Ltd.141,000 843,350 
Sa Sa International Holdings Ltd.(2)
194,000 31,547 
Sands China Ltd.(2)
60,800 135,955 
SAS Dragon Holdings Ltd.4,000 1,936 
Shangri-La Asia Ltd.(2)
40,000 31,908 
Shun Tak Holdings Ltd.(2)
104,000 17,319 
Singamas Container Holdings Ltd.614,000 56,877 
Sino Land Co. Ltd.818,094 1,196,319 
SITC International Holdings Co. Ltd.270,000 684,674 
SJM Holdings Ltd.(1)(2)
108,000 37,660 
SmarTone Telecommunications Holdings Ltd.36,500 19,533 
Solargiga Energy Holdings Ltd.(2)
355,000 13,941 
Stella International Holdings Ltd.30,000 34,996 
Sun Hung Kai & Co. Ltd.33,000 15,209 
Sun Hung Kai Properties Ltd.59,500 699,019 
SUNeVision Holdings Ltd.107,000 70,101 
Swire Pacific Ltd., Class A145,500 1,006,391 
Swire Properties Ltd.159,000 366,451 
Symphony Holdings Ltd.10,000 1,260 
Techtronic Industries Co. Ltd.49,000 577,917 
Ten Pao Group Holdings Ltd.68,000 12,436 
Texhong Textile Group Ltd.52,500 49,326 
Texwinca Holdings Ltd.26,000 4,622 
Theme International Holdings Ltd.(1)(2)
620,000 73,301 
Time Interconnect Technology Ltd.(1)
184,000 53,248 
United Energy Group Ltd.2,374,000 292,939 
United Laboratories International Holdings Ltd.176,000 85,199 
Upbest Group Ltd.6,000 531 
Value Partners Group Ltd.(1)
204,000 59,834 
Vitasoy International Holdings Ltd.(2)
62,000 97,093 
VSTECS Holdings Ltd.144,000 95,201 
VTech Holdings Ltd.29,000 197,212 
WH Group Ltd.2,020,478 1,376,598 
Wharf Real Estate Investment Co. Ltd.111,000 505,071 
Wynn Macau Ltd.(1)(2)
48,800 29,340 
Xinyi Electric Storage Holdings Ltd.(2)
52,800 39,163 
Xinyi Glass Holdings Ltd.409,000 755,378 
135


Avantis International Equity ETF
SharesValue
Yue Yuen Industrial Holdings Ltd.139,500 $207,998 
Zensun Enterprises Ltd.(2)
25,000 7,893 
38,846,681 
Ireland — 0.5%
AIB Group PLC(1)
124,050 281,398 
Bank of Ireland Group PLC212,309 1,308,152 
Cairn Homes PLC92,984 92,737 
CRH PLC53,807 1,986,963 
Dalata Hotel Group PLC(2)
37,001 129,602 
FBD Holdings PLC1,492 15,225 
Glanbia PLC63,158 803,754 
Glenveagh Properties PLC(2)
145,981 148,583 
Kerry Group PLC, A Shares9,433 972,747 
Kingspan Group PLC4,634 262,372 
Origin Enterprises PLC27,398 102,706 
Permanent TSB Group Holdings PLC(2)
426 653 
Smurfit Kappa Group PLC48,775 1,635,405 
Uniphar PLC(2)
32,134 109,693 
7,849,990 
Israel — 1.1%
Adgar Investment and Development Ltd.1,776 3,907 
AFI Properties Ltd.610 30,147 
Airport City Ltd.(2)
6,471 135,417 
Alony Hetz Properties & Investments Ltd.10,272 165,653 
Altshuler Shaham Penn Ltd.9,392 28,741 
Amot Investments Ltd.10,164 72,641 
Arad Investment & Industrial Development Ltd.146 20,582 
Arad Ltd.793 11,597 
Ashtrom Group Ltd.3,049 77,601 
AudioCodes Ltd.1,060 23,585 
Azorim-Investment Development & Construction Co. Ltd.10,263 41,953 
Azrieli Group Ltd.1,582 131,237 
Bank Hapoalim BM128,808 1,335,410 
Bank Leumi Le-Israel BM116,307 1,229,507 
Bezeq The Israeli Telecommunication Corp. Ltd.351,303 592,265 
Big Shopping Centers Ltd.574 82,075 
Blue Square Real Estate Ltd.749 64,733 
Caesarstone Ltd.3,402 34,666 
Camtek Ltd.(2)
4,223 113,330 
Carasso Motors Ltd.1,574 9,977 
Cellcom Israel Ltd.(2)
14,231 89,026 
Ceragon Networks Ltd.(1)(2)
817 1,806 
Check Point Software Technologies Ltd.(2)
5,978 718,795 
Clal Insurance Enterprises Holdings Ltd.(2)
10,976 237,009 
Cognyte Software Ltd.(2)
9,975 52,070 
CyberArk Software Ltd.(2)
901 129,996 
Danel Adir Yeoshua Ltd.474 57,898 
Delek Automotive Systems Ltd.6,943 107,066 
Delek Group Ltd.(2)
1,498 260,182 
Delta Galil Industries Ltd.1,972 104,617 
Elbit Systems Ltd.1,295 276,465 
136


Avantis International Equity ETF
SharesValue
Elco Ltd.589 $41,389 
Electra Consumer Products 1970 Ltd.1,594 73,692 
Electra Ltd.168 106,633 
Equital Ltd.(2)
2,203 81,822 
Fattal Holdings 1998 Ltd.(2)
775 95,433 
FIBI Holdings Ltd.2,134 112,172 
First International Bank of Israel Ltd.6,306 293,455 
Formula Systems 1985 Ltd.165 16,389 
Fox Wizel Ltd.923 133,981 
Gav-Yam Lands Corp. Ltd.4,677 47,617 
Gazit-Globe Ltd.7,325 47,680 
Gilat Satellite Networks Ltd.(2)
3,128 20,328 
Hagag Group Real Estate Development(2)
921 6,390 
Harel Insurance Investments & Financial Services Ltd.20,663 234,938 
Hilan Ltd.1,433 87,192 
ICL Group Ltd.52,490 501,210 
IDI Insurance Co. Ltd.759 24,772 
Ilex Medical Ltd.429 10,157 
Infinya Ltd.146 14,812 
Inmode Ltd.(2)
3,377 107,861 
Inrom Construction Industries Ltd.17,244 80,368 
Isracard Ltd.42,940 142,936 
Israel Corp. Ltd.(2)
371 179,325 
Israel Discount Bank Ltd., A Shares199,817 1,221,611 
Israel Land Development - Urban Renewal Ltd.1,768 31,507 
Isras Investment Co. Ltd.161 38,562 
Ituran Location and Control Ltd.2,962 73,635 
Kamada Ltd.(2)
543 2,692 
Kenon Holdings Ltd.1,670 67,843 
M Yochananof & Sons Ltd.742 46,674 
Magic Software Enterprises Ltd.2,798 48,044 
Malam - Team Ltd.872 20,907 
Matrix IT Ltd.2,263 59,389 
Maytronics Ltd.1,809 25,987 
Mediterranean Towers Ltd.6,613 21,425 
Mega Or Holdings Ltd.1,423 49,218 
Melisron Ltd.1,050 85,746 
Menora Mivtachim Holdings Ltd.(2)
3,436 79,144 
Migdal Insurance & Financial Holdings Ltd.41,156 68,000 
Mivne Real Estate KD Ltd.43,225 158,639 
Mizrahi Tefahot Bank Ltd.10,231 416,090 
Nano Dimension Ltd., ADR(1)(2)
13,394 39,780 
Naphtha Israel Petroleum Corp. Ltd.(2)
1,311 7,893 
Nawi Brothers Ltd.1,423 12,573 
Neto Malinda Trading Ltd.(2)
518 20,060 
Nice Ltd., ADR(1)(2)
2,084 444,663 
Norstar Holdings, Inc.4,992 47,947 
Nova Ltd.(2)
1,909 187,329 
Oil Refineries Ltd.342,881 147,232 
One Software Technologies Ltd.4,313 79,514 
OPC Energy Ltd.(2)
— 
137


Avantis International Equity ETF
SharesValue
Partner Communications Co. Ltd.(2)
34,501 $298,404 
Paz Oil Co. Ltd.(2)
2,369 310,570 
Perion Network Ltd.(2)
5,009 101,910 
Phoenix Holdings Ltd.23,029 277,792 
Prashkovsky Investments and Construction Ltd.500 16,714 
Radware Ltd.(2)
1,044 22,404 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.1,156 89,464 
Raval Ics Ltd.1,209 1,690 
Sapiens International Corp. NV1,050 23,608 
Scope Metals Group Ltd.1,450 72,686 
Shapir Engineering and Industry Ltd.10,541 100,690 
Shikun & Binui Ltd.(2)
11,988 54,202 
Shufersal Ltd.103,288 707,383 
Silicom Ltd.(2)
230 9,287 
Strauss Group Ltd.3,660 95,711 
Summit Real Estate Holdings Ltd.3,162 59,613 
Tamar Petroleum Ltd.11,193 36,197 
Taro Pharmaceutical Industries Ltd.(2)
711 23,932 
Tel Aviv Stock Exchange Ltd.8,957 42,595 
Tera Light Ltd.(2)
1,179 2,253 
Teva Pharmaceutical Industries Ltd., ADR(2)
45,177 408,400 
Tower Semiconductor Ltd.(2)
9,975 467,565 
Victory Supermarket Chain Ltd.(2)
392 6,093 
Wix.com Ltd.(2)
1,032 65,315 
YH Dimri Construction & Development Ltd.818 64,848 
ZIM Integrated Shipping Services Ltd.(1)
18,621 672,032 
ZUR Shamir Holdings Ltd.917 3,585 
16,237,558 
Italy — 2.0%
A2A SpA325,731 364,995 
ACEA SpA10,837 129,770 
Amplifon SpA11,893 309,943 
Aquafil SpA3,718 22,734 
Arnoldo Mondadori Editore SpA34,065 55,614 
Ascopiave SpA16,797 43,509 
Assicurazioni Generali SpA66,664 977,744 
Atlantia SpA52,992 1,213,435 
Autogrill SpA(2)
19,777 129,713 
Avio SpA(1)
486 6,702 
Azimut Holding SpA30,969 493,338 
Banca Generali SpA10,388 274,611 
Banca IFIS SpA7,262 86,713 
Banca Mediolanum SpA28,932 184,360 
Banca Popolare di Sondrio SCPA116,760 373,899 
Banco BPM SpA356,680 885,577 
Banco di Desio e della Brianza SpA(1)
1,492 4,555 
BFF Bank SpA32,161 203,578 
Biesse SpA2,461 31,247 
BPER Banca185,711 279,244 
Brembo SpA19,714 180,799 
Brunello Cucinelli SpA6,919 358,347 
138


Avantis International Equity ETF
SharesValue
Buzzi Unicem SpA8,576 $143,440 
Cairo Communication SpA8,514 13,234 
Carel Industries SpA3,267 70,014 
Cementir Holding NV4,280 24,791 
CIR SpA-Compagnie Industriali(2)
75,799 31,814 
CNH Industrial NV117,925 1,435,745 
Credito Emiliano SpA13,483 77,948 
d'Amico International Shipping SA(2)
528,777 127,008 
Danieli & C Officine Meccaniche SpA2,036 37,426 
Danieli & C Officine Meccaniche SpA, Preference Shares7,286 92,588 
Davide Campari-Milano NV4,788 46,974 
De' Longhi SpA513 8,960 
DiaSorin SpA963 126,330 
Digital Bros SpA(1)
1,147 28,289 
Digital Value SpA(2)
772 51,490 
doValue SpA10,061 57,629 
Enav SpA(2)
36,812 152,185 
Enel SpA303,870 1,427,907 
Eni SpA, ADR(1)
99,990 2,361,764 
ERG SpA9,964 315,786 
Esprinet SpA2,865 19,488 
Ferrari NV5,193 1,002,469 
Fila SpA2,851 21,512 
Fincantieri SpA(1)(2)
120,808 60,564 
FinecoBank Banca Fineco SpA82,872 896,036 
Gruppo MutuiOnline SpA711 17,544 
Hera SpA(1)
241,038 603,769 
Infrastrutture Wireless Italiane SpA3,592 33,290 
Intek Group SpA(2)
23,351 13,263 
Interpump Group SpA1,856 65,500 
Intesa Sanpaolo SpA967,908 1,666,244 
Iren SpA238,529 359,456 
Italgas SpA160,687 826,523 
Iveco Group NV(2)
58,910 297,873 
Juventus Football Club SpA(1)(2)
47,074 17,024 
Leonardo SpA93,353 763,982 
Maire Tecnimont SpA(1)
27,880 70,754 
MARR SpA4,760 55,900 
Mediobanca Banca di Credito Finanziario SpA42,382 335,491 
MFE-MediaForEurope NV, Class A(2)
209,805 88,999 
MFE-MediaForEurope NV, Class B(2)
43,310 25,194 
Moncler SpA14,538 646,821 
Nexi SpA(2)
13,406 109,989 
OVS SpA78,160 118,185 
Pharmanutra SpA424 28,737 
Piaggio & C SpA14,394 35,161 
Poste Italiane SpA64,004 511,519 
Prysmian SpA16,073 493,164 
RAI Way SpA19,720 95,384 
Recordati Industria Chimica e Farmaceutica SpA7,622 310,977 
Reply SpA1,488 175,165 
139


Avantis International Equity ETF
SharesValue
Safilo Group SpA(2)
13,716 $19,215 
Saipem SpA(1)(2)
135,168 94,823 
Salvatore Ferragamo SpA(1)
9,920 159,555 
Sanlorenzo SpA/Ameglia1,000 31,418 
Saras SpA(2)
226,969 274,921 
Sesa SpA1,467 179,320 
Snam SpA215,447 1,023,999 
SOL SpA2,502 44,691 
Stellantis NV165,698 2,207,185 
Technogym SpA16,948 116,218 
Telecom Italia SpA/Milano(2)
743,208 153,293 
Tenaris SA, ADR6,871 187,716 
Terna - Rete Elettrica Nazionale110,963 788,859 
Tinexta Spa922 20,392 
Tod's SpA(2)
1,049 42,387 
UniCredit SpA194,532 1,903,668 
Unieuro SpA(1)
3,508 39,889 
Unipol Gruppo SpA52,115 218,236 
Webuild SpA(1)
86,058 120,858 
Zignago Vetro SpA2,366 26,931 
30,661,300 
Japan — 21.1%
77 Bank Ltd.11,800 150,526 
A&D HOLON Holdings Co. Ltd.4,300 29,440 
ABC-Mart, Inc.(1)
700 28,159 
Acom Co. Ltd.24,300 57,792 
Adastria Co. Ltd.(1)
1,200 17,372 
ADEKA Corp.11,700 197,430 
Advantest Corp.13,300 753,250 
Adventure, Inc.600 45,655 
Adways, Inc.7,600 40,740 
Aeon Co. Ltd.(1)
26,200 511,050 
Aeon Delight Co. Ltd.(1)
3,100 63,369 
Aeon Fantasy Co. Ltd.(1)
2,400 61,556 
AEON Financial Service Co. Ltd.(1)
28,900 296,814 
Aeon Mall Co. Ltd.(1)
19,200 229,005 
AFC-HD AMS Life Science Co. Ltd.2,500 13,846 
AGC, Inc.47,400 1,608,706 
Ai Holdings Corp.3,600 55,064 
Aichi Bank Ltd.1,700 70,706 
Aichi Steel Corp.1,300 19,278 
Aida Engineering Ltd.3,300 20,333 
Aiful Corp.51,800 146,146 
Ain Holdings, Inc.4,600 262,903 
Air Water, Inc.28,200 352,783 
Airport Facilities Co. Ltd.1,300 5,206 
Airtrip Corp.(1)
800 15,040 
Aisan Industry Co. Ltd.6,000 31,422 
Aisin Corp.16,800 499,542 
Aizawa Securities Group Co. Ltd.300 1,392 
Ajinomoto Co., Inc.52,200 1,442,800 
140


Avantis International Equity ETF
SharesValue
Akatsuki, Inc.1,900 $32,296 
Akebono Brake Industry Co. Ltd.(2)
15,900 19,369 
Alconix Corp.4,500 45,775 
Alfresa Holdings Corp.(1)
22,400 268,048 
Alpen Co. Ltd.(1)
3,500 52,681 
Alps Alpine Co. Ltd.(1)
44,100 394,511 
Altech Corp.1,500 20,102 
Amada Co. Ltd.49,500 387,311 
Amano Corp.9,500 175,738 
ANA Holdings, Inc.(2)
5,000 96,132 
Anritsu Corp.21,100 248,722 
AOKI Holdings, Inc.7,300 36,905 
Aoyama Trading Co. Ltd.13,000 86,251 
Aozora Bank Ltd.23,400 451,677 
Arakawa Chemical Industries Ltd.(1)
3,500 25,721 
Arata Corp.10,500 311,108 
Arcland Sakamoto Co. Ltd.(1)
8,500 91,144 
Arcland Service Holdings Co. Ltd.(1)
3,200 47,611 
Arcs Co. Ltd.(1)
7,400 108,203 
Arealink Co. Ltd.100 1,367 
Argo Graphics, Inc.4,100 114,102 
Arisawa Manufacturing Co. Ltd.6,100 58,219 
ARTERIA Networks Corp.5,700 53,302 
ArtSpark Holdings, Inc.6,300 42,137 
AS One Corp.600 27,518 
Asahi Diamond Industrial Co. Ltd.12,200 68,074 
Asahi Group Holdings Ltd.13,100 439,220 
Asahi Holdings, Inc.(1)
5,400 80,487 
Asahi Intecc Co. Ltd.2,500 44,469 
Asahi Kasei Corp.181,800 1,328,556 
ASAHI YUKIZAI Corp.4,100 67,480 
Asanuma Corp.2,000 40,526 
Asia Pile Holdings Corp.6,000 21,700 
Asics Corp.24,700 451,618 
ASKA Pharmaceutical Holdings Co. Ltd.3,500 29,739 
ASKUL Corp.4,200 55,485 
Astellas Pharma, Inc.77,900 1,104,449 
Astena Holdings Co. Ltd.6,000 19,260 
Aucnet, Inc.(1)
3,500 54,280 
Autobacs Seven Co. Ltd.8,300 85,080 
Avant Corp.1,700 18,387 
Awa Bank Ltd.(1)
5,100 69,519 
Axial Retailing, Inc.3,200 79,868 
Azbil Corp.2,500 71,233 
Bandai Namco Holdings, Inc.15,400 1,155,564 
Bando Chemical Industries Ltd.2,900 21,017 
Bank of Iwate Ltd.(1)
1,100 14,732 
Bank of Kyoto Ltd.4,300 167,601 
Bank of Nagoya Ltd.2,100 46,708 
Bank of Saga Ltd.200 2,155 
Bank of the Ryukyus Ltd.(1)
5,400 30,084 
141


Avantis International Equity ETF
SharesValue
BayCurrent Consulting, Inc.1,100 $323,257 
Belc Co. Ltd.2,600 104,238 
Bell System24 Holdings, Inc.(1)
2,900 30,926 
Belluna Co. Ltd.9,800 51,935 
Benefit One, Inc.5,900 87,342 
Benesse Holdings, Inc.12,500 196,472 
Bic Camera, Inc.(1)
26,900 220,198 
BIPROGY Inc12,300 272,403 
BML, Inc.6,400 163,774 
Bourbon Corp.200 3,070 
Bridgestone Corp.50,400 1,934,059 
Brother Industries Ltd.39,200 750,190 
Bunka Shutter Co. Ltd.8,400 64,423 
C Uyemura & Co. Ltd.2,600 121,677 
Calbee, Inc.6,600 130,968 
Canon Electronics, Inc.1,400 16,321 
Canon Marketing Japan, Inc.4,700 106,581 
Canon, Inc., ADR(1)
59,437 1,419,356 
Capcom Co. Ltd.24,700 674,179 
Carenet, Inc.3,600 30,829 
Carta Holdings, Inc.(1)
1,900 23,843 
Casio Computer Co. Ltd.(1)
8,700 82,169 
Cawachi Ltd.2,200 33,402 
Central Automotive Products Ltd.700 11,463 
Central Glass Co. Ltd.10,600 255,748 
Central Japan Railway Co.4,200 494,466 
Central Security Patrols Co. Ltd.1,000 18,073 
Central Sports Co. Ltd.1,100 19,975 
Charm Care Corp. KK3,900 34,894 
Chiba Bank Ltd.42,300 228,498 
Chilled & Frozen Logistics Holdings Co. Ltd.100 886 
Chiyoda Corp.(2)
7,800 22,221 
Chofu Seisakusho Co. Ltd.1,200 17,142 
Chubu Electric Power Co., Inc.24,500 249,136 
Chudenko Corp.3,900 59,582 
Chugai Pharmaceutical Co. Ltd.41,900 1,081,358 
Chugoku Bank Ltd.(1)
24,600 164,757 
Chugoku Electric Power Co., Inc.(1)
3,500 20,990 
Chugoku Marine Paints Ltd.(1)
3,500 22,192 
CI Takiron Corp.5,800 22,788 
Citizen Watch Co. Ltd.(1)
64,000 273,448 
CKD Corp.8,700 114,459 
CMIC Holdings Co. Ltd.1,200 14,251 
CMK Corp.10,700 35,974 
Coca-Cola Bottlers Japan Holdings, Inc.30,000 306,812 
COLOPL, Inc.5,100 25,770 
Colowide Co. Ltd.10,200 137,120 
Computer Engineering & Consulting Ltd.1,600 14,783 
COMSYS Holdings Corp.(1)
9,100 169,005 
Comture Corp.1,800 31,352 
Concordia Financial Group Ltd.120,600 382,452 
142


Avantis International Equity ETF
SharesValue
Core Corp.100 $1,062 
Cosmo Energy Holdings Co. Ltd.17,400 520,969 
Cosmos Pharmaceutical Corp.1,600 168,518 
Create Restaurants Holdings, Inc.(1)
19,400 126,994 
Create SD Holdings Co. Ltd.4,500 100,915 
Credit Saison Co. Ltd.56,400 709,562 
Creek & River Co. Ltd.2,300 39,805 
Cresco Ltd.(1)
1,000 13,202 
CTI Engineering Co. Ltd.1,500 28,062 
Curves Holdings Co. Ltd.(1)
600 3,557 
CyberAgent, Inc.58,000 565,458 
Cybozu, Inc.2,000 19,293 
Dai Nippon Printing Co. Ltd.18,100 380,984 
Dai Nippon Toryo Co. Ltd.4,100 21,913 
Dai-ichi Life Holdings, Inc.120,800 2,087,183 
Daicel Corp.(1)
60,200 378,069 
Daido Metal Co. Ltd.(1)
7,200 27,281 
Daido Steel Co. Ltd.(1)
2,200 61,715 
Daifuku Co. Ltd.400 23,335 
Daiho Corp.1,800 52,376 
Daiichi Jitsugyo Co. Ltd.700 19,238 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.3,900 37,049 
Daiichi Sankyo Co. Ltd.68,700 2,064,558 
Daiken Corp.2,400 33,534 
Daikin Industries Ltd.7,400 1,291,796 
Daikokutenbussan Co. Ltd.1,300 55,203 
Daikyonishikawa Corp.(1)
5,500 23,070 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.1,200 15,432 
Daio Paper Corp.(1)
13,400 125,255 
Daiseki Co. Ltd.3,480 104,356 
Daishi Hokuetsu Financial Group, Inc.12,900 242,712 
Daishinku Corp.(1)
7,400 52,091 
Daito Pharmaceutical Co. Ltd.1,100 20,986 
Daito Trust Construction Co. Ltd.22,800 2,243,007 
Daiwa House Industry Co. Ltd.30,500 681,895 
Daiwa Industries Ltd.2,200 17,635 
Daiwa Securities Group, Inc.(1)
265,400 1,158,531 
Daiwabo Holdings Co. Ltd.15,600 219,604 
DCM Holdings Co. Ltd.(1)
18,000 133,488 
DeNA Co. Ltd.5,200 71,161 
Denka Co. Ltd.21,800 522,242 
Denso Corp.11,900 649,510 
Dentsu Group, Inc.35,700 1,149,719 
Dexerials Corp.24,500 681,188 
DIC Corp.15,700 281,513 
Digital Arts, Inc.1,600 74,358 
Digital Garage, Inc.6,900 192,338 
Digital Hearts Holdings Co. Ltd.700 9,234 
Dip Corp.(1)
4,200 108,632 
Direct Marketing MiX, Inc.2,100 27,808 
Disco Corp.3,000 728,429 
143


Avantis International Equity ETF
SharesValue
DKK Co. Ltd.1,000 $18,099 
DKS Co. Ltd.1,400 22,221 
DMG Mori Co. Ltd.13,600 176,507 
Doshisha Co. Ltd.3,100 33,892 
Doutor Nichires Holdings Co. Ltd.1,100 12,722 
Dowa Holdings Co. Ltd.9,400 354,324 
Dream Incubator, Inc.(2)
2,100 30,137 
DTS Corp.5,100 131,398 
Duskin Co. Ltd.5,600 115,441 
DyDo Group Holdings, Inc.1,600 53,382 
E-Guardian, Inc.1,800 38,741 
Eagle Industry Co. Ltd.4,000 33,608 
Earth Corp.2,400 93,889 
East Japan Railway Co.7,500 388,475 
Ebara Corp.17,900 678,081 
Ebara Jitsugyo Co. Ltd.700 11,192 
Eco's Co. Ltd.(1)
1,500 20,230 
EDION Corp.(1)
21,600 185,808 
Eiken Chemical Co. Ltd.4,400 60,135 
Eisai Co. Ltd.17,000 693,144 
Eizo Corp.3,500 95,268 
EJ Holdings, Inc.2,400 22,372 
Elan Corp.4,400 35,726 
Electric Power Development Co. Ltd.(1)
34,900 537,607 
Elematec Corp.2,300 22,430 
en Japan, Inc.3,000 51,269 
ENEOS Holdings, Inc.478,500 1,808,215 
Enplas Corp.800 24,248 
ESPEC Corp.1,100 14,377 
Exedy Corp.5,400 69,577 
EXEO Group, Inc.21,700 332,930 
Ezaki Glico Co. Ltd.5,400 140,506 
F.C.C. Co. Ltd.6,000 62,098 
Fancl Corp.1,400 28,306 
FANUC Corp.1,500 241,649 
Fast Retailing Co. Ltd.(1)
1,100 643,205 
Feed One Co. Ltd.6,420 32,349 
Ferrotec Holdings Corp.15,100 343,701 
FIDEA Holdings Co. Ltd.(1)
4,040 38,345 
Fields Corp.2,100 20,349 
Financial Products Group Co. Ltd.11,700 105,046 
Fixstars Corp.3,500 30,670 
FJ Next Holdings Co. Ltd.4,300 31,805 
Food & Life Cos. Ltd.10,600 166,810 
FP Corp.6,800 159,627 
France Bed Holdings Co. Ltd.3,000 21,265 
Fronteo, Inc.(1)
2,600 15,040 
Fudo Tetra Corp.2,600 29,285 
Fuji Corp./Miyagi1,800 16,193 
Fuji Electric Co. Ltd.48,200 2,082,343 
Fuji Kyuko Co. Ltd.1,000 29,419 
144


Avantis International Equity ETF
SharesValue
Fuji Media Holdings, Inc.5,800 $45,900 
Fuji Seal International, Inc.6,600 73,214 
Fuji Soft, Inc.3,300 192,673 
Fujibo Holdings, Inc.1,400 36,327 
Fujicco Co. Ltd.1,300 18,212 
FUJIFILM Holdings Corp.10,900 553,358 
Fujikura Composites, Inc.3,700 27,169 
Fujikura Ltd.85,700 608,581 
Fujimi, Inc.1,600 76,587 
Fujimori Kogyo Co. Ltd.3,200 80,964 
Fujitec Co. Ltd.4,300 86,656 
Fujitsu Ltd.10,900 1,282,638 
Fujiya Co. Ltd.2,100 35,876 
Fukuda Corp.500 17,649 
Fukui Bank Ltd.(1)
200 1,987 
Fukui Computer Holdings, Inc.2,200 56,034 
Fukuoka Financial Group, Inc.21,500 384,198 
Fukushima Galilei Co. Ltd.1,200 31,301 
Fukuyama Transporting Co. Ltd.3,600 81,764 
FULLCAST Holdings Co. Ltd.3,500 61,239 
Funai Soken Holdings, Inc.5,700 97,643 
Furukawa Battery Co. Ltd.2,000 16,620 
Furukawa Co. Ltd.2,100 19,039 
Furukawa Electric Co. Ltd.9,200 161,168 
Furuno Electric Co. Ltd.4,100 33,009 
Furyu Corp.2,500 18,234 
Fuso Chemical Co. Ltd.3,300 83,368 
Futaba Industrial Co. Ltd.7,600 19,651 
Future Corp.3,800 46,230 
Fuyo General Lease Co. Ltd.4,000 236,209 
G-7 Holdings, Inc.5,800 62,188 
G-Tekt Corp.(1)
4,300 43,007 
Gakken Holdings Co. Ltd.4,800 33,824 
Gakkyusha Co. Ltd.2,100 24,656 
Genky DrugStores Co. Ltd.(1)
2,500 65,742 
Geo Holdings Corp.3,500 41,480 
Giken Ltd.3,100 72,163 
GLOBERIDE, Inc.8,100 158,747 
Glory Ltd.10,700 168,940 
GMO Financial Holdings, Inc.(1)
7,400 40,260 
GMO Payment Gateway, Inc.2,100 166,539 
Goldcrest Co. Ltd.4,400 54,824 
Goldwin, Inc.2,800 166,739 
Golf Digest Online, Inc.3,400 51,526 
Gree, Inc.(1)
1,800 10,995 
gremz, Inc.400 5,222 
GS Yuasa Corp.8,000 145,169 
GungHo Online Entertainment, Inc.10,500 173,393 
Gunma Bank Ltd.(1)
69,600 194,635 
Gunze Ltd.3,600 101,747 
H-One Co. Ltd.800 3,483 
145


Avantis International Equity ETF
SharesValue
H.U. Group Holdings, Inc.15,200 $308,730 
H2O Retailing Corp.19,700 138,794 
Hachijuni Bank Ltd.60,400 207,126 
Hakudo Co. Ltd.1,300 25,203 
Hakuhodo DY Holdings, Inc.33,900 302,439 
Hakuto Co. Ltd.5,500 130,668 
Halows Co. Ltd.(1)
700 15,373 
Hamakyorex Co. Ltd.1,800 40,987 
Hamamatsu Photonics KK12,600 534,223 
Hankyu Hanshin Holdings, Inc.31,800 953,635 
Hanwa Co. Ltd.14,400 356,237 
Happinet Corp.4,000 46,346 
Haseko Corp.24,200 277,314 
Hazama Ando Corp.24,000 148,846 
Heiwa Corp.13,600 206,886 
Heiwa Real Estate Co. Ltd.8,400 236,868 
Heiwado Co. Ltd.(1)
7,300 104,342 
HI-LEX Corp.1,900 14,650 
Hibiya Engineering Ltd.2,000 26,741 
Hikari Tsushin, Inc.2,000 252,851 
Hino Motors Ltd.36,000 164,241 
Hioki EE Corp.800 38,847 
Hirano Tecseed Co. Ltd.(1)
2,700 35,950 
Hirata Corp.700 22,821 
Hirogin Holdings, Inc.(1)
45,400 199,776 
Hirose Electric Co. Ltd.1,900 269,225 
Hisamitsu Pharmaceutical Co., Inc.(1)
1,500 36,325 
Hitachi Construction Machinery Co. Ltd.14,400 296,030 
Hitachi Ltd.57,200 2,857,829 
Hitachi Metals Ltd.(2)
14,100 212,159 
Hitachi Transport System Ltd.3,300 208,336 
Hitachi Zosen Corp.80,600 508,788 
Hochiki Corp.300 2,892 
Hodogaya Chemical Co. Ltd.1,100 25,624 
Hogy Medical Co. Ltd.2,000 50,021 
Hokkaido Electric Power Co., Inc.41,300 151,592 
Hokkoku Financial Holdings, Inc.16,300 576,678 
Hokuetsu Corp.27,300 146,918 
Hokuhoku Financial Group, Inc.23,500 139,639 
Hokuriku Electric Power Co.23,800 87,258 
Hokuto Corp.2,300 31,811 
Honda Motor Co. Ltd., ADR97,252 2,579,123 
Honeys Holdings Co. Ltd.3,400 30,149 
Hoosiers Holdings Co. Ltd.4,500 26,108 
Horiba Ltd.8,300 378,096 
Hoshizaki Corp.3,800 112,892 
Hosiden Corp.8,200 93,166 
Hosokawa Micron Corp.2,300 43,419 
House Foods Group, Inc.2,300 48,797 
Hoya Corp.12,556 1,280,420 
HS Holdings Co. Ltd.7,600 63,591 
146


Avantis International Equity ETF
SharesValue
Hulic Co. Ltd.63,800 $483,474 
Hyakugo Bank Ltd.37,300 85,361 
Hyakujushi Bank Ltd.4,000 48,803 
i-mobile Co. Ltd.2,300 23,585 
I-PEX, Inc.1,900 18,695 
Ibiden Co. Ltd.16,000 507,825 
Ichigo, Inc.5,900 12,894 
Ichinen Holdings Co. Ltd.100 912 
Ichiyoshi Securities Co. Ltd.2,700 12,303 
Idec Corp.9,600 200,561 
Idemitsu Kosan Co. Ltd.(1)
59,000 1,555,668 
IDOM, Inc.(1)
14,400 85,224 
IHI Corp.34,300 916,026 
Iida Group Holdings Co. Ltd.(1)
16,100 245,249 
Iino Kaiun Kaisha Ltd.17,500 102,834 
IMAGICA GROUP, Inc.5,500 35,589 
Inaba Denki Sangyo Co. Ltd.11,300 222,845 
Inabata & Co. Ltd.7,700 134,738 
Ines Corp.1,400 15,628 
Infocom Corp.3,600 52,154 
Information Services International-Dentsu Ltd.1,000 32,460 
INFRONEER Holdings, Inc.31,148 222,648 
Innotech Corp.2,900 28,337 
INPEX Corp.171,800 1,974,777 
Insource Co. Ltd.3,200 64,217 
Intage Holdings, Inc.6,100 70,048 
Internet Initiative Japan, Inc.9,000 325,042 
Inui Global Logistics Co. Ltd.2,800 42,893 
Iseki & Co. Ltd.3,800 34,570 
Isetan Mitsukoshi Holdings Ltd.28,100 222,045 
Ishihara Sangyo Kaisha Ltd.7,300 58,666 
Isuzu Motors Ltd.144,000 1,788,434 
Itfor, Inc.100 567 
ITmedia, Inc.1,600 20,742 
Ito En Ltd.1,800 78,997 
ITOCHU Corp.49,400 1,359,524 
Itochu Enex Co. Ltd.15,600 122,392 
Itochu Techno-Solutions Corp.4,500 113,567 
Itoham Yonekyu Holdings, Inc.18,000 87,048 
IwaiCosmo Holdings, Inc.2,500 22,555 
Iwatani Corp.6,500 265,215 
Iyo Bank Ltd.39,500 183,683 
Izumi Co. Ltd.(1)
5,700 123,013 
J Front Retailing Co. Ltd.(1)
82,000 649,890 
J-Oil Mills, Inc.(1)
1,700 19,541 
JAC Recruitment Co. Ltd.1,100 15,570 
Jaccs Co. Ltd.6,100 167,751 
JAFCO Group Co. Ltd.17,500 253,265 
Japan Airlines Co. Ltd.(2)
5,000 91,452 
Japan Airport Terminal Co. Ltd.(2)
1,100 45,394 
Japan Aviation Electronics Industry Ltd.8,600 143,819 
147


Avantis International Equity ETF
SharesValue
Japan Display, Inc.(2)
54,200 $24,413 
Japan Electronic Materials Corp.(1)
2,800 31,437 
Japan Elevator Service Holdings Co. Ltd.5,500 73,340 
Japan Exchange Group, Inc.47,500 707,855 
Japan Investment Adviser Co. Ltd.3,700 35,817 
Japan Lifeline Co. Ltd.14,500 105,264 
Japan Material Co. Ltd.7,800 107,954 
Japan Petroleum Exploration Co. Ltd.9,500 270,659 
Japan Post Bank Co. Ltd.19,400 141,415 
Japan Post Holdings Co. Ltd.272,800 1,881,988 
Japan Post Insurance Co. Ltd.40,000 612,704 
Japan Pulp & Paper Co. Ltd.700 21,957 
Japan Securities Finance Co. Ltd.11,800 70,486 
Japan Steel Works Ltd.9,100 194,290 
Japan Wool Textile Co. Ltd.9,700 71,291 
JCR Pharmaceuticals Co. Ltd.3,800 58,912 
JCU Corp.1,900 44,791 
Jeol Ltd.1,100 44,056 
JFE Holdings, Inc.(1)
124,800 1,340,795 
JGC Holdings Corp.35,600 479,687 
JINS Holdings, Inc.1,000 30,503 
JINUSHI Co. Ltd.3,500 50,362 
JM Holdings Co. Ltd.2,400 27,474 
JMDC, Inc.700 33,256 
Joshin Denki Co. Ltd.3,900 53,725 
Joyful Honda Co. Ltd.10,400 129,729 
JSB Co. Ltd.1,300 32,398 
JSP Corp.2,500 25,951 
JSR Corp.50,800 1,133,187 
JTEKT Corp.22,000 154,868 
Juki Corp.7,200 36,466 
Juroku Financial Group, Inc.5,900 104,398 
Justsystems Corp.2,200 55,236 
JVCKenwood Corp.32,600 47,855 
K's Holdings Corp.43,800 403,548 
Kadokawa Corp.3,800 82,362 
Kaga Electronics Co. Ltd.3,500 103,605 
Kagome Co. Ltd.7,100 156,598 
Kajima Corp.116,100 1,221,666 
Kakaku.com, Inc.12,100 222,735 
Kakiyasu Honten Co. Ltd.1,700 28,587 
Kameda Seika Co. Ltd.800 26,134 
Kamei Corp.200 1,573 
Kamigumi Co. Ltd.13,700 268,094 
Kanamoto Co. Ltd.7,100 109,299 
Kandenko Co. Ltd.8,500 51,149 
Kaneka Corp.7,800 209,210 
Kanematsu Corp.40,200 434,883 
Kanematsu Electronics Ltd.700 21,355 
Kansai Electric Power Co., Inc.61,300 594,098 
Kansai Paint Co. Ltd.7,000 107,285 
148


Avantis International Equity ETF
SharesValue
Kanto Denka Kogyo Co. Ltd.11,800 $84,778 
Kao Corp.22,000 952,606 
Katakura Industries Co. Ltd.1,400 20,425 
Kato Sangyo Co. Ltd.5,800 142,640 
Kawai Musical Instruments Manufacturing Co. Ltd.800 15,702 
Kawasaki Heavy Industries Ltd.18,800 364,871 
Kawasaki Kisen Kaisha Ltd.(1)
21,600 1,366,590 
KDDI Corp.130,500 3,993,447 
KeePer Technical Laboratory Co. Ltd.1,500 44,029 
Keihan Holdings Co. Ltd.2,900 73,530 
Keihanshin Building Co. Ltd.1,700 15,345 
Keikyu Corp.9,000 92,485 
Keio Corp.1,800 68,491 
Keisei Electric Railway Co. Ltd.3,400 94,847 
KEIWA, Inc.1,200 37,864 
Keiyo Bank Ltd.14,300 49,727 
Keiyo Co. Ltd.(1)
1,300 8,514 
Kewpie Corp.9,500 156,077 
Keyence Corp.3,300 1,239,064 
KFC Holdings Japan Ltd.600 12,069 
KH Neochem Co. Ltd.10,900 200,582 
Kibun Foods, Inc.3,400 24,153 
Kikkoman Corp.6,900 421,925 
Kinden Corp.8,500 89,694 
Kintetsu Group Holdings Co. Ltd.7,000 237,697 
Kirin Holdings Co. Ltd.27,200 447,760 
Kissei Pharmaceutical Co. Ltd.3,100 55,196 
Kito Corp.1,600 31,035 
Kitz Corp.10,200 59,473 
Kiyo Bank Ltd.13,400 143,995 
Koa Corp.8,900 150,493 
Kobayashi Pharmaceutical Co. Ltd.600 34,003 
Kobe Bussan Co. Ltd.6,600 168,072 
Kobe Steel Ltd.117,300 533,709 
Koei Tecmo Holdings Co. Ltd.(1)
2,100 70,405 
Kohnan Shoji Co. Ltd.(1)
24,200 599,862 
Koito Manufacturing Co. Ltd.4,300 146,907 
Kojima Co. Ltd.(1)
8,100 37,138 
Kokusai Pulp & Paper Co. Ltd.100 510 
Kokuyo Co. Ltd.11,300 145,534 
Komatsu Ltd.71,000 1,485,230 
Komatsu Matere Co. Ltd.200 1,317 
KOMEDA Holdings Co. Ltd.(1)
7,000 115,501 
Komeri Co. Ltd.7,500 140,860 
Konami Group Corp.10,800 548,096 
Kondotec, Inc.300 2,205 
Konica Minolta, Inc.(1)
77,200 267,304 
Konishi Co. Ltd.5,300 62,004 
Konoike Transport Co. Ltd.2,700 25,623 
Kose Corp.500 47,087 
Kotobuki Spirits Co. Ltd.200 11,516 
149


Avantis International Equity ETF
SharesValue
Krosaki Harima Corp.600 $20,317 
Kubota Corp.35,500 551,323 
Kumagai Gumi Co. Ltd.18,900 361,572 
Kumiai Chemical Industry Co. Ltd.7,800 60,773 
Kurabo Industries Ltd.2,700 41,194 
Kuraray Co. Ltd.49,400 375,234 
Kureha Corp.3,800 255,182 
Kurita Water Industries Ltd.17,900 696,442 
Kuriyama Holdings Corp.3,800 24,328 
Kusuri no Aoki Holdings Co. Ltd.3,000 132,333 
KYB Corp.8,100 191,583 
Kyocera Corp.12,800 711,472 
Kyoden Co. Ltd.(1)
4,600 20,709 
Kyoei Steel Ltd.2,900 31,903 
Kyokuto Boeki Kaisha Ltd.2,400 23,024 
Kyokuto Kaihatsu Kogyo Co. Ltd.7,100 69,674 
Kyokuyo Co. Ltd.1,200 31,407 
KYORIN Holdings, Inc.900 11,314 
Kyowa Kirin Co. Ltd.10,900 244,320 
Kyudenko Corp.4,800 96,629 
Kyushu Electric Power Co., Inc.44,400 266,843 
Kyushu Financial Group, Inc.47,400 129,463 
Kyushu Railway Co.10,700 225,081 
Lasertec Corp.4,600 636,858 
Lawson, Inc.(1)
7,600 251,870 
LEC, Inc.4,100 22,362 
Leopalace21 Corp.(2)
200 475 
LIKE, Inc.1,200 19,343 
Link & Motivation, Inc.4,500 20,599 
Lintec Corp.6,500 108,332 
Lion Corp.11,600 135,438 
LITALICO, Inc.1,900 39,696 
Lixil Corp.(1)
27,400 476,471 
Loadstar Capital KK2,400 32,025 
M&A Capital Partners Co. Ltd.(2)
700 17,274 
m-up Holdings, Inc.6,500 67,247 
M3, Inc.18,600 595,792 
Mabuchi Motor Co. Ltd.2,600 73,818 
Macnica Holdings, Inc.10,700 229,584 
Maeda Kosen Co. Ltd.2,500 58,043 
Makino Milling Machine Co. Ltd.18,100 571,150 
Makita Corp.4,300 101,109 
Management Solutions Co. Ltd.(1)(2)
1,700 33,958 
Mandom Corp.1,300 13,983 
MarkLines Co. Ltd.1,900 30,534 
Marubeni Corp.197,700 2,060,485 
Marudai Food Co. Ltd.1,500 17,008 
Maruha Nichiro Corp.8,900 159,138 
Marui Group Co. Ltd.(1)
11,100 199,086 
Maruichi Steel Tube Ltd.4,700 100,194 
MARUKA FURUSATO Corp.4,800 116,981 
150


Avantis International Equity ETF
SharesValue
Marumae Co. Ltd.(1)
1,200 $17,723 
Marusan Securities Co. Ltd.(1)
7,700 26,404 
Maruwa Co. Ltd.(1)
1,400 176,115 
Maruwa Unyu Kikan Co. Ltd.(1)
3,700 44,493 
Maruzen Showa Unyu Co. Ltd.800 18,268 
Marvelous, Inc.3,600 17,540 
Matsuda Sangyo Co. Ltd.700 12,162 
Matsui Securities Co. Ltd.19,000 108,238 
MatsukiyoCocokara & Co.5,220 207,118 
Max Co. Ltd.2,400 34,499 
Maxell Ltd.11,900 126,217 
Maxvalu Tokai Co. Ltd.800 15,563 
Mazda Motor Corp.126,800 1,122,954 
McDonald's Holdings Co. Japan Ltd.8,600 307,388 
Mebuki Financial Group, Inc.323,200 619,435 
MEC Co. Ltd.1,300 23,151 
Media Do Co. Ltd.1,400 20,593 
Medical Data Vision Co. Ltd.4,400 35,244 
Medipal Holdings Corp.21,400 292,790 
MedPeer, Inc.(2)
100 1,137 
Megmilk Snow Brand Co. Ltd.12,700 156,528 
Meidensha Corp.6,400 91,738 
MEIJI Holdings Co. Ltd.35,700 1,700,708 
Meiji Shipping Co. Ltd.(1)
1,900 11,163 
Meiko Electronics Co. Ltd.(1)
17,400 404,236 
Meisei Industrial Co. Ltd.2,800 15,059 
Meitec Corp.12,300 216,258 
Meiwa Corp.(1)
5,300 30,272 
Members Co. Ltd.1,400 27,275 
Menicon Co. Ltd.3,700 88,831 
Mercari, Inc.(2)
2,300 37,040 
METAWATER Co. Ltd.400 5,884 
Micronics Japan Co. Ltd.6,800 69,657 
Mie Kotsu Group Holdings, Inc.100 347 
Milbon Co. Ltd.1,400 58,964 
Mimasu Semiconductor Industry Co. Ltd.3,700 56,268 
MINEBEA MITSUMI, Inc.65,700 1,129,191 
Ministop Co. Ltd.(1)
1,900 19,283 
Mirait One Corp.20,400 229,277 
Miroku Jyoho Service Co. Ltd.1,400 15,500 
MISUMI Group, Inc.9,100 223,370 
Mito Securities Co. Ltd.2,600 4,952 
Mitsuba Corp.6,200 19,705 
Mitsubishi Chemical Group Corp.218,800 1,148,691 
Mitsubishi Corp.104,700 3,427,944 
Mitsubishi Electric Corp.79,700 805,778 
Mitsubishi Estate Co. Ltd.27,300 367,645 
Mitsubishi Gas Chemical Co., Inc.14,500 215,525 
Mitsubishi HC Capital, Inc.131,040 635,055 
Mitsubishi Heavy Industries Ltd.55,900 2,154,979 
Mitsubishi Logisnext Co. Ltd.2,600 15,573 
151


Avantis International Equity ETF
SharesValue
Mitsubishi Logistics Corp.(1)
13,600 $353,384 
Mitsubishi Materials Corp.14,800 220,890 
Mitsubishi Motors Corp.(2)
83,500 334,014 
Mitsubishi Pencil Co. Ltd.3,700 37,099 
Mitsubishi Research Institute, Inc.3,300 98,791 
Mitsubishi Shokuhin Co. Ltd.3,400 83,456 
Mitsubishi Steel Manufacturing Co. Ltd.2,900 21,534 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
717,569 3,695,480 
Mitsuboshi Belting Ltd.(1)
6,000 137,932 
Mitsui & Co. Ltd.97,900 2,297,627 
Mitsui Chemicals, Inc.51,100 1,147,988 
Mitsui Fudosan Co. Ltd.60,700 1,228,605 
Mitsui High-Tec, Inc.2,500 154,618 
Mitsui Matsushima Holdings Co. Ltd.(1)
2,800 73,312 
Mitsui Mining & Smelting Co. Ltd.19,300 455,781 
Mitsui OSK Lines Ltd.(1)
44,200 1,151,569 
Mitsui-Soko Holdings Co. Ltd.9,200 222,365 
Miura Co. Ltd.2,400 50,912 
Mixi, Inc.5,000 85,847 
Miyaji Engineering Group, Inc.700 15,972 
Miyazaki Bank Ltd.1,900 30,367 
Mizuho Financial Group, Inc., ADR(1)
718,518 1,645,406 
Mizuho Leasing Co. Ltd.5,300 128,015 
Mizuho Medy Co. Ltd.1,900 40,728 
Mizuno Corp.4,200 80,808 
Mochida Pharmaceutical Co. Ltd.2,300 56,624 
Monex Group, Inc.(1)
28,900 103,066 
Monogatari Corp.1,600 81,138 
MonotaRO Co. Ltd.10,400 186,600 
Morinaga & Co. Ltd.7,200 205,655 
Morinaga Milk Industry Co. Ltd.6,600 201,797 
Morita Holdings Corp.2,300 20,926 
MOS Food Services, Inc.3,000 68,480 
MS&AD Insurance Group Holdings, Inc.50,600 1,509,698 
Murata Manufacturing Co. Ltd.36,000 1,938,471 
Musashi Seimitsu Industry Co. Ltd.(1)
5,300 64,208 
Musashino Bank Ltd.3,800 46,319 
Nabtesco Corp.14,300 338,633 
Nachi-Fujikoshi Corp.2,900 78,683 
Nafco Co. Ltd.(1)
2,100 24,364 
Nagano Keiki Co. Ltd.(1)
3,200 25,193 
Nagase & Co. Ltd.13,000 186,561 
Nagoya Railroad Co. Ltd.2,400 37,129 
Nakanishi, Inc.9,100 176,458 
Nankai Electric Railway Co. Ltd.7,900 157,138 
Nanto Bank Ltd.5,600 78,923 
Natori Co. Ltd.1,000 15,063 
NEC Capital Solutions Ltd.2,200 33,957 
NEC Corp.20,400 744,022 
NEC Networks & System Integration Corp.4,200 52,339 
Neturen Co. Ltd.4,800 23,654 
152


Avantis International Equity ETF
SharesValue
Nexon Co. Ltd.7,800 $155,314 
Nextage Co. Ltd.5,900 128,095 
NGK Insulators Ltd.43,400 619,642 
NGK Spark Plug Co. Ltd.26,700 547,821 
NH Foods Ltd.20,700 592,542 
NHK Spring Co. Ltd.38,100 257,327 
Nichias Corp.8,700 150,244 
Nichicon Corp.9,000 94,663 
Nichiha Corp.8,500 169,386 
Nichirei Corp.15,700 280,670 
Nichireki Co. Ltd.1,600 15,639 
Nidec Corp.5,618 373,215 
Nifco, Inc.15,000 338,548 
Nihon Chouzai Co. Ltd.1,900 18,278 
Nihon Dempa Kogyo Co. Ltd.6,300 68,459 
Nihon Kohden Corp.10,400 237,511 
Nihon M&A Center Holdings, Inc.7,100 87,992 
Nihon Nohyaku Co. Ltd.4,900 30,139 
Nihon Parkerizing Co. Ltd.7,500 51,622 
Nikkon Holdings Co. Ltd.6,300 106,640 
Nikon Corp.17,700 202,049 
Nintendo Co. Ltd.5,100 2,087,668 
Nippn Corp.6,000 67,672 
Nippon Carbon Co. Ltd.1,600 47,075 
Nippon Chemi-Con Corp.(2)
4,300 56,356 
Nippon Chemical Industrial Co. Ltd.1,300 19,676 
Nippon Coke & Engineering Co. Ltd.46,500 33,649 
Nippon Denko Co. Ltd.30,600 81,223 
Nippon Densetsu Kogyo Co. Ltd.7,700 99,076 
Nippon Electric Glass Co. Ltd.26,300 495,306 
NIPPON EXPRESS HOLDINGS, Inc.15,000 825,341 
Nippon Fine Chemical Co. Ltd.400 5,583 
Nippon Gas Co. Ltd.11,000 175,099 
Nippon Kanzai Co. Ltd.800 15,257 
Nippon Kayaku Co. Ltd.14,800 128,583 
Nippon Koei Co. Ltd.2,300 58,898 
Nippon Light Metal Holdings Co. Ltd.10,120 116,446 
Nippon Paint Holdings Co. Ltd.3,500 26,993 
Nippon Paper Industries Co. Ltd.23,500 153,335 
Nippon Parking Development Co. Ltd.50,500 58,368 
Nippon Pillar Packing Co. Ltd.8,100 150,768 
Nippon Road Co. Ltd.(1)
700 31,162 
Nippon Sanso Holdings Corp.5,000 90,936 
Nippon Seiki Co. Ltd.6,500 38,425 
Nippon Seisen Co. Ltd.(1)
700 23,486 
Nippon Sheet Glass Co. Ltd.(2)
17,100 65,199 
Nippon Shinyaku Co. Ltd.2,100 114,869 
Nippon Shokubai Co. Ltd.5,200 206,199 
Nippon Signal Co. Ltd.3,600 24,063 
Nippon Soda Co. Ltd.6,800 224,860 
Nippon Steel Corp.136,500 2,156,168 
153


Avantis International Equity ETF
SharesValue
Nippon Steel Trading Corp.2,600 $100,034 
Nippon Suisan Kaisha Ltd.72,600 297,083 
Nippon Telegraph & Telephone Corp.92,600 2,509,856 
Nippon Television Holdings, Inc.7,000 59,483 
Nippon Thompson Co. Ltd.12,000 49,283 
Nippon Yakin Kogyo Co. Ltd.(1)
3,400 70,196 
Nippon Yusen KK(1)
29,100 2,219,578 
Nipro Corp.42,000 341,933 
Nishi-Nippon Financial Holdings, Inc.19,200 101,867 
Nishi-Nippon Railroad Co. Ltd.12,400 256,579 
Nishimatsu Construction Co. Ltd.(1)
5,600 162,619 
Nishimatsuya Chain Co. Ltd.9,700 113,615 
Nishio Rent All Co. Ltd.8,400 175,248 
Nissan Chemical Corp.14,100 710,394 
Nissan Motor Co. Ltd.185,000 727,826 
Nissha Co. Ltd.8,500 110,533 
Nisshin Oillio Group Ltd.4,200 98,296 
Nisshin Seifun Group, Inc.12,700 142,925 
Nisshinbo Holdings, Inc.35,900 277,812 
Nissin Electric Co. Ltd.6,200 66,072 
Nissin Foods Holdings Co. Ltd.2,900 207,485 
Nisso Corp.4,400 17,990 
Nitori Holdings Co. Ltd.2,900 277,244 
Nitta Corp.1,600 33,627 
Nittetsu Mining Co. Ltd.1,000 44,284 
Nitto Denko Corp.27,700 1,707,228 
Nitto Kogyo Corp.(1)
5,500 101,464 
Noevir Holdings Co. Ltd.800 33,145 
NOF Corp.3,800 144,006 
Nohmi Bosai Ltd.3,100 36,688 
Nojima Corp.9,800 197,442 
NOK Corp.(1)
15,700 139,537 
Nomura Micro Science Co. Ltd.(1)
1,300 34,285 
Noritake Co. Ltd./Nagoya Japan1,000 30,057 
Noritsu Koki Co. Ltd.2,600 48,325 
Noritz Corp.4,200 46,577 
North Pacific Bank Ltd.40,000 66,209 
NS Solutions Corp.300 8,161 
NS Tool Co. Ltd.(1)
1,800 14,461 
NS United Kaiun Kaisha Ltd.2,100 72,420 
NSD Co. Ltd.2,200 39,541 
NSK Ltd.(1)
44,800 242,854 
NTN Corp.(2)
64,800 122,664 
NTT Data Corp.74,900 1,054,020 
Obara Group, Inc.(1)
900 21,300 
Obayashi Corp.128,300 887,398 
Obic Co. Ltd.1,800 266,218 
Odakyu Electric Railway Co. Ltd.5,400 73,770 
Ogaki Kyoritsu Bank Ltd.4,800 59,537 
Ohsho Food Service Corp.400 18,657 
Oiles Corp.1,800 19,483 
154


Avantis International Equity ETF
SharesValue
Oisix ra daichi, Inc.(1)(2)
3,400 $46,254 
Oji Holdings Corp.143,100 570,951 
Okamoto Industries, Inc.900 25,152 
Okamoto Machine Tool Works Ltd.700 20,180 
Okamura Corp.8,100 77,344 
Okasan Securities Group, Inc.20,100 48,197 
Oki Electric Industry Co. Ltd.13,600 73,390 
Okinawa Cellular Telephone Co.1,800 67,378 
Okinawa Electric Power Co., Inc.(1)
9,175 74,813 
Okinawa Financial Group, Inc.2,600 39,913 
OKUMA Corp.3,700 139,840 
Okumura Corp.22,100 465,491 
Okura Industrial Co. Ltd.(1)
1,700 22,608 
Olympus Corp.65,900 1,403,488 
Omron Corp.2,600 136,828 
Ono Pharmaceutical Co. Ltd.18,000 429,663 
Onoken Co. Ltd.2,600 27,748 
Onward Holdings Co. Ltd.23,400 46,150 
Open House Group Co. Ltd.15,400 602,724 
Oracle Corp. (Tokyo)2,200 131,057 
Organo Corp.1,600 106,425 
Orient Corp.75,200 65,763 
Oriental Land Co. Ltd.1,300 193,814 
Oriental Shiraishi Corp.8,200 14,832 
ORIX Corp., ADR25,727 2,118,618 
Osaka Gas Co. Ltd.9,300 156,644 
Osaka Organic Chemical Industry Ltd.1,300 23,934 
Osaka Soda Co. Ltd.(1)
3,200 86,854 
Osaka Steel Co. Ltd.2,100 19,191 
OSAKA Titanium Technologies Co. Ltd.(2)
12,000 273,594 
Osaki Electric Co. Ltd.4,600 17,368 
OSG Corp.11,500 158,370 
Otsuka Corp.8,100 261,824 
Otsuka Holdings Co. Ltd.13,200 431,146 
Outsourcing, Inc.14,100 122,391 
Oyo Corp.2,100 27,897 
Pacific Industrial Co. Ltd.8,100 63,068 
Pacific Metals Co. Ltd.600 10,461 
Pack Corp.2,400 39,592 
PALTAC Corp.1,300 37,394 
Pan Pacific International Holdings Corp.46,000 825,958 
Panasonic Holdings Corp.198,500 1,610,705 
Paramount Bed Holdings Co. Ltd.10,300 194,069 
Park24 Co. Ltd.(2)
9,600 136,789 
PCA Corp.(1)
300 2,244 
Penta-Ocean Construction Co. Ltd.167,600 884,479 
PeptiDream, Inc.(2)
6,600 78,699 
Persol Holdings Co. Ltd.18,200 365,350 
Pharma Foods International Co. Ltd.(1)
2,200 23,610 
Pigeon Corp.1,300 19,363 
Pilot Corp.6,400 229,071 
155


Avantis International Equity ETF
SharesValue
Piolax, Inc.3,900 $56,421 
Plenus Co. Ltd.(1)
3,900 53,528 
Pola Orbis Holdings, Inc.1,700 18,752 
Pole To Win Holdings Inc5,600 40,725 
Premium Group Co. Ltd.5,100 63,263 
Press Kogyo Co. Ltd.21,300 67,371 
Pressance Corp.1,900 20,545 
Prestige International, Inc.21,900 105,193 
Prima Meat Packers Ltd.7,100 110,821 
Procrea Holdings, Inc.1,400 21,760 
PS Mitsubishi Construction Co. Ltd.4,400 20,546 
Qol Holdings Co. Ltd.1,800 16,325 
Raccoon Holdings, Inc.(1)
3,300 32,858 
Raito Kogyo Co. Ltd.7,600 100,927 
Raiznext Corp.3,800 32,810 
Rakus Co. Ltd.5,200 61,202 
Rakuten Group, Inc.58,100 281,974 
Raysum Co. Ltd.2,000 22,925 
Recruit Holdings Co. Ltd.51,500 1,637,216 
Relia, Inc.3,800 27,571 
Relo Group, Inc.15,700 252,370 
Renesas Electronics Corp.(2)
73,700 697,832 
Rengo Co. Ltd.32,600 192,063 
RENOVA, Inc.(1)(2)
1,900 41,277 
Resona Holdings, Inc.298,156 1,097,585 
Resorttrust, Inc.24,000 385,131 
Restar Holdings Corp.3,300 48,624 
Retail Partners Co. Ltd.(1)
2,200 16,931 
Ricoh Co. Ltd.88,500 695,561 
Ricoh Leasing Co. Ltd.4,700 120,982 
Riken Corp.1,500 25,929 
Riken Keiki Co. Ltd.3,000 94,272 
Riken Technos Corp.5,400 20,167 
Riken Vitamin Co. Ltd.2,800 34,491 
Rinnai Corp.2,600 199,117 
Riso Kagaku Corp.1,500 26,638 
Riso Kyoiku Co. Ltd.18,700 41,934 
Rohm Co. Ltd.7,200 538,689 
Rohto Pharmaceutical Co. Ltd.22,100 665,224 
Rokko Butter Co. Ltd.300 3,115 
Roland DG Corp.2,400 56,292 
Rorze Corp.1,300 78,882 
Round One Corp.22,100 318,002 
RPA Holdings, Inc.(2)
100 221 
RS Technologies Co. Ltd.1,000 48,888 
Ryobi Ltd.3,000 27,861 
Ryoden Corp.1,800 21,202 
Ryohin Keikaku Co. Ltd.(1)
30,600 283,799 
Ryosan Co. Ltd.3,700 59,180 
S Foods, Inc.2,900 62,013 
S-Pool, Inc.13,100 101,035 
156


Avantis International Equity ETF
SharesValue
Sakai Chemical Industry Co. Ltd.2,500 $35,284 
Sakai Moving Service Co. Ltd.(1)
900 29,700 
Sakata INX Corp.6,000 42,054 
Sala Corp.11,800 68,943 
San Holdings, Inc.800 10,284 
San ju San Financial Group, Inc.1,900 20,241 
San-A Co. Ltd.1,200 35,836 
San-Ai Obbli Co. Ltd.12,800 101,284 
San-In Godo Bank Ltd.24,400 119,967 
Sangetsu Corp.7,000 81,763 
Sanken Electric Co. Ltd.5,800 203,793 
Sanki Engineering Co. Ltd.8,600 101,583 
Sankyo Co. Ltd.12,300 360,422 
Sankyu, Inc.10,300 316,800 
Sanoh Industrial Co. Ltd.3,200 17,295 
Santen Pharmaceutical Co. Ltd.30,000 215,535 
Sanwa Holdings Corp.33,800 334,449 
Sanyo Chemical Industries Ltd.(1)
1,800 61,501 
Sanyo Denki Co. Ltd.1,700 66,158 
Sanyo Electric Railway Co. Ltd.1,800 29,415 
Sanyo Special Steel Co. Ltd.3,900 58,621 
Sanyo Trading Co. Ltd.2,200 16,101 
Sapporo Holdings Ltd.14,400 315,625 
Sato Holdings Corp.3,800 52,199 
Sawai Group Holdings Co. Ltd.7,900 233,467 
SB Technology Corp.1,000 17,800 
SBI Holdings, Inc.62,900 1,235,995 
SBS Holdings, Inc.15,700 325,009 
SCREEN Holdings Co. Ltd.8,400 557,953 
Scroll Corp.(1)
5,700 32,116 
SCSK Corp.20,400 332,179 
Secom Co. Ltd.12,000 764,511 
Sega Sammy Holdings, Inc.13,800 204,858 
Seibu Holdings, Inc.9,400 95,229 
Seikagaku Corp.4,800 30,432 
Seikitokyu Kogyo Co. Ltd.3,600 19,624 
Seiko Epson Corp.46,100 724,407 
Seiko Holdings Corp.9,900 203,999 
Seino Holdings Co. Ltd.23,300 185,022 
Seiren Co. Ltd.(1)
3,000 45,561 
Sekisui Chemical Co. Ltd.73,100 996,595 
Sekisui House Ltd.23,500 399,609 
Sekisui Jushi Corp.1,400 17,311 
Senko Group Holdings Co. Ltd.20,900 142,790 
Senshu Electric Co. Ltd.1,100 44,103 
Senshu Ikeda Holdings, Inc.40,600 64,476 
Septeni Holdings Co. Ltd.(1)
19,800 70,562 
Seria Co. Ltd.10,400 202,846 
Seven & i Holdings Co. Ltd.(1)
58,800 2,335,859 
Seven Bank Ltd.104,500 198,505 
SG Holdings Co. Ltd.25,100 416,327 
157


Avantis International Equity ETF
SharesValue
Sharp Corp.(1)
19,200 $137,444 
Shibaura Mechatronics Corp.900 74,228 
SHIFT, Inc.(2)
300 42,988 
Shiga Bank Ltd.(1)
8,500 156,816 
Shikoku Bank Ltd.3,300 20,336 
Shikoku Chemicals Corp.3,300 29,454 
Shikoku Electric Power Co., Inc.5,400 31,496 
Shima Seiki Manufacturing Ltd.1,600 25,382 
Shimadzu Corp.13,300 388,441 
Shimamura Co. Ltd.2,000 181,280 
Shimano, Inc.2,400 424,583 
Shimizu Corp.59,800 327,911 
Shin Nippon Air Technologies Co. Ltd.300 4,011 
Shin Nippon Biomedical Laboratories Ltd.(1)
5,500 93,786 
Shin-Etsu Chemical Co. Ltd.26,100 3,031,064 
Shin-Etsu Polymer Co. Ltd.7,300 69,845 
Shinagawa Refractories Co. Ltd.1,200 32,733 
Shindengen Electric Manufacturing Co. Ltd.1,500 39,279 
Shinko Electric Industries Co. Ltd.10,600 295,058 
Shinmaywa Industries Ltd.11,000 83,832 
Shinoken Group Co. Ltd.(1)
3,400 38,931 
Shinsei Bank Ltd.(1)
10,900 153,496 
Shinsho Corp.700 20,947 
Shionogi & Co. Ltd.10,100 493,131 
Ship Healthcare Holdings, Inc.11,400 213,127 
Shiseido Co. Ltd.17,332 654,696 
Shizuoka Bank Ltd.35,000 202,540 
SHO-BOND Holdings Co. Ltd.2,300 99,272 
Shoei Co. Ltd.3,800 150,576 
Showa Denko KK19,700 302,859 
Showa Sangyo Co. Ltd.2,000 37,175 
SIGMAXYZ Holdings, Inc.6,200 54,634 
Siix Corp.5,300 42,177 
Sinanen Holdings Co. Ltd.1,300 35,765 
Sinfonia Technology Co. Ltd.2,800 30,343 
Sinko Industries Ltd.1,300 15,045 
SKY Perfect JSAT Holdings, Inc.45,500 180,827 
Skylark Holdings Co. Ltd.(1)(2)
4,100 45,103 
SMC Corp.495 234,842 
SMS Co. Ltd.4,400 100,181 
Snow Peak, Inc.(1)
4,600 71,732 
Sodick Co. Ltd.6,700 38,795 
Softbank Corp.155,200 1,701,493 
SoftBank Group Corp.62,000 2,455,915 
Softcreate Holdings Corp.2,000 54,758 
Sohgo Security Services Co. Ltd.6,800 176,176 
Sojitz Corp.(1)
101,880 1,714,226 
Soken Chemical & Engineering Co. Ltd.1,100 15,303 
Solasto Corp.4,800 30,752 
Soliton Systems KK200 1,724 
Sompo Holdings, Inc.43,700 1,873,691 
158


Avantis International Equity ETF
SharesValue
Sony Group Corp., ADR79,460 $6,305,151 
Sosei Group Corp.(2)
6,600 81,896 
Sparx Group Co. Ltd.17,200 37,025 
Square Enix Holdings Co. Ltd.5,500 238,816 
SRA Holdings700 14,884 
Stanley Electric Co. Ltd.6,900 127,368 
Star Micronics Co. Ltd.10,500 138,073 
Starts Corp., Inc.7,400 142,159 
Starzen Co. Ltd.1,600 24,318 
Stella Chemifa Corp.1,100 22,310 
Studio Alice Co. Ltd.(1)
2,000 31,962 
Subaru Corp.31,000 563,499 
Sugi Holdings Co. Ltd.(1)
2,100 89,111 
SUMCO Corp.53,800 730,220 
Sumitomo Bakelite Co. Ltd.4,900 154,458 
Sumitomo Chemical Co. Ltd.331,600 1,305,285 
Sumitomo Corp.152,800 2,149,223 
Sumitomo Dainippon Pharma Co. Ltd.15,200 113,224 
Sumitomo Densetsu Co. Ltd.2,700 50,988 
Sumitomo Electric Industries Ltd.66,200 758,294 
Sumitomo Forestry Co. Ltd.15,800 267,138 
Sumitomo Heavy Industries Ltd.18,900 396,730 
Sumitomo Metal Mining Co. Ltd.21,600 679,679 
Sumitomo Mitsui Construction Co. Ltd.31,400 104,607 
Sumitomo Mitsui Financial Group, Inc., ADR(1)
441,462 2,670,845 
Sumitomo Mitsui Trust Holdings, Inc.31,200 970,419 
Sumitomo Osaka Cement Co. Ltd.(1)
20,200 511,671 
Sumitomo Realty & Development Co. Ltd.33,400 816,827 
Sumitomo Riko Co. Ltd.7,400 30,909 
Sumitomo Rubber Industries Ltd.24,400 209,378 
Sumitomo Seika Chemicals Co. Ltd.2,100 47,012 
Sumitomo Warehouse Co. Ltd.11,200 175,753 
Sun Frontier Fudousan Co. Ltd.9,400 81,096 
Sun-Wa Technos Corp.2,500 25,331 
Sundrug Co. Ltd.15,900 389,020 
Suntory Beverage & Food Ltd.10,400 379,877 
Suruga Bank Ltd.40,900 110,233 
Suzuken Co. Ltd.11,100 266,015 
Suzuki Motor Corp.22,300 779,410 
SWCC Showa Holdings Co. Ltd.4,900 64,194 
Sysmex Corp.5,600 342,311 
Systena Corp.26,100 79,967 
Syuppin Co. Ltd.4,200 37,369 
T Hasegawa Co. Ltd.2,500 53,966 
T RAD Co. Ltd.1,400 28,031 
T&D Holdings, Inc.89,000 971,988 
T-Gaia Corp.4,500 53,504 
Tachi-S Co. Ltd.5,000 43,925 
Tadano Ltd.17,200 117,508 
Taihei Dengyo Kaisha Ltd.1,900 48,525 
Taiheiyo Cement Corp.25,300 378,777 
159


Avantis International Equity ETF
SharesValue
Taikisha Ltd.1,600 $36,710 
Taisei Corp.29,600 897,458 
Taisei Lamick Co. Ltd.200 4,072 
Taisho Pharmaceutical Holdings Co. Ltd.1,300 48,337 
Taiyo Holdings Co. Ltd.(1)
6,400 125,466 
Taiyo Yuden Co. Ltd.31,100 961,170 
Takamatsu Construction Group Co. Ltd.1,800 24,741 
Takaoka Toko Co. Ltd.1,100 15,205 
Takara & Co. Ltd.2,300 34,411 
Takara Bio, Inc.5,800 81,236 
Takara Holdings, Inc.1,700 12,899 
Takara Leben Co. Ltd.16,000 43,522 
Takara Standard Co. Ltd.3,700 35,158 
Takasago International Corp.2,500 49,766 
Takasago Thermal Engineering Co. Ltd.9,600 113,426 
Takashimaya Co. Ltd.(1)
20,000 221,247 
Take & Give Needs Co. Ltd.(2)
2,800 31,862 
Takeda Pharmaceutical Co. Ltd., ADR(1)
103,845 1,427,869 
Takuma Co. Ltd.6,600 66,310 
Tama Home Co. Ltd.3,400 57,323 
Tamron Co. Ltd.2,400 52,437 
Tanseisha Co. Ltd.1,100 6,275 
Tayca Corp.200 1,891 
TBS Holdings, Inc.3,700 42,853 
TDC Soft, Inc.200 1,703 
TDK Corp.39,200 1,370,519 
TechMatrix Corp.8,500 104,730 
TECHNO ASSOCIE Co. Ltd.200 1,690 
TechnoPro Holdings, Inc.11,100 249,681 
Teijin Ltd.74,100 783,421 
Teikoku Electric Manufacturing Co. Ltd.900 12,566 
Teikoku Sen-I Co. Ltd.300 3,523 
Tenma Corp.1,800 29,025 
Terumo Corp.8,100 260,023 
THK Co. Ltd.5,800 117,731 
TIS, Inc.47,800 1,361,187 
TKC Corp.1,900 47,487 
Toa Corp. (Tokyo)2,500 43,867 
Toa Oil Co. Ltd.100 1,636 
TOA ROAD Corp.300 12,696 
Toagosei Co. Ltd.15,500 120,766 
Tobu Railway Co. Ltd.26,000 614,279 
TOC Co. Ltd.3,500 18,532 
Tocalo Co. Ltd.11,900 109,660 
Tochigi Bank Ltd.(1)
18,200 37,666 
Toda Corp.(1)
27,900 137,633 
Toei Animation Co. Ltd.200 18,245 
Toho Bank Ltd.24,600 36,039 
Toho Co. Ltd.2,400 91,149 
Toho Gas Co. Ltd.700 15,661 
Toho Holdings Co. Ltd.13,700 181,454 
160


Avantis International Equity ETF
SharesValue
Toho Titanium Co. Ltd.(1)
6,700 $106,132 
Toho Zinc Co. Ltd.2,000 34,898 
Tohoku Electric Power Co., Inc.41,900 208,371 
Tokai Carbon Co. Ltd.20,300 148,185 
Tokai Corp/Gifu1,400 18,528 
TOKAI Holdings Corp.21,500 137,409 
Tokai Rika Co. Ltd.10,300 110,572 
Tokai Tokyo Financial Holdings, Inc.29,500 79,928 
Token Corp.1,000 63,694 
Tokio Marine Holdings, Inc.63,700 3,530,213 
Tokushu Tokai Paper Co. Ltd.900 20,489 
Tokuyama Corp.17,500 230,494 
Tokyo Century Corp.(1)
4,400 157,146 
Tokyo Electric Power Co. Holdings, Inc.(2)
222,400 868,576 
Tokyo Electron Device Ltd.1,700 71,803 
Tokyo Electron Ltd.6,700 2,101,367 
Tokyo Gas Co. Ltd.22,500 422,127 
Tokyo Kiraboshi Financial Group, Inc.6,000 96,761 
Tokyo Ohka Kogyo Co. Ltd.2,100 102,968 
Tokyo Rope Manufacturing Co. Ltd.(1)
2,600 18,795 
Tokyo Seimitsu Co. Ltd.9,700 323,119 
Tokyo Steel Manufacturing Co. Ltd.23,400 247,927 
Tokyo Tatemono Co. Ltd.38,400 575,607 
Tokyotokeiba Co. Ltd.3,100 93,758 
Tokyu Construction Co. Ltd.18,400 86,550 
Tokyu Corp.15,900 189,015 
Tokyu Fudosan Holdings Corp.83,300 447,636 
TOMONY Holdings, Inc.24,600 55,752 
Tomy Co. Ltd.32,800 310,938 
Topcon Corp.24,800 334,533 
Toppan, Inc.29,100 457,005 
Topre Corp.8,300 73,936 
Topy Industries Ltd.2,100 21,287 
Toray Industries, Inc.308,400 1,759,865 
Torex Semiconductor Ltd.1,100 23,019 
Toridoll Holdings Corp.7,700 164,217 
Torii Pharmaceutical Co. Ltd.1,300 27,943 
Torishima Pump Manufacturing Co. Ltd.2,100 22,125 
Tosei Corp.6,900 68,925 
Toshiba Corp.10,800 399,967 
Toshiba TEC Corp.4,100 122,017 
Tosho Co. Ltd.3,700 30,576 
Tosoh Corp.49,600 641,320 
Totetsu Kogyo Co. Ltd.2,100 35,011 
TOTO Ltd.4,200 144,769 
Towa Corp.6,100 81,452 
Towa Pharmaceutical Co. Ltd.5,300 84,052 
Toyo Construction Co. Ltd.15,800 97,475 
Toyo Corp.1,900 18,072 
Toyo Engineering Corp.(2)
7,700 38,140 
Toyo Gosei Co. Ltd.800 47,060 
161


Avantis International Equity ETF
SharesValue
Toyo Ink SC Holdings Co. Ltd.6,800 $93,250 
Toyo Kanetsu KK2,800 52,536 
Toyo Seikan Group Holdings Ltd.56,000 662,698 
Toyo Suisan Kaisha Ltd.3,100 127,160 
Toyo Tanso Co. Ltd.3,100 75,119 
Toyo Tire Corp.24,100 292,086 
Toyobo Co. Ltd.20,100 152,296 
Toyoda Gosei Co. Ltd.10,600 184,414 
Toyota Boshoku Corp.7,700 111,824 
Toyota Industries Corp.7,200 402,428 
Toyota Motor Corp., ADR(1)
55,637 8,310,499 
Toyota Tsusho Corp.23,800 833,193 
TPR Co. Ltd.4,300 39,374 
Trancom Co. Ltd.1,100 60,133 
Transcosmos, Inc.5,200 143,434 
TRE Holdings Corp.7,496 91,806 
Trend Micro, Inc.9,500 584,896 
Trusco Nakayama Corp.8,500 118,872 
TS Tech Co. Ltd.7,400 82,782 
TSI Holdings Co. Ltd.8,500 23,666 
Tsubakimoto Chain Co.6,600 152,510 
Tsugami Corp.7,400 66,215 
Tsukuba Bank Ltd.15,100 21,208 
Tsumura & Co.4,100 93,855 
Tsuruha Holdings, Inc.2,000 111,013 
Tsuzuki Denki Co. Ltd.100 974 
TV Asahi Holdings Corp.4,100 42,724 
UACJ Corp.7,900 136,400 
Ube Industries Ltd.(1)
26,100 384,568 
Uchida Yoko Co. Ltd.1,600 57,313 
Ulvac, Inc.9,000 348,985 
Unicharm Corp.9,500 330,141 
Union Tool Co.800 20,427 
Unipres Corp.8,500 58,562 
United Arrows Ltd.5,300 69,579 
United Super Markets Holdings, Inc.(1)
6,600 50,096 
UNITED, Inc.(1)
1,200 13,051 
Unitika Ltd.(2)
8,800 16,367 
Universal Entertainment Corp.(2)
3,800 43,444 
Ushio, Inc.6,100 74,055 
USS Co. Ltd.40,500 714,698 
UT Group Co. Ltd.2,700 53,778 
UUUM Co. Ltd.(1)(2)
3,000 23,374 
V Technology Co. Ltd.1,700 36,586 
Valor Holdings Co. Ltd.8,200 104,534 
Valqua Ltd.6,100 118,514 
Value HR Co. Ltd.500 5,417 
ValueCommerce Co. Ltd.2,400 43,831 
Vector, Inc.8,100 67,677 
Vertex Corp.(1)
4,200 40,538 
Vital KSK Holdings, Inc.3,300 15,867 
162


Avantis International Equity ETF
SharesValue
VT Holdings Co. Ltd.18,200 $63,020 
Wacoal Holdings Corp.5,800 92,692 
Wacom Co. Ltd.39,500 237,040 
Wakachiku Construction Co. Ltd.2,200 39,199 
Wakita & Co. Ltd.3,600 28,955 
Warabeya Nichiyo Holdings Co. Ltd.3,900 63,483 
WDB Holdings Co. Ltd.(1)
1,400 25,863 
Weathernews, Inc.300 17,250 
Welcia Holdings Co. Ltd.(1)
4,800 100,528 
West Holdings Corp.1,300 41,084 
West Japan Railway Co.7,300 284,104 
Will Group, Inc.200 1,927 
World Co. Ltd.(1)
2,800 27,215 
Xebio Holdings Co. Ltd.4,500 31,199 
YA-MAN Ltd.(1)
2,000 23,126 
Yakult Honsha Co. Ltd.12,600 745,236 
YAKUODO Holdings Co. Ltd.1,000 17,181 
YAMABIKO Corp.5,600 45,716 
Yamada Holdings Co. Ltd.137,200 474,855 
Yamae Group Holdings Co. Ltd.1,300 15,862 
Yamagata Bank Ltd.2,500 16,693 
Yamaguchi Financial Group, Inc.(1)
32,700 179,415 
Yamaha Corp.3,900 152,135 
Yamaha Motor Co. Ltd.63,900 1,324,282 
Yamaichi Electronics Co. Ltd.5,800 85,845 
Yamato Holdings Co. Ltd.25,200 392,844 
Yamato Kogyo Co. Ltd.3,900 138,063 
Yamazaki Baking Co. Ltd.15,500 182,547 
Yamazen Corp.12,200 81,696 
Yaoko Co. Ltd.3,100 143,841 
Yaskawa Electric Corp.(1)
14,100 459,137 
Yellow Hat Ltd.6,000 77,465 
Yodogawa Steel Works Ltd.2,600 46,758 
Yokogawa Bridge Holdings Corp.6,400 89,489 
Yokogawa Electric Corp.11,700 204,204 
Yokohama Rubber Co. Ltd.20,500 335,271 
Yokorei Co. Ltd.11,800 78,251 
Yondoshi Holdings, Inc.(1)
2,200 28,184 
Yonex Co. Ltd.15,400 174,120 
Yotai Refractories Co. Ltd.1,900 19,042 
Yuasa Trading Co. Ltd.5,900 148,644 
Yukiguni Maitake Co. Ltd.3,000 22,374 
Z Holdings Corp.61,700 181,390 
Zenkoku Hosho Co. Ltd.8,200 270,960 
Zenrin Co. Ltd.7,500 51,305 
Zensho Holdings Co. Ltd.13,667 358,310 
Zeon Corp.26,400 253,289 
ZERIA Pharmaceutical Co. Ltd.2,800 41,822 
ZIGExN Co. Ltd.7,900 19,132 
ZOZO, Inc.8,400 185,667 
317,460,348 
163


Avantis International Equity ETF
SharesValue
Netherlands — 3.4%
Aalberts NV(1)
25,555 $937,102 
ABN AMRO Bank NV, CVA75,072 721,208 
Adyen NV(2)
1,815 2,800,807 
Aegon NV, NY Shares(1)
554,137 2,488,075 
AerCap Holdings NV(2)
38,793 1,708,832 
Akzo Nobel NV23,391 1,473,665 
AMG Advanced Metallurgical Group NV7,080 180,768 
Arcadis NV10,266 327,273 
ASM International NV5,198 1,413,280 
ASML Holding NV, NY Shares20,936 10,257,384 
ASR Nederland NV47,252 1,928,554 
BE Semiconductor Industries NV17,639 837,918 
Beter Bed Holding NV(1)
3,753 13,548 
Boskalis Westminster14,656 486,124 
Brunel International NV4,395 41,150 
Coca-Cola Europacific Partners PLC23,816 1,171,033 
Constellium SE(2)
12,014 160,026 
Corbion NV3,487 99,011 
Flow Traders10,254 205,190 
ForFarmers NV(1)
6,503 18,327 
Fugro NV(2)
33,653 428,659 
Heijmans NV, CVA5,110 53,049 
Heineken Holding NV1,152 81,721 
Heineken NV14,759 1,326,525 
IMCD NV2,751 379,516 
ING Groep NV, ADR(1)
387,652 3,403,585 
InPost SA(2)
11,074 56,973 
Just Eat Takeaway.com NV(2)
9,390 156,207 
Kendrion NV1,780 27,632 
Koninklijke Ahold Delhaize NV154,249 4,242,898 
Koninklijke BAM Groep NV(2)
91,934 245,051 
Koninklijke DSM NV10,565 1,347,204 
Koninklijke KPN NV957,946 3,048,276 
Koninklijke Philips NV, NY Shares27,968 463,709 
Koninklijke Vopak NV22,955 505,274 
NN Group NV52,871 2,172,890 
OCI NV31,851 1,195,777 
Ordina NV8,994 35,489 
Pharming Group NV(1)(2)
184,523 221,875 
PostNL NV(1)
166,586 354,972 
Prosus NV(2)
22,002 1,359,931 
Randstad NV7,044 328,044 
SBM Offshore NV14,903 208,118 
SIF Holding NV604 6,170 
Signify NV8,321 236,532 
Sligro Food Group NV(2)
7,515 124,484 
TKH Group NV8,914 310,988 
TomTom NV(2)
4,565 36,747 
Universal Music Group NV26,768 531,558 
Van Lanschot Kempen NV4,210 88,699 
164


Avantis International Equity ETF
SharesValue
Wolters Kluwer NV11,248 $1,099,974 
51,347,802 
New Zealand — 0.3%
a2 Milk Co. Ltd.(1)(2)
57,922 220,332 
Air New Zealand Ltd.(2)
324,471 134,081 
Arvida Group Ltd.63,083 58,171 
Auckland International Airport Ltd.(2)
71,171 328,224 
Channel Infrastructure NZ Ltd.(2)
2,544 2,101 
Chorus Ltd.97,619 478,078 
Contact Energy Ltd.74,668 358,761 
Fisher & Paykel Healthcare Corp. Ltd.17,791 212,988 
Fletcher Building Ltd.75,150 256,544 
Genesis Energy Ltd.53,599 96,865 
Hallenstein Glasson Holdings Ltd.3,630 11,803 
Heartland Group Holdings Ltd.(1)
48,998 54,101 
Infratil Ltd.46,257 255,458 
KMD Brands Ltd.94,852 62,453 
Mercury NZ Ltd.40,890 144,709 
Meridian Energy Ltd.37,261 113,676 
NZX Ltd.4,193 3,324 
Oceania Healthcare Ltd.83,326 50,351 
Pushpay Holdings Ltd.(2)
55,414 43,147 
Restaurant Brands New Zealand Ltd.(1)
933 4,632 
Ryman Healthcare Ltd.13,809 77,275 
Skellerup Holdings Ltd.11,000 37,224 
SKYCITY Entertainment Group Ltd.75,887 132,013 
Spark New Zealand Ltd.380,537 1,258,784 
Summerset Group Holdings Ltd.22,373 150,800 
Tourism Holdings Ltd.(2)
3,514 5,837 
TOWER Ltd.29,792 11,192 
Vista Group International Ltd.(2)
4,562,931 
Norway — 1.0%
ABG Sundal Collier Holding ASA59,246 34,758 
Adevinta ASA(2)
6,703 54,232 
Aker BP ASA15,510 543,328 
Aker Horizons ASA(1)(2)
143 256 
Aker Solutions ASA26,621 104,402 
American Shipping Co. ASA(2)
2,356 9,525 
ArcticZymes Technologies ASA(2)
2,740 20,325 
Atea ASA(2)
1,331 14,656 
Austevoll Seafood ASA4,629 49,618 
Axactor SE(1)(2)
598 386 
B2Holding ASA18,817 16,989 
Bakkafrost P/F1,289 75,427 
Belships ASA16,794 25,145 
Bonheur ASA2,543 95,194 
Borr Drilling Ltd.(1)(2)
27,304 106,389 
Borregaard ASA9,187 140,117 
BW Energy Ltd.(2)
15,935 39,737 
BW LPG Ltd.27,500 178,758 
165


Avantis International Equity ETF
SharesValue
BW Offshore Ltd.23,808 $64,509 
Crayon Group Holding ASA(2)
1,419 15,357 
DNB Bank ASA58,231 1,107,204 
DNO ASA141,033 200,382 
Entra ASA8,571 111,451 
Equinor ASA, ADR80,853 3,136,288 
Europris ASA16,840 101,028 
FLEX LNG Ltd.8,993 297,226 
Frontline Ltd.(1)(2)
13,650 161,889 
Gjensidige Forsikring ASA5,511 111,832 
Golden Ocean Group Ltd.39,604 373,269 
Grieg Seafood ASA4,635 56,079 
Hafnia Ltd.34,419 153,687 
Hexagon Composites ASA(1)(2)
22 62 
Hexagon Purus ASA(1)(2)
10 
Hunter Group ASA(2)
48,000 10,133 
Kid ASA3,728 33,525 
Kitron ASA6,243 12,503 
Kongsberg Automotive ASA(1)(2)
138,092 35,166 
Kongsberg Gruppen ASA11,378 388,907 
Leroy Seafood Group ASA10,584 70,719 
Magseis Fairfield ASA(2)
54,333 46,587 
Mowi ASA(1)
22,549 462,294 
MPC Container Ships ASA39,352 81,130 
Multiconsult ASA1,108 15,200 
Nordic Semiconductor ASA(2)
7,952 121,571 
Norsk Hydro ASA153,598 1,055,387 
Norske Skog ASA(2)
11,693 81,286 
Norwegian Energy Co. ASA(2)
6,842 245,543 
Odfjell Drilling Ltd.(2)
26,851 72,934 
Odfjell Technology Ltd.(2)
2,866 7,180 
Orkla ASA20,154 168,768 
Otello Corp ASA1,983 1,653 
Panoro Energy ASA(2)
14,083 41,781 
Pareto Bank ASA2,473 11,995 
Petronor E&P ASA(2)
8,972 777 
PGS ASA(1)(2)
179,549 146,136 
Protector Forsikring ASA11,708 140,160 
Rana Gruber ASA8,236 35,792 
Salmar ASA1,424 94,165 
Schibsted ASA, B Shares4,746 81,399 
Schibsted ASA, Class A3,105 56,824 
SpareBank 1 Nord Norge17,847 160,864 
Sparebank 1 Oestlandet4,121 46,959 
SpareBank 1 SMN19,539 237,898 
SpareBank 1 Sorost-Norge2,242 12,244 
SpareBank 1 SR-Bank ASA8,851 101,244 
Sparebanken Vest6,101 54,283 
Stolt-Nielsen Ltd.2,348 50,176 
Storebrand ASA148,060 1,185,082 
Subsea 7 SA29,339 263,373 
166


Avantis International Equity ETF
SharesValue
Telenor ASA37,667 $412,190 
TGS ASA18,667 284,075 
TOMRA Systems ASA9,286 211,597 
Veidekke ASA13,219 135,002 
Wallenius Wilhelmsen ASA21,001 118,234 
Yara International ASA13,941 589,669 
14,781,920 
Portugal — 0.2%
Altri SGPS SA22,911 129,274 
Banco Comercial Portugues SA, R Shares1,163,873 169,330 
Corticeira Amorim SGPS SA3,340 33,730 
CTT-Correios de Portugal SA6,666 21,713 
EDP - Energias de Portugal SA176,999 845,276 
EDP Renovaveis SA7,020 170,250 
Galp Energia SGPS SA97,423 1,052,069 
Greenvolt-Energias Renovaveis SA(2)
1,590 15,360 
Jeronimo Martins SGPS SA14,203 314,905 
Navigator Co. SA4,889 19,399 
NOS SGPS SA16,900 62,294 
REN - Redes Energeticas Nacionais SGPS SA128,562 340,816 
Sonae SGPS SA124,809 125,451 
3,299,867 
Singapore — 1.5%
Ascendas India Trust198,400 161,410 
Avarga Ltd.(2)
100,800 15,876 
Boustead Singapore Ltd.1,000 647 
Bumitama Agri Ltd.141,800 63,350 
Capitaland Investment Ltd.225,200 592,901 
Centurion Corp. Ltd.1,800 490 
China Sunsine Chemical Holdings Ltd.56,900 19,561 
Chip Eng Seng Corp. Ltd.30,100 14,310 
City Developments Ltd.91,200 529,526 
ComfortDelGro Corp. Ltd.325,900 328,456 
DBS Group Holdings Ltd.126,385 2,942,683 
Delfi Ltd.14,200 7,768 
Far East Orchard Ltd.10,200 7,878 
First Resources Ltd.189,800 204,586 
Frencken Group Ltd.(1)
59,900 49,047 
Geo Energy Resources Ltd.(1)
254,900 70,003 
Golden Agri-Resources Ltd.3,289,200 659,382 
Grab Holdings Ltd., Class A(2)
29,392 83,767 
GuocoLand Ltd.(1)
16,800 20,166 
Haw Par Corp. Ltd.2,900 22,679 
Hong Fok Corp. Ltd.(1)
75,300 57,003 
Hong Leong Asia Ltd.13,900 7,454 
Hour Glass Ltd.52,500 87,037 
Hutchison Port Holdings Trust, U Shares1,497,200 321,265 
iFAST Corp. Ltd.(1)
12,900 41,237 
Indofood Agri Resources Ltd.80,500 18,130 
ISDN Holdings Ltd.85,200 28,858 
Japfa Ltd.93,000 39,899 
167


Avantis International Equity ETF
SharesValue
Jardine Cycle & Carriage Ltd.3,900 $91,557 
Jiutian Chemical Group Ltd.505,900 33,549 
Keppel Corp. Ltd.262,600 1,363,818 
Keppel Infrastructure Trust(1)
445,300 181,342 
Mandarin Oriental International Ltd.(2)
14,400 29,522 
Maxeon Solar Technologies Ltd.(1)(2)
3,598 71,420 
Mewah International, Inc.26,100 6,415 
Micro-Mechanics Holdings Ltd.5,300 11,903 
Netlink Nbn Management Pte. Ltd.174,600 116,715 
Olam Group Ltd.123,300 129,498 
OUE Ltd.(1)
21,900 21,462 
Oversea-Chinese Banking Corp. Ltd.346,631 2,987,662 
Oxley Holdings Ltd.19,100 2,184 
QAF Ltd.19,700 12,053 
Raffles Medical Group Ltd.220,100 219,004 
Rex International Holding Ltd.(1)(2)
148,100 29,142 
Riverstone Holdings Ltd.(1)
188,700 97,281 
Samudera Shipping Line Ltd.80,000 57,035 
SATS Ltd.(1)(2)
35,600 102,808 
Sea Ltd., ADR(2)
7,999 495,938 
Sembcorp Industries Ltd.157,100 380,614 
Sheng Siong Group Ltd.186,800 216,515 
Sing Investments & Finance Ltd.1,000 1,066 
Singapore Airlines Ltd.(1)(2)
282,650 1,073,180 
Singapore Exchange Ltd.139,400 945,970 
Singapore Post Ltd.439,900 182,349 
Singapore Technologies Engineering Ltd.175,600 467,930 
Singapore Telecommunications Ltd.848,800 1,593,501 
Stamford Land Corp. Ltd.52,700 14,514 
StarHub Ltd.79,000 69,453 
Straits Trading Co. Ltd.14,200 33,095 
Tuan Sing Holdings Ltd.136,993 36,186 
United Overseas Bank Ltd.112,700 2,197,589 
UOL Group Ltd.165,200 817,375 
Venture Corp. Ltd.42,200 551,336 
Wilmar International Ltd.120,500 347,811 
Wing Tai Holdings Ltd.15,500 18,499 
Yangzijiang Financial Holding Ltd.(2)
397,300 106,287 
Yangzijiang Shipbuilding Holdings Ltd.795,000 550,964 
Yanlord Land Group Ltd.232,400 171,036 
Yoma Strategic Holdings Ltd.(1)(2)
578,700 53,710 
22,284,657 
Spain — 2.0%
Acciona SA5,031 985,403 
Acerinox SA76,045 688,042 
ACS Actividades de Construccion y Servicios SA(1)
19,996 445,502 
Aena SME SA(2)
5,980 734,474 
Almirall SA14,176 127,883 
Amadeus IT Group SA(2)
26,840 1,416,867 
Amper SA(2)
83,093 14,738 
Applus Services SA13,771 92,127 
168


Avantis International Equity ETF
SharesValue
Atresmedia Corp. de Medios de Comunicacion SA15,793 $43,251 
Banco Bilbao Vizcaya Argentaria SA, ADR435,571 1,933,935 
Banco de Sabadell SA1,387,322 954,108 
Banco Santander SA, ADR1,141,572 2,751,189 
Bankinter SA72,313 370,589 
CaixaBank SA419,158 1,265,648 
Cellnex Telecom SA20,987 817,291 
Cia de Distribucion Integral Logista Holdings SA6,004 116,695 
CIE Automotive SA5,093 124,896 
Construcciones y Auxiliar de Ferrocarriles SA4,085 118,205 
Ebro Foods SA6,389 100,979 
Enagas SA42,321 772,786 
Ence Energia y Celulosa SA19,662 69,598 
Endesa SA33,890 581,282 
Ercros SA15,264 46,882 
Faes Farma SA31,342 124,481 
Ferrovial SA (Madrid)10,167 254,936 
Fluidra SA7,732 123,671 
Fomento de Construcciones y Contratas SA8,611 77,317 
Gestamp Automocion SA41,472 151,843 
Global Dominion Access SA11,687 45,247 
Grifols SA(1)(2)
10,449 126,313 
Grupo Catalana Occidente SA3,270 96,153 
Iberdrola SA422,964 4,403,773 
Indra Sistemas SA5,048 39,689 
Industria de Diseno Textil SA55,571 1,199,857 
Laboratorios Farmaceuticos Rovi SA2,940 144,325 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros38,597 41,707 
Mapfre SA155,169 257,416 
Melia Hotels International SA(2)
22,151 134,337 
Metrovacesa SA5,539 38,051 
Miquel y Costas & Miquel SA638 8,241 
Naturgy Energy Group SA(1)
10,976 302,659 
Neinor Homes SA(1)
11,637 119,378 
Obrascon Huarte Lain SA(1)(2)
79,625 45,582 
Prosegur Cash SA(1)
27,680 18,937 
Prosegur Cia de Seguridad SA35,269 64,944 
Red Electrica Corp. SA49,363 902,493 
Repsol SA290,289 3,770,297 
Sacyr SA135,193 302,412 
Siemens Gamesa Renewable Energy SA(2)
14,118 254,377 
Solaria Energia y Medio Ambiente SA(2)
9,769 207,430 
Talgo SA (Madrid)(1)
920 2,444 
Telefonica SA, ADR(1)
493,580 2,013,806 
Tubacex SA(2)
7,139 15,895 
Unicaja Banco SA241,769 217,704 
Viscofan SA8,155 458,836 
30,536,921 
Sweden — 3.3%
AAK AB18,328 280,744 
AcadeMedia AB13,381 58,631 
169


Avantis International Equity ETF
SharesValue
AddLife AB, B Shares6,029 $78,029 
AddTech AB, B Shares33,034 463,421 
Africa Oil Corp.(1)
39,500 77,295 
AFRY AB900 11,864 
Alfa Laval AB23,107 616,204 
Alimak Group AB2,814 20,700 
Alleima AB(2)
8,488 34,080 
Alligo AB, Class B945 8,626 
Ambea AB3,055 12,387 
AQ Group AB798 17,737 
Arjo AB, B Shares30,587 137,373 
Assa Abloy AB, Class B39,945 809,045 
Atlas Copco AB, A Shares156,374 1,587,356 
Atlas Copco AB, B Shares117,408 1,069,092 
Atrium Ljungberg AB, B Shares5,093 73,819 
Avanza Bank Holding AB(1)
64,188 1,028,870 
Axfood AB25,364 764,537 
Beijer Alma AB1,369 20,853 
Beijer Ref AB21,339 276,256 
Better Collective A/S(2)
7,120 97,563 
Bilia AB, A Shares28,770 357,927 
BillerudKorsnas AB41,767 543,079 
BioGaia AB, B Shares12,584 101,560 
Biotage AB11,375 191,354 
Bjorn Borg AB(2)
934 2,388 
Boliden AB45,944 1,471,226 
Bonava AB, B Shares13,106 46,911 
Boozt AB(1)(2)
8,909 52,229 
Bravida Holding AB3,576 32,361 
Bufab AB973 22,566 
Bure Equity AB11,805 233,174 
Byggmax Group AB17,111 70,303 
Castellum AB(1)
52,962 743,292 
Catena AB3,571 146,786 
Catena Media PLC(2)
24,219 72,782 
Cellavision AB694 21,770 
Cibus Nordic Real Estate AB7,338 116,855 
Clas Ohlson AB, B Shares18,520 167,055 
Cloetta AB, B Shares80,256 140,303 
Collector Bank AB(2)
13,975 44,573 
Coor Service Management Holding AB8,924 69,098 
Corem Property Group AB, B Shares77,997 90,960 
Dios Fastigheter AB13,771 101,932 
Duni AB(1)(2)
2,761 22,510 
Elanders AB, B Shares2,304 32,635 
Electrolux AB, B Shares40,800 515,918 
Electrolux Professional AB, B Shares39,549 196,474 
Elekta AB, B Shares39,889 228,660 
Embracer Group AB(1)(2)
13,464 83,537 
Eolus Vind AB, B Shares3,678 47,557 
Epiroc AB, A Shares67,610 1,034,488 
170


Avantis International Equity ETF
SharesValue
Epiroc AB, B Shares29,680 $404,059 
EQT AB7,225 161,824 
Essity AB, B Shares54,791 1,215,443 
Evolution AB4,085 326,813 
Fabege AB35,896 317,268 
Fagerhult AB716 3,066 
Fastighets AB Balder, B Shares(2)
45,738 252,575 
Fingerprint Cards AB, B Shares(1)(2)
1,440 958 
Fortnox AB51,665 228,630 
G5 Entertainment AB(1)
1,269 20,937 
GARO AB7,008 76,178 
Getinge AB, B Shares37,441 693,465 
Granges AB13,052 101,175 
H & M Hennes & Mauritz AB, B Shares(1)
76,064 789,950 
Hemnet Group AB5,791 76,814 
Hexagon AB, B Shares75,575 772,304 
Hexpol AB23,043 204,578 
HMS Networks AB2,435 88,482 
Hoist Finance AB(2)
12,496 37,833 
Holmen AB, B Shares9,972 427,844 
Hufvudstaden AB, A Shares13,708 163,306 
Husqvarna AB, B Shares35,664 239,963 
Industrivarden AB, A Shares10,140 224,722 
Indutrade AB29,971 554,943 
Instalco AB23,927 119,431 
Intrum AB8,076 145,049 
Investment AB Latour, B Shares3,154 62,132 
INVISIO AB(1)
2,959 41,124 
Inwido AB6,499 63,556 
JM AB12,160 209,061 
Kabe Group AB, Class B255 5,012 
Karnov Group AB(2)
4,021 21,584 
Karo Pharma AB(1)(2)
4,396 24,717 
Kopparbergs Bryggeri AB, B Shares1,831 25,902 
Lifco AB, B Shares11,946 185,558 
Lime Technologies AB(1)
752 21,559 
Lindab International AB13,006 186,289 
Loomis AB22,382 604,617 
Maha Energy AB(2)
43,382 49,974 
MEKO AB10,576 96,592 
Millicom International Cellular SA, SDR(2)
25,739 368,290 
MIPS AB3,739 168,486 
Modern Times Group MTG AB, B Shares(2)
13,190 115,500 
Momentum Group AB(2)
945 4,472 
Munters Group AB2,707 19,442 
Mycronic AB11,030 130,804 
NCC AB, B Shares17,143 161,355 
Net Insight AB, B Shares(2)
86,165 42,102 
New Wave Group AB, B Shares12,792 205,753 
Nibe Industrier AB, B Shares57,451 538,014 
Nilorngruppen AB, B Shares1,058 11,262 
171


Avantis International Equity ETF
SharesValue
Nobia AB34,226 $88,149 
Nolato AB, B Shares34,043 176,710 
Nordea Bank Abp261,565 2,425,190 
Nordic Paper Holding AB1,595 5,367 
Nordic Waterproofing Holding AB800 12,941 
Nordnet AB publ15,342 183,670 
Nyfosa AB18,905 158,814 
Orron Energy AB(1)
8,113 15,431 
Ovzon AB(2)
906 4,046 
OX2 AB(2)
1,531 13,652 
Pandox AB(2)
11,646 143,977 
Paradox Interactive AB10,718 168,494 
Peab AB, Class B37,358 230,017 
Platzer Fastigheter Holding AB, B Shares4,333 33,586 
Profoto Holding AB290 2,651 
RaySearch Laboratories AB(2)
4,477 20,957 
Resurs Holding AB27,184 57,920 
Saab AB, B Shares20,393 681,271 
Sagax AB, D Shares2,138 5,570 
Sagax AB, B Shares3,456 74,328 
Samhallsbyggnadsbolaget i Norden AB(1)
67,346 108,129 
Samhallsbyggnadsbolaget i Norden AB, D Shares10,330 20,331 
Sandvik AB42,441 661,676 
Scandi Standard AB(2)
9,597 42,329 
Scandic Hotels Group AB(2)
23,624 83,890 
Sectra AB, B Shares(2)
7,948 118,360 
Securitas AB, B Shares(1)
29,117 254,969 
Sinch AB(1)(2)
22,860 44,197 
Skandinaviska Enskilda Banken AB, A Shares147,084 1,466,235 
Skanska AB, B Shares85,434 1,262,089 
SKF AB, B Shares55,839 837,170 
SkiStar AB16,243 209,012 
Solid Forsakring AB(2)
1,553 6,757 
Spotify Technology SA(2)
1,786 193,156 
SSAB AB, B Shares171,242 799,524 
SSAB AB, A Shares38,295 184,189 
Stillfront Group AB(2)
26,698 56,816 
Svenska Cellulosa AB SCA, B Shares65,994 988,821 
Svenska Handelsbanken AB, A Shares170,533 1,396,694 
Sweco AB, B Shares19,273 181,689 
Swedbank AB, A Shares109,600 1,416,569 
Swedish Orphan Biovitrum AB(2)
8,535 188,468 
Synsam AB2,551 12,215 
Tele2 AB, B Shares77,661 827,071 
Telefonaktiebolaget LM Ericsson, ADR(1)
283,428 2,105,870 
Telia Co. AB358,324 1,261,205 
Tethys Oil AB11,171 66,851 
TF Bank AB1,188 17,724 
Thule Group AB9,143 223,021 
Tobii AB(2)
777 1,739 
Tobii Dynavox AB(2)
920 1,954 
172


Avantis International Equity ETF
SharesValue
Transtema Group AB(2)
1,153 $3,217 
Trelleborg AB, B Shares52,764 1,096,446 
Troax Group AB6,954 112,512 
Truecaller AB, B Shares(2)
14,523 76,350 
Viaplay Group AB, B Shares(2)
3,268 83,139 
Vitec Software Group AB, B Shares2,711 101,130 
Vitrolife AB3,780 90,135 
Volvo AB, B Shares119,305 1,889,826 
Volvo AB, A Shares14,188 236,125 
Volvo Car AB, Class B(1)(2)
61,731 376,029 
Wallenstam AB, B Shares27,044 121,364 
Wihlborgs Fastigheter AB39,052 279,758 
49,565,004 
Switzerland — 8.4%
ABB Ltd., ADR(1)
61,439 1,693,873 
Adecco Group AG6,966 220,826 
Alcon, Inc.29,299 1,929,132 
Allreal Holding AG792 124,170 
ALSO Holding AG(2)
776 129,005 
ams-OSRAM AG(2)
18,505 135,412 
Arbonia AG14,274 187,098 
Ascom Holding AG5,835 37,635 
Autoneum Holding AG850 95,291 
Bachem Holding AG, Class B1,455 100,754 
Baloise Holding AG11,489 1,658,078 
Banque Cantonale Vaudoise(1)
2,377 225,553 
Barry Callebaut AG506 1,035,344 
Basellandschaftliche Kantonalbank14 13,151 
Basilea Pharmaceutica AG(2)
706 28,042 
Belimo Holding AG1,172 444,581 
Bell Food Group AG256 67,071 
Bellevue Group AG1,552 50,549 
BKW AG1,541 186,676 
Bobst Group SA2,200 177,260 
Bucher Industries AG1,432 510,210 
Burckhardt Compression Holding AG2,173 909,985 
Burkhalter Holding AG284 24,460 
Bystronic AG158 100,256 
Calida Holding AG583 25,433 
Cembra Money Bank AG7,289 491,591 
Chocoladefabriken Lindt & Spruengli AG762,257 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate73 772,075 
Cie Financiere Richemont SA, Class A37,879 4,235,949 
Clariant AG(2)
43,535 803,801 
Coltene Holding AG(2)
899 76,876 
Comet Holding AG2,276 395,810 
COSMO Pharmaceuticals NV(1)
520 27,484 
CPH Chemie & Papier Holding AG46 3,494 
Credit Suisse Group AG, ADR(1)
408,246 2,106,549 
Daetwyler Holding AG, Bearer Shares790 157,601 
DKSH Holding AG14,880 1,107,112 
173


Avantis International Equity ETF
SharesValue
dormakaba Holding AG637 $267,131 
Dufry AG(2)
7,380 275,366 
EFG International AG(2)
20,976 176,272 
Emmi AG1,588 1,398,820 
EMS-Chemie Holding AG1,547 1,086,361 
Feintool International Holding AG(1)
1,020 21,963 
Flughafen Zurich AG(2)
1,868 314,542 
Forbo Holding AG216 269,534 
Galenica AG9,516 669,159 
GAM Holding AG(2)
27,635 27,438 
Geberit AG2,435 1,125,080 
Georg Fischer AG23,542 1,275,570 
Givaudan SA155 494,539 
Gurit Holding AG, Bearer Shares(1)
530 55,484 
Helvetia Holding AG10,274 1,132,414 
Holcim AG(2)
35,964 1,594,122 
Huber + Suhner AG3,468 288,847 
Hypothekarbank Lenzburg AG4,383 
Idorsia Ltd.(1)(2)
5,174 80,967 
Implenia AG(2)
1,904 56,232 
Ina Invest Holding AG(2)
225 4,522 
Inficon Holding AG386 269,090 
Interroll Holding AG61 139,470 
Intershop Holding AG107 69,716 
Julius Baer Group Ltd.(2)
33,769 1,631,707 
Kardex Holding AG2,098 367,850 
Komax Holding AG553 144,076 
Kuehne + Nagel International AG9,026 2,086,007 
Landis & Gyr Group AG(2)
12 702 
LEM Holding SA91 149,865 
Leonteq AG1,571 89,208 
Liechtensteinische Landesbank AG1,502 85,758 
Logitech International SA(1)
34,892 1,736,084 
Lonza Group AG2,586 1,379,165 
Medacta Group SA1,387 122,139 
Metall Zug AG, B Shares20 40,652 
Mobilezone Holding AG19,778 327,427 
Mobimo Holding AG1,185 290,907 
Molecular Partners AG(2)
12 68 
Montana Aerospace AG(2)
1,696 26,235 
Nestle SA99,845 11,684,154 
Novartis AG, ADR199,753 16,084,112 
OC Oerlikon Corp. AG31,229 228,112 
Orior AG1,857 145,130 
Partners Group Holding AG2,953 2,850,393 
Peach Property Group AG(2)
2,341 72,768 
PolyPeptide Group AG(2)
355 13,047 
PSP Swiss Property AG11,489 1,299,785 
Rieter Holding AG583 59,524 
Roche Holding AG46,822 15,087,985 
Roche Holding AG, Bearer Shares1,900 725,721 
174


Avantis International Equity ETF
SharesValue
Schindler Holding AG3,016 $509,374 
Schindler Holding AG, Bearer Participation Certificate6,957 1,211,956 
Schweiter Technologies AG, Bearer Shares(1)
84 88,129 
Schweizerische Nationalbank(1)
45,230 
Sensirion Holding AG(2)
2,773 257,327 
SFS Group AG4,194 391,968 
SGS SA691 1,521,709 
Siegfried Holding AG(2)
485 387,038 
SIG Group AG(2)
19,460 456,281 
Sika AG5,153 1,159,398 
Softwareone Holding AG(2)
9,842 129,394 
Sonova Holding AG1,196 315,114 
St Galler Kantonalbank AG331 155,672 
Stadler Rail AG(1)
15,760 480,986 
Straumann Holding AG8,459 926,960 
Sulzer AG3,698 220,692 
Swatch Group AG6,774 308,073 
Swatch Group AG, Bearer Shares4,299 1,042,487 
Swiss Life Holding AG6,580 3,439,214 
Swiss Prime Site AG12,478 1,073,133 
Swiss Re AG26,666 2,073,432 
Swisscom AG6,511 3,366,381 
Swissquote Group Holding SA2,390 265,158 
Tecan Group AG839 308,718 
Temenos AG11,087 907,960 
TX Group AG361 55,489 
u-blox Holding AG(2)
2,694 373,383 
UBS Group AG(1)(2)
394,717 6,256,264 
V-ZUG Holding AG(2)
478 37,616 
Valiant Holding AG3,115 295,143 
Valora Holding AG1,108 293,525 
VAT Group AG(2)
4,058 970,294 
Vetropack Holding AG438 15,355 
Vontobel Holding AG9,564 588,425 
VZ Holding AG2,239 179,107 
Ypsomed Holding AG277 42,325 
Zehnder Group AG2,291 135,344 
Zurich Insurance Group AG17,082 7,582,688 
126,742,789 
United Kingdom — 13.6%
3i Group PLC183,144 2,577,988 
abrdn PLC189,225 321,579 
Admiral Group PLC28,521 701,582 
AG Barr PLC6,893 40,359 
Airtel Africa PLC120,897 185,603 
AJ Bell PLC36,519 124,555 
Alliance Pharma PLC70,006 77,164 
Anglo American PLC153,772 4,941,381 
Anglo Asian Mining PLC29,191 27,112 
Anglo Pacific Group PLC40,206 76,975 
Antofagasta PLC54,225 689,953 
175


Avantis International Equity ETF
SharesValue
Arix Bioscience PLC(2)
2,941 $4,015 
Ashmore Group PLC37,441 88,220 
Ashtead Group PLC57,630 2,831,237 
ASOS PLC(2)
10,347 83,244 
Associated British Foods PLC25,740 454,594 
Aston Martin Lagonda Global Holdings PLC(1)(2)
10,082 52,050 
AstraZeneca PLC, ADR120,246 7,500,945 
Atalaya Mining PLC43,214 111,631 
Auto Trader Group PLC103,971 785,052 
Avast PLC(1)
14,881 122,138 
AVEVA Group PLC1,723 55,874 
Aviva PLC351,088 1,703,213 
Avon Rubber PLC180 1,681 
B&M European Value Retail SA168,403 722,144 
Babcock International Group PLC(2)
44,076 168,103 
BAE Systems PLC314,320 2,830,797 
Balfour Beatty PLC36,045 131,858 
Bank of Georgia Group PLC15,241 353,954 
Barclays PLC, ADR448,914 3,497,040 
Barratt Developments PLC89,486 443,026 
Beazley PLC92,660 625,239 
Begbies Traynor Group PLC21,662 36,971 
Bellway PLC26,511 626,837 
Berkeley Group Holdings PLC21,735 920,109 
Biffa PLC74,193 346,317 
Bloomsbury Publishing PLC3,451 16,844 
Bodycote PLC43,833 279,497 
boohoo Group PLC(1)(2)
417 202 
BP PLC, ADR269,145 8,300,432 
Breedon Group PLC89,631 62,059 
Brewin Dolphin Holdings PLC80,202 476,896 
Britvic PLC13,015 118,283 
BT Group PLC1,619,758 2,833,443 
Bunzl PLC18,206 603,787 
Burberry Group PLC74,830 1,513,713 
Burford Capital Ltd.32,227 301,470 
Bytes Technology Group PLC64,779 312,613 
Capita PLC(2)
457 137 
Capital Ltd.24,003 23,146 
Capricorn Energy PLC(2)
213,145 574,503 
Carnival PLC, ADR(1)(2)
3,002 25,427 
Centamin PLC375,324 393,608 
Central Asia Metals PLC59,380 158,101 
Centrica PLC(2)
1,256,060 1,101,648 
Cerillion PLC1,284 13,419 
Chemring Group PLC52,055 188,616 
Close Brothers Group PLC35,379 418,551 
CMC Markets PLC46,776 124,755 
Coats Group PLC382,014 266,252 
Coca-Cola HBC AG(2)
14,895 339,894 
Compass Group PLC66,759 1,436,056 
176


Avantis International Equity ETF
SharesValue
Computacenter PLC18,587 $532,458 
ContourGlobal PLC41,671 124,563 
ConvaTec Group PLC36,119 91,126 
Costain Group PLC(2)
396 183 
Countryside Partnerships PLC(2)
44,394 124,322 
Cranswick PLC7,686 275,016 
Crest Nicholson Holdings PLC77,921 211,767 
Croda International PLC7,529 586,847 
CVS Group PLC12,484 263,029 
DCC PLC8,427 485,011 
De La Rue PLC(1)(2)
23,012 22,965 
Dechra Pharmaceuticals PLC2,991 120,965 
Devro PLC55,884 120,868 
Diageo PLC, ADR30,100 5,309,339 
Direct Line Insurance Group PLC269,431 641,719 
Diversified Energy Co. PLC105,683 162,182 
Domino's Pizza Group PLC18,620 50,962 
dotdigital group PLC41,597 41,972 
Dr. Martens PLC138,136 376,588 
Drax Group PLC105,165 775,756 
DS Smith PLC96,192 298,097 
Dunelm Group PLC32,164 256,703 
DX Group PLC(2)
62,822 21,894 
easyJet PLC(2)
32,447 134,814 
Elementis PLC(2)
31,520 40,467 
EMIS Group PLC14,128 309,042 
EnQuest PLC(2)
813,049 282,117 
Ergomed PLC(2)
6,908 89,499 
Essentra PLC8,994 20,703 
Experian PLC45,338 1,375,803 
Ferguson PLC18,078 2,093,579 
Ferrexpo PLC84,688 145,673 
Firstgroup PLC(1)
209,836 279,473 
Forterra PLC51,498 158,017 
Foxtons Group PLC38,162 16,484 
Frasers Group PLC(2)
57,099 531,656 
Fresnillo PLC5,578 44,427 
Frontier Developments PLC(1)(2)
3,584 60,739 
Games Workshop Group PLC6,510 536,060 
Gamma Communications PLC4,078 51,008 
Gateley Holdings PLC12,343 27,592 
Genel Energy PLC42,725 70,429 
Genus PLC390 11,373 
Georgia Capital PLC(2)
14,285 113,341 
Glencore PLC1,222,663 6,684,983 
Go-Ahead Group PLC(2)
17,442 312,889 
Golar LNG Ltd.(2)
12,093 329,776 
Grafton Group PLC62,929 528,226 
Grainger PLC79,986 249,043 
Greencore Group PLC(2)
5,834 5,765 
Greggs PLC36,024 770,034 
177


Avantis International Equity ETF
SharesValue
GSK PLC, ADR164,776 $5,351,924 
Gulf Keystone Petroleum Ltd.72,894 204,087 
Gym Group PLC(2)
16,812 28,180 
Haleon PLC, ADR(2)
165,809 991,538 
Halfords Group PLC72,950 110,281 
Halma PLC23,314 560,817 
Harbour Energy PLC113,994 628,960 
Hargreaves Lansdown PLC55,211 522,692 
Hays PLC138,428 187,691 
Helical PLC11,050 49,996 
Helios Towers PLC(2)
140,295 201,052 
Hikma Pharmaceuticals PLC25,075 382,160 
Hill & Smith Holdings PLC19,487 235,421 
Hiscox Ltd.5,392 56,183 
Hochschild Mining PLC110,243 83,003 
HomeServe PLC6,457 88,890 
Hotel Chocolat Group PLC(2)
2,721 4,298 
Howden Joinery Group PLC134,643 890,241 
HSBC Holdings PLC, ADR(1)
239,151 7,373,025 
Hunting PLC42,329 141,577 
Hurricane Energy PLC(2)
454,791 38,788 
Ibstock PLC118,324 260,069 
IG Group Holdings PLC93,108 883,593 
IMI PLC39,815 529,550 
Impax Asset Management Group PLC25,999 188,713 
Inchcape PLC79,022 693,905 
Indivior PLC(2)
256,610 859,824 
Informa PLC14,968 94,697 
IntegraFin Holdings PLC649 2,023 
InterContinental Hotels Group PLC7,224 392,163 
Intermediate Capital Group PLC51,875 820,028 
International Personal Finance PLC68,141 79,198 
Intertek Group PLC24,978 1,146,455 
Investec PLC117,440 564,503 
IOG PLC(2)
48,616 16,101 
IP Group PLC297,811 241,706 
IQE PLC(2)
3,759 1,487 
ITV PLC229,320 170,655 
IWG PLC(2)
139,542 260,097 
J D Wetherspoon PLC(2)
11,618 65,066 
J Sainsbury PLC388,874 917,882 
Jadestone Energy PLC21,557 21,785 
JD Sports Fashion PLC471,508 616,747 
JET2 PLC(2)
19,161 189,752 
Johnson Matthey PLC46,276 1,079,657 
Johnson Service Group PLC(2)
20,787 23,227 
Jubilee Metals Group PLC(2)
540,980 74,164 
Jupiter Fund Management PLC103,845 117,099 
Just Group PLC297,841 248,709 
Kainos Group PLC14,199 224,017 
Keller Group PLC26,157 212,903 
178


Avantis International Equity ETF
SharesValue
Kingfisher PLC229,433 $616,318 
Lancashire Holdings Ltd.7,276 41,749 
Legal & General Group PLC867,094 2,539,779 
Liberty Global PLC, Class A(2)
17,082 345,056 
Liberty Global PLC, Class C(2)
37,357 796,078 
Liontrust Asset Management PLC15,989 169,815 
Lloyds Banking Group PLC, ADR1,717,833 3,435,666 
London Stock Exchange Group PLC8,084 758,292 
Lookers PLC41,443 39,248 
Luceco PLC16,679 15,176 
Luxfer Holdings PLC7,575 124,609 
M&C Saatchi PLC(2)
15,294 28,556 
M&G PLC389,753 884,519 
Man Group PLC292,809 827,439 
Marks & Spencer Group PLC(2)
552,292 780,446 
Marshalls PLC20,546 79,681 
Marston's PLC(2)
216,269 91,164 
Mediclinic International PLC102,982 598,420 
Meggitt PLC(2)
34,240 317,338 
Metro Bank PLC(2)
28,972 27,225 
Mitchells & Butlers PLC(2)
41,484 74,192 
Mitie Group PLC205,964 172,977 
Molten Ventures PLC(2)
38,006 164,098 
Mondi PLC55,405 940,523 
Moneysupermarket.com Group PLC52,177 119,273 
Morgan Advanced Materials PLC67,098 206,855 
Morgan Sindall Group PLC11,270 225,003 
Mortgage Advice Bureau Holdings Ltd.7,743 85,515 
Motorpoint group PLC(2)
12,494 28,657 
National Grid PLC, ADR59,850 3,781,922 
NatWest Group PLC, ADR(1)
231,705 1,281,331 
Next PLC24,735 1,665,700 
Ninety One PLC140,672 322,272 
Norcros PLC2,909 7,141 
Numis Corp. PLC7,246 20,564 
Ocado Group PLC(2)
10,337 86,873 
On the Beach Group PLC(2)
1,503 2,231 
OSB Group PLC62,243 396,843 
Pagegroup PLC88,941 446,730 
Pan African Resources PLC767,835 163,096 
Pantheon Resources PLC(1)(2)
1,134 1,755 
Paragon Banking Group PLC62,496 388,463 
Pearson PLC, ADR(1)
39,232 393,889 
Pennon Group PLC47,209 511,150 
Persimmon PLC55,179 944,174 
Petra Diamonds Ltd.(2)
66,090 75,461 
Petrofac Ltd.(2)
512 708 
Phoenix Group Holdings PLC61,029 426,262 
Phoenix Spree Deutschland Ltd.4,901 17,029 
Playtech PLC(2)
43,998 228,387 
Plus500 Ltd.42,067 828,974 
179


Avantis International Equity ETF
SharesValue
Polar Capital Holdings PLC3,013 $16,014 
Premier Foods PLC128,941 161,351 
Premier Miton Group PLC1,579 1,963 
Provident Financial PLC112,382 224,882 
Prudential PLC, ADR(1)
61,910 1,306,920 
PZ Cussons PLC55,773 125,764 
QinetiQ Group PLC84,373 340,919 
Quilter PLC320,252 390,712 
Rathbones Group PLC13,437 280,891 
Reach PLC80,817 69,474 
Reckitt Benckiser Group PLC46,761 3,608,153 
Redde Northgate PLC77,698 308,402 
Redrow PLC65,124 382,568 
RELX PLC, ADR138,873 3,635,695 
Renew Holdings PLC4,532 33,797 
Renewi PLC(2)
9,806 88,291 
Renishaw PLC2,383 101,928 
Rentokil Initial PLC56,297 340,004 
Restore PLC20,599 104,601 
Rhi Magnesita NV7,444 155,992 
Ricardo PLC6,212 33,291 
Rightmove PLC191,050 1,342,891 
Rio Tinto PLC, ADR(1)
121,758 6,853,758 
Rolls-Royce Holdings PLC(2)
370,359 330,071 
Rotork PLC143,914 412,862 
Royal Mail PLC164,264 524,107 
RS GROUP PLC59,652 750,400 
RWS Holdings PLC213 851 
Sabre Insurance Group PLC1,153 1,538 
Sage Group PLC23,242 192,646 
Savannah Energy PLC(2)
122,479 47,001 
Savills PLC33,798 371,185 
Schroders PLC15,674 487,558 
Secure Trust Bank PLC1,207 12,853 
Senior PLC(2)
90,863 137,003 
Serco Group PLC30,707 62,283 
Serica Energy PLC98,999 428,564 
Severn Trent PLC10,381 335,323 
Shell PLC, ADR294,520 15,603,670 
SIG PLC(2)
73,322 28,491 
Sirius Real Estate Ltd.142,432 134,361 
Smart Metering Systems PLC17,725 187,055 
Smith & Nephew PLC, ADR40,245 959,441 
Smiths Group PLC14,998 259,103 
Softcat PLC26,361 395,299 
Spectris PLC16,446 531,753 
Speedy Hire PLC159,701 75,807 
Spirax-Sarco Engineering PLC4,347 530,666 
Spire Healthcare Group PLC(2)
48,745 131,327 
Spirent Communications PLC79,464 237,697 
SSE PLC125,328 2,401,625 
180


Avantis International Equity ETF
SharesValue
SSP Group PLC(2)
93,351 $228,750 
St. James's Place PLC110,363 1,412,640 
Standard Chartered PLC (London)319,393 2,212,164 
SThree PLC39,848 162,665 
Strix Group PLC(1)
60,456 103,938 
Superdry PLC(2)
21,844 31,754 
Synthomer PLC40,459 92,375 
Tate & Lyle PLC109,470 969,382 
Taylor Wimpey PLC331,706 416,137 
TBC Bank Group PLC17,271 355,588 
Telecom Plus PLC1,052 23,766 
Tesco PLC591,020 1,707,025 
TI Fluid Systems PLC36,012 61,035 
TP ICAP Group PLC86,013 153,393 
Trainline PLC(2)
263 1,055 
Travis Perkins PLC40,407 397,393 
Tremor International Ltd.(1)(2)
3,098 11,832 
TUI AG(2)
47,537 72,891 
Tullow Oil PLC(1)(2)
139,516 78,352 
Unilever PLC, ADR(1)
109,456 4,968,208 
United Utilities Group PLC138,438 1,696,737 
Vertu Motors PLC153,897 86,694 
Vesuvius PLC14,283 57,466 
Victoria PLC(1)(2)
161 643 
Victrex PLC12,480 253,149 
Virgin Money UK PLC311,364 538,376 
Vistry Group PLC60,080 538,062 
Vodafone Group PLC, ADR307,887 4,131,844 
Watkin Jones PLC56,946 125,141 
Weir Group PLC22,301 375,584 
WH Smith PLC(2)
15,485 256,691 
Whitbread PLC6,718 194,710 
Wickes Group PLC112,235 155,597 
Wincanton PLC23,673 92,894 
WPP PLC, ADR(1)
16,331 700,763 
Yellow Cake PLC(2)
58,617 285,788 
204,391,720 
United States
ADTRAN Holdings, Inc.7,443 172,036 
Block, Inc.(2)
681 46,641 
GXO Logistics, Inc.(2)
604 26,806 
245,483 
TOTAL COMMON STOCKS
(Cost $1,626,825,551)
1,497,725,355 
WARRANTS


Australia
Magellan Financial Group Ltd.(2)
1,432 681 
Italy
Webuild SpA(1)(2)
3,662 5,171 
TOTAL WARRANTS
(Cost $—)
5,852 
181


Avantis International Equity ETF
SharesValue
RIGHTS


Austria
IMMOFINANZ AG(1)(2)
5,298 $53 
Germany
7C Solarparken AG(2)
20,776 380 
Hong Kong
SJM Holdings Ltd.(1)(2)
27,000 2,305 
Xinyi Electric Storage Holdings Ltd.(2)
5,280 215 
2,520 
TOTAL RIGHTS
(Cost $—)
2,953 
SHORT-TERM INVESTMENTS — 3.5%


Money Market Funds — 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,150,294 1,150,294 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
51,033,501 51,033,501 
TOTAL SHORT-TERM INVESTMENTS
(Cost $52,183,795)
52,183,795 
TOTAL INVESTMENT SECURITIES — 103.0%
(Cost $1,679,009,346)

1,549,917,955 
OTHER ASSETS AND LIABILITIES — (3.0)%

(45,316,639)
TOTAL NET ASSETS — 100.0%

$1,504,601,316 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials20.1%
Industrials16.1%
Materials11.9%
Consumer Discretionary9.1%
Energy8.5%
Health Care7.7%
Consumer Staples7.3%
Information Technology6.7%
Communication Services5.1%
Utilities4.7%
Real Estate2.3%
Short-Term Investments3.5%
Other Assets and Liabilities(3.0)%

182


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $98,429,673. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $103,659,070, which includes securities collateral of $52,625,569.


See Notes to Financial Statements.
183


AUGUST 31, 2022
Avantis International Large Cap Value ETF
SharesValue
COMMON STOCKS — 99.5%


Australia — 7.1%
ASX Ltd.1,230 $65,476 
Aurizon Holdings Ltd.51,020 129,036 
Australia & New Zealand Banking Group Ltd.19,900 307,625 
Bank of Queensland Ltd.7,740 36,931 
Bendigo & Adelaide Bank Ltd.10,218 62,723 
BHP Group Ltd., ADR(1)
15,726 863,200 
BlueScope Steel Ltd.8,685 97,444 
Brambles Ltd.19,195 161,550 
Challenger Ltd.18,110 78,076 
Coles Group Ltd.10,332 123,666 
Evolution Mining Ltd.35,406 56,899 
Fortescue Metals Group Ltd.21,560 267,938 
Harvey Norman Holdings Ltd.13,158 37,783 
National Australia Bank Ltd.11,067 229,487 
Newcrest Mining Ltd. (Sydney)6,918 83,166 
Northern Star Resources Ltd.16,275 86,017 
Orica Ltd.917 9,592 
OZ Minerals Ltd.6,106 105,230 
Rio Tinto Ltd.2,632 167,167 
Santos Ltd.54,810 292,591 
Seven Group Holdings Ltd.72 906 
Sonic Healthcare Ltd.5,473 126,563 
South32 Ltd.89,644 246,853 
Telstra Corp. Ltd.22,555 60,994 
Viva Energy Group Ltd.5,957 12,047 
Whitehaven Coal Ltd.31,164 165,998 
Woodside Energy Group Ltd.11,760 273,167 
Woodside Energy Group Ltd., ADR(1)
5,350 122,034 
4,270,159 
Austria — 0.2%
Erste Group Bank AG216 4,857 
OMV AG1,196 48,190 
Raiffeisen Bank International AG1,473 18,600 
Strabag SE223 8,569 
Vienna Insurance Group AG Wiener Versicherung Gruppe105 2,489 
voestalpine AG1,959 39,420 
122,125 
Belgium — 0.8%
Ageas SA/NV1,839 74,618 
Bekaert SA438 13,435 
Cie d'Entreprises CFE(1)(2)
160 1,593 
Deme Group NV(2)
160 18,311 
Etablissements Franz Colruyt NV763 21,206 
Euronav NV712 11,480 
KBC Ancora875 28,806 
KBC Group NV1,505 71,777 
Melexis NV188 14,176 
Proximus SADP2,350 29,913 
184


Avantis International Large Cap Value ETF
SharesValue
Solvay SA718 $57,961 
UCB SA1,089 76,521 
Umicore SA2,162 68,722 
488,519 
Canada — 11.8%
ARC Resources Ltd.17,035 235,158 
Bank of Montreal5,775 533,155 
Bank of Nova Scotia8,444 466,900 
Brookfield Renewable Corp., Class A327 12,566 
Canadian Imperial Bank of Commerce7,474 353,455 
Canadian Natural Resources Ltd.10,323 565,924 
Canadian Tire Corp. Ltd., Class A883 103,854 
Cenovus Energy, Inc.19,101 358,357 
Empire Co. Ltd., Class A1,994 56,798 
First Quantum Minerals Ltd.3,141 55,581 
Great-West Lifeco, Inc.4,116 96,683 
iA Financial Corp., Inc.3,009 161,636 
Imperial Oil Ltd.3,248 159,414 
Keyera Corp.5,947 146,530 
Kinross Gold Corp.15,558 51,056 
Loblaw Cos. Ltd.1,660 146,706 
Lundin Mining Corp.9,783 50,876 
Magna International, Inc.4,384 253,256 
Manulife Financial Corp.28,856 499,188 
National Bank of Canada5,311 351,371 
Northland Power, Inc.3,212 109,957 
Onex Corp.1,003 49,602 
Rogers Communications, Inc., Class B732 31,518 
Royal Bank of Canada8,561 796,098 
Suncor Energy, Inc.18,869 610,457 
Teck Resources Ltd., Class B8,383 283,912 
Tourmaline Oil Corp.6,815 402,927 
West Fraser Timber Co. Ltd.1,756 157,102 
7,100,037 
Denmark — 0.6%
AP Moller - Maersk A/S, A Shares4,672 
AP Moller - Maersk A/S, B Shares23 55,181 
Novo Nordisk A/S, ADR3,062 324,878 
Vestas Wind Systems A/S142 3,553 
388,284 
Finland — 1.1%
Kesko Oyj, B Shares2,477 52,110 
Kone Oyj, B Shares2,298 91,903 
Metsa Board Oyj1,453 12,492 
Metso Outotec Oyj6,943 54,302 
Neste Oyj2,861 141,153 
Nokia Oyj, ADR20,423 103,136 
Sampo Oyj, A Shares1,500 67,860 
Stora Enso Oyj, R Shares6,903 102,758 
Wartsila Oyj Abp3,904 32,189 
657,903 
185


Avantis International Large Cap Value ETF
SharesValue
France — 7.4%
Aeroports de Paris(2)
183 $25,058 
ALD SA(1)
1,987 21,627 
Arkema SA979 82,649 
AXA SA13,068 307,773 
BioMerieux545 49,840 
Bouygues SA4,729 138,914 
Carrefour SA8,024 133,924 
Cie de Saint-Gobain4,598 185,197 
Cie Generale des Etablissements Michelin SCA7,709 187,493 
Dassault Aviation SA630 86,518 
Eiffage SA1,817 159,814 
Eramet SA76 6,444 
Eurazeo SE939 56,077 
Faurecia SE(2)
2,903 41,631 
Gaztransport Et Technigaz SA579 73,709 
Hermes International146 186,992 
Ipsen SA909 87,116 
Kering SA370 185,648 
La Francaise des Jeux SAEM2,599 84,296 
LVMH Moet Hennessy Louis Vuitton SE302 194,871 
Neoen SA(1)
809 33,416 
Nexans SA565 51,622 
Orange SA, ADR(1)
21,025 212,142 
Renault SA(2)
1,714 48,820 
Safran SA2,867 292,303 
SES SA9,397 65,970 
Societe Generale SA4,570 100,748 
STMicroelectronics NV, NY Shares6,360 221,964 
Teleperformance570 
Thales SA1,385 166,977 
TotalEnergies SE, ADR10,384 524,496 
Ubisoft Entertainment SA(2)
2,257 104,082 
Valeo3,849 73,522 
Vinci SA3,122 288,015 
4,480,238 
Germany — 8.8%
adidas AG1,092 161,925 
Aurubis AG882 53,402 
BASF SE7,667 324,305 
Bayerische Motoren Werke AG3,435 253,086 
Bayerische Motoren Werke AG, Preference Shares549 38,169 
Commerzbank AG(2)
21,157 140,777 
Continental AG253 14,566 
Covestro AG3,995 120,457 
Daimler Truck Holding AG(2)
8,518 217,795 
Deutsche Bank AG22,148 184,050 
Deutsche Boerse AG283 47,848 
Deutsche Lufthansa AG(2)
22,906 136,183 
Deutsche Post AG11,644 424,996 
Deutsche Telekom AG26,480 499,075 
186


Avantis International Large Cap Value ETF
SharesValue
Encavis AG5,253 $112,264 
Fielmann AG640 23,783 
HeidelbergCement AG4,122 186,139 
HelloFresh SE(2)
2,511 59,952 
HUGO BOSS AG2,615 142,523 
KION Group AG819 32,725 
Knorr-Bremse AG1,340 64,943 
Mercedes-Benz Group AG6,099 341,945 
MTU Aero Engines AG1,533 270,363 
Rheinmetall AG1,193 189,383 
RWE AG12,913 492,985 
Schaeffler AG, Preference Shares4,574 23,830 
Sixt SE568 55,543 
Sixt SE, Preference Shares415 24,805 
Telefonica Deutschland Holding AG39,107 101,519 
VERBIO Vereinigte BioEnergie AG879 56,417 
Volkswagen AG265 49,017 
Volkswagen AG, Preference Shares1,513 215,208 
Vonovia SE7,042 190,638 
Wacker Chemie AG433 61,580 
5,312,196 
Hong Kong — 2.6%
AIA Group Ltd.54,400 523,395 
ASMPT Ltd.5,600 43,374 
Atlas Corp.(1)
1,491 21,396 
Bank of East Asia Ltd.17,600 22,174 
BOC Hong Kong Holdings Ltd.28,500 98,092 
CK Asset Holdings Ltd.16,500 111,371 
Hang Lung Group Ltd.13,000 21,988 
Hang Lung Properties Ltd.27,000 44,901 
Henderson Land Development Co. Ltd.10,000 33,451 
Hongkong Land Holdings Ltd.300 1,450 
Jardine Matheson Holdings Ltd.1,000 53,032 
Kerry Properties Ltd.10,500 24,208 
Luk Fook Holdings International Ltd.1,000 2,556 
Man Wah Holdings Ltd.13,600 10,748 
New World Development Co. Ltd.21,000 68,430 
NWS Holdings Ltd.29,000 27,898 
Pacific Basin Shipping Ltd.126,000 44,721 
Sino Land Co. Ltd.44,000 64,342 
SITC International Holdings Co. Ltd.5,000 12,679 
Sun Hung Kai Properties Ltd.2,000 23,497 
Swire Pacific Ltd., Class A13,000 89,918 
Swire Properties Ltd.5,000 11,524 
United Energy Group Ltd.174,000 21,471 
WH Group Ltd.169,500 115,484 
Xinyi Glass Holdings Ltd.26,000 48,019 
Yue Yuen Industrial Holdings Ltd.13,500 20,129 
1,560,248 
Ireland — 0.5%
Bank of Ireland Group PLC12,266 75,578 
187


Avantis International Large Cap Value ETF
SharesValue
CRH PLC6,113 $225,738 
Glanbia PLC431 5,485 
306,801 
Israel — 0.8%
Bank Hapoalim BM10,122 104,939 
Bank Leumi Le-Israel BM10,579 111,833 
Check Point Software Technologies Ltd.(2)
161 19,359 
First International Bank of Israel Ltd.512 23,826 
ICL Group Ltd.4,542 43,370 
Israel Corp. Ltd.(2)
37 17,884 
Israel Discount Bank Ltd., A Shares10,663 65,190 
Mizrahi Tefahot Bank Ltd.1,575 64,056 
Strauss Group Ltd.53 1,386 
ZIM Integrated Shipping Services Ltd.(1)
1,053 38,003 
489,846 
Italy — 2.8%
Atlantia SpA1,413 32,355 
Azimut Holding SpA5,766 91,853 
Banca Popolare di Sondrio SCPA13,803 44,201 
BPER Banca31,431 47,261 
Brembo SpA68 624 
Brunello Cucinelli SpA1,471 76,186 
Buzzi Unicem SpA2,432 40,677 
CNH Industrial NV16,135 196,445 
De' Longhi SpA105 
Eni SpA, ADR13,413 316,815 
ERG SpA3,101 98,279 
Leonardo SpA5,962 48,792 
Poste Italiane SpA12,583 100,563 
Salvatore Ferragamo SpA1,043 16,776 
Sesa SpA234 28,603 
Stellantis NV25,014 333,200 
UniCredit SpA25,017 244,813 
1,717,548 
Japan — 20.3%
Aeon Co. Ltd.(1)
1,200 23,407 
Aeon Mall Co. Ltd.2,400 28,626 
AGC, Inc.3,400 115,392 
Air Water, Inc.3,400 42,534 
Aisin Corp.2,600 77,310 
Amada Co. Ltd.6,700 52,424 
Aozora Bank Ltd.700 13,512 
Asahi Kasei Corp.18,300 133,732 
Asics Corp.600 10,970 
BIPROGY Inc400 8,859 
Bridgestone Corp.5,400 207,221 
Brother Industries Ltd.3,800 72,723 
Canon Marketing Japan, Inc.700 15,874 
Capcom Co. Ltd.2,500 68,237 
Chugai Pharmaceutical Co. Ltd.3,800 98,071 
CyberAgent, Inc.2,800 27,298 
188


Avantis International Large Cap Value ETF
SharesValue
Dai-ichi Life Holdings, Inc.11,000 $190,058 
Daito Trust Construction Co. Ltd.1,200 118,053 
Disco Corp.300 72,843 
Ebara Corp.1,700 64,399 
Electric Power Development Co. Ltd.5,400 83,183 
ENEOS Holdings, Inc.52,800 199,527 
FP Corp.100 2,347 
Fuji Electric Co. Ltd.2,100 90,724 
Fujitsu Ltd.1,700 200,044 
Fukuoka Financial Group, Inc.2,500 44,674 
Hakuhodo DY Holdings, Inc.4,900 43,715 
Haseko Corp.6,800 77,923 
Hino Motors Ltd.4,300 19,618 
Hitachi Construction Machinery Co. Ltd.1,800 37,004 
Honda Motor Co. Ltd., ADR8,927 236,744 
Hulic Co. Ltd.6,500 49,257 
Ibiden Co. Ltd.2,100 66,652 
Idemitsu Kosan Co. Ltd.4,500 118,653 
IHI Corp.4,000 106,825 
INPEX Corp.18,500 212,651 
Internet Initiative Japan, Inc.100 3,612 
Isuzu Motors Ltd.8,000 99,357 
Iwatani Corp.200 8,160 
Japan Post Insurance Co. Ltd.4,200 64,334 
JFE Holdings, Inc.7,700 82,725 
JGC Holdings Corp.4,900 66,024 
JSR Corp.3,200 71,382 
JTEKT Corp.200 1,408 
Kajima Corp.7,500 78,919 
Kawasaki Heavy Industries Ltd.5,100 98,981 
KDDI Corp.11,000 336,612 
Konami Group Corp.100 5,075 
Kuraray Co. Ltd.8,000 60,767 
Kurita Water Industries Ltd.1,600 62,252 
Lawson, Inc.1,300 43,083 
Lixil Corp.2,600 45,213 
Marui Group Co. Ltd.(1)
4,200 75,330 
Mazda Motor Corp.15,400 136,384 
MEIJI Holdings Co. Ltd.2,200 104,806 
MINEBEA MITSUMI, Inc.5,500 94,529 
Mitsubishi Chemical Group Corp.16,100 84,524 
Mitsubishi Corp.9,600 314,310 
Mitsubishi HC Capital, Inc.13,800 66,878 
Mitsubishi Heavy Industries Ltd.4,900 188,898 
Mitsubishi UFJ Financial Group, Inc., ADR54,185 279,053 
Mitsui & Co. Ltd.10,300 241,732 
Mitsui Chemicals, Inc.4,500 101,095 
MS&AD Insurance Group Holdings, Inc.5,400 161,114 
Nabtesco Corp.3,200 75,778 
NEC Corp.4,100 149,534 
NGK Insulators Ltd.4,100 58,538 
189


Avantis International Large Cap Value ETF
SharesValue
NGK Spark Plug Co. Ltd.1,700 $34,880 
NH Foods Ltd.2,300 65,838 
NIPPON EXPRESS HOLDINGS, Inc.1,700 93,539 
Nippon Steel Corp.10,100 159,541 
Nippon Telegraph & Telephone Corp.5,700 154,494 
Nippon Yusen KK(1)
2,500 190,685 
Nissan Motor Co. Ltd.600 2,361 
Nitto Denko Corp.2,100 129,429 
NTT Data Corp.4,900 68,955 
Obayashi Corp.13,300 91,991 
Oji Holdings Corp.14,600 58,252 
ORIX Corp., ADR2,307 189,981 
Panasonic Holdings Corp.1,000 8,114 
Persol Holdings Co. Ltd.2,600 52,193 
Rakuten Group, Inc.7,200 34,943 
Resona Holdings, Inc.26,600 97,921 
Rohto Pharmaceutical Co. Ltd.1,000 30,101 
Santen Pharmaceutical Co. Ltd.5,400 38,796 
Sanwa Holdings Corp.2,600 25,727 
SBI Holdings, Inc.4,400 86,461 
SCREEN Holdings Co. Ltd.800 53,138 
Seiko Epson Corp.5,800 91,140 
Sekisui Chemical Co. Ltd.7,500 102,250 
SG Holdings Co. Ltd.3,200 53,078 
Sharp Corp.6,000 42,951 
Shimizu Corp.14,000 76,768 
Shin-Etsu Chemical Co. Ltd.2,200 255,492 
Shinko Electric Industries Co. Ltd.800 22,269 
Showa Denko KK3,000 46,121 
SoftBank Group Corp.4,400 174,291 
Sohgo Security Services Co. Ltd.700 18,136 
Sojitz Corp.4,720 79,418 
Sompo Holdings, Inc.5,000 214,381 
Sony Group Corp., ADR4,410 349,933 
Subaru Corp.10,800 196,316 
SUMCO Corp.8,500 115,369 
Sumitomo Chemical Co. Ltd.27,900 109,823 
Sumitomo Corp.13,700 192,699 
Sumitomo Heavy Industries Ltd.2,600 54,577 
Sumitomo Mitsui Financial Group, Inc., ADR40,323 243,954 
Sumitomo Realty & Development Co. Ltd.2,500 61,140 
Sumitomo Rubber Industries Ltd.2,600 22,311 
Sundrug Co. Ltd.1,800 44,040 
Suntory Beverage & Food Ltd.1,800 65,748 
Suzuken Co. Ltd.300 7,190 
Taisei Corp.3,800 115,214 
Taiyo Yuden Co. Ltd.2,100 64,902 
Takara Bio, Inc.200 2,801 
TDK Corp.3,800 132,856 
TIS, Inc.2,500 71,192 
Tobu Railway Co. Ltd.4,500 106,317 
190


Avantis International Large Cap Value ETF
SharesValue
Tokio Marine Holdings, Inc.5,600 $310,348 
Tokyo Century Corp.(1)
1,100 39,287 
Tokyo Tatemono Co. Ltd.5,400 80,945 
Toray Industries, Inc.21,000 119,835 
Tosoh Corp.4,700 60,770 
Toyota Boshoku Corp.1,000 14,523 
Toyota Tsusho Corp.2,600 91,021 
Trend Micro, Inc.2,300 141,606 
USS Co. Ltd.2,200 38,823 
Yamada Holdings Co. Ltd.21,900 75,797 
Yamaha Motor Co. Ltd.3,600 74,607 
Yamato Holdings Co. Ltd.3,700 57,679 
Zenkoku Hosho Co. Ltd.300 9,913 
Zensho Holdings Co. Ltd.1,100 28,839 
12,235,501 
Netherlands — 1.6%
ABN AMRO Bank NV, CVA3,760 36,122 
Adyen NV(2)
67 103,391 
Aegon NV, NY Shares15,512 69,649 
AerCap Holdings NV(2)
1,187 52,287 
ASML Holding NV, NY Shares624 305,723 
ASR Nederland NV512 20,897 
BE Semiconductor Industries NV12 570 
ING Groep NV, ADR(1)
10,134 88,976 
Koninklijke Ahold Delhaize NV3,506 96,439 
Koninklijke DSM NV146 18,617 
Koninklijke KPN NV20,789 66,153 
NN Group NV(1)
1,414 58,112 
OCI NV1,295 48,618 
965,554 
New Zealand — 0.2%
Chorus Ltd.4,529 22,180 
Fletcher Building Ltd.6,111 20,862 
Ryman Healthcare Ltd.1,646 9,211 
Spark New Zealand Ltd.9,752 32,259 
Summerset Group Holdings Ltd.2,171 14,633 
99,145 
Norway — 1.2%
DNB Bank ASA3,919 74,516 
Equinor ASA, ADR11,557 448,296 
Norsk Hydro ASA17,351 119,220 
Schibsted ASA, B Shares1,613 27,665 
Schibsted ASA, Class A1,212 22,181 
Wallenius Wilhelmsen ASA3,536 19,907 
711,785 
Portugal — 0.3%
Banco Comercial Portugues SA, R Shares114,737 16,693 
EDP Renovaveis SA1,116 27,065 
Galp Energia SGPS SA9,947 107,418 
Jeronimo Martins SGPS SA320 7,095 
Sonae SGPS SA32,924 33,093 
191,364 
191


Avantis International Large Cap Value ETF
SharesValue
Singapore — 1.4%
City Developments Ltd.5,400 $31,353 
DBS Group Holdings Ltd.9,400 218,865 
Golden Agri-Resources Ltd.65,700 13,171 
Keppel Corp. Ltd.26,200 136,070 
Olam Group Ltd.20,700 21,740 
Oversea-Chinese Banking Corp. Ltd.22,100 190,483 
Singapore Airlines Ltd.(1)(2)
24,900 94,542 
Singapore Exchange Ltd.1,000 6,786 
Singapore Technologies Engineering Ltd.5,900 15,722 
Singapore Telecommunications Ltd.29,000 54,443 
United Overseas Bank Ltd.600 11,700 
UOL Group Ltd.9,200 45,520 
Yangzijiang Financial Holding Ltd.(2)
4,500 1,204 
Yangzijiang Shipbuilding Holdings Ltd.21,800 15,108 
856,707 
Spain — 2.9%
ACS Actividades de Construccion y Servicios SA87 1,938 
Banco Bilbao Vizcaya Argentaria SA, ADR22,223 98,670 
Banco Santander SA, ADR195,385 470,878 
Industria de Diseno Textil SA12,551 270,994 
Repsol SA63,108 819,652 
Telefonica SA, ADR(1)
26,421 107,798 
1,769,930 
Sweden — 2.2%
Atlas Copco AB, A Shares5,983 60,733 
Atlas Copco AB, B Shares3,484 31,725 
Avanza Bank Holding AB1,640 26,288 
Axfood AB640 19,291 
BillerudKorsnas AB357 4,642 
Boliden AB3,101 99,301 
Bure Equity AB105 2,074 
Electrolux AB, B Shares(1)
2,297 29,046 
Epiroc AB, A Shares4,000 61,203 
Epiroc AB, B Shares2,366 32,210 
H & M Hennes & Mauritz AB, B Shares(1)
4,785 49,694 
Nordea Bank Abp17,017 157,779 
Nordnet AB publ2,199 26,326 
Saab AB, B Shares193 6,448 
Skandinaviska Enskilda Banken AB, A Shares6,676 66,551 
Skanska AB, B Shares4,036 59,622 
SSAB AB, A Shares3,498 16,824 
SSAB AB, B Shares12,429 58,031 
Svenska Handelsbanken AB, A Shares4,597 37,650 
Swedbank AB, A Shares7,766 100,375 
Telefonaktiebolaget LM Ericsson, ADR(1)
12,913 95,944 
Telia Co. AB20,400 71,802 
Trelleborg AB, B Shares3,443 71,546 
Volvo AB, A Shares854 14,213 
Volvo AB, B Shares7,210 114,208 
Volvo Car AB, Class B(1)(2)
6,004 36,573 
1,350,099 
192


Avantis International Large Cap Value ETF
SharesValue
Switzerland — 5.8%
Adecco Group AG335 $10,620 
ALSO Holding AG(2)
21 3,491 
Baloise Holding AG693 100,013 
Barry Callebaut AG12,277 
Bucher Industries AG73 26,009 
Clariant AG(2)
249 4,597 
Credit Suisse Group AG, ADR(1)
3,378 17,431 
DKSH Holding AG484 36,011 
Emmi AG46 40,520 
EMS-Chemie Holding AG73 51,263 
Forbo Holding AG7,487 
Geberit AG309 142,772 
Georg Fischer AG926 50,173 
Holcim AG(2)
2,377 105,362 
Inficon Holding AG27 18,822 
Julius Baer Group Ltd.(2)
2,466 119,156 
Kuehne + Nagel International AG328 75,804 
Novartis AG, ADR8,376 674,436 
OC Oerlikon Corp. AG842 6,150 
Partners Group Holding AG135 130,309 
Roche Holding AG2,621 844,595 
Roche Holding AG, Bearer Shares99 37,814 
Schindler Holding AG161 27,191 
Schindler Holding AG, Bearer Participation Certificate291 50,694 
SFS Group AG53 4,953 
Stadler Rail AG558 17,030 
Straumann Holding AG326 35,724 
Sulzer AG205 12,234 
Swatch Group AG191 8,687 
Swatch Group AG, Bearer Shares115 27,887 
Swisscom AG305 157,694 
UBS Group AG(2)
16,048 254,361 
VAT Group AG(2)
109 26,063 
Vontobel Holding AG539 33,162 
Zurich Insurance Group AG778 345,354 
3,516,146 
United Kingdom — 19.1%
3i Group PLC37,011 520,977 
Admiral Group PLC4,349 106,980 
Anglo American PLC29,935 961,945 
Antofagasta PLC12,786 162,688 
Ashtead Group PLC11,646 572,143 
AstraZeneca PLC, ADR3,245 202,423 
Barclays PLC, ADR59,641 464,603 
BP PLC, ADR44,150 1,361,586 
BT Group PLC215,784 377,471 
Burberry Group PLC14,668 296,714 
Coca-Cola HBC AG(2)
7,939 181,163 
Glencore PLC182,204 996,211 
GSK PLC, ADR37,150 1,206,632 
193


Avantis International Large Cap Value ETF
SharesValue
Haleon PLC, ADR(2)
618 $3,696 
Hargreaves Lansdown PLC4,518 42,773 
Howden Joinery Group PLC14,032 92,778 
JD Sports Fashion PLC77,265 101,065 
Johnson Matthey PLC2,295 53,544 
Legal & General Group PLC16,282 47,691 
Lloyds Banking Group PLC, ADR208,408 416,816 
Marks & Spencer Group PLC(2)
34,205 48,335 
Rightmove PLC20,548 144,432 
Rio Tinto PLC, ADR(1)
17,483 984,118 
Royal Mail PLC18,337 58,507 
Shell PLC, ADR25,101 1,329,851 
St. James's Place PLC14,808 189,542 
Taylor Wimpey PLC937 1,176 
Vodafone Group PLC, ADR43,186 579,556 
11,505,416 
TOTAL COMMON STOCKS
(Cost $65,412,259)
60,095,551 
SHORT-TERM INVESTMENTS — 8.3%


Money Market Funds — 8.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class3,955,020 3,955,020 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,069,229 1,069,229 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,024,249)
5,024,249 
TOTAL INVESTMENT SECURITIES — 107.8%
(Cost $70,436,508)

65,119,800 
OTHER ASSETS AND LIABILITIES — (7.8)%

(4,727,986)
TOTAL NET ASSETS — 100.0%

$60,391,814 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials22.5%
Materials15.2%
Energy15.2%
Industrials14.9%
Consumer Discretionary9.5%
Health Care6.3%
Communication Services6.3%
Information Technology3.5%
Consumer Staples2.7%
Real Estate1.8%
Utilities1.6%
Short-Term Investments8.3%
Other Assets and Liabilities(7.8)%

194


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,331,726. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,375,342, which includes securities collateral of $306,113.


See Notes to Financial Statements.
195


AUGUST 31, 2022
Avantis International Small Cap Value ETF
SharesValue
COMMON STOCKS — 99.6%


Australia — 9.7%
29Metals Ltd.(1)(2)
388,736 $526,591 
Accent Group Ltd.170,492 173,365 
Adairs Ltd.(1)
8,436 12,999 
Adbri Ltd.915,846 1,371,245 
Aeris Resources Ltd.(2)
219,927 64,495 
Alkane Resources Ltd.(2)
662,962 328,928 
Alliance Aviation Services Ltd.(2)
50,306 122,282 
Allkem Ltd.(2)
1,887 17,492 
AMP Ltd.(2)
1,001,558 789,401 
Aurelia Metals Ltd.(1)(2)
4,106,478 747,144 
Austal Ltd.1,143,303 1,999,732 
Australian Agricultural Co. Ltd.(2)
144,316 177,849 
Australian Finance Group Ltd.418,030 543,871 
Bank of Queensland Ltd.(1)
934,211 4,457,486 
Beach Energy Ltd.6,062,205 7,006,864 
Bega Cheese Ltd.604,424 1,640,983 
Bendigo & Adelaide Bank Ltd.(1)
918,964 5,641,076 
Boral Ltd.(1)
282,604 565,121 
Bravura Solutions Ltd.401,752 431,123 
Brickworks Ltd.36,303 502,536 
Cedar Woods Properties Ltd.9,800 30,333 
Challenger Ltd.1,170,338 5,045,551 
Champion Iron Ltd.1,194,236 4,120,411 
Coronado Global Resources, Inc.2,653,873 2,903,396 
Costa Group Holdings Ltd.516,623 942,793 
Credit Corp. Group Ltd.(1)
80,038 1,102,671 
CSR Ltd.1,527,470 4,686,418 
Dacian Gold Ltd.(2)
129,467 8,756 
Eclipx Group Ltd.(2)
1,063,775 1,722,341 
Emeco Holdings Ltd.600,927 373,234 
Evolution Mining Ltd.2,670,714 4,291,977 
Genworth Mortgage Insurance Australia Ltd.1,271,937 2,447,185 
Gold Road Resources Ltd.1,093,183 936,769 
Grange Resources Ltd.2,101,628 1,242,585 
GWA Group Ltd.154,726 211,424 
HT&E Ltd.1,042 1,044 
Humm Group Ltd.(1)
498,202 181,506 
Iluka Resources Ltd.1,328,445 9,339,601 
Infomedia Ltd.542,757 531,540 
Inghams Group Ltd.1,047,164 1,850,373 
InvoCare Ltd.229,514 1,722,874 
JB Hi-Fi Ltd.84,211 2,322,516 
Karoon Energy Ltd.(2)
387,929 561,727 
MACA Ltd.207,538 150,415 
Macmahon Holdings Ltd.354,016 40,858 
Magellan Financial Group Ltd.(1)
335,827 2,948,060 
Mayne Pharma Group Ltd.(2)
2,506,596 509,756 
McMillan Shakespeare Ltd.238,894 2,327,614 
196


Avantis International Small Cap Value ETF
SharesValue
Metcash Ltd.1,189,177 $3,327,781 
Monadelphous Group Ltd.88,466 789,575 
Money3 Corp. Ltd.84,557 131,993 
Mount Gibson Iron Ltd.(1)
292,213 84,733 
Myer Holdings Ltd.133,683 45,846 
MyState Ltd.57,388 149,801 
New Hope Corp. Ltd.(1)
1,672,651 5,527,462 
Newcrest Mining Ltd.2,886 33,797 
nib holdings Ltd.920,332 5,123,284 
Nine Entertainment Co. Holdings Ltd.1,256,732 1,865,304 
NRW Holdings Ltd.1,616,782 2,687,743 
Nufarm Ltd.872,925 3,151,713 
Nuix Ltd.(2)
36,978 17,028 
OFX Group Ltd.(2)
82,787 148,906 
Orica Ltd.250,230 2,617,442 
Orora Ltd.1,490,950 3,358,176 
Pacific Current Group Ltd.33,854 209,165 
Pendal Group Ltd.691,898 2,429,125 
Perenti Global Ltd.3,496,199 1,854,515 
Perseus Mining Ltd.4,142,233 4,381,124 
Platinum Asset Management Ltd.1,152,930 1,390,683 
Premier Investments Ltd.214,938 3,090,563 
Ramelius Resources Ltd.2,844,137 1,548,830 
Regis Resources Ltd.1,885,539 1,977,996 
Resimac Group Ltd.(1)
18,160 15,946 
Resolute Mining Ltd.(1)(2)
1,617,172 309,703 
Ridley Corp. Ltd.233,228 330,056 
Sandfire Resources Ltd.1,253,519 3,871,297 
Select Harvests Ltd.(1)
111,217 375,594 
Servcorp Ltd.22,553 57,392 
Service Stream Ltd.(1)(2)
422,893 209,594 
Seven West Media Ltd.(1)(2)
1,494,140 525,703 
Sierra Rutile Holdings Ltd.(1)(2)
865,486 177,663 
Sigma Healthcare Ltd.452,187 211,241 
Silver Lake Resources Ltd.(2)
3,077,255 2,760,430 
Sims Ltd.160,141 1,652,243 
Southern Cross Media Group Ltd.637,416 465,717 
Super Retail Group Ltd.(1)
483,550 3,454,097 
Symbio Holdings Ltd.3,813 10,210 
Tassal Group Ltd.603,988 2,131,032 
United Malt Group Ltd.31,284 75,757 
Viva Energy Group Ltd.2,368,085 4,788,838 
West African Resources Ltd.(2)
3,194,736 2,720,252 
Westgold Resources Ltd.484,525 304,619 
Whitehaven Coal Ltd.2,225,507 11,854,404 
161,918,684 
Austria — 0.9%
AT&S Austria Technologie & Systemtechnik AG176,317 7,847,825 
DO & CO. AG(1)(2)
410 32,436 
FACC AG(1)(2)
15,577 110,216 
POLYTEC Holding AG(1)
25,087 144,116 
197


Avantis International Small Cap Value ETF
SharesValue
Porr AG53,641 $614,141 
S IMMO AG242 5,530 
Semperit AG Holding(1)
100,872 1,833,002 
UNIQA Insurance Group AG609,742 4,030,626 
Vienna Insurance Group AG Wiener Versicherung Gruppe10,205 241,932 
14,859,824 
Belgium — 1.1%
AGFA-Gevaert NV(2)
877 3,171 
Bekaert SA157,383 4,827,394 
bpost SA197,526 1,199,901 
Cie d'Entreprises CFE(1)(2)
27,899 277,676 
Deceuninck NV(1)
136,003 313,999 
Deme Group NV(2)
9,927 1,136,083 
Gimv NV36,485 1,866,650 
Ion Beam Applications46,200 820,918 
KBC Ancora(1)
124,325 4,092,915 
Tessenderlo Group SA(2)
94,046 3,053,523 
17,592,230 
Canada — 10.6%
5N Plus, Inc.(1)(2)
13,540 17,320 
Advantage Energy Ltd.(2)
435,548 3,720,903 
Algoma Steel Group, Inc.(1)
192,389 1,757,847 
Amerigo Resources Ltd.26,000 20,985 
Argonaut Gold, Inc.(2)
642,224 227,384 
Athabasca Oil Corp.(1)(2)
1,454,477 2,868,310 
Badger Infrastructure Solutions Ltd.(1)
53 1,248 
Baytex Energy Corp.(1)(2)
1,551,872 8,046,787 
Birchcliff Energy Ltd.688,955 6,069,372 
Bird Construction, Inc.(1)
18,294 92,351 
Bonterra Energy Corp.(2)
7,772 52,076 
Calian Group Ltd.(1)
3,400 155,742 
Calibre Mining Corp.(2)
207,000 149,732 
Canaccord Genuity Group, Inc.127,870 764,289 
Canacol Energy Ltd.(1)
93,418 178,535 
Canadian Western Bank118,049 2,201,256 
Canfor Corp.(2)
157,941 3,099,052 
Capital Power Corp.262,309 10,175,995 
Cardinal Energy Ltd.(1)
296,508 1,887,392 
Cascades, Inc.(1)
32,421 220,937 
Centerra Gold, Inc.498,291 2,257,457 
China Gold International Resources Corp. Ltd.(1)
231,678 659,745 
Chorus Aviation, Inc.(1)(2)
214,100 458,081 
Copper Mountain Mining Corp.(1)(2)
379,405 421,770 
Corus Entertainment, Inc., B Shares395,346 1,113,778 
Crescent Point Energy Corp.1,508,946 11,466,312 
Crew Energy, Inc.(2)
299,200 1,480,793 
Dorel Industries, Inc., Class B(1)
76,575 395,892 
Dundee Precious Metals, Inc.384,815 1,752,156 
Eldorado Gold Corp. (Toronto)(2)
109,542 603,863 
Endeavour Mining PLC27,094 527,295 
Enerflex Ltd.(1)
68,309 342,754 
198


Avantis International Small Cap Value ETF
SharesValue
Enerplus Corp.453,951 $6,995,826 
EQB, Inc.32,749 1,313,102 
ERO Copper Corp.(2)
125,119 1,187,028 
Evertz Technologies Ltd.3,800 42,822 
Exchange Income Corp.(1)
871 30,739 
First National Financial Corp.(1)
12,548 355,320 
Fortuna Silver Mines, Inc.(1)(2)
501,083 1,159,853 
Frontera Energy Corp.(2)
109,081 921,086 
GCM Mining Corp.113,257 281,989 
Gear Energy Ltd.167,200 157,862 
Hardwoods Distribution, Inc.157 
High Liner Foods, Inc.(1)
41 
HLS Therapeutics, Inc.17 
Home Capital Group, Inc.(1)
86,531 1,840,847 
Hudbay Minerals, Inc.(1)
400,997 1,770,878 
iA Financial Corp., Inc.66,563 3,575,604 
IAMGOLD Corp.(1)(2)
801,414 958,023 
Interfor Corp.(2)
162,414 3,995,581 
International Petroleum Corp.(1)(2)
9,413 92,671 
Kelt Exploration Ltd.(2)
351,761 1,684,682 
Kinross Gold Corp.1,027,293 3,371,251 
Largo, Inc.(1)(2)
1,825 12,423 
Laurentian Bank of Canada52,144 1,428,516 
Linamar Corp.88,219 4,170,646 
Lundin Gold, Inc.102,280 682,983 
Lundin Mining Corp.(1)
1,094,870 5,693,808 
Martinrea International, Inc.229,920 1,811,910 
MEG Energy Corp.(2)
431,826 6,036,719 
Methanex Corp.121,819 4,403,052 
New Gold, Inc. (Toronto)(2)
1,364,313 882,983 
North American Construction Group Ltd.(1)
25,781 296,412 
North West Co., Inc.14 363 
NuVista Energy Ltd.(2)
417,650 3,434,439 
Obsidian Energy Ltd.(2)
201,907 1,817,140 
OceanaGold Corp.(2)
1,186,573 1,752,733 
Onex Corp.127,125 6,286,800 
Parex Resources, Inc.240,467 3,846,813 
Peyto Exploration & Development Corp.(1)
376,681 3,513,414 
Pine Cliff Energy Ltd.(1)
138,356 199,104 
Pipestone Energy Corp.(2)
134,864 501,113 
Polaris Renewable Energy, Inc.(1)
2,900 42,572 
Precision Drilling Corp.(2)
35 2,151 
Real Matters, Inc.(1)(2)
119,739 527,878 
Resolute Forest Products, Inc.(2)
133,077 2,693,255 
Russel Metals, Inc.142,339 3,077,952 
Secure Energy Services, Inc.7,039 30,603 
Sierra Metals, Inc.(1)
3,100 1,393 
Spartan Delta Corp.(2)
206,520 2,083,519 
SSR Mining, Inc.(1)
120,138 1,621,842 
Stelco Holdings, Inc.105,729 2,861,892 
STEP Energy Services Ltd.(2)
8,300 40,762 
199


Avantis International Small Cap Value ETF
SharesValue
SunOpta, Inc.(1)(2)
2,722 $27,068 
Surge Energy, Inc.110,349 846,932 
Tamarack Valley Energy Ltd.(1)
791,157 2,524,040 
Taseko Mines Ltd.(1)(2)
422,528 440,753 
Tidewater Midstream and Infrastructure Ltd.71,511 65,884 
Torex Gold Resources, Inc.(2)
210,007 1,559,042 
Total Energy Services, Inc.4,600 25,463 
Transcontinental, Inc., Class A17 214 
TransGlobe Energy Corp.(1)
62,926 208,899 
Turquoise Hill Resources Ltd.(2)
69,764 1,918,663 
Vermilion Energy, Inc.451,427 12,057,760 
Wajax Corp.(1)
42,171 681,363 
West Fraser Timber Co. Ltd.11,631 1,040,578 
Western Forest Products, Inc.1,171,541 1,373,718 
Yamana Gold, Inc.461,753 2,039,188 
Yangarra Resources Ltd.(2)
16,400 35,214 
177,522,757 
Denmark — 1.7%
Bang & Olufsen A/S(2)
24,456 42,363 
D/S Norden A/S118,509 5,525,391 
Dfds A/S86,366 2,988,508 
Drilling Co. of 1972 A/S(2)
29,320 1,391,329 
FLSmidth & Co. A/S114,434 3,167,548 
H Lundbeck A/S3,256 12,787 
H Lundbeck A/S, A Shares(2)
3,984 15,256 
H+H International A/S, B Shares(2)
19,433 312,317 
Jyske Bank A/S(2)
139,746 6,994,972 
NNIT A/S(2)
47,672 430,823 
Per Aarsleff Holding A/S27,470 789,963 
Schouw & Co. A/S246 17,938 
Solar A/S, B Shares7,936 641,615 
Spar Nord Bank A/S101,339 1,147,417 
Sparekassen Sjaelland-Fyn A/S5,583 121,689 
Sydbank A/S159,316 4,603,570 
TORM PLC26,192 507,876 
28,711,362 
Finland — 1.5%
Admicom Oyj(1)
98 5,708 
Anora Group Oyj36,645 298,623 
CapMan Oyj, B Shares9,067 25,167 
Finnair Oyj(1)(2)
805,706 330,237 
HKScan Oyj, A Shares(1)
81,827 94,206 
Kamux Corp.19,625 119,783 
Kemira Oyj217,501 2,618,009 
Lassila & Tikanoja Oyj(1)
1,259 13,531 
Marimekko Oyj107,690 1,061,997 
Metsa Board Oyj379,742 3,264,715 
Nokian Renkaat Oyj253,358 2,629,411 
Outokumpu Oyj1,575,444 6,317,466 
Puuilo Oyj(1)
160,514 765,576 
QT Group Oyj(1)(2)
7,811 396,022 
200


Avantis International Small Cap Value ETF
SharesValue
Rovio Entertainment Oyj64,029 $385,340 
Sanoma Oyj18,203 248,273 
Suominen Oyj(1)
39,346 114,409 
Talenom Oyj4,970 54,201 
Tokmanni Group Corp.191,430 2,285,460 
Uponor Oyj130,782 1,959,675 
Verkkokauppa.com Oyj(1)
53,826 200,369 
WithSecure Oyj(2)
9,318 15,647 
YIT Oyj(1)
560,254 1,833,305 
25,037,130 
France — 3.2%
AKWEL4,039 73,020 
ALD SA(1)
129,561 1,410,191 
Biosynex12,193 179,143 
Bonduelle SCA1,607 20,753 
Catana Group30,598 189,108 
Cie des Alpes(2)
12,302 194,616 
Cie Plastic Omnium SA139,538 2,587,326 
Coface SA(2)
144,623 1,446,154 
Derichebourg SA345,326 1,942,627 
Eramet SA38,089 3,229,321 
Esso SA Francaise(2)
1,045 64,297 
Etablissements Maurel et Prom SA93,902 475,245 
Eurobio Scientific SA(2)
27,648 509,772 
Eutelsat Communications SA608,861 5,507,156 
Faurecia SE(2)
182,526 2,617,578 
Focus Entertainment(2)
2,042 92,358 
Gaztransport Et Technigaz SA17,558 2,235,210 
Genfit(2)
22,555 95,497 
Groupe LDLC(1)
6,031 164,356 
Guillemot Corp.1,314 18,326 
ID Logistics Group(2)
422 118,069 
Innate Pharma SA(1)(2)
90,846 242,782 
Jacquet Metals SACA(1)
34,099 539,915 
JCDecaux SA(2)
53,776 745,685 
Kaufman & Broad SA(1)
15,062 356,715 
LISI4,404 93,265 
Maisons du Monde SA(1)
89,228 854,055 
Manitou BF SA4,308 70,930 
Mersen SA30,936 914,887 
Metropole Television SA95,403 1,177,673 
Nexans SA55,512 5,071,937 
Novacyt SA(1)(2)
242,631 288,384 
Orpea SA(2)
61,871 1,346,112 
ReWorld Media SA(2)
6,000 38,041 
SES SA1,093,132 7,674,165 
SMCP SA(2)
75,957 415,972 
Societe BIC SA39,139 2,226,476 
Television Francaise 1213,653 1,354,946 
Vallourec SA(2)
368,320 3,834,281 
Verallia SA95,316 2,185,235 
201


Avantis International Small Cap Value ETF
SharesValue
Vicat SA11,675 $295,445 
Vilmorin & Cie SA196 8,422 
X-Fab Silicon Foundries SE(2)
35,763 222,049 
53,127,495 
Germany — 3.6%
7C Solarparken AG46,830 252,047 
Aareal Bank AG(2)
1,499 47,881 
AURELIUS Equity Opportunities SE & Co. KGaA19,301 448,182 
Aurubis AG60,885 3,686,372 
Baader Bank AG7,342 27,509 
Bauer AG(2)
8,713 76,476 
Bertrandt AG1,999 68,231 
CECONOMY AG24,947 36,094 
Cewe Stiftung & Co. KGAA6,217 491,589 
CropEnergies AG37,925 621,310 
Deutsche Beteiligungs AG12,982 363,085 
Deutsche Pfandbriefbank AG270,958 2,338,413 
Deutz AG373,799 1,407,617 
Draegerwerk AG & Co. KGaA875 35,370 
Draegerwerk AG & Co. KGaA, Preference Shares18,405 870,797 
Duerr AG51,052 1,124,513 
Elmos Semiconductor SE10,498 445,348 
ElringKlinger AG30,458 213,763 
Encavis AG251,955 5,384,612 
Energiekontor AG318 27,934 
flatexDEGIRO AG(2)
115,324 1,109,772 
GRENKE AG10,080 242,363 
Hamburger Hafen und Logistik AG103,424 1,264,882 
Hornbach Holding AG & Co. KGaA19,752 1,393,227 
HUGO BOSS AG143,435 7,817,520 
Instone Real Estate Group SE78,683 696,507 
JOST Werke AG41,016 1,520,107 
Jungheinrich AG, Preference Shares141,794 3,461,718 
Kloeckner & Co. SE7,498 67,665 
Kontron AG34,547 525,604 
Krones AG37,638 3,099,649 
Lang & Schwarz AG30,420 433,443 
Lanxess AG191,634 6,466,026 
Leoni AG(2)
21,600 151,385 
METRO AG(2)
161,704 1,287,349 
Mutares SE & Co. KGaA15,517 250,439 
PVA TePla AG(2)
24,855 417,484 
SAF-Holland SE65,617 522,157 
SGL Carbon SE(2)
268,651 1,825,779 
Siltronic AG31,355 2,148,679 
STO SE & Co. KGaA, Preference Shares7,533 1,178,225 
Suedzucker AG68,022 932,798 
TAG Immobilien AG245,253 2,262,578 
Vitesco Technologies Group AG, Class A(2)
39,485 1,928,270 
Wacker Neuson SE50,499 836,053 
Wuestenrot & Wuerttembergische AG33,661 548,156 
60,354,978 
202


Avantis International Small Cap Value ETF
SharesValue
Hong Kong — 1.8%
BOCOM International Holdings Co. Ltd.50,000 $3,312 
Bright Smart Securities & Commodities Group Ltd.1,576,000 252,361 
Cafe de Coral Holdings Ltd.184,000 263,430 
China Strategic Holdings Ltd.(2)
56,655,000 222,839 
Chow Sang Sang Holdings International Ltd.445,000 500,996 
CMBC Capital Holdings Ltd.(1)
1,387,000 299,857 
Crystal International Group Ltd.34,500 11,584 
CSI Properties Ltd.80,000 1,781 
Dah Sing Banking Group Ltd.349,200 271,163 
Dah Sing Financial Holdings Ltd.193,200 514,356 
E-Commodities Holdings Ltd.11,394,000 2,544,706 
First Pacific Co. Ltd.20,000 7,713 
FSE Lifestyle Services Ltd.27,000 17,218 
Guotai Junan International Holdings Ltd.5,767,000 578,610 
Haitong International Securities Group Ltd.(1)
2,010,699 222,459 
Hang Lung Group Ltd.138,000 233,407 
Hengdeli Holdings Ltd.(2)
12,000 364 
IGG, Inc.2,915,000 1,253,143 
IRC Ltd.(1)(2)
4,792,000 82,206 
Jinhui Shipping & Transportation Ltd.15,000 12,588 
Johnson Electric Holdings Ltd.1,193,000 1,409,019 
K Wah International Holdings Ltd.2,713,000 1,023,143 
Ka Shui International Holdings Ltd.1,174,000 71,541 
Lifestyle International Holdings Ltd.(2)
1,000 585 
Luk Fook Holdings International Ltd.107,000 273,521 
Oriental Watch Holdings890,000 508,226 
Pacific Basin Shipping Ltd.32,260,000 11,450,041 
PAX Global Technology Ltd.55,000 52,572 
PC Partner Group Ltd.(1)
1,550,000 1,473,583 
Regina Miracle International Holdings Ltd.195,000 120,677 
Sa Sa International Holdings Ltd.(2)
946,000 153,832 
Shun Tak Holdings Ltd.(2)
3,190,000 531,238 
Singamas Container Holdings Ltd.3,476,000 321,994 
SmarTone Telecommunications Holdings Ltd.33,500 17,927 
Solargiga Energy Holdings Ltd.(2)
2,281,000 89,579 
Soundwill Holdings Ltd.2,500 2,288 
Sun Hung Kai & Co. Ltd.866,000 399,125 
Tai Hing Group Holdings Ltd.245,000 31,454 
Tam Jai International Co. Ltd.84,000 27,962 
Ten Pao Group Holdings Ltd.412,000 75,347 
Texhong Textile Group Ltd.1,353,000 1,271,206 
Texwinca Holdings Ltd.440,000 78,222 
Time Interconnect Technology Ltd.(1)
424,000 122,702 
United Laboratories International Holdings Ltd.4,442,000 2,150,295 
Value Partners Group Ltd.(1)
1,576,000 462,245 
VSTECS Holdings Ltd.1,348,000 891,187 
VTech Holdings Ltd.1,000 6,800 
30,310,404 
Ireland — 0.4%
Dalata Hotel Group PLC(2)
226,737 794,183 
203


Avantis International Small Cap Value ETF
SharesValue
FBD Holdings PLC6,291 $64,198 
Glenveagh Properties PLC(2)
5,617,775 5,717,911 
Origin Enterprises PLC140,699 527,431 
7,103,723 
Israel — 3.1%
Adgar Investment and Development Ltd.13,419 29,523 
AFI Properties Ltd.546 26,984 
Airport City Ltd.(2)
57,990 1,213,544 
Caesarstone Ltd.1,085 11,056 
Carasso Motors Ltd.19,452 123,294 
Cellcom Israel Ltd.(2)
80,659 504,584 
Clal Insurance Enterprises Holdings Ltd.(2)
212,865 4,596,473 
Delek Automotive Systems Ltd.89,099 1,373,974 
Delek Group Ltd.(2)
8,505 1,477,200 
Delta Galil Industries Ltd.8,381 444,622 
Equital Ltd.(2)
21,717 806,548 
Fattal Holdings 1998 Ltd.(2)
178 21,919 
FIBI Holdings Ltd.56,902 2,991,006 
First International Bank of Israel Ltd.36,753 1,710,332 
Gazit-Globe Ltd.93,940 611,475 
Harel Insurance Investments & Financial Services Ltd.367,739 4,181,180 
IDI Insurance Co. Ltd.2,066 67,430 
Infinya Ltd.3,142 318,766 
Inrom Construction Industries Ltd.8,916 41,554 
Isracard Ltd.688,739 2,292,617 
Israel Corp. Ltd.(2)
2,738 1,323,426 
Israel Land Development - Urban Renewal Ltd.8,422 150,083 
Isras Investment Co. Ltd.1,627 389,691 
Ituran Location and Control Ltd.495 12,306 
M Yochananof & Sons Ltd.4,089 257,210 
Menora Mivtachim Holdings Ltd.(2)
76,658 1,765,732 
Migdal Insurance & Financial Holdings Ltd.1,189,172 1,964,815 
Naphtha Israel Petroleum Corp. Ltd.(2)
10,798 65,011 
Nawi Brothers Ltd.9,923 87,672 
Oil Refineries Ltd.5,497,207 2,360,476 
Partner Communications Co. Ltd.(2)
440,988 3,814,169 
Paz Oil Co. Ltd.(2)
29,774 3,902,737 
Phoenix Holdings Ltd.451,686 5,448,551 
Prashkovsky Investments and Construction Ltd.4,864 162,595 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.15,722 1,216,744 
Scope Metals Group Ltd.74 3,709 
Shapir Engineering and Industry Ltd.57,934 553,398 
Shikun & Binui Ltd.(2)
17,321 78,316 
Shufersal Ltd.689,636 4,723,071 
Taro Pharmaceutical Industries Ltd.(2)
3,625 122,017 
Tera Light Ltd.(2)
31,601 60,395 
Tower Semiconductor Ltd.(2)
342 16,031 
Victory Supermarket Chain Ltd.(2)
1,573 24,448 
YH Dimri Construction & Development Ltd.5,182 410,807 
51,757,491 
Italy — 2.3%
Aeffe SpA(2)
47,952 68,494 
204


Avantis International Small Cap Value ETF
SharesValue
Arnoldo Mondadori Editore SpA244,950 $399,900 
Banca IFIS SpA99,982 1,193,854 
Banca Popolare di Sondrio SCPA(1)
2,719,859 8,709,765 
Banco di Desio e della Brianza SpA(1)
118,022 360,341 
BFF Bank SpA54,749 346,559 
Biesse SpA72,713 923,238 
Cairo Communication SpA10,143 15,766 
Cementir Holding NV33,094 191,689 
Danieli & C Officine Meccaniche SpA5,483 100,790 
Danieli & C Officine Meccaniche SpA, Preference Shares53,298 677,289 
Digital Bros SpA(1)
61,158 1,508,365 
Enav SpA(2)
769 3,179 
Fila SpA23,357 176,239 
Fincantieri SpA(1)(2)
1,970,690 987,959 
FNM SpA(2)
66,723 28,633 
Geox SpA(1)(2)
68,174 52,914 
Intek Group SpA(2)
24,920 14,154 
Iveco Group NV(2)
942,671 4,766,532 
Maire Tecnimont SpA(1)
939,467 2,384,184 
MFE-MediaForEurope NV, Class A(1)(2)
3,017,628 1,280,080 
MFE-MediaForEurope NV, Class B(1)(2)
834,408 485,381 
Newlat Food SpA(2)
16,765 96,654 
Orsero SpA1,102 18,190 
OVS SpA(1)
2,254,121 3,408,437 
RAI Way SpA255,774 1,237,156 
Safilo Group SpA(2)
508,600 712,493 
Saipem SpA(1)(2)
3,274,801 2,297,328 
Sanlorenzo SpA/Ameglia25,548 802,656 
Saras SpA(2)
282,774 342,516 
Tesmec SpA(1)(2)
1,690,861 215,687 
Webuild SpA(1)
2,964,208 4,162,859 
37,969,281 
Japan — 27.0%
77 Bank Ltd.77,000 982,247 
A&D HOLON Holdings Co. Ltd.4,200 28,755 
AEON Financial Service Co. Ltd.(1)
397,700 4,084,528 
Aeon Mall Co. Ltd.(1)
179,700 2,143,344 
AFC-HD AMS Life Science Co. Ltd.30,300 167,808 
Aichi Steel Corp.14,800 219,475 
Air Water, Inc.161,200 2,016,620 
Airport Facilities Co. Ltd.3,500 14,017 
Aisan Industry Co. Ltd.51,400 269,181 
Akatsuki, Inc.13,100 222,674 
Akebono Brake Industry Co. Ltd.(2)
29,600 36,058 
Alleanza Holdings Co. Ltd.3,900 28,048 
Alpen Co. Ltd.(1)
4,100 61,712 
Alps Alpine Co. Ltd.(1)
35,200 314,893 
Amada Co. Ltd.118,300 925,633 
AOKI Holdings, Inc.26,400 133,465 
Aoyama Trading Co. Ltd.101,600 674,086 
Aozora Bank Ltd.15,300 295,327 
205


Avantis International Small Cap Value ETF
SharesValue
Arata Corp.29,700 $879,992 
Arcland Sakamoto Co. Ltd.(1)
70,100 751,670 
Arcs Co. Ltd.(1)
45,500 665,300 
Asahi Diamond Industrial Co. Ltd.21,700 121,082 
Asahi Holdings, Inc.(1)
400 5,962 
ASAHI YUKIZAI Corp.22,200 365,378 
Asia Pile Holdings Corp.1,400 5,063 
Astena Holdings Co. Ltd.10,800 34,668 
Aucnet, Inc.(1)
7,500 116,315 
Bando Chemical Industries Ltd.12,700 92,038 
Bank of Nagoya Ltd.15,700 349,197 
Bank of the Ryukyus Ltd.(1)
11,200 62,397 
Belluna Co. Ltd.132,000 699,536 
Benesse Holdings, Inc.53,500 840,899 
Bic Camera, Inc.(1)
103,000 843,139 
BML, Inc.68,500 1,752,897 
Bunka Shutter Co. Ltd.147,000 1,127,398 
Careerlink Co. Ltd.9,100 151,254 
Central Glass Co. Ltd.86,300 2,082,176 
Chiba Kogyo Bank Ltd.2,000 3,770 
Chilled & Frozen Logistics Holdings Co. Ltd.1,900 16,833 
Chori Co. Ltd.1,200 17,544 
Chubu Shiryo Co. Ltd.9,200 71,015 
Citizen Watch Co. Ltd.(1)
886,600 3,788,105 
CKD Corp.55,200 726,222 
CMIC Holdings Co. Ltd.19,100 226,831 
Cosmo Energy Holdings Co. Ltd.397,900 11,913,428 
Credit Saison Co. Ltd.656,800 8,263,130 
CTI Engineering Co. Ltd.4,700 87,926 
Cybernet Systems Co. Ltd.18,600 128,568 
Daicel Corp.(1)
754,300 4,737,163 
Daiho Corp.2,700 78,564 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.300 2,850 
Daiken Corp.15,600 217,970 
Daikokutenbussan Co. Ltd.8,900 377,926 
Daikyonishikawa Corp.3,500 14,681 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.10,700 137,603 
Daio Paper Corp.(1)
182,600 1,706,830 
Daishi Hokuetsu Financial Group, Inc.17,900 336,786 
Daishinku Corp.(1)
54,500 383,646 
Daiwa Industries Ltd.2,500 20,039 
Daiwabo Holdings Co. Ltd.31,000 436,392 
Denka Co. Ltd.229,900 5,507,502 
Densan System Holdings Co. Ltd.900 15,519 
DIC Corp.32,700 586,337 
DKS Co. Ltd.2,800 44,442 
Dowa Holdings Co. Ltd.56,800 2,141,022 
Dream Incubator, Inc.(2)
8,400 120,548 
Eagle Industry Co. Ltd.47,000 394,898 
Ebara Jitsugyo Co. Ltd.200 3,198 
Eco's Co. Ltd.(1)
14,100 190,162 
206


Avantis International Small Cap Value ETF
SharesValue
EDION Corp.(1)
86,000 $739,790 
EF-ON, Inc.12,800 62,258 
Ehime Bank Ltd.(1)
3,300 20,180 
Eizo Corp.21,300 579,772 
EJ Holdings, Inc.2,900 27,033 
Electric Power Development Co. Ltd.(1)
503,300 7,752,945 
Elematec Corp.21,800 212,594 
Enomoto Co. Ltd.(1)
3,000 33,284 
Exedy Corp.72,500 934,142 
EXEO Group, Inc.226,600 3,476,590 
F.C.C. Co. Ltd.87,100 901,459 
FALCO HOLDINGS Co. Ltd.2,000 26,012 
Feed One Co. Ltd.4,700 23,682 
Ferrotec Holdings Corp.148,300 3,375,551 
FIDEA Holdings Co. Ltd.(1)
7,810 74,127 
Fields Corp.41,500 402,144 
FJ Next Holdings Co. Ltd.15,100 111,686 
France Bed Holdings Co. Ltd.12,600 89,312 
Frontier International, Inc.5,900 171,298 
Fuji Co. Ltd.(1)
600 8,628 
Fuji Corp. Ltd.9,000 42,931 
Fuji Media Holdings, Inc.44,200 349,789 
Fuji Oil Co. Ltd.11,300 30,154 
Fuji Seal International, Inc.51,900 575,725 
Fujibo Holdings, Inc.1,800 46,706 
Fujikura Composites, Inc.31,200 229,097 
Fujikura Ltd.781,200 5,547,529 
Fujimori Kogyo Co. Ltd.6,200 156,867 
Furukawa Battery Co. Ltd.500 4,155 
Furukawa Co. Ltd.32,800 297,371 
Furuno Electric Co. Ltd.12,900 103,859 
Furyu Corp.16,900 123,263 
Futaba Industrial Co. Ltd.112,500 290,894 
Fuyo General Lease Co. Ltd.61,000 3,602,180 
G-7 Holdings, Inc.100 1,072 
G-Tekt Corp.(1)
16,400 164,026 
Gecoss Corp.2,200 12,936 
Genky DrugStores Co. Ltd.(1)
12,800 336,599 
GLOBERIDE, Inc.29,300 574,233 
Glory Ltd.28,900 456,297 
GMO Financial Holdings, Inc.(1)
8,800 47,877 
Goldcrest Co. Ltd.24,900 310,253 
Good Com Asset Co. Ltd.15,600 149,914 
GungHo Online Entertainment, Inc.13,500 222,933 
Gunma Bank Ltd.(1)
365,400 1,021,835 
H-One Co. Ltd.9,400 40,928 
H.U. Group Holdings, Inc.190,000 3,859,126 
H2O Retailing Corp.189,600 1,335,806 
Hagiwara Electric Holdings Co. Ltd.300 5,086 
Hakudo Co. Ltd.8,500 164,791 
Halows Co. Ltd.(1)
2,300 50,512 
207


Avantis International Small Cap Value ETF
SharesValue
Hamakyorex Co. Ltd.30,100 $685,392 
Hanwa Co. Ltd.111,400 2,755,888 
Happinet Corp.10,200 118,182 
Hazama Ando Corp.3,700 22,947 
Heiwa Real Estate Co. Ltd.96,300 2,715,519 
Heiwado Co. Ltd.(1)
55,000 786,139 
Hino Motors Ltd.229,700 1,047,949 
Hirano Tecseed Co. Ltd.(1)
17,200 229,014 
Hirogin Holdings, Inc.(1)
73,400 322,986 
Hitachi Transport System Ltd.2,900 183,084 
Hitachi Zosen Corp.503,200 3,176,451 
Hodogaya Chemical Co. Ltd.1,500 34,942 
Hokkoku Financial Holdings, Inc.6,100 215,812 
Hokuetsu Corp.324,800 1,747,950 
Hokuhoku Financial Group, Inc.294,600 1,750,537 
Hokuto Corp.300 4,149 
Honeys Holdings Co. Ltd.2,400 21,282 
Hoosiers Holdings Co. Ltd.15,500 89,926 
Horiba Ltd.4,000 182,215 
Hosokawa Micron Corp.10,600 200,103 
HS Holdings Co. Ltd.61,800 517,098 
Hyakugo Bank Ltd.102,100 233,655 
i-mobile Co. Ltd.3,100 31,789 
I-Net Corp./Kanagawa1,400 13,544 
I-PEX, Inc.22,700 223,360 
Ichigo, Inc.4,000 8,742 
Ichinen Holdings Co. Ltd.(1)
7,200 65,662 
IDEA Consultants, Inc.200 2,494 
IDOM, Inc.(1)
160,200 948,118 
IHI Corp.285,500 7,624,650 
Iino Kaiun Kaisha Ltd.283,100 1,663,554 
IMAGICA GROUP, Inc.51,200 331,304 
Ines Corp.200 2,233 
INFRONEER Holdings, Inc.308,884 2,207,927 
Innotech Corp.7,400 72,309 
Internet Initiative Japan, Inc.3,600 130,017 
Inui Global Logistics Co. Ltd.24,000 367,656 
Iseki & Co. Ltd.29,800 271,101 
Ishihara Sangyo Kaisha Ltd.106,300 854,268 
Itochu Enex Co. Ltd.215,600 1,691,522 
IwaiCosmo Holdings, Inc.13,500 121,799 
Iyo Bank Ltd.28,300 131,601 
Izumi Co. Ltd.(1)
9,000 194,231 
J Front Retailing Co. Ltd.(1)
646,200 5,121,450 
Jaccs Co. Ltd.79,700 2,191,757 
JAFCO Group Co. Ltd.231,700 3,353,231 
Jamco Corp.(2)
12,300 115,753 
Japan Aviation Electronics Industry Ltd.102,800 1,719,142 
Japan Electronic Materials Corp.(1)
24,800 278,443 
Japan Investment Adviser Co. Ltd.14,500 140,363 
Japan Lifeline Co. Ltd.29,200 211,980 
208


Avantis International Small Cap Value ETF
SharesValue
Japan Pulp & Paper Co. Ltd.2,100 $65,870 
Japan System Techniques Co. Ltd.3,700 70,845 
Japan Transcity Corp.4,400 16,101 
Japan Wool Textile Co. Ltd.78,700 578,416 
JINUSHI Co. Ltd.20,500 294,976 
JK Holdings Co. Ltd.3,700 27,088 
JM Holdings Co. Ltd.9,900 113,329 
Joshin Denki Co. Ltd.13,900 191,480 
JSB Co. Ltd.2,200 54,827 
JSP Corp.2,200 22,837 
JTEKT Corp.653,100 4,597,477 
Juroku Financial Group, Inc.42,600 753,789 
JVCKenwood Corp.1,093,200 1,604,746 
K's Holdings Corp.453,100 4,174,601 
Kamei Corp.6,800 53,498 
Kanamoto Co. Ltd.107,000 1,647,185 
Kaneka Corp.152,700 4,095,696 
Kanematsu Corp.246,900 2,670,961 
Kanto Denka Kogyo Co. Ltd.154,500 1,110,013 
Kato Sangyo Co. Ltd.22,400 550,886 
Kawai Musical Instruments Manufacturing Co. Ltd.900 17,664 
Kawasaki Heavy Industries Ltd.41,300 801,553 
Keiyo Co. Ltd.(1)
16,200 106,098 
KH Neochem Co. Ltd.75,500 1,389,350 
Kibun Foods, Inc.2,000 14,208 
Kimura Chemical Plants Co. Ltd.(1)
1,000 5,654 
Kito Corp.1,700 32,975 
Kitz Corp.140,700 820,381 
Kiyo Bank Ltd.175,300 1,883,750 
Kobe Steel Ltd.1,478,100 6,725,283 
Kohnan Shoji Co. Ltd.(1)
67,400 1,670,690 
Kojima Co. Ltd.(1)
42,100 193,025 
Kokusai Pulp & Paper Co. Ltd.98,500 502,080 
Komeri Co. Ltd.92,100 1,729,761 
Komori Corp.10,100 55,798 
Konica Minolta, Inc.(1)
461,800 1,598,975 
Konoike Transport Co. Ltd.21,300 202,140 
Konoshima Chemical Co. Ltd.2,100 21,442 
Kosaido Holdings Co. Ltd.(1)(2)
9,600 82,569 
Krosaki Harima Corp.200 6,772 
Kumagai Gumi Co. Ltd.72,300 1,383,158 
Kuraray Co. Ltd.822,100 6,244,530 
Kureha Corp.51,600 3,465,101 
Kurimoto Ltd.100 1,187 
Kuriyama Holdings Corp.5,800 37,133 
KYB Corp.65,400 1,546,856 
Kyoden Co. Ltd.(1)
45,100 203,042 
Kyodo Printing Co. Ltd.2,700 46,751 
Kyokuto Kaihatsu Kogyo Co. Ltd.16,400 160,938 
Lawson, Inc.(1)
1,800 59,654 
Macnica Holdings, Inc.54,200 1,162,940 
209


Avantis International Small Cap Value ETF
SharesValue
Makino Milling Machine Co. Ltd.76,300 $2,407,666 
Maruha Nichiro Corp.117,000 2,092,045 
MARUKA FURUSATO Corp.27,000 658,020 
Maruwa Co. Ltd.(1)
200 25,159 
Maruzen Showa Unyu Co. Ltd.12,500 285,435 
Maxell Ltd.176,100 1,867,797 
Mazda Motor Corp.600 5,314 
Mebuki Financial Group, Inc.929,500 1,781,451 
Media Do Co. Ltd.4,100 60,308 
Megmilk Snow Brand Co. Ltd.138,700 1,709,478 
Meidensha Corp.4,100 58,770 
Meiji Shipping Co. Ltd.(1)
19,500 114,568 
Meiko Electronics Co. Ltd.(1)
52,400 1,217,353 
Meisei Industrial Co. Ltd.3,800 20,438 
Meiwa Corp.(1)
5,900 33,699 
Micronics Japan Co. Ltd.55,100 564,424 
Mikuni Corp.(1)
22,300 52,702 
Mimasu Semiconductor Industry Co. Ltd.44,900 682,819 
Ministop Co. Ltd.(1)
6,600 66,984 
Miraial Co. Ltd.17,900 251,776 
Mirait One Corp.140,800 1,582,461 
Mitsuba Corp.58,600 186,246 
Mitsubishi Research Institute, Inc.23,200 694,532 
Mitsubishi Shokuhin Co. Ltd.66,200 1,624,936 
Mitsubishi Steel Manufacturing Co. Ltd.26,000 193,063 
Mitsui Chemicals, Inc.60,100 1,350,178 
Mitsui Matsushima Holdings Co. Ltd.(1)
49,700 1,301,281 
Mitsui Mining & Smelting Co. Ltd.233,900 5,523,689 
Mitsui-Soko Holdings Co. Ltd.75,800 1,832,096 
Miyaji Engineering Group, Inc.700 15,972 
Miyazaki Bank Ltd.10,600 169,414 
Mizuho Leasing Co. Ltd.82,700 1,997,515 
Mizuho Medy Co. Ltd.(1)
19,300 413,709 
Mizuno Corp.38,500 740,740 
Monex Group, Inc.(1)
453,600 1,617,674 
Morinaga Milk Industry Co. Ltd.101,100 3,091,164 
MrMax Holdings Ltd.3,100 14,119 
Musashino Bank Ltd.17,300 210,871 
Nabtesco Corp.40,800 966,169 
Nachi-Fujikoshi Corp.55,500 1,505,831 
Nafco Co. Ltd.(1)
5,100 59,170 
Nagano Keiki Co. Ltd.(1)
7,300 57,471 
Nagase & Co. Ltd.4,200 60,273 
Nanto Bank Ltd.7,100 100,063 
NEC Capital Solutions Ltd.17,000 262,392 
Neturen Co. Ltd.10,700 52,728 
NHK Spring Co. Ltd.221,800 1,498,035 
Nichias Corp.119,200 2,058,521 
Nichiha Corp.45,900 914,684 
Nichireki Co. Ltd.33,200 324,515 
Nihon Chouzai Co. Ltd.14,700 141,418 
210


Avantis International Small Cap Value ETF
SharesValue
Nihon Dempa Kogyo Co. Ltd.68,000 $738,928 
Nihon Flush Co. Ltd.3,600 24,541 
Nihon House Holdings Co. Ltd.33,600 102,510 
Nihon Tokushu Toryo Co. Ltd.1,200 8,153 
Nikkon Holdings Co. Ltd.104,200 1,763,786 
Nippn Corp.33,900 382,346 
Nippon Chemi-Con Corp.(2)
73,300 960,672 
Nippon Chemical Industrial Co. Ltd.8,000 121,084 
Nippon Coke & Engineering Co. Ltd.617,300 446,705 
Nippon Denko Co. Ltd.24,100 63,970 
Nippon Densetsu Kogyo Co. Ltd.70,200 903,263 
Nippon Electric Glass Co. Ltd.250,000 4,708,235 
Nippon Kodoshi Corp.(1)
6,600 103,308 
Nippon Koei Co. Ltd.26,100 668,365 
Nippon Light Metal Holdings Co. Ltd.83,410 959,759 
Nippon Paper Industries Co. Ltd.311,100 2,029,893 
Nippon Pillar Packing Co. Ltd.32,900 612,380 
Nippon Seiki Co. Ltd.2,100 12,414 
Nippon Seisen Co. Ltd.(1)
3,000 100,654 
Nippon Shokubai Co. Ltd.80,000 3,172,294 
Nippon Soda Co. Ltd.29,900 988,723 
Nippon Steel Trading Corp.17,600 677,154 
Nippon Suisan Kaisha Ltd.996,400 4,077,315 
Nippon Television Holdings, Inc.77,000 654,315 
Nippon Thompson Co. Ltd.97,400 400,010 
Nippon Yakin Kogyo Co. Ltd.(1)
27,510 567,969 
Nipro Corp.446,200 3,632,626 
Nishi-Nippon Financial Holdings, Inc.234,900 1,246,278 
Nishimatsu Construction Co. Ltd.(1)
42,900 1,245,781 
Nishio Rent All Co. Ltd.70,100 1,462,488 
Nissan Shatai Co. Ltd.18,000 99,467 
Nissha Co. Ltd.32,100 417,425 
Nisshinbo Holdings, Inc.381,500 2,952,234 
Nissin Electric Co. Ltd.24,600 262,158 
Nittetsu Mining Co. Ltd.10,000 442,840 
Nitto Kogyo Corp.(1)
13,600 250,892 
Nittoc Construction Co. Ltd.100 648 
Nojima Corp.96,200 1,938,157 
NOK Corp.237,400 2,109,945 
Noritake Co. Ltd./Nagoya Japan4,900 147,280 
North Pacific Bank Ltd.239,300 396,098 
NS United Kaiun Kaisha Ltd.31,600 1,089,749 
NTN Corp.(2)
216,700 410,204 
Ogaki Kyoritsu Bank Ltd.14,800 183,572 
Okamoto Machine Tool Works Ltd.2,800 80,721 
Okasan Securities Group, Inc.15,100 36,208 
Oki Electric Industry Co. Ltd.184,700 996,698 
Okumura Corp.84,100 1,771,393 
Okuwa Co. Ltd.(1)
26,100 170,629 
Olympic Group Corp.2,700 11,582 
Onoken Co. Ltd.28,300 302,030 
211


Avantis International Small Cap Value ETF
SharesValue
Organo Corp.11,700 $778,235 
Orient Corp.1,911,400 1,671,538 
Oriental Shiraishi Corp.50,000 90,437 
Osaka Soda Co. Ltd.(1)
48,000 1,302,813 
OSAKA Titanium Technologies Co. Ltd.(2)
84,200 1,919,716 
Pacific Industrial Co. Ltd.204,900 1,595,384 
Pasco Corp.500 4,726 
Pegasus Sewing Machine Manufacturing Co. Ltd.5,800 36,189 
Penta-Ocean Construction Co. Ltd.227,600 1,201,119 
Press Kogyo Co. Ltd.408,400 1,291,752 
Pressance Corp.10,100 109,211 
Prima Meat Packers Ltd.53,500 835,061 
PS Mitsubishi Construction Co. Ltd.16,200 75,645 
Raiznext Corp.18,700 161,458 
Rasa Industries Ltd.6,300 107,991 
Raysum Co. Ltd.15,400 176,525 
Relia, Inc.27,600 200,250 
Rengo Co. Ltd.626,700 3,692,212 
Resorttrust, Inc.249,800 4,008,568 
Restar Holdings Corp.9,800 144,399 
Ricoh Leasing Co. Ltd.51,800 1,333,381 
Riken Corp.3,800 65,688 
Riken Technos Corp.14,500 54,153 
Roland DG Corp.800 18,764 
Ryobi Ltd.24,000 222,885 
Ryoden Corp.3,000 35,337 
Sakai Chemical Industry Co. Ltd.30,000 423,408 
Sakura Internet, Inc.500 2,079 
Sala Corp.19,300 112,763 
San-In Godo Bank Ltd.73,900 363,342 
Sanei Architecture Planning Co. Ltd.(1)
1,800 21,243 
Sankyu, Inc.89,500 2,752,776 
Sanwa Holdings Corp.399,300 3,951,052 
Sanyo Chemical Industries Ltd.(1)
13,700 468,093 
Sanyo Denki Co. Ltd.3,700 143,991 
Sanyo Special Steel Co. Ltd.16,700 251,017 
Sawai Group Holdings Co. Ltd.4,200 124,121 
SBS Holdings, Inc.19,300 399,533 
Scroll Corp.(1)
49,300 277,778 
Seed Co. Ltd.5,000 20,859 
Seikitokyu Kogyo Co. Ltd.6,400 34,887 
Seiko Holdings Corp.92,600 1,908,110 
Seino Holdings Co. Ltd.129,900 1,031,516 
Senko Group Holdings Co. Ltd.285,300 1,949,185 
Senshu Electric Co. Ltd.10,700 428,998 
Senshu Ikeda Holdings, Inc.384,900 611,255 
Shibaura Mechatronics Corp.12,200 1,006,205 
Shibuya Corp.4,700 84,520 
Shinagawa Refractories Co. Ltd.1,700 46,371 
Shindengen Electric Manufacturing Co. Ltd.6,200 162,353 
Shinmaywa Industries Ltd.185,900 1,416,753 
212


Avantis International Small Cap Value ETF
SharesValue
Shinnihon Corp.8,600 $45,207 
Shinoken Group Co. Ltd.(1)
7,800 89,312 
Shinsei Bank Ltd.(1)
1,100 15,490 
Shinsho Corp.700 20,947 
Sinfonia Technology Co. Ltd.26,900 291,513 
SK-Electronics Co. Ltd.200 2,019 
SKY Perfect JSAT Holdings, Inc.641,900 2,551,055 
Sodick Co. Ltd.92,100 533,285 
Soken Chemical & Engineering Co. Ltd.1,300 18,086 
St-Care Holding Corp.12,200 76,913 
Star Micronics Co. Ltd.115,500 1,518,806 
Starts Corp., Inc.98,600 1,894,173 
Starzen Co. Ltd.8,100 123,112 
Stella Chemifa Corp.8,000 162,252 
Studio Alice Co. Ltd.(1)
10,800 172,593 
Sumida Corp.13,400 93,090 
Sumitomo Densetsu Co. Ltd.16,900 319,147 
Sumitomo Heavy Industries Ltd.333,300 6,996,310 
Sumitomo Mitsui Construction Co. Ltd.111,900 372,789 
Sumitomo Osaka Cement Co. Ltd.(1)
96,000 2,431,703 
Sumitomo Riko Co. Ltd.57,500 240,171 
Sumitomo Rubber Industries Ltd.452,100 3,879,499 
Sumitomo Seika Chemicals Co. Ltd.7,600 170,139 
Sumitomo Warehouse Co. Ltd.50,200 787,750 
Sun Frontier Fudousan Co. Ltd.91,300 787,663 
Sun-Wa Technos Corp.1,700 17,225 
Suncall Corp.18,200 95,318 
Suruga Bank Ltd.444,600 1,198,276 
Suzuken Co. Ltd.64,300 1,540,971 
SWCC Showa Holdings Co. Ltd.53,000 694,347 
T RAD Co. Ltd.4,600 92,102 
T-Gaia Corp.4,800 57,071 
Tachibana Eletech Co. Ltd.8,600 100,568 
Taihei Dengyo Kaisha Ltd.4,100 104,711 
Taiheiyo Cement Corp.385,300 5,768,494 
Taiho Kogyo Co. Ltd.22,800 115,114 
Takamatsu Construction Group Co. Ltd.5,400 74,222 
Takamiya Co. Ltd.1,600 4,850 
Takaoka Toko Co. Ltd.6,600 91,227 
Takara Leben Co. Ltd.107,600 292,685 
Takara Standard Co. Ltd.63,900 607,183 
Takasago International Corp.16,600 330,446 
Takasago Thermal Engineering Co. Ltd.46,900 554,132 
Take & Give Needs Co. Ltd.(2)
11,000 125,172 
Tama Home Co. Ltd.(1)
56,600 954,253 
Teijin Ltd.620,800 6,563,394 
Tera Probe, Inc.2,600 26,471 
Tess Holdings Co. Ltd.(1)
12,800 110,378 
Toa Corp. (Tokyo)55,100 966,818 
TOA ROAD Corp.500 21,160 
Toagosei Co. Ltd.8,800 68,564 
213


Avantis International Small Cap Value ETF
SharesValue
Toda Corp.(1)
1,800 $8,880 
Toho Titanium Co. Ltd.(1)
2,400 38,017 
TOKAI Holdings Corp.268,300 1,714,742 
Tokai Rika Co. Ltd.1,400 15,029 
Tokuyama Corp.227,500 2,996,420 
Tokyo Electron Device Ltd.11,300 477,276 
Tokyo Kiraboshi Financial Group, Inc.57,200 922,457 
Tokyo Rope Manufacturing Co. Ltd.(1)
10,400 75,182 
Tokyo Seimitsu Co. Ltd.118,700 3,954,046 
Tokyo Steel Manufacturing Co. Ltd.221,200 2,343,651 
Tokyo Tatemono Co. Ltd.392,700 5,886,481 
Tokyu Construction Co. Ltd.303,600 1,428,083 
Tokyu Fudosan Holdings Corp.5,200 27,944 
Tomen Devices Corp.2,200 89,217 
TOMONY Holdings, Inc.16,700 37,848 
Tomy Co. Ltd.113,200 1,073,115 
Topre Corp.83,900 747,377 
Torishima Pump Manufacturing Co. Ltd.1,600 16,857 
Totech Corp.(1)
2,100 53,471 
Towa Bank Ltd.11,900 45,031 
Towa Corp.37,000 494,052 
Toyo Engineering Corp.(2)
38,200 189,214 
Toyo Ink SC Holdings Co. Ltd.24,100 330,490 
Toyo Kanetsu KK5,500 103,196 
Toyo Seikan Group Holdings Ltd.437,900 5,182,058 
Toyo Tire Corp.220,400 2,671,195 
Toyobo Co. Ltd.268,000 2,030,616 
Toyoda Gosei Co. Ltd.156,300 2,719,241 
Toyota Boshoku Corp.157,000 2,280,055 
TPR Co. Ltd.27,900 255,475 
Transcosmos, Inc.69,100 1,906,012 
TRE Holdings Corp.40 490 
Tsubakimoto Chain Co.72,900 1,684,544 
Tsugami Corp.110,800 991,432 
Tsukuba Bank Ltd.38,600 54,213 
Tsuzuki Denki Co. Ltd.200 1,948 
TV Asahi Holdings Corp.58,700 611,678 
Tv Tokyo Holdings Corp.6,600 93,044 
UACJ Corp.38,900 671,639 
Ube Industries Ltd.344,900 5,081,896 
Uchida Yoko Co. Ltd.5,500 197,015 
Ulvac, Inc.50,300 1,950,440 
Unipres Corp.71,400 491,918 
Unitika Ltd.(2)
43,200 80,347 
Univance Corp.(1)
29,200 84,927 
Valor Holdings Co. Ltd.117,500 1,497,896 
Valqua Ltd.2,300 44,686 
VINX Corp.1,500 16,166 
VT Holdings Co. Ltd.146,600 507,627 
Wakachiku Construction Co. Ltd.5,100 90,870 
Wakita & Co. Ltd.66,000 530,833 
214


Avantis International Small Cap Value ETF
SharesValue
Warabeya Nichiyo Holdings Co. Ltd.34,100 $555,065 
YAMABIKO Corp.22,100 180,413 
Yamada Holdings Co. Ltd.13,640 47,209 
Yamaguchi Financial Group, Inc.(1)
111,800 613,412 
Yamaichi Electronics Co. Ltd.58,500 865,846 
Yamazen Corp.132,000 883,924 
Yellow Hat Ltd.6,500 83,920 
Yodogawa Steel Works Ltd.9,500 170,846 
Yokogawa Bridge Holdings Corp.70,800 989,969 
Yokohama Rubber Co. Ltd.345,200 5,645,644 
Yokorei Co. Ltd.79,500 527,198 
Yorozu Corp.4,500 28,853 
Yotai Refractories Co. Ltd.2,400 24,054 
Yuasa Trading Co. Ltd.49,800 1,254,657 
Yurtec Corp.7,400 39,816 
Zeon Corp.219,500 2,105,943 
450,966,124 
Netherlands — 1.9%
AerCap Holdings NV(2)
159,883 7,042,846 
Arcadis NV806 25,695 
ASR Nederland NV218,541 8,919,584 
Boskalis Westminster89,583 2,971,375 
Flow Traders42,345 847,353 
ForFarmers NV(1)
33,946 95,669 
Heijmans NV, CVA108,545 1,126,848 
Just Eat Takeaway.com NV(2)
18,788 312,547 
Koninklijke BAM Groep NV(2)
802,873 2,140,065 
OCI NV150,269 5,641,524 
PostNL NV(1)
813,567 1,733,601 
SIF Holding NV285 2,911 
Sligro Food Group NV(2)
1,259 20,855 
TKH Group NV39,638 1,382,876 
32,263,749 
New Zealand — 0.8%
Air New Zealand Ltd.(2)
13,671,732 5,649,552 
Channel Infrastructure NZ Ltd.(2)
201,543 166,462 
Heartland Group Holdings Ltd.6,172 6,815 
KMD Brands Ltd.813,699 535,762 
Oceania Healthcare Ltd.3,300,723 1,994,512 
SKYCITY Entertainment Group Ltd.2,581,167 4,490,213 
Warehouse Group Ltd.16,193 32,560 
12,875,876 
Norway — 2.1%
2020 Bulkers Ltd.(1)(2)
30,242 269,258 
ABG Sundal Collier Holding ASA456,965 268,092 
Belships ASA96,422 144,369 
Bonheur ASA6,255 234,148 
BW Energy Ltd.(2)
142,484 355,315 
BW LPG Ltd.356,424 2,316,861 
BW Offshore Ltd.579,931 1,571,357 
DNO ASA2,010,345 2,856,332 
215


Avantis International Small Cap Value ETF
SharesValue
Golden Ocean Group Ltd.316,268 $2,980,838 
Hafnia Ltd.54,716 244,316 
Kid ASA52,924 475,929 
Komplett Bank ASA(2)
51,670 30,734 
Kongsberg Automotive ASA(1)(2)
1,245,534 317,182 
MPC Container Ships ASA784,180 1,616,700 
Norwegian Energy Co. ASA(2)
13,725 492,558 
Odfjell Drilling Ltd.(2)
364,708 990,642 
Odfjell Technology Ltd.(2)
45 113 
OKEA ASA12,489 64,862 
Panoro Energy ASA(2)
13,512 40,087 
Petronor E&P ASA(2)
8,608 746 
PGS ASA(1)(2)
4,034,085 3,283,366 
Protector Forsikring ASA38,929 466,031 
Rana Gruber ASA6,421 27,904 
Scatec ASA62,591 634,897 
SpareBank 1 Nord Norge347,847 3,135,315 
SpareBank 1 SMN172,072 2,095,074 
Sparebanken Vest58,146 517,345 
Stolt-Nielsen Ltd.80,383 1,717,742 
Subsea 7 SA690,317 6,196,906 
Wallenius Wilhelmsen ASA363,960 2,049,072 
35,394,091 
Portugal — 0.3%
Altri SGPS SA523,406 2,953,276 
Corticeira Amorim SGPS SA645 6,514 
CTT-Correios de Portugal SA(1)
255,358 831,768 
Greenvolt-Energias Renovaveis SA(2)
2,325 22,460 
Mota-Engil SGPS SA(1)
250,341 301,638 
NOS SGPS SA62,748 231,291 
Sonae SGPS SA12,843 12,909 
4,359,856 
Singapore — 2.1%
Aztech Global Ltd.(1)
10,000 6,324 
Banyan Tree Holdings Ltd.(2)
67,500 14,213 
Boustead Singapore Ltd.18,200 11,784 
BRC Asia Ltd.7,900 9,604 
Bumitama Agri Ltd.1,717,200 767,165 
China Sunsine Chemical Holdings Ltd.1,435,600 493,537 
Chip Eng Seng Corp. Ltd.274,900 130,693 
Dyna-Mac Holdings Ltd.(1)(2)
717,900 101,301 
First Resources Ltd.1,560,400 1,681,958 
Food Empire Holdings Ltd.53,700 20,151 
Geo Energy Resources Ltd.(1)
4,567,500 1,254,377 
Golden Agri-Resources Ltd.41,800,800 8,379,752 
Hong Fok Corp. Ltd.(1)
104,800 79,334 
Hong Leong Asia Ltd.(1)
179,100 96,048 
Hour Glass Ltd.273,800 453,917 
Hutchison Port Holdings Trust, U Shares23,259,900 4,991,040 
Indofood Agri Resources Ltd.191,900 43,219 
InnoTek Ltd.91,000 31,244 
216


Avantis International Small Cap Value ETF
SharesValue
ISDN Holdings Ltd.(1)
2,016,400 $682,973 
Japfa Ltd.(1)
2,065,800 886,280 
Jiutian Chemical Group Ltd.(1)
9,280,000 615,411 
Medtecs International Corp. Ltd.1,417,400 158,659 
Mewah International, Inc.120,500 29,616 
QAF Ltd.46,100 28,206 
Riverstone Holdings Ltd.(1)
3,181,800 1,640,319 
Samudera Shipping Line Ltd.648,700 462,482 
Singapore Post Ltd.2,063,100 855,205 
Tuan Sing Holdings Ltd.(1)
1,652,390 436,474 
UG Healthcare Corp. Ltd.356,100 53,427 
Yangzijiang Financial Holding Ltd.(2)
2,550,300 682,262 
Yangzijiang Shipbuilding Holdings Ltd.10,386,300 7,198,079 
Yanlord Land Group Ltd.3,645,600 2,683,005 
34,978,059 
Spain — 1.7%
Acerinox SA506,176 4,579,790 
Almirall SA11,427 103,084 
Amper SA(2)
1,097,654 194,695 
Atresmedia Corp. de Medios de Comunicacion SA(1)
169,927 465,361 
Banco de Sabadell SA10,809,307 7,433,926 
Bankinter SA973,935 4,991,211 
Construcciones y Auxiliar de Ferrocarriles SA30,039 869,219 
Deoleo SA(1)(2)
356,161 102,097 
Ence Energia y Celulosa SA84,262 298,264 
Ercros SA82,553 253,555 
Fomento de Construcciones y Contratas SA15 135 
Gestamp Automocion SA566,903 2,075,625 
Laboratorios Farmaceuticos Rovi SA37,304 1,831,256 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros64,629 69,837 
Mediaset Espana Comunicacion SA(2)
77,153 214,610 
Melia Hotels International SA(2)
197,205 1,195,967 
Miquel y Costas & Miquel SA467 6,032 
Neinor Homes SA51,163 524,857 
Pharma Mar SA6,627 385,993 
Prosegur Cia de Seguridad SA396,671 730,431 
Sacyr SA(1)
708,033 1,583,795 
Unicaja Banco SA
27,909,741 
Sweden — 5.1%
Arise AB(2)
16,414 117,239 
Atrium Ljungberg AB, B Shares23,263 337,179 
Avanza Bank Holding AB(1)
97,198 1,557,988 
Bahnhof AB, B Shares3,602 12,164 
BE Group AB13,128 125,361 
Better Collective A/S(2)
14,769 202,375 
Bilia AB, A Shares344,589 4,287,024 
BillerudKorsnas AB259,747 3,377,380 
Biotage AB22,939 385,887 
Bonava AB, B Shares219,962 787,328 
Boozt AB(1)(2)
300 1,759 
217


Avantis International Small Cap Value ETF
SharesValue
Bure Equity AB152,161 $3,005,503 
Byggmax Group AB171,674 705,343 
Camurus AB(2)
3,636 75,667 
Catena Media PLC(1)(2)
353,519 1,062,377 
Cibus Nordic Real Estate AB140,335 2,234,781 
Clas Ohlson AB, B Shares236,552 2,133,756 
Cloetta AB, B Shares527,436 922,059 
Collector Bank AB(2)
222,047 708,217 
Corem Property Group AB, B Shares423,419 493,793 
Dios Fastigheter AB316,355 2,341,628 
Electrolux Professional AB, B Shares403,469 2,004,380 
Elekta AB, B Shares3,828 21,944 
G5 Entertainment AB(1)
23,843 393,387 
GARO AB14,419 156,736 
Hoist Finance AB(1)(2)
190,033 575,340 
Hufvudstaden AB, A Shares269,839 3,214,641 
JM AB137,094 2,356,988 
Kopparbergs Bryggeri AB, B Shares12,361 174,861 
Loomis AB309,629 8,364,172 
Maha Energy AB(1)(2)
107,389 123,708 
MEKO AB126,997 1,159,885 
MIPS AB22,650 1,020,651 
Modern Times Group MTG AB, B Shares(2)
163,207 1,429,143 
Mycronic AB106,156 1,258,901 
NCC AB, B Shares251,936 2,371,296 
Net Insight AB, B Shares(2)
206,751 101,023 
New Wave Group AB, B Shares151,712 2,440,210 
Nobia AB229,259 590,456 
NP3 Fastigheter AB231 5,054 
Nyfosa AB463,483 3,893,550 
Pandox AB(2)
317,403 3,923,998 
Paradox Interactive AB(1)
150,402 2,364,413 
Peab AB, Class B634,632 3,907,498 
RaySearch Laboratories AB(2)
37,992 177,843 
Resurs Holding AB614,496 1,309,293 
Saab AB, B Shares186,899 6,243,752 
Scandi Standard AB(2)
306,021 1,349,744 
SkiStar AB83,042 1,068,567 
Storytel AB(2)
4,814 20,880 
Tethys Oil AB68,999 412,914 
Troax Group AB65 
Truecaller AB, B Shares(2)
193,736 1,018,511 
Wihlborgs Fastigheter AB904,779 6,481,596 
84,810,208 
Switzerland — 4.3%
ALSO Holding AG(2)
13,576 2,256,914 
Arbonia AG62,992 825,675 
Autoneum Holding AG(1)
22,650 2,539,228 
Bell Food Group AG4,474 1,172,165 
Bellevue Group AG547 17,816 
Bobst Group SA43,897 3,536,899 
218


Avantis International Small Cap Value ETF
SharesValue
Bucher Industries AG2,032 $723,986 
Burckhardt Compression Holding AG13,354 5,592,238 
Cembra Money Bank AG148,977 10,047,429 
Coltene Holding AG(2)
5,166 441,760 
dormakaba Holding AG38 15,936 
EFG International AG(2)
490,560 4,122,435 
Forbo Holding AG1,075 1,341,429 
GAM Holding AG(2)
225,677 224,066 
Gurit Holding AG, Bearer Shares(1)
8,294 868,265 
Huber + Suhner AG34,655 2,886,389 
Implenia AG(2)
20,407 602,695 
Leonteq AG63,856 3,626,011 
Liechtensteinische Landesbank AG5,832 332,983 
Mobimo Holding AG7,077 1,737,339 
OC Oerlikon Corp. AG705,180 5,150,976 
Orior AG17,102 1,336,571 
Rieter Holding AG7,404 755,944 
Schweizerische Nationalbank(1)
16,961 
St Galler Kantonalbank AG3,040 1,429,738 
Sulzer AG52,708 3,145,553 
Swiss Steel Holding AG(2)
2,052,704 610,729 
Swissquote Group Holding SA56,290 6,245,092 
u-blox Holding AG(2)
18,949 2,626,292 
V-ZUG Holding AG(2)
762 59,966 
Valiant Holding AG42,541 4,030,711 
Valora Holding AG7,704 2,040,902 
Zehnder Group AG35,507 2,097,619 
72,458,712 
United Kingdom — 14.3%
AG Barr PLC11,470 67,158 
Anglo Asian Mining PLC160,594 149,158 
Anglo Pacific Group PLC31,308 59,940 
Atalaya Mining PLC166,337 429,683 
Bank of Georgia Group PLC90,419 2,099,872 
Berkeley Group Holdings PLC177,308 7,505,992 
Biffa PLC79,689 371,971 
Brewin Dolphin Holdings PLC400,637 2,382,260 
Britvic PLC95,651 869,294 
Capricorn Energy PLC(1)(2)
330,167 889,920 
Centamin PLC3,004,370 3,150,731 
Central Asia Metals PLC434,307 1,156,355 
Close Brothers Group PLC372,177 4,403,033 
CMC Markets PLC363,520 969,537 
Coats Group PLC3,493,432 2,434,815 
Computacenter PLC169,154 4,845,716 
ContourGlobal PLC192,848 576,461 
Crest Nicholson Holdings PLC623,894 1,695,567 
Devro PLC322,494 697,502 
Direct Line Insurance Group PLC2,793,553 6,653,561 
Drax Group PLC1,040,318 7,673,972 
Dunelm Group PLC136,679 1,090,845 
219


Avantis International Small Cap Value ETF
SharesValue
EnQuest PLC(2)
4,704,729 $1,632,475 
Essentra PLC12,262 28,225 
Ferrexpo PLC697,692 1,200,108 
Firstgroup PLC(1)
1,856,815 2,473,023 
Forterra PLC375,168 1,151,171 
Foxtons Group PLC91,059 39,334 
Frasers Group PLC(2)
483,368 4,500,698 
Genel Energy PLC77,741 128,151 
Georgia Capital PLC(2)
7,564 60,015 
Go-Ahead Group PLC(2)
86,720 1,555,655 
Grafton Group PLC315,635 2,649,442 
Greggs PLC228,479 4,883,869 
Gulf Keystone Petroleum Ltd.417,308 1,168,368 
Gym Group PLC(2)
37,455 62,781 
Halfords Group PLC381,593 576,869 
Hargreaves Lansdown PLC469,037 4,440,456 
Helios Towers PLC(2)
29,532 42,321 
Hikma Pharmaceuticals PLC335,193 5,108,570 
Hill & Smith Holdings PLC44,644 539,341 
Hochschild Mining PLC909,421 684,708 
Howden Joinery Group PLC1,313,322 8,683,507 
Hunting PLC128,039 428,249 
Hurricane Energy PLC(2)
1,022,797 87,233 
Ibstock PLC793,994 1,745,148 
IG Group Holdings PLC921,227 8,742,423 
Inchcape PLC827,722 7,268,359 
Indivior PLC(2)
1,024,496 3,432,783 
IntegraFin Holdings PLC49,423 154,066 
Intermediate Capital Group PLC475,600 7,518,172 
International Personal Finance PLC50,695 58,921 
Investec PLC1,067,118 5,129,358 
IP Group PLC2,156,004 1,749,828 
J Sainsbury PLC270,408 638,260 
Jadestone Energy PLC36,122 36,504 
Johnson Matthey PLC472,209 11,017,018 
Jubilee Metals Group PLC(2)
779,435 106,854 
Just Group PLC814,485 680,128 
Keller Group PLC155,110 1,262,504 
Lookers PLC276,034 261,416 
Luceco PLC2,439 2,219 
Luxfer Holdings PLC414 6,810 
M&G PLC2,281,037 5,176,664 
Man Group PLC2,513,505 7,102,831 
Marks & Spencer Group PLC(2)
5,261,691 7,435,312 
Mediclinic International PLC453,101 2,632,934 
Mitchells & Butlers PLC(2)
107,415 192,107 
Mitie Group PLC1,149,194 965,139 
Molten Ventures PLC(2)
235,011 1,014,704 
Morgan Sindall Group PLC26,848 536,013 
MP Evans Group PLC2,787 26,213 
N Brown Group PLC(2)
181,281 52,734 
220


Avantis International Small Cap Value ETF
SharesValue
Ninety One PLC880,883 $2,018,058 
OSB Group PLC621,292 3,961,179 
Pagegroup PLC579,420 2,910,292 
Pan African Resources PLC3,481,329 739,469 
Paragon Banking Group PLC412,093 2,561,487 
PayPoint PLC19,404 144,509 
Petra Diamonds Ltd.(2)
25,308 28,896 
Plus500 Ltd.285,064 5,617,485 
Provident Financial PLC707,991 1,416,725 
PZ Cussons PLC493,679 1,113,207 
Rathbones Group PLC69,063 1,443,713 
Reach PLC527,385 453,362 
Redde Northgate PLC597,736 2,372,554 
Redrow PLC203,023 1,192,649 
Rhi Magnesita NV22,539 472,313 
Royal Mail PLC1,582,009 5,047,621 
Savills PLC258,980 2,844,234 
Senior PLC(2)
407,863 614,976 
Serica Energy PLC435,258 1,884,222 
Speedy Hire PLC1,235,865 586,643 
Spire Healthcare Group PLC(2)
445,008 1,198,922 
St. James's Place PLC428,859 5,489,371 
SThree PLC291,685 1,190,699 
Superdry PLC(2)
157,134 228,419 
Synthomer PLC250,027 570,855 
Tate & Lyle PLC1,139,021 10,086,290 
TBC Bank Group PLC73,777 1,518,976 
TI Fluid Systems PLC250,921 425,275 
Tremor International Ltd.(1)(2)
72,792 278,007 
Vertu Motors PLC555,720 313,050 
Virgin Money UK PLC2,792,805 4,829,012 
Vistry Group PLC420,995 3,770,332 
Wickes Group PLC499,885 693,017 
Yellow Cake PLC(2)
512,433 2,498,377 
237,757,530 
United States — 0.1%
ADTRAN Holdings, Inc.79,452 1,836,442 
Cazoo Group Ltd.(2)
376 254 
1,836,696 
TOTAL COMMON STOCKS
(Cost $1,887,598,596)
1,661,876,001 
WARRANTS


Australia
Magellan Financial Group Ltd.(1)(2)
7,122 3,387 
Italy
Webuild SpA(1)(2)
35,053 49,493 
TOTAL WARRANTS
(Cost $—)
52,880 
RIGHTS


Germany
7C Solarparken AG(2)
(Cost $—)
26,014 475 
221


Avantis International Small Cap Value ETF
SharesValue
SHORT-TERM INVESTMENTS — 3.6%


Money Market Funds — 3.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class16,863,247 $16,863,247 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
42,560,887 42,560,887 
TOTAL SHORT-TERM INVESTMENTS
(Cost $59,424,134)
59,424,134 
TOTAL INVESTMENT SECURITIES — 103.2%
(Cost $1,947,022,730)

1,721,353,490 
OTHER ASSETS AND LIABILITIES — (3.2)%

(52,845,043)
TOTAL NET ASSETS — 100.0%

$1,668,508,447 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials20.4%
Financials19.2%
Materials18.4%
Consumer Discretionary12.8%
Energy10.4%
Consumer Staples4.8%
Information Technology4.0%
Real Estate3.1%
Communication Services2.4%
Health Care2.1%
Utilities2.0%
Short-Term Investments3.6%
Other Assets and Liabilities(3.2)%

NOTES TO SCHEDULE OF INVESTMENTS
CVA-Certificaten Van Aandelen
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $86,011,273. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $92,245,596, which includes securities collateral of $49,684,709.


See Notes to Financial Statements.
222


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Emerging Markets Equity ETFAvantis Emerging Markets Value ETF
Assets
Investment securities, at value (cost of $1,444,050,932 and $148,901,335, respectively) — including $71,542,673 and $3,952,104, respectively of securities on loan$1,317,924,091 $129,199,174 
Investment made with cash collateral received for securities on loan, at value (cost of $22,098,803 and $1,884,533, respectively)22,098,803 1,884,533 
Total investment securities, at value (cost of $1,466,149,735 and $150,785,868, respectively)1,340,022,894 131,083,707 
Foreign currency holdings, at value (cost of $442,198 and $1,014,832, respectively)441,657 1,014,858 
Receivable for investments sold42,169 13,005 
Dividends and interest receivable7,936,286 653,545 
Securities lending receivable148,583 11,575 
1,348,591,589 132,776,690 
Liabilities
Payable for collateral received for securities on loan22,098,803 1,884,533 
Payable for investments purchased95,452 1,299,297 
Accrued management fees365,619 37,090 
Accrued foreign taxes3,635,854 — 
26,195,728 3,220,920 
Net Assets$1,322,395,861 $129,555,770 
Shares outstanding (unlimited number of shares authorized)25,600,000 3,080,000 
Net Asset Value Per Share$51.66 $42.06 
Net Assets Consist of:
Capital paid in$1,468,261,858 $148,327,804 
Distributable earnings(145,865,997)(18,772,034)
$1,322,395,861 $129,555,770 


See Notes to Financial Statements.
223


AUGUST 31, 2022
Avantis International Equity ETFAvantis International Large Cap Value ETF
Assets
Investment securities, at value (cost of $1,627,975,845 and $69,367,279, respectively) — including $98,429,673 and $1,331,726, respectively of securities on loan$1,498,884,454 $64,050,571 
Investment made with cash collateral received for securities on loan, at value (cost of $51,033,501 and $1,069,229, respectively)51,033,501 1,069,229 
Total investment securities, at value (cost of $1,679,009,346 and $70,436,508, respectively)1,549,917,955 65,119,800 
Cash3,805 — 
Foreign currency holdings, at value (cost of $218,186 and $7,682, respectively)216,490 7,675 
Receivable for investments sold10,189 — 
Dividends and interest receivable5,717,960 255,787 
Securities lending receivable75,578 1,295 
1,555,941,977 65,384,557 
Liabilities
Payable for collateral received for securities on loan51,033,501 1,069,229 
Payable for investments purchased6,185 3,911,987 
Accrued management fees300,975 11,527 
51,340,661 4,992,743 
Net Assets$1,504,601,316 $60,391,814 
Shares outstanding (unlimited number of shares authorized)29,750,000 1,440,000 
Net Asset Value Per Share$50.57 $41.94 
Net Assets Consist of:
Capital paid in$1,647,099,422 $67,122,856 
Distributable earnings(142,498,106)(6,731,042)
$1,504,601,316 $60,391,814 


See Notes to Financial Statements.
224


AUGUST 31, 2022
Avantis International Small Cap Value ETF
Assets
Investment securities, at value (cost of $1,904,461,843) — including $86,011,273 of securities on loan$1,678,792,603 
Investment made with cash collateral received for securities on loan, at value
(cost of $42,560,887)
42,560,887 
Total investment securities, at value (cost of $1,947,022,730)1,721,353,490 
Foreign currency holdings, at value (cost of $194,574)199,841 
Receivable for investments sold16,426 
Receivable for capital shares sold17,619,876 
Dividends and interest receivable5,327,101 
Securities lending receivable118,189 
1,744,634,923 
Liabilities
Payable for collateral received for securities on loan42,560,887 
Payable for investments purchased33,050,934 
Accrued management fees514,655 
76,126,476 
Net Assets$1,668,508,447 
Shares outstanding (unlimited number of shares authorized)31,410,000 
Net Asset Value Per Share$53.12 
Net Assets Consist of:
Capital paid in$1,984,444,031 
Distributable earnings(315,935,584)
$1,668,508,447 


See Notes to Financial Statements.
225


Statements of Operations
YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Emerging Markets Equity ETF
Avantis Emerging Markets Value ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $5,672,517 and $581,477, respectively)$43,916,068 $4,053,556 
Securities lending, net656,643 39,408 
Interest4,289 535 
44,577,000 4,093,499 
Expenses:
Management fees3,562,047 262,082 
Other expenses8,690 1,725 
3,570,737 263,807 
Net investment income (loss)41,006,263 3,829,692 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $13,775 and $—, respectively)(25,746,565)(1,254,150)
Futures contract transactions— 559 
Foreign currency translation transactions(507,796)(95,213)
(26,254,361)(1,348,804)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(285,973) and $—, respectively)(259,013,096)(19,702,161)
Translation of assets and liabilities in foreign currencies(86,131)(12,416)
(259,099,227)(19,714,577)
Net realized and unrealized gain (loss)(285,353,588)(21,063,381)
Net Increase (Decrease) in Net Assets Resulting from Operations$(244,347,325)$(17,233,689)
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
226


YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis International Equity ETF
Avantis International Large Cap Value ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4,302,953 and $115,881, respectively)$43,741,005 $1,270,624 
Securities lending, net634,253 4,386 
Interest7,931 1,521 
44,383,189 1,276,531 
Expenses:
Management fees2,893,435 65,598 
Other expenses6,433 460 
2,899,868 66,058 
Net investment income (loss)41,483,321 1,210,473 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(11,901,365)(1,693,451)
Foreign currency translation transactions(505,205)(20,577)
(12,406,570)(1,714,028)
Change in net unrealized appreciation (depreciation) on:
Investments(306,745,626)(5,316,708)
Translation of assets and liabilities in foreign currencies(150,021)(6,432)
(306,895,647)(5,323,140)
Net realized and unrealized gain (loss)(319,302,217)(7,037,168)
Net Increase (Decrease) in Net Assets Resulting from Operations$(277,818,896)$(5,826,695)
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
227


YEAR ENDED AUGUST 31, 2022
Avantis International Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4,918,435)$53,441,675 
Securities lending, net1,074,525 
Interest13,341 
54,529,541 
Expenses:
Management fees5,061,317 
Other expenses4,658 
5,065,975 
Net investment income (loss)49,463,566 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions11,908,309 
Foreign currency translation transactions(1,207,736)
10,700,573 
Change in net unrealized appreciation (depreciation) on:
Investments(345,888,590)
Translation of assets and liabilities in foreign currencies(182,665)
(346,071,255)
Net realized and unrealized gain (loss)(335,370,682)
Net Increase (Decrease) in Net Assets Resulting from Operations$(285,907,116)


See Notes to Financial Statements.
228


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis Emerging Markets Equity ETFAvantis Emerging Markets Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021
August 31, 2022(1)
Operations
Net investment income (loss)$41,006,263 $13,439,376 $3,829,692 
Net realized gain (loss)(26,254,361)(3,459,576)(1,348,804)
Change in net unrealized appreciation (depreciation)(259,099,227)100,142,245 (19,714,577)
Net increase (decrease) in net assets resulting from operations(244,347,325)110,122,045 (17,233,689)
Distributions to Shareholders
From earnings(30,216,930)(9,558,420)(1,539,540)
Capital Share Transactions
Proceeds from shares sold731,567,092 521,084,968 148,188,439 
Payments for shares redeemed— (2,598,710)— 
Other capital566,509 330,894 140,560 
Net increase (decrease) in net assets from capital share transactions732,133,601 518,817,152 148,328,999 
Net increase (decrease) in net assets457,569,346 619,380,777 129,555,770 
Net Assets
Beginning of period864,826,515 245,445,738 — 
End of period$1,322,395,861 $864,826,515 $129,555,770 
Transactions in Shares of the Funds
Sold12,650,000 8,300,000 3,080,000 
Redeemed— (50,000)— 
Net increase (decrease) in shares of the funds12,650,000 8,250,000 3,080,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
229


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis International
Equity ETF
Avantis International Large Cap Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
August 31, 2022(1)
Operations
Net investment income (loss)$41,483,321 $15,824,875 $1,210,473 
Net realized gain (loss)(12,406,570)(1,072,621)(1,714,028)
Change in net unrealized appreciation (depreciation)(306,895,647)131,587,282 (5,323,140)
Net increase (decrease) in net assets resulting from operations(277,818,896)146,339,536 (5,826,695)
Distributions to Shareholders
From earnings(39,846,030)(14,039,130)(904,347)
Capital Share Transactions
Proceeds from shares sold826,982,923 529,082,577 67,084,377 
Payments for shares redeemed(2,673,055)(5,592,990)— 
Other capital412,669 409,617 38,479 
Net increase (decrease) in net assets from capital share transactions824,722,537 523,899,204 67,122,856 
Net increase (decrease) in net assets507,057,611 656,199,610 60,391,814 
Net Assets
Beginning of period997,543,705 341,344,095 — 
End of period$1,504,601,316 $997,543,705 $60,391,814 
Transactions in Shares of the Funds
Sold14,300,000 8,800,000 1,440,000 
Redeemed(50,000)(100,000)— 
Net increase (decrease) in shares of the funds14,250,000 8,700,000 1,440,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis International Small Cap Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
Operations
Net investment income (loss)$49,463,566 $13,754,952 
Net realized gain (loss)10,700,573 30,382,503 
Change in net unrealized appreciation (depreciation)(346,071,255)104,166,255 
Net increase (decrease) in net assets resulting from operations(285,907,116)148,303,710 
Distributions to Shareholders
From earnings(45,642,411)(12,987,087)
Capital Share Transactions
Proceeds from shares sold1,221,524,862 737,021,098 
Payments for shares redeemed(278,542,155)(90,624,702)
Other capital372,440 165,125 
Net increase (decrease) in net assets from capital share transactions943,355,147 646,561,521 
Net increase (decrease) in net assets611,805,620 781,878,144 
Net Assets
Beginning of period1,056,702,827 274,824,683 
End of period$1,668,508,447 $1,056,702,827 
Transactions in Shares of the Funds
Sold20,010,000 11,760,000 
Redeemed(4,590,000)(1,470,000)
Net increase (decrease) in shares of the funds15,420,000 10,290,000 


See Notes to Financial Statements.
231


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity ETF, Avantis Emerging Markets Value ETF, Avantis International Equity ETF, Avantis International Large Cap Value ETF and Avantis International Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Emerging Markets Value ETF and Avantis International Large Cap Value ETF incepted on September 28, 2021.

2. Significant Accounting Policies

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

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

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
232


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

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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


233


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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Emerging Markets Equity ETF
Common Stocks$22,098,803 — — — $22,098,803 
Gross amount of recognized liabilities for securities lending transactions$22,098,803 
Avantis Emerging Markets Value ETF
Common Stocks$1,884,533 — — — $1,884,533 
Gross amount of recognized liabilities for securities lending transactions$1,884,533 
Avantis International Equity ETF
Common Stocks$51,030,433 — — — $51,030,433 
Warrants3,068 — — — 3,068 
Total Borrowings$51,033,501 — — — $51,033,501 
Gross amount of recognized liabilities for securities lending transactions$51,033,501 
Avantis International Large Cap Value ETF
Common Stocks$1,069,229 — — — $1,069,229 
Gross amount of recognized liabilities for securities lending transactions$1,069,229 
Avantis International Small Cap Value ETF
Common Stocks$42,532,484 — — — $42,532,484 
Warrants28,403 — — — 28,403 
Total Borrowings$42,560,887 — — — $42,560,887 
Gross amount of recognized liabilities for securities lending transactions$42,560,887 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 5% of the shares of the Avantis Emerging Markets Equity ETF.

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

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Emerging Markets Equity ETF0.33%
Avantis Emerging Markets Value ETF0.36%
Avantis International Equity ETF0.23%
Avantis International Large Cap Value ETF0.25%
Avantis International Small Cap Value ETF0.36%
Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Avantis Emerging Markets Equity ETF
Avantis Emerging Markets Value ETF(1)
Avantis International Equity ETF
Avantis International Large Cap Value ETF(1)
Avantis International Small Cap Value ETF
Purchases$648,038,667 $139,374,441 $458,133,467 $43,434,013 $841,817,235 
Sales$35,475,886 $6,165,983 $91,247,475 $12,587,530 $291,100,122 
(1)September 28, 2021 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Emerging Markets Equity ETF$123,526,960 — — 
Avantis Emerging Markets Value ETF(1)
$16,646,711 — — 
Avantis International Equity ETF$462,321,047 $2,615,589 $1,506,426 
Avantis International Large Cap Value ETF(1)
$36,258,493 — — 
Avantis International Small Cap Value ETF$677,557,479 $275,243,521 $100,984,987 
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through August 31, 2022.

5. Capital Share Transactions

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

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$44,019,404 $37,061,362 — 
Chile2,487,628 6,528,835 — 
China98,674,301 282,482,550 — 
Colombia1,092,504 1,261,706 — 
India19,164,903 208,307,796 — 
Indonesia3,060,284 28,431,056 — 
Mexico9,468,190 20,598,916 — 
Peru2,881,946 — — 
Philippines521,230 11,225,522 — 
Russia— 2,394 — 
South Africa8,545,093 44,487,454 — 
South Korea12,527,769 161,140,953 — 
Taiwan43,081,539 184,972,989 — 
Turkey348,316 7,645,152 — 
Other Countries— 76,884,642 — 
Rights— 375 — 
Warrants— 19,116 — 
Corporate Bonds— 1,490 — 
Short-Term Investments23,097,479 — — 
$268,970,586 $1,071,052,308 — 

236


Avantis Emerging Markets Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$5,183,665 $2,972,583 — 
Chile261,791 631,646 — 
China5,266,106 31,357,472 — 
India698,894 21,998,629 — 
Indonesia789,398 2,399,902 — 
Mexico1,092,713 1,914,661 — 
Philippines14,249 1,136,536 — 
South Africa1,185,544 3,939,831 — 
South Korea2,540,496 15,180,893 — 
Taiwan360,069 21,636,117 — 
Turkey37,909 804,971 — 
Other Countries— 7,420,552 — 
Warrants— 1,579 — 
Rights— 126 — 
Short-Term Investments2,257,375 — — 
$19,688,209 $111,395,498 — 
Avantis International Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$13,944,890 $100,294,629 — 
Belgium2,406,666 11,423,835 — 
Canada699,946 170,282,022 — 
Denmark13,980,571 21,367,093 — 
Finland1,386,382 13,024,927 — 
France25,978,329 106,375,297 — 
Germany5,038,828 88,706,311 — 
Hong Kong709,789 38,136,892 — 
Israel2,828,227 13,409,331 — 
Italy2,549,480 28,111,820 — 
Japan30,172,347 287,288,001 — 
Netherlands19,652,644 31,695,158 — 
Norway3,298,177 11,483,743 — 
Singapore651,125 21,633,532 — 
Spain6,698,930 23,837,991 — 
Sweden2,299,026 47,265,978 — 
Switzerland26,140,798 100,601,991 — 
United Kingdom86,998,296 117,393,424 — 
Other Countries— 19,958,929 — 
Warrants— 5,852 — 
Rights— 2,953 — 
Short-Term Investments52,183,795 — — 
$297,618,246 $1,252,299,709 — 
237


Avantis International Large Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$985,234 $3,284,925 — 
Denmark324,878 63,406 — 
Finland103,136 554,767 — 
France958,602 3,521,636 — 
Germany184,050 5,128,146 — 
Hong Kong21,396 1,538,852 — 
Israel57,362 432,484 — 
Italy316,815 1,400,733 — 
Japan1,299,665 10,935,836 — 
Netherlands516,635 448,919 — 
Norway448,296 263,489 — 
Spain677,346 1,092,584 — 
Sweden95,944 1,254,155 — 
Switzerland946,228 2,569,918 — 
United Kingdom6,549,281 4,956,135 — 
Other Countries— 9,164,698 — 
Short-Term Investments5,024,249 — — 
$18,509,117 $46,610,683 — 

Avantis International Small Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$7,195,289 $1,654,680,712 — 
Warrants— 52,880 — 
Rights— 475 — 
Short-Term Investments59,424,134 — — 
$66,619,423 $1,654,734,067 — 

7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, Avantis Emerging Markets Value ETF participated in equity price risk derivative instruments for temporary investment purposes.

At period end, the funds did not have any derivative instruments disclosed on the Statement of Assets and Liabilities

238


Effect of Derivative Instruments on the Statement of Operations for the period September 28, 2021 (fund inception) through August 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Emerging Markets Value ETF
Equity Price RiskNet realized gain (loss) on futures contract transactions$559 Change in net unrealized appreciation (depreciation) on futures contracts— 

8. Risk Factors

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

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

Avantis International Small Cap Value ETF invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 (except as noted) and August 31, 2021 were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Avantis Emerging Markets Equity ETF$30,216,930 — $9,558,420 — 
Avantis Emerging Markets Value ETF(1)
$1,539,540 — N/AN/A
Avantis International Equity ETF$39,846,030 — $14,039,130 — 
Avantis International Large Cap Value ETF(1)
$904,347 — N/AN/A
Avantis International Small Cap Value ETF $45,642,411 — $12,987,087 — 
(1)September 28, 2021 (fund inception) through August 31, 2022.

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





239


The reclassifications, which are primarily due to in kind transactions, were as follows:

Avantis Emerging Markets Equity ETFAvantis Emerging Markets Value ETFAvantis International Equity ETFAvantis International Large Cap Value ETFAvantis International Small Cap Value ETF
Capital paid in
$22,235 $(1,195)$2,595,240 — $99,929,163 
Distributable earnings
$(22,235)$1,195 $(2,595,240)— $(99,929,163)
As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Emerging Markets Equity ETFAvantis Emerging Markets Value ETFAvantis International Equity ETFAvantis International Large Cap Value ETFAvantis International Small Cap Value ETF
Federal tax cost of investments$1,473,677,825 $150,993,652 $1,681,938,621 $70,488,098 $1,953,029,924 
Gross tax appreciation of investments$89,847,198 $4,551,907 $72,681,242 $974,675 $81,455,651 
Gross tax depreciation of investments(223,502,129)(24,461,852)(204,701,908)(6,342,973)(313,132,085)
Net tax appreciation (depreciation) of investments(133,654,931)(19,909,945)(132,020,666)(5,368,298)(231,676,434)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies (3,710,949)(12,416)(147,156)(6,432)(184,358)
Net tax appreciation (depreciation) $(137,365,880)$(19,922,361)$(132,167,822)$(5,374,730)$(231,860,792)
Undistributed ordinary income$21,264,673 $2,385,150 $7,176,627 $305,318 $9,218,347 
Accumulated short-term capital losses$(15,270,988)$(1,234,823)$(14,169,805)$(1,661,630)$(69,817,151)
Accumulated long-term capital losses$(14,493,802)— $(3,337,106)— $(23,475,988)
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive
foreign investment companies and tax deferral of losses on wash sales.

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

240


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Emerging Markets Equity ETF
2022$66.782.21(15.63)(13.42)(1.73)0.03$51.66(20.36)%0.33%3.80%3%$1,322,396 
2021$52.221.5114.1015.61(1.09)0.04$66.7830.08%0.33%2.34%5%$864,827 
2020(4)
$50.001.351.402.75(0.54)0.01$52.225.57%
0.33%(5)
2.95%(5)
8%$245,446 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 17, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Emerging Markets Value ETF
2022(4)
$50.002.23(9.45)(7.22)(0.80)0.08$42.06(14.38)%
0.36%(5)
5.26%(5)
8%$129,556 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis International Equity ETF
2022$64.361.92(13.92)(12.00)(1.81)0.02$50.57(18.85)%0.23%3.30%7%$1,504,601 
2021$50.201.5013.8615.36(1.24)0.04$64.3630.86%0.23%2.51%7%$997,544 
2020(4)
$50.001.12(0.38)0.74(0.55)0.01$50.201.52%
0.23%(5)
2.57%(5)
8%$341,344 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis International Large Cap Value ETF
2022(4)
$50.001.98(8.93)(6.95)(1.17)0.06$41.94(13.93)%
0.25%(5)
4.61%(5)
47%$60,392 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis International Small Cap Value ETF
2022$66.092.12(13.19)(11.07)(1.92)0.02$53.12(16.92)%0.36%3.52%21%$1,668,508 
2021$48.211.4517.6919.14(1.28)0.02$66.0939.98%0.36%2.37%21%$1,056,703 
2020(4)
$50.000.93(2.25)(1.32)(0.50)0.03$48.21(2.58)%
0.36%(5)
2.20%(5)
32%$274,825 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Emerging Markets Equity ETF, Avantis® Emerging Markets Value ETF, Avantis® International Equity ETF, Avantis® International Large Cap Value ETF, and Avantis® International Small Cap Value ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® Emerging Markets Equity ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from September 17, 2019 (fund inception) through August 31, 2020
Avantis® Emerging Markets Value ETF
For the period September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Equity ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from September 24, 2019 (fund inception) through August 31, 2020
Avantis® International Large Cap Value ETF
For the period September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Small Cap Value ETF
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021 and the period from September 24, 2019 (fund inception) through August 31, 2020

Basis for Opinion

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

246


We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
247


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
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Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
250


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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided
251


by the Advisor to each Fund under the management agreement to be competitive and of high quality.

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

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

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

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

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

252


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

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

253


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

254


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

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


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











255


Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Avantis Emerging Markets Equity ETFAvantis Emerging Markets Value ETFAvantis International Equity ETFAvantis International Large Cap Value ETFAvantis International Small Cap Value ETF
$90,726 $8,090 $48,176 — $625,107 

For the fiscal year ended August 31, 2022, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax CreditForeign Source Income
AmountPer
Outstanding
Share
AmountPer
Outstanding
Share
Avantis Emerging Markets Equity ETF$5,395,041 $0.2107 $46,902,415 $1.8321 
Avantis Emerging Markets Value ETF$573,288 $0.1861 $4,528,885 $1.4704 
Avantis International Equity ETF$3,401,651 $0.1143 $41,093,944 $1.3813 
Avantis International Large Cap Value ETF$103,188 $0.0717 $1,309,306 $0.9092 
Avantis International Small Cap Value ETF$4,205,951 $0.1339 $51,710,765 $1.6463 


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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
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Annual Report
August 31, 2022
Avantis® Core Fixed Income ETF (AVIG)
Avantis® Core Municipal Fixed Income ETF (AVMU)
Avantis® Short-Term Fixed Income ETF (AVSF)











































Table of Contents

Chairman’s Letter
Avantis Core Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information











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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Core Fixed Income ETF (AVIG)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-12.86%-6.98%10/13/2020
Market Price-13.07%-7.05%10/13/2020
Bloomberg U.S. Aggregate Bond Index-11.52%-6.34%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-7b400a93cc8e415ab6ca.jpg
Value on August 31, 2022
Net Asset Value — $8,727
Bloomberg U.S. Aggregate Bond Index — $8,841
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income ETF seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Fixed Income ETF returned -13.07% on a market price basis. On a net asset value (NAV) basis, the fund returned -12.86%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the Bloomberg U.S. Aggregate Bond Index, which returned -11.52% for the reporting period. The index is an unmanaged index generally representative of the performance of the broad U.S. taxable investment-grade bond market.

An overweight versus the index to corporates detracted from relative performance as spreads widened over the period. However, the fund’s yield curve positioning among corporate issuers helped mitigate relative underperformance.



















4


Fund Characteristics

AUGUST 31, 2022
Avantis Core Fixed Income ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds61.9%
U.S. Treasury Securities25.1%
U.S. Government Agency Mortgage-Backed Securities19.6%
U.S. Government Agency Securities2.1%
Sovereign Governments and Agencies0.2%
Short-Term Investments10.2%
Other Assets and Liabilities(19.1)%

5


Performance
Avantis Core Municipal Fixed Income ETF (AVMU)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-8.36%-4.41%12/8/2020
Market Price-8.39%-4.40%12/8/2020
S&P National AMT-Free Municipal Bond Index-8.34%-3.90%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made December 8, 2020
chart-d84e52e33f4c417bb3ca.jpg
Value on August 31, 2022
Net Asset Value — $9,249
S&P National AMT-Free Municipal Bond Index — $9,336
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income ETF seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Municipal Fixed Income ETF returned -8.39% on a market price basis. On a net asset value (NAV) basis, the fund returned -8.36%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund performed in line with the S&P National AMT-Free Municipal Bond Index, which returned -8.34% for the reporting period. The index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market.

The fund’s relative performance benefited from positioning on the yield curve (underweighting longer-dated bonds) and an underweight versus the index to issuers with BBB ratings. However, an overweight to issuers with AA ratings detracted and offset those positive effects.














7


Fund Characteristics

AUGUST 31, 2022
Avantis Core Municipal Fixed Income ETF
Types of Investments in Portfolio% of net assets
Municipal Securities98.6%
Short-Term Investments0.3%
Other Assets and Liabilities1.1%
Top Five States and Territories% of net assets
California18.1%
New York15.6%
Texas7.6%
Georgia4.1%
Washington3.9%
Top Five Sectors% of fund investments
Special Tax23%
General Obligation (GO) - Local14%
General Obligation (GO) - State12%
Water & Sewer9%
Public Power7%

8


Performance
Avantis Short-Term Fixed Income ETF (AVSF)
Total Returns as of August 31, 2022Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value-5.92%-3.02%10/13/2020
Market Price-6.12%-3.09%10/13/2020
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index-5.84%-2.99%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-4f3c1098ed334e3790fa.jpg
Value on August 31, 2022
Net Asset Value — $9,439
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index — $9,444
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income ETF seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Short-Term Fixed Income ETF returned -6.12% on a market price basis. On a net asset value (NAV) basis, the fund returned -5.92%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

On a NAV basis, the fund performed in line with the Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned -5.84% for the reporting period. The index is an unmanaged index generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years.

The fund’s overweight allocation versus the index to the corporate credit sector detracted from relative results. However, the fund’s yield curve positioning among corporate issuers added relative value.






















10


Fund Characteristics

AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds66.7%
U.S. Treasury Securities and Equivalents30.0%
U.S. Government Agency Securities2.4%
Other Assets and Liabilities0.9%

11


Shareholder Fee Examples

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

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

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)
Avantis Core Fixed Income ETF
Actual$1,000$916.40$0.720.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis Core Municipal Fixed Income ETF
Actual$1,000$947.80$0.740.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis Short-Term Fixed Income ETF
Actual$1,000$966.80$0.740.15%
Hypothetical$1,000$1,024.45$0.770.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
12


Schedules of Investments

AUGUST 31, 2022
Avantis Core Fixed Income ETF
Principal AmountValue
CORPORATE BONDS — 61.9%
Aerospace and Defense — 1.4%
Boeing Co., 2.20%, 2/4/26$100,000 $91,548 
Boeing Co., 2.80%, 3/1/2725,000 22,782 
General Dynamics Corp., 3.625%, 4/1/30307,000 296,208 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/271,150,000 1,069,991 
Lockheed Martin Corp., 3.55%, 1/15/26380,000 377,098 
Northrop Grumman Corp., 3.25%, 1/15/28270,000 256,389 
Precision Castparts Corp., 3.25%, 6/15/25393,000 388,714 
Raytheon Technologies Corp., 3.50%, 3/15/2765,000 63,013 
Textron, Inc., 4.00%, 3/15/26301,000 295,212 
Textron, Inc., 3.65%, 3/15/2761,000 58,158 
Textron, Inc., 2.45%, 3/15/31545,000 445,177 
3,364,290 
Air Freight and Logistics — 0.4%
United Parcel Service, Inc., 3.90%, 4/1/251,023,000 1,024,813 
Airlines — 0.3%
Southwest Airlines Co., 5.125%, 6/15/27152,000 155,127 
Southwest Airlines Co., 2.625%, 2/10/30761,000 640,666 
795,793 
Auto Components — 0.2%
BorgWarner, Inc., 2.65%, 7/1/27630,000 573,617 
Automobiles — 0.7%
American Honda Finance Corp., 1.00%, 9/10/25100,000 91,189 
American Honda Finance Corp., 2.35%, 1/8/27330,000 306,079 
General Motors Co., 4.20%, 10/1/27350,000 336,497 
General Motors Financial Co., Inc., 5.10%, 1/17/2444,000 44,398 
Toyota Motor Credit Corp., 2.15%, 2/13/30100,000 86,713 
Toyota Motor Credit Corp., 3.375%, 4/1/30600,000 567,156 
Toyota Motor Credit Corp., 1.65%, 1/10/31453,000 370,702 
1,802,734 
Banks — 8.0%
African Development Bank, 0.75%, 4/3/23110,000 108,282 
African Development Bank, 0.875%, 7/22/26295,000 266,300 
Asian Development Bank, 2.625%, 1/30/24125,000 123,451 
Asian Development Bank, 0.625%, 10/8/24250,000 235,373 
Asian Development Bank, 0.375%, 9/3/25851,000 773,650 
Asian Development Bank, 2.375%, 8/10/2740,000 38,019 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23200,000 192,855 
Asian Infrastructure Investment Bank, 0.50%, 5/28/25450,000 412,177 
Bank of Montreal, Series E, 3.30%, 2/5/24235,000 232,877 
Bank of Nova Scotia, 3.40%, 2/11/24163,000 161,663 
Citizens Financial Group, Inc., 2.50%, 2/6/30200,000 168,581 
Council Of Europe Development Bank, 0.25%, 10/20/23140,000 134,841 
Council Of Europe Development Bank, 2.50%, 2/27/24135,000 133,057 
Discover Bank, 4.65%, 9/13/28600,000 576,684 
13


Avantis Core Fixed Income ETF
Principal AmountValue
European Bank for Reconstruction & Development, 0.50%, 1/28/26$100,000 $90,009 
European Investment Bank, 3.125%, 12/14/23100,000 99,501 
European Investment Bank, 0.625%, 7/25/25770,000 708,238 
European Investment Bank, 1.375%, 3/15/27342,000 312,128 
European Investment Bank, 4.875%, 2/15/36130,000 148,529 
Fifth Third Bancorp, 3.65%, 1/25/24243,000 241,562 
Fifth Third Bancorp, 2.55%, 5/5/27955,000 880,334 
Inter-American Development Bank, 3.00%, 10/4/23100,000 99,614 
Inter-American Development Bank, 0.625%, 7/15/25460,000 422,807 
Inter-American Development Bank, 2.00%, 7/23/26700,000 661,545 
Inter-American Development Bank, 2.375%, 7/7/27255,000 242,548 
Inter-American Development Bank, 3.125%, 9/18/28450,000 440,612 
Inter-American Development Bank, 1.125%, 1/13/31585,000 490,000 
International Bank for Reconstruction & Development, 1.75%, 4/19/2350,000 49,468 
International Bank for Reconstruction & Development, 0.875%, 7/15/26239,000 216,135 
International Bank for Reconstruction & Development, 0.75%, 11/24/27700,000 609,301 
International Bank for Reconstruction & Development, 0.875%, 5/14/30480,000 398,153 
International Finance Corp., 2.875%, 7/31/2350,000 49,650 
JPMorgan Chase & Co., 5.50%, 10/15/401,125,000 1,177,218 
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25175,000 165,580 
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25350,000 335,913 
Kreditanstalt fuer Wiederaufbau, 0.375%, 7/18/25150,000 136,906 
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25415,000 399,985 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25281,000 258,367 
Oesterreichische Kontrollbank AG, 2.875%, 3/13/2375,000 74,785 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25250,000 237,732 
PNC Financial Services Group, Inc., 3.15%, 5/19/271,237,000 1,185,099 
Santander Holdings USA, Inc., 3.45%, 6/2/25360,000 344,332 
Santander Holdings USA, Inc., 4.40%, 7/13/27685,000 660,156 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23500,000 499,615 
Toronto-Dominion Bank, 0.75%, 1/6/26350,000 312,915 
Toronto-Dominion Bank, 4.11%, 6/8/27550,000 544,431 
Truist Financial Corp., 3.70%, 6/5/25200,000 197,976 
US Bancorp, 3.95%, 11/17/25710,000 710,718 
US Bancorp, 1.375%, 7/22/301,550,000 1,240,691 
Wells Fargo & Co., 3.55%, 9/29/25885,000 870,179 
Wells Fargo & Co., 3.00%, 10/23/26575,000 543,596 
Westpac Banking Corp., 3.40%, 1/25/28240,000 229,610 
19,843,748 
Beverages — 1.3%
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28125,000 123,637 
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39350,000 455,826 
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/4075,000 68,341 
Coca-Cola Co., 3.45%, 3/25/30585,000 564,034 
Coca-Cola Co., 1.375%, 3/15/31465,000 378,872 
Keurig Dr Pepper, Inc., 2.55%, 9/15/2660,000 55,944 
Keurig Dr Pepper, Inc., 3.20%, 5/1/30525,000 471,352 
Molson Coors Beverage Co., 3.00%, 7/15/26256,000 239,965 
14


Avantis Core Fixed Income ETF
Principal AmountValue
PepsiCo, Inc., 3.00%, 10/15/27$695,000 $672,637 
PepsiCo, Inc., 1.625%, 5/1/30270,000 228,184 
PepsiCo, Inc., 1.40%, 2/25/3161,000 49,895 
3,308,687 
Biotechnology — 0.4%
AbbVie, Inc., 3.20%, 11/21/29300,000 274,237 
AbbVie, Inc., 4.50%, 5/14/35735,000 699,968 
974,205 
Capital Markets — 3.7%
Ameriprise Financial, Inc., 2.875%, 9/15/261,325,000 1,264,161 
BlackRock, Inc., 3.25%, 4/30/291,645,000 1,562,585 
Brookfield Finance, Inc., 3.90%, 1/25/281,360,000 1,286,658 
Charles Schwab Corp., 3.20%, 3/2/27100,000 96,897 
Charles Schwab Corp., 2.75%, 10/1/291,216,000 1,096,430 
Charles Schwab Corp., 1.65%, 3/11/31625,000 503,660 
Franklin Resources, Inc., 1.60%, 10/30/30719,000 570,463 
Intercontinental Exchange, Inc., 4.35%, 6/15/2950,000 49,379 
Lazard Group LLC, 4.375%, 3/11/291,018,000 976,250 
Morgan Stanley, 7.25%, 4/1/32100,000 117,696 
Nasdaq, Inc., 3.85%, 6/30/261,000,000 986,436 
Nasdaq, Inc., 2.50%, 12/21/40750,000 523,618 
S&P Global, Inc., 2.95%, 1/22/2775,000 72,078 
9,106,311 
Chemicals — 2.8%
Air Products and Chemicals, Inc., 1.50%, 10/15/25720,000 671,620 
Dow Chemical Co., 4.80%, 11/30/281,000,000 1,007,904 
Eastman Chemical Co., 3.80%, 3/15/25300,000 295,629 
EI du Pont de Nemours and Co., 2.30%, 7/15/30850,000 734,878 
Linde, Inc., 3.20%, 1/30/2680,000 78,493 
Mosaic Co., 4.05%, 11/15/2725,000 24,270 
Mosaic Co., 5.45%, 11/15/331,265,000 1,279,997 
Nutrien Ltd., 2.95%, 5/13/30735,000 652,216 
PPG Industries, Inc., 1.20%, 3/15/26525,000 472,265 
RPM International, Inc., 4.55%, 3/1/29956,000 915,254 
Westlake Corp., 3.60%, 8/15/26120,000 116,277 
Westlake Corp., 3.375%, 6/15/30755,000 677,759 
6,926,562 
Commercial Services and Supplies
Waste Management, Inc., 1.15%, 3/15/2850,000 42,438 
Construction and Engineering — 0.4%
Quanta Services, Inc., 2.90%, 10/1/301,200,000 1,026,672 
Construction Materials — 0.1%
Martin Marietta Materials, Inc., 3.50%, 12/15/27298,000 284,851 
Consumer Finance — 0.2%
Ally Financial, Inc., 2.20%, 11/2/28600,000 495,940 
Synchrony Financial, 3.95%, 12/1/27120,000 109,168 
605,108 
Containers and Packaging — 0.4%
Sonoco Products Co., 2.85%, 2/1/32550,000 460,404 
WRKCo, Inc., 3.375%, 9/15/2768,000 64,111 
WRKCo, Inc., 4.90%, 3/15/29400,000 399,616 
924,131 
15


Avantis Core Fixed Income ETF
Principal AmountValue
Diversified Financial Services — 0.5%
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
$100,000 $94,080 
Equitable Holdings, Inc., 4.35%, 4/20/28904,000 890,153 
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29300,000 286,126 
1,270,359 
Electric Utilities — 4.2%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25120,000 120,213 
Berkshire Hathaway Energy Co., 3.25%, 4/15/28100,000 94,690 
DTE Electric Co., 2.25%, 3/1/30950,000 826,641 
DTE Electric Co., Series C, 2.625%, 3/1/31110,000 97,533 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/281,157,000 1,240,818 
Duke Energy Florida LLC, 3.80%, 7/15/2840,000 39,099 
Duke Energy Ohio, Inc., 2.125%, 6/1/30210,000 177,201 
Entergy Arkansas LLC, 4.00%, 6/1/28693,000 672,706 
Entergy Louisiana LLC, 2.40%, 10/1/26200,000 185,454 
Entergy Louisiana LLC, 3.05%, 6/1/31330,000 295,703 
Florida Power & Light Co., 3.125%, 12/1/2565,000 64,148 
IPALCO Enterprises, Inc., 4.25%, 5/1/30594,000 548,929 
MidAmerican Energy Co., 6.75%, 12/30/31550,000 643,830 
PacifiCorp, 2.70%, 9/15/3090,000 79,513 
PPL Electric Utilities Corp., 6.25%, 5/15/391,075,000 1,214,392 
Public Service Electric and Gas Co., 3.00%, 5/15/271,210,000 1,161,898 
Puget Energy, Inc., 2.38%, 6/15/28545,000 474,735 
Puget Energy, Inc., 4.10%, 6/15/30335,000 309,304 
Southwestern Electric Power Co., Series M, 4.10%, 9/15/28510,000 493,404 
Union Electric Co., 2.95%, 3/15/301,312,000 1,194,787 
Wisconsin Power and Light Co., 3.00%, 7/1/29464,000 425,309 
10,360,307 
Electronic Equipment, Instruments and Components — 0.8%
Flex Ltd., 3.75%, 2/1/2650,000 47,681 
Flex Ltd., 4.875%, 5/12/30400,000 378,489 
Jabil, Inc., 3.00%, 1/15/31940,000 785,332 
Trimble, Inc., 4.90%, 6/15/28303,000 301,344 
Tyco Electronics Group SA, 3.125%, 8/15/27425,000 404,272 
1,917,118 
Energy Equipment and Services — 0.3%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/27245,000 229,427 
Schlumberger Investment SA, 2.65%, 6/26/30459,000 405,174 
634,601 
Equity Real Estate Investment Trusts (REITs) — 6.4%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31100,000 89,281 
American Homes 4 Rent LP, 4.25%, 2/15/28859,000 821,622 
American Tower Corp., 3.60%, 1/15/28210,000 195,245 
American Tower Corp., 2.90%, 1/15/301,400,000 1,210,395 
AvalonBay Communities, Inc., 3.20%, 1/15/28810,000 758,321 
Boston Properties LP, 3.65%, 2/1/26875,000 850,997 
Boston Properties LP, 3.25%, 1/30/31425,000 366,708 
Brixmor Operating Partnership LP, 3.65%, 6/15/24347,000 338,945 
Brixmor Operating Partnership LP, 3.90%, 3/15/27695,000 659,375 
Camden Property Trust, 2.80%, 5/15/301,215,000 1,078,033 
16


Avantis Core Fixed Income ETF
Principal AmountValue
Corporate Office Properties LP, 2.25%, 3/15/26$319,000 $286,190 
Crown Castle, Inc., 2.10%, 4/1/311,146,000 914,122 
Digital Realty Trust LP, 3.60%, 7/1/291,400,000 1,291,061 
Equinix, Inc., 1.25%, 7/15/25280,000 256,265 
Equinix, Inc., 2.00%, 5/15/28662,000 569,415 
Highwoods Realty LP, 4.125%, 3/15/28300,000 283,537 
Highwoods Realty LP, 2.60%, 2/1/31329,000 262,933 
Kimco Realty Corp., 1.90%, 3/1/28250,000 214,408 
Prologis LP, 3.25%, 10/1/26400,000 386,256 
Prologis LP, 2.25%, 4/15/301,300,000 1,131,989 
Public Storage, 1.85%, 5/1/281,200,000 1,066,664 
Public Storage, 2.30%, 5/1/31800,000 682,842 
Realty Income Corp., 3.65%, 1/15/28260,000 249,481 
Realty Income Corp., 2.85%, 12/15/3270,000 60,087 
Sun Communities Operating LP, 2.30%, 11/1/28100,000 84,547 
UDR, Inc., 2.10%, 8/1/321,405,000 1,083,738 
Ventas Realty LP, 3.00%, 1/15/30520,000 453,348 
Ventas Realty LP, 4.75%, 11/15/30360,000 349,636 
15,995,441 
Food and Staples Retailing — 0.3%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/2658,000 56,291 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30375,000 334,671 
Walmart, Inc., 3.55%, 6/26/25350,000 350,505 
741,467 
Food Products — 2.0%
Archer-Daniels-Midland Co., 3.25%, 3/27/302,275,000 2,144,084 
Bunge Ltd. Finance Corp., 3.25%, 8/15/26220,000 211,083 
Campbell Soup Co., 4.15%, 3/15/28743,000 730,453 
General Mills, Inc., 3.20%, 2/10/27325,000 313,385 
General Mills, Inc., 4.20%, 4/17/28525,000 522,766 
Ingredion, Inc., 2.90%, 6/1/30515,000 449,406 
Mondelez International, Inc., 1.50%, 2/4/31919,000 725,674 
5,096,851 
Gas Utilities — 0.2%
National Fuel Gas Co., 5.50%, 1/15/2645,000 45,495 
Southern California Gas Co., 2.55%, 2/1/30574,000 512,803 
558,298 
Health Care Equipment and Supplies — 0.6%
Edwards Lifesciences Corp., 4.30%, 6/15/281,387,000 1,383,463 
Smith & Nephew PLC, 2.03%, 10/14/30148,000 117,379 
1,500,842 
Health Care Providers and Services — 1.2%
Cigna Corp., 3.20%, 3/15/401,050,000 826,202 
CVS Health Corp., 2.875%, 6/1/2625,000 23,873 
HCA, Inc., 4.50%, 2/15/2725,000 24,431 
HCA, Inc., 4.125%, 6/15/29750,000 691,336 
UnitedHealth Group, Inc., 3.75%, 7/15/25625,000 623,383 
UnitedHealth Group, Inc., 3.45%, 1/15/27850,000 835,653 
3,024,878 
Hotels, Restaurants and Leisure — 0.7%
Expedia Group, Inc., 3.25%, 2/15/30350,000 303,162 
17


Avantis Core Fixed Income ETF
Principal AmountValue
Hyatt Hotels Corp., 4.85%, 3/15/26$60,000 $60,397 
McDonald's Corp., 4.70%, 12/9/3550,000 49,691 
Starbucks Corp., 4.00%, 11/15/281,415,000 1,384,641 
1,797,891 
Household Durables — 0.1%
Lennar Corp., 5.00%, 6/15/2746,000 45,719 
Whirlpool Corp., 4.00%, 3/1/24139,000 139,274 
184,993 
Industrial Conglomerates — 0.6%
3M Co., 5.70%, 3/15/371,380,000 1,467,779 
Insurance — 1.3%
Athene Holding Ltd., 4.125%, 1/12/28500,000 469,329 
Chubb INA Holdings, Inc., 3.15%, 3/15/25525,000 516,712 
Chubb INA Holdings, Inc., 1.375%, 9/15/30435,000 347,381 
First American Financial Corp., 4.00%, 5/15/3066,000 59,204 
Hartford Financial Services Group, Inc., 2.80%, 8/19/29105,000 93,113 
MetLife, Inc., 3.60%, 11/13/25910,000 900,352 
Prudential PLC, 3.125%, 4/14/30945,000 845,294 
Willis North America, Inc., 4.50%, 9/15/28100,000 97,449 
3,328,834 
Interactive Media and Services — 0.4%
Alphabet, Inc., 0.80%, 8/15/27447,000 390,770 
Alphabet, Inc., 1.10%, 8/15/30625,000 510,002 
900,772 
Internet and Direct Marketing Retail — 0.2%
Amazon.com, Inc., 5.20%, 12/3/25200,000 208,419 
Amazon.com, Inc., 1.20%, 6/3/27276,000 245,501 
453,920 
IT Services — 1.4%
Global Payments, Inc., 2.90%, 5/15/30800,000 674,291 
International Business Machines Corp., 1.95%, 5/15/301,659,000 1,385,873 
Leidos, Inc., 4.375%, 5/15/301,090,000 1,007,870 
Western Union Co., 6.20%, 11/17/36324,000 321,122 
3,389,156 
Leisure Products — 0.1%
Hasbro, Inc., 3.50%, 9/15/27286,000 271,115 
Machinery — 1.0%
ABB Finance USA, Inc., 3.80%, 4/3/28106,000 103,869 
Caterpillar Financial Services Corp., 3.65%, 12/7/23140,000 140,196 
Caterpillar Financial Services Corp., 1.10%, 9/14/27100,000 87,498 
IDEX Corp., 3.00%, 5/1/30250,000 220,515 
John Deere Capital Corp., 3.05%, 1/6/28468,000 450,045 
John Deere Capital Corp., 1.45%, 1/15/31140,000 114,458 
Kennametal, Inc., 4.625%, 6/15/28108,000 104,037 
Oshkosh Corp., 4.60%, 5/15/28956,000 923,411 
Parker-Hannifin Corp., 4.20%, 11/21/34425,000 398,025 
2,542,054 
Media — 1.1%
Comcast Corp., 2.65%, 2/1/30693,000 613,698 
Comcast Corp., 4.25%, 10/15/30700,000 689,455 
Interpublic Group of Cos., Inc., 4.75%, 3/30/30250,000 241,255 
18


Avantis Core Fixed Income ETF
Principal AmountValue
Walt Disney Co., 3.70%, 9/15/24$750,000 $747,018 
Walt Disney Co., 2.00%, 9/1/29520,000 449,897 
Walt Disney Co., 6.55%, 3/15/3345,000 51,886 
2,793,209 
Metals and Mining — 0.6%
Kinross Gold Corp., 4.50%, 7/15/2795,000 92,292 
Steel Dynamics, Inc., 3.25%, 1/15/311,540,000 1,332,573 
1,424,865 
Multi-Utilities — 0.2%
Dominion Energy, Inc., 4.25%, 6/1/28150,000 147,605 
San Diego Gas & Electric Co., 1.70%, 10/1/30367,000 302,003 
449,608 
Multiline Retail — 0.8%
Dollar Tree, Inc., 4.20%, 5/15/281,190,000 1,160,683 
Target Corp., 2.65%, 9/15/30870,000 776,856 
1,937,539 
Oil, Gas and Consumable Fuels — 6.5%
Boardwalk Pipelines LP, 4.80%, 5/3/29700,000 671,748 
BP Capital Markets America, Inc., 3.63%, 4/6/301,060,000 1,005,113 
BP Capital Markets PLC, 3.28%, 9/19/2790,000 86,238 
Burlington Resources LLC, 7.40%, 12/1/3130,000 35,785 
Canadian Natural Resources Ltd., 2.95%, 7/15/30563,000 491,189 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27894,000 893,285 
Chevron Corp., 1.55%, 5/11/25545,000 514,491 
Chevron USA, Inc., 3.85%, 1/15/281,083,000 1,071,160 
Continental Resources, Inc., 4.375%, 1/15/28600,000 565,932 
Devon Energy Corp., 4.50%, 1/15/30600,000 569,767 
Enbridge, Inc., 3.125%, 11/15/29320,000 289,652 
Energy Transfer LP, 4.95%, 5/15/28600,000 587,318 
Enterprise Products Operating LLC, 3.35%, 3/15/23220,000 219,645 
Enterprise Products Operating LLC, 3.70%, 2/15/2680,000 79,065 
Equinor ASA, 3.70%, 3/1/2470,000 70,011 
Equinor ASA, 2.875%, 4/6/25450,000 437,960 
Exxon Mobil Corp., 3.04%, 3/1/26375,000 365,369 
Exxon Mobil Corp., 2.44%, 8/16/29665,000 600,266 
Exxon Mobil Corp., 2.61%, 10/15/30512,000 458,027 
Kinder Morgan, Inc., 5.30%, 12/1/34665,000 652,068 
Marathon Petroleum Corp., 4.70%, 5/1/2540,000 40,274 
MPLX LP, 2.65%, 8/15/301,449,000 1,209,817 
Phillips 66, 3.90%, 3/15/28540,000 518,134 
Pioneer Natural Resources Co., 1.90%, 8/15/301,075,000 877,357 
Shell International Finance BV, 3.25%, 5/11/25305,000 300,063 
Shell International Finance BV, 2.50%, 9/12/26460,000 436,138 
Shell International Finance BV, 2.75%, 4/6/301,025,000 921,113 
TotalEnergies Capital International SA, 2.43%, 1/10/25247,000 238,946 
TransCanada PipeLines Ltd., 4.25%, 5/15/28140,000 136,707 
Valero Energy Corp., 6.625%, 6/15/37375,000 407,528 
Valero Energy Partners LP, 4.50%, 3/15/28693,000 685,019 
Williams Cos., Inc., 4.00%, 9/15/25855,000 846,257 
16,281,442 
19


Avantis Core Fixed Income ETF
Principal AmountValue
Pharmaceuticals — 2.1%
Astrazeneca Finance LLC, 2.25%, 5/28/31$350,000 $303,537 
AstraZeneca PLC, 4.00%, 1/17/29733,000 732,931 
Bristol-Myers Squibb Co., 1.45%, 11/13/30426,000 348,277 
Eli Lilly & Co., 3.375%, 3/15/29338,000 327,749 
Johnson & Johnson, 0.55%, 9/1/2540,000 36,686 
Johnson & Johnson, 2.90%, 1/15/28540,000 519,482 
Johnson & Johnson, 3.625%, 3/3/37100,000 92,929 
Merck & Co., Inc., 0.75%, 2/24/26420,000 379,984 
Merck & Co., Inc., 3.40%, 3/7/29352,000 338,326 
Mylan, Inc., 4.55%, 4/15/28100,000 93,985 
Novartis Capital Corp., 3.10%, 5/17/27285,000 276,772 
Novartis Capital Corp., 2.20%, 8/14/30175,000 154,052 
Royalty Pharma PLC, 2.20%, 9/2/301,000,000 812,176 
Sanofi, 3.625%, 6/19/28835,000 811,634 
5,228,520 
Professional Services — 0.3%
Verisk Analytics, Inc., 4.125%, 3/15/29844,000 806,770 
Road and Rail — 0.1%
Norfolk Southern Corp., 3.15%, 6/1/27125,000 118,614 
Norfolk Southern Corp., 3.80%, 8/1/28153,000 149,238 
267,852 
Semiconductors and Semiconductor Equipment — 2.6%
Broadcom, Inc., 2.60%, 2/15/33(1)
825,000 635,014 
Broadcom, Inc., 4.93%, 5/15/37(1)
560,000 499,685 
Intel Corp., 4.60%, 3/25/40473,000 453,340 
Lam Research Corp., 3.75%, 3/15/26200,000 199,365 
Marvell Technology, Inc., 2.95%, 4/15/311,175,000 965,105 
Micron Technology, Inc., 4.19%, 2/15/27325,000 316,655 
NVIDIA Corp., 2.85%, 4/1/30749,000 676,903 
NVIDIA Corp., 2.00%, 6/15/31400,000 338,098 
NXP BV / NXP Funding LLC, 5.55%, 12/1/28560,000 570,378 
QUALCOMM, Inc., 3.25%, 5/20/271,835,000 1,791,722 
6,446,265 
Software — 1.2%
Adobe, Inc., 2.30%, 2/1/30583,000 519,203 
Autodesk, Inc., 2.85%, 1/15/301,000,000 888,717 
Microsoft Corp., 2.875%, 2/6/24150,000 148,526 
Oracle Corp., 3.25%, 5/15/30320,000 278,660 
Roper Technologies, Inc., 1.40%, 9/15/27135,000 115,742 
VMware, Inc., 1.80%, 8/15/28146,000 121,549 
VMware, Inc., 4.70%, 5/15/30850,000 806,608 
2,879,005 
Specialty Retail — 1.4%
AutoNation, Inc., 3.80%, 11/15/27116,000 106,880 
AutoNation, Inc., 4.75%, 6/1/30640,000 599,997 
Home Depot, Inc., 2.80%, 9/14/27210,000 199,664 
Home Depot, Inc., 2.95%, 6/15/291,000,000 934,931 
Home Depot, Inc., 3.30%, 4/15/40275,000 230,495 
O'Reilly Automotive, Inc., 4.35%, 6/1/28175,000 173,502 
TJX Cos., Inc., 1.15%, 5/15/281,350,000 1,151,431 
3,396,900 
20


Avantis Core Fixed Income ETF
Principal AmountValue
Technology Hardware, Storage and Peripherals — 1.2%
Apple, Inc., 3.25%, 2/23/26$390,000 $383,412 
Apple, Inc., 3.20%, 5/11/27570,000 555,846 
Apple, Inc., 3.00%, 11/13/27100,000 95,939 
Apple, Inc., 2.20%, 9/11/29355,000 317,311 
Hewlett Packard Enterprise Co., 6.20%, 10/15/35664,000 702,764 
HP, Inc., 3.40%, 6/17/301,210,000 1,052,993 
3,108,265 
Textiles, Apparel and Luxury Goods — 0.3%
NIKE, Inc., 2.85%, 3/27/30900,000 828,319 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 3.625%, 12/1/27363,000 331,266 
Transportation Infrastructure — 0.3%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35895,734 782,879 
Wireless Telecommunication Services — 0.5%
T-Mobile USA, Inc., 3.75%, 4/15/27210,000 201,486 
T-Mobile USA, Inc., 2.55%, 2/15/31374,000 311,599 
T-Mobile USA, Inc., 2.25%, 11/15/31854,000 685,763 
1,198,848 
TOTAL CORPORATE BONDS
(Cost $167,723,907)
154,202,188 
U.S. TREASURY SECURITIES — 25.1%


U.S. Treasury Bonds, 1.125%, 8/15/402,136,000 1,441,758 
U.S. Treasury Bonds, 1.875%, 2/15/412,000,000 1,533,320 
U.S. Treasury Bonds, 2.25%, 5/15/411,585,000 1,293,013 
U.S. Treasury Bonds, 2.00%, 11/15/413,245,000 2,521,910 
U.S. Treasury Bonds, 2.75%, 8/15/425,025,000 4,418,859 
U.S. Treasury Bonds, 2.50%, 2/15/451,750,000 1,447,852 
U.S. Treasury Bonds, 2.875%, 8/15/452,400,000 2,123,719 
U.S. Treasury Notes, 0.875%, 1/31/243,450,000 3,325,881 
U.S. Treasury Notes, 2.25%, 3/31/244,150,000 4,071,053 
U.S. Treasury Notes, 0.375%, 4/15/243,350,000 3,186,426 
U.S. Treasury Notes, 1.50%, 11/30/244,950,000 4,740,785 
U.S. Treasury Notes, 1.375%, 1/31/25(2)
4,290,000 4,082,454 
U.S. Treasury Notes, 2.75%, 2/28/253,700,000 3,635,394 
U.S. Treasury Notes, 0.375%, 4/30/252,000,000 1,842,734 
U.S. Treasury Notes, 2.75%, 8/31/251,071,900 1,049,562 
U.S. Treasury Notes, 2.625%, 12/31/252,550,000 2,483,013 
U.S. Treasury Notes, 2.625%, 1/31/263,750,000 3,648,560 
U.S. Treasury Notes, 0.75%, 3/31/263,000,000 2,726,250 
U.S. Treasury Notes, 0.875%, 9/30/262,600,000 2,349,141 
U.S. Treasury Notes, 0.375%, 9/30/273,750,000 3,232,910 
U.S. Treasury Notes, 1.375%, 10/31/284,700,000 4,184,836 
U.S. Treasury Notes, 2.625%, 2/15/291,750,000 1,678,633 
U.S. Treasury Notes, 1.625%, 5/15/311,850,000 1,634,721 
TOTAL U.S. TREASURY SECURITIES
(Cost $66,307,501)
62,652,784 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.6%

Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.6%
GNMA, 3.00%,TBA1,500,000 1,408,535 
GNMA, 3.50%,TBA6,000,000 5,786,953 
21


Avantis Core Fixed Income ETF
Principal AmountValue
GNMA, 4.50%,TBA$2,500,000 $2,501,172 
GNMA, 3.50%,TBA4,500,000 4,335,821 
UMBS, 2.50%,TBA4,000,000 3,785,000 
UMBS, 3.00%,TBA3,000,000 2,906,133 
UMBS, 3.50%,TBA2,000,000 1,964,303 
UMBS, 3.00%,TBA3,000,000 2,903,203 
UMBS, 3.00%,TBA3,650,000 3,379,957 
UMBS, 3.50%,TBA2,500,000 2,382,617 
UMBS, 4.00%,TBA2,000,000 1,952,656 
UMBS, 4.50%,TBA3,000,000 2,982,656 
UMBS, 3.00%,TBA1,500,000 1,388,404 
UMBS, 3.50%,TBA7,900,000 7,524,473 
UMBS, 4.00%,TBA3,750,000 3,658,435 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $49,449,290)
48,860,318 
U.S. GOVERNMENT AGENCY SECURITIES — 2.1%


Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25100,000 94,685 
FHLB, 2.75%, 12/13/2415,000 14,758 
FHLB, 2.375%, 3/14/2550,000 48,653 
FHLB, 3.125%, 6/13/2550,000 49,522 
FHLB, 0.375%, 9/4/25125,000 113,940 
FHLB, 1.25%, 12/21/26200,000 183,163 
FHLB, 3.00%, 3/12/2750,000 49,146 
FHLB, 3.25%, 11/16/281,070,000 1,065,648 
FHLMC, 1.50%, 2/12/25540,000 515,224 
FHLMC, 0.375%, 7/21/25279,000 255,285 
FHLMC, 0.375%, 9/23/25730,000 665,105 
FNMA, 2.50%, 2/5/2430,000 29,616 
FNMA, 1.625%, 10/15/24265,000 254,894 
FNMA, 0.625%, 4/22/25125,000 115,771 
FNMA, 0.50%, 6/17/25100,000 91,950 
FNMA, 0.375%, 8/25/25100,000 91,241 
FNMA, 6.25%, 5/15/29249,000 291,603 
FNMA, 7.125%, 1/15/30105,000 130,649 
FNMA, 7.25%, 5/15/3020,000 25,163 
FNMA, 6.625%, 11/15/30125,000 153,064 
FNMA, 5.625%, 7/15/37450,000 544,750 
Tennessee Valley Authority, 0.75%, 5/15/25105,000 97,289 
Tennessee Valley Authority, 7.125%, 5/1/30120,000 148,888 
Tennessee Valley Authority, 5.88%, 4/1/3690,000 107,353 
Tennessee Valley Authority, Series A, 2.875%, 2/1/2760,000 58,557 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $5,535,967)
5,195,917 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%


Canada — 0.1%
Export Development Canada, 2.625%, 2/21/24300,000 295,824 
Sweden — 0.1%
Svensk Exportkredit AB, 0.625%, 5/14/25200,000 184,320 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $497,115)
480,144 
22


Avantis Core Fixed Income ETF
Principal AmountValue
SHORT-TERM INVESTMENTS — 10.2%


Treasury Bills(3) — 10.2%
U.S. Treasury Bills, 1.69%, 9/6/22$5,450,000 $5,448,484 
U.S. Treasury Bills, 2.06%, 9/8/221,000,000 999,604 
U.S. Treasury Bills, 2.26%, 9/13/223,500,000 3,497,474 
U.S. Treasury Bills, 2.35%, 9/27/225,000,000 4,991,811 
U.S. Treasury Bills, 2.25%, 9/15/223,500,000 3,497,087 
U.S. Treasury Bills, 2.24%, 9/20/223,500,000 3,496,043 
U.S. Treasury Bills, 2.67%, 10/25/223,500,000 3,486,279 
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,416,695)
25,416,782 
TOTAL INVESTMENT SECURITIES — 119.1%
(Cost $314,930,475)

296,808,133 
OTHER ASSETS AND LIABILITIES — (19.1)%

(47,676,466)
TOTAL NET ASSETS — 100.0%

$249,131,667 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
U.S. Treasury Long Bonds
35December 2022$4,754,531 $(27,732)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid (Received)Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 38Sell1.00%6/20/27$5,000,000 $38,289 $(11,062)$27,227 
The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
23


Avantis Core Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
CDX-Credit Derivatives Indexes
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
TBA-To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS-Uniform Mortgage-Backed Securities
Category is less than 0.05% of total net assets.
(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 $1,228,779, which represented 0.5% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $385,407.
(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
24


AUGUST 31, 2022
Avantis Core Municipal Fixed Income ETF
Principal AmountValue
MUNICIPAL SECURITIES — 98.6%


Alabama — 2.4%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1)
$100,000 $105,107 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1)
50,000 53,658 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37200,000 224,171 
Alabama Public School and College Authority Rev., 5.00%, 11/1/39250,000 278,752 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40200,000 198,947 
860,635 
Arizona — 1.8%
Arizona Transportation Board Rev., 5.00%, 7/1/2450,000 52,341 
Mesa Utility System Rev., 4.00%, 7/1/3415,000 15,609 
Phoenix GO, 5.00%, 7/1/2585,000 91,046 
Pima County Sewer System Rev., 5.00%, 7/1/2425,000 26,148 
Pima County Sewer System Rev., 5.00%, 7/1/2535,000 37,440 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3130,000 32,918 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3160,000 67,063 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3840,000 43,125 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3965,000 70,836 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/3050,000 56,787 
State of Arizona COP, 5.00%, 10/1/25(1)
125,000 134,679 
State of Arizona COP, 5.00%, 10/1/29(1)
10,000 11,598 
State of Arizona Lottery Rev., 5.00%, 7/1/29(1)
30,000 34,570 
674,160 
California — 18.1%
California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42160,000 173,574 
California State Public Works Board Rev., 5.00%, 11/1/2925,000 25,741 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2540,000 42,653 
California State University Rev., 5.00%, 11/1/2625,000 27,098 
California State University Rev., 5.00%, 11/1/36200,000 215,105 
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/2525,000 26,199 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
75,000 80,645 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
40,000 43,011 
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2)
50,000 43,604 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30135,000 144,531 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3330,000 33,431 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3530,000 33,156 
25


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38$60,000 $61,906 
Los Angeles Community College District GO, 5.00%, 8/1/2325,000 25,613 
Los Angeles Community College District GO, 5.00%, 8/1/2410,000 10,498 
Los Angeles Community College District GO, 5.00%, 8/1/2565,000 70,116 
Los Angeles Community College District GO, 5.00%, 6/1/2660,000 66,001 
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Rev., 5.00%, 7/1/3760,000 65,785 
Los Angeles County Public Works Financing Authority Rev., (Los Angeles County), 5.00%, 12/1/39650,000 677,022 
Los Angeles Department of Airports Rev., 5.00%, 5/15/3635,000 38,788 
Los Angeles Department of Airports Rev., 5.00%, 5/15/37200,000 220,972 
Los Angeles Department of Airports Rev., 4.00%, 5/15/3910,000 10,082 
Los Angeles Department of Airports Rev., 5.00%, 5/15/39200,000 219,935 
Los Angeles Department of Airports Rev., 4.00%, 5/15/4075,000 75,438 
Los Angeles Department of Airports Rev., 5.00%, 5/15/4065,000 71,110 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2445,000 45,400 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2425,000 26,217 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2525,000 26,734 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2750,000 52,341 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/3450,000 52,686 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/4075,000 83,127 
Los Angeles Unified School District GO, 3.00%, 7/1/3545,000 41,279 
Los Angeles Unified School District GO, 3.00%, 7/1/45150,000 116,642 
Los Rios Community College District GO, 3.00%, 8/1/2515,000 15,250 
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35100,000 102,181 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/2480,000 84,465 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/3160,000 65,623 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM)120,000 128,746 
Peralta Community College District GO, 4.00%, 8/1/3925,000 24,857 
Perris Union High School District GO, 4.00%, 9/1/43 (AGM)50,000 48,275 
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/25, Prerefunded at 100% of Par(1)
10,000 10,545 
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac)100,000 115,362 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/2325,000 25,626 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/3950,000 55,518 
San Diego Community College District GO, 5.00%, 8/1/2710,000 10,983 
San Diego Community College District GO, 5.00%, 8/1/2840,000 43,909 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
30,000 33,044 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
30,000 33,044 
San Diego Community College District GO, 4.00%, 8/1/26, Prerefunded at 100% of Par(1)
45,000 47,838 
San Diego Public Facilities Financing Authority Rev., (City of San Diego Water Utility Revenue), 5.00%, 8/1/2860,000 65,770 
26


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29$35,000 $38,247 
San Diego Unified School District GO, 5.00%, 7/1/2675,000 80,614 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM)35,000 40,404 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
40,000 31,566 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3220,000 22,433 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3540,000 44,127 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/2425,000 26,439 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3485,000 92,594 
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/3510,000 10,170 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3635,000 36,957 
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
45,000 45,904 
Santa County Clara GO, 3.50%, 8/1/38175,000 174,116 
Santa County Clara GO, 3.25%, 8/1/3950,000 46,497 
State of California GO, 5.00%, 9/1/2630,000 32,985 
State of California GO, 5.00%, 8/1/27200,000 214,516 
State of California GO, 5.00%, 8/1/285,000 5,589 
State of California GO, 5.00%, 4/1/305,000 5,836 
State of California GO, 5.00%, 4/1/3020,000 23,005 
State of California GO, 5.00%, 9/1/3150,000 54,691 
State of California GO, 5.00%, 10/1/3115,000 17,352 
State of California GO, 5.25%, 8/1/32 (AGM)230,000 279,395 
State of California GO, 4.00%, 9/1/3360,000 62,305 
State of California GO, 4.00%, 10/1/3440,000 41,765 
State of California GO, 5.00%, 3/1/3570,000 79,098 
State of California GO, 3.00%, 10/1/35300,000 285,885 
State of California GO, 4.00%, 10/1/35200,000 209,662 
State of California GO, 4.00%, 3/1/36145,000 149,848 
State of California GO, 4.00%, 10/1/3650,000 51,527 
State of California GO, 4.00%, 11/1/3650,000 51,738 
State of California GO, 3.00%, 10/1/3790,000 81,820 
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
25,000 25,511 
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1)
145,000 153,622 
University of California Rev., 5.00%, 5/15/2935,000 37,379 
University of California Rev., 5.00%, 5/15/3450,000 55,928 
University of California Rev., 5.00%, 5/15/3665,000 70,812 
University of California Rev., 5.00%, 5/15/3830,000 32,922 
University of California Rev., 5.00%, 5/15/3830,000 33,765 
6,604,500 
Colorado — 2.0%
City & County of Denver GO, 5.00%, 8/1/30325,000 380,890 
City & County of Denver Airport System Rev., 5.00%, 11/15/2350,000 51,567 
City & County of Denver Airport System Rev., 5.00%, 11/15/2430,000 31,630 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2)
55,000 51,716 
27


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2)
$80,000 $59,674 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/2830,000 34,233 
State of Colorado COP, 5.00%, 12/15/3250,000 57,213 
State of Colorado COP, 4.00%, 12/15/3740,000 40,288 
State of Colorado COP, 4.00%, 12/15/3830,000 30,015 
737,226 
Connecticut — 1.6%
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/4175,000 72,988 
State of Connecticut GO, 5.00%, 10/15/2225,000 25,080 
State of Connecticut GO, 5.00%, 5/15/2430,000 31,250 
State of Connecticut GO, 5.00%, 4/15/2525,000 26,560 
State of Connecticut GO, 5.00%, 1/15/2635,000 37,774 
State of Connecticut GO, 5.00%, 11/15/3130,000 32,138 
State of Connecticut GO, 3.00%, 1/15/3220,000 19,349 
State of Connecticut Special Tax Rev., 5.00%, 9/1/2940,000 43,535 
State of Connecticut Special Tax Rev., 5.00%, 8/1/3125,000 26,643 
State of Connecticut Special Tax Rev., 5.00%, 5/1/3325,000 28,590 
State of Connecticut Special Tax Rev., 5.00%, 5/1/3775,000 82,881 
State of Connecticut Special Tax Rev., 3.125%, 5/1/4075,000 64,356 
University of Connecticut Rev., 4.00%, 4/15/3895,000 93,296 
584,440 
District of Columbia — 3.0%
District of Columbia GO, 5.00%, 6/1/2835,000 35,671 
District of Columbia GO, 5.00%, 10/15/30100,000 114,308 
District of Columbia GO, 5.00%, 6/1/31120,000 124,706 
District of Columbia GO, 5.00%, 6/1/3360,000 62,103 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3210,000 10,731 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3325,000 26,747 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34100,000 106,681 
District of Columbia Rev., (Income Tax Revenue), 4.00%, 3/1/37360,000 365,968 
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38100,000 111,128 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/3725,000 26,988 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/3785,000 94,141 
1,079,172 
Florida — 3.4%
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1)
50,000 50,112 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/3815,000 16,547 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3110,000 10,321 
Central Florida Expressway Authority Rev., 3.25%, 7/1/3660,000 56,713 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3795,000 95,936 
Hillsborough County School Board COP, 5.00%, 7/1/26105,000 111,608 
Miami-Dade County GO, 4.00%, 7/1/3350,000 50,995 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/2310,000 10,279 
28


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24$50,000 $52,614 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1)
80,000 82,270 
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/3925,000 21,819 
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/2480,000 83,900 
Orange County School Board COP, 5.00%, 8/1/3490,000 96,995 
Palm Beach County School District COP, 5.00%, 8/1/29130,000 145,562 
Palm Beach County School District COP, 5.00%, 8/1/3150,000 52,789 
School Board of Miami-Dade County COP, 5.00%, 2/1/2560,000 63,446 
School Board of Miami-Dade County COP, 5.00%, 2/1/2780,000 85,743 
School Board of Miami-Dade County COP, 5.00%, 5/1/3060,000 62,838 
School District of Broward County COP, 5.00%, 7/1/3225,000 28,159 
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL)55,000 58,338 
1,236,984 
Georgia — 4.1%
Atlanta Department of Aviation Rev., 5.00%, 7/1/2710,000 11,095 
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM)10,000 12,136 
Atlanta Water & Wastewater Rev., 5.00%, 11/1/4015,000 15,758 
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM)75,000 82,333 
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40150,000 130,015 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/3080,000 92,596 
Gwinnett County School District GO, 4.00%, 2/1/37200,000 207,989 
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33310,000 335,067 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/3745,000 41,902 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39260,000 237,955 
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/2920,000 23,129 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38250,000 252,536 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/3950,000 50,162 
1,492,673 
Hawaii — 1.4%
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/4190,000 74,357 
City & County of Honolulu GO, 5.00%, 3/1/2545,000 47,840 
City & County of Honolulu GO, 5.00%, 9/1/30185,000 209,297 
City & County of Honolulu GO, 5.00%, 3/1/3145,000 52,036 
State of Hawaii GO, 5.00%, 1/1/3635,000 38,555 
State of Hawaii GO, 3.00%, 4/1/3630,000 27,179 
State of Hawaii GO, 4.00%, 5/1/3610,000 10,195 
State of Hawaii Airports System Rev., 5.00%, 7/1/3335,000 39,306 
498,765 
Illinois — 3.2%
Chicago O'Hare International Airport Rev., 5.25%, 1/1/295,000 5,043 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3045,000 47,228 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/325,000 5,229 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3225,000 26,556 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3425,000 26,398 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3590,000 96,080 
Cook County Sales Tax Rev., 4.00%, 11/15/40105,000 101,521 
29


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40$135,000 $126,646 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/3525,000 26,983 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/3890,000 90,239 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/2820,000 22,404 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3025,000 28,640 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3130,000 34,326 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/4175,000 78,874 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25100,000 107,136 
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/3210,000 11,216 
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM)150,000 162,627 
Springfield Electric Rev., 4.00%, 3/1/40 (AGM)20,000 20,048 
State of Illinois GO, 5.00%, 2/1/2640,000 42,052 
State of Illinois GO, 5.00%, 3/1/3440,000 42,732 
State of Illinois GO, 5.00%, 5/1/3535,000 35,726 
State of Illinois GO, 4.00%, 11/1/3820,000 18,801 
State of Illinois GO, 5.50%, 5/1/3915,000 16,297 
State of Illinois Rev., 5.00%, 6/15/2615,000 15,228 
1,188,030 
Indiana — 1.1%
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36390,000 393,308 
Kentucky — 1.5%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/2550,000 53,356 
Louisville and Jefferson County Metropolitan Sewer District Rev., 4.00%, 5/15/36500,000 501,976 
555,332 
Louisiana — 0.3%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1)
35,000 37,146 
State of Louisiana GO, 5.00%, 8/1/2775,000 81,816 
118,962 
Maryland — 1.8%
Montgomery County GO, 5.00%, 11/1/2435,000 36,961 
Prince County George's GO, 5.00%, 7/15/31100,000 113,351 
State of Maryland GO, 5.00%, 3/15/2345,000 45,660 
State of Maryland GO, 5.00%, 3/15/2525,000 26,633 
State of Maryland GO, 5.00%, 3/15/2925,000 28,817 
State of Maryland GO, 5.00%, 8/1/3015,000 17,615 
State of Maryland GO, 5.00%, 3/15/3125,000 27,633 
State of Maryland GO, 3.25%, 3/15/3225,000 25,247 
State of Maryland GO, 5.00%, 8/1/3535,000 39,995 
State of Maryland GO, 5.00%, 6/1/36150,000 175,043 
State of Maryland Department of Transportation Rev., 5.00%, 11/1/2355,000 56,599 
State of Maryland Department of Transportation Rev., 2.125%, 10/1/3170,000 62,265 
655,819 
Massachusetts — 3.2%
Massachusetts GO, 5.50%, 8/1/30 (Ambac)150,000 178,531 
30


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Massachusetts GO, 5.00%, 9/1/30$10,000 $11,499 
Massachusetts GO, 5.00%, 2/1/3550,000 54,094 
Massachusetts GO, 3.00%, 7/1/35100,000 92,874 
Massachusetts GO, 5.00%, 9/1/3750,000 54,737 
Massachusetts GO, 5.00%, 11/1/4155,000 59,418 
Massachusetts GO, 5.00%, 11/1/4575,000 82,151 
Massachusetts GO, 5.00%, 11/1/5075,000 81,794 
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/3975,000 76,043 
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/2910,000 11,668 
Massachusetts School Building Authority Rev., 5.00%, 11/15/3325,000 27,169 
Massachusetts School Building Authority Rev., 5.00%, 8/15/3760,000 63,543 
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25150,000 160,368 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33155,000 172,636 
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/2360,000 61,472 
1,187,997 
Michigan — 0.9%
Michigan Finance Authority Rev., (Detroit), 4.50%, 10/1/2940,000 40,497 
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM)25,000 26,139 
Michigan State Building Authority Rev., 5.00%, 4/15/3030,000 32,095 
Michigan State Building Authority Rev., 5.00%, 10/15/3010,000 10,883 
State of Michigan Trunk Line Rev., 5.00%, 11/15/2975,000 87,016 
State of Michigan Trunk Line Rev., 4.00%, 11/15/3725,000 25,278 
State of Michigan Trunk Line Rev., 4.00%, 11/15/3775,000 75,918 
University of Michigan Rev., 5.00%, 4/1/26, Prerefunded at 100% of Par(1)
20,000 21,779 
319,605 
Minnesota — 2.9%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2730,000 33,035 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2825,000 27,482 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/3020,000 21,834 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31100,000 108,829 
State of Minnesota GO, 5.00%, 8/1/23105,000 107,595 
State of Minnesota GO, 5.00%, 8/1/23750,000 768,539 
1,067,314 
Mississippi — 0.1%
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1)
25,000 28,078 
Missouri — 0.2%
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/4025,000 26,446 
Springfield School District No. R-12 GO, 3.00%, 3/1/3920,000 17,257 
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL)25,000 28,541 
72,244 
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/3130,000 33,988 
31


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Nevada — 1.4%
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33$55,000 $60,993 
Clark County School District GO, 5.00%, 6/15/2615,000 16,151 
Clark County School District GO, 5.00%, 6/15/27125,000 134,552 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2550,000 53,972 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2645,000 49,094 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2750,000 54,511 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31105,000 115,623 
Truckee Meadows Water Authority Rev., 5.00%, 7/1/3425,000 26,848 
511,744 
New Jersey — 3.3%
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM)25,000 27,950 
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2)
5,000 4,105 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46100,000 92,406 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51150,000 139,591 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2530,000 30,829 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/2650,000 53,976 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2725,000 25,743 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/2635,000 36,003 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/2725,000 25,696 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 12/15/26, Prerefunded at 100% of Par(1)
20,000 22,512 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/3525,000 25,819 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/3620,000 20,637 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/3725,000 24,321 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/41140,000 145,141 
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/3920,000 20,571 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/3655,000 57,448 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/275,000 5,392 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/2725,000 27,278 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/2735,000 38,188 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/3025,000 26,800 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3120,000 22,092 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3115,000 16,569 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3210,000 10,993 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3325,000 27,003 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/3425,000 25,627 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3425,000 26,905 
32


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35$20,000 $20,347 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3510,000 10,859 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3610,000 10,831 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/3830,000 26,719 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/4015,000 16,047 
State of New Jersey GO, 5.00%, 6/1/2850,000 55,935 
State of New Jersey GO, 4.00%, 6/1/3125,000 26,700 
State of New Jersey GO, 4.00%, 6/1/3340,000 40,216 
State of New Jersey GO, 4.00%, 6/1/3420,000 20,286 
1,207,535 
New Mexico — 0.1%
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/3145,000 53,030 
New York — 15.6%
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/4220,000 20,948 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2825,000 27,454 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2960,000 65,906 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/3220,000 21,830 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37160,000 171,940 
Long Island Power Authority Rev., 5.00%, 9/1/3355,000 60,829 
Long Island Power Authority Rev., 5.00%, 9/1/38100,000 109,059 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/3640,000 39,051 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM)25,000 26,586 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/2435,000 35,179 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3325,000 27,800 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3525,000 27,184 
Nassau County GO, 5.00%, 10/1/2780,000 89,161 
New York City GO, 5.00%, 8/1/25165,000 172,744 
New York City GO, 5.00%, 8/1/25200,000 214,219 
New York City GO, 5.00%, 8/1/2625,000 27,331 
New York City GO, 5.00%, 8/1/2750,000 51,131 
New York City GO, 5.00%, 8/1/27100,000 111,416 
New York City GO, 5.00%, 8/1/2860,000 60,633 
New York City GO, 5.00%, 8/1/2810,000 11,194 
New York City GO, 5.25%, 10/1/3050,000 55,571 
New York City GO, 5.00%, 12/1/3830,000 32,396 
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM)100,000 92,785 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/2925,000 27,658 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/3525,000 27,046 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/4075,000 77,734 
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/3650,000 50,510 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/3910,000 10,698 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1)
60,000 62,336 
33


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26$35,000 $37,556 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/30100,000 110,257 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3035,000 36,993 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32100,000 111,884 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3240,000 44,515 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3240,000 45,937 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/3725,000 24,787 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/3865,000 63,883 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39200,000 195,376 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3925,000 26,983 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40100,000 97,161 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/41125,000 134,280 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/3360,000 64,397 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/3650,000 54,232 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/235,000 5,107 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1)
50,000 51,111 
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/3810,000 11,014 
New York State Thruway Authority Rev., 5.00%, 1/1/2340,000 40,346 
New York State Thruway Authority Rev., 5.00%, 1/1/2640,000 41,179 
New York State Thruway Authority Rev., 5.00%, 1/1/29100,000 104,972 
New York State Thruway Authority Rev., 4.00%, 1/1/4035,000 33,819 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2340,000 40,580 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2530,000 31,167 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2655,000 59,583 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/27115,000 124,340 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31110,000 113,873 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3125,000 27,595 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3225,000 28,480 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3460,000 62,067 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3525,000 27,645 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3650,000 54,635 
34


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37$30,000 $29,581 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38200,000 217,905 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36140,000 156,449 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/3615,000 16,546 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/2910,000 11,202 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/315,000 5,359 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/3315,000 16,906 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34425,000 467,760 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/3540,000 44,438 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37100,000 99,704 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)
50,000 52,725 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1)
10,000 10,545 
Suffolk County Water Authority Rev., 3.00%, 6/1/3210,000 9,909 
Suffolk County Water Authority Rev., 3.25%, 6/1/4315,000 13,025 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2520,000 21,555 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2760,000 66,177 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2780,000 89,755 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2850,000 56,965 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3495,000 103,853 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3725,000 27,110 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3850,000 54,122 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41100,000 106,438 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2535,000 36,161 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/2740,000 42,624 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/2825,000 27,070 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3055,000 56,824 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3150,000 51,626 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3325,000 26,707 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3650,000 52,993 
5,686,117 
North Carolina — 1.4%
Charlotte Water & Sewer System Rev., 5.00%, 7/1/4025,000 26,569 
State of North Carolina GO, 5.00%, 6/1/23250,000 254,983 
State of North Carolina GO, 5.00%, 6/1/2960,000 69,380 
State of North Carolina Rev., 5.00%, 3/1/3010,000 11,336 
State of North Carolina Rev., 5.00%, 3/1/33115,000 127,880 
Wake County GO, 5.00%, 3/1/2435,000 36,381 
526,529 
Ohio — 2.2%
American Municipal Power, Inc. Rev., 5.00%, 2/15/3390,000 101,163 
American Municipal Power, Inc. Rev., 5.00%, 2/15/35100,000 110,410 
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL)15,000 17,574 
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL)30,000 35,593 
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL)5,000 5,994 
Northeast Ohio Regional Sewer District Rev., 3.00%, 11/15/39230,000 197,760 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/3675,000 83,573 
35


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39$100,000 $110,914 
Rickenbacker Port Authority Rev., 5.375%, 1/1/3245,000 51,277 
State of Ohio GO, 5.00%, 8/1/2430,000 31,494 
State of Ohio Rev., 5.00%, 12/15/2355,000 56,803 
802,555 
Oklahoma — 1.3%
Grand River Dam Authority Rev., 5.00%, 6/1/25250,000 265,975 
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30175,000 201,730 
467,705 
Oregon — 1.2%
Deschutes Public Library District GO, 3.00%, 12/1/41100,000 81,199 
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY)25,000 26,166 
Oregon State Lottery Rev., 5.00%, 4/1/27175,000 186,033 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/2330,000 30,958 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1)
65,000 68,648 
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1)
35,000 36,621 
429,625 
Pennsylvania — 2.2%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)25,000 28,582 
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/3225,000 30,001 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33175,000 191,477 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34100,000 99,444 
Pennsylvania GO, 4.00%, 7/1/2325,000 25,351 
Pennsylvania GO, 5.00%, 1/1/2425,000 25,870 
Pennsylvania GO, 5.00%, 1/1/285,000 5,523 
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1)
25,000 25,392 
Pennsylvania GO, 4.00%, 5/1/3345,000 46,595 
Pennsylvania GO, 3.00%, 9/15/3680,000 71,900 
Pennsylvania GO, 3.00%, 5/1/3825,000 21,934 
Pennsylvania GO, 2.00%, 5/1/3930,000 21,502 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)30,000 33,776 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/2330,000 30,947 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/4130,000 31,219 
Philadelphia GO, 4.00%, 8/1/3520,000 20,139 
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM)100,000 108,108 
817,760 
Rhode Island — 0.1%
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/2325,000 25,462 
South Carolina — 0.8%
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1)
30,000 30,958 
South Carolina Public Service Authority Rev., 5.00%, 12/1/2650,000 52,102 
36


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
South Carolina Public Service Authority Rev., 5.00%, 12/1/30$70,000 $74,003 
South Carolina Public Service Authority Rev., 5.00%, 12/1/3625,000 25,871 
South Carolina Public Service Authority Rev., 3.00%, 12/1/4150,000 39,910 
South Carolina Public Service Authority Rev., 4.00%, 12/1/4260,000 55,535 
278,379 
Tennessee — 0.2%
Memphis GO, 5.00%, 5/1/2325,000 25,443 
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/2650,000 54,153 
79,596 
Texas — 7.6%
Austin GO, 2.95%, 9/1/2725,000 25,290 
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/2350,000 51,443 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2430,000 31,506 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2435,000 36,757 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2550,000 53,763 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2625,000 27,491 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38300,000 332,597 
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/4135,000 29,749 
Central Texas Turnpike System Rev., 5.00%, 8/15/3990,000 97,764 
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD)80,000 82,973 
Dallas GO, 5.00%, 2/15/2360,000 60,708 
Dallas GO, 5.00%, 2/15/2730,000 31,067 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/2935,000 40,381 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33240,000 271,225 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3215,000 17,147 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3365,000 73,676 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3350,000 56,674 
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD)35,000 36,770 
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1)
40,000 41,962 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/2780,000 85,898 
Houston GO, 5.00%, 3/1/2475,000 77,948 
Houston GO, 5.00%, 3/1/2835,000 39,220 
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD)55,000 59,633 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23(1)
15,000 15,134 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/2320,000 20,177 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/2810,000 10,747 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/3620,000 20,183 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/3830,000 29,710 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/3825,000 27,065 
37


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)
$100,000 $78,274 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/2675,000 81,147 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/2940,000 43,629 
State of Texas GO, 5.00%, 10/1/2840,000 42,986 
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1)
60,000 62,407 
State of Texas GO, 5.00%, 10/1/24, Prerefunded at 100% of Par(1)
50,000 52,500 
State of Texas GO, 5.00%, 10/1/3055,000 61,169 
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1)
50,000 51,211 
State of Texas GO, 5.00%, 10/1/33100,000 110,059 
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/245,000 5,205 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/2945,000 48,175 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/34105,000 107,964 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/3865,000 71,561 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/4075,000 79,921 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2825,000 27,922 
University of Texas System Rev., 5.00%, 8/15/3050,000 58,704 
2,767,492 
Utah — 1.1%
State of Utah GO, 5.00%, 7/1/28125,000 142,611 
State of Utah GO, 5.00%, 7/1/2940,000 46,061 
Utah Transit Authority Rev., 5.00%, 6/15/25110,000 117,706 
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
30,000 32,068 
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)40,000 46,988 
385,434 
Virginia — 2.9%
Richmond Public Utility Rev., 5.00%, 1/15/2825,000 26,948 
University of Virginia Rev., 5.00%, 4/1/3825,000 26,978 
Virginia College Building Authority Rev., 5.00%, 2/1/3075,000 83,930 
Virginia College Building Authority Rev., 5.00%, 2/1/3170,000 76,850 
Virginia College Building Authority Rev., 4.00%, 2/1/3340,000 40,804 
Virginia College Building Authority Rev., 3.00%, 2/1/3580,000 71,902 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2450,000 52,229 
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/2525,000 26,658 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2650,000 55,122 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2760,000 67,546 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/3210,000 11,070 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/3350,000 55,237 
38


Avantis Core Municipal Fixed Income ETF
Principal Amount/SharesValue
Virginia Public Building Authority Rev., 5.00%, 8/1/27$100,000 $111,760 
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38360,000 361,684 
1,068,718 
Washington — 3.9%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)
50,000 54,034 
Central Puget Sound Regional Transit Authority Rev., (Sales Motor Vehicle & Rental Car Taxe), 5.00%, 11/1/2650,000 55,147 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2335,000 35,749 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2525,000 26,743 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2725,000 26,152 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2765,000 72,335 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2820,000 22,257 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3025,000 28,130 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3115,000 15,612 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3250,000 52,936 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3325,000 26,419 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3550,000 56,114 
Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/4270,000 68,286 
King County Sewer Rev., 4.00%, 7/1/3125,000 26,023 
State of Washington GO, 4.00%, 7/1/2650,000 51,428 
State of Washington GO, 5.00%, 8/1/2850,000 54,740 
State of Washington GO, 5.00%, 7/1/29250,000 270,263 
State of Washington GO, 5.00%, 8/1/3125,000 27,562 
State of Washington GO, 5.00%, 8/1/3240,000 42,611 
State of Washington GO, 5.00%, 8/1/32255,000 280,273 
State of Washington GO, 5.00%, 2/1/4040,000 43,994 
State of Washington GO, 5.00%, 2/1/4125,000 27,353 
State of Washington Rev., 5.00%, 9/1/2335,000 35,846 
University of Washington Rev., 4.00%, 6/1/3710,000 10,093 
1,410,100 
West Virginia — 0.2%
State of West Virginia GO, 5.00%, 12/1/4170,000 75,630 
TOTAL MUNICIPAL SECURITIES
(Cost $38,659,008)
35,982,643 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $122,323)
122,323 122,323 
TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $38,781,331)
36,104,966 
OTHER ASSETS AND LIABILITIES — 1.1%393,947 
TOTAL NET ASSETS — 100.0%$36,498,913 
39


Avantis Core Municipal Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
AGC-Assured Guaranty Corporation
AGM-Assured Guaranty Municipal Corporation
BAM-Build America Mutual Assurance Company
COP-Certificates of Participation
GO-General Obligation
NATL-National Public Finance Guarantee Corporation
PSF-GTD-Permanent School Fund Guaranteed
SCH BD GTY-School Bond Guaranty
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
40


AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Principal AmountValue
CORPORATE BONDS — 66.7%


Aerospace and Defense — 0.8%
General Dynamics Corp., 3.50%, 5/15/25$506,000 $503,580 
Lockheed Martin Corp., 3.55%, 1/15/26235,000 233,205 
736,785 
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., 2.20%, 9/1/24459,000 445,890 
Automobiles — 1.2%
American Honda Finance Corp., 2.15%, 9/10/24467,000 451,632 
American Honda Finance Corp., 1.00%, 9/10/25229,000 208,824 
General Motors Financial Co., Inc., 4.25%, 5/15/2395,000 95,067 
Toyota Motor Corp., 2.36%, 7/2/24332,000 324,188 
1,079,711 
Banks — 14.2%
African Development Bank, 3.00%, 9/20/23306,000 304,085 
African Development Bank, 0.875%, 7/22/2660,000 54,163 
Asian Development Bank, 0.25%, 10/6/23439,000 423,511 
Asian Development Bank, 2.625%, 1/30/24250,000 246,903 
Asian Development Bank, 1.50%, 1/20/27120,000 110,324 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23234,000 225,641 
Asian Infrastructure Investment Bank, 0.50%, 10/30/24545,000 509,629 
Asian Infrastructure Investment Bank, 0.50%, 1/27/26250,000 223,829 
Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25400,000 396,853 
Bank of Montreal, 1.25%, 9/15/26250,000 223,142 
Bank of Nova Scotia, 1.30%, 6/11/25269,000 248,944 
Bank of Nova Scotia, 2.70%, 8/3/2659,000 55,584 
Barclays PLC, 3.65%, 3/16/25200,000 194,796 
Barclays PLC, 4.375%, 1/12/26200,000 196,142 
Citigroup, Inc., 3.30%, 4/27/25538,000 525,116 
Council Of Europe Development Bank, 0.25%, 6/10/2324,000 23,383 
Council Of Europe Development Bank, 1.375%, 2/27/25214,000 202,892 
European Bank for Reconstruction & Development, 0.25%, 7/10/2340,000 38,874 
European Bank for Reconstruction & Development, 0.50%, 5/19/25250,000 230,051 
European Investment Bank, 1.375%, 3/15/27205,000 187,094 
HSBC Holdings PLC, 3.90%, 5/25/26300,000 292,125 
Huntington Bancshares, Inc., 4.00%, 5/15/25269,000 266,867 
Inter-American Development Bank, 2.50%, 1/18/23120,000 119,666 
Inter-American Development Bank, 3.00%, 10/4/23106,000 105,591 
Inter-American Development Bank, 0.25%, 11/15/2382,000 79,037 
International Bank for Reconstruction & Development, 1.50%, 8/28/24475,000 456,571 
International Bank for Reconstruction & Development, 2.50%, 7/29/25325,000 315,324 
International Bank for Reconstruction & Development, 0.875%, 7/15/2640,000 36,173 
International Finance Corp., 2.875%, 7/31/23152,000 150,937 
JPMorgan Chase & Co., 3.90%, 7/15/25363,000 360,420 
KeyBank N.A., 3.30%, 6/1/25375,000 365,719 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24450,000 428,292 
41


Avantis Short-Term Fixed Income ETF
Principal AmountValue
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25$50,000 $47,308 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25200,000 183,891 
National Australia Bank Ltd., 2.50%, 7/12/26550,000 516,932 
Nordic Investment Bank, 0.50%, 1/21/26250,000 227,012 
Oesterreichische Kontrollbank AG, 2.875%, 3/13/2350,000 49,857 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25150,000 142,639 
PNC Financial Services Group, Inc., 3.50%, 1/23/24500,000 498,689 
Royal Bank of Canada, 2.55%, 7/16/24806,000 784,647 
Santander Holdings USA, Inc., 4.50%, 7/17/25334,000 332,556 
Toronto-Dominion Bank, 1.25%, 9/10/26395,000 351,070 
Toronto-Dominion Bank, 4.11%, 6/8/27100,000 98,988 
Truist Financial Corp., 3.75%, 12/6/23313,000 313,619 
US Bancorp, 3.95%, 11/17/25512,000 512,518 
Wells Fargo & Co., 3.00%, 10/23/26150,000 141,808 
Westpac Banking Corp., 2.85%, 5/13/26450,000 431,125 
12,230,337 
Beverages — 0.2%
Constellation Brands, Inc., 4.40%, 11/15/25165,000 165,257 
Biotechnology — 0.5%
AbbVie, Inc., 2.90%, 11/6/2263,000 62,957 
AbbVie, Inc., 3.20%, 5/14/26360,000 345,152 
408,109 
Capital Markets — 6.2%
Ameriprise Financial, Inc., 3.00%, 4/2/25327,000 318,628 
Bank of New York Mellon Corp., 2.20%, 8/16/23311,000 306,822 
Cboe Global Markets, Inc., 3.65%, 1/12/27575,000 561,930 
Charles Schwab Corp., 3.75%, 4/1/24100,000 99,951 
Charles Schwab Corp., 3.85%, 5/21/25413,000 413,909 
Charles Schwab Corp., 2.45%, 3/3/27225,000 210,025 
CME Group, Inc., 3.00%, 3/15/25600,000 589,047 
Goldman Sachs Group, Inc., 3.85%, 1/26/27625,000 605,904 
Janus Henderson US Holdings, Inc., 4.875%, 8/1/25230,000 231,209 
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.85%, 1/15/27200,000 198,793 
Lazard Group LLC, 3.75%, 2/13/25167,000 164,668 
Morgan Stanley, 3.625%, 1/20/27525,000 510,382 
S&P Global, Inc., 2.95%, 1/22/27450,000 432,466 
State Street Corp., 3.55%, 8/18/25700,000 693,840 
5,337,574 
Chemicals — 0.4%
Air Products and Chemicals, Inc., 3.35%, 7/31/24227,000 225,351 
Mosaic Co., 4.25%, 11/15/23140,000 140,185 
365,536 
Consumer Finance — 1.2%
Capital One Financial Corp., 4.25%, 4/30/25538,000 537,123 
Discover Financial Services, 4.50%, 1/30/26437,000 428,201 
Synchrony Financial, 4.50%, 7/23/25100,000 97,941 
1,063,265 
Containers and Packaging
Packaging Corp. of America, 3.65%, 9/15/2417,000 16,869 
42


Avantis Short-Term Fixed Income ETF
Principal AmountValue
Diversified Consumer Services — 0.2%
Yale University, 0.87%, 4/15/25$200,000 $185,593 
Diversified Financial Services — 0.4%
Ally Financial, Inc., 4.75%, 6/9/27225,000 219,619 
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
100,000 94,080 
313,699 
Electric Utilities — 2.4%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25148,000 148,263 
Cleco Corporate Holdings LLC, 3.74%, 5/1/26242,000 232,152 
Duke Energy Florida LLC, 3.20%, 1/15/27750,000 726,997 
Entergy Louisiana LLC, 2.40%, 10/1/26450,000 417,272 
Oklahoma Gas and Electric Co., 0.55%, 5/26/23174,000 170,057 
Sierra Pacific Power Co., 2.60%, 5/1/26375,000 355,573 
2,050,314 
Electronic Equipment, Instruments and Components — 0.9%
Avnet, Inc., 4.625%, 4/15/26285,000 282,245 
Flex Ltd., 3.75%, 2/1/26293,000 279,410 
Jabil, Inc., 1.70%, 4/15/26155,000 138,460 
Keysight Technologies, Inc., 4.55%, 10/30/2448,000 48,299 
TD SYNNEX Corp., 1.75%, 8/9/2675,000 65,743 
814,157 
Energy Equipment and Services — 0.7%
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25275,000 257,393 
Schlumberger Investment SA, 3.65%, 12/1/23313,000 312,912 
570,305 
Equity Real Estate Investment Trusts (REITs) — 6.6%
AvalonBay Communities, Inc., 2.95%, 5/11/26525,000 500,393 
Boston Properties LP, 2.75%, 10/1/26450,000 419,349 
Corporate Office Properties LP, 2.25%, 3/15/2668,000 61,006 
Crown Castle, Inc., 4.45%, 2/15/26250,000 248,949 
Digital Realty Trust LP, 3.70%, 8/15/27450,000 429,847 
ERP Operating LP, 3.375%, 6/1/25463,000 451,656 
Federal Realty Investment Trust, 3.25%, 7/15/27450,000 425,500 
Healthcare Realty Holdings LP, 3.50%, 8/1/26250,000 238,676 
Host Hotels & Resorts LP, 4.50%, 2/1/26200,000 195,353 
Kimco Realty Corp., 3.30%, 2/1/25338,000 330,329 
Mid-America Apartments LP, 3.60%, 6/1/27100,000 96,066 
Omega Healthcare Investors, Inc., 4.95%, 4/1/2475,000 75,234 
Prologis LP, 3.25%, 10/1/26625,000 603,524 
Spirit Realty LP, 4.45%, 9/15/26322,000 315,606 
UDR, Inc., 3.50%, 7/1/27450,000 427,224 
Ventas Realty LP, 3.85%, 4/1/27450,000 432,229 
Vornado Realty LP, 2.15%, 6/1/26100,000 88,089 
WP Carey, Inc., 4.00%, 2/1/25388,000 384,436 
5,723,466 
Food and Staples Retailing — 0.9%
Costco Wholesale Corp., 2.75%, 5/18/24181,000 179,523 
Walmart, Inc., 3.30%, 4/22/24115,000 114,547 
Walmart, Inc., 3.05%, 7/8/26450,000 445,814 
739,884 
43


Avantis Short-Term Fixed Income ETF
Principal AmountValue
Food Products — 0.8%
Archer-Daniels-Midland Co., 2.50%, 8/11/26$150,000 $142,778 
Bunge Ltd. Finance Corp., 1.63%, 8/17/25459,000 426,439 
Hershey Co., 2.05%, 11/15/24123,000 118,863 
688,080 
Gas Utilities — 0.2%
Southern California Gas Co., 2.60%, 6/15/26197,000 186,105 
Health Care Providers and Services — 1.5%
Aetna, Inc., 3.50%, 11/15/24440,000 434,453 
Cardinal Health, Inc., 3.50%, 11/15/24137,000 136,108 
Cigna Corp., 3.05%, 11/30/2238,000 38,000 
CVS Health Corp., 2.875%, 6/1/2670,000 66,845 
HCA, Inc., 5.25%, 6/15/26270,000 271,559 
Laboratory Corp. of America Holdings, 3.60%, 2/1/25100,000 98,649 
Quest Diagnostics, Inc., 3.45%, 6/1/26227,000 221,144 
1,266,758 
Hotels, Restaurants and Leisure — 0.4%
Hyatt Hotels Corp., 4.85%, 3/15/2665,000 65,431 
Starbucks Corp., 3.80%, 8/15/25293,000 291,897 
357,328 
Household Durables — 0.5%
DR Horton, Inc., 4.75%, 2/15/2370,000 70,107 
Lennar Corp., 5.25%, 6/1/26200,000 201,613 
PulteGroup, Inc., 5.00%, 1/15/27200,000 200,691 
472,411 
Household Products — 0.5%
Colgate-Palmolive Co., 3.25%, 3/15/24134,000 133,399 
Procter & Gamble Co., 2.45%, 11/3/26300,000 288,204 
421,603 
Industrial Conglomerates — 0.5%
3M Co., 2.25%, 9/19/26450,000 420,109 
Insurance — 3.1%
Aflac, Inc., 3.25%, 3/17/25278,000 274,065 
Allstate Corp., 0.75%, 12/15/25600,000 538,674 
Brighthouse Financial, Inc., 3.70%, 6/22/27450,000 427,497 
Chubb INA Holdings, Inc., 3.35%, 5/3/26821,000 803,786 
First American Financial Corp., 4.60%, 11/15/24200,000 199,944 
MetLife, Inc., 4.37%, 9/15/23274,000 275,535 
MetLife, Inc., 3.60%, 11/13/25179,000 177,102 
2,696,603 
Interactive Media and Services — 0.5%
Alphabet, Inc., 3.375%, 2/25/24450,000 449,313 
Internet and Direct Marketing Retail — 0.5%
Amazon.com, Inc., 2.80%, 8/22/24468,000 462,326 
IT Services — 1.9%
International Business Machines Corp., 1.70%, 5/15/27500,000 449,485 
Mastercard, Inc., 2.95%, 11/21/26250,000 242,040 
VeriSign, Inc., 5.25%, 4/1/25750,000 762,094 
Western Union Co., 2.85%, 1/10/25171,000 164,169 
1,617,788 
44


Avantis Short-Term Fixed Income ETF
Principal AmountValue
Machinery — 2.8%
Caterpillar Financial Services Corp., 3.30%, 6/9/24$240,000 $238,746 
Caterpillar Financial Services Corp., 1.45%, 5/15/25723,000 680,254 
Cummins, Inc., 3.65%, 10/1/23106,000 106,272 
Cummins, Inc., 0.75%, 9/1/25250,000 228,995 
Illinois Tool Works, Inc., 3.50%, 3/1/2456,000 55,928 
John Deere Capital Corp., 3.45%, 1/10/24242,000 241,460 
PACCAR Financial Corp., 2.15%, 8/15/24351,000 340,494 
PACCAR Financial Corp., 1.10%, 5/11/26600,000 544,570 
2,436,719 
Media — 0.9%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2232,000 32,378 
Comcast Corp., 3.375%, 8/15/25506,000 497,835 
Discovery Communications LLC, 4.90%, 3/11/26245,000 244,813 
775,026 
Metals and Mining — 0.3%
ArcelorMittal SA, 4.55%, 3/11/2670,000 68,659 
BHP Billiton Finance USA Ltd., 3.85%, 9/30/2345,000 45,065 
Kinross Gold Corp., 5.95%, 3/15/24106,000 107,937 
221,661 
Multi-Utilities — 0.1%
Dominion Energy, Inc., 2.75%, 9/15/2298,000 97,996 
Multiline Retail — 1.6%
Dollar Tree, Inc., 4.00%, 5/15/25318,000 315,181 
Target Corp., 2.25%, 4/15/251,120,000 1,076,476 
1,391,657 
Oil, Gas and Consumable Fuels — 5.6%
Canadian Natural Resources Ltd., 2.05%, 7/15/25398,000 370,805 
Chevron Corp., 2.90%, 3/3/2466,000 65,340 
Chevron Corp., 2.95%, 5/16/26385,000 373,114 
Enbridge, Inc., 2.50%, 1/15/25296,000 283,796 
Energy Transfer LP, 4.75%, 1/15/26438,000 434,547 
Enterprise Products Operating LLC, 3.35%, 3/15/23146,000 145,764 
Equinor ASA, 2.45%, 1/17/2366,000 65,801 
Equinor ASA, 3.70%, 3/1/24391,000 391,060 
Exxon Mobil Corp., 2.71%, 3/6/25221,000 215,137 
Exxon Mobil Corp., 2.99%, 3/19/25815,000 797,637 
Phillips 66 Co., 2.45%, 12/15/24(1)
148,000 140,750 
Shell International Finance BV, 3.25%, 5/11/25436,000 428,943 
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23131,000 129,792 
TotalEnergies Capital International SA, 2.43%, 1/10/25450,000 435,326 
Valero Energy Corp., 2.85%, 4/15/2537,000 35,845 
Williams Cos., Inc., 4.00%, 9/15/25488,000 483,010 
4,796,667 
Personal Products — 0.1%
Estee Lauder Cos., Inc., 2.00%, 12/1/2448,000 46,682 
Pharmaceuticals — 2.8%
Astrazeneca Finance LLC, 1.20%, 5/28/26274,000 247,524 
Bristol-Myers Squibb Co., 2.90%, 7/26/24431,000 425,578 
GlaxoSmithKline Capital PLC, 3.00%, 6/1/24287,000 284,175 
45


Avantis Short-Term Fixed Income ETF
Principal AmountValue
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25$499,000 $496,540 
Novartis Capital Corp., 1.75%, 2/14/2563,000 60,324 
Novartis Capital Corp., 3.00%, 11/20/25411,000 402,532 
Royalty Pharma PLC, 1.20%, 9/2/25179,000 162,842 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26150,000 141,036 
Wyeth LLC, 6.45%, 2/1/24172,000 178,480 
2,399,031 
Road and Rail — 0.7%
Canadian National Railway Co., 2.75%, 3/1/26325,000 311,436 
Ryder System, Inc., 2.50%, 9/1/2448,000 46,442 
Ryder System, Inc., 3.35%, 9/1/25224,000 216,035 
573,913 
Semiconductors and Semiconductor Equipment — 1.0%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27175,000 168,318 
Marvell Technology, Inc., 1.65%, 4/15/26230,000 207,071 
Microchip Technology, Inc., 4.33%, 6/1/2364,000 64,107 
Micron Technology, Inc., 4.98%, 2/6/26295,000 296,250 
NXP BV / NXP Funding LLC, 4.875%, 3/1/24100,000 100,460 
836,206 
Software — 1.0%
Citrix Systems, Inc., 1.25%, 3/1/26234,000 228,845 
Microsoft Corp., 2.875%, 2/6/24200,000 198,035 
Microsoft Corp., 3.125%, 11/3/25225,000 221,460 
Microsoft Corp., 2.40%, 8/8/26200,000 191,010 
Oracle Corp., 2.40%, 9/15/2340,000 39,310 
878,660 
Specialty Retail — 0.6%
Home Depot, Inc., 3.00%, 4/1/26300,000 291,464 
Ross Stores, Inc., 4.60%, 4/15/25238,000 240,157 
531,621 
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.00%, 2/9/2497,000 96,237 
Apple, Inc., 1.125%, 5/11/2569,000 64,506 
Apple, Inc., 3.20%, 5/13/25225,000 222,126 
Apple, Inc., 3.25%, 2/23/26428,000 420,770 
Dell International LLC / EMC Corp., 6.02%, 6/15/26358,000 372,018 
Hewlett Packard Enterprise Co., 4.90%, 10/15/2548,000 48,787 
1,224,444 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 2.875%, 1/15/2650,000 46,157 
TOTAL CORPORATE BONDS
(Cost $60,324,419)
57,541,615 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0%


Israel Government AID Bond, 5.50%, 9/18/2332,000 32,623 
U.S. Treasury Notes, 0.125%, 8/31/23500,000 483,422 
U.S. Treasury Notes, 0.125%, 10/15/23900,000 867,270 
U.S. Treasury Notes, 2.75%, 11/15/23776,000 769,604 
U.S. Treasury Notes, 0.125%, 12/15/231,000,000 958,516 
U.S. Treasury Notes, 2.375%, 2/29/24(2)
1,560,000 1,535,259 
U.S. Treasury Notes, 0.375%, 4/15/241,550,000 1,474,316 
U.S. Treasury Notes, 2.00%, 5/31/241,194,700 1,165,346 
46


Avantis Short-Term Fixed Income ETF
Principal AmountValue
U.S. Treasury Notes, 0.25%, 6/15/24$2,025,000 $1,912,755 
U.S. Treasury Notes, 0.375%, 7/15/241,375,000 1,298,945 
U.S. Treasury Notes, 2.375%, 8/15/241,900,000 1,861,406 
U.S. Treasury Notes, 1.50%, 10/31/242,150,000 2,063,076 
U.S. Treasury Notes, 1.50%, 11/30/242,220,000 2,126,170 
U.S. Treasury Notes, 1.50%, 2/15/252,000,000 1,906,797 
U.S. Treasury Notes, 2.75%, 2/28/25500,000 491,270 
U.S. Treasury Notes, 2.00%, 8/15/251,100,000 1,054,238 
U.S. Treasury Notes, 0.25%, 10/31/252,100,000 1,897,875 
U.S. Treasury Notes, 0.375%, 11/30/251,795,200 1,624,446 
U.S. Treasury Notes, 0.75%, 5/31/261,400,000 1,267,438 
U.S. Treasury Notes, 1.125%, 10/31/26900,000 820,160 
U.S. Treasury Notes, 0.50%, 6/30/27250,000 218,369 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $26,922,655)
25,829,301 
U.S. GOVERNMENT AGENCY SECURITIES — 2.4%


Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23150,000 146,490 
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25250,000 236,713 
FHLB, 0.125%, 6/2/23100,000 97,513 
FHLB, 1.50%, 8/15/24170,000 163,957 
FHLB, 2.75%, 12/13/24120,000 118,060 
FHLB, 2.375%, 3/14/25200,000 194,613 
FHLB, 3.125%, 6/13/2525,000 24,761 
FHLMC, 0.125%, 10/16/23104,000 100,152 
FHLMC, 0.25%, 11/6/23104,000 100,091 
FHLMC, 0.25%, 12/4/23100,000 95,946 
FHLMC, 0.375%, 7/21/25115,000 105,225 
FNMA, 2.375%, 1/19/2316,000 15,944 
FNMA, 0.25%, 7/10/23152,000 147,861 
FNMA, 2.625%, 9/6/24375,000 368,733 
FNMA, 1.625%, 10/15/2425,000 24,047 
FNMA, 0.375%, 8/25/2525,000 22,810 
Tennessee Valley Authority, 0.75%, 5/15/25125,000 115,820 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $2,168,614)
2,078,736 
TOTAL INVESTMENT SECURITIES — 99.1%
(Cost $89,415,688)

85,449,652 
OTHER ASSETS AND LIABILITIES — 0.9%

752,222 
TOTAL NET ASSETS — 100.0%

$86,201,874 

47


Avantis Short-Term Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
Equivalent-Security whose payments are secured by the U.S. Treasury
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
Category is less than 0.05% of total net assets.
(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 $234,830, which represented 0.3% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $49,207.


See Notes to Financial Statements.
48


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Core Fixed Income ETFAvantis Core Municipal Fixed Income ETF
Assets
Investment securities, at value (cost of $314,930,475 and $38,781,331, respectively)$296,808,133 $36,104,966 
Cash522,388 — 
Receivable for investments sold33,651,982 — 
Receivable for capital shares sold— 2,281,180 
Interest receivable1,838,138 398,034 
332,820,641 38,784,180 
Liabilities
Payable for investments purchased83,640,296 2,280,915 
Payable for variation margin on futures contracts14,219 — 
Payable for variation margin on swap agreements2,805 — 
Accrued management fees31,654 4,352 
83,688,974 2,285,267 
Net Assets$249,131,667 $36,498,913 
Shares outstanding (unlimited number of shares authorized)5,850,000 800,000 
Net Asset Value Per Share$42.59 $45.62 
Net Assets Consist of:
Capital paid in$271,984,790 $39,138,455 
Distributable earnings(22,853,123)(2,639,542)
$249,131,667 $36,498,913 


See Notes to Financial Statements.
49


AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Assets
Investment securities, at value (cost of $89,415,688)$85,449,652 
Cash550,839 
Receivable for investments sold2,092,734 
Interest receivable507,983 
88,601,208 
Liabilities
Payable for investments purchased2,388,283 
Accrued management fees11,051 
2,399,334 
Net Assets$86,201,874 
Shares outstanding (unlimited number of shares authorized)1,850,000 
Net Asset Value Per Share$46.60 
Net Assets Consist of:
Capital paid in$90,574,805 
Distributable earnings(4,372,931)
$86,201,874 


See Notes to Financial Statements.
50


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Avantis Core Fixed Income ETFAvantis Core Municipal Fixed Income ETF
Investment Income (Loss)
Income:
Interest$3,464,198 $339,323 
Expenses:
Management fees231,892 43,881 
Other expenses622 — 
232,514 43,881 
Net investment income (loss)3,231,684 295,442 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(4,898,904)60 
Futures contract transactions(352,749)— 
Swap agreement transactions(13,722)— 
(5,265,375)60 
Change in net unrealized appreciation (depreciation) on:
Investments(18,512,153)(2,780,081)
Futures contracts(28,724)— 
Swap agreements(15,109)— 
(18,555,986)(2,780,081)
Net realized and unrealized gain (loss)(23,821,361)(2,780,021)
Net Increase (Decrease) in Net Assets Resulting from Operations$(20,589,677)$(2,484,579)


See Notes to Financial Statements.
51


YEAR ENDED AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Investment Income (Loss)
Income:
Interest$823,232 
Expenses:
Management fees92,552 
Net investment income (loss)730,680 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(516,482)
Futures contract transactions(10,957)
(527,439)
Change in net unrealized appreciation (depreciation) on investments(3,976,581)
Net realized and unrealized gain (loss)(4,504,020)
Net Increase (Decrease) in Net Assets Resulting from Operations$(3,773,340)


See Notes to Financial Statements.
52


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed
Income ETF
Avantis Core Municipal Fixed Income ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
August 31, 2022
August 31, 2021(2)
Operations
Net investment income (loss)$3,231,684 $378,942 $295,442 $125,182 
Net realized gain (loss)(5,265,375)(47,233)60 (5,086)
Change in net unrealized appreciation (depreciation)(18,555,986)394,850 (2,780,081)103,716 
Net increase (decrease) in net assets resulting from operations(20,589,677)726,559 (2,484,579)223,812 
Distributions to Shareholders
From earnings(2,680,155)(309,850)(271,910)(106,865)
Capital Share Transactions
Proceeds from shares sold202,856,185 69,116,150 11,608,180 27,507,410 
Other capital11,448 1,007 10,377 12,488 
Net increase (decrease) in net assets from capital share transactions202,867,633 69,117,157 11,618,557 27,519,898 
Net increase (decrease) in net assets179,597,801 69,533,866 8,862,068 27,636,845 
Net Assets
Beginning of period69,533,866 — 27,636,845 — 
End of period$249,131,667 $69,533,866 $36,498,913 $27,636,845 
Transactions in Shares of the Funds
Sold4,450,000 1,400,000 250,000 550,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
53


YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$730,680 $80,480 
Net realized gain (loss)(527,439)5,514 
Change in net unrealized appreciation (depreciation)(3,976,581)10,545 
Net increase (decrease) in net assets resulting from operations(3,773,340)96,539 
Distributions to Shareholders
From earnings(622,910)(73,220)
Capital Share Transactions
Proceeds from shares sold58,095,084 32,473,925 
Other capital4,107 1,689 
Net increase (decrease) in net assets from capital share transactions58,099,191 32,475,614 
Net increase (decrease) in net assets53,702,941 32,498,933 
Net Assets
Beginning of period32,498,933 — 
End of period$86,201,874 $32,498,933 
Transactions in Shares of the Funds
Sold1,200,000 650,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
54


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return. Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF incepted on October 13, 2020. Avantis Core Municipal Fixed Income ETF incepted on December 8, 2020.

2. Significant Accounting Policies

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

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

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

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

55


The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

56


The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Core Fixed Income ETF0.15%
Avantis Core Municipal Fixed Income ETF0.15%
Avantis Short-Term Fixed Income ETF0.15%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Avantis Core Fixed Income ETFAvantis Core Municipal Fixed Income ETFAvantis Short-Term Fixed Income ETF
Purchases of U.S. Treasury and Government Agency obligations$680,521,153 — $7,237,079 
Purchases of other investment securities11,797,957 $8,371,644 23,740,604 
Total Purchases$692,319,110 $8,371,644 $30,977,683 
Sales of U.S. Treasury and Government Agency obligations$640,126,795 — $8,896,622 
Sales of other investment securities10,991,300 $649,886 14,297,368 
Total Sales$651,118,095 $649,886 $23,193,990 

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Core Fixed Income ETF
$178,753,151
Avantis Core Municipal Fixed Income ETF
$4,649,428
Avantis Short-Term Fixed Income ETF$50,971,507
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

57


6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Core Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $154,202,188 — 
U.S. Treasury Securities— 62,652,784 — 
U.S. Government Agency Mortgage-Backed Securities— 48,860,318 — 
U.S. Government Agency Securities— 5,195,917 — 
Sovereign Governments and Agencies— 480,144 — 
Short-Term Investments— 25,416,782 — 
— $296,808,133 — 
Other Financial Instruments
Swap Agreements— $27,227 — 
Liabilities
Other Financial Instruments
Futures Contracts$27,732 — — 

Avantis Core Municipal Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $35,982,643 — 
Short-Term Investments$122,323 — — 
$122,323 $35,982,643 — 

58


Avantis Short-Term Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $57,541,615 — 
U.S. Treasury Securities and Equivalents— 25,829,301 — 
U.S. Government Agency Securities— 2,078,736 — 
— $85,449,652 — 

7. Derivative Instruments

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

The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income ETF$2,895,833

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis Core Fixed Income ETF$1,849,529
Avantis Short-Term Fixed Income ETF$1,137,266

59


Value of Derivative Instruments as of August 31, 2022

Asset Derivatives
Liability Derivatives
Fund / Type of Risk Exposure
Location on Statement of Assets and Liabilities
Value
Location on Statement of Assets and Liabilities
Value
Avantis Core Fixed Income ETF
Credit RiskReceivable for variation margin on swap agreements*— Payable for variation margin on swap agreements*$2,805 
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*14,219 


— 

$17,024 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

At period end, Avantis Short-Term Fixed Income ETF did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022

Net Realized Gain (Loss)Change in Net Unrealized Appreciation
(Depreciation)
Fund / Type of Risk Exposure
Location on Statement of Operations
Value
Location on Statement of Operations
Value
Avantis Core Fixed Income ETF
Credit RiskNet realized gain (loss) on swap agreement transactions$(13,722)Change in net unrealized appreciation (depreciation) on swap agreements$(15,109)
Interest Rate RiskNet realized gain (loss) on futures contract transactions(352,749)Change in net unrealized appreciation (depreciation) on futures contracts(28,724)


$(366,471)

$(43,833)
Avantis Short-Term Fixed Income ETF
Interest Rate Risk
Net realized gain (loss) on futures contract transactions$(10,957)Change in net unrealized appreciation (depreciation) on futures contracts— 

8. Risk Factors

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

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

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

60


9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2022 and period ended August 31, 2021 were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Exempt IncomeOrdinary IncomeLong-term Capital GainsExempt IncomeOrdinary IncomeLong-term Capital Gains
Avantis Core Fixed Income ETF— $2,680,155 — 
 (1)
$ 309,850(1)
 (1)
Avantis Core Municipal Fixed Income ETF$271,910 — — 
$106,865(2)
 (2)
 (2)
Avantis Short-Term Fixed Income ETF— $622,910 — 
 (1)
$73,220(1)
 (1)
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
Federal tax cost of investments$315,402,504 $38,781,331 $89,415,688 
Gross tax appreciation of investments$8,504 $9,862 $79 
Gross tax depreciation of investments(18,602,875)(2,686,227)(3,966,115)
Net tax appreciation (depreciation) of investments(18,594,371)(2,676,365)(3,966,036)
Net tax appreciation (depreciation) on derivatives(1,062)— — 
Net tax appreciation (depreciation)$(18,595,433)$(2,676,365)$(3,966,036)
Undistributed ordinary income$642,889 — $147,833 
Undistributed exempt income— $41,849 — 
Accumulated short-term capital losses$(3,858,395)$(5,026)$(423,360)
Accumulated long-term capital losses$(1,042,184)— $(131,368)

For Avantis Core Fixed Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF.

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

61


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Core Fixed Income ETF
2022$49.670.94(7.28)(6.34)(0.74)
0.00(4)
$42.59(12.86)%0.15%2.09%382%$249,132 
2021(5)
$50.000.51(0.43)0.08(0.41)
0.00(4)
$49.670.15%
0.15%(6)
1.17%(6)
185%$69,534 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Core Municipal Fixed Income ETF
2022$50.250.48(4.69)(4.21)(0.44)$0.02$45.62(8.36)%0.15%1.01%2%$36,499 
2021(4)
$50.000.260.170.43(0.21)$0.03$50.250.93%
0.15%(5)
0.70%(5)
14%$27,637 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)December 8, 2020 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Short-Term Fixed Income ETF
2022$50.000.57(3.52)(2.95)(0.45)
0.00(4)
$46.60(5.92)%0.15%1.18%38%$86,202 
2021(5)
$50.000.18(0.02)0.16(0.16)
0.00(4)
$50.000.33%
0.15%(6)
0.40%(6)
49%$32,499 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Core Fixed Income ETF, Avantis® Core Municipal Fixed Income ETF, and Avantis® Short-Term Fixed Income ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® Core Fixed Income ETF
For the year ended August 31, 2022For the year ended August 31, 2022 and the period from October 13, 2020 (fund inception) through August 31, 2021
Avantis® Core Municipal Fixed Income ETF
For the year ended August 31, 2022
For the year ended August 31, 2022 and the period from December 8, 2020 (fund inception) through August 31, 2021
Avantis® Short-Term Fixed Income ETF
For the year ended August 31, 2022For the year ended August 31, 2022 and the period from October 13, 2020 (fund inception) through August 31, 2021

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


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Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In
69


connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.
70



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

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the
71


Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

72


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


73


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

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


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








74



Other Tax Information

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

Avantis Core Municipal Fixed Income ETF designates $271,910 as exempt interest dividends for the fiscal year ended August 31, 2022.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
$2,425,557$524,734
75


Notes
76






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Contact Usavantisinvestors.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-928-2684
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96956 2210




ai_lockupxblkxrgb002a.jpg
Annual Report
August 31, 2022
Avantis® U.S. Equity Fund
Institutional Class (AVUSX)
G Class (AVUNX)
Avantis® U.S. Large Cap Value Fund
Institutional Class (ALCDX)
G Class (ALCEX)
Avantis® U.S. Small Cap Value Fund
Institutional Class (AVUVX)
G Class (AVCNX)





























Table of Contents

Chairman’s Letter
Avantis U.S. Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Large Cap Value Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Value Fund
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreements
Liquidity Risk Management Program
Additional Information












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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis U.S. Equity Fund
Total Returns as of August 31, 2022Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVUSX-10.57%11.57%12/4/2019
Russell 3000 Index-13.28%10.35%
G ClassAVUNX-10.36%2.89%1/20/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-15aca3537f1b4d3391ea.jpg
    
Value on August 31, 2022
Institutional Class — $13,501
Russell 3000 Index — $13,101
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Equity seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis U.S. Equity returned -10.57%.* For the same period, the fund’s benchmark, the Russell 3000 Index, returned -13.28%. The index is an unmanaged portfolio generally representative of the performance of the broad U.S. stock market, including all capitalization categories. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s outperformance versus the index was largely due to the fund’s emphasis on value-oriented stocks. Specifically, the fund was overweight versus the index in stocks with the highest book-to-market and profitability characteristics and underweight in stocks with the lowest book-to-market and profitability traits.

Value stocks, as measured by the Russell 3000 Value Index, returned -6.49% for the 12-month period. Growth stocks, as measured by the Russell 3000 Growth Index, returned -19.44% for the same period.



















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.
4


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.4%
Short-Term Investments0.9%
Other Assets and Liabilities(0.3)%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels9.0%
Banks5.8%
Software5.7%
Technology Hardware, Storage and Peripherals4.7%
Semiconductors and Semiconductor Equipment4.6%

5


Performance
Avantis U.S. Large Cap Value Fund
Total Returns as of August 31, 2022
Ticker SymbolSince InceptionInception Date
Institutional ClassALCDX4.80%6/21/2022
Russell 1000 Value Index3.94%
G ClassALCEX4.80%6/21/2022
G Class returns would have been lower if a portion of the fees had not been waived.


Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Large Cap Value seeks long-term capital appreciation by investing in a diverse group of U.S. large-capitalization (large-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of large-cap U.S. companies.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the portfolio’s inception on June 21, 2022, through August 31, 2022, Avantis U.S. Large Cap Value returned 4.80%.* For the same period, the fund’s benchmark, the Russell 1000 Value Index, returned 3.94%. The index is an unmanaged portfolio generally representative of the performance of U.S. large-cap companies with lower price-to-book ratios and lower forecasted growth values. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s outperformance versus the index was largely due to the fund’s overweight to large- and mid-cap companies with higher levels of profitability and lower prices relative to their book values. An underweight position to mega-cap stocks also aided relative results.

Large-cap value stocks, as measured by the Russell 1000 Value Index, returned 3.94% for the reporting period. Mid-cap value stocks, according to the Russell Midcap Value Index, returned 5.60% for the same timeframe.



















*All fund returns referenced in this commentary are for Institutional Class shares. Total returns for periods less
than one year are not annualized. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 6 for returns for all share classes.
7


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Large Cap Value Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Short-Term Investments0.2%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels17.9%
Pharmaceuticals9.1%
Road and Rail5.4%
Biotechnology4.9%
Specialty Retail4.7%

8


Performance
Avantis U.S. Small Cap Value Fund
Total Returns as of August 31, 2022Average
Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVUVX-0.61%16.61%12/4/2019
Russell 2000 Value Index-10.18%7.83%
G ClassAVCNX-0.37%10.98%1/20/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-f9d4f68640ee4fd0b46a.jpg
    
Value on August 31, 2022
Institutional Class — $15,240
Russell 2000 Value Index — $12,297
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.25%0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Value seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies located in the U.S.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis U.S. Small Cap Value returned -0.61%.* For the same period, the fund’s benchmark, the Russell 2000 Value Index, returned -10.18%. The index is an unmanaged portfolio generally representative of the performance of U.S. small-cap companies with lower price-to-book ratios and lower forecasted growth values. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s significant outperformance was largely due to the portfolio’s overweight versus the index in companies with the highest profitability and book-to-market characteristics. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics also aided relative results. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.


















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 9 for returns for all share classes.
10


Fund Characteristics
AUGUST 31, 2022
Avantis U.S. Small Cap Value Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Short-Term Investments2.1%
Other Assets and Liabilities(1.6)%
Top Five Industries% of net assets
Banks15.1%
Oil, Gas and Consumable Fuels13.3%
Specialty Retail7.2%
Trading Companies and Distributors5.3%
Thrifts and Mortgage Finance5.1%

11


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class's. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12


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)
Avantis U.S. Equity Fund
Actual
Institutional Class$1,000$919.40$0.730.15%
G Class$1,000$920.20$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis U.S. Large Cap Value Fund
Actual
Institutional Class$1,000$1,048.00
$0.30(3)
0.15%
G Class$1,000$1,048.00
$0.00(3)
0.00%
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.000.00%
Avantis U.S. Small Cap Value Fund
Actual
Institutional Class$1,000$941.30$1.220.25%
G Class$1,000$942.60$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.95$1.280.25%
G Class$1,000$1,025.21$0.00
0.00%(2)
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Other expenses did not exceed 0.005%.
(3)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 72, the number of days in the period from June 21, 2022 (fund inception) through August 31, 2022, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
13


Schedules of Investments

AUGUST 31, 2022
Avantis U.S. Equity Fund
SharesValue
COMMON STOCKS — 99.4%


Aerospace and Defense — 1.1%
AAR Corp.(1)
1,155 $49,526 
Aerojet Rocketdyne Holdings, Inc.(1)
3,126 134,637 
AerSale Corp.(1)
635 12,243 
Archer Aviation, Inc., Class A(1)(2)
4,546 16,093 
Axon Enterprise, Inc.(1)
257 29,987 
Boeing Co.(1)
1,587 254,317 
BWX Technologies, Inc.3,560 185,583 
Curtiss-Wright Corp.281 41,360 
Ducommun, Inc.(1)
89 3,916 
General Dynamics Corp.1,113 254,799 
HEICO Corp.159 24,216 
HEICO Corp., Class A385 47,193 
Hexcel Corp.1,272 74,628 
Howmet Aerospace, Inc.1,262 44,713 
Huntington Ingalls Industries, Inc.493 113,518 
Kaman Corp.710 22,521 
Kratos Defense & Security Solutions, Inc.(1)
917 11,499 
L3Harris Technologies, Inc.689 157,223 
Lockheed Martin Corp.2,429 1,020,447 
Maxar Technologies, Inc.218 5,195 
Moog, Inc., Class A847 63,508 
National Presto Industries, Inc.103 7,027 
Northrop Grumman Corp.649 310,216 
Parsons Corp.(1)
30 1,241 
Raytheon Technologies Corp.8,595 771,401 
Textron, Inc.3,876 241,785 
TransDigm Group, Inc.207 124,281 
Triumph Group, Inc.(1)
528 6,859 
Virgin Galactic Holdings, Inc.(1)
1,367 8,079 
Woodward, Inc.1,377 128,157 
4,166,168 
Air Freight and Logistics — 1.0%
Air Transport Services Group, Inc.(1)
3,671 110,607 
Atlas Air Worldwide Holdings, Inc.(1)
1,208 120,704 
CH Robinson Worldwide, Inc.502 57,303 
Expeditors International of Washington, Inc.3,378 347,563 
FedEx Corp.4,099 864,110 
Forward Air Corp.607 58,903 
GXO Logistics, Inc.(1)
748 33,196 
Hub Group, Inc., Class A(1)
987 78,773 
United Parcel Service, Inc., Class B9,683 1,883,440 
3,554,599 
Airlines — 0.2%
Alaska Air Group, Inc.(1)
1,423 61,986 
Allegiant Travel Co.(1)
620 59,830 
14


Avantis U.S. Equity Fund
SharesValue
American Airlines Group, Inc.(1)
2,286 $29,695 
Delta Air Lines, Inc.(1)
6,530 202,887 
Frontier Group Holdings, Inc.(1)
913 11,778 
Hawaiian Holdings, Inc.(1)
2,390 35,826 
JetBlue Airways Corp.(1)
4,739 36,917 
Mesa Air Group, Inc.(1)
522 1,268 
SkyWest, Inc.(1)
1,629 34,681 
Southwest Airlines Co.(1)
6,257 229,632 
Spirit Airlines, Inc.(1)
1,496 33,929 
Sun Country Airlines Holdings, Inc.(1)
1,302 25,936 
United Airlines Holdings, Inc.(1)
3,798 132,968 
Wheels Up Experience, Inc.(1)
4,550 8,509 
905,842 
Auto Components — 0.4%
American Axle & Manufacturing Holdings, Inc.(1)
6,857 70,970 
Aptiv PLC(1)
2,035 190,130 
Autoliv, Inc.2,728 212,211 
BorgWarner, Inc.4,383 165,239 
Cooper-Standard Holdings, Inc.(1)
132 1,034 
Dana, Inc.2,357 36,463 
Dorman Products, Inc.(1)
700 63,455 
Gentex Corp.4,070 111,070 
Gentherm, Inc.(1)
778 46,602 
Goodyear Tire & Rubber Co.(1)
8,220 115,327 
LCI Industries1,159 134,293 
Lear Corp.944 130,876 
Modine Manufacturing Co.(1)
860 12,883 
Motorcar Parts of America, Inc.(1)
233 3,463 
Patrick Industries, Inc.464 24,578 
QuantumScape Corp.(1)(2)
2,508 27,663 
Standard Motor Products, Inc.341 12,515 
Visteon Corp.(1)
245 29,358 
1,388,130 
Automobiles — 1.2%
Canoo, Inc.(1)(2)
2,240 7,146 
Ford Motor Co.36,419 555,026 
General Motors Co.15,250 582,702 
Harley-Davidson, Inc.3,640 140,395 
Lordstown Motors Corp., Class A(1)
2,733 5,849 
Lucid Group, Inc.(1)(2)
4,717 72,359 
Rivian Automotive, Inc., Class A(1)(2)
241 7,883 
Tesla, Inc.(1)
11,091 3,056,790 
Thor Industries, Inc.933 75,582 
Winnebago Industries, Inc.1,158 66,678 
Workhorse Group, Inc.(1)(2)
232 726 
4,571,136 
Banks — 5.8%
1st Source Corp.134 6,323 
ACNB Corp.(2)
274 9,743 
Allegiance Bancshares, Inc.505 21,392 
Amalgamated Financial Corp.479 10,777 
15


Avantis U.S. Equity Fund
SharesValue
Amerant Bancorp, Inc.864 $22,628 
American National Bankshares, Inc.384 12,645 
Ameris Bancorp1,706 79,636 
Arrow Financial Corp.599 19,234 
Associated Banc-Corp.3,946 79,078 
Atlantic Union Bankshares Corp.1,701 55,197 
Banc of California, Inc.1,504 25,388 
BancFirst Corp.383 41,310 
Bancorp, Inc.(1)
1,686 39,992 
Bank First Corp.(2)
345 28,038 
Bank of America Corp.47,870 1,608,911 
Bank of Hawaii Corp.1,184 92,376 
Bank of Marin Bancorp324 10,012 
Bank OZK3,249 131,682 
BankUnited, Inc.2,500 92,625 
Banner Corp.954 57,965 
Bar Harbor Bankshares500 14,165 
Baycom Corp.385 7,165 
BCB Bancorp, Inc.593 10,674 
Berkshire Hills Bancorp, Inc.845 23,837 
Blue Ridge Bankshares, Inc.811 11,897 
BOK Financial Corp.625 55,544 
Brookline Bancorp., Inc.1,675 20,887 
Business First Bancshares, Inc.748 17,645 
Byline Bancorp, Inc.780 17,012 
Cadence Bank3,288 83,778 
Cambridge Bancorp192 15,788 
Camden National Corp.451 20,399 
Capital City Bank Group, Inc.175 5,588 
Capstar Financial Holdings, Inc.717 14,448 
Carter Bankshares, Inc.(1)
1,318 21,707 
Cathay General Bancorp.1,671 70,082 
CBTX, Inc.475 14,155 
Central Pacific Financial Corp.1,144 24,928 
Central Valley Community Bancorp384 6,835 
Citigroup, Inc.20,647 1,007,780 
Citizens & Northern Corp.211 5,064 
Citizens Financial Group, Inc.10,986 402,966 
City Holding Co.392 33,324 
Civista Bancshares, Inc.218 4,611 
CNB Financial Corp.770 20,266 
Coastal Financial Corp.(1)
338 13,588 
Columbia Banking System, Inc.1,767 52,922 
Comerica, Inc.3,572 286,832 
Commerce Bancshares, Inc.2,089 143,661 
Community Bank System, Inc.549 35,894 
Community Trust Bancorp, Inc.482 20,364 
ConnectOne Bancorp, Inc.1,113 27,858 
CrossFirst Bankshares, Inc.(1)
869 11,453 
Cullen/Frost Bankers, Inc.810 105,268 
Customers Bancorp, Inc.(1)
1,382 47,942 
16


Avantis U.S. Equity Fund
SharesValue
CVB Financial Corp.2,412 $63,291 
Dime Community Bancshares, Inc.1,170 36,574 
Eagle Bancorp, Inc.926 44,939 
East West Bancorp, Inc.3,332 240,470 
Eastern Bankshares, Inc.2,790 54,126 
Enterprise Bancorp, Inc.150 4,827 
Enterprise Financial Services Corp.907 41,468 
Equity Bancshares, Inc., Class A592 18,488 
Esquire Financial Holdings, Inc.226 8,448 
F.N.B. Corp.7,606 90,663 
Farmers & Merchants Bancorp, Inc.511 14,594 
Farmers National Banc Corp.1,110 15,862 
FB Financial Corp.818 32,409 
Fifth Third Bancorp12,639 431,622 
Financial Institutions, Inc.648 16,867 
First BanCorp9,275 132,632 
First Bancorp, Inc.69 2,001 
First Bancorp/Southern Pines NC791 28,800 
First Bancshares, Inc.537 16,056 
First Busey Corp.1,592 36,616 
First Business Financial Services, Inc.296 9,851 
First Citizens BancShares, Inc., Class A259 210,298 
First Commonwealth Financial Corp.2,633 35,493 
First Community Bankshares, Inc.369 11,635 
First Financial Bancorp2,191 47,282 
First Financial Bankshares, Inc.1,917 81,492 
First Financial Corp.358 16,647 
First Foundation, Inc.1,202 22,790 
First Hawaiian, Inc.2,303 59,210 
First Horizon Corp.13,829 312,812 
First Internet Bancorp270 9,901 
First Interstate Bancsystem, Inc., Class A2,212 89,055 
First Merchants Corp.1,521 60,566 
First Mid Bancshares, Inc.445 15,731 
First of Long Island Corp.279 5,136 
First Republic Bank2,154 327,042 
Five Star Bancorp297 7,553 
Flushing Financial Corp.915 18,895 
Fulton Financial Corp.5,098 82,741 
German American Bancorp, Inc.515 19,343 
Glacier Bancorp, Inc.1,729 87,626 
Great Southern Bancorp, Inc.358 21,043 
Hancock Whitney Corp.2,758 133,018 
Hanmi Financial Corp.1,345 33,248 
HarborOne Bancorp, Inc.1,993 27,185 
Heartland Financial USA, Inc.932 41,632 
Heritage Commerce Corp.1,136 12,825 
Heritage Financial Corp.687 17,855 
Hilltop Holdings, Inc.1,799 47,494 
Home BancShares, Inc.3,454 81,273 
HomeStreet, Inc.686 23,880 
17


Avantis U.S. Equity Fund
SharesValue
HomeTrust Bancshares, Inc.196 $4,551 
Hope Bancorp, Inc.3,253 47,071 
Horizon Bancorp, Inc.1,083 20,490 
Huntington Bancshares, Inc.23,895 320,193 
Independent Bank Corp. (Massachusetts)694 54,292 
Independent Bank Corp. (Michigan)653 13,400 
Independent Bank Group, Inc.668 44,996 
International Bancshares Corp.1,696 70,774 
JPMorgan Chase & Co.22,283 2,534,246 
KeyCorp21,881 387,075 
Lakeland Bancorp, Inc.1,178 19,190 
Lakeland Financial Corp.564 42,492 
Live Oak Bancshares, Inc.1,124 40,734 
M&T Bank Corp.2,638 479,536 
Macatawa Bank Corp.489 4,655 
Mercantile Bank Corp.568 18,789 
Metrocity Bankshares, Inc.562 11,234 
Metropolitan Bank Holding Corp.(1)
258 18,470 
Mid Penn Bancorp, Inc.311 9,047 
Midland States Bancorp, Inc.740 18,567 
MidWestOne Financial Group, Inc.190 5,795 
MVB Financial Corp.145 4,637 
National Bank Holdings Corp., Class A687 27,569 
NBT Bancorp, Inc.1,284 49,794 
Nicolet Bankshares, Inc.(1)
207 15,852 
Northeast Bank344 13,337 
Northrim BanCorp, Inc.88 3,568 
Northwest Bancshares, Inc.2,752 38,721 
OceanFirst Financial Corp.1,395 27,119 
OFG Bancorp2,093 56,930 
Old National Bancorp.5,628 93,931 
Old Second Bancorp, Inc.1,091 14,969 
Origin Bancorp, Inc.749 30,597 
Orrstown Financial Services, Inc.418 10,755 
Pacific Premier Bancorp, Inc.2,662 87,207 
PacWest Bancorp3,340 87,942 
Park National Corp.449 59,192 
Parke Bancorp, Inc.239 5,301 
Pathward Financial, Inc.714 23,533 
PCB Bancorp.619 11,625 
Peapack-Gladstone Financial Corp.200 6,734 
Peoples Bancorp, Inc.1,112 33,238 
Pinnacle Financial Partners, Inc.1,064 85,875 
PNC Financial Services Group, Inc.4,686 740,388 
Popular, Inc.2,764 213,436 
Preferred Bank443 30,053 
Premier Financial Corp.1,015 27,425 
Primis Financial Corp.314 4,117 
Professional Holding Corp., Class A(1)
371 10,373 
Prosperity Bancshares, Inc.1,463 103,697 
QCR Holdings, Inc.506 28,260 
18


Avantis U.S. Equity Fund
SharesValue
RBB Bancorp596 $13,172 
Regions Financial Corp.20,692 448,396 
Renasant Corp.997 33,240 
Republic Bancorp, Inc., Class A412 17,510 
S&T Bancorp, Inc.1,341 39,747 
Sandy Spring Bancorp, Inc.1,151 44,337 
Seacoast Banking Corp. of Florida1,088 35,164 
ServisFirst Bancshares, Inc.1,192 100,557 
Shore Bancshares, Inc.441 8,401 
Sierra Bancorp568 11,769 
Signature Bank915 159,539 
Silvergate Capital Corp., Class A(1)
419 38,179 
Simmons First National Corp., Class A2,316 54,634 
SmartFinancial, Inc.229 5,746 
Southern First Bancshares, Inc.(1)
222 9,570 
Southside Bancshares, Inc.640 24,115 
SouthState Corp.1,540 120,182 
Stock Yards Bancorp, Inc.339 22,462 
Summit Financial Group, Inc.196 5,590 
SVB Financial Group(1)
789 320,744 
Synovus Financial Corp.4,240 170,278 
Texas Capital Bancshares, Inc.(1)
1,212 71,544 
Tompkins Financial Corp.301 21,564 
Towne Bank1,775 50,570 
Trico Bancshares1,187 56,015 
Triumph Bancorp, Inc.(1)
1,059 65,563 
Truist Financial Corp.14,115 661,147 
Trustmark Corp.1,692 53,366 
U.S. Bancorp15,054 686,613 
UMB Financial Corp.1,004 89,828 
Umpqua Holdings Corp.6,896 122,335 
United Bankshares, Inc.2,235 82,918 
United Community Banks, Inc.2,262 75,845 
Unity Bancorp, Inc.332 9,306 
Univest Financial Corp.963 23,882 
Valley National Bancorp8,148 94,680 
Veritex Holdings, Inc.933 28,093 
Washington Federal, Inc.1,697 54,321 
Washington Trust Bancorp, Inc.493 24,961 
Webster Financial Corp.3,147 148,066 
Wells Fargo & Co.41,460 1,812,217 
WesBanco, Inc.1,386 47,415 
West BanCorp, Inc.500 12,305 
Westamerica Bancorporation600 33,570 
Western Alliance Bancorp2,406 184,588 
Wintrust Financial Corp.1,545 130,305 
Zions Bancorp NA4,184 230,245 
21,088,950 
Beverages — 1.2%
Boston Beer Co., Inc., Class A(1)
75 25,281 
Brown-Forman Corp., Class A472 33,309 
19


Avantis U.S. Equity Fund
SharesValue
Brown-Forman Corp., Class B4,463 $324,460 
Celsius Holdings, Inc.(1)
207 21,422 
Coca-Cola Co.20,705 1,277,706 
Coca-Cola Consolidated, Inc.201 95,340 
Constellation Brands, Inc., Class A1,530 376,456 
Duckhorn Portfolio, Inc.(1)
503 9,175 
Keurig Dr Pepper, Inc.3,480 132,658 
Molson Coors Beverage Co., Class B4,236 218,874 
Monster Beverage Corp.(1)
2,753 244,549 
National Beverage Corp.860 47,696 
PepsiCo, Inc.8,721 1,502,367 
4,309,293 
Biotechnology — 3.0%
2seventy bio, Inc.(1)
714 10,517 
AbbVie, Inc.12,122 1,629,924 
Adicet Bio, Inc.(1)
495 7,009 
Adverum Biotechnologies, Inc.(1)(2)
241 280 
Agios Pharmaceuticals, Inc.(1)
619 15,784 
Alaunos Therapeutics, Inc.(1)
600 1,476 
Albireo Pharma, Inc.(1)(2)
120 2,100 
Aldeyra Therapeutics, Inc.(1)
2,228 15,685 
Alector, Inc.(1)
2,399 24,830 
Alkermes PLC(1)
2,415 57,163 
Allakos, Inc.(1)(2)
54 262 
Allogene Therapeutics, Inc.(1)(2)
1,863 25,542 
Alnylam Pharmaceuticals, Inc.(1)
419 86,595 
Altimmune, Inc.(1)
915 20,203 
ALX Oncology Holdings, Inc.(1)(2)
72 936 
Amgen, Inc.3,763 904,249 
AnaptysBio, Inc.(1)
151 3,506 
Anika Therapeutics, Inc.(1)
17 384 
Apellis Pharmaceuticals, Inc.(1)
626 37,879 
Arcturus Therapeutics Holdings, Inc.(1)
69 969 
Arcus Biosciences, Inc.(1)
711 17,121 
Arcutis Biotherapeutics, Inc.(1)
494 13,313 
Ardelyx, Inc.(1)
348 330 
Assembly Biosciences, Inc.(1)(2)
133 249 
Atara Biotherapeutics, Inc.(1)
834 3,344 
Avid Bioservices, Inc.(1)
621 10,694 
BioCryst Pharmaceuticals, Inc.(1)
946 13,149 
Biogen, Inc.(1)
2,382 465,395 
Biohaven Pharmaceutical Holding Co. Ltd.(1)
428 63,922 
BioMarin Pharmaceutical, Inc.(1)
2,017 179,916 
Bluebird Bio, Inc.(1)(2)
123 718 
Blueprint Medicines Corp.(1)
609 44,591 
Calithera Biosciences, Inc.(1)
31 
CareDx, Inc.(1)
381 7,464 
Catalyst Pharmaceuticals, Inc.(1)
3,691 49,976 
ChemoCentryx, Inc.(1)
885 45,117 
Chinook Therapeutics, Inc.(1)
763 15,870 
Cogent Biosciences, Inc.(1)
1,769 29,171 
20


Avantis U.S. Equity Fund
SharesValue
CRISPR Therapeutics AG(1)(2)
1,163 $75,700 
CTI BioPharma Corp.(1)(2)
1,427 8,962 
Cullinan Oncology, Inc.(1)
506 6,821 
Day One Biopharmaceuticals, Inc.(1)
822 19,309 
Deciphera Pharmaceuticals, Inc.(1)
674 10,939 
Denali Therapeutics, Inc.(1)
843 23,326 
Dynavax Technologies Corp.(1)
4,847 55,595 
Editas Medicine, Inc.(1)
1,447 21,271 
Eiger BioPharmaceuticals, Inc.(1)
1,162 9,598 
Emergent BioSolutions, Inc.(1)
873 20,969 
Enanta Pharmaceuticals, Inc.(1)
212 12,907 
EQRx, Inc.(1)(2)
9,167 44,827 
Exact Sciences Corp.(1)
920 32,706 
Exelixis, Inc.(1)
2,650 47,011 
Frequency Therapeutics, Inc.(1)
165 340 
G1 Therapeutics, Inc.(1)(2)
166 2,409 
Generation Bio Co.(1)
1,509 7,726 
Geron Corp.(1)(2)
2,825 7,458 
Gilead Sciences, Inc.20,055 1,272,891 
Halozyme Therapeutics, Inc.(1)
5,543 225,766 
Harpoon Therapeutics, Inc.(1)
487 808 
Horizon Therapeutics PLC(1)
3,218 190,538 
Ideaya Biosciences, Inc.(1)
273 2,684 
Incyte Corp.(1)
2,121 149,382 
Ionis Pharmaceuticals, Inc.(1)
1,383 58,805 
Iovance Biotherapeutics, Inc.(1)
1,053 11,288 
Ironwood Pharmaceuticals, Inc.(1)
6,854 73,749 
iTeos Therapeutics, Inc.(1)
1,269 28,146 
Keros Therapeutics, Inc.(1)
47 1,662 
Kiniksa Pharmaceuticals Ltd., Class A(1)
232 2,719 
Kodiak Sciences, Inc.(1)
87 871 
Krystal Biotech, Inc.(1)
343 24,048 
Kura Oncology, Inc.(1)
2,185 30,284 
Kymera Therapeutics, Inc.(1)
547 15,464 
Ligand Pharmaceuticals, Inc.(1)
249 23,005 
Lyell Immunopharma, Inc.(1)
4,561 30,559 
MacroGenics, Inc.(1)
152 603 
MannKind Corp.(1)(2)
2,305 8,413 
Mirati Therapeutics, Inc.(1)
383 31,034 
Moderna, Inc.(1)
5,818 769,547 
Monte Rosa Therapeutics, Inc.(1)(2)
439 3,477 
Myriad Genetics, Inc.(1)
693 15,482 
Neurocrine Biosciences, Inc.(1)
1,142 119,487 
Nkarta, Inc.(1)
785 11,296 
Nurix Therapeutics, Inc.(1)
334 5,254 
Nuvalent, Inc., Class A(1)
550 9,284 
Olema Pharmaceuticals, Inc.(1)
299 1,181 
Organogenesis Holdings, Inc.(1)
778 2,793 
Passage Bio, Inc.(1)
253 511 
PDL BioPharma, Inc.(1)
752 1,925 
PMV Pharmaceuticals, Inc.(1)
1,392 19,377 
21


Avantis U.S. Equity Fund
SharesValue
Point Biopharma Global, Inc.(1)(2)
2,767 $26,978 
PTC Therapeutics, Inc.(1)
260 12,984 
Quince Therapeutics, Inc.(1)
256 451 
Recursion Pharmaceuticals, Inc., Class A(1)
1,117 11,740 
Regeneron Pharmaceuticals, Inc.(1)
2,013 1,169,674 
REGENXBIO, Inc.(1)
1,606 47,377 
Relay Therapeutics, Inc.(1)
247 5,674 
Repare Therapeutics, Inc.(1)(2)
136 1,621 
Replimune Group, Inc.(1)
1,200 22,872 
REVOLUTION Medicines, Inc.(1)
858 17,872 
Rhythm Pharmaceuticals, Inc.(1)
119 2,689 
Rigel Pharmaceuticals, Inc.(1)
10,153 14,417 
Rocket Pharmaceuticals, Inc.(1)
601 9,261 
Sage Therapeutics, Inc.(1)
1,513 56,980 
Sana Biotechnology, Inc.(1)(2)
1,133 7,716 
Sangamo Therapeutics, Inc.(1)
1,575 8,505 
Sarepta Therapeutics, Inc.(1)
749 81,926 
Seagen, Inc.(1)
1,087 167,713 
Spectrum Pharmaceuticals, Inc.(1)
83 94 
Stoke Therapeutics, Inc.(1)
72 1,084 
Sutro Biopharma, Inc.(1)
160 906 
Syndax Pharmaceuticals, Inc.(1)
280 6,611 
Talaris Therapeutics, Inc.(1)
221 731 
Tango Therapeutics, Inc.(1)
1,099 4,506 
TCR2 Therapeutics, Inc.(1)
110 299 
Twist Bioscience Corp.(1)
461 18,495 
Ultragenyx Pharmaceutical, Inc.(1)
172 8,203 
uniQure NV(1)
1,848 36,110 
United Therapeutics Corp.(1)
1,463 331,545 
Vanda Pharmaceuticals, Inc.(1)
982 10,390 
Vaxcyte, Inc.(1)
339 8,868 
VBI Vaccines, Inc.(1)
770 690 
Veracyte, Inc.(1)
948 19,339 
Vertex Pharmaceuticals, Inc.(1)
4,387 1,236,081 
Viking Therapeutics, Inc.(1)
399 1,269 
Vir Biotechnology, Inc.(1)
3,360 79,800 
Voyager Therapeutics, Inc.(1)
243 1,451 
Xencor, Inc.(1)
1,200 31,668 
Xenon Pharmaceuticals, Inc.(1)
995 38,616 
Zymeworks, Inc.(1)
83 532 
10,859,609 
Building Products — 0.7%
Advanced Drainage Systems, Inc.484 65,679 
Allegion PLC925 87,968 
American Woodmark Corp.(1)
363 
AO Smith Corp.3,011 169,971 
Apogee Enterprises, Inc.875 35,735 
Armstrong World Industries, Inc.1,587 133,292 
Builders FirstSource, Inc.(1)
5,958 349,198 
Carlisle Cos., Inc.502 148,421 
Carrier Global Corp.4,462 174,554 
22


Avantis U.S. Equity Fund
SharesValue
CSW Industrials, Inc.243 $30,764 
Fortune Brands Home & Security, Inc.926 56,884 
Gibraltar Industries, Inc.(1)
251 10,504 
Hayward Holdings, Inc.(1)
2,247 23,616 
Insteel Industries, Inc.667 19,276 
JELD-WEN Holding, Inc.(1)
331 3,691 
Johnson Controls International PLC2,010 108,821 
Lennox International, Inc.155 37,219 
Masco Corp.1,107 56,313 
Masonite International Corp.(1)
811 66,356 
Owens Corning3,626 296,353 
Quanex Building Products Corp.780 17,394 
Resideo Technologies, Inc.(1)
946 19,696 
Simpson Manufacturing Co., Inc.774 71,703 
Trane Technologies PLC863 132,962 
Trex Co., Inc.(1)
2,678 125,304 
UFP Industries, Inc.1,098 87,170 
Zurn Elkay Water Solutions Corp.2,517 69,419 
2,398,626 
Capital Markets — 3.6%
Affiliated Managers Group, Inc.122 15,538 
Ameriprise Financial, Inc.2,783 745,872 
Ares Management Corp., Class A806 59,757 
Artisan Partners Asset Management, Inc., Class A2,740 92,502 
B. Riley Financial, Inc.781 38,870 
Bank of New York Mellon Corp.9,327 387,350 
BGC Partners, Inc., Class A5,615 22,572 
BlackRock, Inc.854 569,097 
Blackstone, Inc.9,082 853,163 
Brightsphere Investment Group, Inc.1,432 24,473 
Carlyle Group, Inc.6,168 200,645 
Cboe Global Markets, Inc.580 68,423 
Charles Schwab Corp.12,237 868,215 
CME Group, Inc.2,237 437,580 
Cohen & Steers, Inc.935 66,740 
Coinbase Global, Inc., Class A(1)
2,116 141,349 
Cowen, Inc., Class A748 28,761 
Diamond Hill Investment Group, Inc.95 16,250 
Donnelley Financial Solutions, Inc.(1)
603 25,597 
Evercore, Inc., Class A1,376 128,917 
FactSet Research Systems, Inc.543 235,304 
Federated Hermes, Inc.2,049 69,789 
Focus Financial Partners, Inc., Class A(1)
408 15,973 
Franklin Resources, Inc.4,032 105,114 
Goldman Sachs Group, Inc.4,355 1,448,778 
Hamilton Lane, Inc., Class A248 17,256 
Houlihan Lokey, Inc.2,001 157,078 
Interactive Brokers Group, Inc., Class A674 41,512 
Intercontinental Exchange, Inc.1,419 143,106 
Invesco Ltd.6,693 110,234 
Janus Henderson Group PLC4,060 95,004 
23


Avantis U.S. Equity Fund
SharesValue
Jefferies Financial Group, Inc.6,277 $201,429 
KKR & Co., Inc.7,160 362,010 
Lazard Ltd., Class A4,175 151,761 
LPL Financial Holdings, Inc.1,198 265,153 
Manning & Napier, Inc.477 6,072 
MarketAxess Holdings, Inc.363 90,238 
Moelis & Co., Class A2,333 97,193 
Moody's Corp.1,104 314,110 
Morgan Stanley12,112 1,032,185 
Morningstar, Inc.190 43,318 
MSCI, Inc.339 152,292 
Nasdaq, Inc.1,113 66,257 
Northern Trust Corp.3,479 330,818 
Open Lending Corp., Class A(1)
2,157 20,944 
Oppenheimer Holdings, Inc., Class A408 14,810 
Perella Weinberg Partners(2)
1,054 7,578 
Piper Sandler Cos.766 87,761 
PJT Partners, Inc., Class A240 16,613 
Raymond James Financial, Inc.4,032 420,820 
S&P Global, Inc.1,631 574,406 
SEI Investments Co.3,084 168,695 
State Street Corp.5,421 370,525 
StepStone Group, Inc., Class A1,178 32,148 
Stifel Financial Corp.2,844 168,678 
StoneX Group, Inc.(1)
834 77,428 
T. Rowe Price Group, Inc.3,744 449,280 
TPG, Inc.727 21,345 
Tradeweb Markets, Inc., Class A632 43,981 
Victory Capital Holdings, Inc., Class A933 24,986 
Virtu Financial, Inc., Class A4,225 97,006 
Virtus Investment Partners, Inc.188 35,955 
WisdomTree Investments, Inc.2,210 11,072 
12,987,686 
Chemicals — 2.7%
AdvanSix, Inc.1,154 41,844 
Air Products and Chemicals, Inc.2,140 540,243 
Albemarle Corp.2,047 548,514 
American Vanguard Corp.1,244 24,793 
Ashland, Inc.1,009 102,676 
Avient Corp.1,128 49,440 
Axalta Coating Systems Ltd.(1)
1,496 38,522 
Balchem Corp.144 18,982 
Cabot Corp.2,792 200,940 
Celanese Corp.2,609 289,234 
CF Industries Holdings, Inc.6,978 721,944 
Chase Corp.153 13,488 
Chemours Co.7,313 246,667 
Corteva, Inc.9,479 582,295 
Danimer Scientific, Inc.(1)
1,017 4,526 
Dow, Inc.18,472 942,072 
DuPont de Nemours, Inc.4,665 259,561 
24


Avantis U.S. Equity Fund
SharesValue
Eastman Chemical Co.3,371 $306,761 
Ecolab, Inc.789 129,262 
Ecovyst, Inc.(1)
968 8,944 
Element Solutions, Inc.781 14,581 
FMC Corp.3,139 339,263 
GCP Applied Technologies, Inc.(1)
467 14,673 
H.B. Fuller Co.487 31,587 
Hawkins, Inc.610 23,375 
Huntsman Corp.5,297 148,422 
Ingevity Corp.(1)
1,528 107,174 
Innospec, Inc.430 40,188 
International Flavors & Fragrances, Inc.1,429 157,876 
Intrepid Potash, Inc.(1)
310 14,486 
Koppers Holdings, Inc.734 16,757 
Kronos Worldwide, Inc.903 11,631 
Linde PLC2,924 827,083 
LSB Industries, Inc.(1)
4,030 63,593 
LyondellBasell Industries NV, Class A8,097 672,051 
Mativ Holdings, Inc.24 
Minerals Technologies, Inc.580 33,791 
Mosaic Co.12,135 653,712 
NewMarket Corp.182 52,272 
Olin Corp.6,220 339,985 
Origin Materials, Inc.(1)
1,311 8,194 
Orion Engineered Carbons SA2,618 44,139 
PPG Industries, Inc.980 124,440 
PureCycle Technologies, Inc.(1)(2)
1,827 16,681 
Quaker Chemical Corp.152 26,497 
RPM International, Inc.949 88,409 
Sensient Technologies Corp.532 42,384 
Sherwin-Williams Co.1,835 425,903 
Stepan Co.372 38,774 
Tredegar Corp.1,180 12,048 
Trinseo PLC1,620 42,979 
Tronox Holdings PLC, Class A5,103 74,657 
Valhi, Inc.232 8,106 
Valvoline, Inc.2,780 80,815 
Westlake Corp.860 84,822 
9,752,080 
Commercial Services and Supplies — 0.6%
Aris Water Solution, Inc., Class A400 6,800 
Brady Corp., Class A638 29,693 
Brink's Co.478 26,424 
Casella Waste Systems, Inc., Class A(1)
858 70,296 
Cimpress PLC(1)
269 
Cintas Corp.601 244,511 
Civeo Corp.(1)
1,036 30,728 
Clean Harbors, Inc.(1)
1,513 177,656 
Copart, Inc.(1)
3,436 411,117 
Deluxe Corp.592 11,390 
Ennis, Inc.1,194 25,349 
25


Avantis U.S. Equity Fund
SharesValue
Healthcare Services Group, Inc.1,523 $21,429 
Heritage-Crystal Clean, Inc.(1)
610 19,868 
HNI Corp.1,019 32,608 
IAA, Inc.(1)
1,865 69,490 
Interface, Inc.1,955 21,837 
KAR Auction Services, Inc.(1)
1,998 29,171 
Li-Cycle Holdings Corp.(1)
1,720 12,401 
MSA Safety, Inc.191 22,702 
Pitney Bowes, Inc.1,109 3,205 
Quad/Graphics, Inc.(1)
1,703 5,381 
Republic Services, Inc.746 106,469 
Rollins, Inc.1,768 59,688 
SP Plus Corp.(1)
633 20,978 
Steelcase, Inc., Class A935 10,453 
Stericycle, Inc.(1)
75 3,757 
Tetra Tech, Inc.261 35,446 
UniFirst Corp.194 34,970 
VSE Corp.101 4,227 
Waste Connections, Inc.1,017 141,546 
Waste Management, Inc.2,970 502,019 
2,191,878 
Communications Equipment — 0.5%
ADTRAN Holdings, Inc.351 8,157 
Arista Networks, Inc.(1)
2,598 311,448 
Aviat Networks, Inc.(1)
332 10,392 
Cambium Networks Corp.(1)
125 2,432 
Ciena Corp.(1)
2,194 111,324 
Cisco Systems, Inc.14,143 632,475 
CommScope Holding Co., Inc.(1)
2,063 23,312 
Comtech Telecommunications Corp.175 1,976 
Extreme Networks, Inc.(1)
2,001 28,674 
F5, Inc.(1)
259 40,678 
Juniper Networks, Inc.2,173 61,757 
Lumentum Holdings, Inc.(1)
1,326 110,787 
Motorola Solutions, Inc.734 178,663 
NETGEAR, Inc.(1)
326 7,690 
NetScout Systems, Inc.(1)
924 29,328 
Ribbon Communications, Inc.(1)
594 2,085 
Ubiquiti, Inc.(2)
105 32,591 
ViaSat, Inc.(1)
2,208 83,860 
Viavi Solutions, Inc.(1)
3,474 48,914 
1,726,543 
Construction and Engineering — 0.4%
AECOM294 21,506 
Arcosa, Inc.788 46,059 
Argan, Inc.354 12,245 
Dycom Industries, Inc.(1)
713 79,941 
EMCOR Group, Inc.1,105 131,406 
Fluor Corp.(1)
1,904 50,342 
Granite Construction, Inc.1,638 49,107 
Great Lakes Dredge & Dock Corp.(1)
2,633 25,198 
26


Avantis U.S. Equity Fund
SharesValue
MasTec, Inc.(1)
1,366 $109,963 
Matrix Service Co.(1)
MDU Resources Group, Inc.3,472 104,681 
MYR Group, Inc.(1)
655 60,876 
Northwest Pipe Co.(1)
260 8,232 
NV5 Global, Inc.(1)
172 24,211 
Primoris Services Corp.1,447 29,331 
Quanta Services, Inc.2,414 341,098 
Sterling Infrastructure, Inc.(1)
1,283 32,447 
Tutor Perini Corp.(1)
1,023 6,936 
Valmont Industries, Inc.236 65,329 
WillScot Mobile Mini Holdings Corp.(1)
3,752 150,605 
1,349,519 
Construction Materials — 0.2%
Eagle Materials, Inc.1,469 175,722 
Martin Marietta Materials, Inc.716 248,960 
Summit Materials, Inc., Class A(1)
1,702 48,371 
United States Lime & Minerals, Inc.34 3,495 
Vulcan Materials Co.1,269 211,276 
687,824 
Consumer Finance — 1.1%
Ally Financial, Inc.10,154 337,113 
American Express Co.4,093 622,136 
Atlanticus Holdings Corp.(1)
173 4,925 
Bread Financial Holdings, Inc.2,394 92,001 
Capital One Financial Corp.7,635 807,936 
Consumer Portfolio Services, Inc.(1)
792 9,219 
Credit Acceptance Corp.(1)(2)
252 134,084 
Discover Financial Services7,449 748,550 
Encore Capital Group, Inc.(1)
1,178 64,413 
Enova International, Inc.(1)
991 34,626 
EZCORP, Inc., Class A(1)
1,486 13,002 
Green Dot Corp., Class A(1)
1,850 37,536 
LendingClub Corp.(1)
1,423 18,599 
Navient Corp.5,259 80,936 
Nelnet, Inc., Class A486 40,941 
OneMain Holdings, Inc.3,935 137,450 
Oportun Financial Corp.(1)
218 1,114 
PRA Group, Inc.(1)
1,218 44,993 
PROG Holdings, Inc.(1)
2,373 43,995 
Regional Management Corp.404 13,611 
SLM Corp.10,642 162,610 
SoFi Technologies, Inc.(1)
8,756 51,835 
Synchrony Financial15,059 493,182 
World Acceptance Corp.(1)
184 21,388 
4,016,195 
Containers and Packaging — 0.6%
Amcor PLC6,192 74,366 
AptarGroup, Inc.741 76,182 
Ardagh Metal Packaging SA(2)
1,684 10,357 
Avery Dennison Corp.871 159,933 
27


Avantis U.S. Equity Fund
SharesValue
Ball Corp.2,728 $152,250 
Berry Global Group, Inc.(1)
844 45,854 
Crown Holdings, Inc.857 77,636 
Graphic Packaging Holding Co.8,922 198,693 
Greif, Inc., Class A624 41,839 
Greif, Inc., Class B105 6,853 
International Paper Co.6,520 271,362 
Myers Industries, Inc.941 18,180 
O-I Glass, Inc.(1)
1,786 23,236 
Packaging Corp. of America2,966 406,105 
Sealed Air Corp.2,260 121,610 
Silgan Holdings, Inc.152 6,924 
Sonoco Products Co.2,935 184,964 
TriMas Corp.840 23,117 
WestRock Co.5,045 204,776 
2,104,237 
Distributors — 0.2%
Genuine Parts Co.2,399 374,268 
LKQ Corp.4,458 237,255 
Pool Corp.480 162,811 
774,334 
Diversified Consumer Services — 0.2%
ADT, Inc.1,747 12,736 
Adtalem Global Education, Inc.(1)
2,434 91,737 
American Public Education, Inc.(1)
77 795 
Bright Horizons Family Solutions, Inc.(1)
192 13,094 
frontdoor, Inc.(1)
841 19,747 
Graham Holdings Co., Class B49 27,706 
Grand Canyon Education, Inc.(1)
1,419 115,478 
H&R Block, Inc.2,819 126,855 
Laureate Education, Inc., Class A5,744 63,299 
OneSpaWorld Holdings Ltd.(1)
449 3,956 
Perdoceo Education Corp.(1)
2,416 27,977 
Service Corp. International2,235 137,922 
Strategic Education, Inc.354 22,904 
Stride, Inc.(1)
1,135 43,289 
Terminix Global Holdings, Inc.(1)
304 12,966 
Universal Technical Institute, Inc.(1)
1,620 11,113 
WW International, Inc.(1)
204 1,065 
732,639 
Diversified Financial Services — 0.9%
A-Mark Precious Metals, Inc.612 18,917 
Acacia Research Corp.(1)
2,587 11,616 
Alerus Financial Corp.452 10,740 
Apollo Global Management, Inc.3,955 219,819 
Berkshire Hathaway, Inc., Class B(1)
7,563 2,123,690 
Cannae Holdings, Inc.(1)
1,598 34,533 
Equitable Holdings, Inc.13,663 406,474 
Jackson Financial, Inc., Class A3,977 124,321 
Voya Financial, Inc.3,706 228,030 
3,178,140 
28


Avantis U.S. Equity Fund
SharesValue
Diversified Telecommunication Services — 1.1%
Anterix, Inc.(1)
60 $2,547 
AT&T, Inc.75,494 1,324,165 
ATN International, Inc.438 20,520 
Cogent Communications Holdings, Inc.206 10,969 
Consolidated Communications Holdings, Inc.(1)
479 2,749 
EchoStar Corp., Class A(1)
780 14,360 
Frontier Communications Parent, Inc.(1)
7,854 202,319 
IDT Corp., Class B(1)
973 24,880 
Iridium Communications, Inc.(1)
3,543 157,274 
Lumen Technologies, Inc.(2)
10,454 104,122 
Radius Global Infrastructure, Inc., Class A(1)
1,899 26,149 
Verizon Communications, Inc.50,070 2,093,427 
3,983,481 
Electric Utilities — 2.0%
ALLETE, Inc.973 57,582 
Alliant Energy Corp.2,670 162,977 
American Electric Power Co., Inc.5,430 544,086 
Avangrid, Inc.(2)
746 36,852 
Constellation Energy Corp.3,903 318,446 
Duke Energy Corp.3,795 405,723 
Edison International7,241 490,723 
Entergy Corp.4,121 475,151 
Evergy, Inc.2,308 158,167 
Eversource Energy3,567 319,924 
Exelon Corp.15,959 700,760 
FirstEnergy Corp.4,696 185,727 
Genie Energy Ltd., Class B711 7,423 
Hawaiian Electric Industries, Inc.2,880 112,666 
IDACORP, Inc.533 58,225 
NextEra Energy, Inc.5,012 426,321 
NRG Energy, Inc.5,712 235,791 
OGE Energy Corp.4,504 182,592 
Otter Tail Corp.1,073 81,054 
PG&E Corp.(1)
31,766 391,675 
Pinnacle West Capital Corp.2,614 196,965 
PNM Resources, Inc.273 12,948 
Portland General Electric Co.2,453 126,747 
PPL Corp.13,140 382,111 
Southern Co.8,773 676,135 
Xcel Energy, Inc.7,055 523,834 
7,270,605 
Electrical Equipment — 0.6%
Acuity Brands, Inc.620 101,637 
Allied Motion Technologies, Inc.103 3,607 
AMETEK, Inc.981 117,877 
Array Technologies, Inc.(1)
950 19,855 
Atkore, Inc.(1)
2,058 173,716 
AZZ, Inc.720 30,679 
Bloom Energy Corp., Class A(1)
941 23,911 
Eaton Corp. PLC1,202 164,241 
29


Avantis U.S. Equity Fund
SharesValue
Emerson Electric Co.5,546 $453,330 
Encore Wire Corp.1,004 130,620 
EnerSys620 38,669 
FREYR Battery SA(1)(2)
2,327 33,137 
FuelCell Energy, Inc.(1)(2)
5,831 24,432 
Generac Holdings, Inc.(1)
447 98,523 
GrafTech International Ltd.5,884 34,598 
Hubbell, Inc.309 63,747 
nVent Electric PLC1,051 34,641 
Plug Power, Inc.(1)
5,674 159,099 
Regal Rexnord Corp.660 90,809 
Rockwell Automation, Inc.1,035 245,233 
Sensata Technologies Holding PLC509 20,503 
Sunrun, Inc.(1)
2,181 72,038 
Thermon Group Holdings, Inc.(1)
1,263 22,166 
TPI Composites, Inc.(1)
537 9,983 
Vicor Corp.(1)
201 14,299 
2,181,350 
Electronic Equipment, Instruments and Components — 1.1%
908 Devices, Inc.(1)
481 9,692 
Advanced Energy Industries, Inc.922 82,786 
Aeva Technologies, Inc.(1)
1,223 3,767 
Amphenol Corp., Class A2,070 152,207 
Arrow Electronics, Inc.(1)
998 104,600 
Avnet, Inc.2,011 88,263 
Badger Meter, Inc.447 42,326 
Bel Fuse, Inc., Class B256 7,276 
Belden, Inc.397 25,996 
Benchmark Electronics, Inc.796 21,850 
CDW Corp.1,292 220,544 
Cognex Corp.1,413 59,501 
Corning, Inc.16,969 582,376 
CTS Corp.953 40,331 
Daktronics, Inc.(1)
760 2,432 
ePlus, Inc.(1)
464 21,864 
Fabrinet(1)
572 58,824 
Flex Ltd.(1)
13,886 247,310 
II-VI, Inc.(1)
1,474 69,617 
Insight Enterprises, Inc.(1)
830 75,630 
IPG Photonics Corp.(1)
275 24,912 
Itron, Inc.(1)
11 523 
Jabil, Inc.4,661 281,058 
Keysight Technologies, Inc.(1)
2,497 409,233 
Kimball Electronics, Inc.(1)
789 16,995 
Knowles Corp.(1)
1,589 24,073 
Littelfuse, Inc.295 69,980 
Methode Electronics, Inc.659 26,663 
Napco Security Technologies, Inc.(1)
300 8,898 
nLight, Inc.(1)
132 1,649 
Novanta, Inc.(1)
194 25,936 
OSI Systems, Inc.(1)
313 26,079 
30


Avantis U.S. Equity Fund
SharesValue
PC Connection, Inc.108 $5,365 
Plexus Corp.(1)
496 46,490 
Rogers Corp.(1)
301 75,407 
Sanmina Corp.(1)
2,496 121,106 
ScanSource, Inc.(1)
877 25,407 
SmartRent, Inc.(1)(2)
2,037 6,580 
TD SYNNEX Corp.1,631 157,033 
TE Connectivity Ltd.3,229 407,532 
Teledyne Technologies, Inc.(1)
182 67,042 
Trimble, Inc.(1)
742 46,932 
TTM Technologies, Inc.(1)
3,605 56,707 
Vishay Intertechnology, Inc.5,398 106,179 
Vishay Precision Group, Inc.(1)
149 5,112 
Vontier Corp.1,994 43,708 
Zebra Technologies Corp., Class A(1)
322 97,128 
4,100,919 
Energy Equipment and Services — 0.7%
Archrock, Inc.6,912 51,080 
Baker Hughes Co.12,169 307,389 
Bristow Group, Inc.(1)
795 23,063 
Cactus, Inc., Class A582 23,251 
ChampionX Corp.4,393 95,811 
Core Laboratories NV695 11,224 
Diamond Offshore Drilling, Inc.(1)(2)
2,775 19,730 
Dril-Quip, Inc.(1)
967 21,400 
Expro Group Holdings NV(1)
1,949 26,351 
Exterran Corp.(1)
1,528 7,502 
Halliburton Co.18,925 570,210 
Helix Energy Solutions Group, Inc.(1)
4,373 18,891 
Helmerich & Payne, Inc.1,931 82,550 
Liberty Energy, Inc., Class A(1)
3,801 57,015 
Nabors Industries Ltd.(1)
439 58,172 
Newpark Resources, Inc.(1)
1,250 3,600 
NexTier Oilfield Solutions, Inc.(1)
4,622 43,308 
Noble Corp.(1)
1,535 46,587 
NOV, Inc.7,631 134,840 
Oceaneering International, Inc.(1)
4,305 38,099 
Oil States International, Inc.(1)
607 2,974 
Patterson-UTI Energy, Inc.4,703 70,075 
ProPetro Holding Corp.(1)
3,099 28,387 
RPC, Inc.1,445 11,488 
Schlumberger NV9,301 354,833 
Select Energy Services, Inc., Class A(1)
634 4,508 
Solaris Oilfield Infrastructure, Inc., Class A647 6,923 
TechnipFMC PLC(1)
5,104 41,751 
TETRA Technologies Inc(1)
3,876 15,427 
Tidewater, Inc.(1)
1,106 24,509 
Transocean Ltd.(1)
16,346 59,173 
US Silica Holdings, Inc.(1)
3,249 45,583 
Valaris Ltd.(1)
2,649 135,046 
Weatherford International PLC(1)
3,564 100,291 
2,541,041 
31


Avantis U.S. Equity Fund
SharesValue
Entertainment — 0.7%
Activision Blizzard, Inc.3,036 $238,296 
AMC Entertainment Holdings, Inc., Class A(1)
2,207 20,128 
Electronic Arts, Inc.1,795 227,732 
IMAX Corp.(1)
513 8,044 
Liberty Media Corp.-Liberty Braves, Class C(1)
731 19,986 
Liberty Media Corp.-Liberty Formula One, Class A(1)
216 12,556 
Liberty Media Corp.-Liberty Formula One, Class C(1)
2,009 127,933 
Live Nation Entertainment, Inc.(1)
402 36,325 
Madison Square Garden Entertainment Corp.(1)
519 28,836 
Madison Square Garden Sports Corp.(1)
133 21,316 
Marcus Corp.(2)
226 3,636 
Netflix, Inc.(1)
2,425 542,133 
Playstudios, Inc.(1)(2)
2,241 8,112 
Playtika Holding Corp.(1)
514 5,412 
ROBLOX Corp., Class A(1)
1,198 46,854 
Roku, Inc.(1)
475 32,300 
Take-Two Interactive Software, Inc.(1)
2,649 324,661 
Walt Disney Co.(1)
5,252 588,644 
Warner Bros Discovery, Inc.(1)
8,905 117,902 
World Wrestling Entertainment, Inc., Class A1,803 122,622 
2,533,428 
Food and Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A2,681 73,754 
Andersons, Inc.834 30,883 
BJ's Wholesale Club Holdings, Inc.(1)
2,011 149,799 
Casey's General Stores, Inc.1,047 223,817 
Costco Wholesale Corp.4,776 2,493,550 
Grocery Outlet Holding Corp.(1)
68 2,728 
Ingles Markets, Inc., Class A741 64,860 
Kroger Co.18,575 890,485 
Natural Grocers by Vitamin Cottage, Inc.593 8,515 
Performance Food Group Co.(1)
1,656 82,767 
PriceSmart, Inc.476 30,117 
SpartanNash Co.1,193 36,303 
Sprouts Farmers Market, Inc.(1)
4,995 144,356 
Sysco Corp.4,207 345,900 
United Natural Foods, Inc.(1)
2,370 104,470 
US Foods Holding Corp.(1)
249 7,624 
Walgreens Boots Alliance, Inc.5,900 206,854 
Walmart, Inc.12,991 1,721,957 
Weis Markets, Inc.703 54,630 
6,673,369 
Food Products — 1.1%
Archer-Daniels-Midland Co.7,043 619,009 
B&G Foods, Inc.1,239 26,837 
Bunge Ltd.2,100 208,257 
Cal-Maine Foods, Inc.1,110 59,507 
Calavo Growers, Inc.128 5,381 
Campbell Soup Co.650 32,747 
Conagra Brands, Inc.997 34,277 
32


Avantis U.S. Equity Fund
SharesValue
Darling Ingredients, Inc.(1)
3,873 $294,580 
Flowers Foods, Inc.5,736 156,593 
Fresh Del Monte Produce, Inc.779 21,298 
General Mills, Inc.1,563 120,038 
Hain Celestial Group, Inc.(1)
1,287 26,075 
Hershey Co.1,902 427,322 
Hormel Foods Corp.1,791 90,051 
Hostess Brands, Inc.(1)
2,775 64,325 
Ingredion, Inc.1,502 130,779 
J&J Snack Foods Corp.148 22,056 
J.M. Smucker Co.1,415 198,086 
John B Sanfilippo & Son, Inc.282 22,766 
Kellogg Co.805 58,556 
Kraft Heinz Co.5,846 218,640 
Lamb Weston Holdings, Inc.2,657 211,311 
Lancaster Colony Corp.177 29,833 
McCormick & Co., Inc.345 29,004 
Mission Produce, Inc.(1)
437 7,036 
Mondelez International, Inc., Class A6,301 389,780 
Pilgrim's Pride Corp.(1)
1,548 44,072 
Post Holdings, Inc.(1)
93 8,255 
Seaboard Corp.23,174 
Seneca Foods Corp., Class A(1)
387 20,445 
Simply Good Foods Co.(1)
1,298 39,654 
Tootsie Roll Industries, Inc.565 20,244 
TreeHouse Foods, Inc.(1)
20 932 
Tyson Foods, Inc., Class A5,324 401,323 
Whole Earth Brands, Inc.(1)
160 818 
4,063,061 
Gas Utilities — 0.2%
Atmos Energy Corp.1,398 158,505 
Chesapeake Utilities Corp.179 22,608 
National Fuel Gas Co.2,283 162,709 
New Jersey Resources Corp.2,530 111,674 
Northwest Natural Holding Co.947 45,087 
ONE Gas, Inc.647 50,641 
Southwest Gas Holdings, Inc.305 23,744 
UGI Corp.1,849 73,036 
648,004 
Health Care Equipment and Supplies — 1.8%
Abbott Laboratories9,989 1,025,371 
ABIOMED, Inc.(1)
305 79,080 
Align Technology, Inc.(1)
816 198,859 
AngioDynamics, Inc.(1)
722 15,985 
Asensus Surgical, Inc.(1)
792 428 
Atrion Corp.34 20,534 
Avanos Medical, Inc.(1)
657 16,182 
Baxter International, Inc.4,230 243,056 
Becton Dickinson and Co.864 218,091 
Boston Scientific Corp.(1)
6,529 263,184 
Butterfly Network, Inc.(1)
3,163 19,705 
33


Avantis U.S. Equity Fund
SharesValue
Cardiovascular Systems, Inc.(1)
759 $10,026 
Co-Diagnostics, Inc.(1)(2)
798 2,697 
CONMED Corp.43 3,809 
Cooper Cos., Inc.485 139,408 
CryoPort, Inc.(1)
552 18,028 
Cue Health, Inc.(1)
1,815 6,044 
DENTSPLY SIRONA, Inc.1,323 43,355 
DexCom, Inc.(1)
1,624 133,509 
Edwards Lifesciences Corp.(1)
4,339 390,944 
Embecta Corp.489 15,609 
Enovis Corp.(1)
442 22,387 
Envista Holdings Corp.(1)
1,501 55,672 
Glaukos Corp.(1)
840 40,782 
Globus Medical, Inc., Class A(1)
1,092 64,635 
Haemonetics Corp.(1)
829 62,200 
Heska Corp.(1)
102 9,289 
Hologic, Inc.(1)
6,774 457,651 
IDEXX Laboratories, Inc.(1)
844 293,391 
Inogen, Inc.(1)
174 4,982 
Inspire Medical Systems, Inc.(1)
128 24,511 
Insulet Corp.(1)
144 36,788 
Integer Holdings Corp.(1)
444 28,003 
Integra LifeSciences Holdings Corp.(1)
697 33,254 
Intuitive Surgical, Inc.(1)
1,704 350,581 
Lantheus Holdings, Inc.(1)
701 55,239 
LeMaitre Vascular, Inc.560 27,653 
LENSAR, Inc.(1)
57 307 
Masimo Corp.(1)
338 49,649 
Medtronic PLC6,765 594,779 
Meridian Bioscience, Inc.(1)
1,361 44,355 
Merit Medical Systems, Inc.(1)
1,016 60,178 
Neogen Corp.(1)
919 19,207 
Novocure Ltd.(1)
563 46,239 
NuVasive, Inc.(1)
617 26,229 
Omnicell, Inc.(1)
37 3,785 
OraSure Technologies, Inc.(1)
1,749 7,153 
Orthofix Medical, Inc.(1)
268 5,333 
OrthoPediatrics Corp.(1)
107 5,253 
Outset Medical, Inc.(1)
537 9,822 
Penumbra, Inc.(1)
198 32,506 
PROCEPT BioRobotics Corp.(1)
698 28,255 
QuidelOrtho Corp.(1)
1,869 148,137 
ResMed, Inc.787 173,077 
Shockwave Medical, Inc.(1)
190 56,403 
STERIS PLC475 95,656 
Stryker Corp.1,181 242,341 
Teleflex, Inc.263 59,506 
UFP Technologies, Inc.(1)
50 4,650 
Utah Medical Products, Inc.113 10,385 
Varex Imaging Corp.(1)
658 13,877 
ViewRay, Inc.(1)
1,573 5,380 
34


Avantis U.S. Equity Fund
SharesValue
Zimmer Biomet Holdings, Inc.1,906 $202,646 
Zimvie, Inc.(1)
1,329 20,227 
6,396,257 
Health Care Providers and Services — 2.6%
23andMe Holding Co., Class A(1)(2)
6,785 22,865 
Acadia Healthcare Co., Inc.(1)
915 74,966 
agilon health, Inc.(1)
1,982 41,186 
AmerisourceBergen Corp.2,248 329,467 
AMN Healthcare Services, Inc.(1)
1,552 159,297 
Apollo Medical Holdings, Inc.(1)(2)
519 22,385 
Brookdale Senior Living, Inc.(1)
5,183 22,805 
Cardinal Health, Inc.3,790 268,029 
Castle Biosciences, Inc.(1)
388 11,252 
Centene Corp.(1)
10,562 947,834 
Chemed Corp.168 80,000 
Cigna Corp.1,217 344,959 
Clover Health Investments Corp.(1)
2,646 6,906 
Community Health Systems, Inc.(1)
542 1,442 
CorVel Corp.(1)
304 47,236 
Cross Country Healthcare, Inc.(1)
793 20,126 
CVS Health Corp.3,564 349,807 
DaVita, Inc.(1)
433 36,931 
Elevance Health, Inc.3,313 1,607,169 
Encompass Health Corp.544 26,422 
Enhabit, Inc.(1)
272 4,515 
Ensign Group, Inc.1,821 155,331 
Fulgent Genetics, Inc.(1)
945 41,079 
HCA Healthcare, Inc.1,258 248,921 
HealthEquity, Inc.(1)
492 32,511 
Henry Schein, Inc.(1)
1,095 80,384 
Hims & Hers Health, Inc.(1)
1,786 11,359 
Humana, Inc.1,682 810,354 
InfuSystem Holdings, Inc.(1)
278 2,143 
Joint Corp.(1)
325 5,928 
Laboratory Corp. of America Holdings1,478 332,949 
LHC Group, Inc.(1)
61 9,850 
McKesson Corp.392 143,864 
ModivCare, Inc.(1)
191 20,689 
Molina Healthcare, Inc.(1)
1,873 631,894 
National Healthcare Corp.378 26,252 
National Research Corp.717 24,457 
Oak Street Health, Inc.(1)
233 6,105 
OPKO Health, Inc.(1)
3,813 8,312 
Option Care Health, Inc.(1)
591 18,297 
Owens & Minor, Inc.2,443 72,093 
Patterson Cos., Inc.1,919 53,521 
Premier, Inc., Class A2,712 95,571 
Quest Diagnostics, Inc.575 72,053 
R1 RCM, Inc.(1)
2,179 47,611 
RadNet, Inc.(1)
227 4,560 
Select Medical Holdings Corp.625 16,025 
35


Avantis U.S. Equity Fund
SharesValue
Tenet Healthcare Corp.(1)
1,018 $57,517 
UnitedHealth Group, Inc.3,655 1,898,151 
Universal Health Services, Inc., Class B846 82,773 
9,436,153 
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc.(1)
5,340 90,780 
American Well Corp., Class A(1)
4,197 19,096 
Change Healthcare, Inc.(1)
1,093 26,855 
Doximity, Inc., Class A(1)(2)
387 12,845 
HealthStream, Inc.(1)
242 5,355 
Multiplan Corp.(1)(2)
1,051 3,699 
NextGen Healthcare, Inc.(1)
1,155 19,797 
Schrodinger, Inc.(1)
340 9,330 
Teladoc Health, Inc.(1)
531 16,493 
Veeva Systems, Inc., Class A(1)
600 119,592 
323,842 
Hotels, Restaurants and Leisure — 1.4%
Airbnb, Inc., Class A(1)
1,900 214,928 
Aramark268 9,570 
BJ's Restaurants, Inc.(1)
123 3,085 
Bloomin' Brands, Inc.2,879 58,213 
Booking Holdings, Inc.(1)
316 592,756 
Boyd Gaming Corp.2,988 162,637 
Caesars Entertainment, Inc.(1)
1,838 79,255 
Carnival Corp.(1)
6,046 57,195 
Century Casinos, Inc.(1)
1,373 10,119 
Cheesecake Factory, Inc.(2)
2,161 66,170 
Chipotle Mexican Grill, Inc.(1)
411 656,285 
Choice Hotels International, Inc.864 99,109 
Churchill Downs, Inc.547 107,808 
Chuy's Holdings, Inc.(1)
150 3,350 
Cracker Barrel Old Country Store, Inc.(2)
915 98,765 
Darden Restaurants, Inc.1,717 212,410 
Dave & Buster's Entertainment, Inc.(1)
694 28,690 
Dine Brands Global, Inc.76 5,062 
Domino's Pizza, Inc.107 39,789 
DraftKings, Inc., Class A(1)
1,081 17,361 
Everi Holdings, Inc.(1)
1,846 34,151 
Expedia Group, Inc.(1)
973 99,878 
Fiesta Restaurant Group, Inc.(1)
301 2,008 
GAN Ltd.(1)
132 341 
Golden Entertainment, Inc.(1)
852 32,598 
Hilton Grand Vacations, Inc.(1)
2,206 89,961 
Hilton Worldwide Holdings, Inc.899 114,497 
Hyatt Hotels Corp., Class A(1)
1,710 153,250 
International Game Technology PLC277 4,969 
Jack in the Box, Inc.49 3,913 
Las Vegas Sands Corp.(1)
669 25,174 
Marriott International, Inc., Class A1,668 256,438 
Marriott Vacations Worldwide Corp.43 6,124 
McDonald's Corp.2,243 565,864 
36


Avantis U.S. Equity Fund
SharesValue
MGM Resorts International3,253 $106,178 
Monarch Casino & Resort, Inc.(1)
574 34,664 
Noodles & Co.(1)
1,969 9,353 
Norwegian Cruise Line Holdings Ltd.(1)
4,367 57,120 
ONE Group Hospitality, Inc.(1)
584 4,170 
Papa John's International, Inc.227 18,348 
Penn Entertainment, Inc.(1)
3,016 94,190 
Planet Fitness, Inc., Class A(1)
490 33,197 
Playa Hotels & Resorts NV(1)
945 6,199 
RCI Hospitality Holdings, Inc.194 12,651 
Red Robin Gourmet Burgers, Inc.(1)
134 996 
Red Rock Resorts, Inc., Class A643 24,575 
Royal Caribbean Cruises Ltd.(1)
1,756 71,733 
Ruth's Hospitality Group, Inc.1,077 19,623 
Scientific Games Corp., Class A(1)
443 21,809 
SeaWorld Entertainment, Inc.(1)
1,367 68,692 
Shake Shack, Inc., Class A(1)
95 4,528 
Six Flags Entertainment Corp.(1)
511 11,319 
Starbucks Corp.3,302 277,599 
Target Hospitality Corp.(1)(2)
1,541 20,480 
Texas Roadhouse, Inc.2,483 220,391 
Travel + Leisure Co.327 13,865 
Vail Resorts, Inc.134 30,107 
Wendy's Co.1,933 37,075 
Wingstop, Inc.190 21,633 
Wyndham Hotels & Resorts, Inc.394 25,744 
Wynn Resorts Ltd.(1)
211 12,784 
Yum! Brands, Inc.810 90,104 
5,260,850 
Household Durables — 0.7%
Bassett Furniture Industries, Inc.229 4,365 
Beazer Homes USA, Inc.(1)
466 6,636 
Cavco Industries, Inc.(1)
165 38,612 
Century Communities, Inc.837 39,080 
D.R. Horton, Inc.3,655 260,053 
Ethan Allen Interiors, Inc.868 20,632 
Garmin Ltd.1,702 150,610 
GoPro, Inc., Class A(1)
2,385 14,525 
Green Brick Partners, Inc.(1)
540 13,154 
Hooker Furnishings Corp.146 2,317 
Hovnanian Enterprises, Inc., Class A(1)
211 8,459 
Installed Building Products, Inc.370 33,507 
iRobot Corp.(1)
286 16,840 
KB Home1,452 41,600 
La-Z-Boy, Inc.995 26,258 
Leggett & Platt, Inc.589 22,512 
Lennar Corp., B Shares255 15,728 
Lennar Corp., Class A3,819 295,782 
LGI Homes, Inc.(1)
457 43,374 
Lifetime Brands, Inc.361 3,220 
M.D.C. Holdings, Inc.969 30,117 
37


Avantis U.S. Equity Fund
SharesValue
M/I Homes, Inc.(1)
727 $31,435 
Meritage Homes Corp.(1)
629 49,282 
Mohawk Industries, Inc.(1)
835 92,151 
Newell Brands, Inc.3,563 63,600 
NVR, Inc.(1)
78 322,925 
PulteGroup, Inc.6,078 247,131 
Skyline Champion Corp.(1)
1,519 86,082 
Sonos, Inc.(1)
2,784 41,871 
Taylor Morrison Home Corp.(1)
3,148 79,046 
Tempur Sealy International, Inc.3,035 75,905 
Toll Brothers, Inc.3,705 162,242 
TopBuild Corp.(1)
165 30,320 
Tri Pointe Homes, Inc.(1)
3,868 67,032 
Tupperware Brands Corp.(1)
158 1,776 
Universal Electronics, Inc.(1)
86 1,912 
VOXX International Corp.(1)
219 2,111 
Whirlpool Corp.1,692 264,967 
2,707,169 
Household Products — 0.8%
Central Garden & Pet Co.(1)
81 3,233 
Central Garden & Pet Co., Class A(1)
611 23,071 
Church & Dwight Co., Inc.2,321 194,291 
Clorox Co.1,371 197,890 
Colgate-Palmolive Co.8,395 656,573 
Energizer Holdings, Inc.489 13,741 
Kimberly-Clark Corp.4,417 563,256 
Procter & Gamble Co.9,641 1,329,880 
Reynolds Consumer Products, Inc.84 2,346 
Spectrum Brands Holdings, Inc.1,621 102,107 
WD-40 Co.119 22,510 
3,108,898 
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.19,470 495,511 
Brookfield Renewable Corp., Class A2,666 102,348 
Clearway Energy, Inc., Class A894 30,825 
Clearway Energy, Inc., Class C2,406 89,263 
Montauk Renewables, Inc.(1)
1,924 34,151 
NextEra Energy Partners LP854 70,105 
Ormat Technologies, Inc.(2)
1,105 103,295 
Sunnova Energy International, Inc.(1)(2)
2,345 59,141 
Vistra Corp.15,545 384,739 
1,369,378 
Industrial Conglomerates — 0.4%
3M Co.4,014 499,141 
General Electric Co.5,710 419,342 
Honeywell International, Inc.2,180 412,783 
1,331,266 
Insurance — 3.7%
Aflac, Inc.10,888 646,965 
Alleghany Corp.(1)
238 200,201 
Allstate Corp.5,821 701,430 
38


Avantis U.S. Equity Fund
SharesValue
Ambac Financial Group, Inc.(1)
1,189 $17,942 
American Equity Investment Life Holding Co.1,706 64,828 
American Financial Group, Inc.1,855 236,846 
American International Group, Inc.13,662 707,008 
AMERISAFE, Inc.368 17,598 
Aon PLC, Class A1,958 546,791 
Arch Capital Group Ltd.(1)
7,325 334,899 
Argo Group International Holdings Ltd.1,368 26,854 
Arthur J. Gallagher & Co.2,841 515,840 
Assurant, Inc.894 141,690 
Assured Guaranty Ltd.1,731 88,402 
Axis Capital Holdings Ltd.3,241 172,259 
Brighthouse Financial, Inc.(1)
2,533 120,444 
Brown & Brown, Inc.809 50,999 
Chubb Ltd.4,049 765,463 
Cincinnati Financial Corp.2,676 259,465 
CNA Financial Corp.370 14,230 
CNO Financial Group, Inc.4,157 76,530 
eHealth, Inc.(1)
98 627 
Employers Holdings, Inc.581 22,752 
Enstar Group Ltd.(1)
198 37,472 
Erie Indemnity Co., Class A360 77,375 
Everest Re Group Ltd.820 220,621 
Fidelity National Financial, Inc.8,535 333,718 
First American Financial Corp.3,297 176,390 
Genworth Financial, Inc., Class A(1)
11,877 50,121 
Globe Life, Inc.2,529 245,794 
Goosehead Insurance, Inc., Class A(1)(2)
185 9,620 
Hanover Insurance Group, Inc.1,012 130,943 
Hartford Financial Services Group, Inc.9,417 605,607 
HCI Group, Inc.(2)
212 10,131 
Horace Mann Educators Corp.1,128 40,349 
Investors Title Co.48 7,073 
James River Group Holdings Ltd.743 17,654 
Kemper Corp.858 39,468 
Kinsale Capital Group, Inc.435 110,307 
Lemonade, Inc.(1)
288 6,371 
Lincoln National Corp.4,246 195,571 
Loews Corp.3,290 181,970 
Markel Corp.(1)
180 214,940 
Marsh & McLennan Cos., Inc.1,272 205,263 
MBIA, Inc.(1)
105 1,238 
Mercury General Corp.537 17,130 
MetLife, Inc.9,882 635,709 
National Western Life Group, Inc., Class A28 5,329 
Old Republic International Corp.7,881 172,121 
Oscar Health, Inc., Class A(1)
1,266 8,394 
Palomar Holdings, Inc.(1)
289 22,915 
Primerica, Inc.1,378 174,662 
Principal Financial Group, Inc.5,489 410,358 
ProAssurance Corp.1,341 28,684 
39


Avantis U.S. Equity Fund
SharesValue
Progressive Corp.6,505 $797,838 
Prudential Financial, Inc.4,322 413,831 
Reinsurance Group of America, Inc.1,668 209,100 
RenaissanceRe Holdings Ltd.1,214 164,206 
RLI Corp.548 60,148 
Ryan Specialty Holdings, Inc.(1)
489 20,714 
Safety Insurance Group, Inc.413 37,191 
Selective Insurance Group, Inc.1,847 146,689 
SelectQuote, Inc.(1)
403 447 
SiriusPoint Ltd.(1)
1,818 8,126 
Stewart Information Services Corp.1,125 56,970 
Tiptree, Inc.1,010 12,070 
Travelers Cos., Inc.5,883 950,928 
Trupanion, Inc.(1)
330 23,291 
United Fire Group, Inc.765 22,514 
Universal Insurance Holdings, Inc.781 9,325 
Unum Group3,934 148,902 
White Mountains Insurance Group Ltd.86 117,820 
Willis Towers Watson PLC365 75,493 
WR Berkley Corp.3,546 229,781 
13,628,745 
Interactive Media and Services — 3.2%
Alphabet, Inc., Class A(1)
40,097 4,339,297 
Alphabet, Inc., Class C(1)
35,068 3,827,672 
Bumble, Inc., Class A(1)
293 7,340 
Cars.com, Inc.(1)
3,040 38,760 
IAC, Inc.(1)
835 53,665 
Match Group, Inc.(1)
1,025 57,943 
Meta Platforms, Inc., Class A(1)
18,419 3,001,008 
Pinterest, Inc., Class A(1)
2,493 57,439 
Shutterstock, Inc.649 35,961 
Snap, Inc., Class A(1)
3,439 37,416 
TrueCar, Inc.(1)
1,846 4,024 
Twitter, Inc.(1)
6,222 241,103 
Yelp, Inc.(1)
1,410 48,180 
Ziff Davis, Inc.(1)
366 28,284 
ZoomInfo Technologies, Inc.(1)
847 38,471 
11,816,563 
Internet and Direct Marketing Retail — 2.1%
1-800-Flowers.com, Inc., Class A(1)
849 7,369 
Amazon.com, Inc.(1)
54,559 6,916,444 
Chewy, Inc., Class A(1)(2)
788 27,052 
ContextLogic, Inc., Class A(1)(2)
3,664 4,763 
DoorDash, Inc., Class A(1)
839 50,256 
eBay, Inc.3,096 136,626 
Etsy, Inc.(1)
1,403 148,171 
Lands' End, Inc.(1)
165 2,280 
Liquidity Services, Inc.(1)
577 10,092 
MercadoLibre, Inc.(1)
280 239,501 
PetMed Express, Inc.(2)
282 5,801 
Revolve Group, Inc.(1)(2)
188 4,416 
40


Avantis U.S. Equity Fund
SharesValue
Stitch Fix, Inc., Class A(1)
127 $638 
Wayfair, Inc., Class A(1)
187 9,857 
7,563,266 
IT Services — 3.2%
Accenture PLC, Class A4,115 1,187,013 
Akamai Technologies, Inc.(1)
2,118 191,213 
Amdocs Ltd.953 81,453 
Automatic Data Processing, Inc.4,272 1,044,120 
AvidXchange Holdings, Inc.(1)
1,423 11,085 
Block, Inc.(1)
2,995 206,385 
BM Technologies, Inc.(1)
51 322 
Broadridge Financial Solutions, Inc., ADR933 159,702 
Cass Information Systems, Inc.420 15,406 
Cloudflare, Inc., Class A(1)
747 46,740 
Cognizant Technology Solutions Corp., Class A6,119 386,537 
Concentrix Corp.587 73,833 
CSG Systems International, Inc.812 46,974 
DXC Technology Co.(1)
8,968 222,227 
EPAM Systems, Inc.(1)
345 147,142 
Euronet Worldwide, Inc.(1)
413 36,617 
EVERTEC, Inc.1,120 37,632 
Evo Payments, Inc., Class A(1)
388 12,928 
ExlService Holdings, Inc.(1)
336 56,351 
Fidelity National Information Services, Inc.1,761 160,903 
Fiserv, Inc.(1)
1,452 146,928 
FleetCor Technologies, Inc.(1)
353 75,023 
Gartner, Inc.(1)
1,103 314,708 
Genpact Ltd.1,411 66,289 
Global Payments, Inc.532 66,090 
Globant SA(1)
350 73,769 
GoDaddy, Inc., Class A(1)
2,664 201,984 
Hackett Group, Inc.243 4,989 
International Business Machines Corp.4,448 571,346 
International Money Express, Inc.(1)
1,660 37,184 
Jack Henry & Associates, Inc.1,379 265,044 
Kyndryl Holdings, Inc.(1)
6,639 69,178 
Mastercard, Inc., Class A5,747 1,864,154 
MAXIMUS, Inc.765 46,351 
MongoDB, Inc.(1)
196 63,281 
Okta, Inc.(1)
363 33,178 
Paychex, Inc.4,521 557,620 
Payoneer Global, Inc.(1)
6,475 42,865 
PayPal Holdings, Inc.(1)
4,654 434,870 
Perficient, Inc.(1)
80 6,248 
Sabre Corp.(1)
2,132 15,329 
Snowflake, Inc., Class A(1)
815 147,474 
SS&C Technologies Holdings, Inc.517 28,828 
Switch, Inc., Class A1,413 47,971 
TTEC Holdings, Inc.119 6,230 
Tucows, Inc., Class A(1)(2)
51 2,396 
Twilio, Inc., Class A(1)
724 50,376 
41


Avantis U.S. Equity Fund
SharesValue
VeriSign, Inc.(1)
430 $78,355 
Verra Mobility Corp.(1)
2,671 42,576 
Visa, Inc., Class A10,888 2,163,554 
Western Union Co.3,196 47,365 
WEX, Inc.(1)
80 12,340 
11,708,476 
Leisure Products — 0.2%
Acushnet Holdings Corp.918 43,743 
American Outdoor Brands, Inc.(1)
305 2,620 
Brunswick Corp.2,281 170,413 
Callaway Golf Co.(1)
2,038 45,101 
Clarus Corp.(2)
253 3,838 
Hasbro, Inc.534 42,090 
Malibu Boats, Inc., Class A(1)
1,042 62,551 
MasterCraft Boat Holdings, Inc.(1)
673 16,213 
Mattel, Inc.(1)
2,007 44,395 
Nautilus, Inc.(1)
588 1,188 
Peloton Interactive, Inc., Class A(1)(2)
878 8,947 
Polaris, Inc.1,594 180,552 
Smith & Wesson Brands, Inc.2,127 28,289 
Sturm Ruger & Co., Inc.1,010 52,772 
Vista Outdoor, Inc.(1)
1,946 54,721 
YETI Holdings, Inc.(1)
2,166 79,904 
837,337 
Life Sciences Tools and Services — 1.1%
AbCellera Biologics, Inc.(1)
2,519 26,903 
Adaptive Biotechnologies Corp.(1)
962 8,581 
Agilent Technologies, Inc.1,724 221,103 
Avantor, Inc.(1)
2,394 59,635 
Azenta, Inc.823 43,380 
Berkeley Lights, Inc.(1)
64 235 
Bio-Rad Laboratories, Inc., Class A(1)
331 160,548 
Bio-Techne Corp.204 67,689 
Bionano Genomics, Inc.(1)
2,464 6,111 
Bruker Corp.2,063 115,528 
Charles River Laboratories International, Inc.(1)
183 37,561 
Danaher Corp.2,405 649,134 
Illumina, Inc.(1)
539 108,684 
IQVIA Holdings, Inc.(1)
1,293 274,969 
Maravai LifeSciences Holdings, Inc., Class A(1)
1,771 36,961 
MaxCyte, Inc.(1)(2)
1,890 9,828 
Medpace Holdings, Inc.(1)
254 37,493 
Mettler-Toledo International, Inc.(1)
330 400,112 
NeoGenomics, Inc.(1)
2,110 21,205 
PerkinElmer, Inc.582 78,605 
Quanterix Corp.(1)
542 5,068 
Repligen Corp.(1)
303 66,469 
SomaLogic, Inc.(1)(2)
1,931 7,106 
Sotera Health Co.(1)
1,121 18,956 
Syneos Health, Inc.(1)
186 11,180 
Thermo Fisher Scientific, Inc.1,455 793,441 
42


Avantis U.S. Equity Fund
SharesValue
Waters Corp.(1)
1,124 $335,626 
West Pharmaceutical Services, Inc.983 291,646 
3,893,757 
Machinery — 2.0%
AGCO Corp.1,087 118,168 
Alamo Group, Inc.139 18,176 
Albany International Corp., Class A898 79,195 
Allison Transmission Holdings, Inc.745 27,014 
Altra Industrial Motion Corp.1,132 42,959 
Astec Industries, Inc.209 7,980 
Barnes Group, Inc.798 24,778 
Caterpillar, Inc.4,867 898,984 
Chart Industries, Inc.(1)
355 68,820 
CIRCOR International, Inc.(1)
209 3,407 
Crane Holdings Co.898 84,735 
Cummins, Inc.2,392 515,165 
Deere & Co.3,752 1,370,418 
Desktop Metal, Inc., Class A(1)(2)
2,197 6,986 
Donaldson Co., Inc.2,606 133,818 
Dover Corp.549 68,603 
Energy Recovery, Inc.(1)
341 7,822 
Enerpac Tool Group Corp.189 3,667 
Esab Corp.1,198 49,226 
ESCO Technologies, Inc.315 25,650 
Evoqua Water Technologies Corp.(1)
1,789 62,758 
Federal Signal Corp.688 27,430 
Flowserve Corp.558 17,002 
Fortive Corp.1,371 86,825 
Graco, Inc.2,614 166,878 
Greenbrier Cos., Inc.795 22,665 
Helios Technologies, Inc.388 21,193 
Hillenbrand, Inc.929 38,711 
Hyster-Yale Materials Handling, Inc.139 4,049 
Ideanomics, Inc.(1)(2)
1,009 598 
IDEX Corp.266 53,522 
Illinois Tool Works, Inc.2,019 393,362 
Ingersoll Rand, Inc.3,083 146,042 
ITT, Inc.1,098 79,638 
John Bean Technologies Corp.284 29,326 
Kadant, Inc.246 44,140 
Kennametal, Inc.1,693 39,684 
Lincoln Electric Holdings, Inc.1,652 225,812 
Lindsay Corp.224 35,921 
Manitowoc Co., Inc.(1)
304 2,903 
Microvast Holdings, Inc.(1)(2)
1,335 3,284 
Middleby Corp.(1)
205 29,483 
Miller Industries, Inc.151 3,550 
Mueller Industries, Inc.2,547 160,894 
Mueller Water Products, Inc., Class A2,715 30,625 
Nikola Corp.(1)
820 4,395 
NN, Inc.(1)
691 1,479 
43


Avantis U.S. Equity Fund
SharesValue
Nordson Corp.313 $71,104 
Omega Flex, Inc.78 7,880 
Oshkosh Corp.2,158 172,122 
Otis Worldwide Corp.1,694 122,341 
PACCAR, Inc.5,405 472,991 
Park-Ohio Holdings Corp.125 2,074 
Parker-Hannifin Corp.321 85,065 
Pentair PLC444 19,758 
Proterra, Inc.(1)(2)
1,940 11,718 
Proto Labs, Inc.(1)
403 15,475 
RBC Bearings, Inc.(1)
319 76,777 
REV Group, Inc.628 7,235 
Shyft Group, Inc.1,440 34,488 
Snap-on, Inc.977 212,849 
SPX Technologies, Inc.581 33,152 
Standex International Corp.289 26,128 
Stanley Black & Decker, Inc.381 33,566 
Tennant Co.589 35,546 
Terex Corp.1,789 59,431 
Timken Co.1,073 67,588 
Titan International, Inc.(1)
2,080 29,182 
Toro Co.2,572 213,296 
Trinity Industries, Inc.1,464 35,692 
Wabash National Corp.397 6,531 
Watts Water Technologies, Inc., Class A388 53,746 
Westinghouse Air Brake Technologies Corp.1,175 102,989 
Xylem, Inc.671 61,128 
7,357,592 
Marine — 0.1%
Costamare, Inc.2,623 29,587 
Eagle Bulk Shipping, Inc.484 21,025 
Genco Shipping & Trading Ltd.1,967 26,968 
Kirby Corp.(1)
1,123 75,308 
Matson, Inc.1,929 142,090 
Pangaea Logistics Solutions Ltd.2,021 10,125 
Safe Bulkers, Inc.2,798 8,926 
314,029 
Media — 0.8%
Altice USA, Inc., Class A(1)
842 8,420 
AMC Networks, Inc., Class A(1)
1,331 35,658 
Boston Omaha Corp., Class A(1)
279 7,486 
Cable One, Inc.143 162,305 
Charter Communications, Inc., Class A(1)
680 280,588 
Comcast Corp., Class A31,078 1,124,713 
Cumulus Media, Inc., Class A(1)
504 4,697 
DISH Network Corp., Class A(1)
7,941 137,776 
Entravision Communications Corp., Class A2,377 12,075 
Fox Corp., Class A5,126 175,207 
Fox Corp., Class B2,394 75,698 
Gray Television, Inc.1,992 38,047 
Interpublic Group of Cos., Inc.3,801 105,060 
44


Avantis U.S. Equity Fund
SharesValue
John Wiley & Sons, Inc., Class A69 $3,176 
Liberty Broadband Corp., Class A(1)
212 21,374 
Liberty Broadband Corp., Class C(1)
1,146 116,548 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
173 7,186 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
297 12,284 
Loyalty Ventures, Inc.(1)
New York Times Co., Class A3,092 94,275 
News Corp., Class A4,508 76,275 
News Corp., Class B1,406 24,239 
Nexstar Media Group, Inc., Class A400 76,528 
Omnicom Group, Inc.1,905 127,445 
Paramount Global, Class B(2)
7,418 173,507 
PubMatic, Inc., Class A(1)
1,125 22,016 
Scholastic Corp.581 26,674 
Sinclair Broadcast Group, Inc., Class A563 12,437 
Sirius XM Holdings, Inc.(2)
2,311 14,074 
TechTarget, Inc.(1)
102 6,620 
TEGNA, Inc.439 9,395 
WideOpenWest, Inc.(1)
2,553 45,443 
3,037,228 
Metals and Mining — 1.4%
Alcoa Corp.5,866 290,250 
Alpha Metallurgical Resources, Inc.876 137,663 
Arconic Corp.(1)
2,288 57,681 
Carpenter Technology Corp.1,064 36,144 
Century Aluminum Co.(1)
1,342 10,360 
Cleveland-Cliffs, Inc.(1)
18,770 324,158 
Coeur Mining, Inc.(1)
4,989 13,770 
Commercial Metals Co.4,284 173,545 
Freeport-McMoRan, Inc.29,865 884,004 
Gold Resource Corp.3,735 6,350 
Haynes International, Inc.157 6,231 
Hecla Mining Co.11,425 45,015 
Kaiser Aluminum Corp.498 35,736 
MP Materials Corp.(1)
1,504 52,625 
Newmont Corp.11,500 475,640 
Nucor Corp.8,009 1,064,716 
Olympic Steel, Inc.164 4,316 
Ramaco Resources, Inc.1,527 16,095 
Reliance Steel & Aluminum Co.985 185,160 
Royal Gold, Inc.942 86,570 
Ryerson Holding Corp.1,270 36,195 
Schnitzer Steel Industries, Inc., Class A1,280 42,291 
Steel Dynamics, Inc.6,503 524,922 
SunCoke Energy, Inc.3,751 24,719 
TimkenSteel Corp.(1)
2,117 32,475 
United States Steel Corp.10,901 249,306 
Warrior Met Coal, Inc.3,057 99,505 
Worthington Industries, Inc.425 21,671 
4,937,113 
Multi-Utilities — 1.0%
Ameren Corp.3,397 314,630 
45


Avantis U.S. Equity Fund
SharesValue
Avista Corp.1,948 $79,147 
Black Hills Corp.283 21,361 
CenterPoint Energy, Inc.6,606 208,287 
CMS Energy Corp.4,530 305,956 
Consolidated Edison, Inc.5,487 536,300 
Dominion Energy, Inc.3,716 303,969 
DTE Energy Co.1,992 259,637 
NiSource, Inc.8,926 263,406 
NorthWestern Corp.1,029 54,517 
Public Service Enterprise Group, Inc.3,563 229,315 
Sempra Energy4,171 688,090 
Unitil Corp.565 29,431 
WEC Energy Group, Inc.2,217 228,661 
3,522,707 
Multiline Retail — 0.8%
Big Lots, Inc.(2)
932 19,171 
Dillard's, Inc., Class A218 64,580 
Dollar General Corp.2,922 693,741 
Dollar Tree, Inc.(1)
4,340 588,851 
Kohl's Corp.5,840 165,973 
Macy's, Inc.10,794 186,952 
Nordstrom, Inc.(2)
4,513 77,218 
Ollie's Bargain Outlet Holdings, Inc.(1)
379 20,963 
Target Corp.7,921 1,270,053 
3,087,502 
Oil, Gas and Consumable Fuels — 9.0%
Alto Ingredients, Inc.(1)
755 3,262 
Antero Midstream Corp.11,707 117,889 
Antero Resources Corp.(1)
9,433 378,075 
APA Corp.2,072 81,036 
Arch Resources, Inc.972 141,504 
Archaea Energy, Inc.(1)
611 12,073 
Berry Corp.3,422 31,311 
Brigham Minerals, Inc., Class A1,200 35,700 
California Resources Corp.2,483 124,051 
Callon Petroleum Co.(1)
3,295 140,235 
Cheniere Energy, Inc.1,998 320,040 
Chesapeake Energy Corp.(2)
4,247 426,781 
Chevron Corp.19,633 3,103,192 
Chord Energy Corp.1,858 263,000 
Civitas Resources, Inc.2,406 161,659 
Clean Energy Fuels Corp.(1)
3,357 22,559 
CNX Resources Corp.(1)
8,153 144,063 
Comstock Resources, Inc.(1)
4,528 88,749 
ConocoPhillips20,765 2,272,729 
CONSOL Energy, Inc.1,572 112,838 
Continental Resources, Inc.2,500 174,575 
Coterra Energy, Inc.24,180 747,404 
Crescent Energy Co., Class A1,612 27,613 
CVR Energy, Inc.1,422 46,442 
Delek US Holdings, Inc.1,295 36,584 
46


Avantis U.S. Equity Fund
SharesValue
Denbury, Inc.(1)
1,876 $166,833 
Devon Energy Corp.20,493 1,447,216 
DHT Holdings, Inc.4,534 35,410 
Diamondback Energy, Inc.6,200 826,343 
Dorian LPG Ltd.1,894 27,558 
DTE Midstream LLC(1)
2,211 122,069 
Earthstone Energy, Inc., Class A(1)
3,598 54,690 
EnLink Midstream LLC8,756 88,961 
EOG Resources, Inc.13,885 1,684,250 
EQT Corp.9,743 465,715 
Equitrans Midstream Corp.18,336 169,975 
Evolution Petroleum Corp.1,487 10,320 
Exxon Mobil Corp.45,321 4,332,234 
Gevo, Inc.(1)(2)
2,230 6,980 
Green Plains, Inc.(1)
925 33,883 
Hallador Energy Co.(1)(2)
1,673 10,908 
Hess Corp.7,723 932,784 
Hess Midstream LP, Class A276 7,813 
HF Sinclair Corp.4,254 223,888 
HighPeak Energy, Inc.808 20,458 
International Seaways, Inc.1,366 40,338 
Kimbell Royalty Partners LP2,153 38,194 
Kinder Morgan, Inc.19,417 355,719 
Kosmos Energy Ltd.(1)
24,330 172,013 
Laredo Petroleum, Inc.(1)
861 66,822 
Magnolia Oil & Gas Corp., Class A8,457 201,869 
Marathon Oil Corp.27,940 714,985 
Marathon Petroleum Corp.9,780 985,335 
Matador Resources Co.5,277 314,509 
Murphy Oil Corp.6,639 258,722 
New Fortress Energy, Inc.(2)
738 42,324 
Nordic American Tankers Ltd.(2)
8,182 21,273 
Northern Oil & Gas, Inc.531 16,801 
Occidental Petroleum Corp.22,369 1,588,199 
ONEOK, Inc.10,482 641,813 
Ovintiv, Inc.9,448 502,067 
PBF Energy, Inc., Class A(1)
4,544 155,223 
PDC Energy, Inc.4,658 316,325 
Peabody Energy Corp.(1)
3,252 80,194 
Permian Resources Corp.(1)
9,713 79,938 
Phillips 6612,126 1,084,792 
Pioneer Natural Resources Co.5,272 1,334,976 
Plains GP Holdings LP, Class A5,616 67,280 
Range Resources Corp.(1)
12,205 401,056 
Ranger Oil Corp., Class A1,332 51,935 
REX American Resources Corp.(1)
564 17,089 
Ring Energy, Inc.(1)
4,287 13,890 
SandRidge Energy, Inc.(1)
2,068 43,387 
Scorpio Tankers, Inc.1,387 57,699 
SFL Corp. Ltd.4,194 44,876 
SilverBow Resources, Inc.(1)(2)
1,005 39,959 
47


Avantis U.S. Equity Fund
SharesValue
SM Energy Co.6,183 $272,485 
Southwestern Energy Co.(1)
39,786 297,997 
Talos Energy, Inc.(1)
3,477 72,078 
Targa Resources Corp.7,349 501,422 
Teekay Tankers Ltd., Class A(1)
1,161 28,561 
Texas Pacific Land Corp.196 360,730 
VAALCO Energy, Inc.2,868 14,369 
Valero Energy Corp.8,475 992,592 
Viper Energy Partners LP1,359 41,477 
Williams Cos., Inc.19,802 673,862 
World Fuel Services Corp.1,606 41,435 
32,728,262 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
642 27,311 
Glatfelter Corp.1,507 7,339 
Louisiana-Pacific Corp.3,453 187,256 
Mercer International, Inc.2,526 40,972 
Sylvamo Corp.2,010 89,324 
352,202 
Personal Products — 0.2%
BellRing Brands, Inc.(1)
203 4,809 
Coty, Inc., Class A(1)
226 1,697 
Edgewell Personal Care Co.654 25,480 
elf Beauty, Inc.(1)
178 6,787 
Estee Lauder Cos., Inc., Class A1,414 359,694 
Herbalife Nutrition Ltd.(1)
446 11,636 
Medifast, Inc.515 64,622 
Nu Skin Enterprises, Inc., Class A1,997 81,757 
USANA Health Sciences, Inc.(1)
442 28,518 
Veru, Inc.(1)
1,115 17,060 
602,060 
Pharmaceuticals — 4.2%
Amneal Pharmaceuticals, Inc.(1)
658 1,428 
Amphastar Pharmaceuticals, Inc.(1)
912 26,995 
Amylyx Pharmaceuticals, Inc.(1)
1,495 37,734 
Arvinas, Inc.(1)
1,841 77,948 
Assertio Holdings, Inc.(1)(2)
2,974 7,584 
AstraZeneca PLC, ADR3,301 205,916 
Atea Pharmaceuticals, Inc.(1)
3,630 27,225 
Athira Pharma, Inc.(1)
865 2,924 
Bristol-Myers Squibb Co.29,989 2,021,558 
Cassava Sciences, Inc.(1)(2)
412 10,601 
Catalent, Inc.(1)
1,264 111,232 
CinCor Pharma, Inc.(1)
496 16,750 
Contra Zogenix, Inc.21 14 
Corcept Therapeutics, Inc.(1)
3,958 102,196 
DICE Therapeutics, Inc.(1)
549 8,619 
Elanco Animal Health, Inc.(1)
2,049 31,001 
Eli Lilly & Co.5,744 1,730,265 
Endo International PLC(1)
569 61 
Harmony Biosciences Holdings, Inc.(1)
1,234 54,185 
48


Avantis U.S. Equity Fund
SharesValue
Harrow Health, Inc.(1)
610 $5,484 
Innoviva, Inc.(1)
2,990 39,348 
Intra-Cellular Therapies, Inc.(1)
875 43,977 
Jazz Pharmaceuticals PLC(1)
639 99,186 
Johnson & Johnson23,578 3,804,074 
Lannett Co., Inc.(1)(2)
110 55 
Merck & Co., Inc.31,880 2,721,277 
Nektar Therapeutics(1)
1,106 4,358 
NGM Biopharmaceuticals, Inc.(1)
636 8,974 
Nuvation Bio, Inc.(1)
2,146 6,009 
Ocular Therapeutix, Inc.(1)
278 1,412 
Organon & Co.1,514 43,194 
Perrigo Co. PLC1,973 73,830 
Pfizer, Inc.58,928 2,665,313 
Phibro Animal Health Corp., Class A349 5,169 
Pliant Therapeutics, Inc.(1)
173 3,335 
Prestige Consumer Healthcare, Inc.(1)
1,185 59,937 
ProPhase Labs, Inc.(2)
711 8,610 
Reata Pharmaceuticals, Inc., Class A(1)
24 
Royalty Pharma PLC, Class A3,276 136,970 
SIGA Technologies, Inc.2,227 33,583 
Supernus Pharmaceuticals, Inc.(1)
1,246 42,651 
Theravance Biopharma, Inc.(1)
88 793 
Ventyx Biosciences, Inc.(1)
719 14,668 
Viatris, Inc.27,643 263,991 
Zoetis, Inc.3,630 568,204 
15,128,662 
Professional Services — 0.6%
ASGN, Inc.(1)
367 35,489 
Barrett Business Services, Inc.192 15,483 
Booz Allen Hamilton Holding Corp.1,263 120,869 
CACI International, Inc., Class A(1)
73 20,503 
CBIZ, Inc.(1)
1,427 62,303 
Clarivate PLC(1)
5,008 58,443 
CoStar Group, Inc.(1)
2,261 157,456 
CRA International, Inc.224 20,476 
Dun & Bradstreet Holdings, Inc.380 5,415 
Equifax, Inc.584 110,230 
Exponent, Inc.542 50,872 
First Advantage Corp.(1)
1,404 19,431 
Franklin Covey Co.(1)
585 27,828 
FTI Consulting, Inc.(1)
197 31,638 
Heidrick & Struggles International, Inc.865 24,618 
ICF International, Inc.43 4,367 
Insperity, Inc.1,312 143,034 
Jacobs Solutions, Inc.365 45,472 
KBR, Inc.1,649 79,647 
Kelly Services, Inc., Class A1,355 21,829 
Kforce, Inc.916 50,124 
Korn Ferry2,010 122,449 
Leidos Holdings, Inc.263 24,998 
49


Avantis U.S. Equity Fund
SharesValue
ManpowerGroup, Inc.1,108 $81,239 
ManTech International Corp., Class A361 34,623 
Nielsen Holdings PLC1,070 29,789 
Planet Labs PBC(1)
2,816 15,432 
RCM Technologies, Inc.(1)
304 5,308 
Resources Connection, Inc.350 6,839 
Robert Half International, Inc.3,564 274,321 
Science Applications International Corp.224 20,400 
TransUnion796 58,801 
TriNet Group, Inc.(1)
1,299 107,038 
TrueBlue, Inc.(1)
1,245 25,572 
Verisk Analytics, Inc.840 157,214 
2,069,550 
Real Estate Management and Development — 0.2%
CBRE Group, Inc., Class A(1)
3,938 310,945 
Cushman & Wakefield PLC(1)
257 3,845 
Douglas Elliman, Inc.2,917 13,447 
Forestar Group, Inc.(1)
454 5,648 
FRP Holdings, Inc.(1)
20 1,150 
Howard Hughes Corp.(1)
629 40,023 
Jones Lang LaSalle, Inc.(1)
937 162,101 
Kennedy-Wilson Holdings, Inc.3,861 67,799 
Marcus & Millichap, Inc.1,365 51,024 
RE/MAX Holdings, Inc., Class A648 14,748 
RMR Group, Inc., Class A296 7,708 
St. Joe Co.992 37,894 
Zillow Group, Inc., Class A(1)
82 2,739 
Zillow Group, Inc., Class C(1)
295 9,871 
728,942 
Road and Rail — 1.9%
AMERCO273 143,508 
ArcBest Corp.962 77,470 
Avis Budget Group, Inc.(1)
172 28,789 
Canadian Pacific Railway Ltd.1,071 80,175 
Covenant Logistics Group, Inc.651 18,306 
CSX Corp.39,804 1,259,797 
Daseke, Inc.(1)
1,443 8,745 
Heartland Express, Inc.2,232 33,815 
Hertz Global Holdings, Inc.(1)
8,237 152,055 
J.B. Hunt Transport Services, Inc.2,706 470,898 
Knight-Swift Transportation Holdings, Inc.2,418 122,133 
Landstar System, Inc.1,247 182,848 
Lyft, Inc., Class A(1)
1,303 19,193 
Marten Transport Ltd.2,708 53,645 
Norfolk Southern Corp.4,148 1,008,503 
Old Dominion Freight Line, Inc.2,143 581,632 
PAM Transportation Services, Inc.(1)
436 12,954 
Ryder System, Inc.2,215 169,315 
Saia, Inc.(1)
798 165,050 
Schneider National, Inc., Class B1,675 38,290 
TuSimple Holdings, Inc., Class A(1)
2,225 15,998 
50


Avantis U.S. Equity Fund
SharesValue
Uber Technologies, Inc.(1)
5,594 $160,883 
Union Pacific Corp.8,731 1,960,197 
US Xpress Enterprises, Inc., Class A(1)
274 674 
USA Truck, Inc.(1)
549 17,217 
Werner Enterprises, Inc.2,188 87,060 
XPO Logistics, Inc.(1)
879 46,077 
6,915,227 
Semiconductors and Semiconductor Equipment — 4.6%
Advanced Micro Devices, Inc.(1)
9,637 817,892 
Allegro MicroSystems, Inc.(1)
1,211 28,241 
Alpha & Omega Semiconductor Ltd.(1)
643 24,858 
Amkor Technology, Inc.3,931 79,131 
Analog Devices, Inc.2,183 330,790 
Applied Materials, Inc.11,374 1,069,952 
Axcelis Technologies, Inc.(1)
904 60,514 
Broadcom, Inc.1,893 944,815 
CEVA, Inc.(1)
370 10,830 
Cirrus Logic, Inc.(1)
1,724 132,214 
Cohu, Inc.(1)
1,163 31,203 
Diodes, Inc.(1)
1,307 93,019 
Enphase Energy, Inc.(1)
1,372 392,996 
Entegris, Inc.1,443 136,912 
First Solar, Inc.(1)
1,628 207,651 
Formfactor, Inc.(1)
1,211 35,458 
GLOBALFOUNDRIES, Inc.(1)(2)
259 15,493 
Intel Corp.41,045 1,310,157 
KLA Corp.2,480 853,443 
Kulicke & Soffa Industries, Inc.2,255 94,800 
Lam Research Corp.2,190 959,023 
Lattice Semiconductor Corp.(1)
701 37,784 
MACOM Technology Solutions Holdings, Inc.(1)
105 5,791 
MagnaChip Semiconductor Corp.(1)
601 7,032 
Marvell Technology, Inc.4,008 187,655 
MaxLinear, Inc.(1)
1,244 44,697 
Microchip Technology, Inc.4,146 270,527 
Micron Technology, Inc.18,923 1,069,717 
MKS Instruments, Inc.885 88,155 
Monolithic Power Systems, Inc.313 141,845 
NVIDIA Corp.10,245 1,546,380 
NXP Semiconductors NV2,024 333,110 
ON Semiconductor Corp.(1)
9,681 665,762 
Onto Innovation, Inc.(1)
510 36,205 
PDF Solutions, Inc.(1)
768 20,260 
Photronics, Inc.(1)
2,470 41,496 
Power Integrations, Inc.962 68,812 
Qorvo, Inc.(1)
1,536 137,902 
QUALCOMM, Inc.11,362 1,502,852 
Rambus, Inc.(1)
1,432 36,931 
Semtech Corp.(1)
543 25,081 
Silicon Laboratories, Inc.(1)
54 6,768 
Skyworks Solutions, Inc.2,106 207,546 
51


Avantis U.S. Equity Fund
SharesValue
SMART Global Holdings, Inc.(1)
1,098 $20,148 
SolarEdge Technologies, Inc.(1)
522 144,056 
Synaptics, Inc.(1)
920 106,361 
Teradyne, Inc.4,306 364,460 
Texas Instruments, Inc.10,796 1,783,607 
Ultra Clean Holdings, Inc.(1)
942 27,572 
Universal Display Corp.310 34,636 
Veeco Instruments, Inc.(1)
988 20,886 
Wolfspeed, Inc.(1)
646 73,302 
16,686,728 
Software — 5.7%
A10 Networks, Inc.1,937 26,924 
ACI Worldwide, Inc.(1)
251 5,949 
Adobe, Inc.(1)
2,013 751,735 
Agilysys, Inc.(1)
407 21,070 
American Software, Inc., Class A628 10,632 
ANSYS, Inc.(1)
336 83,429 
Aspen Technology, Inc.(1)
270 56,862 
Autodesk, Inc.(1)
1,532 309,066 
Avalara, Inc.(1)
257 23,539 
Bentley Systems, Inc., Class B1,233 45,337 
Bill.com Holdings, Inc.(1)
547 88,548 
Black Knight, Inc.(1)
377 24,942 
Blackbaud, Inc.(1)
48 2,510 
Box, Inc., Class A(1)
1,329 34,222 
C3.ai, Inc., Class A(1)
799 14,382 
Cadence Design Systems, Inc.(1)
2,267 393,937 
Ceridian HCM Holding, Inc.(1)
388 23,140 
Citrix Systems, Inc.775 79,647 
CommVault Systems, Inc.(1)
646 35,071 
Consensus Cloud Solutions, Inc.(1)
294 14,803 
Crowdstrike Holdings, Inc., Class A(1)
1,352 246,889 
Datadog, Inc., Class A(1)
734 77,033 
Digital Turbine, Inc.(1)
1,458 26,929 
DocuSign, Inc.(1)
1,998 116,324 
Dolby Laboratories, Inc., Class A512 37,499 
Dropbox, Inc., Class A(1)
1,553 33,219 
Duck Creek Technologies, Inc.(1)
1,597 19,004 
Dynatrace, Inc.(1)
454 17,334 
Elastic NV(1)
232 19,467 
Envestnet, Inc.(1)
56 2,933 
Fair Isaac Corp.(1)
220 98,868 
Five9, Inc.(1)
84 8,241 
Fortinet, Inc.(1)
8,925 434,558 
Guidewire Software, Inc.(1)
731 52,420 
HubSpot, Inc.(1)
150 50,556 
InterDigital, Inc.969 48,605 
Intuit, Inc.1,093 471,936 
LiveRamp Holdings, Inc.(1)
716 14,213 
Manhattan Associates, Inc.(1)
966 136,457 
Microsoft Corp.48,922 12,791,635 
52


Avantis U.S. Equity Fund
SharesValue
MicroStrategy, Inc., Class A(1)(2)
$1,389 
NCR Corp.(1)
943 29,280 
NortonLifeLock, Inc.2,630 59,412 
Nutanix, Inc., Class A(1)
878 15,189 
OneSpan, Inc.(1)
120 1,381 
Oracle Corp. (New York)6,108 452,908 
Palantir Technologies, Inc., Class A(1)
6,821 52,658 
Palo Alto Networks, Inc.(1)
1,134 631,423 
Paycom Software, Inc.(1)
360 126,432 
Paylocity Holding Corp.(1)
260 62,660 
Procore Technologies, Inc.(1)
234 12,776 
Progress Software Corp.642 30,899 
PROS Holdings, Inc.(1)
347 7,235 
PTC, Inc.(1)
165 18,957 
Qualys, Inc.(1)
1,191 180,913 
Rapid7, Inc.(1)
344 19,780 
RingCentral, Inc., Class A(1)
153 6,585 
Riot Blockchain, Inc.(1)(2)
1,138 8,159 
Roper Technologies, Inc.253 101,853 
Salesforce, Inc.(1)
3,465 540,956 
SentinelOne, Inc., Class A(1)
946 25,835 
ServiceNow, Inc.(1)
949 412,454 
ShotSpotter, Inc.(1)
335 10,931 
Splunk, Inc.(1)
446 40,153 
SPS Commerce, Inc.(1)
399 48,726 
Synopsys, Inc.(1)
845 292,387 
Tenable Holdings, Inc.(1)
482 19,092 
Teradata Corp.(1)
2,037 67,017 
Trade Desk, Inc., Class A(1)
1,746 109,474 
Tyler Technologies, Inc.(1)
156 57,956 
UiPath, Inc., Class A(1)
1,377 22,652 
Unity Software, Inc.(1)
612 26,145 
Verint Systems, Inc.(1)
99 4,801 
VirnetX Holding Corp.(1)
637 1,300 
VMware, Inc., Class A763 88,531 
Workday, Inc., Class A(1)
579 95,280 
Xperi Holding Corp.52 827 
Zendesk, Inc.(1)
119 9,136 
Zoom Video Communications, Inc., Class A(1)
2,543 204,457 
Zscaler, Inc.(1)
240 38,218 
20,686,082 
Specialty Retail — 2.8%
Aaron's Co., Inc.1,139 13,554 
Abercrombie & Fitch Co., Class A(1)
2,006 28,866 
Academy Sports & Outdoors, Inc.3,368 145,093 
Advance Auto Parts, Inc.1,730 291,747 
American Eagle Outfitters, Inc.2,570 28,938 
Arko Corp.3,379 32,202 
Asbury Automotive Group, Inc.(1)
791 138,014 
AutoNation, Inc.(1)
1,703 212,194 
AutoZone, Inc.(1)
93 197,087 
53


Avantis U.S. Equity Fund
SharesValue
Bath & Body Works, Inc.773 $28,856 
Bed Bath & Beyond, Inc.(1)(2)
1,677 15,982 
Best Buy Co., Inc.4,874 344,543 
Big 5 Sporting Goods Corp.321 3,929 
Boot Barn Holdings, Inc.(1)
1,085 72,283 
Buckle, Inc.1,139 36,767 
Build-A-Bear Workshop, Inc.1,114 17,067 
Burlington Stores, Inc.(1)
2,285 320,334 
Caleres, Inc.2,141 54,638 
CarMax, Inc.(1)
1,491 131,864 
Cato Corp., Class A608 6,573 
Chico's FAS, Inc.(1)
7,596 43,145 
Children's Place, Inc.(1)
496 20,921 
Citi Trends, Inc.(1)
310 6,262 
Conn's, Inc.(1)
1,071 10,292 
Container Store Group, Inc.(1)
332 2,251 
Designer Brands, Inc., Class A3,573 60,955 
Dick's Sporting Goods, Inc.(2)
2,161 229,866 
Express, Inc.(1)(2)
1,177 1,789 
Five Below, Inc.(1)
1,398 178,776 
Floor & Decor Holdings, Inc., Class A(1)
2,329 189,488 
Foot Locker, Inc.2,276 83,848 
GameStop Corp., Class A(1)(2)
144 4,124 
Gap, Inc.8,170 74,674 
Genesco, Inc.(1)
669 37,852 
Group 1 Automotive, Inc.719 128,406 
Guess?, Inc.1,409 24,615 
Haverty Furniture Cos., Inc.552 14,805 
Hibbett, Inc.424 24,846 
Home Depot, Inc.3,832 1,105,226 
Kirkland's, Inc.(1)
193 787 
Leslie's, Inc.(1)
228 3,233 
Lithia Motors, Inc.930 246,859 
LL Flooring Holdings, Inc.(1)
428 3,484 
Lowe's Cos., Inc.3,078 597,563 
MarineMax, Inc.(1)
860 31,252 
Monro, Inc.56 2,593 
Murphy USA, Inc.981 284,657 
National Vision Holdings, Inc.(1)
585 19,440 
O'Reilly Automotive, Inc.(1)
505 352,046 
ODP Corp.(1)
1,904 68,068 
Party City Holdco, Inc.(1)(2)
635 1,251 
Penske Automotive Group, Inc.1,020 120,268 
Rent-A-Center, Inc.1,267 32,739 
RH(1)
456 116,695 
Ross Stores, Inc.10,202 880,127 
Sally Beauty Holdings, Inc.(1)
1,334 19,850 
Shoe Carnival, Inc.492 11,705 
Signet Jewelers Ltd.2,014 131,655 
Sonic Automotive, Inc., Class A922 49,041 
Sportsman's Warehouse Holdings, Inc.(1)
796 6,336 
54


Avantis U.S. Equity Fund
SharesValue
Tilly's, Inc., Class A712 $5,340 
TJX Cos., Inc.17,584 1,096,362 
Tractor Supply Co.2,936 543,600 
TravelCenters of America, Inc.(1)
734 39,695 
Ulta Beauty, Inc.(1)
1,432 601,254 
Urban Outfitters, Inc.(1)
1,183 23,814 
Victoria's Secret & Co.(1)
3,269 109,315 
Vroom, Inc.(1)
638 1,040 
Williams-Sonoma, Inc.2,325 345,844 
Zumiez, Inc.(1)
640 16,614 
10,125,199 
Technology Hardware, Storage and Peripherals — 4.7%
Apple, Inc.101,906 16,021,661 
Avid Technology, Inc.(1)
259 7,084 
Dell Technologies, Inc., Class C2,087 79,911 
Diebold Nixdorf, Inc.(1)
309 1,075 
Eastman Kodak Co.(1)
2,017 10,912 
Hewlett Packard Enterprise Co.10,968 149,165 
HP, Inc.5,124 147,110 
NetApp, Inc.2,900 209,177 
Pure Storage, Inc., Class A(1)
1,885 54,609 
Seagate Technology Holdings PLC3,068 205,433 
Stratasys Ltd.(1)
65 1,122 
Super Micro Computer, Inc.(1)
867 56,424 
Western Digital Corp.(1)
4,088 172,759 
Xerox Holdings Corp.2,848 47,334 
17,163,776 
Textiles, Apparel and Luxury Goods — 1.0%
Capri Holdings Ltd.(1)
4,929 232,550 
Carter's, Inc.1,203 88,842 
Columbia Sportswear Co.506 36,047 
Crocs, Inc.(1)
1,885 138,924 
Deckers Outdoor Corp.(1)
786 252,754 
Fossil Group, Inc.(1)
764 3,232 
G-III Apparel Group Ltd.(1)
1,426 30,046 
Hanesbrands, Inc.5,462 47,574 
Kontoor Brands, Inc.1,131 42,107 
Lakeland Industries, Inc.(1)
124 1,674 
Levi Strauss & Co., Class A2,442 41,245 
lululemon athletica, Inc.(1)
1,798 539,328 
Movado Group, Inc.613 19,549 
NIKE, Inc., Class B11,788 1,254,833 
Oxford Industries, Inc.701 74,818 
PVH Corp.2,090 117,562 
Ralph Lauren Corp.1,442 131,698 
Rocky Brands, Inc.110 2,874 
Skechers USA, Inc., Class A(1)
1,975 74,655 
Steven Madden Ltd.1,100 32,021 
Tapestry, Inc.7,898 274,298 
Under Armour, Inc., Class A(1)
4,094 34,471 
Under Armour, Inc., Class C(1)
4,805 36,470 
55


Avantis U.S. Equity Fund
SharesValue
Unifi, Inc.(1)
394 $4,476 
VF Corp.3,131 129,780 
Wolverine World Wide, Inc.1,604 31,342 
3,673,170 
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
1,381 57,698 
Blue Foundry Bancorp(1)
1,039 11,813 
Bridgewater Bancshares, Inc.(1)
809 13,899 
Columbia Financial, Inc.(1)
962 20,520 
Enact Holdings, Inc.915 23,241 
Essent Group Ltd.3,707 148,243 
Federal Agricultural Mortgage Corp., Class C285 31,133 
Flagstar Bancorp, Inc.1,880 72,436 
FS Bancorp, Inc.140 4,159 
Hingham Institution For Savings30 8,907 
Home Bancorp, Inc.231 9,018 
Kearny Financial Corp.2,765 31,410 
Merchants Bancorp397 10,707 
MGIC Investment Corp.10,563 150,945 
Mr. Cooper Group, Inc.(1)
2,696 114,041 
New York Community Bancorp, Inc.(2)
10,888 106,594 
NMI Holdings, Inc., Class A(1)
3,188 65,450 
Northfield Bancorp, Inc.1,268 18,690 
PennyMac Financial Services, Inc.1,046 55,564 
Provident Financial Services, Inc.1,634 37,958 
Radian Group, Inc.5,792 122,269 
Southern Missouri Bancorp, Inc.393 20,723 
TFS Financial Corp.577 8,251 
TrustCo Bank Corp. NY416 13,870 
Walker & Dunlop, Inc.1,358 136,425 
Waterstone Financial, Inc.1,058 18,293 
WSFS Financial Corp.1,578 76,296 
1,388,553 
Trading Companies and Distributors — 0.8%
Air Lease Corp.3,834 139,404 
Alta Equipment Group, Inc.676 7,956 
Applied Industrial Technologies, Inc.796 84,392 
BlueLinx Holdings, Inc.(1)
434 30,423 
Boise Cascade Co.2,057 128,213 
Fastenal Co.8,539 429,768 
GATX Corp.1,504 145,301 
Global Industrial Co.136 4,091 
H&E Equipment Services, Inc.1,433 45,369 
Herc Holdings, Inc.1,057 118,944 
McGrath RentCorp715 60,432 
MRC Global, Inc.(1)
2,832 27,555 
MSC Industrial Direct Co., Inc., Class A722 57,190 
NOW, Inc.(1)
3,177 38,505 
Rush Enterprises, Inc., Class A1,829 86,073 
Rush Enterprises, Inc., Class B295 14,939 
SiteOne Landscape Supply, Inc.(1)
519 64,958 
56


Avantis U.S. Equity Fund
SharesValue
Textainer Group Holdings Ltd.1,559 $47,362 
Titan Machinery, Inc.(1)
997 30,688 
Triton International Ltd.2,813 167,627 
United Rentals, Inc.(1)
989 288,827 
Univar Solutions, Inc.(1)
248 6,255 
Veritiv Corp.(1)
747 89,035 
W.W. Grainger, Inc.1,218 675,917 
Watsco, Inc.365 99,291 
WESCO International, Inc.(1)
504 66,367 
2,954,882 
Water Utilities — 0.1%
American States Water Co.389 32,275 
American Water Works Co., Inc.2,135 316,941 
California Water Service Group1,285 75,211 
Essential Utilities, Inc.555 27,278 
451,705 
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(1)
445 6,613 
Shenandoah Telecommunications Co.1,063 23,694 
T-Mobile US, Inc.(1)
8,415 1,211,423 
Telephone and Data Systems, Inc.3,403 55,367 
United States Cellular Corp.(1)
828 23,673 
1,320,770 
TOTAL COMMON STOCKS
(Cost $370,804,029)
361,352,584 
SHORT-TERM INVESTMENTS — 0.9%


Money Market Funds — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,352,588 1,352,588 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,757,422 1,757,422 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,110,010)
3,110,010 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $373,914,039)

364,462,594 
OTHER ASSETS AND LIABILITIES — (0.3)%

(984,805)
TOTAL NET ASSETS — 100.0%

$363,477,789 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini3September 2022$593,475 $33,220 
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,505,935. 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 $2,559,974, which includes securities collateral of $802,552.
See Notes to Financial Statements.
57


AUGUST 31, 2022
Avantis U.S. Large Cap Value Fund
SharesValue
COMMON STOCKS — 99.7%
Aerospace and Defense
BWX Technologies, Inc.15 $782 
Air Freight and Logistics — 2.9%
Expeditors International of Washington, Inc.3,844 395,509 
FedEx Corp.3,552 748,797 
United Parcel Service, Inc., Class B6,299 1,225,219 
2,369,525 
Airlines — 0.2%
Alaska Air Group, Inc.(1)
2,974 129,547 
Automobiles — 1.2%
Ford Motor Co.31,030 472,897 
General Motors Co.11,849 452,751 
Harley-Davidson, Inc.16 617 
926,265 
Banks — 4.1%
Citigroup, Inc.92 4,490 
East West Bancorp, Inc.2,177 157,114 
JPMorgan Chase & Co.13,981 1,590,059 
KeyCorp11,463 202,780 
Popular, Inc.2,082 160,772 
Signature Bank735 128,155 
Synovus Financial Corp.2,430 97,589 
Wells Fargo & Co.18,322 800,855 
Western Alliance Bancorp2,051 157,353 
3,299,167 
Beverages — 0.1%
National Beverage Corp.720 39,931 
Biotechnology — 4.9%
Biogen, Inc.(1)
2,754 538,076 
Gilead Sciences, Inc.16,151 1,025,104 
Halozyme Therapeutics, Inc.(1)
24 977 
Moderna, Inc.(1)
5,310 702,354 
Regeneron Pharmaceuticals, Inc.(1)
1,410 819,295 
United Therapeutics Corp.(1)
1,133 
Vertex Pharmaceuticals, Inc.(1)
3,076 866,694 
3,953,633 
Building Products — 0.9%
Builders FirstSource, Inc.(1)
4,201 246,221 
Owens Corning2,640 215,767 
Trex Co., Inc.(1)
1,882 88,059 
UFP Industries, Inc.1,792 142,267 
692,314 
Capital Markets — 3.9%
Ameriprise Financial, Inc.1,715 459,637 
Blackstone, Inc.51 4,791 
Carlyle Group, Inc.4,012 130,510 
Goldman Sachs Group, Inc.3,056 1,016,640 
Houlihan Lokey, Inc.1,072 84,152 
Morgan Stanley8,438 719,086 
58


Avantis U.S. Large Cap Value Fund
SharesValue
Raymond James Financial, Inc.$731 
SEI Investments Co.2,522 137,953 
Stifel Financial Corp.1,697 100,649 
T. Rowe Price Group, Inc.3,947 473,640 
TPG, Inc.1,571 46,125 
3,173,914 
Chemicals — 3.5%
Celanese Corp.1,855 205,645 
CF Industries Holdings, Inc.5,273 545,545 
Chemours Co.5,572 187,943 
Dow, Inc.12,305 627,555 
Eastman Chemical Co.637 
Huntsman Corp.4,469 125,221 
LyondellBasell Industries NV, Class A5,255 436,165 
Mosaic Co.7,684 413,937 
Olin Corp.3,871 211,589 
Westlake Corp.809 79,792 
2,834,029 
Construction Materials — 0.2%
Eagle Materials, Inc.1,130 135,171 
Consumer Finance — 1.8%
Ally Financial, Inc.5,282 175,362 
Capital One Financial Corp.3,828 405,079 
Credit Acceptance Corp.(1)
186 98,967 
Discover Financial Services5,403 542,948 
OneMain Holdings, Inc.23 803 
Synchrony Financial7,865 257,579 
1,480,738 
Containers and Packaging — 0.7%
International Paper Co.6,553 272,736 
Packaging Corp. of America2,204 301,772 
574,508 
Diversified Financial Services — 0.5%
Equitable Holdings, Inc.8,665 257,784 
Voya Financial, Inc.2,720 167,361 
425,145 
Diversified Telecommunication Services — 3.4%
AT&T, Inc.63,010 1,105,195 
Iridium Communications, Inc.(1)
3,657 162,334 
Verizon Communications, Inc.35,954 1,503,237 
2,770,766 
Electronic Equipment, Instruments and Components — 1.0%
Corning, Inc.11,334 388,983 
Flex Ltd.(1)
11,187 199,240 
Jabil, Inc.3,670 221,301 
809,524 
Entertainment — 0.1%
World Wrestling Entertainment, Inc., Class A1,514 102,967 
Food and Staples Retailing — 4.6%
Albertsons Cos., Inc., Class A3,640 100,136 
Casey's General Stores, Inc.1,035 221,252 
59


Avantis U.S. Large Cap Value Fund
SharesValue
Costco Wholesale Corp.3,240 $1,691,604 
Kroger Co.13,054 625,809 
Walmart, Inc.8,135 1,078,294 
3,717,095 
Food Products
Pilgrim's Pride Corp.(1)
1,308 37,239 
Tyson Foods, Inc., Class A16 1,206 
38,445 
Health Care Equipment and Supplies — 0.4%
Hologic, Inc.(1)
4,460 301,318 
QuidelOrtho Corp.(1)
475 
301,793 
Health Care Providers and Services — 1.6%
AMN Healthcare Services, Inc.(1)
718 
Centene Corp.(1)
36 3,231 
Humana, Inc.1,726 831,552 
Molina Healthcare, Inc.(1)
1,286 433,858 
1,269,359 
Hotels, Restaurants and Leisure — 1.1%
Boyd Gaming Corp.1,657 90,191 
Choice Hotels International, Inc.724 83,050 
Darden Restaurants, Inc.2,702 334,264 
Hilton Grand Vacations, Inc.(1)
2,060 84,007 
Hyatt Hotels Corp., Class A(1)
956 85,677 
Texas Roadhouse, Inc.1,895 168,200 
845,389 
Household Durables — 0.9%
NVR, Inc.(1)
78 322,925 
PulteGroup, Inc.5,157 209,684 
Toll Brothers, Inc.350 
Whirlpool Corp.1,411 220,962 
753,921 
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.15,506 394,628 
Clearway Energy, Inc., Class A241 
Clearway Energy, Inc., Class C13 482 
Vistra Corp.66 1,634 
396,985 
Insurance — 3.8%
Allstate Corp.28 3,374 
American Financial Group, Inc.2,122 270,937 
American International Group, Inc.11,389 589,381 
Fidelity National Financial, Inc.6,420 251,022 
First American Financial Corp.2,001 107,054 
Hanover Insurance Group, Inc.388 
Hartford Financial Services Group, Inc.6,930 445,668 
MetLife, Inc.6,631 426,572 
Old Republic International Corp.6,151 134,338 
Primerica, Inc.1,008 127,764 
RenaissanceRe Holdings Ltd.406 
Travelers Cos., Inc.4,283 692,304 
3,049,208 
60


Avantis U.S. Large Cap Value Fund
SharesValue
Interactive Media and Services — 4.3%
Alphabet, Inc., Class A(1)
9,030 $977,227 
Alphabet, Inc., Class C(1)
7,930 865,559 
Meta Platforms, Inc., Class A(1)
9,813 1,598,832 
3,441,618 
Internet and Direct Marketing Retail — 0.5%
eBay, Inc.8,466 373,605 
IT Services — 0.2%
DXC Technology Co.(1)
5,295 131,210 
Machinery — 1.5%
Cummins, Inc.2,039 439,140 
Deere & Co.2,088 762,642 
Lincoln Electric Holdings, Inc.410 
1,202,192 
Media — 0.1%
DISH Network Corp., Class A(1)
3,001 52,067 
Metals and Mining — 2.7%
Alcoa Corp.2,264 112,023 
Cleveland-Cliffs, Inc.(1)
11,624 200,746 
Commercial Metals Co.2,670 108,162 
Freeport-McMoRan, Inc.12,312 364,435 
Nucor Corp.4,765 633,459 
Reliance Steel & Aluminum Co.1,373 258,097 
Steel Dynamics, Inc.5,273 425,637 
United States Steel Corp.4,914 112,383 
2,214,942 
Multiline Retail — 0.9%
Dillard's, Inc., Class A116 34,364 
Kohl's Corp.32 910 
Macy's, Inc.5,216 90,341 
Target Corp.3,704 593,899 
719,514 
Oil, Gas and Consumable Fuels — 17.9%
Antero Resources Corp.(1)
5,677 227,534 
APA Corp.6,086 238,023 
Chesapeake Energy Corp.2,749 276,247 
Chevron Corp.9,955 1,573,487 
Chord Energy Corp.875 123,856 
Civitas Resources, Inc.1,169 78,545 
ConocoPhillips9,905 1,084,102 
Continental Resources, Inc.1,039 72,553 
Coterra Energy, Inc.14,033 433,760 
Devon Energy Corp.8,478 598,716 
Diamondback Energy, Inc.2,648 352,925 
EOG Resources, Inc.5,633 683,283 
EQT Corp.6,481 309,792 
Exxon Mobil Corp.18,894 1,806,078 
Hess Corp.3,931 474,786 
Hess Midstream LP, Class A706 19,987 
HF Sinclair Corp.3,385 178,153 
Magnolia Oil & Gas Corp., Class A3,813 91,016 
61


Avantis U.S. Large Cap Value Fund
SharesValue
Marathon Oil Corp.11,812 $302,269 
Marathon Petroleum Corp.6,103 614,877 
Matador Resources Co.2,588 154,245 
Murphy Oil Corp.3,241 126,302 
Occidental Petroleum Corp.8,474 601,654 
ONEOK, Inc.5,758 352,562 
Ovintiv, Inc.4,994 265,381 
PDC Energy, Inc.2,204 149,674 
Phillips 665,654 505,807 
Pioneer Natural Resources Co.2,331 590,256 
Range Resources Corp.(1)
6,343 208,431 
SM Energy Co.2,774 122,250 
Southwestern Energy Co.(1)
28,397 212,694 
Targa Resources Corp.3,544 241,807 
Texas Pacific Land Corp.125 230,058 
Valero Energy Corp.5,282 618,628 
Williams Cos., Inc.14,593 496,600 
14,416,338 
Paper and Forest Products
Louisiana-Pacific Corp.23 1,247 
Pharmaceuticals — 9.1%
Bristol-Myers Squibb Co.19,426 1,309,507 
Jazz Pharmaceuticals PLC(1)
1,856 288,088 
Johnson & Johnson12,108 1,953,505 
Merck & Co., Inc.19,539 1,667,849 
Pfizer, Inc.41,907 1,895,453 
Viatris, Inc.18,825 179,779 
7,294,181 
Professional Services — 0.3%
Robert Half International, Inc.1,694 130,387 
TriNet Group, Inc.(1)
1,045 86,108 
216,495 
Road and Rail — 5.4%
AMERCO234 123,007 
CSX Corp.27,048 856,069 
Hertz Global Holdings, Inc.(1)
5,242 96,767 
J.B. Hunt Transport Services, Inc.1,817 316,195 
Knight-Swift Transportation Holdings, Inc.3,653 184,513 
Landstar System, Inc.1,067 156,454 
Norfolk Southern Corp.3,076 747,868 
Old Dominion Freight Line, Inc.1,752 475,510 
Saia, Inc.(1)
662 136,922 
Union Pacific Corp.5,724 1,285,095 
4,378,400 
Semiconductors and Semiconductor Equipment — 4.6%
Amkor Technology, Inc.2,703 54,411 
Applied Materials, Inc.5,567 523,688 
GLOBALFOUNDRIES, Inc.(1)
1,040 62,213 
Intel Corp.151 4,820 
KLA Corp.10 3,441 
Lam Research Corp.1,308 572,786 
62


Avantis U.S. Large Cap Value Fund
SharesValue
Micron Technology, Inc.8,090 $457,328 
ON Semiconductor Corp.(1)
7,491 515,156 
QUALCOMM, Inc.28 3,704 
Teradyne, Inc.3,096 262,045 
Texas Instruments, Inc.7,663 1,266,004 
3,725,596 
Software — 0.2%
Fortinet, Inc.(1)
25 1,217 
Microsoft Corp.19 4,968 
Qualys, Inc.(1)
937 142,331 
148,516 
Specialty Retail — 4.7%
AutoNation, Inc.(1)
1,623 202,226 
Best Buy Co., Inc.3,448 243,739 
Burlington Stores, Inc.(1)
934 130,938 
Dick's Sporting Goods, Inc.1,286 136,792 
Lithia Motors, Inc.696 184,746 
Murphy USA, Inc.776 225,172 
Penske Automotive Group, Inc.776 91,499 
RH(1)
334 85,474 
Ross Stores, Inc.6,037 520,812 
TJX Cos., Inc.12,398 773,015 
Tractor Supply Co.2,256 417,698 
Ulta Beauty, Inc.(1)
1,205 505,943 
Williams-Sonoma, Inc.1,872 278,460 
3,796,514 
Technology Hardware, Storage and Peripherals — 2.3%
Apple, Inc.12,011 1,888,369 
Textiles, Apparel and Luxury Goods — 1.2%
Capri Holdings Ltd.(1)
2,074 97,851 
Levi Strauss & Co., Class A1,927 32,547 
lululemon athletica, Inc.(1)
1,788 536,329 
NIKE, Inc., Class B42 4,471 
Ralph Lauren Corp.997 91,056 
Tapestry, Inc.6,752 234,497 
996,751 
Trading Companies and Distributors — 0.5%
W.W. Grainger, Inc.759 421,199 
Wireless Telecommunication Services — 1.0%
T-Mobile US, Inc.(1)
5,637 811,503 
TOTAL COMMON STOCKS
(Cost $84,706,350)
80,320,378 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $176,629)
176,629 176,629 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $84,882,979)

80,497,007 
OTHER ASSETS AND LIABILITIES — 0.1%

89,614 
TOTAL NET ASSETS — 100.0%

$80,586,621 

63


Avantis U.S. Large Cap Value Fund

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


See Notes to Financial Statements.
64


AUGUST 31, 2022
Avantis U.S. Small Cap Value Fund
SharesValue
COMMON STOCKS — 99.5%
Aerospace and Defense — 0.3%
AAR Corp.(1)
9,381 $402,257 
Moog, Inc., Class A8,633 647,303 
1,049,560 
Air Freight and Logistics — 1.2%
Air Transport Services Group, Inc.(1)
55,349 1,667,665 
Atlas Air Worldwide Holdings, Inc.(1)
22,531 2,251,298 
Hub Group, Inc., Class A(1)
8,840 705,520 
4,624,483 
Airlines — 0.9%
Allegiant Travel Co.(1)
11,272 1,087,748 
Hawaiian Holdings, Inc.(1)
2,903 43,516 
JetBlue Airways Corp.(1)
210,569 1,640,333 
SkyWest, Inc.(1)
29,145 620,497 
Wheels Up Experience, Inc.(1)
63,614 118,958 
3,511,052 
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc.(1)
76,633 793,152 
Dorman Products, Inc.(1)
7,327 664,193 
Goodyear Tire & Rubber Co.(1)
165,471 2,321,558 
LCI Industries6,067 702,983 
Modine Manufacturing Co.(1)
38 569 
Motorcar Parts of America, Inc.(1)
5,397 80,199 
Strattec Security Corp.(1)
45 1,229 
4,563,883 
Automobiles — 1.2%
Harley-Davidson, Inc.5,633 217,265 
Thor Industries, Inc.34,957 2,831,867 
Winnebago Industries, Inc.20,927 1,204,977 
Workhorse Group, Inc.(1)(2)
72,304 226,311 
4,480,420 
Banks — 15.1%
1st Source Corp.3,078 145,251 
ACNB Corp.(2)
923 32,822 
Allegiance Bancshares, Inc.2,998 126,995 
Amalgamated Financial Corp.4,591 103,298 
Amerant Bancorp, Inc.13,742 359,903 
American National Bankshares, Inc.1,409 46,398 
Ameris Bancorp29,639 1,383,549 
Ames National Corp.1,518 33,183 
Arrow Financial Corp.3,365 108,050 
Associated Banc-Corp.35,676 714,947 
Banc of California, Inc.25,830 436,010 
BancFirst Corp.4,390 473,505 
Bancorp, Inc.(1)
12,237 290,262 
Bank First Corp.(2)
423 34,377 
Bank of Hawaii Corp.15,983 1,246,994 
Bank OZK16,823 681,836 
BankFinancial Corp.377 3,751 
65


Avantis U.S. Small Cap Value Fund
SharesValue
BankUnited, Inc.37,259 $1,380,446 
Banner Corp.17,031 1,034,804 
Bar Harbor Bankshares2,956 83,744 
Baycom Corp.1,850 34,429 
BCB Bancorp, Inc.3,352 60,336 
Berkshire Hills Bancorp, Inc.2,716 76,618 
Brookline Bancorp., Inc.37,017 461,602 
Business First Bancshares, Inc.3,317 78,248 
Byline Bancorp, Inc.9,248 201,699 
C&F Financial Corp.431 21,011 
Cambridge Bancorp1,125 92,509 
Camden National Corp.3,837 173,548 
Capital Bancorp, Inc.2,756 68,266 
Capital City Bank Group, Inc.2,809 89,691 
Capstar Financial Holdings, Inc.3,560 71,734 
Carter Bankshares, Inc.(1)
2,856 47,038 
Cathay General Bancorp.28,187 1,182,163 
CB Financial Services, Inc.235 5,123 
Central Pacific Financial Corp.12,145 264,640 
Central Valley Community Bancorp2,641 47,010 
Chemung Financial Corp.842 37,949 
City Holding Co.6,514 553,755 
Civista Bancshares, Inc.2,482 52,494 
CNB Financial Corp.3,804 100,121 
Coastal Financial Corp.(1)
250 10,050 
Colony Bankcorp, Inc.416 5,874 
Columbia Banking System, Inc.4,417 132,289 
Community Financial Corp.1,296 49,002 
Community Trust Bancorp, Inc.5,680 239,980 
ConnectOne Bancorp, Inc.15,019 375,926 
CrossFirst Bankshares, Inc.(1)
10,197 134,396 
Customers Bancorp, Inc.(1)
15,789 547,720 
Dime Community Bancshares, Inc.18,184 568,432 
Eagle Bancorp Montana, Inc.1,752 33,814 
Eagle Bancorp, Inc.15,914 772,306 
Enterprise Bancorp, Inc.1,329 42,767 
Enterprise Financial Services Corp.11,529 527,106 
Equity Bancshares, Inc., Class A3,501 109,336 
Esquire Financial Holdings, Inc.1,574 58,836 
Evans Bancorp, Inc.1,322 50,540 
F.N.B. Corp.73,674 878,194 
Farmers National Banc Corp.6,519 93,157 
FB Financial Corp.14,797 586,257 
Financial Institutions, Inc.3,877 100,918 
First BanCorp105,580 1,509,794 
First Bancorp, Inc.227 6,583 
First Bancorp/Southern Pines NC6,690 243,583 
First Bancshares, Inc.4,395 131,411 
First Bank/Hamilton NJ4,600 68,954 
First Busey Corp.22,561 518,903 
First Business Financial Services, Inc.977 32,515 
66


Avantis U.S. Small Cap Value Fund
SharesValue
First Commonwealth Financial Corp.30,821 $415,467 
First Community Bankshares, Inc.2,500 78,825 
First Community Corp.85 1,530 
First Financial Corp.4,114 191,301 
First Foundation, Inc.24,626 466,909 
First Guaranty Bancshares, Inc.266 5,926 
First Internet Bancorp3,003 110,120 
First Merchants Corp.705 28,073 
First Mid Bancshares, Inc.4,108 145,218 
First of Long Island Corp.5,675 104,477 
First Savings Financial Group, Inc.1,383 31,560 
First United Corp.279 4,883 
First Western Financial, Inc.(1)
900 23,877 
Flushing Financial Corp.12,918 266,757 
FNCB Bancorp, Inc.206 1,629 
Franklin Financial Services Corp.146 4,669 
Fulton Financial Corp.61,870 1,004,150 
FVCBankcorp, Inc.(1)(2)
598 11,517 
Great Southern Bancorp, Inc.4,818 283,202 
Hancock Whitney Corp.35,648 1,719,303 
Hanmi Financial Corp.18,029 445,677 
HarborOne Bancorp, Inc.11,000 150,040 
Hawthorn Bancshares, Inc.792 18,937 
HBT Financial, Inc.2,201 39,794 
Heartland Financial USA, Inc.14,573 650,976 
Hilltop Holdings, Inc.23,313 615,463 
HomeStreet, Inc.8,098 281,891 
HomeTrust Bancshares, Inc.2,923 67,872 
Hope Bancorp, Inc.61,353 887,778 
Horizon Bancorp, Inc.13,036 246,641 
Independent Bank Corp. (Michigan)5,710 117,169 
International Bancshares Corp.21,985 917,434 
Investar Holding Corp.2,251 48,622 
Lakeland Bancorp, Inc.18,210 296,641 
Lakeland Financial Corp.3,035 228,657 
Landmark Bancorp, Inc.195 4,978 
LCNB Corp.1,807 28,840 
Limestone Bancorp, Inc.58 1,123 
Live Oak Bancshares, Inc.8,775 318,006 
Macatawa Bank Corp.7,793 74,189 
Mercantile Bank Corp.3,782 125,109 
Meridian Corp.1,533 46,481 
Metrocity Bankshares, Inc.3,750 74,963 
Metropolitan Bank Holding Corp.(1)
3,568 255,433 
Mid Penn Bancorp, Inc.1,366 39,737 
Midland States Bancorp, Inc.7,780 195,200 
MidWestOne Financial Group, Inc.3,723 113,552 
MVB Financial Corp.2,840 90,823 
National Bank Holdings Corp., Class A8,652 347,205 
National Bankshares, Inc.300 10,095 
NBT Bancorp, Inc.20,589 798,441 
67


Avantis U.S. Small Cap Value Fund
SharesValue
Northeast Bank1,928 $74,749 
Northrim BanCorp, Inc.1,797 72,868 
Oak Valley Bancorp775 14,020 
OceanFirst Financial Corp.14,614 284,096 
OFG Bancorp29,609 805,365 
Old National Bancorp.17 
Old Second Bancorp, Inc.13,543 185,810 
Origin Bancorp, Inc.8,492 346,898 
Orrstown Financial Services, Inc.2,704 69,574 
Pacific Premier Bancorp, Inc.32,869 1,076,788 
PacWest Bancorp48,422 1,274,951 
Park National Corp.4,634 610,900 
Parke Bancorp, Inc.2,104 46,667 
Pathward Financial, Inc.10,015 330,094 
PCB Bancorp.1,436 26,968 
Peapack-Gladstone Financial Corp.4,207 141,650 
Peoples Bancorp of North Carolina, Inc.588 15,288 
Peoples Bancorp, Inc.5,085 151,991 
Plumas Bancorp642 19,119 
Popular, Inc.16,729 1,291,813 
Preferred Bank6,211 421,354 
Premier Financial Corp.12,362 334,021 
Primis Financial Corp.5,304 69,535 
QCR Holdings, Inc.9,206 514,155 
RBB Bancorp3,757 83,030 
Red River Bancshares, Inc.185 9,455 
Republic Bancorp, Inc., Class A3,166 134,555 
Republic First Bancorp, Inc.(1)
3,815 12,132 
Riverview Bancorp, Inc.2,994 21,108 
Salisbury Bancorp, Inc.62 1,466 
Sandy Spring Bancorp, Inc.21,346 822,248 
SB Financial Group, Inc.134 2,329 
ServisFirst Bancshares, Inc.7,912 667,456 
Shore Bancshares, Inc.1,205 22,955 
Sierra Bancorp3,475 72,002 
Simmons First National Corp., Class A25,507 601,710 
SmartFinancial, Inc.2,267 56,879 
South Plains Financial, Inc.2,649 71,867 
Southern First Bancshares, Inc.(1)
1,448 62,423 
Southside Bancshares, Inc.8,927 336,369 
SouthState Corp.840 65,554 
Stock Yards Bancorp, Inc.18 1,193 
Summit Financial Group, Inc.1,425 40,641 
Synovus Financial Corp.16,965 681,314 
Texas Capital Bancshares, Inc.(1)
19,250 1,136,328 
Tompkins Financial Corp.3,663 262,417 
Towne Bank26,674 759,942 
Trico Bancshares13,380 631,402 
Triumph Bancorp, Inc.(1)
9,789 606,037 
Trustmark Corp.18,782 592,384 
UMB Financial Corp.15,557 1,391,885 
68


Avantis U.S. Small Cap Value Fund
SharesValue
Umpqua Holdings Corp.111,265 $1,973,841 
Union Bankshares, Inc.156 3,978 
United Community Banks, Inc.276 9,254 
United Security Bancshares700 4,970 
Unity Bancorp, Inc.1,160 32,515 
Univest Financial Corp.10,161 251,993 
Valley National Bancorp98,198 1,141,061 
Washington Federal, Inc.31,340 1,003,193 
Washington Trust Bancorp, Inc.6,452 326,665 
West BanCorp, Inc.3,824 94,109 
Wintrust Financial Corp.14,575 1,229,256 
56,102,519 
Beverages — 0.3%
Coca-Cola Consolidated, Inc.2,476 1,174,441 
Biotechnology — 1.8%
Alector, Inc.(1)
23,084 238,919 
Catalyst Pharmaceuticals, Inc.(1)
71,471 967,717 
Dynavax Technologies Corp.(1)(2)
67,405 773,135 
Emergent BioSolutions, Inc.(1)
26,140 627,883 
Ironwood Pharmaceuticals, Inc.(1)
97,746 1,051,747 
iTeos Therapeutics, Inc.(1)
16,121 357,564 
Ligand Pharmaceuticals, Inc.(1)
838 77,423 
Organogenesis Holdings, Inc.(1)
4,707 16,898 
Ovid therapeutics, Inc.(1)(2)
2,634 5,294 
REGENXBIO, Inc.(1)
26,570 783,815 
Tango Therapeutics, Inc.(1)
1,587 6,507 
uniQure NV(1)
3,474 67,882 
Vir Biotechnology, Inc.(1)
65,549 1,556,789 
XOMA Corp.(1)
1,119 22,246 
6,553,819 
Building Products — 0.6%
Apogee Enterprises, Inc.13,170 537,863 
Insteel Industries, Inc.10,532 304,375 
Masonite International Corp.(1)
12,185 996,976 
Quanex Building Products Corp.14,314 319,202 
2,158,416 
Capital Markets — 2.1%
B. Riley Financial, Inc.3,858 192,013 
Cowen, Inc., Class A13,043 501,503 
Diamond Hill Investment Group, Inc.855 146,248 
Evercore, Inc., Class A17,095 1,601,631 
GAMCO Investors, Inc., Class A544 11,005 
Hennessy Advisors, Inc.490 4,871 
Janus Henderson Group PLC58,255 1,363,167 
Manning & Napier, Inc.5,060 64,414 
Moelis & Co., Class A11,811 492,046 
Oppenheimer Holdings, Inc., Class A2,286 82,982 
Piper Sandler Cos.8,874 1,016,694 
Stifel Financial Corp.16,908 1,002,813 
StoneX Group, Inc.(1)
9,623 893,399 
Virtus Investment Partners, Inc.2,381 455,366 
7,828,152 
69


Avantis U.S. Small Cap Value Fund
SharesValue
Chemicals — 2.8%
AdvanSix, Inc.20,486 $742,822 
American Vanguard Corp.24,323 484,757 
Cabot Corp.38,614 2,779,050 
Chemours Co.85,000 2,867,050 
Hawkins, Inc.5,041 193,171 
Intrepid Potash, Inc.(1)
6,770 316,362 
Kronos Worldwide, Inc.15,640 201,443 
LSB Industries, Inc.(1)
21,847 344,746 
Orion Engineered Carbons SA21,130 356,252 
Rayonier Advanced Materials, Inc.(1)
27,861 125,932 
Stepan Co.385 40,128 
Tredegar Corp.9,795 100,007 
Trinseo PLC18,011 477,832 
Tronox Holdings PLC, Class A87,905 1,286,050 
Valhi, Inc.1,270 44,374 
10,359,976 
Commercial Services and Supplies — 0.2%
Civeo Corp.(1)
5,607 166,304 
Ennis, Inc.4,672 99,186 
Heritage-Crystal Clean, Inc.(1)
8,227 267,953 
Interface, Inc.23,294 260,194 
Quad/Graphics, Inc.(1)
8,561 27,053 
Team, Inc.(1)
12 
820,702 
Communications Equipment — 0.5%
ViaSat, Inc.(1)
46,759 1,775,907 
Construction and Engineering — 0.4%
Dycom Industries, Inc.(1)
2,742 307,433 
Great Lakes Dredge & Dock Corp.(1)
12,115 115,940 
MYR Group, Inc.(1)
10,584 983,677 
Northwest Pipe Co.(1)
1,947 61,642 
Primoris Services Corp.1,340 27,162 
Tutor Perini Corp.(1)
18,365 124,515 
1,620,369 
Construction Materials — 0.1%
Eagle Materials, Inc.3,974 475,370 
United States Lime & Minerals, Inc.69 7,092 
482,462 
Consumer Finance — 2.2%
Atlanticus Holdings Corp.(1)
2,510 71,460 
Bread Financial Holdings, Inc.38,093 1,463,914 
Consumer Portfolio Services, Inc.(1)
6,386 74,333 
Encore Capital Group, Inc.(1)
12,475 682,133 
EZCORP, Inc., Class A(1)
8,933 78,164 
Green Dot Corp., Class A(1)
19,310 391,800 
LendingClub Corp.(1)
14,829 193,815 
Navient Corp.76,801 1,181,967 
Nelnet, Inc., Class A4,308 362,906 
OneMain Holdings, Inc.14,192 495,727 
Oportun Financial Corp.(1)
5,021 25,657 
70


Avantis U.S. Small Cap Value Fund
SharesValue
PRA Group, Inc.(1)
15,335 $566,475 
PROG Holdings, Inc.(1)
10,698 198,341 
Regional Management Corp.2,426 81,732 
SLM Corp.126,000 1,925,280 
World Acceptance Corp.(1)
1,826 212,254 
8,005,958 
Distributors
Funko, Inc., Class A(1)
17 379 
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(1)
37,160 1,400,560 
Grand Canyon Education, Inc.(1)
17,498 1,423,987 
Laureate Education, Inc., Class A132 1,455 
Perdoceo Education Corp.(1)
49,829 577,020 
Universal Technical Institute, Inc.(1)
25,324 173,723 
3,576,745 
Diversified Financial Services — 0.5%
Alerus Financial Corp.2,974 70,662 
Jackson Financial, Inc., Class A51,405 1,606,920 
1,677,582 
Diversified Telecommunication Services — 0.7%
ATN International, Inc.6,433 301,386 
EchoStar Corp., Class A(1)
23,130 425,823 
Iridium Communications, Inc.(1)
41,945 1,861,939 
2,589,148 
Electrical Equipment — 1.1%
Atkore, Inc.(1)
27,592 2,329,041 
Encore Wire Corp.13,062 1,699,366 
Preformed Line Products Co.32 2,489 
4,030,896 
Electronic Equipment, Instruments and Components — 1.6%
Bel Fuse, Inc., Class B746 21,201 
CTS Corp.9,571 405,045 
Daktronics, Inc.(1)
6,059 19,389 
Kimball Electronics, Inc.(1)
4,447 95,788 
Plexus Corp.(1)
187 
Sanmina Corp.(1)
47,827 2,320,566 
ScanSource, Inc.(1)
3,964 114,837 
TTM Technologies, Inc.(1)
62,174 977,997 
Vishay Intertechnology, Inc.96,638 1,900,870 
5,855,880 
Energy Equipment and Services — 2.4%
Archrock, Inc.112,363 830,363 
Bristow Group, Inc.(1)
12,875 373,504 
Dril-Quip, Inc.(1)
22,235 492,060 
Exterran Corp.(1)
14,245 69,943 
Helmerich & Payne, Inc.25,283 1,080,848 
Nabors Industries Ltd.(1)
6,518 863,700 
National Energy Services Reunited Corp.(1)
15,545 109,126 
Natural Gas Services Group, Inc.(1)
3,161 35,182 
Newpark Resources, Inc.(1)
37,589 108,256 
Oceaneering International, Inc.(1)
63,288 560,099 
71


Avantis U.S. Small Cap Value Fund
SharesValue
Oil States International, Inc.(1)
6,690 $32,781 
ProPetro Holding Corp.(1)
58,748 538,132 
Select Energy Services, Inc., Class A(1)
2,624 18,657 
TechnipFMC PLC(1)
104,408 854,057 
TETRA Technologies Inc(1)
32,370 128,833 
Transocean Ltd.(1)
206,443 747,324 
US Silica Holdings, Inc.(1)
51,337 720,258 
Valaris Ltd.(1)
1,537 78,356 
Weatherford International PLC(1)
38,393 1,080,379 
8,721,858 
Food and Staples Retailing — 1.9%
Andersons, Inc.296 
HF Foods Group, Inc.(1)
1,687 8,587 
Ingles Markets, Inc., Class A12,928 1,131,588 
Natural Grocers by Vitamin Cottage, Inc.4,681 67,219 
PriceSmart, Inc.385 24,359 
SpartanNash Co.30,562 930,002 
Sprouts Farmers Market, Inc.(1)
65,893 1,904,308 
United Natural Foods, Inc.(1)
41,532 1,830,730 
Village Super Market, Inc., Class A2,044 44,927 
Weis Markets, Inc.13,414 1,042,402 
6,984,418 
Food Products — 0.2%
Fresh Del Monte Produce, Inc.16,780 458,765 
Pilgrim's Pride Corp.(1)
142 
Seneca Foods Corp., Class A(1)
2,432 128,483 
587,390 
Health Care Equipment and Supplies — 0.6%
Co-Diagnostics, Inc.(1)(2)
13,905 46,999 
FONAR Corp.(1)
475 6,698 
Meridian Bioscience, Inc.(1)
21,524 701,467 
QuidelOrtho Corp.(1)
19,548 1,549,374 
Utah Medical Products, Inc.574 52,751 
2,357,289 
Health Care Providers and Services — 0.7%
Ensign Group, Inc.2,000 170,600 
Fulgent Genetics, Inc.(1)
14,748 641,096 
National Healthcare Corp.502 34,864 
Patterson Cos., Inc.15,682 437,371 
Premier, Inc., Class A32,085 1,130,675 
2,414,606 
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.(1)
61,145 1,039,465 
Hotels, Restaurants and Leisure — 1.1%
BJ's Restaurants, Inc.(1)
11,392 285,711 
Carrols Restaurant Group, Inc.(1)
3,216 7,075 
Century Casinos, Inc.(1)
7,973 58,761 
Cheesecake Factory, Inc.(2)
31,204 955,467 
Chuy's Holdings, Inc.(1)
12,506 279,259 
Cracker Barrel Old Country Store, Inc.11,748 1,268,079 
Monarch Casino & Resort, Inc.(1)
8,431 509,148 
72


Avantis U.S. Small Cap Value Fund
SharesValue
ONE Group Hospitality, Inc.(1)
10,666 $76,155 
Playa Hotels & Resorts NV(1)
9,018 59,158 
RCI Hospitality Holdings, Inc.4,212 274,665 
Red Robin Gourmet Burgers, Inc.(1)
4,768 35,426 
Target Hospitality Corp.(1)(2)
7,103 94,399 
3,903,303 
Household Durables — 1.5%
Bassett Furniture Industries, Inc.2,642 50,357 
Beazer Homes USA, Inc.(1)
151 2,150 
Ethan Allen Interiors, Inc.17,413 413,907 
GoPro, Inc., Class A(1)
69,441 422,896 
Green Brick Partners, Inc.(1)
6,280 152,981 
Hooker Furnishings Corp.1,512 23,995 
Hovnanian Enterprises, Inc., Class A(1)
1,596 63,984 
La-Z-Boy, Inc.12,057 318,184 
Legacy Housing Corp.(1)
241 4,119 
Lifetime Brands, Inc.559 4,986 
M/I Homes, Inc.(1)
9,599 415,061 
Skyline Champion Corp.(1)
3,951 223,903 
Taylor Morrison Home Corp.(1)
83,774 2,103,565 
Tri Pointe Homes, Inc.(1)
70,550 1,222,631 
Universal Electronics, Inc.(1)
4,678 103,992 
VOXX International Corp.(1)
3,636 35,051 
5,561,762 
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.(2)
7,348 686,891 
Insurance — 4.0%
Ambac Financial Group, Inc.(1)
12,074 182,197 
AMERISAFE, Inc.3,786 181,046 
Argo Group International Holdings Ltd.19,751 387,712 
Assured Guaranty Ltd.31,027 1,584,549 
Axis Capital Holdings Ltd.36,618 1,946,247 
Brighthouse Financial, Inc.(1)
38,401 1,825,968 
CNO Financial Group, Inc.47,671 877,623 
Crawford & Co., Class A616 3,745 
Donegal Group, Inc., Class A3,433 49,847 
Employers Holdings, Inc.10,283 402,682 
Genworth Financial, Inc., Class A(1)
225,216 950,411 
Hanover Insurance Group, Inc.7,019 908,188 
Horace Mann Educators Corp.16,488 589,776 
Investors Title Co.100 14,735 
NI Holdings, Inc.(1)
1,243 16,321 
Oscar Health, Inc., Class A(1)
8,049 53,365 
Primerica, Inc.3,477 440,710 
ProAssurance Corp.11,387 243,568 
Safety Insurance Group, Inc.7,626 686,721 
Selective Insurance Group, Inc.16,785 1,333,065 
SiriusPoint Ltd.(1)
28,701 128,293 
Stewart Information Services Corp.10,742 543,975 
Tiptree, Inc.508 6,071 
United Fire Group, Inc.5,307 156,185 
73


Avantis U.S. Small Cap Value Fund
SharesValue
Unum Group35,628 $1,348,520 
14,861,520 
Interactive Media and Services — 0.1%
Cars.com, Inc.(1)
40,989 522,610 
Internet and Direct Marketing Retail
Duluth Holdings, Inc., Class B(1)
5,416 48,040 
Lands' End, Inc.(1)
5,925 81,883 
129,923 
IT Services — 0.4%
Cass Information Systems, Inc.1,244 45,630 
Computer Task Group, Inc.(1)
1,148 9,046 
Innodata, Inc.(1)
154 519 
International Money Express, Inc.(1)
11,900 266,560 
Kyndryl Holdings, Inc.(1)
99,459 1,036,363 
1,358,118 
Leisure Products — 0.9%
Acushnet Holdings Corp.381 
Johnson Outdoors, Inc., Class A21 1,284 
Malibu Boats, Inc., Class A(1)
12,932 776,308 
MasterCraft Boat Holdings, Inc.(1)
8,678 209,053 
Smith & Wesson Brands, Inc.33,445 444,818 
Sturm Ruger & Co., Inc.13,179 688,603 
Vista Outdoor, Inc.(1)
40,197 1,130,340 
3,250,787 
Life Sciences Tools and Services
AbCellera Biologics, Inc.(1)
16,661 177,939 
Machinery — 1.3%
Albany International Corp., Class A14,081 1,241,803 
Greenbrier Cos., Inc.502 14,312 
Kennametal, Inc.52,388 1,227,975 
L.B. Foster Co., Class A(1)
1,249 16,362 
Miller Industries, Inc.57 1,340 
Mueller Industries, Inc.33,511 2,116,890 
REV Group, Inc.19,917 229,444 
Terex Corp.220 7,308 
Titan International, Inc.(1)
3,633 50,971 
4,906,405 
Marine — 1.1%
Costamare, Inc.49,975 563,718 
Eagle Bulk Shipping, Inc.9,617 417,762 
Genco Shipping & Trading Ltd.36,123 495,246 
Matson, Inc.32,841 2,419,068 
Pangaea Logistics Solutions Ltd.20,109 100,746 
Safe Bulkers, Inc.44,161 140,874 
4,137,414 
Media — 0.5%
Audacy, Inc.(1)
33,969 18,737 
Cumulus Media, Inc., Class A(1)
11,998 111,821 
Entravision Communications Corp., Class A30,218 153,507 
PubMatic, Inc., Class A(1)
5,040 98,633 
Scholastic Corp.15,305 702,653 
74


Avantis U.S. Small Cap Value Fund
SharesValue
WideOpenWest, Inc.(1)
36,081 $642,242 
1,727,593 
Metals and Mining — 3.3%
Alpha Metallurgical Resources, Inc.14,113 2,217,858 
Arconic Corp.(1)
132 3,328 
Ascent Industries Co.(1)
314 5,256 
Carpenter Technology Corp.11,645 395,581 
Coeur Mining, Inc.(1)
146,856 405,323 
Commercial Metals Co.85,335 3,456,921 
Haynes International, Inc.266 10,558 
Hecla Mining Co.300,627 1,184,470 
Kaiser Aluminum Corp.11,289 810,099 
Ramaco Resources, Inc.17,058 179,791 
Ryerson Holding Corp.18,104 515,964 
Schnitzer Steel Industries, Inc., Class A17,163 567,065 
SunCoke Energy, Inc.79,002 520,623 
TimkenSteel Corp.(1)
41,205 632,085 
Warrior Met Coal, Inc.45,948 1,495,607 
12,400,529 
Multiline Retail — 1.2%
Big Lots, Inc.(2)
20,394 419,505 
Dillard's, Inc., Class A(2)
2,962 877,463 
Kohl's Corp.51,314 1,458,344 
Macy's, Inc.94,123 1,630,210 
4,385,522 
Oil, Gas and Consumable Fuels — 13.3%
Antero Midstream Corp.123,631 1,244,964 
Arch Resources, Inc.10,926 1,590,607 
Ardmore Shipping Corp.(1)
3,480 33,547 
Berry Corp.57,138 522,813 
Brigham Minerals, Inc., Class A34,503 1,026,464 
California Resources Corp.5,686 284,073 
Callon Petroleum Co.(1)
29,950 1,274,672 
Chord Energy Corp.12,266 1,736,252 
Civitas Resources, Inc.23,874 1,604,094 
CNX Resources Corp.(1)
23,917 422,613 
Comstock Resources, Inc.(1)
56,462 1,106,655 
CONSOL Energy, Inc.20,813 1,493,957 
CVR Energy, Inc.20,034 654,310 
Denbury, Inc.(1)
21,188 1,884,249 
DHT Holdings, Inc.74,073 578,510 
Dorian LPG Ltd.31,002 451,079 
Earthstone Energy, Inc., Class A(1)
33,331 506,631 
EnLink Midstream LLC120,991 1,229,269 
Epsilon Energy Ltd.4,859 34,985 
Equitrans Midstream Corp.212,089 1,966,065 
Evolution Petroleum Corp.16,025 111,213 
Hallador Energy Co.(1)(2)
16,621 108,369 
Kimbell Royalty Partners LP37,600 667,024 
Kosmos Energy Ltd.(1)
291,453 2,060,573 
Laredo Petroleum, Inc.(1)
11,562 897,327 
75


Avantis U.S. Small Cap Value Fund
SharesValue
Magnolia Oil & Gas Corp., Class A76,325 $1,821,878 
Matador Resources Co.47,256 2,816,458 
Murphy Oil Corp.67,305 2,622,876 
NACCO Industries, Inc., Class A2,354 105,859 
Overseas Shipholding Group, Inc., Class A(1)
20,289 63,099 
PBF Energy, Inc., Class A(1)
49,820 1,701,851 
PDC Energy, Inc.43,227 2,935,546 
Peabody Energy Corp.(1)
42,983 1,059,961 
Permian Resources Corp.(1)
148,599 1,222,970 
Plains GP Holdings LP, Class A98,281 1,177,406 
Range Resources Corp.(1)
66,188 2,174,938 
Ranger Oil Corp., Class A14,247 555,490 
REX American Resources Corp.(1)
8,244 249,793 
Riley Exploration Permian, Inc.1,613 40,551 
Ring Energy, Inc.(1)
66,787 216,390 
SandRidge Energy, Inc.(1)
25,724 539,689 
SFL Corp. Ltd.84,617 905,402 
SilverBow Resources, Inc.(1)
8,443 335,694 
SM Energy Co.71,541 3,152,812 
Talos Energy, Inc.(1)
55,708 1,154,827 
Teekay Corp.(1)
3,514 12,264 
VAALCO Energy, Inc.(2)
39,518 197,985 
World Fuel Services Corp.25,726 663,731 
49,217,785 
Paper and Forest Products — 1.3%
Clearwater Paper Corp.(1)
12,171 517,754 
Louisiana-Pacific Corp.51,611 2,798,865 
Mercer International, Inc.36,581 593,344 
Sylvamo Corp.21,834 970,303 
4,880,266 
Personal Products — 0.4%
Nature's Sunshine Products, Inc.(1)
4,126 40,022 
Nu Skin Enterprises, Inc., Class A29,331 1,200,811 
USANA Health Sciences, Inc.(1)
5,730 369,700 
1,610,533 
Pharmaceuticals — 0.8%
Arvinas, Inc.(1)
24,127 1,021,537 
Assertio Holdings, Inc.(1)(2)
15,274 38,949 
Innoviva, Inc.(1)
45,675 601,083 
Phibro Animal Health Corp., Class A63 933 
Prestige Consumer Healthcare, Inc.(1)
18,987 960,362 
ProPhase Labs, Inc.(2)
2,333 28,253 
SIGA Technologies, Inc.31,011 467,646 
Supernus Pharmaceuticals, Inc.(1)
52 1,780 
3,120,543 
Professional Services — 1.2%
CBIZ, Inc.(1)
30,307 1,323,204 
CRA International, Inc.1,551 141,777 
Heidrick & Struggles International, Inc.11,832 336,739 
Kelly Services, Inc., Class A7,404 119,278 
Kforce, Inc.4,885 267,307 
76


Avantis U.S. Small Cap Value Fund
SharesValue
Korn Ferry30,155 $1,837,042 
TrueBlue, Inc.(1)
19,874 408,212 
4,433,559 
Real Estate Management and Development — 0.9%
Douglas Elliman, Inc.41,064 189,305 
Five Point Holdings LLC, Class A(1)
14,515 52,980 
Forestar Group, Inc.(1)
10,190 126,764 
Howard Hughes Corp.(1)
9,738 619,629 
Kennedy-Wilson Holdings, Inc.78,106 1,371,541 
Marcus & Millichap, Inc.17,554 656,168 
RE/MAX Holdings, Inc., Class A12,693 288,893 
3,305,280 
Road and Rail — 2.5%
ArcBest Corp.15,963 1,285,500 
Covenant Logistics Group, Inc.4,475 125,837 
Heartland Express, Inc.33,067 500,965 
Marten Transport Ltd.42,552 842,955 
PAM Transportation Services, Inc.(1)
3,478 103,331 
Ryder System, Inc.36,212 2,768,045 
Saia, Inc.(1)
5,869 1,213,885 
Schneider National, Inc., Class B30,754 703,037 
Universal Logistics Holdings, Inc.1,657 60,497 
US Xpress Enterprises, Inc., Class A(1)
5,048 12,418 
USA Truck, Inc.(1)
4,124 129,329 
Werner Enterprises, Inc.36,245 1,442,189 
9,187,988 
Semiconductors and Semiconductor Equipment — 1.8%
Alpha & Omega Semiconductor Ltd.(1)
13,415 518,624 
Amkor Technology, Inc.52,529 1,057,409 
Axcelis Technologies, Inc.(1)
9,846 659,091 
Diodes, Inc.(1)
28,096 1,999,592 
Kulicke & Soffa Industries, Inc.39,586 1,664,195 
Photronics, Inc.(1)
46,191 776,009 
6,674,920 
Software — 0.3%
Cleanspark, Inc.(1)(2)
13,052 55,863 
InterDigital, Inc.20,094 1,007,915 
Marathon Digital Holdings, Inc.(1)(2)
8,540 101,199 
1,164,977 
Specialty Retail — 7.2%
Aaron's Co., Inc.23,207 276,163 
Abercrombie & Fitch Co., Class A(1)
37,746 543,165 
Academy Sports & Outdoors, Inc.60,865 2,622,064 
American Eagle Outfitters, Inc.74,711 841,246 
AutoNation, Inc.(1)
11,121 1,385,677 
Bed Bath & Beyond, Inc.(1)(2)
23,199 221,086 
Big 5 Sporting Goods Corp.10,404 127,345 
Buckle, Inc.18,874 609,253 
Build-A-Bear Workshop, Inc.9,659 147,976 
Caleres, Inc.30,168 769,887 
Cato Corp., Class A10,167 109,905 
77


Avantis U.S. Small Cap Value Fund
SharesValue
Chico's FAS, Inc.(1)
81,986 $465,681 
Children's Place, Inc.(1)
6,298 265,650 
Citi Trends, Inc.(1)
4,400 88,880 
Conn's, Inc.(1)
10,875 104,509 
Container Store Group, Inc.(1)
13,676 92,723 
Designer Brands, Inc., Class A41,874 714,370 
Destination XL Group, Inc.(1)
23,632 130,212 
Dick's Sporting Goods, Inc.(2)
1,153 122,645 
Foot Locker, Inc.56,964 2,098,554 
Gap, Inc.189,432 1,731,409 
Genesco, Inc.(1)
10,031 567,554 
Group 1 Automotive, Inc.7,826 1,397,645 
Guess?, Inc.23,094 403,452 
Haverty Furniture Cos., Inc.11,215 300,786 
Hibbett, Inc.8,763 513,512 
MarineMax, Inc.(1)
15,373 558,655 
Murphy USA, Inc.10,749 3,119,037 
ODP Corp.(1)
27,928 998,426 
Rent-A-Center, Inc.27,958 722,435 
Shoe Carnival, Inc.11,530 274,299 
Signet Jewelers Ltd.30,487 1,992,935 
Sonic Automotive, Inc., Class A13,849 736,628 
Tilly's, Inc., Class A11,039 82,793 
TravelCenters of America, Inc.(1)
8,883 480,393 
Urban Outfitters, Inc.(1)
45,731 920,565 
Zumiez, Inc.(1)
11,140 289,194 
26,826,709 
Technology Hardware, Storage and Peripherals
Immersion Corp.(1)
2,525 15,049 
Super Micro Computer, Inc.(1)
135 8,786 
23,835 
Textiles, Apparel and Luxury Goods — 1.5%
Capri Holdings Ltd.(1)
4,003 188,862 
Crown Crafts, Inc.31 189 
Delta Apparel, Inc.(1)
1,000 18,780 
G-III Apparel Group Ltd.(1)
29,152 614,233 
Lakeland Industries, Inc.(1)
1,868 25,218 
Movado Group, Inc.9,896 315,583 
Oxford Industries, Inc.12,102 1,291,646 
PVH Corp.40,078 2,254,388 
Superior Group of Cos., Inc.233 2,589 
Under Armour, Inc., Class A(1)
48,749 410,467 
Under Armour, Inc., Class C(1)
30,676 232,831 
Unifi, Inc.(1)
4,426 50,279 
Vera Bradley, Inc.(1)
5,863 23,217 
5,428,282 
Thrifts and Mortgage Finance — 5.1%
Axos Financial, Inc.(1)
22,120 924,174 
Bridgewater Bancshares, Inc.(1)
5,299 91,037 
Enact Holdings, Inc.9,161 232,689 
Essent Group Ltd.58,885 2,354,811 
78


Avantis U.S. Small Cap Value Fund
SharesValue
Federal Agricultural Mortgage Corp., Class C4,325 $472,463 
Flagstar Bancorp, Inc.27,065 1,042,814 
FS Bancorp, Inc.2,126 63,163 
Greene County Bancorp, Inc.134 7,129 
Hingham Institution For Savings363 107,775 
Home Bancorp, Inc.1,338 52,235 
Kearny Financial Corp.17,555 199,425 
Luther Burbank Corp.2,236 29,314 
Merchants Bancorp8,404 226,656 
MGIC Investment Corp.164,333 2,348,318 
Mr. Cooper Group, Inc.(1)
41,366 1,749,782 
New York Community Bancorp, Inc.(2)
213,735 2,092,466 
NMI Holdings, Inc., Class A(1)
46,085 946,125 
Northfield Bancorp, Inc.9,630 141,946 
OP Bancorp1,343 16,237 
PennyMac Financial Services, Inc.13,369 710,161 
Provident Financial Services, Inc.33,500 778,205 
Radian Group, Inc.102,644 2,166,815 
Southern Missouri Bancorp, Inc.2,022 106,620 
Territorial Bancorp, Inc.886 18,438 
Timberland Bancorp, Inc.1,932 51,237 
TrustCo Bank Corp. NY7,964 265,520 
Walker & Dunlop, Inc.7,149 718,188 
Waterstone Financial, Inc.5,837 100,922 
WSFS Financial Corp.16,282 787,235 
18,801,900 
Trading Companies and Distributors — 5.3%
Air Lease Corp.71,342 2,593,995 
Alta Equipment Group, Inc.1,728 20,339 
BlueLinx Holdings, Inc.(1)
8,216 575,942 
Boise Cascade Co.35,379 2,205,173 
GATX Corp.27,822 2,687,883 
Global Industrial Co.41 1,233 
H&E Equipment Services, Inc.19,829 627,786 
Herc Holdings, Inc.13,833 1,556,628 
McGrath RentCorp16,229 1,371,675 
NOW, Inc.(1)
55,237 669,472 
Rush Enterprises, Inc., Class A25,814 1,214,807 
Rush Enterprises, Inc., Class B3,706 187,672 
Textainer Group Holdings Ltd.27,393 832,199 
Titan Machinery, Inc.(1)
11,805 363,358 
Triton International Ltd.53,558 3,191,521 
Veritiv Corp.(1)
11,473 1,367,467 
19,467,150 
Wireless Telecommunication Services — 0.4%
Telephone and Data Systems, Inc.74,189 1,207,055 
United States Cellular Corp.(1)
9,475 270,890 
1,477,945 
TOTAL COMMON STOCKS
(Cost $331,734,053)
368,579,763 
79


Avantis U.S. Small Cap Value Fund
SharesValue
SHORT-TERM INVESTMENTS — 2.1%


Money Market Funds — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,990,085 $1,990,085 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
5,757,217 5,757,217 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,747,302)
7,747,302 
TOTAL INVESTMENT SECURITIES — 101.6%
(Cost $339,481,355)

376,327,065 
OTHER ASSETS AND LIABILITIES — (1.6)%

(5,825,001)
TOTAL NET ASSETS — 100.0%

$370,502,064 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
Russell 2000 E-Mini Index9September 2022$830,070 $(7,628)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $6,252,098. 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 $6,456,302, which includes securities collateral of $699,085.


See Notes to Financial Statements.
80


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis U.S. Equity FundAvantis U.S. Large Cap Value Fund
Assets
Investment securities, at value (cost of $372,156,617 and $84,882,979, respectively) — including $2,505,935 and $—, respectively of securities on loan$362,705,172 $80,497,007 
Investment made with cash collateral received for securities on loan, at value (cost of $1,757,422 and $—, respectively)1,757,422 — 
Total investment securities, at value (cost of $373,914,039 and $84,882,979, respectively)364,462,594 80,497,007 
Deposits with broker for futures contracts30,000 — 
Receivable for capital shares sold181,613 — 
Dividends and interest receivable655,171 139,057 
Securities lending receivable3,292 — 
365,332,670 80,636,064 
Liabilities
Disbursements in excess of demand deposit cash752 — 
Payable for collateral received for securities on loan1,757,422 — 
Payable for capital shares redeemed47,010 43,534 
Payable for variation margin on futures contracts4,650 — 
Accrued management fees45,047 5,909 
1,854,881 49,443 
Net Assets$363,477,789 $80,586,621 
Net Assets Consist of:
Capital paid in$372,207,929 $84,829,272 
Distributable earnings(8,730,140)(4,242,651)
$363,477,789 $80,586,621 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis U.S. Equity Fund
Institutional Class$338,381,17225,568,347$13.23
G Class$25,096,6171,893,196$13.26
Avantis U.S. Large Cap Value Fund
Institutional Class$80,581,3797,687,677$10.48
G Class$5,242500$10.48


See Notes to Financial Statements.
81


AUGUST 31, 2022
Avantis U.S. Small Cap Value Fund
Assets
Investment securities, at value (cost of $333,724,138) — including $6,252,098 of securities on loan$370,569,848 
Investment made with cash collateral received for securities on loan, at value
(cost of $5,757,217)
5,757,217 
Total investment securities, at value (cost of $339,481,355)376,327,065 
Deposits with broker for futures contracts49,500 
Receivable for capital shares sold264,889 
Dividends and interest receivable512,890 
Securities lending receivable4,267 
377,158,611 
Liabilities
Payable for collateral received for securities on loan5,757,217 
Payable for investments purchased767,261 
Payable for capital shares redeemed44,883 
Payable for variation margin on futures contracts5,265 
Accrued management fees81,921 
6,656,547 
Net Assets$370,502,064 
Net Assets Consist of:
Capital paid in$308,792,718 
Distributable earnings61,709,346 
$370,502,064 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis U.S. Small Cap Value Fund
Institutional Class$368,198,41625,806,345$14.27
G Class$2,303,648161,204$14.29


See Notes to Financial Statements.
82


Statements of Operations
YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis U.S. Equity Fund
Avantis U.S. Large Cap Value Fund(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $2,059 and $—, respectively)$5,405,891 $144,060 
Securities lending, net27,639 — 
Interest9,630 5,252 
5,443,160 149,312 
Expenses:
Management fees488,305 5,992 
Other expenses1,375 — 
489,680 5,992 
Fees waived - G Class(20,570)(1)
469,110 5,991 
Net investment income (loss)4,974,050 143,321 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(2,858,605)— 
Futures contract transactions15,092 — 
(2,843,513)— 
Change in net unrealized appreciation (depreciation) on:
Investments(46,189,572)(4,385,972)
Futures contracts12,187 — 
(46,177,385)(4,385,972)
Net realized and unrealized gain (loss)(49,020,898)(4,385,972)
Net Increase (Decrease) in Net Assets Resulting from Operations$(44,046,848)$(4,242,651)
(1)June 21, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.

83


YEAR ENDED AUGUST 31, 2022
Avantis U.S. Small Cap Value Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $7,760)$6,477,880 
Securities lending, net77,414 
Interest9,036 
6,564,330 
Expenses:
Management fees841,839 
Other expenses8,982 
850,821 
Fees waived - G Class(3,179)
847,642 
Net investment income (loss)5,716,688 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions24,700,405 
Futures contract transactions(17,620)
24,682,785 
Change in net unrealized appreciation (depreciation) on:
Investments(36,284,756)
Futures contracts(55,295)
(36,340,051)
Net realized and unrealized gain (loss)(11,657,266)
Net Increase (Decrease) in Net Assets Resulting from Operations$(5,940,578)


See Notes to Financial Statements.

84


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis U.S. Equity FundAvantis U.S. Large Cap Value Fund
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
August 31, 2022(1)
Operations
Net investment income (loss)$4,974,050 $1,353,507 $143,321 
Net realized gain (loss)(2,843,513)794,199 — 
Change in net unrealized appreciation (depreciation)(46,177,385)27,174,332 (4,385,972)
Net increase (decrease) in net assets resulting from operations(44,046,848)29,322,038 (4,242,651)
Distributions to Shareholders
From earnings:
Institutional Class(3,104,121)(550,258)— 
G Class(24,544)— — 
Decrease in net assets from distributions(3,128,665)(550,258)— 
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)196,915,104 133,435,192 84,829,272 
Net increase (decrease) in net assets149,739,591 162,206,972 80,586,621 
Net Assets
Beginning of period213,738,198 51,531,226 — 
End of period$363,477,789 $213,738,198 $80,586,621 
(1)June 21, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.

85


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis U.S. Small
Cap Value Fund
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
Operations
Net investment income (loss)$5,716,688 $3,137,208 
Net realized gain (loss)24,682,785 15,334,310 
Change in net unrealized appreciation (depreciation)(36,340,051)60,204,107 
Net increase (decrease) in net assets resulting from operations(5,940,578)78,675,625 
Distributions to Shareholders
From earnings:
Institutional Class(18,793,908)(948,448)
G Class(13,000)— 
Decrease in net assets from distributions(18,806,908)(948,448)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)134,893,216 103,291,530 
Net increase (decrease) in net assets110,145,730 181,018,707 
Net Assets
Beginning of period260,356,334 79,337,627 
End of period$370,502,064 $260,356,334 


See Notes to Financial Statements.

86


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Equity Fund, Avantis U.S. Large Cap Value Fund and Avantis U.S. Small Cap Value Fund (collectively, the funds) are three funds in a series issued by the trust. Each of the funds' investment objective is to seek long-term capital appreciation. The funds offer the Institutional Class and G Class. The G Class for Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund commenced sale on January 20, 2021. All classes of Avantis U.S. Large Cap Value Fund commenced sale on June 21, 2022, the fund's inception date.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a
87


specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

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

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

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities
88


loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 days
Between
30 & 90 days
>90 daysTotal
Avantis U.S. Equity Fund
Common Stocks$1,757,422 — — — $1,757,422 
Gross amount of recognized liabilities for securities lending transactions$1,757,422 
Avantis U.S. Small Cap Value Fund
Common Stocks$5,757,217 — — — $5,757,217 
Gross amount of recognized liabilities for securities lending transactions$5,757,217 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% of the shares of the Avantis U.S. Equity Fund.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive each fund's G Class management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

For the period ended August 31, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
Annual Management Fee
Institutional ClassG Class Before WaiverG Class After Waiver
Avantis U.S. Equity Fund0.15%0.15%0.00%
Avantis U.S. Large Cap Value Fund0.15%0.15%0.00%
Avantis U.S. Small Cap Value Fund0.25%0.25%0.00%

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


89


4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended August 31, 2022 were as follows:
Avantis U.S.
Equity Fund
Avantis U.S. Large
Cap Value Fund(1)
Avantis U.S. Small
Cap Value Fund
Purchases $211,513,335$84,706,349$279,130,792
Sales$11,626,601$149,657,301
(1)June 21, 2022 (fund inception) through August 31, 2022.

5. Capital Share Transactions

Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Year ended
August 31, 2022
Year ended
August 31, 2021
SharesAmountSharesAmount
Avantis U.S. Equity Fund(1)
Institutional Class
Sold14,744,175 $218,739,743 12,039,286 $163,599,924 
Issued in reinvestment of distributions
203,548 3,104,121 45,855 550,258 
Redeemed(3,588,094)(50,154,425)(2,596,029)(32,277,485)
11,359,629 171,689,439 9,489,112 131,872,697 
G Class
Sold1,996,667 28,251,875 120,988 1,701,468 
Issued in reinvestment of distributions1,608 24,544 — — 
Redeemed(216,378)(3,050,754)(9,689)(138,973)
1,781,897 25,225,665 111,299 1,562,495 
Net increase (decrease)13,141,526 $196,915,104 9,600,411 $133,435,192 
Avantis U.S. Large Cap Value Fund(2)
Institutional ClassN/A
Sold7,765,165 $85,673,025 
Redeemed(77,488)(848,753)
7,687,677 84,824,272 
G ClassN/A
Sold500 5,000 
Net increase (decrease)7,688,177 $84,829,272 
Avantis U.S. Small Cap Value Fund(1)
Institutional Class
Sold15,009,023 $228,803,472 12,018,509 $150,648,156 
Issued in reinvestment of distributions1,238,456 18,774,999 83,637 948,448 
Redeemed(7,563,465)(114,898,447)(3,763,099)(48,461,598)
8,684,014 132,680,024 8,339,047 103,135,006 
G Class
Sold167,351 2,462,224 11,337 168,264 
Issued in reinvestment of distributions858 13,000 — — 
Redeemed(17,562)(262,032)(780)(11,740)
150,647 2,213,192 10,557 156,524 
Net increase (decrease)8,834,661 $134,893,216 8,349,604 $103,291,530 
(1)January 20, 2021 (commencement of sale) through August 31, 2021 for the G Class.
(2)June 21, 2022 (fund inception) through August 31, 2022.
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6. Fair Value Measurements

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

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

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

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

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

As of period end, the funds’ investment securities and other financial instruments were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis U.S. Equity Fund$771,210
Avantis U.S. Small Cap Value Fund$773,680

Value of Derivative Instruments as of August 31, 2022
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Avantis U.S. Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$4,650 
Avantis U.S. Small Cap Value Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$5,265 
*Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.

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Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis U.S. Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$15,092 Change in net unrealized appreciation (depreciation) on futures contracts$12,187 
Avantis U.S. Small Cap Value Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$(17,620)Change in net unrealized appreciation (depreciation) on futures contracts$(55,295)

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
Avantis U.S. Small Cap Value Fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Avantis U.S. Equity Fund
$2,686,577 $442,088 $410,184 $140,074 
Avantis U.S. Large Cap Value Fund(1)
— — N/AN/A
Avantis U.S. Small Cap Value Fund$13,674,239 $5,132,669 $923,459 $24,989 
(1)June 21, 2022 (fund inception) through August 31, 2022.

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

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

Avantis U.S. Equity FundAvantis U.S. Large Cap
Value Fund
Avantis U.S. Small Cap
Value Fund
Federal tax cost of investments$374,082,584 $84,882,979 $339,883,313 
Gross tax appreciation of investments$30,245,259 $569,066 $59,957,900 
Gross tax depreciation of investments(39,865,249)(4,955,038)(23,514,148)
Net tax appreciation (depreciation) of investments$(9,619,990)$(4,385,972)$36,443,752 
Undistributed ordinary income$3,704,390 $143,321 $3,792,779 
Accumulated long-term gains— — $21,472,815 
Accumulated short-term capital losses$(2,814,540)— — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis U.S. Large Cap Value Fund.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
 Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis U.S. Equity Fund
Institutional Class
2022$14.930.22(1.78)(1.56)(0.10)(0.04)(0.14)$13.23(10.57)%0.15%0.15%1.52%1.52%4%$338,381 
2021$10.920.183.954.13(0.09)(0.03)(0.12)$14.9338.03%0.15%0.15%1.37%1.37%3%$212,075 
2020(3)
$10.000.120.820.94(0.02)(0.02)$10.929.37%
0.15%(4)
0.15%(4)
1.62%(4)
1.62%(4)
3%$51,531 
G Class
2022$14.950.25(1.78)(1.53)(0.12)(0.04)(0.16)$13.26(10.36)%
0.00%(5)
0.15%1.67%1.52%4%$25,097 
2021(6)
$12.800.142.012.15$14.9516.80%
0.00%(4)(5)
0.15%(4)
1.55%(4)
1.40%(4)
3%(7)
$1,663 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)Ratio was less than 0.005%.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net Investment Income (Loss) (before expense waiver)Portfolio
Turnover
Rate
Net
Assets,
End of Period (in thousands)
Avantis U.S. Large Cap Value Fund
Institutional Class
2022(3)
$10.000.080.400.48$10.484.80%
0.15%(4)
0.15%(4)
3.59%(4)
3.59%(4)
0%$80,581 
G Class
2022(3)
$10.000.050.430.48$10.484.80%
0.00%(4)
0.15%(4)
3.74%(4)
3.59%(4)
0%$5 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)June 21, 2022 (fund inception) through August 31, 2022.
(4)Annualized.



See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
 Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Value Fund
Institutional Class
2022$15.200.25(0.29)(0.04)(0.19)(0.70)(0.89)$14.27(0.61)%0.25%0.25%1.70%1.70%45%$368,198 
2021$9.030.246.016.25(0.08)
(3)
(0.08)$15.2069.57%0.25%0.25%1.81%1.81%37%$260,196 
2020(4)
$10.000.11(1.07)(0.96)(0.01)(0.01)$9.03(9.57)%
0.25%(5)
0.25%(5)
1.89%(5)
1.89%(5)
4%$79,338 
G Class
2022$15.220.28(0.28)(0.23)(0.70)(0.93)$14.29(0.37)%
0.00%(6)
0.25%1.95%1.70%45%$2,304 
2021(7)
$12.820.182.222.40$15.2218.72%
0.00%(5)(6)
0.25%(5)
2.00%(5)
1.75%(5)
37%(8)
$161 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Per-share amount was less than $0.005.
(4)December 4, 2019 (fund inception) through August 31, 2020.
(5)Annualized.
(6)Ratio was less than 0.005%.
(7)January 20, 2021 (commencement of sale) through August 31, 2021.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® U.S. Equity Fund, Avantis® U.S. Large Cap Value Fund, and Avantis® U.S. Small Cap Value Fund (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® U.S. Equity Fund
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from December 4, 2019 (fund inception) through August 31, 2020
Avantis® U.S. Large Cap Value Fund
For the period June 21, 2022 (fund inception) through August 31, 2022
Avantis® U.S. Small Cap Value Fund
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from December 4, 2019 (fund inception) through August 31, 2020

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

97


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

98


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


100


Approval of Management Agreements

Avantis U.S. Large Cap Value Fund

At a meeting held on March 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis U.S. Large Cap Value Fund (the "New Fund"). Under Section 15(c) of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:
the nature, extent, and quality of investment management and other services to be provided to the New Fund;
the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
the cost of owning the New Fund compared to the cost of owning similarly-managed funds;
the Advisor’s compliance policies, procedures, and regulatory experience; and
any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Avantis U.S. Equity Fund
Avantis U.S. Small Cap Value Fund

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund (collectively the "Existing Funds"). Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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


102


Factors Considered

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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Existing Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the
103


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

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

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

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

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

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

104


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

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Existing Fund is fair in light of the services provided and that the investment management agreement between each Existing Fund and the Advisor should be renewed for an additional one-year period.


105


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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

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


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

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

Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Avantis U.S. Equity FundAvantis U.S. Large
Cap Value Fund
Avantis U.S. Small
Cap Value Fund
$2,447,964$3,248,766

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2022.

Avantis U.S. Equity FundAvantis U.S. Large
Cap Value Fund
Avantis U.S. Small
Cap Value Fund
$442,088$7,483,465

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2022.

Avantis U.S. Equity FundAvantis U.S. Large
Cap Value Fund
Avantis U.S. Small
Cap Value Fund
$317,269$9,626,779

The funds hereby utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization) for the fiscal year ended August 31, 2022.

Avantis U.S. Equity FundAvantis U.S. Large
Cap Value Fund
Avantis U.S. Small
Cap Value Fund
$2,939,930
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
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Annual Report
August 31, 2022
Avantis® Emerging Markets Equity Fund
Institutional Class (AVEEX)
G Class (AVENX)
Avantis® International Equity Fund
Institutional Class (AVDEX)
G Class (AVDNX)
Avantis® International Small Cap Value Fund
Institutional Class (AVDVX)
G Class (AVANX)


























Table of Contents

Chairman’s Letter
Avantis Emerging Markets Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Small Cap Value Fund
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information












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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Emerging Markets Equity Fund
Total Returns as of August 31, 2022Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVEEX-20.98%2.65%12/4/2019
MSCI Emerging Markets IMI Index-21.15%1.85%
G ClassAVENX-20.69%-12.51%1/20/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-8f39ca2b01574918b3aa.jpg
    
Value on August 31, 2022
Institutional Class — $10,744
MSCI Emerging Markets IMI Index — $10,516
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.33%0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Emerging Markets Equity seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Emerging Markets Equity returned -20.98%.* For the same period, the fund’s benchmark, the MSCI Emerging Markets IMI Index, returned -21.15%. The index is an unmanaged portfolio generally representative of the performance of emerging markets stocks across capitalization categories. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s outperformance versus the index was due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with growth characteristics, including lower levels of profitability and higher prices relative to their book values. The fund’s underweight to growth-oriented companies also boosted relative performance.

Value stocks, as measured by the MSCI Emerging Markets IMI Value Index, returned -16.99% for the period. Growth stocks, as measured by the MSCI Emerging Markets IMI Growth Index, lagged their value-style counterparts, returning -24.94%.


















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.
4


Fund Characteristics
AUGUST 31, 2022
Avantis Emerging Markets Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.4%
Warrants
—*
Corporate Bonds
—*
Rights
—*
Short-Term Investments2.6%
Other Assets and Liabilities(2.0)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China28.7%
India17.4%
Taiwan17.1%
South Korea13.2%
Brazil6.2%
5


Performance
Avantis International Equity Fund
Total Returns as of August 31, 2022Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVDEX-18.92%1.19%12/4/2019
MSCI World ex-USA IMI Index-19.49%0.71%
G ClassAVDNX-18.72%-6.55%1/20/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-c9d7858b43094805865a.jpg
    
Value on August 31, 2022
Institutional Class — $10,329
MSCI World ex-USA IMI Index — $10,197
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.23%0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Equity seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the security weights of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis International Equity returned -18.92%.* For the same period, the fund’s benchmark, the MSCI World ex-USA IMI Index, returned -19.49%. The index is an unmanaged portfolio generally representative of the performance of non-U.S. developed markets stocks across capitalization categories. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values, or more value-oriented companies. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book value, or growth-oriented companies. The fund’s underweight to growth-oriented companies also aided relative results.

Value stocks, as measured by the MSCI World ex-USA IMI Value Index, returned -13.09% for the reporting period. These securities outperformed growth stocks, which returned -25.91%, according to the MSCI World ex-USA IMI Growth Index.

















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 6 for returns for all share classes.

7


Fund Characteristics
AUGUST 31, 2022
Avantis International Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks98.5%
Rights
—*
Warrants
—*
Short-Term Investments6.4%
Other Assets and Liabilities(4.9)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan20.9%
United Kingdom13.5%
Canada11.2%
France8.8%
Switzerland8.4%

8


Performance
Avantis International Small Cap Value Fund
Total Returns as of August 31, 2022Average
Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVDVX-16.31%3.06%12/4/2019
MSCI World ex-USA Small Cap Index-24.53%0.64%
G ClassAVANX-15.92%-3.17%1/20/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-84660c8dd0f44462809a.jpg
    
Value on August 31, 2022
Institutional Class — $10,863
MSCI World ex-USA Small Cap Index — $10,175
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.36%0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Small Cap Value seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the portfolio will invest at least 80% of its assets in securities of small-cap companies.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis International Small Cap Value returned -16.31%.* For the same period, the fund’s benchmark, the MSCI World ex-USA Small Cap Index, returned -24.53%. The index is an unmanaged portfolio generally representative of the performance of non-U.S. developed markets small-cap stocks. Fund returns reflect fees and operating expenses, while index returns do not.

The fund’s outperformance versus the index was largely due to the fund’s overweight to small-cap companies with higher levels of profitability and lower prices relative to their book values. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or growth-oriented companies. The fund’s underweight to growth-oriented companies also aided results.
Small-cap value stocks, as measured by the MSCI World ex-USA Small Cap Value Index, returned -19.00% for the reporting period. Small-cap growth stocks, according to the MSCI World ex-USA Small Cap Growth Index, lagged their value-style peers, returning -29.98%.

















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 9 for returns for all share classes.
10


Fund Characteristics
AUGUST 31, 2022
Avantis International Small Cap Value Fund
Types of Investments in Portfolio% of net assets
Common Stocks98.6%
Warrants
—*
Rights
—*
Short-Term Investments6.2%
Other Assets and Liabilities(4.8)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan26.7%
United Kingdom13.6%
Canada10.0%
Australia9.3%
Sweden4.9%

11


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class's. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12


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)
Avantis Emerging Markets Equity Fund
Actual
Institutional Class$1,000$862.50$1.550.33%
G Class$1,000$864.30$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.54$1.680.33%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis International Equity Fund
Actual
Institutional Class$1,000$858.90$1.080.23%
G Class$1,000$859.80$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.05$1.170.23%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis International Small Cap Value Fund
Actual
Institutional Class$1,000$872.10$1.700.36%
G Class$1,000$874.70$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.39$1.840.36%
G Class$1,000$1,025.21$0.00
0.00%(2)
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Other expenses did not exceed 0.005%.
13


Schedules of Investments

AUGUST 31, 2022
Avantis Emerging Markets Equity Fund
SharesValue
COMMON STOCKS — 99.4%


Brazil — 6.2%
3R Petroleum Oleo E Gas SA(1)
18,200 $130,455 
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA2,800 1,238 
AES Brasil Energia SA16,800 31,259 
Aliansce Sonae Shopping Centers SA9,500 31,993 
Alpargatas SA, Preference Shares11,700 47,048 
Alupar Investimento SA16,700 91,487 
Ambev SA, ADR81,433 236,156 
Americanas SA19,717 61,549 
Anima Holding SA(1)
600 582 
Atacadao SA14,600 55,875 
Auren Energia SA17,602 51,834 
Azul SA, ADR(1)(2)
1,804 16,867 
B3 SA - Brasil Bolsa Balcao69,300 159,183 
Banco ABC Brasil SA, Preference Shares14,000 51,184 
Banco BMG SA, Preference Shares4,900 2,477 
Banco Bradesco SA43,559 132,291 
Banco Bradesco SA, ADR147,037 533,744 
Banco BTG Pactual SA34,700 170,752 
Banco do Brasil SA34,260 275,073 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares19,000 40,868 
Banco Mercantil do Brasil SA, Preference Shares800 1,553 
Banco Pan SA, Preference Shares11,300 15,986 
Banco Santander Brasil SA, ADR12,690 72,587 
BB Seguridade Participacoes SA19,100 104,414 
Boa Vista Servicos SA11,700 15,405 
BR Malls Participacoes SA81,700 130,032 
BR Properties SA26,200 41,599 
BrasilAgro - Co. Brasileira de Propriedades Agricolas6,400 35,368 
Braskem SA, ADR(2)
3,958 46,784 
BRF SA, ADR(1)(2)
30,252 90,453 
C&A MODAS SA(1)
4,900 3,042 
Camil Alimentos SA13,900 26,772 
CCR SA101,500 271,192 
Centrais Eletricas Brasileiras SA, ADR(2)
12,652 113,109 
Centrais Eletricas Brasileiras SA, Class B Preference Shares7,300 67,494 
Cia Brasileira de Distribuicao, ADR(2)
14,446 58,940 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR2,823 26,423 
Cia de Saneamento de Minas Gerais-COPASA14,600 37,943 
Cia de Saneamento do Parana7,500 24,897 
Cia de Saneamento do Parana, Preference Shares71,900 48,648 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares15,600 71,787 
Cia Energetica de Minas Gerais, ADR51,877 122,430 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares3,800 38,625 
14


Avantis Emerging Markets Equity Fund
SharesValue
Cia Paranaense de Energia23,700 $29,292 
Cia Paranaense de Energia, ADR14,010 91,906 
Cia Paranaense de Energia, Preference Shares107,200 143,417 
Cia Siderurgica Nacional SA, ADR(2)
47,207 127,459 
Cielo SA112,100 118,728 
Clear Sale SA(1)
7,300 7,872 
Cogna Educacao(1)
5,800 2,776 
Construtora Tenda SA(1)
4,800 5,434 
Cosan SA15,144 58,394 
CPFL Energia SA7,800 52,821 
Cristal Pigmentos do Brasil SA, Preference Shares200 1,076 
Cury Construtora e Incorporadora SA25,400 43,502 
CVC Brasil Operadora e Agencia de Viagens SA(1)
23,914 35,027 
Cyrela Brazil Realty SA Empreendimentos e Participacoes27,500 75,484 
Dexco SA19,580 37,486 
Dexxos Participacoes SA3,600 4,837 
Direcional Engenharia SA2,300 5,712 
Dommo Energia SA(1)
1,400 433 
EcoRodovias Infraestrutura e Logistica SA(1)
24,600 27,615 
EDP - Energias do Brasil SA8,700 37,928 
Embraer SA, ADR(1)
12,244 130,521 
Enauta Participacoes SA14,600 46,670 
Energisa SA12,000 97,986 
Eneva SA(1)
31,400 93,312 
Engie Brasil Energia SA6,000 46,951 
Equatorial Energia SA36,900 171,861 
Eternit SA9,288 23,031 
Eucatex SA Industria e Comercio, Preference Shares3,000 4,775 
Even Construtora e Incorporadora SA7,000 7,992 
Ez Tec Empreendimentos e Participacoes SA11,900 41,105 
Fleury SA8,500 25,684 
Fras-Le SA1,000 2,451 
Gafisa SA(1)
10,749 2,479 
Gerdau SA, ADR52,356 236,126 
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR766 1,341 
Gol Linhas Aereas Inteligentes SA, ADR(2)
2,473 9,447 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
2,495 4,844 
GPS Participacoes e Empreendimentos SA4,300 11,241 
Grazziotin SA, Preference Shares200 1,315 
Grendene SA11,100 16,152 
Grupo Mateus SA(1)
4,100 5,012 
Grupo SBF SA1,700 7,199 
Guararapes Confeccoes SA4,800 8,516 
Hapvida Participacoes e Investimentos SA31,628 44,441 
Helbor Empreendimentos SA720 374 
Hidrovias do Brasil SA(1)
28,100 13,233 
Hypera SA10,000 82,827 
Iguatemi SA15,680 59,044 
Iguatemi SA13,000 6,072 
Infracommerce CXAAS SA(1)
6,800 7,307 
Instituto Hermes Pardini SA1,400 5,331 
15


Avantis Emerging Markets Equity Fund
SharesValue
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira1,000 $5,334 
Inter & Co., Inc.1,492 6,062 
Iochpe Maxion SA20,200 53,078 
Irani Papel e Embalagem SA5,300 7,794 
IRB Brasil Resseguros S/A(1)
50,114 15,991 
Itau Unibanco Holding SA, ADR164,187 811,084 
Jalles Machado SA17,600 25,373 
JBS SA21,800 123,993 
JHSF Participacoes SA26,500 31,683 
Kepler Weber SA4,200 17,051 
Klabin SA57,000 207,735 
Lavvi Empreendimentos Imobiliarios Ltda5,200 5,677 
Light SA15,600 17,092 
Localiza Rent a Car SA29,516 346,141 
Locaweb Servicos de Internet SA(1)
10,700 19,210 
LOG Commercial Properties e Participacoes SA4,900 24,809 
Log-in Logistica Intermodal SA(1)
5,558 42,221 
Lojas Quero Quero S/A15,600 20,750 
Lojas Renner SA23,570 120,605 
LPS Brasil Consultoria de Imoveis SA6,100 3,400 
M Dias Branco SA3,200 26,253 
Magazine Luiza SA(1)
22,100 18,267 
Mahle-Metal Leve SA4,400 20,645 
Marcopolo SA, Preference Shares53,500 26,943 
Marfrig Global Foods SA29,900 75,865 
Marisa Lojas SA(1)
12,448 6,054 
Meliuz SA(1)
4,800 1,199 
Metalurgica Gerdau SA, Preference Shares37,100 70,957 
Mills Estruturas e Servicos de Engenharia SA31,349 59,957 
Minerva SA34,400 101,962 
Mitre Realty Empreendimentos E Participacoes LTDA2,600 2,754 
Movida Participacoes SA15,400 41,058 
MPM Corporeos SA2,100 803 
MRV Engenharia e Participacoes SA14,400 28,233 
Multilaser Industrial SA10,400 9,636 
Multiplan Empreendimentos Imobiliarios SA11,500 53,671 
Natura & Co. Holding SA10,478 29,224 
Odontoprev SA17,160 30,214 
Omega Energia SA(1)
15,162 32,671 
Paranapanema SA(1)
200 291 
Petro Rio SA(1)
39,000 205,030 
Petroleo Brasileiro SA, ADR79,213 1,131,954 
Petroleo Brasileiro SA, ADR Preference Shares101,362 1,291,352 
Petroreconcavo SA8,800 46,111 
Porto Seguro SA3,800 15,522 
Portobello SA4,200 8,057 
Positivo Tecnologia SA2,800 6,383 
Profarma Distribuidora de Produtos Farmaceuticos SA1,200 851 
Qualicorp Consultoria e Corretora de Seguros SA5,900 10,842 
Raia Drogasil SA23,700 99,767 
Randon SA Implementos e Participacoes, Preference Shares8,700 16,004 
16


Avantis Emerging Markets Equity Fund
SharesValue
Rede D'Or Sao Luiz SA3,800 $24,323 
Romi SA1,850 4,794 
Rumo SA38,900 151,042 
Santos Brasil Participacoes SA45,400 70,512 
Sao Carlos Empreendimentos e Participacoes SA100 500 
Sao Martinho SA11,400 70,056 
Sendas Distribuidora SA, ADR10,523 185,415 
Ser Educacional SA2,100 2,507 
SIMPAR SA19,700 40,556 
SLC Agricola SA5,000 46,728 
StoneCo Ltd., A Shares(1)
14,765 139,972 
Sul America SA24,973 117,079 
Suzano SA, ADR26,127 224,431 
SYN prop e tech SA7,800 6,807 
Taurus Armas SA, Preference Shares3,200 10,703 
Tegma Gestao Logistica SA400 1,356 
Telefonica Brasil SA, ADR(2)
6,442 52,309 
TIM SA, ADR12,723 144,279 
TOTVS SA7,000 38,240 
Transmissora Alianca de Energia Eletrica SA25,300 203,279 
Trisul SA300 269 
Tupy SA7,300 37,423 
Ultrapar Participacoes SA, ADR(2)
20,277 53,937 
Unipar Carbocloro SA, Class B Preference Shares5,660 110,199 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares34,100 52,634 
Vale SA, ADR134,981 1,676,464 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA600 1,218 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA2,400 6,569 
Via S/A(1)
164,600 101,562 
Vibra Energia SA49,900 177,543 
Vivara Participacoes SA800 3,897 
Vulcabras Azaleia SA8,900 24,635 
WEG SA18,900 102,812 
Wilson Sons Holdings Brasil SA13,800 23,476 
Wiz Solucoes e Corretagem de Seguros SA4,600 7,189 
XP, Inc., Class A(1)
1,166 22,434 
YDUQS Participacoes SA13,000 30,886 
Zamp SA(1)
10,800 16,193 
15,067,078 
Chile — 0.7%
Aguas Andinas SA, A Shares212,600 47,442 
Banco de Chile837,675 79,473 
Banco de Credito e Inversiones SA1,882 55,436 
Banco Santander Chile, ADR3,896 62,492 
Besalco SA2,057 780 
CAP SA9,814 79,181 
Cencosud SA82,384 115,177 
Cencosud Shopping SA6,154 8,480 
Cia Cervecerias Unidas SA, ADR3,272 35,763 
Cia Sud Americana de Vapores SA569,019 52,194 
17


Avantis Emerging Markets Equity Fund
SharesValue
Colbun SA910,018 $86,732 
Embotelladora Andina SA, Class B Preference Shares38,716 79,268 
Empresa Nacional de Telecomunicaciones SA16,665 52,688 
Empresas CMPC SA100,943 191,468 
Empresas COPEC SA14,437 127,174 
Enel Chile SA1,085,633 37,151 
Engie Energia Chile SA(1)
14,725 8,297 
Falabella SA6,732 15,864 
Grupo Security SA30,991 4,914 
Inversiones Aguas Metropolitanas SA7,601 3,842 
Itau CorpBanca Chile SA21,331,050 48,791 
Parque Arauco SA46,629 49,298 
Ripley Corp. SA168,455 30,825 
Salfacorp SA2,048 731 
Sociedad Quimica y Minera de Chile SA, ADR3,544 353,266 
SONDA SA16,560 6,905 
1,633,632 
China — 28.7%
360 DigiTech, Inc., ADR11,101 177,394 
361 Degrees International Ltd.(1)
85,000 43,433 
3SBio, Inc.140,000 93,080 
AAC Technologies Holdings, Inc.(2)
48,000 88,926 
AAG Energy Holdings Ltd.(2)
154,000 29,071 
Agile Group Holdings Ltd.(2)
144,000 50,429 
Agora, Inc., ADR(1)
4,604 19,061 
Agricultural Bank of China Ltd., H Shares1,126,000 367,934 
Air China Ltd., H Shares(1)
28,000 22,429 
Ajisen China Holdings Ltd.4,000 382 
AK Medical Holdings Ltd.(2)
58,000 50,287 
Alibaba Group Holding Ltd., ADR(1)
43,199 4,121,617 
Alibaba Pictures Group Ltd.(1)
330,000 25,960 
Alphamab Oncology(1)(2)
10,000 10,065 
Aluminum Corp. of China Ltd., H Shares398,000 147,065 
Angang Steel Co. Ltd., H Shares4,000 1,250 
Anhui Conch Cement Co. Ltd., H Shares94,500 360,126 
Anhui Expressway Co. Ltd., H Shares80,000 58,074 
ANTA Sports Products Ltd.60,200 724,955 
Antengene Corp. Ltd.(1)(2)
12,500 6,595 
Ascentage Pharma Group International(1)(2)
1,100 2,285 
Asia Cement China Holdings Corp.43,000 21,501 
AsiaInfo Technologies Ltd.10,800 15,488 
Autohome, Inc., ADR7,053 251,157 
BAIC Motor Corp. Ltd., H Shares47,000 12,938 
Baidu, Inc., ADR(1)
6,466 930,910 
BAIOO Family Interactive Ltd.74,000 3,810 
Bairong, Inc.(1)(2)
18,500 22,108 
Bank of China Ltd., H Shares3,717,000 1,297,114 
Bank of Chongqing Co. Ltd., H Shares27,000 13,971 
Bank of Communications Co. Ltd., H Shares490,000 279,187 
Baozun, Inc., ADR(1)
1,003 8,526 
Baozun, Inc., Class A(1)
1,700 4,735 
18


Avantis Emerging Markets Equity Fund
SharesValue
BBMG Corp., H Shares5,000 $674 
BeiGene Ltd., ADR(1)
885 151,919 
Beijing Capital International Airport Co. Ltd., H Shares(1)
128,000 80,340 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares8,000 11,634 
Beijing Enterprises Holdings Ltd.45,500 135,336 
Beijing Enterprises Water Group Ltd.342,000 87,853 
Beijing Jingneng Clean Energy Co. Ltd., H Shares96,000 20,132 
Beijing North Star Co. Ltd., H Shares4,000 468 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.42,000 52,259 
Binjiang Service Group Co. Ltd.10,500 29,031 
BOC Aviation Ltd.30,500 244,137 
BOE Varitronix Ltd.45,000 102,649 
Bosideng International Holdings Ltd.420,000 235,826 
Bright Scholar Education Holdings Ltd., ADR27 88 
Burning Rock Biotech Ltd., ADR(1)(2)
365 1,431 
BYD Co. Ltd., H Shares29,500 909,052 
BYD Electronic International Co. Ltd.(2)
44,000 116,254 
C&D International Investment Group Ltd.26,990 53,979 
C&D Property Management Group Co. Ltd.(2)
19,000 8,671 
Cabbeen Fashion Ltd.11,000 1,901 
Canaan, Inc., ADR(1)(2)
17,159 60,228 
Canadian Solar, Inc.(1)
4,366 197,212 
Cango, Inc., ADR(2)
5,200 12,584 
CanSino Biologics, Inc., H Shares(2)
3,200 19,973 
Canvest Environmental Protection Group Co. Ltd.32,000 19,183 
Cathay Media And Education Group, Inc.(2)
12,000 1,843 
Central China Management Co. Ltd.(2)
18,000 1,763 
Central China New Life Ltd.5,000 2,159 
Central China Real Estate Ltd.(2)
18,000 1,189 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)(2)
14,700 15,095 
Chaowei Power Holdings Ltd.36,000 8,317 
Cheetah Mobile, Inc., ADR(1)(2)
309 214 
China Aircraft Leasing Group Holdings Ltd.1,000 661 
China Automotive Systems, Inc.(1)
741 3,097 
China BlueChemical Ltd., H Shares284,000 73,950 
China Bohai Bank Co. Ltd., H Shares215,000 35,610 
China Cinda Asset Management Co. Ltd., H Shares938,000 128,809 
China CITIC Bank Corp. Ltd., H Shares638,000 273,517 
China Coal Energy Co. Ltd., H Shares224,000 199,196 
China Communications Services Corp. Ltd., H Shares334,000 143,418 
China Conch Environment Protection Holdings Ltd.(1)
91,500 81,671 
China Conch Venture Holdings Ltd.153,500 313,261 
China Construction Bank Corp., H Shares3,667,000 2,266,877 
China Datang Corp. Renewable Power Co. Ltd., H Shares284,000 71,121 
China Dongxiang Group Co. Ltd.(1)
210,000 9,339 
China East Education Holdings Ltd.(2)
97,000 40,991 
China Eastern Airlines Corp. Ltd., H Shares(1)
14,000 4,819 
China Education Group Holdings Ltd.61,000 53,142 
China Energy Development Holdings Ltd.(1)
48,000 983 
China Everbright Bank Co. Ltd., H Shares257,000 78,787 
China Everbright Environment Group Ltd.496,000 245,154 
19


Avantis Emerging Markets Equity Fund
SharesValue
China Everbright Greentech Ltd.(2)
31,000 $6,467 
China Everbright Ltd.98,000 71,572 
China Feihe Ltd.324,000 268,161 
China Foods Ltd.32,000 10,186 
China Galaxy Securities Co. Ltd., H Shares275,500 150,620 
China Gas Holdings Ltd.170,400 241,133 
China Glass Holdings Ltd.(2)
156,000 22,165 
China Harmony Auto Holding Ltd.31,500 8,276 
China High Speed Transmission Equipment Group Co. Ltd.(1)
51,000 28,833 
China Hongqiao Group Ltd.315,500 305,928 
China International Capital Corp. Ltd., H Shares92,400 162,559 
China Kepei Education Group Ltd.26,000 6,677 
China Lesso Group Holdings Ltd.136,000 161,650 
China Life Insurance Co. Ltd., ADR41,716 296,601 
China Lilang Ltd.24,000 11,720 
China Literature Ltd.(1)
3,200 12,967 
China Longyuan Power Group Corp. Ltd., H Shares249,000 402,176 
China Maple Leaf Educational Systems Ltd.(1)
42,000 1,900 
China Medical System Holdings Ltd.175,000 258,996 
China Meidong Auto Holdings Ltd.46,000 93,543 
China Mengniu Dairy Co. Ltd.(1)
180,000 815,090 
China Merchants Bank Co. Ltd., H Shares119,500 611,136 
China Merchants Land Ltd.(1)
40,000 3,151 
China Merchants Port Holdings Co. Ltd.128,756 193,297 
China Minsheng Banking Corp. Ltd., H Shares456,500 145,212 
China Modern Dairy Holdings Ltd.(2)
418,000 55,297 
China National Building Material Co. Ltd., H Shares484,000 457,027 
China New Higher Education Group Ltd.143,000 44,803 
China Nonferrous Mining Corp. Ltd.235,000 100,472 
China Oil & Gas Group Ltd.(1)
40,000 1,630 
China Oriental Group Co. Ltd.26,000 4,790 
China Pacific Insurance Group Co. Ltd., H Shares134,600 285,125 
China Petroleum & Chemical Corp., ADR14,803 688,636 
China Pioneer Pharma Holdings Ltd.22,000 6,296 
China Power International Development Ltd.235,000 131,189 
China Railway Group Ltd., H Shares339,000 194,075 
China Railway Signal & Communication Corp. Ltd., H Shares31,000 9,747 
China Rare Earth Holdings Ltd.(1)
68,000 4,062 
China Reinsurance Group Corp., H Shares43,000 3,168 
China Renaissance Holdings Ltd.(1)
18,900 21,382 
China Resources Beer Holdings Co. Ltd.54,000 376,435 
China Resources Cement Holdings Ltd.334,000 205,881 
China Resources Gas Group Ltd.26,000 101,229 
China Resources Land Ltd.178,000 728,776 
China Resources Medical Holdings Co. Ltd.94,000 55,765 
China Resources Mixc Lifestyle Services Ltd.3,800 17,232 
China Resources Pharmaceutical Group Ltd.64,500 44,192 
China Resources Power Holdings Co. Ltd.176,000 349,948 
China Risun Group Ltd.(2)
224,000 87,815 
China Sanjiang Fine Chemicals Co. Ltd.48,000 9,814 
China SCE Group Holdings Ltd.91,000 7,619 
20


Avantis Emerging Markets Equity Fund
SharesValue
China Shengmu Organic Milk Ltd.(1)
55,000 $2,521 
China Shenhua Energy Co. Ltd., H Shares149,500 468,873 
China Shineway Pharmaceutical Group Ltd.48,000 36,820 
China Shuifa Singyes Energy Holdings Ltd.(2)
66,000 8,622 
China South City Holdings Ltd.(2)
148,000 9,305 
China Southern Airlines Co. Ltd., H Shares(1)(2)
18,000 9,716 
China Starch Holdings Ltd.515,000 16,999 
China Sunshine Paper Holdings Co. Ltd.69,000 16,203 
China Suntien Green Energy Corp. Ltd., H Shares162,000 72,656 
China Taiping Insurance Holdings Co. Ltd.158,000 161,314 
China Tobacco International HK Co. Ltd.(2)
12,000 17,709 
China Tower Corp. Ltd., H Shares4,190,000 522,484 
China Traditional Chinese Medicine Holdings Co. Ltd.314,000 135,407 
China Travel International Investment Hong Kong Ltd.(1)(2)
170,000 30,883 
China Vanke Co. Ltd., H Shares57,600 112,448 
China Water Affairs Group Ltd.98,000 89,266 
China Xinhua Education Group Ltd.17,000 2,384 
China XLX Fertiliser Ltd.112,000 63,823 
China Yongda Automobiles Services Holdings Ltd.118,000 83,222 
China Youran Dairy Group Ltd.(1)
98,000 29,670 
China Youzan Ltd.(1)(2)
80,000 1,276 
China Yuchai International Ltd.512 4,265 
China Yuhua Education Corp. Ltd.(1)(2)
328,000 51,540 
China ZhengTong Auto Services Holdings Ltd.(1)
80,000 5,059 
Chindata Group Holdings Ltd., ADR(1)
13,898 117,299 
Chongqing Rural Commercial Bank Co. Ltd., H Shares147,000 50,879 
CIFI Ever Sunshine Services Group Ltd.58,000 35,646 
CIFI Holdings Group Co. Ltd.(2)
282,880 71,595 
CITIC Ltd.419,000 431,938 
CITIC Securities Co. Ltd., H Shares119,325 241,852 
CMGE Technology Group Ltd.(1)(2)
60,000 14,804 
CMOC Group Ltd., H Shares102,000 45,483 
CNFinance Holdings Ltd., ADR(1)(2)
1,003 2,718 
COFCO Joycome Foods Ltd.(1)
445,000 170,350 
Concord New Energy Group Ltd.870,000 79,715 
Consun Pharmaceutical Group Ltd.29,000 14,884 
Coolpad Group Ltd.(1)
372,000 5,768 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(1)
20,000 15,150 
COSCO SHIPPING Holdings Co. Ltd., Class H(2)
227,549 339,699 
COSCO SHIPPING International Hong Kong Co. Ltd.(2)
16,000 4,523 
COSCO SHIPPING Ports Ltd.209,929 135,840 
Country Garden Holdings Co. Ltd.(2)
362,210 106,923 
Country Garden Services Holdings Co. Ltd.23,000 45,199 
CPMC Holdings Ltd.28,000 11,979 
Crazy Sports Group Ltd.(1)(2)
124,000 3,610 
CSPC Pharmaceutical Group Ltd.837,200 849,276 
CSSC Hong Kong Shipping Co. Ltd.248,000 41,919 
Dada Nexus Ltd., ADR(1)
1,333 8,625 
Dali Foods Group Co. Ltd.250,000 114,288 
Daqo New Energy Corp., ADR(1)
9,823 654,899 
Datang International Power Generation Co. Ltd., H Shares6,000 1,236 
21


Avantis Emerging Markets Equity Fund
SharesValue
Dawnrays Pharmaceutical Holdings Ltd.7,000 $1,076 
Dexin China Holdings Co. Ltd.(2)
5,000 1,268 
Differ Group Auto Ltd.(1)(2)
306,000 77,133 
Digital China Holdings Ltd.116,000 51,745 
Dongfeng Motor Group Co. Ltd., Class H272,000 172,461 
Dongyue Group Ltd.194,000 217,734 
DouYu International Holdings Ltd., ADR(1)
1,695 2,543 
Duiba Group Ltd.(1)(2)
16,000 1,627 
Dynagreen Environmental Protection Group Co. Ltd., H Shares28,000 10,276 
E-House China Enterprise Holdings Ltd.(1)(2)
48,000 4,197 
Ebang International Holdings, Inc., A Shares(1)(2)
10,000 4,675 
ENN Energy Holdings Ltd.27,200 395,146 
EVA Precision Industrial Holdings Ltd.(2)
114,000 21,809 
Everest Medicines Ltd.(1)
3,500 5,293 
Fanhua, Inc., ADR(2)
4,262 23,782 
FIH Mobile Ltd.(1)
284,000 36,787 
FinVolution Group, ADR21,769 107,103 
First Tractor Co. Ltd., H Shares(2)
44,000 17,623 
Flat Glass Group Co. Ltd., H Shares(1)(2)
4,000 13,175 
Fosun International Ltd.194,000 143,198 
Fountain SET Holdings Ltd.6,000 764 
FriendTimes, Inc.28,000 4,218 
Fu Shou Yuan International Group Ltd.139,000 88,809 
Fufeng Group Ltd.295,000 165,763 
Fuyao Glass Industry Group Co. Ltd., H Shares38,400 183,239 
Ganfeng Lithium Co. Ltd., H Shares(2)
6,680 58,687 
Ganglong China Property Group Ltd.(1)
25,000 12,975 
GCL New Energy Holdings Ltd.(1)(2)
928,000 10,371 
GCL-Poly Energy Holdings Ltd.(1)(2)
555,000 198,095 
GDS Holdings Ltd., Class A(1)
45,300 154,712 
Geely Automobile Holdings Ltd.376,000 755,466 
Gemdale Properties & Investment Corp. Ltd.688,000 58,624 
Genertec Universal Medical Group Co. Ltd.137,000 77,112 
Genor Biopharma Holdings Ltd.(1)(2)
2,500 999 
GF Securities Co. Ltd., H Shares68,800 89,874 
Global Cord Blood Corp.(1)
2,020 4,666 
Glory Health Industry Ltd.(1)
29,000 624 
Glory Sun Financial Group Ltd.(1)(2)
140,000 639 
GOME Retail Holdings Ltd.(1)(2)
646,000 20,137 
Goodbaby International Holdings Ltd.(1)
58,000 5,896 
Grand Pharmaceutical Group Ltd.125,000 66,735 
Great Wall Motor Co. Ltd., H Shares85,500 128,278 
Greatview Aseptic Packaging Co. Ltd.30,000 5,729 
Greenland Hong Kong Holdings Ltd.22,000 2,290 
Greentown China Holdings Ltd.93,500 176,414 
Guangzhou Automobile Group Co. Ltd., H Shares152,000 130,691 
Guangzhou R&F Properties Co. Ltd., H Shares(2)
278,400 57,584 
Guotai Junan Securities Co. Ltd., H Shares4,400 5,213 
H World Group Ltd., ADR5,798 218,179 
Haidilao International Holding Ltd.(1)(2)
72,000 169,423 
Haier Smart Home Co. Ltd., H Shares40,800 133,294 
22


Avantis Emerging Markets Equity Fund
SharesValue
Hainan Meilan International Airport Co. Ltd., H Shares(1)
20,000 $47,091 
Haitian International Holdings Ltd.80,000 195,996 
Haitong Securities Co. Ltd., H Shares198,000 129,635 
Hangzhou Tigermed Consulting Co. Ltd., H Shares1,700 16,831 
Hansoh Pharmaceutical Group Co. Ltd.64,000 127,689 
Harbin Electric Co. Ltd., H Shares(1)
92,000 25,003 
Hebei Construction Group Corp. Ltd., H Shares(1)
3,000 385 
Hello Group, Inc., ADR15,765 81,190 
Hengan International Group Co. Ltd.80,000 382,841 
Hi Sun Technology China Ltd.(1)(2)
57,000 6,306 
Hilong Holding Ltd.(1)
302,000 23,808 
Hisense Home Appliances Group Co. Ltd., H Shares34,000 36,632 
Hollysys Automation Technologies Ltd.7,446 126,805 
Homeland Interactive Technology Ltd.(1)(2)
24,000 4,566 
Hope Education Group Co. Ltd.(2)
368,000 31,722 
Hopson Development Holdings Ltd.(2)
29,040 39,930 
Hua Hong Semiconductor Ltd.(1)(2)
61,000 179,063 
Hua Medicine(1)
8,500 4,272 
Huabao International Holdings Ltd.(2)
29,000 14,829 
Huadian Power International Corp. Ltd., H Shares(2)
30,000 12,330 
Huaneng Power International, Inc., H Shares(1)
210,000 107,324 
Huatai Securities Co. Ltd., H Shares132,600 177,236 
Huaxi Holdings Co. Ltd.4,000 611 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
40,000 12,740 
HUYA, Inc., ADR(1)
5,310 17,470 
Hygeia Healthcare Holdings Co. Ltd.(1)(2)
12,600 68,008 
I-Mab, ADR(1)
310 1,900 
iDreamSky Technology Holdings Ltd.(1)
9,600 6,451 
Industrial & Commercial Bank of China Ltd., H Shares2,149,000 1,091,784 
Ingdan, Inc.(1)(2)
66,000 15,163 
Inkeverse Group Ltd.(1)
38,000 6,216 
International Alliance Financial Leasing Co. Ltd.(1)(2)
93,000 49,106 
iQIYI, Inc., ADR(1)(2)
29,749 108,881 
JD Health International, Inc.(1)
12,750 87,830 
JD.com, Inc., ADR13,011 826,068 
JD.com, Inc., Class A4,138 130,989 
JH Educational Technology, Inc.(1)
14,000 5,682 
Jiangsu Expressway Co. Ltd., H Shares114,000 97,642 
Jiangxi Copper Co. Ltd., H Shares87,000 106,851 
Jiayuan International Group Ltd.(1)(2)
52,000 1,431 
Jinchuan Group International Resources Co. Ltd.(2)
430,000 46,403 
Jingrui Holdings Ltd.(1)
6,000 451 
JinkoSolar Holding Co. Ltd., ADR(1)(2)
1,540 93,740 
Jinxin Fertility Group Ltd.97,000 63,164 
Jiumaojiu International Holdings Ltd.(2)
84,000 165,261 
JNBY Design Ltd.11,500 12,514 
JOYY, Inc., ADR4,673 141,685 
Jutal Offshore Oil Services Ltd.(1)
46,000 3,452 
Kandi Technologies Group, Inc.(1)(2)
639 1,399 
Kangji Medical Holdings Ltd.(2)
33,500 26,703 
Kanzhun Ltd., ADR(1)
952 22,362 
23


Avantis Emerging Markets Equity Fund
SharesValue
Kasen International Holdings Ltd.(1)
37,000 $2,097 
KE Holdings, Inc., ADR(1)
18,197 328,274 
Kingboard Holdings Ltd.89,500 282,614 
Kingboard Laminates Holdings Ltd.117,000 111,608 
Kingsoft Cloud Holdings Ltd., ADR(1)
5,650 19,436 
Kingsoft Corp. Ltd.54,800 166,553 
Kuaishou Technology(1)
24,100 208,814 
Kunlun Energy Co. Ltd.158,000 137,575 
KWG Group Holdings Ltd.86,000 15,472 
KWG Living Group Holdings Ltd.45,500 8,071 
Lee & Man Chemical Co. Ltd.(2)
4,000 3,313 
Lee & Man Paper Manufacturing Ltd.99,000 35,538 
Legend Biotech Corp., ADR(1)
353 16,411 
Lenovo Group Ltd.478,000 393,686 
LexinFintech Holdings Ltd., ADR(1)
13,176 26,879 
Li Auto, Inc., ADR(1)
20,455 588,490 
Li Ning Co. Ltd.90,000 819,748 
Lifetech Scientific Corp.(1)
248,000 80,876 
LightInTheBox Holding Co. Ltd., ADR(1)
2,012 1,992 
Logan Group Co. Ltd.(2)
30,000 3,272 
Longfor Group Holdings Ltd.103,000 334,314 
Lonking Holdings Ltd.202,000 34,203 
Lufax Holding Ltd., ADR16,968 74,150 
Luokung Technology Corp.(1)
3,718 758 
Luoyang Glass Co. Ltd., H Shares(1)
6,000 8,341 
Luye Pharma Group Ltd.(1)(2)
114,000 32,905 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
34,000 4,098 
Maanshan Iron & Steel Co. Ltd., H Shares4,000 1,042 
Maoyan Entertainment(1)(2)
27,400 23,010 
Medlive Technology Co. Ltd.(2)
7,000 11,128 
Meitu, Inc.(1)(2)
239,000 25,409 
Meituan, Class B(1)
42,400 1,018,330 
Metallurgical Corp. of China Ltd., H Shares5,000 947 
Midea Real Estate Holding Ltd.(2)
58,000 61,884 
Minsheng Education Group Co. Ltd.34,000 2,593 
Minth Group Ltd.52,000 147,143 
MMG Ltd.(1)
484,000 132,403 
Mobvista, Inc.(1)
25,000 15,071 
Mulsanne Group Holding Ltd.(1)(2)
12,500 6,143 
Nam Tai Property, Inc.(1)(2)
1,859 7,836 
NetDragon Websoft Holdings Ltd.48,000 104,437 
NetEase, Inc., ADR19,550 1,730,371 
New China Life Insurance Co. Ltd., H Shares65,600 154,402 
New Oriental Education & Technology Group, Inc., ADR(1)
7,116 202,094 
New Sparkle Roll International Group Ltd.(1)
136,000 1,628 
Newborn Town, Inc.(1)(2)
46,000 12,057 
Nexteer Automotive Group Ltd.(2)
84,000 62,423 
Nine Dragons Paper Holdings Ltd.161,000 126,332 
NIO, Inc., ADR(1)
21,956 437,144 
NiSun International Enterprise Development Group Co. Ltd.(1)
338 243 
Noah Holdings Ltd., ADR(1)
3,545 62,782 
24


Avantis Emerging Markets Equity Fund
SharesValue
Nongfu Spring Co. Ltd., H Shares(2)
59,400 $353,183 
Ocumension Therapeutics(1)(2)
1,500 2,635 
OneConnect Financial Technology Co. Ltd., ADR(1)
10,438 11,273 
Orient Overseas International Ltd.12,500 348,437 
Pacific Millennium Packaging Group Corp.2,000 1,578 
People's Insurance Co. Group of China Ltd., H Shares484,000 149,587 
Perennial Energy Holdings Ltd.(2)
40,000 5,487 
PetroChina Co. Ltd., ADR9,644 445,842 
Pharmaron Beijing Co. Ltd., H Shares3,900 25,797 
PICC Property & Casualty Co. Ltd., H Shares478,000 517,019 
Pinduoduo, Inc., ADR(1)
15,553 1,108,929 
Ping An Healthcare and Technology Co. Ltd.(1)(2)
15,300 41,419 
Ping An Insurance Group Co. of China Ltd., H Shares267,006 1,570,434 
Poly Property Group Co. Ltd.213,362 43,367 
Poly Property Services Co. Ltd., Class H9,200 53,887 
Postal Savings Bank of China Co. Ltd., H Shares(2)
468,000 279,383 
Pou Sheng International Holdings Ltd.90,000 9,047 
Powerlong Commercial Management Holdings Ltd.8,500 4,598 
Powerlong Real Estate Holdings Ltd.(2)
62,000 7,775 
Prinx Chengshan Holdings Ltd.6,000 5,344 
PW Medtech Group Ltd.(1)
7,000 719 
Q Technology Group Co. Ltd.(1)
41,000 22,529 
Qingling Motors Co. Ltd., H Shares6,000 954 
Qudian, Inc., ADR(1)(2)
12,033 11,431 
Radiance Holdings Group Co. Ltd.106,000 51,229 
Redco Properties Group Ltd.(1)(2)
22,000 4,987 
Redsun Properties Group Ltd.(1)(2)
84,000 12,090 
ReneSola Ltd., ADR(1)
3,379 19,733 
Road King Infrastructure Ltd.5,000 2,615 
Ronshine China Holdings Ltd.(1)
27,500 2,627 
Sany Heavy Equipment International Holdings Co. Ltd.90,000 93,228 
SCE Intelligent Commercial Management Holdings Ltd.(2)
14,000 3,147 
Seazen Group Ltd.(1)
222,000 73,691 
Shandong Gold Mining Co. Ltd., H Shares(2)
13,250 22,462 
Shandong Hi-Speed New Energy Group Ltd.(1)(2)
1,000,000 9,659 
Shandong Molong Petroleum Machinery Co. Ltd., H Shares(1)
12,800 4,621 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares214,000 290,306 
Shanghai Electric Group Co. Ltd., H Shares(1)
40,000 9,559 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares6,000 19,302 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares4,000 18,639 
Shanghai Haohai Biological Technology Co. Ltd., H Shares200 702 
Shanghai Industrial Holdings Ltd.78,000 108,429 
Shanghai Industrial Urban Development Group Ltd.1,600 128 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares63,800 92,752 
Shenzhen Expressway Corp. Ltd., H Shares34,000 29,768 
Shenzhen International Holdings Ltd.193,500 166,798 
Shenzhen Investment Ltd.152,000 27,835 
Shenzhou International Group Holdings Ltd.22,200 232,019 
Shimao Group Holdings Ltd.(2)
35,500 19,992 
Shimao Services Holdings Ltd.(1)(2)
108,000 27,665 
Shoucheng Holdings Ltd.113,200 19,245 
25


Avantis Emerging Markets Equity Fund
SharesValue
Shougang Fushan Resources Group Ltd.322,000 $102,134 
Shui On Land Ltd.355,500 44,717 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
329,000 41,722 
Silver Grant International Holdings Group Ltd.(1)
8,000 506 
Simcere Pharmaceutical Group Ltd.71,000 70,972 
Sino Biopharmaceutical Ltd.567,000 297,797 
Sino-Ocean Group Holding Ltd.256,000 37,365 
Sinopec Engineering Group Co. Ltd., H Shares201,000 89,801 
Sinopec Kantons Holdings Ltd.30,000 9,156 
Sinopec Shanghai Petrochemical Co. Ltd., ADR365 5,639 
Sinopharm Group Co. Ltd., H Shares108,800 242,384 
Sinosoft Technology Group Ltd.(1)
22,000 1,102 
Sinotrans Ltd., H Shares4,000 1,143 
Sinotruk Hong Kong Ltd.53,000 52,843 
Skyworth Group Ltd.196,487 97,622 
So-Young International, Inc., ADR(1)
363 361 
SOHO China Ltd.(1)(2)
54,500 9,706 
Sohu.com Ltd., ADR(1)(2)
3,248 57,879 
South Manganese Investment Ltd.(1)(2)
210,000 23,432 
SSY Group Ltd.152,000 71,577 
Sun King Technology Group Ltd.(1)
42,000 11,920 
Sunac Services Holdings Ltd.(2)
15,386 4,639 
Sunny Optical Technology Group Co. Ltd.29,800 406,843 
SY Holdings Group Ltd.41,500 27,767 
TAL Education Group, ADR(1)
51,245 296,196 
TCL Electronics Holdings Ltd.67,000 32,008 
Tencent Holdings Ltd.100,100 4,137,208 
Tencent Music Entertainment Group, ADR(1)
37,505 191,651 
Tian Ge Interactive Holdings Ltd.(1)
5,000 604 
Tian Lun Gas Holdings Ltd.32,000 14,452 
Tiangong International Co. Ltd.126,000 42,256 
Tianjin Port Development Holdings Ltd.12,000 900 
Tianneng Power International Ltd.(2)
88,000 93,623 
Times China Holdings Ltd.(2)
11,000 1,633 
Tingyi Cayman Islands Holding Corp.190,000 337,388 
Tong Ren Tang Technologies Co. Ltd., H Shares95,000 67,154 
Tongcheng Travel Holdings Ltd.(1)
116,000 237,587 
Tongda Group Holdings Ltd.(1)
745,000 11,348 
Topsports International Holdings Ltd.193,000 152,334 
Towngas Smart Energy Co. Ltd.(1)
60,000 26,322 
TravelSky Technology Ltd., H Shares118,000 205,660 
Trigiant Group Ltd.(1)
6,000 450 
Trip.com Group Ltd., ADR(1)
15,189 390,661 
Truly International Holdings Ltd.256,000 56,082 
Tsaker New Energy Tech Co. Ltd.72,500 12,985 
Tsingtao Brewery Co. Ltd., H Shares16,000 155,376 
Uni-President China Holdings Ltd.154,000 132,586 
United Strength Power Holdings Ltd.2,000 2,851 
Up Fintech Holding Ltd., ADR(1)(2)
818 3,084 
Uxin Ltd., ADR(1)(2)
1,379 1,029 
Venus MedTech Hangzhou, Inc., H Shares(1)(2)
9,000 15,664 
26


Avantis Emerging Markets Equity Fund
SharesValue
Vinda International Holdings Ltd.(2)
50,000 $139,753 
Viomi Technology Co. Ltd., ADR(1)
993 1,291 
Vipshop Holdings Ltd., ADR(1)
46,060 534,757 
VNET Group, Inc., ADR(1)
11,318 60,551 
Want Want China Holdings Ltd.427,000 300,788 
Wasion Holdings Ltd.28,000 9,420 
Weibo Corp., ADR(1)
7,800 161,382 
Weichai Power Co. Ltd., H Shares61,000 81,497 
Weiqiao Textile Co., H Shares25,500 4,811 
West China Cement Ltd.310,000 38,239 
Wharf Holdings Ltd.99,000 372,830 
Wuling Motors Holdings Ltd.(2)
160,000 21,100 
WuXi AppTec Co. Ltd., H Shares(2)
4,607 52,008 
Wuxi Biologics Cayman, Inc.(1)
55,000 485,215 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
82,000 38,609 
Xiamen International Port Co. Ltd., H Shares196,000 55,547 
Xin Point Holdings Ltd.(2)
12,000 3,505 
Xingda International Holdings Ltd.30,896 6,327 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares16,000 11,255 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares73,400 109,378 
Xinte Energy Co. Ltd., H Shares36,400 94,993 
Xinyi Solar Holdings Ltd.182,541 251,034 
XPeng, Inc., Class A, ADR(1)
5,211 96,508 
XTEP International Holdings Ltd.150,500 208,847 
Xunlei Ltd., ADR(1)
887 1,428 
Yadea Group Holdings Ltd.112,000 213,628 
Yankuang Energy Group Co. Ltd., H Shares(2)
122,000 482,926 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
8,800 5,587 
Yidu Tech, Inc.(1)(2)
1,600 1,441 
Yihai International Holding Ltd.(1)(2)
19,000 47,850 
Yincheng International Holding Co. Ltd.(1)(2)
4,000 1,130 
Youdao, Inc., ADR(1)
285 1,528 
YuanShengTai Dairy Farm Ltd.(1)
41,000 1,122 
Yuexiu Property Co. Ltd.181,800 227,390 
Yuexiu Transport Infrastructure Ltd.156,000 74,644 
Yum China Holdings, Inc.29,319 1,469,175 
Yuzhou Group Holdings Co. Ltd.(2)
48,133 2,079 
Zengame Technology Holding Ltd.(1)
48,000 9,211 
Zepp Health Corp., ADR(2)
940 1,795 
Zhaojin Mining Industry Co. Ltd., H Shares(1)
174,000 147,332 
Zhejiang Expressway Co. Ltd., H Shares156,000 118,735 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares6,400 7,420 
Zhenro Properties Group Ltd.(1)
71,000 3,287 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2)
2,200 6,447 
Zhongliang Holdings Group Co. Ltd.(2)
34,000 2,859 
Zhongsheng Group Holdings Ltd.54,000 255,332 
Zhongyu Energy Holdings Ltd.54,000 44,324 
Zhou Hei Ya International Holdings Co. Ltd.(1)(2)
150,000 74,938 
Zhuguang Holdings Group Co. Ltd.(1)
66,000 8,398 
Zijin Mining Group Co. Ltd., H Shares384,000 433,910 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H114,200 51,481 
27


Avantis Emerging Markets Equity Fund
SharesValue
ZTO Express Cayman, Inc., ADR24,366 $634,734 
69,266,352 
Colombia — 0.2%
BAC Holding International Corp.(1)
3,792 193 
Banco Davivienda SA, Preference Shares3,823 26,758 
Bancolombia SA8,153 62,956 
Bancolombia SA, ADR3,240 88,938 
Cementos Argos SA12,288 9,680 
Corp. Financiera Colombiana SA(1)
3,119 13,732 
Ecopetrol SA, ADR(2)
7,732 79,717 
Grupo Argos SA24,875 54,760 
Grupo Aval Acciones y Valores SA, Preference Shares3,792 569 
Interconexion Electrica SA ESP19,829 85,826 
423,129 
Czech Republic — 0.1%
CEZ AS5,531 224,072 
Komercni banka AS2,588 60,614 
Moneta Money Bank AS21,939 69,607 
354,293 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR82,243 144,417 
Greece — 0.3%
Alpha Services & Holdings SA(1)
68,380 63,149 
Athens Water Supply & Sewage Co. SA574 4,480 
Attica Bank SA(1)
36 
Eurobank Ergasias Services and Holdings SA, Class A(1)
124,210 115,243 
Fourlis Holdings SA301 906 
GEK Terna Holding Real Estate Construction SA(1)
4,410 42,705 
Hellenic Exchanges - Athens Stock Exchange SA1,076 3,565 
Hellenic Petroleum Holdings SA215 1,479 
Hellenic Telecommunications Organization SA4,516 71,844 
JUMBO SA8,947 127,904 
Motor Oil Hellas Corinth Refineries SA1,617 30,486 
Mytilineos SA3,750 58,641 
National Bank of Greece SA(1)
26,488 85,483 
OPAP SA7,277 95,852 
Piraeus Financial Holdings SA(1)
29,614 30,994 
Public Power Corp. SA(1)
5,060 26,415 
Terna Energy SA969 17,283 
Titan Cement International SA(1)
2,169 25,806 
Viohalco SA2,419 8,329 
810,568 
Hong Kong
Brilliance China Automotive Holdings Ltd.(1)
60,000 27,368 
China Beststudy Education Group(1)
17,000 831 
China First Capital Group Ltd.(1)
5,600 91 
China Isotope & Radiation Corp.2,200 4,957 
China Zhongwang Holdings Ltd.(1)(2)
86,400 18,494 
Edvantage Group Holdings Ltd.14,000 4,166 
Essex Bio-technology Ltd.21,000 11,086 
IMAX China Holding, Inc.4,700 3,522 
28


Avantis Emerging Markets Equity Fund
SharesValue
Scholar Education Group5,000 $521 
71,036 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC10,305 8,750 
MOL Hungarian Oil & Gas PLC32,635 224,866 
OTP Bank Nyrt4,728 100,550 
Richter Gedeon Nyrt3,428 69,116 
403,282 
India — 17.4%
3M India Ltd.(1)
18 5,236 
Aarti Drugs Ltd.1,000 5,395 
ACC Ltd.5,629 161,296 
Adani Enterprises Ltd.6,327 251,079 
Adani Green Energy Ltd.(1)
5,866 177,246 
Adani Ports & Special Economic Zone Ltd.16,908 176,900 
Adani Power Ltd.(1)
15,009 76,646 
Adani Total Gas Ltd.6,675 311,305 
Adani Transmission Ltd.(1)
17,822 873,964 
Aditya Birla Capital Ltd.(1)
37,897 53,527 
Aegis Logistics Ltd.10,892 39,829 
AGI Greenpac Ltd.5,613 21,870 
AIA Engineering Ltd.2,717 88,351 
Ajanta Pharma Ltd.3,028 51,930 
Akzo Nobel India Ltd.222 5,385 
Alembic Ltd.2,801 2,556 
Alembic Pharmaceuticals Ltd.8,197 66,333 
Alkyl Amines Chemicals545 20,119 
Allcargo Logistics Ltd.9,782 43,459 
Alok Industries Ltd.(1)
30,788 7,392 
Amara Raja Batteries Ltd.8,996 57,069 
Ambuja Cements Ltd.25,656 131,560 
Andhra Sugars Ltd.4,791 8,703 
Apar Industries Ltd.1,193 19,878 
APL Apollo Tubes Ltd.(1)
10,577 124,384 
Apollo Hospitals Enterprise Ltd.4,820 258,971 
Apollo Tyres Ltd.40,709 127,007 
Arvind Ltd.(1)
19,696 23,924 
Ashok Leyland Ltd.53,961 103,213 
Ashoka Buildcon Ltd.(1)
5,427 5,407 
Asian Paints Ltd.4,621 194,539 
Aster DM Healthcare Ltd.(1)
13,761 37,947 
Astral Ltd.1,639 42,617 
AstraZeneca Pharma India Ltd.87 3,356 
Atul Ltd.395 45,177 
AU Small Finance Bank Ltd.10,280 80,844 
Aurobindo Pharma Ltd.22,533 153,410 
Aurum Proptech Ltd.(1)
376 618 
Avanti Feeds Ltd.3,130 18,089 
Avenue Supermarts Ltd.(1)
1,289 72,458 
Axis Bank Ltd., GDR7,694 364,520 
Bajaj Auto Ltd.3,482 177,352 
29


Avantis Emerging Markets Equity Fund
SharesValue
Bajaj Consumer Care Ltd.4,232 $8,521 
Bajaj Electricals Ltd.4,356 67,168 
Bajaj Finance Ltd.3,352 302,522 
Bajaj Finserv Ltd.731 153,251 
Bajaj Hindusthan Sugar Ltd.(1)
221,576 27,540 
Balaji Amines Ltd.521 22,359 
Balkrishna Industries Ltd.4,519 114,797 
Balrampur Chini Mills Ltd.18,717 81,627 
Bandhan Bank Ltd.(1)
45,128 155,745 
BASF India Ltd.868 35,866 
Bata India Ltd.1,352 32,685 
Bayer CropScience Ltd.493 33,614 
Berger Paints India Ltd.4,126 34,507 
Bhansali Engineering Polymers Ltd.2,839 4,476 
Bharat Electronics Ltd.101,170 386,569 
Bharat Forge Ltd.12,134 111,702 
Bharat Heavy Electricals Ltd.(1)
45,108 32,954 
Bharat Petroleum Corp. Ltd.62,811 257,298 
Bharat Rasayan Ltd.54 8,145 
Bharti Airtel Ltd.1,882 8,108 
Bharti Airtel Ltd.26,351 238,699 
Biocon Ltd.11,885 45,986 
Birla Corp. Ltd.2,240 27,094 
Birlasoft Ltd.11,057 43,744 
Blue Dart Express Ltd.342 36,495 
Blue Star Ltd.4,639 63,640 
Bombay Burmah Trading Co.1,082 12,249 
Bosch Ltd.97 21,163 
Brigade Enterprises Ltd.15,678 99,566 
Brightcom Group Ltd.106,495 53,980 
Britannia Industries Ltd.3,904 182,674 
BSE Ltd.9,680 78,334 
Can Fin Homes Ltd.5,036 39,617 
Canara Bank30,478 90,890 
Capacit'e Infraprojects Ltd.(1)
3,479 7,136 
Caplin Point Laboratories Ltd.1,037 10,096 
Capri Global Capital Ltd.800 7,189 
Carborundum Universal Ltd.5,975 62,885 
Care Ratings Ltd.1,529 9,624 
Castrol India Ltd.39,493 56,236 
CCL Products India Ltd.8,126 48,612 
Ceat Ltd.2,618 45,353 
Central Depository Services India Ltd.1,383 21,354 
Century Plyboards India Ltd.4,675 39,035 
Century Textiles & Industries Ltd.3,854 41,260 
Cera Sanitaryware Ltd.332 20,689 
CESC Ltd.31,367 31,838 
CG Power & Industrial Solutions Ltd.(1)
7,280 20,271 
Chambal Fertilisers and Chemicals Ltd.25,589 111,445 
Chennai Petroleum Corp. Ltd.12,992 47,282 
Cholamandalam Financial Holdings Ltd.962 8,033 
30


Avantis Emerging Markets Equity Fund
SharesValue
Cholamandalam Investment and Finance Co. Ltd.20,592 $201,742 
Cipla Ltd.24,070 311,907 
City Union Bank Ltd.59,336 132,786 
Coal India Ltd.100,424 293,438 
Cochin Shipyard Ltd.5,312 24,981 
Coforge Ltd.586 25,829 
Colgate-Palmolive India Ltd.6,782 142,401 
Computer Age Management Services Ltd.1,311 37,487 
Container Corp. of India Ltd.8,549 74,158 
Coromandel International Ltd.13,464 176,772 
Cosmo Films Ltd.2,080 23,751 
CreditAccess Grameen Ltd.(1)
5,896 72,982 
CRISIL Ltd.880 35,979 
Crompton Greaves Consumer Electricals Ltd.25,183 128,140 
Cummins India Ltd.4,689 69,637 
Cyient Ltd.8,221 86,085 
Dabur India Ltd.17,811 129,866 
Dalmia Bharat Ltd.4,247 81,269 
Dalmia Bharat Sugar & Industries Ltd.1,638 7,069 
DCB Bank Ltd.7,572 8,883 
DCM Shriram Ltd.6,921 90,333 
Deepak Fertilisers & Petrochemicals Corp. Ltd.10,453 118,149 
Deepak Nitrite Ltd.5,774 141,690 
Delta Corp. Ltd.3,208 8,382 
Dhani Services Ltd.(1)
4,561 3,684 
Dilip Buildcon Ltd.1,435 4,295 
Dish TV India Ltd.(1)
128,989 19,297 
Dishman Carbogen Amcis Ltd.(1)
4,829 7,008 
Divi's Laboratories Ltd.3,604 162,716 
Dixon Technologies India Ltd.770 39,155 
DLF Ltd.17,606 85,046 
Dr Lal PathLabs Ltd.1,235 39,345 
Dr Reddy's Laboratories Ltd., ADR5,797 303,125 
Dwarikesh Sugar Industries Ltd.31,044 37,427 
eClerx Services Ltd.985 25,859 
Edelweiss Financial Services Ltd.21,252 16,097 
Eicher Motors Ltd.8,287 345,860 
EID Parry India Ltd.12,280 81,236 
Elecon Engineering Co. Ltd.8,207 38,203 
Electrosteel Castings Ltd.36,739 16,807 
Emami Ltd.17,752 107,462 
Endurance Technologies Ltd.938 17,510 
Engineers India Ltd.29,497 24,989 
EPL Ltd.9,271 19,704 
Equitas Holdings Ltd.(1)
15,078 18,734 
Eris Lifesciences Ltd.2,218 19,160 
Escorts Kubota Ltd.5,240 130,635 
Eveready Industries India Ltd.(1)
3,403 15,098 
Everest Industries Ltd.1,312 11,520 
Excel Industries Ltd.483 8,761 
Exide Industries Ltd.50,863 101,568 
31


Avantis Emerging Markets Equity Fund
SharesValue
FDC Ltd.(1)
1,453 $4,782 
Federal Bank Ltd.178,579 258,978 
FIEM Industries Ltd.780 14,501 
Fine Organic Industries Ltd.202 15,563 
Finolex Cables Ltd.4,004 22,990 
Finolex Industries Ltd.24,605 46,486 
Force Motors Ltd.351 5,672 
Future Lifestyle Fashions Ltd.(1)
1,257 203 
GAIL India Ltd.59,436 100,960 
Galaxy Surfactants Ltd.1,001 40,916 
Garden Reach Shipbuilders & Engineers Ltd.5,677 21,213 
Garware Technical Fibres Ltd.298 12,976 
Genus Power Infrastructures Ltd.9,003 9,428 
GHCL Ltd.11,424 84,964 
Gillette India Ltd.152 10,468 
GlaxoSmithKline Pharmaceuticals Ltd.1,424 25,979 
Glenmark Pharmaceuticals Ltd.12,358 57,237 
Globus Spirits Ltd.1,282 13,888 
GMR Infrastructure Ltd.(1)
35,363 15,792 
GMR Power and Urban Infra Ltd.(1)
1,505 653 
GNA Axles Ltd.786 6,766 
Godawari Power and Ispat Ltd.8,189 29,989 
Godrej Consumer Products Ltd.(1)
6,465 74,470 
Godrej Industries Ltd.(1)
830 4,975 
Gokaldas Exports Ltd.(1)
4,153 18,610 
Granules India Ltd.14,660 55,814 
Graphite India Ltd.10,458 53,547 
Grasim Industries Ltd.14,586 303,993 
Great Eastern Shipping Co. Ltd.18,440 131,173 
Greaves Cotton Ltd.10,035 21,146 
Greenpanel Industries Ltd.7,398 41,282 
Greenply Industries Ltd.8,512 19,918 
Gufic Biosciences Ltd.3,500 9,170 
Gujarat Alkalies & Chemicals Ltd.1,841 20,306 
Gujarat Ambuja Exports Ltd.15,182 51,722 
Gujarat Fluorochemicals Ltd.757 31,386 
Gujarat Gas Ltd.11,469 67,489 
Gujarat Mineral Development Corp. Ltd.9,795 20,185 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.13,375 124,469 
Gujarat Pipavav Port Ltd.29,539 32,076 
Gujarat State Fertilizers & Chemicals Ltd.38,670 75,824 
Gujarat State Petronet Ltd.14,796 44,592 
Happiest Minds Technologies Ltd.520 6,609 
Hathway Cable & Datacom Ltd.(1)
53,179 11,828 
Havells India Ltd.8,068 139,670 
HBL Power Systems Ltd.15,215 15,334 
HCL Technologies Ltd.38,052 442,615 
HDFC Asset Management Co. Ltd.2,087 53,843 
HDFC Life Insurance Co. Ltd.10,253 73,475 
HEG Ltd.507 7,931 
HeidelbergCement India Ltd.3,441 8,205 
32


Avantis Emerging Markets Equity Fund
SharesValue
Hero MotoCorp Ltd.6,316 $222,482 
HFCL Ltd.55,288 50,767 
HG Infra Engineering Ltd.1,319 9,848 
Hikal Ltd.2,164 9,209 
HIL Ltd.531 24,490 
Himatsingka Seide Ltd.(1)
1,947 2,549 
Hindalco Industries Ltd.81,114 439,930 
Hinduja Global Solutions Ltd.708 13,188 
Hindustan Copper Ltd.24,302 35,649 
Hindustan Oil Exploration Co. Ltd.(1)
4,116 8,355 
Hindustan Petroleum Corp. Ltd.62,661 190,191 
Hindustan Unilever Ltd.10,414 344,766 
Hitachi Energy India Ltd.241 11,224 
Home First Finance Co. India Ltd.(1)
1,412 17,014 
Housing Development Finance Corp. Ltd.43,013 1,302,236 
I G Petrochemicals Ltd.1,499 11,067 
ICICI Bank Ltd., ADR36,671 800,895 
ICICI Lombard General Insurance Co. Ltd.7,483 120,203 
ICICI Prudential Life Insurance Co. Ltd.7,787 57,487 
IDFC First Bank Ltd.(1)
74,379 45,275 
IDFC Ltd.86,995 74,108 
IFB Industries Ltd.(1)
268 3,420 
IFCI Ltd.(1)
32,831 4,467 
IIFL Finance Ltd.19,033 81,525 
IIFL Securities Ltd.5,318 4,744 
IIFL Wealth Management Ltd.1,793 37,438 
India Cements Ltd.15,074 42,683 
India Glycols Ltd.1,220 13,527 
Indiabulls Housing Finance Ltd.(1)
19,242 32,453 
Indiabulls Real Estate Ltd.(1)
22,587 24,281 
Indian Bank32,035 77,089 
Indian Energy Exchange Ltd.23,847 47,526 
Indian Metals & Ferro Alloys Ltd.3,462 11,904 
Indian Oil Corp. Ltd.196,969 175,757 
Indian Railway Catering & Tourism Corp. Ltd.2,155 18,902 
Indo Count Industries Ltd.3,348 6,811 
Indraprastha Gas Ltd.1,402 7,330 
Indus Towers Ltd.47,602 118,374 
Info Edge India Ltd.1,068 57,451 
Infosys Ltd., ADR93,352 1,708,342 
Inox Wind Ltd.(1)
5,788 8,032 
Intellect Design Arena Ltd.9,903 72,688 
InterGlobe Aviation Ltd.(1)
1,748 43,652 
IOL Chemicals and Pharmaceuticals Ltd.943 4,217 
Ipca Laboratories Ltd.11,799 133,513 
IRB Infrastructure Developers Ltd.9,082 26,670 
J Kumar Infraprojects Ltd.6,357 23,579 
Jagran Prakashan Ltd.9,956 7,834 
Jai Corp. Ltd.9,007 14,693 
Jain Irrigation Systems Ltd.(1)
33,922 17,073 
Jaiprakash Associates Ltd.(1)
47,432 4,842 
33


Avantis Emerging Markets Equity Fund
SharesValue
Jaiprakash Power Ventures Ltd.(1)
337,329 $31,547 
Jammu & Kashmir Bank Ltd.(1)
42,258 16,613 
Jamna Auto Industries Ltd.30,124 43,696 
Jindal Poly Films Ltd.1,475 19,306 
Jindal Saw Ltd.15,519 16,752 
Jindal Stainless Hisar Ltd.(1)
11,911 36,168 
Jindal Stainless Ltd.(1)
17,129 27,250 
Jindal Steel & Power Ltd.42,987 231,301 
JK Cement Ltd.2,071 69,913 
JK Lakshmi Cement Ltd.6,614 38,866 
JK Paper Ltd.14,528 75,489 
JK Tyre & Industries Ltd.14,652 25,388 
JM Financial Ltd.38,923 30,908 
JSW Energy Ltd.10,448 44,400 
JSW Steel Ltd.38,502 319,302 
Jubilant Foodworks Ltd.13,800 105,118 
Jubilant Ingrevia Ltd.2,179 12,652 
Jubilant Pharmova Ltd.3,351 14,666 
Just Dial Ltd.(1)
979 7,178 
Jyothy Labs Ltd.4,782 11,273 
Kajaria Ceramics Ltd.4,758 68,995 
Kalpataru Power Transmission Ltd.3,140 16,002 
Kansai Nerolac Paints Ltd.2,339 14,762 
Karnataka Bank Ltd.15,165 14,121 
Karur Vysya Bank Ltd.40,236 34,184 
Kaveri Seed Co. Ltd.3,831 21,817 
KEC International Ltd.17,517 88,925 
KEI Industries Ltd.948 17,275 
Kirloskar Ferrous Industries Ltd.6,887 21,756 
Kirloskar Oil Engines Ltd.3,353 9,474 
KNR Constructions Ltd.12,064 39,135 
Kolte-Patil Developers Ltd.1,397 5,353 
Kopran Ltd.1,454 3,364 
Kotak Mahindra Bank Ltd.12,483 296,149 
KPIT Technologies Ltd.15,137 104,581 
KPR Mill Ltd.5,470 41,138 
KRBL Ltd.8,855 34,725 
L&T Finance Holdings Ltd.82,772 81,295 
L&T Technology Services Ltd.955 43,737 
Larsen & Toubro Infotech Ltd.1,594 91,214 
Larsen & Toubro Ltd.25,814 616,109 
Laurus Labs Ltd.27,240 196,085 
LIC Housing Finance Ltd.37,996 193,063 
Linde India Ltd.348 14,854 
LT Foods Ltd.7,047 8,352 
Lupin Ltd.8,269 69,099 
Mahanagar Gas Ltd.1,830 19,884 
Maharashtra Seamless Ltd.2,014 21,039 
Mahindra & Mahindra Financial Services Ltd.53,466 136,172 
Mahindra & Mahindra Ltd.50,680 822,568 
Mahindra CIE Automotive Ltd.11,971 40,898 
34


Avantis Emerging Markets Equity Fund
SharesValue
Mahindra Lifespace Developers Ltd.2,988 $19,307 
Mahindra Logistics Ltd.3,262 19,603 
Maithan Alloys Ltd.1,132 14,568 
Manali Petrochemicals Ltd.9,199 10,568 
Manappuram Finance Ltd.40,753 53,540 
Marico Ltd.22,586 148,274 
Marksans Pharma Ltd.7,598 4,937 
Maruti Suzuki India Ltd.4,010 452,318 
MAS Financial Services Ltd.1,629 15,244 
Mastek Ltd.528 12,372 
Matrimony.com Ltd.690 6,136 
Mayur Uniquoters Ltd.698 4,220 
Mazagon Dock Shipbuilders Ltd.3,870 18,839 
Meghmani Finechem Ltd.(1)
1,763 31,237 
Meghmani Organics Ltd.14,945 22,690 
Metropolis Healthcare Ltd.1,019 18,161 
Minda Corp. Ltd.3,029 8,469 
Mindtree Ltd.2,532 103,027 
Mirza International Ltd.(1)
9,808 38,921 
MOIL Ltd.7,182 14,693 
Motherson Sumi Wiring India Ltd.33,006 33,533 
Motilal Oswal Financial Services Ltd.5,586 53,541 
Mphasis Ltd.4,694 123,487 
MRF Ltd.187 199,327 
MSTC Ltd.1,029 3,493 
Multi Commodity Exchange of India Ltd.1,228 19,674 
Muthoot Finance Ltd.5,694 74,599 
Narayana Hrudayalaya Ltd.3,375 29,508 
Natco Pharma Ltd.7,670 58,985 
National Aluminium Co. Ltd.92,483 92,095 
Nava Ltd.11,704 32,964 
NBCC India Ltd.65,976 28,228 
NCC Ltd.39,240 34,070 
NELCO Ltd.701 8,568 
Neogen Chemicals Ltd.823 15,183 
NESCO Ltd.711 5,105 
Nestle India Ltd.961 239,269 
Neuland Laboratories Ltd.579 9,151 
Newgen Software Technologies Ltd.1,964 9,582 
NIIT Ltd.9,326 40,127 
Nippon Life India Asset Management Ltd.6,940 26,097 
NOCIL Ltd.1,719 5,639 
NTPC Ltd.237,131 486,085 
Oberoi Realty Ltd.6,424 80,296 
Oil & Natural Gas Corp. Ltd.129,618 224,383 
Oil India Ltd.21,074 50,744 
Olectra Greentech Ltd.(1)
3,191 24,528 
OnMobile Global Ltd.3,493 5,381 
Oracle Financial Services Software Ltd.2,052 81,068 
Orient Cement Ltd.17,095 25,509 
Orient Electric Ltd.9,374 30,384 
35


Avantis Emerging Markets Equity Fund
SharesValue
Page Industries Ltd.239 $152,271 
Paisalo Digital Ltd.11,790 11,032 
PC Jeweller Ltd.(1)
24,410 21,653 
PCBL Ltd.19,120 32,679 
Persistent Systems Ltd.2,477 107,725 
Petronet LNG Ltd.85,800 236,701 
Phoenix Mills Ltd.2,284 39,944 
PI Industries Ltd.1,641 70,168 
Pidilite Industries Ltd.3,031 103,465 
Piramal Enterprises Ltd.4,189 55,273 
Piramal Pharma Ltd.(1)
16,756 45,942 
PNB Housing Finance Ltd.(1)
6,414 27,820 
PNC Infratech Ltd.10,165 35,859 
Polycab India Ltd.446 13,680 
Polyplex Corp. Ltd.2,781 74,391 
Poonawalla Fincorp Ltd.2,566 9,702 
Power Finance Corp. Ltd.10,140 15,115 
Power Grid Corp. of India Ltd.173,073 495,520 
Praj Industries Ltd.9,934 51,668 
Prestige Estates Projects Ltd.8,021 45,550 
Pricol Ltd.(1)
15,569 33,489 
Prince Pipes & Fittings Ltd.1,925 14,031 
Prism Johnson Ltd.(1)
6,392 10,038 
Privi Speciality Chemicals Ltd.426 7,367 
Procter & Gamble Health Ltd.56 2,954 
PTC India Ltd.20,398 21,534 
Radico Khaitan Ltd.4,520 58,853 
Rain Industries Ltd.2,672 6,579 
Rajesh Exports Ltd.5,055 37,247 
Rallis India Ltd.2,331 6,556 
Ramco Cements Ltd.7,339 69,248 
Rashtriya Chemicals & Fertilizers Ltd.15,657 19,259 
Ratnamani Metals & Tubes Ltd.1,240 28,862 
Raymond Ltd.6,204 73,914 
RBL Bank Ltd.(1)
51,352 77,515 
REC Ltd.127,515 173,141 
Redington India Ltd.75,163 140,245 
Relaxo Footwears Ltd.2,718 33,910 
Reliance Industrial Infrastructure Ltd.626 7,938 
Reliance Industries Ltd., GDR27,300 1,793,412 
Reliance Infrastructure Ltd.(1)
17,976 36,121 
Reliance Power Ltd.(1)
326,382 67,803 
Repco Home Finance Ltd.1,964 6,030 
Rhi Magnesita India Ltd.2,629 19,331 
Rupa & Co. Ltd.2,495 10,635 
Samvardhana Motherson International Ltd.81,252 123,931 
Sanofi India Ltd.867 67,218 
Sarda Energy & Minerals Ltd.1,168 13,330 
Saregama India Ltd.1,980 9,903 
SBI Cards & Payment Services Ltd.2,749 31,521 
SBI Life Insurance Co. Ltd.8,184 135,247 
36


Avantis Emerging Markets Equity Fund
SharesValue
Schaeffler India Ltd.875 $33,116 
Sharda Cropchem Ltd.3,173 20,487 
Share India Securities Ltd.1,816 25,355 
Shipping Corp. of India Ltd.5,563 8,170 
Shree Cement Ltd.650 178,438 
Shree Renuka Sugars Ltd.(1)
13,699 7,953 
Shriram City Union Finance Ltd.2,449 58,214 
Shriram Transport Finance Co. Ltd.19,066 320,010 
Siemens Ltd.1,247 44,773 
SKF India Ltd.1,718 104,253 
Sobha Ltd.3,140 27,191 
Sonata Software Ltd.7,907 70,010 
South Indian Bank Ltd.(1)
51,265 5,253 
Southern Petrochemical Industries Corp. Ltd.(1)
17,726 13,477 
Spandana Sphoorty Financial Ltd.(1)
2,425 16,525 
SRF Ltd.5,107 161,166 
Star Cement Ltd.(1)
7,215 8,553 
State Bank of India, GDR5,540 365,965 
Sterling and Wilson Renewable(1)
4,243 15,659 
Sterling Tools Ltd.2,980 7,931 
Sterlite Technologies Ltd.13,985 29,820 
Stove Kraft Ltd.(1)
1,472 11,197 
Strides Pharma Science Ltd.(1)
2,601 10,700 
Subex Ltd.(1)
6,461 2,991 
Sudarshan Chemical Industries Ltd.3,424 19,597 
Sumitomo Chemical India Ltd.4,396 26,841 
Sun Pharma Advanced Research Co. Ltd.(1)
1,889 5,393 
Sun Pharmaceutical Industries Ltd.38,001 424,099 
Sun TV Network Ltd.7,009 43,778 
Sundaram Finance Ltd.691 18,109 
Sundram Fasteners Ltd.4,294 44,778 
Sunflag Iron & Steel Co.(1)
6,118 6,716 
Sunteck Realty Ltd.3,995 23,653 
Suprajit Engineering Ltd.6,701 28,347 
Supreme Industries Ltd.4,071 99,920 
Supreme Petrochem Ltd.1,178 11,467 
Surya Roshni Ltd.797 4,888 
Suven Pharmaceuticals Ltd.9,498 58,173 
Suzlon Energy Ltd.(1)
104,836 10,642 
Tamil Nadu Newsprint & Papers Ltd.7,235 23,010 
Tamilnadu Petroproducts Ltd.7,021 8,864 
Tanla Platforms Ltd.5,252 46,490 
Tata Chemicals Ltd.13,140 184,651 
Tata Communications Ltd.4,299 64,292 
Tata Consultancy Services Ltd.23,081 920,507 
Tata Consumer Products Ltd.5,037 50,909 
Tata Elxsi Ltd.1,108 123,591 
Tata Investment Corp. Ltd.995 19,897 
Tata Motors Ltd., ADR(1)(2)
16,305 472,845 
Tata Power Co. Ltd.75,964 222,754 
Tata Steel Long Products Ltd.1,631 12,648 
37


Avantis Emerging Markets Equity Fund
SharesValue
Tata Steel Ltd.417,150 $560,067 
TCI Express Ltd.457 10,060 
TeamLease Services Ltd.(1)
553 23,428 
Tech Mahindra Ltd.25,268 336,659 
Tejas Networks Ltd.(1)
1,973 14,991 
Texmaco Rail & Engineering Ltd.26,769 16,655 
Thermax Ltd.4,851 146,028 
Thirumalai Chemicals Ltd.10,204 29,705 
Thyrocare Technologies Ltd.472 3,645 
Tide Water Oil Co. India Ltd.360 5,118 
Time Technoplast Ltd.12,032 17,829 
Tinplate Co. of India Ltd.3,598 14,129 
Titagarh Wagons Ltd.(1)
11,407 24,275 
Titan Co. Ltd.4,187 135,677 
Torrent Pharmaceuticals Ltd.8,544 165,094 
Torrent Power Ltd.13,079 94,927 
Transport Corp. of India Ltd.1,642 14,607 
Trident Ltd.68,002 30,808 
Triveni Engineering & Industries Ltd.12,778 37,372 
Triveni Turbine Ltd.9,259 23,578 
Tube Investments of India Ltd.6,219 175,349 
TV Today Network Ltd.2,282 8,046 
TV18 Broadcast Ltd.(1)
50,440 25,497 
Uflex Ltd.5,373 52,381 
Ujjivan Financial Services Ltd.(1)
1,463 3,559 
UltraTech Cement Ltd.3,651 303,525 
Union Bank of India Ltd.17,616 9,248 
United Spirits Ltd.(1)
12,264 123,963 
UPL Ltd.8,054 77,142 
Usha Martin Ltd.12,880 22,704 
UTI Asset Management Co. Ltd.2,788 28,580 
V-Guard Industries Ltd.2,008 5,678 
VA Tech Wabag Ltd.(1)
2,681 8,800 
Vaibhav Global Ltd.1,025 4,427 
Vakrangee Ltd.31,841 10,984 
Valiant Organics Ltd.(1)
1,671 12,365 
Vardhman Textiles Ltd.7,755 32,015 
Varroc Engineering Ltd.(1)
5,823 24,889 
Varun Beverages Ltd.7,731 99,708 
Vedanta Ltd.52,624 176,365 
Venky's India Ltd.238 6,210 
VIP Industries Ltd.1,621 11,964 
Vodafone Idea Ltd.(1)
232,783 26,102 
Voltas Ltd.1,275 15,876 
VRL Logistics Ltd.6,022 46,511 
Welspun Corp. Ltd.11,369 31,878 
Welspun India Ltd.20,423 19,581 
West Coast Paper Mills Ltd.2,196 17,221 
Westlife Development Ltd.(1)
808 6,507 
Whirlpool of India Ltd.1,552 35,284 
Wipro Ltd., ADR26,591 133,221 
38


Avantis Emerging Markets Equity Fund
SharesValue
Wockhardt Ltd.(1)
1,829 $5,469 
Yes Bank Ltd.(1)
673,890 138,124 
Zee Entertainment Enterprises Ltd.65,242 207,858 
Zen Technologies Ltd.2,024 5,254 
Zensar Technologies Ltd.10,622 30,179 
41,986,752 
Indonesia — 2.3%
Ace Hardware Indonesia Tbk PT107,700 5,226 
Adaro Energy Indonesia Tbk PT973,100 231,984 
Adhi Karya Persero Tbk PT(1)
82,400 4,494 
Adi Sarana Armada Tbk PT(1)
73,600 7,230 
Agung Podomoro Land Tbk PT(1)
80,200 643 
AKR Corporindo Tbk PT983,900 79,519 
Alam Sutera Realty Tbk PT(1)
534,300 6,475 
Aneka Gas Industri Tbk PT86,700 12,205 
Aneka Tambang Tbk398,100 53,233 
Astra Agro Lestari Tbk PT40,600 25,025 
Astra International Tbk PT755,200 354,354 
Bank BTPN Syariah Tbk PT164,600 32,801 
Bank Bukopin Tbk PT(1)
1,089,998 13,431 
Bank Central Asia Tbk PT684,800 378,162 
Bank China Construction Bank Indonesia Tbk PT(1)
357,900 2,292 
Bank Jago Tbk PT(1)
31,000 17,566 
Bank Mandiri Persero Tbk PT730,200 434,531 
Bank Negara Indonesia Persero Tbk PT270,200 154,977 
Bank Pan Indonesia Tbk PT266,100 35,774 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT248,200 23,241 
Bank Pembangunan Daerah Jawa Timur Tbk PT113,500 5,505 
Bank Rakyat Indonesia Persero Tbk PT1,289,997 376,717 
Bank Syariah Indonesia Tbk PT61,200 6,256 
Bank Tabungan Negara Persero Tbk PT374,000 37,892 
Barito Pacific Tbk PT254,400 14,044 
BFI Finance Indonesia Tbk PT479,000 40,304 
Buana Lintas Lautan Tbk PT(1)
553,700 6,305 
Bukit Asam Tbk PT421,600 120,632 
Bumi Serpong Damai Tbk PT(1)
433,000 26,803 
Buyung Poetra Sembada PT68,000 600 
Charoen Pokphand Indonesia Tbk PT212,200 83,991 
Ciputra Development Tbk PT808,700 51,732 
Delta Dunia Makmur Tbk PT(1)
708,900 17,944 
Dharma Satya Nusantara Tbk PT370,800 12,600 
Elnusa Tbk PT183,200 3,927 
Erajaya Swasembada Tbk PT584,000 19,186 
Gajah Tunggal Tbk PT(1)
82,900 3,824 
Global Mediacom Tbk PT(1)
881,800 21,378 
Harum Energy Tbk PT81,000 9,265 
Indah Kiat Pulp & Paper Tbk PT174,200 97,578 
Indika Energy Tbk PT181,000 34,967 
Indo Tambangraya Megah Tbk PT50,300 133,234 
Indocement Tunggal Prakarsa Tbk PT60,200 38,284 
Indofood CBP Sukses Makmur Tbk PT49,400 27,649 
39


Avantis Emerging Markets Equity Fund
SharesValue
Indofood Sukses Makmur Tbk PT70,800 $29,702 
Indosat Tbk PT103,000 49,725 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT453,652 21,680 
Japfa Comfeed Indonesia Tbk PT274,200 29,261 
Jasa Marga Persero Tbk PT(1)
147,500 34,164 
Kalbe Farma Tbk PT769,000 86,958 
Kresna Graha Investama Tbk PT(1)
28,000 94 
Link Net Tbk PT(1)
124,500 39,838 
Lippo Karawaci Tbk PT(1)
765,000 5,924 
Malindo Feedmill Tbk PT(1)
13,400 550 
Matahari Department Store Tbk PT145,500 37,588 
Medco Energi Internasional Tbk PT1,203,840 69,779 
Media Nusantara Citra Tbk PT624,400 38,454 
Merdeka Copper Gold Tbk PT(1)
385,651 110,902 
Mitra Adiperkasa Tbk PT(1)
1,020,400 69,331 
Mitra Keluarga Karyasehat Tbk PT306,200 54,852 
Pabrik Kertas Tjiwi Kimia Tbk PT93,100 42,454 
Pacific Strategic Financial Tbk PT(1)
416,600 33,542 
Pakuwon Jati Tbk PT1,083,400 35,313 
Panin Financial Tbk PT1,013,700 26,079 
Perusahaan Gas Negara Tbk PT351,300 43,462 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT344,600 27,384 
PP Persero Tbk PT(1)
159,800 10,858 
PT Adaro Minerals Indonesia Tbk(1)
364,600 42,048 
PT Blue Bird Tbk139,500 13,011 
PT Medikaloka Hermina Tbk527,400 53,005 
PT Sumber Alfaria Trijaya Tbk938,300 137,707 
PT Temas Tbk125,900 20,630 
Puradelta Lestari Tbk PT105,100 1,246 
Rimo International Lestari Tbk PT(1)
329,900 1,111 
Salim Ivomas Pratama Tbk PT44,700 1,373 
Samudera Indonesia Tbk PT117,400 20,425 
Sarana Menara Nusantara Tbk PT1,238,500 103,541 
Sawit Sumbermas Sarana Tbk PT400,700 37,947 
Selamat Sempurna Tbk PT68,200 5,765 
Semen Indonesia Persero Tbk PT182,300 80,952 
Siloam International Hospitals Tbk PT16,000 1,121 
Smartfren Telecom Tbk PT(1)
3,336,600 22,257 
Sri Rejeki Isman Tbk PT(1)
54,600 537 
Steel Pipe Industry of Indonesia PT274,200 5,540 
Summarecon Agung Tbk PT747,358 30,148 
Surya Citra Media Tbk PT945,000 14,380 
Surya Esa Perkasa Tbk PT52,700 3,953 
Surya Semesta Internusa Tbk PT(1)
20,600 508 
Telkom Indonesia Persero Tbk PT, ADR(2)
15,291 459,800 
Timah Tbk PT278,200 27,962 
Tower Bersama Infrastructure Tbk PT253,700 48,166 
Transcoal Pacific Tbk PT29,600 16,552 
Tunas Baru Lampung Tbk PT24,900 1,291 
Unilever Indonesia Tbk PT262,600 81,150 
United Tractors Tbk PT107,300 244,329 
40


Avantis Emerging Markets Equity Fund
SharesValue
Vale Indonesia Tbk PT(1)
121,600 $49,840 
Waskita Beton Precast Tbk PT(1)
48,300 309 
Waskita Karya Persero Tbk PT(1)
384,292 14,602 
Wijaya Karya Persero Tbk PT(1)
252,800 18,203 
XL Axiata Tbk PT243,300 43,080 
5,564,163 
Malaysia — 1.9%
7-Eleven Malaysia Holdings Bhd, Class B3,000 1,048 
Aeon Co. M Bhd118,600 38,804 
AEON Credit Service M Bhd500 1,572 
Alliance Bank Malaysia Bhd119,700 94,123 
AMMB Holdings Bhd108,800 101,124 
Ann Joo Resources Bhd16,600 3,859 
Astro Malaysia Holdings Bhd23,800 4,429 
ATA IMS Bhd14,300 893 
Axiata Group Bhd40,600 27,532 
Bank Islam Malaysia Bhd35,200 20,480 
Berjaya Corp. Bhd(1)
18,096 968 
Bermaz Auto Bhd63,500 25,772 
Beshom Holdings Bhd2,076 689 
Boustead Holdings Bhd(1)
112,300 16,311 
Boustead Plantations Bhd74,900 12,929 
Bumi Armada Bhd(1)
305,000 28,032 
Bursa Malaysia Bhd27,900 39,873 
Cahya Mata Sarawak Bhd32,700 6,860 
Capital A Bhd(1)
33,100 4,448 
Careplus Group Bhd(1)
13,500 887 
Carlsberg Brewery Malaysia Bhd2,500 12,907 
CIMB Group Holdings Bhd166,248 198,811 
Coastal Contracts Bhd(1)
3,400 1,395 
Comfort Glove Bhd6,800 712 
CSC Steel Holdings Bhd18,100 4,801 
Cypark Resources Bhd(1)
15,400 1,295 
Dagang NeXchange Bhd250,700 47,293 
Datasonic Group Bhd28,200 3,275 
Dayang Enterprise Holdings Bhd17,100 4,130 
Dialog Group Bhd69,000 37,326 
DiGi.Com Bhd85,000 70,944 
DRB-Hicom Bhd29,900 9,594 
Dufu Technology Corp. Bhd2,800 1,763 
Eco World Development Group Bhd95,100 14,157 
Econpile Holdings Bhd(1)
5,500 201 
Ekovest Bhd(1)
134,300 11,482 
Focus Dynamics Group Bhd(1)
55,800 246 
Fraser & Neave Holdings Bhd5,300 26,427 
Frontken Corp. Bhd31,000 18,790 
Gamuda Bhd152,015 129,526 
Genting Bhd118,100 123,436 
Genting Malaysia Bhd34,300 22,767 
Genting Plantations Bhd6,300 9,423 
Globetronics Technology Bhd12,200 3,401 
41


Avantis Emerging Markets Equity Fund
SharesValue
Greatech Technology Bhd(1)
15,100 $11,933 
HAP Seng Consolidated Bhd16,900 26,223 
Hartalega Holdings Bhd108,100 40,023 
Heineken Malaysia Bhd9,800 51,520 
Hengyuan Refining Co. Bhd(1)
5,300 6,271 
Hextar Global Bhd4,440 1,589 
Hiap Teck Venture Bhd125,000 7,729 
Hibiscus Petroleum Bhd304,300 71,293 
Hong Leong Bank Bhd13,300 61,905 
Hong Leong Financial Group Bhd8,500 36,743 
Hong Leong Industries Bhd400 816 
IHH Healthcare Bhd14,000 19,322 
IJM Corp. Bhd261,800 99,646 
Inari Amertron Bhd72,300 43,031 
IOI Corp. Bhd39,200 36,979 
IOI Properties Group Bhd41,800 9,213 
JAKS Resources Bhd(1)
11,180 656 
Jaya Tiasa Holdings Bhd(1)
104,500 14,273 
Kossan Rubber Industries Bhd136,100 30,625 
KPJ Healthcare Bhd33,800 6,594 
KSL Holdings Bhd(1)
5,500 1,035 
Kuala Lumpur Kepong Bhd11,300 58,387 
Land & General Bhd29,900 697 
LBS Bina Group Bhd8,961 848 
Leong Hup International Bhd(1)
5,600 609 
Lii Hen Industries Bhd4,200 813 
Lotte Chemical Titan Holding Bhd20,000 7,633 
Luxchem Corp. Bhd20,900 2,629 
Mah Sing Group Bhd51,600 7,011 
Malakoff Corp. Bhd6,800 1,052 
Malayan Banking Bhd115,921 231,900 
Malayan Flour Mills Bhd26,300 3,478 
Malaysia Airports Holdings Bhd(1)
27,900 36,457 
Malaysia Building Society Bhd190,000 24,491 
Malaysia Marine and Heavy Engineering Holdings Bhd(1)
4,700 409 
Malaysian Pacific Industries Bhd2,600 17,457 
Malaysian Resources Corp. Bhd9,900 769 
Matrix Concepts Holdings Bhd12,200 6,175 
Maxis Bhd58,000 49,719 
Media Prima Bhd58,500 6,121 
Mega First Corp. Bhd4,200 3,398 
MISC Bhd64,900 102,687 
MKH Bhd2,900 814 
MR DIY Group M Bhd67,500 32,586 
Muhibbah Engineering M Bhd(1)
2,000 193 
My EG Services Bhd132,900 23,565 
Naim Holdings Bhd(1)
4,300 484 
Nestle Malaysia Bhd2,200 65,281 
OCK Group Bhd7,100 647 
OSK Holdings Bhd6,600 1,369 
Padini Holdings Bhd12,900 9,605 
42


Avantis Emerging Markets Equity Fund
SharesValue
Paramount Corp. Bhd3,400 $523 
Perak Transit Bhd5,566 1,083 
PESTECH International Bhd29,625 2,399 
Petronas Chemicals Group Bhd95,500 187,320 
Petronas Dagangan Bhd10,200 53,426 
Petronas Gas Bhd29,500 114,003 
Poh Huat Resources Holdings Bhd2,800 835 
PPB Group Bhd15,500 60,930 
Press Metal Aluminium Holdings Bhd39,400 41,760 
Public Bank Bhd476,700 500,554 
QL Resources Bhd31,850 36,298 
Ranhill Utilities Bhd(1)
3,829 358 
RHB Bank Bhd94,085 120,220 
Rubberex Corp. M Bhd(1)
61,100 5,512 
Sam Engineering & Equipment M Bhd2,400 2,318 
Sapura Energy Bhd(1)
43,200 481 
Sarawak Oil Palms Bhd31,800 19,560 
Scientex Bhd22,400 17,605 
Serba Dinamik Holdings Bhd(1)
4,000 26 
Sime Darby Bhd142,000 72,349 
Sime Darby Plantation Bhd115,200 114,509 
Sime Darby Property Bhd33,900 3,622 
SP Setia Bhd Group120,300 20,060 
Sports Toto Bhd7,474 3,015 
Sunway Bhd82,300 30,062 
Sunway Construction Group Bhd11,200 3,868 
Supermax Corp. Bhd208,043 33,845 
Syarikat Takaful Malaysia Keluarga Bhd18,100 13,445 
Ta Ann Holdings Bhd26,400 23,495 
Telekom Malaysia Bhd84,600 112,465 
Tenaga Nasional Bhd78,100 156,781 
Thong Guan Industries Bhd2,400 1,364 
TIME dotCom Bhd58,200 61,891 
Tiong NAM Logistics Holdings(1)
26,900 3,719 
Top Glove Corp. Bhd238,700 42,738 
Tropicana Corp. Bhd(1)
4,807 1,245 
TSH Resources Bhd77,200 19,080 
Uchi Technologies Bhd7,500 5,583 
UEM Sunrise Bhd(1)
6,800 444 
UMW Holdings Bhd5,900 4,043 
Unisem M Bhd26,600 16,110 
United Plantations Bhd5,000 16,511 
UWC Bhd6,400 5,516 
Velesto Energy Bhd(1)
250,600 4,710 
ViTrox Corp. Bhd4,000 6,357 
Vizione Holdings Bhd(1)
5,100 68 
VS Industry Bhd66,800 14,948 
Wah Seong Corp. Bhd(1)
16,200 2,417 
WCT Holdings Bhd7,446 712 
Westports Holdings Bhd38,900 30,168 
Yinson Holdings Bhd131,320 61,651 
43


Avantis Emerging Markets Equity Fund
SharesValue
YTL Corp. Bhd27,796 $3,652 
YTL Power International Bhd117,700 19,776 
4,534,868 
Mexico — 2.3%
Alfa SAB de CV, Class A158,700 100,278 
Alpek SAB de CV45,690 62,798 
Alsea SAB de CV(1)
35,100 63,592 
America Movil SAB de CV, Class L ADR38,279 650,743 
Arca Continental SAB de CV12,800 86,636 
Banco del Bajio SA75,677 158,555 
Becle SAB de CV4,400 8,967 
Bolsa Mexicana de Valores SAB de CV10,700 19,274 
Cemex SAB de CV, ADR(1)
24,287 90,833 
Coca-Cola Femsa SAB de CV36,405 222,245 
Consorcio ARA SAB de CV4,900 798 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)(2)
5,699 50,607 
Corp. Inmobiliaria Vesta SAB de CV45,700 84,497 
El Puerto de Liverpool SAB de CV, Class C1600 2,674 
Fomento Economico Mexicano SAB de CV, ADR3,422 214,594 
GCC SAB de CV11,000 63,210 
Genomma Lab Internacional SAB de CV, Class B94,200 76,963 
Gentera SAB de CV175,200 137,315 
Gruma SAB de CV, B Shares13,190 144,199 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR3,759 196,483 
Grupo Aeroportuario del Pacifico SAB de CV, ADR1,192 169,943 
Grupo Aeroportuario del Sureste SAB de CV, ADR817 172,771 
Grupo Bimbo SAB de CV, Series A35,600 119,930 
Grupo Carso SAB de CV, Series A113,100 44,964 
Grupo Comercial Chedraui SA de CV33,500 95,063 
Grupo Financiero Banorte SAB de CV, Class O94,796 559,935 
Grupo Financiero Inbursa SAB de CV, Class O(1)(2)
129,050 202,160 
Grupo GICSA SAB de CV(1)
8,000 743 
Grupo Industrial Saltillo SAB de CV1,800 2,680 
Grupo Mexico SAB de CV, Series B126,594 476,931 
Grupo Rotoplas SAB de CV(1)
1,969 2,690 
Grupo Televisa SAB, ADR36,065 228,291 
Grupo Traxion SAB de CV(1)
18,200 20,136 
Hoteles City Express SAB de CV(1)
1,300 237 
Industrias Bachoco SAB de CV700 2,767 
Industrias Penoles SAB de CV9,820 81,191 
Kimberly-Clark de Mexico SAB de CV, A Shares71,700 97,337 
La Comer SAB de CV32,900 55,572 
Megacable Holdings SAB de CV49,200 103,204 
Nemak SAB de CV(1)
231,440 48,823 
Orbia Advance Corp. SAB de CV49,300 92,989 
Promotora y Operadora de Infraestructura SAB de CV14,300 100,614 
Qualitas Controladora SAB de CV23,200 101,626 
Regional SAB de CV4,890 26,437 
Unifin Financiera SAB de CV(1)
222 19 
Wal-Mart de Mexico SAB de CV82,697 270,998 
5,513,312 
44


Avantis Emerging Markets Equity Fund
SharesValue
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR27,211 $144,762 
Credicorp Ltd.1,766 227,620 
Intercorp Financial Services, Inc.3,602 77,659 
Southern Copper Corp.1,674 78,795 
528,836 
Philippines — 0.9%
Aboitiz Equity Ventures, Inc.79,690 79,482 
Aboitiz Power Corp.12,100 6,738 
ACEN Corp.112,530 14,986 
Alliance Global Group, Inc.166,000 29,644 
Ayala Corp.9,300 115,892 
Ayala Land, Inc.224,700 114,065 
Ayalaland Logistics Holdings Corp.(1)
17,000 1,096 
Bank of the Philippine Islands57,660 97,352 
BDO Unibank, Inc.80,300 183,618 
Cebu Air, Inc.(1)
6,390 4,679 
Century Pacific Food, Inc.41,200 18,197 
Converge Information and Communications Technology Solutions, Inc.(1)
156,800 48,350 
Cosco Capital, Inc.51,700 3,971 
DMCI Holdings, Inc.350,700 59,252 
DoubleDragon Corp.(1)
2,700 370 
East West Banking Corp.5,400 658 
EEI Corp.(1)
5,000 298 
Filinvest Land, Inc.41,000 649 
First Gen Corp.22,300 7,330 
Ginebra San Miguel, Inc.1,300 2,456 
Global Ferronickel Holdings, Inc.171,000 7,147 
Globe Telecom, Inc.1,195 44,587 
GT Capital Holdings, Inc.5,870 50,276 
Integrated Micro-Electronics, Inc.(1)
6,600 809 
International Container Terminal Services, Inc.35,900 115,622 
JG Summit Holdings, Inc.68,613 62,394 
Jollibee Foods Corp.19,830 84,521 
Manila Electric Co.5,510 29,510 
Manila Water Co., Inc.32,900 9,065 
Max's Group, Inc.(1)
4,100 409 
Megaworld Corp.712,000 31,607 
Metro Pacific Investments Corp.758,000 50,297 
Metropolitan Bank & Trust Co.152,030 142,092 
Monde Nissin Corp.(1)
229,500 67,355 
Nickel Asia Corp.273,100 27,670 
Petron Corp.(1)
75,000 4,096 
Pilipinas Shell Petroleum Corp.1,600 596 
PLDT, Inc., ADR(2)
4,443 129,202 
Puregold Price Club, Inc.65,600 39,948 
Robinsons Land Corp.91,300 30,486 
Robinsons Retail Holdings, Inc.34,190 36,484 
Security Bank Corp.57,680 92,202 
Semirara Mining & Power Corp.60,700 44,398 
45


Avantis Emerging Markets Equity Fund
SharesValue
SM Investments Corp.3,985 $58,822 
SM Prime Holdings, Inc.134,900 90,683 
Universal Robina Corp.32,640 70,844 
Vista Land & Lifescapes, Inc.62,800 2,251 
Wilcon Depot, Inc.52,200 27,827 
2,140,283 
Poland — 0.7%
Alior Bank SA(1)
7,262 40,098 
Allegro.eu SA(1)
1,485 7,789 
AmRest Holdings SE(1)
2,830 11,937 
Asseco Poland SA1,398 21,313 
Bank Millennium SA(1)
49,227 39,564 
Bank Polska Kasa Opieki SA5,325 73,667 
CCC SA(1)
861 6,905 
CD Projekt SA3,015 53,767 
Ciech SA(1)
2,368 16,116 
Cyfrowy Polsat SA4,067 16,773 
Dino Polska SA(1)
1,264 92,213 
Enea SA(1)
26,578 42,764 
Eurocash SA(1)
2,586 6,331 
Famur SA(1)
6,958 4,340 
Grupa Azoty SA(1)
3,462 23,962 
Jastrzebska Spolka Weglowa SA(1)
7,794 78,731 
KGHM Polska Miedz SA6,983 130,857 
KRUK SA388 24,947 
LiveChat Software SA1,024 22,707 
LPP SA45 81,028 
Lubelski Wegiel Bogdanka SA109 1,146 
mBank SA(1)
675 31,010 
Mercator Medical SA(1)
146 1,624 
Neuca SA24 3,767 
Orange Polska SA79,818 101,716 
PGE Polska Grupa Energetyczna SA(1)
20,198 30,789 
PKP Cargo SA(1)
196 546 
Polski Koncern Naftowy ORLEN SA20,956 271,427 
Polskie Gornictwo Naftowe i Gazownictwo SA(1)
68,823 81,757 
Powszechna Kasa Oszczednosci Bank Polski SA10,611 52,933 
Powszechny Zaklad Ubezpieczen SA14,313 85,675 
Santander Bank Polska SA1,263 57,390 
Tauron Polska Energia SA(1)
95,228 46,656 
TEN Square Games SA170 3,511 
Warsaw Stock Exchange783 5,726 
XTB SA4,908 22,775 
1,594,257 
Russia(3)†
Gazprom PJSC(1)
309,544 
Globaltrans Investment PLC, GDR19,562 
LUKOIL PJSC14,461 — 
Magnit PJSC, GDR(1)
— 
Magnit PJSC1,613 — 
Mechel PJSC(1)
7,372 — 
46


Avantis Emerging Markets Equity Fund
SharesValue
MMC Norilsk Nickel PJSC849 — 
MMC Norilsk Nickel PJSC, ADR— 
Mobile TeleSystems PJSC, ADR(1)
11,495 $
Novatek PJSC, GDR8,700 — 
Novolipetsk Steel PJSC60,580 — 
O'Key Group SA, GDR1,578 — 
PhosAgro PJSC(1)
44 — 
PhosAgro PJSC LI, GDR— 
PhosAgro PJSC RX2,275 — 
Ros Agro PLC, GDR3,053 — 
Rosneft Oil Co. PJSC36,427 — 
Severstal PAO, GDR(1)
6,837 
Tatneft PJSC, ADR10,228 
VK Co. Ltd., GDR(1)
87 — 
VTB Bank PJSC(1)
386,396,000 634 
X5 Retail Group NV, GDR2,570 — 
640 
South Africa — 3.9%
Absa Group Ltd.39,426 408,341 
Adcock Ingram Holdings Ltd.305 879 
Advtech Ltd.12,737 12,140 
AECI Ltd.(2)
8,701 42,130 
African Rainbow Minerals Ltd.10,125 139,449 
Afrimat Ltd.756 2,200 
Alexander Forbes Group Holdings Ltd.4,775 1,312 
Anglo American Platinum Ltd.1,400 97,733 
AngloGold Ashanti Ltd., ADR21,208 285,884 
Aspen Pharmacare Holdings Ltd.19,235 165,071 
Astral Foods Ltd.7,442 89,739 
Aveng Ltd.(1)
7,715 7,263 
AVI Ltd.22,005 94,516 
Balwin Properties Ltd.4,197 609 
Barloworld Ltd.16,801 85,517 
Bid Corp. Ltd.4,461 84,496 
Bidvest Group Ltd.8,951 112,127 
Blue Label Telecoms Ltd.(1)
5,048 1,839 
Brait PLC(1)
4,194 954 
Capitec Bank Holdings Ltd.1,630 193,816 
Cashbuild Ltd.488 6,476 
City Lodge Hotels Ltd.(1)
2,646 658 
Clicks Group Ltd.9,263 161,053 
Coronation Fund Managers Ltd.13,375 24,623 
Curro Holdings Ltd.(2)
896 559 
Dis-Chem Pharmacies Ltd.25,081 51,913 
Discovery Ltd.(1)(2)
12,431 89,067 
Distell Group Holdings Ltd.(1)
1,448 14,550 
DRDGOLD Ltd.20,138 10,912 
EOH Holdings Ltd.(1)
1,194 374 
Exxaro Resources Ltd.10,826 137,926 
Famous Brands Ltd.293 973 
FirstRand Ltd.141,744 529,429 
47


Avantis Emerging Markets Equity Fund
SharesValue
Foschini Group Ltd.12,120 $89,726 
Gold Fields Ltd., ADR27,974 226,310 
Grindrod Shipping Holdings Ltd.2,188 51,489 
Harmony Gold Mining Co. Ltd., ADR38,478 100,428 
Impala Platinum Holdings Ltd.40,015 419,291 
Investec Ltd.14,076 66,093 
Kaap Agri Ltd.177 395 
KAP Industrial Holdings Ltd.178,079 47,175 
Kumba Iron Ore Ltd.2,452 54,286 
Lewis Group Ltd.508 1,417 
Life Healthcare Group Holdings Ltd.32,255 37,796 
Massmart Holdings Ltd.(1)
4,582 15,546 
Metair Investments Ltd.1,914 2,952 
MiX Telematics Ltd., ADR83 664 
Momentum Metropolitan Holdings129,392 125,513 
Motus Holdings Ltd.16,603 112,511 
Mpact Ltd.965 1,604 
Mr Price Group Ltd.12,571 136,179 
MTN Group Ltd.56,441 408,522 
MultiChoice Group21,390 144,451 
Murray & Roberts Holdings Ltd.(1)
1,453 756 
Nampak Ltd.(1)
4,076 563 
Naspers Ltd.,, N Shares1,386 195,435 
Nedbank Group Ltd.(2)
20,655 243,801 
NEPI Rockcastle SA24,508 130,592 
Netcare Ltd.121,001 103,674 
Ninety One Ltd.10,483 23,624 
Northam Platinum Holdings Ltd.(1)
12,388 116,710 
Oceana Group Ltd.(2)
464 1,485 
Old Mutual Ltd.(2)
368,121 218,083 
Omnia Holdings Ltd.30,120 108,595 
Pepkor Holdings Ltd.20,522 24,097 
Pick n Pay Stores Ltd.22,957 82,848 
PPC Ltd.(1)
125,428 18,646 
Rand Merchant Investment Holdings Ltd.43,611 68,843 
Raubex Group Ltd.5,921 12,058 
Reinet Investments SCA9,687 158,668 
Remgro Ltd.22,295 165,327 
Reunert Ltd.3,156 8,278 
RFG Holdings Ltd.1,040 612 
RMB Holdings Ltd.(1)
8,812 927 
Royal Bafokeng Platinum Ltd.15,814 134,057 
Sanlam Ltd.47,525 147,748 
Santam Ltd.2,838 40,283 
Sappi Ltd.(1)
75,826 202,122 
Sasol Ltd., ADR(1)(2)
26,634 514,036 
Shoprite Holdings Ltd.11,215 152,076 
Sibanye Stillwater Ltd., ADR(2)
36,825 330,689 
SPAR Group Ltd.7,714 70,400 
Standard Bank Group Ltd.39,718 354,427 
Steinhoff International Holdings NV(1)
112,095 15,240 
48


Avantis Emerging Markets Equity Fund
SharesValue
Sun International Ltd.(1)
488 $932 
Telkom SA SOC Ltd.(1)
42,288 108,528 
Thungela Resources Ltd.(2)
21,640 412,463 
Tiger Brands Ltd.(2)
9,075 88,299 
Transaction Capital Ltd.9,016 19,824 
Trencor Ltd.(1)
1,689 541 
Truworths International Ltd.30,638 102,171 
Tsogo Sun Gaming Ltd.(1)
3,616 2,654 
Tsogo Sun Hotels Ltd.(1)
3,866 833 
Vodacom Group Ltd.14,702 108,216 
Wilson Bayly Holmes-Ovcon Ltd.1,556 8,009 
Woolworths Holdings Ltd.31,006 101,154 
Zeder Investments Ltd.(2)
8,750 923 
9,496,123 
South Korea — 13.2%
ABLBio, Inc.(1)
1,967 33,291 
Ace Technologies Corp.(1)
775 4,062 
Advanced Process Systems Corp.1,624 23,444 
Aekyung Industrial Co. Ltd.349 3,639 
AfreecaTV Co. Ltd.388 22,021 
Agabang&Company(1)
2,113 6,632 
Ahnlab, Inc.230 14,314 
Alteogen, Inc.(1)
180 8,487 
Amorepacific Corp.322 29,347 
AMOREPACIFIC Group1,483 38,389 
Ananti, Inc.(1)
6,338 32,076 
Aprogen pharmaceuticals, Inc.(1)
1,383 624 
Aprogen, Inc.(1)
437 466 
AptaBio Therapeutics, Inc.(1)
502 6,521 
Asiana Airlines, Inc.(1)
3,845 43,260 
BGF Co. Ltd.616 1,853 
BGF retail Co. Ltd.779 93,308 
BH Co. Ltd.952 22,262 
Binggrae Co. Ltd.616 21,004 
Bioneer Corp.(1)
1,389 30,998 
BNC Korea Co. Ltd.(1)
1,241 10,142 
BNK Financial Group, Inc.28,603 142,623 
Boditech Med, Inc.953 7,707 
Boryung285 2,149 
Bukwang Pharmaceutical Co. Ltd.513 3,435 
Byucksan Corp.2,612 5,053 
Cellid Co. Ltd.(1)
65 1,011 
Celltrion Healthcare Co. Ltd.392 20,978 
Celltrion Pharm, Inc.(1)
252 14,658 
Celltrion, Inc.2,837 399,329 
Chabiotech Co. Ltd.(1)
516 6,541 
Cheil Worldwide, Inc.4,386 71,507 
Chong Kun Dang Pharmaceutical Corp.789 50,452 
Chongkundang Holdings Corp.42 1,872 
Chunbo Co. Ltd.75 12,576 
CJ CGV Co. Ltd.(1)
377 5,739 
49


Avantis Emerging Markets Equity Fund
SharesValue
CJ CheilJedang Corp.437 $132,559 
CJ Corp.1,535 89,310 
CJ ENM Co. Ltd.760 55,394 
CJ Logistics Corp.(1)
623 54,912 
Classys, Inc.1,624 17,162 
CMG Pharmaceutical Co. Ltd.(1)
803 1,680 
Com2uSCorp114 6,834 
Cosmax, Inc.1,131 52,639 
CosmoAM&T Co. Ltd.(1)
253 12,082 
COSON Co. Ltd.(1)
1,078 2,120 
Coway Co. Ltd.4,140 196,420 
COWELL FASHION Co. Ltd.866 4,244 
Creative & Innovative System(1)
493 5,271 
CrystalGenomics, Inc.(1)
1,166 3,162 
CS Wind Corp.558 28,429 
Cuckoo Homesys Co. Ltd.704 16,636 
Daea TI Co. Ltd.(1)
824 2,214 
Daeduck Electronics Co. Ltd.4,805 105,368 
Daesang Corp.1,157 19,475 
Daewon Pharmaceutical Co. Ltd.395 4,811 
Daewoo Engineering & Construction Co. Ltd.(1)
26,080 100,576 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
196 2,924 
Daewoong Co. Ltd.705 12,720 
Daewoong Pharmaceutical Co. Ltd.323 42,125 
Daishin Securities Co. Ltd.4,161 47,661 
Daol Investment & Securities Co. Ltd.5,885 20,081 
Daou Data Corp.2,016 18,179 
Daou Technology, Inc.2,270 31,740 
Dawonsys Co. Ltd.62 1,066 
DB Financial Investment Co. Ltd.1,678 6,218 
DB HiTek Co. Ltd.3,627 124,496 
DB Insurance Co. Ltd.5,455 242,932 
Dentium Co. Ltd.478 31,090 
Devsisters Co. Ltd.99 2,863 
DGB Financial Group, Inc.16,567 91,822 
DIO Corp.(1)
562 11,201 
DL E&C Co. Ltd.3,312 100,526 
DL Holdings Co. Ltd.1,379 68,439 
Dong-A Socio Holdings Co. Ltd.122 9,872 
Dong-A ST Co. Ltd.223 9,363 
Dongjin Semichem Co. Ltd.2,768 70,626 
DongKook Pharmaceutical Co. Ltd.415 5,718 
Dongkuk Steel Mill Co. Ltd.8,738 85,600 
Dongsuh Cos., Inc.282 5,134 
Dongwha Enterprise Co. Ltd.(1)
82 4,124 
Dongwha Pharm Co. Ltd.1,215 9,063 
Dongwon Development Co. Ltd.641 1,777 
Dongwon F&B Co. Ltd.93 10,746 
Dongwon Industries Co. Ltd.190 32,009 
Dongwon Systems Corp.217 8,721 
Doosan Bobcat, Inc.917 23,576 
50


Avantis Emerging Markets Equity Fund
SharesValue
Doosan Enerbility Co. Ltd.(1)
8,853 $133,049 
Doosan Tesna, Inc.1,960 41,747 
DoubleUGames Co. Ltd.275 8,772 
Douzone Bizon Co. Ltd.812 21,762 
Duk San Neolux Co. Ltd.(1)
569 15,202 
E-MART, Inc.1,032 74,921 
Echo Marketing, Inc.366 4,393 
Ecopro BM Co. Ltd.496 41,040 
Ecopro Co. Ltd.169 14,324 
Ecopro HN Co. Ltd.136 5,373 
ENF Technology Co. Ltd.240 5,176 
Eo Technics Co. Ltd.129 7,187 
Eoflow Co. Ltd.(1)
486 6,930 
Eugene Corp.3,001 8,669 
Eugene Investment & Securities Co. Ltd.4,439 9,424 
Eugene Technology Co. Ltd.502 10,181 
F&F Co. Ltd. / New900 94,963 
F&F Holdings Co. Ltd.27 356 
Fila Holdings Corp.3,645 84,192 
Fine Semitech Corp.363 3,907 
Foosung Co. Ltd.1,807 21,616 
GemVax & Kael Co. Ltd.(1)
680 6,862 
Genexine, Inc.(1)
81 1,827 
Giantstep, Inc.(1)
170 2,998 
GOLFZON Co. Ltd.448 44,033 
Gradiant Corp.604 8,364 
Grand Korea Leisure Co. Ltd.(1)
242 2,871 
Green Cross Corp.41 5,005 
Green Cross Holdings Corp.435 6,087 
GS Engineering & Construction Corp.6,709 150,069 
GS Holdings Corp.5,649 193,942 
GS Retail Co. Ltd.4,711 89,054 
HAESUNG DS Co. Ltd.1,458 63,405 
Halla Holdings Corp.590 16,861 
Hana Financial Group, Inc.20,035 583,953 
Hana Materials, Inc.366 10,288 
Hana Micron, Inc.(1)
3,236 30,665 
Hanall Biopharma Co. Ltd.(1)
410 5,348 
Handsome Co. Ltd.2,251 47,464 
Hanil Cement Co. Ltd.730 8,276 
Hanjin Kal Corp.(1)
187 7,359 
Hanjin Transportation Co. Ltd.337 6,455 
Hankook Shell Oil Co. Ltd.40 7,584 
Hankook Tire & Technology Co. Ltd.5,407 152,433 
Hanmi Pharm Co. Ltd.378 86,623 
Hanmi Semiconductor Co. Ltd.3,377 30,001 
Hanon Systems8,178 62,539 
Hansae Co. Ltd.1,736 20,363 
Hansol Chemical Co. Ltd.375 60,564 
Hansol Paper Co. Ltd.1,067 12,462 
Hansol Technics Co. Ltd.(1)
1,045 4,705 
51


Avantis Emerging Markets Equity Fund
SharesValue
Hanssem Co. Ltd.322 $12,877 
Hanwha Aerospace Co. Ltd.3,100 187,542 
Hanwha Corp.3,440 81,349 
Hanwha Corp., Preference Shares729 8,655 
Hanwha General Insurance Co. Ltd.(1)
2,607 9,122 
Hanwha Investment & Securities Co. Ltd.10,391 23,938 
Hanwha Life Insurance Co. Ltd.(1)
37,675 64,634 
Hanwha Solutions Corp.(1)
3,550 138,421 
Hanwha Systems Co. Ltd.2,295 26,482 
Harim Holdings Co. Ltd.7,758 48,239 
HD Hyundai Co. Ltd.5,366 251,951 
HDC Holdings Co. Ltd.1,750 9,075 
HDC Hyundai Development Co-Engineering & Construction, E Shares3,589 33,163 
Hite Jinro Co. Ltd.2,211 50,188 
HJ Shipbuilding & Construction Co. Ltd.(1)
2,594 11,648 
HK inno N Corp.227 6,826 
HLB Global Co. Ltd.(1)
807 4,911 
HLB Life Science Co. Ltd.(1)
1,360 14,857 
HLB, Inc.(1)
686 25,045 
HMM Co. Ltd.20,172 332,437 
Hotel Shilla Co. Ltd.1,180 64,639 
HS Industries Co. Ltd.1,315 4,882 
Huchems Fine Chemical Corp.1,424 22,503 
Hugel, Inc.(1)
170 15,385 
Humax Co. Ltd.(1)
1,601 4,756 
Humedix Co. Ltd.254 4,481 
Huons Co. Ltd.129 3,424 
Huons Global Co. Ltd.141 2,256 
Hwaseung Enterprise Co. Ltd.315 3,098 
HYBE Co. Ltd.(1)
162 21,709 
Hyosung Advanced Materials Corp.134 42,005 
Hyosung Chemical Corp.(1)
216 27,738 
Hyosung Corp.369 20,504 
Hyosung Heavy Industries Corp.(1)
224 12,282 
Hyosung TNC Corp.224 52,093 
Hyundai Autoever Corp.426 37,993 
Hyundai Bioscience Co. Ltd.(1)
581 14,892 
Hyundai Construction Equipment Co. Ltd.678 20,470 
Hyundai Corp.337 4,583 
Hyundai Department Store Co. Ltd.1,484 68,270 
Hyundai Doosan Infracore Co. Ltd.(1)
5,579 25,525 
Hyundai Electric & Energy System Co. Ltd.(1)
3,851 91,173 
Hyundai Elevator Co. Ltd.1,982 43,097 
Hyundai Engineering & Construction Co. Ltd.6,200 221,699 
Hyundai Futurenet Co. Ltd.2,521 5,052 
Hyundai Glovis Co. Ltd.1,796 235,324 
Hyundai Greenfood Co. Ltd.4,245 24,309 
Hyundai Heavy Industries Co. Ltd.(1)
1,149 122,266 
Hyundai Home Shopping Network Corp.644 23,989 
Hyundai Livart Furniture Co. Ltd.429 3,492 
52


Avantis Emerging Markets Equity Fund
SharesValue
Hyundai Marine & Fire Insurance Co. Ltd.8,078 $189,493 
Hyundai Mipo Dockyard Co. Ltd.(1)
294 23,339 
Hyundai Mobis Co. Ltd.1,598 254,838 
Hyundai Motor Co.5,134 745,879 
Hyundai Rotem Co. Ltd.(1)
1,229 27,599 
Hyundai Steel Co.6,853 167,108 
Hyundai Wia Corp.564 31,742 
i-SENS, Inc.272 7,583 
ICD Co. Ltd.2,133 15,016 
Iljin Diamond Co. Ltd.93 1,537 
Iljin Materials Co. Ltd.319 17,481 
Ilyang Pharmaceutical Co. Ltd.2,125 34,417 
iMarketKorea, Inc.2,108 16,300 
Industrial Bank of Korea22,154 157,744 
Innocean Worldwide, Inc.782 24,727 
Innox Advanced Materials Co. Ltd.1,309 33,511 
Inscobee, Inc.(1)
756 1,127 
Insun ENT Co. Ltd.(1)
1,650 13,224 
Interflex Co. Ltd.(1)
276 2,548 
INTOPS Co. Ltd.1,921 42,841 
iNtRON Biotechnology, Inc.(1)
2,914 24,799 
IS Dongseo Co. Ltd.2,292 62,948 
JB Financial Group Co. Ltd.14,750 83,333 
Jeil Pharmaceutical Co. Ltd.24 377 
Jeju Air Co. Ltd.(1)
190 2,191 
Jin Air Co. Ltd.(1)
624 8,060 
Jusung Engineering Co. Ltd.4,806 56,515 
JW Holdings Corp.399 983 
JW Pharmaceutical Corp.2,377 38,635 
JYP Entertainment Corp.1,575 71,305 
Kakao Corp.4,437 240,945 
Kakao Games Corp.(1)
699 27,264 
KakaoBank Corp.(1)
897 18,163 
Kangwon Land, Inc.(1)
1,592 31,389 
KB Financial Group, Inc., ADR(2)
18,091 661,769 
KC Co. Ltd.435 5,822 
KC Tech Co. Ltd.493 5,946 
KCC Corp.306 66,818 
KCC Glass Corp.1,172 43,903 
KEPCO Engineering & Construction Co., Inc.229 12,465 
KEPCO Plant Service & Engineering Co. Ltd.1,281 39,314 
KG Dongbu Steel Co. Ltd.279 2,598 
Kginicis Co. Ltd.1,731 17,206 
KH Feelux Co. Ltd.(1)
8,049 8,202 
KH Vatec Co. Ltd.1,906 26,837 
Kia Corp.14,356 860,467 
KISCO Corp.1,358 6,982 
KIWOOM Securities Co. Ltd.1,873 119,017 
KMW Co. Ltd.(1)
276 6,555 
Koentec Co. Ltd.632 4,293 
Koh Young Technology, Inc.700 7,329 
53


Avantis Emerging Markets Equity Fund
SharesValue
Kolmar BNH Co. Ltd.169 $3,252 
Kolmar Korea Co. Ltd.104 2,957 
Kolmar Korea Holdings Co. Ltd.244 3,006 
Kolon Industries, Inc.1,544 60,015 
KoMiCo Ltd.1,114 38,550 
Komipharm International Co. Ltd.(1)
185 975 
KONA I Co. Ltd.(1)
716 8,611 
Korea Aerospace Industries Ltd.5,012 227,423 
Korea Electric Power Corp., ADR(1)(2)
17,239 131,534 
Korea Electric Terminal Co. Ltd.609 30,163 
Korea Gas Corp.430 13,930 
Korea Investment Holdings Co. Ltd.4,226 178,189 
Korea Line Corp.(1)
17,992 30,409 
Korea Petrochemical Ind Co. Ltd.318 28,725 
Korea Real Estate Investment & Trust Co. Ltd.3,951 4,788 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
2,976 214,781 
Korea United Pharm, Inc.247 4,526 
Korea Zinc Co. Ltd.260 130,059 
Korean Air Lines Co. Ltd.(1)
13,827 274,813 
Korean Reinsurance Co.6,669 41,486 
Krafton, Inc.(1)
204 37,266 
KT Skylife Co. Ltd.1,686 10,737 
Kumho Petrochemical Co. Ltd.1,757 169,475 
Kumho Tire Co., Inc.(1)
3,469 8,959 
Kwang Dong Pharmaceutical Co. Ltd.671 3,328 
Kyobo Securities Co. Ltd.138 648 
Kyung Dong Navien Co. Ltd.141 4,538 
L&C Bio Co. Ltd.334 6,499 
L&F Co. Ltd.(1)
331 56,138 
LB Semicon, Inc.1,686 11,558 
LEENO Industrial, Inc.638 67,903 
LF Corp.3,890 49,006 
LG Chem Ltd.847 396,478 
LG Corp.1,880 114,719 
LG Display Co. Ltd., ADR(2)
37,882 216,685 
LG Electronics, Inc.4,246 317,728 
LG Energy Solution Ltd.(1)
188 64,431 
LG H&H Co. Ltd.251 132,915 
LG HelloVision Co. Ltd.1,238 4,720 
LG Innotek Co. Ltd.1,145 291,469 
LG Uplus Corp.16,787 143,764 
LIG Nex1 Co. Ltd.595 46,931 
Lock&Lock Co. Ltd.(1)
304 1,757 
Lotte Chemical Corp.703 91,281 
Lotte Chilsung Beverage Co. Ltd.381 43,839 
Lotte Confectionery Co. Ltd.165 15,370 
Lotte Corp.231 7,126 
Lotte Data Communication Co.464 9,287 
LOTTE Fine Chemical Co. Ltd.1,867 97,686 
LOTTE Himart Co. Ltd.116 1,357 
Lotte Rental Co. Ltd.1,895 50,334 
54


Avantis Emerging Markets Equity Fund
SharesValue
Lotte Shopping Co. Ltd.1,215 $89,183 
LS Corp.813 40,513 
LS Electric Co. Ltd.817 33,886 
Lutronic Corp.1,474 20,630 
LVMC Holdings(1)
986 2,208 
LX Hausys Ltd.634 21,193 
LX Holdings Corp.(1)
3,787 23,628 
LX INTERNATIONAL Corp.1,786 57,517 
LX Semicon Co. Ltd.992 69,796 
Maeil Dairies Co. Ltd.252 10,772 
Mando Corp.3,492 139,569 
Medytox, Inc.(1)
163 14,845 
MegaStudyEdu Co. Ltd.837 48,689 
Meritz Financial Group, Inc.3,092 70,869 
Meritz Fire & Marine Insurance Co. Ltd.4,008 114,430 
Meritz Securities Co. Ltd.32,838 118,350 
Mirae Asset Life Insurance Co. Ltd.2,237 5,057 
Mirae Asset Securities Co. Ltd.19,540 95,293 
Miwon Commercial Co. Ltd.26 3,419 
Myoung Shin Industrial Co. Ltd.(1)
421 6,785 
Namhae Chemical Corp.960 7,685 
Namsun Aluminum Co. Ltd.(1)
4,341 7,236 
Naturecell Co. Ltd.(1)
342 6,711 
NAVER Corp.2,003 355,426 
NCSoft Corp.319 89,643 
Neowiz(1)
562 16,398 
NEPES Corp.(1)
2,001 32,348 
Netmarble Corp.181 8,534 
Nexen Tire Corp.3,291 16,282 
NEXTIN, Inc.591 24,843 
NH Investment & Securities Co. Ltd.11,541 85,436 
NHN Corp.(1)
938 17,616 
NHN KCP Corp.(1)
1,223 11,496 
NICE Holdings Co. Ltd.1,626 16,558 
NICE Information Service Co. Ltd.1,931 20,647 
NKMax Co. Ltd.(1)
576 7,925 
NongShim Co. Ltd.253 56,561 
OCI Co. Ltd.932 81,096 
OliX Pharmaceuticals, Inc.(1)
206 3,265 
OptoElectronics Solutions Co. Ltd.81 1,347 
Orion Corp./Republic of Korea2,105 154,201 
Orion Holdings Corp.2,268 24,663 
Osstem Implant Co. Ltd.576 55,150 
Ottogi Corp.144 51,527 
Pan Ocean Co. Ltd.34,063 130,337 
Paradise Co. Ltd.(1)
1,512 17,929 
Park Systems Corp.72 5,193 
Partron Co. Ltd.4,798 30,917 
Pearl Abyss Corp.(1)
642 26,997 
PharmaResearch Co. Ltd.223 11,172 
PI Advanced Materials Co. Ltd.961 26,542 
55


Avantis Emerging Markets Equity Fund
SharesValue
Poongsan Corp.487 $11,247 
POSCO Chemical Co. Ltd.347 43,137 
POSCO Holdings, Inc., ADR12,950 608,909 
Posco ICT Co. Ltd.844 4,160 
Posco International Corp.2,436 48,626 
PSK, Inc.1,091 27,640 
Pulmuone Co. Ltd.627 6,427 
S&S Tech Corp.452 7,412 
S-1 Corp.691 30,003 
S-Oil Corp.2,420 183,557 
Samchully Co. Ltd.65 10,094 
Samjin Pharmaceutical Co. Ltd.249 4,599 
Samsung Biologics Co. Ltd.(1)
357 222,039 
Samsung C&T Corp.1,987 177,910 
Samsung Card Co. Ltd.448 10,473 
Samsung Electro-Mechanics Co. Ltd.3,411 353,163 
Samsung Electronics Co. Ltd., GDR4,442 4,857,632 
Samsung Engineering Co. Ltd.(1)
9,997 173,818 
Samsung Fire & Marine Insurance Co. Ltd.2,651 385,281 
Samsung Heavy Industries Co. Ltd.(1)
54,769 243,001 
Samsung Life Insurance Co. Ltd.4,435 204,693 
Samsung Pharmaceutical Co. Ltd.(1)
723 1,959 
Samsung SDI Co. Ltd.1,000 442,102 
Samsung SDS Co. Ltd.986 94,102 
Samsung Securities Co. Ltd.6,127 154,248 
Samwha Capacitor Co. Ltd.200 6,213 
Samyang Corp.176 5,325 
Samyang Foods Co. Ltd.395 32,807 
Samyang Holdings Corp.195 9,969 
Sangsangin Co. Ltd.4,184 26,620 
SD Biosensor, Inc.3,414 89,258 
Seah Besteel Holdings Corp.911 12,605 
SeAH Steel Corp.339 48,133 
SeAH Steel Holdings Corp.160 21,703 
Sebang Global Battery Co. Ltd.158 6,107 
Seegene, Inc.4,156 97,366 
Seobu T&D1,800 10,714 
Seojin System Co. Ltd.1,030 11,544 
Seoul Semiconductor Co. Ltd.5,788 49,512 
Seoul Viosys Co. Ltd.377 1,963 
SFA Engineering Corp.912 27,842 
SFA Semicon Co. Ltd.(1)
2,124 8,095 
Shin Poong Pharmaceutical Co. Ltd.(1)
78 1,618 
Shinhan Financial Group Co. Ltd., ADR(2)
23,091 616,761 
Shinsegae International, Inc.1,719 35,638 
Shinsegae, Inc.780 129,274 
Shinsung E&G Co. Ltd.(1)
2,421 4,388 
Shinyoung Securities Co. Ltd.132 5,606 
SIMMTECH Co. Ltd.2,906 83,297 
SK Biopharmaceuticals Co. Ltd.(1)
1,017 54,071 
SK Bioscience Co. Ltd.(1)
259 21,683 
56


Avantis Emerging Markets Equity Fund
SharesValue
SK Chemicals Co. Ltd.1,075 $77,930 
SK D&D Co. Ltd.398 7,933 
SK Discovery Co. Ltd.345 9,316 
SK Gas Ltd.126 10,922 
SK Hynix, Inc.22,212 1,561,680 
SK IE Technology Co. Ltd.(1)
232 14,271 
SK Innovation Co. Ltd.(1)
1,073 151,052 
SK Networks Co. Ltd.21,603 73,043 
SK Securities Co. Ltd.31,975 17,929 
SK Telecom Co. Ltd., ADR5,221 111,468 
SK, Inc.1,039 179,715 
SKC Co. Ltd.731 65,688 
SL Corp.1,283 36,574 
SM Entertainment Co. Ltd.586 30,074 
SNT Motiv Co. Ltd.434 15,620 
SOLUM Co. Ltd.(1)
448 6,873 
Songwon Industrial Co. Ltd.1,219 17,153 
Soulbrain Co. Ltd.232 37,270 
Soulbrain Holdings Co. Ltd.101 1,697 
SPC Samlip Co. Ltd.100 6,020 
ST Pharm Co. Ltd.132 9,636 
STIC Investments, Inc.700 3,895 
Studio Dragon Corp.(1)
147 8,277 
Suheung Co. Ltd.280 7,281 
Taeyoung Engineering & Construction Co. Ltd.1,144 5,438 
TES Co. Ltd.1,403 20,695 
TK Corp.771 11,117 
Tokai Carbon Korea Co. Ltd.392 32,573 
Tongyang Life Insurance Co. Ltd.4,796 20,104 
Tongyang, Inc.3,527 2,956 
Toptec Co. Ltd.(1)
247 1,485 
TSE Co. Ltd.162 6,956 
TY Holdings Co. Ltd.(1)
1,322 16,620 
Unid Co. Ltd.507 39,153 
Unison Co. Ltd.(1)
4,003 8,093 
UniTest, Inc.(1)
329 4,737 
Value Added Technology Co. Ltd.1,055 26,322 
Vaxcell-Bio Therapeutics Co. Ltd.(1)
86 4,536 
Vieworks Co. Ltd.344 10,136 
Webzen, Inc.(1)
493 6,788 
Wemade Co. Ltd.705 32,268 
Winix, Inc.383 3,530 
WiSoL Co. Ltd.935 6,072 
Wonik Holdings Co. Ltd.(1)
908 2,555 
WONIK IPS Co. Ltd.1,371 28,372 
Wonik Materials Co. Ltd.174 3,932 
Wonik QnC Corp.1,985 40,247 
Woongjin Thinkbig Co. Ltd.2,317 4,442 
Woori Financial Group, Inc.41,559 375,940 
Woori Investment Bank Co. Ltd.18,555 12,211 
Woori Technology Investment Co. Ltd.(1)
6,780 29,437 
57


Avantis Emerging Markets Equity Fund
SharesValue
Youngone Corp.1,635 $54,134 
Youngone Holdings Co. Ltd.707 27,857 
Yuanta Securities Korea Co. Ltd.8,160 17,347 
Yuhan Corp.728 30,788 
Zinus, Inc.287 9,257 
31,905,053 
Taiwan — 17.1%
Abico Avy Co. Ltd.6,020 4,498 
Ability Enterprise Co. Ltd.22,000 16,798 
AcBel Polytech, Inc.24,000 23,672 
Accton Technology Corp.5,000 46,043 
Acer, Inc.220,000 158,009 
ACES Electronic Co. Ltd.7,514 9,141 
Acon Holding, Inc.(1)
30,465 17,291 
Acter Group Corp. Ltd.5,000 34,744 
Advanced Analog Technology, Inc.2,000 3,341 
Advanced International Multitech Co. Ltd.16,000 53,087 
Advanced Power Electronics Corp.6,000 22,638 
Advantech Co. Ltd.6,099 65,064 
AGV Products Corp.14,000 4,563 
Airmate Cayman International Co. Ltd.1,060 673 
Airtac International Group(1)
2,046 54,861 
Alcor Micro Corp.4,000 5,075 
Alexander Marine Co. Ltd.4,000 40,693 
Allied Circuit Co. Ltd.2,000 8,062 
Allied Supreme Corp.3,000 38,647 
Allis Electric Co. Ltd.2,315 2,567 
Alltek Technology Corp.8,013 9,907 
Alltop Technology Co. Ltd.3,500 17,545 
Alpha Networks, Inc.5,773 5,923 
Altek Corp.7,000 8,545 
Amazing Microelectronic Corp.7,000 25,016 
Ampire Co. Ltd.2,000 1,684 
AMPOC Far-East Co. Ltd.2,000 2,760 
AmTRAN Technology Co. Ltd.50,292 20,994 
Anji Technology Co. Ltd.5,000 9,420 
Anpec Electronics Corp.5,000 22,864 
Apacer Technology, Inc.1,000 1,325 
APAQ Technology Co. Ltd.3,000 3,925 
APCB, Inc.2,000 1,105 
Apex International Co. Ltd.14,000 28,190 
Arcadyan Technology Corp.7,000 26,329 
Ardentec Corp.40,000 59,725 
Argosy Research, Inc.4,155 10,083 
ASE Technology Holding Co. Ltd., ADR72,205 415,901 
Asia Cement Corp.167,000 236,410 
Asia Optical Co., Inc.2,000 4,292 
Asia Pacific Telecom Co. Ltd.(1)
28,621 6,575 
Asia Polymer Corp.47,353 42,439 
Asia Vital Components Co. Ltd.22,000 77,496 
ASolid Technology Co. Ltd.2,000 5,536 
58


Avantis Emerging Markets Equity Fund
SharesValue
ASROCK, Inc.2,000 $6,271 
Asustek Computer, Inc.36,000 299,557 
Aten International Co. Ltd.2,000 5,129 
Audix Corp.1,000 1,653 
AUO Corp.(2)
620,800 338,975 
AURAS Technology Co. Ltd.5,000 25,219 
Avermedia Technologies8,800 6,969 
Bafang Yunji International Co. Ltd.5,000 26,907 
Bank of Kaohsiung Co. Ltd.51,814 23,619 
Basso Industry Corp.17,000 23,572 
BenQ Materials Corp.17,000 17,671 
BES Engineering Corp.164,000 50,253 
Bin Chuan Enterprise Co. Ltd.2,000 1,808 
Bora Pharmaceuticals Co. Ltd.3,301 36,688 
Brighton-Best International Taiwan, Inc.31,000 34,914 
C Sun Manufacturing Ltd.7,354 11,321 
Capital Securities Corp.136,000 53,100 
Career Technology MFG. Co. Ltd.(1)
52,020 44,877 
Catcher Technology Co. Ltd.(1)
54,000 327,337 
Cathay Financial Holding Co. Ltd.305,000 443,722 
Cayman Engley Industrial Co. Ltd.2,000 4,939 
Central Reinsurance Co. Ltd.21,000 14,673 
Century Iron & Steel Industrial Co. Ltd.7,000 19,967 
Chailease Holding Co. Ltd.15,146 97,248 
ChainQui Construction Development Co. Ltd.(1)
2,200 1,129 
Champion Building Materials Co. Ltd.25,000 7,695 
Champion Microelectronic Corp.4,000 6,616 
Chang Hwa Commercial Bank Ltd.281,236 162,445 
Chang Wah Electromaterials, Inc.39,000 44,313 
Chang Wah Technology Co. Ltd.2,500 2,977 
Channel Well Technology Co. Ltd.2,000 2,009 
Charoen Pokphand Enterprise12,100 31,970 
CHC Healthcare Group9,000 13,703 
Chen Full International Co. Ltd.(1)
4,000 5,109 
Cheng Loong Corp.55,000 50,954 
Cheng Mei Materials Technology Corp.(1)
48,000 16,923 
Cheng Shin Rubber Industry Co. Ltd.141,000 163,341 
Cheng Uei Precision Industry Co. Ltd.21,000 25,606 
Chia Chang Co. Ltd.5,000 6,160 
Chia Hsin Cement Corp.2,000 1,188 
Chicony Electronics Co. Ltd.28,000 74,752 
Chicony Power Technology Co. Ltd.4,000 9,291 
Chin-Poon Industrial Co. Ltd.44,000 44,826 
China Airlines Ltd.(2)
216,000 159,781 
China Bills Finance Corp.46,000 24,511 
China Chemical & Pharmaceutical Co. Ltd.29,000 21,740 
China Development Financial Holding Corp., Preference Shares80,081 22,289 
China Development Financial Holding Corp.676,760 295,672 
China Electric Manufacturing Corp.28,000 15,767 
China General Plastics Corp.26,805 20,716 
China Man-Made Fiber Corp.82,000 22,008 
59


Avantis Emerging Markets Equity Fund
SharesValue
China Metal Products1,000 $975 
China Motor Corp.17,000 25,864 
China Petrochemical Development Corp.262,690 87,967 
China Steel Chemical Corp.8,000 30,608 
China Steel Corp.418,000 395,874 
China Wire & Cable Co. Ltd.22,000 19,007 
Chinese Maritime Transport Ltd.7,000 8,845 
Ching Feng Home Fashions Co. Ltd.1,000 605 
Chipbond Technology Corp.(2)
74,000 138,114 
ChipMOS Technologies, Inc.76,000 88,561 
Chlitina Holding Ltd.4,000 22,550 
Chong Hong Construction Co. Ltd.2,000 4,870 
Chroma ATE, Inc.21,000 128,867 
Chun Yuan Steel Industry Co. Ltd.32,000 17,444 
Chung Hwa Chemical Industrial Works Ltd.6,000 6,412 
Chung Hwa Pulp Corp.19,000 11,373 
Chung-Hsin Electric & Machinery Manufacturing Corp.58,000 125,332 
Chunghwa Precision Test Tech Co. Ltd.2,000 30,126 
Chunghwa Telecom Co. Ltd., ADR9,721 386,118 
Cleanaway Co. Ltd.6,000 34,773 
Clevo Co.25,000 28,265 
CMC Magnetics Corp.(1)
62,000 16,255 
Co-Tech Development Corp.17,000 23,818 
Compal Electronics, Inc.306,000 227,837 
Compeq Manufacturing Co. Ltd.107,000 183,485 
Concord International Securities Co. Ltd.13,780 5,228 
Concord Securities Co. Ltd.40,028 14,263 
Concraft Holding Co. Ltd.3,000 1,511 
Continental Holdings Corp.56,000 54,871 
Contrel Technology Co. Ltd.13,000 6,723 
Coretronic Corp.21,000 43,064 
CTBC Financial Holding Co. Ltd.749,000 573,701 
CTCI Corp.62,000 91,456 
CviLux Corp.4,000 5,091 
CyberTAN Technology, Inc.(2)
25,000 24,323 
DA CIN Construction Co. Ltd.25,000 25,220 
Darfon Electronics Corp.12,000 16,194 
Darwin Precisions Corp.(1)
23,000 7,726 
Daxin Materials Corp.6,000 14,390 
Delta Electronics, Inc.17,000 145,548 
Depo Auto Parts Ind Co. Ltd.15,000 40,694 
Dimerco Express Corp.17,240 45,413 
DONPON PRECISION, Inc.10,000 6,931 
Dr Wu Skincare Co. Ltd.3,000 9,504 
Dyaco International, Inc.1,000 1,423 
Dynamic Holding Co. Ltd.27,274 18,056 
Dynapack International Technology Corp.9,000 23,449 
E Ink Holdings, Inc.5,000 38,879 
E-LIFE MALL Corp.1,000 2,742 
E.Sun Financial Holding Co. Ltd.225,300 207,593 
Eastern Media International Corp.12,825 10,202 
60


Avantis Emerging Markets Equity Fund
SharesValue
Eclat Textile Co. Ltd.1,000 $14,483 
eGalax_eMPIA Technology, Inc.2,142 4,431 
Egis Technology, Inc.2,000 5,267 
Elan Microelectronics Corp.28,000 88,552 
Elite Advanced Laser Corp.8,000 12,050 
Elite Material Co. Ltd.17,000 89,482 
Elite Semiconductor Microelectronics Technology, Inc.18,000 46,309 
Elitegroup Computer Systems Co. Ltd.35,000 29,967 
eMemory Technology, Inc.2,000 89,449 
ENE Technology, Inc.5,000 5,276 
ENNOSTAR, Inc.59,325 99,656 
Eson Precision Ind Co. Ltd.1,000 2,053 
Eternal Materials Co. Ltd.18,000 19,960 
Eva Airways Corp.(2)
202,000 221,063 
Evergreen International Storage & Transport Corp.36,000 34,978 
Evergreen Marine Corp. Taiwan Ltd.122,000 349,617 
EVERGREEN Steel Corp.15,000 30,168 
Everlight Chemical Industrial Corp.26,000 17,917 
Everlight Electronics Co. Ltd.54,000 69,378 
Excellence Opto, Inc.2,000 1,622 
Excelliance Mos Corp.2,000 8,425 
Excelsior Medical Co. Ltd.12,600 28,010 
Far Eastern Department Stores Ltd.15,000 9,972 
Far Eastern International Bank189,883 76,423 
Far Eastern New Century Corp.239,000 256,103 
Far EasTone Telecommunications Co. Ltd.112,000 274,686 
Faraday Technology Corp.(2)
14,000 84,529 
Farglory F T Z Investment Holding Co. Ltd.12,000 20,525 
Farglory Land Development Co. Ltd.27,000 56,444 
Federal Corp.(1)
9,000 6,315 
Feedback Technology Corp.3,000 8,196 
Feng Hsin Steel Co. Ltd.12,000 26,287 
Feng TAY Enterprise Co. Ltd.1,200 6,732 
Firich Enterprises Co. Ltd.9,630 10,891 
First Financial Holding Co. Ltd.496,138 430,439 
First Steamship Co. Ltd.(1)
79,350 24,937 
FIT Holding Co. Ltd.9,000 8,452 
Fitipower Integrated Technology, Inc.5,451 22,528 
Fittech Co. Ltd.5,000 20,058 
FLEXium Interconnect, Inc.(1)
40,000 122,224 
Flytech Technology Co. Ltd.11,000 30,654 
FocalTech Systems Co. Ltd.(2)
8,900 22,234 
Forcecon Tech Co. Ltd.3,559 7,207 
Formosa Advanced Technologies Co. Ltd.5,000 6,337 
Formosa Chemicals & Fibre Corp.137,000 307,784 
Formosa International Hotels Corp.4,000 22,730 
Formosa Laboratories, Inc.4,000 7,836 
Formosa Optical Technology Co. Ltd.1,000 1,936 
Formosa Petrochemical Corp.10,000 27,411 
Formosa Plastics Corp.161,000 480,037 
Formosa Sumco Technology Corp.2,000 11,838 
61


Avantis Emerging Markets Equity Fund
SharesValue
Formosa Taffeta Co. Ltd.63,000 $56,940 
Formosan Rubber Group, Inc.13,000 9,427 
Formosan Union Chemical30,000 24,269 
Founding Construction & Development Co. Ltd.2,000 1,252 
Foxconn Technology Co. Ltd.62,000 102,505 
Foxsemicon Integrated Technology, Inc.5,000 33,335 
Franbo Lines Corp.12,966 8,367 
FSP Technology, Inc.5,000 6,467 
Fubon Financial Holding Co. Ltd.274,364 514,446 
Fulgent Sun International Holding Co. Ltd.3,042 18,822 
Full Wang International Development Co. Ltd.2,000 813 
Fulltech Fiber Glass Corp.14,419 6,781 
Fusheng Precision Co. Ltd.2,000 12,924 
G Shank Enterprise Co. Ltd.9,000 17,375 
Gallant Precision Machining Co. Ltd.7,000 6,202 
Gamania Digital Entertainment Co. Ltd.16,000 31,754 
GEM Services, Inc.3,000 7,621 
Gemtek Technology Corp.45,000 46,587 
General Interface Solution Holding Ltd.30,000 78,855 
Generalplus Technology, Inc.4,000 7,468 
GeneReach Biotechnology Corp.4,000 11,948 
Genius Electronic Optical Co. Ltd.4,000 58,274 
Getac Holdings Corp.12,000 18,677 
Giant Manufacturing Co. Ltd.6,000 46,868 
Gigabyte Technology Co. Ltd.24,000 66,939 
Global Brands Manufacture Ltd.23,200 22,019 
Global Lighting Technologies, Inc.5,000 9,652 
Global Mixed Mode Technology, Inc.4,000 19,433 
Global PMX Co. Ltd.4,000 20,550 
Global Unichip Corp.5,000 87,666 
Globalwafers Co. Ltd.8,000 126,567 
Globe Union Industrial Corp.(1)
2,000 835 
Gloria Material Technology Corp.30,000 27,870 
Gold Circuit Electronics Ltd.29,000 78,862 
Goldsun Building Materials Co. Ltd.80,990 67,157 
Gourmet Master Co. Ltd.3,000 9,948 
Grand Fortune Securities Co. Ltd.9,391 4,877 
Grand Pacific Petrochemical76,000 46,676 
Grand Process Technology Corp.1,000 9,319 
Grape King Bio Ltd.6,000 29,298 
Great Tree Pharmacy Co. Ltd.3,260 32,947 
Great Wall Enterprise Co. Ltd.17,304 27,916 
Greatek Electronics, Inc.33,000 63,986 
Group Up Industrial Co. Ltd.3,000 8,905 
GTM Holdings Corp.2,000 1,650 
Hai Kwang Enterprise Corp.12,000 8,707 
Hannstar Board Corp.40,301 43,084 
HannStar Display Corp.163,000 63,374 
HannsTouch Solution, Inc.53,000 18,936 
Harmony Electronics Corp.5,000 6,113 
Harvatek Corp.11,000 7,128 
62


Avantis Emerging Markets Equity Fund
SharesValue
Heran Co. Ltd.2,000 $7,307 
Highlight Tech Corp.7,000 12,594 
Highwealth Construction Corp.1,100 1,744 
Hiroca Holdings Ltd.4,000 7,305 
Hitron Technology, Inc.3,000 2,866 
Hiwin Technologies Corp.18,675 126,048 
Ho Tung Chemical Corp.81,000 24,812 
Hocheng Corp.27,000 9,697 
Hold-Key Electric Wire & Cable Co. Ltd.7,200 3,074 
Holiday Entertainment Co. Ltd.1,000 1,798 
Holtek Semiconductor, Inc.13,000 31,403 
Holy Stone Enterprise Co. Ltd.10,000 29,193 
Hon Hai Precision Industry Co. Ltd.519,000 1,848,044 
Hong Pu Real Estate Development Co. Ltd.(1)
2,000 1,516 
Hong TAI Electric Industrial19,000 10,520 
Hong YI Fiber Industry Co.2,000 1,238 
Horizon Securities Co. Ltd.19,080 7,100 
Hota Industrial Manufacturing Co. Ltd.2,147 6,158 
Hotai Finance Co. Ltd.18,000 61,715 
Hotai Motor Co. Ltd.9,000 180,339 
Hsing TA Cement Co.2,000 1,173 
HTC Corp.(1)
9,000 18,149 
Hu Lane Associate, Inc.4,025 21,762 
Hua Nan Financial Holdings Co. Ltd.371,572 282,028 
Huaku Development Co. Ltd.9,000 27,404 
Huang Hsiang Construction Corp.14,000 21,053 
Hung Ching Development & Construction Co. Ltd.2,000 1,454 
Hung Sheng Construction Ltd.16,920 14,334 
Hycon Technology Corp.2,100 4,918 
I-Sheng Electric Wire & Cable Co. Ltd.1,000 1,392 
IBF Financial Holdings Co. Ltd.162,839 71,275 
Ichia Technologies, Inc.16,000 8,077 
IEI Integration Corp.3,000 7,360 
Infortrend Technology, Inc.23,000 12,404 
Innolux Corp.780,000 307,236 
Inpaq Technology Co. Ltd.5,000 8,753 
Integrated Service Technology, Inc.(1)
5,000 11,035 
International CSRC Investment Holdings Co.60,000 40,877 
International Games System Co. Ltd.14,000 170,700 
Inventec Corp.157,000 118,860 
ITE Technology, Inc.18,000 41,155 
ITEQ Corp.15,000 33,210 
Jarllytec Co. Ltd.3,000 6,610 
Jess-Link Products Co. Ltd.10,000 12,874 
Jih Lin Technology Co. Ltd.2,000 5,568 
Jinan Acetate Chemical Co. Ltd.6,000 25,018 
Joinsoon Electronics Manufacturing Co. Ltd.(1)
10,000 7,628 
K Laser Technology, Inc.2,000 1,237 
Kaimei Electronic Corp.3,000 5,688 
Kaori Heat Treatment Co. Ltd.8,000 29,749 
KEE TAI Properties Co. Ltd.42,000 19,912 
63


Avantis Emerging Markets Equity Fund
SharesValue
Kenda Rubber Industrial Co. Ltd.17,040 $19,440 
Kenmec Mechanical Engineering Co. Ltd.(1)
27,000 29,418 
Kerry TJ Logistics Co. Ltd.23,000 30,865 
Kindom Development Co. Ltd.26,400 24,439 
King Yuan Electronics Co. Ltd.118,000 143,740 
King's Town Bank Co. Ltd.77,000 88,820 
Kinik Co.12,000 61,888 
Kinpo Electronics53,000 23,331 
Kinsus Interconnect Technology Corp.(2)
17,000 67,526 
KMC Kuei Meng International, Inc.2,000 10,706 
KNH Enterprise Co. Ltd.4,000 2,487 
KS Terminals, Inc.1,000 2,723 
Kung Long Batteries Industrial Co. Ltd.2,000 9,245 
Kung Sing Engineering Corp.4,400 1,010 
Kuo Toong International Co. Ltd.13,000 9,914 
Kuo Yang Construction Co. Ltd.4,545 2,935 
L&K Engineering Co. Ltd.5,000 5,309 
LandMark Optoelectronics Corp.6,000 34,653 
Lanner Electronics, Inc.3,000 6,776 
Largan Precision Co. Ltd.5,000 318,051 
Leadtek Research, Inc.(1)
4,000 4,963 
Lealea Enterprise Co. Ltd.23,000 8,638 
Lelon Electronics Corp.2,000 3,812 
Lemtech Holdings Co. Ltd.2,299 7,563 
Li Peng Enterprise Co. Ltd.(1)
34,000 10,280 
Lian HWA Food Corp.4,884 12,059 
Lien Hwa Industrial Holdings Corp.1,339 2,497 
Lingsen Precision Industries Ltd.32,000 16,624 
Lite-On Technology Corp.55,000 118,362 
Long Da Construction & Development Corp.2,000 1,429 
Longchen Paper & Packaging Co. Ltd.27,591 14,909 
Lotes Co. Ltd.4,038 95,733 
Lotus Pharmaceutical Co. Ltd.(1)
9,000 50,949 
Lucky Cement Corp.9,000 3,211 
Lumax International Corp. Ltd.1,000 2,273 
Lung Yen Life Service Corp.23,000 31,517 
Macauto Industrial Co. Ltd.2,000 4,424 
Machvision, Inc.2,000 10,025 
Macroblock, Inc.3,000 11,527 
Macronix International Co. Ltd.(2)
175,000 187,839 
MacroWell OMG Digital Entertainment Co. Ltd.3,000 9,362 
Makalot Industrial Co. Ltd.10,000 58,758 
Marketech International Corp.6,000 24,227 
Materials Analysis Technology, Inc.3,000 12,118 
MediaTek, Inc.19,000 411,098 
Mega Financial Holding Co. Ltd.172,200 201,978 
Megaforce Co. Ltd.9,000 6,428 
Meiloon Industrial Co.2,000 1,372 
Mercuries & Associates Holding Ltd.10,400 6,180 
Mercuries Life Insurance Co. Ltd.(1)
159,052 37,103 
Merry Electronics Co. Ltd.3,000 8,286 
64


Avantis Emerging Markets Equity Fund
SharesValue
Micro-Star International Co. Ltd.17,000 $63,642 
MIN AIK Technology Co. Ltd.12,000 7,788 
Mitac Holdings Corp.57,840 53,177 
Mobiletron Electronics Co. Ltd.(1)
1,000 2,043 
momo.com, Inc.1,560 36,991 
MOSA Industrial Corp.8,000 7,988 
Mosel Vitelic, Inc.18,000 24,105 
MPI Corp.4,000 12,664 
Namchow Holdings Co. Ltd.5,000 7,524 
Nan Liu Enterprise Co. Ltd.1,000 2,813 
Nan Pao Resins Chemical Co. Ltd.1,000 4,635 
Nan Ren Lake Leisure Amusement Co. Ltd.2,000 805 
Nan Ya Plastics Corp.176,000 395,331 
Nan Ya Printed Circuit Board Corp.8,000 69,794 
Nantex Industry Co. Ltd.11,000 15,370 
Nanya Technology Corp.79,000 137,206 
Nichidenbo Corp.7,000 11,880 
Nien Made Enterprise Co. Ltd.5,000 46,174 
Niko Semiconductor Co. Ltd.4,000 8,415 
Nishoku Technology, Inc.2,000 5,729 
Novatek Microelectronics Corp.26,000 222,438 
Nuvoton Technology Corp.(2)
14,000 56,829 
Nyquest Technology Co. Ltd.2,000 5,287 
O-Bank Co. Ltd.102,000 28,949 
O-TA Precision Industry Co. Ltd.10,000 40,564 
Ocean Plastics Co. Ltd.9,000 10,923 
Orient Semiconductor Electronics Ltd.52,000 31,452 
Oriental Union Chemical Corp.36,000 21,528 
P-Two Industries, Inc.5,000 4,890 
Pacific Hospital Supply Co. Ltd.3,000 6,767 
PADAUK Technology Co. Ltd.2,420 7,622 
Pan Jit International, Inc.16,000 36,256 
Pan-International Industrial Corp.21,000 23,674 
Parade Technologies Ltd.1,000 27,994 
Pegatron Corp.141,000 293,255 
Pegavision Corp.2,000 27,675 
PharmaEngine, Inc.8,000 33,574 
Phison Electronics Corp.1,000 10,165 
Phoenix Silicon International Corp.20,319 46,287 
Pixart Imaging, Inc.17,000 52,410 
Plotech Co. Ltd.1,800 1,391 
Pou Chen Corp.151,000 143,041 
Power Wind Health Industry, Inc.(1)
1,050 4,257 
Powerchip Semiconductor Manufacturing Corp.158,000 177,172 
Powertech Technology, Inc.61,000 170,216 
Powertip Technology Corp.14,000 6,957 
Poya International Co. Ltd.3,060 42,796 
President Chain Store Corp.33,000 289,990 
President Securities Corp.59,451 32,581 
Prince Housing & Development Corp.60,000 23,542 
Promate Electronic Co. Ltd.9,000 11,519 
65


Avantis Emerging Markets Equity Fund
SharesValue
Prosperity Dielectrics Co. Ltd.3,000 $4,060 
Qisda Corp.59,000 56,497 
Qualipoly Chemical Corp.4,000 4,867 
Quang Viet Enterprise Co. Ltd.1,000 4,298 
Quanta Computer, Inc.63,000 163,322 
Quanta Storage, Inc.19,000 27,502 
Radiant Opto-Electronics Corp.34,000 111,728 
Radium Life Tech Co. Ltd.21,000 6,656 
Raydium Semiconductor Corp.7,000 62,983 
Realtek Semiconductor Corp.22,000 247,207 
Rechi Precision Co. Ltd.12,000 7,586 
Rexon Industrial Corp. Ltd.4,000 4,485 
Rich Development Co. Ltd.21,000 6,315 
RiTdisplay Corp.4,000 5,359 
Ritek Corp.(1)
16,000 4,441 
Roo Hsing Co. Ltd.(1)
3,000 288 
Ruentex Development Co. Ltd.55,800 115,062 
Ruentex Engineering & Construction Co.5,480 16,224 
Ruentex Industries Ltd.24,400 51,972 
Ruentex Materials Co. Ltd.(1)
1,000 663 
Sampo Corp.9,000 8,331 
San Fang Chemical Industry Co. Ltd.2,000 1,400 
San Far Property Ltd.2,316 988 
San Shing Fastech Corp.3,000 5,226 
Sanyang Motor Co. Ltd.39,000 46,425 
SCI Pharmtech, Inc.(1)
1,200 3,449 
Scientech Corp.5,000 13,695 
SDI Corp.1,000 3,855 
Sensortek Technology Corp.1,000 9,953 
Sesoda Corp.17,000 26,737 
Shan-Loong Transportation Co. Ltd.2,000 2,276 
Shanghai Commercial & Savings Bank Ltd.191,000 310,892 
Sheng Yu Steel Co. Ltd.2,000 1,679 
ShenMao Technology, Inc.2,000 3,368 
Shih Her Technologies, Inc.6,000 11,479 
Shih Wei Navigation Co. Ltd.15,000 13,788 
Shin Foong Specialty & Applied Materials Co. Ltd.3,000 6,855 
Shin Kong Financial Holding Co. Ltd.859,852 247,019 
Shin Zu Shing Co. Ltd.22,123 63,712 
Shining Building Business Co. Ltd.(1)
22,000 6,672 
Shinkong Insurance Co. Ltd.29,000 54,887 
Shinkong Synthetic Fibers Corp.67,000 39,678 
Shiny Chemical Industrial Co. Ltd.7,777 34,078 
ShunSin Technology Holding Ltd.2,000 5,522 
Shuttle, Inc.(1)
27,000 13,974 
Sigurd Microelectronics Corp.49,000 81,698 
Silergy Corp.4,000 68,574 
Silicon Integrated Systems Corp.(2)
47,960 31,445 
Simplo Technology Co. Ltd.16,000 150,974 
Sincere Navigation Corp.30,000 20,945 
Singatron Enterprise Co. Ltd.8,000 6,289 
66


Avantis Emerging Markets Equity Fund
SharesValue
Sino-American Silicon Products, Inc.16,000 $87,229 
Sinon Corp.39,000 57,851 
SinoPac Financial Holdings Co. Ltd.569,640 322,936 
Sinyi Realty, Inc.6,000 6,112 
Sirtec International Co. Ltd.1,000 728 
Sitronix Technology Corp.16,000 98,926 
Siward Crystal Technology Co. Ltd.26,000 35,122 
Soft-World International Corp.2,000 5,063 
Solar Applied Materials Technology Corp.12,547 15,879 
Solomon Technology Corp.9,000 8,074 
Solteam, Inc.5,000 10,169 
Sonix Technology Co. Ltd.12,000 23,261 
Speed Tech Corp.7,000 13,343 
Sporton International, Inc.5,050 38,016 
Sports Gear Co. Ltd.9,000 25,157 
St Shine Optical Co. Ltd.5,000 43,889 
Standard Foods Corp.20,000 26,912 
Stark Technology, Inc.3,000 8,298 
Sunjuice Holdings Co. Ltd.1,000 7,459 
Sunny Friend Environmental Technology Co. Ltd.2,000 11,905 
Sunonwealth Electric Machine Industry Co. Ltd.1,000 1,372 
Sunrex Technology Corp.5,000 6,304 
Superior Plating Technology Co. Ltd.3,000 5,367 
Supreme Electronics Co. Ltd.7,739 9,522 
Sweeten Real Estate Development Co. Ltd.2,160 1,695 
Symtek Automation Asia Co. Ltd.8,000 23,699 
Syncmold Enterprise Corp.6,000 13,359 
Synnex Technology International Corp.23,000 41,924 
Systex Corp.4,000 9,601 
T3EX Global Holdings Corp.18,121 46,453 
TA Chen Stainless Pipe107,808 138,980 
TA-I Technology Co. Ltd.3,000 4,448 
Tah Hsin Industrial Corp.2,145 4,998 
Tai Tung Communication Co. Ltd.(1)
12,000 6,370 
Tai-Saw Technology Co. Ltd.20,000 23,381 
Taichung Commercial Bank Co. Ltd.310,314 138,553 
TaiDoc Technology Corp.9,000 65,731 
Taiflex Scientific Co. Ltd.4,000 5,357 
Taigen Biopharmaceuticals Holdings Ltd.(1)
21,000 13,015 
Taimide Tech, Inc.10,000 12,902 
Tainan Spinning Co. Ltd.33,000 20,334 
Taishin Financial Holding Co. Ltd.623,813 309,615 
Taisun Enterprise Co. Ltd.2,000 2,264 
Taita Chemical Co. Ltd.9,343 6,900 
Taitien Electronics Co. Ltd.5,000 6,375 
Taiwan Business Bank514,440 215,619 
Taiwan Cement Corp.106,858 137,557 
Taiwan Cogeneration Corp.19,000 23,161 
Taiwan Cooperative Financial Holding Co. Ltd.401,381 362,483 
Taiwan FamilyMart Co. Ltd.1,000 6,418 
Taiwan Fertilizer Co. Ltd.53,000 108,988 
67


Avantis Emerging Markets Equity Fund
SharesValue
Taiwan Fire & Marine Insurance Co. Ltd.2,000 $1,322 
Taiwan FU Hsing Industrial Co. Ltd.4,000 5,542 
Taiwan Glass Industry Corp.103,000 59,112 
Taiwan High Speed Rail Corp.90,000 86,046 
Taiwan Hon Chuan Enterprise Co. Ltd.33,000 80,911 
Taiwan Hopax Chemicals Manufacturing Co. Ltd.2,000 2,849 
Taiwan Land Development Corp.(1)
21,000 1,849 
Taiwan Mobile Co. Ltd.44,000 143,820 
Taiwan Navigation Co. Ltd.37,000 32,743 
Taiwan Paiho Ltd.17,000 35,295 
Taiwan PCB Techvest Co. Ltd.38,000 47,701 
Taiwan Sakura Corp.4,000 8,447 
Taiwan Secom Co. Ltd.7,000 23,509 
Taiwan Semiconductor Co. Ltd.15,000 46,611 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR86,672 7,224,111 
Taiwan Shin Kong Security Co. Ltd.1,010 1,333 
Taiwan Styrene Monomer2,000 959 
Taiwan Surface Mounting Technology Corp.24,000 79,984 
Taiwan TEA Corp.(1)
29,000 18,908 
Taiwan Union Technology Corp.9,000 16,894 
Taiwan-Asia Semiconductor Corp.38,000 48,499 
Taiyen Biotech Co. Ltd.6,000 6,485 
Tatung Co. Ltd.(1)
122,000 137,601 
TCI Co. Ltd.2,000 9,591 
Te Chang Construction Co. Ltd.1,000 984 
Teco Electric and Machinery Co. Ltd.121,000 117,044 
Tera Autotech Corp.1,081 679 
Test Research, Inc.13,000 25,405 
Test Rite International Co. Ltd.2,000 1,400 
Tex-Ray Industrial Co. Ltd.12,000 4,683 
Thinking Electronic Industrial Co. Ltd.9,000 42,050 
Thye Ming Industrial Co. Ltd.13,800 19,464 
Ton Yi Industrial Corp.112,000 74,308 
Tong Hsing Electronic Industries Ltd.(1)
7,000 48,529 
Tong Yang Industry Co. Ltd.45,000 80,216 
Tong-Tai Machine & Tool Co. Ltd.2,000 950 
Top Union Electronics Corp.8,552 7,853 
Topco Scientific Co. Ltd.20,000 106,820 
Topoint Technology Co. Ltd.7,000 6,693 
TPK Holding Co. Ltd.23,000 27,258 
Transcend Information, Inc.17,000 36,833 
Tripod Technology Corp.17,000 55,816 
Tsann Kuen Enterprise Co. Ltd.8,419 12,922 
TSC Auto ID Technology Co. Ltd.1,000 6,406 
TSRC Corp.59,000 54,295 
Ttet Union Corp.2,000 10,334 
TTY Biopharm Co. Ltd.10,000 24,889 
Tul Corp.3,000 6,023 
Tung Ho Steel Enterprise Corp.52,770 93,298 
TXC Corp.28,000 79,250 
TYC Brother Industrial Co. Ltd.31,000 31,010 
68


Avantis Emerging Markets Equity Fund
SharesValue
Tyntek Corp.3,000 $1,830 
U-Ming Marine Transport Corp.27,000 33,580 
U-Tech Media Corp.13,000 6,875 
Ultra Chip, Inc.3,000 12,870 
Uni-President Enterprises Corp.193,000 417,085 
Unimicron Technology Corp.(2)
73,000 357,680 
Union Bank of Taiwan161,054 86,836 
Union Insurance Co. Ltd.2,100 1,111 
Unitech Computer Co. Ltd.10,000 10,507 
Unitech Printed Circuit Board Corp.(1)
12,000 9,070 
United Integrated Services Co. Ltd.20,000 103,571 
United Microelectronics Corp.(1)(2)
380,000 505,577 
United Renewable Energy Co. Ltd.(1)
76,285 57,452 
Univacco Technology, Inc.2,000 2,062 
Universal Cement Corp.15,000 11,038 
Universal Vision Biotechnology Co. Ltd.3,150 32,800 
Unizyx Holding Corp.30,000 27,318 
UPC Technology Corp.63,000 28,920 
Userjoy Technology Co. Ltd.4,000 9,333 
USI Corp.72,000 55,829 
Utechzone Co. Ltd.6,000 18,032 
Vanguard International Semiconductor Corp.46,000 111,206 
Ventec International Group Co. Ltd.2,000 4,836 
Visual Photonics Epitaxy Co. Ltd.9,000 22,274 
Voltronic Power Technology Corp.1,000 56,429 
Wafer Works Corp.8,000 13,574 
Wah Lee Industrial Corp.12,100 36,081 
Walsin Lihwa Corp.194,763 251,523 
Walsin Technology Corp.10,000 30,220 
Walton Advanced Engineering, Inc.12,000 5,273 
Wan Hai Lines Ltd.29,785 83,946 
WEI Chih Steel Industrial Co. Ltd.18,000 15,625 
Wei Chuan Foods Corp.9,000 5,998 
Weikeng Industrial Co. Ltd.36,000 31,699 
Well Shin Technology Co. Ltd.5,000 7,373 
Weltrend Semiconductor2,000 3,663 
Wholetech System Hitech Ltd.6,000 9,335 
Win Semiconductors Corp.13,000 75,508 
Winbond Electronics Corp.263,000 189,493 
Winstek Semiconductor Co. Ltd.9,000 14,572 
WinWay Technology Co. Ltd.2,000 26,138 
Wisdom Marine Lines Co. Ltd.52,047 98,080 
Wistron Corp.(2)
177,000 160,467 
Wistron Information Technology & Services Corp.2,000 5,778 
Wistron NeWeb Corp.25,000 69,328 
Wiwynn Corp.1,000 25,034 
Wowprime Corp.(1)
4,000 16,332 
WPG Holdings Ltd.46,000 77,360 
WT Microelectronics Co. Ltd.41,000 86,464 
WUS Printed Circuit Co. Ltd.10,800 9,894 
Xander International Corp.(2)
8,000 11,809 
69


Avantis Emerging Markets Equity Fund
SharesValue
XinTec, Inc.11,000 $47,093 
Xxentria Technology Materials Corp.1,000 2,137 
Yageo Corp.19,801 211,776 
Yang Ming Marine Transport Corp.91,000 233,121 
YC INOX Co. Ltd.14,000 14,100 
YCC Parts Manufacturing Co. Ltd.1,000 1,455 
Yea Shin International Development Co. Ltd.5,443 3,983 
Yem Chio Co. Ltd.13,771 6,374 
Yeong Guan Energy Technology Group Co. Ltd.12,000 21,898 
YFY, Inc.82,000 66,333 
Yi Jinn Industrial Co. Ltd.7,000 4,188 
Yieh Phui Enterprise Co. Ltd.71,400 36,510 
Yonyu Plastics Co. Ltd.1,000 1,102 
Young Fast Optoelectronics Co. Ltd.4,000 3,944 
Youngtek Electronics Corp.9,000 19,184 
Yuanta Financial Holding Co. Ltd.491,928 326,539 
Yulon Finance Corp.21,131 111,730 
Yulon Motor Co. Ltd.43,357 58,417 
YungShin Global Holding Corp.1,000 1,356 
Zeng Hsing Industrial Co. Ltd.2,000 8,758 
Zenitron Corp.2,000 1,937 
Zero One Technology Co. Ltd.2,315 3,199 
Zhen Ding Technology Holding Ltd.44,000 163,292 
Zig Sheng Industrial Co. Ltd.22,000 7,776 
Zinwell Corp.(1)
18,000 10,488 
Zippy Technology Corp.11,000 14,868 
ZongTai Real Estate Development Co. Ltd.6,702 7,136 
41,433,352 
Thailand — 2.5%
AAPICO Hitech PCL, NVDR10,890 7,527 
Advanced Info Service PCL, NVDR26,800 140,998 
Advanced Information Technology PCL, NVDR50,000 8,488 
AEON Thana Sinsap Thailand PCL, NVDR6,200 28,124 
Airports of Thailand PCL, NVDR(1)
44,700 89,076 
Amanah Leasing PCL, NVDR9,200 1,112 
Amata Corp. PCL, NVDR67,200 38,479 
AP Thailand PCL, NVDR222,000 60,785 
Aqua Corp. PCL, NVDR(1)
783,300 12,914 
Asia Plus Group Holdings PCL, NVDR240,200 20,254 
Asia Sermkij Leasing PCL, NVDR1,800 1,763 
Asian Sea Corp. PCL, NVDR9,900 4,832 
Asset World Corp. PCL, NVDR171,600 26,282 
B Grimm Power PCL, NVDR40,900 41,431 
Bangchak Corp. PCL, NVDR120,600 116,485 
Bangkok Airways PCL, NVDR(1)
31,300 9,086 
Bangkok Aviation Fuel Services PCL, NVDR(1)
1,000 781 
Bangkok Bank PCL, NVDR9,600 35,992 
Bangkok Chain Hospital PCL, NVDR154,200 78,925 
Bangkok Dusit Medical Services PCL, NVDR258,800 207,415 
Bangkok Expressway & Metro PCL, NVDR224,900 53,926 
Bangkok Land PCL, NVDR666,800 18,450 
70


Avantis Emerging Markets Equity Fund
SharesValue
Bangkok Life Assurance PCL, NVDR38,700 $37,637 
Banpu PCL, NVDR548,066 217,586 
Banpu Power PCL, NVDR35,200 15,245 
BCPG PCL, NVDR106,600 31,532 
BEC World PCL, NVDR74,300 28,483 
Berli Jucker PCL, NVDR15,100 13,876 
Better World Green PCL, NVDR(1)
686,100 15,391 
BG Container Glass PCL, NVDR26,300 7,428 
BTS Group Holdings PCL, NVDR87,900 20,234 
Bumrungrad Hospital PCL, NVDR24,600 145,663 
Cal-Comp Electronics Thailand PCL, NVDR117,135 7,881 
Carabao Group PCL, NVDR13,600 37,628 
Central Pattana PCL, NVDR56,700 107,526 
Central Plaza Hotel PCL, NVDR(1)
20,400 23,862 
Central Retail Corp. PCL, NVDR64,441 71,430 
CH Karnchang PCL, NVDR87,000 50,071 
Charoen Pokphand Foods PCL, NVDR136,500 97,257 
Chularat Hospital PCL, NVDR556,200 55,814 
CK Power PCL, NVDR141,800 19,813 
Com7 PCL, NVDR36,200 34,124 
CP ALL PCL, NVDR78,000 131,473 
Delta Electronics Thailand PCL, NVDR1,500 21,494 
Dhipaya Group Holdings PCL, NVDR5,900 10,070 
Diamond Building Products PCL, NVDR5,000 1,076 
Dohome PCL, NVDR4,549 1,894 
Dynasty Ceramic PCL, NVDR269,300 19,932 
Eastern Polymer Group PCL, NVDR42,400 11,153 
Eastern Water Resources Development and Management PCL, NVDR2,900 513 
Ekachai Medical Care PCL, NVDR50,336 10,345 
Electricity Generating PCL, NVDR17,200 86,242 
Energy Absolute PCL, NVDR31,600 73,776 
Erawan Group PCL, NVDR(1)
15,660 1,551 
Esso Thailand PCL, NVDR(1)
67,300 25,995 
GFPT PCL, NVDR27,500 12,654 
Global Power Synergy PCL, NVDR23,400 43,558 
Gulf Energy Development PCL, NVDR42,000 58,937 
Gunkul Engineering PCL, NVDR340,500 46,426 
Haad Thip PCL, NVDR1,400 1,228 
Hana Microelectronics PCL, NVDR17,600 20,551 
Home Product Center PCL, NVDR166,100 63,275 
Humanica PCL, NVDR27,200 9,377 
Ichitan Group PCL, NVDR20,000 4,987 
Indorama Ventures PCL, NVDR77,100 91,310 
Interlink Communication PCL, NVDR21,100 4,850 
IRPC PCL, NVDR722,000 67,588 
IT City PCL (NVDR), NVDR50,100 8,559 
Italian-Thai Development PCL, NVDR(1)
149,800 7,879 
Jasmine International PCL, NVDR(1)
389,500 27,294 
Jay Mart PCL, NVDR13,800 19,643 
JMT Network Services PCL, NVDR16,697 35,672 
71


Avantis Emerging Markets Equity Fund
SharesValue
JWD Infologistics PCL, NVDR30,600 $14,323 
KCE Electronics PCL, NVDR34,800 51,577 
KGI Securities Thailand PCL, NVDR97,400 13,291 
Khon Kaen Sugar Industry PCL, NVDR55,500 5,472 
Kiatnakin Phatra Bank PCL, NVDR16,500 32,751 
Krung Thai Bank PCL, NVDR192,100 88,822 
Krungthai Card PCL, NVDR46,000 75,846 
Land & Houses PCL, NVDR543,700 132,642 
Lanna Resources PCL, NVDR38,500 25,228 
LPN Development PCL, NVDR37,300 4,620 
Major Cineplex Group PCL, NVDR17,300 9,004 
Master Ad PCL, NVDR(1)
596,800 9,138 
MBK PCL, NVDR(1)
85,300 38,062 
MC Group PCL, NVDR4,300 1,178 
MCS Steel PCL, NVDR43,200 12,187 
Mega Lifesciences PCL, NVDR26,600 35,867 
MFEC PCL, NVDR43,100 11,033 
Minor International PCL, NVDR(1)
80,800 72,356 
MK Restaurants Group PCL, NVDR9,400 15,189 
Muangthai Capital PCL, NVDR21,600 25,129 
Nex Point Parts PCL, NVDR(1)
9,400 4,599 
Noble Development PCL, Class C, NVDR40,800 5,502 
Origin Property PCL, NVDR60,500 17,055 
Osotspa PCL, NVDR92,900 79,541 
Plan B Media PCL, NVDR(1)
261,604 47,269 
Polyplex Thailand PCL, NVDR13,000 8,158 
Praram 9 Hospital PCL, NVDR44,800 21,858 
Precious Shipping PCL, NVDR121,600 47,257 
Premier Marketing PCL, NVDR3,900 941 
Prima Marine PCL, NVDR39,800 6,763 
Property Perfect PCL, NVDR42,735 479 
Pruksa Holding PCL, NVDR61,600 21,744 
PTG Energy PCL, NVDR67,400 28,217 
PTT Exploration & Production PCL, NVDR47,800 221,076 
PTT Global Chemical PCL, NVDR78,900 102,588 
PTT Oil & Retail Business PCL, NVDR85,200 63,605 
PTT PCL, NVDR242,900 249,561 
Quality Houses PCL, NVDR618,800 36,635 
R&B Food Supply PCL, NVDR8,900 3,437 
Raimon Land PCL, NVDR(1)
40,600 868 
Rajthanee Hospital PCL, NVDR10,300 10,170 
Ratch Group PCL, NVDR51,900 62,606 
Ratchthani Leasing PCL, NVDR172,650 22,504 
Regional Container Lines PCL, NVDR31,100 27,664 
Rojana Industrial Park PCL, NVDR6,800 1,108 
RS PCL, NVDR38,900 16,402 
S 11 Group PCL, NVDR4,200 598 
S Hotels & Resorts PCL, NVDR(1)
188,700 21,082 
Sabina PCL, NVDR22,900 16,629 
Samart Digital PCL, NVDR(1)
296,000 2,513 
Sansiri PCL, NVDR1,174,700 35,393 
72


Avantis Emerging Markets Equity Fund
SharesValue
Sappe PCL, NVDR11,000 $13,405 
SC Asset Corp. PCL, NVDR164,100 15,812 
SCB X PCL, NVDR21,200 64,085 
SEAFCO PCL, NVDR(1)
5,200 545 
Sermsang Power Corp. Co. Ltd., NVDR35,332 9,291 
Siam Cement PCL, NVDR12,500 122,625 
Siam City Cement PCL, NVDR1,800 7,819 
Siam Global House PCL, NVDR60,562 32,549 
Siam Makro PCL, NVDR5,200 4,913 
Siamgas & Petrochemicals PCL, NVDR27,100 8,313 
Singha Estate PCL, NVDR(1)
20,100 1,059 
Sino-Thai Engineering & Construction PCL, NVDR92,100 31,015 
SISB PCL, NVDR65,400 25,447 
SNC Former PCL, NVDR35,500 16,530 
Somboon Advance Technology PCL, NVDR2,000 1,068 
SPCG PCL, NVDR13,200 5,716 
Sri Trang Agro-Industry PCL, NVDR92,600 57,314 
Srisawad Corp. PCL, NVDR41,200 54,945 
Srisawad Finance PCL, NVDR4,400 3,615 
Srivichai Vejvivat PCL, NVDR25,600 6,731 
Star Petroleum Refining PCL, NVDR125,200 44,237 
Stars Microelectronics Thailand PCL, NVDR33,500 4,950 
STP & I PCL, NVDR(1)
59,900 5,937 
Supalai PCL, NVDR97,800 52,271 
Super Energy Corp. PCL, NVDR762,900 15,894 
Susco PCL, NVDR10,600 1,086 
Synnex Thailand PCL, NVDR11,700 6,655 
Taokaenoi Food & Marketing PCL, Class R NVDR16,200 3,418 
Thai Airways International PCL, NVDR(1)
6,800 619 
Thai Oil PCL, NVDR75,100 124,951 
Thai Union Group PCL, NVDR97,200 46,609 
Thai Vegetable Oil PCL, NVDR36,960 30,930 
Thaicom PCL, NVDR73,800 21,004 
Thaifoods Group PCL, NVDR70,100 12,013 
Thanachart Capital PCL, NVDR21,000 23,293 
Thonburi Healthcare Group PCL, NVDR35,700 66,774 
Thoresen Thai Agencies PCL, NVDR181,300 41,202 
Tipco Asphalt PCL, NVDR46,800 21,421 
Tisco Financial Group PCL, NVDR12,600 32,368 
TMBThanachart Bank PCL, NVDR219,700 7,636 
TOA Paint Thailand PCL, NVDR15,900 13,403 
Total Access Communication PCL, NVDR15,400 18,163 
TPI Polene PCL, NVDR156,800 7,305 
TPI Polene Power PCL, NVDR54,800 5,617 
TQM Alpha PCL, NVDR17,300 20,281 
Triple i Logistics PCL, NVDR53,000 19,042 
True Corp. PCL, NVDR593,900 74,230 
TTW PCL, NVDR14,400 4,147 
U City PCL, NVDR(1)
368,200 13,602 
Unique Engineering & Construction PCL, NVDR(1)
4,000 533 
73


Avantis Emerging Markets Equity Fund
SharesValue
Univanich Palm Oil PCL, NVDR80,500 $16,320 
VGI PCL, NVDR28,860 3,462 
WHA Corp. PCL, NVDR287,300 27,540 
Workpoint Entertainment PCL, NVDR14,600 7,714 
WP Energy PCL, NVDR5,900 757 
Xspring Capital PCL, NVDR(1)
107,200 4,963 
Zen Corp. Group PCL, NVDR(1)
2,200 899 
6,102,488 
Turkey — 0.5%
AG Anadolu Grubu Holding AS1,279 5,208 
Akbank TAS118,317 75,993 
Aksa Akrilik Kimya Sanayii AS7,202 21,790 
Aksa Enerji Uretim AS15,862 24,743 
Aksigorta AS(1)
9,932 2,039 
Alarko Holding AS3,317 8,987 
Anadolu Anonim Turk Sigorta Sirketi(1)
5,534 2,463 
Anadolu Efes Biracilik Ve Malt Sanayii AS10,760 24,313 
Arcelik AS470 1,811 
Aselsan Elektronik Sanayi Ve Ticaret AS8,801 12,590 
Bagfas Bandirma Gubre Fabrikalari AS(1)
3,765 4,542 
Baticim Bati Anadolu Cimento Sanayii AS(1)
2,996 5,332 
Bera Holding AS19,838 19,367 
BIM Birlesik Magazalar AS7,140 42,836 
Cemtas Celik Makina Sanayi Ve Ticaret AS729 1,276 
Cimsa Cimento Sanayi VE Ticaret AS1,448 4,215 
Coca-Cola Icecek AS1,377 12,080 
Dogan Sirketler Grubu Holding AS15,748 4,568 
Dogus Otomotiv Servis ve Ticaret AS3,638 19,951 
EGE Endustri VE Ticaret AS21 2,663 
Enerjisa Enerji AS9,053 8,493 
Eregli Demir ve Celik Fabrikalari TAS26,105 41,250 
Ford Otomotiv Sanayi AS1,168 21,223 
GSD Holding AS63,384 15,208 
Haci Omer Sabanci Holding AS62,822 87,759 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
8,190 8,050 
Is Finansal Kiralama AS(1)
5,787 2,612 
Is Yatirim Menkul Degerler AS1,327 2,072 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A17,876 8,962 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D52,809 34,210 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B11,042 5,544 
Kartonsan Karton Sanayi ve Ticaret AS321 1,265 
KOC Holding AS17,503 43,668 
Koza Altin Isletmeleri AS720 6,271 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
12,688 18,869 
Logo Yazilim Sanayi Ve Ticaret AS1,020 2,663 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares1,566 6,019 
Migros Ticaret AS(1)
3,677 16,500 
MLP Saglik Hizmetleri AS(1)
4,033 8,961 
NET Holding AS(1)
2,629 1,701 
Nuh Cimento Sanayi AS462 1,930 
74


Avantis Emerging Markets Equity Fund
SharesValue
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)
67,032 $16,595 
Otokar Otomotiv Ve Savunma Sanayi AS392 10,277 
Pegasus Hava Tasimaciligi AS(1)
1,470 16,843 
Petkim Petrokimya Holding AS(1)
36,883 29,292 
Qua Granite Hayal(1)
7,606 12,895 
Sasa Polyester Sanayi AS(1)
4,584 13,422 
Selcuk Ecza Deposu Ticaret ve Sanayi AS1,189 1,304 
Sok Marketler Ticaret AS(1)
7,558 7,002 
TAV Havalimanlari Holding AS(1)
4,174 14,246 
Tekfen Holding AS4,089 6,686 
Tofas Turk Otomobil Fabrikasi AS4,881 23,550 
Turk Hava Yollari AO(1)
22,822 91,531 
Turk Traktor ve Ziraat Makineleri AS343 4,605 
Turkcell Iletisim Hizmetleri AS, ADR11,052 32,824 
Turkiye Halk Bankasi AS(1)
30,178 14,218 
Turkiye Is Bankasi AS, C Shares101,042 43,769 
Turkiye Petrol Rafinerileri AS(1)
3,354 66,127 
Turkiye Sigorta AS4,436 1,618 
Turkiye Sinai Kalkinma Bankasi AS(1)
119,810 32,343 
Turkiye Sise ve Cam Fabrikalari AS27,623 37,395 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
69,538 27,883 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS20,568 23,303 
Vestel Elektronik Sanayi ve Ticaret AS9,811 16,053 
Yapi ve Kredi Bankasi AS205,561 79,429 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS2,668 2,362 
Yesil Yapi Endustrisi AS(1)
21,886 1,466 
Zorlu Enerji Elektrik Uretim AS(1)
5,104 820 
1,267,855 
TOTAL COMMON STOCKS
(Cost $267,089,722)
240,241,769 
WARRANTS


Malaysia
Eco World Development Group Bhd(1)
19,020 404 
Perak Transit Bhd(1)
1,391 59 
PESTECH International Bhd(1)
2,962 103 
Vizione Holdings Bhd(1)
2,768 
Yinson Holdings Bhd(1)
16,080 2,048 
2,617 
Thailand
Aqua Corp. PCL(1)
391,650 752 
Erawan Group PCL(1)
1,243 32 
Maco Pharma(1)
149,200 41 
MBK PCL(1)
912 322 
Minor International PCL, NVDR(1)
466 58 
VGI PCL(1)
6,660 31 
1,236 
TOTAL WARRANTS
(Cost $—)
3,853 
75


Avantis Emerging Markets Equity Fund
Principal Amount/SharesValue
CORPORATE BONDS



India
Britannia Industries Ltd., 5.50%, 6/3/24
(Acquired 5/25/21, Cost $433)(4)
(Cost $433)
INR
31,523 $387 
RIGHTS



Brazil
AES Brasil Energia SA(1)
3,967 61 
Infracommerce CXAAS SA(1)
1,929 193 
254 
Greece
Attica Bank SA(1)
36 
Thailand
Thai Oil PCL, NVDR(1)
6,381 
TOTAL RIGHTS
(Cost $—)

257 
SHORT-TERM INVESTMENTS — 2.6%



Money Market Funds — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,769,913 1,769,913 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
4,524,997 4,524,997 
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,294,910)
6,294,910 
TOTAL INVESTMENT SECURITIES — 102.0%
(Cost $273,385,065)


246,541,176 
OTHER ASSETS AND LIABILITIES — (2.0)%


(4,926,336)
TOTAL NET ASSETS — 100.0%


$241,614,840 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini4September 2022$791,300 $29,593 
^Amount represents value and unrealized appreciation (depreciation).

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
Financials19.5%
Information Technology18.1%
Consumer Discretionary13.3%
Materials10.9%
Industrials9.5%
Communication Services7.0%
Energy5.8%
Consumer Staples5.7%
Utilities4.2%
Health Care3.4%
Real Estate2.0%
Short-Term Investments2.6%
Other Assets and Liabilities(2.0)%
76


Avantis Emerging Markets Equity Fund
NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $10,184,875. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $387, which represented less than 0.05% of total net assets.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $11,002,485, which includes securities collateral of $6,477,488.


See Notes to Financial Statements.
77


AUGUST 31, 2022
Avantis International Equity Fund
SharesValue
COMMON STOCKS — 98.5%


Australia — 7.5%
29Metals Ltd.(1)(2)
7,709 $10,443 
Accent Group Ltd.4,561 4,638 
Adairs Ltd.(1)
1,603 2,470 
Adbri Ltd.5,681 8,506 
AGL Energy Ltd.(1)
8,981 46,775 
Alkane Resources Ltd.(2)
15,781 7,830 
Alliance Aviation Services Ltd.(2)
1,918 4,662 
Allkem Ltd.(2)
5,630 52,190 
ALS Ltd.829 6,671 
Altium Ltd.1,435 35,389 
Alumina Ltd.14,872 15,179 
AMP Ltd.(2)
48,216 38,003 
Ampol Ltd.2,191 51,498 
Ansell Ltd.204 3,688 
APA Group12,621 95,173 
Appen Ltd.(1)
277 694 
ARB Corp. Ltd.367 7,510 
Ardent Leisure Group Ltd.(2)
1,272 532 
Aristocrat Leisure Ltd.2,745 66,255 
ASX Ltd.2,359 125,575 
Atlas Arteria Ltd.9,335 50,784 
Atlassian Corp. PLC, Class A(2)
677 167,666 
Aurelia Metals Ltd.(1)(2)
47,081 8,566 
Aurizon Holdings Ltd.40,513 102,463 
Austal Ltd.8,146 14,248 
Australia & New Zealand Banking Group Ltd.18,744 289,755 
Australian Agricultural Co. Ltd.(2)
2,182 2,689 
Australian Clinical Labs Ltd.1,433 4,309 
Australian Ethical Investment Ltd.906 3,971 
Australian Finance Group Ltd.3,111 4,048 
Baby Bunting Group Ltd.1,932 5,737 
Bank of Queensland Ltd.(1)
11,467 54,714 
Bapcor Ltd.1,574 7,134 
Beach Energy Ltd.48,464 56,016 
Bega Cheese Ltd.7,118 19,325 
Bendigo & Adelaide Bank Ltd.(1)
12,349 75,805 
BHP Group Ltd., ADR(1)
15,126 830,266 
Blackmores Ltd.116 5,421 
BlueScope Steel Ltd.8,231 92,350 
Boral Ltd.(1)
7,744 15,486 
Boss Energy Ltd.(2)
3,742 6,791 
Brambles Ltd.19,702 165,817 
Brickworks Ltd.1,087 15,047 
carsales.com Ltd.1,859 28,342 
Cedar Woods Properties Ltd.1,766 5,466 
Challenger Ltd.12,960 55,873 
Champion Iron Ltd.7,862 27,126 
Cleanaway Waste Management Ltd.4,609 8,754 
78


Avantis International Equity Fund
SharesValue
Cochlear Ltd.153 $22,273 
Codan Ltd.(1)
230 1,130 
Coles Group Ltd.15,165 181,513 
Collins Foods Ltd.1,103 7,351 
Commonwealth Bank of Australia8,791 580,929 
Computershare Ltd.3,014 50,267 
Coronado Global Resources, Inc.22,324 24,423 
Costa Group Holdings Ltd.7,789 14,214 
Credit Corp. Group Ltd.(1)
1,437 19,797 
CSL Ltd.1,846 369,233 
CSR Ltd.10,391 31,881 
Data#3 Ltd.2,361 9,850 
Deterra Royalties Ltd.5,503 15,545 
Domino's Pizza Enterprises Ltd.(1)
338 14,569 
Downer EDI Ltd.3,856 13,187 
Eagers Automotive Ltd.1,928 17,356 
Eclipx Group Ltd.(2)
5,402 8,746 
Elders Ltd.290 2,284 
Emeco Holdings Ltd.5,966 3,705 
Endeavour Group Ltd.13,634 67,472 
EVENT Hospitality and Entertainment Ltd.(2)
724 7,272 
Evolution Mining Ltd.32,690 52,535 
Fortescue Metals Group Ltd.17,638 219,198 
Genworth Mortgage Insurance Australia Ltd.10,695 20,577 
Gold Road Resources Ltd.(1)
13,654 11,700 
GrainCorp Ltd., A Shares3,047 17,234 
Grange Resources Ltd.15,468 9,145 
GUD Holdings Ltd.929 5,222 
GWA Group Ltd.2,433 3,325 
Hansen Technologies Ltd.2,687 8,969 
Harvey Norman Holdings Ltd.11,163 32,055 
Healius Ltd.2,245 5,674 
HT&E Ltd.1,854 1,857 
HUB24 Ltd.60 967 
Humm Group Ltd.(1)
743 271 
IDP Education Ltd.(1)
1,098 21,616 
IGO Ltd.5,101 45,650 
Iluka Resources Ltd.11,247 79,072 
Imdex Ltd.5,249 7,125 
Incitec Pivot Ltd.21,682 57,298 
Infomedia Ltd.4,782 4,683 
Inghams Group Ltd.6,443 11,385 
Insurance Australia Group Ltd.3,293 10,406 
InvoCare Ltd.(1)
2,422 18,181 
IPH Ltd.2,732 17,708 
IRESS Ltd.889 6,798 
James Hardie Industries PLC2,954 66,954 
JB Hi-Fi Ltd.(1)
1,381 38,088 
Jervois Global Ltd.(1)(2)
8,940 3,232 
Judo Capital Holdings Ltd.(2)
5,674 4,627 
Jumbo Interactive Ltd.617 5,917 
79


Avantis International Equity Fund
SharesValue
Jupiter Mines Ltd.22,840 $3,125 
Karoon Energy Ltd.(2)
10,001 14,482 
Kelsian Group Ltd.(1)
288 1,060 
Lendlease Corp. Ltd.8,029 55,950 
Lifestyle Communities Ltd.1,073 12,577 
Link Administration Holdings Ltd.2,543 7,453 
Lovisa Holdings Ltd.(1)
719 11,216 
Lynas Rare Earths Ltd.(2)
5,893 35,205 
Macmahon Holdings Ltd.6,093 703 
Macquarie Group Ltd.1,084 129,704 
Magellan Financial Group Ltd.(1)
1,869 16,407 
Mayne Pharma Group Ltd.(2)
42,422 8,627 
McMillan Shakespeare Ltd.968 9,432 
Medibank Pvt Ltd.25,963 65,400 
Mesoblast Ltd.(2)
10,158 5,908 
Metcash Ltd.11,982 33,530 
Mineral Resources Ltd.2,262 96,378 
Monadelphous Group Ltd.3,593 32,068 
Money3 Corp. Ltd.3,577 5,584 
Mount Gibson Iron Ltd.(1)
15,532 4,504 
Myer Holdings Ltd.19,906 6,827 
MyState Ltd.613 1,600 
National Australia Bank Ltd.18,785 389,528 
Nearmap Ltd.(1)(2)
4,535 6,380 
Netwealth Group Ltd.1,149 10,200 
New Energy Solar2,331 1,468 
New Hope Corp. Ltd.(1)
14,116 46,648 
Newcrest Mining Ltd.(1)
1,091 12,776 
Newcrest Mining Ltd. (Sydney)7,005 84,212 
NEXTDC Ltd.(2)
3,245 22,934 
nib holdings Ltd.6,938 38,622 
Nick Scali Ltd.(1)
1,075 8,029 
Nine Entertainment Co. Holdings Ltd.9,409 13,965 
Northern Star Resources Ltd.15,459 81,705 
NRW Holdings Ltd.12,761 21,214 
Nufarm Ltd.9,128 32,957 
OFX Group Ltd.(2)
3,710 6,673 
Omni Bridgeway Ltd.(2)
3,281 10,155 
oOh!media Ltd.5,524 5,167 
Orica Ltd.5,242 54,832 
Origin Energy Ltd.20,790 88,546 
Orora Ltd.15,560 35,047 
OZ Minerals Ltd.5,497 94,735 
Pacific Current Group Ltd.220 1,359 
Paladin Energy Ltd.(2)
44,959 25,301 
Peet Ltd.1,161 895 
Pendal Group Ltd.5,570 19,555 
Perenti Global Ltd.16,854 8,940 
Perpetual Ltd.(1)
1,371 25,500 
Perseus Mining Ltd.38,760 40,995 
Pilbara Minerals Ltd.(2)
28,029 67,974 
80


Avantis International Equity Fund
SharesValue
Platinum Asset Management Ltd.17,853 $21,535 
Premier Investments Ltd.925 13,300 
Pro Medicus Ltd.(1)
239 8,785 
PWR Holdings Ltd.302 1,947 
Qantas Airways Ltd.(2)
10,546 37,899 
QBE Insurance Group Ltd.10,068 82,545 
Qube Holdings Ltd.16,040 31,402 
Ramelius Resources Ltd.15,930 8,675 
Ramsay Health Care Ltd.461 22,467 
REA Group Ltd.347 29,925 
Red 5 Ltd.(2)
29,625 5,096 
Reece Ltd.610 6,604 
Regis Resources Ltd.23,277 24,418 
Reliance Worldwide Corp. Ltd.3,953 10,386 
Resimac Group Ltd.(1)
2,359 2,071 
Resolute Mining Ltd.(1)(2)
13,533 2,592 
Ridley Corp. Ltd.9,738 13,781 
Rio Tinto Ltd.2,061 130,901 
Sandfire Resources Ltd.6,798 20,995 
Santos Ltd.47,680 254,529 
Sayona Mining Ltd.(1)(2)
125,229 24,278 
SEEK Ltd.519 7,322 
Select Harvests Ltd.(1)
1,691 5,711 
Service Stream Ltd.(1)(2)
13,882 6,880 
Seven Group Holdings Ltd.1,190 14,968 
Seven West Media Ltd.(2)
35,885 12,626 
Sierra Rutile Holdings Ltd.(1)(2)
7,537 1,547 
Sigma Healthcare Ltd.(1)
23,896 11,163 
Silver Lake Resources Ltd.(2)
22,909 20,550 
Sims Ltd.2,335 24,091 
SmartGroup Corp. Ltd.213 860 
Sonic Healthcare Ltd.6,900 159,562 
South32 Ltd.62,108 171,027 
Southern Cross Media Group Ltd.4,053 2,961 
St. Barbara Ltd.9,352 5,770 
Star Entertainment Group Ltd.(2)
10,436 19,651 
Steadfast Group Ltd.2,294 7,851 
Suncorp Group Ltd.11,943 88,202 
Super Retail Group Ltd.(1)
3,218 22,987 
Syrah Resources Ltd.(1)(2)
10,036 12,537 
Tassal Group Ltd.4,752 16,766 
Technology One Ltd.2,656 21,270 
Telstra Corp. Ltd.31,624 85,519 
TPG Telecom Ltd.527 1,915 
Transurban Group11,567 109,742 
Treasury Wine Estates Ltd.7,385 66,245 
Tuas Ltd.(2)
517 524 
United Malt Group Ltd.7,330 17,750 
Ventia Services Group Pty Ltd.4,120 7,745 
Viva Energy Group Ltd.23,658 47,842 
Washington H Soul Pattinson & Co. Ltd.(1)
3,107 54,149 
81


Avantis International Equity Fund
SharesValue
Wesfarmers Ltd.5,794 $185,344 
West African Resources Ltd.(2)
32,437 27,619 
Westgold Resources Ltd.8,310 5,224 
Westpac Banking Corp.23,362 342,896 
Whitehaven Coal Ltd.26,056 138,790 
WiseTech Global Ltd.468 18,486 
Woodside Energy Group Ltd.14,051 326,384 
Woodside Energy Group Ltd., ADR(1)
5,413 123,471 
Woolworths Group Ltd.8,628 212,704 
Worley Ltd.123 1,205 
Xero Ltd.(2)
297 17,472 
9,951,627 
Austria — 0.2%
ANDRITZ AG401 18,469 
AT&S Austria Technologie & Systemtechnik AG530 23,590 
BAWAG Group AG(2)
552 24,905 
DO & CO. AG(2)
67 5,300 
Erste Group Bank AG1,716 38,589 
EVN AG663 12,862 
IMMOFINANZ AG(2)
996 14,806 
Lenzing AG(1)
88 6,509 
Oesterreichische Post AG(1)
396 11,056 
OMV AG706 28,446 
Porr AG59 676 
Raiffeisen Bank International AG1,502 18,967 
S IMMO AG449 10,260 
Semperit AG Holding(1)
239 4,343 
Strabag SE242 9,299 
Telekom Austria AG(2)
1,177 7,349 
UNIQA Insurance Group AG1,663 10,993 
Verbund AG336 32,107 
Vienna Insurance Group AG Wiener Versicherung Gruppe237 5,619 
voestalpine AG1,471 29,600 
Wienerberger AG1,008 23,570 
337,315 
Belgium — 0.9%
Ackermans & van Haaren NV287 41,957 
Ageas SA/NV1,809 73,401 
AGFA-Gevaert NV(2)
2,083 7,532 
Anheuser-Busch InBev SA, ADR(1)
3,058 147,885 
Argenx SE, ADR(2)
172 64,994 
Barco NV1,096 24,425 
Bekaert SA999 30,642 
bpost SA3,655 22,203 
Cie d'Entreprises CFE(1)(2)
208 2,070 
D'ieteren Group216 32,562 
Deceuninck NV(1)
1,645 3,798 
Deme Group NV(2)
208 23,804 
Econocom Group SA2,474 7,711 
Elia Group SA297 43,146 
Etablissements Franz Colruyt NV1,025 28,488 
82


Avantis International Equity Fund
SharesValue
Euronav NV2,736 $44,116 
EVS Broadcast Equipment SA45 997 
Fagron1,371 17,601 
Galapagos NV, ADR(2)
686 34,341 
Gimv NV622 31,823 
Ion Beam Applications379 6,734 
KBC Ancora509 16,757 
KBC Group NV1,654 78,883 
Kinepolis Group NV(2)
280 12,276 
Melexis NV418 31,520 
Ontex Group NV(2)
1,853 10,640 
Proximus SADP2,382 30,320 
Recticel SA374 5,211 
Shurgard Self Storage SA292 14,096 
Solvay SA961 77,578 
Telenet Group Holding NV98 1,392 
Tessenderlo Group SA(2)
527 17,111 
UCB SA1,303 91,558 
Umicore SA(1)
3,284 104,385 
VGP NV46 6,688 
1,188,645 
Canada — 11.2%
Absolute Software Corp.(1)
2,000 21,609 
Advantage Energy Ltd.(2)
6,300 53,821 
Aecon Group, Inc.(1)
960 7,953 
AGF Management Ltd., Class B(1)
1,000 4,698 
Agnico Eagle Mines Ltd.2,794 115,219 
Air Canada(1)(2)
400 5,388 
Alamos Gold, Inc., Class A6,300 45,427 
Alaris Equity Partners Income100 1,316 
Algoma Steel Group, Inc.(1)
1,600 14,619 
Algonquin Power & Utilities Corp.(1)
3,400 46,702 
Alimentation Couche-Tard, Inc.4,900 210,573 
AltaGas Ltd.(1)
700 15,094 
Altius Minerals Corp.500 6,971 
ARC Resources Ltd.12,488 172,389 
Argonaut Gold, Inc.(2)
5,100 1,806 
Aritzia, Inc.(2)
1,000 32,528 
Atco Ltd., Class I1,700 60,190 
Athabasca Oil Corp.(1)(2)
18,000 35,497 
Atrium Mortgage Investment Corp.(1)
700 6,348 
ATS Automation Tooling Systems, Inc.(2)
500 15,274 
AutoCanada, Inc.(2)
400 9,067 
B2Gold Corp.15,200 46,641 
Badger Infrastructure Solutions Ltd.400 9,420 
Ballard Power Systems, Inc.(1)(2)
2,100 16,389 
Bank of Montreal4,788 442,034 
Bank of Nova Scotia7,000 387,056 
Barrick Gold Corp. (Toronto)11,900 176,686 
Bausch Health Cos., Inc.(2)
920 5,520 
Baytex Energy Corp.(1)(2)
15,850 82,186 
83


Avantis International Equity Fund
SharesValue
BCE, Inc.(1)
400 $19,303 
Birchcliff Energy Ltd.7,400 65,191 
Bird Construction, Inc.300 1,514 
Bombardier, Inc., Class B(2)
284 7,067 
Bonterra Energy Corp.(2)
1,100 7,370 
Boralex, Inc., A Shares1,900 71,611 
Boyd Group Services, Inc.99 13,644 
Brookfield Asset Management Reinsurance Partners Ltd., A Shares(2)
211 10,179 
Brookfield Asset Management, Inc., Class A3,850 185,208 
Brookfield Business Corp., Class A(1)
519 12,622 
Brookfield Infrastructure Corp., A Shares1,312 62,546 
Brookfield Infrastructure Corp., Class A106 5,046 
Brookfield Renewable Corp., Class A700 26,900 
BRP, Inc.100 6,936 
CAE, Inc.(2)
1,300 23,736 
Calian Group Ltd.(1)
200 9,161 
Calibre Mining Corp.(2)
2,700 1,953 
Cameco Corp.2,200 64,123 
Canaccord Genuity Group, Inc.1,615 9,653 
Canacol Energy Ltd.(1)
2,100 4,013 
Canada Goose Holdings, Inc.(2)
600 10,809 
Canadian Imperial Bank of Commerce5,600 264,831 
Canadian National Railway Co.2,532 301,118 
Canadian Natural Resources Ltd.(1)
9,300 509,841 
Canadian Pacific Railway Ltd.1,700 127,265 
Canadian Tire Corp. Ltd., Class A800 94,092 
Canadian Utilities Ltd., A Shares(1)
2,200 67,306 
Canadian Western Bank(1)
1,100 20,512 
Canfor Corp.(2)
1,400 27,470 
Capital Power Corp.3,000 116,382 
Capstone Mining Corp.(2)
9,500 21,339 
Cardinal Energy Ltd.(1)
3,700 23,552 
Cargojet, Inc.100 10,521 
Cascades, Inc.2,300 15,674 
CCL Industries, Inc., Class B1,000 49,050 
Celestica, Inc.(2)
2,200 22,698 
Cenovus Energy, Inc.17,638 330,910 
Centerra Gold, Inc.4,400 19,934 
CES Energy Solutions Corp.4,300 8,120 
CGI, Inc.(2)
1,300 102,943 
Chorus Aviation, Inc.(1)(2)
1,800 3,851 
CI Financial Corp.800 8,771 
Cogeco Communications, Inc.300 18,368 
Cogeco, Inc.(1)
100 4,810 
Colliers International Group, Inc. (Toronto)400 46,595 
Computer Modelling Group Ltd.200 701 
Constellation Software, Inc.100 150,533 
Copper Mountain Mining Corp.(1)(2)
6,200 6,892 
Corus Entertainment, Inc., B Shares(1)
2,600 7,325 
Crescent Point Energy Corp.(1)
11,700 88,907 
84


Avantis International Equity Fund
SharesValue
Crew Energy, Inc.(2)
3,700 $18,312 
Definity Financial Corp.(1)
1,800 50,984 
Descartes Systems Group, Inc.(2)
600 42,267 
Dollarama, Inc.1,300 79,167 
Doman Building Materials Group Ltd.(1)
1,200 5,491 
Dorel Industries, Inc., Class B(1)
500 2,585 
DREAM Unlimited Corp., Class A400 8,586 
Dundee Precious Metals, Inc.4,590 20,899 
Eldorado Gold Corp. (Toronto)(2)
1,200 6,615 
Element Fleet Management Corp.8,100 102,009 
Emera, Inc.1,300 60,152 
Empire Co. Ltd., Class A2,600 74,059 
Enbridge, Inc.4,400 181,447 
Endeavour Mining PLC1,938 37,717 
Enerflex Ltd.(1)
1,000 5,018 
Enerplus Corp.(1)
4,658 71,784 
Enghouse Systems Ltd.(1)
300 7,323 
Ensign Energy Services, Inc.(2)
2,800 6,630 
EQB, Inc.400 16,038 
Equinox Gold Corp.(1)(2)
3,893 13,665 
ERO Copper Corp.(1)(2)
600 5,692 
Evertz Technologies Ltd.400 4,508 
Exchange Income Corp.(1)
300 10,587 
Exco Technologies Ltd.200 1,331 
Extendicare, Inc.(1)
2,200 12,044 
Fairfax Financial Holdings Ltd.300 149,558 
Finning International, Inc.2,500 53,870 
Firm Capital Mortgage Investment Corp.(1)
600 5,601 
First Majestic Silver Corp.(1)
900 6,572 
First Mining Gold Corp.(1)(2)
9,000 1,508 
First National Financial Corp.(1)
400 11,327 
First Quantum Minerals Ltd.7,200 127,406 
FirstService Corp.200 25,018 
Fortis, Inc.3,700 163,230 
Fortuna Silver Mines, Inc.(1)(2)
3,699 8,562 
Franco-Nevada Corp.600 72,136 
Freehold Royalties Ltd.(1)
1,300 14,194 
Frontera Energy Corp.(2)
1,500 12,666 
Galiano Gold, Inc.(1)(2)
1,100 528 
GCM Mining Corp.2,600 6,474 
Gear Energy Ltd.16,300 15,390 
George Weston Ltd.800 91,461 
GFL Environmental, Inc.1,100 30,989 
Gibson Energy, Inc.1,000 18,875 
Gildan Activewear, Inc.1,700 50,274 
goeasy Ltd.200 18,253 
Great-West Lifeco, Inc.(1)
3,200 75,167 
Headwater Exploration, Inc.(2)
3,100 14,139 
Heroux-Devtek, Inc.(2)
600 5,971 
High Liner Foods, Inc.(1)
200 2,045 
Home Capital Group, Inc.(1)
941 20,019 
85


Avantis International Equity Fund
SharesValue
Hudbay Minerals, Inc.(1)
4,900 $21,639 
Hut 8 Mining Corp.(1)(2)
2,300 4,746 
Hydro One Ltd.3,700 100,180 
i-80 Gold Corp.(2)
800 1,431 
iA Financial Corp., Inc.2,200 118,179 
IAMGOLD Corp.(1)(2)
5,900 7,053 
IGM Financial, Inc.600 16,332 
Imperial Oil Ltd.(1)
2,300 112,885 
Intact Financial Corp.1,100 159,344 
Interfor Corp.(2)
1,700 41,822 
International Petroleum Corp.(1)(2)
127 1,250 
Ivanhoe Mines Ltd., Class A(1)(2)
2,400 15,423 
Jamieson Wellness, Inc.(1)
600 16,780 
K92 Mining, Inc.(2)
2,600 13,402 
Karora Resources, Inc.(2)
1,900 4,138 
Kelt Exploration Ltd.(2)
4,300 20,594 
Keyera Corp.(1)
4,400 108,413 
Kinross Gold Corp.16,500 54,148 
Knight Therapeutics, Inc.(2)
2,400 10,416 
Labrador Iron Ore Royalty Corp.(1)
1,100 24,448 
Largo, Inc.(1)(2)
700 4,765 
Laurentian Bank of Canada1,000 27,396 
LifeWorks, Inc.300 7,294 
Linamar Corp.1,000 47,276 
Loblaw Cos. Ltd.1,500 132,566 
Lundin Gold, Inc.2,400 16,026 
Lundin Mining Corp.(1)
11,400 59,285 
Magna International, Inc.3,400 196,412 
Major Drilling Group International, Inc.(2)
3,271 22,166 
Manulife Financial Corp.21,900 378,854 
Maple Leaf Foods, Inc.(1)
400 7,057 
Martinrea International, Inc.(1)
1,900 14,973 
MCAN Mortgage Corp.(1)
400 4,873 
Medical Facilities Corp.700 5,362 
MEG Energy Corp.(2)
6,500 90,867 
Methanex Corp.1,400 50,602 
Metro, Inc.(1)
1,900 99,937 
MTY Food Group, Inc.200 8,942 
Mullen Group Ltd.2,800 29,975 
National Bank of Canada4,100 271,252 
New Gold, Inc. (Toronto)(2)
14,500 9,384 
North American Construction Group Ltd.(1)
700 8,048 
North West Co., Inc.700 18,148 
Northland Power, Inc.2,880 98,591 
Novagold Resources, Inc.(2)
9,601 42,532 
Nutrien Ltd.3,500 321,312 
Nuvei Corp.(2)
500 15,301 
NuVista Energy Ltd.(2)
4,900 40,294 
Obsidian Energy Ltd.(2)
2,300 20,700 
OceanaGold Corp.(2)
18,400 27,179 
Onex Corp.1,200 59,344 
86


Avantis International Equity Fund
SharesValue
Open Text Corp.2,300 $72,449 
Osisko Gold Royalties Ltd. (Toronto)900 8,710 
Osisko Mining, Inc.(2)
1,400 2,697 
Pan American Silver Corp.(1)
3,270 48,651 
Paramount Resources Ltd., A Shares(1)
1,700 38,754 
Parex Resources, Inc.3,200 51,191 
Parkland Corp.(1)
400 9,819 
Pason Systems, Inc.1,100 11,642 
Pembina Pipeline Corp.(1)
3,900 137,726 
Pet Valu Holdings Ltd.200 5,109 
Peyto Exploration & Development Corp.(1)
5,900 55,031 
Pine Cliff Energy Ltd.(1)
6,700 9,642 
Pipestone Energy Corp.(2)
4,000 14,863 
Pizza Pizza Royalty Corp.(1)
200 2,004 
Polaris Renewable Energy, Inc.(1)
400 5,872 
Pollard Banknote Ltd.(1)
200 2,951 
Power Corp. of Canada1,805 46,412 
PrairieSky Royalty Ltd.2,400 32,710 
Precision Drilling Corp.(1)(2)
300 18,438 
Primo Water Corp.700 9,194 
Quarterhill, Inc.800 1,151 
Quebecor, Inc., Class B(1)
1,800 38,882 
Real Matters, Inc.(1)(2)
650 2,866 
Recipe UnLtd. Corp.(2)
330 4,942 
Resolute Forest Products, Inc.(2)
500 10,119 
Restaurant Brands International, Inc.2,300 135,774 
Richelieu Hardware Ltd.400 10,693 
Ritchie Bros Auctioneers, Inc.1,000 69,273 
Rogers Communications, Inc., Class B1,000 43,058 
Royal Bank of Canada7,283 677,255 
Russel Metals, Inc.1,500 32,436 
Sabina Gold & Silver Corp.(2)
3,500 2,825 
Sandstorm Gold Ltd.800 4,550 
Saputo, Inc.900 22,854 
Secure Energy Services, Inc.2,000 8,695 
Shaw Communications, Inc., B Shares2,900 74,369 
Shawcor Ltd.(2)
2,500 14,962 
Shopify, Inc., Class A(2)
2,000 63,319 
Sienna Senior Living, Inc.(1)
100 1,015 
Silvercorp Metals, Inc.800 1,821 
Sleep Country Canada Holdings, Inc.600 12,106 
Softchoice Corp.1,100 15,386 
Spartan Delta Corp.(1)(2)
3,800 38,337 
Spin Master Corp., VTG Shares(2)
600 21,061 
SSR Mining, Inc.(1)
2,809 37,921 
SSR Mining, Inc. (NASDAQ)1,697 22,893 
Stantec, Inc.700 33,221 
Stelco Holdings, Inc.1,300 35,189 
Stella-Jones, Inc.(1)
900 27,404 
StorageVault Canada, Inc.1,200 5,574 
Sun Life Financial, Inc.3,300 145,382 
87


Avantis International Equity Fund
SharesValue
Suncor Energy, Inc.15,666 $506,832 
SunOpta, Inc.(1)(2)
900 8,950 
Surge Energy, Inc.2,500 19,188 
Tamarack Valley Energy Ltd.(1)
10,100 32,222 
Taseko Mines Ltd.(1)(2)
3,500 3,651 
TC Energy Corp.3,600 173,483 
Teck Resources Ltd., Class B6,700 226,913 
TELUS Corp.2,300 51,802 
TFI International, Inc.500 49,884 
Thomson Reuters Corp.400 44,046 
Tidewater Midstream and Infrastructure Ltd.8,200 7,555 
Timbercreek Financial Corp.(1)
1,500 9,240 
TMX Group Ltd.300 30,129 
Torex Gold Resources, Inc.(2)
1,738 12,903 
Toromont Industries Ltd.1,000 77,405 
Toronto-Dominion Bank6,290 404,646 
Total Energy Services, Inc.1,600 8,857 
Tourmaline Oil Corp.4,800 283,793 
TransAlta Corp.(1)
4,800 45,063 
TransAlta Renewables, Inc.(1)
500 6,617 
Transcontinental, Inc., Class A560 7,061 
TransGlobe Energy Corp.(1)
4,600 15,271 
Treasury Metals, Inc.(1)(2)
300 83 
Trican Well Service Ltd.(1)(2)
3,500 9,247 
Tricon Residential, Inc. (Toronto)1,930 20,147 
Trisura Group Ltd.(1)(2)
500 13,241 
Turquoise Hill Resources Ltd.(2)
1,400 38,503 
Uni-Select, Inc.(2)
800 22,629 
Vermilion Energy, Inc.4,233 113,065 
Victoria Gold Corp.(2)
1,300 7,701 
Viemed Healthcare, Inc.(2)
200 1,195 
Viemed Healthcare, Inc. (Toronto)(2)
474 2,811 
Wajax Corp.500 8,079 
Wesdome Gold Mines Ltd.(2)
2,200 12,865 
West Fraser Timber Co. Ltd.1,472 131,694 
Western Forest Products, Inc.5,500 6,449 
Westshore Terminals Investment Corp.(1)
600 13,970 
Wheaton Precious Metals Corp.(1)
1,700 51,893 
Whitecap Resources, Inc.(1)
10,796 78,667 
Winpak Ltd.200 6,614 
WSP Global, Inc.700 83,418 
Yamana Gold, Inc.15,200 67,126 
Yangarra Resources Ltd.(2)
4,100 8,803 
14,895,705 
China
Fullshare Holdings Ltd.(1)(2)
167,500 2,599 
Truly International Holdings Ltd.24,000 5,258 
7,857 
Denmark — 2.3%
ALK-Abello A/S(2)
1,597 29,691 
Alm Brand A/S21,735 31,847 
88


Avantis International Equity Fund
SharesValue
AP Moller - Maersk A/S, A Shares33 $77,092 
AP Moller - Maersk A/S, B Shares58 139,151 
Bang & Olufsen A/S(2)
1,614 2,796 
Bavarian Nordic A/S(2)
1,131 42,612 
Carlsberg A/S, B Shares328 42,591 
Chemometec A/S181 19,363 
Chr Hansen Holding A/S468 27,269 
Coloplast A/S, B Shares598 68,310 
D/S Norden A/S947 44,153 
Danske Bank A/S6,414 85,646 
Demant A/S(2)
632 19,468 
Dfds A/S682 23,599 
Drilling Co. of 1972 A/S(2)
360 17,083 
DSV A/S611 90,286 
FLSmidth & Co. A/S362 10,020 
Genmab A/S, ADR(2)
4,871 172,872 
GN Store Nord A/S283 8,004 
H Lundbeck A/S3,924 15,411 
H Lundbeck A/S, A Shares(2)
981 3,757 
H+H International A/S, B Shares(2)
331 5,320 
ISS A/S(2)
46 805 
Jyske Bank A/S(2)
846 42,346 
Nilfisk Holding A/S(2)
257 5,748 
NKT A/S(2)
487 24,860 
NNIT A/S(2)
254 2,295 
Novo Nordisk A/S, ADR10,888 1,155,217 
Novozymes A/S, B Shares2,575 147,789 
Orsted A/S1,295 126,395 
Pandora A/S903 54,249 
Per Aarsleff Holding A/S341 9,806 
Ringkjoebing Landbobank A/S334 35,661 
ROCKWOOL A/S, B Shares68 13,997 
Royal Unibrew A/S310 23,225 
Schouw & Co. A/S57 4,156 
SimCorp A/S408 29,795 
Solar A/S, B Shares136 10,995 
SP Group A/S96 3,561 
Spar Nord Bank A/S1,639 18,558 
Sydbank A/S1,105 31,930 
Topdanmark A/S699 36,656 
TORM PLC676 13,108 
Tryg A/S2,333 52,716 
Vestas Wind Systems A/S8,337 208,601 
3,028,810 
Finland — 0.9%
Aktia Bank Oyj500 5,161 
Anora Group Oyj109 888 
Cargotec Oyj, B Shares258 8,774 
Caverion OYJ704 3,444 
Citycon Oyj(2)
1,917 13,585 
Elisa Oyj863 46,152 
89


Avantis International Equity Fund
SharesValue
Fortum Oyj3,183 $32,742 
HKScan Oyj, A Shares(1)
1,333 1,535 
Huhtamaki Oyj439 15,373 
Kemira Oyj1,934 23,279 
Kesko Oyj, B Shares3,922 82,510 
Kojamo Oyj1,599 26,771 
Kone Oyj, B Shares2,175 86,984 
Konecranes Oyj267 6,277 
Marimekko Oyj615 6,065 
Metsa Board Oyj3,411 29,325 
Metso Outotec Oyj5,171 40,443 
Musti Group Oyj(2)
248 4,904 
Neste Oyj1,987 98,032 
Nokia Oyj, ADR24,146 121,937 
Nokian Renkaat Oyj1,505 15,619 
Oriola Oyj, B Shares441 837 
Orion Oyj, Class B1,227 55,632 
Outokumpu Oyj4,900 19,649 
Puuilo Oyj(1)
1,119 5,337 
QT Group Oyj(1)(2)
196 9,937 
Revenio Group Oyj298 13,480 
Rovio Entertainment Oyj2,326 13,998 
Sampo Oyj, A Shares2,794 126,401 
Sanoma Oyj490 6,683 
Stora Enso Oyj, R Shares6,724 100,093 
TietoEVRY Oyj97 2,482 
Tokmanni Group Corp.974 11,628 
UPM-Kymmene Oyj3,325 112,965 
Uponor Oyj1,775 26,597 
Valmet Oyj1,568 39,745 
Wartsila Oyj Abp3,316 27,341 
YIT Oyj(1)
2,168 7,094 
1,249,699 
France — 8.8%
ABC arbitrage396 2,798 
Accor SA(2)
1,260 30,052 
Aeroports de Paris(2)
289 39,573 
Air France-KLM(2)
8,044 11,743 
Air Liquide SA2,567 321,678 
Airbus SE3,000 293,979 
AKWEL46 832 
ALD SA2,285 24,871 
Alstom SA(1)
1,620 33,199 
Alten SA263 32,336 
Amundi SA513 26,011 
APERAM SA810 21,863 
ArcelorMittal SA(1)
6,560 154,750 
Arkema SA1,244 105,021 
Atari SA(1)(2)
7,088 903 
Atos SE(2)
526 5,307 
Aubay27 1,322 
90


Avantis International Equity Fund
SharesValue
AXA SA20,424 $481,018 
Beneteau SA586 6,247 
Bigben Interactive62 758 
BioMerieux776 70,965 
BNP Paribas SA6,677 310,281 
Bollore SE8,843 42,259 
Bonduelle SCA188 2,428 
Bouygues SA4,907 144,143 
Bureau Veritas SA5,933 147,257 
Capgemini SE635 109,714 
Carrefour SA10,611 177,103 
Casino Guichard Perrachon SA(1)(2)
675 8,747 
Catana Group769 4,753 
Cellectis SA, ADR(2)
316 1,046 
CGG SA(2)
9,736 9,206 
Chargeurs SA243 3,641 
Cie de Saint-Gobain5,538 223,058 
Cie des Alpes(2)
439 6,945 
Cie Generale des Etablissements Michelin SCA9,523 231,611 
Cie Plastic Omnium SA1,492 27,665 
Coface SA(2)
2,961 29,608 
Credit Agricole SA8,811 81,094 
Danone SA1,399 73,616 
Dassault Aviation SA712 97,779 
Dassault Systemes SE3,545 136,706 
Derichebourg SA3,292 18,519 
Edenred1,271 64,286 
Eiffage SA2,283 200,801 
Electricite de France SA4,088 48,877 
Elis SA536 6,854 
Engie SA16,123 191,494 
Eramet SA355 30,098 
Esker SA37 4,797 
EssilorLuxottica SA830 123,618 
Esso SA Francaise(2)
168 10,337 
Etablissements Maurel et Prom SA1,540 7,794 
Eurazeo SE1,052 62,826 
Euroapi SA(2)
956 14,903 
Eurobio Scientific SA(2)
276 5,089 
Eurofins Scientific SE1,381 95,549 
Euronext NV633 46,781 
Eutelsat Communications SA4,418 39,961 
Faurecia SE(2)
3,229 46,307 
Fnac Darty SA114 3,838 
Focus Entertainment(2)
53 2,397 
Gaztransport Et Technigaz SA753 95,860 
Genfit(2)
1,825 7,727 
Getlink SE5,947 111,988 
Groupe LDLC(1)
99 2,698 
Hermes International210 268,961 
ID Logistics Group(2)
79 22,103 
91


Avantis International Equity Fund
SharesValue
Imerys SA604 $17,477 
Infotel SA51 2,562 
Innate Pharma SA(1)(2)
719 1,922 
Ipsen SA1,009 96,700 
Jacquet Metals SACA231 3,658 
JCDecaux SA(2)
633 8,777 
Kaufman & Broad SA(1)
197 4,666 
Kering SA520 260,911 
L'Oreal SA828 284,372 
La Francaise des Jeux SAEM2,967 96,232 
Legrand SA737 53,325 
LISI253 5,358 
LVMH Moet Hennessy Louis Vuitton SE1,342 865,948 
Maisons du Monde SA(1)
672 6,432 
Manitou BF SA243 4,001 
Mersen SA475 14,047 
Metropole Television SA937 11,567 
Nacon SA(1)(2)
27 131 
Neoen SA875 36,142 
Nexans SA621 56,739 
Nexity SA557 12,472 
Novacyt SA(2)
1,610 1,914 
Orange SA, ADR(1)
29,450 297,151 
Orpea SA(1)(2)
451 9,812 
Pernod Ricard SA986 180,920 
Publicis Groupe SA982 47,946 
Quadient SA622 10,536 
Remy Cointreau SA170 31,529 
Renault SA(2)
3,115 88,724 
ReWorld Media SA(2)
641 4,064 
Rexel SA(2)
2,669 43,350 
Rubis SCA851 20,061 
Safran SA3,249 331,250 
Sanofi, ADR9,985 409,685 
Sartorius Stedim Biotech112 40,965 
Schneider Electric SE1,033 122,780 
SCOR SE3,011 49,827 
SEB SA387 28,663 
SES SA12,776 89,692 
SES-imagotag SA(2)
222 22,187 
SMCP SA(2)
707 3,872 
Societe BIC SA346 19,683 
Societe Generale SA9,650 212,738 
Sodexo SA422 32,275 
SOITEC(2)
372 52,540 
Solutions 30 SE(1)(2)
1,773 5,175 
Sopra Steria Group SACA213 29,401 
SPIE SA1,881 40,952 
STMicroelectronics NV, NY Shares10,472 365,473 
Technip Energies NV1,549 19,367 
Teleperformance503 143,258 
92


Avantis International Equity Fund
SharesValue
Television Francaise 1741 $4,699 
Thales SA1,885 227,257 
TotalEnergies SE, ADR17,336 875,641 
Trigano SA86 7,445 
Ubisoft Entertainment SA(2)
2,348 108,278 
Valeo4,638 88,594 
Vallourec SA(2)
2,861 29,784 
Veolia Environnement SA3,471 77,360 
Verallia SA2,032 46,586 
Vicat SA337 8,528 
Vilmorin & Cie SA141 6,059 
Vinci SA4,463 411,727 
Virbac SA55 20,390 
Vivendi SE7,547 68,409 
Wavestone105 4,890 
Worldline SA(2)
151 6,469 
X-Fab Silicon Foundries SE(2)
1,705 10,586 
11,670,280 
Germany — 6.1%
1&1 AG260 4,179 
7C Solarparken AG2,864 15,415 
Aareal Bank AG(2)
477 15,236 
Adesso SE58 7,028 
adidas AG1,355 200,924 
ADLER Group SA(2)
223 625 
Allianz SE1,867 315,591 
Amadeus Fire AG60 5,986 
Aroundtown SA14,194 41,398 
Atoss Software AG106 14,061 
AURELIUS Equity Opportunities SE & Co. KGaA862 20,016 
Aurubis AG774 46,863 
BASF SE6,157 260,434 
Bayer AG4,528 239,477 
Bayerische Motoren Werke AG2,707 199,448 
Bayerische Motoren Werke AG, Preference Shares433 30,104 
BayWa AG138 5,970 
Bechtle AG696 26,663 
Befesa SA386 15,886 
Beiersdorf AG1,086 109,621 
Bertrandt AG99 3,379 
Bijou Brigitte AG(2)
20 657 
Bilfinger SE352 10,451 
Borussia Dortmund GmbH & Co. KGaA(2)
870 3,409 
Brenntag SE894 58,617 
CANCOM SE186 5,209 
Carl Zeiss Meditec AG316 39,329 
CECONOMY AG4,325 6,257 
Cewe Stiftung & Co. KGAA104 8,223 
Commerzbank AG(2)
16,189 107,720 
CompuGroup Medical SE & Co. KgaA280 10,531 
Continental AG736 42,375 
93


Avantis International Equity Fund
SharesValue
Covestro AG3,000 $90,456 
CropEnergies AG109 1,786 
CTS Eventim AG & Co. KGaA(2)
848 45,592 
Daimler Truck Holding AG(2)
6,407 163,820 
Delivery Hero SE(2)
303 12,575 
Dermapharm Holding SE272 12,616 
Deutsche Bank AG19,454 161,663 
Deutsche Beteiligungs AG216 6,041 
Deutsche Boerse AG1,171 197,986 
Deutsche Lufthansa AG(2)
12,411 73,787 
Deutsche Pfandbriefbank AG2,973 25,657 
Deutsche Post AG6,123 223,484 
Deutsche Telekom AG21,751 409,946 
Deutz AG2,787 10,495 
DIC Asset AG312 3,194 
Draegerwerk AG & Co. KGaA78 3,153 
Draegerwerk AG & Co. KGaA, Preference Shares416 19,682 
Duerr AG958 21,102 
E.ON SE13,971 119,167 
Eckert & Ziegler Strahlen- und Medizintechnik AG152 5,990 
Elmos Semiconductor SE204 8,654 
ElringKlinger AG121 849 
Encavis AG2,548 54,454 
Energiekontor AG210 18,447 
Evonik Industries AG2,361 44,021 
Evotec SE(2)
1,401 30,799 
Fielmann AG598 22,223 
flatexDEGIRO AG(2)
1,036 9,969 
Fraport AG Frankfurt Airport Services Worldwide(2)
157 6,789 
Freenet AG1,139 24,826 
Fresenius Medical Care AG & Co. KGaA, ADR1,743 29,805 
Fresenius SE & Co. KGaA368 9,104 
FUCHS PETROLUB SE, Preference Shares646 17,483 
GEA Group AG2,145 74,618 
Gerresheimer AG696 36,407 
GFT Technologies SE224 7,446 
Grand City Properties SA1,116 13,241 
GRENKE AG380 9,137 
Hamburger Hafen und Logistik AG771 9,429 
Hannover Rueck SE505 74,430 
HeidelbergCement AG2,037 91,986 
Heidelberger Druckmaschinen AG(2)
3,633 5,298 
HelloFresh SE(2)
1,739 41,520 
Henkel AG & Co. KGaA460 28,768 
Henkel AG & Co. KGaA, Preference Shares789 50,917 
Hensoldt AG650 14,455 
HOCHTIEF AG490 24,193 
Hornbach Holding AG & Co. KGaA279 19,680 
HUGO BOSS AG1,494 81,426 
Hypoport SE(2)
22 4,296 
Indus Holding AG450 10,046 
94


Avantis International Equity Fund
SharesValue
Infineon Technologies AG5,657 $138,420 
Instone Real Estate Group SE786 6,958 
Jenoptik AG553 11,703 
JOST Werke AG365 13,527 
Jungheinrich AG, Preference Shares1,272 31,054 
K+S AG3,931 89,554 
KION Group AG468 18,700 
Kloeckner & Co. SE1,094 9,873 
Knorr-Bremse AG959 46,478 
Koenig & Bauer AG(2)
246 2,868 
Kontron AG1,115 16,964 
Krones AG359 29,565 
KSB SE & Co. KGaA, Preference Shares15 4,635 
KWS Saat SE & Co. KGaA122 7,423 
Lang & Schwarz AG141 2,009 
Lanxess AG1,307 44,100 
LEG Immobilien SE610 46,100 
Leifheit AG62 
Leoni AG(2)
416 2,916 
LPKF Laser & Electronics AG(2)
302 2,611 
Mercedes-Benz Group AG5,288 296,475 
Merck KGaA375 64,417 
METRO AG(2)
2,732 21,750 
MLP SE786 4,341 
MTU Aero Engines AG938 165,428 
Muenchener Rueckversicherungs-Gesellschaft AG1,090 260,424 
Mutares SE & Co. KGaA412 6,650 
Nagarro SE(2)
105 10,552 
Nemetschek SE560 32,990 
New Work SE30 3,576 
Norma Group SE326 5,126 
OHB SE22 781 
PATRIZIA SE274 3,464 
Pfeiffer Vacuum Technology AG35 4,619 
Porsche Automobil Holding SE, Preference Shares1,458 102,803 
ProSiebenSat.1 Media SE1,049 8,109 
publity AG(2)
24 694 
Puma SE729 44,559 
PVA TePla AG(2)
186 3,124 
QIAGEN NV(2)
1,802 81,865 
Rational AG50 26,968 
Rheinmetall AG778 123,504 
RTL Group SA47 1,746 
RWE AG8,644 330,005 
SAF-Holland SE676 5,379 
Salzgitter AG583 14,333 
SAP SE, ADR1,936 164,986 
Sartorius AG, Preference Shares147 61,244 
Schaeffler AG, Preference Shares2,472 12,879 
Scout24 SE365 21,029 
Secunet Security Networks AG55 11,968 
95


Avantis International Equity Fund
SharesValue
SGL Carbon SE(2)
2,080 $14,136 
Siemens AG2,474 250,602 
Siemens Energy AG(2)
2,395 35,229 
Siemens Healthineers AG1,686 82,388 
Siltronic AG314 21,518 
Sixt SE346 33,834 
Sixt SE, Preference Shares398 23,789 
SMA Solar Technology AG(2)
128 6,440 
Software AG120 3,264 
Stabilus SA504 25,779 
Steico SE77 5,919 
STO SE & Co. KGaA, Preference Shares45 7,038 
STRATEC SE85 7,245 
Stroeer SE & Co. KGaA379 16,107 
Suedzucker AG1,714 23,504 
SUESS MicroTec SE143 1,771 
Symrise AG665 69,582 
Synlab AG1,246 18,267 
TAG Immobilien AG2,539 23,423 
TeamViewer AG(2)
2,316 23,176 
Technotrans SE128 3,475 
Telefonica Deutschland Holding AG24,554 63,741 
ThyssenKrupp AG(2)
5,850 32,631 
Traffic Systems SE40 846 
UmweltBank AG260 3,657 
Uniper SE1,851 10,016 
United Internet AG1,451 32,822 
Varta AG394 27,642 
VERBIO Vereinigte BioEnergie AG509 32,669 
Villeroy & Boch AG, Preference Shares155 2,926 
Vitesco Technologies Group AG, Class A(2)
380 18,557 
Volkswagen AG236 43,653 
Volkswagen AG, Preference Shares1,269 180,501 
Vonovia SE6,207 168,033 
Vossloh AG187 6,394 
Wacker Chemie AG203 28,870 
Wacker Neuson SE447 7,400 
Washtec AG108 4,331 
Wuestenrot & Wuerttembergische AG218 3,550 
Zalando SE(2)
392 9,076 
8,149,099 
Hong Kong — 2.5%
AIA Group Ltd.61,068 587,550 
ASMPT Ltd.6,200 48,022 
Atlas Corp.(1)
4,940 70,889 
Bank of East Asia Ltd.31,200 39,309 
BOC Hong Kong Holdings Ltd.29,000 99,812 
Bright Smart Securities & Commodities Group Ltd.14,000 2,242 
Budweiser Brewing Co. APAC Ltd.4,600 13,521 
Cafe de Coral Holdings Ltd.4,000 5,727 
Chow Sang Sang Holdings International Ltd.5,000 5,629 
96


Avantis International Equity Fund
SharesValue
Chow Tai Fook Jewellery Group Ltd.5,200 $10,466 
CK Asset Holdings Ltd.25,906 174,859 
CK Hutchison Holdings Ltd.8,500 54,890 
CK Infrastructure Holdings Ltd.7,500 45,608 
CLP Holdings Ltd.16,000 137,861 
Comba Telecom Systems Holdings Ltd.(1)(2)
18,000 3,338 
Cowell e Holdings, Inc.(1)(2)
11,000 22,297 
Dah Sing Banking Group Ltd.16,800 13,046 
Dah Sing Financial Holdings Ltd.3,200 8,519 
DFI Retail Group Holdings Ltd.2,300 6,245 
E-Commodities Holdings Ltd.(1)
82,000 18,314 
Esprit Holdings Ltd.(1)(2)
5,100 634 
ESR Group Ltd.(2)
7,800 21,841 
Fairwood Holdings Ltd.2,000 3,311 
Far East Consortium International Ltd.15,000 4,754 
First Pacific Co. Ltd.24,000 9,255 
Futu Holdings Ltd., ADR(1)(2)
705 34,608 
Galaxy Entertainment Group Ltd.8,000 44,717 
Giordano International Ltd.52,000 12,100 
Guotai Junan International Holdings Ltd.40,000 4,013 
Haitong International Securities Group Ltd.(1)
34,100 3,773 
Hang Lung Group Ltd.17,000 28,753 
Hang Lung Properties Ltd.35,000 58,205 
Hang Seng Bank Ltd.5,000 78,283 
Henderson Land Development Co. Ltd.19,000 63,557 
HK Electric Investments & HK Electric Investments Ltd.28,500 23,779 
HKT Trust & HKT Ltd.16,000 21,465 
Hong Kong & China Gas Co. Ltd.29,332 28,918 
Hong Kong Exchanges & Clearing Ltd.4,900 197,443 
Hongkong & Shanghai Hotels Ltd.(2)
1,000 896 
Hongkong Land Holdings Ltd.12,600 60,910 
Hutchison Telecommunications Hong Kong Holdings Ltd.20,000 2,954 
Hysan Development Co. Ltd.11,000 31,001 
IGG, Inc.10,000 4,299 
IRC Ltd.(1)(2)
202,000 3,465 
Jardine Matheson Holdings Ltd.1,300 68,941 
Johnson Electric Holdings Ltd.4,000 4,724 
K Wah International Holdings Ltd.11,000 4,148 
Kerry Logistics Network Ltd.728 1,601 
Kerry Properties Ltd.10,000 23,055 
Lifestyle International Holdings Ltd.(2)
5,000 2,926 
LK Technology Holdings Ltd.(1)
10,000 14,615 
Luk Fook Holdings International Ltd.5,000 12,781 
Man Wah Holdings Ltd.16,800 13,276 
Melco Resorts & Entertainment Ltd., ADR(2)
529 3,047 
MGM China Holdings Ltd.(1)(2)
800 413 
Modern Dental Group Ltd.6,000 1,709 
MTR Corp. Ltd.5,000 25,607 
New World Development Co. Ltd.29,000 94,499 
NWS Holdings Ltd.38,000 36,556 
Oriental Watch Holdings(1)
24,828 14,178 
97


Avantis International Equity Fund
SharesValue
Pacific Basin Shipping Ltd.130,000 $46,141 
Pacific Century Premium Developments Ltd.(2)
2,268 120 
Pacific Textiles Holdings Ltd.12,000 4,506 
PC Partner Group Ltd.(1)
8,000 7,606 
PCCW Ltd.27,024 13,528 
Perfect Medical Health Management Ltd.7,000 3,579 
Power Assets Holdings Ltd.11,000 65,793 
Realord Group Holdings Ltd.(1)(2)
6,000 7,552 
Regina Miracle International Holdings Ltd.2,000 1,238 
Sa Sa International Holdings Ltd.(2)
4,000 650 
Sands China Ltd.(2)
3,600 8,050 
Shun Tak Holdings Ltd.(2)
16,000 2,665 
Singamas Container Holdings Ltd.96,000 8,893 
Sino Land Co. Ltd.53,055 77,584 
SITC International Holdings Co. Ltd.20,000 50,717 
SJM Holdings Ltd.(1)(2)
14,000 4,882 
Sun Hung Kai & Co. Ltd.10,000 4,609 
Sun Hung Kai Properties Ltd.6,500 76,363 
SUNeVision Holdings Ltd.11,000 7,207 
Swire Pacific Ltd., Class A9,000 62,251 
Swire Properties Ltd.12,600 29,040 
Techtronic Industries Co. Ltd.5,500 64,868 
Texhong Textile Group Ltd.4,000 3,758 
Texwinca Holdings Ltd.4,000 711 
United Energy Group Ltd.212,000 26,160 
United Laboratories International Holdings Ltd.10,000 4,841 
Value Partners Group Ltd.(1)
10,000 2,933 
Vitasoy International Holdings Ltd.(1)(2)
6,000 9,396 
VSTECS Holdings Ltd.8,000 5,289 
VTech Holdings Ltd.3,700 25,162 
WH Group Ltd.229,423 156,311 
Wharf Real Estate Investment Co. Ltd.10,000 45,502 
Wynn Macau Ltd.(1)(2)
7,600 4,569 
Xinyi Electric Storage Holdings Ltd.(2)
16,000 11,868 
Xinyi Glass Holdings Ltd.31,000 57,254 
Yue Yuen Industrial Holdings Ltd.15,000 22,365 
3,357,115 
Ireland — 0.5%
AIB Group PLC(1)
10,809 24,520 
Bank of Ireland Group PLC16,880 104,007 
Cairn Homes PLC7,836 7,815 
CRH PLC4,906 181,167 
Dalata Hotel Group PLC(2)
3,681 12,893 
FBD Holdings PLC510 5,204 
Glanbia PLC5,229 66,545 
Glenveagh Properties PLC(2)
13,592 13,834 
Kerry Group PLC, A Shares888 91,572 
Kingspan Group PLC681 38,557 
Origin Enterprises PLC6,048 22,672 
Smurfit Kappa Group PLC4,033 135,225 
Uniphar PLC(2)
1,590 5,428 
709,439 
98


Avantis International Equity Fund
SharesValue
Israel — 1.1%
AFI Properties Ltd.174 $8,594 
Airport City Ltd.(2)
717 15,004 
Alony Hetz Properties & Investments Ltd.1,125 18,142 
Amot Investments Ltd.2,002 14,308 
Ashtrom Group Ltd.80 2,036 
AudioCodes Ltd.183 4,072 
Azrieli Group Ltd.181 15,015 
Bank Hapoalim BM10,153 105,261 
Bank Leumi Le-Israel BM9,847 104,095 
Bezeq The Israeli Telecommunication Corp. Ltd.18,393 31,009 
Big Shopping Centers Ltd.98 14,013 
Caesarstone Ltd.67 683 
Cellcom Israel Ltd.(2)
759 4,748 
Check Point Software Technologies Ltd.(2)
509 61,202 
Clal Insurance Enterprises Holdings Ltd.(2)
1,225 26,452 
Cognyte Software Ltd.(2)
134 699 
CyberArk Software Ltd.(2)
90 12,985 
Danel Adir Yeoshua Ltd.47 5,741 
Delek Automotive Systems Ltd.1,513 23,332 
Delek Group Ltd.(2)
84 14,590 
Delta Galil Industries Ltd.164 8,700 
Elbit Systems Ltd.111 23,697 
Elco Ltd.83 5,832 
Electra Consumer Products 1970 Ltd.158 7,305 
Electra Ltd.11 6,982 
Energix-Renewable Energies Ltd.281 1,281 
Equital Ltd.(2)
507 18,830 
Fattal Holdings 1998 Ltd.(2)
45 5,541 
FIBI Holdings Ltd.173 9,094 
First International Bank of Israel Ltd.813 37,834 
FMS Enterprises Migun Ltd.27 920 
Fox Wizel Ltd.130 18,871 
Gav-Yam Lands Corp. Ltd.433 4,411 
Gazit-Globe Ltd.640 4,166 
Harel Insurance Investments & Financial Services Ltd.1,656 18,829 
Hilan Ltd.298 18,132 
ICL Group Ltd.5,218 49,825 
IDI Insurance Co. Ltd.30 979 
Inmode Ltd.(2)
506 16,162 
Inrom Construction Industries Ltd.1,146 5,341 
Isracard Ltd.4,656 15,497 
Israel Corp. Ltd.(2)
34 16,434 
Israel Discount Bank Ltd., A Shares8,848 54,094 
Israel Land Development - Urban Renewal Ltd.808 14,399 
Ituran Location and Control Ltd.393 9,770 
Kamada Ltd.(2)
160 793 
Kenon Holdings Ltd.115 4,672 
Kornit Digital Ltd.(2)
40 1,243 
M Yochananof & Sons Ltd.68 4,277 
Matrix IT Ltd.212 5,564 
99


Avantis International Equity Fund
SharesValue
Maytronics Ltd.330 $4,741 
Mediterranean Towers Ltd.327 1,059 
Mega Or Holdings Ltd.162 5,603 
Melisron Ltd.83 6,778 
Menora Mivtachim Holdings Ltd.(2)
483 11,125 
Migdal Insurance & Financial Holdings Ltd.3,642 6,018 
Mivne Real Estate KD Ltd.3,933 14,434 
Mizrahi Tefahot Bank Ltd.1,239 50,391 
Nano Dimension Ltd., ADR(2)
1,645 4,886 
Neto Malinda Trading Ltd.(2)
370 14,328 
Nice Ltd., ADR(1)(2)
211 45,021 
Nova Ltd.(2)
180 17,663 
Novolog Ltd.5,599 5,401 
Oil Refineries Ltd.45,199 19,408 
One Software Technologies Ltd.600 11,062 
OPC Energy Ltd.(2)
1,847 22,022 
Partner Communications Co. Ltd.(2)
2,031 17,566 
Paz Oil Co. Ltd.(2)
218 28,575 
Perion Network Ltd.(2)
476 9,684 
Phoenix Holdings Ltd.2,948 35,561 
Property & Building Corp. Ltd.(2)
45 4,615 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.98 7,584 
Sapiens International Corp. NV45 1,012 
Scope Metals Group Ltd.181 9,073 
Shapir Engineering and Industry Ltd.867 8,282 
Shikun & Binui Ltd.(2)
1,826 8,257 
Shufersal Ltd.3,883 26,593 
Strauss Group Ltd.509 13,311 
Summit Real Estate Holdings Ltd.420 7,918 
Taro Pharmaceutical Industries Ltd.(2)
51 1,717 
Tel Aviv Stock Exchange Ltd.917 4,361 
Tera Light Ltd.(2)
69 132 
Teva Pharmaceutical Industries Ltd., ADR(2)
5,571 50,362 
Tower Semiconductor Ltd.(2)
396 18,562 
Wix.com Ltd.(2)
145 9,177 
YH Dimri Construction & Development Ltd.124 9,830 
ZIM Integrated Shipping Services Ltd.(1)
1,085 39,158 
1,422,726 
Italy — 2.0%
A2A SpA31,231 34,996 
ACEA SpA668 7,999 
Amplifon SpA1,006 26,217 
Arnoldo Mondadori Editore SpA2,193 3,580 
Ascopiave SpA1,761 4,561 
Assicurazioni Generali SpA4,497 65,956 
Atlantia SpA4,259 97,525 
Autogrill SpA(2)
2,820 18,496 
Azimut Holding SpA1,599 25,472 
Banca Generali SpA776 20,514 
Banca IFIS SpA489 5,839 
Banca Mediolanum SpA3,320 21,156 
100


Avantis International Equity Fund
SharesValue
Banca Monte dei Paschi di Siena SpA(1)(2)
639 $203 
Banca Popolare di Sondrio SCPA10,739 34,389 
Banco BPM SpA19,755 49,048 
BFF Bank SpA3,275 20,731 
Biesse SpA223 2,831 
BPER Banca24,612 37,008 
Brembo SpA1,664 15,261 
Brunello Cucinelli SpA735 38,067 
Buzzi Unicem SpA2,170 36,295 
Carel Industries SpA333 7,136 
Cementir Holding NV699 4,049 
CIR SpA-Compagnie Industriali(2)
10,844 4,551 
CNH Industrial NV9,034 109,990 
Credito Emiliano SpA1,683 9,730 
d'Amico International Shipping SA(2)
45,275 10,875 
Danieli & C Officine Meccaniche SpA239 4,393 
Danieli & C Officine Meccaniche SpA, Preference Shares502 6,379 
Davide Campari-Milano NV589 5,779 
De' Longhi SpA(1)
340 5,939 
DiaSorin SpA42 5,510 
Digital Value SpA(2)
81 5,402 
doValue SpA489 2,801 
Enav SpA(2)
4,093 16,921 
Enel SpA34,142 160,436 
Eni SpA, ADR(1)
6,764 159,766 
ERG SpA1,116 35,369 
Ferrari NV449 86,676 
Fila SpA454 3,426 
Fincantieri SpA(1)(2)
30,410 15,245 
FinecoBank Banca Fineco SpA5,445 58,873 
Gruppo MutuiOnline SpA307 7,575 
Hera SpA14,182 35,524 
Infrastrutture Wireless Italiane SpA103 955 
Interpump Group SpA205 7,235 
Intesa Sanpaolo SpA83,357 143,498 
Iren SpA25,168 37,927 
Italgas SpA14,060 72,320 
Iveco Group NV(2)
5,228 26,435 
Leonardo SpA4,135 33,840 
Maire Tecnimont SpA(1)
2,273 5,768 
MARR SpA738 8,667 
Mediobanca Banca di Credito Finanziario SpA4,737 37,498 
MFE-MediaForEurope NV, Class A(2)
9,573 4,061 
MFE-MediaForEurope NV, Class B(2)
7,657 4,454 
Moncler SpA1,518 67,538 
Nexi SpA(2)
501 4,110 
OVS SpA5,412 8,183 
Piaggio & C SpA2,541 6,207 
Poste Italiane SpA7,286 58,230 
Prysmian SpA1,858 57,009 
RAI Way SpA2,481 12,000 
101


Avantis International Equity Fund
SharesValue
Recordati Industria Chimica e Farmaceutica SpA641 $26,153 
Reply SpA152 17,893 
Safilo Group SpA(2)
2,082 2,917 
Saipem SpA(1)(2)
4,992 3,502 
Salvatore Ferragamo SpA(1)
973 15,650 
Sanlorenzo SpA/Ameglia180 5,655 
Saras SpA(2)
21,050 25,497 
Sesa SpA216 26,403 
Snam SpA28,121 133,656 
Stellantis NV15,665 208,666 
Technogym SpA1,602 10,986 
Telecom Italia SpA/Milano(2)
49,767 10,265 
Telecom Italia SpA/Milano, Preference Shares(2)
37,591 7,455 
Tenaris SA, ADR967 26,418 
Terna - Rete Elettrica Nazionale6,553 46,587 
UniCredit SpA14,864 145,457 
Unieuro SpA(1)
231 2,627 
Unipol Gruppo SpA5,271 22,073 
Webuild SpA(1)
6,794 9,541 
Zignago Vetro SpA498 5,668 
2,677,493 
Japan — 20.9%
77 Bank Ltd.900 11,481 
A&D HOLON Holdings Co. Ltd.200 1,369 
ABC-Mart, Inc.100 4,023 
Acom Co. Ltd.1,400 3,330 
ADEKA Corp.800 13,499 
Advantest Corp.1,300 73,626 
Aeon Co. Ltd.(1)
3,200 62,418 
Aeon Delight Co. Ltd.(1)
200 4,088 
AEON Financial Service Co. Ltd.(1)
2,700 27,730 
Aeon Mall Co. Ltd.(1)
2,500 29,818 
AGC, Inc.2,600 88,241 
Ai Holdings Corp.100 1,530 
Aichi Bank Ltd.200 8,318 
Aida Engineering Ltd.200 1,232 
Aiful Corp.3,700 10,439 
Ain Holdings, Inc.400 22,861 
Air Water, Inc.3,300 41,283 
Aisan Industry Co. Ltd.1,000 5,237 
Aisin Corp.2,000 59,469 
Ajinomoto Co., Inc.2,400 66,336 
Akatsuki, Inc.100 1,700 
Alconix Corp.100 1,017 
Alfresa Holdings Corp.(1)
2,100 25,130 
Alpen Co. Ltd.(1)
400 6,021 
Alps Alpine Co. Ltd.(1)
3,200 28,627 
Altech Corp.300 4,020 
Amada Co. Ltd.6,300 49,294 
Amano Corp.1,300 24,048 
Amvis Holdings, Inc.200 7,932 
102


Avantis International Equity Fund
SharesValue
ANA Holdings, Inc.(2)
700 $13,458 
Anritsu Corp.2,300 27,112 
AOKI Holdings, Inc.100 506 
Aoyama Trading Co. Ltd.1,700 11,279 
Aozora Bank Ltd.1,900 36,675 
Arata Corp.400 11,852 
Arcland Sakamoto Co. Ltd.(1)
900 9,651 
Arcs Co. Ltd.(1)
800 11,698 
Argo Graphics, Inc.700 19,481 
Arisawa Manufacturing Co. Ltd.200 1,909 
ARTERIA Networks Corp.100 935 
ArtSpark Holdings, Inc.900 6,020 
Aruhi Corp.(2)
200 1,515 
AS One Corp.200 9,173 
Asahi Co. Ltd.300 2,865 
Asahi Diamond Industrial Co. Ltd.1,700 9,486 
Asahi Group Holdings Ltd.1,100 36,881 
Asahi Intecc Co. Ltd.200 3,558 
Asahi Kasei Corp.13,700 100,117 
ASAHI YUKIZAI Corp.500 8,229 
Asanuma Corp.200 4,053 
Asics Corp.1,600 29,255 
ASKA Pharmaceutical Holdings Co. Ltd.500 4,248 
ASKUL Corp.400 5,284 
Astellas Pharma, Inc.9,200 130,436 
Astena Holdings Co. Ltd.1,500 4,815 
Aucnet, Inc.(1)
1,000 15,509 
Autobacs Seven Co. Ltd.500 5,125 
Avant Corp.1,200 12,979 
Awa Bank Ltd.(1)
300 4,089 
Axial Retailing, Inc.600 14,975 
Azbil Corp.100 2,849 
Bandai Namco Holdings, Inc.1,700 127,562 
Bando Chemical Industries Ltd.200 1,449 
Bank of Iwate Ltd.(1)
200 2,678 
Bank of Kyoto Ltd.700 27,284 
Bank of Nagoya Ltd.200 4,448 
Bank of the Ryukyus Ltd.(1)
900 5,014 
BayCurrent Consulting, Inc.100 29,387 
Belc Co. Ltd.400 16,037 
Belluna Co. Ltd.800 4,240 
Benefit One, Inc.400 5,922 
Benesse Holdings, Inc.1,100 17,290 
Bic Camera, Inc.(1)
2,200 18,009 
BIPROGY, Inc1,200 26,576 
BML, Inc.400 10,236 
Bridgestone Corp.4,400 168,846 
Brother Industries Ltd.4,200 80,378 
Bunka Shutter Co. Ltd.700 5,369 
C Uyemura & Co. Ltd.400 18,720 
Calbee, Inc.1,300 25,797 
103


Avantis International Equity Fund
SharesValue
Canon Marketing Japan, Inc.400 $9,071 
Canon, Inc., ADR(1)
2,778 66,339 
Capcom Co. Ltd.1,800 49,130 
Carenet, Inc.800 6,851 
Casio Computer Co. Ltd.(1)
700 6,611 
Cawachi Ltd.200 3,037 
Central Glass Co. Ltd.1,000 24,127 
Central Japan Railway Co.400 47,092 
Chiba Bank Ltd.5,400 29,170 
Chubu Electric Power Co., Inc.3,500 35,591 
Chubu Shiryo Co. Ltd.400 3,088 
Chudenko Corp.200 3,056 
Chugai Pharmaceutical Co. Ltd.4,000 103,232 
Chugoku Bank Ltd.(1)
3,300 22,102 
Chugoku Electric Power Co., Inc.(1)
300 1,799 
Citizen Watch Co. Ltd.(1)
6,900 29,481 
CKD Corp.1,200 15,787 
CMIC Holdings Co. Ltd.400 4,750 
CMK Corp.200 672 
Coca-Cola Bottlers Japan Holdings, Inc.2,400 24,545 
COLOPL, Inc.600 3,032 
Colowide Co. Ltd.500 6,722 
Computer Engineering & Consulting Ltd.300 2,772 
COMSYS Holdings Corp.(1)
1,500 27,858 
Comture Corp.200 3,484 
Concordia Financial Group Ltd.10,200 32,347 
Cosmo Energy Holdings Co. Ltd.2,100 62,876 
Cosmos Pharmaceutical Corp.200 21,065 
Create Restaurants Holdings, Inc.(1)
2,400 15,711 
Create SD Holdings Co. Ltd.200 4,485 
Credit Saison Co. Ltd.3,400 42,775 
CTI Engineering Co. Ltd.200 3,742 
CyberAgent, Inc.5,700 55,571 
Cybozu, Inc.200 1,929 
Dai Nippon Printing Co. Ltd.1,200 25,259 
Dai-Dan Co. Ltd.200 3,195 
Dai-ichi Life Holdings, Inc.8,400 145,135 
Daicel Corp.(1)
5,200 32,657 
Daido Steel Co. Ltd.(1)
200 5,610 
Daifuku Co. Ltd.500 29,169 
Daiho Corp.400 11,639 
Daiichi Jitsugyo Co. Ltd.200 5,497 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.200 1,900 
Daiichi Sankyo Co. Ltd.9,000 270,466 
Daikin Industries Ltd.800 139,654 
Daikokutenbussan Co. Ltd.200 8,493 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.400 5,144 
Daio Paper Corp.(1)
800 7,478 
Daiseki Co. Ltd.360 10,796 
Daishi Hokuetsu Financial Group, Inc.900 16,933 
Daito Pharmaceutical Co. Ltd.200 3,816 
104


Avantis International Equity Fund
SharesValue
Daito Trust Construction Co. Ltd.800 $78,702 
Daiwa House Industry Co. Ltd.2,500 55,893 
Daiwa Securities Group, Inc.(1)
11,500 50,200 
Daiwabo Holdings Co. Ltd.1,000 14,077 
DCM Holdings Co. Ltd.(1)
1,000 7,416 
DeNA Co. Ltd.400 5,474 
Denka Co. Ltd.1,800 43,121 
Denso Corp.1,000 54,581 
Dentsu Group, Inc.1,900 61,190 
Denyo Co. Ltd.200 2,344 
Dexerials Corp.1,400 38,925 
DIC Corp.1,600 28,689 
Digital Arts, Inc.100 4,647 
Digital Garage, Inc.600 16,725 
Dip Corp.300 7,759 
Disco Corp.300 72,843 
DMG Mori Co. Ltd.1,700 22,063 
Doshisha Co. Ltd.400 4,373 
Doutor Nichires Holdings Co. Ltd.300 3,470 
Dowa Holdings Co. Ltd.900 33,925 
Dream Incubator, Inc.(2)
300 4,305 
DTS Corp.300 7,729 
Duskin Co. Ltd.1,000 20,614 
DyDo Group Holdings, Inc.200 6,673 
Eagle Industry Co. Ltd.200 1,680 
Earth Corp.100 3,912 
East Japan Railway Co.900 46,617 
Ebara Corp.1,600 60,611 
EDION Corp.(1)
2,400 20,645 
Eiken Chemical Co. Ltd.600 8,200 
Eisai Co. Ltd.3,100 126,397 
Eizo Corp.200 5,444 
Electric Power Development Co. Ltd.(1)
3,800 58,536 
en Japan, Inc.500 8,545 
ENEOS Holdings, Inc.37,900 143,221 
Enigmo, Inc.600 2,370 
eRex Co. Ltd.500 10,050 
ESPEC Corp.200 2,614 
Exedy Corp.500 6,442 
EXEO Group, Inc.1,400 21,479 
Ezaki Glico Co. Ltd.900 23,418 
F.C.C. Co. Ltd.1,500 15,525 
Fancl Corp.300 6,066 
FANUC Corp.200 32,220 
Fast Retailing Co. Ltd.(1)
300 175,419 
Ferrotec Holdings Corp.1,200 27,314 
Fields Corp.600 5,814 
Financial Products Group Co. Ltd.1,800 16,161 
Food & Life Cos. Ltd.800 12,589 
Foster Electric Co. Ltd.100 558 
FP Corp.800 18,780 
105


Avantis International Equity Fund
SharesValue
France Bed Holdings Co. Ltd.200 $1,418 
Fudo Tetra Corp.100 1,126 
Fuji Electric Co. Ltd.1,500 64,803 
Fuji Kyuko Co. Ltd.200 5,884 
Fuji Media Holdings, Inc.600 4,748 
Fuji Seal International, Inc.800 8,874 
Fuji Soft, Inc.200 11,677 
Fujibo Holdings, Inc.100 2,595 
Fujicco Co. Ltd.200 2,802 
FUJIFILM Holdings Corp.1,100 55,843 
Fujikura Composites, Inc.700 5,140 
Fujikura Ltd.5,100 36,217 
Fujimi, Inc.200 9,573 
Fujimori Kogyo Co. Ltd.200 5,060 
Fujitec Co. Ltd.600 12,092 
Fujitsu Ltd.1,500 176,510 
Fujiya Co. Ltd.300 5,125 
Fukuda Corp.200 7,060 
Fukui Computer Holdings, Inc.100 2,547 
Fukuoka Financial Group, Inc.2,900 51,822 
Fukushima Galilei Co. Ltd.200 5,217 
Fukuyama Transporting Co. Ltd.200 4,542 
FULLCAST Holdings Co. Ltd.300 5,249 
Funai Soken Holdings, Inc.200 3,426 
Furukawa Co. Ltd.300 2,720 
Furukawa Electric Co. Ltd.300 5,255 
Furuno Electric Co. Ltd.100 805 
Furyu Corp.700 5,106 
Fuso Chemical Co. Ltd.200 5,053 
Futaba Industrial Co. Ltd.200 517 
Future Corp.600 7,300 
Fuyo General Lease Co. Ltd.300 17,716 
G-7 Holdings, Inc.200 2,144 
G-Tekt Corp.100 1,000 
Genky DrugStores Co. Ltd.(1)
200 5,259 
Geo Holdings Corp.500 5,926 
GLOBERIDE, Inc.400 7,839 
Glory Ltd.1,100 17,368 
GMO Financial Holdings, Inc.(1)
1,200 6,529 
GMO Internet, Inc.400 7,378 
GMO Payment Gateway, Inc.100 7,930 
Goldcrest Co. Ltd.500 6,230 
Goldwin, Inc.600 35,730 
GS Yuasa Corp.800 14,517 
GungHo Online Entertainment, Inc.1,400 23,119 
Gunma Bank Ltd.(1)
8,300 23,211 
Gunze Ltd.100 2,826 
H.U. Group Holdings, Inc.1,400 28,436 
H2O Retailing Corp.3,200 22,545 
Hachijuni Bank Ltd.8,200 28,120 
Hakuhodo DY Holdings, Inc.3,600 32,117 
106


Avantis International Equity Fund
SharesValue
Hakuto Co. Ltd.700 $16,630 
Halows Co. Ltd.(1)
200 4,392 
Hamakyorex Co. Ltd.200 4,554 
Hamamatsu Photonics KK1,100 46,639 
Hankyu Hanshin Holdings, Inc.1,200 35,986 
Hanwa Co. Ltd.1,000 24,739 
Happinet Corp.600 6,952 
Haseko Corp.5,200 59,588 
Hazama Ando Corp.1,100 6,822 
Heiwa Corp.700 10,649 
Heiwa Real Estate Co. Ltd.800 22,559 
Heiwado Co. Ltd.(1)
400 5,717 
Hikari Tsushin, Inc.200 25,285 
Hino Motors Ltd.5,000 22,811 
Hirata Corp.100 3,260 
Hirogin Holdings, Inc.(1)
3,100 13,641 
Hirose Electric Co. Ltd.300 42,509 
Hisamitsu Pharmaceutical Co., Inc.(1)
200 4,843 
Hitachi Construction Machinery Co. Ltd.1,500 30,836 
Hitachi Ltd.2,800 139,894 
Hitachi Metals Ltd.(2)
400 6,019 
Hitachi Transport System Ltd.500 31,566 
Hitachi Zosen Corp.4,300 27,144 
Hogy Medical Co. Ltd.100 2,501 
Hokkaido Electric Power Co., Inc.5,900 21,656 
Hokko Chemical Industry Co. Ltd.200 1,519 
Hokkoku Financial Holdings, Inc.400 14,152 
Hokuetsu Corp.3,800 20,450 
Hokuetsu Industries Co. Ltd.100 691 
Hokuhoku Financial Group, Inc.3,100 18,420 
Hokuriku Electric Power Co.2,600 9,532 
Hokuto Corp.200 2,766 
Honda Motor Co. Ltd., ADR8,429 223,537 
Hoosiers Holdings Co. Ltd.200 1,160 
Horiba Ltd.900 40,998 
Hoshizaki Corp.600 17,825 
Hosiden Corp.800 9,089 
Hosokawa Micron Corp.200 3,776 
House Foods Group, Inc.(1)
200 4,243 
Hoya Corp.1,184 120,740 
HS Holdings Co. Ltd.200 1,673 
Hulic Co. Ltd.5,800 43,952 
Hyakugo Bank Ltd.3,700 8,467 
Hyakujushi Bank Ltd.200 2,440 
I'rom Group Co. Ltd.300 5,193 
I-Net Corp./Kanagawa100 967 
I-PEX, Inc.200 1,968 
Ibiden Co. Ltd.1,400 44,435 
Icom, Inc.200 3,816 
Idec Corp.800 16,713 
Idemitsu Kosan Co. Ltd.(1)
3,600 94,922 
107


Avantis International Equity Fund
SharesValue
IDOM, Inc.(1)
900 $5,327 
IHI Corp.3,200 85,460 
Iida Group Holdings Co. Ltd.(1)
1,100 16,756 
Iino Kaiun Kaisha Ltd.1,700 9,990 
Inaba Denki Sangyo Co. Ltd.600 11,832 
Inabata & Co. Ltd.(1)
400 6,999 
Ines Corp.100 1,116 
Infocom Corp.200 2,897 
Infomart Corp.200 599 
Information Services International-Dentsu Ltd.400 12,984 
INFRONEER Holdings, Inc.2,484 17,756 
INPEX Corp.11,800 135,637 
Insource Co. Ltd.800 16,054 
Intage Holdings, Inc.600 6,890 
Internet Initiative Japan, Inc.1,000 36,116 
IR Japan Holdings Ltd.100 1,834 
Iseki & Co. Ltd.500 4,549 
Isetan Mitsukoshi Holdings Ltd.3,400 26,867 
Ishihara Sangyo Kaisha Ltd.900 7,233 
Isuzu Motors Ltd.8,000 99,357 
Ito En Ltd.500 21,944 
ITOCHU Corp.5,000 137,604 
Itochu Enex Co. Ltd.600 4,707 
Itochu Techno-Solutions Corp.500 12,619 
Itoham Yonekyu Holdings, Inc.900 4,352 
IwaiCosmo Holdings, Inc.100 902 
Iwatani Corp.1,000 40,802 
Iyo Bank Ltd.4,300 19,996 
Izumi Co. Ltd.(1)
500 10,791 
J Front Retailing Co. Ltd.(1)
5,800 45,968 
J Trust Co. Ltd.1,200 5,307 
JAC Recruitment Co. Ltd.300 4,246 
Jaccs Co. Ltd.500 13,750 
JAFCO Group Co. Ltd.2,100 30,392 
Japan Airlines Co. Ltd.(2)
200 3,658 
Japan Airport Terminal Co. Ltd.(2)
200 8,253 
Japan Aviation Electronics Industry Ltd.600 10,034 
Japan Elevator Service Holdings Co. Ltd.500 6,667 
Japan Exchange Group, Inc.3,200 47,687 
Japan Investment Adviser Co. Ltd.400 3,872 
Japan Lifeline Co. Ltd.1,300 9,437 
Japan Material Co. Ltd.500 6,920 
Japan Petroleum Exploration Co. Ltd.700 19,943 
Japan Post Bank Co. Ltd.700 5,103 
Japan Post Holdings Co. Ltd.15,400 106,241 
Japan Post Insurance Co. Ltd.3,400 52,080 
Japan Pulp & Paper Co. Ltd.200 6,273 
Japan Securities Finance Co. Ltd.(1)
700 4,181 
Japan Steel Works Ltd.600 12,810 
Japan Wool Textile Co. Ltd.700 5,145 
JCR Pharmaceuticals Co. Ltd.1,100 17,053 
108


Avantis International Equity Fund
SharesValue
JCU Corp.200 $4,715 
JDC Corp.200 868 
Jeol Ltd.800 32,041 
JFE Holdings, Inc.(1)
6,200 66,610 
JGC Holdings Corp.3,100 41,771 
JINS Holdings, Inc.100 3,050 
JINUSHI Co. Ltd.300 4,317 
Joshin Denki Co. Ltd.300 4,133 
Joyful Honda Co. Ltd.900 11,227 
JSB Co. Ltd.200 4,984 
JSR Corp.2,500 55,767 
JTEKT Corp.3,900 27,454 
Juki Corp.1,000 5,065 
Juroku Financial Group, Inc.500 8,847 
Justsystems Corp.600 15,064 
JVCKenwood Corp.4,600 6,753 
K's Holdings Corp.2,800 25,798 
Kadokawa Corp.400 8,670 
Kaga Electronics Co. Ltd.100 2,960 
Kagome Co. Ltd.800 17,645 
Kajima Corp.6,100 64,187 
Kakaku.com, Inc.800 14,726 
Kameda Seika Co. Ltd.100 3,267 
Kamigumi Co. Ltd.900 17,612 
Kanamoto Co. Ltd.600 9,237 
Kandenko Co. Ltd.900 5,416 
Kaneka Corp.1,300 34,868 
Kanematsu Corp.1,600 17,309 
Kanematsu Electronics Ltd.200 6,101 
Kansai Electric Power Co., Inc.4,500 43,612 
Kansai Paint Co. Ltd.300 4,598 
Kanto Denka Kogyo Co. Ltd.1,200 8,621 
Kao Corp.2,500 108,251 
Kasai Kogyo Co. Ltd.(2)
200 342 
Kato Sangyo Co. Ltd.700 17,215 
Kawasaki Heavy Industries Ltd.3,300 64,047 
Kawasaki Kisen Kaisha Ltd.(1)
600 37,961 
KDDI Corp.10,800 330,492 
KeePer Technical Laboratory Co. Ltd.300 8,806 
Keihan Holdings Co. Ltd.600 15,213 
Keihanshin Building Co. Ltd.300 2,708 
Keikyu Corp.300 3,083 
Keio Corp.200 7,610 
Keisei Electric Railway Co. Ltd.500 13,948 
KEIWA, Inc.200 6,311 
Keiyo Bank Ltd.1,500 5,216 
Kewpie Corp.1,400 23,001 
Keyence Corp.200 75,095 
KFC Holdings Japan Ltd.700 14,080 
KH Neochem Co. Ltd.800 14,722 
Kikkoman Corp.300 18,345 
109


Avantis International Equity Fund
SharesValue
Kinden Corp.1,300 $13,718 
Kintetsu Group Holdings Co. Ltd.600 20,374 
Kirin Holdings Co. Ltd.3,300 54,324 
Kissei Pharmaceutical Co. Ltd.400 7,122 
Kitanotatsujin Corp.(1)
200 341 
Kito Corp.100 1,940 
Kitz Corp.900 5,248 
Kiyo Bank Ltd.1,000 10,746 
Koa Corp.500 8,455 
Koatsu Gas Kogyo Co. Ltd.200 961 
Kobe Bussan Co. Ltd.1,200 30,558 
Kobe Steel Ltd.6,200 28,210 
Koei Tecmo Holdings Co. Ltd.(1)
260 8,717 
Kohnan Shoji Co. Ltd.(1)
500 12,394 
Koito Manufacturing Co. Ltd.500 17,082 
Kojima Co. Ltd.1,100 5,043 
Kokuyo Co. Ltd.500 6,440 
Komatsu Ltd.5,300 110,869 
KOMEDA Holdings Co. Ltd.800 13,200 
Komeri Co. Ltd.1,100 20,659 
Komori Corp.100 552 
Konami Group Corp.900 45,675 
Konica Minolta, Inc.(1)
10,200 35,317 
Konishi Co. Ltd.400 4,680 
Konoike Transport Co. Ltd.400 3,796 
Kotobuki Spirits Co. Ltd.100 5,758 
Kubota Corp.4,700 72,992 
Kumagai Gumi Co. Ltd.900 17,218 
Kumiai Chemical Industry Co. Ltd.2,900 22,595 
Kurabo Industries Ltd.200 3,051 
Kuraray Co. Ltd.7,000 53,171 
Kureha Corp.500 33,577 
Kurita Water Industries Ltd.1,100 42,798 
Kusuri no Aoki Holdings Co. Ltd.400 17,644 
KYB Corp.300 7,096 
Kyocera Corp.1,500 83,376 
Kyokuto Kaihatsu Kogyo Co. Ltd.400 3,925 
Kyokuyo Co. Ltd.200 5,234 
Kyowa Kirin Co. Ltd.1,500 33,622 
Kyudenko Corp.300 6,039 
Kyushu Electric Power Co., Inc.4,800 28,848 
Kyushu Financial Group, Inc.2,500 6,828 
Kyushu Railway Co.1,100 23,139 
Lasertec Corp.300 41,534 
Lawson, Inc.(1)
1,100 36,455 
LEC, Inc.400 2,182 
Lintec Corp.500 8,333 
Lion Corp.600 7,005 
Lixil Corp.(1)
4,200 73,036 
M&A Capital Partners Co. Ltd.(2)
100 2,468 
m-up Holdings, Inc.900 9,311 
110


Avantis International Equity Fund
SharesValue
M3, Inc.2,000 $64,064 
Mabuchi Motor Co. Ltd.100 2,839 
Macnica Holdings, Inc.800 17,165 
Maeda Kosen Co. Ltd.400 9,287 
Makino Milling Machine Co. Ltd.600 18,933 
Makita Corp.800 18,811 
Mani, Inc.(1)
200 2,507 
Marubeni Corp.12,600 131,321 
Marudai Food Co. Ltd.200 2,268 
Maruha Nichiro Corp.800 14,305 
Marui Group Co. Ltd.(1)
2,200 39,458 
Maruichi Steel Tube Ltd.200 4,264 
MARUKA FURUSATO Corp.500 12,186 
Marusan Securities Co. Ltd.1,100 3,772 
Maruwa Co. Ltd.(1)
300 37,739 
Maruwa Unyu Kikan Co. Ltd.(1)
400 4,810 
Maruzen Showa Unyu Co. Ltd.200 4,567 
Marvelous, Inc.900 4,385 
Matsui Securities Co. Ltd.1,500 8,545 
MatsukiyoCocokara & Co.100 3,968 
Maxell Ltd.1,400 14,849 
Mazda Motor Corp.10,700 94,760 
McDonald's Holdings Co. Japan Ltd.700 25,020 
Mebuki Financial Group, Inc.11,100 21,274 
Media Do Co. Ltd.200 2,942 
Medipal Holdings Corp.1,500 20,523 
MedPeer, Inc.(1)(2)
200 2,274 
Megmilk Snow Brand Co. Ltd.800 9,860 
Meidensha Corp.400 5,734 
MEIJI Holdings Co. Ltd.1,400 66,694 
Meiko Electronics Co. Ltd.(1)
400 9,293 
Meitec Corp.1,500 26,373 
Menicon Co. Ltd.1,100 26,409 
Mercari, Inc.(2)
600 9,663 
Micronics Japan Co. Ltd.1,300 13,317 
Milbon Co. Ltd.100 4,212 
Mimasu Semiconductor Industry Co. Ltd.100 1,521 
MINEBEA MITSUMI, Inc.4,200 72,186 
MIRAIT ONE Corp.1,000 11,239 
Miroku Jyoho Service Co. Ltd.200 2,214 
MISUMI Group, Inc.1,500 36,819 
Mitsuba Corp.200 636 
Mitsubishi Chemical Group Corp.15,300 80,324 
Mitsubishi Corp.8,800 288,118 
Mitsubishi Electric Corp.7,100 71,782 
Mitsubishi Estate Co. Ltd.4,300 57,908 
Mitsubishi Gas Chemical Co., Inc.2,300 34,187 
Mitsubishi HC Capital, Inc.12,330 59,754 
Mitsubishi Heavy Industries Ltd.4,900 188,898 
Mitsubishi Logisnext Co. Ltd.400 2,396 
Mitsubishi Logistics Corp.(1)
1,000 25,984 
111


Avantis International Equity Fund
SharesValue
Mitsubishi Materials Corp.1,000 $14,925 
Mitsubishi Motors Corp.(2)
5,700 22,801 
Mitsubishi Research Institute, Inc.400 11,975 
Mitsubishi Shokuhin Co. Ltd.400 9,818 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
57,383 295,522 
Mitsuboshi Belting Ltd.(1)
1,000 22,989 
Mitsui & Co. Ltd.9,200 215,916 
Mitsui Chemicals, Inc.3,500 78,629 
Mitsui DM Sugar Holdings Co. Ltd.100 1,346 
Mitsui Fudosan Co. Ltd.4,100 82,986 
Mitsui High-Tec, Inc.300 18,554 
Mitsui Matsushima Holdings Co. Ltd.(1)
500 13,091 
Mitsui Mining & Smelting Co. Ltd.1,800 42,508 
Mitsui OSK Lines Ltd.(1)
3,000 78,161 
Mitsui-Soko Holdings Co. Ltd.1,000 24,170 
Mitsuuroko Group Holdings Co. Ltd.400 2,825 
Miura Co. Ltd.200 4,243 
Mixi, Inc.300 5,151 
Miyazaki Bank Ltd.300 4,795 
Mizuho Financial Group, Inc., ADR(1)
58,107 133,065 
Mizuho Leasing Co. Ltd.800 19,323 
Mizuho Medy Co. Ltd.300 6,431 
Mizuno Corp.400 7,696 
Mochida Pharmaceutical Co. Ltd.100 2,462 
Modec, Inc.(2)
100 1,037 
Monex Group, Inc.(1)
3,700 13,195 
Monogatari Corp.400 20,284 
MonotaRO Co. Ltd.800 14,354 
Morinaga & Co. Ltd.700 19,994 
Morinaga Milk Industry Co. Ltd.700 21,403 
Moriroku Holdings Co. Ltd.(1)
400 5,072 
Morita Holdings Corp.600 5,459 
MOS Food Services, Inc.800 18,261 
MrMax Holdings Ltd.400 1,822 
MS&AD Insurance Group Holdings, Inc.4,300 128,294 
Murata Manufacturing Co. Ltd.3,400 183,078 
Musashi Seimitsu Industry Co. Ltd.(1)
700 8,480 
Musashino Bank Ltd.400 4,876 
Nabtesco Corp.2,200 52,097 
Nachi-Fujikoshi Corp.200 5,426 
Nagase & Co. Ltd.1,100 15,786 
Nagoya Railroad Co. Ltd.1,500 23,206 
Nakanishi, Inc.1,100 21,330 
Nankai Electric Railway Co. Ltd.600 11,935 
Nanto Bank Ltd.500 7,047 
NEC Corp.3,300 120,356 
Nexon Co. Ltd.1,200 23,895 
Nextage Co. Ltd.900 19,540 
NGK Insulators Ltd.3,700 52,827 
NGK Spark Plug Co. Ltd.2,100 43,087 
NH Foods Ltd.1,500 42,938 
112


Avantis International Equity Fund
SharesValue
NHK Spring Co. Ltd.4,400 $29,718 
Nichias Corp.1,000 17,269 
Nichicon Corp.1,400 14,725 
Nichiha Corp.1,300 25,906 
Nichirei Corp.1,800 32,179 
Nichireki Co. Ltd.100 977 
Nidec Corp.823 54,674 
Nifco, Inc.1,200 27,084 
Nihon Dempa Kogyo Co. Ltd.200 2,173 
Nihon Flush Co. Ltd.400 2,727 
Nihon Kohden Corp.1,300 29,689 
Nihon M&A Center Holdings, Inc.1,000 12,393 
Nihon Parkerizing Co. Ltd.2,300 15,831 
Nihon Plast Co. Ltd.200 650 
Nikkon Holdings Co. Ltd.1,400 23,698 
Nikon Corp.3,800 43,378 
Nintendo Co. Ltd.400 163,739 
Nippn Corp.700 7,895 
Nippon Carbon Co. Ltd.100 2,942 
Nippon Chemi-Con Corp.(2)
500 6,553 
Nippon Coke & Engineering Co. Ltd.7,500 5,427 
Nippon Denko Co. Ltd.2,400 6,370 
Nippon Densetsu Kogyo Co. Ltd.2,100 27,021 
Nippon Electric Glass Co. Ltd.1,600 30,133 
NIPPON EXPRESS HOLDINGS, Inc.1,400 77,032 
Nippon Gas Co. Ltd.600 9,551 
Nippon Kayaku Co. Ltd.1,500 13,032 
Nippon Koei Co. Ltd.200 5,122 
Nippon Light Metal Holdings Co. Ltd.1,160 13,348 
Nippon Paint Holdings Co. Ltd.2,500 19,281 
Nippon Paper Industries Co. Ltd.1,900 12,397 
Nippon Parking Development Co. Ltd.3,300 3,814 
Nippon Pillar Packing Co. Ltd.200 3,723 
Nippon Road Co. Ltd.(1)
200 8,903 
Nippon Sanso Holdings Corp.1,100 20,006 
Nippon Seiki Co. Ltd.400 2,365 
Nippon Sheet Glass Co. Ltd.(2)
1,300 4,957 
Nippon Shinyaku Co. Ltd.300 16,410 
Nippon Shokubai Co. Ltd.800 31,723 
Nippon Signal Co. Ltd.100 668 
Nippon Soda Co. Ltd.700 23,147 
Nippon Steel Corp.9,800 154,802 
Nippon Steel Trading Corp.200 7,695 
Nippon Suisan Kaisha Ltd.5,600 22,915 
Nippon Telegraph & Telephone Corp.8,600 233,097 
Nippon Television Holdings, Inc.800 6,798 
Nippon Yakin Kogyo Co. Ltd.200 4,129 
Nippon Yusen KK(1)
2,400 183,058 
Nipro Corp.3,400 27,680 
Nishi-Nippon Financial Holdings, Inc.1,800 9,550 
Nishi-Nippon Railroad Co. Ltd.1,000 20,692 
113


Avantis International Equity Fund
SharesValue
Nishimatsu Construction Co. Ltd.(1)
700 $20,327 
Nishimatsuya Chain Co. Ltd.800 9,370 
Nishio Rent All Co. Ltd.300 6,259 
Nissan Chemical Corp.1,100 55,421 
Nissan Motor Co. Ltd.16,300 64,127 
Nissan Shatai Co. Ltd.1,400 7,736 
Nissha Co. Ltd.700 9,103 
Nisshin Oillio Group Ltd.300 7,021 
Nisshin Seifun Group, Inc.(1)
1,800 20,257 
Nisshinbo Holdings, Inc.3,200 24,763 
Nissin Electric Co. Ltd.500 5,328 
Nissin Foods Holdings Co. Ltd.300 21,464 
Nitori Holdings Co. Ltd.400 38,241 
Nittetsu Mining Co. Ltd.200 8,857 
Nitto Denko Corp.1,800 110,939 
Nitto Kogyo Corp.(1)
400 7,379 
Nittoc Construction Co. Ltd.200 1,297 
Noevir Holdings Co. Ltd.100 4,143 
NOF Corp.200 7,579 
Nohmi Bosai Ltd.800 9,468 
Nojima Corp.1,200 24,177 
NOK Corp.1,200 10,665 
Nomura Co. Ltd.100 677 
Nomura Micro Science Co. Ltd.(1)
200 5,275 
Noritake Co. Ltd./Nagoya Japan100 3,006 
Noritz Corp.300 3,327 
North Pacific Bank Ltd.3,000 4,966 
NS Solutions Corp.200 5,441 
NS United Kaiun Kaisha Ltd.400 13,794 
NSD Co. Ltd.300 5,392 
NSK Ltd.(1)
2,500 13,552 
NTN Corp.(2)
4,600 8,708 
NTT Data Corp.4,200 59,104 
Obara Group, Inc.(1)
200 4,733 
Obayashi Corp.9,600 66,399 
Obic Co. Ltd.100 14,790 
Odakyu Electric Railway Co. Ltd.700 9,563 
Ogaki Kyoritsu Bank Ltd.400 4,961 
Oiles Corp.400 4,329 
Oisix ra daichi, Inc.(1)(2)
300 4,081 
Oji Holdings Corp.15,300 61,045 
Okamoto Machine Tool Works Ltd.200 5,766 
Okamura Corp.1,600 15,278 
Okasan Securities Group, Inc.1,000 2,398 
Oki Electric Industry Co. Ltd.1,000 5,396 
Okinawa Cellular Telephone Co.300 11,230 
Okinawa Electric Power Co., Inc.(1)
915 7,461 
Okinawa Financial Group, Inc.400 6,140 
OKUMA Corp.400 15,118 
Okumura Corp.500 10,531 
Okura Industrial Co. Ltd.(1)
400 5,319 
114


Avantis International Equity Fund
SharesValue
Okuwa Co. Ltd.100 $654 
Olympus Corp.7,100 151,210 
Omron Corp.300 15,788 
Ono Pharmaceutical Co. Ltd.3,500 83,546 
Onward Holdings Co. Ltd.(1)
1,000 1,972 
Open House Group Co. Ltd.600 23,483 
Optim Corp.(2)
200 1,265 
Oracle Corp. (Tokyo)400 23,829 
Organo Corp.300 19,955 
Orient Corp.15,400 13,467 
Oriental Land Co. Ltd.200 29,817 
Oriental Shiraishi Corp.1,400 2,532 
ORIX Corp., ADR1,839 151,442 
Osaka Gas Co. Ltd.800 13,475 
Osaka Organic Chemical Industry Ltd.200 3,682 
Osaka Soda Co. Ltd.(1)
200 5,428 
OSAKA Titanium Technologies Co. Ltd.(1)(2)
1,400 31,919 
OSG Corp.1,800 24,788 
Otsuka Corp.400 12,930 
Otsuka Holdings Co. Ltd.2,100 68,591 
Outsourcing, Inc.1,100 9,548 
Pacific Industrial Co. Ltd.700 5,450 
Pack Corp.100 1,650 
PALTAC Corp.200 5,753 
Pan Pacific International Holdings Corp.2,800 50,276 
Panasonic Holdings Corp.15,700 127,396 
Paramount Bed Holdings Co. Ltd.1,200 22,610 
Park24 Co. Ltd.(2)
1,700 24,223 
Penta-Ocean Construction Co. Ltd.4,700 24,803 
PeptiDream, Inc.(2)
300 3,577 
Persol Holdings Co. Ltd.1,300 26,096 
Pharma Foods International Co. Ltd.(1)
300 3,220 
Pigeon Corp.1,000 14,895 
Pilot Corp.700 25,055 
Piolax, Inc.700 10,127 
Plenus Co. Ltd.(1)
200 2,745 
Pola Orbis Holdings, Inc.300 3,309 
Pole To Win Holdings, Inc.100 727 
Premium Group Co. Ltd.600 7,443 
Press Kogyo Co. Ltd.2,300 7,275 
Prestige International, Inc.2,200 10,567 
Prima Meat Packers Ltd.500 7,804 
Raccoon Holdings, Inc.(1)
300 2,987 
Raito Kogyo Co. Ltd.1,300 17,264 
Raiznext Corp.700 6,044 
Rakus Co. Ltd.400 4,708 
Rakuten Group, Inc.5,200 25,237 
Recruit Holdings Co. Ltd.6,000 190,744 
Relia, Inc.500 3,628 
Relo Group, Inc.2,000 32,149 
Renesas Electronics Corp.(2)
5,700 53,971 
115


Avantis International Equity Fund
SharesValue
Rengo Co. Ltd.(1)
3,800 $22,388 
RENOVA, Inc.(1)(2)
200 4,345 
Resona Holdings, Inc.25,784 94,917 
Resorttrust, Inc.2,100 33,699 
Restar Holdings Corp.500 7,367 
Retail Partners Co. Ltd.(1)
500 3,848 
Ricoh Co. Ltd.7,400 58,160 
Ricoh Leasing Co. Ltd.400 10,296 
Riken Keiki Co. Ltd.400 12,570 
Riken Vitamin Co. Ltd.500 6,159 
Rinnai Corp.300 22,975 
Riso Kyoiku Co. Ltd.1,600 3,588 
Rohm Co. Ltd.700 52,373 
Rohto Pharmaceutical Co. Ltd.1,600 48,161 
Roland DG Corp.300 7,037 
Rorze Corp.100 6,068 
Round One Corp.1,400 20,145 
RS Technologies Co. Ltd.200 9,778 
Ryobi Ltd.100 929 
Ryohin Keikaku Co. Ltd.(1)
2,100 19,476 
Ryosan Co. Ltd.(1)
200 3,199 
S Foods, Inc.200 4,277 
S-Pool, Inc.1,600 12,340 
Sakai Moving Service Co. Ltd.100 3,300 
Sakata INX Corp.900 6,308 
Sakata Seed Corp.200 7,425 
San-A Co. Ltd.100 2,986 
San-Ai Obbli Co. Ltd.700 5,539 
San-In Godo Bank Ltd.2,100 10,325 
Sangetsu Corp.300 3,504 
Sanken Electric Co. Ltd.600 21,082 
Sanki Engineering Co. Ltd.700 8,268 
Sankyo Co. Ltd.800 23,442 
Sankyu, Inc.500 15,379 
Sanoh Industrial Co. Ltd.100 540 
Santen Pharmaceutical Co. Ltd.5,300 38,078 
Sanwa Holdings Corp.3,200 31,664 
Sanyo Chemical Industries Ltd.100 3,417 
Sanyo Denki Co. Ltd.200 7,783 
Sanyo Special Steel Co. Ltd.800 12,025 
Sapporo Holdings Ltd.1,700 37,261 
Sato Holdings Corp.500 6,868 
Sawai Group Holdings Co. Ltd.500 14,776 
SB Technology Corp.200 3,560 
SBI Holdings, Inc.4,000 78,601 
SBS Holdings, Inc.400 8,280 
SCREEN Holdings Co. Ltd.600 39,854 
Scroll Corp.(1)
1,200 6,761 
SCSK Corp.1,800 29,310 
Secom Co. Ltd.900 57,338 
Sega Sammy Holdings, Inc.1,700 25,236 
116


Avantis International Equity Fund
SharesValue
Seibu Holdings, Inc.500 $5,065 
Seikagaku Corp.700 4,438 
Seikitokyu Kogyo Co. Ltd.200 1,090 
Seiko Epson Corp.(1)
3,700 58,141 
Seiko Holdings Corp.900 18,545 
Seino Holdings Co. Ltd.2,500 19,852 
Seiren Co. Ltd.(1)
400 6,075 
Sekisui Chemical Co. Ltd.4,900 66,803 
Sekisui House Ltd.2,500 42,512 
Sekisui Jushi Corp.100 1,237 
Senko Group Holdings Co. Ltd.2,200 15,031 
Senshu Electric Co. Ltd.200 8,019 
Senshu Ikeda Holdings, Inc.2,000 3,176 
Septeni Holdings Co. Ltd.(1)
1,000 3,564 
Seria Co. Ltd.1,100 21,455 
Seven & i Holdings Co. Ltd.(1)
4,100 162,874 
Seven Bank Ltd.(1)
14,000 26,594 
SG Holdings Co. Ltd.2,500 41,467 
Sharp Corp.(1)
3,900 27,918 
Shibaura Electronics Co. Ltd.400 14,976 
Shibaura Mechatronics Corp.200 16,495 
Shibuya Corp.100 1,798 
SHIFT, Inc.(2)
100 14,329 
Shiga Bank Ltd.(1)
600 11,069 
Shikoku Bank Ltd.200 1,232 
Shikoku Chemicals Corp.100 893 
Shikoku Electric Power Co., Inc.900 5,249 
Shimadzu Corp.1,100 32,127 
Shimamura Co. Ltd.100 9,064 
Shimano, Inc.400 70,764 
Shimizu Corp.9,600 52,641 
Shin Nippon Biomedical Laboratories Ltd.(1)
600 10,231 
Shin-Etsu Chemical Co. Ltd.1,500 174,199 
Shin-Etsu Polymer Co. Ltd.200 1,914 
Shinko Electric Industries Co. Ltd.1,000 27,836 
Shinmaywa Industries Ltd.1,900 14,480 
Shinoken Group Co. Ltd.100 1,145 
Shinsei Bank Ltd.(1)
1,000 14,082 
Shionogi & Co. Ltd.900 43,942 
Ship Healthcare Holdings, Inc.1,000 18,695 
Shiseido Co. Ltd.2,000 75,548 
Shizuoka Bank Ltd.4,700 27,198 
Shoei Co. Ltd.200 7,925 
Showa Denko KK3,600 55,345 
Showa Sangyo Co. Ltd.200 3,718 
SIGMAXYZ Holdings, Inc.900 7,931 
Siix Corp.300 2,387 
Sinanen Holdings Co. Ltd.200 5,502 
Sinfonia Technology Co. Ltd.300 3,251 
Sinko Industries Ltd.200 2,315 
Sintokogio Ltd.200 1,019 
117


Avantis International Equity Fund
SharesValue
SKY Perfect JSAT Holdings, Inc.5,600 $22,256 
Skylark Holdings Co. Ltd.(1)(2)
2,200 24,201 
SMC Corp.53 25,145 
SMS Co. Ltd.300 6,831 
Snow Peak, Inc.(1)
400 6,238 
Sodick Co. Ltd.2,100 12,160 
Softbank Corp.11,800 129,366 
SoftBank Group Corp.6,700 265,397 
Sohgo Security Services Co. Ltd.700 18,136 
Sojitz Corp.(1)
4,540 76,390 
Solasto Corp.100 641 
Sompo Holdings, Inc.3,400 145,779 
Sony Group Corp., ADR5,027 398,892 
Sparx Group Co. Ltd.2,100 4,520 
Square Enix Holdings Co. Ltd.900 39,079 
Stanley Electric Co. Ltd.500 9,230 
Star Micronics Co. Ltd.2,100 27,615 
Starts Corp., Inc.1,000 19,211 
Starzen Co. Ltd.200 3,040 
Stella Chemifa Corp.200 4,056 
Subaru Corp.8,800 159,961 
Sugi Holdings Co. Ltd.(1)
600 25,460 
SUMCO Corp.6,500 88,224 
Sumida Corp.700 4,863 
Sumitomo Bakelite Co. Ltd.500 15,761 
Sumitomo Chemical Co. Ltd.21,100 83,056 
Sumitomo Corp.10,800 151,908 
Sumitomo Densetsu Co. Ltd.900 16,996 
Sumitomo Electric Industries Ltd.5,600 64,146 
Sumitomo Forestry Co. Ltd.1,100 18,598 
Sumitomo Heavy Industries Ltd.1,900 39,883 
Sumitomo Metal Mining Co. Ltd.1,800 56,640 
Sumitomo Mitsui Construction Co. Ltd.6,400 21,321 
Sumitomo Mitsui Financial Group, Inc., ADR(1)
33,370 201,889 
Sumitomo Mitsui Trust Holdings, Inc.3,200 99,530 
Sumitomo Osaka Cement Co. Ltd.(1)
600 15,198 
Sumitomo Pharma Co. Ltd.800 5,959 
Sumitomo Realty & Development Co. Ltd.2,500 61,140 
Sumitomo Rubber Industries Ltd.3,200 27,459 
Sumitomo Seika Chemicals Co. Ltd.200 4,477 
Sumitomo Warehouse Co. Ltd.1,300 20,400 
Sun Frontier Fudousan Co. Ltd.500 4,314 
Sundrug Co. Ltd.1,000 24,467 
Suntory Beverage & Food Ltd.1,300 47,485 
Suruga Bank Ltd.2,600 7,007 
Suzuken Co. Ltd.1,000 23,965 
Suzuki Motor Corp.2,400 83,883 
SWCC Showa Holdings Co. Ltd.1,100 14,411 
SymBio Pharmaceuticals Ltd.(2)
1,000 5,063 
Sysmex Corp.600 36,676 
Systena Corp.2,000 6,128 
118


Avantis International Equity Fund
SharesValue
Syuppin Co. Ltd.600 $5,338 
T Hasegawa Co. Ltd.200 4,317 
T&D Holdings, Inc.4,700 51,330 
T-Gaia Corp.100 1,189 
Tadano Ltd.2,200 15,030 
Taihei Dengyo Kaisha Ltd.100 2,554 
Taiheiyo Cement Corp.1,500 22,457 
Taikisha Ltd.200 4,589 
Taisei Corp.3,200 97,022 
Taisho Pharmaceutical Holdings Co. Ltd.400 14,873 
Taiyo Holdings Co. Ltd.(1)
600 11,762 
Taiyo Yuden Co. Ltd.1,800 55,630 
Takamatsu Construction Group Co. Ltd.100 1,374 
Takara Bio, Inc.1,000 14,006 
Takara Holdings, Inc.3,400 25,797 
Takara Leben Co. Ltd.1,500 4,080 
Takara Standard Co. Ltd.1,200 11,403 
Takasago International Corp.400 7,963 
Takasago Thermal Engineering Co. Ltd.600 7,089 
Takashimaya Co. Ltd.(1)
1,900 21,018 
Takeda Pharmaceutical Co. Ltd., ADR(1)
9,611 132,151 
Takuma Co. Ltd.(1)
500 5,023 
Tama Home Co. Ltd.500 8,430 
Tamron Co. Ltd.200 4,370 
Tanseisha Co. Ltd.800 4,563 
Tatsuta Electric Wire and Cable Co. Ltd.(1)
200 667 
TBS Holdings, Inc.600 6,949 
TDK Corp.5,500 192,292 
TechMatrix Corp.400 4,928 
TechnoPro Holdings, Inc.700 15,746 
Teijin Ltd.3,100 32,775 
Teikoku Electric Manufacturing Co. Ltd.400 5,585 
Teikoku Sen-I Co. Ltd.200 2,349 
Terumo Corp.1,500 48,152 
THK Co. Ltd.500 10,149 
TIS, Inc.2,400 68,344 
TKC Corp.200 4,999 
Toa Corp. (Tokyo)300 5,264 
Toagosei Co. Ltd.1,300 10,129 
Tobu Railway Co. Ltd.3,100 73,241 
Tocalo Co. Ltd.1,600 14,744 
Toda Corp.(1)
4,500 22,199 
Toho Bank Ltd.3,300 4,835 
Toho Co. Ltd.700 26,585 
Toho Gas Co. Ltd.100 2,237 
Toho Holdings Co. Ltd.1,300 17,218 
Toho Titanium Co. Ltd.(1)
600 9,504 
Toho Zinc Co. Ltd.200 3,490 
Tohoku Electric Power Co., Inc.5,300 26,357 
Tokai Carbon Co. Ltd.4,300 31,389 
Tokai Corp/Gifu200 2,647 
119


Avantis International Equity Fund
SharesValue
TOKAI Holdings Corp.2,800 $17,895 
Tokai Rika Co. Ltd.500 5,368 
Tokai Tokyo Financial Holdings, Inc.1,400 3,793 
Token Corp.100 6,369 
Tokio Marine Holdings, Inc.4,400 243,845 
Tokushu Tokai Paper Co. Ltd.100 2,277 
Tokuyama Corp.1,700 22,391 
Tokyo Century Corp.(1)
500 17,858 
Tokyo Electric Power Co. Holdings, Inc.(2)
21,200 82,796 
Tokyo Electron Device Ltd.200 8,447 
Tokyo Electron Ltd.700 219,546 
Tokyo Gas Co. Ltd.3,300 61,912 
Tokyo Kiraboshi Financial Group, Inc.500 8,063 
Tokyo Ohka Kogyo Co. Ltd.500 24,516 
Tokyo Seimitsu Co. Ltd.1,000 33,311 
Tokyo Steel Manufacturing Co. Ltd.1,600 16,952 
Tokyo Tatemono Co. Ltd.3,100 46,468 
Tokyotokeiba Co. Ltd.400 12,098 
Tokyu Construction Co. Ltd.2,800 13,171 
Tokyu Corp.4,700 55,872 
Tokyu Fudosan Holdings Corp.5,600 30,093 
TOMONY Holdings, Inc.1,400 3,173 
Tomy Co. Ltd.2,800 26,543 
Topcon Corp.2,400 32,374 
Toppan, Inc.2,300 36,121 
Topre Corp.1,100 9,799 
Toray Industries, Inc.15,900 90,732 
Toridoll Holdings Corp.200 4,265 
Torii Pharmaceutical Co. Ltd.100 2,149 
Tosei Corp.500 4,995 
Toshiba Corp.4,000 148,136 
Toshiba TEC Corp.400 11,904 
Tosoh Corp.5,100 65,942 
Totetsu Kogyo Co. Ltd.300 5,002 
TOTO Ltd.500 17,234 
Towa Bank Ltd.200 757 
Towa Corp.500 6,676 
Towa Pharmaceutical Co. Ltd.600 9,515 
Toyo Construction Co. Ltd.2,000 12,339 
Toyo Engineering Corp.(2)
1,000 4,953 
Toyo Gosei Co. Ltd.100 5,883 
Toyo Ink SC Holdings Co. Ltd.200 2,743 
Toyo Kanetsu KK200 3,753 
Toyo Seikan Group Holdings Ltd.2,600 30,768 
Toyo Suisan Kaisha Ltd.700 28,714 
Toyo Tanso Co. Ltd.400 9,693 
Toyo Tire Corp.2,100 25,452 
Toyobo Co. Ltd.1,700 12,881 
Toyoda Gosei Co. Ltd.1,000 17,398 
Toyota Boshoku Corp.1,500 21,784 
Toyota Industries Corp.900 50,304 
120


Avantis International Equity Fund
SharesValue
Toyota Motor Corp., ADR3,973 $593,447 
Toyota Tsusho Corp.2,500 87,520 
TPR Co. Ltd.200 1,831 
Trancom Co. Ltd.100 5,467 
Transcosmos, Inc.1,000 27,583 
TRE Holdings Corp.868 10,631 
Trend Micro, Inc.1,700 104,666 
Trusco Nakayama Corp.900 12,586 
TS Tech Co. Ltd.600 6,712 
Tsubakimoto Chain Co.400 9,243 
Tsugami Corp.(1)
500 4,474 
Tsukishima Kikai Co. Ltd.500 3,290 
Tsumura & Co.200 4,578 
Tsuruha Holdings, Inc.600 33,304 
TV Asahi Holdings Corp.400 4,168 
UACJ Corp.500 8,633 
Ube Industries Ltd.(1)
2,200 32,416 
Uchida Yoko Co. Ltd.200 7,164 
Ulvac, Inc.700 27,143 
Unicharm Corp.1,100 38,227 
Unipres Corp.1,100 7,579 
United Arrows Ltd.1,200 15,754 
United Super Markets Holdings, Inc.(1)
900 6,831 
Universal Entertainment Corp.(2)
100 1,143 
Ushio, Inc.500 6,070 
USS Co. Ltd.2,300 40,588 
UT Group Co. Ltd.200 3,984 
V Technology Co. Ltd.200 4,304 
Valor Holdings Co. Ltd.1,200 15,298 
Valqua Ltd.400 7,771 
ValueCommerce Co. Ltd.200 3,653 
Vector, Inc.600 5,013 
Visional, Inc.(1)(2)
300 15,987 
Vital KSK Holdings, Inc.400 1,923 
VT Holdings Co. Ltd.1,600 5,540 
W-Scope Corp.(2)
1,400 23,516 
Wacoal Holdings Corp.(1)
200 3,196 
Wacom Co. Ltd.1,800 10,802 
Wakita & Co. Ltd.600 4,826 
Warabeya Nichiyo Holdings Co. Ltd.1,200 19,533 
Welcia Holdings Co. Ltd.(1)
400 8,377 
West Japan Railway Co.700 27,243 
Xebio Holdings Co. Ltd.800 5,547 
YA-MAN Ltd.(1)
600 6,938 
Yahagi Construction Co. Ltd.400 2,205 
Yakult Honsha Co. Ltd.700 41,402 
YAKUODO Holdings Co. Ltd.200 3,436 
YAMABIKO Corp.500 4,082 
Yamada Holdings Co. Ltd.13,100 45,340 
Yamaguchi Financial Group, Inc.(1)
2,800 15,363 
Yamaha Corp.500 19,504 
121


Avantis International Equity Fund
SharesValue
Yamaha Motor Co. Ltd.3,200 $66,318 
Yamaichi Electronics Co. Ltd.1,000 14,801 
Yamanashi Chuo Bank Ltd.1,000 8,212 
Yamato Holdings Co. Ltd.3,300 51,444 
Yamato Kogyo Co. Ltd.200 7,080 
Yamazaki Baking Co. Ltd.1,500 17,666 
Yamazen Corp.1,900 12,723 
Yaoko Co. Ltd.300 13,920 
Yaskawa Electric Corp.(1)
500 16,281 
Yellow Hat Ltd.500 6,455 
Yodogawa Steel Works Ltd.200 3,597 
Yokogawa Bridge Holdings Corp.500 6,991 
Yokogawa Electric Corp.3,600 62,832 
Yokohama Rubber Co. Ltd.2,700 44,158 
Yokorei Co. Ltd.700 4,642 
Yonex Co. Ltd.2,000 22,613 
Yotai Refractories Co. Ltd.200 2,004 
Yuasa Trading Co. Ltd.400 10,078 
Z Holdings Corp.7,600 22,343 
Zenkoku Hosho Co. Ltd.1,100 36,348 
Zenrin Co. Ltd.600 4,104 
Zensho Holdings Co. Ltd.1,100 28,839 
Zeon Corp.2,700 25,905 
ZERIA Pharmaceutical Co. Ltd.700 10,455 
ZOZO, Inc.400 8,841 
Zuken, Inc.800 20,119 
27,754,535 
Netherlands — 3.4%
Aalberts NV1,597 58,562 
ABN AMRO Bank NV, CVA8,553 82,168 
Adyen NV(2)
206 317,888 
Aegon NV, NY Shares(1)
35,879 161,097 
AerCap Holdings NV(2)
3,634 160,078 
Akzo Nobel NV1,540 97,022 
AMG Advanced Metallurgical Group NV1,241 31,685 
Arcadis NV924 29,456 
ASM International NV339 92,170 
ASML Holding NV, NY Shares1,815 889,241 
ASR Nederland NV3,494 142,605 
B&S Group Sarl176 894 
Basic-Fit NV(1)(2)
224 8,550 
BE Semiconductor Industries NV854 40,568 
Boskalis Westminster1,596 52,938 
Brunel International NV841 7,874 
Coca-Cola Europacific Partners PLC1,661 81,671 
Constellium SE(2)
1,297 17,276 
Corbion NV413 11,727 
Flow Traders1,075 21,512 
ForFarmers NV(1)
632 1,781 
Fugro NV(2)
3,473 44,238 
Heijmans NV, CVA494 5,128 
122


Avantis International Equity Fund
SharesValue
Heineken Holding NV291 $20,643 
Heineken NV1,028 92,396 
IMCD NV309 42,628 
ING Groep NV, ADR(1)
39,156 343,790 
InPost SA(2)
415 2,135 
JDE Peet's NV810 24,977 
Just Eat Takeaway.com NV(2)
1,120 18,632 
Kendrion NV45 699 
Koninklijke Ahold Delhaize NV11,923 327,964 
Koninklijke BAM Groep NV(2)
11,769 31,370 
Koninklijke DSM NV1,458 185,918 
Koninklijke KPN NV68,204 217,032 
Koninklijke Philips NV, NY Shares4,033 66,867 
Koninklijke Vopak NV1,453 31,983 
Nedap NV19 1,082 
NN Group NV4,393 180,543 
OCI NV2,356 88,451 
Pharming Group NV(2)
26,094 31,376 
PostNL NV(1)
13,712 29,218 
Prosus NV(2)
2,031 125,535 
Randstad NV(1)
1,178 54,860 
SBM Offshore NV1,193 16,660 
SIF Holding NV(1)
255 2,605 
Signify NV428 12,166 
Sligro Food Group NV(2)
705 11,678 
TKH Group NV(1)
995 34,713 
TomTom NV(2)
2,734 22,008 
Universal Music Group NV3,755 74,567 
Van Lanschot Kempen NV419 8,828 
Wolters Kluwer NV401 39,215 
4,496,668 
New Zealand — 0.3%
a2 Milk Co. Ltd.(1)(2)
7,181 27,316 
Air New Zealand Ltd.(2)
28,413 11,741 
Arvida Group Ltd.960 885 
Auckland International Airport Ltd.(2)
7,581 34,962 
Chorus Ltd.6,898 33,782 
Contact Energy Ltd.8,525 40,960 
Fisher & Paykel Healthcare Corp. Ltd.1,195 14,306 
Fletcher Building Ltd.5,977 20,404 
Genesis Energy Ltd.11,169 20,185 
Hallenstein Glasson Holdings Ltd.237 771 
Infratil Ltd.3,807 21,024 
KMD Brands Ltd.10,227 6,734 
Mercury NZ Ltd.5,198 18,396 
Meridian Energy Ltd.2,645 8,069 
NZX Ltd.2,074 1,644 
Oceania Healthcare Ltd.10,328 6,241 
Pushpay Holdings Ltd.(2)
6,208 4,834 
Ryman Healthcare Ltd.3,156 17,661 
Sanford Ltd.(2)
585 1,573 
123


Avantis International Equity Fund
SharesValue
Scales Corp. Ltd.162 $468 
SKYCITY Entertainment Group Ltd.17,623 30,657 
Spark New Zealand Ltd.12,261 40,558 
Summerset Group Holdings Ltd.3,170 21,367 
Synlait Milk Ltd.(2)
167 355 
384,893 
Norway — 1.0%
2020 Bulkers Ltd.(1)(2)
909 8,093 
ABG Sundal Collier Holding ASA7,195 4,221 
Adevinta ASA(2)
508 4,110 
Aker BP ASA1,666 58,361 
Aker Solutions ASA3,184 12,487 
Atea ASA(2)
431 4,746 
Austevoll Seafood ASA1,103 11,823 
Bakkafrost P/F196 11,469 
Bonheur ASA230 8,610 
Borr Drilling Ltd.(1)(2)
3,895 15,177 
Borregaard ASA682 10,402 
Bouvet ASA260 1,554 
BW Energy Ltd.(2)
3,520 8,778 
BW LPG Ltd.2,550 16,576 
BW Offshore Ltd.1,603 4,344 
DNB Bank ASA4,824 91,724 
DNO ASA13,106 18,621 
Elmera Group ASA637 1,272 
Entra ASA613 7,971 
Equinor ASA, ADR(1)
6,268 243,136 
Europris ASA1,242 7,451 
FLEX LNG Ltd.624 20,624 
FLEX LNG Ltd. (New York)(1)
391 12,930 
Frontline Ltd.(2)
857 10,164 
Gjensidige Forsikring ASA310 6,291 
Golden Ocean Group Ltd.2,772 26,126 
Golden Ocean Group Ltd. (NASDAQ)(1)
2,193 21,031 
Grieg Seafood ASA515 6,231 
Hafnia Ltd.2,782 12,422 
Kahoot! ASA(1)(2)
1,016 2,017 
Kitron ASA(1)
2,712 5,432 
Kongsberg Automotive ASA(1)(2)
17,100 4,355 
Kongsberg Gruppen ASA668 22,833 
Leroy Seafood Group ASA712 4,757 
Mowi ASA(1)
2,207 45,247 
MPC Container Ships ASA6,362 13,116 
NEL ASA(1)(2)
3,897 5,719 
Nordic Semiconductor ASA(2)
634 9,693 
Norsk Hydro ASA8,743 60,074 
Norske Skog ASA(2)
1,236 8,592 
Norwegian Energy Co. ASA(2)
674 24,188 
Odfjell Drilling Ltd.(2)
3,213 8,727 
Odfjell Technology Ltd.(2)
535 1,340 
Orkla ASA3,095 25,917 
124


Avantis International Equity Fund
SharesValue
Panoro Energy ASA(2)
3,234 $9,595 
Petronor E&P ASA(2)
2,060 178 
PGS ASA(1)(2)
27,702 22,547 
Protector Forsikring ASA851 10,188 
Salmar ASA167 11,043 
Scatec ASA510 5,173 
Schibsted ASA, B Shares1,357 23,274 
Schibsted ASA, Class A204 3,733 
SpareBank 1 Nord Norge1,780 16,044 
Sparebank 1 Oestlandet512 5,834 
SpareBank 1 SMN1,594 19,408 
SpareBank 1 SR-Bank ASA2,340 26,767 
Sparebanken More150 1,104 
Sparebanken Vest955 8,497 
Stolt-Nielsen Ltd.590 12,608 
Storebrand ASA3,174 25,405 
Subsea 7 SA2,413 21,661 
Telenor ASA1,943 21,262 
TGS ASA1,885 28,686 
TOMRA Systems ASA876 19,961 
Veidekke ASA669 6,832 
Wallenius Wilhelmsen ASA2,050 11,541 
Yara International ASA1,125 47,585 
1,267,678 
Portugal — 0.2%
Altri SGPS SA2,306 13,011 
Banco Comercial Portugues SA, R Shares177,737 25,859 
Corticeira Amorim SGPS SA399 4,029 
CTT-Correios de Portugal SA1,350 4,397 
EDP - Energias de Portugal SA13,776 65,789 
EDP Renovaveis SA452 10,962 
Galp Energia SGPS SA4,926 53,196 
Greenvolt-Energias Renovaveis SA(2)
507 4,898 
Jeronimo Martins SGPS SA1,167 25,875 
NOS SGPS SA4,490 16,550 
REN - Redes Energeticas Nacionais SGPS SA13,744 36,435 
Sonae SGPS SA23,224 23,343 
284,344 
Singapore — 1.5%
Ascendas India Trust17,800 14,481 
Bumitama Agri Ltd.8,900 3,976 
Capitaland Investment Ltd.15,400 40,545 
Chip Eng Seng Corp. Ltd.22,700 10,792 
City Developments Ltd.8,400 48,772 
ComfortDelGro Corp. Ltd.25,800 26,002 
DBS Group Holdings Ltd.9,252 215,419 
Far East Orchard Ltd.3,900 3,012 
First Resources Ltd.18,900 20,372 
Frencken Group Ltd.(1)
6,300 5,159 
Fu Yu Corp. Ltd.17,800 3,311 
Geo Energy Resources Ltd.28,300 7,772 
125


Avantis International Equity Fund
SharesValue
Golden Agri-Resources Ltd.230,700 $46,248 
Grab Holdings Ltd., Class A(2)
6,419 18,294 
Haw Par Corp. Ltd.2,700 21,115 
Hong Fok Corp. Ltd.(1)
15,800 11,961 
Hour Glass Ltd.8,700 14,423 
Hutchison Port Holdings Trust, U Shares134,300 28,818 
iFAST Corp. Ltd.(1)
2,000 6,393 
Japfa Ltd.10,400 4,462 
Jardine Cycle & Carriage Ltd.500 11,738 
Keppel Corp. Ltd.26,800 139,186 
Keppel Infrastructure Trust46,100 18,774 
Mandarin Oriental International Ltd.(2)
3,400 6,971 
Maxeon Solar Technologies Ltd.(1)(2)
491 9,746 
Netlink NBN Management Pte. Ltd.19,400 12,968 
Olam Group Ltd.24,600 25,836 
Oversea-Chinese Banking Corp. Ltd.33,324 287,224 
QAF Ltd.5,200 3,182 
Raffles Medical Group Ltd.19,100 19,005 
Riverstone Holdings Ltd.13,900 7,166 
SATS Ltd.(2)
2,200 6,353 
Sea Ltd., ADR(2)
571 35,402 
Sembcorp Industries Ltd.17,500 42,398 
Sheng Siong Group Ltd.14,600 16,922 
SIA Engineering Co. Ltd.(2)
2,500 4,427 
Singapore Airlines Ltd.(1)(2)
23,000 87,328 
Singapore Exchange Ltd.8,600 58,360 
Singapore Post Ltd.64,500 26,737 
Singapore Technologies Engineering Ltd.17,000 45,301 
Singapore Telecommunications Ltd.53,600 100,626 
StarHub Ltd.4,500 3,956 
United Overseas Bank Ltd.9,200 179,395 
UOL Group Ltd.11,000 54,426 
Venture Corp. Ltd.2,600 33,969 
Wilmar International Ltd.17,300 49,935 
Wing Tai Holdings Ltd.4,300 5,132 
Yangzijiang Financial Holding Ltd.(2)
115,700 30,952 
Yangzijiang Shipbuilding Holdings Ltd.80,400 55,720 
Yanlord Land Group Ltd.14,700 10,819 
1,941,281 
Spain — 2.0%
Acciona SA265 51,905 
Acerinox SA4,076 36,879 
ACS Actividades de Construccion y Servicios SA(1)
1,871 41,685 
Aena SME SA(2)
760 93,344 
Almirall SA2,037 18,376 
Amadeus IT Group SA(2)
1,697 89,584 
Applus Services SA1,497 10,015 
Atresmedia Corp. de Medios de Comunicacion SA(1)
1,279 3,503 
Banco Bilbao Vizcaya Argentaria SA, ADR29,781 132,228 
Banco de Sabadell SA96,960 66,683 
Banco Santander SA, ADR104,723 252,382 
126


Avantis International Equity Fund
SharesValue
Bankinter SA7,173 $36,760 
CaixaBank SA26,387 79,676 
Cellnex Telecom SA1,167 45,446 
Cia de Distribucion Integral Logista Holdings SA1,274 24,762 
CIE Automotive SA454 11,133 
Construcciones y Auxiliar de Ferrocarriles SA289 8,363 
Ebro Foods SA526 8,313 
Enagas SA2,416 44,116 
Ence Energia y Celulosa SA1,443 5,108 
Endesa SA3,527 60,495 
Ercros SA5,101 15,667 
Faes Farma SA(1)
2,981 11,840 
Ferrovial SA (Madrid)1,762 44,182 
Fluidra SA1,104 17,658 
Fomento de Construcciones y Contratas SA501 4,498 
Gestamp Automocion SA6,053 22,162 
Global Dominion Access SA1,242 4,808 
Grifols SA(1)(2)
808 9,767 
Grupo Catalana Occidente SA464 13,644 
Iberdrola SA38,204 397,768 
Indra Sistemas SA855 6,722 
Industria de Diseno Textil SA5,595 120,804 
Laboratorios Farmaceuticos Rovi SA411 20,176 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros2,702 2,920 
Mapfre SA(1)
11,653 19,332 
Mediaset Espana Comunicacion SA(2)
4,452 12,384 
Melia Hotels International SA(2)
3,071 18,624 
Miquel y Costas & Miquel SA78 1,008 
Naturgy Energy Group SA(1)
2,010 55,425 
Neinor Homes SA(1)
540 5,540 
Obrascon Huarte Lain SA(1)(2)
23,193 13,277 
Pharma Mar SA281 16,367 
Prosegur Cash SA(1)
3,818 2,612 
Prosegur Cia de Seguridad SA2,790 5,137 
Red Electrica Corp. SA4,336 79,274 
Repsol SA21,429 278,322 
Sacyr SA11,825 26,451 
Siemens Gamesa Renewable Energy SA(2)
615 11,081 
Solaria Energia y Medio Ambiente SA(2)
1,101 23,378 
Talgo SA (Madrid)(1)
324 861 
Telefonica SA, ADR(1)
38,446 156,860 
Unicaja Banco SA20,803 18,732 
Viscofan SA691 38,879 
2,596,916 
Sweden — 3.3%
AAK AB1,407 21,552 
AcadeMedia AB673 2,949 
AddLife AB, B Shares743 9,616 
AddTech AB, B Shares2,373 33,290 
Africa Oil Corp.(1)
2,600 5,088 
AFRY AB464 6,116 
127


Avantis International Equity Fund
SharesValue
Alfa Laval AB1,710 $45,601 
Alimak Group AB274 2,015 
Alleima AB(2)
1,053 4,229 
Ambea AB451 1,829 
Annehem Fastigheter AB, B Shares(2)
151 419 
Arise AB(2)
907 6,478 
Arjo AB, B Shares2,424 10,887 
Assa Abloy AB, Class B2,571 52,073 
Atlas Copco AB, A Shares14,061 142,733 
Atlas Copco AB, B Shares8,304 75,614 
Atrium Ljungberg AB, B Shares320 4,638 
Avanza Bank Holding AB(1)
2,022 32,411 
Axfood AB1,616 48,710 
Beijer Alma AB144 2,193 
Beijer Ref AB2,350 30,423 
Better Collective A/S(2)
287 3,933 
Bilia AB, A Shares2,990 37,198 
BillerudKorsnas AB3,166 41,166 
BioArctic AB(2)
99 882 
BioGaia AB, B Shares2,701 21,799 
Biotage AB900 15,140 
Boliden AB3,817 122,229 
Bonava AB, B Shares824 2,949 
Bravida Holding AB1,751 15,845 
Bure Equity AB775 15,308 
Byggmax Group AB1,186 4,873 
Camurus AB(2)
951 19,791 
Castellum AB(1)
2,378 33,374 
Catena AB510 20,964 
Catena Media PLC(2)
1,233 3,705 
Cibus Nordic Real Estate AB949 15,112 
Clas Ohlson AB, B Shares1,811 16,336 
Cloetta AB, B Shares5,697 9,959 
Coor Service Management Holding AB784 6,070 
Corem Property Group AB, B Shares6,921 8,071 
Dios Fastigheter AB1,235 9,141 
Electrolux AB, B Shares(1)
3,258 41,198 
Electrolux Professional AB, B Shares5,210 25,883 
Elekta AB, B Shares(1)
5,352 30,680 
Embracer Group AB(1)(2)
4,233 26,263 
Eolus Vind AB, B Shares472 6,103 
Epiroc AB, A Shares5,604 85,746 
Epiroc AB, B Shares3,348 45,579 
EQT AB716 16,037 
Essity AB, B Shares3,527 78,240 
Evolution AB379 30,321 
Fabege AB3,431 30,325 
Fastighets AB Balder, B Shares(2)
4,260 23,525 
Fingerprint Cards AB, B Shares(1)(2)
1,176 783 
Fortnox AB6,605 29,229 
G5 Entertainment AB(1)
124 2,046 
128


Avantis International Equity Fund
SharesValue
GARO AB383 $4,163 
Getinge AB, B Shares1,746 32,339 
Granges AB1,135 8,798 
H & M Hennes & Mauritz AB, B Shares(1)
6,612 68,668 
Hexagon AB, B Shares7,148 73,046 
Hexatronic Group AB2,920 28,442 
Hexpol AB3,584 31,819 
HMS Networks AB331 12,028 
Hoist Finance AB(1)(2)
1,730 5,238 
Holmen AB, B Shares924 39,644 
Hufvudstaden AB, A Shares1,835 21,861 
Husqvarna AB, B Shares5,584 37,572 
Industrivarden AB, A Shares1,066 23,625 
Indutrade AB1,857 34,384 
Instalco AB4,268 21,304 
Intrum AB284 5,101 
Investment AB Latour, B Shares184 3,625 
INVISIO AB(1)
463 6,435 
Inwido AB628 6,141 
JM AB1,250 21,491 
Karo Pharma AB(1)(2)
252 1,417 
Kopparbergs Bryggeri AB, B Shares454 6,422 
Lifco AB, B Shares1,571 24,402 
Lime Technologies AB(1)
93 2,666 
Lindab International AB778 11,144 
Loomis AB2,248 60,726 
Maha Energy AB(1)(2)
2,600 2,995 
MEKO AB513 4,685 
Millicom International Cellular SA, SDR(2)
1,700 24,325 
MIPS AB348 15,682 
Modern Times Group MTG AB, B Shares(2)
3,856 33,766 
Munters Group AB204 1,465 
Mycronic AB817 9,689 
NCC AB, B Shares1,971 18,552 
New Wave Group AB, B Shares885 14,235 
Nibe Industrier AB, B Shares4,052 37,946 
Nobia AB1,165 3,000 
Nolato AB, B Shares2,030 10,537 
Nordea Bank Abp22,308 206,836 
Nordic Waterproofing Holding AB311 5,031 
Nordnet AB publ4,118 49,300 
NP3 Fastigheter AB89 1,947 
Nyfosa AB1,109 9,316 
Orron Energy AB(1)
793 1,508 
OX2 AB(2)
1,721 15,346 
Pandox AB(2)
1,148 14,192 
Paradox Interactive AB1,018 16,004 
Peab AB, Class B4,080 25,121 
Platzer Fastigheter Holding AB, B Shares531 4,116 
Proact IT Group AB345 2,901 
RaySearch Laboratories AB(2)
89 417 
129


Avantis International Equity Fund
SharesValue
Rejlers AB199 $2,593 
Resurs Holding AB1,899 4,046 
Saab AB, B Shares1,378 46,035 
Sagax AB, B Shares507 10,904 
Samhallsbyggnadsbolaget i Norden AB(1)
6,754 10,844 
Sandvik AB5,266 82,100 
Scandi Standard AB(2)
736 3,246 
Scandic Hotels Group AB(1)(2)
3,942 13,998 
Sectra AB, B Shares(2)
2,420 36,038 
Securitas AB, B Shares(1)
1,129 9,886 
Sinch AB(1)(2)
1,121 2,167 
Skandinaviska Enskilda Banken AB, A Shares12,577 125,376 
Skanska AB, B Shares5,643 83,362 
SKF AB, B Shares(1)
4,516 67,706 
SkiStar AB1,531 19,701 
Solid Forsakring AB(2)
189 822 
Spotify Technology SA(2)
155 16,763 
SSAB AB, A Shares4,621 22,226 
SSAB AB, B Shares14,976 69,923 
Stillfront Group AB(2)
2,051 4,365 
Svenska Cellulosa AB SCA, B Shares4,754 71,232 
Svenska Handelsbanken AB, A Shares10,754 88,077 
Sweco AB, B Shares(1)
1,505 14,188 
Swedbank AB, A Shares8,279 107,005 
Swedish Orphan Biovitrum AB(2)
1,017 22,457 
Tele2 AB, B Shares5,757 61,311 
Telefonaktiebolaget LM Ericsson, ADR(1)
22,432 166,670 
Telia Co. AB36,766 129,406 
Tethys Oil AB1,621 9,701 
TF Bank AB201 2,999 
Thule Group AB(1)
941 22,953 
Transtema Group AB(2)
301 840 
Trelleborg AB, B Shares4,859 100,971 
Troax Group AB724 11,714 
Truecaller AB, B Shares(2)
1,245 6,545 
Viaplay Group AB, B Shares(2)
422 10,736 
Vitec Software Group AB, B Shares386 14,399 
Vitrolife AB318 7,583 
Volvo AB, A Shares1,259 20,953 
Volvo AB, B Shares11,193 177,300 
Volvo Car AB, Class B(1)(2)
6,763 41,196 
Wallenstam AB, B Shares2,873 12,893 
Wihlborgs Fastigheter AB4,412 31,606 
4,320,916 
Switzerland — 8.4%
ABB Ltd., ADR(1)
3,370 92,911 
Adecco Group AG733 23,237 
Alcon, Inc.1,862 122,600 
Allreal Holding AG221 34,648 
ALSO Holding AG(2)
84 13,964 
ams-OSRAM AG(2)
2,550 18,660 
130


Avantis International Equity Fund
SharesValue
Arbonia AG1,126 $14,759 
Ascom Holding AG361 2,328 
Autoneum Holding AG85 9,529 
Bachem Holding AG, Class B180 12,464 
Baloise Holding AG1,168 168,564 
Banque Cantonale Vaudoise(1)
432 40,992 
Barry Callebaut AG42 85,938 
Basilea Pharmaceutica AG(2)
121 4,806 
Belimo Holding AG88 33,382 
Bell Food Group AG17 4,454 
Bellevue Group AG89 2,899 
BKW AG199 24,107 
Bobst Group SA202 16,276 
Bucher Industries AG127 45,249 
Burckhardt Compression Holding AG97 40,621 
Burkhalter Holding AG309 26,613 
Bystronic AG14 8,883 
Cembra Money Bank AG784 52,875 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate63,458 
Cie Financiere Richemont SA, Class A2,801 313,231 
Clariant AG(2)
3,245 59,914 
Coltene Holding AG(2)
73 6,242 
Comet Holding AG138 23,999 
COSMO Pharmaceuticals NV(1)
51 2,696 
Credit Suisse Group AG, ADR(1)
26,766 138,113 
Daetwyler Holding AG, Bearer Shares76 15,162 
DKSH Holding AG835 62,126 
dormakaba Holding AG51 21,387 
Dufry AG(2)
1,184 44,178 
EFG International AG(2)
2,307 19,387 
Emmi AG40 35,235 
EMS-Chemie Holding AG92 64,606 
Flughafen Zurich AG(2)
297 50,010 
Forbo Holding AG18 22,461 
Fundamenta Real Estate AG(2)
318 5,395 
Galenica AG548 38,535 
GAM Holding AG(2)
1,797 1,784 
Geberit AG217 100,264 
Georg Fischer AG1,691 91,623 
Givaudan SA14 44,668 
Gurit Holding AG, Bearer Shares(1)
60 6,281 
Helvetia Holding AG784 86,414 
Holcim AG(2)
6,031 267,327 
Huber + Suhner AG289 24,071 
Idorsia Ltd.(1)(2)
580 9,076 
Implenia AG(2)
101 2,983 
Ina Invest Holding AG(2)
20 402 
Inficon Holding AG27 18,822 
Intershop Holding AG4,561 
Julius Baer Group Ltd.(2)
3,551 171,583 
Kardex Holding AG96 16,832 
131


Avantis International Equity Fund
SharesValue
Komax Holding AG34 $8,858 
Kuehne + Nagel International AG648 149,760 
LEM Holding SA15 24,703 
Leonteq AG202 11,470 
Liechtensteinische Landesbank AG79 4,511 
Logitech International SA1,805 89,809 
Lonza Group AG165 87,998 
Medacta Group SA105 9,246 
Metall Zug AG, B Shares8,130 
Mobilezone Holding AG1,771 29,319 
Mobimo Holding AG(1)
75 18,412 
Nestle SA9,209 1,077,664 
Novartis AG, ADR18,049 1,453,306 
OC Oerlikon Corp. AG4,799 35,054 
Orior AG174 13,599 
Partners Group Holding AG206 198,842 
Peach Property Group AG(2)
168 5,222 
PolyPeptide Group AG(2)
59 2,168 
PSP Swiss Property AG784 88,696 
Rieter Holding AG59 6,024 
Roche Holding AG4,203 1,354,380 
Roche Holding AG, Bearer Shares164 62,641 
Schindler Holding AG268 45,263 
Schindler Holding AG, Bearer Participation Certificate466 81,180 
Schweiter Technologies AG, Bearer Shares10 10,492 
Schweizerische Nationalbank11,308 
Sensirion Holding AG(2)
289 26,818 
SFS Group AG406 37,944 
SGS SA75 165,164 
Siegfried Holding AG(2)
35 27,931 
SIG Group AG(2)
1,594 37,375 
Sika AG252 56,699 
Softwareone Holding AG(1)(2)
836 10,991 
Sonova Holding AG196 51,641 
St Galler Kantonalbank AG94 44,209 
Stadler Rail AG(1)
1,396 42,605 
Straumann Holding AG1,293 141,691 
Sulzer AG561 33,480 
Swatch Group AG826 37,566 
Swatch Group AG, Bearer Shares454 110,093 
Swiss Life Holding AG506 264,475 
Swiss Prime Site AG1,317 113,265 
Swiss Re AG2,520 195,944 
Swisscom AG461 238,351 
Swissquote Group Holding SA270 29,955 
Tecan Group AG130 47,835 
Temenos AG442 36,197 
TX Group AG61 9,376 
u-blox Holding AG(2)
241 33,402 
UBS Group AG(1)(2)
45,046 713,979 
V-ZUG Holding AG(2)
38 2,990 
132


Avantis International Equity Fund
SharesValue
Valiant Holding AG325 $30,793 
Valora Holding AG44 11,656 
VAT Group AG(2)
269 64,320 
Vetropack Holding AG50 1,753 
Vontobel Holding AG557 34,269 
VP Bank AG, Class A24 2,205 
VZ Holding AG197 15,759 
Ypsomed Holding AG1,222 
Zehnder Group AG255 15,064 
Zurich Insurance Group AG1,767 784,370 
11,093,027 
United Kingdom — 13.5%
3i Group PLC13,655 192,212 
abrdn PLC18,681 31,747 
Admiral Group PLC1,789 44,007 
AG Barr PLC685 4,011 
Airtel Africa PLC9,146 14,041 
AJ Bell PLC7,601 25,925 
Alliance Pharma PLC10,362 11,422 
Alpha FX Group PLC573 12,105 
Anglo American PLC14,543 467,332 
Anglo Pacific Group PLC13,738 26,302 
Antofagasta PLC5,859 74,549 
Ashmore Group PLC2,920 6,880 
Ashtead Group PLC6,135 301,399 
ASOS PLC(2)
317 2,550 
Associated British Foods PLC3,157 55,756 
Aston Martin Lagonda Global Holdings PLC(1)(2)
795 4,104 
AstraZeneca PLC, ADR11,902 742,447 
Atalaya Mining PLC1,621 4,187 
Auto Trader Group PLC11,436 86,350 
Avast PLC411 3,373 
Avation PLC285 260 
AVEVA Group PLC241 7,815 
Aviva PLC29,486 143,044 
B&M European Value Retail SA9,160 39,280 
Babcock International Group PLC(2)
4,076 15,546 
BAE Systems PLC28,041 252,540 
Balfour Beatty PLC9,906 36,238 
Bank of Georgia Group PLC924 21,459 
Barclays PLC, ADR38,700 301,473 
Barratt Developments PLC12,137 60,088 
Beazley PLC7,261 48,995 
Bellway PLC1,639 38,753 
Berkeley Group Holdings PLC1,710 72,390 
Biffa PLC7,883 36,796 
Bioventix PLC97 3,775 
Bloomsbury Publishing PLC1,593 7,775 
Bodycote PLC2,068 13,186 
BP PLC, ADR30,814 950,304 
Breedon Group PLC17,773 12,306 
133


Avantis International Equity Fund
SharesValue
Brewin Dolphin Holdings PLC5,938 $35,308 
BT Group PLC92,200 161,286 
Bunzl PLC1,783 59,132 
Burberry Group PLC7,064 142,895 
Burford Capital Ltd.4,035 37,746 
Bytes Technology Group PLC4,598 22,189 
Capricorn Energy PLC(2)
12,461 33,587 
Carnival PLC, ADR(1)(2)
380 3,219 
Centamin PLC26,895 28,205 
Central Asia Metals PLC6,765 18,012 
Centrica PLC(2)
151,036 132,469 
Cerillion PLC701 7,326 
Chemring Group PLC1,059 3,837 
Chesnara PLC3,157 11,071 
Clarkson PLC447 15,623 
Close Brothers Group PLC3,281 38,816 
CMC Markets PLC(1)
4,009 10,692 
Coats Group PLC45,694 31,847 
Coca-Cola HBC AG(2)
3,453 78,795 
Compass Group PLC8,575 184,457 
Computacenter PLC1,736 49,731 
ContourGlobal PLC2,246 6,714 
ConvaTec Group PLC10,165 25,646 
Countryside Partnerships PLC(2)
4,785 13,400 
Cranswick PLC561 20,073 
Crest Nicholson Holdings PLC4,562 12,398 
Croda International PLC419 32,659 
CVS Group PLC810 17,066 
Darktrace PLC(2)
2,282 13,525 
DCC PLC698 40,173 
De La Rue PLC(1)(2)
2,261 2,256 
Dechra Pharmaceuticals PLC30 1,213 
Devro PLC2,672 5,779 
Diageo PLC, ADR2,454 432,861 
Direct Line Insurance Group PLC20,073 47,809 
Diversified Energy Co. PLC6,380 9,791 
Domino's Pizza Group PLC1,387 3,796 
Dr. Martens PLC10,699 29,168 
Drax Group PLC7,925 58,459 
DS Smith PLC8,550 26,496 
Dunelm Group PLC1,681 13,416 
easyJet PLC(2)
2,734 11,360 
EMIS Group PLC1,286 28,130 
EnQuest PLC(2)
45,716 15,863 
Ergomed PLC(2)
532 6,893 
Essentra PLC6,998 16,108 
Experian PLC3,886 117,923 
Ferguson PLC1,005 116,387 
Ferrexpo PLC15,137 26,037 
Firstgroup PLC(1)
25,619 34,121 
Forterra PLC7,139 21,905 
134


Avantis International Equity Fund
SharesValue
Frasers Group PLC(2)
4,573 $42,580 
Fresnillo PLC497 3,958 
Frontier Developments PLC(1)(2)
65 1,102 
Games Workshop Group PLC586 48,254 
Gamma Communications PLC370 4,628 
Gateley Holdings PLC451 1,008 
Genel Energy PLC8,674 14,298 
Genus PLC152 4,433 
Georgia Capital PLC(2)
584 4,634 
Glencore PLC(2)
89,230 487,870 
Go-Ahead Group PLC(2)
2,145 38,479 
Golar LNG Ltd.(2)
1,158 31,579 
Grafton Group PLC4,069 34,155 
Grainger PLC8,530 26,559 
Greggs PLC1,975 42,217 
GSK PLC, ADR16,070 521,954 
Gulf Keystone Petroleum Ltd.10,676 29,890 
Gym Group PLC(2)
3,624 6,074 
Haleon PLC, ADR(2)
13,533 80,927 
Halfords Group PLC3,874 5,856 
Halma PLC1,280 30,790 
Harbour Energy PLC8,634 47,638 
Hargreaves Lansdown PLC3,944 37,339 
Hays PLC11,502 15,595 
Headlam Group PLC1,141 3,579 
Helical PLC1,145 5,181 
Helios Towers PLC(2)
19,955 28,597 
Hikma Pharmaceuticals PLC1,954 29,780 
Hill & Smith Holdings PLC1,870 22,591 
Hiscox Ltd.2,060 21,465 
Hochschild Mining PLC19,992 15,052 
HomeServe PLC887 12,211 
Hotel Chocolat Group PLC(2)
183 289 
Howden Joinery Group PLC10,956 72,440 
HSBC Holdings PLC, ADR(1)
21,146 651,931 
Hunting PLC2,569 8,592 
Hurricane Energy PLC(2)
154,073 13,141 
Ibstock PLC6,036 13,267 
IG Group Holdings PLC6,750 64,057 
IMI PLC2,241 29,806 
Impax Asset Management Group PLC1,397 10,140 
Inchcape PLC6,616 58,096 
Indivior PLC(2)
21,457 71,896 
Informa PLC300 1,898 
InterContinental Hotels Group PLC807 43,809 
Intermediate Capital Group PLC3,734 59,026 
International Personal Finance PLC4,374 5,084 
Intertek Group PLC1,307 59,989 
Investec PLC12,748 61,276 
IP Group PLC29,947 24,305 
ITV PLC51,947 38,658 
135


Avantis International Equity Fund
SharesValue
IWG PLC(2)
7,707 $14,365 
J D Wetherspoon PLC(2)
378 2,117 
J Sainsbury PLC20,840 49,190 
Jadestone Energy PLC(1)
2,676 2,704 
JD Sports Fashion PLC52,807 69,073 
JET2 PLC(2)
1,045 10,349 
Johnson Matthey PLC3,740 87,257 
Jubilee Metals Group PLC(2)
28,078 3,849 
Judges Scientific PLC96 8,463 
Jupiter Fund Management PLC7,591 8,560 
Just Group PLC13,695 11,436 
Kainos Group PLC1,078 17,008 
Keller Group PLC1,301 10,589 
Kingfisher PLC21,062 56,578 
Knights Group Holdings PLC237 279 
Lancashire Holdings Ltd.652 3,741 
Legal & General Group PLC62,397 182,765 
Liberty Global PLC, Class A(2)
1,044 21,089 
Liberty Global PLC, Class C(2)
2,576 54,895 
Liontrust Asset Management PLC689 7,318 
Lloyds Banking Group PLC, ADR157,046 314,092 
London Stock Exchange Group PLC795 74,572 
Lookers PLC1,152 1,091 
Luxfer Holdings PLC635 10,446 
M&G PLC23,519 53,375 
Man Group PLC30,325 85,694 
Marks & Spencer Group PLC(2)
31,253 44,164 
Marshalls PLC1,809 7,016 
Marston's PLC(2)
6,983 2,944 
McBride PLC(2)
3,696 964 
ME Group International PLC14,615 14,873 
Mediclinic International PLC6,963 40,461 
Meggitt PLC(2)
3,447 31,947 
Micro Focus International PLC, ADR162 977 
Mitchells & Butlers PLC(1)(2)
2,602 4,654 
Mitie Group PLC62,804 52,745 
Molten Ventures PLC(2)
2,262 9,767 
Mondi PLC5,122 86,948 
Moneysupermarket.com Group PLC10,218 23,358 
Morgan Advanced Materials PLC7,472 23,035 
Morgan Sindall Group PLC493 9,843 
Mortgage Advice Bureau Holdings Ltd.524 5,787 
Motorpoint group PLC(2)
72 165 
Naked Wines PLC(1)(2)
964 1,493 
National Grid PLC, ADR4,077 257,626 
NatWest Group PLC, ADR(1)
24,252 134,116 
Network International Holdings PLC(2)
345 964 
Next Fifteen Communications Group PLC1,714 17,058 
Next PLC1,751 117,916 
Ninety One PLC11,109 25,450 
Norcros PLC2,404 5,901 
136


Avantis International Equity Fund
SharesValue
Ocado Group PLC(2)
886 $7,446 
OSB Group PLC7,552 48,149 
Pagegroup PLC4,975 24,988 
Pan African Resources PLC35,963 7,639 
Paragon Banking Group PLC5,426 33,727 
Pearson PLC, ADR(1)
3,605 36,194 
Pennon Group PLC6,797 73,594 
Persimmon PLC3,579 61,241 
Petra Diamonds Ltd.(1)(2)
4,880 5,572 
Petrofac Ltd.(2)
3,277 4,533 
Phoenix Group Holdings PLC7,538 52,650 
Playtech PLC(2)
3,187 16,543 
Plus500 Ltd.2,854 56,241 
Premier Foods PLC10,225 12,795 
Provident Financial PLC9,000 18,009 
Prudential PLC, ADR(1)
5,306 112,010 
PZ Cussons PLC2,000 4,510 
QinetiQ Group PLC8,039 32,483 
Quilter PLC11,967 14,600 
Rathbones Group PLC909 19,002 
Reach PLC5,624 4,835 
Reckitt Benckiser Group PLC4,045 312,119 
Redde Northgate PLC5,962 23,665 
Redrow PLC4,467 26,241 
RELX PLC, ADR10,902 285,414 
Renewi PLC(2)
877 7,896 
Renishaw PLC107 4,577 
Rentokil Initial PLC6,769 40,881 
Rhi Magnesita NV334 6,999 
Rightmove PLC14,325 100,690 
Rio Tinto PLC, ADR(1)
10,349 582,545 
Rolls-Royce Holdings PLC(2)
23,152 20,634 
Rotork PLC7,216 20,701 
Royal Mail PLC8,658 27,625 
RPS Group PLC8,039 19,682 
RS GROUP PLC2,385 30,002 
Saga PLC(2)
108 189 
Sage Group PLC4,743 39,313 
Savannah Energy PLC(2)
44,665 17,140 
Savills PLC2,592 28,467 
Schroders PLC879 27,342 
Senior PLC(2)
6,285 9,477 
Serco Group PLC23,913 48,503 
Serica Energy PLC8,239 35,666 
Severn Trent PLC1,404 45,351 
Shanta Gold Ltd.16,512 1,813 
Shell PLC, ADR24,330 1,289,003 
SIG PLC(2)
1,703 662 
Sirius Real Estate Ltd.6,667 6,289 
Smart Metering Systems PLC1,076 11,355 
Smith & Nephew PLC, ADR3,049 72,688 
137


Avantis International Equity Fund
SharesValue
Smiths Group PLC1,674 $28,920 
Softcat PLC2,481 37,204 
Spectris PLC924 29,876 
Speedy Hire PLC6,740 3,199 
Spirax-Sarco Engineering PLC349 42,605 
Spire Healthcare Group PLC(2)
642 1,730 
Spirent Communications PLC7,786 23,290 
SSE PLC5,822 111,565 
SSP Group PLC(2)
13,261 32,495 
St. James's Place PLC7,501 96,012 
Standard Chartered PLC (London)35,210 243,870 
SThree PLC2,722 11,112 
Strix Group PLC(1)
2,672 4,594 
Studio Retail Group PLC(2)
420 561 
Superdry PLC(2)
1,215 1,766 
Synthomer PLC2,700 6,165 
Tate & Lyle PLC10,912 96,628 
Tatton Asset Management PLC(1)
821 3,718 
Taylor Wimpey PLC50,329 63,139 
TBC Bank Group PLC854 17,583 
Tesco PLC75,124 216,978 
TI Fluid Systems PLC1,823 3,090 
Topps Tiles PLC1,038 583 
TP ICAP Group PLC4,487 8,002 
Trainline PLC(2)
174 698 
Travis Perkins PLC2,650 26,062 
Tremor International Ltd.(1)(2)
765 2,922 
TUI AG(2)
2,877 4,411 
Tullow Oil PLC(1)(2)
13,780 7,739 
Unilever PLC, ADR(1)
12,208 554,121 
United Utilities Group PLC13,795 169,076 
Vertu Motors PLC18,946 10,673 
Vesuvius PLC1,468 5,906 
Victrex PLC813 16,491 
Virgin Money UK PLC26,413 45,670 
Vistry Group PLC3,803 34,059 
Vodafone Group PLC, ADR29,215 392,065 
Vp PLC87 811 
Watkin Jones PLC3,373 7,412 
Weir Group PLC1,376 23,174 
WH Smith PLC(2)
1,292 21,417 
Whitbread PLC1,855 53,764 
Wickes Group PLC7,958 11,033 
Wincanton PLC1,138 4,466 
WPP PLC, ADR(1)
1,117 47,930 
Yellow Cake PLC(2)
5,262 25,655 
YouGov PLC1,701 19,732 
17,915,092 
United States
ADTRAN Holdings, Inc.611 14,123 
Block, Inc.(2)
91 6,232 
138


Avantis International Equity Fund
SharesValue
Cazoo Group Ltd.(2)
548 $370 
GXO Logistics, Inc.(2)
41 1,820 
Regencell Bioscience Holdings Ltd.(2)
100 2,930 
25,475 
TOTAL COMMON STOCKS
(Cost $136,099,773)
130,726,635 
RIGHTS


Austria
IMMOFINANZ AG(1)(2)
530 
Germany
7C Solarparken AG(2)
2,864 53 
Hong Kong
SJM Holdings Ltd.(1)(2)
3,500 299 
Xinyi Electric Storage Holdings Ltd.(2)
1,600 65 
364 
TOTAL RIGHTS
(Cost $—)
422 
WARRANTS


Australia
Magellan Financial Group Ltd.(1)(2)
(Cost $—)
79 38 
SHORT-TERM INVESTMENTS — 6.4%


Money Market Funds — 6.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,488,453 1,488,453 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
7,033,882 7,033,882 
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,522,335)
8,522,335 
TOTAL INVESTMENT SECURITIES — 104.9%
(Cost $144,622,108)

139,249,430 
OTHER ASSETS AND LIABILITIES — (4.9)%

(6,532,960)
TOTAL NET ASSETS — 100.0%

$132,716,470 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini4September 2022$791,300 $18,394 
^Amount represents value and unrealized appreciation (depreciation).

139


Avantis International Equity Fund
MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
Financials20.3%
Industrials15.6%
Materials10.9%
Consumer Discretionary10.0%
Health Care8.5%
Energy8.1%
Consumer Staples7.0%
Information Technology6.4%
Utilities4.9%
Communication Services4.6%
Real Estate2.2%
Short-Term Investments6.4%
Other Assets and Liabilities(4.9)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $12,163,975. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $12,775,591, which includes securities collateral of $5,741,709.


See Notes to Financial Statements.

140


AUGUST 31, 2022
Avantis International Small Cap Value Fund
SharesValue
COMMON STOCKS — 98.6%


Australia — 9.3%
29Metals Ltd.(1)(2)
31,054 $42,067 
Accent Group Ltd.37,961 38,601 
Adairs Ltd.(1)
10,087 15,543 
Adbri Ltd.41,613 62,305 
Aeris Resources Ltd.(2)
55,697 16,333 
Alkane Resources Ltd.(2)
84,644 41,996 
Alliance Aviation Services Ltd.(2)
9,551 23,216 
AMP Ltd.(2)
197,130 155,372 
Aurelia Metals Ltd.(1)(2)
329,886 60,020 
Austal Ltd.68,708 120,176 
Australian Agricultural Co. Ltd.(2)
38,261 47,151 
Australian Finance Group Ltd.51,743 67,319 
Bank of Queensland Ltd.(1)
91,135 434,841 
Beach Energy Ltd.483,396 558,722 
Bega Cheese Ltd.42,040 114,137 
Bendigo & Adelaide Bank Ltd.(1)
110,415 677,784 
Bravura Solutions Ltd.43,732 46,929 
Byron Energy Ltd.(2)
7,834 748 
Challenger Ltd.97,841 421,811 
Champion Iron Ltd.59,052 203,744 
Coronado Global Resources, Inc.257,710 281,940 
Costa Group Holdings Ltd.96,391 175,905 
Credit Corp. Group Ltd.(1)
10,307 141,998 
CSR Ltd.119,094 365,391 
Dacian Gold Ltd.(2)
57,096 3,861 
Eclipx Group Ltd.(2)
76,422 123,734 
Emeco Holdings Ltd.88,013 54,665 
Evolution Mining Ltd.349,758 562,079 
Genworth Mortgage Insurance Australia Ltd.88,696 170,650 
Grange Resources Ltd.129,405 76,511 
HUB24 Ltd.126 2,030 
Humm Group Ltd.(1)
50,226 18,298 
Iluka Resources Ltd.88,499 622,190 
Imdex Ltd.30,795 41,803 
Infomedia Ltd.58,370 57,164 
Inghams Group Ltd.78,223 138,223 
JB Hi-Fi Ltd.1,944 53,615 
Lovisa Holdings Ltd.(1)
6,765 105,535 
MACA Ltd.43,040 31,194 
Macmahon Holdings Ltd.111,757 12,898 
Magellan Financial Group Ltd.(1)
15,877 139,376 
Mayne Pharma Group Ltd.(2)
223,000 45,351 
McMillan Shakespeare Ltd.17,332 168,871 
Metcash Ltd.140,046 391,903 
Monadelphous Group Ltd.13,825 123,391 
Money3 Corp. Ltd.24,697 38,552 
Mount Gibson Iron Ltd.(1)
98,675 28,613 
Myer Holdings Ltd.187,519 64,309 
141


Avantis International Small Cap Value Fund
SharesValue
MyState Ltd.7,500 $19,577 
New Hope Corp. Ltd.(1)
161,917 535,073 
nib holdings Ltd.74,771 416,234 
Nick Scali Ltd.(1)
4,199 31,363 
Nine Entertainment Co. Holdings Ltd.191,474 284,195 
NRW Holdings Ltd.136,556 227,011 
Nufarm Ltd.62,295 224,917 
OFX Group Ltd.(2)
32,997 59,350 
Orica Ltd.39,595 414,169 
Orora Ltd.138,357 311,632 
Pacific Current Group Ltd.868 5,363 
Pendal Group Ltd.76,178 267,447 
Perenti Global Ltd.163,178 86,556 
Perseus Mining Ltd.332,298 351,462 
Platinum Asset Management Ltd.77,029 92,914 
Premier Investments Ltd.19,428 279,353 
Ramelius Resources Ltd.204,754 111,503 
Red 5 Ltd.(2)
97,638 16,795 
Regis Resources Ltd.154,229 161,792 
Reject Shop Ltd.(2)
3,585 10,333 
Resimac Group Ltd.(1)
17,203 15,105 
Resolute Mining Ltd.(1)(2)
203,821 39,034 
Ridley Corp. Ltd.28,204 39,913 
Sandfire Resources Ltd.78,484 242,386 
Service Stream Ltd.(1)(2)
87,623 43,428 
Seven West Media Ltd.(2)
146,432 51,521 
Sierra Rutile Holdings Ltd.(1)(2)
88,499 18,167 
Silver Lake Resources Ltd.(2)
181,307 162,640 
Southern Cross Media Group Ltd.65,243 47,669 
Super Retail Group Ltd.(1)
41,304 295,043 
Tassal Group Ltd.30,862 108,889 
Ten Sixty Four Ltd.4,832 1,877 
Viva Energy Group Ltd.226,390 457,815 
West African Resources Ltd.(2)
274,129 233,415 
Whitehaven Coal Ltd.231,777 1,234,585 
14,087,391 
Austria — 0.9%
AT&S Austria Technologie & Systemtechnik AG13,429 597,721 
POLYTEC Holding AG6,121 35,163 
Porr AG7,672 87,838 
Semperit AG Holding(1)
9,776 177,645 
UNIQA Insurance Group AG63,327 418,616 
1,316,983 
Belgium — 1.5%
Bekaert SA14,676 450,156 
Cie d'Entreprises CFE(1)(2)
3,893 38,747 
Deceuninck NV(1)
6,823 15,753 
Deme Group NV(2)
3,893 445,529 
Euronav NV28,042 452,155 
Gimv NV6,180 316,182 
Ion Beam Applications2,467 43,835 
142


Avantis International Small Cap Value Fund
SharesValue
Jensen-Group NV250 $7,408 
KBC Ancora11,370 374,313 
Tessenderlo Group SA(2)
6,832 221,824 
2,365,902 
Canada — 10.0%
Advantage Energy Ltd.(2)
35,900 306,695 
Alaris Equity Partners Income1,400 18,420 
Algoma Central Corp.200 2,578 
Algoma Steel Group, Inc.(1)
17,200 157,155 
Argonaut Gold, Inc.(2)
34,000 12,038 
Athabasca Oil Corp.(1)(2)
114,700 226,195 
Baytex Energy Corp.(1)(2)
128,800 667,856 
Birchcliff Energy Ltd.50,015 440,609 
Bird Construction, Inc.(1)
7,100 35,842 
Bonterra Energy Corp.(2)
5,800 38,862 
Calibre Mining Corp.(2)
24,200 17,505 
Canaccord Genuity Group, Inc.8,679 51,875 
Canacol Energy Ltd.(1)
15,500 29,623 
Canadian Western Bank(1)
10,600 197,658 
Canfor Corp.(2)
12,800 251,156 
Capital Power Corp.22,700 880,622 
Capstone Mining Corp.(2)
4,000 8,985 
Cardinal Energy Ltd.(1)
25,400 161,681 
Centerra Gold, Inc.44,500 201,603 
China Gold International Resources Corp. Ltd.(1)
2,500 7,119 
Chorus Aviation, Inc.(1)(2)
12,431 26,597 
Copper Mountain Mining Corp.(1)(2)
21,000 23,345 
Corus Entertainment, Inc., B Shares(1)
23,366 65,827 
Crescent Point Energy Corp.79,130 601,300 
Crew Energy, Inc.(2)
20,800 102,943 
Dorel Industries, Inc., Class B(1)
3,777 19,527 
Dundee Precious Metals, Inc.34,500 157,087 
Element Fleet Management Corp.55,582 699,986 
Endeavour Mining PLC20 389 
Enerflex Ltd.(1)
11,500 57,704 
Enerplus Corp.43,700 673,459 
EQB, Inc.2,700 108,259 
ERO Copper Corp.(1)(2)
9,100 86,333 
Evertz Technologies Ltd.1,200 13,523 
Extendicare, Inc.(1)
5,700 31,205 
First National Financial Corp.(1)
1,700 48,139 
Fortuna Silver Mines, Inc.(1)(2)
33,300 77,079 
Freehold Royalties Ltd.(1)
7,600 82,982 
Frontera Energy Corp.(2)
9,445 79,754 
Galiano Gold, Inc.(1)(2)
66 32 
GCM Mining Corp.7,900 19,670 
Home Capital Group, Inc.(1)
5,153 109,624 
Hudbay Minerals, Inc.(1)
32,200 142,201 
iA Financial Corp., Inc.9,200 494,202 
IAMGOLD Corp.(1)(2)
37,500 44,828 
Interfor Corp.(2)
11,430 281,192 
143


Avantis International Small Cap Value Fund
SharesValue
International Petroleum Corp.(1)(2)
702 $6,911 
Jaguar Mining, Inc.3,200 7,090 
Karora Resources, Inc.(2)
10,789 23,495 
Kelt Exploration Ltd.(2)
25,800 123,563 
Laurentian Bank of Canada4,700 128,759 
Linamar Corp.6,500 307,294 
Lundin Gold, Inc.2,400 16,026 
Lundin Mining Corp.(1)
115,500 600,651 
Major Drilling Group International, Inc.(2)
3,900 26,429 
Martinrea International, Inc.(1)
10,360 81,643 
MEG Energy Corp.(2)
39,200 547,997 
Methanex Corp.11,500 415,658 
New Gold, Inc. (Toronto)(2)
79,400 51,388 
North American Construction Group Ltd.(1)
3,549 40,804 
NuVista Energy Ltd.(2)
32,888 270,446 
Obsidian Energy Ltd.(2)
15,300 137,698 
OceanaGold Corp.(2)
128,200 189,369 
Onex Corp.12,000 593,444 
Paramount Resources Ltd., A Shares(1)
6,300 143,619 
Parex Resources, Inc.21,900 350,340 
Peyto Exploration & Development Corp.(1)
31,900 297,541 
Pipestone Energy Corp.(2)
21,400 79,516 
Precision Drilling Corp.(1)(2)
10 615 
Real Matters, Inc.(1)(2)
7,600 33,505 
Resolute Forest Products, Inc.(2)
10,100 204,407 
Russel Metals, Inc.10,682 230,989 
Shawcor Ltd.(2)
4,100 24,537 
Sierra Metals, Inc.(1)
6,600 2,965 
Spartan Delta Corp.(1)(2)
26,300 265,333 
SSR Mining, Inc.(1)
5,330 71,954 
Stelco Holdings, Inc.7,100 192,184 
Tamarack Valley Energy Ltd.(1)
69,200 220,770 
Taseko Mines Ltd.(1)(2)
22,300 23,262 
Tidewater Midstream and Infrastructure Ltd.23,900 22,019 
Torex Gold Resources, Inc.(2)
14,400 106,902 
Total Energy Services, Inc.3,600 19,928 
TransGlobe Energy Corp.(1)
11,900 39,505 
Turquoise Hill Resources Ltd.(2)
5,930 163,088 
Vermilion Energy, Inc.34,200 913,493 
Wajax Corp.4,075 65,840 
Western Forest Products, Inc.48,200 56,518 
Yamana Gold, Inc.64,000 282,636 
Yangarra Resources Ltd.(2)
14,800 31,778 
15,173,173 
China — 0.1%
Fullshare Holdings Ltd.(1)(2)
2,015,000 31,270 
Truly International Holdings Ltd.218,000 47,758 
79,028 
Denmark — 1.7%
Brodrene Hartmann A/S(2)
40 1,386 
D/S Norden A/S8,551 398,684 
144


Avantis International Small Cap Value Fund
SharesValue
Dfds A/S8,576 $296,754 
Drilling Co. of 1972 A/S(2)
3,387 160,724 
FLSmidth & Co. A/S12,741 352,672 
H+H International A/S, B Shares(2)
3,080 49,500 
Jyske Bank A/S(2)
11,938 597,555 
Per Aarsleff Holding A/S3,849 110,687 
Solar A/S, B Shares1,529 123,618 
Sydbank A/S16,360 472,736 
TORM PLC3,973 77,038 
2,641,354 
Finland — 1.3%
Aspo Oyj1,402 10,848 
Atria Oyj343 3,364 
Finnair Oyj(1)(2)
187,999 77,056 
HKScan Oyj, A Shares(1)
3,016 3,472 
Lassila & Tikanoja Oyj(1)
893 9,597 
Marimekko Oyj8,637 85,175 
Metsa Board Oyj41,800 359,362 
Nokian Renkaat Oyj18,942 196,585 
Outokumpu Oyj141,981 569,338 
Puuilo Oyj(1)
17,296 82,494 
QT Group Oyj(1)(2)
2,218 112,454 
Rovio Entertainment Oyj13,225 79,591 
Talenom Oyj(1)
3,181 34,691 
Tokmanni Group Corp.17,199 205,337 
Uponor Oyj899 13,471 
Verkkokauppa.com Oyj(1)
1,005 3,741 
YIT Oyj(1)
54,145 177,177 
2,023,753 
France — 3.1%
AKWEL113 2,043 
ALD SA14,649 159,445 
Biosynex(1)
1,444 21,216 
Catana Group2,606 16,106 
Cie Plastic Omnium SA13,441 249,224 
Coface SA(2)
25,919 259,176 
Derichebourg SA25,674 144,429 
Eramet SA2,914 247,059 
Esso SA Francaise(2)
846 52,053 
Etablissements Maurel et Prom SA20,855 105,549 
Eurobio Scientific SA(2)
2,309 42,573 
Eutelsat Communications SA40,826 369,272 
Faurecia SE(2)
23,906 342,832 
Focus Entertainment(2)
483 21,846 
Gaztransport Et Technigaz SA1,652 210,307 
Genfit(2)
7,093 30,031 
Groupe LDLC(1)
755 20,575 
Guerbet63 1,221 
ID Logistics Group(2)
242 67,708 
Jacquet Metals SACA893 14,140 
JCDecaux SA(2)
5,303 73,534 
145


Avantis International Small Cap Value Fund
SharesValue
Maisons du Monde SA8,259 $79,052 
Mersen SA228 6,743 
Metropole Television SA6,034 74,485 
Nexans SA4,565 417,088 
Novacyt SA(2)
19,950 23,712 
ReWorld Media SA(2)
1,855 11,761 
SES SA86,718 608,790 
SES-imagotag SA(2)
363 36,279 
SMCP SA(2)
10,769 58,976 
Societe BIC SA2,833 161,159 
Synergie SE96 2,641 
Television Francaise 111,044 70,039 
Valeo2,789 53,275 
Vallourec SA(2)
14,226 148,095 
Verallia SA16,123 369,639 
Vicat SA1,081 27,356 
Vilmorin & Cie SA697 29,950 
X-Fab Silicon Foundries SE(2)
11,204 69,565 
Xilam Animation SA(2)
33 1,252 
4,700,196 
Germany — 4.1%
7C Solarparken AG5,130 27,611 
AlzChem Group AG231 4,175 
Aumann AG430 6,607 
Aurubis AG2,019 122,243 
Baader Bank AG2,427 9,094 
Bauer AG(2)
749 6,574 
Bertrandt AG560 19,114 
Centrotec SE313 11,418 
Cewe Stiftung & Co. KGAA858 67,844 
CropEnergies AG6,419 105,160 
Deutsche Beteiligungs AG1,500 41,952 
Deutsche Pfandbriefbank AG30,839 266,146 
Deutz AG23,572 88,765 
Draegerwerk AG & Co. KGaA622 25,143 
Draegerwerk AG & Co. KGaA, Preference Shares2,357 111,517 
Elmos Semiconductor SE655 27,787 
Encavis AG11,840 253,036 
flatexDEGIRO AG(2)
13,726 132,086 
Gesco AG473 11,934 
GRENKE AG1,419 34,118 
Hamburger Hafen und Logistik AG5,162 63,132 
Hornbach Holding AG & Co. KGaA1,747 123,226 
HUGO BOSS AG12,976 707,220 
Instone Real Estate Group SE9,003 79,695 
JOST Werke AG1,973 73,122 
Jungheinrich AG, Preference Shares7,642 186,570 
K+S AG23,024 524,523 
Kloeckner & Co. SE4,828 43,570 
Koenig & Bauer AG(2)
2,154 25,109 
Krones AG3,584 295,158 
146


Avantis International Small Cap Value Fund
SharesValue
KSB SE & Co. KGaA$386 
KSB SE & Co. KGaA, Preference Shares69 21,322 
Lang & Schwarz AG1,344 19,150 
Lanxess AG12,147 409,858 
Leoni AG(2)
3,260 22,848 
METRO AG(2)
19,194 152,806 
Multitude SE(2)
937 2,304 
Mutares SE & Co. KGaA2,051 33,102 
PVA TePla AG(2)
2,576 43,269 
Rheinmetall AG5,000 793,725 
Salzgitter AG3,211 78,941 
SGL Carbon SE(2)
13,987 95,057 
Siltronic AG2,930 200,785 
STO SE & Co. KGaA, Preference Shares488 76,327 
TAG Immobilien AG33,926 312,984 
Villeroy & Boch AG, Preference Shares1,357 25,617 
Vitesco Technologies Group AG, Class A(2)
4,933 240,906 
Wacker Chemie AG579 82,344 
Wacker Neuson SE6,370 105,461 
Wuestenrot & Wuerttembergische AG1,952 31,788 
6,242,629 
Hong Kong — 1.8%
Analogue Holdings Ltd.12,000 2,095 
BOCOM International Holdings Co. Ltd.29,000 1,921 
Bright Smart Securities & Commodities Group Ltd.120,000 19,215 
Cafe de Coral Holdings Ltd.88,000 125,988 
China Strategic Holdings Ltd.(2)
1,810,000 7,119 
Chow Sang Sang Holdings International Ltd.6,000 6,755 
CMBC Capital Holdings Ltd.(1)
126,250 27,294 
Crystal International Group Ltd.15,500 5,204 
CSI Properties Ltd.350,000 7,791 
Dah Sing Banking Group Ltd.152,800 118,653 
Dah Sing Financial Holdings Ltd.15,600 41,532 
Dickson Concepts International Ltd.25,000 11,876 
E-Commodities Holdings Ltd.(1)
1,292,000 288,552 
Eagle Nice International Holdings Ltd.2,000 1,119 
Hang Lung Group Ltd.9,000 15,222 
IGG, Inc.317,000 136,277 
International Housewares Retail Co. Ltd.10,000 3,691 
IRC Ltd.(1)(2)
124,000 2,127 
Johnson Electric Holdings Ltd.130,500 154,130 
K Wah International Holdings Ltd.220,000 82,968 
Ka Shui International Holdings Ltd.82,000 4,997 
Karrie International Holdings Ltd.74,000 12,983 
Lifestyle International Holdings Ltd.(2)
28,000 16,388 
LK Technology Holdings Ltd.(1)
250 365 
Minmetals Land Ltd.4,000 326 
Oriental Watch Holdings66,000 37,689 
Pacific Basin Shipping Ltd.2,240,000 795,043 
PC Partner Group Ltd.(1)
140,000 133,098 
Regina Miracle International Holdings Ltd.26,000 16,090 
147


Avantis International Small Cap Value Fund
SharesValue
Shun Tak Holdings Ltd.(2)
208,000 $34,639 
Singamas Container Holdings Ltd.430,000 39,832 
SmarTone Telecommunications Holdings Ltd.69,000 36,925 
Solargiga Energy Holdings Ltd.(2)
480,000 18,850 
Sun Hung Kai & Co. Ltd.54,000 24,888 
Tai Hing Group Holdings Ltd.50,000 6,419 
Ten Pao Group Holdings Ltd.80,000 14,631 
Texhong Textile Group Ltd.143,500 134,825 
Texwinca Holdings Ltd.26,000 4,622 
United Laboratories International Holdings Ltd.376,000 182,015 
Value Partners Group Ltd.(1)
412,000 120,841 
VSTECS Holdings Ltd.28,000 18,511 
2,713,506 
Ireland — 0.5%
Dalata Hotel Group PLC(2)
122,273 428,281 
FBD Holdings PLC2,442 24,920 
Glenveagh Properties PLC(2)
165,159 168,103 
Origin Enterprises PLC25,522 95,673 
Permanent TSB Group Holdings PLC(2)
4,574 7,013 
723,990 
Israel — 3.0%
Adgar Investment and Development Ltd.786 1,729 
Airport City Ltd.(2)
7,779 162,789 
Arad Investment & Industrial Development Ltd.163 22,978 
Ashtrom Group Ltd.3,572 90,912 
Aspen Group Ltd.664 1,953 
Azorim-Investment Development & Construction Co. Ltd.8,901 36,385 
Caesarstone Ltd.611 6,226 
Carasso Motors Ltd.2,263 14,344 
Cellcom Israel Ltd.(2)
10,293 64,391 
Clal Insurance Enterprises Holdings Ltd.(2)
14,781 319,172 
Delta Galil Industries Ltd.1,864 98,887 
Dor Alon Energy in Israel 1988 Ltd.81 3,089 
Equital Ltd.(2)
2,202 81,794 
Fattal Holdings 1998 Ltd.(2)
266 32,755 
FIBI Holdings Ltd.3,410 179,244 
First International Bank of Israel Ltd.4,077 189,727 
Fox Wizel Ltd.963 139,787 
Gazit-Globe Ltd.8,946 58,231 
Harel Insurance Investments & Financial Services Ltd.23,818 270,810 
IDI Insurance Co. Ltd.228 7,441 
Infinya Ltd.120 12,174 
Inrom Construction Industries Ltd.6,953 32,405 
Isracard Ltd.39,799 132,480 
Israel Corp. Ltd.(2)
613 296,297 
Israel Land Development - Urban Renewal Ltd.937 16,698 
Isras Investment Co. Ltd.182 43,592 
M Yochananof & Sons Ltd.273 17,172 
Mehadrin Ltd.(2)
325 
Melisron Ltd.1,144 93,422 
Menora Mivtachim Holdings Ltd.(2)
5,658 130,326 
148


Avantis International Small Cap Value Fund
SharesValue
Migdal Insurance & Financial Holdings Ltd.98,590 $162,896 
Naphtha Israel Petroleum Corp. Ltd.(2)
2,351 14,155 
Norstar Holdings, Inc.1,581 15,185 
Oil Refineries Ltd.354,376 152,167 
Partner Communications Co. Ltd.(2)
23,332 201,802 
Paz Oil Co. Ltd.(2)
2,059 269,891 
Perion Network Ltd.(2)
1,361 27,690 
Phoenix Holdings Ltd.33,799 407,707 
Property & Building Corp. Ltd.(2)
90 9,230 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.92 7,120 
Scope Metals Group Ltd.511 25,616 
Shapir Engineering and Industry Ltd.15,181 145,012 
Shufersal Ltd.52,963 362,725 
Summit Real Estate Holdings Ltd.5,021 94,660 
Tadiran Group Ltd.102 17,194 
Tamar Petroleum Ltd.732 2,367 
Taro Pharmaceutical Industries Ltd.(2)
1,168 39,315 
Tera Light Ltd.(2)
2,240 4,281 
Tower Semiconductor Ltd.(2)
2,114 99,091 
Victory Supermarket Chain Ltd.(2)
265 4,119 
4,619,758 
Italy — 2.5%
Aeffe SpA(2)
1,917 2,738 
Aquafil SpA8,245 50,415 
Avio SpA(1)
4,718 65,059 
Banca IFIS SpA10,740 128,243 
Banca Popolare di Sondrio SCPA195,157 624,949 
Banca Sistema SpA12,370 19,203 
Biesse SpA6,867 87,190 
Credito Emiliano SpA11,263 65,114 
d'Amico International Shipping SA(2)
460,655 110,646 
Danieli & C Officine Meccaniche SpA445 8,180 
Danieli & C Officine Meccaniche SpA, Preference Shares6,575 83,552 
Digital Bros SpA(1)
3,194 78,775 
Emak SpA6,148 6,887 
Fila SpA3,915 29,540 
Fincantieri SpA(1)(2)
100,777 50,522 
Gefran SpA300 2,662 
Geox SpA(2)
34,516 26,790 
Iveco Group NV(2)
98,797 499,558 
Maire Tecnimont SpA(1)
62,561 158,768 
MFE-MediaForEurope NV, Class A(1)(2)
212,559 90,168 
MFE-MediaForEurope NV, Class B(1)(2)
113,286 65,899 
OVS SpA149,027 225,343 
RAI Way SpA38,790 187,624 
Saras SpA(2)
527,251 638,643 
Servizi Italia SpA(2)
1,623 2,001 
Tesmec SpA(1)(2)
215,373 27,473 
Webuild SpA(1)
286,264 402,022 
3,737,964 
149


Avantis International Small Cap Value Fund
SharesValue
Japan — 26.7%
77 Bank Ltd.4,800 $61,231 
A&D HOLON Holdings Co. Ltd.200 1,369 
ADEKA Corp.400 6,750 
AEON Financial Service Co. Ltd.(1)
30,600 314,273 
AFC-HD AMS Life Science Co. Ltd.1,900 10,523 
Ahresty Corp.3,200 9,353 
Aichi Steel Corp.1,200 17,795 
Air Water, Inc.22,700 283,978 
Airport Facilities Co. Ltd.400 1,602 
Aisan Industry Co. Ltd.5,400 28,280 
Akatsuki, Inc.1,300 22,097 
Alinco, Inc.(1)
200 1,295 
Amada Co. Ltd.15,400 120,497 
AOKI Holdings, Inc.5,700 28,816 
Aoyama Trading Co. Ltd.11,100 73,645 
Aozora Bank Ltd.10,100 194,954 
Applied Co. Ltd.200 3,161 
Arakawa Chemical Industries Ltd.(1)
1,500 11,023 
Arata Corp.3,100 91,851 
Arcland Sakamoto Co. Ltd.(1)
7,000 75,060 
Asahi Holdings, Inc.(1)
4,300 64,091 
ASAHI YUKIZAI Corp.4,000 65,834 
Asia Pile Holdings Corp.800 2,893 
Bando Chemical Industries Ltd.1,300 9,421 
Bank of Nagoya Ltd.1,600 35,587 
Bank of the Ryukyus Ltd.(1)
2,300 12,814 
Belluna Co. Ltd.5,800 30,737 
Benesse Holdings, Inc.1,300 20,433 
Bic Camera, Inc.(1)
24,600 201,371 
BML, Inc.5,700 145,862 
Bunka Shutter Co. Ltd.7,800 59,821 
Carlit Holdings Co. Ltd.1,800 8,800 
Central Glass Co. Ltd.10,800 260,574 
Chiba Kogyo Bank Ltd.4,000 7,541 
Chilled & Frozen Logistics Holdings Co. Ltd.500 4,430 
Chubu Shiryo Co. Ltd.1,600 12,350 
Citizen Watch Co. Ltd.(1)
59,800 255,503 
CKD Corp.9,000 118,406 
CMIC Holdings Co. Ltd.3,100 36,816 
Cosmo Energy Holdings Co. Ltd.27,300 817,383 
Credit Saison Co. Ltd.50,100 630,303 
CTI Engineering Co. Ltd.500 9,354 
Cybernet Systems Co. Ltd.4,200 29,204 
Daicel Corp.(1)
57,800 362,996 
Daido Metal Co. Ltd.(1)
3,000 11,367 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.200 1,900 
Daiken Corp.1,300 18,164 
Daikokutenbussan Co. Ltd.800 33,971 
Daikyonishikawa Corp.100 419 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.1,800 23,148 
150


Avantis International Small Cap Value Fund
SharesValue
Daio Paper Corp.(1)
11,900 $111,234 
Daito Chemix Corp.1,100 4,752 
Daitron Co. Ltd.100 1,514 
Denka Co. Ltd.18,800 450,374 
Dowa Holdings Co. Ltd.11,800 444,790 
Dream Incubator, Inc.(2)
2,200 31,572 
Eagle Industry Co. Ltd.5,600 47,052 
Eco's Co. Ltd.100 1,349 
EDION Corp.(1)
5,900 50,753 
EF-ON, Inc.2,000 9,728 
Ehime Bank Ltd.(1)
1,800 11,007 
Eizo Corp.2,700 73,492 
EJ Holdings, Inc.1,100 10,254 
Electric Power Development Co. Ltd.(1)
43,500 670,084 
Endo Lighting Corp.2,800 15,657 
Enomoto Co. Ltd.(1)
700 7,766 
eRex Co. Ltd.5,200 104,517 
Exedy Corp.5,100 65,712 
EXEO Group, Inc.17,500 268,492 
F.C.C. Co. Ltd.7,200 74,518 
Feed One Co. Ltd.1,900 9,574 
Ferrotec Holdings Corp.9,900 225,340 
FIDEA Holdings Co. Ltd.(1)
1,620 15,376 
Fields Corp.6,600 63,955 
Financial Products Group Co. Ltd.9,800 87,987 
FJ Next Holdings Co. Ltd.1,700 12,574 
France Bed Holdings Co. Ltd.3,100 21,974 
Frontier International, Inc.700 20,323 
Fuji Corp. Ltd.(1)
3,300 15,742 
Fuji Corp./Miyagi800 7,197 
Fuji Seal International, Inc.3,000 33,279 
Fujikura Composites, Inc.3,600 26,434 
Fujikura Ltd.80,900 574,495 
Fujimori Kogyo Co. Ltd.1,100 27,831 
Fukuoka Financial Group, Inc.12,600 225,158 
Furukawa Co. Ltd.2,100 19,039 
Furyu Corp.3,000 21,881 
Futaba Industrial Co. Ltd.10,000 25,857 
Fuyo General Lease Co. Ltd.4,600 271,640 
G-7 Holdings, Inc.400 4,289 
G-Tekt Corp.(1)
2,800 28,004 
Gecoss Corp.400 2,352 
Genky DrugStores Co. Ltd.(1)
1,300 34,186 
Geomatec Co. Ltd.(2)
900 3,660 
GLOBERIDE, Inc.4,200 82,313 
Glory Ltd.4,200 66,313 
Goldcrest Co. Ltd.2,400 29,904 
GS Yuasa Corp.700 12,702 
GungHo Online Entertainment, Inc.1,000 16,514 
Gunma Bank Ltd.(1)
27,000 75,505 
H-One Co. Ltd.2,700 11,756 
151


Avantis International Small Cap Value Fund
SharesValue
H.U. Group Holdings, Inc.15,300 $310,761 
H2O Retailing Corp.22,900 161,339 
Hakudo Co. Ltd.1,200 23,265 
Hakuto Co. Ltd.2,800 66,522 
Halows Co. Ltd.(1)
600 13,177 
Hamakyorex Co. Ltd.3,100 70,589 
Hanwa Co. Ltd.11,600 286,969 
Happinet Corp.1,500 17,380 
Heiwa Real Estate Co. Ltd.5,900 166,371 
Heiwado Co. Ltd.(1)
6,600 94,337 
Hirano Tecseed Co. Ltd.(1)
1,600 21,304 
Hitachi Zosen Corp.41,700 263,231 
Hokuetsu Corp.26,900 144,766 
Hokuhoku Financial Group, Inc.20,000 118,842 
Hoosiers Holdings Co. Ltd.3,200 18,565 
Horiba Ltd.2,700 122,995 
Hosokawa Micron Corp.800 15,102 
HS Holdings Co. Ltd.7,500 62,755 
Hyakugo Bank Ltd.18,300 41,879 
i-mobile Co. Ltd.1,900 19,483 
I-Net Corp./Kanagawa200 1,935 
I-PEX, Inc.2,000 19,679 
Ichinen Holdings Co. Ltd.(1)
1,300 11,856 
IDOM, Inc.(1)
4,700 27,816 
IHI Corp.26,900 718,400 
Iino Kaiun Kaisha Ltd.23,200 136,328 
IMAGICA GROUP, Inc.4,500 29,444 
Inabata & Co. Ltd.(1)
7,600 132,988 
INFRONEER Holdings, Inc.19,640 140,388 
Innotech Corp.1,800 17,589 
Internet Initiative Japan, Inc.7,700 278,091 
Inui Global Logistics Co. Ltd.2,000 30,638 
Iseki & Co. Ltd.3,600 32,750 
Ishihara Sangyo Kaisha Ltd.9,700 77,953 
Itochu Enex Co. Ltd.13,500 105,916 
IwaiCosmo Holdings, Inc.2,100 18,947 
Iwasaki Electric Co. Ltd.200 3,721 
Iwatani Corp.1,300 53,043 
J Front Retailing Co. Ltd.(1)
67,600 535,763 
Jaccs Co. Ltd.6,200 170,501 
JAFCO Group Co. Ltd.18,300 264,843 
Japan Aviation Electronics Industry Ltd.8,500 142,147 
Japan Electronic Materials Corp.(1)
2,200 24,701 
Japan Investment Adviser Co. Ltd.2,500 24,200 
Japan Lifeline Co. Ltd.1,500 10,970 
Japan Petroleum Exploration Co. Ltd.8,100 230,773 
Japan Pulp & Paper Co. Ltd.400 12,547 
Japan Transcity Corp.2,000 7,319 
Japan Wool Textile Co. Ltd.10,100 74,231 
JGC Holdings Corp.56,200 757,259 
JINUSHI Co. Ltd.2,800 40,289 
152


Avantis International Small Cap Value Fund
SharesValue
JSP Corp.1,200 $12,456 
JTEKT Corp.43,400 305,513 
Juroku Financial Group, Inc.3,700 65,470 
JVCKenwood Corp.34,700 50,937 
K's Holdings Corp.43,300 398,941 
Kamei Corp.1,400 11,014 
Kanamoto Co. Ltd.8,700 133,930 
Kaneka Corp.11,700 313,816 
Kanematsu Corp.20,300 219,605 
Kanto Denka Kogyo Co. Ltd.9,000 64,661 
Kato Sangyo Co. Ltd.4,000 98,373 
Kawai Musical Instruments Manufacturing Co. Ltd.800 15,702 
Kawasaki Heavy Industries Ltd.3,300 64,047 
Keiyo Bank Ltd.8,200 28,627 
KFC Holdings Japan Ltd.100 2,011 
KH Neochem Co. Ltd.6,800 125,134 
Kimura Chemical Plants Co. Ltd.1,900 10,743 
Kito Corp.1,900 36,855 
Kitz Corp.8,700 50,727 
Kiyo Bank Ltd.13,000 139,696 
Kobe Steel Ltd.101,900 463,640 
Koei Chemical Co. Ltd.200 3,349 
Kohnan Shoji Co. Ltd.(1)
6,700 166,077 
Kojima Co. Ltd.(1)
8,800 40,347 
Kokusai Pulp & Paper Co. Ltd.10,500 53,521 
Komeri Co. Ltd.6,300 118,322 
Komori Corp.2,900 16,021 
Konoike Transport Co. Ltd.3,500 33,216 
Kumagai Gumi Co. Ltd.7,200 137,742 
Kurabo Industries Ltd.1,300 19,834 
Kuraray Co. Ltd.58,500 444,356 
Kureha Corp.4,200 282,043 
KYB Corp.5,500 130,087 
Kyoden Co. Ltd.(1)
3,400 15,307 
Kyokuyo Co. Ltd.200 5,234 
Lawson, Inc.(1)
300 9,942 
Macnica Holdings, Inc.4,200 90,117 
Makino Milling Machine Co. Ltd.7,200 227,198 
Maruha Nichiro Corp.10,500 187,748 
MARUKA FURUSATO Corp.3,200 77,988 
Maruzen Showa Unyu Co. Ltd.1,200 27,402 
Maxell Ltd.14,100 149,551 
Mebuki Financial Group, Inc.82,700 158,500 
Megmilk Snow Brand Co. Ltd.11,300 139,273 
Meiko Electronics Co. Ltd.(1)
5,100 118,483 
Micronics Japan Co. Ltd.6,300 64,535 
Mimasu Semiconductor Industry Co. Ltd.4,000 60,830 
Miraial Co. Ltd.1,700 24,119 
MIRAIT ONE Corp.17,400 195,560 
Mitsubishi Research Institute, Inc.2,100 62,867 
Mitsubishi Shokuhin Co. Ltd.5,100 125,184 
153


Avantis International Small Cap Value Fund
SharesValue
Mitsubishi Steel Manufacturing Co. Ltd.4,300 $31,930 
Mitsuboshi Belting Ltd.(1)
1,300 29,885 
Mitsui Matsushima Holdings Co. Ltd.(1)
2,700 70,693 
Mitsui Mining & Smelting Co. Ltd.18,500 436,889 
Mitsui-Soko Holdings Co. Ltd.6,000 145,021 
Miyaji Engineering Group, Inc.800 18,253 
Miyazaki Bank Ltd.1,500 23,974 
Mizuho Leasing Co. Ltd.5,800 140,092 
Mizuho Medy Co. Ltd.(1)
1,400 30,010 
Mizuno Corp.3,800 73,112 
Monex Group, Inc.(1)
26,600 94,864 
Morinaga Milk Industry Co. Ltd.8,500 259,890 
Musashino Bank Ltd.1,600 19,503 
Nabtesco Corp.15,600 369,417 
Nachi-Fujikoshi Corp.3,800 103,102 
Naigai Tec Corp.300 5,648 
Nanto Bank Ltd.5,400 76,104 
Nasu Denki Tekko Co. Ltd.100 5,874 
NEC Capital Solutions Ltd.1,000 15,435 
New Japan Chemical Co. Ltd.5,000 8,841 
NGK Spark Plug Co. Ltd.11,100 227,746 
Nichias Corp.8,800 151,971 
Nichiha Corp.4,200 83,697 
Nichireki Co. Ltd.4,600 44,963 
Nihon Chouzai Co. Ltd.2,800 26,937 
Nihon Dempa Kogyo Co. Ltd.3,000 32,600 
Nihon Dengi Co. Ltd.100 2,347 
Nihon Flush Co. Ltd.400 2,727 
Nihon House Holdings Co. Ltd.7,900 24,102 
Nikkon Holdings Co. Ltd.9,700 164,191 
Nippn Corp.7,800 87,973 
Nippon Avionics Co. Ltd.(2)
300 6,010 
Nippon Chemi-Con Corp.(2)
5,200 68,151 
Nippon Chemical Industrial Co. Ltd.1,100 16,649 
Nippon Coke & Engineering Co. Ltd.53,600 38,787 
Nippon Concrete Industries Co. Ltd.4,300 8,330 
Nippon Denko Co. Ltd.10,100 26,809 
Nippon Densetsu Kogyo Co. Ltd.5,500 70,768 
Nippon Electric Glass Co. Ltd.19,800 372,892 
Nippon Kodoshi Corp.1,400 21,914 
Nippon Koei Co. Ltd.2,300 58,898 
Nippon Paper Industries Co. Ltd.26,600 173,562 
Nippon Pillar Packing Co. Ltd.1,900 35,365 
Nippon Seiki Co. Ltd.1,600 9,459 
Nippon Shokubai Co. Ltd.6,800 269,645 
Nippon Soda Co. Ltd.6,500 214,940 
Nippon Steel Trading Corp.2,000 76,949 
Nippon Suisan Kaisha Ltd.66,600 272,530 
Nippon Thompson Co. Ltd.12,200 50,104 
Nippon Yakin Kogyo Co. Ltd.(1)
4,500 92,907 
Nipro Corp.35,600 289,828 
154


Avantis International Small Cap Value Fund
SharesValue
Nishi-Nippon Financial Holdings, Inc.18,600 $98,684 
Nishimatsu Construction Co. Ltd.(1)
2,300 66,790 
Nishio Rent All Co. Ltd.3,900 81,365 
Nissan Shatai Co. Ltd.2,100 11,604 
Nisshinbo Holdings, Inc.34,000 263,109 
Nissin Electric Co. Ltd.1,900 20,248 
Nittetsu Mining Co. Ltd.1,000 44,284 
Nojima Corp.8,600 173,266 
NOK Corp.(1)
17,800 158,201 
Nomura Micro Science Co. Ltd.(1)
600 15,824 
Noritake Co. Ltd./Nagoya Japan800 24,046 
NS United Kaiun Kaisha Ltd.2,400 82,766 
Oji Holdings Corp.11,700 46,682 
Okasan Securities Group, Inc.10,300 24,837 
Oki Electric Industry Co. Ltd.8,800 47,488 
Okumura Corp.5,900 124,271 
Okura Industrial Co. Ltd.(1)
900 11,969 
Okuwa Co. Ltd.(1)
2,200 14,383 
Olympic Group Corp.500 2,145 
Onoken Co. Ltd.2,900 30,950 
Organo Corp.1,500 99,774 
Orient Corp.124,700 109,051 
Oriental Shiraishi Corp.10,000 18,087 
Osaka Soda Co. Ltd.(1)
3,300 89,568 
Osaka Steel Co. Ltd.1,600 14,621 
OSAKA Titanium Technologies Co. Ltd.(2)
7,100 161,876 
Pacific Industrial Co. Ltd.7,400 57,618 
Pasona Group, Inc.(1)
1,000 14,969 
Penta-Ocean Construction Co. Ltd.4,700 24,803 
Press Kogyo Co. Ltd.24,800 78,441 
Pressance Corp.2,200 23,788 
Prima Meat Packers Ltd.5,900 92,091 
PS Mitsubishi Construction Co. Ltd.1,700 7,938 
Raiznext Corp.700 6,044 
Rengo Co. Ltd.(1)
44,000 259,227 
Resorttrust, Inc.21,800 349,827 
Ricoh Leasing Co. Ltd.3,500 90,093 
Riken Corp.1,400 24,201 
Riken Technos Corp.1,900 7,096 
Roland DG Corp.2,200 51,601 
Ryobi Ltd.2,500 23,217 
Sakai Chemical Industry Co. Ltd.2,000 28,227 
Sakura Internet, Inc.300 1,247 
Sala Corp.5,500 32,134 
San Holdings, Inc.400 5,142 
San-Ai Obbli Co. Ltd.5,600 44,312 
San-In Godo Bank Ltd.12,500 61,458 
Sanix, Inc.(2)
1,600 2,842 
Sanki Engineering Co. Ltd.3,500 41,342 
Sankyo Frontier Co. Ltd.200 5,539 
Sankyu, Inc.7,700 236,831 
155


Avantis International Small Cap Value Fund
SharesValue
Sanwa Holdings Corp.27,100 $268,153 
Sanyo Chemical Industries Ltd.(1)
1,300 44,418 
Sanyo Denki Co. Ltd.800 31,133 
SBS Holdings, Inc.300 6,210 
Scroll Corp.(1)
5,900 33,243 
SEC Carbon Ltd.100 4,380 
Seed Co. Ltd.1,600 6,675 
Seikitokyu Kogyo Co. Ltd.1,800 9,812 
Seiko Holdings Corp.8,400 173,090 
Seino Holdings Co. Ltd.24,600 195,345 
Sekisui Kasei Co. Ltd.2,100 6,124 
SEMITEC Corp.200 13,835 
Senko Group Holdings Co. Ltd.23,800 162,603 
Senshu Electric Co. Ltd.1,500 60,140 
Senshu Ikeda Holdings, Inc.54,400 86,392 
Shibaura Mechatronics Corp.800 65,981 
Shibusawa Warehouse Co. Ltd.100 1,518 
Shikoku Bank Ltd.2,100 12,941 
Shin Nippon Biomedical Laboratories Ltd.(1)
1,000 17,052 
Shinagawa Refractories Co. Ltd.500 13,639 
Shinmaywa Industries Ltd.16,400 124,985 
Shinnihon Corp.400 2,103 
Shinsei Bank Ltd.(1)
13,200 185,885 
Sinfonia Technology Co. Ltd.2,300 24,925 
SK-Electronics Co. Ltd.100 1,009 
SKY Perfect JSAT Holdings, Inc.49,200 195,532 
Sodick Co. Ltd.10,000 57,903 
Soken Chemical & Engineering Co. Ltd.800 11,130 
St-Care Holding Corp.1,900 11,978 
Star Micronics Co. Ltd.10,200 134,128 
Starts Corp., Inc.7,400 142,159 
Studio Alice Co. Ltd.(1)
400 6,392 
Subaru Enterprise Co. Ltd.100 6,411 
Sumitomo Densetsu Co. Ltd.2,800 52,876 
Sumitomo Heavy Industries Ltd.28,200 591,947 
Sumitomo Osaka Cement Co. Ltd.(1)
8,400 212,774 
Sumitomo Riko Co. Ltd.6,000 25,061 
Sumitomo Rubber Industries Ltd.36,300 311,493 
Sumitomo Seika Chemicals Co. Ltd.900 20,148 
Sumitomo Warehouse Co. Ltd.8,800 138,092 
Sun Frontier Fudousan Co. Ltd.8,100 69,880 
Sun-Wa Technos Corp.1,500 15,199 
Suruga Bank Ltd.36,000 97,026 
Suzuken Co. Ltd.1,800 43,138 
SWCC Showa Holdings Co. Ltd.6,400 83,846 
T RAD Co. Ltd.1,600 32,035 
T-Gaia Corp.400 4,756 
Tachikawa Corp.400 3,057 
Taiheiyo Cement Corp.27,100 405,726 
Taiho Kogyo Co. Ltd.1,500 7,573 
Takamiya Co. Ltd.1,000 3,031 
156


Avantis International Small Cap Value Fund
SharesValue
Takara Standard Co. Ltd.4,600 $43,710 
Takasago International Corp.1,900 37,822 
Takasago Thermal Engineering Co. Ltd.7,700 90,977 
Tama Home Co. Ltd.2,600 43,835 
Tamron Co. Ltd.1,000 21,849 
Teijin Ltd.48,300 510,651 
Tera Probe, Inc.500 5,091 
Toa Corp. (Tokyo)3,000 52,640 
TOA ROAD Corp.200 8,464 
Toagosei Co. Ltd.6,500 50,644 
Toenec Corp.100 2,640 
Toho Titanium Co. Ltd.(1)
8,300 131,476 
TOKAI Holdings Corp.19,400 123,988 
Tokuyama Corp.16,700 219,957 
Tokyo Electron Device Ltd.1,200 50,684 
Tokyo Kiraboshi Financial Group, Inc.5,500 88,698 
Tokyo Seimitsu Co. Ltd.8,500 283,146 
Tokyo Steel Manufacturing Co. Ltd.21,100 223,558 
Tokyo Tatemono Co. Ltd.35,600 533,636 
Tokyu Construction Co. Ltd.21,800 102,543 
TOMONY Holdings, Inc.900 2,040 
Tomy Co. Ltd.21,200 200,972 
Tonami Holdings Co. Ltd.300 7,951 
Topre Corp.9,100 81,062 
Towa Corp.5,200 69,434 
Toyo Construction Co. Ltd.13,700 84,520 
Toyo Engineering Corp.(2)
5,200 25,757 
Toyo Seikan Group Holdings Ltd.35,000 414,186 
Toyo Tire Corp.15,600 189,068 
Toyobo Co. Ltd.21,700 164,419 
Toyoda Gosei Co. Ltd.8,100 140,920 
Toyota Boshoku Corp.13,200 191,699 
TPR Co. Ltd.4,200 38,459 
Traders Holdings Co. Ltd.1,500 4,102 
Transcosmos, Inc.5,900 162,742 
TRE Holdings Corp.24 294 
Tsubakimoto Chain Co.5,900 136,335 
Tsugami Corp.(1)
8,600 76,952 
Tsukuba Bank Ltd.6,900 9,691 
TV Asahi Holdings Corp.5,400 56,270 
UACJ Corp.2,500 43,164 
Ube Industries Ltd.(1)
25,600 377,201 
Ulvac, Inc.7,600 294,699 
Unipres Corp.8,900 61,317 
Unitika Ltd.(2)
10,300 19,157 
Univance Corp.(1)
3,000 8,725 
Valor Holdings Co. Ltd.9,500 121,106 
Vertex Corp.(1)
3,000 28,955 
VT Holdings Co. Ltd.17,600 60,943 
Wakita & Co. Ltd.3,800 30,563 
Warabeya Nichiyo Holdings Co. Ltd.3,700 60,227 
157


Avantis International Small Cap Value Fund
SharesValue
Willplus Holdings Corp.900 $7,056 
Wood One Co. Ltd.1,900 14,789 
Yachiyo Industry Co. Ltd.2,600 13,218 
YAMABIKO Corp.1,800 14,694 
Yamada Holdings Co. Ltd.3,100 10,729 
Yamaichi Electronics Co. Ltd.4,800 71,044 
Yamazen Corp.12,000 80,357 
Yokogawa Bridge Holdings Corp.7,400 103,471 
Yokohama Rubber Co. Ltd.26,600 435,035 
Yokorei Co. Ltd.9,800 64,988 
Yorozu Corp.1,600 10,259 
Yuasa Trading Co. Ltd.4,300 108,334 
Yurtec Corp.2,200 11,837 
Zeon Corp.8,300 79,632 
40,583,594 
Netherlands — 1.9%
AerCap Holdings NV(2)
13,843 609,784 
AMG Advanced Metallurgical Group NV1,026 26,196 
ASR Nederland NV19,534 797,265 
Boskalis Westminster8,689 288,205 
Brunel International NV814 7,621 
Flow Traders6,272 125,507 
ForFarmers NV(1)
2,391 6,739 
Heijmans NV, CVA3,378 35,068 
Koninklijke BAM Groep NV(2)
42,608 113,572 
Nedap NV63 3,589 
OCI NV13,847 519,856 
PostNL NV(1)
69,773 148,677 
SIF Holding NV899 9,183 
TKH Group NV5,405 188,568 
2,879,830 
New Zealand — 1.0%
Air New Zealand Ltd.(2)
1,097,140 453,370 
Channel Infrastructure NZ Ltd.(2)
5,917 4,887 
KMD Brands Ltd.92,097 60,639 
Oceania Healthcare Ltd.363,093 219,404 
PGG Wrightson Ltd.3,178 9,320 
SKY Network Television Ltd.(2)
12,857 19,374 
SKYCITY Entertainment Group Ltd.445,041 774,196 
Warehouse Group Ltd.4,116 8,276 
1,549,466 
Norway — 2.3%
2020 Bulkers Ltd.(1)(2)
1,868 16,632 
ABG Sundal Collier Holding ASA106,475 62,467 
Aker Solutions ASA39,671 155,582 
BW Energy Ltd.(2)
17,996 44,877 
BW LPG Ltd.21,847 142,012 
BW Offshore Ltd.28,192 76,388 
DNO ASA149,189 211,970 
FLEX LNG Ltd.13,168 435,212 
Hafnia Ltd.11,755 52,488 
158


Avantis International Small Cap Value Fund
SharesValue
Kid ASA4,498 $40,449 
Klaveness Combination Carriers ASA508 3,515 
Kongsberg Automotive ASA(1)(2)
5,303 1,350 
Magseis Fairfield ASA(2)
62,644 53,713 
MPC Container Ships ASA61,895 127,605 
Norske Skog ASA(2)
12,428 86,395 
Norwegian Energy Co. ASA(2)
7,184 257,817 
Odfjell Drilling Ltd.(2)
38,648 104,978 
Odfjell Technology Ltd.(2)
6,441 16,136 
OKEA ASA4,565 23,709 
PGS ASA(1)(2)
150,801 122,738 
Protector Forsikring ASA12,352 147,870 
Rana Gruber ASA(1)
6,299 27,374 
Solstad Offshore ASA(1)(2)
13,653 40,323 
SpareBank 1 Nord Norge28,395 255,938 
SpareBank 1 SMN3,077 37,464 
SpareBank 1 Sorost-Norge1,293 7,062 
Sparebanken More1,335 9,824 
Sparebanken Vest1,609 14,316 
Stolt-Nielsen Ltd.4,558 97,402 
Subsea 7 SA66,957 601,066 
Veidekke ASA2,764 28,228 
Wallenius Wilhelmsen ASA31,730 178,638 
3,481,538 
Portugal — 0.3%
Altri SGPS SA47,120 265,871 
Corticeira Amorim SGPS SA2,594 26,196 
Greenvolt-Energias Renovaveis SA(2)
955 9,226 
Ibersol SGPS SA52 
Mota-Engil SGPS SA(1)
23,248 28,012 
NOS SGPS SA4,467 16,465 
Sonae SGPS SA53,840 54,117 
399,939 
Singapore — 2.1%
BRC Asia Ltd.5,500 6,687 
Bumitama Agri Ltd.185,600 82,917 
Centurion Corp. Ltd.10,500 2,856 
China Sunsine Chemical Holdings Ltd.27,500 9,454 
First Resources Ltd.65,400 70,495 
Food Empire Holdings Ltd.800 300 
Fu Yu Corp. Ltd.20,700 3,850 
Geo Energy Resources Ltd.(1)
240,500 66,049 
GKE Corp. Ltd.228,600 16,506 
Golden Agri-Resources Ltd.3,600,800 721,848 
Hong Fok Corp. Ltd.(1)
81,600 61,772 
Hong Leong Asia Ltd.45,000 24,133 
Hour Glass Ltd.33,400 55,372 
Hutchison Port Holdings Trust, U Shares2,337,300 501,531 
InnoTek Ltd.9,200 3,159 
ISDN Holdings Ltd.69,200 23,439 
Japfa Ltd.27,900 11,970 
159


Avantis International Small Cap Value Fund
SharesValue
Jiutian Chemical Group Ltd.589,800 $39,113 
Medtecs International Corp. Ltd.188,100 21,055 
OUE Ltd.(1)
26,100 25,578 
Riverstone Holdings Ltd.(1)
228,500 117,799 
Samudera Shipping Line Ltd.88,500 63,095 
Sing Holdings Ltd.11,800 3,251 
Singapore Post Ltd.105,500 43,732 
Tuan Sing Holdings Ltd.399,413 105,504 
Yangzijiang Shipbuilding Holdings Ltd.1,194,500 827,831 
Yanlord Land Group Ltd.332,100 244,411 
Ying Li International Real Estate Ltd.(2)
4,700 158 
3,153,865 
Spain — 1.6%
Acerinox SA34,045 308,033 
Almirall SA5,387 48,597 
Amper SA(2)
121,002 21,463 
Atresmedia Corp. de Medios de Comunicacion SA(1)
17,202 47,109 
Banco de Sabadell SA961,848 661,495 
Bankinter SA124,938 640,281 
Deoleo SA(1)(2)
10,719 3,073 
Ence Energia y Celulosa SA18,325 64,865 
Ercros SA14,677 45,079 
Gestamp Automocion SA39,788 145,677 
Mediaset Espana Comunicacion SA(2)
2,672 7,433 
Melia Hotels International SA(2)
14,135 85,723 
Miquel y Costas & Miquel SA1,905 24,607 
Neinor Homes SA(1)
5,607 57,520 
Pharma Mar SA576 33,549 
Prosegur Cia de Seguridad SA21,375 39,360 
Sacyr SA67,098 150,091 
2,383,955 
Sweden — 4.9%
Annehem Fastigheter AB, B Shares(2)
455 1,262 
AQ Group AB739 16,426 
Avanza Bank Holding AB(1)
11,533 184,863 
Better Collective A/S(2)
5,175 70,911 
Bilia AB, A Shares32,370 402,714 
BillerudKorsnas AB6,654 86,519 
Bonava AB, B Shares20,091 71,913 
Bulten AB2,640 15,752 
Bure Equity AB4,889 96,568 
Byggmax Group AB23,825 97,888 
Catena Media PLC(2)
25,029 75,216 
Cibus Nordic Real Estate AB14,337 228,311 
Clas Ohlson AB, B Shares18,451 166,432 
Cloetta AB, B Shares80,377 140,514 
Collector Bank AB(2)
18,091 57,701 
Corem Property Group AB, B Shares25,539 29,784 
Dios Fastigheter AB20,206 149,563 
Elanders AB, B Shares400 5,666 
Electrolux Professional AB, B Shares37,987 188,714 
160


Avantis International Small Cap Value Fund
SharesValue
Elekta AB, B Shares(1)
22,531 $129,157 
G5 Entertainment AB(1)
2,128 35,110 
Granges AB2,384 18,480 
Hexatronic Group AB34,580 336,818 
Hoist Finance AB(1)(2)
24,202 73,273 
Hufvudstaden AB, A Shares10,826 128,972 
JM AB3,928 67,532 
Loomis AB22,214 600,079 
Maha Energy AB(1)(2)
17,201 19,815 
MEKO AB14,010 127,956 
MIPS AB5,708 257,213 
Modern Times Group MTG AB, B Shares(2)
29,603 259,223 
NCC AB, B Shares1,910 17,977 
New Wave Group AB, B Shares17,177 276,283 
Nyfosa AB52,439 440,521 
Pandox AB(2)
29,205 361,056 
Paradox Interactive AB(1)
14,394 226,283 
Peab AB, Class B44,681 275,106 
RaySearch Laboratories AB(2)
2,832 13,257 
Resurs Holding AB48,139 102,569 
Saab AB, B Shares18,853 629,824 
Scandi Standard AB(2)
20,927 92,301 
SkiStar AB18,795 241,850 
Solid Forsakring AB(2)
4,813 20,940 
Stendorren Fastigheter AB(2)
511 9,573 
Tethys Oil AB10,983 65,726 
TF Bank AB180 2,685 
Wihlborgs Fastigheter AB84,915 608,309 
7,524,605 
Switzerland — 4.3%
ALSO Holding AG(2)
1,300 216,116 
Arbonia AG5,672 74,346 
Autoneum Holding AG(1)
1,094 122,645 
Bell Food Group AG548 143,573 
Bellevue Group AG642 20,910 
Bobst Group SA4,013 323,338 
Bucher Industries AG1,065 379,451 
Burckhardt Compression Holding AG1,182 494,985 
Burkhalter Holding AG341 29,369 
Cembra Money Bank AG13,725 925,653 
Coltene Holding AG(2)
353 30,186 
EFG International AG(2)
31,149 261,761 
Feintool International Holding AG(1)
531 11,434 
Forbo Holding AG66 82,358 
Huber + Suhner AG104 8,662 
Leonteq AG3,159 179,381 
Liechtensteinische Landesbank AG1,372 78,335 
OC Oerlikon Corp. AG54,199 395,896 
Orior AG1,860 145,364 
Phoenix Mecano AG43 15,802 
Rieter Holding AG462 47,170 
161


Avantis International Small Cap Value Fund
SharesValue
Sensirion Holding AG(2)
2,492 $231,251 
St Galler Kantonalbank AG579 272,309 
Sulzer AG7,845 468,181 
Swissquote Group Holding SA3,715 412,161 
u-blox Holding AG(2)
3,379 468,322 
V-ZUG Holding AG(2)
209 16,447 
Valiant Holding AG3,533 334,748 
Valora Holding AG385 101,992 
Zehnder Group AG3,544 209,366 
6,501,512 
United Kingdom — 13.6%
AG Barr PLC7,361 43,100 
Anglo Asian Mining PLC5,959 5,535 
Anglo Pacific Group PLC7,591 14,533 
Atalaya Mining PLC24,177 62,454 
Bank of Georgia Group PLC8,588 199,446 
Berkeley Group Holdings PLC16,222 686,727 
Biffa PLC28,021 130,796 
Brewin Dolphin Holdings PLC49,184 292,457 
Capricorn Energy PLC(2)
20,114 54,215 
Centamin PLC235,511 246,984 
Central Asia Metals PLC40,939 109,001 
Close Brothers Group PLC33,690 398,569 
CMC Markets PLC(1)
30,696 81,869 
Coats Group PLC349,940 243,897 
Computacenter PLC13,411 384,182 
ContourGlobal PLC25,921 77,483 
Crest Nicholson Holdings PLC54,990 149,447 
Devro PLC13,264 28,688 
Direct Line Insurance Group PLC266,749 635,331 
Drax Group PLC91,765 676,910 
Dunelm Group PLC15,171 121,081 
EnQuest PLC(2)
513,322 178,116 
Ferrexpo PLC48,113 82,760 
Firstgroup PLC(1)
207,710 276,641 
Forterra PLC43,803 134,406 
Frasers Group PLC(2)
38,605 359,456 
Games Workshop Group PLC267 21,986 
Genel Energy PLC36,022 59,380 
Georgia Capital PLC(2)
3,896 30,912 
Go-Ahead Group PLC(2)
6,462 115,921 
Golar LNG Ltd.(2)
1,248 34,033 
Greggs PLC17,706 378,476 
Gulf Keystone Petroleum Ltd.63,843 178,746 
Halfords Group PLC21,023 31,781 
Hargreaves Lansdown PLC35,902 339,890 
Hikma Pharmaceuticals PLC30,975 472,080 
Hill & Smith Holdings PLC10,982 132,673 
Hochschild Mining PLC68,105 51,277 
Howden Joinery Group PLC107,648 711,754 
Hunting PLC13,843 46,300 
162


Avantis International Small Cap Value Fund
SharesValue
Ibstock PLC81,092 $178,235 
IG Group Holdings PLC83,740 794,691 
Inchcape PLC80,901 710,405 
Indivior PLC(2)
110,874 371,506 
Intermediate Capital Group PLC49,195 777,663 
International Personal Finance PLC32,615 37,907 
Investec PLC63,009 302,868 
IP Group PLC215,528 174,924 
J Sainsbury PLC101,488 239,548 
Jadestone Energy PLC15,089 15,249 
Johnson Matthey PLC35,225 821,828 
Jubilee Metals Group PLC(2)
2,770 380 
Jupiter Fund Management PLC28,556 32,200 
Just Group PLC19,926 16,639 
Keller Group PLC11,278 91,796 
Lookers PLC14,458 13,692 
M&G PLC266,917 605,751 
Man Group PLC248,568 702,420 
Marks & Spencer Group PLC(2)
397,293 561,416 
McBride PLC(2)
1,428 372 
Mitchells & Butlers PLC(2)
53,256 95,246 
Mitie Group PLC232,309 195,102 
Molten Ventures PLC(2)
35,249 152,194 
Motorpoint group PLC(2)
61 140 
N Brown Group PLC(2)
12,509 3,639 
Ninety One PLC70,025 160,424 
OSB Group PLC24,245 154,579 
Pagegroup PLC63,837 320,638 
Pan African Resources PLC412,906 87,705 
Paragon Banking Group PLC36,441 226,510 
Petra Diamonds Ltd.(1)(2)
46,129 52,670 
Plus500 Ltd.24,523 483,251 
Provident Financial PLC36,179 72,396 
PZ Cussons PLC42,187 95,128 
Rathbones Group PLC7,463 156,009 
Reach PLC60,293 51,830 
Redde Northgate PLC52,618 208,853 
Royal Mail PLC93,916 299,652 
Savills PLC29,073 319,293 
Secure Trust Bank PLC121 1,288 
Senior PLC(2)
47,232 71,216 
Serica Energy PLC45,322 196,198 
Shanta Gold Ltd.106,592 11,704 
Speedy Hire PLC93,197 44,239 
Spire Healthcare Group PLC(2)
29,420 79,262 
St. James's Place PLC9,449 120,947 
SThree PLC28,594 116,725 
Superdry PLC(2)
8,840 12,850 
Synthomer PLC62,378 142,420 
Tate & Lyle PLC99,879 884,451 
TBC Bank Group PLC9,590 197,446 
163


Avantis International Small Cap Value Fund
SharesValue
TI Fluid Systems PLC25,171 $42,661 
Vertu Motors PLC50,582 28,494 
Virgin Money UK PLC265,220 458,589 
Vistry Group PLC17,211 154,138 
Vp PLC235 2,192 
Watkin Jones PLC4,934 10,843 
Wickes Group PLC49,645 68,825 
Xaar PLC(2)
533 1,282 
Yellow Cake PLC(2)
45,020 219,496 
20,729,308 
United States — 0.1%
ADTRAN Holdings, Inc.4,877 112,726 
TOTAL COMMON STOCKS
(Cost $158,899,473)
149,725,965 
WARRANTS


Italy
Webuild SpA(1)(2)
(Cost $—)
6,684 9,438 
RIGHTS


Austria
IMMOFINANZ AG(2)
993 10 
Germany
7C Solarparken AG(2)
5,130 94 
TOTAL RIGHTS
(Cost $—)
104 
SHORT-TERM INVESTMENTS — 6.2%


Money Market Funds — 6.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,553,087 1,553,087 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
7,792,439 7,792,439 
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,345,526)
9,345,526 
TOTAL INVESTMENT SECURITIES — 104.8%
(Cost $168,244,999)

159,081,033 
OTHER ASSETS AND LIABILITIES — (4.8)%

(7,263,033)
TOTAL NET ASSETS — 100.0%

$151,818,000 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
Russell 2000 E-Mini Index9September 2022$830,070 $58,316 
^Amount represents value and unrealized appreciation (depreciation).

164


Avantis International Small Cap Value Fund
MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
Industrials20.6%
Financials19.7%
Materials16.5%
Consumer Discretionary12.2%
Energy11.2%
Consumer Staples4.8%
Information Technology4.3%
Real Estate3.2%
Communication Services2.6%
Utilities1.8%
Health Care1.7%
Short-Term Investments6.2%
Other Assets and Liabilities(4.8)%

NOTES TO SCHEDULE OF INVESTMENTS
CVA-Certificaten Van Aandelen
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $14,127,401. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $15,034,693, which includes securities collateral of $7,242,254.


See Notes to Financial Statements.

165


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Emerging Markets Equity FundAvantis International Equity Fund
Assets
Investment securities, at value (cost of $268,860,068 and $137,588,226, respectively) — including $10,184,875 and $12,163,975, respectively of securities on loan$242,016,179 $132,215,548 
Investment made with cash collateral received for securities on loan, at value (cost of $4,524,997 and $7,033,882, respectively)4,524,997 7,033,882 
Total investment securities, at value (cost of $273,385,065 and $144,622,108, respectively)246,541,176 139,249,430 
Cash— 271 
Foreign currency holdings, at value (cost of $329,517 and $14,076, respectively)329,259 14,041 
Deposits with broker for futures contracts40,000 40,000 
Receivable for investments sold2,112 — 
Receivable for capital shares sold585,421 674,249 
Dividends and interest receivable1,246,771 461,007 
Securities lending receivable19,883 8,463 
248,764,622 140,447,461 
Liabilities
Payable for collateral received for securities on loan4,524,997 7,033,882 
Payable for investments purchased223,855 662,169 
Payable for capital shares redeemed1,690,103 4,495 
Payable for variation margin on futures contracts6,200 6,200 
Accrued management fees67,406 24,245 
Accrued foreign taxes637,221 — 
7,149,782 7,730,991 
Net Assets$241,614,840 $132,716,470 
Net Assets Consist of:
Capital paid in$267,459,529 $136,689,226 
Distributable earnings(25,844,689)(3,972,756)
$241,614,840 $132,716,470 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Emerging Markets Equity Fund
Institutional Class$238,857,72323,074,657$10.35
G Class$2,757,117265,630$10.38
Avantis International Equity Fund
Institutional Class$122,849,89512,537,801$9.80
G Class$9,866,5751,005,352$9.81


See Notes to Financial Statements.
166


AUGUST 31, 2022
Avantis International Small Cap Value Fund
Assets
Investment securities, at value (cost of $160,452,560) — including $14,127,401 of securities on loan$151,288,594 
Investment made with cash collateral received for securities on loan, at value
(cost of $7,792,439)
7,792,439 
Total investment securities, at value (cost of $168,244,999)159,081,033 
Foreign currency holdings, at value (cost of $14,999)14,960 
Deposits with broker for futures contracts49,500 
Receivable for investments sold5,571 
Receivable for capital shares sold499,699 
Dividends and interest receivable536,069 
Securities lending receivable11,957 
160,198,789 
Liabilities
Payable for collateral received for securities on loan7,792,439 
Payable for investments purchased490,504 
Payable for capital shares redeemed44,583 
Payable for variation margin on futures contracts5,265 
Accrued management fees47,998 
8,380,789 
Net Assets$151,818,000 
Net Assets Consist of:
Capital paid in$160,049,758 
Distributable earnings(8,231,758)
$151,818,000 

Fund/ClassNet AssetsShares OutstandingNet Asset Value
Per Share
Avantis International Small Cap Value Fund
Institutional Class$151,812,54414,835,451$10.23
G Class$5,456532$10.26


See Notes to Financial Statements.
167


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Avantis Emerging Markets Equity FundAvantis International Equity Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1,019,949 and $367,632, respectively)$7,648,022 $3,624,659 
Securities lending, net124,862 68,596 
Interest11,121 8,255 
7,784,005 3,701,510 
Expenses:
Management fees616,547 240,186 
Other expenses1,258 840 
617,805 241,026 
Fees waived - G Class(4,771)(12,312)
613,034 228,714 
Net investment income (loss)7,170,971 3,472,796 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $1,334 and $—, respectively)(2,559,739)(729,774)
Futures contract transactions(177,628)(71,245)
Foreign currency translation transactions(138,837)(12,945)
(2,876,204)(813,964)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(77,088) and $—, respectively)(47,726,750)(25,931,588)
Futures contracts(31,748)(24,186)
Translation of assets and liabilities in foreign currencies(10,295)(12,665)
(47,768,793)(25,968,439)
Net realized and unrealized gain (loss)(50,644,997)(26,782,403)
Net Increase (Decrease) in Net Assets Resulting from Operations$(43,474,026)$(23,309,607)


See Notes to Financial Statements.
168


YEAR ENDED AUGUST 31, 2022
Avantis International Small Cap Value Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $512,297)$5,473,032 
Securities lending, net128,131 
Interest7,085 
5,608,248 
Expenses:
Management fees550,281 
Other expenses6,577 
556,858 
Fees waived - G Class(22)
556,836 
Net investment income (loss)5,051,412 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(1,215,543)
Futures contract transactions(248,694)
Foreign currency translation transactions(92,163)
(1,556,400)
Change in net unrealized appreciation (depreciation) on:
Investments(31,397,309)
Futures contracts79,169 
Translation of assets and liabilities in foreign currencies(19,733)
(31,337,873)
Net realized and unrealized gain (loss)(32,894,273)
Net Increase (Decrease) in Net Assets Resulting from Operations$(27,842,861)


See Notes to Financial Statements.
169


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis Emerging Markets Equity FundAvantis International Equity Fund
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021August 31, 2022August 31, 2021
Operations
Net investment income (loss)$7,170,971 $1,975,710 $3,472,796 $1,485,331 
Net realized gain (loss)(2,876,204)(443,772)(813,964)890,582 
Change in net unrealized appreciation (depreciation)(47,768,793)15,145,633 (25,968,439)13,410,567 
Net increase (decrease) in net assets resulting from operations(43,474,026)16,677,571 (23,309,607)15,786,480 
Distributions to Shareholders
From earnings:
Institutional Class(3,595,649)(961,367)(3,058,961)(945,667)
G Class(5,179)— (34,017)— 
Decrease in net assets from distributions(3,600,828)(961,367)(3,092,978)(945,667)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)169,634,805 66,800,095 81,040,548 12,339,585 
Net increase (decrease) in net assets122,559,951 82,516,299 54,637,963 27,180,398 
Net Assets
Beginning of period119,054,889 36,538,590 78,078,507 50,898,109 
End of period$241,614,840 $119,054,889 $132,716,470 $78,078,507 


See Notes to Financial Statements.
170


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis International Small Cap Value Fund
Increase (Decrease) in Net AssetsAugust 31, 2022August 31, 2021
Operations
Net investment income (loss)$5,051,412 $1,990,491 
Net realized gain (loss)(1,556,400)3,293,883 
Change in net unrealized appreciation (depreciation)(31,337,873)18,343,811 
Net increase (decrease) in net assets resulting from operations(27,842,861)23,628,185 
Distributions to Shareholders
From earnings:
Institutional Class
(7,085,204)(742,081)
G Class
(282)— 
Decrease in net assets from distributions
(7,085,486)(742,081)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)55,037,524 66,559,222 
Net increase (decrease) in net assets20,109,177 89,445,326 
Net Assets
Beginning of period
131,708,823 42,263,497 
End of period
$151,818,000 $131,708,823 


See Notes to Financial Statements.
171


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity Fund, Avantis International Equity Fund and Avantis International Small Cap Value Fund (collectively, the funds) are three funds in a series issued by the trust. Each of the funds' investment objective is to seek long-term capital appreciation. The funds offer the Institutional Class and G Class. The G Class of each fund commenced sale on January 20, 2021.

2. Significant Accounting Policies

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

172


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

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

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

173


Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.

Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Emerging Markets Equity Fund
Common Stocks$4,524,997 — — — $4,524,997 
Gross amount of recognized liabilities for securities lending transactions$4,524,997 
Avantis International Equity Fund
Common Stocks$7,033,879 — — — $7,033,879 
Warrants— — — 
Total Borrowings$7,033,882 — — — $7,033,882 
Gross amount of recognized liabilities for securities lending transactions$7,033,882 
Avantis International Small Cap Value Fund
Common Stocks$7,782,625 — — — $7,782,625 
Warrants9,814 — — — 9,814 
Total Borrowings$7,792,439 — — — $7,792,439 
Gross amount of recognized liabilities for securities lending transactions$7,792,439 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% of the shares of Avantis International Equity Fund.

174


Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive each fund's G Class management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

For the period ended August 31, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
Annual Management Fee
Institutional ClassG Class Before WaiverG Class After Waiver
Avantis Emerging Markets Equity Fund0.33%0.33%0.00%
Avantis International Equity Fund0.23%0.23%0.00%
Avantis International Small Cap Value Fund0.36%0.36%0.00%

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended August 31, 2022 were as follows:
Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value Fund
Purchases$179,340,686$86,820,428$119,595,316
Sales$6,936,372$5,725,229$65,356,116

175


5. Capital Share Transactions

Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Year ended
August 31, 2022
Year ended
August 31, 2021(1)
SharesAmountSharesAmount
Avantis Emerging Markets Equity Fund
Institutional Class
Sold18,214,805 $211,886,239 7,036,283 $85,129,263 
Issued in reinvestment of distributions279,932 3,518,747 82,168 961,367 
Redeemed(4,326,978)(48,726,237)(1,750,431)(19,477,229)
14,167,759 166,678,749 5,368,020 66,613,401 
G Class
Sold262,509 3,085,435 15,109 200,031 
Issued in reinvestment of distributions412 5,179 — — 
Redeemed(11,386)(134,558)(1,014)(13,337)
251,535 2,956,056 14,095 186,694 
Net increase (decrease)14,419,294 $169,634,805 5,382,115 $66,800,095 
Avantis International Equity Fund
Institutional Class
Sold9,727,575 $106,017,213 2,528,683 $28,162,838 
Issued in reinvestment of distributions257,056 3,058,961 88,298 945,667 
Redeemed(3,637,313)(38,696,269)(1,631,782)(17,402,937)
6,347,318 70,379,905 985,199 11,705,568 
G Class
Sold1,026,201 11,458,538 56,777 687,665 
Issued in reinvestment of distributions2,861 34,017 — — 
Redeemed(76,106)(831,912)(4,381)(53,648)
952,956 10,660,643 52,396 634,017 
Net increase (decrease)7,300,274 $81,040,548 1,037,595 $12,339,585 
Avantis International Small Cap Value Fund
Institutional Class
Sold9,036,277 $105,208,521 7,205,043 $81,466,015 
Issued in reinvestment of distributions594,896 7,085,204 70,473 742,081 
Redeemed(5,127,997)(57,256,483)(1,478,397)(15,654,623)
4,503,176 55,037,242 5,797,119 66,553,473 
G Class
Sold— — 508 5,749 
Issued in reinvestment of distributions24 282 — — 
24 282 508 5,749 
Net increase (decrease)4,503,200 $55,037,524 5,797,627 $66,559,222 
(1)January 20, 2021 (commencement of sale) through August 31, 2021 for the G Class.

176


6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$7,647,924 $7,419,154 — 
Chile451,521 1,182,111 — 
China18,494,646 50,771,706 — 
Colombia168,655 254,474 — 
India3,418,428 38,568,324 — 
Indonesia459,800 5,104,363 — 
Mexico1,774,265 3,739,047 — 
Peru528,836 — — 
Philippines129,202 2,011,081 — 
Russia— 640 — 
South Africa1,458,011 8,038,112 — 
South Korea2,347,126 29,557,927 — 
Taiwan8,026,130 33,407,222 — 
Turkey32,824 1,235,031 — 
Other Countries— 14,015,209 — 
Warrants— 3,853 — 
Corporate Bonds— 387 — 
Rights— 257 — 
Short-Term Investments6,294,910 — — 
$51,232,278 $195,308,898 — 
Other Financial Instruments
Futures Contracts$29,593 — — 

177


Avantis International Equity Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$1,121,403 $8,830,224 — 
Belgium247,220 941,425 — 
Canada85,904 14,809,801 — 
Denmark1,328,089 1,700,721 — 
Finland121,937 1,127,762 — 
France2,103,746 9,566,534 — 
Germany438,319 7,710,780 — 
Hong Kong108,544 3,248,571 — 
Israel257,137 1,165,589 — 
Italy186,184 2,491,309 — 
Japan2,196,284 25,558,251 — 
Netherlands1,720,020 2,776,648 — 
Norway287,261 980,417 — 
Singapore63,442 1,877,839 — 
Spain541,470 2,055,446 — 
Sweden183,433 4,137,483 — 
Switzerland2,398,309 8,694,718 — 
United Kingdom7,881,906 10,033,186 — 
United States3,300 22,175 — 
Other Countries— 1,723,848 — 
Rights— 422 — 
Warrants— 38 — 
Short-Term Investments8,522,335 — — 
$29,796,243 $109,453,187 — 
Other Financial Instruments
Futures Contracts$18,394 — — 

Avantis International Small Cap Value Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$689,358 $149,036,607 — 
Warrants— 9,438 — 
Rights— 104 — 
Short-Term Investments9,345,526 — — 
$10,034,884 $149,046,149 — 
Other Financial Instruments
Futures Contracts$58,316 — — 

178


7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis Emerging Markets Equity Fund$792,799
Avantis International Equity Fund$633,428
Avantis International Small Cap Value Fund$725,668

Value of Derivative Instruments as of August 31, 2022
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Avantis Emerging Markets Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$6,200 
Avantis International Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$6,200 
Avantis International Small Cap Value Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$5,265 
*Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.

179


Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Emerging Markets Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$(177,628)Change in net unrealized appreciation (depreciation) on futures contracts$(31,748)
Avantis International Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$(71,245)Change in net unrealized appreciation (depreciation) on futures contracts$(24,186)
Avantis International Small Cap Value Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$(248,694)Change in net unrealized appreciation (depreciation) on futures contracts$79,169 

8. Risk Factors

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

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

Avantis International Small Cap Value Fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 were as follows:
20222021
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Avantis Emerging Markets Equity Fund$3,600,828 — $961,367 — 
Avantis International Equity Fund$2,458,445 $634,533 $945,667 — 
Avantis International Small Cap Value Fund$6,421,133 $664,353 $742,081 — 

180


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

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

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value Fund
Federal tax cost of investments$274,461,687 $145,038,273 $169,437,802 
Gross tax appreciation of investments$14,228,120 $8,393,373 $13,929,781 
Gross tax depreciation of investments(42,148,631)(14,182,216)(24,286,550)
Net tax appreciation (depreciation) of investments(27,920,511)(5,788,843)(10,356,769)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies(646,975)(11,989)(19,538)
Net tax appreciation (depreciation)$(28,567,486)$(5,800,832)$(10,376,307)
Undistributed ordinary income$5,862,113 $2,596,074 $3,809,855 
Accumulated short-term capital losses$(1,814,680)$(767,998)$(1,665,306)
Accumulated long-term capital losses$(1,324,636)— — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
181


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis Emerging Markets Equity Fund
Institutional Class
2022$13.350.44(3.20)(2.76)(0.24)$10.35(20.98)%0.33%0.33%3.84%3.84%4%$238,858 
2021$10.320.292.933.22(0.19)$13.3531.29%0.33%0.33%2.29%2.29%9%$118,866 
2020(3)
$10.000.230.120.35(0.03)$10.323.57%
0.33%(4)
0.33%(4)
3.26%(4)
3.26%(4)
4%$36,539 
G Class
2022$13.380.53(3.25)(2.72)(0.28)$10.38(20.69)%
0.00%(5)
0.33%4.17%3.84%4%$2,757 
2021(6)
$13.160.31(0.09)0.22$13.381.67%
0.00%(4)(5)
0.33%(4)
3.75%(4)
3.42%(4)
9%(7)
$189 





Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)Ratio was less than 0.005%.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis International Equity Fund
Institutional Class
2022$12.510.37(2.66)(2.29)(0.30)(0.12)(0.42)$9.80(18.92)%0.23%0.23%3.31%3.31%6%$122,850 
2021$9.780.272.642.91(0.18)(0.18)$12.5130.11%0.23%0.23%2.35%2.35%13%$77,422 
2020(3)
$10.000.17(0.38)(0.21)(0.01)(0.01)$9.78(2.10)%
0.23%(4)
0.23%(4)
2.54%(4)
2.54%(4)
2%$50,898 
G Class
2022$12.520.44(2.71)(2.27)(0.32)(0.12)(0.44)$9.81(18.72)%
0.00%(5)
0.23%3.54%3.31%6%$9,867 
2021(6)
$11.350.210.961.17$12.5210.31%
0.00%(4)(5)
0.23%(4)
2.79%(4)
2.56%(4)
13%(7)
$656 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)Ratio was less than 0.005%.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis International Small Cap Value Fund
Institutional Class
2022$12.750.38(2.39)(2.01)(0.30)(0.21)(0.51)$10.23(16.31)%0.36%0.36%3.31%3.31%44%$151,813 
2021$9.320.273.313.58(0.15)$12.7538.73%0.36%0.36%2.33%2.33%34%$131,702 
2020(3)
$10.000.14(0.78)(0.64)(0.04)(0.04)$9.32(6.43)%
0.36%(4)
0.36%(4)
2.18%(4)
2.18%(4)
12%$42,263 
G Class
2022$12.770.42(2.38)(1.96)(0.34)(0.21)(0.55)$10.26(15.92)%
0.00%(5)
0.36%3.67%3.31%44%$5 
2021(6)
$11.310.211.251.46$12.7712.91%
0.00%(4)(5)
0.36%(4)
2.82%(4)
2.46%(4)
34%(7)
$6 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)Ratio was less than 0.005%.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Emerging Markets Equity Fund, Avantis® International Equity Fund, and Avantis® International Small Cap Value Fund (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
Avantis® Emerging Markets Equity Fund
For the year ended August 31, 2022For the years ended August 31, 2022 and 2021For the years ended August 31, 2022, 2021 and the period from December 4, 2019 (fund inception) through August 31, 2020
Avantis® International Equity Fund
Avantis® International Small Cap Value Fund

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
187


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
188


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
189


Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
190


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

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided
191


by the Advisor to each Fund under the management agreement to be competitive and of high quality.

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

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

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

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

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the
192


Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

193


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.
194


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

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


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

195


Other Tax Information

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

The funds hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

Avantis Emerging Markets Equity FundAvantis International
Equity Fund
Avantis International Small Cap Value Fund
$15,618$6,440$73,719

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2022.

Avantis Emerging Markets Equity FundAvantis International
Equity Fund
Avantis International Small Cap Value Fund
$188,946$2,293,947

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2022.

Avantis Emerging Markets Equity FundAvantis International
Equity Fund
Avantis International Small Cap Value Fund
$634,533$664,353

The funds utilized the following earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).

Avantis Emerging Markets Equity FundAvantis International
Equity Fund
Avantis International Small Cap Value Fund
$3,176$6,748

For the fiscal year ended August 31, 2022, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax CreditForeign Source Income
AmountPer
Outstanding
Share
AmountPer
Outstanding
Share
Avantis Emerging Markets Equity Fund$994,070$0.0426$8,308,183$0.3560
Avantis International Equity Fund$263,476$0.0195$3,223,272$0.2380
Avantis International Small Cap Value Fund$435,156$0.0293$5,293,522$0.3568
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Contact Usavantisinvestors.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-97502 2210







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Annual Report
August 31, 2022
Avantis® Core Fixed Income Fund
Institutional Class (AVIGX)
G Class (AVBNX)
Avantis® Core Municipal Fixed Income Fund
Institutional Class (AVMUX)
G Class (AVFNX)
Avantis® Short-Term Fixed Income Fund
Institutional Class (AVSFX)
G Class (AVGNX)






























Table of Contents

Chairman’s Letter
Avantis Core Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information












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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Core Fixed Income Fund
Total Returns as of August 31, 2022 Average Annual Returns 
 Ticker
Symbol
1 yearSince InceptionInception Date
Institutional ClassAVIGX-13.01%-7.85%2/24/2021
Bloomberg U.S. Aggregate Bond Index-11.52%-6.82%
G ClassAVBNX-12.88%-7.71%2/24/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-5803b83e20c44b54a4ba.jpg

Value on August 31, 2022
Institutional Class — $8,835
Bloomberg U.S. Aggregate Bond Index — $8,984
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Fixed Income returned -13.01%.* The fund underperformed the Bloomberg U.S. Aggregate Bond Index, which returned -11.52% for the period. The index is an unmanaged portfolio generally representative of the performance of the broad U.S. taxable investment-grade bond market. The fund’s return reflects fees and operating expenses, while the index return does not.

An overweight position versus the index to corporates detracted from relative performance as spreads widened over the period. However, the fund’s yield curve positioning among corporate issuers helped mitigate the relative underperformance.
































*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.
4


Fund Characteristics

AUGUST 31, 2022
Avantis Core Fixed Income Fund
Types of Investments in Portfolio% of net assets
Corporate Bonds61.2%
U.S. Treasury Securities and Equivalents25.2%
U.S. Government Agency Mortgage-Backed Securities19.3%
U.S. Government Agency Securities1.9%
Short-Term Investments11.6%
Other Assets and Liabilities(19.2)%

5


Performance
Avantis Core Municipal Fixed Income Fund
Total Returns as of August 31, 2022 Average Annual Returns 
 Ticker
Symbol
1 yearSince InceptionInception Date
Institutional ClassAVMUX-7.82%-3.88%2/24/2021
S&P National AMT-Free Municipal Bond Index-8.34%-4.19%
G GlassAVFNX-7.68%-3.74%2/24/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-687cf849095742c0bfba.jpg

Value on August 31, 2022
Institutional Class — $9,418
S&P National AMT-Free Municipal Bond Index — $9,372
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Municipal Fixed Income returned -7.82%.* The fund outperformed the S&P National AMT-Free Municipal Bond Index, which returned -8.34% for the same period. The index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market. The fund’s return reflects fees and operating expenses, while the index return does not.

The fund’s outperformance versus the index was mainly due to positioning on the yield curve (underweighting longer-dated bonds). Underweighting duration compared with the benchmark also aided relative results. An underweight position to BBB-rated issuers also contributed to relative results. However, overweight positions in issuers with AA and A ratings detracted and offset the effects of the BBB underweight.


























*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 6 for returns for all share classes.
7


Fund Characteristics

AUGUST 31, 2022
Avantis Core Municipal Fixed Income Fund
Types of Investments in Portfolio% of net assets
Municipal Securities98.7%
Short-Term Investments0.2%
Other Assets and Liabilities1.1%
Top Five States and Territories% of net assets
California15.9%
New York13.8%
Florida6.6%
Texas6.3%
Illinois5.1%
Top Five Sectors% of fund investments
Special Tax24%
General Obligation (GO) - State19%
General Obligation (GO) - Local13%
Public Power9%
Water & Sewer7%
8


Performance
Avantis Short-Term Fixed Income Fund
Total Returns as of August 31, 2022 Average Annual Returns 
 Ticker
Symbol
1 yearSince InceptionInception Date
Institutional ClassAVSFX-5.88%-3.78%2/24/2021
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index-5.84%-3.78%
G ClassAVGNX-5.74%-3.64%2/24/2021
G Class returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-dca17edac8f14f39a57a.jpg

Value on August 31, 2022
Institutional Class — $9,433
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index — $9,433
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Short-Term Fixed Income returned -5.88%.* The fund performed in line with the Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned -5.84% for the same period. The index is an unmanaged portfolio generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years. The fund’s return reflects fees and operating expenses, while the index return does not.

The fund’s yield curve positioning among corporate issuers added relative value. The fund’s overweight position versus the index to the corporate credit sector detracted from relative results.




























*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 9 for returns for all share classes.
10


Fund Characteristics

AUGUST 31, 2022
Avantis Short-Term Fixed Income Fund
Types of Investments in Portfolio% of net assets
Corporate Bonds63.9%
U.S. Treasury Securities and Equivalents31.1%
U.S. Government Agency Securities3.1%
Short-Term Investments1.3%
Other Assets and Liabilities0.6%
11


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
12


Beginning Account Value
3/1/22
Ending Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Avantis Core Fixed Income Fund
Actual
Institutional Class$1,000$914.50$0.720.15%
G Class$1,000$915.20$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis Core Municipal Fixed Income Fund
Actual
Institutional Class$1,000$955.70$0.740.15%
G Class$1,000$956.40$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis Short-Term Fixed Income Fund
Actual
Institutional Class$1,000$967.20$0.740.15%
G Class$1,000$967.90$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Other expenses did not exceed 0.005%.

13


Schedules of Investments

AUGUST 31, 2022
Avantis Core Fixed Income Fund
Principal AmountValue
CORPORATE BONDS — 61.2%


Aerospace and Defense — 1.4%
General Dynamics Corp., 3.625%, 4/1/30$184,000 $177,532 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2730,000 27,913 
Lockheed Martin Corp., 3.55%, 1/15/2648,000 47,633 
Lockheed Martin Corp., 1.85%, 6/15/30175,000 150,941 
Northrop Grumman Corp., 3.25%, 1/15/2842,000 39,883 
Textron, Inc., 4.00%, 3/15/2630,000 29,423 
473,325 
Air Freight and Logistics — 0.3%
United Parcel Service, Inc., 3.90%, 4/1/25100,000 100,177 
Airlines — 0.4%
Southwest Airlines Co., 5.125%, 6/15/27102,000 104,098 
Southwest Airlines Co., 2.625%, 2/10/3037,000 31,150 
135,248 
Auto Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/2748,000 43,704 
Automobiles — 1.2%
American Honda Finance Corp., 1.00%, 9/10/2560,000 54,714 
American Honda Finance Corp., 2.35%, 1/8/2748,000 44,520 
American Honda Finance Corp., 3.50%, 2/15/28150,000 144,487 
General Motors Financial Co., Inc., 5.10%, 1/17/2427,000 27,244 
General Motors Financial Co., Inc., 4.00%, 1/15/2565,000 64,224 
Toyota Motor Credit Corp., 3.375%, 4/1/3030,000 28,358 
Toyota Motor Credit Corp., 1.65%, 1/10/3138,000 31,096 
394,643 
Banks — 5.7%
African Development Bank, 0.875%, 7/22/26100,000 90,271 
Asian Development Bank, 0.25%, 10/6/2325,000 24,118 
Asian Development Bank, 0.375%, 9/3/2550,000 45,455 
Asian Development Bank, 2.375%, 8/10/2716,000 15,208 
Asian Infrastructure Investment Bank, 0.50%, 5/28/25150,000 137,392 
Bank of Nova Scotia, 3.40%, 2/11/2468,000 67,443 
Council Of Europe Development Bank, 2.50%, 2/27/2425,000 24,640 
European Bank for Reconstruction & Development, 0.50%, 1/28/26100,000 90,009 
European Investment Bank, 1.375%, 3/15/27200,000 182,531 
Fifth Third Bancorp, 3.65%, 1/25/2466,000 65,610 
Inter-American Development Bank, 0.625%, 7/15/25150,000 137,872 
International Bank for Reconstruction & Development, 0.50%, 10/28/2575,000 68,131 
International Bank for Reconstruction & Development, 0.875%, 7/15/2625,000 22,608 
International Bank for Reconstruction & Development, 0.75%, 11/24/2760,000 52,226 
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/2525,000 23,654 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25125,000 118,866 
PNC Bank NA, 3.10%, 10/25/27250,000 238,034 
14


Avantis Core Fixed Income Fund
Principal AmountValue
Santander Holdings USA, Inc., 3.45%, 6/2/25$36,000 $34,433 
Santander Holdings USA, Inc., 4.40%, 7/13/2736,000 34,694 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/2330,000 29,977 
US Bancorp, 3.95%, 11/17/2597,000 97,098 
Wells Fargo & Co., 3.55%, 9/29/2566,000 64,895 
Westpac Banking Corp., 2.85%, 5/13/2670,000 67,064 
Westpac Banking Corp., 3.35%, 3/8/27145,000 139,999 
1,872,228 
Beverages — 1.0%
Constellation Brands, Inc., 4.65%, 11/15/28175,000 173,811 
Molson Coors Beverage Co., 3.00%, 7/15/2673,000 68,427 
PepsiCo, Inc., 3.00%, 10/15/2773,000 70,651 
312,889 
Biotechnology — 0.2%
Biogen, Inc., 2.25%, 5/1/3078,000 63,820 
Building Products — 0.4%
Owens Corning, 3.875%, 6/1/30150,000 137,798 
Capital Markets — 4.8%
Bank of New York Mellon Corp., 3.85%, 4/26/29250,000 241,186 
BlackRock, Inc., 3.25%, 4/30/2912,000 11,399 
BlackRock, Inc., 2.10%, 2/25/3275,000 62,420 
Brookfield Finance, Inc., 3.90%, 1/25/2866,000 62,441 
Cboe Global Markets, Inc., 3.65%, 1/12/27200,000 195,454 
Charles Schwab Corp., 3.20%, 3/2/2730,000 29,069 
Charles Schwab Corp., 2.75%, 10/1/2955,000 49,592 
Charles Schwab Corp., 1.95%, 12/1/31120,000 97,902 
CME Group, Inc., 3.75%, 6/15/28150,000 147,438 
Goldman Sachs Group, Inc., 3.80%, 3/15/30150,000 138,468 
Intercontinental Exchange, Inc., 4.35%, 6/15/29100,000 98,757 
Lazard Group LLC, 4.375%, 3/11/29125,000 119,874 
Morgan Stanley, 3.875%, 1/27/26150,000 148,391 
S&P Global, Inc., 2.95%, 1/22/2725,000 24,026 
S&P Global, Inc., 2.45%, 3/1/27(1)
173,000 161,465 
1,587,882 
Chemicals — 1.5%
CF Industries, Inc., 5.15%, 3/15/34138,000 133,267 
Dow Chemical Co., 4.25%, 10/1/34100,000 92,560 
EI du Pont de Nemours and Co., 2.30%, 7/15/3030,000 25,937 
Linde, Inc., 3.20%, 1/30/2648,000 47,096 
Mosaic Co., 5.45%, 11/15/3360,000 60,711 
RPM International, Inc., 4.55%, 3/1/2964,000 61,272 
Westlake Corp., 3.60%, 8/15/2642,000 40,697 
Westlake Corp., 3.375%, 6/15/3030,000 26,931 
488,471 
Communications Equipment — 0.3%
Motorola Solutions, Inc., 4.60%, 5/23/29100,000 96,444 
Construction and Engineering — 0.1%
Quanta Services, Inc., 2.90%, 10/1/3030,000 25,667 
Consumer Finance — 0.2%
Ally Financial, Inc., 5.80%, 5/1/2560,000 61,405 
Diversified Financial Services — 0.2%
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
50,000 47,040 
15


Avantis Core Fixed Income Fund
Principal AmountValue
Equitable Holdings, Inc., 4.35%, 4/20/28$30,000 $29,540 
76,580 
Diversified Telecommunication Services — 0.4%
Verizon Communications, Inc., 5.85%, 9/15/35125,000 134,267 
Electric Utilities — 3.8%
Baltimore Gas and Electric Co., 2.25%, 6/15/31140,000 118,796 
Berkshire Hathaway Energy Co., 4.05%, 4/15/2512,000 12,021 
CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33120,000 142,429 
DTE Electric Co., Series C, 2.625%, 3/1/3166,000 58,520 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/2830,000 32,173 
Edison International, 3.55%, 11/15/2465,000 63,576 
Entergy Arkansas LLC, 4.00%, 6/1/2832,000 31,063 
Entergy Louisiana LLC, 3.05%, 6/1/3133,000 29,570 
Entergy Mississippi LLC, 2.85%, 6/1/28160,000 145,771 
IPALCO Enterprises, Inc., 4.25%, 5/1/3057,000 52,675 
MidAmerican Energy Co., 6.75%, 12/30/3170,000 81,942 
PacifiCorp, 2.70%, 9/15/3054,000 47,707 
Public Service Co. of New Hampshire, 2.20%, 6/15/31140,000 118,946 
Public Service Electric and Gas Co., 3.00%, 5/15/2736,000 34,569 
Puget Energy, Inc., 4.10%, 6/15/3066,000 60,938 
Southern Co., 3.70%, 4/30/30150,000 140,544 
Union Electric Co., 2.95%, 3/15/3068,000 61,925 
Wisconsin Power and Light Co., 3.00%, 7/1/2924,000 21,999 
1,255,164 
Electronic Equipment, Instruments and Components — 0.6%
Flex Ltd., 3.75%, 2/1/2630,000 28,608 
Jabil, Inc., 3.00%, 1/15/3130,000 25,064 
TD SYNNEX Corp., 2.65%, 8/9/31100,000 79,068 
Trimble, Inc., 4.90%, 6/15/2862,000 61,661 
194,401 
Energy Equipment and Services — 0.5%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2730,000 28,093 
Schlumberger Finance Canada Ltd., 1.40%, 9/17/2570,000 65,518 
Schlumberger Investment SA, 2.65%, 6/26/3066,000 58,261 
151,872 
Entertainment — 0.2%
TWDC Enterprises 18 Corp., 7.00%, 3/1/3245,000 53,172 
Equity Real Estate Investment Trusts (REITs) — 6.7%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/3150,000 44,641 
American Homes 4 Rent LP, 4.25%, 2/15/2866,000 63,128 
American Tower Corp., 3.60%, 1/15/2866,000 61,363 
American Tower Corp., 2.90%, 1/15/30100,000 86,457 
AvalonBay Communities, Inc., 3.20%, 1/15/2824,000 22,469 
AvalonBay Communities, Inc., 3.30%, 6/1/2975,000 69,747 
Boston Properties LP, 3.65%, 2/1/26250,000 243,142 
Brixmor Operating Partnership LP, 3.65%, 6/15/2469,000 67,398 
Camden Property Trust, 3.15%, 7/1/2985,000 77,985 
Corporate Office Properties LP, 2.25%, 3/15/2672,000 64,595 
Crown Castle, Inc., 3.30%, 7/1/30150,000 133,173 
Equinix, Inc., 2.00%, 5/15/28125,000 107,518 
16


Avantis Core Fixed Income Fund
Principal AmountValue
ERP Operating LP, 3.25%, 8/1/27$90,000 $84,840 
Essex Portfolio LP, 4.00%, 3/1/29150,000 142,443 
Highwoods Realty LP, 2.60%, 2/1/3136,000 28,771 
Host Hotels & Resorts LP, 4.50%, 2/1/2670,000 68,374 
Kilroy Realty LP, 2.50%, 11/15/3279,000 61,222 
Prologis LP, 2.125%, 4/15/27110,000 101,538 
Prologis LP, 2.25%, 4/15/30115,000 100,137 
Realty Income Corp., 3.65%, 1/15/2836,000 34,543 
Simon Property Group LP, 2.20%, 2/1/31200,000 164,243 
Sun Communities Operating LP, 2.30%, 11/1/28100,000 84,547 
Tanger Properties LP, 2.75%, 9/1/31150,000 114,288 
UDR, Inc., 3.20%, 1/15/30150,000 133,266 
Ventas Realty LP, 4.75%, 11/15/3066,000 64,100 
2,223,928 
Food and Staples Retailing — 0.9%
Costco Wholesale Corp., 3.00%, 5/18/27125,000 121,850 
Sysco Corp., 5.375%, 9/21/35125,000 129,682 
Walgreens Boots Alliance, Inc., 3.45%, 6/1/265,000 4,853 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/3030,000 26,774 
283,159 
Food Products — 1.1%
Archer-Daniels-Midland Co., 3.25%, 3/27/3066,000 62,202 
Bunge Ltd. Finance Corp., 3.25%, 8/15/2673,000 70,042 
Bunge Ltd. Finance Corp., 2.75%, 5/14/31100,000 84,091 
Campbell Soup Co., 4.15%, 3/15/2864,000 62,919 
Conagra Brands, Inc., 4.85%, 11/1/2875,000 74,306 
353,560 
Gas Utilities — 0.2%
National Fuel Gas Co., 4.75%, 9/1/2835,000 33,746 
Southern California Gas Co., 2.55%, 2/1/3035,000 31,269 
65,015 
Health Care Equipment and Supplies — 0.6%
Abbott Laboratories, 3.875%, 9/15/25125,000 125,780 
Edwards Lifesciences Corp., 4.30%, 6/15/2826,000 25,934 
Medtronic, Inc., 4.375%, 3/15/3530,000 29,821 
181,535 
Health Care Providers and Services — 1.5%
Adventist Health System, 2.95%, 3/1/2967,000 60,780 
Cardinal Health, Inc., 3.08%, 6/15/2430,000 29,429 
CVS Health Corp., 4.875%, 7/20/3570,000 68,442 
Humana, Inc., 2.15%, 2/3/32200,000 162,092 
UnitedHealth Group, Inc., 3.45%, 1/15/2724,000 23,595 
UnitedHealth Group, Inc., 3.375%, 4/15/27125,000 122,360 
UnitedHealth Group, Inc., 4.625%, 7/15/3524,000 23,952 
490,650 
Hotels, Restaurants and Leisure — 0.2%
Marriott International, Inc., 4.625%, 6/15/3075,000 71,737 
Household Durables — 0.5%
DR Horton, Inc., 1.40%, 10/15/27150,000 125,766 
Whirlpool Corp., 4.00%, 3/1/2454,000 54,107 
179,873 
17


Avantis Core Fixed Income Fund
Principal AmountValue
Household Products — 0.7%
Kimberly-Clark Corp., 3.20%, 4/25/29$250,000 $236,787 
Industrial Conglomerates — 0.8%
3M Co., 3.375%, 3/1/29250,000 232,118 
3M Co., 5.70%, 3/15/3718,000 19,145 
Honeywell International, Inc., 5.70%, 3/15/3624,000 26,894 
278,157 
Insurance — 2.7%
Aflac, Inc., 3.60%, 4/1/3075,000 71,459 
Assurant, Inc., 3.70%, 2/22/30100,000 88,763 
Athene Holding Ltd., 6.15%, 4/3/30100,000 101,042 
Chubb INA Holdings, Inc., 1.375%, 9/15/3036,000 28,749 
Chubb INA Holdings, Inc., 6.70%, 5/15/3675,000 88,765 
Hartford Financial Services Group, Inc., 2.80%, 8/19/2950,000 44,339 
MetLife, Inc., 3.60%, 11/13/2597,000 95,972 
Prudential PLC, 3.625%, 3/24/32250,000 226,118 
Willis North America, Inc., 4.50%, 9/15/28150,000 146,173 
891,380 
Interactive Media and Services — 0.1%
Alphabet, Inc., 0.80%, 8/15/2748,000 41,962 
Internet and Direct Marketing Retail — 0.4%
Amazon.com, Inc., 5.20%, 12/3/2530,000 31,263 
Amazon.com, Inc., 4.80%, 12/5/34100,000 105,629 
136,892 
IT Services — 1.1%
Global Payments, Inc., 4.45%, 6/1/28100,000 96,448 
International Business Machines Corp., 3.50%, 5/15/29100,000 94,466 
VeriSign, Inc., 2.70%, 6/15/31200,000 164,450 
355,364 
Leisure Products — 0.2%
Hasbro, Inc., 3.50%, 9/15/2767,000 63,513 
Machinery — 1.2%
ABB Finance USA, Inc., 3.80%, 4/3/2864,000 62,713 
Caterpillar Financial Services Corp., 1.10%, 9/14/2730,000 26,249 
John Deere Capital Corp., 3.05%, 1/6/28102,000 98,087 
Kennametal, Inc., 4.625%, 6/15/2865,000 62,615 
Otis Worldwide Corp., 2.57%, 2/15/30150,000 129,274 
378,938 
Media — 1.3%
Comcast Corp., 4.25%, 10/15/30210,000 206,836 
Fox Corp., 3.05%, 4/7/25130,000 125,687 
Walt Disney Co., 2.00%, 9/1/2942,000 36,338 
Walt Disney Co., 6.55%, 3/15/3340,000 46,121 
414,982 
Metals and Mining — 0.7%
Barrick Gold Corp., 6.45%, 10/15/35100,000 109,653 
Kinross Gold Corp., 4.50%, 7/15/2742,000 40,803 
Steel Dynamics, Inc., 3.25%, 1/15/31100,000 86,531 
236,987 
Multi-Utilities — 0.4%
Dominion Energy, Inc., 5.95%, 6/15/35100,000 106,381 
18


Avantis Core Fixed Income Fund
Principal AmountValue
San Diego Gas & Electric Co., 1.70%, 10/1/30$37,000 $30,447 
136,828 
Multiline Retail — 0.4%
Dollar Tree, Inc., 4.00%, 5/15/2565,000 64,424 
Dollar Tree, Inc., 4.20%, 5/15/2830,000 29,261 
Target Corp., 2.65%, 9/15/3042,000 37,503 
131,188 
Oil, Gas and Consumable Fuels — 5.8%
Boardwalk Pipelines LP, 4.80%, 5/3/2950,000 47,982 
BP Capital Markets America, Inc., 3.12%, 5/4/26250,000 242,149 
Burlington Resources LLC, 7.40%, 12/1/3118,000 21,471 
Canadian Natural Resources Ltd., 2.95%, 7/15/3029,000 25,301 
Canadian Natural Resources Ltd., 5.85%, 2/1/3560,000 59,913 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2763,000 62,950 
Chevron Corp., 1.55%, 5/11/2542,000 39,649 
Chevron USA, Inc., 3.85%, 1/15/2826,000 25,716 
ConocoPhillips Co., 6.95%, 4/15/2985,000 97,094 
Devon Energy Corp., 4.50%, 1/15/30133,000 126,298 
Enbridge, Inc., 3.125%, 11/15/2942,000 38,017 
Energy Transfer LP, 3.75%, 5/15/30175,000 157,426 
Enterprise Products Operating LLC, 3.70%, 2/15/2618,000 17,790 
EOG Resources, Inc., 4.15%, 1/15/26200,000 200,335 
Equinor ASA, 2.875%, 4/6/2544,000 42,823 
Equinor ASA, 1.75%, 1/22/2670,000 64,992 
Exxon Mobil Corp., 2.44%, 8/16/2954,000 48,743 
Halliburton Co., 2.92%, 3/1/30175,000 154,903 
Kinder Morgan, Inc., 5.30%, 12/1/3418,000 17,650 
Marathon Petroleum Corp., 4.70%, 5/1/2524,000 24,164 
MPLX LP, 2.65%, 8/15/3030,000 25,048 
ONEOK, Inc., 6.35%, 1/15/3135,000 36,599 
ONEOK, Inc., 6.00%, 6/15/3560,000 59,288 
Phillips 66, 3.90%, 3/15/2824,000 23,028 
Pioneer Natural Resources Co., 1.90%, 8/15/3030,000 24,484 
Sabine Pass Liquefaction LLC, 4.50%, 5/15/3068,000 65,159 
Shell International Finance BV, 3.25%, 5/11/2518,000 17,709 
Shell International Finance BV, 2.50%, 9/12/2666,000 62,576 
Shell International Finance BV, 4.125%, 5/11/3512,000 11,412 
Valero Energy Corp., 6.625%, 6/15/3730,000 32,602 
Valero Energy Partners LP, 4.50%, 3/15/2826,000 25,701 
Williams Cos., Inc., 4.00%, 9/15/2518,000 17,816 
1,916,788 
Paper and Forest Products — 0.4%
WestRock MWV LLC, 7.95%, 2/15/31100,000 117,321 
Personal Products — 0.1%
Estee Lauder Cos., Inc., 1.95%, 3/15/3157,000 48,107 
Pharmaceuticals — 1.7%
Astrazeneca Finance LLC, 2.25%, 5/28/3150,000 43,362 
AstraZeneca PLC, 0.70%, 4/8/26140,000 124,728 
Bristol-Myers Squibb Co., 1.45%, 11/13/3046,000 37,607 
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/3836,000 42,251 
Johnson & Johnson, 0.55%, 9/1/2524,000 22,012 
19


Avantis Core Fixed Income Fund
Principal AmountValue
Johnson & Johnson, 2.90%, 1/15/28$54,000 $51,948 
Merck & Co., Inc., 0.75%, 2/24/2642,000 37,998 
Novartis Capital Corp., 3.10%, 5/17/2766,000 64,095 
Royalty Pharma PLC, 2.20%, 9/2/3073,000 59,289 
Sanofi, 3.625%, 6/19/2865,000 63,181 
546,471 
Road and Rail — 0.7%
CSX Corp., 6.15%, 5/1/3775,000 84,006 
Union Pacific Corp., 3.375%, 2/1/35175,000 155,473 
239,479 
Semiconductors and Semiconductor Equipment — 2.4%
Applied Materials, Inc., 5.10%, 10/1/35150,000 158,520 
Broadcom, Inc., 4.15%, 11/15/30100,000 91,293 
Intel Corp., 3.90%, 3/25/3060,000 57,822 
Lam Research Corp., 4.00%, 3/15/29125,000 122,776 
Marvell Technology, Inc., 2.45%, 4/15/28150,000 130,481 
Micron Technology, Inc., 4.66%, 2/15/30150,000 140,698 
NXP BV / NXP Funding LLC, 5.55%, 12/1/2824,000 24,445 
QUALCOMM, Inc., 3.25%, 5/20/2766,000 64,443 
790,478 
Software — 1.2%
Autodesk, Inc., 2.85%, 1/15/30150,000 133,307 
Oracle Corp., 3.25%, 5/15/3075,000 65,311 
Roper Technologies, Inc., 1.40%, 9/15/2773,000 62,587 
VMware, Inc., 1.80%, 8/15/28100,000 83,253 
VMware, Inc., 4.70%, 5/15/3060,000 56,937 
401,395 
Specialty Retail — 1.7%
Advance Auto Parts, Inc., 3.50%, 3/15/32175,000 148,725 
AutoNation, Inc., 3.80%, 11/15/2740,000 36,855 
AutoNation, Inc., 4.75%, 6/1/3024,000 22,500 
AutoZone, Inc., 4.00%, 4/15/30150,000 142,618 
Home Depot, Inc., 2.80%, 9/14/2766,000 62,751 
Home Depot, Inc., 2.70%, 4/15/30150,000 135,237 
TJX Cos., Inc., 1.15%, 5/15/2830,000 25,587 
574,273 
Technology Hardware, Storage and Peripherals — 1.0%
Apple, Inc., 3.20%, 5/11/2712,000 11,702 
Apple, Inc., 2.20%, 9/11/2918,000 16,089 
Apple, Inc., 1.65%, 5/11/3048,000 40,785 
Apple, Inc., 1.70%, 8/5/31100,000 84,547 
Apple, Inc., 4.50%, 2/23/36150,000 154,952 
HP, Inc., 3.40%, 6/17/3042,000 36,550 
344,625 
Textiles, Apparel and Luxury Goods — 0.4%
NIKE, Inc., 2.85%, 3/27/30150,000 138,053 
Transportation Infrastructure — 0.2%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/3565,193 56,979 
Wireless Telecommunication Services — 0.6%
T-Mobile USA, Inc., 3.875%, 4/15/30100,000 92,499 
20


Avantis Core Fixed Income Fund
Principal AmountValue
Vodafone Group PLC, 6.25%, 11/30/32$100,000 $107,837 
200,336 
TOTAL CORPORATE BONDS
(Cost $21,781,769)
20,185,897 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 25.2%


Israel Government AID Bond, 5.50%, 9/18/2325,000 25,487 
U.S. Treasury Bonds, 7.625%, 2/15/25245,000 268,715 
U.S. Treasury Bonds, 6.125%, 11/15/27250,000 282,412 
U.S. Treasury Bonds, 5.50%, 8/15/2885,000 94,715 
U.S. Treasury Bonds, 2.375%, 2/15/42380,000 315,162 
U.S. Treasury Bonds, 3.00%, 5/15/42650,000 597,873 
U.S. Treasury Bonds, 2.75%, 8/15/42650,000 571,594 
U.S. Treasury Bonds, 2.875%, 5/15/43250,000 223,027 
U.S. Treasury Bonds, 3.375%, 5/15/44300,000 289,676 
U.S. Treasury Bonds, 3.125%, 8/15/44350,000 323,982 
U.S. Treasury Bonds, 2.875%, 8/15/4535,000 30,971 
U.S. Treasury Notes, 0.25%, 9/30/23100,000 96,607 
U.S. Treasury Notes, 0.75%, 12/31/23350,000 337,695 
U.S. Treasury Notes, 0.875%, 1/31/24500,000 482,012 
U.S. Treasury Notes, 2.125%, 2/29/24350,000 343,205 
U.S. Treasury Notes, 2.25%, 3/31/24400,000 392,391 
U.S. Treasury Notes, 0.375%, 8/15/24375,000 353,276 
U.S. Treasury Notes, 1.75%, 12/31/24380,000 365,535 
U.S. Treasury Notes, 2.50%, 1/31/25355,000 346,999 
U.S. Treasury Notes, 1.50%, 2/15/25(2)
320,000 305,087 
U.S. Treasury Notes, 2.75%, 2/28/25375,000 368,452 
U.S. Treasury Notes, 0.50%, 3/31/25375,000 347,622 
U.S. Treasury Notes, 0.375%, 1/31/26105,000 94,545 
U.S. Treasury Notes, 1.50%, 8/15/26135,000 125,350 
U.S. Treasury Notes, 2.25%, 8/15/27150,000 142,477 
U.S. Treasury Notes, 1.25%, 3/31/28125,000 111,602 
U.S. Treasury Notes, 1.375%, 10/31/28570,000 507,523 
U.S. Treasury Notes, 2.375%, 5/15/29215,000 202,780 
U.S. Treasury Notes, 1.875%, 2/15/32395,000 353,216 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $8,609,444)
8,299,988 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.3%

Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.3%
GNMA, 3.00%,TBA150,000 140,853 
GNMA, 3.50%,TBA700,000 675,145 
GNMA, 4.50%,TBA350,000 350,164 
GNMA, 3.50%,TBA550,000 529,934 
UMBS, 2.50%,TBA250,000 236,562 
UMBS, 3.00%,TBA350,000 339,049 
UMBS, 3.50%,TBA250,000 245,538 
UMBS, 3.00%,TBA600,000 580,641 
UMBS, 3.00%,TBA450,000 416,707 
UMBS, 3.50%,TBA307,482 293,044 
UMBS, 4.00%,TBA300,000 292,898 
21


Avantis Core Fixed Income Fund
Principal Amount/SharesValue
UMBS, 4.50%,TBA$400,000 $397,687 
UMBS, 3.00%,TBA200,000 185,121 
UMBS, 3.50%,TBA1,000,000 952,465 
UMBS, 4.00%,TBA750,000 731,687 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $6,438,470)
6,367,495 
U.S. GOVERNMENT AGENCY SECURITIES — 1.9%
FHLB, 3.25%, 11/16/28100,000 99,593 
FNMA, 0.375%, 8/25/2525,000 22,810 
FNMA, 7.125%, 1/15/30150,000 186,641 
FNMA, 6.625%, 11/15/30125,000 153,065 
Tennessee Valley Authority, 0.75%, 5/15/25175,000 162,149 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $647,357)
624,258 
SHORT-TERM INVESTMENTS — 11.6%
Money Market Funds — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class446,011 446,011 
Treasury Bills(3) — 10.3%
U.S. Treasury Bills, 2.04%, 9/8/22
$150,000 149,941 
U.S. Treasury Bills, 2.25%, 9/15/22
400,000 399,667 
U.S. Treasury Bills, 2.24%, 9/20/22
1,000,000 998,869 
U.S. Treasury Bills, 2.67%, 10/25/22
350,000 348,628 
U.S. Treasury Bills, 2.05%, 9/22/22
500,000 499,402 
U.S. Treasury Bills, 2.12%, 9/6/22
1,000,000 999,722 
3,396,229 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,842,205)
3,842,240 
TOTAL INVESTMENT SECURITIES — 119.2%
(Cost $41,319,245)
39,319,878 
OTHER ASSETS AND LIABILITIES — (19.2)%
(6,336,686)
TOTAL NET ASSETS — 100.0%
$32,983,192 
,

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds5December 2022$679,219 $(3,361)
^Amount represents value and unrealized appreciation (depreciation).


22


Avantis Core Fixed Income Fund
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid (Received)Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 38Sell1.00%6/20/27$700,000 $6,232 $(2,420)$3,812 
‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
CDX-Credit Derivatives Indexes
Equivalent-Security whose payments are secured by the U.S. Treasury
FHLB-Federal Home Loan Bank
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
TBA-To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS-Uniform Mortgage-Backed Securities
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $208,505, which represented 0.6% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $52,437.
(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
23


AUGUST 31, 2022
Avantis Core Municipal Fixed Income Fund
Principal AmountValue
MUNICIPAL SECURITIES — 98.7%


Alabama — 2.1%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1)
$10,000 $10,511 
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/26, Prerefunded at 100% of Par(1)
10,000 10,967 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1)
25,000 26,829 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37100,000 112,086 
State of Alabama GO, 5.00%, 8/1/2760,000 65,781 
226,174 
Arizona — 2.5%
Mesa Utility System Rev., 4.00%, 7/1/3415,000 15,610 
Pima County Sewer System Rev., 5.00%, 7/1/2520,000 21,394 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3065,000 72,820 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3155,000 61,474 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/3030,000 34,072 
State of Arizona COP, 5.00%, 10/1/25(1)
10,000 10,774 
State of Arizona COP, 5.00%, 10/1/27(1)
40,000 44,925 
State of Arizona Lottery Rev., 5.00%, 7/1/27(1)
10,000 11,153 
272,222 
California — 15.9%
California Infrastructure & Economic Development Bank Rev., 5.00%, 10/1/2830,000 33,379 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2525,000 26,658 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2750,000 53,304 
California State University Rev., 5.00%, 11/1/2610,000 10,839 
California State University Rev., 4.00%, 11/1/3450,000 51,249 
California State University Rev., 5.00%, 11/1/3725,000 26,780 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3010,000 10,706 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3320,000 22,287 
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/3840,000 41,270 
Los Angeles Department of Airports Rev., 5.00%, 5/15/3195,000 109,601 
Los Angeles Department of Airports Rev., 5.00%, 5/15/3895,000 104,687 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/2820,000 21,187 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/28105,000 119,548 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/3415,000 15,806 
Los Angeles Unified School District GO, 5.00%, 7/1/2925,000 28,134 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/3140,000 43,748 
Port of Los Angeles Rev., 5.00%, 8/1/2625,000 27,272 
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/2925,000 27,320 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM)25,000 28,860 
San Diego Unified School District GO, 5.00%, 7/1/2920,000 21,888 
24


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
San Diego Unified School District GO, 4.00%, 7/1/32$40,000 $41,736 
San Diego Unified School District GO ,Capital Appreciation, 0.00%, 7/1/30(2)
15,000 11,837 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3510,000 11,032 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3710,000 10,922 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/2950,000 55,231 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3415,000 16,340 
San Jose Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/3410,000 10,882 
Southern California Public Power Authority Rev., 5.00%, 7/1/3010,000 10,299 
State of California GO, 5.00%, 9/1/2620,000 21,990 
State of California GO, 5.00%, 11/1/2740,000 44,992 
State of California GO, 5.00%, 8/1/2930,000 32,838 
State of California GO, 5.00%, 8/1/3040,000 45,411 
State of California GO, 5.25%, 8/1/32 (AGM)10,000 12,148 
State of California GO, 4.00%, 9/1/3370,000 72,689 
State of California GO, 5.00%, 9/1/3540,000 43,217 
State of California GO, 3.00%, 10/1/35165,000 157,237 
State of California GO, 3.00%, 10/1/3740,000 36,364 
State of California Department of Water Resources Rev., 5.00%, 12/1/26, Prerefunded at 100% of Par(1)
25,000 27,760 
State of California Department of Water Resources Rev., 5.00%, 12/1/2925,000 27,648 
State of California Department of Water Resources Rev., 5.00%, 12/1/3425,000 28,789 
University of California Rev., 5.00%, 5/15/2740,000 42,755 
University of California Rev., 5.00%, 5/15/3250,000 55,217 
University of California Rev., 5.00%, 5/15/3225,000 28,109 
University of California Rev., 5.00%, 5/15/3650,000 54,470 
1,724,436 
Colorado — 1.0%
City & County of Denver GO, 5.00%, 8/1/2725,000 28,038 
City & County of Denver Airport System Rev., 4.00%, 11/15/3125,000 25,044 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/2820,000 22,822 
State of Colorado COP, 5.00%, 12/15/2925,000 28,324 
State of Colorado COP, 4.00%, 12/15/3710,000 10,072 
114,300 
Connecticut — 2.0%
State of Connecticut GO, 5.00%, 11/15/2660,000 64,515 
State of Connecticut GO, 5.00%, 6/15/2825,000 28,211 
State of Connecticut GO, 5.00%, 1/15/3125,000 28,652 
State of Connecticut, Special Tax Rev., 5.00%, 8/1/2620,000 21,376 
State of Connecticut, Special Tax Rev., 5.00%, 9/1/2720,000 20,958 
State of Connecticut, Special Tax Rev., 5.00%, 1/1/2840,000 44,807 
State of Connecticut, Special Tax Rev., 5.00%, 1/1/3110,000 11,093 
219,612 
District of Columbia — 1.9%
District of Columbia GO, 5.00%, 10/15/2710,000 11,239 
District of Columbia GO, 5.00%, 6/1/3125,000 25,980 
District of Columbia GO, 5.00%, 6/1/3335,000 36,227 
25


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
District of Columbia GO, 5.00%, 10/15/34$50,000 $55,918 
District of Columbia GO, 5.00%, 10/15/3630,000 33,342 
District of Columbia GO, 4.00%, 6/1/375,000 5,056 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3435,000 37,339 
205,101 
Florida — 6.6%
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/3815,000 16,547 
Cape Coral Water & Sewer Rev., 5.00%, 10/1/3910,000 10,738 
Central Florida Expressway Authority Rev., 4.00%, 7/1/315,000 5,160 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3770,000 70,690 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3815,000 15,110 
Florida Department of Management Services COP, 5.00%, 11/1/2850,000 56,627 
Florida Municipal Power Agency Rev., 5.00%, 10/1/2790,000 98,067 
Hillsborough County School Board COP, 5.00%, 7/1/2645,000 47,832 
Hillsborough County School Board COP, 5.00%, 7/1/2930,000 33,494 
Miami-Dade County Aviation Rev., 5.00%, 10/1/2850,000 53,795 
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/2510,000 10,424 
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/2775,000 78,100 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/3020,000 21,346 
Orange County School Board COP, 5.00%, 8/1/3460,000 64,663 
Palm Beach County School District COP, 5.00%, 8/1/2835,000 39,393 
Palm Beach County School District COP, 5.00%, 8/1/2915,000 16,796 
School Board of Miami-Dade County COP, 5.00%, 5/1/2670,000 73,862 
712,644 
Georgia — 1.1%
Atlanta Water & Wastewater Rev., 5.00%, 11/1/3125,000 26,541 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/2910,000 11,450 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/3710,000 9,311 
State of Georgia GO, 5.00%, 7/1/2865,000 74,195 
121,497 
Hawaii — 2.7%
City & County of Honolulu GO, 5.00%, 3/1/2530,000 31,893 
City & County of Honolulu GO, 5.00%, 3/1/2880,000 90,388 
City & County of Honolulu GO, 5.00%, 9/1/2965,000 73,747 
State of Hawaii GO, 5.00%, 1/1/2835,000 39,392 
State of Hawaii GO, 5.00%, 10/1/2825,000 27,352 
State of Hawaii GO, 5.00%, 10/1/3030,000 33,195 
295,967 
Idaho — 0.2%
Idaho Housing & Finance Association Rev., 5.00%, 7/15/2620,000 21,767 
Illinois — 5.1%
Chicago Midway International Airport Rev., 5.00%, 1/1/4135,000 36,251 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3050,000 53,424 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3215,000 15,933 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3825,000 26,451 
Cook County GO, 5.00%, 11/15/3120,000 21,317 
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/4075,000 70,359 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3015,000 17,184 
26


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30$30,000 $34,367 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/4140,000 42,066 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/2995,000 103,716 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/3025,000 27,095 
State of Illinois GO, 4.00%, 10/1/3210,000 9,893 
State of Illinois GO, 5.00%, 3/1/3435,000 37,391 
State of Illinois GO, 4.25%, 12/1/3735,000 34,102 
State of Illinois Rev., 5.00%, 6/15/2620,000 20,305 
549,854 
Indiana — 1.4%
Indiana Finance Authority Rev., (Indiana Department of Transportation), 5.00%, 6/1/28105,000 115,253 
Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/3710,000 11,043 
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/3710,000 10,676 
Indiana Municipal Power Agency Rev., 5.00%, 1/1/3510,000 10,679 
147,651 
Kansas — 0.7%
State of Kansas Department of Transportation Rev., 5.00%, 9/1/2650,000 53,743 
State of Kansas Department of Transportation Rev., 5.00%, 9/1/2725,000 26,796 
80,539 
Kentucky — 0.4%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/2640,000 43,422 
Louisiana — 0.9%
State of Louisiana GO, 5.00%, 8/1/2750,000 54,545 
State of Louisiana GO, 5.00%, 8/1/2835,000 38,099 
92,644 
Maryland — 2.0%
State of Maryland GO, 5.00%, 3/15/2515,000 15,980 
State of Maryland GO, 5.00%, 3/15/2710,000 11,129 
State of Maryland GO, 5.00%, 3/15/2915,000 17,290 
State of Maryland GO, 5.00%, 3/15/3045,000 50,869 
State of Maryland GO, 5.00%, 3/15/3115,000 16,580 
State of Maryland GO, 5.00%, 3/15/3195,000 108,639 
220,487 
Massachusetts — 4.9%
Massachusetts GO, 5.00%, 7/1/2725,000 27,930 
Massachusetts GO, 5.00%, 11/1/2735,000 39,350 
Massachusetts GO, 5.00%, 3/1/2820,000 22,619 
Massachusetts GO, 5.00%, 1/1/3035,000 39,895 
Massachusetts GO, 5.00%, 9/1/3030,000 34,498 
Massachusetts GO, 5.00%, 1/1/3160,000 67,908 
Massachusetts GO, 3.00%, 7/1/3515,000 13,931 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/28110,000 125,177 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/2945,000 52,008 
Massachusetts School Building Authority Rev., 5.00%, 8/15/3740,000 42,362 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/2730,000 33,022 
27


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/31$25,000 $28,140 
526,840 
Michigan — 1.1%
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/2945,000 51,130 
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/3040,000 43,285 
Michigan State Building Authority Rev., 5.00%, 4/15/3020,000 21,397 
115,812 
Minnesota — 0.9%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2655,000 59,366 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2715,000 16,517 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2825,000 27,483 
103,366 
Mississippi — 1.0%
State of Mississippi GO, 5.00%, 10/1/2775,000 84,044 
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1)
25,000 28,078 
112,122 
Nevada — 2.4%
Clark County School District GO, 5.00%, 6/15/2540,000 42,690 
Clark County School District GO, 5.00%, 6/15/2725,000 26,910 
State of Nevada GO, 5.00%, 4/1/2720,000 21,261 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2615,000 16,365 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2735,000 38,158 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2870,000 76,185 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/3135,000 38,541 
260,110 
New Jersey — 3.5%
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2775,000 77,230 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/2635,000 36,003 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/3715,000 14,593 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/4120,000 20,734 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/3660,000 62,671 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3245,000 49,469 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3320,000 21,602 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3410,000 10,762 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/3820,000 17,813 
State of New Jersey GO, 5.00%, 6/1/2730,000 31,893 
State of New Jersey GO, 5.00%, 6/1/2835,000 39,155 
381,925 
New Mexico — 0.3%
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/3125,000 29,461 
New York — 13.8%
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2420,000 20,737 
28


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28$15,000 $16,472 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/3215,000 16,373 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37105,000 112,835 
Long Island Power Authority Rev., 5.00%, 9/1/2920,000 22,561 
Metropolitan Transportation Authority Rev., (Dedicated Tax Fund), 5.25%, 11/15/2950,000 55,041 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3315,000 16,680 
Nassau County GO, 5.00%, 10/1/2795,000 105,879 
New York City GO, 5.00%, 8/1/2615,000 16,398 
New York City GO, 5.00%, 8/1/2760,000 66,850 
New York City GO, 5.00%, 12/1/3325,000 27,053 
New York City GO, 4.00%, 3/1/4220,000 19,429 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/3050,000 55,117 
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/3625,000 25,129 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/4025,000 25,912 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/3050,000 55,128 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3225,000 27,971 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3220,000 22,258 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3260,000 68,905 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3420,000 20,374 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3915,000 16,190 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/2650,000 54,224 
New York State Thruway Authority Rev., 5.00%, 1/1/3210,000 10,467 
New York State Thruway Authority Rev., 3.50%, 1/1/3725,000 23,055 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2635,000 37,917 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3115,000 16,557 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3230,000 34,176 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3735,000 34,511 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3710,000 9,860 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3945,000 48,618 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3930,000 32,504 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/3415,000 16,054 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/3765,000 64,808 
Port Authority of New York & New Jersey Rev., 4.00%, 9/1/3720,000 19,935 
Suffolk County Water Authority Rev., 3.00%, 6/1/3210,000 9,909 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2515,000 16,167 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2945,000 51,922 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3040,000 46,606 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3815,000 16,236 
29


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Utility Debt Securitization Authority Rev., 5.00%, 6/15/25$15,000 $15,310 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2525,000 25,829 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2610,000 10,556 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3550,000 53,074 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3635,000 37,095 
1,498,682 
North Carolina — 1.0%
State of North Carolina Rev., 5.00%, 3/1/2720,000 22,087 
State of North Carolina Rev., 5.00%, 3/1/2945,000 51,232 
State of North Carolina Rev., 5.00%, 3/1/3330,000 33,360 
106,679 
Ohio — 1.3%
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/2930,000 34,613 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/2915,000 17,188 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/3315,000 17,111 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/3820,000 22,173 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/3930,000 33,274 
State of Ohio Rev., 5.00%, 12/15/2520,000 21,614 
145,973 
Oregon — 0.6%
Multnomah County GO, 5.00%, 6/15/2920,000 23,072 
Oregon State Lottery Rev., 5.00%, 4/1/2735,000 37,207 
60,279 
Pennsylvania — 2.2%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)20,000 22,865 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/3320,000 21,883 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/3455,000 54,694 
Pennsylvania GO, 5.00%, 7/15/2775,000 83,418 
Pennsylvania GO, 5.00%, 7/15/2935,000 40,070 
Philadelphia Water & Wastewater Rev., 5.00%, 7/1/24, Prerefunded at 100% of Par(1)
15,000 15,705 
238,635 
South Carolina — 0.7%
South Carolina Public Service Authority Rev., 5.00%, 12/1/3075,000 79,289 
Tennessee — 1.6%
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/2610,000 10,831 
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/2725,000 27,942 
Metropolitan Government of Nashville & Davidson County GO, 4.00%, 7/1/28125,000 133,326 
172,099 
Texas — 6.3%
Central Texas Turnpike System Rev., 5.00%, 8/15/3720,000 20,730 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/2915,000 17,306 
30


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Dallas County Utility & Reclamation District GO, 5.00%, 2/15/28$85,000 $94,403 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3250,000 57,157 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/2745,000 48,318 
Houston GO, 5.00%, 3/1/2825,000 28,014 
Houston GO, 5.00%, 3/1/2820,000 21,998 
Houston GO, 5.00%, 3/1/3030,000 33,930 
North Texas Tollway Authority Rev., 5.00%, 1/1/3350,000 52,288 
San Antonio Electric & Gas Systems Rev., 3.125%, 2/1/2820,000 20,254 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/3045,000 48,931 
State of Texas GO, 5.00%, 10/1/24, Prerefunded at 100% of Par(1)
50,000 52,500 
Texas State University System Rev., 5.00%, 3/15/3180,000 87,636 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/2920,000 22,468 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/3630,000 30,931 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/3725,000 25,595 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2815,000 16,753 
679,212 
Utah — 0.3%
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)25,000 29,368 
Virginia — 4.0%
Richmond Public Utility Rev., 5.00%, 1/15/2820,000 21,558 
Virginia College Building Authority Rev., 5.00%, 2/1/30185,000 207,978 
Virginia College Building Authority Rev., 5.00%, 2/1/3020,000 22,381 
Virginia College Building Authority Rev., 3.00%, 2/1/3520,000 17,976 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2635,000 38,585 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2720,000 22,372 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2925,000 28,034 
Virginia Public Building Authority Rev., 5.00%, 8/1/2765,000 72,644 
431,528 
Washington — 4.5%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)
35,000 37,824 
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)
25,000 27,017 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2510,000 10,697 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2765,000 72,335 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2840,000 45,286 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2810,000 11,129 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3020,000 22,504 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3335,000 38,797 
State of Washington GO, 5.00%, 8/1/2740,000 44,763 
31


Avantis Core Municipal Fixed Income Fund
Principal Amount/SharesValue
State of Washington GO, 5.00%, 7/1/29$10,000 $10,810 
State of Washington GO, 5.00%, 7/1/32145,000 155,167 
State of Washington GO, 5.00%, 8/1/3210,000 10,816 
487,145 
Wisconsin — 1.8%
State of Wisconsin GO, 5.00%, 5/1/2710,000 10,541 
State of Wisconsin GO, 5.00%, 11/1/2925,000 27,610 
State of Wisconsin Rev., 5.00%, 5/1/27125,000 138,657 
Wisconsin Department of Transportation Rev., 5.00%, 7/1/2715,000 16,780 
193,588 
TOTAL MUNICIPAL SECURITIES
(Cost $11,539,965)
10,700,430 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $21,406)
21,406 21,406 
TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $11,561,371)

10,721,836 
OTHER ASSETS AND LIABILITIES — 1.1%

123,734 
TOTAL NET ASSETS — 100.0%

$10,845,570 

NOTES TO SCHEDULE OF INVESTMENTS
AGM-Assured Guaranty Municipal Corporation
COP-Certificates of Participation
GO-General Obligation
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
32


AUGUST 31, 2022
Avantis Short-Term Fixed Income Fund
Principal AmountValue
CORPORATE BONDS — 63.9%


Aerospace and Defense — 0.6%
General Dynamics Corp., 3.50%, 5/15/25$42,000 $41,799 
Huntington Ingalls Industries, Inc., 3.84%, 5/1/2536,000 35,242 
77,041 
Air Freight and Logistics — 0.8%
United Parcel Service, Inc., 2.20%, 9/1/24101,000 98,115 
Automobiles — 1.1%
American Honda Finance Corp., 1.00%, 9/10/2578,000 71,128 
General Motors Financial Co., Inc., 4.25%, 5/15/2320,000 20,014 
General Motors Financial Co., Inc., 5.25%, 3/1/2645,000 45,336 
136,478 
Banks — 11.9%
Asian Development Bank, 0.50%, 2/4/26100,000 90,087 
Bank of Montreal, 0.625%, 7/9/2460,000 56,514 
Bank of Montreal, 1.85%, 5/1/2572,000 67,911 
Bank of Nova Scotia, 1.30%, 6/11/25108,000 99,948 
Citigroup, Inc., 3.30%, 4/27/2566,000 64,420 
Council Of Europe Development Bank, 2.50%, 2/27/2425,000 24,640 
European Bank for Reconstruction & Development, 0.25%, 7/10/2350,000 48,593 
European Investment Bank, 1.375%, 3/15/27150,000 136,898 
Inter-American Development Bank, 2.625%, 1/16/24150,000 148,110 
Inter-American Development Bank, 3.00%, 2/21/24140,000 138,898 
International Bank for Reconstruction & Development, 0.875%, 7/15/2610,000 9,043 
PNC Financial Services Group, Inc., 2.20%, 11/1/2490,000 87,068 
Royal Bank of Canada, 2.55%, 7/16/2442,000 40,887 
Royal Bank of Canada, 1.15%, 7/14/2660,000 53,542 
Santander Holdings USA, Inc., 4.50%, 7/17/2566,000 65,715 
Santander Holdings USA, Inc., 3.24%, 10/5/2670,000 65,152 
Toronto-Dominion Bank, 1.20%, 6/3/26105,000 94,089 
US Bancorp, 3.15%, 4/27/27100,000 96,437 
Wells Fargo & Co., 3.55%, 9/29/2536,000 35,397 
Wells Fargo & Co., 3.00%, 10/23/2625,000 23,635 
Westpac Banking Corp., 3.35%, 3/8/27100,000 96,551 
1,543,535 
Beverages — 0.8%
Coca-Cola Co., 1.75%, 9/6/24101,000 97,962 
Biotechnology — 0.2%
AbbVie, Inc., 2.90%, 11/6/2229,000 28,980 
Building Products — 0.2%
Owens Corning, 3.40%, 8/15/2628,000 26,729 
Capital Markets — 6.1%
Ameriprise Financial, Inc., 2.875%, 9/15/2698,000 93,500 
Bank of New York Mellon Corp., 3.25%, 9/11/2498,000 97,341 
BlackRock, Inc., 3.50%, 3/18/2470,000 69,851 
Brookfield Finance, Inc., 4.00%, 4/1/2466,000 65,791 
Cboe Global Markets, Inc., 3.65%, 1/12/27100,000 97,727 
Charles Schwab Corp., 3.85%, 5/21/2566,000 66,145 
33


Avantis Short-Term Fixed Income Fund
Principal AmountValue
CME Group, Inc., 3.00%, 3/15/25$35,000 $34,361 
Goldman Sachs Group, Inc., 3.75%, 5/22/2566,000 64,860 
Janus Henderson US Holdings, Inc., 4.875%, 8/1/2530,000 30,158 
Lazard Group LLC, 3.75%, 2/13/2566,000 65,078 
S&P Global, Inc., 2.95%, 1/22/2725,000 24,026 
State Street Corp., 3.55%, 8/18/2586,000 85,243 
794,081 
Chemicals — 0.9%
Ecolab, Inc., 2.70%, 11/1/2695,000 91,629 
Mosaic Co., 4.25%, 11/15/2330,000 30,040 
121,669 
Consumer Finance — 1.2%
Capital One Financial Corp., 4.25%, 4/30/2566,000 65,893 
Discover Financial Services, 4.50%, 1/30/2665,000 63,691 
Synchrony Financial, 4.50%, 7/23/2530,000 29,382 
158,966 
Containers and Packaging — 0.1%
Packaging Corp. of America, 3.65%, 9/15/2413,000 12,900 
Diversified Financial Services — 0.4%
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
50,000 47,040 
Electric Utilities — 2.8%
Baltimore Gas & Electric Co., 2.40%, 8/15/2664,000 60,013 
Berkshire Hathaway Energy Co., 4.05%, 4/15/2536,000 36,064 
Cleco Corporate Holdings LLC, 3.74%, 5/1/2661,000 58,518 
Duke Energy Progress LLC, 3.25%, 8/15/2524,000 23,669 
Emera US Finance LP, 3.55%, 6/15/2662,000 59,446 
Entergy Gulf States Louisiana LLC, 5.59%, 10/1/2458,000 59,687 
Public Service Electric and Gas Co., 2.25%, 9/15/2664,000 59,799 
357,196 
Electronic Equipment, Instruments and Components — 0.8%
Flex Ltd., 3.75%, 2/1/2647,000 44,820 
Keysight Technologies, Inc., 4.55%, 10/30/2436,000 36,224 
TD SYNNEX Corp., 1.75%, 8/9/2625,000 21,914 
102,958 
Energy Equipment and Services — 0.7%
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25104,000 97,341 
Equity Real Estate Investment Trusts (REITs) — 4.4%
Corporate Office Properties LP, 2.25%, 3/15/2629,000 26,017 
ERP Operating LP, 3.375%, 6/1/25105,000 102,427 
Healthcare Realty Holdings LP, 3.50%, 8/1/2675,000 71,603 
Host Hotels & Resorts LP, 4.50%, 2/1/2630,000 29,303 
Kimco Realty Corp., 3.30%, 2/1/2566,000 64,502 
Mid-America Apartments LP, 3.60%, 6/1/2750,000 48,033 
Omega Healthcare Investors, Inc., 4.95%, 4/1/2415,000 15,047 
Prologis LP, 3.25%, 10/1/26100,000 96,564 
Simon Property Group LP, 3.375%, 6/15/2765,000 62,362 
Spirit Realty LP, 4.45%, 9/15/2642,000 41,166 
Vornado Realty LP, 2.15%, 6/1/2620,000 17,618 
574,642 
Food and Staples Retailing — 0.7%
Costco Wholesale Corp., 2.75%, 5/18/2442,000 41,657 
34


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Sysco Corp., 3.30%, 7/15/26$45,000 $43,588 
85,245 
Food Products — 1.3%
Bunge Ltd. Finance Corp., 1.63%, 8/17/2529,000 26,943 
Hershey Co., 2.05%, 11/15/2436,000 34,789 
Hormel Foods Corp., 0.65%, 6/3/2460,000 57,044 
Tyson Foods, Inc., 4.00%, 3/1/2645,000 44,527 
163,303 
Gas Utilities — 0.5%
Southern California Gas Co., 3.15%, 9/15/2463,000 62,404 
Health Care Providers and Services — 3.4%
Cardinal Health, Inc., 3.50%, 11/15/2469,000 68,551 
Cigna Corp., 3.05%, 11/30/2229,000 29,000 
CommonSpirit Health, 2.76%, 10/1/2436,000 34,893 
Elevance Health, Inc., 2.375%, 1/15/2560,000 57,584 
HCA, Inc., 5.00%, 3/15/2466,000 66,469 
Humana, Inc., 4.50%, 4/1/2566,000 66,558 
UnitedHealth Group, Inc., 2.375%, 8/15/24100,000 97,821 
Universal Health Services, Inc., 1.65%, 9/1/26(1)
30,000 25,937 
446,813 
Hotels, Restaurants and Leisure — 1.1%
Booking Holdings, Inc., 3.65%, 3/15/2597,000 96,552 
Hyatt Hotels Corp., 4.85%, 3/15/2645,000 45,298 
141,850 
Household Durables — 0.2%
DR Horton, Inc., 4.75%, 2/15/2330,000 30,046 
Household Products — 0.2%
Colgate-Palmolive Co., 3.25%, 3/15/2420,000 19,910 
Insurance — 3.7%
Aflac, Inc., 3.625%, 11/15/2496,000 95,744 
Aon Global Ltd., 3.875%, 12/15/2550,000 49,512 
Brighthouse Financial, Inc., 3.70%, 6/22/2765,000 61,750 
First American Financial Corp., 4.60%, 11/15/2450,000 49,986 
MetLife, Inc., 4.37%, 9/15/2350,000 50,280 
MetLife, Inc., 3.60%, 11/13/2534,000 33,640 
Principal Financial Group, Inc., 3.40%, 5/15/2566,000 64,588 
Prudential Financial, Inc., 1.50%, 3/10/2675,000 68,729 
474,229 
IT Services — 1.3%
International Business Machines Corp., 3.00%, 5/15/24100,000 98,830 
Western Union Co., 2.85%, 1/10/2572,000 69,124 
167,954 
Machinery — 2.7%
Caterpillar Financial Services Corp., 3.30%, 6/9/2469,000 68,639 
Caterpillar Financial Services Corp., 1.45%, 5/15/2536,000 33,872 
Cummins, Inc., 3.65%, 10/1/2342,000 42,108 
Illinois Tool Works, Inc., 3.50%, 3/1/2442,000 41,946 
John Deere Capital Corp., 3.45%, 1/10/2469,000 68,846 
PACCAR Financial Corp., 2.15%, 8/15/24101,000 97,977 
353,388 
35


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Media — 1.0%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22$24,000 $24,283 
Comcast Corp., 3.375%, 8/15/2542,000 41,323 
Discovery Communications LLC, 4.90%, 3/11/2660,000 59,954 
125,560 
Metals and Mining — 0.7%
ArcelorMittal SA, 4.55%, 3/11/2620,000 19,617 
BHP Billiton Finance USA Ltd., 3.85%, 9/30/2334,000 34,049 
Kinross Gold Corp., 5.95%, 3/15/2442,000 42,768 
96,434 
Multi-Utilities — 0.3%
Dominion Energy, Inc., 2.75%, 9/15/2236,000 35,999 
Multiline Retail — 0.5%
Dollar Tree, Inc., 4.00%, 5/15/2566,000 65,415 
Oil, Gas and Consumable Fuels — 5.3%
Canadian Natural Resources Ltd., 2.05%, 7/15/2536,000 33,540 
Chevron Corp., 1.55%, 5/11/25102,000 96,290 
Enbridge, Inc., 2.50%, 1/15/2572,000 69,031 
Energy Transfer LP, 3.90%, 7/15/2670,000 67,010 
Enterprise Products Operating LLC, 3.35%, 3/15/2372,000 71,884 
Equinor ASA, 2.875%, 4/6/2535,000 34,064 
Exxon Mobil Corp., 2.71%, 3/6/2572,000 70,090 
Phillips 66 Co., 2.45%, 12/15/24(1)
36,000 34,236 
Shell International Finance BV, 3.25%, 5/11/2566,000 64,932 
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/2372,000 71,336 
Valero Energy Corp., 2.85%, 4/15/259,000 8,719 
Williams Cos., Inc., 4.00%, 9/15/2566,000 65,325 
686,457 
Personal Products — 0.3%
Estee Lauder Cos., Inc., 2.00%, 12/1/2436,000 35,011 
Pharmaceuticals — 2.7%
GlaxoSmithKline Capital PLC, 3.00%, 6/1/2484,000 83,173 
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/2518,000 17,911 
Novartis Capital Corp., 1.75%, 2/14/2529,000 27,768 
Novartis Capital Corp., 3.00%, 11/20/2527,000 26,444 
Pfizer, Inc., 3.40%, 5/15/2497,000 96,709 
Royalty Pharma PLC, 1.20%, 9/2/2578,000 70,959 
Utah Acquisition Sub, Inc., 3.95%, 6/15/2630,000 28,208 
351,172 
Road and Rail — 0.4%
Ryder System, Inc., 2.50%, 9/1/2436,000 34,832 
Ryder System, Inc., 3.35%, 9/1/2518,000 17,360 
52,192 
Semiconductors and Semiconductor Equipment — 0.9%
Marvell Technology, Inc., 1.65%, 4/15/2667,000 60,321 
Microchip Technology, Inc., 4.33%, 6/1/2348,000 48,080 
NXP BV / NXP Funding LLC, 4.875%, 3/1/2415,000 15,069 
123,470 
36


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Software — 1.5%
Citrix Systems, Inc., 1.25%, 3/1/26$69,000 $67,480 
Intuit, Inc., 0.95%, 7/15/2542,000 38,661 
Microsoft Corp., 2.875%, 2/6/2484,000 83,174 
189,315 
Specialty Retail — 1.0%
Home Depot, Inc., 3.75%, 2/15/2466,000 66,187 
Ross Stores, Inc., 4.60%, 4/15/2566,000 66,598 
132,785 
Technology Hardware, Storage and Peripherals — 1.1%
Apple, Inc., 3.00%, 2/9/2435,000 34,725 
Apple, Inc., 2.45%, 8/4/2671,000 67,579 
Hewlett Packard Enterprise Co., 4.90%, 10/15/2536,000 36,590 
138,894 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 2.875%, 1/15/2620,000 18,463 
TOTAL CORPORATE BONDS
(Cost $8,830,980)
8,271,942 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 31.1%


Israel Government AID Bond, 5.50%, 9/18/23100,000 101,946 
U.S. Treasury Notes, 2.125%, 2/29/24225,000 220,632 
U.S. Treasury Notes, 2.375%, 2/29/24(2)
400,000 393,656 
U.S. Treasury Notes, 0.375%, 4/15/24350,000 332,910 
U.S. Treasury Notes, 0.375%, 7/15/24450,000 425,109 
U.S. Treasury Notes, 0.375%, 8/15/24440,000 414,511 
U.S. Treasury Notes, 1.50%, 10/31/24450,000 431,807 
U.S. Treasury Notes, 0.25%, 7/31/25298,000 271,459 
U.S. Treasury Notes, 2.00%, 8/15/25325,000 311,480 
U.S. Treasury Notes, 0.375%, 1/31/26513,000 461,920 
U.S. Treasury Notes, 1.625%, 2/15/26285,000 267,778 
U.S. Treasury Notes, 0.625%, 7/31/2630,000 26,923 
U.S. Treasury Notes, 1.25%, 12/31/26300,000 274,172 
U.S. Treasury Notes, 2.25%, 8/15/27100,000 94,984 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $4,281,257)
4,029,287 
U.S. GOVERNMENT AGENCY SECURITIES — 3.1%


FHLB, 2.375%, 3/14/2550,000 48,653 
FHLB, 0.375%, 9/4/2525,000 22,788 
FHLB, 1.25%, 12/21/26100,000 91,582 
FNMA, 1.625%, 10/15/2475,000 72,140 
FNMA, 0.375%, 8/25/2525,000 22,810 
FNMA, 1.875%, 9/24/26100,000 94,126 
Tennessee Valley Authority, 0.75%, 5/15/2548,000 44,475 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $412,930)
396,574 
37


Avantis Short-Term Fixed Income Fund
SharesValue
SHORT-TERM INVESTMENTS — 1.3%


Money Market Funds — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $167,770)
167,770 $167,770 
TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $13,692,937)

12,865,573 
OTHER ASSETS AND LIABILITIES — 0.6%

82,432 
TOTAL NET ASSETS — 100.0%

$12,948,005 

NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
Equivalent-Security whose payments are secured by the U.S. Treasury
FHLB-Federal Home Loan Bank
FNMA-Federal National Mortgage Association
(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 $107,213, which represented 0.8% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $19,683.


See Notes to Financial Statements.
38


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Core Fixed Income FundAvantis Core Municipal Fixed Income Fund
Assets
Investment securities, at value (cost of $41,319,245 and $11,561,371, respectively)$39,319,878 $10,721,836 
Receivable for investments sold5,210,330 — 
Interest receivable258,181 127,039 
44,788,389 10,848,875 
Liabilities
Payable for investments purchased11,707,604 — 
Payable for capital shares redeemed94,517 1,974 
Payable for variation margin on futures contracts2,031 — 
Payable for variation margin on swap agreements361 — 
Accrued management fees684 1,331 
11,805,197 3,305 
Net Assets$32,983,192 $10,845,570 
Net Assets Consist of:
Capital paid in$37,236,001 $11,886,128 
Distributable earnings(4,252,809)(1,040,558)
$32,983,192 $10,845,570 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Core Fixed Income Fund
Institutional Class$5,090,142591,913$8.60
G Class$27,893,0503,242,679$8.60
Avantis Core Municipal Fixed Income Fund
Institutional Class$9,902,0091,067,394$9.28
G Class$943,561101,717$9.28


See Notes to Financial Statements.
39


AUGUST 31, 2022
Avantis Short-Term Fixed Income Fund
Assets
Investment securities, at value (cost of $13,692,937)$12,865,573 
Interest receivable84,729 
12,950,302 
Liabilities
Payable for capital shares redeemed527 
Accrued management fees 1,348 
Dividends payable422 
2,297 
Net Assets$12,948,005 
Net Assets Consist of:
Capital paid in$13,911,512 
Distributable earnings(963,507)
$12,948,005 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Short-Term Fixed Income Fund
Institutional Class$10,458,7641,119,617$9.34
G Class$2,489,241266,477$9.34


See Notes to Financial Statements.
40


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Avantis Core Fixed Income FundAvantis Core Municipal Fixed Income Fund
Investment Income (Loss)
Income:
Interest$585,259 $157,671 

Expenses:
Management fees39,441 20,294 
Other expenses1,054 501 
40,495 20,795 
Fees waived - G Class(23,121)(1,469)
17,374 19,326 
Net investment income (loss)567,885 138,345 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(2,192,378)(200,903)
Futures contract transactions(44,294)— 
Swap agreement transactions(5,529)— 
(2,242,201)(200,903)
Change in net unrealized appreciation (depreciation) on:
Investments(2,133,766)(1,099,348)
Futures contracts(3,609)— 
Swap agreements(3,353)— 
(2,140,728)(1,099,348)
Net realized and unrealized gain (loss)(4,382,929)(1,300,251)
Net Increase (Decrease) in Net Assets Resulting from Operations$(3,815,044)$(1,161,906)


See Notes to Financial Statements.
41


YEAR ENDED AUGUST 31, 2022
Avantis Short-Term Fixed Income Fund
Investment Income (Loss)
Income:
Interest$127,921 
Expenses:
Management fees21,081 
Other expenses28 
21,109 
Fees waived - G Class(2,693)
18,416 
Net investment income (loss)109,505 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(126,077)
Futures contract transactions(4,711)
(130,788)
Change in net unrealized appreciation (depreciation) on investments(827,585)
Net realized and unrealized gain (loss)(958,373)
Net Increase (Decrease) in Net Assets Resulting from Operations$(848,868)


See Notes to Financial Statements.
42


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed Income FundAvantis Core Municipal Fixed Income Fund
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$567,885 $105,070 $138,345 $70,766 
Net realized gain (loss)(2,242,201)22,346 (200,903)(120)
Change in net unrealized appreciation (depreciation)(2,140,728)135,580 (1,099,348)259,813 
Net increase (decrease) in net assets resulting from operations(3,815,044)262,996 (1,161,906)330,459 
Distributions to Shareholders
From earnings:
Institutional Class(224,439)(91,575)(126,953)(65,321)
G Class(370,366)(14,426)(11,392)(5,445)
Decrease in net assets from distributions(594,805)(106,001)(138,345)(70,766)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)20,526,590 16,709,456 (3,234,628)15,120,756 
Net increase (decrease) in net assets16,116,741 16,866,451 (4,534,879)15,380,449 
Net Assets
Beginning of period16,866,451 — 15,380,449 — 
End of period$32,983,192 $16,866,451 $10,845,570 $15,380,449 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
43


YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund
Increase (Decrease) in Net AssetsAugust 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss)$109,505 $32,896 
Net realized gain (loss)(130,788)(5,108)
Change in net unrealized appreciation (depreciation)(827,585)221 
Net increase (decrease) in net assets resulting from operations(848,868)28,009 
Distributions to Shareholders
From earnings:
Institutional Class(92,513)(29,858)
G Class(17,239)(3,038)
Decrease in net assets from distributions(109,752)(32,896)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(1,098,579)15,010,091 
Net increase (decrease) in net assets(2,057,199)15,005,204 
Net Assets
Beginning of period15,005,204 — 
End of period$12,948,005 $15,005,204 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
44


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income Fund, Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund is to seek to maximize total return. Avantis Core Municipal Fixed Income Fund’s investment objective is to seek current income that is exempt from federal income tax. The funds offer the Institutional Class and G Class. All classes of the funds commenced sale on February 24, 2021, the funds’ inception date.

2. Significant Accounting Policies

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

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

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

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

45


The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

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

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

Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

46


3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 82% and 12% of the shares of the Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund, respectively. ACIM owns 60% and 60% of the shares of the Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive each fund's G Class management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

For the period ended August 31, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
Annual Management Fee
Institutional ClassG Class Before WaiverG Class After Waiver
Avantis Core Fixed Income Fund0.15%0.15%0.00%
Avantis Core Municipal Fixed Income Fund0.15%0.15%0.00%
Avantis Short-Term Fixed Income Fund0.15%0.15%0.00%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended August 31, 2022 were as follows:
Avantis Core Fixed Income FundAvantis Core Municipal Fixed Income FundAvantis Short-Term Fixed Income Fund
Purchases of U.S. Treasury and Government Agency obligations$130,751,779 — $1,920,829 
Purchases of other investment securities29,545,876 $237,798 4,659,193 
Total Purchases$160,297,655 $237,798 $6,580,022 
Sales of U.S. Treasury and Government Agency obligations$121,801,747 — $3,853,556 
Sales of other investment securities17,015,791 $3,071,386 3,658,728 
Total Sales$138,817,538 $3,071,386 $7,512,284 

47


5. Capital Share Transactions

Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Year ended
August 31, 2022
Period ended
August 31, 2021(1)
SharesAmountSharesAmount
Avantis Core Fixed Income Fund
Institutional Class
Sold5,099,931 $45,722,365 1,551,182 $15,497,766 
Issued in reinvestment of distributions24,385 224,431 9,172 91,575 
Redeemed(5,917,471)(53,229,219)(175,286)(1,740,476)
(793,155)(7,282,423)1,385,068 13,848,865 
G Class
Sold3,382,690 31,653,010 302,966 3,022,315 
Issued in reinvestment of distributions41,477 370,366 1,441 14,426 
Redeemed(468,280)(4,214,363)(17,615)(176,150)
2,955,887 27,809,013 286,792 2,860,591 
Net increase (decrease)2,162,732 $20,526,590 1,671,860 $16,709,456 
Avantis Core Municipal Fixed Income Fund
Institutional Class
Sold846,714 $8,102,970 1,404,925 $14,049,990 
Issued in reinvestment of distributions13,099 126,855 6,445 65,321 
Redeemed(1,203,789)(11,475,845)— — 
(343,976)(3,246,020)1,411,370 14,115,311 
G Class
Sold— — 100,000 1,000,000 
Issued in reinvestment of distributions1,180 11,392 537 5,445 
1,180 11,392 100,537 1,005,445 
Net increase (decrease)(342,796)$(3,234,628)1,511,907 $15,120,756 
Avantis Short-Term Fixed Income Fund
Institutional Class
Sold599,839 $5,842,256 1,421,448 $14,214,166 
Issued in reinvestment of distributions9,439 90,799 2,990 29,858 
Redeemed(881,557)(8,556,323)(32,542)(325,176)
(272,279)(2,623,268)1,391,896 13,918,848 
G Class
Sold176,706 1,708,621 109,983 1,099,661 
Issued in reinvestment of distributions1,806 17,239 304 3,038 
Redeemed(21,174)(201,171)(1,148)(11,456)
157,338 1,524,689 109,139 1,091,243 
Net increase (decrease)(114,941)$(1,098,579)1,501,035 $15,010,091 
(1)February 24, 2021 (fund inception) through August 31, 2021.

48


6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Core Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $20,185,897 — 
U.S. Treasury Securities and Equivalents— 8,299,988 — 
U.S. Government Agency Mortgage-Backed Securities— 6,367,495 — 
U.S. Government Agency Securities— 624,258 — 
Short-Term Investments$446,011 3,396,229 — 
$446,011 $38,873,867 — 
Other Financial Instruments
Swap Agreements— $3,812 — 
Liabilities
Other Financial Instruments
Futures Contracts$3,361 — — 

Avantis Core Municipal Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $10,700,430 — 
Short-Term Investments$21,406 — — 
$21,406 $10,700,430 — 

49


Avantis Short-Term Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $8,271,942 — 
U.S. Treasury Securities and Equivalents— 4,029,287 — 
U.S. Government Agency Securities— 396,574 — 
Short-Term Investments$167,770 — — 
$167,770 $12,697,803 — 

7. Derivative Instruments

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

The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income Fund$575,000 

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis Core Fixed Income Fund$471,919 
Avantis Short-Term Fixed Income Fund$568,633 

50


Value of Derivative Instruments as of August 31, 2022
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Avantis Core Fixed Income Fund
Credit RiskReceivable for variation margin on swap agreements*— Payable for variation margin on swap agreements*$361 
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*2,031 
— $2,392 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

At period end, Avantis Short-Term Fixed Income Fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Core Fixed Income Fund
Credit RiskNet realized gain (loss) on swap agreement transactions$(5,529)Change in net unrealized appreciation (depreciation) on swap agreements$(3,353)
Interest Rate RiskNet realized gain (loss) on futures contract transactions(44,294)Change in net unrealized appreciation (depreciation) on futures contracts(3,609)
$(49,823)$(6,962)
Avantis Short-Term Fixed Income Fund
Interest Rate RiskNet realized gain (loss) on futures contract transactions$(4,711)Change in net unrealized appreciation (depreciation) on futures contracts— 

8. Risk Factors

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

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

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

51


9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2022 and period ended August 31, 2021 were as follows:
2022
2021(1)
Distributions Paid From:Distributions Paid From:
Exempt IncomeOrdinary IncomeLong-term Capital GainsExempt IncomeOrdinary IncomeLong-term Capital Gains
Avantis Core Fixed Income Fund— $594,805 — — $106,001 — 
Avantis Core Municipal Fixed Income Fund$138,345 — — $70,766 — — 
Avantis Short-Term Fixed Income Fund— $109,752 — — $32,896 — 
(1)February 24, 2021 (fund inception) through August 31, 2021.

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Core Fixed Income Fund
Avantis Core Municipal Fixed Income Fund
Avantis Short-Term Fixed Income Fund
Federal tax cost of investments$41,454,285 $11,561,371 $13,692,937 
Gross tax appreciation of investments$2,025 — — 
Gross tax depreciation of investments(2,136,432)(839,535)(827,364)
Net tax appreciation (depreciation) of investments(2,134,407)(839,535)(827,364)
Net tax appreciation (depreciation) on derivatives(3,820)— — 
Net tax appreciation (depreciation)$(2,138,227)$(839,535)$(827,364)
Undistributed tax exempt income— $502 — 
Accumulated short-term capital losses$(1,475,590)$(17,799)$(79,802)
Accumulated long-term capital losses$(638,992)$(183,726)$(56,341)

For Avantis Core Fixed Income Fund, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
52


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsNet
Investment
Income
Net
Realized Gains
Total DistributionsNet
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Core Fixed Income Fund
Institutional Class
2022$10.090.18(1.49)(1.31)(0.17)(0.01)(0.18)$8.60(13.01)%0.15%0.15%2.08%2.08%481%$5,090 
2021(3)
$10.000.060.100.16(0.07)(0.07)$10.091.56%
0.15%(4)
0.15%(4)
1.26%(4)
1.26%(4)
113%$13,973 
G Class
2022$10.090.21(1.50)(1.29)(0.19)(0.01)(0.20)$8.60(12.88)%
0.00%(5)
0.15%2.23%2.08%481%$27,893 
2021(3)
$10.000.070.090.16(0.07)(0.07)$10.091.64%
0.00%(4)(5)
0.15%(4)
1.41%(4)
1.26%(4)
113%$2,893 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Annualized
(5)Ratio was less than 0.005%.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Core Municipal Fixed Income Fund
Institutional Class
2022$10.170.10(0.89)(0.79)(0.10)$9.28(7.82)%0.15%0.15%1.02%1.02%2%$9,902 
2021(3)
$10.000.050.170.22(0.05)$10.172.17%
0.15%(4)
0.15%(4)
0.89%(4)
0.89%(4)
2%$14,358 
G Class
2022$10.170.11(0.89)(0.78)(0.11)$9.28(7.68)%
0.00%(5)
0.15%1.17%1.02%2%$944 
2021(3)
$10.000.050.170.22(0.05)$10.172.25%
0.00%(4)
0.15%(4)
1.04%(4)
0.89%(4)
2%$1,023 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Annualized.
(5)Ratio was less than 0.005%.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:  Ratio to Average Net Assets of:
 Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Short-Term Fixed Income Fund
Institutional Class
2022$10.000.07(0.66)(0.59)(0.07)$9.34(5.88)%0.15%0.15%0.76%0.76%48%$10,459 
2021(3)
$10.000.02
(4)
0.02(0.02)$10.000.21%
0.15%(5)
0.15%(5)
0.42%(5)
0.42%(5)
29%$13,914 
G Class
2022$10.000.09(0.66)(0.57)(0.09)$9.34(5.74)%
0.00%(6)
0.15%0.91%0.76%48%$2,489 
2021(3)
$10.000.03
(4)
0.03(0.03)$10.000.29%
0.00%(5)
0.15%(5)
0.57%(5)
0.42%(5)
29%$1,091 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Per-share amount was less than $0.005.
(5)Annualized.
(6)Ratio was less than 0.005%.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Core Fixed Income Fund, Avantis® Core Municipal Fixed Income Fund, and Avantis® Short-Term Fixed Income Fund (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
Avantis® Core Fixed Income Fund
For the year ended August 31, 2022For the year ended August 31, 2022 and the period from February 24, 2021 (fund inception) through August 31, 2021
Avantis® Core Municipal Fixed Income Fund
Avantis® Short-Term Fixed Income Fund

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

56


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
57


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
58


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


59


Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In
60


connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

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

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and
61


post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

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

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

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

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

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

62


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

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

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.





63


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


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

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


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





65


Other Tax Information

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

Avantis Core Fixed Income Fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

Avantis Core Municipal Fixed Income Fund designates $138,345 as exempt interest dividends for the fiscal year ended August 31, 2022.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Avantis Core Fixed Income Fund
Avantis Core Municipal Fixed Income Fund
Avantis Short-Term Fixed Income Fund
$531,963 — $92,912 
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Notes
67


Notes
68






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Contact Usavantisinvestors.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
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Annual Report
August 31, 2022
Avantis® Responsible U.S. Equity ETF (AVSU)






























Table of Contents

Chairman’s Letter
Avantis Responsible U.S. Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example6
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Additional Information

























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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Responsible U.S. Equity ETF (AVSU)
Total Returns as of August 31, 2022Since InceptionInception Date
Net Asset Value-7.32%3/15/2022
Market Price-7.28%3/15/2022
Russell 3000 Index-6.58%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the fund, please consult the prospectus.
3


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Responsible U.S. Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems as well as proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.
The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on March 15, 2022, through August 31, 2022, Avantis Responsible U.S. Equity ETF returned -7.28%* on a market price basis. On a net asset value (NAV) basis, the fund returned -7.32%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned -6.58% for the reporting period. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories.

The underperformance was largely due to the fund’s environmental screen. This screen resulted in an underweight to the energy sector, which outperformed for the reporting period. Meanwhile, the fund’s emphasis on companies with the highest book-to-market and profitability characteristics aided relative performance.











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

A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio’s ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
4


Fund Characteristics
AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Short-Term Investments0.2%
Other Assets and Liabilities—*
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software6.8%
Banks6.7%
Semiconductors and Semiconductor Equipment5.9%
Technology Hardware, Storage and Peripherals5.8%
Insurance5.4%

5


Shareholder Fee Example

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 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
3/1/22
Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Avantis Responsible U.S. Equity ETF
Actual$1,000$926.80
$0.67(2)
0.15%
Hypothetical$1,000$1,024.45$0.770.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 170, the number of days in the period from March 15, 2022 (fund inception) through August 31, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
6


Schedule of Investments

AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
SharesValue
COMMON STOCKS — 99.8%


Aerospace and Defense — 0.3%
Archer Aviation, Inc., Class A(1)
62 $220 
Hexcel Corp.184 10,795 
Kaman Corp.92 2,918 
L3Harris Technologies, Inc.92 20,994 
Northrop Grumman Corp.69 32,981 
Parsons Corp.(1)
69 2,855 
Terran Orbital Corp.(1)
31 130 
Woodward, Inc.115 10,703 
81,596 
Air Freight and Logistics — 1.3%
CH Robinson Worldwide, Inc.115 13,127 
Expeditors International of Washington, Inc.410 42,185 
FedEx Corp.531 111,940 
Forward Air Corp.74 7,181 
GXO Logistics, Inc.(1)
184 8,166 
Hub Group, Inc., Class A(1)
130 10,375 
Radiant Logistics, Inc.(1)
391 2,737 
United Parcel Service, Inc., Class B1,058 205,792 
401,503 
Airlines
Joby Aviation, Inc.(1)
30 159 
Auto Components — 0.5%
American Axle & Manufacturing Holdings, Inc.(1)
736 7,618 
Aptiv PLC(1)
299 27,936 
Autoliv, Inc.437 33,994 
BorgWarner, Inc.759 28,614 
Dana, Inc.345 5,337 
Gentex Corp.575 15,692 
Gentherm, Inc.(1)
115 6,888 
Goodyear Tire & Rubber Co.(1)
1,104 15,489 
Lear Corp.161 22,321 
Motorcar Parts of America, Inc.(1)
138 2,051 
Standard Motor Products, Inc.69 2,532 
Visteon Corp.(1)
46 5,512 
173,984 
Automobiles — 2.0%
Ford Motor Co.4,623 70,454 
General Motors Co.2,714 103,702 
Harley-Davidson, Inc.690 26,613 
Lucid Group, Inc.(1)(2)
345 5,292 
Rivian Automotive, Inc., Class A(1)
92 3,009 
Tesla, Inc.(1)
1,449 399,359 
Thor Industries, Inc.161 13,043 
Winnebago Industries, Inc.184 10,595 
Workhorse Group, Inc.(1)(2)
690 2,160 
634,227 
7


Avantis Responsible U.S. Equity ETF
SharesValue
Banks — 6.7%
ACNB Corp.(2)
69 $2,454 
Allegiance Bancshares, Inc.92 3,897 
Associated Banc-Corp.644 12,906 
Banc of California, Inc.207 3,494 
BancFirst Corp.69 7,442 
Bancorp, Inc.(1)
230 5,456 
Bank of America Corp.5,566 187,073 
Bank of Hawaii Corp.161 12,561 
Bank OZK506 20,508 
BankUnited, Inc.345 12,782 
Bankwell Financial Group, Inc.69 2,175 
Banner Corp.161 9,782 
Bar Harbor Bankshares92 2,606 
Baycom Corp.115 2,140 
BCB Bancorp, Inc.138 2,484 
Berkshire Hills Bancorp, Inc.184 5,191 
BOK Financial Corp.115 10,220 
Byline Bancorp, Inc.115 2,508 
Camden National Corp.69 3,121 
Carter Bankshares, Inc.(1)
161 2,652 
Central Pacific Financial Corp.161 3,508 
Citigroup, Inc.2,875 140,329 
Citizens Financial Group, Inc.1,311 48,087 
City Holding Co.46 3,910 
Columbia Banking System, Inc.253 7,577 
Comerica, Inc.529 42,479 
Commerce Bancshares, Inc.322 22,144 
Community Bank System, Inc.115 7,519 
Cullen/Frost Bankers, Inc.138 17,934 
Eagle Bancorp, Inc.138 6,697 
East West Bancorp, Inc.529 38,178 
F.N.B. Corp.1,196 14,256 
Farmers & Merchants Bancorp, Inc.69 1,971 
Fifth Third Bancorp1,771 60,480 
First BanCorp897 12,827 
First Bancorp, Inc.92 2,668 
First Business Financial Services, Inc.92 3,062 
First Citizens BancShares, Inc., Class A23 18,675 
First Financial Bancorp299 6,452 
First Financial Bankshares, Inc.299 12,710 
First Financial Corp.69 3,208 
First Hawaiian, Inc.391 10,053 
First Horizon Corp.2,162 48,904 
First Interstate Bancsystem, Inc., Class A184 7,408 
First of Long Island Corp.115 2,117 
First Republic Bank207 31,429 
Flushing Financial Corp.138 2,850 
German American Bancorp, Inc.92 3,456 
Glacier Bancorp, Inc.230 11,656 
Home BancShares, Inc.460 10,824 
8


Avantis Responsible U.S. Equity ETF
SharesValue
HomeStreet, Inc.115 $4,003 
HomeTrust Bancshares, Inc.92 2,136 
Huntington Bancshares, Inc.2,599 34,827 
Independent Bank Corp. (Massachusetts)138 10,796 
Independent Bank Corp. (Michigan)115 2,360 
JPMorgan Chase & Co.2,645 300,816 
KeyCorp3,243 57,369 
Lakeland Bancorp, Inc.230 3,747 
M&T Bank Corp.506 91,981 
Meridian Corp.69 2,092 
NBT Bancorp, Inc.184 7,136 
Northeast Bank69 2,675 
OFG Bancorp322 8,758 
Pacific Premier Bancorp, Inc.322 10,549 
PacWest Bancorp552 14,534 
Park National Corp.46 6,064 
Parke Bancorp, Inc.115 2,551 
Pathward Financial, Inc.92 3,032 
PCB Bancorp.115 2,160 
Pinnacle Financial Partners, Inc.161 12,994 
PNC Financial Services Group, Inc.529 83,582 
Popular, Inc.437 33,745 
Premier Financial Corp.161 4,350 
Prosperity Bancshares, Inc.230 16,302 
Regions Financial Corp.2,921 63,298 
Renasant Corp.161 5,368 
Sandy Spring Bancorp, Inc.207 7,974 
Seacoast Banking Corp. of Florida207 6,690 
Sierra Bancorp92 1,906 
Signature Bank138 24,062 
Silvergate Capital Corp., Class A(1)
46 4,192 
SVB Financial Group(1)
115 46,750 
Synovus Financial Corp.690 27,710 
Truist Financial Corp.1,794 84,031 
Trustmark Corp.207 6,529 
U.S. Bancorp1,863 84,971 
UMB Financial Corp.138 12,347 
Umpqua Holdings Corp.966 17,137 
United Community Banks, Inc.368 12,339 
Unity Bancorp, Inc.92 2,579 
Valley National Bancorp1,288 14,967 
Washington Federal, Inc.253 8,099 
Webster Financial Corp.460 21,643 
Western Alliance Bancorp345 26,468 
Wintrust Financial Corp.253 21,338 
Zions Bancorp NA644 35,439 
2,169,216 
Beverages — 1.5%
Boston Beer Co., Inc., Class A(1)
1,348 
Brown-Forman Corp., Class A92 6,493 
Brown-Forman Corp., Class B667 48,491 
9


Avantis Responsible U.S. Equity ETF
SharesValue
Coca-Cola Co.2,185 $134,836 
Constellation Brands, Inc., Class A161 39,614 
Duckhorn Portfolio, Inc.(1)
26 474 
Keurig Dr Pepper, Inc.598 22,796 
Molson Coors Beverage Co., Class B506 26,145 
Monster Beverage Corp.(1)
348 30,913 
PepsiCo, Inc.920 158,488 
Vintage Wine Estates, Inc.(1)(2)
73 432 
470,030 
Biotechnology — 3.6%
2seventy bio, Inc.(1)
102 1,502 
AbbVie, Inc.1,334 179,370 
Agios Pharmaceuticals, Inc.(1)
156 3,978 
Alkermes PLC(1)
355 8,403 
Alnylam Pharmaceuticals, Inc.(1)
23 4,753 
Altimmune, Inc.(1)
142 3,135 
Amgen, Inc.460 110,538 
AnaptysBio, Inc.(1)
92 2,136 
Anika Therapeutics, Inc.(1)
10 226 
Arcellx, Inc.(1)
127 2,282 
Arcus Biosciences, Inc.(1)
92 2,215 
Biogen, Inc.(1)
238 46,500 
BioMarin Pharmaceutical, Inc.(1)
276 24,619 
Bioxcel Therapeutics, Inc.(1)(2)
23 315 
Bluebird Bio, Inc.(1)
173 1,010 
Blueprint Medicines Corp.(1)
586 
Catalyst Pharmaceuticals, Inc.(1)
531 7,190 
ChemoCentryx, Inc.(1)
97 4,945 
Concert Pharmaceuticals, Inc.(1)
24 158 
Crinetics Pharmaceuticals, Inc.(1)
92 1,737 
CureVac NV(1)
28 276 
Deciphera Pharmaceuticals, Inc.(1)
109 1,769 
Denali Therapeutics, Inc.(1)
92 2,546 
Dynavax Technologies Corp.(1)
747 8,568 
Editas Medicine, Inc.(1)
188 2,764 
Emergent BioSolutions, Inc.(1)
138 3,315 
Enanta Pharmaceuticals, Inc.(1)
46 2,800 
Entrada Therapeutics, Inc.(1)
79 998 
EQRx, Inc.(1)
1,304 6,377 
Exact Sciences Corp.(1)
92 3,271 
Exelixis, Inc.(1)
690 12,241 
Gilead Sciences, Inc.2,493 158,231 
Halozyme Therapeutics, Inc.(1)
483 19,673 
Ideaya Biosciences, Inc.(1)
101 993 
Incyte Corp.(1)
322 22,678 
Intellia Therapeutics, Inc.(1)
10 601 
Ionis Pharmaceuticals, Inc.(1)
192 8,164 
Ironwood Pharmaceuticals, Inc.(1)
808 8,694 
Kezar Life Sciences, Inc.(1)
184 1,891 
Kura Oncology, Inc.(1)
171 2,370 
Ligand Pharmaceuticals, Inc.(1)
68 6,282 
10


Avantis Responsible U.S. Equity ETF
SharesValue
Madrigal Pharmaceuticals, Inc., ADR(1)
30 $2,164 
Mersana Therapeutics, Inc.(1)
209 1,567 
Merus NV(1)(2)
92 2,179 
Mirati Therapeutics, Inc.(1)
486 
Moderna, Inc.(1)
457 60,447 
Myriad Genetics, Inc.(1)
92 2,055 
Neurocrine Biosciences, Inc.(1)
138 14,439 
Organogenesis Holdings, Inc.(1)
34 122 
Ovid therapeutics, Inc.(1)
690 1,387 
Point Biopharma Global, Inc.(1)(2)
254 2,476 
Prometheus Biosciences, Inc.(1)
92 4,812 
Prothena Corp. PLC(1)
83 2,288 
PTC Therapeutics, Inc.(1)
32 1,598 
Regeneron Pharmaceuticals, Inc.(1)
230 133,644 
REGENXBIO, Inc.(1)
211 6,224 
Relay Therapeutics, Inc.(1)
115 2,642 
Rigel Pharmaceuticals, Inc.(1)
904 1,284 
Rocket Pharmaceuticals, Inc.(1)
115 1,772 
Seagen, Inc.(1)
96 14,812 
Tango Therapeutics, Inc.(1)
123 504 
Tyra Biosciences, Inc.(1)
10 66 
Ultragenyx Pharmaceutical, Inc.(1)
46 2,194 
United Therapeutics Corp.(1)
138 31,274 
Vanda Pharmaceuticals, Inc.(1)
207 2,190 
Vertex Pharmaceuticals, Inc.(1)
621 174,973 
Verve Therapeutics, Inc.(1)
230 
Xencor, Inc.(1)
145 3,827 
Y-mAbs Therapeutics, Inc.(1)
11 177 
1,151,933 
Building Products — 0.8%
Advanced Drainage Systems, Inc.46 6,242 
Allegion PLC115 10,936 
AO Smith Corp.437 24,669 
Apogee Enterprises, Inc.115 4,697 
Armstrong World Industries, Inc.253 21,249 
Builders FirstSource, Inc.(1)
736 43,137 
Carlisle Cos., Inc.46 13,600 
Carrier Global Corp.552 21,594 
Fortune Brands Home & Security, Inc.138 8,477 
Gibraltar Industries, Inc.(1)
23 963 
Griffon Corp.138 4,326 
Hayward Holdings, Inc.(1)
138 1,450 
Insteel Industries, Inc.115 3,324 
Johnson Controls International PLC207 11,207 
Lennox International, Inc.23 5,523 
Masco Corp.161 8,190 
Masonite International Corp.(1)
117 9,573 
PGT Innovations, Inc.(1)
215 4,498 
Quanex Building Products Corp.115 2,565 
Trane Technologies PLC115 17,718 
Trex Co., Inc.(1)
138 6,457 
11


Avantis Responsible U.S. Equity ETF
SharesValue
UFP Industries, Inc.161 $12,782 
Zurn Elkay Water Solutions Corp.368 10,149 
253,326 
Capital Markets — 5.0%
Affiliated Managers Group, Inc.23 2,929 
Ameriprise Financial, Inc.391 104,792 
Ares Management Corp., Class A138 10,231 
Artisan Partners Asset Management, Inc., Class A276 9,318 
Bank of New York Mellon Corp.1,288 53,491 
BlackRock, Inc.92 61,308 
Blackstone, Inc.1,058 99,389 
Carlyle Group, Inc.966 31,424 
Cboe Global Markets, Inc.92 10,853 
Charles Schwab Corp.1,472 104,438 
CME Group, Inc.345 67,485 
Cohen & Steers, Inc.138 9,850 
Coinbase Global, Inc., Class A(1)
253 16,900 
Cowen, Inc., Class A115 4,422 
Diamond Hill Investment Group, Inc.23 3,934 
Donnelley Financial Solutions, Inc.(1)
92 3,905 
Evercore, Inc., Class A161 15,084 
FactSet Research Systems, Inc.69 29,900 
Federated Hermes, Inc.230 7,834 
Franklin Resources, Inc.667 17,389 
Goldman Sachs Group, Inc.506 168,331 
Houlihan Lokey, Inc.299 23,472 
Interactive Brokers Group, Inc., Class A92 5,666 
Intercontinental Exchange, Inc.184 18,556 
Invesco Ltd.1,104 18,183 
Janus Henderson Group PLC391 9,149 
Jefferies Financial Group, Inc.920 29,523 
KKR & Co., Inc.851 43,027 
Lazard Ltd., Class A437 15,885 
LPL Financial Holdings, Inc.161 35,634 
MarketAxess Holdings, Inc.69 17,153 
Moelis & Co., Class A276 11,498 
Moody's Corp.115 32,720 
Morgan Stanley1,725 147,004 
Morningstar, Inc.23 5,244 
MSCI, Inc.23 10,333 
Nasdaq, Inc.69 4,108 
Northern Trust Corp.483 45,928 
Open Lending Corp., Class A(1)
322 3,127 
Piper Sandler Cos.115 13,176 
Raymond James Financial, Inc.575 60,013 
S&P Global, Inc.207 72,901 
SEI Investments Co.483 26,420 
State Street Corp.598 40,873 
StepStone Group, Inc., Class A161 4,394 
Stifel Financial Corp.460 27,283 
T. Rowe Price Group, Inc.322 38,640 
12


Avantis Responsible U.S. Equity ETF
SharesValue
Tradeweb Markets, Inc., Class A92 $6,402 
Victory Capital Holdings, Inc., Class A138 3,696 
Virtu Financial, Inc., Class A690 15,842 
1,619,057 
Chemicals — 0.9%
AdvanSix, Inc.184 6,672 
Albemarle Corp.207 55,468 
Avient Corp.173 7,583 
Axalta Coating Systems Ltd.(1)
368 9,476 
Balchem Corp.42 5,536 
Chase Corp.21 1,851 
DuPont de Nemours, Inc.483 26,874 
Ecolab, Inc.92 15,072 
Element Solutions, Inc.115 2,147 
Huntsman Corp.828 23,200 
Ingevity Corp.(1)
191 13,397 
Innospec, Inc.69 6,449 
International Flavors & Fragrances, Inc.184 20,328 
Kronos Worldwide, Inc.161 2,074 
Livent Corp.(1)
248 7,981 
Minerals Technologies, Inc.92 5,360 
PPG Industries, Inc.138 17,523 
PureCycle Technologies, Inc.(1)
147 1,342 
Rayonier Advanced Materials, Inc.(1)
165 746 
Sherwin-Williams Co.207 48,045 
Stepan Co.66 6,879 
Trinseo PLC276 7,322 
291,325 
Commercial Services and Supplies — 0.5%
ACCO Brands Corp.210 1,245 
Aris Water Solution, Inc., Class A70 1,190 
Brady Corp., Class A92 4,282 
Brink's Co.115 6,357 
Cimpress PLC(1)
134 
Cintas Corp.92 37,429 
Civeo Corp.(1)
115 3,411 
Clean Harbors, Inc.(1)
138 16,204 
Copart, Inc.(1)
253 30,272 
Deluxe Corp.92 1,770 
Ennis, Inc.138 2,930 
Healthcare Services Group, Inc.138 1,942 
HNI Corp.138 4,416 
IAA, Inc.(1)
161 5,999 
Interface, Inc.253 2,826 
KAR Auction Services, Inc.(1)
287 4,190 
Li-Cycle Holdings Corp.(1)
239 1,723 
MSA Safety, Inc.23 2,734 
Pitney Bowes, Inc.97 281 
Rollins, Inc.207 6,988 
SP Plus Corp.(1)
47 1,558 
Steelcase, Inc., Class A207 2,314 
13


Avantis Responsible U.S. Equity ETF
SharesValue
Tetra Tech, Inc.46 $6,247 
UniFirst Corp.23 4,146 
Viad Corp.(1)
267 
150,855 
Communications Equipment — 0.6%
ADTRAN Holdings, Inc.138 3,207 
Arista Networks, Inc.(1)
299 35,844 
Ciena Corp.(1)
368 18,672 
Cisco Systems, Inc.1,564 69,942 
CommScope Holding Co., Inc.(1)
97 1,096 
Extreme Networks, Inc.(1)
414 5,933 
F5, Inc.(1)
46 7,225 
Juniper Networks, Inc.276 7,844 
Lumentum Holdings, Inc.(1)
184 15,373 
Motorola Solutions, Inc.69 16,795 
NETGEAR, Inc.(1)
71 1,675 
NetScout Systems, Inc.(1)
115 3,650 
ViaSat, Inc.(1)
324 12,306 
Viavi Solutions, Inc.(1)
437 6,153 
205,715 
Construction and Engineering — 0.1%
AECOM46 3,365 
API Group Corp.(1)
253 3,934 
NV5 Global, Inc.(1)
25 3,519 
WillScot Mobile Mini Holdings Corp.(1)
483 19,388 
30,206 
Construction Materials — 0.1%
Vulcan Materials Co.163 27,138 
Consumer Finance — 1.5%
Ally Financial, Inc.1,449 48,107 
American Express Co.437 66,424 
Bread Financial Holdings, Inc.299 11,491 
Capital One Financial Corp.966 102,222 
Credit Acceptance Corp.(1)(2)
23 12,238 
Discover Financial Services943 94,762 
Encore Capital Group, Inc.(1)
184 10,061 
Enova International, Inc.(1)
92 3,214 
Green Dot Corp., Class A(1)
184 3,733 
LendingClub Corp.(1)
161 2,104 
Navient Corp.552 8,495 
Nelnet, Inc., Class A46 3,875 
OneMain Holdings, Inc.621 21,692 
PRA Group, Inc.(1)
92 3,398 
PROG Holdings, Inc.(1)
207 3,838 
Regional Management Corp.69 2,325 
SLM Corp.1,587 24,249 
SoFi Technologies, Inc.(1)
1,035 6,127 
Synchrony Financial2,024 66,286 
Upstart Holdings, Inc.(1)(2)
10 259 
World Acceptance Corp.(1)
23 2,674 
497,574 
14


Avantis Responsible U.S. Equity ETF
SharesValue
Containers and Packaging — 0.7%
AptarGroup, Inc.138 $14,188 
Ardagh Metal Packaging SA299 1,839 
Avery Dennison Corp.92 16,893 
Ball Corp.368 20,538 
Berry Global Group, Inc.(1)
92 4,998 
Crown Holdings, Inc.166 15,038 
Graphic Packaging Holding Co.345 7,683 
Greif, Inc., Class A98 6,571 
Greif, Inc., Class B12 783 
International Paper Co.84 3,496 
Myers Industries, Inc.147 2,840 
Packaging Corp. of America417 57,096 
Sealed Air Corp.322 17,327 
Silgan Holdings, Inc.92 4,191 
Sonoco Products Co.460 28,989 
TriMas Corp.130 3,578 
WestRock Co.828 33,608 
239,656 
Distributors — 0.3%
Funko, Inc., Class A(1)
83 1,848 
Genuine Parts Co.345 53,824 
LKQ Corp.414 22,033 
Pool Corp.46 15,603 
93,308 
Diversified Consumer Services — 0.3%
ADT, Inc.322 2,347 
Adtalem Global Education, Inc.(1)
115 4,334 
Bright Horizons Family Solutions, Inc.(1)
23 1,569 
frontdoor, Inc.(1)
138 3,240 
Graham Holdings Co., Class B23 13,005 
Grand Canyon Education, Inc.(1)
184 14,974 
H&R Block, Inc.138 6,210 
Laureate Education, Inc., Class A230 2,535 
OneSpaWorld Holdings Ltd.(1)
253 2,229 
Perdoceo Education Corp.(1)
414 4,794 
Service Corp. International322 19,871 
Strategic Education, Inc.46 2,976 
Stride, Inc.(1)
138 5,263 
Udemy, Inc.(1)
230 3,418 
Universal Technical Institute, Inc.(1)
299 2,051 
88,816 
Diversified Financial Services — 0.5%
Apollo Global Management, Inc.1,081 60,082 
Cannae Holdings, Inc.(1)
207 4,473 
Equitable Holdings, Inc.2,024 60,214 
Voya Financial, Inc.552 33,965 
158,734 
Diversified Telecommunication Services — 1.0%
AT&T, Inc.4,071 71,405 
Cogent Communications Holdings, Inc.46 2,450 
15


Avantis Responsible U.S. Equity ETF
SharesValue
Consolidated Communications Holdings, Inc.(1)
27 $155 
EchoStar Corp., Class A(1)
161 2,964 
Frontier Communications Parent, Inc.(1)
368 9,480 
Iridium Communications, Inc.(1)
485 21,529 
Lumen Technologies, Inc.1,091 10,866 
Radius Global Infrastructure, Inc., Class A(1)
161 2,217 
Verizon Communications, Inc.5,130 214,485 
335,551 
Electric Utilities — 0.6%
Constellation Energy Corp.515 42,019 
Edison International772 52,318 
Exelon Corp.1,955 85,844 
Genie Energy Ltd., Class B115 1,201 
181,382 
Electrical Equipment — 0.6%
Acuity Brands, Inc.69 11,311 
AMETEK, Inc.161 19,346 
Array Technologies, Inc.(1)
120 2,508 
Atkore, Inc.(1)
299 25,239 
AZZ, Inc.69 2,940 
Bloom Energy Corp., Class A(1)
125 3,176 
ChargePoint Holdings, Inc.(1)(2)
161 2,620 
Eaton Corp. PLC161 21,999 
Encore Wire Corp.122 15,872 
EnerSys69 4,304 
FREYR Battery SA(1)(2)
276 3,930 
FuelCell Energy, Inc.(1)(2)
696 2,916 
Generac Holdings, Inc.(1)
23 5,069 
GrafTech International Ltd.552 3,246 
Hubbell, Inc.69 14,235 
nVent Electric PLC184 6,065 
Plug Power, Inc.(1)(2)
506 14,188 
Regal Rexnord Corp.92 12,658 
Rockwell Automation, Inc.46 10,899 
Sensata Technologies Holding PLC69 2,779 
Sunrun, Inc.(1)
161 5,318 
Thermon Group Holdings, Inc.(1)
138 2,422 
Vertiv Holdings Co.207 2,387 
195,427 
Electronic Equipment, Instruments and Components — 1.5%
Advanced Energy Industries, Inc.138 12,391 
Amphenol Corp., Class A276 20,294 
Arlo Technologies, Inc.(1)
253 1,541 
Arrow Electronics, Inc.(1)
138 14,464 
Avnet, Inc.322 14,133 
Badger Meter, Inc.46 4,356 
Belden, Inc.46 3,012 
Benchmark Electronics, Inc.92 2,525 
CDW Corp.161 27,483 
Cognex Corp.115 4,843 
Corning, Inc.2,392 82,093 
16


Avantis Responsible U.S. Equity ETF
SharesValue
CTS Corp.115 $4,867 
ePlus, Inc.(1)
56 2,639 
Fabrinet(1)
92 9,461 
Flex Ltd.(1)
1,978 35,228 
II-VI, Inc.(1)
308 14,547 
Insight Enterprises, Inc.(1)
69 6,287 
IPG Photonics Corp.(1)
69 6,251 
Jabil, Inc.667 40,220 
Keysight Technologies, Inc.(1)
276 45,234 
Kimball Electronics, Inc.(1)
71 1,529 
Knowles Corp.(1)
207 3,136 
Littelfuse, Inc.46 10,912 
Methode Electronics, Inc.92 3,722 
Napco Security Technologies, Inc.(1)
50 1,483 
National Instruments Corp.138 5,487 
Novanta, Inc.(1)
23 3,075 
OSI Systems, Inc.(1)
46 3,833 
PC Connection, Inc.46 2,285 
Plexus Corp.(1)
58 5,436 
Sanmina Corp.(1)
299 14,507 
ScanSource, Inc.(1)
92 2,665 
TD SYNNEX Corp.46 4,429 
TE Connectivity Ltd.368 46,445 
Trimble, Inc.(1)
69 4,364 
TTM Technologies, Inc.(1)
350 5,506 
Vishay Intertechnology, Inc.736 14,477 
Vishay Precision Group, Inc.(1)
31 1,064 
Vontier Corp.184 4,033 
Zebra Technologies Corp., Class A(1)
23 6,938 
497,195 
Energy Equipment and Services
National Energy Services Reunited Corp.(1)
103 723 
Newpark Resources, Inc.(1)
506 1,457 
Oil States International, Inc.(1)
322 1,578 
SEACOR Marine Holdings, Inc.(1)
24 156 
3,914 
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A(1)
332 3,028 
Electronic Arts, Inc.230 29,180 
IMAX Corp.(1)
138 2,164 
Live Nation Entertainment, Inc.(1)
115 10,391 
Madison Square Garden Entertainment Corp.(1)
69 3,834 
Marcus Corp.(2)
138 2,220 
Netflix, Inc.(1)
161 35,993 
Playstudios, Inc.(1)
575 2,082 
Playtika Holding Corp.(1)
138 1,453 
Roku, Inc.(1)
46 3,128 
Take-Two Interactive Software, Inc.(1)
414 50,740 
Walt Disney Co.(1)
577 64,670 
Warner Bros Discovery, Inc.(1)
1,196 15,835 
17


Avantis Responsible U.S. Equity ETF
SharesValue
World Wrestling Entertainment, Inc., Class A260 $17,683 
242,401 
Food and Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A375 10,316 
Andersons, Inc.115 4,259 
BJ's Wholesale Club Holdings, Inc.(1)
345 25,699 
Costco Wholesale Corp.401 209,362 
PriceSmart, Inc.49 3,100 
SpartanNash Co.236 7,182 
Sprouts Farmers Market, Inc.(1)
759 21,935 
Sysco Corp.646 53,114 
United Natural Foods, Inc.(1)
368 16,221 
US Foods Holding Corp.(1)
73 2,235 
Walgreens Boots Alliance, Inc.671 23,525 
Walmart, Inc.1,541 204,260 
581,208 
Food Products — 0.9%
Alico, Inc.24 815 
Campbell Soup Co.184 9,270 
Darling Ingredients, Inc.(1)
552 41,985 
General Mills, Inc.368 28,262 
Hershey Co.207 46,507 
Hormel Foods Corp.253 12,721 
J.M. Smucker Co.207 28,978 
Kellogg Co.207 15,057 
Lamb Weston Holdings, Inc.391 31,096 
Lancaster Colony Corp.46 7,753 
McCormick & Co., Inc.92 7,735 
Mondelez International, Inc., Class A851 52,643 
282,822 
Health Care Equipment and Supplies — 2.1%
Abbott Laboratories1,150 118,047 
ABIOMED, Inc.(1)
46 11,927 
Align Technology, Inc.(1)
46 11,210 
Atrion Corp.3,020 
Avanos Medical, Inc.(1)
92 2,266 
Baxter International, Inc.276 15,859 
Becton Dickinson and Co.115 29,028 
Boston Scientific Corp.(1)
920 37,085 
Cooper Cos., Inc.46 13,222 
CryoPort, Inc.(1)
85 2,776 
Cue Health, Inc.(1)
233 776 
DENTSPLY SIRONA, Inc.207 6,783 
DexCom, Inc.(1)
164 13,482 
Edwards Lifesciences Corp.(1)
557 50,186 
Embecta Corp.49 1,564 
Glaukos Corp.(1)
92 4,467 
Globus Medical, Inc., Class A(1)
115 6,807 
Haemonetics Corp.(1)
109 8,178 
Hologic, Inc.(1)
921 62,223 
ICU Medical, Inc.(1)
12 1,908 
18


Avantis Responsible U.S. Equity ETF
SharesValue
IDEXX Laboratories, Inc.(1)
69 $23,986 
Inogen, Inc.(1)
58 1,660 
Insulet Corp.(1)
23 5,876 
Integer Holdings Corp.(1)
53 3,343 
Intuitive Surgical, Inc.(1)
138 28,392 
Medtronic PLC690 60,665 
Meridian Bioscience, Inc.(1)
184 5,997 
Merit Medical Systems, Inc.(1)
95 5,627 
Neogen Corp.(1)
138 2,884 
Omnicell, Inc.(1)
14 1,432 
Penumbra, Inc.(1)
23 3,776 
PROCEPT BioRobotics Corp.(1)
95 3,846 
QuidelOrtho Corp.(1)
164 12,999 
ResMed, Inc.69 15,174 
STERIS PLC76 15,305 
Stryker Corp.138 28,318 
Teleflex, Inc.46 10,408 
UFP Technologies, Inc.(1)
46 4,277 
Utah Medical Products, Inc.827 
Zimmer Biomet Holdings, Inc.230 24,454 
Zimvie, Inc.(1)
93 1,415 
661,475 
Health Care Providers and Services — 3.2%
23andMe Holding Co., Class A(1)
450 1,517 
Acadia Healthcare Co., Inc.(1)
117 9,586 
Accolade, Inc.(1)
88 896 
agilon health, Inc.(1)
231 4,800 
AmerisourceBergen Corp.253 37,080 
AMN Healthcare Services, Inc.(1)
208 21,349 
Apollo Medical Holdings, Inc.(1)
345 
Cardinal Health, Inc.529 37,411 
Castle Biosciences, Inc.(1)
33 957 
Centene Corp.(1)
1,012 90,817 
Chemed Corp.23 10,952 
Cigna Corp.138 39,116 
CorVel Corp.(1)
23 3,574 
Cross Country Healthcare, Inc.(1)
64 1,624 
CVS Health Corp.529 51,921 
DaVita, Inc.(1)
69 5,885 
Elevance Health, Inc.276 133,890 
Encompass Health Corp.46 2,234 
Enhabit, Inc.(1)
11 183 
Ensign Group, Inc.230 19,619 
Fulgent Genetics, Inc.(1)
78 3,391 
Guardant Health, Inc.(1)
46 2,303 
HCA Healthcare, Inc.92 18,204 
HealthEquity, Inc.(1)
115 7,599 
Henry Schein, Inc.(1)
142 10,424 
Hims & Hers Health, Inc.(1)
235 1,495 
Humana, Inc.131 63,113 
Invitae Corp.(1)(2)
341 1,037 
19


Avantis Responsible U.S. Equity ETF
SharesValue
Laboratory Corp. of America Holdings207 $46,631 
McKesson Corp.92 33,764 
ModivCare, Inc.(1)
23 2,491 
Molina Healthcare, Inc.(1)
276 93,114 
National Research Corp.69 2,354 
Oak Street Health, Inc.(1)
107 2,803 
OPKO Health, Inc.(1)
891 1,942 
Owens & Minor, Inc.322 9,502 
Patterson Cos., Inc.219 6,108 
Premier, Inc., Class A345 12,158 
Privia Health Group, Inc.(1)
115 4,576 
Quest Diagnostics, Inc.69 8,646 
R1 RCM, Inc.(1)
281 6,140 
UnitedHealth Group, Inc.397 206,174 
1,017,725 
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc.(1)
783 13,311 
American Well Corp., Class A(1)
626 2,848 
Change Healthcare, Inc.(1)
94 2,310 
Doximity, Inc., Class A(1)(2)
13 431 
Evolent Health, Inc., Class A(1)
115 4,226 
NextGen Healthcare, Inc.(1)
161 2,760 
Phreesia, Inc.(1)
82 2,104 
Simulations Plus, Inc.30 1,802 
Teladoc Health, Inc.(1)
69 2,143 
Veeva Systems, Inc., Class A(1)
69 13,753 
45,688 
Hotels, Restaurants and Leisure — 1.7%
Airbnb, Inc., Class A(1)
138 15,610 
Aramark92 3,285 
BJ's Restaurants, Inc.(1)
92 2,307 
Bloomin' Brands, Inc.253 5,116 
Booking Holdings, Inc.(1)
69 129,431 
Cheesecake Factory, Inc.(2)
276 8,451 
Chipotle Mexican Grill, Inc.(1)
23 36,726 
Choice Hotels International, Inc.138 15,830 
Chuy's Holdings, Inc.(1)
92 2,054 
Cracker Barrel Old Country Store, Inc.138 14,896 
Darden Restaurants, Inc.276 34,144 
Dave & Buster's Entertainment, Inc.(1)
92 3,803 
Expedia Group, Inc.(1)
184 18,888 
Hilton Grand Vacations, Inc.(1)
92 3,752 
Hilton Worldwide Holdings, Inc.161 20,505 
Hyatt Hotels Corp., Class A(1)
253 22,674 
Jack in the Box, Inc.46 3,674 
Marriott International, Inc., Class A92 14,144 
Marriott Vacations Worldwide Corp.23 3,276 
McDonald's Corp.299 75,432 
Ruth's Hospitality Group, Inc.230 4,191 
SeaWorld Entertainment, Inc.(1)
46 2,311 
Six Flags Entertainment Corp.(1)
69 1,528 
20


Avantis Responsible U.S. Equity ETF
SharesValue
Starbucks Corp.322 $27,070 
Texas Roadhouse, Inc.345 30,622 
Travel + Leisure Co.69 2,926 
Vail Resorts, Inc.23 5,168 
Wendy's Co.322 6,176 
Wingstop, Inc.23 2,619 
Wyndham Hotels & Resorts, Inc.115 7,514 
Yum! Brands, Inc.161 17,910 
542,033 
Household Durables — 0.8%
Beazer Homes USA, Inc.(1)
161 2,293 
Cavco Industries, Inc.(1)
23 5,382 
Century Communities, Inc.69 3,222 
D.R. Horton, Inc.460 32,729 
Ethan Allen Interiors, Inc.138 3,280 
Garmin Ltd.161 14,247 
GoPro, Inc., Class A(1)
621 3,782 
Green Brick Partners, Inc.(1)
115 2,801 
Helen of Troy Ltd.(1)
371 
Hovnanian Enterprises, Inc., Class A(1)
46 1,844 
Installed Building Products, Inc.23 2,083 
iRobot Corp.(1)
46 2,708 
KB Home230 6,590 
La-Z-Boy, Inc.138 3,642 
LGI Homes, Inc.(1)
23 2,183 
M.D.C. Holdings, Inc.115 3,574 
M/I Homes, Inc.(1)
69 2,984 
Meritage Homes Corp.(1)
69 5,406 
Mohawk Industries, Inc.(1)
92 10,153 
Newell Brands, Inc.598 10,674 
PulteGroup, Inc.966 39,278 
Skyline Champion Corp.(1)
253 14,338 
Sonos, Inc.(1)
253 3,805 
Taylor Morrison Home Corp.(1)
667 16,748 
Tempur Sealy International, Inc.299 7,478 
Toll Brothers, Inc.322 14,100 
TopBuild Corp.(1)
23 4,226 
Tri Pointe Homes, Inc.(1)
575 9,965 
Whirlpool Corp.253 39,620 
269,506 
Household Products — 1.2%
Church & Dwight Co., Inc.322 26,955 
Clorox Co.208 30,023 
Colgate-Palmolive Co.1,058 82,746 
Energizer Holdings, Inc.92 2,585 
Kimberly-Clark Corp.529 67,458 
Procter & Gamble Co.1,127 155,458 
Spectrum Brands Holdings, Inc.230 14,488 
379,713 
21


Avantis Responsible U.S. Equity ETF
SharesValue
Independent Power and Renewable Electricity Producers — 0.1%
Brookfield Renewable Corp., Class A253 $9,713 
Ormat Technologies, Inc.(2)
142 13,274 
Sunnova Energy International, Inc.(1)
276 6,961 
29,948 
Industrial Conglomerates — 0.1%
Honeywell International, Inc.207 39,196 
Insurance — 5.4%
Aflac, Inc.1,357 80,633 
Alleghany Corp.(1)
46 38,694 
Allstate Corp.782 94,231 
American Financial Group, Inc.276 35,240 
American International Group, Inc.1,472 76,176 
AMERISAFE, Inc.69 3,300 
Aon PLC, Class A230 64,230 
Arch Capital Group Ltd.(1)
1,127 51,526 
Argo Group International Holdings Ltd.92 1,806 
Arthur J. Gallagher & Co.299 54,289 
Assurant, Inc.138 21,872 
Assured Guaranty Ltd.230 11,746 
Axis Capital Holdings Ltd.483 25,671 
Brighthouse Financial, Inc.(1)
345 16,405 
Brown & Brown, Inc.92 5,800 
Chubb Ltd.483 91,311 
Cincinnati Financial Corp.322 31,221 
CNA Financial Corp.69 2,654 
CNO Financial Group, Inc.460 8,469 
Employers Holdings, Inc.92 3,603 
Erie Indemnity Co., Class A69 14,830 
Everest Re Group Ltd.138 37,129 
Fidelity National Financial, Inc.1,127 44,066 
First American Financial Corp.414 22,149 
Genworth Financial, Inc., Class A(1)
1,909 8,056 
Globe Life, Inc.345 33,531 
Hanover Insurance Group, Inc.138 17,856 
Hartford Financial Services Group, Inc.1,127 72,477 
Hippo Holdings, Inc.(1)
1,196 1,160 
Horace Mann Educators Corp.161 5,759 
Kemper Corp.92 4,232 
Kinsale Capital Group, Inc.69 17,497 
Lincoln National Corp.391 18,009 
Markel Corp.(1)
23 27,465 
Marsh & McLennan Cos., Inc.253 40,827 
Mercury General Corp.92 2,935 
MetLife, Inc.1,196 76,939 
Old Republic International Corp.1,173 25,618 
Oscar Health, Inc., Class A(1)
299 1,982 
Primerica, Inc.207 26,237 
Principal Financial Group, Inc.828 61,901 
Progressive Corp.713 87,449 
Prudential Financial, Inc.644 61,663 
22


Avantis Responsible U.S. Equity ETF
SharesValue
Reinsurance Group of America, Inc.276 $34,599 
RenaissanceRe Holdings Ltd.138 18,666 
RLI Corp.92 10,098 
Selective Insurance Group, Inc.230 18,267 
Travelers Cos., Inc.644 104,096 
Unum Group690 26,116 
White Mountains Insurance Group Ltd.23 31,510 
Willis Towers Watson PLC92 19,028 
WR Berkley Corp.575 37,260 
1,728,284 
Interactive Media and Services — 3.6%
Alphabet, Inc., Class A(1)
4,140 448,031 
Alphabet, Inc., Class C(1)
3,680 401,672 
Cars.com, Inc.(1)
483 6,158 
Match Group, Inc.(1)
92 5,201 
Meta Platforms, Inc., Class A(1)
1,457 237,389 
Pinterest, Inc., Class A(1)
345 7,949 
Shutterstock, Inc.92 5,098 
Snap, Inc., Class A(1)
207 2,252 
TrueCar, Inc.(1)
100 218 
Twitter, Inc.(1)
460 17,825 
Yelp, Inc.(1)
138 4,715 
Ziff Davis, Inc.(1)
69 5,332 
ZoomInfo Technologies, Inc.(1)
92 4,179 
1,146,019 
Internet and Direct Marketing Retail — 2.0%
Amazon.com, Inc.(1)
4,600 583,142 
Chewy, Inc., Class A(1)
138 4,738 
DoorDash, Inc., Class A(1)
92 5,511 
eBay, Inc.713 31,465 
Etsy, Inc.(1)
115 12,145 
Liquidity Services, Inc.(1)
161 2,816 
PetMed Express, Inc.(2)
92 1,892 
Quotient Technology, Inc.(1)
391 727 
Revolve Group, Inc.(1)(2)
35 822 
Wayfair, Inc., Class A(1)(2)
23 1,212 
644,470 
IT Services — 4.5%
Accenture PLC, Class A460 132,692 
Akamai Technologies, Inc.(1)
345 31,147 
Amdocs Ltd.230 19,658 
Automatic Data Processing, Inc.667 163,021 
AvidXchange Holdings, Inc.(1)
138 1,075 
Broadridge Financial Solutions, Inc., ADR115 19,685 
Cass Information Systems, Inc.69 2,531 
Cloudflare, Inc., Class A(1)
46 2,878 
Cognizant Technology Solutions Corp., Class A713 45,040 
Concentrix Corp.69 8,679 
CSG Systems International, Inc.161 9,314 
DigitalOcean Holdings, Inc.(1)
46 1,936 
DXC Technology Co.(1)
1,265 31,347 
23


Avantis Responsible U.S. Equity ETF
SharesValue
EPAM Systems, Inc.(1)
23 $9,809 
Euronet Worldwide, Inc.(1)
92 8,157 
EVERTEC, Inc.209 7,022 
ExlService Holdings, Inc.(1)
46 7,715 
Fidelity National Information Services, Inc.161 14,711 
Fiserv, Inc.(1)
170 17,202 
FleetCor Technologies, Inc.(1)
92 19,553 
Gartner, Inc.(1)
115 32,812 
Genpact Ltd.161 7,564 
Global Payments, Inc.93 11,553 
Globant SA(1)
36 7,588 
GoDaddy, Inc., Class A(1)
322 24,414 
Hackett Group, Inc.115 2,361 
International Business Machines Corp.460 59,087 
Jack Henry & Associates, Inc.207 39,785 
Kyndryl Holdings, Inc.(1)
1,104 11,504 
Mastercard, Inc., Class A598 193,973 
MAXIMUS, Inc.46 2,787 
MongoDB, Inc.(1)
23 7,426 
Okta, Inc.(1)
23 2,102 
Paychex, Inc.598 73,757 
PayPal Holdings, Inc.(1)
506 47,281 
Sabre Corp.(1)
253 1,819 
Snowflake, Inc., Class A(1)
115 20,809 
SS&C Technologies Holdings, Inc.92 5,130 
Switch, Inc., Class A230 7,808 
TTEC Holdings, Inc.46 2,408 
Twilio, Inc., Class A(1)
69 4,801 
VeriSign, Inc.(1)
69 12,573 
Visa, Inc., Class A1,449 287,931 
Western Union Co.897 13,294 
WEX, Inc.(1)
46 7,095 
1,440,834 
Leisure Products — 0.3%
Acushnet Holdings Corp.115 5,480 
Brunswick Corp.368 27,493 
Callaway Golf Co.(1)
161 3,563 
Hasbro, Inc.46 3,626 
Malibu Boats, Inc., Class A(1)
115 6,903 
MasterCraft Boat Holdings, Inc.(1)
115 2,770 
Mattel, Inc.(1)
414 9,158 
Peloton Interactive, Inc., Class A(1)
184 1,875 
Polaris, Inc.184 20,842 
YETI Holdings, Inc.(1)
115 4,242 
85,952 
Life Sciences Tools and Services — 1.2%
10X Genomics, Inc., Class A(1)
46 1,518 
Adaptive Biotechnologies Corp.(1)
135 1,204 
Agilent Technologies, Inc.185 23,726 
Avantor, Inc.(1)
305 7,598 
Azenta, Inc.161 8,486 
24


Avantis Responsible U.S. Equity ETF
SharesValue
Bio-Rad Laboratories, Inc., Class A(1)
23 $11,156 
Bio-Techne Corp.30 9,954 
Bruker Corp.161 9,016 
Charles River Laboratories International, Inc.(1)
29 5,952 
Danaher Corp.235 63,429 
Illumina, Inc.(1)
79 15,930 
IQVIA Holdings, Inc.(1)
122 25,944 
Maravai LifeSciences Holdings, Inc., Class A(1)
138 2,880 
Medpace Holdings, Inc.(1)
46 6,790 
Mettler-Toledo International, Inc.(1)
46 55,773 
NeoGenomics, Inc.(1)
154 1,548 
PerkinElmer, Inc.46 6,213 
Quantum-Si, Inc.(1)
191 596 
Repligen Corp.(1)
23 5,045 
SomaLogic, Inc.(1)
207 762 
Sotera Health Co.(1)
138 2,334 
Syneos Health, Inc.(1)
46 2,765 
Thermo Fisher Scientific, Inc.138 75,254 
Waters Corp.(1)
92 27,471 
West Pharmaceutical Services, Inc.97 28,779 
400,123 
Machinery — 2.1%
AGCO Corp.161 17,502 
Alamo Group, Inc.23 3,007 
Allison Transmission Holdings, Inc.184 6,672 
Barnes Group, Inc.115 3,571 
Cummins, Inc.368 79,256 
Deere & Co.467 170,572 
Dover Corp.69 8,622 
Esab Corp.163 6,698 
Evoqua Water Technologies Corp.(1)
322 11,296 
Flowserve Corp.147 4,479 
Franklin Electric Co., Inc.69 5,993 
Gates Industrial Corp. PLC(1)
161 1,726 
Helios Technologies, Inc.46 2,513 
Hyliion Holdings Corp.(1)
254 892 
IDEX Corp.46 9,256 
Illinois Tool Works, Inc.276 53,773 
Ingersoll Rand, Inc.414 19,611 
ITT, Inc.184 13,345 
John Bean Technologies Corp.23 2,375 
Kennametal, Inc.180 4,219 
Lincoln Electric Holdings, Inc.230 31,439 
Lindsay Corp.1,123 
Middleby Corp.(1)
23 3,308 
Nordson Corp.46 10,450 
Oshkosh Corp.322 25,683 
Otis Worldwide Corp.184 13,288 
PACCAR, Inc.575 50,318 
Parker-Hannifin Corp.46 12,190 
Pentair PLC69 3,070 
25


Avantis Responsible U.S. Equity ETF
SharesValue
Proterra, Inc.(1)
437 $2,639 
Shyft Group, Inc.138 3,305 
Snap-on, Inc.161 35,075 
Stanley Black & Decker, Inc.69 6,079 
Tennant Co.69 4,164 
Timken Co.184 11,590 
Titan International, Inc.(1)
230 3,227 
Toro Co.207 17,166 
Watts Water Technologies, Inc., Class A46 6,372 
Westinghouse Air Brake Technologies Corp.161 14,112 
Xylem, Inc.46 4,191 
684,167 
Marine — 0.1%
Costamare, Inc.207 2,335 
Matson, Inc.235 17,310 
Safe Bulkers, Inc.506 1,614 
21,259 
Media — 0.9%
Altice USA, Inc., Class A(1)
62 620 
AMC Networks, Inc., Class A(1)
26 697 
Charter Communications, Inc., Class A(1)
46 18,981 
Comcast Corp., Class A2,438 88,231 
Cumulus Media, Inc., Class A(1)
75 699 
Daily Journal Corp.(1)
261 
DISH Network Corp., Class A(1)
654 11,347 
E.W. Scripps Co., Class A(1)
138 2,063 
Entravision Communications Corp., Class A391 1,986 
Fox Corp., Class A621 21,226 
Fox Corp., Class B299 9,454 
Interpublic Group of Cos., Inc.552 15,257 
John Wiley & Sons, Inc., Class A46 2,117 
Liberty Broadband Corp., Class A(1)
23 2,319 
Liberty Broadband Corp., Class C(1)
115 11,696 
New York Times Co., Class A276 8,415 
News Corp., Class A713 12,064 
News Corp., Class B207 3,569 
Nexstar Media Group, Inc., Class A46 8,801 
Omnicom Group, Inc.253 16,926 
Paramount Global, Class B1,081 25,285 
PubMatic, Inc., Class A(1)
138 2,701 
Scholastic Corp.92 4,224 
Sinclair Broadcast Group, Inc., Class A92 2,032 
Sirius XM Holdings, Inc.(2)
437 2,661 
TechTarget, Inc.(1)
46 2,985 
Thryv Holdings, Inc.(1)
92 2,353 
WideOpenWest, Inc.(1)
393 6,996 
285,966 
Metals and Mining — 0.4%
Arconic Corp.(1)
334 8,420 
Ascent Industries Co.(1)
10 167 
Commercial Metals Co.575 23,293 
26


Avantis Responsible U.S. Equity ETF
SharesValue
Gold Resource Corp.1,035 $1,760 
Newmont Corp.1,288 53,272 
Reliance Steel & Aluminum Co.138 25,941 
Royal Gold, Inc.161 14,796 
Schnitzer Steel Industries, Inc., Class A145 4,791 
132,440 
Multiline Retail — 1.1%
Big Lots, Inc.(2)
138 2,839 
Dillard's, Inc., Class A23 6,813 
Dollar General Corp.299 70,989 
Dollar Tree, Inc.(1)
667 90,499 
Kohl's Corp.782 22,224 
Macy's, Inc.1,771 30,674 
Nordstrom, Inc.414 7,083 
Ollie's Bargain Outlet Holdings, Inc.(1)
69 3,816 
Target Corp.667 106,947 
341,884 
Oil, Gas and Consumable Fuels — 0.2%
Archaea Energy, Inc.(1)
49 968 
Battalion Oil Corp.(1)
138 1,827 
Epsilon Energy Ltd.120 864 
Evolution Petroleum Corp.322 2,235 
Excelerate Energy, Inc., Class A(2)
12 308 
Hallador Energy Co.(1)
132 861 
HighPeak Energy, Inc.51 1,291 
NACCO Industries, Inc., Class A25 1,124 
Ring Energy, Inc.(1)
644 2,087 
Sitio Royalties Corp.(2)
60 1,526 
Teekay Tankers Ltd., Class A(1)
93 2,288 
Texas Pacific Land Corp.24 44,171 
VAALCO Energy, Inc.483 2,420 
Viper Energy Partners LP184 5,616 
67,586 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
92 3,913 
Glatfelter Corp.184 896 
Louisiana-Pacific Corp.464 25,163 
Mercer International, Inc.276 4,477 
34,449 
Personal Products — 0.2%
Edgewell Personal Care Co.69 2,688 
Estee Lauder Cos., Inc., Class A253 64,358 
Herbalife Nutrition Ltd.(1)
69 1,800 
Olaplex Holdings, Inc.(1)
161 2,145 
70,991 
Pharmaceuticals — 4.4%
Arvinas, Inc.(1)
209 8,849 
Assertio Holdings, Inc.(1)
393 1,002 
ATAI Life Sciences NV(1)
278 1,251 
Bristol-Myers Squibb Co.3,452 232,699 
Catalent, Inc.(1)
92 8,096 
27


Avantis Responsible U.S. Equity ETF
SharesValue
CinCor Pharma, Inc.(1)
57 $1,925 
DICE Therapeutics, Inc.(1)
74 1,162 
Edgewise Therapeutics, Inc.(1)
85 857 
Elanco Animal Health, Inc.(1)
391 5,916 
Harrow Health, Inc.(1)
119 1,070 
Jazz Pharmaceuticals PLC(1)
92 14,280 
Johnson & Johnson2,392 385,925 
Merck & Co., Inc.3,243 276,822 
Organon & Co.188 5,364 
Pfizer, Inc.7,137 322,806 
Pliant Therapeutics, Inc.(1)
95 1,832 
ProPhase Labs, Inc.70 848 
Royalty Pharma PLC, Class A460 19,232 
Ventyx Biosciences, Inc.(1)
72 1,469 
Viatris, Inc.5,244 50,080 
Zoetis, Inc.437 68,404 
1,409,889 
Professional Services — 0.8%
ASGN, Inc.(1)
46 4,448 
Barrett Business Services, Inc.726 
Booz Allen Hamilton Holding Corp.161 15,408 
CACI International, Inc., Class A(1)
843 
CBIZ, Inc.(1)
194 8,470 
Clarivate PLC(1)
299 3,489 
CoStar Group, Inc.(1)
207 14,415 
CRA International, Inc.46 4,205 
Dun & Bradstreet Holdings, Inc.161 2,294 
Equifax, Inc.69 13,024 
Exponent, Inc.46 4,318 
Forrester Research, Inc.(1)
46 1,913 
Franklin Covey Co.(1)
69 3,282 
FTI Consulting, Inc.(1)
23 3,694 
Heidrick & Struggles International, Inc.138 3,927 
Insperity, Inc.165 17,988 
Jacobs Solutions, Inc.46 5,731 
KBR, Inc.93 4,492 
Kelly Services, Inc., Class A138 2,223 
Kforce, Inc.138 7,551 
Korn Ferry217 13,220 
Leidos Holdings, Inc.46 4,372 
ManpowerGroup, Inc.184 13,491 
ManTech International Corp., Class A46 4,412 
Nielsen Holdings PLC138 3,842 
Planet Labs PBC(1)
746 4,088 
Resources Connection, Inc.70 1,368 
Robert Half International, Inc.529 40,717 
Science Applications International Corp.46 4,189 
TransUnion92 6,796 
TriNet Group, Inc.(1)
184 15,162 
TrueBlue, Inc.(1)
207 4,252 
Verisk Analytics, Inc.115 21,523 
259,873 
28


Avantis Responsible U.S. Equity ETF
SharesValue
Real Estate Management and Development — 0.3%
Anywhere Real Estate, Inc.(1)
161 $1,573 
CBRE Group, Inc., Class A(1)
414 32,689 
Cushman & Wakefield PLC(1)
299 4,473 
Forestar Group, Inc.(1)
138 1,717 
FRP Holdings, Inc.(1)
19 1,093 
Howard Hughes Corp.(1)
115 7,318 
Jones Lang LaSalle, Inc.(1)
138 23,874 
Kennedy-Wilson Holdings, Inc.514 9,026 
Marcus & Millichap, Inc.184 6,878 
Opendoor Technologies, Inc.(1)
64 277 
RE/MAX Holdings, Inc., Class A115 2,617 
RMR Group, Inc., Class A51 1,328 
Seritage Growth Properties, Class A(1)
125 1,568 
Stratus Properties, Inc.(1)
13 463 
Tejon Ranch Co.(1)
70 1,103 
Zillow Group, Inc., Class A(1)
46 1,536 
Zillow Group, Inc., Class C(1)
92 3,078 
100,611 
Road and Rail — 2.5%
AMERCO23 12,090 
ArcBest Corp.161 12,965 
Covenant Logistics Group, Inc.56 1,575 
CSX Corp.4,462 141,222 
Daseke, Inc.(1)
207 1,254 
Heartland Express, Inc.184 2,788 
J.B. Hunt Transport Services, Inc.322 56,034 
Knight-Swift Transportation Holdings, Inc.368 18,588 
Landstar System, Inc.184 26,980 
Lyft, Inc., Class A(1)
138 2,033 
Marten Transport Ltd.299 5,923 
Norfolk Southern Corp.491 119,377 
Old Dominion Freight Line, Inc.253 68,667 
PAM Transportation Services, Inc.(1)
92 2,733 
Ryder System, Inc.299 22,856 
Saia, Inc.(1)
115 23,785 
Schneider National, Inc., Class B322 7,361 
TuSimple Holdings, Inc., Class A(1)
50 360 
Uber Technologies, Inc.(1)
713 20,506 
Union Pacific Corp.1,058 237,532 
Universal Logistics Holdings, Inc.40 1,460 
USA Truck, Inc.(1)
115 3,606 
Werner Enterprises, Inc.276 10,982 
XPO Logistics, Inc.(1)
92 4,823 
805,500 
Semiconductors and Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc.(1)
1,748 148,353 
Allegro MicroSystems, Inc.(1)
115 2,682 
Amkor Technology, Inc.230 4,630 
Analog Devices, Inc.276 41,822 
Applied Materials, Inc.1,495 140,635 
29


Avantis Responsible U.S. Equity ETF
SharesValue
Axcelis Technologies, Inc.(1)
161 $10,777 
Broadcom, Inc.230 114,795 
CEVA, Inc.(1)
33 966 
Cirrus Logic, Inc.(1)
168 12,884 
Cohu, Inc.(1)
145 3,890 
Enphase Energy, Inc.(1)
138 39,529 
Entegris, Inc.184 17,458 
First Solar, Inc.(1)
115 14,668 
Formfactor, Inc.(1)
161 4,714 
GLOBALFOUNDRIES, Inc.(1)
69 4,128 
Intel Corp.4,140 132,149 
KLA Corp.299 102,895 
Kulicke & Soffa Industries, Inc.262 11,014 
Lam Research Corp.276 120,863 
Lattice Semiconductor Corp.(1)
92 4,959 
Marvell Technology, Inc.414 19,383 
MaxLinear, Inc.(1)
46 1,653 
Microchip Technology, Inc.368 24,012 
Micron Technology, Inc.2,392 135,220 
MKS Instruments, Inc.161 16,037 
Monolithic Power Systems, Inc.23 10,423 
NVIDIA Corp.1,035 156,223 
NXP Semiconductors NV207 34,068 
ON Semiconductor Corp.(1)
1,219 83,831 
Onto Innovation, Inc.(1)
115 8,164 
PDF Solutions, Inc.(1)
92 2,427 
Photronics, Inc.(1)
322 5,410 
Qorvo, Inc.(1)
115 10,325 
QUALCOMM, Inc.1,288 170,364 
Rambus, Inc.(1)
207 5,338 
Semtech Corp.(1)
69 3,187 
Silicon Laboratories, Inc.(1)
82 10,277 
SolarEdge Technologies, Inc.(1)
46 12,695 
Teradyne, Inc.552 46,721 
Texas Instruments, Inc.1,129 186,522 
Ultra Clean Holdings, Inc.(1)
138 4,039 
Universal Display Corp.46 5,139 
Veeco Instruments, Inc.(1)
115 2,431 
Wolfspeed, Inc.(1)
161 18,269 
1,905,969 
Software — 6.8%
A10 Networks, Inc.261 3,628 
ACI Worldwide, Inc.(1)
92 2,180 
Adobe, Inc.(1)
161 60,124 
Altair Engineering, Inc., Class A(1)
26 1,352 
ANSYS, Inc.(1)
23 5,711 
Autodesk, Inc.(1)
161 32,480 
Avalara, Inc.(1)
46 4,213 
Bentley Systems, Inc., Class B115 4,229 
Bill.com Holdings, Inc.(1)
46 7,446 
Black Knight, Inc.(1)
46 3,043 
30


Avantis Responsible U.S. Equity ETF
SharesValue
Box, Inc., Class A(1)
138 $3,554 
C3.ai, Inc., Class A(1)
138 2,484 
Cadence Design Systems, Inc.(1)
235 40,836 
CommVault Systems, Inc.(1)
46 2,497 
Consensus Cloud Solutions, Inc.(1)
46 2,316 
Crowdstrike Holdings, Inc., Class A(1)
115 21,000 
Datadog, Inc., Class A(1)
92 9,655 
Digital Turbine, Inc.(1)
138 2,549 
DocuSign, Inc.(1)
207 12,052 
Dolby Laboratories, Inc., Class A92 6,738 
Dropbox, Inc., Class A(1)
138 2,952 
Duck Creek Technologies, Inc.(1)
115 1,369 
Dynatrace, Inc.(1)
69 2,634 
Elastic NV(1)
46 3,860 
Envestnet, Inc.(1)
46 2,409 
Fair Isaac Corp.(1)
23 10,336 
Fortinet, Inc.(1)
1,380 67,192 
Guidewire Software, Inc.(1)
78 5,593 
HubSpot, Inc.(1)
1,685 
InterDigital, Inc.138 6,922 
Intuit, Inc.92 39,724 
JFrog Ltd.(1)
49 1,036 
LiveRamp Holdings, Inc.(1)
69 1,370 
Manhattan Associates, Inc.(1)
92 12,996 
Microsoft Corp.5,428 1,419,259 
NCR Corp.(1)
230 7,141 
NortonLifeLock, Inc.391 8,833 
Nutanix, Inc., Class A(1)
115 1,990 
Olo, Inc., Class A(1)
30 234 
Oracle Corp. (New York)506 37,520 
Palantir Technologies, Inc., Class A(1)
529 4,084 
Palo Alto Networks, Inc.(1)
138 76,840 
Paycom Software, Inc.(1)
46 16,155 
Paylocity Holding Corp.(1)
26 6,266 
Pegasystems, Inc.15 549 
Progress Software Corp.69 3,321 
PROS Holdings, Inc.(1)
30 626 
PTC, Inc.(1)
46 5,285 
Qualys, Inc.(1)
92 13,975 
Rapid7, Inc.(1)
47 2,703 
RingCentral, Inc., Class A(1)
23 990 
Roper Technologies, Inc.28 11,272 
Salesforce, Inc.(1)
207 32,317 
ServiceNow, Inc.(1)
92 39,985 
Smartsheet, Inc., Class A(1)
35 1,164 
Splunk, Inc.(1)
23 2,071 
SPS Commerce, Inc.(1)
46 5,618 
Synopsys, Inc.(1)
75 25,951 
Tenable Holdings, Inc.(1)
46 1,822 
Teradata Corp.(1)
302 9,936 
Trade Desk, Inc., Class A(1)
184 11,537 
31


Avantis Responsible U.S. Equity ETF
SharesValue
Tyler Technologies, Inc.(1)
23 $8,545 
Unity Software, Inc.(1)
46 1,965 
VMware, Inc., Class A138 16,012 
Workday, Inc., Class A(1)
69 11,355 
Zendesk, Inc.(1)
46 3,531 
Zoom Video Communications, Inc., Class A(1)
115 9,246 
Zscaler, Inc.(1)
23 3,663 
2,189,926 
Specialty Retail — 3.9%
Aaron's Co., Inc.115 1,368 
Abercrombie & Fitch Co., Class A(1)
368 5,295 
Advance Auto Parts, Inc.276 46,545 
American Eagle Outfitters, Inc.667 7,510 
Asbury Automotive Group, Inc.(1)
46 8,026 
AutoNation, Inc.(1)
253 31,524 
AutoZone, Inc.(1)
23 48,742 
Bath & Body Works, Inc.161 6,010 
Bed Bath & Beyond, Inc.(1)(2)
115 1,096 
Best Buy Co., Inc.736 52,028 
Big 5 Sporting Goods Corp.161 1,971 
Boot Barn Holdings, Inc.(1)
115 7,661 
Buckle, Inc.184 5,939 
Build-A-Bear Workshop, Inc.161 2,466 
Burlington Stores, Inc.(1)
161 22,571 
Caleres, Inc.253 6,456 
Camping World Holdings, Inc., Class A92 2,771 
CarMax, Inc.(1)
115 10,171 
Carvana Co.(1)(2)
23 759 
Cato Corp., Class A138 1,492 
Chico's FAS, Inc.(1)
782 4,442 
Children's Place, Inc.(1)
69 2,910 
Conn's, Inc.(1)
138 1,326 
Dick's Sporting Goods, Inc.(2)
207 22,019 
Five Below, Inc.(1)
161 20,589 
Floor & Decor Holdings, Inc., Class A(1)
138 11,228 
Foot Locker, Inc.437 16,099 
GameStop Corp., Class A(1)(2)
184 5,270 
Gap, Inc.897 8,199 
Genesco, Inc.(1)
92 5,205 
Group 1 Automotive, Inc.92 16,430 
Guess?, Inc.253 4,420 
Haverty Furniture Cos., Inc.92 2,467 
Hibbett, Inc.69 4,043 
Home Depot, Inc.828 238,812 
Leslie's, Inc.(1)
138 1,957 
Lithia Motors, Inc.138 36,631 
Lowe's Cos., Inc.276 53,583 
MarineMax, Inc.(1)
138 5,015 
National Vision Holdings, Inc.(1)
69 2,293 
O'Reilly Automotive, Inc.(1)
46 32,067 
ODP Corp.(1)
207 7,400 
32


Avantis Responsible U.S. Equity ETF
SharesValue
Penske Automotive Group, Inc.138 $16,271 
Rent-A-Center, Inc.161 4,160 
RH(1)
46 11,772 
Ross Stores, Inc.782 67,463 
Sally Beauty Holdings, Inc.(1)
253 3,765 
Shoe Carnival, Inc.92 2,189 
Signet Jewelers Ltd.322 21,049 
Sleep Number Corp.(1)
46 1,906 
Sonic Automotive, Inc., Class A115 6,117 
Tilly's, Inc., Class A253 1,897 
TJX Cos., Inc.2,208 137,669 
Tractor Supply Co.391 72,394 
Ulta Beauty, Inc.(1)
207 86,913 
Urban Outfitters, Inc.(1)
253 5,093 
Victoria's Secret & Co.(1)
506 16,921 
Williams-Sonoma, Inc.253 37,634 
Zumiez, Inc.(1)
115 2,985 
1,269,004 
Technology Hardware, Storage and Peripherals — 5.8%
Apple, Inc.10,971 1,724,861 
Avid Technology, Inc.(1)
92 2,516 
Dell Technologies, Inc., Class C322 12,329 
Eastman Kodak Co.(1)
55 298 
Hewlett Packard Enterprise Co.1,472 20,019 
HP, Inc.690 19,810 
Immersion Corp.(1)
144 858 
NetApp, Inc.368 26,544 
Pure Storage, Inc., Class A(1)
184 5,330 
Seagate Technology Holdings PLC506 33,882 
Super Micro Computer, Inc.(1)
140 9,111 
Western Digital Corp.(1)
414 17,496 
Xerox Holdings Corp.276 4,587 
1,877,641 
Textiles, Apparel and Luxury Goods — 1.3%
Capri Holdings Ltd.(1)
782 36,895 
Carter's, Inc.207 15,287 
Columbia Sportswear Co.138 9,831 
Crocs, Inc.(1)
138 10,171 
Deckers Outdoor Corp.(1)
46 14,792 
Fossil Group, Inc.(1)
276 1,167 
G-III Apparel Group Ltd.(1)
184 3,877 
Hanesbrands, Inc.621 5,409 
Kontoor Brands, Inc.161 5,994 
Levi Strauss & Co., Class A322 5,439 
lululemon athletica, Inc.(1)
184 55,193 
Movado Group, Inc.92 2,934 
NIKE, Inc., Class B1,196 127,314 
Oxford Industries, Inc.115 12,274 
PVH Corp.207 11,644 
Ralph Lauren Corp.207 18,905 
Skechers USA, Inc., Class A(1)
276 10,433 
33


Avantis Responsible U.S. Equity ETF
SharesValue
Steven Madden Ltd.299 $8,704 
Tapestry, Inc.1,265 43,933 
Under Armour, Inc., Class A(1)
391 3,292 
Under Armour, Inc., Class C(1)
460 3,491 
VF Corp.529 21,927 
Wolverine World Wide, Inc.115 2,247 
431,153 
Thrifts and Mortgage Finance — 0.6%
Blue Foundry Bancorp(1)
184 2,092 
Columbia Financial, Inc.(1)
115 2,453 
Enact Holdings, Inc.115 2,921 
Essent Group Ltd.483 19,315 
Federal Agricultural Mortgage Corp., Class C46 5,025 
Flagstar Bancorp, Inc.322 12,407 
FS Bancorp, Inc.92 2,733 
Home Bancorp, Inc.69 2,694 
Merchants Bancorp92 2,481 
MGIC Investment Corp.1,403 20,049 
Mr. Cooper Group, Inc.(1)
207 8,756 
New York Community Bancorp, Inc.(2)
1,449 14,186 
NMI Holdings, Inc., Class A(1)
483 9,916 
Northfield Bancorp, Inc.184 2,712 
OP Bancorp184 2,225 
PennyMac Financial Services, Inc.184 9,774 
Provident Financial Services, Inc.276 6,411 
Radian Group, Inc.805 16,994 
Rocket Cos., Inc., Class A230 1,817 
Southern Missouri Bancorp, Inc.46 2,426 
TFS Financial Corp.161 2,302 
TrustCo Bank Corp. NY92 3,067 
Walker & Dunlop, Inc.207 20,795 
WSFS Financial Corp.276 13,345 
186,896 
Trading Companies and Distributors — 1.1%
Air Lease Corp.529 19,235 
Applied Industrial Technologies, Inc.92 9,754 
Beacon Roofing Supply, Inc.(1)
46 2,526 
Boise Cascade Co.299 18,637 
Fastenal Co.828 41,673 
GATX Corp.184 17,776 
H&E Equipment Services, Inc.230 7,282 
Herc Holdings, Inc.161 18,117 
Hudson Technologies, Inc.(1)
227 1,884 
McGrath RentCorp115 9,720 
MRC Global, Inc.(1)
18 175 
MSC Industrial Direct Co., Inc., Class A115 9,109 
Rush Enterprises, Inc., Class A184 8,659 
Rush Enterprises, Inc., Class B69 3,494 
SiteOne Landscape Supply, Inc.(1)
46 5,757 
Titan Machinery, Inc.(1)
138 4,248 
Triton International Ltd.437 26,041 
34


Avantis Responsible U.S. Equity ETF
SharesValue
United Rentals, Inc.(1)
115 $33,585 
Univar Solutions, Inc.(1)
92 2,320 
Veritiv Corp.(1)
96 11,442 
W.W. Grainger, Inc.138 76,582 
Watsco, Inc.46 12,513 
WESCO International, Inc.(1)
69 9,086 
349,615 
Water Utilities — 0.1%
American States Water Co.58 4,812 
American Water Works Co., Inc.138 20,486 
Consolidated Water Co. Ltd.28 454 
25,752 
Wireless Telecommunication Services — 0.5%
Gogo, Inc.(1)
56 832 
T-Mobile US, Inc.(1)
989 142,377 
United States Cellular Corp.(1)
92 2,630 
145,839 
TOTAL COMMON STOCKS
(Cost $33,586,473)
32,085,634 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class29,419 29,419 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
52,822 52,822 
TOTAL SHORT-TERM INVESTMENTS
(Cost $82,241)
82,241 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $33,668,714)

32,167,875 
OTHER ASSETS AND LIABILITIES

(12,085)
TOTAL NET ASSETS — 100.0%

$32,155,790 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $62,556. 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 $64,167, which includes securities collateral of $11,345.


See Notes to Financial Statements.
35


Statement of Assets and Liabilities
AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
Assets
Investment securities, at value (cost of $33,615,892) — including $62,556 of securities on loan$32,115,053 
Investment made with cash collateral received for securities on loan, at value
(cost of $52,822)
52,822 
Total investment securities, at value (cost of $33,668,714)32,167,875 
Dividends and interest receivable44,749 
Securities lending receivable47 
32,212,671 
Liabilities
Payable for collateral received for securities on loan52,822 
Accrued management fees4,059 
56,881 
Net Assets$32,155,790 
Shares outstanding (unlimited number of shares authorized)690,000 
Net Asset Value Per Share$46.60 
Net Assets Consist of:
Capital paid in$33,596,194 
Distributable earnings(1,440,404)
$32,155,790 


See Notes to Financial Statements.
36


Statement of Operations
PERIOD ENDED AUGUST 31, 2022(1)
Avantis Responsible U.S. Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $65)$135,809 
Interest118 
Securities lending, net47 
135,974 
Expenses:
Management fees11,588 
Net investment income (loss)124,386 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions90,157 
Change in net unrealized appreciation (depreciation) on investments(1,500,839)
Net realized and unrealized gain (loss)(1,410,682)
Net Increase (Decrease) in Net Assets Resulting from Operations$(1,286,296)
(1)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
37


Statement of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2022(1)
Avantis Responsible U.S. Equity ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$124,386 
Net realized gain (loss)90,157 
Change in net unrealized appreciation (depreciation)(1,500,839)
Net increase (decrease) in net assets resulting from operations(1,286,296)
Distributions to Shareholders
From earnings(47,718)
Capital Share Transactions
Proceeds from shares sold39,104,076 
Payments for shares redeemed(5,614,272)
Net increase (decrease) in net assets from capital share transactions33,489,804 
Net increase (decrease) in net assets32,155,790 
Net Assets
End of period$32,155,790 
Transactions in Shares of the Fund
Sold810,000 
Redeemed(120,000)
Net increase (decrease) in shares of the fund690,000 
(1)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
38


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Responsible U.S. Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on March 15, 2022.

2. Significant Accounting Policies

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

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

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

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

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

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

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

39


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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Responsible U.S. Equity ETF
Common Stocks$52,822 — — — $52,822 
Gross amount of recognized liabilities for securities lending transactions$52,822 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.
40


3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.15%.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period March 15, 2022 (fund inception) through August 31, 2022 were $568,059 and $448,564, respectively.

Securities received or delivered in kind through subscriptions and redemptions for the period March 15, 2022 (fund inception) through August 31, 2022 were $38,974,961 and $5,587,455, respectively. The fund incurred net realized gains of $106,440 from in kind transactions. Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.

41


7. Risk Factors

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

8. Federal Tax Information

The tax character of distributions paid during the period March 15, 2022 (fund inception) through August 31, 2022 were as follows:
Avantis Responsible U.S. Equity ETF
Distributions Paid From
Ordinary income$47,718 
Long-term capital gains— 

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

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

Avantis Responsible U.S. Equity ETF
Federal tax cost of investments$33,669,941 
Gross tax appreciation of investments$433,107 
Gross tax depreciation of investments(1,935,173)
Net tax appreciation (depreciation) of investments$(1,502,066)
Undistributed ordinary income$77,824 
Accumulated short-term capital losses$(16,162)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
42


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Responsible U.S. Equity ETF
2022(4)
$50.450.36(4.07)(3.71)(0.14)$46.60(7.32)%
0.15%(5)
1.61%(5)
3%$32,156 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)March 15, 2022 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Avantis® Responsible U.S. Equity ETF (the “Fund”), one of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the period from March 15, 2022 (fund inception) through August 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Avantis® Responsible U.S. Equity ETF of the American Century ETF Trust, as of August 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the period from March 15, 2022 (fund inception) through August 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

44


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-6488.

45


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
46


Approval of Management Agreement

At a meeting held on March 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Responsible U.S. Equity ETF (the "Fund"). Under Section 15(c) of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and to be evaluated on an annual basis thereafter.

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

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

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

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

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
47


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

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


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





48


Other Tax Information

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the fund hereby designates $47,718, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

49


Notes
50


Notes


51


Notes
52






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Contact Usavantisinvestors.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-928-2684
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-97863 2210







ai_lockupxblkxrgb002a.jpg
Annual Report
August 31, 2022
Avantis® Responsible Emerging Markets Equity ETF (AVSE)
Avantis® Responsible International Equity ETF (AVSD)






























Table of Contents

Chairman’s Letter
Avantis Responsible Emerging Markets Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Responsible International Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Additional Information



















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



Chairman's Letter

jthomasrev0514a66.jpg 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 avantisinvestors.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,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Responsible Emerging Markets Equity ETF (AVSE)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-12.04%3/28/2022
Market Price-11.99%3/28/2022
MSCI Emerging Markets IMI Index-9.99%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Responsible Emerging Markets Equity ETF seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems and proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on March 28, 2022, through August 31, 2022, Avantis Responsible Emerging Markets Equity ETF returned -11.99%* on a market price basis. On a net asset value (NAV) basis, the fund returned -12.04%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the broad emerging markets stock universe, as measured by the MSCI Emerging Markets IMI Index, which returned -9.99% for the reporting period. The MSCI Emerging Markets IMI Index is an unmanaged index generally representative of the performance of emerging markets stocks across capitalization categories.

The underperformance was largely due to the fund’s environmental screen, which resulted in an underweight to the energy sector. The energy sector outperformed for the reporting period. An underweight to China also detracted, as China was among the better performing emerging markets countries.









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

A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio’s ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
4


Fund Characteristics
AUGUST 31, 2022
Avantis Responsible Emerging Markets Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.9%
Rights
—*
Warrants
—*
Short-Term Investments0.1%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China29.0%
India17.3%
Taiwan17.1%
South Korea13.4%
Brazil6.2%

5


Performance
Avantis Responsible International Equity ETF (AVSD)
Total Returns as of August 31, 2022 
 Since InceptionInception Date
Net Asset Value-10.66%3/15/2022
Market Price-10.54%3/15/2022
MSCI World ex-USA IMI Index-9.31%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Responsible International Equity ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors, industry groups and market capitalizations.

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems and proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on March 15, 2022, through August 31, 2022, Avantis Responsible International Equity ETF returned -10.54%* on a market price basis. On a net asset value (NAV) basis, the portfolio returned -10.66%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total non-U.S. developed markets stock universe, as measured by the MSCI World ex-USA IMI Index, which returned -9.31% for the reporting period. The MSCI World ex-USA IMI Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks across capitalization categories.
The underperformance was largely due to the fund’s environmental screen. This screen resulted in an underweight to the energy sector, which outperformed for the reporting period. Meanwhile, overweighting companies with the highest book-to-market characteristics and underweighting those with the lowest valuation traits boosted relative performance.










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

A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio’s ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
7


Fund Characteristics
AUGUST 31, 2022
Avantis Responsible International Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.6%
Rights
—*
Warrants
—*
Short-Term Investments0.9%
Other Assets and Liabilities(0.5)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan21.1%
United Kingdom13.8%
Canada11.0%
France9.1%
Switzerland8.4%
8


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 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.











9


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)
Avantis Responsible Emerging Markets Equity ETF
Actual$1,000$879.60
$1.33(2)
0.33%
Hypothetical$1,000$1,023.54$1.680.33%
Avantis Responsible International Equity ETF
Actual$1,000$893.40
$1.01(3)
0.23%
Hypothetical$1,000$1,024.05$1.170.23%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 157, the number of days in the period from March 28, 2022 (fund inception) through August 31, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
(3)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 170, the number of days in the period from March 15, 2022 (fund inception) through August 31, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
10


Schedules of Investments
AUGUST 31, 2022
Avantis Responsible Emerging Markets Equity ETF
SharesValue
COMMON STOCKS — 99.9%
Brazil — 6.2%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA1,200 $531 
AES Brasil Energia SA600 1,116 
Aliansce Sonae Shopping Centers SA900 3,031 
Alpargatas SA, Preference Shares1,000 4,021 
Alupar Investimento SA300 1,643 
Ambev SA, ADR6,225 18,052 
Americanas SA1,100 3,434 
Anima Holding SA(1)
500 485 
Arezzo Industria e Comercio SA200 3,550 
Armac Locacao Logistica E Servicos SA100 304 
Atacadao SA1,400 5,358 
Auren Energia SA1,400 4,123 
B3 SA - Brasil Bolsa Balcao7,000 16,079 
Banco ABC Brasil SA, Preference Shares800 2,925 
Banco Bradesco SA3,570 10,842 
Banco Bradesco SA, ADR12,076 43,836 
Banco BTG Pactual SA2,900 14,270 
Banco do Brasil SA3,300 26,496 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares2,000 4,302 
Banco Santander Brasil SA, ADR1,060 6,063 
BB Seguridade Participacoes SA1,900 10,387 
Bemobi Mobile Tech SA300 810 
Boa Vista Servicos SA1,400 1,843 
BR Malls Participacoes SA5,300 8,435 
BR Properties SA2,100 3,334 
BRF SA, ADR(1)
1,653 4,942 
C&A MODAS SA(1)
700 435 
CCR SA7,900 21,108 
Centrais Eletricas Brasileiras SA, ADR1,497 13,383 
Centrais Eletricas Brasileiras SA, Class B Preference Shares500 4,623 
Cia Brasileira de Aluminio400 992 
Cia Brasileira de Distribuicao, ADR1,444 5,892 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR1,103 10,324 
Cia de Saneamento de Minas Gerais-COPASA800 2,079 
Cia de Saneamento do Parana900 2,988 
Cia de Saneamento do Parana, Preference Shares8,300 5,616 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares1,400 6,442 
Cia Energetica de Minas Gerais, ADR1,281 3,023 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares500 5,082 
Cia Paranaense de Energia1,500 1,854 
Cia Paranaense de Energia, ADR1,566 10,273 
Cia Paranaense de Energia, Preference Shares11,700 15,653 
Cielo SA9,200 9,744 
Clear Sale SA(1)
200 216 
11


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Construtora Tenda SA(1)
100 $113 
CPFL Energia SA200 1,354 
Cruzeiro do Sul Educacional SA200 179 
Cury Construtora e Incorporadora SA800 1,370 
CVC Brasil Operadora e Agencia de Viagens SA(1)
1,800 2,636 
Cyrela Brazil Realty SA Empreendimentos e Participacoes1,700 4,666 
Desktop - Sigmanet Comunicacao Multimidia S.A100 207 
Dexco SA2,400 4,595 
Dexxos Participacoes SA100 134 
Direcional Engenharia SA300 745 
EcoRodovias Infraestrutura e Logistica SA(1)
2,000 2,245 
EDP - Energias do Brasil SA400 1,744 
Embraer SA, ADR(1)
1,325 14,125 
Empreendimentos Pague Menos S/A(1)
900 875 
Energisa SA1,200 9,799 
Equatorial Energia SA3,300 15,370 
Eternit SA300 744 
Even Construtora e Incorporadora SA700 799 
Ez Tec Empreendimentos e Participacoes SA700 2,418 
Fertilizantes Heringer SA(1)
100 269 
Fleury SA500 1,511 
Fras-Le SA300 735 
Gafisa SA(1)
800 185 
GPS Participacoes e Empreendimentos SA700 1,830 
Grendene SA1,300 1,892 
Grupo Mateus SA(1)
1,400 1,712 
Grupo SBF SA300 1,270 
Guararapes Confeccoes SA600 1,065 
Hapvida Participacoes e Investimentos SA2,300 3,232 
Helbor Empreendimentos SA200 104 
Hidrovias do Brasil SA(1)
2,800 1,319 
Hospital Mater Dei SA100 176 
Hypera SA900 7,454 
Iguatemi SA1,500 5,648 
Iguatemi SA2,000 934 
Infracommerce CXAAS SA(1)
100 107 
Instituto Hermes Pardini SA300 1,142 
International Meal Co. Alimentacao SA, Class A(1)
900 348 
Iochpe Maxion SA2,100 5,518 
Irani Papel e Embalagem SA900 1,323 
IRB Brasil Resseguros S/A(1)
5,900 1,883 
Itau Unibanco Holding SA, ADR13,468 66,532 
Jalles Machado SA1,300 1,874 
JHSF Participacoes SA3,900 4,663 
Kepler Weber SA500 2,030 
Klabin SA4,500 16,400 
Lavvi Empreendimentos Imobiliarios Ltda900 983 
Light SA1,300 1,424 
Localiza Rent a Car SA2,170 25,454 
LOG Commercial Properties e Participacoes SA300 1,519 
Log-in Logistica Intermodal SA(1)
400 3,039 
12


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Lojas Quero Quero S/A1,900 $2,527 
Lojas Renner SA2,400 12,280 
LPS Brasil Consultoria de Imoveis SA1,700 948 
M Dias Branco SA500 4,102 
Magazine Luiza SA(1)
2,300 1,901 
Mahle-Metal Leve SA400 1,877 
Marcopolo SA, Preference Shares3,500 1,763 
Marfrig Global Foods SA600 1,522 
Marisa Lojas SA(1)
1,000 486 
Mills Estruturas e Servicos de Engenharia SA2,200 4,208 
Minerva SA2,600 7,706 
Mitre Realty Empreendimentos E Participacoes LTDA200 212 
Movida Participacoes SA2,100 5,599 
MPM Corporeos SA300 115 
MRV Engenharia e Participacoes SA1,800 3,529 
Multilaser Industrial SA800 741 
Multiplan Empreendimentos Imobiliarios SA1,500 7,001 
Natura & Co. Holding SA1,300 3,626 
Oceanpact Servicos Maritimos SA(1)
200 87 
Odontoprev SA1,020 1,796 
Omega Energia SA(1)
900 1,939 
Oncoclinicas do Brasil Servicos Medicos SA(1)
100 119 
Orizon Valorizacao de Residuos SA(1)
100 684 
Petroreconcavo SA800 4,192 
Portobello SA600 1,151 
Positivo Tecnologia SA400 912 
Qualicorp Consultoria e Corretora de Seguros SA700 1,286 
Raia Drogasil SA2,500 10,524 
Randon SA Implementos e Participacoes, Preference Shares1,000 1,840 
Rede D'Or Sao Luiz SA200 1,280 
Romi SA100 259 
Rumo SA3,500 13,590 
Santos Brasil Participacoes SA2,800 4,349 
Sao Martinho SA900 5,531 
Sendas Distribuidora SA, ADR914 16,105 
Ser Educacional SA400 477 
SIMPAR SA1,800 3,706 
StoneCo Ltd., A Shares(1)
1,949 18,477 
Sul America SA2,200 10,314 
Suzano SA, ADR2,141 18,391 
SYN prop e tech SA500 436 
Tegma Gestao Logistica SA100 339 
Telefonica Brasil SA, ADR627 5,091 
TIM SA, ADR953 10,807 
TOTVS SA800 4,370 
Transmissora Alianca de Energia Eletrica SA2,000 16,070 
Trisul SA700 628 
Tupy SA600 3,076 
Unifique Telecomunicacoes S/A200 177 
Unipar Carbocloro SA, Class B Preference Shares610 11,877 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA300 609 
13


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA1,500 $4,106 
Via S/A(1)
12,700 7,836 
Vivara Participacoes SA200 974 
Vulcabras Azaleia SA900 2,491 
WEG SA1,300 7,072 
Wiz Solucoes e Corretagem de Seguros SA400 625 
YDUQS Participacoes SA700 1,663 
Zamp SA(1)
1,800 2,699 
805,730 
Chile — 0.7%
Aguas Andinas SA, A Shares34,996 7,809 
Banco de Chile65,381 6,203 
Banco de Credito e Inversiones SA28 825 
Banco Santander Chile, ADR373 5,983 
CAP SA754 6,083 
Cencosud SA3,375 4,718 
Cencosud Shopping SA184 254 
Cia Cervecerias Unidas SA, ADR45 492 
Embotelladora Andina SA, Class B Preference Shares3,991 8,171 
Empresa Nacional de Telecomunicaciones SA1,405 4,442 
Empresas CMPC SA7,058 13,388 
Falabella SA2,129 5,017 
Parque Arauco SA1,220 1,290 
Ripley Corp. SA12,061 2,207 
Sociedad Quimica y Minera de Chile SA, ADR199 19,836 
Vina Concha y Toro SA3,852 4,706 
91,424 
China — 29.0%
360 DigiTech, Inc., ADR1,063 16,987 
361 Degrees International Ltd.(1)
8,000 4,088 
3SBio, Inc.13,000 8,643 
A-Living Smart City Services Co. Ltd.1,000 1,030 
AAC Technologies Holdings, Inc.3,500 6,484 
Agile Group Holdings Ltd.8,000 2,802 
Agora, Inc., ADR(1)
264 1,093 
Agricultural Bank of China Ltd., H Shares75,000 24,507 
AK Medical Holdings Ltd.2,000 1,734 
Alibaba Group Holding Ltd., ADR(1)
2,543 242,628 
Alibaba Pictures Group Ltd.(1)
40,000 3,147 
Anhui Expressway Co. Ltd., H Shares6,000 4,356 
ANTA Sports Products Ltd.2,400 28,902 
Ascletis Pharma, Inc.(1)
1,000 421 
AsiaInfo Technologies Ltd.1,600 2,294 
Autohome, Inc., ADR623 22,185 
Baidu, Inc., ADR(1)
222 31,961 
Bairong, Inc.(1)
500 598 
Bank of China Ltd., H Shares225,000 78,518 
Bank of Chongqing Co. Ltd., H Shares1,000 517 
Bank of Communications Co. Ltd., H Shares34,000 19,372 
BeiGene Ltd., ADR(1)
67 11,501 
Beijing Capital International Airport Co. Ltd., H Shares(1)
12,000 7,532 
14


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares250 $364 
Beijing Enterprises Water Group Ltd.14,000 3,596 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.3,000 3,733 
Bilibili, Inc., ADR(1)
17 424 
BOC Aviation Ltd.2,100 16,809 
BOE Varitronix Ltd.4,000 9,124 
Bosideng International Holdings Ltd.28,000 15,722 
Burning Rock Biotech Ltd., ADR(1)
42 165 
BYD Co. Ltd., H Shares2,000 61,631 
BYD Electronic International Co. Ltd.3,500 9,247 
C&D International Investment Group Ltd.2,000 4,000 
Canadian Solar, Inc.(1)
152 6,866 
Cango, Inc., ADR267 646 
CanSino Biologics, Inc., H Shares200 1,248 
Cathay Media And Education Group, Inc.1,000 154 
Central China New Life Ltd.2,000 863 
Central China Real Estate Ltd.1,000 66 
CGN Mining Co. Ltd.(1)
20,000 2,606 
Cheerwin Group Ltd.500 127 
China Bohai Bank Co. Ltd., H Shares8,500 1,408 
China Cinda Asset Management Co. Ltd., H Shares75,000 10,299 
China CITIC Bank Corp. Ltd., H Shares39,000 16,720 
China Communications Services Corp. Ltd., H Shares24,000 10,306 
China Conch Environment Protection Holdings Ltd.(1)
4,500 4,017 
China Conch Venture Holdings Ltd.8,000 16,326 
China Construction Bank Corp., H Shares225,000 139,091 
China Datang Corp. Renewable Power Co. Ltd., H Shares26,000 6,511 
China Dili Group(1)
6,000 764 
China Dongxiang Group Co. Ltd.(1)
16,000 712 
China East Education Holdings Ltd.6,500 2,747 
China Education Group Holdings Ltd.5,000 4,356 
China Everbright Bank Co. Ltd., H Shares14,000 4,292 
China Everbright Greentech Ltd.1,000 209 
China Everbright Ltd.10,000 7,303 
China Feihe Ltd.16,000 13,243 
China Foods Ltd.2,000 637 
China Galaxy Securities Co. Ltd., H Shares21,500 11,754 
China General Education Group Ltd.(1)
1,000 523 
China Glass Holdings Ltd.2,000 284 
China High Speed Transmission Equipment Group Co. Ltd.(1)
4,000 2,261 
China International Capital Corp. Ltd., H Shares4,400 7,741 
China Kepei Education Group Ltd.2,000 514 
China Lesso Group Holdings Ltd.7,000 8,320 
China Life Insurance Co. Ltd., ADR3,111 22,119 
China Literature Ltd.(1)
600 2,431 
China Medical System Holdings Ltd.12,000 17,760 
China Meidong Auto Holdings Ltd.2,000 4,067 
China Mengniu Dairy Co. Ltd.(1)
12,000 54,339 
China Merchants Bank Co. Ltd., H Shares6,000 30,685 
China Merchants Port Holdings Co. Ltd.10,000 15,013 
China Minsheng Banking Corp. Ltd., H Shares29,500 9,384 
15


Avantis Responsible Emerging Markets Equity ETF
SharesValue
China New Higher Education Group Ltd.11,000 $3,446 
China Nonferrous Mining Corp. Ltd.19,000 8,123 
China Pacific Insurance Group Co. Ltd., H Shares10,200 21,607 
China Rare Earth Holdings Ltd.(1)
2,000 119 
China Renaissance Holdings Ltd.(1)
200 226 
China Resources Beer Holdings Co. Ltd.2,000 13,942 
China Resources Land Ltd.12,000 49,131 
China Resources Medical Holdings Co. Ltd.10,500 6,229 
China Resources Mixc Lifestyle Services Ltd.1,400 6,349 
China Sanjiang Fine Chemicals Co. Ltd.2,000 409 
China SCE Group Holdings Ltd.7,000 586 
China Shineway Pharmaceutical Group Ltd.5,000 3,835 
China Shuifa Singyes Energy Holdings Ltd.1,000 131 
China South City Holdings Ltd.52,000 3,269 
China Starch Holdings Ltd.35,000 1,155 
China Sunshine Paper Holdings Co. Ltd.2,000 470 
China Taiping Insurance Holdings Co. Ltd.12,600 12,864 
China Tower Corp. Ltd., H Shares272,000 33,918 
China Traditional Chinese Medicine Holdings Co. Ltd.14,000 6,037 
China Travel International Investment Hong Kong Ltd.(1)
22,000 3,997 
China Vanke Co. Ltd., H Shares2,700 5,271 
China Yongda Automobiles Services Holdings Ltd.11,000 7,758 
China Youran Dairy Group Ltd.(1)
5,000 1,514 
China Yuhua Education Corp. Ltd.(1)
14,000 2,200 
Chindata Group Holdings Ltd., ADR(1)
1,106 9,335 
CIFI Ever Sunshine Services Group Ltd.4,000 2,458 
CIFI Holdings Group Co. Ltd.16,320 4,131 
CITIC Securities Co. Ltd., H Shares9,000 18,242 
CMGE Technology Group Ltd.(1)
4,000 987 
CMOC Group Ltd., H Shares6,000 2,676 
COSCO SHIPPING Holdings Co. Ltd., Class H13,500 20,154 
COSCO SHIPPING Ports Ltd.16,000 10,353 
Country Garden Holdings Co. Ltd.27,000 7,970 
Country Garden Services Holdings Co. Ltd.1,000 1,965 
CSPC Pharmaceutical Group Ltd.50,000 50,721 
CSSC Hong Kong Shipping Co. Ltd.10,000 1,690 
Dali Foods Group Co. Ltd.15,500 7,086 
Daqo New Energy Corp., ADR(1)
724 48,269 
Differ Group Auto Ltd.(1)
4,000 1,008 
Digital China Holdings Ltd.7,000 3,123 
Dongfeng Motor Group Co. Ltd., Class H22,000 13,949 
DouYu International Holdings Ltd., ADR(1)
317 476 
Dynagreen Environmental Protection Group Co. Ltd., H Shares1,000 367 
E-House China Enterprise Holdings Ltd.(1)
5,100 446 
EVA Precision Industrial Holdings Ltd.10,000 1,913 
Everest Medicines Ltd.(1)
500 756 
Excellence Commercial Property & Facilities Management Group Ltd.3,000 1,247 
FIH Mobile Ltd.(1)
33,000 4,275 
FinVolution Group, ADR2,083 10,248 
First Tractor Co. Ltd., H Shares2,000 801 
16


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Fu Shou Yuan International Group Ltd.12,000 $7,667 
Fuyao Glass Industry Group Co. Ltd., H Shares2,400 11,452 
Ganfeng Lithium Co. Ltd., H Shares480 4,217 
GCL New Energy Holdings Ltd.(1)
74,000 827 
GDS Holdings Ltd., Class A(1)
4,000 13,661 
Geely Automobile Holdings Ltd.33,000 66,304 
Gemdale Properties & Investment Corp. Ltd.48,000 4,090 
Genertec Universal Medical Group Co. Ltd.9,000 5,066 
GF Securities Co. Ltd., H Shares4,200 5,487 
Glory Sun Financial Group Ltd.(1)
80,000 365 
Goldpac Group Ltd.1,000 205 
GOME Retail Holdings Ltd.(1)
15,000 468 
Grand Pharmaceutical Group Ltd.7,500 4,004 
Great Wall Motor Co. Ltd., H Shares2,000 3,001 
Greenland Hong Kong Holdings Ltd.13,000 1,353 
Greentown China Holdings Ltd.7,500 14,151 
Guangzhou Automobile Group Co. Ltd., H Shares6,000 5,159 
Guangzhou R&F Properties Co. Ltd., H Shares12,400 2,565 
H World Group Ltd., ADR224 8,429 
Haidilao International Holding Ltd.(1)
4,000 9,412 
Haier Smart Home Co. Ltd., H Shares3,200 10,454 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
3,000 7,064 
Haitian International Holdings Ltd.6,000 14,700 
Haitong Securities Co. Ltd., H Shares10,400 6,809 
Hangzhou Tigermed Consulting Co. Ltd., H Shares200 1,980 
Hansoh Pharmaceutical Group Co. Ltd.2,000 3,990 
Hello Group, Inc., ADR1,032 5,315 
Hengan International Group Co. Ltd.6,000 28,713 
Hilong Holding Ltd.(1)
14,000 1,104 
Hisense Home Appliances Group Co. Ltd., H Shares1,000 1,077 
Hollysys Automation Technologies Ltd.651 11,087 
Hope Education Group Co. Ltd.56,000 4,827 
Hua Hong Semiconductor Ltd.(1)
3,000 8,806 
Huatai Securities Co. Ltd., H Shares10,400 13,901 
Huazhong In-Vehicle Holdings Co. Ltd.2,000 637 
Huijing Holdings Co. Ltd.4,000 78 
HUYA, Inc., ADR(1)
399 1,313 
I-Mab, ADR(1)
14 86 
iDreamSky Technology Holdings Ltd.(1)
3,600 2,419 
Industrial & Commercial Bank of China Ltd., H Shares121,000 61,473 
Inkeverse Group Ltd.(1)
3,000 491 
International Alliance Financial Leasing Co. Ltd.(1)
9,000 4,752 
iQIYI, Inc., ADR(1)
2,529 9,256 
JD Health International, Inc.(1)
1,000 6,889 
Jiangsu Expressway Co. Ltd., H Shares8,000 6,852 
Jiayuan International Group Ltd.(1)
10,000 275 
Jinchuan Group International Resources Co. Ltd.22,000 2,374 
JinkoSolar Holding Co. Ltd., ADR(1)
79 4,809 
Jinxin Fertility Group Ltd.9,000 5,861 
Jiumaojiu International Holdings Ltd.6,000 11,804 
JNBY Design Ltd.500 544 
17


Avantis Responsible Emerging Markets Equity ETF
SharesValue
JOYY, Inc., ADR289 $8,762 
JW Cayman Therapeutics Co. Ltd.(1)
2,000 1,553 
Kandi Technologies Group, Inc.(1)
223 488 
Kanzhun Ltd., ADR(1)
168 3,946 
KE Holdings, Inc., ADR(1)
413 7,451 
Kingboard Holdings Ltd.4,000 12,631 
Kingboard Laminates Holdings Ltd.7,500 7,154 
Kingdee International Software Group Co. Ltd.(1)
1,000 1,941 
Kingsoft Cloud Holdings Ltd., ADR(1)
433 1,490 
Kingsoft Corp. Ltd.4,400 13,373 
Kuaishou Technology(1)
1,400 12,130 
KWG Group Holdings Ltd.6,000 1,079 
KWG Living Group Holdings Ltd.4,000 710 
Legend Biotech Corp., ADR(1)
10 465 
Lenovo Group Ltd.32,000 26,356 
LexinFintech Holdings Ltd., ADR(1)
807 1,646 
Li Auto, Inc., ADR(1)
917 26,382 
Li Ning Co. Ltd.8,500 77,421 
Lifetech Scientific Corp.(1)
18,000 5,870 
Linklogis, Inc., Class B(1)
1,000 672 
Logan Group Co. Ltd.2,000 218 
Longfor Group Holdings Ltd.4,000 12,983 
Lonking Holdings Ltd.21,000 3,556 
Lufax Holding Ltd., ADR1,950 8,522 
Luoyang Glass Co. Ltd., H Shares(1)
2,000 2,780 
Luye Pharma Group Ltd.(1)
8,500 2,453 
LVGEM China Real Estate Investment Co. Ltd.(1)
6,000 723 
Maoyan Entertainment(1)
1,600 1,344 
Meitu, Inc.(1)
7,500 797 
Meituan, Class B(1)
2,600 62,445 
Midea Real Estate Holding Ltd.5,000 5,335 
Minth Group Ltd.4,000 11,319 
Mobvista, Inc.(1)
3,000 1,809 
Nam Tai Property, Inc.(1)
45 190 
NetDragon Websoft Holdings Ltd.3,500 7,615 
NetEase, Inc., ADR1,248 110,460 
New China Life Insurance Co. Ltd., H Shares5,100 12,004 
New Horizon Health Ltd.(1)
1,500 3,835 
New Oriental Education & Technology Group, Inc., ADR(1)
609 17,296 
Nexteer Automotive Group Ltd.5,000 3,716 
NIO, Inc., ADR(1)
1,382 27,516 
Niu Technologies, ADR(1)
10 60 
Noah Holdings Ltd., ADR(1)
171 3,028 
Nongfu Spring Co. Ltd., H Shares3,800 22,594 
Orient Overseas International Ltd.1,000 27,875 
People's Insurance Co. Group of China Ltd., H Shares35,000 10,817 
Pharmaron Beijing Co. Ltd., H Shares250 1,654 
PICC Property & Casualty Co. Ltd., H Shares32,000 34,612 
Pinduoduo, Inc., ADR(1)
1,326 94,544 
Ping An Healthcare and Technology Co. Ltd.(1)
1,600 4,331 
Ping An Insurance Group Co. of China Ltd., H Shares17,500 102,929 
18


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Poly Property Group Co. Ltd.15,000 $3,049 
Postal Savings Bank of China Co. Ltd., H Shares28,000 16,715 
Q Technology Group Co. Ltd.(1)
2,000 1,099 
Radiance Holdings Group Co. Ltd.7,000 3,383 
Redco Properties Group Ltd.(1)
2,000 453 
Renren, Inc., ADR(1)
13 375 
Sany Heavy Equipment International Holdings Co. Ltd.9,000 9,323 
SCE Intelligent Commercial Management Holdings Ltd.3,000 674 
Seazen Group Ltd.(1)
12,000 3,983 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares16,400 22,248 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares500 1,609 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares4,000 5,815 
Shenzhen Expressway Corp. Ltd., H Shares4,000 3,502 
Shenzhen International Holdings Ltd.18,000 15,516 
Shenzhen Investment Ltd.22,000 4,029 
Shenzhou International Group Holdings Ltd.500 5,226 
Shimao Services Holdings Ltd.(1)
1,000 256 
Shoucheng Holdings Ltd.2,000 340 
Shui On Land Ltd.46,500 5,849 
Sihuan Pharmaceutical Holdings Group Ltd.26,000 3,297 
Simcere Pharmaceutical Group Ltd.2,000 1,999 
Sino Biopharmaceutical Ltd.22,000 11,555 
Sino-Ocean Group Holding Ltd.14,000 2,043 
Sinopec Engineering Group Co. Ltd., H Shares20,000 8,935 
Sinopharm Group Co. Ltd., H Shares8,400 18,713 
Sinotruk Hong Kong Ltd.4,500 4,487 
Skyworth Group Ltd.10,000 4,968 
SOHO China Ltd.(1)
18,000 3,205 
Sohu.com Ltd., ADR(1)
292 5,203 
South Manganese Investment Ltd.(1)
17,000 1,897 
Sun King Technology Group Ltd.(1)
2,000 568 
Sunny Optical Technology Group Co. Ltd.1,900 25,940 
SY Holdings Group Ltd.2,000 1,338 
TAL Education Group, ADR(1)
3,905 22,571 
TCL Electronics Holdings Ltd.7,000 3,344 
Tencent Holdings Ltd.5,600 231,452 
Tencent Music Entertainment Group, ADR(1)
2,052 10,486 
Tianneng Power International Ltd.8,000 8,511 
Times China Holdings Ltd.4,000 594 
Tingyi Cayman Islands Holding Corp.14,000 24,860 
Tong Ren Tang Technologies Co. Ltd., H Shares7,000 4,948 
Tongcheng Travel Holdings Ltd.(1)
8,000 16,385 
Topsports International Holdings Ltd.16,000 12,629 
TravelSky Technology Ltd., H Shares8,000 13,943 
Trip.com Group Ltd., ADR(1)
952 24,485 
Truly International Holdings Ltd.16,000 3,505 
Tsaker New Energy Tech Co. Ltd.4,000 716 
Tsingtao Brewery Co. Ltd., H Shares2,000 19,422 
Tuya, Inc., ADR(1)
480 634 
Uni-President China Holdings Ltd.12,000 10,331 
Up Fintech Holding Ltd., ADR(1)
446 1,681 
19


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Venus MedTech Hangzhou, Inc., H Shares(1)
500 $870 
Vinda International Holdings Ltd.4,000 11,180 
Vipshop Holdings Ltd., ADR(1)
4,230 49,110 
Viva Biotech Holdings(1)
2,500 589 
VNET Group, Inc., ADR(1)
581 3,108 
Want Want China Holdings Ltd.34,000 23,950 
Weibo Corp., ADR(1)
336 6,952 
Weichai Power Co. Ltd., H Shares4,000 5,344 
Wharf Holdings Ltd.9,000 33,894 
Wuling Motors Holdings Ltd.10,000 1,319 
WuXi AppTec Co. Ltd., H Shares300 3,387 
Wuxi Biologics Cayman, Inc.(1)
3,000 26,466 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
5,500 2,590 
Xiamen International Port Co. Ltd., H Shares16,000 4,534 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares6,400 9,537 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
4,000 598 
Xinte Energy Co. Ltd., H Shares2,000 5,219 
XPeng, Inc., Class A, ADR(1)
311 5,760 
XTEP International Holdings Ltd.11,500 15,958 
Yadea Group Holdings Ltd.10,000 19,074 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
200 127 
Yihai International Holding Ltd.(1)
2,000 5,037 
Yixin Group Ltd.(1)
13,000 1,616 
Youdao, Inc., ADR(1)
12 64 
Yuexiu Property Co. Ltd.14,000 17,511 
Yuexiu Transport Infrastructure Ltd.12,000 5,742 
Yum China Holdings, Inc.2,042 102,325 
Yuzhou Group Holdings Co. Ltd.10,000 432 
Zengame Technology Holding Ltd.(1)
4,000 768 
Zhejiang Expressway Co. Ltd., H Shares14,000 10,656 
Zhenro Properties Group Ltd.(1)
8,000 370 
Zhongliang Holdings Group Co. Ltd.4,500 378 
Zhongsheng Group Holdings Ltd.3,500 16,549 
Zhongyu Energy Holdings Ltd.2,000 1,642 
Zhou Hei Ya International Holdings Co. Ltd.(1)
11,000 5,495 
Zhuguang Holdings Group Co. Ltd.(1)
2,000 254 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H7,400 3,336 
ZTO Express Cayman, Inc., ADR1,722 44,858 
3,775,250 
Colombia — 0.2%
Bancolombia SA708 5,467 
Bancolombia SA, ADR316 8,674 
Interconexion Electrica SA ESP1,923 8,324 
22,465 
Czech Republic — 0.1%
Komercni banka AS425 9,954 
Moneta Money Bank AS3,008 9,544 
19,498 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR4,575 8,034 
20


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Greece — 0.4%
Aegean Airlines SA(1)
98 $481 
Alpha Services & Holdings SA(1)
6,966 6,433 
Eurobank Ergasias Services and Holdings SA, Class A(1)
7,327 6,798 
Hellenic Telecommunications Organization SA375 5,966 
Holding Co. ADMIE IPTO SA54 97 
JUMBO SA534 7,634 
LAMDA Development SA(1)
787 4,673 
National Bank of Greece SA(1)
2,075 6,696 
Piraeus Financial Holdings SA(1)
4,523 4,734 
Terna Energy SA312 5,565 
Viohalco SA74 255 
49,332 
Hong Kong
Edvantage Group Holdings Ltd.2,000 595 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC1,410 1,197 
OTP Bank Nyrt593 12,611 
Richter Gedeon Nyrt381 7,682 
21,490 
India — 17.3%
3i Infotech Ltd.(1)
335 183 
3M India Ltd.(1)
582 
Aarti Industries Ltd.393 4,056 
Acrysil Ltd.30 259 
Action Construction Equipment Ltd.218 684 
Adani Green Energy Ltd.(1)
464 14,020 
Adani Ports & Special Economic Zone Ltd.1,290 13,497 
Aditya Birla Capital Ltd.(1)
2,590 3,658 
Aditya Birla Fashion and Retail Ltd.(1)
258 980 
Affle India Ltd.(1)
129 
AGI Greenpac Ltd.487 1,898 
AIA Engineering Ltd.190 6,178 
Alkyl Amines Chemicals58 2,141 
Allcargo Logistics Ltd.743 3,301 
Alok Industries Ltd.(1)
1,758 422 
Amara Raja Batteries Ltd.838 5,316 
Ambika Cotton Mills Ltd.30 665 
Anant Raj Ltd.349 377 
Andhra Sugars Ltd.371 674 
Apar Industries Ltd.293 4,882 
Apcotex Industries Ltd.66 
Apex Frozen Foods Ltd.40 167 
APL Apollo Tubes Ltd.(1)
706 8,302 
Apollo Hospitals Enterprise Ltd.150 8,059 
Apollo Pipes Ltd.(1)
31 212 
Apollo Tyres Ltd.3,478 10,851 
Aptech Ltd.176 550 
Arvind Ltd.(1)
1,525 1,852 
Asahi India Glass Ltd.209 1,659 
Ashapura Minechem Ltd.143 185 
21


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Ashok Leyland Ltd.6,940 $13,274 
Ashoka Buildcon Ltd.(1)
570 568 
Asian Paints Ltd.303 12,756 
Aster DM Healthcare Ltd.(1)
1,401 3,863 
Astra Microwave Products Ltd.33 145 
Astral Ltd.182 4,732 
AU Small Finance Bank Ltd.758 5,961 
Aurobindo Pharma Ltd.2,222 15,128 
Avadh Sugar & Energy Ltd.127 847 
Avenue Supermarts Ltd.(1)
118 6,633 
Axis Bank Ltd., GDR521 24,683 
Bajaj Auto Ltd.217 11,053 
Bajaj Consumer Care Ltd.1,241 2,499 
Bajaj Electricals Ltd.412 6,353 
Bajaj Finance Ltd.277 25,000 
Bajaj Finserv Ltd.36 7,547 
Bajaj Hindusthan Sugar Ltd.(1)
10,011 1,244 
Balaji Amines Ltd.64 2,747 
Balaji Telefilms Ltd.116 78 
Balkrishna Industries Ltd.277 7,037 
Balrampur Chini Mills Ltd.1,456 6,350 
Bandhan Bank Ltd.(1)
3,225 11,130 
BASF India Ltd.80 3,306 
Bata India Ltd.51 1,233 
BEML Ltd.22 505 
Berger Paints India Ltd.323 2,701 
BF Utilities Ltd.(1)
24 120 
Bhansali Engineering Polymers Ltd.218 344 
Bharat Electronics Ltd.8,834 33,755 
Bharat Forge Ltd.766 7,052 
Bharat Heavy Electricals Ltd.(1)
4,607 3,366 
Bharat Rasayan Ltd.1,357 
Biocon Ltd.314 1,215 
Birlasoft Ltd.848 3,355 
BLS International Services Ltd.48 154 
Blue Dart Express Ltd.24 2,561 
Blue Star Ltd.294 4,033 
Bodal Chemicals Ltd.231 267 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
90 112 
Borosil Renewables Ltd.(1)
349 2,441 
Brigade Enterprises Ltd.1,316 8,357 
Brightcom Group Ltd.2,690 1,364 
Britannia Industries Ltd.328 15,348 
BSE Ltd.830 6,717 
Butterfly Gandhimathi Appliances Ltd.38 
Can Fin Homes Ltd.452 3,556 
Cantabil Retail India Ltd.11 211 
Caplin Point Laboratories Ltd.162 1,577 
Carborundum Universal Ltd.372 3,915 
Care Ratings Ltd.127 799 
CCL Products India Ltd.757 4,529 
22


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Ceat Ltd.286 $4,954 
Central Depository Services India Ltd.24 371 
Century Enka Ltd.40 230 
Cera Sanitaryware Ltd.39 2,430 
CG Power & Industrial Solutions Ltd.(1)
641 1,785 
Chalet Hotels Ltd.(1)
51 205 
Chennai Petroleum Corp. Ltd.934 3,399 
Cholamandalam Financial Holdings Ltd.208 1,737 
Cholamandalam Investment and Finance Co. Ltd.2,135 20,917 
Cigniti Technologies Ltd.36 262 
Cipla Ltd.1,982 25,683 
City Union Bank Ltd.3,805 8,515 
Cochin Shipyard Ltd.396 1,862 
Coforge Ltd.63 2,777 
Colgate-Palmolive India Ltd.599 12,577 
Computer Age Management Services Ltd.201 5,747 
Confidence Petroleum India Ltd.270 220 
Container Corp. of India Ltd.1,075 9,325 
Cosmo Films Ltd.177 2,021 
CreditAccess Grameen Ltd.(1)
641 7,934 
CRISIL Ltd.66 2,698 
Crompton Greaves Consumer Electricals Ltd.988 5,027 
Cummins India Ltd.408 6,059 
Cyient Ltd.944 9,885 
Dabur India Ltd.1,009 7,357 
Dalmia Bharat Sugar & Industries Ltd.176 760 
Datamatics Global Services Ltd.138 521 
DCB Bank Ltd.1,457 1,709 
DCM Shriram Ltd.394 5,142 
Deepak Fertilisers & Petrochemicals Corp. Ltd.868 9,811 
DEN Networks Ltd.(1)
481 220 
Dhani Services Ltd.(1)
1,040 840 
Dish TV India Ltd.(1)
6,287 941 
Dishman Carbogen Amcis Ltd.(1)
161 234 
Divi's Laboratories Ltd.348 15,712 
Dixon Technologies India Ltd.21 1,068 
DLF Ltd.1,481 7,154 
Dollar Industries Ltd.80 471 
Dr Lal PathLabs Ltd.140 4,460 
Dr Reddy's Laboratories Ltd., ADR447 23,374 
eClerx Services Ltd.85 2,232 
Edelweiss Financial Services Ltd.3,272 2,478 
Eicher Motors Ltd.748 31,218 
EIH Ltd.(1)
281 560 
Elecon Engineering Co. Ltd.688 3,203 
Electrosteel Castings Ltd.1,506 689 
Emami Ltd.1,598 9,673 
Endurance Technologies Ltd.101 1,885 
Engineers India Ltd.2,483 2,103 
EPL Ltd.773 1,643 
Equitas Holdings Ltd.(1)
1,599 1,987 
23


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Eris Lifesciences Ltd.140 $1,209 
Escorts Kubota Ltd.296 7,379 
Eveready Industries India Ltd.(1)
349 1,548 
Everest Industries Ltd.78 685 
Everest Kanto Cylinder Ltd.75 109 
Excel Industries Ltd.24 435 
Exide Industries Ltd.4,045 8,077 
FDC Ltd.(1)
41 135 
FIEM Industries Ltd.69 1,283 
Filatex India Ltd.645 903 
Fine Organic Industries Ltd.11 847 
Finolex Cables Ltd.270 1,550 
Finolex Industries Ltd.2,058 3,888 
Firstsource Solutions Ltd.332 441 
Future Consumer Ltd.(1)
2,618 55 
Future Retail Ltd.(1)
209 10 
Gabriel India Ltd.485 951 
Galaxy Surfactants Ltd.65 2,657 
Ganesh Housing Corp. Ltd.(1)
109 483 
Ganesha Ecosphere Ltd.26 210 
Garden Reach Shipbuilders & Engineers Ltd.425 1,588 
Garware Technical Fibres Ltd.46 2,003 
Genus Power Infrastructures Ltd.942 986 
Geojit Financial Services Ltd.339 193 
GHCL Ltd.1,095 8,144 
GlaxoSmithKline Pharmaceuticals Ltd.251 4,579 
Glenmark Pharmaceuticals Ltd.1,382 6,401 
Globus Spirits Ltd.96 1,040 
Godrej Agrovet Ltd.38 248 
Godrej Consumer Products Ltd.(1)
445 5,126 
Godrej Properties Ltd.(1)
33 576 
Gokaldas Exports Ltd.(1)
314 1,407 
Graphite India Ltd.578 2,959 
Greaves Cotton Ltd.764 1,610 
Greenpanel Industries Ltd.376 2,098 
Greenply Industries Ltd.546 1,278 
GTL Infrastructure Ltd.(1)
7,553 127 
Gufic Biosciences Ltd.77 202 
Gujarat Alkalies & Chemicals Ltd.257 2,835 
Gujarat Fluorochemicals Ltd.249 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.1,197 11,139 
Gujarat Pipavav Port Ltd.2,004 2,176 
Gujarat State Fertilizers & Chemicals Ltd.3,256 6,384 
Happiest Minds Technologies Ltd.51 648 
Hathway Cable & Datacom Ltd.(1)
3,874 862 
Havells India Ltd.168 2,908 
HBL Power Systems Ltd.2,016 2,032 
HCL Technologies Ltd.3,012 35,035 
HDFC Asset Management Co. Ltd.115 2,967 
HDFC Life Insurance Co. Ltd.947 6,786 
HEG Ltd.98 1,533 
24


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Heritage Foods Ltd.24 $97 
Hero MotoCorp Ltd.465 16,380 
HFCL Ltd.5,119 4,700 
HG Infra Engineering Ltd.123 918 
HIL Ltd.34 1,568 
Himadri Speciality Chemical Ltd., ADR515 630 
Himatsingka Seide Ltd.(1)
231 302 
Hindustan Construction Co. Ltd.(1)
1,773 282 
Hindustan Oil Exploration Co. Ltd.(1)
35 71 
Hindustan Unilever Ltd.837 27,710 
Hindware Home Innovation Ltd.224 908 
Hitachi Energy India Ltd.14 652 
Housing Development Finance Corp. Ltd.3,515 106,418 
ICICI Bank Ltd., ADR2,255 49,249 
ICICI Lombard General Insurance Co. Ltd.324 5,205 
ICICI Prudential Life Insurance Co. Ltd.460 3,396 
IDFC First Bank Ltd.(1)
12,604 7,672 
IFCI Ltd.(1)
4,034 549 
IIFL Finance Ltd.1,872 8,018 
IIFL Securities Ltd.789 704 
IIFL Wealth Management Ltd.201 4,197 
India Glycols Ltd.91 1,009 
Indiabulls Housing Finance Ltd.(1)
2,134 3,599 
Indiabulls Real Estate Ltd.(1)
3,275 3,521 
Indian Energy Exchange Ltd.1,415 2,820 
Indian Metals & Ferro Alloys Ltd.35 120 
Indian Railway Catering & Tourism Corp. Ltd.133 1,167 
Indo Count Industries Ltd.105 214 
Indo Rama Synthetics India Ltd(1)
481 374 
Indoco Remedies Ltd.20 89 
Indus Towers Ltd.4,172 10,375 
INEOS Styrolution India Ltd.34 392 
Infibeam Avenues Ltd.814 160 
Info Edge India Ltd.50 2,690 
Infosys Ltd., ADR6,772 123,928 
Inox Wind Ltd.(1)
156 216 
Insecticides India Ltd.(1)
90 1,136 
Intellect Design Arena Ltd.565 4,147 
InterGlobe Aviation Ltd.(1)
93 2,322 
IOL Chemicals and Pharmaceuticals Ltd.258 1,154 
ISGEC Heavy Engineering Ltd.33 197 
ITD Cementation India Ltd.163 215 
J Kumar Infraprojects Ltd.871 3,231 
Jai Corp. Ltd.533 869 
Jain Irrigation Systems Ltd.(1)
2,789 1,404 
Jaiprakash Associates Ltd.(1)
6,016 614 
Jaiprakash Power Ventures Ltd.(1)
31,117 2,910 
Jammu & Kashmir Bank Ltd.(1)
2,604 1,024 
Jamna Auto Industries Ltd.2,306 3,345 
Jindal Poly Films Ltd.165 2,160 
JK Paper Ltd.1,226 6,370 
25


Avantis Responsible Emerging Markets Equity ETF
SharesValue
JK Tyre & Industries Ltd.1,109 $1,922 
JM Financial Ltd.3,659 2,906 
JSW Ispat Special Products Ltd.(1)
633 223 
Jubilant Foodworks Ltd.1,429 10,885 
Jubilant Ingrevia Ltd.51 296 
Jubilant Pharmova Ltd.241 1,055 
Just Dial Ltd.(1)
23 169 
Jyothy Labs Ltd.831 1,959 
Kajaria Ceramics Ltd.389 5,641 
Kansai Nerolac Paints Ltd.113 713 
Karnataka Bank Ltd.2,387 2,223 
Karur Vysya Bank Ltd.5,479 4,655 
KEC International Ltd.1,170 5,939 
KEI Industries Ltd.97 1,768 
Kellton Tech Solutions Ltd.119 102 
Kiri Industries Ltd.(1)
107 654 
Kirloskar Ferrous Industries Ltd.607 1,918 
Kitex Garments Ltd.301 858 
KNR Constructions Ltd.1,170 3,795 
Kolte-Patil Developers Ltd.131 502 
Kotak Mahindra Bank Ltd.1,014 24,056 
KPIT Technologies Ltd.264 1,824 
KPR Mill Ltd.458 3,444 
KRBL Ltd.598 2,345 
Lemon Tree Hotels Ltd.(1)
409 354 
LG Balakrishnan & Bros Ltd.94 815 
LIC Housing Finance Ltd.3,127 15,889 
Linde India Ltd.87 3,713 
LT Foods Ltd.1,149 1,362 
Lupin Ltd.1,004 8,390 
LUX Industries Ltd.48 1,087 
Maharashtra Seamless Ltd.210 2,194 
Mahindra & Mahindra Financial Services Ltd.5,394 13,738 
Mahindra & Mahindra Ltd.2,774 45,024 
Mahindra CIE Automotive Ltd.1,355 4,629 
Mahindra Lifespace Developers Ltd.220 1,422 
Mahindra Logistics Ltd.31 186 
Maithan Alloys Ltd.69 888 
Man Infraconstruction Ltd.158 178 
Manali Petrochemicals Ltd.1,472 1,691 
Manappuram Finance Ltd.3,576 4,698 
Marico Ltd.1,356 8,902 
Marksans Pharma Ltd.1,394 906 
Maruti Suzuki India Ltd.267 30,117 
MAS Financial Services Ltd.72 674 
Mastek Ltd.56 1,312 
Mayur Uniquoters Ltd.41 248 
Meghmani Finechem Ltd.(1)
203 3,597 
Meghmani Organics Ltd.1,526 2,317 
Metropolis Healthcare Ltd.81 1,444 
Minda Corp. Ltd.307 858 
26


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Mirza International Ltd.(1)
663 $2,631 
Mishra Dhatu Nigam Ltd.309 768 
MOIL Ltd.132 270 
Monte Carlo Fashions Ltd.87 897 
Motherson Sumi Wiring India Ltd.1,051 1,068 
Motilal Oswal Financial Services Ltd.299 2,866 
Mphasis Ltd.366 9,629 
MRF Ltd.11 11,725 
Mrs Bectors Food Specialities Ltd.120 521 
MSTC Ltd.182 618 
Multi Commodity Exchange of India Ltd.96 
Muthoot Finance Ltd.558 7,310 
Narayana Hrudayalaya Ltd.167 1,460 
Natco Pharma Ltd.452 3,476 
National Aluminium Co. Ltd.4,225 4,207 
National Fertilizers Ltd.(1)
712 445 
Nava Ltd.1,023 2,881 
NBCC India Ltd.4,351 1,862 
Neogen Chemicals Ltd.29 535 
Nestle India Ltd.80 19,918 
Neuland Laboratories Ltd.10 158 
Newgen Software Technologies Ltd.110 537 
NIIT Ltd.525 2,259 
Nippon Life India Asset Management Ltd.804 3,023 
NOCIL Ltd.855 2,805 
Oberoi Realty Ltd.508 6,350 
Olectra Greentech Ltd.(1)
242 1,860 
Omaxe Ltd.(1)
298 369 
OnMobile Global Ltd.473 729 
Oracle Financial Services Software Ltd.176 6,953 
Orient Cement Ltd.1,177 1,756 
Orient Electric Ltd.781 2,531 
Page Industries Ltd.21 13,379 
Paisalo Digital Ltd.250 234 
Panama Petrochem Ltd.251 1,013 
PC Jeweller Ltd.(1)
3,055 2,710 
PCBL Ltd.2,264 3,870 
Persistent Systems Ltd.210 9,133 
PG Electroplast Ltd.(1)
56 624 
Phoenix Mills Ltd.121 2,116 
PI Industries Ltd.152 6,499 
Pidilite Industries Ltd.146 4,984 
Piramal Enterprises Ltd.239 3,154 
Piramal Pharma Ltd.(1)
956 2,621 
PNB Housing Finance Ltd.(1)
488 2,117 
Pokarna Ltd.11 76 
Polycab India Ltd.74 2,270 
Polyplex Corp. Ltd.250 6,687 
Poonawalla Fincorp Ltd.37 140 
Power Grid Corp. of India Ltd.14,833 42,468 
Power Mech Projects Ltd.(1)
38 668 
27


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Praj Industries Ltd.1,308 $6,803 
Prakash Industries Ltd.(1)
468 327 
Prestige Estates Projects Ltd.567 3,220 
Pricol Ltd.(1)
1,179 2,536 
Prince Pipes & Fittings Ltd.312 2,274 
Privi Speciality Chemicals Ltd.37 640 
Procter & Gamble Health Ltd.211 
PSP Projects Ltd.83 627 
PTC India Ltd.2,192 2,314 
Quess Corp. Ltd.49 349 
Radico Khaitan Ltd.329 4,284 
Rajesh Exports Ltd.131 965 
Rallis India Ltd.274 771 
Ramco Systems Ltd.(1)
27 97 
Ramkrishna Forgings Ltd.143 355 
Rashtriya Chemicals & Fertilizers Ltd.2,073 2,550 
RattanIndia Power Ltd.(1)
2,552 125 
Raymond Ltd.534 6,362 
RBL Bank Ltd.(1)
1,741 2,628 
REC Ltd.11,504 15,620 
Redington India Ltd.4,653 8,682 
Relaxo Footwears Ltd.151 1,884 
Reliance Industrial Infrastructure Ltd.30 380 
Religare Enterprises Ltd.(1)
56 91 
Rhi Magnesita India Ltd.246 1,809 
Route Mobile Ltd.62 1,164 
RSWM Ltd.144 692 
Rupa & Co. Ltd.235 1,002 
Samvardhana Motherson International Ltd.5,286 8,063 
Sansera Engineering Ltd.57 517 
Sarda Energy & Minerals Ltd.96 1,096 
Saregama India Ltd.326 1,631 
Satia Industries Ltd.456 656 
SBI Cards & Payment Services Ltd.335 3,841 
SBI Life Insurance Co. Ltd.538 8,891 
Schaeffler India Ltd.201 7,607 
Schneider Electric Infrastructure Ltd.(1)
102 173 
SEAMEC Ltd.(1)
95 
Sequent Scientific Ltd.193 271 
Shakti Pumps India Ltd.49 302 
Shankara Building Products Ltd.97 922 
Sharda Cropchem Ltd.351 2,266 
Share India Securities Ltd.155 2,164 
Shipping Corp. of India Ltd.1,242 1,824 
Shoppers Stop Ltd.(1)
361 2,798 
Shree Renuka Sugars Ltd.(1)
996 578 
Shriram City Union Finance Ltd.266 6,323 
Shriram Transport Finance Co. Ltd.1,517 25,462 
Siemens Ltd.88 3,160 
Siyaram Silk Mills Ltd.139 870 
SKF India Ltd.82 4,976 
28


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Sobha Ltd.233 $2,018 
Sonata Software Ltd.689 6,101 
South Indian Bank Ltd.(1)
9,292 952 
Southern Petrochemical Industries Corp. Ltd.(1)
1,412 1,074 
Spandana Sphoorty Financial Ltd.(1)
187 1,274 
SRF Ltd.243 7,669 
State Bank of India, GDR375 24,772 
Steel Strips Wheels Ltd30 326 
Sterling and Wilson Renewable(1)
333 1,229 
Sterlite Technologies Ltd.1,461 3,115 
Stove Kraft Ltd.(1)
44 335 
Sudarshan Chemical Industries Ltd.325 1,860 
Sumitomo Chemical India Ltd.255 1,557 
Sun Pharmaceutical Industries Ltd.2,729 30,456 
Sun TV Network Ltd.844 5,272 
Sundaram Finance Ltd.138 3,617 
Sundram Fasteners Ltd.523 5,454 
Sunflag Iron & Steel Co.(1)
525 576 
Sunteck Realty Ltd.323 1,912 
Suprajit Engineering Ltd.837 3,541 
Supreme Industries Ltd.254 6,234 
Surya Roshni Ltd.18 110 
Suven Pharmaceuticals Ltd.645 3,950 
Suzlon Energy Ltd.(1)
7,871 799 
Syngene International Ltd.449 3,355 
Tamil Nadu Newsprint & Papers Ltd.570 1,813 
Tamilnadu Petroproducts Ltd.713 900 
Tanla Platforms Ltd.276 2,443 
Tata Coffee Ltd.130 379 
Tata Communications Ltd.432 6,461 
Tata Consultancy Services Ltd.1,704 67,958 
Tata Consumer Products Ltd.647 6,539 
Tata Elxsi Ltd.96 10,708 
Tata Investment Corp. Ltd.63 1,260 
Tata Metaliks Ltd.112 1,081 
Tata Motors Ltd., ADR(1)
755 21,895 
Tata Steel Long Products Ltd.18 140 
Tata Teleservices Maharashtra Ltd.(1)
595 806 
TCI Express Ltd.31 682 
TeamLease Services Ltd.(1)
66 2,796 
Tech Mahindra Ltd.1,270 16,921 
Technocraft Industries India Ltd(1)
45 506 
Tejas Networks Ltd.(1)
62 471 
Texmaco Rail & Engineering Ltd.1,729 1,076 
Thermax Ltd.262 7,887 
Thirumalai Chemicals Ltd.919 2,675 
Thomas Cook India Ltd.(1)
224 202 
Thyrocare Technologies Ltd.49 378 
Time Technoplast Ltd.2,038 3,020 
Tinplate Co. of India Ltd.367 1,441 
Titagarh Wagons Ltd.(1)
644 1,371 
29


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Titan Co. Ltd.243 $7,874 
Torrent Pharmaceuticals Ltd.508 9,816 
Transport Corp. of India Ltd.155 1,379 
Trent Ltd.138 2,414 
Trident Ltd.4,876 2,209 
Triveni Engineering & Industries Ltd.196 573 
Triveni Turbine Ltd.635 1,617 
TTK Prestige Ltd.72 862 
Tube Investments of India Ltd.450 12,688 
TV Today Network Ltd.140 494 
TV18 Broadcast Ltd.(1)
2,561 1,295 
TVS Motor Co. Ltd.236 2,889 
Uflex Ltd.694 6,766 
Ujjivan Financial Services Ltd.(1)
265 645 
United Spirits Ltd.(1)
973 9,835 
UPL Ltd.794 7,605 
Usha Martin Ltd.1,303 2,297 
UTI Asset Management Co. Ltd.164 1,681 
VA Tech Wabag Ltd.(1)
349 1,146 
Vaibhav Global Ltd.295 1,274 
Vakrangee Ltd.3,921 1,353 
Valiant Organics Ltd.(1)
107 792 
Vardhman Textiles Ltd.423 1,746 
Varroc Engineering Ltd.(1)
466 1,992 
Varun Beverages Ltd.520 6,707 
Venky's India Ltd.35 913 
Vodafone Idea Ltd.(1)
14,569 1,634 
Voltamp Transformers Ltd.50 1,730 
VRL Logistics Ltd.441 3,406 
Welspun Corp. Ltd.2,059 5,773 
Welspun Enterprises Ltd.370 522 
Welspun India Ltd.1,532 1,469 
West Coast Paper Mills Ltd.271 2,125 
Westlife Development Ltd.(1)
18 145 
Whirlpool of India Ltd.24 546 
Wipro Ltd., ADR2,152 10,782 
Wonderla Holidays Ltd.(1)
85 382 
Yes Bank Ltd.(1)
68,455 14,031 
Zee Entertainment Enterprises Ltd.5,645 17,985 
Zee Media Corp. Ltd.(1)
1,302 302 
Zen Technologies Ltd.88 228 
Zensar Technologies Ltd.389 1,105 
2,251,561 
Indonesia — 2.3%
Ace Hardware Indonesia Tbk PT35,200 1,708 
Adi Sarana Armada Tbk PT(1)
6,100 599 
Aneka Gas Industri Tbk PT5,500 774 
Bank BTPN Syariah Tbk PT9,600 1,913 
Bank Bukopin Tbk PT(1)
79,300 977 
Bank Central Asia Tbk PT59,600 32,912 
Bank Mandiri Persero Tbk PT63,200 37,609 
30


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Bank Negara Indonesia Persero Tbk PT21,400 $12,274 
Bank Pan Indonesia Tbk PT25,300 3,401 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT24,400 2,285 
Bank Pembangunan Daerah Jawa Timur Tbk PT18,900 917 
Bank Rakyat Indonesia Persero Tbk PT103,900 30,342 
Bank Tabungan Negara Persero Tbk PT23,300 2,361 
Barito Pacific Tbk PT18,000 994 
BFI Finance Indonesia Tbk PT51,800 4,358 
Buana Lintas Lautan Tbk PT(1)
106,500 1,213 
Bumi Serpong Damai Tbk PT(1)
39,300 2,433 
Bundamedik Tbk PT12,100 468 
Ciputra Development Tbk PT85,600 5,476 
Dharma Satya Nusantara Tbk PT72,400 2,460 
Erajaya Swasembada Tbk PT84,100 2,763 
Global Mediacom Tbk PT(1)
104,400 2,531 
Indosat Tbk PT9,400 4,538 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT33,700 1,611 
Jaccs Mitra Pinasthika Mustika Tbk PT7,200 495 
Jasa Marga Persero Tbk PT(1)
19,400 4,493 
Kalbe Farma Tbk PT23,600 2,669 
Kino Indonesia Tbk PT1,300 208 
Link Net Tbk PT(1)
12,600 4,032 
Lippo Karawaci Tbk PT(1)
74,300 575 
Mark Dynamics Indonesia Tbk PT4,400 271 
Matahari Department Store Tbk PT10,100 2,609 
Matahari Putra Prima Tbk PT(1)
24,000 301 
Media Nusantara Citra Tbk PT59,700 3,677 
Mitra Adiperkasa Tbk PT(1)
105,700 7,182 
Mitra Keluarga Karyasehat Tbk PT34,800 6,234 
MNC Kapital Indonesia Tbk PT(1)
105,100 815 
MNC Vision Networks Tbk PT(1)
22,500 141 
Multipolar Tbk PT(1)
14,900 153 
Pabrik Kertas Tjiwi Kimia Tbk PT5,800 2,645 
Pacific Strategic Financial Tbk PT(1)
35,200 2,834 
Pakuwon Jati Tbk PT97,000 3,162 
Panin Financial Tbk PT115,300 2,966 
PP Persero Tbk PT(1)
29,300 1,991 
PT Adaro Minerals Indonesia Tbk(1)
42,500 4,901 
PT Berkah Beton Sadaya Tbk7,300 2,249 
PT Blue Bird Tbk12,500 1,166 
PT Lippo Cikarang Tbk6,700 534 
PT M Cash Integrasi(1)
200 154 
PT Medikaloka Hermina Tbk50,000 5,025 
PT Sumber Alfaria Trijaya Tbk91,500 13,429 
PT Temas Tbk10,600 1,737 
Puradelta Lestari Tbk PT36,300 430 
Samudera Indonesia Tbk PT16,300 2,836 
Sarana Menara Nusantara Tbk PT68,000 5,685 
Sawit Sumbermas Sarana Tbk PT43,900 4,157 
Smartfren Telecom Tbk PT(1)
888,800 5,929 
Steel Pipe Industry of Indonesia PT6,500 131 
31


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Summarecon Agung Tbk PT78,500 $3,167 
Surya Citra Media Tbk PT40,200 612 
Telkom Indonesia Persero Tbk PT, ADR1,037 31,183 
Tower Bersama Infrastructure Tbk PT22,700 4,310 
Transcoal Pacific Tbk PT800 447 
Unilever Indonesia Tbk PT24,400 7,540 
Wijaya Karya Persero Tbk PT(1)
17,200 1,238 
XL Axiata Tbk PT24,800 4,391 
305,621 
Malaysia — 1.9%
Aeon Co. M Bhd6,500 2,127 
AEON Credit Service M Bhd500 1,572 
Alliance Bank Malaysia Bhd9,600 7,549 
AMMB Holdings Bhd13,100 12,176 
Ancom Nylex Bhd(1)
3,000 620 
Ann Joo Resources Bhd300 70 
Astro Malaysia Holdings Bhd400 74 
Axiata Group Bhd4,000 2,713 
Bank Islam Malaysia Bhd1,100 640 
Berjaya Food Bhd700 648 
Bermaz Auto Bhd5,100 2,070 
Boustead Holdings Bhd(1)
12,300 1,786 
Bursa Malaysia Bhd3,700 5,288 
Carlsberg Brewery Malaysia Bhd300 1,549 
CIMB Group Holdings Bhd12,600 15,068 
CTOS Digital Bhd300 96 
Cypark Resources Bhd(1)
3,300 277 
D&O Green Technologies Bhd100 85 
Dagang NeXchange Bhd21,800 4,112 
Dayang Enterprise Holdings Bhd500 121 
DiGi.Com Bhd6,600 5,509 
Dufu Technology Corp. Bhd1,200 756 
Eco World Development Group Bhd7,800 1,161 
Ekovest Bhd(1)
10,100 864 
Evergreen Fibreboard Bhd4,000 456 
Fraser & Neave Holdings Bhd100 499 
Frontken Corp. Bhd2,800 1,697 
Gamuda Bhd14,600 12,440 
Greatech Technology Bhd(1)
1,100 869 
Hap Seng Plantations Holdings Bhd900 454 
Hartalega Holdings Bhd6,400 2,370 
Heineken Malaysia Bhd700 3,680 
Hengyuan Refining Co. Bhd(1)
1,100 1,301 
Hiap Teck Venture Bhd7,600 470 
Hong Leong Bank Bhd1,100 5,120 
Hong Leong Capital Bhd300 423 
Hong Leong Financial Group Bhd400 1,729 
Hong Seng Consolidated Bhd(1)
800 83 
IHH Healthcare Bhd1,600 2,208 
IJM Corp. Bhd28,900 11,000 
Inari Amertron Bhd6,800 4,047 
32


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Innoprise Plantations Bhd800 $282 
IOI Properties Group Bhd1,100 242 
JAKS Resources Bhd(1)
1,300 76 
KNM Group Bhd(1)
12,700 326 
Kossan Rubber Industries Bhd9,500 2,138 
Kuala Lumpur Kepong Bhd800 4,134 
Lingkaran Trans Kota Holdings Bhd2,300 2,506 
Lotte Chemical Titan Holding Bhd2,000 763 
Malayan Banking Bhd9,200 18,405 
Malaysia Airports Holdings Bhd(1)
1,100 1,437 
Malaysia Building Society Bhd15,500 1,998 
Malaysian Pacific Industries Bhd300 2,014 
Maxis Bhd3,300 2,829 
Mega First Corp. Bhd700 566 
Mieco Chipboard Bhd(1)
700 87 
MR DIY Group M Bhd4,900 2,365 
My EG Services Bhd5,300 940 
Nestle Malaysia Bhd100 2,967 
Pentamaster Corp. Bhd1,100 975 
Perak Transit Bhd7,500 1,460 
Petron Malaysia Refining & Marketing Bhd500 602 
PPB Group Bhd500 1,965 
Press Metal Aluminium Holdings Bhd2,000 2,120 
Public Bank Bhd32,300 33,916 
RHB Bank Bhd6,800 8,689 
Rubberex Corp. M Bhd(1)
4,200 379 
Scientex Bhd3,300 2,594 
Sime Darby Bhd5,600 2,853 
Sime Darby Property Bhd7,400 791 
SP Setia Bhd Group9,100 1,517 
Sunway Bhd3,100 1,132 
Supermax Corp. Bhd11,400 1,855 
Syarikat Takaful Malaysia Keluarga Bhd500 371 
Ta Ann Holdings Bhd2,700 2,403 
TDM Bhd1,600 75 
Telekom Malaysia Bhd5,700 7,577 
TIME dotCom Bhd4,500 4,785 
TSH Resources Bhd6,400 1,582 
Unisem M Bhd2,700 1,635 
UWC Bhd500 431 
Velesto Energy Bhd(1)
11,800 222 
ViTrox Corp. Bhd200 318 
VS Industry Bhd4,300 962 
Westports Holdings Bhd2,000 1,551 
242,612 
Mexico — 2.2%
Alsea SAB de CV(1)
1,600 2,899 
America Movil SAB de CV, Class L ADR2,375 40,375 
Arca Continental SAB de CV800 5,415 
Banco del Bajio SA1,700 3,562 
Becle SAB de CV2,000 4,076 
33


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Bolsa Mexicana de Valores SAB de CV100 $180 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
394 3,499 
Corp. Inmobiliaria Vesta SAB de CV4,400 8,135 
Fomento Economico Mexicano SAB de CV, ADR164 10,285 
Genomma Lab Internacional SAB de CV, Class B7,000 5,719 
Gentera SAB de CV12,600 9,875 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR246 12,858 
Grupo Aeroportuario del Pacifico SAB de CV, ADR88 12,546 
Grupo Aeroportuario del Sureste SAB de CV, ADR51 10,785 
Grupo Bimbo SAB de CV, Series A2,400 8,085 
Grupo Comercial Chedraui SA de CV1,800 5,108 
Grupo Financiero Banorte SAB de CV, Class O4,800 28,352 
Grupo Financiero Inbursa SAB de CV, Class O(1)
6,600 10,339 
Grupo Mexico SAB de CV, Series B6,600 24,865 
Grupo Televisa SAB, ADR3,128 19,800 
Grupo Traxion SAB de CV(1)
200 221 
Industrias Penoles SAB de CV800 6,614 
Kimberly-Clark de Mexico SAB de CV, A Shares4,500 6,109 
La Comer SAB de CV300 507 
Megacable Holdings SAB de CV2,300 4,825 
Nemak SAB de CV(1)
22,100 4,662 
Orbia Advance Corp. SAB de CV4,600 8,677 
Promotora y Operadora de Infraestructura SAB de CV1,235 8,689 
Qualitas Controladora SAB de CV1,400 6,133 
Regional SAB de CV1,100 5,947 
Wal-Mart de Mexico SAB de CV4,100 13,436 
292,578 
Peru — 0.2%
Credicorp Ltd.137 17,658 
Intercorp Financial Services, Inc.299 6,447 
Southern Copper Corp.134 6,307 
30,412 
Philippines — 0.9%
Ayala Land, Inc.14,300 7,259 
Bank of the Philippine Islands4,410 7,446 
BDO Unibank, Inc.4,910 11,227 
Century Pacific Food, Inc.900 398 
Converge Information and Communications Technology Solutions, Inc.(1)
8,400 2,590 
Globe Telecom, Inc.125 4,664 
GT Capital Holdings, Inc.560 4,796 
International Container Terminal Services, Inc.2,170 6,989 
Jollibee Foods Corp.1,750 7,459 
LT Group, Inc.14,300 2,245 
Manila Electric Co.590 3,160 
Megaworld Corp.45,000 1,998 
Metropolitan Bank & Trust Co.12,650 11,823 
Monde Nissin Corp.(1)
14,900 4,373 
Nickel Asia Corp.19,900 2,016 
PLDT, Inc., ADR300 8,724 
Puregold Price Club, Inc.4,500 2,740 
34


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Robinsons Land Corp.12,200 $4,074 
Robinsons Retail Holdings, Inc.540 576 
Security Bank Corp.5,060 8,089 
SM Investments Corp.150 2,214 
SM Prime Holdings, Inc.10,400 6,991 
Universal Robina Corp.1,660 3,603 
Wilcon Depot, Inc.3,600 1,919 
117,373 
Poland — 0.7%
Alior Bank SA(1)
856 4,726 
Allegro.eu SA(1)
453 2,376 
AmRest Holdings SE(1)
255 1,075 
Asseco Poland SA49 747 
Bank Handlowy w Warszawie SA30 379 
Bank Millennium SA(1)
4,838 3,888 
Bank Polska Kasa Opieki SA543 7,512 
CCC SA(1)
18 144 
CD Projekt SA218 3,888 
Cyfrowy Polsat SA119 491 
Dino Polska SA(1)
105 7,660 
KGHM Polska Miedz SA673 12,612 
LiveChat Software SA28 621 
LPP SA7,202 
mBank SA(1)
38 1,746 
Orange Polska SA8,232 10,490 
Powszechna Kasa Oszczednosci Bank Polski SA1,343 6,700 
Powszechny Zaklad Ubezpieczen SA1,016 6,082 
Santander Bank Polska SA119 5,407 
TEN Square Games SA11 227 
Warsaw Stock Exchange53 388 
XTB SA400 1,856 
86,217 
Romania
MAS PLC350 414 
South Africa — 3.9%
Absa Group Ltd.2,485 25,738 
AECI Ltd.880 4,261 
Anglo American Platinum Ltd.90 6,283 
AngloGold Ashanti Ltd., ADR1,717 23,145 
Aspen Pharmacare Holdings Ltd.946 8,118 
Astral Foods Ltd.560 6,753 
AVI Ltd.1,582 6,795 
Barloworld Ltd.990 5,039 
Bid Corp. Ltd.184 3,485 
Capitec Bank Holdings Ltd.95 11,296 
Clicks Group Ltd.603 10,484 
Coronation Fund Managers Ltd.780 1,436 
DataTec Ltd.577 1,429 
Dis-Chem Pharmacies Ltd.1,671 3,459 
Discovery Ltd.(1)
840 6,019 
FirstRand Ltd.6,738 25,167 
35


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Foschini Group Ltd.483 $3,576 
Gold Fields Ltd., ADR1,927 15,589 
Grindrod Shipping Holdings Ltd.161 3,789 
Impala Platinum Holdings Ltd.2,146 22,487 
Investec Ltd.1,083 5,085 
KAP Industrial Holdings Ltd.27,736 7,348 
Kumba Iron Ore Ltd.149 3,299 
Life Healthcare Group Holdings Ltd.3,034 3,555 
Merafe Resources Ltd.11,416 865 
Momentum Metropolitan Holdings10,635 10,316 
Motus Holdings Ltd.1,234 8,362 
Mr Price Group Ltd.910 9,858 
MTN Group Ltd.3,220 23,306 
MultiChoice Group1,818 12,277 
Naspers Ltd.,, N Shares166 23,407 
Nedbank Group Ltd.1,593 18,803 
NEPI Rockcastle SA2,190 11,670 
Netcare Ltd.6,448 5,525 
Ninety One Ltd.714 1,609 
Oceana Group Ltd.26 83 
Old Mutual Ltd.27,470 16,274 
Omnia Holdings Ltd.1,610 5,805 
Pepkor Holdings Ltd.1,698 1,994 
Pick n Pay Stores Ltd.1,804 6,510 
PPC Ltd.(1)
13,102 1,948 
Rand Merchant Investment Holdings Ltd.3,166 4,998 
Raubex Group Ltd.524 1,067 
Reinet Investments SCA701 11,482 
Remgro Ltd.1,986 14,727 
Reunert Ltd.980 2,570 
RMB Holdings Ltd.(1)
2,200 231 
Royal Bafokeng Platinum Ltd.776 6,578 
Sanlam Ltd.2,578 8,015 
Santam Ltd.212 3,009 
Sappi Ltd.(1)
6,753 18,001 
Shoprite Holdings Ltd.515 6,983 
SPAR Group Ltd.561 5,120 
Standard Bank Group Ltd.2,875 25,655 
Steinhoff International Holdings NV(1)
15,326 2,084 
Telkom SA SOC Ltd.(1)
1,997 5,125 
Tiger Brands Ltd.622 6,052 
Transaction Capital Ltd.121 266 
Truworths International Ltd.2,462 8,210 
Vodacom Group Ltd.903 6,647 
Wilson Bayly Holmes-Ovcon Ltd.21 108 
Woolworths Holdings Ltd.863 2,815 
511,990 
South Korea — 13.4%
Advanced Nano Products Co. Ltd.15 1,079 
Aekyung Industrial Co. Ltd.22 229 
AfreecaTV Co. Ltd.21 1,192 
36


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Agabang&Company(1)
104 $326 
Ahnlab, Inc.19 1,182 
Aju IB Investment Co. Ltd.40 87 
Alteogen, Inc.(1)
25 1,179 
Amorepacific Corp.49 4,466 
AMOREPACIFIC Group85 2,200 
Ananti, Inc.(1)
673 3,406 
BGF Co. Ltd.183 551 
BGF retail Co. Ltd.57 6,827 
BH Co. Ltd.57 1,333 
Binex Co. Ltd.(1)
79 876 
Bioneer Corp.(1)
28 625 
BNK Financial Group, Inc.2,222 11,080 
Bukwang Pharmaceutical Co. Ltd.34 228 
Byucksan Corp.247 478 
Celltrion Healthcare Co. Ltd.71 3,799 
Celltrion, Inc.188 26,462 
Chabiotech Co. Ltd.(1)
26 330 
Cheil Worldwide, Inc.333 5,429 
CJ CheilJedang Corp.23 6,977 
CJ ENM Co. Ltd.79 5,758 
CJ Logistics Corp.(1)
40 3,526 
Classys, Inc.88 930 
Com2uSCorp10 599 
Coreana Cosmetics Co. Ltd.(1)
63 145 
CosmoAM&T Co. Ltd.(1)
14 669 
Coway Co. Ltd.308 14,613 
CS Wind Corp.63 3,210 
Cuckoo Homesys Co. Ltd.81 1,914 
Dae Han Flour Mills Co. Ltd.655 
Daeduck Electronics Co. Ltd.378 8,289 
Daewoo Engineering & Construction Co. Ltd.(1)
1,968 7,589 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
53 791 
Daishin Securities Co. Ltd.177 2,027 
Daol Investment & Securities Co. Ltd.693 2,365 
Daou Technology, Inc.278 3,887 
DB HiTek Co. Ltd.169 5,801 
DB Insurance Co. Ltd.366 16,299 
Dentium Co. Ltd.14 911 
DGB Financial Group, Inc.1,456 8,070 
DI Dong Il Corp.20 263 
DL E&C Co. Ltd.230 6,981 
DL Holdings Co. Ltd.69 3,424 
Dong-A Socio Holdings Co. Ltd.11 890 
Dongwha Enterprise Co. Ltd.(1)
11 553 
Dongwon Development Co. Ltd.33 91 
Doosan Bobcat, Inc.54 1,388 
Doosan Co. Ltd.367 
Doosan Enerbility Co. Ltd.(1)
474 7,124 
Doosan Fuel Cell Co. Ltd.(1)
13 368 
DoubleUGames Co. Ltd.20 638 
37


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Douzone Bizon Co. Ltd.30 $804 
Dreamtech Co. Ltd.48 336 
Duk San Neolux Co. Ltd.(1)
21 561 
E-MART, Inc.79 5,735 
Echo Marketing, Inc.84 1,008 
Ecopro BM Co. Ltd.38 3,144 
Eo Technics Co. Ltd.12 669 
Eugene Technology Co. Ltd.25 507 
F&F Co. Ltd. / New16 1,688 
Fila Holdings Corp.177 4,088 
Genexine, Inc.(1)
87 1,963 
GOLFZON Co. Ltd.34 3,342 
Gradiant Corp.21 291 
Green Cross Corp.13 1,587 
GS Engineering & Construction Corp.531 11,878 
GS Retail Co. Ltd.377 7,127 
Halla Holdings Corp.51 1,458 
Hana Financial Group, Inc.1,408 41,038 
Hana Micron, Inc.(1)
343 3,250 
Handsome Co. Ltd.153 3,226 
Hanjin Transportation Co. Ltd.81 1,552 
Hankook Tire & Technology Co. Ltd.342 9,642 
Hanmi Semiconductor Co. Ltd.125 1,110 
Hanon Systems550 4,206 
Hansae Co. Ltd.27 317 
Hansol Chemical Co. Ltd.34 5,491 
Hanssem Co. Ltd.45 1,800 
Hanwha Investment & Securities Co. Ltd.432 995 
Hanwha Life Insurance Co. Ltd.(1)
2,381 4,085 
Hanwha Solutions Corp.(1)
387 15,090 
Hanwha Systems Co. Ltd.123 1,419 
HDC Hyundai Development Co-Engineering & Construction, E Shares178 1,645 
Hite Jinro Co. Ltd.136 3,087 
HMM Co. Ltd.1,539 25,363 
Hotel Shilla Co. Ltd.39 2,136 
Huchems Fine Chemical Corp.102 1,612 
Hugel, Inc.(1)
19 1,720 
Humax Co. Ltd.(1)
333 989 
Humedix Co. Ltd.72 1,270 
Hwaseung Enterprise Co. Ltd.36 354 
HYBE Co. Ltd.(1)
1,072 
Hyosung Chemical Corp.(1)
385 
Hyosung Corp.31 1,723 
Hyosung Heavy Industries Corp.(1)
32 1,755 
Hyosung TNC Corp.22 5,116 
Hyundai Autoever Corp.20 1,784 
Hyundai Construction Equipment Co. Ltd.65 1,962 
Hyundai Corp.30 408 
Hyundai Department Store Co. Ltd.122 5,612 
Hyundai Doosan Infracore Co. Ltd.(1)
408 1,867 
38


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Hyundai Electric & Energy System Co. Ltd.(1)
295 $6,984 
Hyundai Elevator Co. Ltd.77 1,674 
Hyundai Engineering & Construction Co. Ltd.477 17,056 
Hyundai Futurenet Co. Ltd.86 172 
Hyundai Greenfood Co. Ltd.323 1,850 
Hyundai Heavy Industries Co. Ltd.(1)
55 5,853 
Hyundai Home Shopping Network Corp.59 2,198 
Hyundai Marine & Fire Insurance Co. Ltd.594 13,934 
Hyundai Mipo Dockyard Co. Ltd.(1)
62 4,922 
Hyundai Mobis Co. Ltd.105 16,745 
Hyundai Motor Co.362 52,592 
Hyundai Rotem Co. Ltd.(1)
119 2,672 
Hyundai Wia Corp.75 4,221 
i-SENS, Inc.26 725 
iMarketKorea, Inc.135 1,044 
Industrial Bank of Korea1,502 10,695 
Innocean Worldwide, Inc.85 2,688 
Innox Advanced Materials Co. Ltd.56 1,434 
Insun ENT Co. Ltd.(1)
102 817 
Interflex Co. Ltd.(1)
17 157 
INTOPS Co. Ltd.69 1,539 
iNtRON Biotechnology, Inc.(1)
89 757 
IS Dongseo Co. Ltd.128 3,515 
JB Financial Group Co. Ltd.1,047 5,915 
Jusung Engineering Co. Ltd.342 4,022 
JYP Entertainment Corp.116 5,252 
K Car Co. Ltd.17 271 
Kakao Corp.280 15,205 
Kakao Games Corp.(1)
78 3,042 
KakaoBank Corp.(1)
108 2,187 
KB Financial Group, Inc., ADR1,309 47,883 
KC Co. Ltd.71 950 
KC Tech Co. Ltd.77 929 
KCC Corp.17 3,712 
KEPCO Engineering & Construction Co., Inc.40 2,177 
KH Vatec Co. Ltd.168 2,365 
Kia Corp.904 54,184 
KISCO Corp.93 478 
KIWOOM Securities Co. Ltd.152 9,659 
Koh Young Technology, Inc.97 1,016 
KONA I Co. Ltd.(1)
14 168 
Korea Circuit Co. Ltd.(1)
10 140 
Korea Investment Holdings Co. Ltd.324 13,661 
Korea Petrochemical Ind Co. Ltd.36 3,252 
Korea Real Estate Investment & Trust Co. Ltd.715 866 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
270 19,486 
Korean Air Lines Co. Ltd.(1)
928 18,444 
Korean Reinsurance Co.445 2,768 
Krafton, Inc.(1)
28 5,115 
Kukjeon Pharmaceutical Co. Ltd.13 84 
Kumho Petrochemical Co. Ltd.143 13,793 
39


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Kumho Tire Co., Inc.(1)
454 $1,172 
Kyung Dong Navien Co. Ltd.15 483 
L&F Co. Ltd.(1)
19 3,222 
LEENO Industrial, Inc.28 2,980 
LF Corp.203 2,557 
LG Display Co. Ltd., ADR1,752 10,021 
LG Electronics, Inc.216 16,163 
LG Energy Solution Ltd.(1)
15 5,141 
LG H&H Co. Ltd.20 10,591 
LG Innotek Co. Ltd.74 18,837 
LG Uplus Corp.1,698 14,542 
Lotte Chemical Corp.87 11,296 
Lotte Chilsung Beverage Co. Ltd.33 3,797 
Lotte Data Communication Co.27 540 
LOTTE Fine Chemical Co. Ltd.156 8,162 
LOTTE Himart Co. Ltd.70 
Lotte Rental Co. Ltd.179 4,754 
Lotte Shopping Co. Ltd.96 7,047 
LS Corp.84 4,186 
LS Electric Co. Ltd.77 3,194 
LVMC Holdings(1)
647 1,449 
LX Hausys Ltd.36 1,203 
LX Holdings Corp.(1)
448 2,795 
LX Semicon Co. Ltd.91 6,403 
Maeil Dairies Co. Ltd.36 1,539 
Mando Corp.259 10,352 
Mcnex Co. Ltd.33 905 
Medytox, Inc.(1)
637 
MegaStudyEdu Co. Ltd.77 4,479 
Meritz Financial Group, Inc.177 4,057 
Meritz Fire & Marine Insurance Co. Ltd.172 4,911 
Meritz Securities Co. Ltd.2,076 7,482 
Mirae Asset Securities Co. Ltd.1,679 8,188 
NAVER Corp.99 17,567 
NCSoft Corp.44 12,365 
Neowiz(1)
52 1,517 
NEPES Corp.(1)
59 954 
Netmarble Corp.13 613 
Nexen Tire Corp.202 999 
NEXTIN, Inc.25 1,051 
NH Investment & Securities Co. Ltd.1,039 7,692 
NHN Corp.(1)
45 845 
NHN KCP Corp.(1)
27 254 
NICE Holdings Co. Ltd.180 1,833 
NICE Information Service Co. Ltd.176 1,882 
NongShim Co. Ltd.13 2,906 
OCI Co. Ltd.87 7,570 
Ottogi Corp.2,863 
Pan Ocean Co. Ltd.2,747 10,511 
Partron Co. Ltd.361 2,326 
Pearl Abyss Corp.(1)
35 1,472 
40


Avantis Responsible Emerging Markets Equity ETF
SharesValue
PharmaResearch Co. Ltd.30 $1,503 
PI Advanced Materials Co. Ltd.57 1,574 
Pulmuone Co. Ltd.21 215 
S&S Tech Corp.16 262 
S-1 Corp.72 3,126 
Sam Young Electronics Co. Ltd.51 414 
Samsung Biologics Co. Ltd.(1)
24 14,927 
Samsung C&T Corp.156 13,968 
Samsung Electro-Mechanics Co. Ltd.230 23,813 
Samsung Electronics Co. Ltd., GDR255 278,860 
Samsung Fire & Marine Insurance Co. Ltd.185 26,887 
Samsung Heavy Industries Co. Ltd.(1)
4,709 20,893 
Samsung Life Insurance Co. Ltd.339 15,646 
Samsung Pharmaceutical Co. Ltd.(1)
37 100 
Samsung SDI Co. Ltd.66 29,179 
Samsung SDS Co. Ltd.72 6,872 
Samsung Securities Co. Ltd.437 11,002 
Samwha Capacitor Co. Ltd.12 373 
Sangsangin Co. Ltd.450 2,863 
SD Biosensor, Inc.172 4,497 
SeAH Steel Corp.18 2,556 
SeAH Steel Holdings Corp.10 1,356 
Sebang Global Battery Co. Ltd.23 889 
Seegene, Inc.154 3,608 
Seobu T&D47 280 
Seojin System Co. Ltd.70 785 
Seoul Semiconductor Co. Ltd.60 513 
SFA Engineering Corp.81 2,473 
SFA Semicon Co. Ltd.(1)
398 1,517 
SGC Energy Co. Ltd.167 
Shinhan Financial Group Co. Ltd., ADR1,718 45,888 
Shinsegae International, Inc.94 1,949 
Shinsegae, Inc.61 10,110 
SK Bioscience Co. Ltd.(1)
19 1,591 
SK Chemicals Co. Ltd.56 4,060 
SK Hynix, Inc.1,363 95,830 
SK IE Technology Co. Ltd.(1)
23 1,415 
SK Networks Co. Ltd.1,417 4,791 
SK Securities Co. Ltd.2,515 1,410 
SK Telecom Co. Ltd., ADR199 4,249 
SKC Co. Ltd.27 2,426 
SL Corp.80 2,281 
SM Entertainment Co. Ltd.51 2,617 
Soulbrain Holdings Co. Ltd.84 
STIC Investments, Inc.42 234 
Studio Dragon Corp.(1)
30 1,689 
Sung Kwang Bend Co. Ltd.108 1,315 
Taewoong Co. Ltd.(1)
36 367 
Taihan Electric Wire Co. Ltd.(1)
697 968 
TES Co. Ltd.133 1,962 
TK Corp.105 1,514 
41


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Value Added Technology Co. Ltd.33 $823 
Vidente Co. Ltd.(1)
70 453 
Webzen, Inc.(1)
48 661 
Wemade Co. Ltd.41 1,877 
WONIK IPS Co. Ltd.79 1,635 
Wonik QnC Corp.106 2,149 
Woongjin Thinkbig Co. Ltd.476 912 
Woori Financial Group, Inc.2,664 24,098 
Woori Investment Bank Co. Ltd.3,924 2,582 
Woori Technology Investment Co. Ltd.(1)
501 2,175 
YG Entertainment, Inc.26 1,168 
Youngone Corp.91 3,013 
Youngone Holdings Co. Ltd.62 2,443 
Yuhan Corp.65 2,749 
Zinus, Inc.23 742 
1,744,734 
Taiwan — 17.1%
Accton Technology Corp.1,000 9,209 
Acer, Inc.15,000 10,773 
ACES Electronic Co. Ltd.1,000 1,217 
Acter Group Corp. Ltd.1,000 6,949 
Advanced International Multitech Co. Ltd.1,000 3,318 
Advantech Co. Ltd.1,000 10,668 
AGV Products Corp.2,000 652 
Alltek Technology Corp.1,080 1,335 
Amazing Microelectronic Corp.1,000 3,574 
AmTRAN Technology Co. Ltd.4,000 1,670 
Apacer Technology, Inc.1,000 1,325 
Apex International Co. Ltd.1,000 2,014 
Ardentec Corp.3,000 4,479 
ASE Technology Holding Co. Ltd., ADR4,897 28,207 
Asia Optical Co., Inc.1,000 2,146 
Asia Pacific Telecom Co. Ltd.(1)
10,000 2,297 
Asia Polymer Corp.3,000 2,689 
Asia Vital Components Co. Ltd.2,000 7,045 
Asustek Computer, Inc.1,000 8,321 
AUO Corp.35,000 19,111 
AURAS Technology Co. Ltd.1,000 5,044 
Avermedia Technologies1,000 792 
Bank of Kaohsiung Co. Ltd.2,060 939 
Basso Industry Corp.1,000 1,387 
BenQ Materials Corp.1,000 1,039 
BenQ Medical Technology Corp.1,000 2,502 
Capital Securities Corp.12,000 4,685 
Career Technology MFG. Co. Ltd.(1)
2,000 1,725 
Catcher Technology Co. Ltd.(1)
3,000 18,185 
Cathay Financial Holding Co. Ltd.20,000 29,097 
Central Reinsurance Co. Ltd.1,000 699 
Chailease Holding Co. Ltd.1,050 6,742 
Chang Hwa Commercial Bank Ltd.16,160 9,334 
Chang Wah Electromaterials, Inc.3,000 3,409 
42


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Charoen Pokphand Enterprise1,100 $2,906 
CHC Healthcare Group1,000 1,523 
Cheng Loong Corp.5,000 4,632 
Cheng Mei Materials Technology Corp.(1)
4,000 1,410 
Cheng Shin Rubber Industry Co. Ltd.7,000 8,109 
Cheng Uei Precision Industry Co. Ltd.2,000 2,439 
Chicony Electronics Co. Ltd.1,000 2,670 
Chin-Poon Industrial Co. Ltd.2,000 2,038 
China Bills Finance Corp.1,000 533 
China Chemical & Pharmaceutical Co. Ltd.2,000 1,499 
China Container Terminal Corp.1,000 829 
China General Plastics Corp.2,000 1,546 
China Man-Made Fiber Corp.4,000 1,074 
China Motor Corp.2,000 3,043 
China Wire & Cable Co. Ltd.1,000 864 
Chinese Maritime Transport Ltd.1,000 1,264 
Chipbond Technology Corp.4,000 7,466 
ChipMOS Technologies, Inc.4,000 4,661 
Chroma ATE, Inc.2,000 12,273 
Chung-Hsin Electric & Machinery Manufacturing Corp.4,000 8,644 
Chunghwa Telecom Co. Ltd., ADR441 17,516 
Clevo Co.1,000 1,131 
CMC Magnetics Corp.(1)
3,000 787 
Co-Tech Development Corp.1,000 1,401 
Collins Co. Ltd.1,000 596 
Compal Electronics, Inc.19,000 14,147 
Compeq Manufacturing Co. Ltd.7,000 12,004 
Concord Securities Co. Ltd.2,000 713 
Continental Holdings Corp.3,000 2,939 
Coretronic Corp.1,000 2,051 
CSBC Corp. Taiwan(1)
1,000 600 
CTBC Financial Holding Co. Ltd.45,000 34,468 
CTCI Corp.4,000 5,900 
DA CIN Construction Co. Ltd.1,000 1,009 
Darfon Electronics Corp.1,000 1,349 
Darwin Precisions Corp.(1)
1,000 336 
Delta Electronics, Inc.1,000 8,562 
Depo Auto Parts Ind Co. Ltd.1,000 2,713 
Dimerco Express Corp.1,000 2,634 
Dynamic Holding Co. Ltd.3,000 1,986 
E Ink Holdings, Inc.1,000 7,776 
E.Sun Financial Holding Co. Ltd.11,741 10,818 
Elan Microelectronics Corp.2,000 6,325 
Elite Material Co. Ltd.1,000 5,264 
Elitegroup Computer Systems Co. Ltd.1,000 856 
Emerging Display Technologies Corp.1,000 751 
Eternal Materials Co. Ltd.1,000 1,109 
Etron Technology, Inc.(1)
1,000 1,706 
Eva Airways Corp.12,000 13,132 
Evergreen International Storage & Transport Corp.2,000 1,943 
Evergreen Marine Corp. Taiwan Ltd.7,000 20,060 
43


Avantis Responsible Emerging Markets Equity ETF
SharesValue
EVERGREEN Steel Corp.1,000 $2,011 
Everlight Electronics Co. Ltd.3,000 3,854 
Excelliance Mos Corp.1,000 4,212 
Excelsior Medical Co. Ltd.1,050 2,334 
Far Eastern International Bank13,000 5,232 
Far Eastern New Century Corp.15,000 16,073 
Far EasTone Telecommunications Co. Ltd.8,000 19,620 
Farglory F T Z Investment Holding Co. Ltd.1,000 1,710 
Farglory Land Development Co. Ltd.2,000 4,181 
Feng TAY Enterprise Co. Ltd.1,000 5,610 
First Financial Holding Co. Ltd.20,400 17,699 
First Steamship Co. Ltd.(1)
6,000 1,886 
Fitipower Integrated Technology, Inc.1,000 4,133 
FLEXium Interconnect, Inc.(1)
2,000 6,111 
Flytech Technology Co. Ltd.1,000 2,787 
FocalTech Systems Co. Ltd.1,000 2,498 
Formosa Laboratories, Inc.1,000 1,959 
Formosan Union Chemical1,000 809 
Foxconn Technology Co. Ltd.5,000 8,267 
Franbo Lines Corp.1,000 645 
Fubon Financial Holding Co. Ltd.17,000 31,876 
Fulltech Fiber Glass Corp.1,029 484 
Gamania Digital Entertainment Co. Ltd.1,000 1,985 
Gemtek Technology Corp.2,000 2,070 
General Interface Solution Holding Ltd.2,000 5,257 
Getac Holdings Corp.1,000 1,556 
Gigabyte Technology Co. Ltd.1,000 2,789 
Global Brands Manufacture Ltd.2,000 1,898 
Globalwafers Co. Ltd.1,000 15,821 
Gloria Material Technology Corp.1,000 929 
Gold Circuit Electronics Ltd.2,000 5,439 
Goldsun Building Materials Co. Ltd.4,000 3,317 
Gordon Auto Body Parts1,000 923 
Gourmet Master Co. Ltd.1,000 3,316 
Grand Fortune Securities Co. Ltd.1,000 519 
Grand Pacific Petrochemical6,000 3,685 
Grape King Bio Ltd.1,000 4,883 
Great Wall Enterprise Co. Ltd.1,050 1,694 
Greatek Electronics, Inc.2,000 3,878 
GTM Holdings Corp.1,000 825 
Hai Kwang Enterprise Corp.1,000 726 
Hannstar Board Corp.2,000 2,138 
HannStar Display Corp.10,000 3,888 
HannsTouch Solution, Inc.1,000 357 
Highwealth Construction Corp.1,000 1,586 
Hiroca Holdings Ltd.1,000 1,826 
Hiwin Technologies Corp.1,030 6,952 
Ho Tung Chemical Corp.4,000 1,225 
Holtek Semiconductor, Inc.1,000 2,416 
Holy Stone Enterprise Co. Ltd.1,000 2,919 
Hon Hai Precision Industry Co. Ltd.33,000 117,506 
44


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Hong TAI Electric Industrial1,000 $554 
Horizon Securities Co. Ltd.1,060 394 
Hotai Finance Co. Ltd.1,000 3,429 
HTC Corp.(1)
1,000 2,017 
Hua Nan Financial Holdings Co. Ltd.17,578 13,342 
Huang Hsiang Construction Corp.1,000 1,504 
Hung Sheng Construction Ltd.4,000 3,389 
Ibase Technology, Inc.1,000 2,557 
IBF Financial Holdings Co. Ltd.13,650 5,975 
IEI Integration Corp.1,000 2,453 
Innolux Corp.52,000 20,482 
Inpaq Technology Co. Ltd.1,000 1,751 
Integrated Service Technology, Inc.(1)
1,000 2,207 
International CSRC Investment Holdings Co.6,000 4,088 
Inventec Corp.3,000 2,271 
ITE Technology, Inc.1,000 2,286 
Jarllytec Co. Ltd.1,000 2,203 
Kaimei Electronic Corp.1,000 1,896 
Kaori Heat Treatment Co. Ltd.1,000 3,719 
Kenda Rubber Industrial Co. Ltd.1,000 1,141 
Kenmec Mechanical Engineering Co. Ltd.(1)
2,000 2,179 
Kerry TJ Logistics Co. Ltd.1,000 1,342 
Kindom Development Co. Ltd.3,000 2,777 
King Yuan Electronics Co. Ltd.7,000 8,527 
King's Town Bank Co. Ltd.5,000 5,768 
Kinik Co.1,000 5,157 
Kinpo Electronics2,000 880 
Kinsus Interconnect Technology Corp.1,000 3,972 
KNH Enterprise Co. Ltd.1,000 622 
L&K Engineering Co. Ltd.2,000 2,124 
LandMark Optoelectronics Corp.1,000 5,776 
Lealea Enterprise Co. Ltd.3,000 1,127 
Lien Hwa Industrial Holdings Corp.1,050 1,958 
Lingsen Precision Industries Ltd.3,000 1,559 
Lite-On Technology Corp.2,000 4,304 
Longchen Paper & Packaging Co. Ltd.4,000 2,161 
Lung Yen Life Service Corp.1,000 1,370 
Macronix International Co. Ltd.11,000 11,807 
Marketech International Corp.1,000 4,038 
Materials Analysis Technology, Inc.1,000 4,039 
MediaTek, Inc.1,000 21,637 
Mega Financial Holding Co. Ltd.9,225 10,820 
Mercuries Life Insurance Co. Ltd.(1)
9,000 2,099 
Micro-Star International Co. Ltd.2,000 7,487 
Mitac Holdings Corp.5,000 4,597 
Mosel Vitelic, Inc.1,000 1,339 
MPI Corp.1,000 3,166 
Nan Ya Printed Circuit Board Corp.1,000 8,724 
Nantex Industry Co. Ltd.1,000 1,397 
Nanya Technology Corp.6,000 10,421 
Nien Made Enterprise Co. Ltd.1,000 9,235 
45


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Novatek Microelectronics Corp.2,000 $17,111 
Nuvoton Technology Corp.1,000 4,059 
O-Bank Co. Ltd.9,000 2,554 
Orient Semiconductor Electronics Ltd.3,000 1,815 
Oriental Union Chemical Corp.3,000 1,794 
Pan Jit International, Inc.2,000 4,532 
Pegatron Corp.9,000 18,718 
Phoenix Silicon International Corp.1,060 2,415 
Pixart Imaging, Inc.1,000 3,083 
Pou Chen Corp.10,000 9,473 
Powerchip Semiconductor Manufacturing Corp.11,000 12,335 
Powertech Technology, Inc.5,000 13,952 
President Chain Store Corp.2,000 17,575 
President Securities Corp.3,000 1,644 
Primax Electronics Ltd.1,000 2,188 
Prince Housing & Development Corp.1,000 392 
Promate Electronic Co. Ltd.1,000 1,280 
Qisda Corp.2,000 1,915 
Quanta Computer, Inc.4,000 10,370 
Quanta Storage, Inc.1,000 1,447 
Radiant Opto-Electronics Corp.3,000 9,858 
Raydium Semiconductor Corp.1,000 8,998 
Realtek Semiconductor Corp.2,000 22,473 
Rexon Industrial Corp. Ltd.1,000 1,121 
Ritek Corp.(1)
1,000 278 
Roo Hsing Co. Ltd.(1)
1,000 96 
Ruentex Development Co. Ltd.2,000 4,124 
Ruentex Industries Ltd.1,000 2,130 
Sanyang Motor Co. Ltd.4,000 4,762 
Sesoda Corp.2,000 3,146 
Shanghai Commercial & Savings Bank Ltd.14,000 22,788 
Sheng Yu Steel Co. Ltd.1,000 839 
Shih Wei Navigation Co. Ltd.2,000 1,838 
Shin Foong Specialty & Applied Materials Co. Ltd.1,000 2,285 
Shin Kong Financial Holding Co. Ltd.58,000 16,662 
Shin Zu Shing Co. Ltd.1,000 2,880 
Shinkong Insurance Co. Ltd.2,000 3,785 
Shinkong Synthetic Fibers Corp.6,000 3,553 
Sigurd Microelectronics Corp.2,000 3,335 
Silicon Integrated Systems Corp.4,400 2,885 
Simplo Technology Co. Ltd.1,000 9,436 
Sincere Navigation Corp.1,000 698 
Sinkang Industries Co. Ltd.1,000 644 
Sino-American Silicon Products, Inc.2,000 10,904 
Sinon Corp.2,000 2,967 
SinoPac Financial Holdings Co. Ltd.41,410 23,476 
Sitronix Technology Corp.1,000 6,183 
Siward Crystal Technology Co. Ltd.1,000 1,351 
Solar Applied Materials Technology Corp.1,000 1,266 
Sonix Technology Co. Ltd.1,000 1,938 
Sporton International, Inc.1,000 7,528 
46


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Sports Gear Co. Ltd.1,000 $2,795 
St Shine Optical Co. Ltd.1,000 8,778 
Standard Foods Corp.1,000 1,346 
Stark Technology, Inc.1,000 2,766 
Symtek Automation Asia Co. Ltd.1,000 2,962 
Synnex Technology International Corp.1,000 1,823 
T3EX Global Holdings Corp.1,000 2,563 
TAI Roun Products Co. Ltd.1,000 521 
Tai-Saw Technology Co. Ltd.1,000 1,169 
Taichung Commercial Bank Co. Ltd.17,650 7,881 
Taigen Biopharmaceuticals Holdings Ltd.(1)
2,000 1,240 
Tainan Spinning Co. Ltd.1,000 616 
Taishin Financial Holding Co. Ltd.41,980 20,836 
Taita Chemical Co. Ltd.1,050 775 
Taiwan Business Bank34,221 14,343 
Taiwan Cement Corp.7,399 9,525 
Taiwan Cogeneration Corp.1,000 1,219 
Taiwan Cooperative Financial Holding Co. Ltd.18,540 16,743 
Taiwan Glass Industry Corp.6,000 3,443 
Taiwan High Speed Rail Corp.7,000 6,692 
Taiwan Hon Chuan Enterprise Co. Ltd.2,000 4,904 
Taiwan Mobile Co. Ltd.1,000 3,269 
Taiwan Navigation Co. Ltd.2,000 1,770 
Taiwan Paiho Ltd.2,000 4,152 
Taiwan PCB Techvest Co. Ltd.2,000 2,511 
Taiwan Secom Co. Ltd.1,000 3,358 
Taiwan Semiconductor Co. Ltd.1,000 3,107 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR4,858 404,914 
Taiwan Styrene Monomer1,000 480 
Taiwan Surface Mounting Technology Corp.2,000 6,665 
Taiwan TEA Corp.(1)
1,000 652 
Taiwan-Asia Semiconductor Corp.1,000 1,276 
Tatung Co. Ltd.(1)
4,000 4,511 
Teco Electric and Machinery Co. Ltd.9,000 8,706 
Tex-Ray Industrial Co. Ltd.1,000 390 
Thye Ming Industrial Co. Ltd.1,000 1,410 
Ton Yi Industrial Corp.7,000 4,644 
Tong Yang Industry Co. Ltd.3,000 5,348 
Topco Scientific Co. Ltd.1,000 5,341 
TPK Holding Co. Ltd.2,000 2,370 
Transcend Information, Inc.1,000 2,167 
Tripod Technology Corp.1,000 3,283 
TSRC Corp.4,000 3,681 
TTY Biopharm Co. Ltd.1,000 2,489 
Tung Ho Steel Enterprise Corp.3,000 5,304 
TXC Corp.2,000 5,661 
TYC Brother Industrial Co. Ltd.1,000 1,000 
Tycoons Group Enterprise(1)
1,000 285 
Tyntek Corp.1,000 610 
TZE Shin International Co. Ltd.1,100 604 
Uni-President Enterprises Corp.11,000 23,772 
47


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Unimicron Technology Corp.5,000 $24,499 
Union Bank of Taiwan13,796 7,438 
Unitech Printed Circuit Board Corp.(1)
1,000 756 
United Microelectronics Corp.(1)
30,000 39,914 
United Renewable Energy Co. Ltd.(1)
3,000 2,259 
Unizyx Holding Corp.1,000 911 
UPC Technology Corp.4,000 1,836 
USI Corp.5,000 3,877 
Utechzone Co. Ltd.1,000 3,005 
Vanguard International Semiconductor Corp.2,000 4,835 
Wafer Works Corp.1,000 1,697 
Walsin Lihwa Corp.6,419 8,290 
Walsin Technology Corp.1,000 3,022 
Walton Advanced Engineering, Inc.1,000 439 
Wan Hai Lines Ltd.2,150 6,060 
We & Win Development Co. Ltd.1,000 265 
WEI Chih Steel Industrial Co. Ltd.1,000 868 
Wei Chuan Foods Corp.2,000 1,333 
Weikeng Industrial Co. Ltd.1,000 881 
Win Semiconductors Corp.1,000 5,808 
Winbond Electronics Corp.14,000 10,087 
Winstek Semiconductor Co. Ltd.1,000 1,619 
Wisdom Marine Lines Co. Ltd.3,000 5,653 
Wistron Corp.13,000 11,786 
Wowprime Corp.(1)
1,000 4,083 
WPG Holdings Ltd.2,000 3,363 
WT Microelectronics Co. Ltd.2,000 4,218 
XinTec, Inc.1,000 4,281 
Yageo Corp.1,000 10,695 
Yang Ming Marine Transport Corp.7,000 17,932 
Yem Chio Co. Ltd.2,000 926 
Yeong Guan Energy Technology Group Co. Ltd.1,000 1,825 
YFY, Inc.7,000 5,663 
Youngtek Electronics Corp.1,000 2,132 
Yuanta Financial Holding Co. Ltd.33,990 22,562 
Yulon Finance Corp.1,253 6,625 
Yulon Motor Co. Ltd.4,000 5,389 
Zhen Ding Technology Holding Ltd.2,000 7,422 
2,224,767 
Thailand — 2.5%
AAPICO Hitech PCL, NVDR1,300 899 
Advanced Info Service PCL, NVDR2,200 11,574 
Advanced Information Technology PCL, NVDR5,900 1,002 
AEON Thana Sinsap Thailand PCL, NVDR800 3,629 
Airports of Thailand PCL, NVDR(1)
3,400 6,775 
AJ Plast PCL, NVDR400 163 
Amanah Leasing PCL, NVDR3,900 472 
Amata Corp. PCL, NVDR5,300 3,035 
AP Thailand PCL, NVDR22,200 6,079 
Aqua Corp. PCL, NVDR(1)
8,600 142 
Asia Plus Group Holdings PCL, NVDR4,400 371 
48


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Asian Sea Corp. PCL, NVDR2,300 $1,122 
Asset World Corp. PCL, NVDR18,600 2,849 
Bangkok Airways PCL, NVDR(1)
800 232 
Bangkok Chain Hospital PCL, NVDR11,200 5,733 
Bangkok Dusit Medical Services PCL, NVDR18,400 14,747 
Bangkok Life Assurance PCL, NVDR3,100 3,015 
BCPG PCL, NVDR11,600 3,431 
BEC World PCL, NVDR7,700 2,952 
Berli Jucker PCL, NVDR1,400 1,287 
Better World Green PCL, NVDR(1)
40,500 908 
BTS Group Holdings PCL, NVDR8,800 2,026 
Bumrungrad Hospital PCL, NVDR2,200 13,027 
Carabao Group PCL, NVDR1,000 2,767 
Central Pattana PCL, NVDR5,500 10,430 
Central Plaza Hotel PCL, NVDR(1)
1,100 1,287 
Central Retail Corp. PCL, NVDR4,700 5,210 
CH Karnchang PCL, NVDR1,400 806 
Charoen Pokphand Foods PCL, NVDR10,800 7,695 
Chularat Hospital PCL, NVDR46,900 4,706 
Com7 PCL, NVDR1,200 1,131 
Country Group Holdings PCL, NVDR(1)
11,700 237 
CP ALL PCL, NVDR6,200 10,450 
Delta Electronics Thailand PCL, NVDR300 4,299 
Dhipaya Group Holdings PCL, NVDR1,700 2,902 
Ditto Thailand PCL, NVDR900 1,425 
Dohome PCL, NVDR400 167 
Dynasty Ceramic PCL, NVDR29,300 2,169 
Eastern Polymer Group PCL, NVDR3,800 1,000 
Eastern Water Resources Development and Management PCL, NVDR500 88 
Ekachai Medical Care PCL, NVDR1,560 321 
Energy Absolute PCL, NVDR2,500 5,837 
Forth Corp. PCL, NVDR600 952 
G J Steel PCL, NVDR(1)
85,800 917 
GFPT PCL, NVDR3,500 1,610 
Gunkul Engineering PCL, NVDR14,500 1,977 
Hana Microelectronics PCL, NVDR2,800 3,269 
Home Product Center PCL, NVDR19,500 7,428 
Humanica PCL, NVDR600 207 
Indorama Ventures PCL, NVDR6,300 7,461 
Interlink Communication PCL, NVDR2,600 598 
Intouch Holdings PCL, NVDR1,700 3,386 
IT City PCL (NVDR), NVDR1,300 222 
Italian-Thai Development PCL, NVDR(1)
34,400 1,809 
Jasmine International PCL, NVDR(1)
27,400 1,920 
Jay Mart PCL, NVDR700 996 
JMT Network Services PCL, NVDR1,500 3,205 
JWD Infologistics PCL, NVDR3,000 1,404 
Karmarts PCL, NVDR6,300 793 
KCE Electronics PCL, NVDR3,000 4,446 
KGI Securities Thailand PCL, NVDR7,600 1,037 
49


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Kiatnakin Phatra Bank PCL, NVDR1,800 $3,573 
Krung Thai Bank PCL, NVDR13,500 6,242 
Krungthai Card PCL, NVDR3,500 5,771 
Land & Houses PCL, NVDR43,200 10,539 
Lanna Resources PCL, NVDR3,600 2,359 
LPN Development PCL, NVDR1,700 211 
Master Ad PCL, NVDR(1)
10,500 161 
MBK PCL, NVDR(1)
7,100 3,168 
MCS Steel PCL, NVDR3,700 1,044 
Mega Lifesciences PCL, NVDR2,500 3,371 
MFEC PCL, NVDR800 205 
Minor International PCL, NVDR(1)
3,200 2,866 
MK Restaurants Group PCL, NVDR1,800 2,908 
Mono Next PCL, NVDR(1)
9,000 381 
Muangthai Capital PCL, NVDR2,000 2,327 
Nusasiri PCL, NVDR(1)
5,800 162 
Origin Property PCL, NVDR4,900 1,381 
Osotspa PCL, NVDR7,500 6,421 
Plan B Media PCL, NVDR(1)
14,600 2,638 
Polyplex Thailand PCL, NVDR700 439 
POSCO-Thainox PCL, NVDR5,200 169 
Praram 9 Hospital PCL, NVDR7,000 3,415 
Property Perfect PCL, NVDR11,340 127 
Pruksa Holding PCL, NVDR1,300 459 
Quality Houses PCL, NVDR59,700 3,534 
Rajthanee Hospital PCL, NVDR2,100 2,073 
Ratchthani Leasing PCL, NVDR14,500 1,890 
Regional Container Lines PCL, NVDR4,100 3,647 
RS PCL, NVDR1,600 675 
S Hotels & Resorts PCL, NVDR(1)
8,800 983 
S Kijchai Enterprise PCL, R Shares, NVDR4,000 618 
Sabina PCL, NVDR1,300 944 
Sansiri PCL, NVDR63,300 1,907 
Sappe PCL, NVDR1,000 1,219 
SC Asset Corp. PCL, NVDR2,100 202 
SCB X PCL, NVDR500 1,511 
Sena Development PCL, NVDR800 87 
Sermsang Power Corp. Co. Ltd., NVDR2,770 728 
Siam Global House PCL, NVDR5,900 3,171 
SISB PCL, NVDR2,300 895 
SNC Former PCL, NVDR2,000 931 
Somboon Advance Technology PCL, NVDR2,400 1,282 
Sri Trang Agro-Industry PCL, NVDR5,200 3,218 
Srisawad Corp. PCL, NVDR2,500 3,334 
STARK Corp. PCL, NVDR(1)
800 92 
STP & I PCL, NVDR(1)
2,700 268 
Supalai PCL, NVDR10,500 5,612 
Super Energy Corp. PCL, NVDR54,700 1,140 
Tata Steel Thailand PCL, NVDR2,300 64 
Thai Union Group PCL, NVDR7,100 3,405 
Thai Vegetable Oil PCL, NVDR3,740 3,130 
50


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Thai Wah PCL, NVDR6,300 $974 
Thaicom PCL, NVDR600 171 
Thaire Life Assurance PCL, NVDR800 104 
Thanachart Capital PCL, NVDR1,900 2,107 
Thonburi Healthcare Group PCL, NVDR2,800 5,237 
Thoresen Thai Agencies PCL, NVDR15,300 3,477 
Tipco Asphalt PCL, NVDR7,000 3,204 
Tisco Financial Group PCL, NVDR1,300 3,340 
TKS Technologies PCL, NVDR1,000 293 
TOA Paint Thailand PCL, NVDR400 337 
TQM Alpha PCL, NVDR1,500 1,758 
Triple i Logistics PCL, NVDR2,200 790 
TTW PCL, NVDR3,200 922 
U City PCL, NVDR(1)
26,300 972 
VGI PCL, NVDR4,500 540 
WHA Corp. PCL, NVDR31,600 3,029 
Workpoint Entertainment PCL, NVDR200 106 
326,292 
Turkey — 0.6%
AG Anadolu Grubu Holding AS45 183 
Akbank TAS10,689 6,865 
Aksigorta AS(1)
1,013 208 
Albaraka Turk Katilim Bankasi AS(1)
4,421 596 
Alkim Alkali Kimya AS221 348 
Anadolu Anonim Turk Sigorta Sirketi(1)
847 377 
Anadolu Efes Biracilik Ve Malt Sanayii AS836 1,889 
Aselsan Elektronik Sanayi Ve Ticaret AS632 904 
Aygaz AS55 138 
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS674 636 
Baticim Bati Anadolu Cimento Sanayii AS(1)
212 377 
BIM Birlesik Magazalar AS893 5,358 
Bogazici Beton Sanayi Ve Ticaret AS359 119 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS171 347 
Bursa Cimento Fabrikasi AS(1)
1,946 363 
Coca-Cola Icecek AS136 1,193 
Dogus Otomotiv Servis ve Ticaret AS206 1,130 
EGE Gubre Sanayii AS17 261 
EGE Seramik Sanayi ve Ticaret AS167 303 
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS940 714 
Enerjisa Enerji AS826 775 
Esenboga Elektrik Uretim AS168 384 
Europap Tezol Kagit Sanayi VE Ticaret AS314 188 
Fenerbahce Futbol AS(1)
50 164 
Galata Wind Enerji AS977 783 
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(1)
203 748 
Goodyear Lastikleri TAS(1)
530 316 
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1)
678 352 
GSD Holding AS2,660 638 
Hektas Ticaret TAS(1)
371 836 
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS171 87 
51


Avantis Responsible Emerging Markets Equity ETF
SharesValue
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
606 $596 
Is Finansal Kiralama AS(1)
1,844 832 
Is Yatirim Menkul Degerler AS159 248 
Izmir Demir Celik Sanayi AS(1)
1,060 154 
Jantsa Jant Sanayi Ve Ticaret AS72 310 
Karsan Otomotiv Sanayii Ve Ticaret AS(1)
741 329 
Kartonsan Karton Sanayi ve Ticaret AS106 418 
Konya Kagit Sanayi VE Ticaret AS261 430 
Kordsa Teknik Tekstil AS125 392 
Logo Yazilim Sanayi Ve Ticaret AS116 303 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares454 1,745 
Migros Ticaret AS(1)
468 2,100 
MLP Saglik Hizmetleri AS(1)
334 742 
Naturel Yenilenebilir Enerji Ticaret AS111 476 
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)
3,682 912 
Otokar Otomotiv Ve Savunma Sanayi AS31 813 
Parsan Makina Parcalari Sanayii AS(1)
51 112 
Penta Teknoloji Urunleri Dagitim Ticaret AS29 598 
Petkim Petrokimya Holding AS(1)
2,393 1,900 
Polisan Holding AS1,677 618 
Qua Granite Hayal(1)
438 743 
Sekerbank Turk AS(1)
4,749 975 
Sok Marketler Ticaret AS(1)
880 815 
TAV Havalimanlari Holding AS(1)
441 1,505 
Tekfen Holding AS736 1,204 
Tofas Turk Otomobil Fabrikasi AS325 1,568 
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS(1)
500 151 
Turcas Petrol AS(1)
576 408 
Turk Traktor ve Ziraat Makineleri AS34 456 
Turkcell Iletisim Hizmetleri AS, ADR744 2,210 
Turkiye Halk Bankasi AS(1)
4,765 2,245 
Turkiye Is Bankasi AS, C Shares10,505 4,550 
Turkiye Sinai Kalkinma Bankasi AS(1)
9,726 2,626 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
5,283 2,118 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS1,513 1,714 
Vestel Beyaz Esya Sanayi ve Ticaret AS849 439 
Vestel Elektronik Sanayi ve Ticaret AS626 1,024 
Yapi ve Kredi Bankasi AS11,445 4,422 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS475 421 
Zorlu Enerji Elektrik Uretim AS(1)
2,704 434 
71,636 
TOTAL COMMON STOCKS
(Cost $13,795,192)
13,000,025 
WARRANTS
Malaysia
Eco World Development Group Bhd(1)
360 
Thailand
Maco Pharma(1)
2,625 
TOTAL WARRANTS
(Cost $—)
8 
52


Avantis Responsible Emerging Markets Equity ETF
SharesValue
RIGHTS
Brazil
AES Brasil Energia SA(1)
142 $
Infracommerce CXAAS SA(1)
28 
TOTAL RIGHTS
(Cost $—)
5 
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $8,563)
8,563 8,563 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $13,803,755)
13,008,601 
OTHER ASSETS AND LIABILITIES
5,487 
TOTAL NET ASSETS — 100.0%
$13,014,088 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials24.6%
Information Technology19.7%
Consumer Discretionary15.5%
Industrials10.1%
Communication Services8.3%
Consumer Staples7.2%
Materials5.2%
Health Care4.6%
Real Estate3.0%
Utilities1.7%
Energy—*
Short-Term Investments0.1%
Other Assets and Liabilities—*
*Category is less than 0.05% of total net assets.

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


See Notes to Financial Statements.
53


AUGUST 31, 2022
Avantis Responsible International Equity ETF
SharesValue
COMMON STOCKS — 99.6%


Australia — 7.5%
29Metals Ltd.(1)
1,583 $2,144 
88 Energy Ltd.(1)
14,791 89 
Accent Group Ltd.1,891 1,923 
Adairs Ltd.689 1,062 
Aeris Resources Ltd.(1)
2,630 771 
ALS Ltd.960 7,725 
Altium Ltd.178 4,390 
AMP Ltd.(1)
16,829 13,264 
Ansell Ltd.107 1,935 
Appen Ltd.100 251 
Arafura Resources Ltd.(1)
5,367 1,146 
ARB Corp. Ltd.158 3,233 
Ardent Leisure Group Ltd.1,690 707 
ASX Ltd.907 48,282 
Atlas Arteria Ltd.2,607 14,183 
Atlassian Corp. PLC, Class A(1)
123 30,462 
AUB Group Ltd.160 2,393 
Aurizon Holdings Ltd.14,297 36,159 
Australia & New Zealand Banking Group Ltd.6,847 105,845 
Australian Clinical Labs Ltd.713 2,144 
Australian Ethical Investment Ltd.301 1,319 
Australian Finance Group Ltd.1,752 2,279 
Baby Bunting Group Ltd.724 2,150 
Bank of Queensland Ltd.3,807 18,165 
Bapcor Ltd.475 2,153 
Bega Cheese Ltd.2,798 7,596 
Bendigo & Adelaide Bank Ltd.3,259 20,005 
Berkeley Energia Ltd.(1)
1,767 406 
Boral Ltd.2,367 4,733 
Brambles Ltd.6,533 54,983 
Bravura Solutions Ltd.1,839 1,973 
Brickworks Ltd.453 6,271 
carsales.com Ltd.358 5,458 
Cedar Woods Properties Ltd.367 1,136 
Challenger Ltd.5,107 22,017 
Cleanaway Waste Management Ltd.3,254 6,180 
Clinuvel Pharmaceuticals Ltd.51 696 
Cochlear Ltd.57 8,298 
Codan Ltd.330 1,622 
Coles Group Ltd.4,944 59,176 
Collins Foods Ltd.103 686 
Commonwealth Bank of Australia2,584 170,756 
Computershare Ltd.913 15,227 
Credit Corp. Group Ltd.432 5,952 
CSL Ltd.521 104,209 
CSR Ltd.2,722 8,351 
Dacian Gold Ltd.(1)
1,905 129 
Data#3 Ltd.910 3,796 
54


Avantis Responsible International Equity ETF
SharesValue
DDH1 Ltd.1,950 $1,128 
Deterra Royalties Ltd.2,083 5,884 
Domino's Pizza Enterprises Ltd.123 5,302 
Eagers Automotive Ltd.677 6,094 
Eclipx Group Ltd.(1)
2,678 4,336 
Emeco Holdings Ltd.2,908 1,806 
Endeavour Group Ltd.5,165 25,561 
EVENT Hospitality and Entertainment Ltd.(1)
249 2,501 
Evolution Mining Ltd.13,520 21,727 
Fenix Resources Ltd.6,582 1,600 
Firefinch Ltd.(1)
1,565 214 
Fortescue Metals Group Ltd.6,250 77,672 
G8 Education Ltd.1,090 753 
Genworth Mortgage Insurance Australia Ltd.5,303 10,203 
Grange Resources Ltd.7,522 4,447 
GUD Holdings Ltd.213 1,197 
GWA Group Ltd.1,093 1,494 
Hansen Technologies Ltd.827 2,761 
Harvey Norman Holdings Ltd.4,567 13,114 
Hastings Technology Metals Ltd.(1)
130 479 
Healius Ltd.847 2,141 
Humm Group Ltd.3,182 1,159 
IDP Education Ltd.(2)
243 4,784 
IGO Ltd.2,217 19,841 
Imdex Ltd.1,781 2,418 
Infomedia Ltd.3,147 3,082 
Insignia Financial Ltd.509 1,197 
Insurance Australia Group Ltd.2,258 7,135 
Integral Diagnostics Ltd.311 627 
InvoCare Ltd.249 1,869 
IPH Ltd.488 3,163 
IRESS Ltd.300 2,294 
James Hardie Industries PLC926 20,988 
JB Hi-Fi Ltd.(2)
684 18,865 
Jervois Global Ltd.(1)
2,263 818 
Judo Capital Holdings Ltd.(1)
1,330 1,085 
Kelsian Group Ltd.(2)
568 2,091 
Lendlease Corp. Ltd.2,610 18,188 
Lifestyle Communities Ltd.642 7,525 
Link Administration Holdings Ltd.509 1,492 
Lovisa Holdings Ltd.318 4,961 
Macquarie Group Ltd.317 37,930 
Magellan Financial Group Ltd.(2)
695 6,101 
McMillan Shakespeare Ltd.328 3,196 
Medibank Pvt Ltd.12,687 31,958 
Melbana Energy Ltd(1)
12,084 617 
Mesoblast Ltd.(1)
3,114 1,811 
Mineral Resources Ltd.698 29,740 
Monash IVF Group Ltd.889 633 
Money3 Corp. Ltd.612 955 
Myer Holdings Ltd.7,479 2,565 
55


Avantis Responsible International Equity ETF
SharesValue
National Australia Bank Ltd.6,334 $131,343 
Nearmap Ltd.(1)
2,953 4,154 
Neometals Ltd.(1)
641 594 
Netwealth Group Ltd.429 3,808 
Newcrest Mining Ltd. (Sydney)1,607 19,319 
nib holdings Ltd.3,042 16,934 
Nick Scali Ltd.233 1,740 
Nine Entertainment Co. Holdings Ltd.5,567 8,263 
Nuix Ltd.(1)
1,217 560 
OFX Group Ltd.(1)
1,974 3,551 
Omni Bridgeway Ltd.(1)
2,245 6,948 
oOh!media Ltd.2,431 2,274 
Orica Ltd.2,605 27,249 
Orora Ltd.3,257 7,336 
OZ Minerals Ltd.1,957 33,727 
Pact Group Holdings Ltd.229 237 
Panoramic Resources Ltd.(1)
2,171 322 
Pantoro Ltd.(1)
579 75 
Pendal Group Ltd.2,452 8,609 
Pepper Money Ltd.879 935 
Perpetual Ltd.(2)
208 3,869 
PEXA Group Ltd.(1)
121 1,186 
Platinum Asset Management Ltd.1,603 1,934 
Praemium Ltd.(2)
2,581 1,150 
Premier Investments Ltd.451 6,485 
Pro Medicus Ltd.62 2,279 
PT Goulamina Holdings Pty Ltd.(1)
1,597 628 
PWR Holdings Ltd.241 1,554 
QBE Insurance Group Ltd.3,519 28,851 
Qube Holdings Ltd.4,840 9,475 
Ramsay Health Care Ltd.168 8,188 
REA Group Ltd.69 5,950 
Reece Ltd.142 1,537 
Reliance Worldwide Corp. Ltd.787 2,068 
Renascor Resources Ltd.(1)
363 46 
Ridley Corp. Ltd.3,122 4,418 
Sandfire Resources Ltd.3,051 9,423 
SEEK Ltd.150 2,116 
Select Harvests Ltd.266 898 
Seven Group Holdings Ltd.228 2,868 
Seven West Media Ltd.(1)
10,683 3,759 
Sigma Healthcare Ltd.4,885 2,282 
Silver Mines Ltd.(1)
2,607 309 
Sims Ltd.1,031 10,637 
SmartGroup Corp. Ltd.323 1,304 
Sonic Healthcare Ltd.513 11,863 
Southern Cross Media Group Ltd.1,529 1,117 
Steadfast Group Ltd.2,148 7,352 
Strandline Resources Ltd.(1)
1,942 627 
Suncorp Group Ltd.3,697 27,303 
Super Retail Group Ltd.1,383 9,879 
56


Avantis Responsible International Equity ETF
SharesValue
Superloop Ltd.(1)
557 $280 
Syrah Resources Ltd.(1)
2,089 2,610 
Technology One Ltd.883 7,071 
Telstra Corp. Ltd.11,373 30,755 
Temple & Webster Group Ltd.(1)
107 363 
Transurban Group2,672 25,351 
Treasury Wine Estates Ltd.1,623 14,559 
United Malt Group Ltd.2,099 5,083 
Vulcan Steel Ltd.377 2,025 
Wesfarmers Ltd.2,125 67,977 
Westpac Banking Corp.6,507 95,507 
WiseTech Global Ltd.139 5,490 
Woolworths Group Ltd.2,663 65,650 
Xero Ltd.(1)
73 4,295 
2,019,681 
Austria — 0.3%
ANDRITZ AG102 4,698 
AT&S Austria Technologie & Systemtechnik AG177 7,878 
BAWAG Group AG(1)
92 4,151 
CA Immobilien Anlagen AG41 1,306 
DO & CO. AG(1)
13 1,028 
Erste Group Bank AG359 8,073 
IMMOFINANZ AG(1)(2)
122 1,814 
Lenzing AG49 3,624 
Oesterreichische Post AG63 1,759 
Porr AG78 893 
Raiffeisen Bank International AG330 4,167 
S IMMO AG22 503 
Semperit AG Holding91 1,654 
Telekom Austria AG(1)
287 1,792 
UNIQA Insurance Group AG519 3,431 
Verbund AG112 10,702 
Vienna Insurance Group AG Wiener Versicherung Gruppe191 4,528 
Wienerberger AG366 8,558 
70,559 
Belgium — 0.9%
Ackermans & van Haaren NV79 11,549 
Ageas SA/NV539 21,870 
AGFA-Gevaert NV(1)
817 2,954 
Anheuser-Busch InBev SA, ADR583 28,194 
Barco NV337 7,510 
Bekaert SA171 5,245 
bpost SA1,047 6,360 
Cie d'Entreprises CFE(1)(2)
84 836 
D'ieteren Group48 7,236 
Deceuninck NV167 386 
Deme Group NV(1)
70 8,011 
Econocom Group SA78 243 
Elia Group SA67 9,733 
Etablissements Franz Colruyt NV193 5,364 
Exmar NV429 3,738 
57


Avantis Responsible International Equity ETF
SharesValue
Fagron521 $6,689 
Galapagos NV, ADR(1)
187 9,361 
Gimv NV162 8,288 
KBC Group NV492 23,465 
Kinepolis Group NV(1)
87 3,814 
Ontex Group NV(1)
584 3,353 
Proximus SADP814 10,362 
Recticel SA93 1,296 
Shurgard Self Storage SA78 3,765 
Telenet Group Holding NV47 668 
UCB SA288 20,237 
Umicore SA1,045 33,217 
VGP NV21 3,053 
246,797 
Canada — 11.0%
Absolute Software Corp.(2)
238 2,571 
AG Growth International, Inc.142 4,246 
AGF Management Ltd., Class B238 1,118 
Agnico Eagle Mines Ltd.907 37,403 
Aimia, Inc.(1)(2)
429 1,336 
Alamos Gold, Inc., Class A2,667 19,231 
Alexco Resource Corp.(1)
144 65 
Algoma Steel Group, Inc.(2)
600 5,482 
Amerigo Resources Ltd.1,578 1,274 
Aritzia, Inc.(1)
478 15,548 
Ascot Resources Ltd.(1)
1,191 326 
Atrium Mortgage Investment Corp.(2)
238 2,158 
B2Gold Corp.6,478 19,878 
Ballard Power Systems, Inc.(1)
287 2,240 
Bank of Montreal1,538 141,990 
Bank of Nova Scotia2,462 136,133 
BCE, Inc.238 11,485 
BELLUS Health, Inc.(1)
478 5,452 
Bird Construction, Inc.(2)
238 1,201 
Bonterra Energy Corp.(1)
380 2,546 
Boralex, Inc., A Shares480 18,091 
Boston Pizza Royalties Income Fund142 1,716 
Brookfield Business Corp., Class A(2)
69 1,678 
Brookfield Renewable Corp., Class A478 18,369 
BRP, Inc.142 9,849 
CAE, Inc.(1)
238 4,346 
Calian Group Ltd.142 6,504 
Canaccord Genuity Group, Inc.678 4,052 
Canada Goose Holdings, Inc.(1)
142 2,558 
Canadian Imperial Bank of Commerce2,400 113,499 
Canadian National Railway Co.820 97,518 
Canadian Tire Corp. Ltd., Class A238 27,992 
Canadian Western Bank478 8,913 
Capstone Mining Corp.(1)
2,858 6,420 
Cascades, Inc.478 3,257 
CCL Industries, Inc., Class B238 11,674 
58


Avantis Responsible International Equity ETF
SharesValue
Celestica, Inc.(1)
713 $7,356 
Centerra Gold, Inc.1,700 7,702 
CES Energy Solutions Corp.1,238 2,338 
CGI, Inc.(1)
380 30,091 
CI Financial Corp.478 5,241 
Cineplex, Inc.(1)
238 1,633 
Cogeco Communications, Inc.142 8,694 
Colliers International Group, Inc. (Toronto)142 16,541 
Computer Modelling Group Ltd.478 1,674 
Copper Mountain Mining Corp.(1)(2)
1,238 1,376 
Corby Spirit & Wine Ltd.238 3,218 
Corus Entertainment, Inc., B Shares1,638 4,615 
Definity Financial Corp.600 16,995 
Descartes Systems Group, Inc.(1)
142 10,003 
Dollarama, Inc.478 29,109 
Dorel Industries, Inc., Class B478 2,471 
DREAM Unlimited Corp., Class A142 3,048 
Eldorado Gold Corp. (Toronto)(1)
1,238 6,825 
Element Fleet Management Corp.3,107 39,129 
Empire Co. Ltd., Class A962 27,402 
Enghouse Systems Ltd.142 3,466 
EQB, Inc.142 5,694 
Fairfax Financial Holdings Ltd.100 49,853 
Fiera Capital Corp.238 1,654 
Finning International, Inc.478 10,300 
First National Financial Corp.(2)
238 6,739 
Fission Uranium Corp.(1)
2,380 1,504 
Fortuna Silver Mines, Inc.(1)
2,620 6,064 
Franco-Nevada Corp.142 17,072 
Freehold Royalties Ltd.(2)
858 9,368 
Gear Energy Ltd.3,191 3,013 
George Weston Ltd.238 27,210 
GFL Environmental, Inc.238 6,705 
Gildan Activewear, Inc.713 21,086 
goeasy Ltd.100 9,126 
GoGold Resources, Inc.(1)
138 188 
GoldMining, Inc.(1)(2)
1,522 1,344 
Great-West Lifeco, Inc.1,107 26,003 
Home Capital Group, Inc.478 10,169 
Hudbay Minerals, Inc.1,429 6,311 
Hydro One Ltd.1,487 40,262 
i-80 Gold Corp.(1)
907 1,623 
iA Financial Corp., Inc.907 48,722 
IAMGOLD Corp.(1)(2)
3,238 3,871 
IBI Group, Inc.(1)
238 3,506 
IGM Financial, Inc.142 3,865 
InPlay Oil Corp.(1)
400 1,139 
Intact Financial Corp.238 34,476 
Interfor Corp.(1)
620 15,253 
Karora Resources, Inc.(1)
1,238 2,696 
Labrador Iron Ore Royalty Corp.480 10,668 
59


Avantis Responsible International Equity ETF
SharesValue
Laurentian Bank of Canada238 $6,520 
LifeWorks, Inc.238 5,786 
Linamar Corp.342 16,168 
Loblaw Cos. Ltd.580 51,259 
Lundin Mining Corp.5,722 29,757 
Magna International, Inc.778 44,944 
Major Drilling Group International, Inc.(1)
762 5,164 
Manulife Financial Corp.7,491 129,589 
Maple Leaf Foods, Inc.238 4,199 
Martinrea International, Inc.787 6,202 
MCAN Mortgage Corp.142 1,730 
MDA Ltd.(1)
142 805 
Medical Facilities Corp.238 1,823 
Metro, Inc.(2)
578 30,402 
Mullen Group Ltd.700 7,494 
National Bank of Canada1,558 103,076 
Neo Performance Materials, Inc.142 1,564 
North American Construction Group Ltd.(2)
478 5,496 
North West Co., Inc.238 6,170 
Northern Dynasty Minerals Ltd.(1)(2)
2,380 670 
Novagold Resources, Inc.(1)
1,102 4,882 
Nutrien Ltd.1,149 105,482 
OceanaGold Corp.(1)
6,907 10,203 
Onex Corp.380 18,792 
Open Text Corp.480 15,120 
Osisko Gold Royalties Ltd. (Toronto)620 6,000 
Pan American Silver Corp.1,238 18,419 
Pason Systems, Inc.600 6,350 
Pine Cliff Energy Ltd.(2)
1,809 2,603 
Pizza Pizza Royalty Corp.(2)
238 2,385 
Polaris Renewable Energy, Inc.142 2,085 
Power Corp. of Canada478 12,291 
PrairieSky Royalty Ltd.500 6,815 
Quebecor, Inc., Class B667 14,408 
Real Matters, Inc.(1)
478 2,107 
Recipe UnLtd. Corp.(1)
61 914 
Resolute Forest Products, Inc.(1)
400 8,095 
Restaurant Brands International, Inc.762 44,983 
Ritchie Bros Auctioneers, Inc.338 23,414 
Rogers Communications, Inc., Class B478 20,582 
Royal Bank of Canada2,062 191,748 
Russel Metals, Inc.578 12,499 
Sandstorm Gold Ltd.1,029 5,853 
Saputo, Inc.238 6,044 
Shawcor Ltd.(1)
478 2,861 
Sherritt International Corp.(1)(2)
3,093 918 
Shopify, Inc., Class A(1)
200 6,332 
Sleep Country Canada Holdings, Inc.242 4,883 
Softchoice Corp.238 3,329 
Spin Master Corp., VTG Shares(1)
238 8,354 
Sprott, Inc.142 5,370 
60


Avantis Responsible International Equity ETF
SharesValue
SSR Mining, Inc.(2)
1,191 $16,078 
Stantec, Inc.238 11,295 
Stella-Jones, Inc.438 13,337 
StorageVault Canada, Inc.200 929 
Sun Life Financial, Inc.1,142 50,311 
Surge Energy, Inc.478 3,669 
Teck Resources Ltd., Class B3,087 104,549 
TELUS Corp.813 18,311 
TFI International, Inc.238 23,745 
Thomson Reuters Corp.100 11,012 
Tidewater Midstream and Infrastructure Ltd.2,191 2,019 
Toromont Industries Ltd.380 29,414 
Toronto-Dominion Bank1,571 101,065 
Total Energy Services, Inc.429 2,375 
Transcontinental, Inc., Class A338 4,262 
TransGlobe Energy Corp.762 2,530 
Tricon Residential, Inc. (Toronto)1,287 13,435 
Trisura Group Ltd.(1)
238 6,303 
Uni-Select, Inc.(1)
238 6,732 
Wajax Corp.478 7,723 
West Fraser Timber Co. Ltd.620 55,469 
Western Forest Products, Inc.4,000 4,690 
Westport Fuel Systems, Inc.(1)
629 685 
Westshore Terminals Investment Corp.142 3,306 
Wheaton Precious Metals Corp.478 14,591 
Winpak Ltd.142 4,696 
WSP Global, Inc.238 28,362 
Yamana Gold, Inc.5,907 26,086 
Yangarra Resources Ltd.(1)
1,049 2,252 
2,964,700 
Denmark — 2.2%
ALK-Abello A/S(1)
335 6,228 
Alm Brand A/S2,988 4,378 
Bang & Olufsen A/S(1)
180 312 
Bavarian Nordic A/S(1)
154 5,802 
Carlsberg A/S, B Shares58 7,531 
Chemometec A/S29 3,102 
Chr Hansen Holding A/S98 5,710 
Coloplast A/S, B Shares142 16,221 
Danske Bank A/S1,931 25,785 
DSV A/S72 10,639 
FLSmidth & Co. A/S100 2,768 
Genmab A/S, ADR(1)
991 35,171 
GN Store Nord A/S87 2,461 
H Lundbeck A/S629 2,470 
H Lundbeck A/S, A Shares(1)
158 605 
H+H International A/S, B Shares(1)
79 1,270 
ISS A/S(1)
57 998 
Jyske Bank A/S(1)
222 11,112 
Nilfisk Holding A/S(1)
42 939 
NKT A/S(1)
146 7,453 
61


Avantis Responsible International Equity ETF
SharesValue
Novo Nordisk A/S, ADR2,457 $260,688 
Novozymes A/S, B Shares412 23,646 
NTG Nordic Transport Group A/S(1)
349 
Orsted A/S282 27,524 
Pandora A/S192 11,535 
Per Aarsleff Holding A/S104 2,991 
Ringkjoebing Landbobank A/S34 3,630 
ROCKWOOL A/S, B Shares33 6,793 
Royal Unibrew A/S49 3,671 
SimCorp A/S103 7,522 
Solar A/S, B Shares50 4,042 
Spar Nord Bank A/S457 5,174 
Sparekassen Sjaelland-Fyn A/S97 2,114 
Sydbank A/S287 8,293 
Topdanmark A/S179 9,387 
Tryg A/S691 15,614 
Vestas Wind Systems A/S2,186 54,696 
598,624 
Finland — 1.0%
Aktia Bank Oyj171 1,765 
Anora Group Oyj65 530 
Cargotec Oyj, B Shares13 442 
Caverion OYJ171 837 
Citycon Oyj(1)
350 2,480 
Elisa Oyj189 10,107 
F-Secure Oyj(1)
53 133 
Huhtamaki Oyj28 980 
Kemira Oyj482 5,802 
Kesko Oyj, B Shares762 16,031 
Kojamo Oyj379 6,345 
Kone Oyj, B Shares564 22,556 
Konecranes Oyj98 2,304 
Lassila & Tikanoja Oyj93 999 
Marimekko Oyj238 2,347 
Metso Outotec Oyj1,353 10,582 
Nokia Oyj, ADR6,195 31,285 
Nokian Renkaat Oyj361 3,747 
Orion Oyj, Class B308 13,965 
Outokumpu Oyj2,079 8,337 
Puuilo Oyj362 1,727 
QT Group Oyj(1)
29 1,470 
Raisio Oyj, V Shares191 416 
Rovio Entertainment Oyj58 349 
Sampo Oyj, A Shares809 36,599 
Sanoma Oyj139 1,896 
Stora Enso Oyj, R Shares1,903 28,328 
Taaleri Oyj89 869 
Talenom Oyj78 851 
TietoEVRY Oyj63 1,612 
Tokmanni Group Corp.271 3,235 
UPM-Kymmene Oyj737 25,039 
62


Avantis Responsible International Equity ETF
SharesValue
Uponor Oyj222 $3,326 
Valmet Oyj213 5,399 
Wartsila Oyj Abp754 6,217 
YIT Oyj(2)
608 1,990 
260,897 
France — 9.1%
Accor SA(1)
309 7,370 
Aeroports de Paris(1)
73 9,996 
Airbus SE640 62,716 
ALD SA(2)
813 8,849 
Alstom SA549 11,251 
Alten SA119 14,631 
Amundi SA120 6,084 
APERAM SA(2)
151 4,076 
Arkema SA368 31,067 
Atos SE(1)
118 1,191 
Aubay17 832 
AXA SA4,747 111,800 
Believe SA(1)
30 247 
Beneteau SA167 1,780 
Bigben Interactive33 404 
BioMerieux197 18,016 
Biosynex53 779 
BNP Paribas SA1,603 74,492 
Bureau Veritas SA913 22,661 
Capgemini SE190 32,828 
Carbios SACA(1)
25 718 
Carrefour SA3,574 59,652 
Casino Guichard Perrachon SA(1)
122 1,581 
Catana Group227 1,403 
Chargeurs SA42 629 
Cie de Saint-Gobain1,762 70,969 
Cie des Alpes(1)
232 3,670 
Cie Generale des Etablissements Michelin SCA3,475 84,516 
Cie Plastic Omnium SA492 9,123 
Coface SA(1)
744 7,440 
Credit Agricole SA1,774 16,327 
Danone SA387 20,364 
Dassault Systemes SE399 15,387 
DBV Technologies SA(1)
183 756 
Derichebourg SA729 4,101 
Edenred303 15,326 
Electricite de France SA2,823 33,752 
Elis SA136 1,739 
Equasens697 
Esker SA1,167 
EssilorLuxottica SA160 23,830 
Esso SA Francaise(1)
11 677 
Etablissements Maurel et Prom SA717 3,629 
Eurazeo SE383 22,873 
Euroapi SA(1)
236 3,679 
63


Avantis Responsible International Equity ETF
SharesValue
Eurobio Scientific SA(1)
72 $1,328 
Eurofins Scientific SE399 27,606 
Euronext NV109 8,055 
Eutelsat Communications SA1,608 14,544 
Faurecia SE(1)
659 9,451 
Fnac Darty SA303 
Francaise Energie(1)
476 
Genfit(1)
530 2,244 
Getlink SE780 14,688 
Groupe Gorge SA(1)
20 403 
Groupe LDLC19 518 
Guerbet21 407 
Hermes International54 69,161 
ID Logistics Group(1)
18 5,036 
Ipsen SA268 25,684 
IPSOS38 1,726 
Jacquet Metals SACA58 918 
JCDecaux SA(1)
408 5,658 
Kaufman & Broad SA77 1,824 
Kering SA151 75,765 
L'Oreal SA180 61,820 
Legrand SA251 18,161 
LVMH Moet Hennessy Louis Vuitton SE343 221,326 
Maisons du Monde SA249 2,383 
Manitou BF SA38 626 
McPhy Energy SA(1)
86 1,091 
Mersen SA112 3,312 
Metropole Television SA217 2,679 
Nacon SA(1)
43 
Neoen SA207 8,550 
Nexans SA177 16,172 
Nexity SA100 2,239 
Novacyt SA(1)
189 225 
Orange SA, ADR(2)
9,067 91,486 
Orpea SA(1)
127 2,763 
Pernod Ricard SA280 51,377 
Publicis Groupe SA148 7,226 
Quadient SA234 3,964 
Remy Cointreau SA81 15,022 
Renault SA(1)
532 15,153 
ReWorld Media SA(1)
207 1,312 
Rexel SA(1)
918 14,910 
Safran SA1,051 107,154 
Sanofi, ADR2,146 88,050 
Sartorius Stedim Biotech31 11,339 
Schneider Electric SE223 26,505 
SCOR SE757 12,527 
SEB SA91 6,740 
SES SA4,009 28,145 
SES-imagotag SA(1)
43 4,298 
SMCP SA(1)
348 1,906 
64


Avantis Responsible International Equity ETF
SharesValue
Societe BIC SA123 $6,997 
Societe Generale SA1,749 38,557 
Sodexo SA140 10,707 
SOITEC(1)
131 18,502 
Solutions 30 SE(1)
732 2,137 
Somfy SA29 3,208 
Sopra Steria Group SACA40 5,521 
SPIE SA468 10,189 
STMicroelectronics NV, NY Shares2,870 100,163 
Sword Group29 1,163 
Technicolor SA(1)
940 2,922 
Teleperformance157 44,715 
Television Francaise 1449 2,847 
Thales SA550 66,308 
Trigano SA779 
Ubisoft Entertainment SA(1)
749 34,540 
Valeo1,187 22,674 
Vinci SA1,183 109,136 
Virbac SA26 9,639 
Vivendi SE2,000 18,129 
Voltalia SA(1)
140 2,998 
Wavestone33 1,537 
Worldline SA(1)
100 4,284 
2,437,026 
Germany — 6.4%
1&1 AG49 788 
7C Solarparken AG288 1,550 
Adesso SE18 2,181 
adidas AG295 43,744 
ADLER Group SA(1)
301 844 
Allianz SE518 87,561 
Amadeus Fire AG29 2,893 
Aroundtown SA2,764 8,061 
Atoss Software AG22 2,918 
Aumann AG33 507 
Aurubis AG208 12,594 
BASF SE1,574 66,578 
Bayer AG705 37,286 
Bayerische Motoren Werke AG639 47,081 
Bayerische Motoren Werke AG, Preference Shares108 7,509 
BayWa AG33 1,428 
Bechtle AG191 7,317 
Beiersdorf AG232 23,418 
Bertrandt AG13 444 
Bilfinger SE67 1,989 
Borussia Dortmund GmbH & Co. KGaA(1)
120 470 
Brenntag SE103 6,753 
Carl Zeiss Meditec AG76 9,459 
CECONOMY AG995 1,440 
Cewe Stiftung & Co. KGAA30 2,372 
Cliq Digital AG44 1,152 
65


Avantis Responsible International Equity ETF
SharesValue
Commerzbank AG(1)
4,051 $26,955 
CompuGroup Medical SE & Co. KgaA83 3,122 
Continental AG193 11,112 
Covestro AG919 27,710 
CTS Eventim AG & Co. KGaA(1)
261 14,032 
Daimler Truck Holding AG(1)
1,794 45,870 
Datagroup SE23 1,510 
Delivery Hero SE(1)
38 1,577 
Dermapharm Holding SE56 2,597 
Deutsche Bank AG4,503 37,420 
Deutsche Beteiligungs AG58 1,622 
Deutsche Boerse AG272 45,988 
Deutsche Lufthansa AG(1)
3,484 20,713 
Deutsche Pfandbriefbank AG710 6,127 
Deutsche Post AG2,037 74,349 
Deutsche Rohstoff AG40 1,090 
Deutsche Telekom AG4,138 77,990 
Deutz AG432 1,627 
DIC Asset AG102 1,044 
Draegerwerk AG & Co. KGaA15 606 
Draegerwerk AG & Co. KGaA, Preference Shares16 757 
Duerr AG170 3,745 
ElringKlinger AG168 1,179 
Encavis AG539 11,519 
Energiekontor AG47 4,129 
Evonik Industries AG599 11,168 
Evotec SE(1)
351 7,716 
Fielmann AG130 4,831 
flatexDEGIRO AG(1)
230 2,213 
Fraport AG Frankfurt Airport Services Worldwide(1)
93 4,021 
Freenet AG300 6,539 
Fresenius Medical Care AG & Co. KGaA, ADR221 3,779 
Fresenius SE & Co. KGaA110 2,721 
GEA Group AG567 19,724 
Gerresheimer AG163 8,526 
GFT Technologies SE61 2,028 
Grand City Properties SA378 4,485 
GRENKE AG136 3,270 
Hamburger Hafen und Logistik AG191 2,336 
Hannover Rueck SE87 12,823 
HelloFresh SE(1)
427 10,195 
Henkel AG & Co. KGaA123 7,692 
Henkel AG & Co. KGaA, Preference Shares213 13,746 
Hensoldt AG160 3,558 
HOCHTIEF AG98 4,839 
Hornbach Holding AG & Co. KGaA62 4,373 
HUGO BOSS AG392 21,365 
Hypoport SE(1)
1,367 
Infineon Technologies AG2,109 51,605 
Instone Real Estate Group SE352 3,116 
Jenoptik AG163 3,449 
66


Avantis Responsible International Equity ETF
SharesValue
JOST Werke AG70 $2,594 
Jungheinrich AG, Preference Shares128 3,125 
KION Group AG182 7,272 
Kloeckner & Co. SE278 2,509 
Knorr-Bremse AG182 8,821 
Koenig & Bauer AG(1)
51 595 
Kontron AG290 4,412 
Krones AG78 6,424 
Lang & Schwarz AG33 470 
Lanxess AG376 12,687 
LEG Immobilien SE167 12,621 
Leoni AG(1)
233 1,633 
Manz AG(1)
82 
Mercedes-Benz Group AG1,171 65,653 
Merck KGaA63 10,822 
METRO AG(1)
621 4,944 
MTU Aero Engines AG247 43,561 
Muenchener Rueckversicherungs-Gesellschaft AG143 34,166 
Mutares SE & Co. KGaA109 1,759 
Nagarro SE(1)
23 2,311 
Nemetschek SE140 8,247 
New Work SE17 2,026 
Nordex SE(1)
151 1,452 
Norma Group SE146 2,296 
Patrizia SE42 531 
Pfeiffer Vacuum Technology AG14 1,848 
Porsche Automobil Holding SE, Preference Shares288 20,307 
ProSiebenSat.1 Media SE292 2,257 
Puma SE150 9,169 
PVA TePla AG(1)
158 2,654 
QIAGEN NV(1)
442 20,080 
Rational AG4,854 
Rheinmetall AG221 35,083 
SAF-Holland SE145 1,154 
SAP SE, ADR321 27,356 
Sartorius AG, Preference Shares37 15,415 
Schaeffler AG, Preference Shares856 4,460 
Scout24 SE143 8,239 
Secunet Security Networks AG1,958 
SGL Carbon SE(1)
211 1,434 
Siemens AG557 56,421 
Siemens Energy AG(1)
705 10,370 
Siemens Healthineers AG385 18,813 
Siltronic AG37 2,536 
Sixt SE88 8,605 
Sixt SE, Preference Shares110 6,575 
Stabilus SA139 7,110 
STRATEC SE51 4,347 
Stroeer SE & Co. KGaA98 4,165 
SUESS MicroTec SE97 1,201 
Symrise AG120 12,556 
67


Avantis Responsible International Equity ETF
SharesValue
Synlab AG252 $3,694 
TAG Immobilien AG389 3,589 
TeamViewer AG(1)
653 6,535 
Telefonica Deutschland Holding AG5,671 14,722 
United Internet AG430 9,727 
Varta AG47 3,297 
Vitesco Technologies Group AG, Class A(1)
132 6,446 
Volkswagen AG44 8,139 
Volkswagen AG, Preference Shares273 38,831 
Vonovia SE1,628 44,072 
Wacker Chemie AG70 9,955 
Wacker Neuson SE134 2,218 
Zalando SE(1)
259 5,997 
1,711,414 
Hong Kong — 2.6%
AIA Group Ltd.17,200 165,485 
ASMPT Ltd.2,200 17,040 
Bank of East Asia Ltd.10,000 12,599 
BOC Hong Kong Holdings Ltd.9,500 32,697 
Budweiser Brewing Co. APAC Ltd.1,300 3,821 
Cafe de Coral Holdings Ltd.2,000 2,863 
Chow Tai Fook Jewellery Group Ltd.1,600 3,220 
CITIC Telecom International Holdings Ltd.2,000 691 
CK Asset Holdings Ltd.6,500 43,873 
CK Hutchison Holdings Ltd.3,500 22,602 
Cowell e Holdings, Inc.(1)
2,000 4,054 
E-Commodities Holdings Ltd.16,000 3,573 
EC Healthcare1,000 703 
Esprit Holdings Ltd.(1)
2,500 311 
ESR Group Ltd.(1)
1,800 5,040 
First Pacific Co. Ltd.2,000 771 
Fosun Tourism Group(1)(2)
600 838 
Futu Holdings Ltd., ADR(1)
28 1,375 
Giordano International Ltd.10,000 2,327 
Green Future Food Hydrocolloid Marine Science Co. Ltd.(1)
2,000 892 
Hang Lung Group Ltd.8,000 13,531 
Hang Lung Properties Ltd.10,000 16,630 
Hang Seng Bank Ltd.1,200 18,788 
Henderson Land Development Co. Ltd.7,000 23,416 
HKBN Ltd.1,000 955 
HKT Trust & HKT Ltd.7,000 9,391 
Hong Kong Exchanges & Clearing Ltd.1,500 60,442 
Hongkong Land Holdings Ltd.2,900 14,019 
Hysan Development Co. Ltd.1,000 2,818 
IGG, Inc.3,000 1,290 
Johnson Electric Holdings Ltd.500 591 
K Wah International Holdings Ltd.7,000 2,640 
Kerry Properties Ltd.5,000 11,528 
Luk Fook Holdings International Ltd.2,000 5,113 
Man Wah Holdings Ltd.6,000 4,742 
Modern Dental Group Ltd.1,000 285 
68


Avantis Responsible International Equity ETF
SharesValue
MTR Corp. Ltd.1,000 $5,121 
New World Development Co. Ltd.10,000 32,586 
NWS Holdings Ltd.14,000 13,468 
Oriental Watch Holdings2,000 1,142 
Pacific Textiles Holdings Ltd.9,000 3,380 
PC Partner Group Ltd.2,000 1,901 
PCCW Ltd.8,000 4,005 
Perfect Medical Health Management Ltd.1,000 511 
Shangri-La Asia Ltd.(1)
2,000 1,595 
Singamas Container Holdings Ltd.16,000 1,482 
Sino Land Co. Ltd.18,000 26,322 
Sun Hung Kai Properties Ltd.3,500 41,119 
SUNeVision Holdings Ltd.4,000 2,621 
Swire Properties Ltd.4,200 9,680 
Tam Jai International Co. Ltd.2,000 666 
Techtronic Industries Co. Ltd.500 5,897 
Texhong Textile Group Ltd.3,500 3,288 
Time Interconnect Technology Ltd.8,000 2,315 
Value Partners Group Ltd.8,000 2,346 
VSTECS Holdings Ltd.2,000 1,322 
VTech Holdings Ltd.1,300 8,841 
Wharf Real Estate Investment Co. Ltd.2,000 9,100 
Yue Yuen Industrial Holdings Ltd.6,000 8,946 
Zensun Enterprises Ltd.(1)
3,000 947 
699,555 
Ireland — 0.5%
AIB Group PLC4,535 10,287 
Bank of Ireland Group PLC6,964 42,909 
Cairn Homes PLC3,773 3,763 
Dalata Hotel Group PLC(1)
1,251 4,382 
Glenveagh Properties PLC(1)
5,562 5,661 
Kerry Group PLC, A Shares286 29,493 
Kingspan Group PLC234 13,249 
Origin Enterprises PLC1,921 7,201 
Smurfit Kappa Group PLC908 30,445 
Uniphar PLC(1)
393 1,341 
148,731 
Israel — 1.1%
AFI Properties Ltd.13 642 
Africa Israel Residences Ltd.32 1,690 
Airport City Ltd.(1)
147 3,076 
Alony Hetz Properties & Investments Ltd.322 5,193 
Altshuler Shaham Penn Ltd.336 1,028 
Amos Luzon Development & Energy Group Ltd.(1)
1,331 758 
Amot Investments Ltd.466 3,330 
Argo Properties NV(1)
20 637 
AudioCodes Ltd.33 734 
Aura Investments Ltd.320 621 
Azorim-Investment Development & Construction Co. Ltd.328 1,341 
Azrieli Group Ltd.47 3,899 
B Communications Ltd.(1)
188 971 
69


Avantis Responsible International Equity ETF
SharesValue
Bank Hapoalim BM3,173 $32,896 
Bank Leumi Le-Israel BM2,899 30,646 
Big Shopping Centers Ltd.19 2,717 
Blue Square Real Estate Ltd.21 1,815 
Caesarstone Ltd.88 897 
Camtek Ltd.(1)
20 537 
Carasso Motors Ltd.393 2,491 
Cellebrite DI Ltd.(1)(2)
39 189 
Ceragon Networks Ltd.(1)(2)
564 1,246 
Check Point Software Technologies Ltd.(1)
146 17,555 
Cognyte Software Ltd.(1)
267 1,394 
CyberArk Software Ltd.(1)
23 3,318 
Danel Adir Yeoshua Ltd.17 2,077 
Delek Automotive Systems Ltd.397 6,122 
Delta Galil Industries Ltd.57 3,024 
Electra Consumer Products 1970 Ltd.37 1,711 
Energix-Renewable Energies Ltd.151 688 
FIBI Holdings Ltd.78 4,100 
Formula Systems 1985 Ltd.695 
Fox Wizel Ltd.22 3,193 
Gazit-Globe Ltd.409 2,662 
Gilat Satellite Networks Ltd.(1)
151 981 
Hilan Ltd.48 2,921 
ICL Group Ltd.1,446 13,807 
Infinya Ltd.31 3,145 
Innoviz Technologies Ltd.(1)
177 889 
Isracard Ltd.1,434 4,773 
Israel Land Development - Urban Renewal Ltd.151 2,691 
Israel Shipyards Industries22 643 
Isras Investment Co. Ltd.11 2,635 
Ituran Location and Control Ltd.93 2,312 
M Yochananof & Sons Ltd.29 1,824 
Magic Software Enterprises Ltd.159 2,730 
Matrix IT Ltd.77 2,021 
Maytronics Ltd.29 417 
Mega Or Holdings Ltd.33 1,141 
Melisron Ltd.42 3,430 
Mivne Real Estate KD Ltd.821 3,013 
Mizrahi Tefahot Bank Ltd.438 17,814 
Nano Dimension Ltd., ADR(1)(2)
142 422 
Neto Malinda Trading Ltd.(1)
33 1,278 
Nice Ltd., ADR(1)(2)
39 8,321 
Norstar Holdings, Inc.79 759 
Nova Ltd.(1)
67 6,575 
One Software Technologies Ltd.225 4,148 
OY Nofar Energy Ltd.(1)
22 738 
Partner Communications Co. Ltd.(1)
678 5,864 
Perion Network Ltd.(1)
169 3,438 
Prashkovsky Investments and Construction Ltd.37 1,237 
Property & Building Corp. Ltd.(1)
11 1,128 
RADA Electronic Industries Ltd.(1)
22 221 
70


Avantis Responsible International Equity ETF
SharesValue
Radware Ltd.(1)
97 $2,082 
Retailors Ltd.70 1,804 
Sapiens International Corp. NV52 1,169 
Scope Metals Group Ltd.71 3,559 
Shufersal Ltd.1,427 9,773 
Sisram Medical Ltd.400 467 
Strauss Group Ltd.150 3,923 
Summit Real Estate Holdings Ltd.67 1,263 
Tamar Petroleum Ltd.278 899 
Tel Aviv Stock Exchange Ltd.440 2,092 
Teva Pharmaceutical Industries Ltd., ADR(1)
1,412 12,765 
Wix.com Ltd.(1)
28 1,772 
YH Dimri Construction & Development Ltd.32 2,537 
289,314 
Italy — 2.1%
ACEA SpA667 7,987 
Amplifon SpA279 7,271 
Anima Holding SpA135 459 
Arnoldo Mondadori Editore SpA1,063 1,735 
Assicurazioni Generali SpA1,081 15,855 
Atlantia SpA1,450 33,203 
Autogrill SpA(1)
857 5,621 
Azimut Holding SpA826 13,158 
Banca Generali SpA374 9,887 
Banca IFIS SpA231 2,758 
Banca Mediolanum SpA1,177 7,500 
Banco BPM SpA8,437 20,948 
BFF Bank SpA1,260 7,976 
Brembo SpA278 2,550 
Brunello Cucinelli SpA220 11,394 
Cairo Communication SpA670 1,042 
Carel Industries SpA67 1,436 
CNH Industrial NV2,748 33,457 
d'Amico International Shipping SA(1)
13,842 3,325 
Davide Campari-Milano NV277 2,718 
De' Longhi SpA228 3,982 
DiaSorin SpA11 1,443 
Digital Bros SpA45 1,110 
Digital Value SpA(1)
600 
doValue SpA317 1,816 
Enav SpA(1)
699 2,890 
Esprinet SpA120 816 
Ferrari NV122 23,551 
Fila SpA87 656 
Fincantieri SpA(1)
4,368 2,190 
FinecoBank Banca Fineco SpA1,076 11,634 
Geox SpA(1)
567 440 
GVS SpA(1)
78 704 
Infrastrutture Wireless Italiane SpA177 1,640 
Innovatec SpA(1)
280 544 
Interpump Group SpA29 1,023 
71


Avantis Responsible International Equity ETF
SharesValue
Intesa Sanpaolo SpA23,533 $40,512 
Iveco Group NV(1)
809 4,091 
Juventus Football Club SpA(1)
6,262 2,265 
Leonardo SpA1,800 14,731 
Maire Tecnimont SpA973 2,469 
MARR SpA144 1,691 
Mediobanca Banca di Credito Finanziario SpA1,513 11,977 
MFE-MediaForEurope NV, Class A(1)
4,931 2,092 
MFE-MediaForEurope NV, Class B(1)
1,792 1,042 
Moncler SpA247 10,989 
Nexi SpA(1)
119 976 
Orsero SpA91 1,502 
OVS SpA1,733 2,621 
Piaggio & C SpA723 1,766 
Poste Italiane SpA1,900 15,185 
Prysmian SpA590 18,103 
RAI Way SpA743 3,594 
Recordati Industria Chimica e Farmaceutica SpA39 1,591 
Reply SpA20 2,354 
Safilo Group SpA(1)
778 1,090 
Salvatore Ferragamo SpA333 5,356 
Sanlorenzo SpA/Ameglia32 1,005 
Sesa SpA60 7,334 
SOL SpA100 1,786 
Stellantis NV3,788 50,458 
Technogym SpA498 3,415 
Terna - Rete Elettrica Nazionale7,046 50,092 
Tod's SpA(1)
50 2,020 
UniCredit SpA4,917 48,117 
Unieuro SpA(2)
91 1,035 
Unipol Gruppo SpA1,493 6,252 
Wiit SpA43 764 
563,594 
Japan — 21.1%
A&D HOLON Holdings Co. Ltd.100 685 
Advantest Corp.300 16,991 
Adways, Inc.100 536 
Aeon Co. Ltd.(2)
1,800 35,110 
Aeon Fantasy Co. Ltd.100 2,565 
Aeon Mall Co. Ltd.800 9,542 
Aiful Corp.1,200 3,386 
Ain Holdings, Inc.100 5,715 
Air Water, Inc.1,100 13,761 
Aisan Industry Co. Ltd.700 3,666 
Aisin Corp.300 8,920 
Ajinomoto Co., Inc.800 22,112 
Akatsuki, Inc.100 1,700 
Akebono Brake Industry Co. Ltd.(1)
700 853 
Alconix Corp.100 1,017 
Alfresa Holdings Corp.(2)
200 2,393 
72


Avantis Responsible International Equity ETF
SharesValue
Alpen Co. Ltd.100 $1,505 
Alps Alpine Co. Ltd.900 8,051 
Altech Corp.100 1,340 
Amada Co. Ltd.900 7,042 
Amano Corp.300 5,550 
Anritsu Corp.700 8,251 
AOKI Holdings, Inc.100 506 
Aoyama Trading Co. Ltd.400 2,654 
Aoyama Zaisan Networks Co. Ltd.100 690 
Aozora Bank Ltd.700 13,512 
Arata Corp.100 2,963 
Arcland Sakamoto Co. Ltd.100 1,072 
Arcland Service Holdings Co. Ltd.100 1,488 
Arcs Co. Ltd.300 4,387 
Argo Graphics, Inc.100 2,783 
Arisawa Manufacturing Co. Ltd.100 954 
ArtSpark Holdings, Inc.200 1,338 
Aruhi Corp.(1)
100 758 
Asahi Co. Ltd.100 955 
Asahi Diamond Industrial Co. Ltd.400 2,232 
Asahi Group Holdings Ltd.300 10,058 
Asahi Holdings, Inc.300 4,471 
Asahi Intecc Co. Ltd.100 1,779 
Asahi Kasei Corp.4,300 31,423 
ASAHI YUKIZAI Corp.100 1,646 
Asanuma Corp.100 2,026 
Asics Corp.700 12,799 
ASKA Pharmaceutical Holdings Co. Ltd.100 850 
ASKUL Corp.200 2,642 
Astellas Pharma, Inc.2,300 32,609 
Atrae, Inc.(1)
100 1,155 
Aucnet, Inc.100 1,551 
Autobacs Seven Co. Ltd.700 7,175 
Avant Corp.100 1,082 
Axial Retailing, Inc.100 2,496 
Azbil Corp.100 2,849 
Bandai Namco Holdings, Inc.500 37,518 
Bank of Kyoto Ltd.100 3,898 
Bank of the Ryukyus Ltd.200 1,114 
Belc Co. Ltd.100 4,009 
Belluna Co. Ltd.700 3,710 
Benesse Holdings, Inc.700 11,002 
BeNext-Yumeshin Group Co.100 1,179 
Bic Camera, Inc.(2)
700 5,730 
BIPROGY Inc400 8,859 
BML, Inc.100 2,559 
Bridgestone Corp.1,200 46,049 
Brother Industries Ltd.1,100 21,051 
Canon Marketing Japan, Inc.100 2,268 
Canon, Inc., ADR638 15,235 
Capcom Co. Ltd.700 19,106 
73


Avantis Responsible International Equity ETF
SharesValue
Carenet, Inc.200 $1,713 
Casio Computer Co. Ltd.300 2,833 
Cawachi Ltd.100 1,518 
Central Japan Railway Co.100 11,773 
Charm Care Corp. KK100 895 
Chiba Bank Ltd.1,900 10,263 
Chiyoda Corp.(1)
100 285 
Chugai Pharmaceutical Co. Ltd.1,100 28,389 
Citizen Watch Co. Ltd.1,900 8,118 
CKD Corp.300 3,947 
CMIC Holdings Co. Ltd.100 1,188 
CMK Corp.100 336 
Coca-Cola Bottlers Japan Holdings, Inc.700 7,159 
COLOPL, Inc.100 505 
Comture Corp.100 1,742 
Concordia Financial Group Ltd.2,500 7,928 
Cosmos Pharmaceutical Corp.100 10,532 
Credit Saison Co. Ltd.1,100 13,839 
Creek & River Co. Ltd.100 1,731 
CrowdWorks, Inc.(1)
100 1,054 
CyberAgent, Inc.900 8,774 
Dai Nippon Printing Co. Ltd.700 14,734 
Dai-Dan Co. Ltd.100 1,597 
Dai-ichi Life Holdings, Inc.2,300 39,739 
Daifuku Co. Ltd.100 5,834 
Daihen Corp.100 2,961 
Daiichi Sankyo Co. Ltd.1,100 33,057 
Daikin Industries Ltd.100 17,457 
Daishinku Corp.700 4,928 
Daito Pharmaceutical Co. Ltd.100 1,908 
Daito Trust Construction Co. Ltd.300 29,513 
Daiwa House Industry Co. Ltd.800 17,886 
Daiwa Securities Group, Inc.3,800 16,588 
DCM Holdings Co. Ltd.(2)
700 5,191 
DeNA Co. Ltd.100 1,368 
Denso Corp.200 10,916 
Dentsu Group, Inc.700 22,543 
Dexerials Corp.700 19,462 
Digital Arts, Inc.100 4,647 
Digital Garage, Inc.200 5,575 
Digital Holdings, Inc.100 933 
Digital Information Technologies Corp.100 1,121 
Direct Marketing MiX, Inc.100 1,324 
Disco Corp.100 24,281 
DMG Mori Co. Ltd.400 5,191 
Doshisha Co. Ltd.100 1,093 
DTS Corp.100 2,576 
Duskin Co. Ltd.200 4,123 
E-Guardian, Inc.100 2,152 
Eagle Industry Co. Ltd.100 840 
East Japan Railway Co.200 10,359 
74


Avantis Responsible International Equity ETF
SharesValue
Ebara Corp.700 $26,517 
EDION Corp.(2)
700 6,022 
Eiken Chemical Co. Ltd.200 2,733 
Eisai Co. Ltd.500 20,387 
Eizo Corp.100 2,722 
Elan Corp.200 1,624 
Elematec Corp.200 1,950 
en Japan, Inc.100 1,709 
Envipro Holdings, Inc.100 686 
Exedy Corp.100 1,288 
F.C.C. Co. Ltd.700 7,245 
FANUC Corp.100 16,110 
Fast Retailing Co. Ltd.100 58,473 
FDK Corp.(1)
100 623 
Ferrotec Holdings Corp.400 9,105 
Fibergate, Inc.100 733 
FIDEA Holdings Co. Ltd.100 949 
Financial Products Group Co. Ltd.700 6,285 
First Bank of Toyama Ltd.300 908 
Fixstars Corp.100 876 
FP Corp.100 2,347 
Frontier Management, Inc.100 969 
Fuji Electric Co. Ltd.700 30,241 
Fuji Oil Co. Ltd.400 1,067 
Fuji Seal International, Inc.200 2,219 
Fuji Soft, Inc.100 5,839 
Fujibo Holdings, Inc.100 2,595 
FUJIFILM Holdings Corp.100 5,077 
Fujikura Ltd.1,300 9,232 
Fujitsu Ltd.400 47,069 
Fukui Computer Holdings, Inc.100 2,547 
Fukuoka Financial Group, Inc.900 16,083 
Fukuyama Transporting Co. Ltd.100 2,271 
FULLCAST Holdings Co. Ltd.100 1,750 
Funai Soken Holdings, Inc.200 3,426 
Furukawa Battery Co. Ltd.100 831 
Furukawa Co. Ltd.100 907 
Furukawa Electric Co. Ltd.700 12,263 
Furuno Electric Co. Ltd.100 805 
Futaba Corp.100 475 
Future Corp.100 1,217 
Fuyo General Lease Co. Ltd.100 5,905 
G-7 Holdings, Inc.100 1,072 
G-Tekt Corp.100 1,000 
Gakken Holdings Co. Ltd.200 1,409 
Genky DrugStores Co. Ltd.100 2,630 
GLOBERIDE, Inc.100 1,960 
Glory Ltd.700 11,052 
GMO Financial Holdings, Inc.200 1,088 
GMO Payment Gateway, Inc.100 7,930 
Goldcrest Co. Ltd.100 1,246 
75


Avantis Responsible International Equity ETF
SharesValue
Goldwin, Inc.100 $5,955 
Golf Digest Online, Inc.100 1,515 
GS Yuasa Corp.300 5,444 
GungHo Online Entertainment, Inc.700 11,560 
Gunze Ltd.100 2,826 
H.U. Group Holdings, Inc.700 14,218 
H2O Retailing Corp.700 4,932 
Hachijuni Bank Ltd.1,500 5,144 
Hakuhodo DY Holdings, Inc.1,100 9,814 
Hakuto Co. Ltd.100 2,376 
Hamakyorex Co. Ltd.100 2,277 
Hamamatsu Photonics KK300 12,720 
Hankyu Hanshin Holdings, Inc.700 20,992 
Hanwa Co. Ltd.200 4,948 
Happinet Corp.100 1,159 
Haseko Corp.1,400 16,043 
Heiwa Real Estate Co. Ltd.200 5,640 
Heiwado Co. Ltd.200 2,859 
Hirose Electric Co. Ltd.100 14,170 
Hitachi Construction Machinery Co. Ltd.300 6,167 
Hitachi Transport System Ltd.100 6,313 
Hokko Chemical Industry Co. Ltd.100 760 
Honda Motor Co. Ltd., ADR2,263 60,015 
Honeys Holdings Co. Ltd.100 887 
Hoosiers Holdings Co. Ltd.200 1,160 
Horiba Ltd.200 9,111 
Hosiden Corp.100 1,136 
Hotland Co. Ltd.100 938 
Hoya Corp.300 30,593 
HS Holdings Co. Ltd.700 5,857 
Hulic Co. Ltd.2,000 15,156 
Hyakujushi Bank Ltd.100 1,220 
I'rom Group Co. Ltd.100 1,731 
Ibiden Co. Ltd.300 9,522 
Ichiyoshi Securities Co. Ltd.200 911 
Idec Corp.200 4,178 
IDOM, Inc.700 4,143 
Iida Group Holdings Co. Ltd.(2)
700 10,663 
Inaba Denki Sangyo Co. Ltd.700 13,805 
Infocom Corp.100 1,449 
INFRONEER Holdings, Inc.1,000 7,148 
Insource Co. Ltd.100 2,007 
Intage Holdings, Inc.100 1,148 
Internet Initiative Japan, Inc.700 25,281 
Isetan Mitsukoshi Holdings Ltd.800 6,322 
Ishihara Sangyo Kaisha Ltd.700 5,625 
Isuzu Motors Ltd.2,100 26,081 
Ito En Ltd.100 4,389 
Itochu Techno-Solutions Corp.200 5,047 
IwaiCosmo Holdings, Inc.100 902 
J Front Retailing Co. Ltd.1,300 10,303 
76


Avantis Responsible International Equity ETF
SharesValue
J Trust Co. Ltd.700 $3,096 
J-Lease Co. Ltd.100 1,847 
J-Oil Mills, Inc.100 1,149 
JAC Recruitment Co. Ltd.100 1,415 
JAFCO Group Co. Ltd.500 7,236 
Japan Aviation Electronics Industry Ltd.700 11,706 
Japan Communications, Inc.(1)
700 1,140 
Japan Exchange Group, Inc.1,100 16,392 
Japan Lifeline Co. Ltd.500 3,630 
Japan Material Co. Ltd.100 1,384 
Japan Post Bank Co. Ltd.700 5,103 
Japan Post Holdings Co. Ltd.3,400 23,456 
Japan Post Insurance Co. Ltd.1,000 15,318 
Japan Wool Textile Co. Ltd.200 1,470 
JINUSHI Co. Ltd.100 1,439 
JM Holdings Co. Ltd.100 1,145 
Joshin Denki Co. Ltd.100 1,378 
Joyful Honda Co. Ltd.300 3,742 
JSR Corp.600 13,384 
JTEKT Corp.1,200 8,447 
Juki Corp.100 506 
Justsystems Corp.100 2,511 
JVCKenwood Corp.900 1,321 
K's Holdings Corp.1,100 10,135 
Kaga Electronics Co. Ltd.100 2,960 
Kakaku.com, Inc.100 1,841 
Kamigumi Co. Ltd.300 5,871 
Kanamoto Co. Ltd.200 3,079 
Kanematsu Corp.700 7,573 
Kanematsu Electronics Ltd.100 3,051 
Kao Corp.700 30,310 
Kato Sangyo Co. Ltd.100 2,459 
KDDI Corp.2,800 85,683 
Keihanshin Building Co. Ltd.100 903 
Kenko Mayonnaise Co. Ltd.100 1,098 
KH Neochem Co. Ltd.700 12,881 
Kintetsu Group Holdings Co. Ltd.100 3,396 
Kirin Holdings Co. Ltd.700 11,523 
Kito Corp.100 1,940 
Koa Corp.200 3,382 
Kobe Bussan Co. Ltd.300 7,640 
Kohnan Shoji Co. Ltd.100 2,479 
Kojima Co. Ltd.(2)
200 917 
Kokusai Pulp & Paper Co. Ltd.700 3,568 
Kokuyo Co. Ltd.700 9,015 
Komatsu Ltd.1,200 25,102 
KOMEDA Holdings Co. Ltd.100 1,650 
Komeri Co. Ltd.200 3,756 
Konica Minolta, Inc.(2)
2,800 9,695 
Konoike Transport Co. Ltd.200 1,898 
Kosaido Holdings Co. Ltd.(1)
100 860 
77


Avantis Responsible International Equity ETF
SharesValue
Kubota Corp.1,000 $15,530 
Kumagai Gumi Co. Ltd.200 3,826 
Kurabo Industries Ltd.100 1,526 
Kuraray Co. Ltd.2,100 15,951 
Kurita Water Industries Ltd.200 7,781 
Kusuri no Aoki Holdings Co. Ltd.100 4,411 
Kyocera Corp.300 16,675 
Kyowa Kirin Co. Ltd.200 4,483 
Kyushu Financial Group, Inc.1,400 3,824 
LAND Co. Ltd.4,500 324 
Lasertec Corp.100 13,845 
Lawson, Inc.300 9,942 
Leopalace21 Corp.(1)
200 475 
Link & Motivation, Inc.100 458 
Lintec Corp.200 3,333 
Lion Corp.100 1,168 
LITALICO, Inc.100 2,089 
Lixil Corp.800 13,912 
m-up Holdings, Inc.100 1,035 
M3, Inc.200 6,406 
Mabuchi Motor Co. Ltd.100 2,839 
Macnica Holdings, Inc.200 4,291 
Maeda Kosen Co. Ltd.100 2,322 
Mani, Inc.100 1,254 
Marubeni Corp.2,800 29,182 
Marui Group Co. Ltd.(2)
1,000 17,936 
MARUKA FURUSATO Corp.100 2,437 
Maruwa Co. Ltd.100 12,580 
Maruzen Showa Unyu Co. Ltd.100 2,283 
MatsukiyoCocokara & Co.100 3,968 
Maxell Ltd.700 7,425 
Mazda Motor Corp.3,600 31,882 
McDonald's Holdings Co. Japan Ltd.200 7,149 
Mebuki Financial Group, Inc.(2)
5,000 9,583 
Medical Data Vision Co. Ltd.100 801 
Medipal Holdings Corp.700 9,577 
Meidensha Corp.100 1,433 
MEIJI Holdings Co. Ltd.500 23,819 
Meiko Electronics Co. Ltd.200 4,646 
Meitec Corp.300 5,275 
Menicon Co. Ltd.100 2,401 
Micronics Japan Co. Ltd.700 7,171 
MINEBEA MITSUMI, Inc.1,500 25,781 
Ministop Co. Ltd.100 1,015 
Miroku Jyoho Service Co. Ltd.200 2,214 
Mitsubishi Electric Corp.2,300 23,253 
Mitsubishi Estate Co. Ltd.1,100 14,814 
Mitsubishi Gas Chemical Co., Inc.400 5,946 
Mitsubishi HC Capital, Inc.3,100 15,023 
Mitsubishi Heavy Industries Ltd.1,300 50,116 
Mitsubishi Logistics Corp.200 5,197 
78


Avantis Responsible International Equity ETF
SharesValue
Mitsubishi Motors Corp.(1)
1,300 $5,200 
Mitsubishi Pencil Co. Ltd.100 1,003 
Mitsubishi Research Institute, Inc.100 2,994 
Mitsubishi Shokuhin Co. Ltd.100 2,455 
Mitsubishi UFJ Financial Group, Inc., ADR15,217 78,368 
Mitsui Chemicals, Inc.1,000 22,466 
Mitsui Fudosan Co. Ltd.900 18,217 
Mitsui Matsushima Holdings Co. Ltd.100 2,618 
Mitsui-Soko Holdings Co. Ltd.100 2,417 
Mixi, Inc.100 1,717 
Miyazaki Bank Ltd.100 1,598 
Mizuho Financial Group, Inc., ADR(2)
17,783 40,723 
Mizuho Leasing Co. Ltd.200 4,831 
Mizuho Medy Co. Ltd.100 2,144 
Mizuno Corp.100 1,924 
Monex Group, Inc.(2)
600 2,140 
MonotaRO Co. Ltd.300 5,383 
Morinaga & Co. Ltd.100 2,856 
MOS Food Services, Inc.200 4,565 
MS&AD Insurance Group Holdings, Inc.1,200 35,803 
Murata Manufacturing Co. Ltd.900 48,462 
Musashi Seimitsu Industry Co. Ltd.100 1,211 
Nabtesco Corp.800 18,944 
Nagahori Corp.100 876 
Nagase & Co. Ltd.700 10,046 
NEC Corp.1,000 36,472 
Neturen Co. Ltd.700 3,450 
Nexon Co. Ltd.300 5,974 
NGK Insulators Ltd.1,100 15,705 
NGK Spark Plug Co. Ltd.800 16,414 
NHK Spring Co. Ltd.1,100 7,429 
Nichias Corp.300 5,181 
Nichiha Corp.100 1,993 
Nidec Corp.100 6,643 
Nifco, Inc.700 15,799 
Nihon Chouzai Co. Ltd.100 962 
Nihon House Holdings Co. Ltd.200 610 
Nihon M&A Center Holdings, Inc.700 8,675 
Nikkon Holdings Co. Ltd.300 5,078 
Nikon Corp.700 7,991 
Nintendo Co. Ltd.100 40,935 
Nippon Carbon Co. Ltd.100 2,942 
Nippon Chemi-Con Corp.(1)
100 1,311 
Nippon Coke & Engineering Co. Ltd.900 651 
Nippon Denko Co. Ltd.700 1,858 
NIPPON EXPRESS HOLDINGS, Inc.300 16,507 
Nippon Paper Industries Co. Ltd.700 4,567 
Nippon Parking Development Co. Ltd.1,300 1,503 
Nippon Pillar Packing Co. Ltd.100 1,861 
Nippon Sanso Holdings Corp.200 3,637 
Nippon Seiki Co. Ltd.300 1,773 
79


Avantis Responsible International Equity ETF
SharesValue
Nippon Sheet Glass Co. Ltd.(1)
400 $1,525 
Nippon Shokubai Co. Ltd.100 3,965 
Nippon Signal Co. Ltd.300 2,005 
Nippon Soda Co. Ltd.200 6,614 
Nippon Steel Trading Corp.100 3,847 
Nippon Telegraph & Telephone Corp.1,900 51,498 
Nippon Thompson Co. Ltd.700 2,875 
Nippon Yakin Kogyo Co. Ltd.100 2,065 
Nipro Corp.900 7,327 
Nishi-Nippon Railroad Co. Ltd.700 14,484 
Nishimatsuya Chain Co. Ltd.700 8,199 
Nishio Rent All Co. Ltd.100 2,086 
Nissan Chemical Corp.200 10,077 
Nissha Co. Ltd.700 9,103 
Nissin Electric Co. Ltd.200 2,131 
Nissin Foods Holdings Co. Ltd.100 7,155 
Nitori Holdings Co. Ltd.100 9,560 
Nitto Boseki Co. Ltd.100 1,812 
Nitto Denko Corp.400 24,653 
Nitto Kogyo Corp.100 1,845 
Nittoc Construction Co. Ltd.100 648 
NOF Corp.100 3,790 
Nohmi Bosai Ltd.100 1,183 
Nojima Corp.700 14,103 
NOK Corp.700 6,221 
Nomura Co. Ltd.100 677 
North Pacific Bank Ltd.1,300 2,152 
NSD Co. Ltd.100 1,797 
NSK Ltd.700 3,795 
NTT Data Corp.1,100 15,480 
Obayashi Corp.2,700 18,675 
Obic Co. Ltd.100 14,790 
Odakyu Electric Railway Co. Ltd.700 9,563 
Ogaki Kyoritsu Bank Ltd.200 2,481 
Oisix ra daichi, Inc.(1)
100 1,360 
Oita Bank Ltd.100 1,361 
Oji Holdings Corp.4,800 19,151 
Okamura Corp.200 1,910 
Oki Electric Industry Co. Ltd.700 3,777 
Olympus Corp.1,700 36,205 
Omron Corp.100 5,263 
Ono Pharmaceutical Co. Ltd.200 4,774 
Open House Group Co. Ltd.100 3,914 
Oracle Corp. (Tokyo)100 5,957 
Orient Corp.4,100 3,585 
Oriental Land Co. Ltd.100 14,909 
Oriental Shiraishi Corp.800 1,447 
ORIX Corp., ADR505 41,587 
Otsuka Corp.100 3,232 
Pacific Industrial Co. Ltd.700 5,450 
Pan Pacific International Holdings Corp.1,100 19,751 
80


Avantis Responsible International Equity ETF
SharesValue
Park24 Co. Ltd.(1)
700 $9,974 
Persol Holdings Co. Ltd.700 14,052 
Pigeon Corp.200 2,979 
Pilot Corp.100 3,579 
Piolax, Inc.100 1,447 
Pola Orbis Holdings, Inc.100 1,103 
Pole To Win Holdings Inc700 5,091 
Premium Group Co. Ltd.300 3,721 
Press Kogyo Co. Ltd.700 2,214 
Prestige International, Inc.700 3,362 
Qol Holdings Co. Ltd.100 907 
Raccoon Holdings, Inc.100 996 
Rakus Co. Ltd.100 1,177 
Rakuten Group, Inc.1,900 9,221 
RaQualia Pharma, Inc.(1)
100 756 
Recruit Holdings Co. Ltd.1,500 47,686 
Relia, Inc.300 2,177 
Relo Group, Inc.500 8,037 
Renesas Electronics Corp.(1)
1,200 11,362 
Rengo Co. Ltd.(2)
1,300 7,659 
Resona Holdings, Inc.7,700 28,346 
Resorttrust, Inc.700 11,233 
Retail Partners Co. Ltd.100 770 
Ricoh Co. Ltd.2,100 16,505 
Ricoh Leasing Co. Ltd.100 2,574 
Rion Co. Ltd.100 1,526 
Riso Kyoiku Co. Ltd.700 1,570 
Rohm Co. Ltd.200 14,964 
Roland DG Corp.100 2,346 
Round One Corp.700 10,072 
Ryoden Corp.100 1,178 
Ryohin Keikaku Co. Ltd.700 6,492 
S-Pool, Inc.700 5,399 
Sakai Chemical Industry Co. Ltd.100 1,411 
Sakai Moving Service Co. Ltd.100 3,300 
San ju San Financial Group, Inc.100 1,065 
San-In Godo Bank Ltd.800 3,933 
Sangetsu Corp.200 2,336 
Sankyu, Inc.200 6,151 
Santen Pharmaceutical Co. Ltd.1,600 11,495 
Sanwa Holdings Corp.1,100 10,884 
Sapporo Holdings Ltd.200 4,384 
Sato Holdings Corp.100 1,374 
SB Technology Corp.100 1,780 
SCREEN Holdings Co. Ltd.200 13,285 
Scroll Corp.700 3,944 
SCSK Corp.600 9,770 
Secom Co. Ltd.300 19,113 
Seibu Holdings, Inc.700 7,092 
Seiko Epson Corp.1,400 21,999 
Seiko Holdings Corp.200 4,121 
81


Avantis Responsible International Equity ETF
SharesValue
Seino Holdings Co. Ltd.700 $5,559 
Sekisui House Ltd.700 11,903 
Sekisui Jushi Corp.100 1,236 
Senshu Ikeda Holdings, Inc.1,000 1,588 
Septeni Holdings Co. Ltd.(2)
700 2,495 
Seria Co. Ltd.100 1,950 
SG Holdings Co. Ltd.1,000 16,587 
Sharp Corp.1,100 7,874 
Shibaura Electronics Co. Ltd.100 3,744 
Shiga Bank Ltd.(2)
200 3,690 
Shikoku Bank Ltd.100 616 
Shimadzu Corp.400 11,682 
Shimamura Co. Ltd.100 9,064 
Shimano, Inc.100 17,691 
Shin Nippon Biomedical Laboratories Ltd.(2)
200 3,410 
Shin-Etsu Chemical Co. Ltd.400 46,453 
Shin-Etsu Polymer Co. Ltd.100 957 
Shionogi & Co. Ltd.200 9,765 
Ship Healthcare Holdings, Inc.700 13,087 
Shiseido Co. Ltd.600 22,664 
Shizuoka Bank Ltd.1,100 6,366 
Shoei Co. Ltd.100 3,963 
Showa Denko KK900 13,836 
SIGMAXYZ Holdings, Inc.200 1,762 
Sinko Industries Ltd.100 1,157 
SKY Perfect JSAT Holdings, Inc.1,100 4,372 
Skylark Holdings Co. Ltd.(1)(2)
700 7,700 
SMS Co. Ltd.100 2,277 
Snow Peak, Inc.100 1,559 
Softbank Corp.3,000 32,890 
SoftBank Group Corp.1,200 47,534 
Sohgo Security Services Co. Ltd.100 2,591 
Solasto Corp.100 641 
Sompo Holdings, Inc.1,100 47,164 
Sony Group Corp., ADR1,005 79,747 
Sosei Group Corp.(1)
300 3,723 
Square Enix Holdings Co. Ltd.100 4,342 
Stanley Electric Co. Ltd.100 1,846 
Star Micronics Co. Ltd.700 9,205 
Starts Corp., Inc.300 5,763 
Subaru Corp.2,100 38,173 
Sugi Holdings Co. Ltd.100 4,243 
SUMCO Corp.1,900 25,788 
Sumida Corp.200 1,389 
Sumitomo Bakelite Co. Ltd.100 3,152 
Sumitomo Dainippon Pharma Co. Ltd.700 5,214 
Sumitomo Electric Industries Ltd.1,200 13,746 
Sumitomo Forestry Co. Ltd.700 11,835 
Sumitomo Mitsui Financial Group, Inc., ADR8,919 53,960 
Sumitomo Mitsui Trust Holdings, Inc.900 27,993 
Sumitomo Realty & Development Co. Ltd.800 19,565 
82


Avantis Responsible International Equity ETF
SharesValue
Sumitomo Rubber Industries Ltd.900 $7,723 
Sumitomo Warehouse Co. Ltd.100 1,569 
Sun Frontier Fudousan Co. Ltd.700 6,039 
Sundrug Co. Ltd.400 9,787 
Suntory Beverage & Food Ltd.700 25,569 
Suzuken Co. Ltd.700 16,776 
Suzuki Motor Corp.700 24,466 
SWCC Showa Holdings Co. Ltd.700 9,171 
SymBio Pharmaceuticals Ltd.(1)
100 506 
Sysmex Corp.100 6,113 
Systena Corp.800 2,451 
Syuppin Co. Ltd.100 890 
T&D Holdings, Inc.1,700 18,566 
T-Gaia Corp.100 1,189 
Tachi-S Co. Ltd.100 878 
Taisei Corp.1,000 30,320 
Taiyo Yuden Co. Ltd.400 12,362 
Takaoka Toko Co. Ltd.100 1,382 
Takara Bio, Inc.100 1,401 
Takara Holdings, Inc.500 3,794 
Takasago Thermal Engineering Co. Ltd.700 8,271 
Takashimaya Co. Ltd.(2)
700 7,744 
Takeda Pharmaceutical Co. Ltd., ADR1,792 24,640 
Tanaka Chemical Corp.(1)
100 1,109 
Tanseisha Co. Ltd.100 570 
TDK Corp.1,300 45,451 
TechMatrix Corp.300 3,696 
TechnoPro Holdings, Inc.700 15,746 
Teijin Ltd.1,200 12,687 
Terumo Corp.200 6,420 
TIS, Inc.700 19,934 
TKC Corp.100 2,499 
Toagosei Co. Ltd.700 5,454 
Tochigi Bank Ltd.200 414 
Toho Co. Ltd.100 3,798 
Toho Holdings Co. Ltd.300 3,973 
Tokai Carbon Co. Ltd.700 5,110 
Tokai Corp/Gifu100 1,323 
Tokai Rika Co. Ltd.100 1,074 
Tokio Marine Holdings, Inc.1,200 66,503 
Tokyo Century Corp.200 7,143 
Tokyo Electron Device Ltd.100 4,224 
Tokyo Electron Ltd.100 31,364 
Tokyo Individualized Educational Institute, Inc.100 409 
Tokyo Kiraboshi Financial Group, Inc.200 3,225 
Tokyo Seimitsu Co. Ltd.300 9,993 
Tokyo Tatemono Co. Ltd.1,000 14,990 
Tokyu Corp.1,200 14,265 
Tokyu Fudosan Holdings Corp.1,600 8,598 
Tomy Co. Ltd.700 6,636 
Topcon Corp.900 12,140 
83


Avantis Responsible International Equity ETF
SharesValue
Toppan, Inc.700 $10,993 
Topy Industries Ltd.100 1,014 
Toray Industries, Inc.5,100 29,103 
Torishima Pump Manufacturing Co. Ltd.100 1,054 
Tosei Corp.100 999 
Toshiba Corp.300 11,110 
Toshiba TEC Corp.100 2,976 
Tosho Co. Ltd.100 826 
TOTO Ltd.100 3,447 
Toyo Corp.100 951 
Toyo Seikan Group Holdings Ltd.900 10,650 
Toyo Tanso Co. Ltd.100 2,423 
Toyo Tire Corp.300 3,636 
Toyobo Co. Ltd.700 5,304 
Toyoda Gosei Co. Ltd.700 12,178 
Toyota Boshoku Corp.500 7,261 
Toyota Industries Corp.200 11,179 
Toyota Motor Corp., ADR979 146,233 
Toyota Tsusho Corp.600 21,005 
TPR Co. Ltd.100 916 
Transcosmos, Inc.200 5,517 
TRE Holdings Corp.700 8,573 
Trend Micro, Inc.500 30,784 
Trenders, Inc.100 1,381 
Trusco Nakayama Corp.100 1,398 
TS Tech Co. Ltd.700 7,831 
TSI Holdings Co. Ltd.700 1,949 
Tsukuba Bank Ltd.700 983 
Tsuruha Holdings, Inc.100 5,551 
TV Asahi Holdings Corp.100 1,042 
Uchida Yoko Co. Ltd.100 3,582 
Ulvac, Inc.300 11,633 
Unicharm Corp.700 24,326 
Unipres Corp.700 4,823 
United Arrows Ltd.100 1,313 
Unitika Ltd.(1)
700 1,302 
Ushio, Inc.100 1,214 
USS Co. Ltd.1,000 17,647 
UT Group Co. Ltd.100 1,992 
UUUM Co. Ltd.(1)
100 779 
Valqua Ltd.100 1,943 
ValueCommerce Co. Ltd.100 1,826 
Vector, Inc.200 1,671 
VT Holdings Co. Ltd.700 2,424 
Wacoal Holdings Corp.100 1,598 
Wacom Co. Ltd.700 4,201 
Warabeya Nichiyo Holdings Co. Ltd.100 1,628 
Welcia Holdings Co. Ltd.100 2,094 
West Japan Railway Co.100 3,892 
Will Group, Inc.100 963 
Xebio Holdings Co. Ltd.100 693 
84


Avantis Responsible International Equity ETF
SharesValue
YAC Holdings Co. Ltd.100 $1,006 
Yakult Honsha Co. Ltd.100 5,915 
YAMABIKO Corp.100 816 
Yamada Holdings Co. Ltd.4,700 16,267 
Yamaguchi Financial Group, Inc.(2)
1,200 6,584 
Yamaha Corp.100 3,901 
Yamaha Motor Co. Ltd.1,000 20,724 
Yamaichi Electronics Co. Ltd.100 1,480 
Yamato Holdings Co. Ltd.1,100 17,148 
Yamazen Corp.700 4,687 
Yaskawa Electric Corp.200 6,513 
Yellow Hat Ltd.200 2,582 
Yokogawa Electric Corp.400 6,981 
Yokohama Rubber Co. Ltd.800 13,084 
Yokorei Co. Ltd.200 1,326 
Yonex Co. Ltd.500 5,653 
Yuasa Trading Co. Ltd.100 2,519 
Z Holdings Corp.700 2,058 
Zenkoku Hosho Co. Ltd.300 9,913 
Zenrin Co. Ltd.100 684 
ZIGExN Co. Ltd.200 484 
ZOZO, Inc.200 4,421 
5,675,845 
Netherlands — 3.4%
Aalberts NV316 11,588 
ABN AMRO Bank NV, CVA1,721 16,533 
Adyen NV(1)
47 72,528 
Aegon NV, NY Shares10,633 47,742 
AerCap Holdings NV(1)
641 28,236 
Akzo Nobel NV355 22,366 
Arcadis NV248 7,906 
ASM International NV82 22,295 
ASML Holding NV, NY Shares389 190,587 
ASR Nederland NV1,019 41,590 
B&S Group Sarl217 1,103 
BE Semiconductor Industries NV350 16,626 
Brunel International NV65 609 
Coca-Cola Europacific Partners PLC361 17,750 
Constellium SE(1)
188 2,504 
Corbion NV102 2,896 
Flow Traders288 5,763 
Heineken Holding NV49 3,476 
Heineken NV212 19,054 
IMCD NV50 6,898 
ING Groep NV, ADR(2)
4,771 41,889 
InPost SA(1)
267 1,374 
Just Eat Takeaway.com NV(1)
689 11,462 
Koninklijke Ahold Delhaize NV2,822 77,624 
Koninklijke BAM Groep NV(1)
2,152 5,736 
Koninklijke DSM NV407 51,899 
Koninklijke KPN NV16,049 51,069 
85


Avantis Responsible International Equity ETF
SharesValue
Koninklijke Philips NV, NY Shares703 $11,656 
NN Group NV(2)
1,104 45,372 
Ordina NV300 1,184 
Pharming Group NV(1)
3,412 4,103 
PostNL NV3,534 7,530 
Prosus NV(1)
431 26,640 
Randstad NV230 10,711 
TKH Group NV276 9,629 
TomTom NV(1)
97 781 
Universal Music Group NV338 6,712 
Van Lanschot Kempen NV42 885 
Wolters Kluwer NV121 11,833 
916,139 
New Zealand — 0.3%
a2 Milk Co. Ltd.(1)
1,612 6,132 
Arvida Group Ltd.1,743 1,607 
Auckland International Airport Ltd.(1)
1,662 7,665 
Chorus Ltd.2,738 13,409 
Fisher & Paykel Healthcare Corp. Ltd.233 2,789 
Fletcher Building Ltd.2,532 8,644 
KMD Brands Ltd.3,188 2,099 
Mercury NZ Ltd.3,064 10,843 
Meridian Energy Ltd.967 2,950 
Pushpay Holdings Ltd.(1)
2,267 1,765 
Ryman Healthcare Ltd.1,105 6,184 
Spark New Zealand Ltd.4,623 15,293 
79,380 
Norway — 0.9%
2020 Bulkers Ltd.(1)
82 730 
ABG Sundal Collier Holding ASA2,153 1,263 
Adevinta ASA(1)
170 1,375 
Atea ASA(1)
128 1,409 
Austevoll Seafood ASA27 289 
Awilco LNG AS(1)
1,003 585 
B2Holding ASA1,068 964 
Bakkafrost P/F51 2,984 
Belships ASA872 1,306 
Bonheur ASA189 7,075 
Borr Drilling Ltd.(1)
997 3,885 
Borregaard ASA345 5,262 
Crayon Group Holding ASA(1)
63 682 
DNB Bank ASA1,458 27,722 
Elmera Group ASA133 266 
Elopak ASA680 1,361 
Europris ASA531 3,186 
Gjensidige Forsikring ASA248 5,033 
Grieg Seafood ASA122 1,476 
Hunter Group ASA(1)
1,712 361 
Kahoot! ASA(1)
257 510 
Kid ASA161 1,448 
Kitron ASA364 729 
86


Avantis Responsible International Equity ETF
SharesValue
Kongsberg Automotive ASA(1)
7,409 $1,887 
Kongsberg Gruppen ASA207 7,075 
Leroy Seafood Group ASA481 3,214 
Magseis Fairfield ASA(1)
1,999 1,714 
Mowi ASA1,066 21,855 
Nordic Semiconductor ASA(1)
160 2,446 
Norsk Hydro ASA4,100 28,172 
Norske Skog ASA(1)
365 2,537 
Norwegian Energy Co. ASA(1)
327 11,735 
Odfjell Technology Ltd.(1)
80 200 
OKEA ASA459 2,384 
Orkla ASA815 6,825 
Panoro Energy ASA(1)
787 2,335 
Pareto Bank ASA387 1,877 
Petronor E&P ASA(1)
501 43 
Protector Forsikring ASA251 3,005 
Rana Gruber ASA(2)
253 1,100 
Scatec ASA729 7,395 
Schibsted ASA, B Shares307 5,265 
Schibsted ASA, Class A231 4,227 
Siem Offshore, Inc.(1)
402 540 
Solstad Offshore ASA(1)
782 2,310 
SpareBank 1 Nord Norge732 6,598 
Sparebank 1 Oestlandet151 1,721 
SpareBank 1 SMN820 9,984 
SpareBank 1 SR-Bank ASA548 6,268 
Storebrand ASA1,103 8,829 
Telenor ASA1,032 11,293 
TGS ASA637 9,694 
TOMRA Systems ASA354 8,067 
Veidekke ASA328 3,350 
253,846 
Portugal — 0.2%
Altri SGPS SA969 5,468 
Banco Comercial Portugues SA, R Shares23,428 3,409 
Corticeira Amorim SGPS SA271 2,737 
CTT-Correios de Portugal SA858 2,795 
EDP Renovaveis SA489 11,859 
Greenvolt-Energias Renovaveis SA(1)
182 1,758 
Jeronimo Martins SGPS SA480 10,642 
Mota-Engil SGPS SA333 401 
Navigator Co. SA943 3,742 
NOS SGPS SA1,580 5,824 
Sonae SGPS SA10,762 10,817 
59,452 
Singapore — 1.4%
Ascendas India Trust6,000 4,881 
Aztech Global Ltd.2,700 1,707 
Capitaland Investment Ltd.4,700 12,374 
City Developments Ltd.1,700 9,871 
ComfortDelGro Corp. Ltd.21,300 21,467 
87


Avantis Responsible International Equity ETF
SharesValue
DBS Group Holdings Ltd.2,300 $53,552 
Dyna-Mac Holdings Ltd.(1)
4,200 593 
Grab Holdings Ltd., Class A(1)
651 1,855 
Haw Par Corp. Ltd.100 782 
Hong Fok Corp. Ltd.5,000 3,785 
Hour Glass Ltd.1,300 2,155 
Hutchison Port Holdings Trust, U Shares55,000 11,802 
iFAST Corp. Ltd.800 2,557 
ISDN Holdings Ltd.1,300 440 
Jiutian Chemical Group Ltd.24,900 1,651 
Maxeon Solar Technologies Ltd.(1)
133 2,640 
Netlink Nbn Management Pte. Ltd.7,000 4,679 
Oversea-Chinese Banking Corp. Ltd.5,300 45,682 
Raffles Medical Group Ltd.8,100 8,060 
Rex International Holding Ltd.(1)
1,500 295 
Riverstone Holdings Ltd.8,200 4,227 
Samudera Shipping Line Ltd.3,200 2,282 
SATS Ltd.(1)
1,200 3,466 
Sea Ltd., ADR(1)
177 10,974 
Sheng Siong Group Ltd.5,000 5,795 
SIA Engineering Co. Ltd.(1)
800 1,417 
Singapore Exchange Ltd.2,800 19,001 
Singapore Post Ltd.15,900 6,591 
Singapore Technologies Engineering Ltd.200 533 
Singapore Telecommunications Ltd.16,300 30,601 
Stamford Land Corp. Ltd.2,000 551 
StarHub Ltd.2,100 1,846 
United Overseas Bank Ltd.3,700 72,148 
UOL Group Ltd.3,300 16,328 
Venture Corp. Ltd.700 9,145 
Yangzijiang Financial Holding Ltd.(1)
9,200 2,461 
Yanlord Land Group Ltd.6,900 5,078 
Yoma Strategic Holdings Ltd.(1)
14,200 1,318 
384,590 
Spain — 2.0%
Acciona SA24 4,701 
Aena SME SA(1)
290 35,618 
Almirall SA578 5,214 
Amadeus IT Group SA(1)
543 28,665 
Amper SA(1)
7,550 1,339 
Applus Services SA301 2,014 
Atresmedia Corp. de Medios de Comunicacion SA885 2,424 
Banco Bilbao Vizcaya Argentaria SA, ADR7,857 34,885 
Banco de Sabadell SA29,871 20,543 
Banco Santander SA, ADR23,059 55,572 
Bankinter SA2,815 14,426 
CaixaBank SA7,777 23,483 
Cellnex Telecom SA248 9,658 
CIE Automotive SA92 2,256 
Construcciones y Auxiliar de Ferrocarriles SA96 2,778 
Deoleo SA(1)(2)
1,100 315 
88


Avantis Responsible International Equity ETF
SharesValue
eDreams ODIGEO SA(1)
92 $498 
Ence Energia y Celulosa SA1,095 3,876 
Ercros SA520 1,597 
Ferrovial SA (Madrid)259 6,494 
Fluidra SA359 5,742 
Gestamp Automocion SA1,306 4,782 
Global Dominion Access SA352 1,363 
Grifols SA(1)
93 1,124 
Grupo Catalana Occidente SA180 5,293 
Iberdrola SA10,515 109,479 
Indra Sistemas SA817 6,423 
Industria de Diseno Textil SA1,436 31,005 
Laboratorios Farmaceuticos Rovi SA93 4,565 
Mapfre SA3,489 5,788 
Mediaset Espana Comunicacion SA(1)
382 1,063 
Melia Hotels International SA(1)
670 4,063 
Neinor Homes SA281 2,883 
Obrascon Huarte Lain SA(1)
2,692 1,541 
Pharma Mar SA117 6,815 
Prosegur Cash SA1,672 1,144 
Prosegur Cia de Seguridad SA102 188 
Red Electrica Corp. SA930 17,003 
Sacyr SA3,705 8,288 
Siemens Gamesa Renewable Energy SA(1)
78 1,405 
Solaria Energia y Medio Ambiente SA(1)
367 7,793 
Telefonica SA, ADR(2)
11,039 45,039 
Viscofan SA277 15,585 
544,730 
Sweden — 3.4%
AAK AB443 6,786 
AcadeMedia AB407 1,783 
AddTech AB, B Shares627 8,796 
AFRY AB12 158 
Alfa Laval AB479 12,774 
Alimak Group AB49 360 
Alleima AB(1)
208 836 
Ambea AB260 1,054 
Arise AB(1)
253 1,807 
Arjo AB, B Shares423 1,900 
Assa Abloy AB, Class B573 11,605 
Atlas Copco AB, A Shares3,510 35,630 
Atlas Copco AB, B Shares2,040 18,576 
Atrium Ljungberg AB, B Shares149 2,160 
Attendo AB(1)
290 635 
Avanza Bank Holding AB505 8,095 
Axfood AB376 11,334 
BE Group AB48 458 
Beijer Ref AB317 4,104 
Bilia AB, A Shares672 8,360 
BillerudKorsnas AB760 9,882 
BioGaia AB, B Shares308 2,486 
89


Avantis Responsible International Equity ETF
SharesValue
Biotage AB200 $3,364 
Boliden AB975 31,222 
Bonava AB, B Shares257 920 
Boozt AB(1)(2)
97 569 
Bravida Holding AB422 3,819 
Bufab AB139 
Bure Equity AB223 4,405 
Byggmax Group AB390 1,602 
Castellum AB623 8,743 
Catena AB91 3,741 
Catena Media PLC(1)
421 1,265 
Cibus Nordic Real Estate AB147 2,341 
Cint Group AB(1)
223 1,330 
Clas Ohlson AB, B Shares418 3,770 
Cloetta AB, B Shares1,761 3,079 
Coor Service Management Holding AB416 3,221 
Corem Property Group AB, B Shares1,547 1,804 
Dios Fastigheter AB318 2,354 
Dometic Group AB18 102 
Electrolux AB, B Shares870 11,001 
Electrolux Professional AB, B Shares1,048 5,206 
Elekta AB, B Shares(2)
1,259 7,217 
Embracer Group AB(1)
662 4,107 
Epiroc AB, A Shares852 13,036 
Epiroc AB, B Shares503 6,848 
EQT AB279 6,249 
Essity AB, B Shares584 12,955 
Fabege AB560 4,950 
Fastighets AB Balder, B Shares(1)
933 5,152 
Fortnox AB1,770 7,833 
G5 Entertainment AB(2)
38 627 
GARO AB87 946 
Getinge AB, B Shares362 6,705 
Granges AB353 2,736 
H & M Hennes & Mauritz AB, B Shares2,089 21,695 
Hanza AB120 536 
Hemnet Group AB119 1,578 
Hexagon AB, B Shares1,260 12,876 
Hexatronic Group AB287 2,795 
Hexpol AB646 5,735 
HMS Networks AB91 3,307 
Hoist Finance AB(1)
549 1,662 
Holmen AB, B Shares201 8,624 
Hufvudstaden AB, A Shares458 5,456 
Husqvarna AB, B Shares720 4,844 
Industrivarden AB, A Shares232 5,142 
Indutrade AB583 10,795 
Instalco AB378 1,887 
Intrum AB120 2,155 
Investment AB Latour, B Shares78 1,537 
Inwido AB109 1,066 
90


Avantis Responsible International Equity ETF
SharesValue
JM AB237 $4,075 
Karnov Group AB(1)
310 1,664 
Karo Pharma AB(1)
93 523 
Lindab International AB308 4,412 
Loomis AB538 14,533 
MEKO AB178 1,626 
Millicom International Cellular SA, SDR(1)
421 6,024 
MIPS AB65 2,929 
Modern Times Group MTG AB, B Shares(1)
508 4,448 
Mycronic AB183 2,170 
NCC AB, B Shares132 1,242 
New Wave Group AB, B Shares291 4,681 
Nibe Industrier AB, B Shares702 6,574 
Nobia AB824 2,122 
Nordea Bank Abp4,537 42,066 
Nordnet AB publ534 6,393 
Note AB(1)
37 616 
Nyfosa AB503 4,226 
Oncopeptides AB(1)
120 334 
OX2 AB(1)
401 3,576 
Pandox AB(1)
431 5,328 
Paradox Interactive AB252 3,962 
Platzer Fastigheter Holding AB, B Shares157 1,217 
Resurs Holding AB916 1,952 
Rvrc Holding AB117 283 
Saab AB, B Shares373 12,461 
Samhallsbyggnadsbolaget i Norden AB1,946 3,124 
Samhallsbyggnadsbolaget i Norden AB, D Shares284 559 
Sandvik AB1,041 16,230 
Scandic Hotels Group AB(1)
760 2,699 
Sectra AB, B Shares(1)
565 8,414 
Securitas AB, B Shares479 4,194 
Sinch AB(1)(2)
427 826 
Skandinaviska Enskilda Banken AB, A Shares2,514 25,061 
Skanska AB, B Shares1,383 20,431 
SKF AB, B Shares662 9,925 
SkiStar AB381 4,903 
SolTech Energy Sweden AB(1)
603 1,010 
Spotify Technology SA(1)
27 2,920 
Stillfront Group AB(1)
643 1,368 
Svenska Cellulosa AB SCA, B Shares1,147 17,186 
Svenska Handelsbanken AB, A Shares3,382 27,699 
Sweco AB, B Shares272 2,564 
Swedbank AB, A Shares2,472 31,950 
SwedenCare AB35 205 
Tele2 AB, B Shares1,070 11,395 
Telefonaktiebolaget LM Ericsson, ADR4,238 31,488 
Telia Co. AB6,562 23,096 
Thule Group AB87 2,122 
Tobii AB(1)
162 363 
Tobii Dynavox AB(1)
233 495 
91


Avantis Responsible International Equity ETF
SharesValue
Trelleborg AB, B Shares1,132 $23,523 
Truecaller AB, B Shares(1)
407 2,140 
Viaplay Group AB, B Shares(1)
58 1,476 
Vitec Software Group AB, B Shares106 3,954 
Vitrolife AB22 525 
Volvo AB, A Shares318 5,292 
Volvo AB, B Shares2,410 38,175 
Volvo Car AB, Class B(1)(2)
1,901 11,580 
Wallenstam AB, B Shares858 3,850 
Wihlborgs Fastigheter AB1,015 7,271 
902,077 
Switzerland — 8.4%
ABB Ltd., ADR(2)
793 21,863 
Adecco Group AG607 19,242 
Alcon, Inc.615 40,493 
Allreal Holding AG48 7,525 
ALSO Holding AG(1)
22 3,657 
ams-OSRAM AG(1)
499 3,651 
Arbonia AG171 2,241 
Ascom Holding AG63 406 
Autoneum Holding AG12 1,345 
Baloise Holding AG227 32,760 
Banque Cantonale Vaudoise112 10,628 
Barry Callebaut AG10 20,461 
Basilea Pharmaceutica AG(1)
14 556 
Belimo Holding AG2,655 
Bossard Holding AG, Class A10 1,991 
Bucher Industries AG28 9,976 
Calida Holding AG33 1,440 
Cembra Money Bank AG158 10,656 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate10,576 
Cie Financiere Richemont SA, Class A531 59,381 
Clariant AG(1)
677 12,500 
Comet Holding AG20 3,478 
Credit Suisse Group AG, ADR(2)
5,455 28,148 
DKSH Holding AG239 17,782 
dormakaba Holding AG11 4,613 
Flughafen Zurich AG(1)
59 9,935 
Forbo Holding AG8,735 
Galenica AG33 2,321 
Geberit AG28 12,937 
Georg Fischer AG388 21,023 
Givaudan SA9,572 
Helvetia Holding AG161 17,746 
Huber + Suhner AG61 5,081 
Idorsia Ltd.(1)
117 1,831 
Implenia AG(1)
20 591 
Inficon Holding AG10 6,971 
Intershop Holding AG1,955 
Julius Baer Group Ltd.(1)
791 38,221 
Kardex Holding AG1,227 
92


Avantis Responsible International Equity ETF
SharesValue
Komax Holding AG11 $2,866 
Kuehne + Nagel International AG171 39,520 
LEM Holding SA1,647 
Leonteq AG70 3,975 
Logitech International SA741 36,869 
Lonza Group AG28 14,933 
Mobilezone Holding AG407 6,738 
Mobimo Holding AG27 6,628 
Nestle SA1,557 182,205 
Novartis AG, ADR4,210 338,989 
OC Oerlikon Corp. AG650 4,748 
Partners Group Holding AG53 51,158 
Peach Property Group AG(1)
42 1,306 
PolyPeptide Group AG(1)
221 
PSP Swiss Property AG162 18,328 
Roche Holding AG1,131 364,455 
Roche Holding AG, Bearer Shares42 16,042 
Schindler Holding AG76 12,836 
Schindler Holding AG, Bearer Participation Certificate137 23,866 
Schweiter Technologies AG, Bearer Shares2,098 
SGS SA12 26,426 
Siegfried Holding AG(1)
11 8,778 
SIG Group AG(1)
167 3,916 
Sika AG41 9,225 
Softwareone Holding AG(1)
200 2,629 
Sonova Holding AG47 12,383 
St Galler Kantonalbank AG14 6,584 
Stadler Rail AG313 9,553 
Straumann Holding AG234 25,642 
Sulzer AG112 6,684 
Swatch Group AG179 8,141 
Swatch Group AG, Bearer Shares97 23,522 
Swiss Life Holding AG117 61,153 
Swiss Prime Site AG236 20,297 
Swiss Re AG553 42,999 
Swisscom AG118 61,010 
Swissquote Group Holding SA49 5,436 
Tecan Group AG2,576 
Temenos AG112 9,172 
u-blox Holding AG(1)
57 7,900 
UBS Group AG(1)
6,657 105,513 
VAT Group AG(1)
37 8,847 
Vontobel Holding AG168 10,336 
VZ Holding AG49 3,920 
Ypsomed Holding AG1,070 
Zehnder Group AG57 3,367 
Zurich Insurance Group AG402 178,448 
2,261,125 
United Kingdom — 13.8%
3i Group PLC3,810 53,631 
abrdn PLC5,958 10,125 
93


Avantis Responsible International Equity ETF
SharesValue
Admiral Group PLC669 $16,457 
Advanced Medical Solutions Group PLC280 979 
AG Barr PLC321 1,879 
Airtel Africa PLC3,400 5,220 
AJ Bell PLC1,046 3,568 
Alliance Pharma PLC1,623 1,789 
Alpha FX Group PLC201 4,246 
Anglo American PLC3,368 108,229 
Anglo-Eastern Plantations PLC241 2,513 
Antofagasta PLC1,866 23,743 
Ashmore Group PLC1,876 4,420 
Ashtead Group PLC1,031 50,651 
ASOS PLC(1)
141 1,134 
Associated British Foods PLC1,016 17,944 
Aston Martin Lagonda Global Holdings PLC(1)(2)
155 800 
AstraZeneca PLC, ADR2,472 154,203 
Auto Trader Group PLC4,307 32,521 
Avast PLC97 796 
AVEVA Group PLC20 649 
Aviva PLC7,863 38,145 
B&M European Value Retail SA4,261 18,272 
BAE Systems PLC5,228 47,084 
Balfour Beatty PLC3,865 14,139 
Bank of Georgia Group PLC324 7,524 
Barclays PLC, ADR8,106 63,146 
Barratt Developments PLC3,026 14,981 
Beazley PLC3,221 21,734 
Bellway PLC302 7,141 
Berkeley Group Holdings PLC539 22,817 
Biffa PLC2,291 10,694 
Bodycote PLC393 2,506 
boohoo Group PLC(1)
987 478 
Brewin Dolphin Holdings PLC2,440 14,509 
Britvic PLC1,045 9,497 
BT Group PLC40,343 70,572 
Bunzl PLC522 17,312 
Burberry Group PLC1,463 29,595 
Burford Capital Ltd.1,059 9,906 
Bytes Technology Group PLC1,538 7,422 
Capital Ltd.1,380 1,331 
Carnival PLC, ADR(1)
100 847 
Centrica PLC(1)
30,580 26,821 
Chesnara PLC818 2,868 
Clarkson PLC200 6,990 
Close Brothers Group PLC1,126 13,321 
CMC Markets PLC1,544 4,118 
Coats Group PLC16,171 11,271 
Coca-Cola HBC AG(1)
1,046 23,869 
Compass Group PLC1,389 29,879 
Computacenter PLC458 13,120 
ConvaTec Group PLC3,992 10,072 
94


Avantis Responsible International Equity ETF
SharesValue
Countryside Partnerships PLC(1)
757 $2,120 
Cranswick PLC276 9,876 
Crest Nicholson Holdings PLC1,641 4,460 
Croda International PLC139 10,834 
De La Rue PLC(1)
600 599 
Dechra Pharmaceuticals PLC29 1,173 
Diageo PLC, ADR640 112,890 
Direct Line Insurance Group PLC7,310 17,411 
Domino's Pizza Group PLC660 1,806 
dotdigital group PLC978 987 
Dr. Martens PLC3,538 9,645 
Drax Group PLC3,223 23,775 
DS Smith PLC4,283 13,273 
Dunelm Group PLC657 5,244 
Elementis PLC(1)
671 861 
EMIS Group PLC414 9,056 
Ergomed PLC(1)
189 2,449 
Euromoney Institutional Investor PLC42 708 
Experian PLC792 24,034 
FD Technologies PLC(1)
111 
Ferguson PLC439 50,840 
Firstgroup PLC8,864 11,806 
Forterra PLC2,430 7,456 
Foxtons Group PLC1,387 599 
Frasers Group PLC(1)
1,310 12,198 
Frontier Developments PLC(1)
63 1,068 
Funding Circle Holdings PLC(1)
720 272 
Games Workshop Group PLC210 17,292 
Gamma Communications PLC200 2,502 
Genus PLC21 612 
Georgia Capital PLC(1)
228 1,809 
Go-Ahead Group PLC(1)
539 9,669 
Golar LNG Ltd.(1)
609 16,607 
Grafton Group PLC1,630 13,682 
Grainger PLC2,840 8,843 
Greencore Group PLC(1)
320 316 
Greggs PLC519 11,094 
GSK PLC, ADR4,571 148,466 
Gym Group PLC(1)
494 828 
Haleon PLC, ADR(1)
3,909 23,376 
Halfords Group PLC1,593 2,408 
Halma PLC67 1,612 
Hargreaves Lansdown PLC1,210 11,455 
Hays PLC3,010 4,081 
Helical PLC630 2,850 
Helios Towers PLC(1)
3,908 5,600 
Hikma Pharmaceuticals PLC777 11,842 
Hill & Smith Holdings PLC654 7,901 
Hiscox Ltd.1,385 14,431 
Hollywood Bowl Group PLC378 755 
HomeServe PLC658 9,058 
95


Avantis Responsible International Equity ETF
SharesValue
Howden Joinery Group PLC2,923 $19,326 
HSBC Holdings PLC, ADR(2)
4,877 150,358 
Hurricane Energy PLC(1)
22,448 1,915 
Ibstock PLC2,984 6,559 
IG Group Holdings PLC2,352 22,320 
IGas Energy PLC(1)
522 492 
IMI PLC467 6,211 
Inchcape PLC1,563 13,725 
Informa PLC393 2,486 
InterContinental Hotels Group PLC190 10,314 
Intermediate Capital Group PLC1,396 22,068 
Intertek Group PLC473 21,710 
Investec PLC4,115 19,780 
IOG PLC(1)
3,522 1,166 
IP Group PLC5,307 4,307 
ITV PLC5,925 4,409 
IWG PLC(1)
3,151 5,873 
J D Wetherspoon PLC(1)
49 274 
J Sainsbury PLC6,663 15,727 
JD Sports Fashion PLC7,883 10,311 
Johnson Service Group PLC(1)
1,032 1,153 
Jubilee Metals Group PLC(1)
3,462 475 
Jupiter Fund Management PLC1,478 1,667 
Just Group PLC7,161 5,980 
Kainos Group PLC383 6,043 
Kingfisher PLC10,522 28,265 
Lancashire Holdings Ltd.667 3,827 
Learning Technologies Group PLC717 950 
Legal & General Group PLC17,509 51,285 
Liberty Global PLC, Class A(1)
479 9,676 
Liberty Global PLC, Class C(1)
873 18,604 
Liontrust Asset Management PLC297 3,154 
Lloyds Banking Group PLC, ADR45,450 90,900 
London Stock Exchange Group PLC247 23,169 
Lookers PLC3,899 3,692 
Luxfer Holdings PLC29 477 
M&G PLC10,678 24,233 
Man Group PLC8,503 24,028 
Marks & Spencer Group PLC(1)
6,407 9,054 
Marshalls PLC532 2,063 
Marston's PLC(1)
5,261 2,218 
ME Group International PLC2,233 2,272 
Mediclinic International PLC2,762 16,050 
Metro Bank PLC(1)
442 415 
Micro Focus International PLC, ADR200 1,206 
Mitchells & Butlers PLC(1)
2,258 4,038 
Mitie Group PLC16,164 13,575 
Mondi PLC1,402 23,800 
Moneysupermarket.com Group PLC1,813 4,144 
Morgan Sindall Group PLC117 2,336 
NatWest Group PLC, ADR7,413 40,993 
96


Avantis Responsible International Equity ETF
SharesValue
Next PLC609 $41,011 
Ninety One PLC3,502 8,023 
Ocado Group PLC(1)
62 521 
OSB Group PLC2,091 13,332 
Pagegroup PLC1,989 9,990 
Paragon Banking Group PLC1,800 11,188 
Pearson PLC, ADR2,666 26,767 
Pendragon PLC(1)
4,371 1,134 
Pennon Group PLC1,859 20,128 
Persimmon PLC1,331 22,775 
Pets at Home Group PLC133 489 
Phoenix Group Holdings PLC1,870 13,061 
Plus500 Ltd.952 18,760 
Premier Foods PLC2,613 3,270 
Provident Financial PLC1,917 3,836 
Prudential PLC, ADR921 19,442 
QinetiQ Group PLC2,739 11,067 
Quilter PLC4,762 5,810 
Rathbones Group PLC261 5,456 
Reach PLC1,382 1,188 
Reckitt Benckiser Group PLC1,054 81,328 
Redde Northgate PLC2,359 9,363 
Redrow PLC913 5,363 
RELX PLC, ADR3,510 91,892 
Renewi PLC(1)
258 2,323 
Renishaw PLC60 2,566 
Rentokil Initial PLC1,991 12,025 
Restaurant Group PLC(1)
2,143 1,017 
Restore PLC457 2,321 
Rhi Magnesita NV13 272 
Rightmove PLC4,477 31,469 
Rolls-Royce Holdings PLC(1)
4,718 4,205 
Royal Mail PLC3,383 10,794 
RS GROUP PLC1,694 21,310 
Sage Group PLC2,748 22,777 
Savannah Energy PLC(1)
639 245 
Savills PLC851 9,346 
Schroders PLC315 9,798 
Senior PLC(1)
458 691 
Serco Group PLC8,516 17,273 
Severn Trent PLC461 14,891 
SIG PLC(1)
929 361 
Sirius Real Estate Ltd.2,397 2,261 
Smart Metering Systems PLC472 4,981 
Smith & Nephew PLC, ADR910 21,694 
Smiths Group PLC393 6,789 
Softcat PLC779 11,682 
Spectris PLC171 5,529 
Speedy Hire PLC3,370 1,600 
Spirax-Sarco Engineering PLC118 14,405 
Spire Healthcare Group PLC(1)
1,314 3,540 
97


Avantis Responsible International Equity ETF
SharesValue
Spirent Communications PLC3,353 $10,030 
SSP Group PLC(1)
2,200 5,391 
St. James's Place PLC2,459 31,475 
Standard Chartered PLC (London)8,033 55,638 
SThree PLC559 2,282 
Strix Group PLC(2)
1,058 1,819 
Superdry PLC(1)
387 563 
Synthomer PLC1,499 3,422 
Tate & Lyle PLC3,629 32,136 
Taylor Wimpey PLC9,328 11,702 
TBC Bank Group PLC349 7,185 
Team17 Group PLC(1)
158 731 
Ted Baker PLC(1)
591 747 
Telecom Plus PLC533 12,041 
TI Fluid Systems PLC642 1,088 
TP ICAP Group PLC1,230 2,194 
Travis Perkins PLC690 6,786 
Tremor International Ltd.(1)
329 1,256 
TUI AG(1)
1,618 2,481 
Tyman PLC251 670 
Unilever PLC, ADR2,823 128,136 
United Utilities Group PLC4,104 50,300 
Vertu Motors PLC4,229 2,382 
Vesuvius PLC149 599 
Virgin Money UK PLC9,798 16,942 
Vistry Group PLC1,147 10,272 
Vodafone Group PLC, ADR6,967 93,497 
Watkin Jones PLC617 1,356 
Weir Group PLC278 4,682 
WH Smith PLC(1)
388 6,432 
Whitbread PLC739 21,419 
Wickes Group PLC2,665 3,695 
Wincanton PLC880 3,453 
WPP PLC, ADR(2)
380 16,306 
Yellow Cake PLC(1)
1,955 9,532 
YouGov PLC233 2,703 
3,711,893 
United States
ADTRAN Holdings, Inc.52 1,202 
GXO Logistics, Inc.(1)
17 754 
1,956 
TOTAL COMMON STOCKS
(Cost $28,455,889)
26,801,925 
RIGHTS
Germany
7C Solarparken AG(1)
(Cost $—)
288 5 
WARRANTS
Australia
Magellan Financial Group Ltd.(1)(2)
(Cost $—)
2 
98


Avantis Responsible International Equity ETF
SharesValue
SHORT-TERM INVESTMENTS — 0.9%
Money Market Funds — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class24,800 $24,800 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
215,191 215,191 
TOTAL SHORT-TERM INVESTMENTS
(Cost $239,991)
239,991 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $28,695,880)
27,041,923 
OTHER ASSETS AND LIABILITIES — (0.5)%
(143,482)
TOTAL NET ASSETS — 100.0%
$26,898,441 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials26.5%
Industrials16.5%
Consumer Discretionary12.2%
Health Care9.3%
Materials8.3%
Information Technology7.5%
Consumer Staples7.4%
Communication Services6.1%
Real Estate3.0%
Utilities2.5%
Energy0.3%
Short-Term Investments0.9%
Other Assets and Liabilities(0.5)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $340,081. 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 $356,532, which includes securities collateral of $141,341.


See Notes to Financial Statements.
99


Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Responsible Emerging Markets Equity ETFAvantis Responsible International Equity ETF
Assets
Investment securities, at value (cost of $13,803,755 and $28,480,689, respectively) — including $— and $340,081, respectively of securities on loan$13,008,601 $26,826,732 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $215,191, respectively)— 215,191 
Total investment securities, at value (cost of $13,803,755 and $28,695,880, respectively)13,008,601 27,041,923 
Cash— 108 
Foreign currency holdings, at value (cost of $4,689 and $2,137, respectively)4,677 2,134 
Receivable for investments sold159 — 
Dividends and interest receivable25,049 74,267 
Securities lending receivable— 356 
13,038,486 27,118,788 
Liabilities
Payable for collateral received for securities on loan— 215,191 
Payable for investments purchased413 — 
Accrued management fees3,687 5,156 
Accrued foreign taxes20,298 — 
24,398 220,347 
Net Assets$13,014,088 $26,898,441 
Shares outstanding (unlimited number of shares authorized)300,000 600,000 
Net Asset Value Per Share$43.38 $44.83 
Net Assets Consist of:
Capital paid in$13,743,914 $28,474,658 
Distributable earnings(729,826)(1,576,217)
$13,014,088 $26,898,441 


See Notes to Financial Statements.

100


Statements of Operations
PERIOD ENDED AUGUST 31, 2022
Avantis Responsible Emerging Markets Equity ETF(1)
Avantis Responsible International Equity ETF(2)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $27,186 and $20,514, respectively)$171,273 $216,072 
Interest371 788 
Securities lending, net— 356 
171,644 217,216 
Expenses:
Management fees10,852 15,419 
Net investment income (loss)160,792 201,797 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $17 and $—, respectively)(34,906)(13,316)
Foreign currency translation transactions(11,996)(3,454)
(46,902)(16,770)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(20,298) and $—, respectively)(815,452)(1,653,957)
Translation of assets and liabilities in foreign currencies(184)(1,132)
(815,636)(1,655,089)
Net realized and unrealized gain (loss)(862,538)(1,671,859)
Net Increase (Decrease) in Net Assets Resulting from Operations$(701,746)$(1,470,062)
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.

101


Statements of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2022
Avantis Responsible Emerging Markets Equity ETF(1)
Avantis Responsible International Equity ETF(2)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$160,792 $201,797 
Net realized gain (loss)(46,902)(16,770)
Change in net unrealized appreciation (depreciation)(815,636)(1,655,089)
Net increase (decrease) in net assets resulting from operations(701,746)(1,470,062)
Distributions to Shareholders
From earnings(28,080)(106,155)
Capital Share Transactions
Proceeds from shares sold13,723,663 28,455,437 
Other capital20,251 19,221 
Net increase (decrease) in net assets from capital share transactions13,743,914 28,474,658 
Net increase (decrease) in net assets13,014,088 26,898,441 
Net Assets
End of period$13,014,088 $26,898,441 
Transactions in Shares of the Funds
Sold300,000 600,000 
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.

102


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Responsible Emerging Markets Equity ETF and Avantis Responsible International Equity ETF (collectively, the funds) are two funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Responsible Emerging Markets Equity ETF incepted on March 28, 2022. Avantis Responsible International Equity ETF incepted on March 15, 2022.

2. Significant Accounting Policies

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

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

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

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

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

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
103



Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Responsible International Equity ETF
Common Stocks$215,190 — — — $215,190 
Warrants— — — 
Total Borrowings$215,191 — — — $215,191 
Gross amount of recognized liabilities for securities lending transactions$215,191 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Responsible Emerging Markets Equity ETF
0.33%
Avantis Responsible International Equity ETF
0.23%

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

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4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Avantis Responsible Emerging Markets Equity ETF(1)
Avantis Responsible International Equity ETF(2)
Purchases$13,128,623 $13,290,423 
Sales$165,141 $427,042 
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Responsible Emerging Markets Equity ETF(1)
$867,219 — — 
Avantis Responsible International Equity ETF(2)
$15,617,616 — — 
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

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The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Responsible Emerging Markets Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$265,316 $540,414 — 
Chile26,311 65,113 — 
China1,055,056 2,720,194 — 
Colombia8,674 13,791 — 
India229,228 2,022,333 — 
Indonesia31,183 274,438 — 
Mexico110,148 182,430 — 
Peru30,412 — — 
Philippines8,724 108,649 — 
South Africa38,734 473,256 — 
South Korea108,041 1,636,693 — 
Taiwan450,637 1,774,130 — 
Turkey2,210 69,426 — 
Other Countries— 754,484 — 
Warrants— — 
Rights— — 
Short-Term Investments8,563 — — 
$2,373,237 $10,635,364 — 

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Avantis Responsible International Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$30,462 $1,989,219 — 
Belgium37,555 209,242 — 
Canada6,560 2,958,140 — 
Denmark295,859 302,765 — 
Finland31,285 229,612 — 
France279,699 2,157,327 — 
Germany88,635 1,622,779 — 
Hong Kong1,375 698,180 — 
Israel54,117 235,197 — 
Japan540,508 5,135,337 — 
Netherlands340,364 575,775 — 
Singapore15,469 369,121 — 
Spain135,496 409,234 — 
Sweden34,408 867,669 — 
Switzerland494,513 1,766,612 — 
United Kingdom1,229,483 2,482,410 — 
United States754 1,202 — 
Other Countries— 1,175,562 — 
Rights— — 
Warrants— — 
Short-Term Investments239,991 — — 
$3,856,533 $23,185,390 — 

7. Risk Factors

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

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



108


8. Federal Tax Information

The tax character of distributions paid during the period ended August 31, 2022 were as follows:
2022
Distributions Paid From:
Ordinary IncomeLong-term Capital Gains
Avantis Responsible Emerging Markets Equity ETF(1)
$28,080 — 
Avantis Responsible International Equity ETF(2)
$106,155 — 
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.

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

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

Avantis Responsible Emerging Markets Equity ETFAvantis Responsible International Equity ETF
Federal tax cost of investments$13,840,805 $28,719,368 
Gross tax appreciation of investments$411,996 $393,811 
Gross tax depreciation of investments(1,244,200)(2,071,256)
Net tax appreciation (depreciation) of investments(832,204)(1,677,445)
Net tax appreciation (depreciation) on translation of assets and
liabilities in foreign currencies
(20,482)(1,132)
Net tax appreciation (depreciation)$(852,686)$(1,678,577)
Undistributed ordinary income$157,920 $116,740 
Accumulated short-term capital losses$(35,060)$(14,380)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive
foreign investment companies.

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



109


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Responsible Emerging Markets Equity ETF
2022(4)
$49.470.93(7.00)(6.07)(0.14)0.12$43.38(12.04)%
0.33%(5)
4.89%(5)
2%$13,014 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)March 28, 2022 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Responsible International Equity ETF
2022(4)
$50.510.66(6.10)(5.44)(0.30)0.06$44.83(10.66)%
0.23%(5)
3.01%(5)
3%$26,898 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)March 15, 2022 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Responsible Emerging Markets Equity ETF and Avantis® Responsible International Equity ETF (the “Funds”), two of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
Avantis® Responsible Emerging Markets Equity ETF
For the period March 28, 2022 (fund inception) through August 31, 2022
Avantis® Responsible International Equity ETF
For the period March 15, 2022 (fund inception) through August 31, 2022

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

112


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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)41None
Jeremy I. Bulow
(1954)
TrusteeSince 2022Professor of Economics, Stanford University
Graduate School of Business (1979 to present)
75None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired41None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired105None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries139None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
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Approval of Management Agreement

At a meeting held on March 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Responsible Emerging Markets Equity ETF and Avantis Responsible International Equity ETF (collectively the "Funds"). Under Section 15(c) of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and to be evaluated on an annual basis thereafter.

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

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

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

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

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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











117


Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, Avantis Responsible Emerging Markets Equity ETF hereby designates $438, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

For the fiscal year ended August 31, 2022, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax CreditForeign Source Income
AmountPer
Outstanding
Share
AmountPer
Outstanding
Share
Avantis Responsible Emerging Markets Equity ETF$27,186 $0.0906 $198,014 $0.6600 
Avantis Responsible International Equity ETF$20,398 $0.0340 $235,573 $0.3926 

118


Notes
119


Notes
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-97865 2210




(b) None.


ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 13(a)(1) to American Century ETF Trust’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-23305, on October 25, 2018, and is incorporated herein by reference.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Barry A. Mendelson, Reginald M. Browne, Stephen E. Yates and Jeremy Bulow are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.


(b) No response required.

(c) No response required.

(d) No response required.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2021: $582,975
FY 2022: $708,220

(b) Audit-Related Fees.




The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.




(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2021: $2,832,126
FY 2022: $50,000

(h) The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are Barry A. Mendelson, Ronald J. Gilson, Stephen E. Yates and Reginald Browne.

(b) Not applicable.


ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.





ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.


ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.


ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.






ITEM 13. EXHIBITS.

(a)(1) Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 13(a)(1) to American Century ETF Trust’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on File No. 811-23305, on October 25, 2018.

(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.






SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Registrant:American Century ETF Trust 
    
    
By:/s/ Patrick Bannigan 
 Name:Patrick Bannigan
 
 Title:President 
    
Date:October 26, 2022 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:/s/ Patrick Bannigan 
 Name:Patrick Bannigan 
 Title:President 
  (principal executive officer) 
    
    
Date:October 26, 2022
 
 
By:/s/ R. Wes Campbell 
 Name:R. Wes Campbell
 
 Title:Treasurer and Chief Financial Officer 
  (principal financial officer) 
    
Date:October 26, 2022