# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001193125-25-252488
**Filing Date:** 2025-10
**Character Count:** 284632
**Document Hash:** 56f12cf8787992e66a0b92f42d1f244e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-252488.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-252488

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS Active Exchange Traded Funds Trust
- **CENTRAL INDEX KEY:** 0002018846

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 251421675

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

## Series and Classes Contracts Data

### MFS Active Core Plus Bond ETF (Series ID: S000085666)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000251000 | MFS Active Core Plus Bond ETF | MFSB            |

### MFS Active Growth ETF (Series ID: S000085667)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000251001 | MFS Active Growth ETF | MFSG            |

### MFS Active Intermediate Muni Bond ETF (Series ID: S000085668)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000251002 | MFS Active Intermediate Muni Bond ETF | MFSM            |

### MFS Active International ETF (Series ID: S000085669)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000251003 | MFS Active International ETF | MFSI            |

### MFS Active Value ETF (Series ID: S000085670)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000251004 | MFS Active Value ETF | MFSV            |

?xml version='1.0' encoding='ASCII'? a36657e7-6e05-4e84-9834-60faa6d30137

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23953

#### MFS ACTIVE EXCHANGE TRADED FUNDS TRUST
(Exact name of registrant as specified in charter)

------

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 954-5000

#### Date of fiscal year end:

#### February 28

#### Date of reporting period:

#### August 31, 2025

#### ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):

![MFSLOGO_RED.EPS](images_1155.jpg)

## MFS<sup>®</sup> Active Core Plus Bond ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1161.jpg)

MFSB

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Active Core Plus Bond ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Core Plus Bond ETF | $17 | 0.34% |

---

FUND STATISTICS AS OF 8/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 78609967 | Average Effective Maturity (yrs): | 9.1 |
| Total Number of Holdings: | 239 | Average Effective Duration (yrs): | 6.0 |
| Portfolio Turnover Rate (%): | 22 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.0% |
| AA | 6.5% |
| A | 14.3% |
| BBB | 24.9% |
| BB | 5.1% |
| B | 3.8% |
| CCC | 0.6% |
| U.S. Government | 26.2% |
| Federal Agencies | 9.2% |
| Money Market Funds | 1.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1-800-637-5637, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

ECP-SEM

![MFSLOGO_RED.EPS](images_1155.jpg)

## MFS<sup>®</sup> Active Growth ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1161.jpg)

MFSG

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Active Growth ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Growth ETF | $26 | 0.49% |

---

FUND STATISTICS AS OF 8/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 139997704 | Portfolio Turnover Rate (%): | 28 |
| Total Number of Holdings: | 46 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 48.3% |
| Communication Services | 15.1% |
| Consumer Discretionary | 11.1% |
| Financials | 9.5% |
| Industrials | 7.6% |
| Health Care | 4.5% |
| Consumer Staples | 1.6% |
| Utilities | 0.9% |
| Materials | 0.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 15.3% |
| Microsoft Corp. | 14.5% |
| Amazon.com, Inc. | 8.0% |
| Meta Platforms, Inc., "A" | 6.8% |
| Apple, Inc. | 4.2% |
| Alphabet, Inc., "A" | 3.9% |
| Mastercard, Inc., "A" | 3.7% |
| Netflix, Inc. | 3.6% |
| GE Vernova, Inc. | 2.9% |
| Broadcom, Inc. | 2.5% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1-800-637-5637, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EGO-SEM

![MFSLOGO_RED.EPS](images_1155.jpg)

## MFS<sup>®</sup> Active Intermediate Muni Bond ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1161.jpg)

MFSM

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Active Intermediate Muni Bond ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Intermediate Muni Bond ETF | $17 | 0.34% |

---

FUND STATISTICS AS OF 8/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 47623689 | Average Effective Maturity (yrs): | 11.3 |
| Total Number of Holdings: | 233 | Average Effective Duration (yrs): | 6.2 |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.6% |
| Money Market Funds | 3.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.7% |
| AA | 37.8% |
| A | 31.4% |
| BBB | 15.5% |
| BB | 3.5% |
| B | 0.6% |
| Not Rated | 3.1% |
| Money Market Funds | 3.4% |

---

 **Industries**

---

| | |
|:---|:---|
| Airport Revenue | 11.9% |
| Multi-Family Housing Revenue | 8.8% |
| Healthcare Revenue - Hospitals | 8.7% |
| Utilities - Other | 8.1% |
| Healthcare Revenue - Long Term Care | 6.8% |
| General Obligations - Schools | 6.4% |
| Universities - Colleges | 5.5% |
| General Obligations - General Purpose | 4.3% |
| Student Loan Revenue | 3.9% |
| Miscellaneous Revenue - Other | 3.7% |
| Other Industries | 31.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1-800-637-5637, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMU-SEM

![MFSLOGO_RED.EPS](images_1155.jpg)

## MFS<sup>®</sup> Active International ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1161.jpg)

MFSI

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Active International ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active International ETF | $31 | 0.59% |

---

FUND STATISTICS AS OF 8/31/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 413539676 | Portfolio Turnover Rate (%):<sub>6</sub> |
| Total Number of Holdings: | 94 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.1% |
| Tencent Holdings Ltd., ADR | 3.3% |
| Air Liquide S.A. | 2.4% |
| SAP SE | 2.2% |
| Rolls-Royce Holdings PLC | 2.2% |
| Schneider Electric SE | 2.0% |
| Compass Group PLC | 1.9% |
| Hitachi Ltd. | 1.9% |
| Compagnie Financiere Richemont S.A. | 1.7% |
| Ryanair Holdings PLC, ADR | 1.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 14.1% |
| France | 12.1% |
| United Kingdom | 11.6% |
| Switzerland | 9.1% |
| Germany | 7.4% |
| Canada | 7.1% |
| China | 7.1% |
| Taiwan | 6.1% |
| India | 4.1% |
| Other Countries | 21.3% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1-800-637-5637, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EIE-SEM

![MFSLOGO_RED.EPS](images_1155.jpg)

## MFS<sup>®</sup> Active Value ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1161.jpg)

MFSV

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Active Value ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Value ETF | $23 | 0.44% |

---

FUND STATISTICS AS OF 8/31/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 90207264 | Portfolio Turnover Rate (%):<sub>6</sub> |
| Total Number of Holdings: | 61 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.0% |
| Money Market Funds | 1.0% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.2% |
| Industrials | 17.1% |
| Health Care | 15.2% |
| Utilities | 10.2% |
| Information Technology | 9.0% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.7% |
| Real Estate | 2.7% |
| Materials | 0.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.8% |
| Progressive Corp. | 4.0% |
| Cigna Group | 2.9% |
| McKesson Corp. | 2.9% |
| Boeing Co. | 2.6% |
| Exxon Mobil Corp. | 2.6% |
| Duke Energy Corp. | 2.6% |
| Morgan Stanley | 2.3% |
| American Express Co. | 2.2% |
| Travelers Cos., Inc. | 2.2% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1-800-637-5637, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EVE-SEM

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1(b):
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.

------

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.

------

MFS Active Core Plus Bond ETF

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Active Core Plus Bond ETF

**Portfolio of Investments - 8/31/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.5% | Bonds – 98.5% | Bonds – 98.5% |
| Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% |
| Boeing Co., 6.528%, 5/01/2034  | $342000 | &nbsp;&nbsp; $374540 |
| Boeing Co., 5.805%, 5/01/2050  | 110000 | &nbsp;&nbsp; 105780 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 330000 | &nbsp;&nbsp; 322910 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 45000 | &nbsp;&nbsp; 45598 |
|  |  | &nbsp;&nbsp; $848828 |
| Asset-Backed & Securitized – 22.3% | Asset-Backed & Securitized – 22.3% | Asset-Backed & Securitized – 22.3% |
| ACREC 2025-FL3 LLC, "AS", FLR, 5.999% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) | $97500 | &nbsp;&nbsp; $97183 |
| Affirm Master Trust, 2025-2A, "A", 4.67%, 7/15/2033 (n) | 100000 | &nbsp;&nbsp; 100556 |
| Affirm, Inc., 5.08%, 4/15/2030 (n) | 72361 | &nbsp;&nbsp; 72452 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 206188 | &nbsp;&nbsp; 205780 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 6.178% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 250000 | &nbsp;&nbsp; 249992 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "A", FLR, 5.792% (SOFR - 1mo. + 1.45%), 1/15/2037 (n) | 173133 | &nbsp;&nbsp; 173139 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.642% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 327000 | &nbsp;&nbsp; 327409 |
| ARDN Mortgage Trust, 2025-ARCP, "C", FLR, 6.713% (SOFR - 1mo. + 2.35%), 6/15/2035 (n) | 100000 | &nbsp;&nbsp; 99808 |
| AREIT 2025-CRE10 Ltd., "AS", FLR, 5.902% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) | 120332 | &nbsp;&nbsp; 120182 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.959% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 350000 | &nbsp;&nbsp; 350162 |
| Bain Capital Credit CLO Ltd., 2020-4A, "BR", FLR, 6.825% (SOFR - 3mo. + 2.5%), 10/20/2036 (n) | 250000 | &nbsp;&nbsp; 250434 |
| Bain Capital Credit CLO Ltd., 2022-3A, "CR", FLR, 6.222% (SOFR - 3mo. + 1.9%), 7/17/2035 (n) | 500000 | &nbsp;&nbsp; 499975 |
| Bardot CLO Ltd., 2019-2A, "BRR", FLR, 5.681% (SOFR - 3mo. + 1.35%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp; 249250 |
| Bardot CLO Ltd., 2019-2A, "CRR", FLR, 5.881% (SOFR - 3mo. + 1.55%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp; 249513 |
| BDS 2025-FL14 Ltd., "B", FLR, 6.045% (SOFR - 1mo. + 1.6926%), 10/21/2042 (n) | 134096 | &nbsp;&nbsp; 132418 |
| BDS Ltd., 2021-FL10, "AS", FLR, 6.124% ((SOFR - 1mo. + 11.448%) + 1.7645%), 12/16/2036 (n) | 250000 | &nbsp;&nbsp; 250042 |
| Black Diamond CLO Ltd., 2021-1A, "BR", FLR, 6.518% (SOFR - 3mo. + 2.2%), 11/22/2034 (n) | 400000 | &nbsp;&nbsp; 400427 |
| BMP Commercial Mortgage Trust, 2024-MF23, "B", 6.004% (SOFR - 1mo. + 1.6416%), 6/15/2041 (n) | 250000 | &nbsp;&nbsp; 250703 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 6.458% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 150000 | &nbsp;&nbsp; 150422 |
| BX Trust, 2025-BCAT, "C", FLR, 6.25% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 100000 | &nbsp;&nbsp; 100250 |
| BXMT 2020-FL2 Ltd., "A", FLR, 5.627% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | 159813 | &nbsp;&nbsp; 159224 |
| Cathedral Lake VI Ltd., FLR, 6.111% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 287716 | &nbsp;&nbsp; 287711 |
| CIFC Funding 2016-IA CR3, Ltd., FLR, 6.025% (SOFR - 3mo. + 1.7%), 10/21/2031 (n) | 250000 | &nbsp;&nbsp; 248729 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 91021 | &nbsp;&nbsp; 91930 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 174820 | &nbsp;&nbsp; 177283 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 214926 | &nbsp;&nbsp; 216028 |
| Columbia Cent CLO Ltd., 2021-31A, FLR, 6.175% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp; 298115 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056  | 250000 | &nbsp;&nbsp; 265693 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "AS", 6.385%, 8/15/2056  | 500000 | &nbsp;&nbsp; 536243 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 200000 | &nbsp;&nbsp; 204827 |
| Dryden Senior Loan Fund, 2016-43A, "CR3", FLR, 6.075% (SOFR - 3mo. + 1.75%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp; 248542 |
| Dryden Senior Loan Fund, 2020-86A, "CR2", FLR, 6.222% (SOFR - 3mo. + 1.9%), 7/17/2034 (n) | 499128 | &nbsp;&nbsp; 499752 |
| Dwight 2025-FL1 Issuer LLC, "A", FLR, 5.962% (SOFR - 1mo. + 1.662%), 9/18/2042 (n) | 206500 | &nbsp;&nbsp; 207180 |
| ELM Trust, 2024-ELM, "C15", 6.396%, 6/10/2039 (n) | 450000 | &nbsp;&nbsp; 453557 |
| ELM Trust, 2024-ELM, "D10", 6.847%, 6/10/2039 (n) | 221000 | &nbsp;&nbsp; 222150 |
| Elmwood CLO Ltd., 2022-2A, "CR", FLR, 6.107% (SOFR - 3mo. + 1.85%), 4/22/2035 (n) | 500000 | &nbsp;&nbsp; 499962 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | 60073 | &nbsp;&nbsp; 60099 |
| General Motors Co., FLR, 4.892% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 250000 | &nbsp;&nbsp; 250011 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | 28000 | &nbsp;&nbsp; 28053 |
| Greystone Commercial Real Estate Notes, 2025, "B", FLR, 6.952% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n) | 100000 | &nbsp;&nbsp; 100143 |
| Hyundai Auto Lease Securitization Trust, 2025-B, 4.58%, 9/15/2027 (n) | 100000 | &nbsp;&nbsp; 100361 |
| ILPT Commercial Mortgage Trust, 2025-LPF2, "A", 5.468%, 7/13/2042 (n) | 109000 | &nbsp;&nbsp; 111272 |

---

ECPFS-SEM

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 6.201% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | $147000 | &nbsp;&nbsp; $146271 |
| Madison Park Funding Ltd., 2021-48A, "B", FLR, 6.037% ((SOFR - 3mo. + 26.161%) + 1.45%), 4/19/2033 (n) | 250000 | &nbsp;&nbsp; 250444 |
| Magnetite CLO Ltd., 2019-21A, "BR", 5.937% ((SOFR - 3mo. + 26.161%) + 1.35%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp; 250076 |
| Marble Point CLO, 2021-2A, "CR", FLR, 6.368% (SOFR - 3mo. + 2.05%), 7/25/2034 (n) | 394872 | &nbsp;&nbsp; 395358 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.703% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 179701 | &nbsp;&nbsp; 179700 |
| MF1 2024-FL14 LLC, "AS", FLR, 6.593% (SOFR - 1mo. + 2.24%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp; 100244 |
| MF1 2024-FL14 LLC, "C", FLR, 7.642% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 150000 | &nbsp;&nbsp; 150364 |
| MF1 2024-FL16 LLC, "C", FLR, 6.901% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 350000 | &nbsp;&nbsp; 351746 |
| MF1 2025-FL17 LLC, "B", FLR, 6.151% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 500000 | &nbsp;&nbsp; 496737 |
| MF1 2025-FL19 LLC, "A", FLR, 5.931% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 250000 | &nbsp;&nbsp; 248636 |
| MF1 2025-FL19 LLC, "AS", FLR, 6.701% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n) | 172121 | &nbsp;&nbsp; 172552 |
| MF1 2025-FL19 LLC, "B", FLR, 6.351% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n) | 215568 | &nbsp;&nbsp; 216309 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 6.5% (SOFR - 1mo. + 2.15%), 8/18/2037 (n) | 304267 | &nbsp;&nbsp; 304363 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 153066 | &nbsp;&nbsp; 154410 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM6, "A1", 5.152%, 7/25/2070 (n) | 216513 | &nbsp;&nbsp; 217169 |
| New Residential Mortgage Loan Trust, 2025-NQM2, "A-1", 5.566%, 4/25/2065 (n) | 93661 | &nbsp;&nbsp; 94713 |
| New Residential Mortgage Loan Trust, 2025-NQM4, "A1", 5.35%, 7/25/2065 (n) | 354648 | &nbsp;&nbsp; 357630 |
| OBX Trust, 2024-NQM6, "A1", 6.447%, 2/25/2064 (n) | 169394 | &nbsp;&nbsp; 171718 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 89981 | &nbsp;&nbsp; 90698 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 99314 | &nbsp;&nbsp; 100084 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 98879 | &nbsp;&nbsp; 99081 |
| OBX Trust, 2025-NQM15, "A1B", 5.143%, 7/27/2065 (n) | 100000 | &nbsp;&nbsp; 99796 |
| Palmer Square Loan Funding 2024-1A Ltd., "A1", FLR, 5.367% (SOFR - 3mo. + 1.05%), 10/15/2032 (n) | 230170 | &nbsp;&nbsp; 230489 |
| Palmer Square Loan Funding 2024-1A Ltd., "B", FLR, 6.117% (SOFR - 3mo. + 1.8%), 10/15/2032 (n) | 120000 | &nbsp;&nbsp; 120224 |
| Palmer Square Loan Funding 2025-2A Ltd., "B", FLR, 5.987% (SOFR - 3mo. + 1.7%), 7/15/2033 (n) | 500000 | &nbsp;&nbsp; 500000 |
| Parallel Ltd., 2023-1A, "A2R", FLR, 6.125% (SOFR - 3mo. + 1.8%), 7/20/2036 (n) | 250000 | &nbsp;&nbsp; 250491 |
| PFP III 2025-12 Ltd., "B", FLR, 6.395% (SOFR - 1mo. + 2.0421%), 12/18/2042 (n) | 100000 | &nbsp;&nbsp; 99802 |
| PRM Trust, 2025-PRM6, "A", 4.629%, 7/05/2033 (n) | 123326 | &nbsp;&nbsp; 123111 |
| Provident Funding Mortgage Trust, 2025-1, "A", 5.5%, 2/25/2055 (n) | 233741 | &nbsp;&nbsp; 235064 |
| Provident Funding Mortgage Trust, 2025-2, "A4", 5.5%, 6/25/2055 (n) | 192161 | &nbsp;&nbsp; 193356 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 95000 | &nbsp;&nbsp; 95362 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.875% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 270916 | &nbsp;&nbsp; 270889 |
| Shelter Growth CRE 2021-FL3 Ltd., "C", FLR, 6.628% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 250000 | &nbsp;&nbsp; 249875 |
| Signal Peak CLO 2014-1A, Ltd., "CR4", FLR, 6.272% (SOFR - 3mo. + 1.95%), 4/17/2034 (n) | 250000 | &nbsp;&nbsp; 250138 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 85258 | &nbsp;&nbsp; 85545 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.925% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp; 298370 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 158020 | &nbsp;&nbsp; 160462 |
| World Omni Select Auto Trust, 2021-A, "C", 1.09%, 11/15/2027  | 113220 | &nbsp;&nbsp; 112758 |
|  |  | &nbsp;&nbsp; $17520997 |
| Automotive – 1.1% | Automotive – 1.1% | Automotive – 1.1% |
| Ford Motor Credit Co. LLC, 6.05%, 3/05/2031  | $200000 | &nbsp;&nbsp; $203191 |
| Hyundai Capital America, 5.3%, 1/08/2030 (n) | 207000 | &nbsp;&nbsp; 213024 |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | 211000 | &nbsp;&nbsp; 225755 |
| LKQ Corp., 6.25%, 6/15/2033  | 202000 | &nbsp;&nbsp; 213610 |
|  |  | &nbsp;&nbsp; $855580 |
| Brokerage & Asset Managers – 1.2% | Brokerage & Asset Managers – 1.2% | Brokerage & Asset Managers – 1.2% |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | $396000 | &nbsp;&nbsp; $393106 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 117000 | &nbsp;&nbsp; 114354 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 226000 | &nbsp;&nbsp; 217934 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174  | 200000 | &nbsp;&nbsp; 204999 |
|  |  | &nbsp;&nbsp; $930393 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Building – 1.5% | Building – 1.5% | Building – 1.5% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $292000 | &nbsp;&nbsp; $289081 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 346000 | &nbsp;&nbsp; 351181 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 281000 | &nbsp;&nbsp; 275637 |
| Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 256000 | &nbsp;&nbsp; 232328 |
|  |  | &nbsp;&nbsp; $1148227 |
| Business Services – 0.5% | Business Services – 0.5% | Business Services – 0.5% |
| Global Payments, Inc., 2.9%, 11/15/2031  | $462000 | &nbsp;&nbsp; $412973 |
| Cable TV – 0.7% | Cable TV – 0.7% | Cable TV – 0.7% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | $334000 | &nbsp;&nbsp; $348035 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 200000 | &nbsp;&nbsp; 182928 |
|  |  | &nbsp;&nbsp; $530963 |
| Conglomerates – 1.0% | Conglomerates – 1.0% | Conglomerates – 1.0% |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | $270000 | &nbsp;&nbsp; $279274 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 235000 | &nbsp;&nbsp; 248946 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 237000 | &nbsp;&nbsp; 252141 |
|  |  | &nbsp;&nbsp; $780361 |
| Consumer Services – 0.8% | Consumer Services – 0.8% | Consumer Services – 0.8% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $425000 | &nbsp;&nbsp; $451373 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 170000 | &nbsp;&nbsp; 157509 |
|  |  | &nbsp;&nbsp; $608882 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $286000 | &nbsp;&nbsp; $296590 |
| Electronics – 0.6% | Electronics – 0.6% | Electronics – 0.6% |
| Broadcom, Inc., 5.2%, 4/15/2032  | $215000 | &nbsp;&nbsp; $221919 |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | 261000 | &nbsp;&nbsp; 220835 |
|  |  | &nbsp;&nbsp; $442754 |
| Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% |
| OCP S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) | $200000 | &nbsp;&nbsp; $211274 |
| Petroleos Mexicanos, 5.95%, 1/28/2031  | 100000 | &nbsp;&nbsp; 93495 |
|  |  | &nbsp;&nbsp; $304769 |
| Emerging Market Sovereign – 2.3% | Emerging Market Sovereign – 2.3% | Emerging Market Sovereign – 2.3% |
| Dominican Republic, 4.875%, 9/23/2032  | $200000 | &nbsp;&nbsp; $188580 |
| Republic of Cote d'Ivoire, 7.625%, 1/30/2033  | 200000 | &nbsp;&nbsp; 201117 |
| Republic of Guatemala, 6.6%, 6/13/2036  | 200000 | &nbsp;&nbsp; 209000 |
| Republic of Panama, 6.7%, 1/26/2036  | 150000 | &nbsp;&nbsp; 153757 |
| Republic of Serbia, 6%, 6/12/2034  | 200000 | &nbsp;&nbsp; 204954 |
| Republic of South Africa, 7.1%, 11/19/2036  | 200000 | &nbsp;&nbsp; 201322 |
| Republic of Turkey, 5.95%, 1/15/2031  | 200000 | &nbsp;&nbsp; 196696 |
| United Mexican States, 6.875%, 5/13/2037  | 400000 | &nbsp;&nbsp; 420660 |
|  |  | &nbsp;&nbsp; $1776086 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – 1.2% | Energy - Independent – 1.2% | Energy - Independent – 1.2% |
| EQT Corp., 5%, 1/15/2029  | $286000 | &nbsp;&nbsp; $289281 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 112000 | &nbsp;&nbsp; 119027 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034  | 212000 | &nbsp;&nbsp; 210960 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 265000 | &nbsp;&nbsp; 290289 |
|  |  | &nbsp;&nbsp; $909557 |
| Energy - Integrated – 0.7% | Energy - Integrated – 0.7% | Energy - Integrated – 0.7% |
| BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to 3/01/2054, FLR ((CMT - 5yr. + 2.153%) + 1%) <br> to 9/01/2172 <br>| $157000 | &nbsp;&nbsp; $165065 |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | 400000 | &nbsp;&nbsp; 407878 |
|  |  | &nbsp;&nbsp; $572943 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $320000 | &nbsp;&nbsp; $330020 |
| Financial Institutions – 0.7% | Financial Institutions – 0.7% | Financial Institutions – 0.7% |
| Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) | $149000 | &nbsp;&nbsp; $156450 |
| SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n) | 400000 | &nbsp;&nbsp; 407418 |
|  |  | &nbsp;&nbsp; $563868 |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% | Food & Beverages – 1.6% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $147000 | &nbsp;&nbsp; $137757 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 48000 | &nbsp;&nbsp; 48735 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | 121000 | &nbsp;&nbsp; 125794 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033  | 323000 | &nbsp;&nbsp; 334599 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 308000 | &nbsp;&nbsp; 315243 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 336000 | &nbsp;&nbsp; 337990 |
|  |  | &nbsp;&nbsp; $1300118 |
| Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $178000 | &nbsp;&nbsp; $182237 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 241000 | &nbsp;&nbsp; 221061 |
|  |  | &nbsp;&nbsp; $403298 |
| Industrial – 0.5% | Industrial – 0.5% | Industrial – 0.5% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $362000 | &nbsp;&nbsp; $372543 |
| Insurance – 0.9% | Insurance – 0.9% | Insurance – 0.9% |
| Corebridge Financial, Inc., 5.75%, 1/15/2034  | $271000 | &nbsp;&nbsp; $283101 |
| MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055  | 159000 | &nbsp;&nbsp; 165603 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 268000 | &nbsp;&nbsp; 290508 |
|  |  | &nbsp;&nbsp; $739212 |
| Insurance - Property & Casualty – 2.9% | Insurance - Property & Casualty – 2.9% | Insurance - Property & Casualty – 2.9% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $285000 | &nbsp;&nbsp; $281598 |
| Arthur J. Gallagher & Co., 5.45%, 7/15/2034  | 256000 | &nbsp;&nbsp; 263398 |
| Arthur J. Gallagher & Co., 5.15%, 2/15/2035  | 150000 | &nbsp;&nbsp; 150422 |
| Brown & Brown, Inc., 5.65%, 6/11/2034  | 204000 | &nbsp;&nbsp; 209223 |
| Brown & Brown, Inc., 5.55%, 6/23/2035  | 349000 | &nbsp;&nbsp; 355730 |
| Fairfax Financial Holdings Ltd., 6%, 12/07/2033  | 300000 | &nbsp;&nbsp; 315449 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 327000 | &nbsp;&nbsp; 342034 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | $327000 | &nbsp;&nbsp; $339325 |
|  |  | &nbsp;&nbsp; $2257179 |
| International Market Quasi-Sovereign – 0.3% | International Market Quasi-Sovereign – 0.3% | International Market Quasi-Sovereign – 0.3% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n) | $200000 | &nbsp;&nbsp; $214027 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp; $204577 |
| Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) | 200000 | &nbsp;&nbsp; 207215 |
|  |  | &nbsp;&nbsp; $411792 |
| Major Banks – 7.0% | Major Banks – 7.0% | Major Banks – 7.0% |
| Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034  | $246000 | &nbsp;&nbsp; $252338 |
| Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036  | 227000 | &nbsp;&nbsp; 232570 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 207000 | &nbsp;&nbsp; 191183 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 400000 | &nbsp;&nbsp; 456772 |
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031  | 255000 | &nbsp;&nbsp; 289315 |
| Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034  | 139000 | &nbsp;&nbsp; 149521 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 155000 | &nbsp;&nbsp; 157714 |
| Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035  | 392000 | &nbsp;&nbsp; 394875 |
| Discover Financial Services, 6.7%, 11/29/2032  | 189000 | &nbsp;&nbsp; 208025 |
| Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032  | 324000 | &nbsp;&nbsp; 289679 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 213000 | &nbsp;&nbsp; 193686 |
| JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028  | 202000 | &nbsp;&nbsp; 204500 |
| JPMorgan Chase & Co., 5.766%, 4/22/2035  | 196000 | &nbsp;&nbsp; 206975 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 207000 | &nbsp;&nbsp; 205831 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 198000 | &nbsp;&nbsp; 204319 |
| Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035  | 345000 | &nbsp;&nbsp; 351574 |
| Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039  | 206000 | &nbsp;&nbsp; 214022 |
| UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) | 400000 | &nbsp;&nbsp; 417007 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 400000 | &nbsp;&nbsp; 358638 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 347000 | &nbsp;&nbsp; 319957 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071  | 183000 | &nbsp;&nbsp; 181240 |
|  |  | &nbsp;&nbsp; $5479741 |
| Metals & Mining – 1.3% | Metals & Mining – 1.3% | Metals & Mining – 1.3% |
| Anglo American Capital PLC, 5.5%, 5/02/2033 (n) | $250000 | &nbsp;&nbsp; $256540 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 402000 | &nbsp;&nbsp; 382250 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 347000 | &nbsp;&nbsp; 314693 |
| Samarco Mineracao S.A., 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% <br> Cash to 12/30/29, 9.5% Cash to 6/30/2031 (n)(p)<br>| 102265 | &nbsp;&nbsp; 101775 |
|  |  | &nbsp;&nbsp; $1055258 |
| Midstream – 1.5% | Midstream – 1.5% | Midstream – 1.5% |
| DCP Midstream Operating LP, 3.25%, 2/15/2032  | $242000 | &nbsp;&nbsp; $217661 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | 206000 | &nbsp;&nbsp; 210138 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 304000 | &nbsp;&nbsp; 285791 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 74000 | &nbsp;&nbsp; 77061 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 415000 | &nbsp;&nbsp; 427635 |
|  |  | &nbsp;&nbsp; $1218286 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – 9.2% | Mortgage-Backed – 9.2% |  |
| Fannie Mae, 5.349%, 2/25/2045 (n) | $52423 | &nbsp;&nbsp; $52475 |
| Fannie Mae, 5.748%, 12/25/2054  | 85487 | &nbsp;&nbsp; 86145 |
| Fannie Mae, 6%, 4/01/2055  | 594653 | &nbsp;&nbsp; 607613 |
| Fannie Mae, 5.698%, 8/25/2055  | 222376 | &nbsp;&nbsp; 223838 |
| Fannie Mae, UMBS, 2%, 3/01/2052  | 847852 | &nbsp;&nbsp; 676393 |
| Fannie Mae, UMBS, 2.5%, 4/01/2052  | 190826 | &nbsp;&nbsp; 158821 |
| Fannie Mae, UMBS, 5%, 12/01/2054  | 381419 | &nbsp;&nbsp; 376262 |
| Freddie Mac, 2%, 8/01/2052  | 846789 | &nbsp;&nbsp; 674559 |
| Freddie Mac, 5.748%, 2/25/2055 - 6/25/2055  | 121548 | &nbsp;&nbsp; 122563 |
| Freddie Mac, UMBS, 2%, 3/01/2052  | 225819 | &nbsp;&nbsp; 179795 |
| Freddie Mac, UMBS, 2.5%, 5/01/2052 - 9/01/2052  | 1529661 | &nbsp;&nbsp; 1272004 |
| Freddie Mac, UMBS, 3%, 5/01/2052  | 1146058 | &nbsp;&nbsp; 995043 |
| Freddie Mac, UMBS, 5.5%, 8/01/2054 - 10/01/2054  | 453624 | &nbsp;&nbsp; 456504 |
| Freddie Mac, UMBS, 6.5%, 9/01/2054 - 11/01/2054  | 268069 | &nbsp;&nbsp; 279539 |
| Freddie Mac, UMBS, 6%, 2/01/2055  | 119962 | &nbsp;&nbsp; 123720 |
| Ginnie Mae, 2%, 4/20/2052  | 370111 | &nbsp;&nbsp; 303298 |
| Ginnie Mae, 2.5%, 4/20/2052  | 227290 | &nbsp;&nbsp; 193831 |
| Ginnie Mae, 5.5%, 4/20/2055  | 247021 | &nbsp;&nbsp; 248994 |
| Ginnie Mae, 5.057%, 6/20/2055  | 98977 | &nbsp;&nbsp; 100400 |
| Ginnie Mae, 5.132%, 6/20/2055  | 99772 | &nbsp;&nbsp; 98686 |
| Ginnie Mae, 2.205%, 3/20/2066 (i) | 403311 | &nbsp;&nbsp; 11948 |
|  |  | &nbsp;&nbsp; $7242431 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |
| Boston Gas Co., 3.757%, 3/16/2032 (n) | $234000 | &nbsp;&nbsp; $219431 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | $425000 | &nbsp;&nbsp; $435441 |
| Other Banks & Diversified Financials – 0.6% | Other Banks & Diversified Financials – 0.6% | Other Banks & Diversified Financials – 0.6% |
| Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n) | $445000 | &nbsp;&nbsp; $449454 |
| Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $282000 | &nbsp;&nbsp; $280056 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 304000 | &nbsp;&nbsp; 318104 |
|  |  | &nbsp;&nbsp; $598160 |
| Real Estate - Office – 0.8% | Real Estate - Office – 0.8% | Real Estate - Office – 0.8% |
| Boston Properties LP, REIT, 6.5%, 1/15/2034  | $197000 | &nbsp;&nbsp; $211414 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 450000 | &nbsp;&nbsp; 456039 |
|  |  | &nbsp;&nbsp; $667453 |
| Real Estate - Other – 0.4% | Real Estate - Other – 0.4% | Real Estate - Other – 0.4% |
| First Industrial LP, 5.25%, 1/15/2031  | $347000 | &nbsp;&nbsp; $354299 |
| Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $215000 | &nbsp;&nbsp; $213784 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 204000 | &nbsp;&nbsp; 202505 |
|  |  | &nbsp;&nbsp; $416289 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Retailers – 0.8% | Retailers – 0.8% | Retailers – 0.8% |
| Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n) | $234000 | &nbsp;&nbsp; $237272 |
| AutoNation, Inc., 5.89%, 3/15/2035  | 421000 | &nbsp;&nbsp; 430210 |
|  |  | &nbsp;&nbsp; $667482 |
| Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% |
| International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n) | $52000 | &nbsp;&nbsp; $46510 |
| Specialty Stores – 0.6% | Specialty Stores – 0.6% | Specialty Stores – 0.6% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $511000 | &nbsp;&nbsp; $464426 |
| Telecommunications - Wireless – 1.3% | Telecommunications - Wireless – 1.3% | Telecommunications - Wireless – 1.3% |
| American Tower Corp., 5.4%, 1/31/2035  | $212000 | &nbsp;&nbsp; $217589 |
| Rogers Communications, Inc., 3.8%, 3/15/2032  | 473000 | &nbsp;&nbsp; 443869 |
| T-Mobile USA, Inc., 2.55%, 2/15/2031  | 221000 | &nbsp;&nbsp; 200159 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 192000 | &nbsp;&nbsp; 181343 |
|  |  | &nbsp;&nbsp; $1042960 |
| Tobacco – 1.5% | Tobacco – 1.5% | Tobacco – 1.5% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $196000 | &nbsp;&nbsp; $211475 |
| B.A.T. Capital Corp., 4.742%, 3/16/2032  | 219000 | &nbsp;&nbsp; 218483 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 400000 | &nbsp;&nbsp; 422440 |
| Philip Morris International, Inc., 5.375%, 2/15/2033  | 201000 | &nbsp;&nbsp; 208073 |
| Philip Morris International, Inc., 5.25%, 2/13/2034  | 143000 | &nbsp;&nbsp; 146109 |
|  |  | &nbsp;&nbsp; $1206580 |
| Transportation - Services – 0.3% | Transportation - Services – 0.3% | Transportation - Services – 0.3% |
| Yinson Bergenia Production B.V., 8.498%, 1/31/2045 (n) | $200000 | &nbsp;&nbsp; $208912 |
| U.S. Treasury Obligations – 26.2% | U.S. Treasury Obligations – 26.2% | U.S. Treasury Obligations – 26.2% |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | $1900000 | &nbsp;&nbsp; $1821180 |
| U.S. Treasury Bonds, 4.625%, 11/15/2044 (f) | 7040000 | &nbsp;&nbsp; 6829350 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1500000 | &nbsp;&nbsp; 1342031 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 3894000 | &nbsp;&nbsp; 3634958 |
| U.S. Treasury Notes, 3.875%, 7/31/2027  | 1000000 | &nbsp;&nbsp; 1004140 |
| U.S. Treasury Notes, 4.125%, 10/31/2029  | 4445000 | &nbsp;&nbsp; 4525392 |
| U.S. Treasury Notes, 3.875%, 7/31/2030  | 1400000 | &nbsp;&nbsp; 1411266 |
|  |  | &nbsp;&nbsp; $20568317 |
| Utilities - Electric Power – 0.7% | Utilities - Electric Power – 0.7% | Utilities - Electric Power – 0.7% |
| Pacific Gas & Electric Co., 6.95%, 3/15/2034  | $190000 | &nbsp;&nbsp; $208146 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 305000 | &nbsp;&nbsp; 311507 |
|  |  | &nbsp;&nbsp; $519653 |
| **Total Bonds (Identified Cost, $76,994,161)** |  | &nbsp;&nbsp; **$77393043** |
| Mutual Funds – 1.4% | Mutual Funds – 1.4% | Mutual Funds – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.23% (j) (Identified Cost, $1,112,354) | 1112354 | &nbsp;&nbsp; $1112354 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 104570 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$78609967** |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $28,883,797, representing 36.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Security |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** | **Derivative Contracts at 8/31/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; $12720883 | December – 2025 | &nbsp;&nbsp;&nbsp; $16484 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; $1716094 | December – 2025 | &nbsp;&nbsp;&nbsp; $(5032)<br>|

---

At August 31, 2025, the fund had liquid securities with an aggregate value of $73,726 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 8/31/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $78,106,515) | &nbsp;&nbsp; $78505397 |
| Receivables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 4485 |
| Fund shares sold | &nbsp;&nbsp; 623889 |
| Interest | &nbsp;&nbsp; 797728 |
| Total assets | &nbsp;&nbsp; $79931499 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $311000 |
| Investments purchased | &nbsp;&nbsp; 1007619 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 2913 |
| Total liabilities | &nbsp;&nbsp; $1321532 |
| Net assets | &nbsp;&nbsp; $78609967 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $78274124 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 335843 |
| Net assets | &nbsp;&nbsp; $78609967 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 3150000 |
| Net asset value per share (net assets of $78,609,967 / 3,150,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $24.96 |

---

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 8/31/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $1402765 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 18507 |
| Other | &nbsp;&nbsp; 241 |
| Total investment income | &nbsp;&nbsp; $1421513 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $92947 |
| Miscellaneous | &nbsp;&nbsp; 85 |
| Total expenses | &nbsp;&nbsp; $93032 |
| Net investment income (loss) | &nbsp;&nbsp; $1328481 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(12946)<br>|
| Futures contracts | &nbsp;&nbsp; 9651 |
| Net realized gain (loss) | &nbsp;&nbsp; $(3295)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $338123 |
| Futures contracts | &nbsp;&nbsp; (8055)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $330068 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $326773 |
| Change in net assets from operations | &nbsp;&nbsp; $1655254 |

---

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Financial Statements** \| **Statement of Changes in Net Assets**

This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**8/31/25** <br>**(unaudited)**<br>| <br>**2/28/25(c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1328481 | &nbsp;&nbsp; $387056 |
| Net realized gain (loss) | (3295)<br>| &nbsp;&nbsp; 926 |
| Net unrealized gain (loss) | 330068 | &nbsp;&nbsp; 80266 |
| Change in net assets from operations | $1655254 | &nbsp;&nbsp; $468248 |
| Total distributions to shareholders | $(1387955)<br>| &nbsp;&nbsp; $(399704)<br>|
| Change in net assets from fund share transactions | $37130219 | &nbsp;&nbsp; $41049198 |
| Miscellaneous capital | $70633 | &nbsp;&nbsp; $24074 |
| Total change in net assets | $37468151 | &nbsp;&nbsp; $41141816 |
| **Net assets** |  |  |
| At beginning of period | 41141816 |  |
| At end of period | $78609967 | &nbsp;&nbsp; $41141816 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended (c)** |
|  | **8/31/25** <br>**(unaudited)**<br>| **2/28/25** |
| Net asset value, beginning of period | $24.93 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.61 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | (0.01)(g)<br>| &nbsp;&nbsp; (0.10)(g)<br>|
| Total from investment operations | $0.60 | &nbsp;&nbsp; $0.19 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.58)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain | (0.01)<br>|  |
| Total distributions declared to shareholders | $(0.59)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Miscellaneous capital (d) | $0.02 | &nbsp;&nbsp; $0.02 |
| Net asset value, end of period (x) | $24.96 | &nbsp;&nbsp; $24.93 |
| Total return (%) (s)(x) | 2.51<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>|
| Net investment income (loss) | 4.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> (a)<br>|
| Portfolio turnover rate (e) | 22<br> (n)<br>| &nbsp;&nbsp; 10<br> (n)<br>|
| Net assets at end of period (000 omitted) | $78610 | &nbsp;&nbsp; $41142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate excludes securities received or delivered in-kind in the process
 of creating or redeeming fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The per share amount varies from the net realized and unrealized gain/loss for the
 period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset value and total return have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Active Core Plus Bond ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments such as futures contracts. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $20568317 | $— | $20568317 |
| Non - U.S. Sovereign Debt |  | 2294882 |  | 2294882 |
| U.S. Corporate Bonds |  | 21476750 |  | 21476750 |
| Residential Mortgage-Backed Securities |  | 9907633 |  | 9907633 |
| Commercial Mortgage-Backed Securities |  | 2776713 |  | 2776713 |
| Asset-Backed Securities (including CDOs) |  | 12079082 |  | 12079082 |
| Foreign Bonds |  | 8289666 |  | 8289666 |
| Investment Companies | 1112354 |  |  | 1112354 |
| Total | $1112354 | $77393043 | $— | $78505397 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Assets | $16484 | $— | $16484 |
| Futures Contracts – Liabilities | (5032)<br>|  | (5032)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at August 31, 2025 as reported in the Statement of Assets and Liabilities:

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $16484 | $(5032) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended August 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $9651 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended August 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $(8055)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange's clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals and derivative transactions.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $399704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 8/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $78145512 |
| Gross appreciation | &nbsp;&nbsp; 743256 |
| Gross depreciation | &nbsp;&nbsp; (383371)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $359885 |
| **As of 2/28/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 161694 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 21010 |
| Other temporary differences | &nbsp;&nbsp; (154688)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 40528 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund's Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.

**Administrator** — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2025.

**(4) Portfolio Securities**

For the six months ended August 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $23532692 | &nbsp;&nbsp; $10593563 |
| Non-U.S. Government securities | 24786204 | &nbsp;&nbsp; 1238194 |

---

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(5) Purchase and Sales of Fund Shares**

The fund issues and redeems shares through MFD at net asset value ("NAV") only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants transacting in Creation units for cash may also pay a variable fee to compensate the fund for transaction costs associated with investing the cash in portfolio securities. These fees are included in "Miscellaneous capital" in the Statement of Changes in Net Assets.

Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund's shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**8/31/25** | **Six months ended** <br>**8/31/25** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1500000 | &nbsp;&nbsp; $37130219 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; $41049198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Core Plus Bond ETF.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Core Plus Bond ETF.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Core Plus Bond ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Active Growth ETF

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Active Growth ETF

**Portfolio of Investments - 8/31/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.2% | Common Stocks – 99.2% | Common Stocks – 99.2% |
| Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |  |
| General Electric Co. | 9391 | &nbsp;&nbsp; $2584403 |
| Apparel Manufacturers – 0.6% | Apparel Manufacturers – 0.6% |  |
| Hermes International, ADR | 3485 | &nbsp;&nbsp; $853476 |
| Broadcasting – 4.4% | Broadcasting – 4.4% |  |
| Netflix, Inc. (a) | 4154 | &nbsp;&nbsp; $5019070 |
| Spotify Technology S.A. (a) | 1729 | &nbsp;&nbsp; 1178971 |
|  |  | &nbsp;&nbsp; $6198041 |
| Brokerage & Asset Managers – 4.3% | Brokerage & Asset Managers – 4.3% |  |
| Apollo Global Management, Inc. | 6560 | &nbsp;&nbsp; $893669 |
| Intercontinental Exchange, Inc. | 10082 | &nbsp;&nbsp; 1780481 |
| KKR & Co., Inc. | 16270 | &nbsp;&nbsp; 2269502 |
| NASDAQ, Inc. | 11289 | &nbsp;&nbsp; 1069520 |
|  |  | &nbsp;&nbsp; $6013172 |
| Computer Software – 20.8% | Computer Software – 20.8% |  |
| AppLovin Corp. (a) | 1611 | &nbsp;&nbsp; $771009 |
| Autodesk, Inc. (a) | 7715 | &nbsp;&nbsp; 2427911 |
| Cadence Design Systems, Inc. (a) | 5210 | &nbsp;&nbsp; 1825740 |
| Intuit, Inc. | 1802 | &nbsp;&nbsp; 1201934 |
| Microsoft Corp. | 40007 | &nbsp;&nbsp; 20271147 |
| SAP SE | 3236 | &nbsp;&nbsp; 880710 |
| ServiceNow, Inc. (a) | 666 | &nbsp;&nbsp; 611028 |
| Synopsys, Inc. (a) | 1818 | &nbsp;&nbsp; 1097199 |
|  |  | &nbsp;&nbsp; $29086678 |
| Computer Software - Systems – 5.4% | Computer Software - Systems – 5.4% |  |
| Apple, Inc. | 25388 | &nbsp;&nbsp; $5893570 |
| Arista Networks, Inc. (a) | 5057 | &nbsp;&nbsp; 690533 |
| Shopify, Inc. (a) | 7005 | &nbsp;&nbsp; 989667 |
|  |  | &nbsp;&nbsp; $7573770 |
| Construction – 0.6% | Construction – 0.6% |  |
| CRH PLC | 7707 | &nbsp;&nbsp; $870506 |
| Electrical Equipment – 1.7% | Electrical Equipment – 1.7% |  |
| Amphenol Corp., "A" | 21396 | &nbsp;&nbsp; $2329169 |
| Electronics – 19.9% | Electronics – 19.9% |  |
| Broadcom, Inc. | 11893 | &nbsp;&nbsp; $3536859 |
| KLA Corp. | 1580 | &nbsp;&nbsp; 1377760 |
| NVIDIA Corp. | 122852 | &nbsp;&nbsp; 21398361 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 6771 | &nbsp;&nbsp; 1563221 |
|  |  | &nbsp;&nbsp; $27876201 |

---

EGOFS-SEM

------

MFS Active Growth ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Renewables – 2.9% | Energy - Renewables – 2.9% |  |
| GE Vernova, Inc. | 6604 | &nbsp;&nbsp; $4048054 |
| Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% |  |
| Hilton Worldwide Holdings, Inc. | 4347 | &nbsp;&nbsp; $1200033 |
| Interactive Media Services – 10.7% | Interactive Media Services – 10.7% |  |
| Alphabet, Inc., "A" | 25302 | &nbsp;&nbsp; $5387049 |
| Meta Platforms, Inc., "A" | 12939 | &nbsp;&nbsp; 9558039 |
|  |  | &nbsp;&nbsp; $14945088 |
| Machinery & Tools – 3.4% | Machinery & Tools – 3.4% |  |
| Eaton Corp. PLC | 5949 | &nbsp;&nbsp; $2077034 |
| Roper Technologies, Inc. | 1441 | &nbsp;&nbsp; 758412 |
| Trane Technologies PLC | 4693 | &nbsp;&nbsp; 1950411 |
|  |  | &nbsp;&nbsp; $4785857 |
| Medical Equipment – 4.5% | Medical Equipment – 4.5% |  |
| Abbott Laboratories | 11042 | &nbsp;&nbsp; $1464832 |
| Boston Scientific Corp. (a) | 6765 | &nbsp;&nbsp; 713708 |
| Danaher Corp. | 2835 | &nbsp;&nbsp; 583500 |
| Medtronic PLC | 18867 | &nbsp;&nbsp; 1751046 |
| Thermo Fisher Scientific, Inc. | 3663 | &nbsp;&nbsp; 1804833 |
|  |  | &nbsp;&nbsp; $6317919 |
| Other Banks & Diversified Financials – 5.2% | Other Banks & Diversified Financials – 5.2% |  |
| Mastercard, Inc., "A" | 8617 | &nbsp;&nbsp; $5129614 |
| Moody's Corp. | 2006 | &nbsp;&nbsp; 1022578 |
| Visa, Inc., "A" | 3078 | &nbsp;&nbsp; 1082779 |
|  |  | &nbsp;&nbsp; $7234971 |
| Restaurants – 0.7% | Restaurants – 0.7% |  |
| Starbucks Corp. | 11303 | &nbsp;&nbsp; $996812 |
| Specialty Stores – 8.9% | Specialty Stores – 8.9% |  |
| Amazon.com, Inc. (a) | 48657 | &nbsp;&nbsp; $11142453 |
| TJX Cos., Inc. | 9301 | &nbsp;&nbsp; 1270610 |
|  |  | &nbsp;&nbsp; $12413063 |
| Tobacco – 1.6% | Tobacco – 1.6% |  |
| Philip Morris International, Inc. | 13773 | &nbsp;&nbsp; $2301881 |
| Utilities - Electric Power – 0.9% | Utilities - Electric Power – 0.9% |  |
| Constellation Energy | 4063 | &nbsp;&nbsp; $1251323 |
| **Total Common Stocks (Identified Cost, $123,372,641)** |  | &nbsp;&nbsp; **$138880417** |
| Mutual Funds – 0.8% | Mutual Funds – 0.8% | Mutual Funds – 0.8% |
| Money Market Funds – 0.8% | Money Market Funds – 0.8% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.23% (j) (Identified Cost, $1,066,996) | 1066996 | &nbsp;&nbsp; $1066996 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp; 50291 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$139997704** |

---

------

MFS Active Growth ETF

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 8/31/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $124,439,637) | &nbsp;&nbsp; $139947413 |
| Foreign currency, at value (identified cost, $7) | &nbsp;&nbsp; 7 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 682915 |
| Dividends | &nbsp;&nbsp; 51742 |
| Total assets | &nbsp;&nbsp; $140682077 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $676818 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 7555 |
| Total liabilities | &nbsp;&nbsp; $684373 |
| Net assets | &nbsp;&nbsp; $139997704 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $126981153 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 13016551 |
| Net assets | &nbsp;&nbsp; $139997704 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 5125000 |
| Net asset value per share (net assets of $139,997,704 / 5,125,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $27.32 |

---

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 8/31/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $285828 |
| Other | &nbsp;&nbsp; 429 |
| Foreign taxes withheld | &nbsp;&nbsp; (2177)<br>|
| Total investment income | &nbsp;&nbsp; $284080 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $227613 |
| Total expenses | &nbsp;&nbsp; $227613 |
| Net investment income (loss) | &nbsp;&nbsp; $56467 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2955179)<br>|
| Foreign currency | &nbsp;&nbsp; (492)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 651455 |
| Net realized gain (loss) | &nbsp;&nbsp; $(2304216)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $16606948 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $14302732 |
| Change in net assets from operations | &nbsp;&nbsp; $14359199 |

---

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Financial Statements** \| **Statement of Changes in Net Assets**

This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**8/31/25** <br>**(unaudited)**<br>| <br>**2/28/25(c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $56467 | &nbsp;&nbsp; $10463 |
| Net realized gain (loss) | (2304216)<br>| &nbsp;&nbsp; (243392)<br>|
| Net unrealized gain (loss) | 16606948 | &nbsp;&nbsp; (1099172)<br>|
| Change in net assets from operations | $14359199 | &nbsp;&nbsp; $(1332101)<br>|
| Total distributions to shareholders | $(10547)<br>| $— |
| Change in net assets from fund share transactions | $83201525 | &nbsp;&nbsp; $43779264 |
| Miscellaneous capital | $364 | $— |
| Total change in net assets | $97550541 | &nbsp;&nbsp; $42447163 |
| **Net assets** |  |  |
| At beginning of period | 42447163 |  |
| At end of period | $139997704 | &nbsp;&nbsp; $42447163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** |
|  | **8/31/25** <br>**(unaudited)**<br>| **2/28/25(c)** |
| Net asset value, beginning of period | $24.61 | &nbsp;&nbsp; $25.44 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.01 |
| Net realized and unrealized gain (loss) | 2.69 | &nbsp;&nbsp; (0.84)<br>|
| Total from investment operations | $2.71 | &nbsp;&nbsp; $(0.83)<br>|
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.00)(w)<br>| $— |
| Miscellaneous capital (d) | $0.00<br> (w)<br>| $— |
| Net asset value, end of period (x) | $27.32 | &nbsp;&nbsp; $24.61 |
| Total return (%) (s)(x) | 11.02<br> (n)<br>| &nbsp;&nbsp; (3.28)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> (a)<br>|
| Net investment income (loss) | 0.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (a)<br>|
| Portfolio turnover rate (e) | 28<br> (n)<br>| &nbsp;&nbsp; 4<br> (n)<br>|
| Net assets at end of period (000 omitted) | $139998 | &nbsp;&nbsp; $42447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate excludes securities received or delivered in-kind in the process
 of creating or redeeming fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset value and total return have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Active Growth ETF (the fund) is a non-diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading

------

MFS Active Growth ETF

*Notes to Financial Statements (unaudited) - continued* 

does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $138880417 | $— | $— | $138880417 |
| Investment Companies | 1066996 |  |  | 1066996 |
| Total | $139947413 | $— | $— | $139947413 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

------

MFS Active Growth ETF

*Notes to Financial Statements (unaudited) - continued* 

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

During the year ended February 28, 2025, there were no significant adjustments due to differences between book and tax accounting.

The tax character of distributions made during the current period will be determined at fiscal year end. The fund declared no distributions for the year ended February 28, 2025.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 8/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $124439637 |
| Gross appreciation | &nbsp;&nbsp; 16110238 |
| Gross depreciation | &nbsp;&nbsp; (602462)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $15507776 |
| **As of 2/28/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 10463 |
| Capital loss carryforwards | &nbsp;&nbsp; (243392)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1099172)<br>|

---

As of February 28, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(243392)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.49% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund's Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.

**Administrator** — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2025.

**Other** — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2025, this reimbursement amounted to $423, which is included in "Other" income in the Statement of Operations.

------

MFS Active Growth ETF

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4) Portfolio Securities**

For the six months ended August 31, 2025, purchases and sales of investments, other than in-kind transactions and short-term obligations, aggregated $28,341,353 and $25,509,633, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $82,277,735 and $2,581,520, respectively.

**(5) Purchase and Sales of Fund Shares**

The fund issues and redeems shares through MFD at net asset value ("NAV") only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants transacting in Creation units for cash may also pay a variable fee to compensate the fund for transaction costs associated with investing the cash in portfolio securities. These fees are included in "Miscellaneous capital" in the Statement of Changes in Net Assets.

Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund's shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**8/31/25** | **Six months ended** <br>**8/31/25** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3500000 | &nbsp;&nbsp; $85913189 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; $43779264 |
| Shares reacquired | (100000)<br>| &nbsp;&nbsp; (2711664)<br>|  |  |
| Net change | 3400000 | &nbsp;&nbsp; $83201525 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; $43779264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Growth ETF.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Growth ETF.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Growth ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Active Intermediate Muni Bond ETF

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Active Intermediate Muni Bond ETF

**Portfolio of Investments - 8/31/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.5% | Municipal Bonds – 97.5% | Municipal Bonds – 97.5% |
| Alabama – 3.3% | Alabama – 3.3% | Alabama – 3.3% |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| $100000 | &nbsp;&nbsp; $100143 |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029) | 165000 | &nbsp;&nbsp; 164878 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 110000 | &nbsp;&nbsp; 112523 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "D", 5%, 3/01/2055 (Put Date 11/01/2034) | 250000 | &nbsp;&nbsp; 263513 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032) | 250000 | &nbsp;&nbsp; 266226 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", <br> BAM, 5.125%, 8/01/2044 <br>| 250000 | &nbsp;&nbsp; 253563 |
| Mobile, AL, Industrial Development Board, Pollution Control Rev. (Alabama Power Co.), 3.3%, 7/15/2034 (Put Date 3/12/2026) | 150000 | &nbsp;&nbsp; 150393 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp; 258534 |
| Southeast Alabama Energy Authority, "C", 5%, 5/01/2055 (Put Date 2/01/2031) | 5000 | &nbsp;&nbsp; 5325 |
|  |  | &nbsp;&nbsp; $1575098 |
| Alaska – 1.0% | Alaska – 1.0% | Alaska – 1.0% |
| Alaska Municipal Bond Bank Authority, General Obligation & Refunding, "2", 5%, 12/01/2028  | $260000 | &nbsp;&nbsp; $276284 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039  | 200000 | &nbsp;&nbsp; 212608 |
|  |  | &nbsp;&nbsp; $488892 |
| Arizona – 1.5% | Arizona – 1.5% | Arizona – 1.5% |
| Arizona Industrial Development Authority, National Education Rev. (Equitable School Revolving Fund LLC), "A", 5%, 11/01/2038  | $190000 | &nbsp;&nbsp; $192237 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 4.15%, 9/01/2040  | 250000 | &nbsp;&nbsp; 238226 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6%, 7/01/2055  | 250000 | &nbsp;&nbsp; 275444 |
|  |  | &nbsp;&nbsp; $705907 |
| California – 5.1% | California – 5.1% | California – 5.1% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| $250000 | &nbsp;&nbsp; $265593 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, <br> 2/01/2055 (Put Date 9/01/2032)<br>| 250000 | &nbsp;&nbsp; 269157 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5%, <br> 2/01/2055 (Put Date 11/01/2032)<br>| 500000 | &nbsp;&nbsp; 537780 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, <br> 1/01/2056 (Put Date 8/01/2033)<br>| 245000 | &nbsp;&nbsp; 266321 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5%, 11/01/2033  | 170000 | &nbsp;&nbsp; 181626 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp; 258946 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2028  | 85000 | &nbsp;&nbsp; 89136 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2029  | 100000 | &nbsp;&nbsp; 105984 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 100000 | &nbsp;&nbsp; 107407 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5.25%, 5/15/2038  | 350000 | &nbsp;&nbsp; 357958 |
|  |  | &nbsp;&nbsp; $2439908 |
| Colorado – 5.7% | Colorado – 5.7% | Colorado – 5.7% |
| Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043  | $110000 | &nbsp;&nbsp; $114828 |
| Adams County, CO, Bromley Park Metropolian District No. 3, General Obligation, AGM, 5%, 12/01/2039  | 225000 | &nbsp;&nbsp; 232000 |
| Arapahoe County, CO, Cherry Creek School District No. 5, General Obligation, 5.25%, 12/15/2042  | 500000 | &nbsp;&nbsp; 536696 |
| Bennett, CO, Wastewater Rev., AGM, 5%, 12/01/2044  | 250000 | &nbsp;&nbsp; 257343 |
| Boulder County, CO, STC Metropolitan District No. 2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", AGM, <br> 5%, 12/01/2036 <br>| 215000 | &nbsp;&nbsp; 227603 |

---

EMUFS-SEM

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – continued | Colorado – continued | Colorado – continued |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Stargate Charter School Project), "A", 5.25%, 12/01/2045  | $100000 | &nbsp;&nbsp; $101048 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035  | 245000 | &nbsp;&nbsp; 263199 |
| Denver, CO, City & County Board of Water Commissioners, Water Rev., "A", 5%, 9/15/2047  | 210000 | &nbsp;&nbsp; 210942 |
| Denver, CO, Department of Aviation Airport System Rev., "A", 5%, 11/15/2029  | 110000 | &nbsp;&nbsp; 114411 |
| Denver, CO, Department of Aviation Airport System Rev., "A", 5%, 11/15/2034  | 150000 | &nbsp;&nbsp; 161237 |
| Douglas County, CO, Lanterns Metropolitan District No. 1, AGM, 5%, 12/01/2034  | 250000 | &nbsp;&nbsp; 265389 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 5%, 12/01/2040  | 105000 | &nbsp;&nbsp; 107490 |
| Weld County, CO, Greeley City Center West Residential Metropolitan District No. 2, General Obligation Refunding Rev., AGM, 5.5%, <br> 12/01/2045 <br>| 100000 | &nbsp;&nbsp; 102938 |
|  |  | &nbsp;&nbsp; $2695124 |
| Connecticut – 0.8% | Connecticut – 0.8% | Connecticut – 0.8% |
| Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (Chesla Loan Program), "B-1", 5.25%, 11/15/2034  | $250000 | &nbsp;&nbsp; $264344 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 100000 | &nbsp;&nbsp; 101210 |
|  |  | &nbsp;&nbsp; $365554 |
| Delaware – 0.5% | Delaware – 0.5% | Delaware – 0.5% |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055  | $240000 | &nbsp;&nbsp; $261681 |
| District of Columbia – 1.0% | District of Columbia – 1.0% | District of Columbia – 1.0% |
| District of Columbia, Housing Finance Agency (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp; $104734 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", FHA, <br> 5%, 3/01/2028 <br>| 250000 | &nbsp;&nbsp; 262722 |
| Metropolitan Washington, D.C., Airport System Refunding Rev., "A", 5%, 10/01/2036  | 115000 | &nbsp;&nbsp; 117541 |
|  |  | &nbsp;&nbsp; $484997 |
| Florida – 5.6% | Florida – 5.6% | Florida – 5.6% |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%, 10/01/2035  | $100000 | &nbsp;&nbsp; $100775 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036  | 125000 | &nbsp;&nbsp; 125378 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I, LLC-Florida Institute of <br> Technology Project), "A", 4.75%, 7/01/2040 <br>| 100000 | &nbsp;&nbsp; 95846 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "A", 4.9%, 6/15/2035  | 250000 | &nbsp;&nbsp; 252177 |
| Florida Higher Educational Facilities Financing Authority Rev. (Nova Southeastern University Project), 5%, 4/01/2036  | 105000 | &nbsp;&nbsp; 105576 |
| Florida Housing Finance Corp, Multi-Family Mortgage Rev. (The Enclave at Canopy Park), "I", 3.3%, 7/01/2058 (Put Date 1/01/2028) | 250000 | &nbsp;&nbsp; 251397 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "B-2", 4.45%, 11/15/2031 (w) | 200000 | &nbsp;&nbsp; 201010 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2042  | 250000 | &nbsp;&nbsp; 259312 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "A", 5%, 10/01/2035  | 180000 | &nbsp;&nbsp; 188976 |
| Lee County, FL, Airport Rev., "B", 4%, 10/01/2038  | 250000 | &nbsp;&nbsp; 236355 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044  | 200000 | &nbsp;&nbsp; 192830 |
| Miami-Dade County, FL, Aviation Rev., "A", 5%, 10/01/2038  | 250000 | &nbsp;&nbsp; 249981 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036  | 250000 | &nbsp;&nbsp; 262763 |
| Pompano Beach, FL (John Knox Village Project), 5%, 9/01/2039  | 150000 | &nbsp;&nbsp; 146713 |
|  |  | &nbsp;&nbsp; $2669089 |
| Georgia – 3.8% | Georgia – 3.8% | Georgia – 3.8% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp; $101477 |
| Commerce, GA, School District General Obligation, 6%, 8/01/2043 (w) | 250000 | &nbsp;&nbsp; 279945 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034  | 120000 | &nbsp;&nbsp; 117552 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044  | 430000 | &nbsp;&nbsp; 433669 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/01/2054 (Put Date 9/01/2031) | 210000 | &nbsp;&nbsp; 224283 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 345000 | &nbsp;&nbsp; 368486 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 250000 | &nbsp;&nbsp; 267502 |
|  |  | &nbsp;&nbsp; $1792914 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Hawaii – 0.9% | Hawaii – 0.9% | Hawaii – 0.9% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043  | $200000 | &nbsp;&nbsp; $201099 |
| Hawaii Harbor System Rev., "A", 4%, 7/01/2036  | 215000 | &nbsp;&nbsp; 212581 |
|  |  | &nbsp;&nbsp; $413680 |
| Idaho – 0.2% | Idaho – 0.2% | Idaho – 0.2% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $70000 | &nbsp;&nbsp; $75354 |
| Illinois – 5.7% | Illinois – 5.7% | Illinois – 5.7% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2033  | $100000 | &nbsp;&nbsp; $108802 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 7%, 12/01/2042 (n) | 250000 | &nbsp;&nbsp; 257583 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2028  | 130000 | &nbsp;&nbsp; 134701 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2041  | 100000 | &nbsp;&nbsp; 98246 |
| Chicago, IL, Midway Airport Refunding Rev., "A", 5%, 1/01/2028  | 250000 | &nbsp;&nbsp; 261658 |
| Cook County, IL, Community College District No. 152 (Hazel Crest), AGM, 5%, 12/01/2036  | 300000 | &nbsp;&nbsp; 323944 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 4.25%, <br> 7/01/2041 <br>| 100000 | &nbsp;&nbsp; 97032 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 200000 | &nbsp;&nbsp; 197547 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035)<br>| 200000 | &nbsp;&nbsp; 200137 |
| Monroe & St. Clair Counties, IL, Community Unit School District No. 4, Columbia Debt Certificates, 5.5%, 7/01/2040  | 100000 | &nbsp;&nbsp; 100069 |
| Northeastern Illinois University Board of Trustees, Certificates of Participation (Capital Improvement Projects), BAM, 5.25%, <br> 7/01/2037 (w)<br>| 100000 | &nbsp;&nbsp; 106048 |
| St. Clair County, Madison, Monroe, Randolph, Washington, Bond, Perry & Montgomery Counties, IL, Community College District No. <br> 522, Debt Certificates (Southwestern Illinois College), "B", 5.5%, 12/01/2038 <br>| 230000 | &nbsp;&nbsp; 230240 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 250000 | &nbsp;&nbsp; 260480 |
| Trustees of the University of Illinois, Housing and Auxiliary Facilities System Rev., "A" , BAM, 5%, 4/01/2039  | 310000 | &nbsp;&nbsp; 318506 |
|  |  | &nbsp;&nbsp; $2694993 |
| Indiana – 2.2% | Indiana – 2.2% | Indiana – 2.2% |
| Gary/Chicago International Airport Authority, IN, Development Zone Rev., AGM, 5.25%, 2/01/2042  | $100000 | &nbsp;&nbsp; $103745 |
| Indiana Finance Authority Rev. (Greenwood Village South Project), "C-2", 3.75%, 5/15/2032  | 100000 | &nbsp;&nbsp; 100042 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036  | 120000 | &nbsp;&nbsp; 124998 |
| Indiana Finance Authority, Health System Rev. (Franciscan Alliance, Inc. Obligated Group), "B", 5%, 11/01/2041  | 250000 | &nbsp;&nbsp; 250092 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029  | 100000 | &nbsp;&nbsp; 102056 |
| Lawrence County, IN, North Lawrence Community School Buildings Corp., Ad Valorem Property Tax First Mortgage, 5%, <br> 7/15/2038 (w)<br>| 100000 | &nbsp;&nbsp; 103613 |
| Westfield Washington, IN, Multi-School Building Corp. (Hamilton County), "A", BAM, 5.25%, 7/15/2043  | 250000 | &nbsp;&nbsp; 261157 |
|  |  | &nbsp;&nbsp; $1045703 |
| Iowa – 0.6% | Iowa – 0.6% | Iowa – 0.6% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033  | $250000 | &nbsp;&nbsp; $265589 |
| Kansas – 0.6% | Kansas – 0.6% | Kansas – 0.6% |
| Miami County, KS, Osawatomie Unified School District No. 367, General Obligation, BAM, 5.25%, 9/01/2042  | $300000 | &nbsp;&nbsp; $311237 |
| Kentucky – 0.5% | Kentucky – 0.5% | Kentucky – 0.5% |
| Kentucky Economic Development Finance Authority Rev. (Commonspirit Health), "A-2", 5%, 8/01/2032  | $125000 | &nbsp;&nbsp; $131796 |
| Kentucky Economic Development Finance Authority Rev. (Commonspirit Health), "A-2", 5%, 8/01/2035  | 125000 | &nbsp;&nbsp; 129723 |
|  |  | &nbsp;&nbsp; $261519 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Louisiana – 1.9% | Louisiana – 1.9% | Louisiana – 1.9% |
| Juban Crossing, LA, Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2036  | $250000 | &nbsp;&nbsp; $266984 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Calcasieu Parish School Project), <br> BAM, 5%, 12/01/2039 <br>| 250000 | &nbsp;&nbsp; 261927 |
| New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), "B", 5%, 1/01/2036  | 355000 | &nbsp;&nbsp; 357322 |
|  |  | &nbsp;&nbsp; $886233 |
| Maine – 1.2% | Maine – 1.2% | Maine – 1.2% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) | $100000 | &nbsp;&nbsp; $96909 |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), "R-3", 5%, 8/01/2035  | 100000 | &nbsp;&nbsp; 100664 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037  | 70000 | &nbsp;&nbsp; 71308 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037  | 300000 | &nbsp;&nbsp; 293742 |
|  |  | &nbsp;&nbsp; $562623 |
| Maryland – 0.4% | Maryland – 0.4% | Maryland – 0.4% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 4%, 6/01/2042  | $210000 | &nbsp;&nbsp; $174283 |
| Massachusetts – 2.6% | Massachusetts – 2.6% | Massachusetts – 2.6% |
| Dover, MA, General Obligation Municipal Purpose Loan , 5%, 6/15/2039  | $115000 | &nbsp;&nbsp; $125458 |
| Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), "F", 5%, 8/15/2029  | 250000 | &nbsp;&nbsp; 250216 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 125000 | &nbsp;&nbsp; 125964 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 125000 | &nbsp;&nbsp; 115335 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034  | 195000 | &nbsp;&nbsp; 208574 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2029  | 300000 | &nbsp;&nbsp; 317020 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2039  | 105000 | &nbsp;&nbsp; 106278 |
|  |  | &nbsp;&nbsp; $1248845 |
| Michigan – 0.5% | Michigan – 0.5% | Michigan – 0.5% |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2042  | $250000 | &nbsp;&nbsp; $247138 |
| Minnesota – 2.7% | Minnesota – 2.7% | Minnesota – 2.7% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2037  | $150000 | &nbsp;&nbsp; $153411 |
| Edina, MN, General Obligation Capital Improvement Plan and Sales Tax Rev., "B", 4%, 2/01/2042  | 250000 | &nbsp;&nbsp; 236732 |
| Minneapolis, MN, Health Care Systems Rev. (Fairview Health Services), "A", 5%, 11/15/2035  | 160000 | &nbsp;&nbsp; 163471 |
| Minnesota General Obligation State Trunk Highway Rev., "B", 4%, 8/01/2041  | 500000 | &nbsp;&nbsp; 476207 |
| Minnesota Housing Finance Agency, Residential Housing Finance Rev., "F", 5.75%, 7/01/2053  | 235000 | &nbsp;&nbsp; 251669 |
|  |  | &nbsp;&nbsp; $1281490 |
| Missouri – 0.5% | Missouri – 0.5% | Missouri – 0.5% |
| Springfield, MO, Public Utility Refunding Rev., 4%, 8/01/2036  | $250000 | &nbsp;&nbsp; $250146 |
| New Hampshire – 2.0% | New Hampshire – 2.0% | New Hampshire – 2.0% |
| National Finance Authority, NH, Affordable Housing Certificates, "A-1", 4.75%, 6/20/2041 (Put Date 6/01/2035) | $249918 | &nbsp;&nbsp; $249691 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 99641 | &nbsp;&nbsp; 93773 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.168%, 1/20/2041  | 99641 | &nbsp;&nbsp; 86991 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035  | 105000 | &nbsp;&nbsp; 114987 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038  | 250000 | &nbsp;&nbsp; 253834 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Advance Corp. Issue), "B", 5%, 10/01/2035  | 125000 | &nbsp;&nbsp; 134892 |
|  |  | &nbsp;&nbsp; $934168 |
| New Jersey – 1.8% | New Jersey – 1.8% | New Jersey – 1.8% |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035  | $100000 | &nbsp;&nbsp; $102389 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5.25%, 6/01/2046  | 215000 | &nbsp;&nbsp; 212758 |
| New Jersey Transportation Trust Fund Authority, "A", 4.25%, 6/15/2040  | 210000 | &nbsp;&nbsp; 199795 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – continued | New Jersey – continued | New Jersey – continued |
| New Jersey Transportation Trust Fund Authority, "CC", 5%, 6/15/2042  | $250000 | &nbsp;&nbsp; $255935 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology Inc., Project), <br> 4.125%, 7/01/2033 <br>| 100000 | &nbsp;&nbsp; 100591 |
|  |  | &nbsp;&nbsp; $871468 |
| New Mexico – 1.3% | New Mexico – 1.3% | New Mexico – 1.3% |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) | $100000 | &nbsp;&nbsp; $106645 |
| Santa Fe County, NM, Multi-Family Housing Rev. (Cresta Ranch Apartments), 3.29%, 12/10/2049 (Put Date 6/01/2028) | 500000 | &nbsp;&nbsp; 503051 |
|  |  | &nbsp;&nbsp; $609696 |
| New York – 5.8% | New York – 5.8% | New York – 5.8% |
| New York Dormitory Authority Rev. (New School), "A", 5%, 7/01/2042  | $250000 | &nbsp;&nbsp; $250562 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044  | 175000 | &nbsp;&nbsp; 178395 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 1/01/2029 <br>| 120000 | &nbsp;&nbsp; 123302 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.5%, 6/30/2042 <br>| 245000 | &nbsp;&nbsp; 250861 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project, <br> Green Bonds), 6%, 6/30/2040 <br>| 250000 | &nbsp;&nbsp; 269529 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, <br> 12/01/2032 <br>| 200000 | &nbsp;&nbsp; 217415 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "F-2", 3.4%, 11/01/2064 (Put Date 1/02/2029) | 500000 | &nbsp;&nbsp; 504319 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031  | 100000 | &nbsp;&nbsp; 102948 |
| New York, NY, Transitional Finance Authority Rev., "D", 5%, 5/01/2042  | 250000 | &nbsp;&nbsp; 260797 |
| New York, NY, Transitional Finance Authority Rev., "D-1", 4%, 11/01/2042  | 250000 | &nbsp;&nbsp; 226199 |
| Rockland County, NY, Solid Waste Management Authority, Special Obligation Rev. (Animal Shelter Project), "A", 5.5%, 12/15/2044  | 340000 | &nbsp;&nbsp; 364419 |
|  |  | &nbsp;&nbsp; $2748746 |
| North Carolina – 1.9% | North Carolina – 1.9% | North Carolina – 1.9% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project Aero), <br> 3.75%, 12/01/2027 (Put Date 11/01/2025)<br>| $15000 | &nbsp;&nbsp; $15003 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038  | 500000 | &nbsp;&nbsp; 523934 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2030 <br>| 125000 | &nbsp;&nbsp; 126035 |
| Raleigh, NC, Housing Authority, Multi-Family Housing Rev. (919 at Cross Link), "B", 5%, 8/01/2028 (Put Date 8/01/2027) | 250000 | &nbsp;&nbsp; 260304 |
|  |  | &nbsp;&nbsp; $925276 |
| North Dakota – 0.5% | North Dakota – 0.5% | North Dakota – 0.5% |
| Grand Forks, ND, Health Care Systems Rev. (Altru Health System), 5%, 12/01/2030  | $120000 | &nbsp;&nbsp; $127451 |
| Horace, ND, Refunding Improvement, "C", 5.5%, 5/01/2038  | 125000 | &nbsp;&nbsp; 129210 |
|  |  | &nbsp;&nbsp; $256661 |
| Ohio – 3.3% | Ohio – 3.3% | Ohio – 3.3% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020A-2, 5%, 6/01/2033  | $250000 | &nbsp;&nbsp; $261971 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034  | 250000 | &nbsp;&nbsp; 259485 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035  | 100000 | &nbsp;&nbsp; 107720 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052  | 350000 | &nbsp;&nbsp; 333383 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2037 <br>| 145000 | &nbsp;&nbsp; 157370 |
| Hamilton County, OH, Various Purpose General Obligation, 4%, 12/17/2025  | 100000 | &nbsp;&nbsp; 100322 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036  | 240000 | &nbsp;&nbsp; 236740 |
| Shelby & Darke Counties, OH, Fort Laramie Local School District, Certificates of Participation, 5.25%, 12/01/2045  | 115000 | &nbsp;&nbsp; 115503 |
|  |  | &nbsp;&nbsp; $1572494 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Oklahoma – 1.4% | Oklahoma – 1.4% | Oklahoma – 1.4% |
| Cleveland County, OK, Home Loan Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 1/01/2056  | $250000 | &nbsp;&nbsp; $275368 |
| Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 7/01/2056  | 125000 | &nbsp;&nbsp; 137132 |
| Tulsa, OK, Airport Improvement Trust General Rev., "A", AGM, 5%, 6/01/2028  | 245000 | &nbsp;&nbsp; 258562 |
|  |  | &nbsp;&nbsp; $671062 |
| Oregon – 0.4% | Oregon – 0.4% | Oregon – 0.4% |
| Washington, Clackamas, and Yamhill Counties, OR, Sherwood School District No. 88, General Obligation, "A", 0%, 6/15/2034  | $250000 | &nbsp;&nbsp; $170408 |
| Pennsylvania – 8.9% | Pennsylvania – 8.9% | Pennsylvania – 8.9% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034  | $125000 | &nbsp;&nbsp; $130632 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036  | 215000 | &nbsp;&nbsp; 230327 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036  | 245000 | &nbsp;&nbsp; 251991 |
| DuBois, PA, Hospital Rev. (Penn Highlands Healthcare), 5%, 7/15/2036  | 140000 | &nbsp;&nbsp; 136753 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, 5/01/2033  | 100000 | &nbsp;&nbsp; 99534 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035  | 240000 | &nbsp;&nbsp; 233968 |
| Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburg Medical Center), "A", 5%, <br> 3/15/2060 (Put Date 3/15/2035)<br>| 280000 | &nbsp;&nbsp; 299694 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5.5%, 6/30/2042 <br>| 500000 | &nbsp;&nbsp; 518561 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, <br> 12/31/2034 <br>| 500000 | &nbsp;&nbsp; 502500 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.85%, <br> 4/01/2034 (Put Date 10/15/2025)<br>| 300000 | &nbsp;&nbsp; 300021 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 135000 | &nbsp;&nbsp; 129340 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A-1", 4.75%, 6/01/2046  | 105000 | &nbsp;&nbsp; 101815 |
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Country Commons Apartments), FNMA, 3.6%, 8/01/2035  | 181852 | &nbsp;&nbsp; 173010 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044  | 265000 | &nbsp;&nbsp; 270123 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043  | 100000 | &nbsp;&nbsp; 101591 |
| Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), 5%, 7/01/2033  | 250000 | &nbsp;&nbsp; 257673 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, <br> 5%, 7/01/2036 <br>| 115000 | &nbsp;&nbsp; 121472 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039  | 250000 | &nbsp;&nbsp; 260207 |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047  | 135000 | &nbsp;&nbsp; 138212 |
|  |  | &nbsp;&nbsp; $4257424 |
| Puerto Rico – 1.7% | Puerto Rico – 1.7% | Puerto Rico – 1.7% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A-1", 5.625%, 7/01/2027  | $125000 | &nbsp;&nbsp; $129248 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 325000 | &nbsp;&nbsp; 327787 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 250000 | &nbsp;&nbsp; 231318 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 201000 | &nbsp;&nbsp; 146868 |
|  |  | &nbsp;&nbsp; $835221 |
| Rhode Island – 1.7% | Rhode Island – 1.7% | Rhode Island – 1.7% |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5%, 9/15/2035  | $375000 | &nbsp;&nbsp; $382513 |
| Rhode Island Health & Educational Building Corp., Hospital Financing Rev. (Lifespan Obligated Group), 4%, 5/15/2036  | 125000 | &nbsp;&nbsp; 115615 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 5%, 12/01/2033  | 250000 | &nbsp;&nbsp; 263798 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 65000 | &nbsp;&nbsp; 58760 |
|  |  | &nbsp;&nbsp; $820686 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| South Carolina – 1.2% | South Carolina – 1.2% | South Carolina – 1.2% |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035  | $100000 | &nbsp;&nbsp; $98467 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 100000 | &nbsp;&nbsp; 99014 |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), 3.7%, <br> 12/15/2027 (Put Date 12/01/2026)<br>| 105000 | &nbsp;&nbsp; 105241 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2038  | 125000 | &nbsp;&nbsp; 125464 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5%, 12/01/2032  | 125000 | &nbsp;&nbsp; 127378 |
|  |  | &nbsp;&nbsp; $555564 |
| Texas – 7.8% | Texas – 7.8% | Texas – 7.8% |
| Arlington, TX, Higher Education Finance Corp., Education Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040 (w) | $130000 | &nbsp;&nbsp; $128146 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2042  | 250000 | &nbsp;&nbsp; 256949 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major <br> Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2035 <br>| 250000 | &nbsp;&nbsp; 264819 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4%, 12/01/2034  | 250000 | &nbsp;&nbsp; 246187 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 20000 | &nbsp;&nbsp; 18701 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043  | 100000 | &nbsp;&nbsp; 104637 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2037  | 250000 | &nbsp;&nbsp; 260734 |
| Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042  | 135000 | &nbsp;&nbsp; 140714 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Project), "B", 5.25%, 7/15/2034  | 150000 | &nbsp;&nbsp; 157188 |
| Houston, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2037  | 150000 | &nbsp;&nbsp; 160103 |
| Lower Colorado River Authority, Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2046  | 230000 | &nbsp;&nbsp; 229998 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International, LLC Project), 5%, <br> 12/01/2064 (Put Date 6/01/2030)<br>| 100000 | &nbsp;&nbsp; 101621 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Republic Services, Inc. Project), 3.85%, <br> 1/01/2026 (Put Date 11/03/2025)<br>| 100000 | &nbsp;&nbsp; 100011 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", 4.25%, <br> 10/01/2030 <br>| 100000 | &nbsp;&nbsp; 100355 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2035 <br>| 150000 | &nbsp;&nbsp; 145322 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035  | 160000 | &nbsp;&nbsp; 169256 |
| Tarrant County, TX, Cultural Education Facilities Finance Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2038  | 135000 | &nbsp;&nbsp; 138401 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056  | 250000 | &nbsp;&nbsp; 275927 |
| Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (Tela Supported), "A", 5%, 10/01/2043  | 300000 | &nbsp;&nbsp; 303098 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) | 250000 | &nbsp;&nbsp; 265961 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038  | 160000 | &nbsp;&nbsp; 166438 |
|  |  | &nbsp;&nbsp; $3734566 |
| Utah – 1.7% | Utah – 1.7% | Utah – 1.7% |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), "A", 5%, 7/01/2042  | $295000 | &nbsp;&nbsp; $293324 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2040  | 150000 | &nbsp;&nbsp; 154693 |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "C", 5%, 7/15/2035  | 100000 | &nbsp;&nbsp; 100326 |
| Utah Intermountain Power Agency, Power Supply Rev., "A", 5%, 7/01/2038  | 245000 | &nbsp;&nbsp; 256628 |
|  |  | &nbsp;&nbsp; $804971 |
| Vermont – 0.5% | Vermont – 0.5% | Vermont – 0.5% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2033  | $250000 | &nbsp;&nbsp; $263221 |
| Virginia – 1.2% | Virginia – 1.2% | Virginia – 1.2% |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2036  | $320000 | &nbsp;&nbsp; $310283 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038  | 125000 | &nbsp;&nbsp; 126303 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2040  | 125000 | &nbsp;&nbsp; 125996 |
|  |  | &nbsp;&nbsp; $562582 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – 2.6% | Washington – 2.6% | Washington – 2.6% |
| Kenmore, WA, Limited Tax General Obligation, 5%, 12/01/2044  | $250000 | &nbsp;&nbsp; $258703 |
| King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040  | 170000 | &nbsp;&nbsp; 170788 |
| Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042  | 65000 | &nbsp;&nbsp; 64866 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033  | 250000 | &nbsp;&nbsp; 255198 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2036  | 250000 | &nbsp;&nbsp; 253220 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), "A", 5%, 12/01/2042  | 125000 | &nbsp;&nbsp; 120941 |
| Washington Various Purpose General Obligation, "A", 5%, 8/01/2046  | 100000 | &nbsp;&nbsp; 101901 |
|  |  | &nbsp;&nbsp; $1225617 |
| Wisconsin – 3.0% | Wisconsin – 3.0% | Wisconsin – 3.0% |
| Wisconsin Health & Educational Facilities Authority Rev. (Ascension Senior Credit Group), "A", 4%, 11/15/2032  | $175000 | &nbsp;&nbsp; $175624 |
| Wisconsin Public Finance Authority Rev., (Kahala Nui Project), 5%, 11/15/2037  | 150000 | &nbsp;&nbsp; 158386 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033  | 310000 | &nbsp;&nbsp; 329171 |
| Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), "A", 5%, 12/15/2035  | 105000 | &nbsp;&nbsp; 105383 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032  | 125000 | &nbsp;&nbsp; 130947 |
| Wisconsin Public Finance Authority, Solid Waste Disposal Refunding Rev. (Waste Management, Inc. Project), "A-2", 3.85%, <br> 10/01/2025 (Put Date 10/01/2025)<br>| 250000 | &nbsp;&nbsp; 250002 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, <br> 6/01/2035 <br>| 145000 | &nbsp;&nbsp; 150875 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, 6/15/2035  | 100000 | &nbsp;&nbsp; 106774 |
|  |  | &nbsp;&nbsp; $1407162 |
| **Total Municipal Bonds (Identified Cost, $47,178,423)** |  | &nbsp;&nbsp; **$46424990** |
| Mutual Funds – 3.4% | Mutual Funds – 3.4% | Mutual Funds – 3.4% |
| Money Market Funds – 3.4% | Money Market Funds – 3.4% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.23% (j) (Identified Cost, $1,630,150) | 1630150 | &nbsp;&nbsp; $1630150 |
| Other Assets, Less Liabilities – (0.9)% |  | &nbsp;&nbsp; (431451) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$47623689** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $383,547, representing 0.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 8/31/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $48,808,573) | &nbsp;&nbsp; $48055140 |
| Receivables for |  |
| When-issued investments sold | &nbsp;&nbsp; 108336 |
| Investments sold | &nbsp;&nbsp; 5072 |
| Interest | &nbsp;&nbsp; 529916 |
| Total assets | &nbsp;&nbsp; $48698464 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $146991 |
| When-issued investments purchased | &nbsp;&nbsp; 926005 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 1779 |
| Total liabilities | &nbsp;&nbsp; $1074775 |
| Net assets | &nbsp;&nbsp; $47623689 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $48431120 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (807431)<br>|
| Net assets | &nbsp;&nbsp; $47623689 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 1950000 |
| Net asset value per share (net assets of $47,623,689 / 1,950,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $24.42 |

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 8/31/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $847694 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 27875 |
| Total investment income | &nbsp;&nbsp; $875569 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $73122 |
| Total expenses | &nbsp;&nbsp; $73122 |
| Net investment income (loss) | &nbsp;&nbsp; $802447 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(80560)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(729593)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(810153)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $(7706)<br>|

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Financial Statements** \| **Statement of Changes in Net Assets**

This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**8/31/25** <br>**(unaudited)**<br>| <br>**2/28/25(c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $802447 | &nbsp;&nbsp; $280638 |
| Net realized gain (loss) | (80560)<br>| &nbsp;&nbsp; 488 |
| Net unrealized gain (loss) | (729593)<br>| &nbsp;&nbsp; (23840)<br>|
| Change in net assets from operations | $(7706)<br>| &nbsp;&nbsp; $257286 |
| Total distributions to shareholders | $(790999)<br>| &nbsp;&nbsp; $(266012)<br>|
| Change in net assets from fund share transactions | $9797554 | &nbsp;&nbsp; $38611794 |
| Miscellaneous capital | $13605 | &nbsp;&nbsp; $8167 |
| Total change in net assets | $9012454 | &nbsp;&nbsp; $38611235 |
| **Net assets** |  |  |
| At beginning of period | 38611235 |  |
| At end of period | $47623689 | &nbsp;&nbsp; $38611235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** |
|  | **8/31/25** <br>**(unaudited)**<br>| **2/28/25(c)** |
| Net asset value, beginning of period | $24.91 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.46 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | (0.51)<br>| &nbsp;&nbsp; (0.13)<br>|
| Total from investment operations | $(0.05)<br>| &nbsp;&nbsp; $0.09 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.44)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Miscellaneous capital (d) | $0.00<br> (w)<br>| &nbsp;&nbsp; $0.01 |
| Net asset value, end of period (x) | $24.42 | &nbsp;&nbsp; $24.91 |
| Total return (%) (s)(x) | (0.17)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>|
| Net investment income (loss) | 3.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> (a)<br>|
| Portfolio turnover rate (e) | 9<br> (n)<br>| &nbsp;&nbsp; 7<br> (n)<br>|
| Net assets at end of period (000 omitted) | $47624 | &nbsp;&nbsp; $38611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate excludes securities received or delivered in-kind in the process
 of creating or redeeming fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset value and total return have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Active Intermediate Muni Bond ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions and developments in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and certain distributions made by the fund could be taxable to shareholders.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $46424990 | $— | $46424990 |
| Investment Companies | 1630150 |  |  | 1630150 |
| Total | $1630150 | $46424990 | $— | $48055140 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $12726 |
| Tax-exempt income | &nbsp;&nbsp; 253286 |
| Total distributions | &nbsp;&nbsp; $266012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 8/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $48789517 |
| Gross appreciation | &nbsp;&nbsp; 168905 |
| Gross depreciation | &nbsp;&nbsp; (903282)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(734377)<br>|
| **As of 2/28/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 14638 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 96749 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 488 |
| Other temporary differences | &nbsp;&nbsp; (104997)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (15604)<br>|

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund's Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.

**Administrator** — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2025.

**Other** — At August 31, 2025, MFS held approximately 75% of the outstanding shares of the fund.

**(4) Portfolio Securities**

For the six months ended August 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $12,912,095 and $3,826,508, respectively.

**(5) Purchase and Sales of Fund Shares**

The fund issues and redeems shares through MFD at net asset value ("NAV") only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants transacting in Creation units for cash may also pay a variable fee to compensate the fund for transaction costs associated with investing the cash in portfolio securities. These fees are included in "Miscellaneous capital" in the Statement of Changes in Net Assets.

Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund's shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**8/31/25** | **Six months ended** <br>**8/31/25** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 400000 | &nbsp;&nbsp; $9797554 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; $38611794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Intermediate Muni Bond ETF.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Intermediate Muni Bond ETF.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Intermediate Muni Bond ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Active International ETF

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Active International ETF

**Portfolio of Investments - 8/31/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.4% | Common Stocks – 98.4% | Common Stocks – 98.4% |
| Aerospace & Defense – 2.8% | Aerospace & Defense – 2.8% |  |
| MTU Aero Engines Holding AG | 5202 | &nbsp;&nbsp; $2318697 |
| Rolls-Royce Holdings PLC | 633913 | &nbsp;&nbsp; 9167724 |
|  |  | &nbsp;&nbsp; $11486421 |
| Airlines – 1.7% | Airlines – 1.7% |  |
| Ryanair Holdings PLC, ADR | 112114 | &nbsp;&nbsp; $7115876 |
| Alcoholic Beverages – 2.5% | Alcoholic Beverages – 2.5% |  |
| China Resources Beer Holdings Co. Ltd. | 729004 | &nbsp;&nbsp; $2616578 |
| Heineken N.V. | 14335 | &nbsp;&nbsp; 1157165 |
| Kweichow Moutai Co. Ltd., "A" | 13900 | &nbsp;&nbsp; 2884161 |
| Pernod Ricard S.A. | 32244 | &nbsp;&nbsp; 3666603 |
|  |  | &nbsp;&nbsp; $10324507 |
| Apparel Manufacturers – 2.8% | Apparel Manufacturers – 2.8% |  |
| Compagnie Financiere Richemont S.A. | 41030 | &nbsp;&nbsp; $7166085 |
| LVMH Moet Hennessy Louis Vuitton SE | 7514 | &nbsp;&nbsp; 4431355 |
|  |  | &nbsp;&nbsp; $11597440 |
| Automotive – 2.9% | Automotive – 2.9% |  |
| Bridgestone Corp. | 51398 | &nbsp;&nbsp; $2343697 |
| BYD Co. Ltd., ADR | 120681 | &nbsp;&nbsp; 1647296 |
| DENSO Corp. | 230018 | &nbsp;&nbsp; 3342543 |
| Mahindra & Mahindra Ltd. | 49670 | &nbsp;&nbsp; 1801332 |
| Suzuki Motor Corp. | 207514 | &nbsp;&nbsp; 2783233 |
|  |  | &nbsp;&nbsp; $11918101 |
| Brokerage & Asset Managers – 3.8% | Brokerage & Asset Managers – 3.8% |  |
| B3 S.A. - Brasil Bolsa Balcao | 1356664 | &nbsp;&nbsp; $3247876 |
| Deutsche Boerse AG | 22487 | &nbsp;&nbsp; 6618977 |
| Hong Kong Exchanges & Clearing Ltd. | 47326 | &nbsp;&nbsp; 2737993 |
| London Stock Exchange Group PLC | 26588 | &nbsp;&nbsp; 3294643 |
|  |  | &nbsp;&nbsp; $15899489 |
| Business Services – 5.2% | Business Services – 5.2% |  |
| CGI, Inc. | 43342 | &nbsp;&nbsp; $4208752 |
| Compass Group PLC | 233486 | &nbsp;&nbsp; 7927360 |
| Experian PLC | 127031 | &nbsp;&nbsp; 6579355 |
| Tata Consultancy Services Ltd. | 73384 | &nbsp;&nbsp; 2565853 |
|  |  | &nbsp;&nbsp; $21281320 |
| Computer Software – 4.1% | Computer Software – 4.1% |  |
| Check Point Software Technologies Ltd. (a) | 28812 | &nbsp;&nbsp; $5564750 |
| Dassault Systemes SE | 74622 | &nbsp;&nbsp; 2322187 |
| SAP SE | 34139 | &nbsp;&nbsp; 9253915 |
|  |  | &nbsp;&nbsp; $17140852 |

---

EIEFS-SEM

------

MFS Active International ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 5.4% | Computer Software - Systems – 5.4% |  |
| Amadeus IT Group S.A. | 57282 | &nbsp;&nbsp; $4798217 |
| Hitachi Ltd. | 286862 | &nbsp;&nbsp; 7903809 |
| Hon Hai Precision Industry Co. Ltd. | 591196 | &nbsp;&nbsp; 3935569 |
| Samsung Electronics Co. Ltd. | 116668 | &nbsp;&nbsp; 5849135 |
|  |  | &nbsp;&nbsp; $22486730 |
| Construction – 1.2% | Construction – 1.2% |  |
| Compagnie de Saint-Gobain S.A. | 45654 | &nbsp;&nbsp; $4924458 |
| Consumer Products – 1.3% | Consumer Products – 1.3% |  |
| Beiersdorf AG | 47430 | &nbsp;&nbsp; $5451176 |
| Electrical Equipment – 3.4% | Electrical Equipment – 3.4% |  |
| Mitsubishi Electric Corp. | 238648 | &nbsp;&nbsp; $5768281 |
| Schneider Electric SE | 33715 | &nbsp;&nbsp; 8285039 |
|  |  | &nbsp;&nbsp; $14053320 |
| Electronics – 5.5% | Electronics – 5.5% |  |
| Hoya Corp. | 14020 | &nbsp;&nbsp; $1836515 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 91314 | &nbsp;&nbsp; 21081663 |
|  |  | &nbsp;&nbsp; $22918178 |
| Energy - Independent – 1.6% | Energy - Independent – 1.6% |  |
| Reliance Industries Ltd. | 222358 | &nbsp;&nbsp; $3420693 |
| Woodside Energy Group Ltd. | 176264 | &nbsp;&nbsp; 3046550 |
|  |  | &nbsp;&nbsp; $6467243 |
| Energy - Integrated – 2.4% | Energy - Integrated – 2.4% |  |
| Eni S.p.A. | 284340 | &nbsp;&nbsp; $5070241 |
| Suncor Energy, Inc. | 116738 | &nbsp;&nbsp; 4821279 |
|  |  | &nbsp;&nbsp; $9891520 |
| Food & Beverages – 2.0% | Food & Beverages – 2.0% |  |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 576300 | &nbsp;&nbsp; $2308351 |
| Nestle S.A. | 61838 | &nbsp;&nbsp; 5826366 |
|  |  | &nbsp;&nbsp; $8134717 |
| Food & Drug Stores – 1.9% | Food & Drug Stores – 1.9% |  |
| Seven & I Holdings Co. Ltd. | 220748 | &nbsp;&nbsp; $2874358 |
| Tesco PLC | 838564 | &nbsp;&nbsp; 4790894 |
|  |  | &nbsp;&nbsp; $7665252 |
| Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% |  |
| Sands China Ltd. | 824194 | &nbsp;&nbsp; $2150485 |
| Insurance – 4.9% | Insurance – 4.9% |  |
| AIA Group Ltd., ADR | 172218 | &nbsp;&nbsp; $6540840 |
| Intact Financial Corp. | 19074 | &nbsp;&nbsp; 3819800 |
| Prudential PLC | 149106 | &nbsp;&nbsp; 1992342 |
| Sompo Holdings, Inc. | 84193 | &nbsp;&nbsp; 2725365 |
| Zurich Insurance Group AG | 7092 | &nbsp;&nbsp; 5179735 |
|  |  | &nbsp;&nbsp; $20258082 |

---

------

MFS Active International ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Interactive Media Services – 0.7% | Interactive Media Services – 0.7% |  |
| LY Corp. | 866909 | &nbsp;&nbsp; $2765520 |
| Leisure & Toys – 5.7% | Leisure & Toys – 5.7% |  |
| NetEase, Inc., ADR | 29478 | &nbsp;&nbsp; $4014609 |
| Sony Group Corp. | 218458 | &nbsp;&nbsp; 6069640 |
| Tencent Holdings Ltd., ADR | 174607 | &nbsp;&nbsp; 13547757 |
|  |  | &nbsp;&nbsp; $23632006 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |  |
| Daikin Industries Ltd. | 30634 | &nbsp;&nbsp; $3877326 |
| Major Banks – 10.9% | Major Banks – 10.9% |  |
| Banco Bradesco S.A., ADR | 1077509 | &nbsp;&nbsp; $3351053 |
| Bank of Ireland Group PLC | 253886 | &nbsp;&nbsp; 3754348 |
| BNP Paribas S.A. | 68276 | &nbsp;&nbsp; 6136880 |
| DBS Group Holdings Ltd. | 95958 | &nbsp;&nbsp; 3778192 |
| ING Groep N.V. | 254862 | &nbsp;&nbsp; 6070599 |
| NatWest Group PLC | 685634 | &nbsp;&nbsp; 4731744 |
| Royal Bank of Canada | 16184 | &nbsp;&nbsp; 2352506 |
| Sumitomo Mitsui Financial Group, Inc. | 142236 | &nbsp;&nbsp; 3918011 |
| Toronto-Dominion Bank | 71664 | &nbsp;&nbsp; 5384833 |
| UBS Group AG | 133961 | &nbsp;&nbsp; 5428100 |
|  |  | &nbsp;&nbsp; $44906266 |
| Medical Equipment – 3.1% | Medical Equipment – 3.1% |  |
| EssilorLuxottica | 11452 | &nbsp;&nbsp; $3486080 |
| Olympus Corp. | 198299 | &nbsp;&nbsp; 2324317 |
| QIAGEN N.V. | 50198 | &nbsp;&nbsp; 2334207 |
| Sonova Holding AG | 5202 | &nbsp;&nbsp; 1514148 |
| Terumo Corp. | 162902 | &nbsp;&nbsp; 2952533 |
|  |  | &nbsp;&nbsp; $12611285 |
| Metals & Mining – 1.4% | Metals & Mining – 1.4% |  |
| Gerdau S.A., ADR | 812562 | &nbsp;&nbsp; $2502691 |
| Glencore PLC | 288386 | &nbsp;&nbsp; 1138944 |
| Rio Tinto PLC | 36406 | &nbsp;&nbsp; 2284159 |
|  |  | &nbsp;&nbsp; $5925794 |
| Natural Gas - Distribution – 1.2% | Natural Gas - Distribution – 1.2% |  |
| ENGIE S.A. | 229440 | &nbsp;&nbsp; $4748382 |
| Other Banks & Diversified Financials – 4.9% | Other Banks & Diversified Financials – 4.9% |  |
| Credicorp Ltd. | 15606 | &nbsp;&nbsp; $4013863 |
| Edenred | 74693 | &nbsp;&nbsp; 2158368 |
| HDFC Bank Ltd., ADR | 78755 | &nbsp;&nbsp; 5604206 |
| Intesa Sanpaolo S.p.A. | 779187 | &nbsp;&nbsp; 4899693 |
| Kotak Mahindra Bank Ltd. | 153052 | &nbsp;&nbsp; 3400784 |
|  |  | &nbsp;&nbsp; $20076914 |
| Pharmaceuticals – 4.6% | Pharmaceuticals – 4.6% |  |
| Merck KGaA | 36322 | &nbsp;&nbsp; $4602003 |
| Novartis AG | 44498 | &nbsp;&nbsp; 5625717 |
| Novo Nordisk A.S., "B" | 38718 | &nbsp;&nbsp; 2177194 |

---

------

MFS Active International ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – continued | Pharmaceuticals – continued |  |
| Roche Holding AG | 20315 | &nbsp;&nbsp; $6608754 |
|  |  | &nbsp;&nbsp; $19013668 |
| Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% |  |
| Franco-Nevada Corp. | 17800 | &nbsp;&nbsp; $3352630 |
| Printing & Publishing – 1.2% | Printing & Publishing – 1.2% |  |
| RELX PLC | 81490 | &nbsp;&nbsp; $3795489 |
| Wolters Kluwer N.V. | 9826 | &nbsp;&nbsp; 1236909 |
|  |  | &nbsp;&nbsp; $5032398 |
| Railroad & Shipping – 1.3% | Railroad & Shipping – 1.3% |  |
| Canadian National Railway Co. | 29478 | &nbsp;&nbsp; $2852881 |
| Canadian Pacific Kansas City Ltd. | 35250 | &nbsp;&nbsp; 2685697 |
|  |  | &nbsp;&nbsp; $5538578 |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Yum China Holdings, Inc. | 46341 | &nbsp;&nbsp; $2072369 |
| Specialty Chemicals – 4.8% | Specialty Chemicals – 4.8% |  |
| Air Liquide S.A. | 47388 | &nbsp;&nbsp; $9769499 |
| FUJIFILM Holdings Corp. | 116854 | &nbsp;&nbsp; 2791837 |
| Linde PLC | 6936 | &nbsp;&nbsp; 3317419 |
| Shin-Etsu Chemical Co. Ltd. | 128342 | &nbsp;&nbsp; 3979820 |
|  |  | &nbsp;&nbsp; $19858575 |
| Tobacco – 0.5% | Tobacco – 0.5% |  |
| British American Tobacco PLC, ADR | 38891 | &nbsp;&nbsp; $2212509 |
| **Total Common Stocks (Identified Cost, $380,362,529)** |  | &nbsp;&nbsp; **$406789387** |
| Mutual Funds – 1.4% | Mutual Funds – 1.4% | Mutual Funds – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.23% (j) (Identified Cost, $5,773,683) | 5773683 | &nbsp;&nbsp; $5773683 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 976606 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$413539676** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

**See Notes to Financial Statements**

------

MFS Active International ETF

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 8/31/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $386,136,212) | &nbsp;&nbsp; $412563070 |
| Cash | &nbsp;&nbsp; 141553 |
| Foreign currency, at value (identified cost, $234) | &nbsp;&nbsp; 140 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 5008269 |
| Interest and dividends | &nbsp;&nbsp; 764946 |
| Total assets | &nbsp;&nbsp; $418477978 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $4911782 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 26520 |
| Total liabilities | &nbsp;&nbsp; $4938302 |
| Net assets | &nbsp;&nbsp; $413539676 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $384622920 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 28916756 |
| Net assets | &nbsp;&nbsp; $413539676 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 14450000 |
| Net asset value per share (net assets of $413,539,676 / 14,450,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $28.62 |

---

**See Notes to Financial Statements**

------

MFS Active International ETF

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 8/31/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $4276358 |
| Interest | &nbsp;&nbsp; 76936 |
| Other | &nbsp;&nbsp; 162 |
| Foreign taxes withheld | &nbsp;&nbsp; (444338)<br>|
| Total investment income | &nbsp;&nbsp; $3909118 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $773268 |
| Miscellaneous | &nbsp;&nbsp; 875 |
| Total expenses | &nbsp;&nbsp; $774143 |
| Net investment income (loss) | &nbsp;&nbsp; $3134975 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(1044965)<br>|
| Foreign currency | &nbsp;&nbsp; 19867 |
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 527065 |
| Net realized gain (loss) | &nbsp;&nbsp; $(498033)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $23522504 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 11995 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $23534499 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $23036466 |
| Change in net assets from operations | &nbsp;&nbsp; $26171441 |

---

**See Notes to Financial Statements**

------

MFS Active International ETF

**Financial Statements** \| **Statement of Changes in Net Assets**

This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**8/31/25** <br>**(unaudited)**<br>| <br>**2/28/25(c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $3134975 | &nbsp;&nbsp; $40488 |
| Net realized gain (loss) | (498033)<br>| &nbsp;&nbsp; (114715)<br>|
| Net unrealized gain (loss) | 23534499 | &nbsp;&nbsp; 2904158 |
| Change in net assets from operations | $26171441 | &nbsp;&nbsp; $2829931 |
| Total distributions to shareholders | $(84616)<br>| $— |
| Change in net assets from fund share transactions | $226512595 | &nbsp;&nbsp; $158013787 |
| Miscellaneous capital | $77045 | &nbsp;&nbsp; $19493 |
| Total change in net assets | $252676465 | &nbsp;&nbsp; $160863211 |
| **Net assets** |  |  |
| At beginning of period | 160863211 |  |
| At end of period | $413539676 | &nbsp;&nbsp; $160863211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active International ETF

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** |
|  | **8/31/25** <br>**(unaudited)**<br>| **2/28/25(c)** |
| Net asset value, beginning of period | $25.64 | &nbsp;&nbsp; $25.08 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.01 |
| Net realized and unrealized gain (loss) | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total from investment operations | $2.98 | &nbsp;&nbsp; $0.55 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.01)<br>| $— |
| Miscellaneous capital (d) | $0.01 | &nbsp;&nbsp; $0.01 |
| Net asset value, end of period (x) | $28.62 | &nbsp;&nbsp; $25.64 |
| Total return (%) (s)(x) | 11.66<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (a)<br>|
| Net investment income (loss) | 2.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (a)<br>|
| Portfolio turnover rate (e) | 6<br> (n)<br>| &nbsp;&nbsp; 2<br> (n)<br>|
| Net assets at end of period (000 omitted) | $413540 | &nbsp;&nbsp; $160863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate excludes securities received or delivered in-kind in the process
 of creating or redeeming fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset value and total return have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Active International ETF

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Active International ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

------

MFS Active International ETF

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | 406789387 |  |  | 406789387 |
| Investment Companies | 5773683 |  |  | 5773683 |
| Total | $412563070 |  |  | $412563070 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

------

MFS Active International ETF

*Notes to Financial Statements (unaudited) - continued* 

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to passive foreign investment companies.

The tax character of distributions made during the current period will be determined at fiscal year end. The fund declared no distributions for the year ended February 28, 2025.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 8/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $386184708 |
| Gross appreciation | &nbsp;&nbsp; 34139496 |
| Gross depreciation | &nbsp;&nbsp; (7761134)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $26378362 |
| **As of 2/28/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 84048 |
| Capital loss carryforwards | &nbsp;&nbsp; (105433)<br>|
| Other temporary differences | &nbsp;&nbsp; (4542)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2855858 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of February 28, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(105433)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.59% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund's Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.

**Administrator** — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.

------

MFS Active International ETF

*Notes to Financial Statements (unaudited) - continued* 

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2025.

**(4) Portfolio Securities**

For the six months ended August 31, 2025, purchases and sales of investments, other than in-kind transactions and short-term obligations, aggregated $39,187,520 and $15,579,302, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $203,711,421 and $2,543,639 respectively.

**(5) Purchase and Sales of Fund Shares**

The fund issues and redeems shares through MFD at net asset value ("NAV") only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants transacting in Creation units for cash may also pay a variable fee to compensate the fund for transaction costs associated with investing the cash in portfolio securities. These fees are included in "Miscellaneous capital" in the Statement of Changes in Net Assets.

Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund's shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**8/31/25** | **Six months ended** <br>**8/31/25** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8300000 | &nbsp;&nbsp; $229838486 | &nbsp;&nbsp; 6275000 | &nbsp;&nbsp; $158013787 |
| Shares reacquired | (125000)<br>| &nbsp;&nbsp; (3325891)<br>|  |  |
| Net change | 8175000 | &nbsp;&nbsp; $226512595 | &nbsp;&nbsp; 6275000 | &nbsp;&nbsp; $158013787 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active International ETF.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active International ETF.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Active International ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Active Value ETF

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Active Value ETF

**Portfolio of Investments - 8/31/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| Aerospace & Defense – 9.2% | Aerospace & Defense – 9.2% |  |
| Boeing Co. (a) | 9899 | &nbsp;&nbsp; $2323097 |
| General Dynamics Corp. | 4837 | &nbsp;&nbsp; 1569945 |
| Honeywell International, Inc. | 5020 | &nbsp;&nbsp; 1101890 |
| Northrop Grumman Corp. | 2254 | &nbsp;&nbsp; 1329950 |
| RTX Corp. | 12369 | &nbsp;&nbsp; 1961724 |
|  |  | &nbsp;&nbsp; $8286606 |
| Brokerage & Asset Managers – 6.0% | Brokerage & Asset Managers – 6.0% |  |
| Citigroup, Inc. | 16834 | &nbsp;&nbsp; $1625659 |
| KKR & Co., Inc. | 11786 | &nbsp;&nbsp; 1644029 |
| LPL Financial Holdings, Inc. | 1278 | &nbsp;&nbsp; 465805 |
| NASDAQ, Inc. | 17694 | &nbsp;&nbsp; 1676330 |
|  |  | &nbsp;&nbsp; $5411823 |
| Business Services – 2.8% | Business Services – 2.8% |  |
| Accenture PLC, "A" | 6708 | &nbsp;&nbsp; $1743879 |
| Equifax, Inc. | 3207 | &nbsp;&nbsp; 789884 |
|  |  | &nbsp;&nbsp; $2533763 |
| Computer Software - Systems – 0.4% | Computer Software - Systems – 0.4% |  |
| CDW Corp. | 2376 | &nbsp;&nbsp; $391470 |
| Construction – 1.7% | Construction – 1.7% |  |
| CRH PLC | 7625 | &nbsp;&nbsp; $861244 |
| Mid-America Apartment Communities, Inc., REIT | 4908 | &nbsp;&nbsp; 715684 |
|  |  | &nbsp;&nbsp; $1576928 |
| Consumer Products – 2.5% | Consumer Products – 2.5% |  |
| Kenvue, Inc. | 44625 | &nbsp;&nbsp; $924184 |
| Procter & Gamble Co. | 8227 | &nbsp;&nbsp; 1291968 |
|  |  | &nbsp;&nbsp; $2216152 |
| Electronics – 6.6% | Electronics – 6.6% |  |
| Analog Devices, Inc. | 7809 | &nbsp;&nbsp; $1962480 |
| KLA Corp. | 1952 | &nbsp;&nbsp; 1702144 |
| NXP Semiconductors N.V. | 5962 | &nbsp;&nbsp; 1400175 |
| Texas Instruments, Inc. | 4323 | &nbsp;&nbsp; 875321 |
|  |  | &nbsp;&nbsp; $5940120 |
| Energy - Independent – 1.7% | Energy - Independent – 1.7% |  |
| ConocoPhillips | 15271 | &nbsp;&nbsp; $1511371 |
| Energy - Integrated – 4.8% | Energy - Integrated – 4.8% |  |
| Chevron Corp. | 12390 | &nbsp;&nbsp; $1989834 |
| Exxon Mobil Corp. | 20310 | &nbsp;&nbsp; 2321230 |
|  |  | &nbsp;&nbsp; $4311064 |

---

EVEFS-SEM

------

MFS Active Value ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Beverages – 3.0% | Food & Beverages – 3.0% |  |
| Mondelez International, Inc. | 21128 | &nbsp;&nbsp; $1298104 |
| Nestle S.A., ADR | 5896 | &nbsp;&nbsp; 554932 |
| PepsiCo, Inc. | 5733 | &nbsp;&nbsp; 852210 |
|  |  | &nbsp;&nbsp; $2705246 |
| Gaming & Lodging – 1.7% | Gaming & Lodging – 1.7% |  |
| Hilton Worldwide Holdings, Inc. | 5427 | &nbsp;&nbsp; $1498178 |
| Health Maintenance Organizations – 4.7% | Health Maintenance Organizations – 4.7% |  |
| Cigna Group | 8644 | &nbsp;&nbsp; $2600720 |
| Elevance Health, Inc. | 3787 | &nbsp;&nbsp; 1206728 |
| Humana, Inc. | 1472 | &nbsp;&nbsp; 446987 |
|  |  | &nbsp;&nbsp; $4254435 |
| Insurance – 9.8% | Insurance – 9.8% |  |
| Aon PLC | 4032 | &nbsp;&nbsp; $1479744 |
| Marsh & McLennan Cos., Inc. | 8508 | &nbsp;&nbsp; 1751031 |
| Progressive Corp. | 14453 | &nbsp;&nbsp; 3570758 |
| Travelers Cos., Inc. | 7390 | &nbsp;&nbsp; 2006459 |
|  |  | &nbsp;&nbsp; $8807992 |
| Machinery & Tools – 4.9% | Machinery & Tools – 4.9% |  |
| Caterpillar, Inc. | 1004 | &nbsp;&nbsp; $420716 |
| Eaton Corp. PLC | 3443 | &nbsp;&nbsp; 1202089 |
| Illinois Tool Works, Inc. | 4323 | &nbsp;&nbsp; 1144082 |
| Ingersoll Rand, Inc. | 5646 | &nbsp;&nbsp; 448462 |
| PACCAR, Inc. | 12064 | &nbsp;&nbsp; 1206159 |
|  |  | &nbsp;&nbsp; $4421508 |
| Major Banks – 10.1% | Major Banks – 10.1% |  |
| Bank of America Corp. | 28478 | &nbsp;&nbsp; $1444974 |
| JPMorgan Chase & Co. | 14434 | &nbsp;&nbsp; 4350696 |
| Morgan Stanley | 13598 | &nbsp;&nbsp; 2046227 |
| Wells Fargo & Co. | 16010 | &nbsp;&nbsp; 1315702 |
|  |  | &nbsp;&nbsp; $9157599 |
| Medical & Health Technology & Services – 2.9% | Medical & Health Technology & Services – 2.9% |  |
| McKesson Corp. | 3756 | &nbsp;&nbsp; $2579020 |
| Medical Equipment – 2.1% | Medical Equipment – 2.1% |  |
| Abbott Laboratories | 14625 | &nbsp;&nbsp; $1940152 |
| Other Banks & Diversified Financials – 2.2% | Other Banks & Diversified Financials – 2.2% |  |
| American Express Co. | 6092 | &nbsp;&nbsp; $2018158 |
| Pharmaceuticals – 5.5% | Pharmaceuticals – 5.5% |  |
| AbbVie, Inc. | 7948 | &nbsp;&nbsp; $1672259 |
| Johnson & Johnson | 6275 | &nbsp;&nbsp; 1111742 |
| Merck & Co., Inc. | 6275 | &nbsp;&nbsp; 527853 |
| Pfizer, Inc. | 45322 | &nbsp;&nbsp; 1122173 |
| Roche Holding Ltd., ADR | 12482 | &nbsp;&nbsp; 508891 |
|  |  | &nbsp;&nbsp; $4942918 |

---

------

MFS Active Value ETF

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Railroad & Shipping – 2.1% | Railroad & Shipping – 2.1% |  |
| Union Pacific Corp. | 8644 | &nbsp;&nbsp; $1932539 |
| Real Estate - Storage – 1.9% | Real Estate - Storage – 1.9% |  |
| Prologis, Inc., REIT | 15109 | &nbsp;&nbsp; $1719102 |
| Specialty Stores – 2.0% | Specialty Stores – 2.0% |  |
| Home Depot, Inc. | 4466 | &nbsp;&nbsp; $1816635 |
| Utilities - Electric Power – 10.2% | Utilities - Electric Power – 10.2% |  |
| Alliant Energy Corp. | 21151 | &nbsp;&nbsp; $1376296 |
| Dominion Energy, Inc. | 26125 | &nbsp;&nbsp; 1564887 |
| Duke Energy Corp. | 18896 | &nbsp;&nbsp; 2314571 |
| PG&E Corp. | 61970 | &nbsp;&nbsp; 946902 |
| Southern Co. | 20849 | &nbsp;&nbsp; 1924363 |
| Xcel Energy, Inc. | 14906 | &nbsp;&nbsp; 1079045 |
|  |  | &nbsp;&nbsp; $9206064 |
| **Total Common Stocks (Identified Cost, $85,437,375)** |  | &nbsp;&nbsp; **$89178843** |
| Mutual Funds – 1.0% | Mutual Funds – 1.0% | Mutual Funds – 1.0% |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.23% (j) (Identified Cost, $884,209) | 884209 | &nbsp;&nbsp; $884209 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 144212 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$90207264** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 8/31/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $86,321,584) | &nbsp;&nbsp; $90063052 |
| Receivables for |  |
| Dividends | &nbsp;&nbsp; 148547 |
| Total assets | &nbsp;&nbsp; $90211599 |
| **Liabilities** |  |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; $4335 |
| Total liabilities | &nbsp;&nbsp; $4335 |
| Net assets | &nbsp;&nbsp; $90207264 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $86512505 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 3694759 |
| Net assets | &nbsp;&nbsp; $90207264 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 3475000 |
| Net asset value per share (net assets of $90,207,264 / 3,475,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $25.96 |

---

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 8/31/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $684421 |
| Other | &nbsp;&nbsp; 138 |
| Foreign taxes withheld | &nbsp;&nbsp; (8491)<br>|
| Total investment income | &nbsp;&nbsp; $676068 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $131423 |
| Total expenses | &nbsp;&nbsp; $131423 |
| Net investment income (loss) | &nbsp;&nbsp; $544645 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(273878)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 28951 |
| Net realized gain (loss) | &nbsp;&nbsp; $(244927)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $2515130 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2270203 |
| Change in net assets from operations | &nbsp;&nbsp; $2814848 |

---

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Financial Statements** \| **Statement of Changes in Net Assets**

This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**8/31/25** <br>**(unaudited)**<br>| <br>**2/28/25(c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $544645 | &nbsp;&nbsp; $191529 |
| Net realized gain (loss) | (244927)<br>| &nbsp;&nbsp; 7437 |
| Net unrealized gain (loss) | 2515130 | &nbsp;&nbsp; 1226338 |
| Change in net assets from operations | $2814848 | &nbsp;&nbsp; $1425304 |
| Total distributions to shareholders | $(485804)<br>| &nbsp;&nbsp; $(34710)<br>|
| Change in net assets from fund share transactions | $38431767 | &nbsp;&nbsp; $48055859 |
| Total change in net assets | $40760811 | &nbsp;&nbsp; $49446453 |
| **Net assets** |  |  |
| At beginning of period | 49446453 |  |
| At end of period | $90207264 | &nbsp;&nbsp; $49446453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** |
|  | **8/31/25** <br>**(unaudited)**<br>| **2/28/25(c)** |
| Net asset value, beginning of period | $25.36 | &nbsp;&nbsp; $24.90 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.23 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.82 | &nbsp;&nbsp; $0.49 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.22)<br>| &nbsp;&nbsp; $(0.03)<br>|
| Net asset value, end of period (x) | $25.96 | &nbsp;&nbsp; $25.36 |
| Total return (%) (s)(x) | 3.27<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (a)<br>|
| Net investment income (loss) | 1.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> (a)<br>|
| Portfolio turnover rate (e) | 6<br> (n)<br>| &nbsp;&nbsp; 2<br> (n)<br>|
| Net assets at end of period (000 omitted) | $90207 | &nbsp;&nbsp; $49446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate excludes securities received or delivered in-kind in the process
 of creating or redeeming fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset value and total return have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Active Value ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading

------

MFS Active Value ETF

*Notes to Financial Statements (unaudited) - continued* 

does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $89178843 | $— | $— | $89178843 |
| Investment Companies | 884209 |  |  | 884209 |
| Total | $90063052 | $— | $— | $90063052 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to redemptions in-kind.

------

MFS Active Value ETF

*Notes to Financial Statements (unaudited) - continued* 

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $34710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 8/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $86322440 |
| Gross appreciation | &nbsp;&nbsp; 5186122 |
| Gross depreciation | &nbsp;&nbsp; (1445510)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $3740612 |
| **As of 2/28/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 156819 |
| Capital loss carryforwards | &nbsp;&nbsp; (16586)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1225482 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of February 28, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(16586)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.44% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund's Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.

**Administrator** — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2025.

**Other** — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2025, this reimbursement amounted to $138, which is included in "Other" income in the Statement of Operations.

------

MFS Active Value ETF

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4) Portfolio Securities**

For the six months ended August 31, 2025, purchases and sales of investments, other than in-kind transactions and short-term obligations, aggregated $3,757,514 and $3,608,594, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $38,005,270 and $136,528, respectively.

**(5) Purchase and Sales of Fund Shares**

The fund issues and redeems shares through MFD at net asset value ("NAV") only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash.

Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund's shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**8/31/25** | **Six months ended** <br>**8/31/25** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1550000 | &nbsp;&nbsp; $39038202 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; $48676466 |
| Shares reacquired | (25000)<br>| &nbsp;&nbsp; (606435)<br>| &nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp; (620607)<br>|
| Net change | 1525000 | &nbsp;&nbsp; $38431767 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; $48055859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, December 5, 2024, through the stated period end.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Value ETF.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Active Value ETF.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Value ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 

* There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](99.302CERT.htm).

* Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

* Change in the registrant's independent public accountant. Not applicable.

* If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](99.906CERT.htm).

------

#### Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

#### 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) MFS ACTIVE EXCHANGE TRADED FUNDS TRUST

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: October 16, 2025

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 (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: October 16, 2025

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: October 16, 2025

\* Print name and title of each signing officer under his or her signature.

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## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Active Exchange Traded Funds Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 16, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Active Exchange Traded Funds Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 16, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------

## Ex-99

**<u>EX-99.302CERT</u>**

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Active Exchange Traded Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 16, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Active Exchange Traded Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 16, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------