# EDGAR Filing Document

**Accession Number:** 0001710607
**File Stem:** 0001710607-26-000068
**Filing Date:** 2026-4
**Character Count:** 4048796
**Document Hash:** baa0f712a1048a6a214a14ad118d6704
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001710607-26-000068.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001710607-26-000068

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY ETF TRUST
- **CENTRAL INDEX KEY:** 0001710607

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23305
- **FILM NUMBER:** 26899757

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** (816) 531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Century ETF Trust
- **DATE OF NAME CHANGE:** 20170628

## Series and Classes Contracts Data

### American Century Diversified Corporate Bond ETF (Series ID: S000060785)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000197601 | American Century Diversified Corporate Bond ETF | KORP            |

### American Century U.S. Quality Value ETF (Series ID: S000060786)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000197602 | American Century U.S. Quality Value ETF | VALQ            |

### American Century Quality Diversified International ETF (Series ID: S000062301)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000202058 | American Century Quality Diversified International ETF | QINT            |

### American Century U.S. Quality Growth ETF (Series ID: S000062302)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202059 | American Century U.S. Quality Growth ETF | QGRO            |

### American Century Focused Dynamic Growth ETF (Series ID: S000063004)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000204442 | American Century Focused Dynamic Growth ETF | FDG             |

### American Century Focused Large Cap Value ETF (Series ID: S000063005)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000204443 | American Century Focused Large Cap Value ETF | FLV             |

### American Century Diversified Municipal Bond ETF (Series ID: S000063026)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000204482 | American Century Diversified Municipal Bond ETF | TAXF            |

### Avantis Emerging Markets Equity ETF (Series ID: S000066454)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000214349 | Avantis Emerging Markets Equity ETF | AVEM            |

### Avantis International Small Cap Value Fund (Series ID: S000066455)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214350 | Institutional Class | AVDVX           |
| C000226117 | G Class             | AVANX           |

### Avantis International Equity ETF (Series ID: S000066456)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000214351 | Avantis International Equity ETF | AVDE            |

### Avantis International Small Cap Value ETF (Series ID: S000066457)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000214352 | Avantis International Small Cap Value ETF | AVDV            |

### Avantis U.S. Equity ETF (Series ID: S000066458)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000214353 | Avantis U.S. Equity ETF | AVUS            |

### Avantis U.S. Small Cap Value ETF (Series ID: S000066459)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000214354 | Avantis U.S. Small Cap Value ETF | AVUV            |

### Avantis U.S. Equity Fund (Series ID: S000066460)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214355 | Institutional Class | AVUSX           |
| C000226118 | G Class             | AVUNX           |

### Avantis U.S. Small Cap Value Fund (Series ID: S000066461)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214356 | Institutional Class | AVUVX           |
| C000226119 | G Class             | AVCNX           |

### Avantis Emerging Markets Equity Fund (Series ID: S000066462)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214357 | Institutional Class | AVEEX           |
| C000226120 | G Class             | AVENX           |

### Avantis International Equity Fund (Series ID: S000066463)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214358 | Institutional Class | AVDEX           |
| C000226121 | G Class             | AVDNX           |

### American Century Mid Cap Growth Impact ETF (Series ID: S000068306)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000218645 | American Century Mid Cap Growth Impact ETF | MID             |

### American Century Large Cap Equity ETF (Series ID: S000068307)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000218646 | American Century Large Cap Equity ETF | ACLC            |

### Avantis Core Fixed Income ETF (Series ID: S000069304)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000221278 | Avantis Core Fixed Income ETF | AVIG            |

### Avantis Core Municipal Fixed Income ETF (Series ID: S000069305)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000221279 | Avantis Core Municipal Fixed Income ETF | AVMU            |

### Avantis Short-Term Fixed Income ETF (Series ID: S000069306)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000221280 | Avantis Short-Term Fixed Income ETF | AVSF            |

### Avantis Core Fixed Income Fund (Series ID: S000069307)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000221281 | Institutional Class | AVIGX           |
| C000226122 | G Class             | AVBNX           |

### American Century Multisector Income ETF (Series ID: S000072410)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000228610 | American Century Multisector Income ETF | MUSI            |

### American Century Large Cap Growth ETF (Series ID: S000072412)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000228612 | American Century Large Cap Growth ETF | ACGR            |

### Avantis Emerging Markets Value ETF (Series ID: S000072996)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000229745 | Avantis Emerging Markets Value ETF | AVES            |

### Avantis International Large Cap Value ETF (Series ID: S000072997)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000229746 | Avantis International Large Cap Value ETF | AVIV            |

### Avantis U.S. Large Cap Value ETF (Series ID: S000072998)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000229747 | Avantis U.S. Large Cap Value ETF | AVLV            |

### Avantis Real Estate ETF (Series ID: S000072999)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000229748 | Avantis Real Estate ETF | AVRE            |

### American Century Select High Yield ETF (Series ID: S000074150)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000231722 | American Century Select High Yield ETF | AHYB            |

### Avantis U.S. Small Cap Equity ETF (Series ID: S000074835)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000233056 | Avantis U.S. Small Cap Equity ETF | AVSC            |

### Avantis Responsible Emerging Markets Equity ETF (Series ID: S000075381)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000234360 | Avantis Responsible Emerging Markets Equity ETF | AVSE            |

### Avantis Responsible International Equity ETF (Series ID: S000075382)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000234361 | Avantis Responsible International Equity ETF | AVSD            |

### Avantis Responsible U.S. Equity ETF (Series ID: S000075383)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000234362 | Avantis Responsible U.S. Equity ETF | AVSU            |

### Avantis U.S. Large Cap Value Fund (Series ID: S000076521)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000236476 | Institutional Class | AVLVX           |
| C000236477 | G Class             | ALCEX           |

### Avantis Inflation Focused Equity ETF (Series ID: S000077485)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000237946 | Avantis Inflation Focused Equity ETF | AVIE            |

### Avantis All Equity Markets ETF (Series ID: S000077486)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000237947 | Avantis All Equity Markets ETF | AVGE            |

### American Century Short Duration Strategic Income ETF (Series ID: S000077487)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000237948 | American Century Short Duration Strategic Income ETF | SDSI            |

### American Century Multisector Floating Income ETF (Series ID: S000079797)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000241171 | American Century Multisector Floating Income ETF | FUSI            |

### Avantis All Equity Markets Value ETF (Series ID: S000080557)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243037 | Avantis All Equity Markets Value ETF | AVGV            |

### Avantis International Small Cap Equity ETF (Series ID: S000080558)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000243038 | Avantis International Small Cap Equity ETF | AVDS            |

### Avantis Moderate Allocation ETF (Series ID: S000080559)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243039 | Avantis Moderate Allocation ETF | AVMA            |

### Avantis All International Markets Equity ETF (Series ID: S000080560)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000243040 | Avantis All International Markets Equity ETF | AVNM            |

### Avantis All International Markets Value ETF (Series ID: S000080561)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000243041 | Avantis All International Markets Value ETF | AVNV            |

### Avantis U.S. Large Cap Equity ETF (Series ID: S000080562)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243042 | Avantis U.S. Large Cap Equity ETF | AVLC            |

### Avantis Emerging Markets Small Cap Equity ETF (Series ID: S000082825)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000246147 | Avantis Emerging Markets Small Cap Equity ETF | AVEE            |

### Avantis U.S. Mid Cap Equity ETF (Series ID: S000082826)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246148 | Avantis U.S. Mid Cap Equity ETF | AVMC            |

### Avantis U.S. Mid Cap Value ETF (Series ID: S000082827)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000246149 | Avantis U.S. Mid Cap Value ETF | AVMV            |

### Avantis Emerging Markets ex-China Equity ETF (Series ID: S000083425)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000247037 | Avantis Emerging Markets ex-China Equity ETF | AVXC            |

### Avantis Credit ETF (Series ID: S000083426)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000247038 | Avantis Credit ETF | AVGB            |

### American Century California Municipal Bond ETF (Series ID: S000085330)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000250325 | American Century California Municipal Bond ETF | CATF            |

### Avantis U.S. Small Cap Equity Fund (Series ID: S000085331)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000250326 | G Class             | AVSBX           |
| C000250327 | Institutional Class | AVSCX           |

### Avantis U.S. Quality ETF (Series ID: S000087818)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000253784 | Avantis U.S. Quality ETF | AVUQ            |

### Avantis Total Equity Markets ETF (Series ID: S000093366)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000261581 | Avantis Total Equity Markets ETF | AVTM            |

### American Century Small Cap Value Insights ETF (Series ID: S000093802)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000262250 | American Century Small Cap Value Insights ETF | ACSV            |

### American Century Small Cap Growth Insights ETF (Series ID: S000093803)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000262251 | American Century Small Cap Growth Insights ETF | ACSG            |

?xml version='1.0' encoding='ASCII'? ck0001710607-20260228

**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 | Investment Company Act file number | **811-23305** | **811-23305** | **811-23305** |
| **AMERICAN CENTURY ETF TRUST** | **AMERICAN CENTURY ETF TRUST** | **AMERICAN CENTURY ETF TRUST** | **AMERICAN CENTURY ETF TRUST** | **AMERICAN CENTURY ETF TRUST** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **08-31** | **08-31** | **08-31** | **08-31** |
| Date of reporting period: | **02-28-2026** | **02-28-2026** | **02-28-2026** | **02-28-2026** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century California Municipal Bond ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (CATF)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century California Municipal Bond ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century California Municipal Bond ETF | $14 | 0.27% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $66144005 |
| Management Fees (dollars paid during the reporting period) | $77960 |
| Portfolio Turnover Rate | 8% |
| Total Number of Portfolio Holdings | 248 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 97.6% |
| Warrants | 0.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072117

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Diversified Corporate Bond ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (KORP)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Diversified Corporate Bond ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Diversified Corporate Bond ETF | $15 | 0.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $763272879 |
| Management Fees (dollars paid during the reporting period) | $929187 |
| Portfolio Turnover Rate | 81% |
| Total Number of Portfolio Holdings | 356 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 88.7% |
| Convertible Preferred Securities | 5.5% |
| Preferred Securities | 3.5% |
| U.S. Treasury Securities | 0.5% |
| Short-Term Investments | 4.7% |
| Other Assets and Liabilities | (2.9)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072109

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Diversified Municipal Bond ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (TAXF)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Diversified Municipal Bond ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Diversified Municipal Bond ETF | $14 | 0.27% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $576789827 |
| Management Fees (dollars paid during the reporting period) | $771239 |
| Portfolio Turnover Rate | 9% |
| Total Number of Portfolio Holdings | 712 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.6% |
| Warrants | 0.0% |
| Short-Term Investments | 0.2% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072505

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Focused Dynamic Growth ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FDG)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Focused Dynamic Growth ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Focused Dynamic Growth ETF | $23 | 0.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $340875152 |
| Management Fees (dollars paid during the reporting period) | $809245 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 47 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 1.0% | Interactive Media and Services | 16% |
| Other Assets and Liabilities | (0.8)% | Software | 12% |
|  |  | Biotechnology | 10% |
|  |  | Broadline Retail | 9% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072810

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Focused Large Cap Value ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FLV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Focused Large Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Focused Large Cap Value ETF | $22 | 0.42% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $333962340 |
| Management Fees (dollars paid during the reporting period) | $596773 |
| Portfolio Turnover Rate | 35% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 0.5% | Health Care Equipment and Supplies | 7% |
| Other Assets and Liabilities | 0.3% | Banks | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072794

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Large Cap Equity ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (ACLC)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Large Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Large Cap Equity ETF | $20 | 0.39% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $277457744 |
| Management Fees (dollars paid during the reporting period) | $529333 |
| Portfolio Turnover Rate | 10% |
| Total Number of Portfolio Holdings | 99 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.3% | Software | 9% |
| Other Assets and Liabilities | 0.3% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072752

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Large Cap Growth ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (ACGR)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Large Cap Growth ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Large Cap Growth ETF | $19 | 0.39% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16292179 |
| Management Fees (dollars paid during the reporting period) | $35410 |
| Portfolio Turnover Rate | 12% |
| Total Number of Portfolio Holdings | 84 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Semiconductors and Semiconductor Equipment | 23% |
| Exchange-Traded Funds | 0.6% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 10% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072380

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Mid Cap Growth Impact ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (MID)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Mid Cap Growth Impact ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Mid Cap Growth Impact ETF | $22 | 0.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $92378823 |
| Management Fees (dollars paid during the reporting period) | $206529 |
| Portfolio Turnover Rate | 23% |
| Total Number of Portfolio Holdings | 44 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.5% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 2.5% | Oil, Gas and Consumable Fuels | 7% |
| Other Assets and Liabilities | 0.0% | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 6% |
|  |  | Specialty Retail | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072760

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Multisector Floating Income ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FUSI)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Multisector Floating Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Multisector Floating Income ETF | $14 | 0.27% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $22748617 |
| Management Fees (dollars paid during the reporting period) | $46361 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 61 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Collateralized Loan Obligations | 37.8% |
| Commercial Mortgage-Backed Securities | 20.6% |
| Collateralized Mortgage Obligations | 14.0% |
| Asset-Backed Securities | 12.4% |
| U.S. Treasury Securities | 9.9% |
| Short-Term Investments | 7.3% |
| Other Assets and Liabilities | (2.0)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072224

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Multisector Income ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (MUSI)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Multisector Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Multisector Income ETF | $18 | 0.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $201050400 |
| Management Fees (dollars paid during the reporting period) | $316837 |
| Portfolio Turnover Rate | 83% |
| Total Number of Portfolio Holdings | 364 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 42.6% |
| Asset-Backed Securities | 15.1% |
| U.S. Treasury Securities | 12.3% |
| Collateralized Mortgage Obligations | 7.9% |
| Convertible Preferred Securities | 6.4% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Preferred Securities | 3.3% |
| Sovereign Governments and Agencies | 2.1% |
| Municipal Securities | 1.1% |
| Collateralized Loan Obligations | 0.8% |
| Bank Loan Obligations | 0.2% |
| U.S. Government Agency Mortgage-Backed Securities | 0.1% |
| Short-Term Investments | 6.1% |
| Other Assets and Liabilities | (1.8)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072398

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Quality Diversified International ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (QINT)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Quality Diversified International ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Quality Diversified International ETF | $21 | 0.39% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $550240207 |
| Management Fees (dollars paid during the reporting period) | $859697 |
| Portfolio Turnover Rate | 34% |
| Total Number of Portfolio Holdings | 366 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Japan | 21% |
| Warrants | 0.0% | United Kingdom | 13% |
| Short-Term Investments | 4.6% | Canada | 10% |
| Other Assets and Liabilities | (4.1)% | Germany | 8% |
|  |  | France | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072406

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Select High Yield ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AHYB)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Select High Yield ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Select High Yield ETF | $23 | 0.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $58480235 |
| Management Fees (dollars paid during the reporting period) | $119298 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 598 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 95.7% |
| Common Stocks | 0.0% |
| Short-Term Investments | 6.1% |
| Other Assets and Liabilities | (1.8)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072331

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Short Duration Strategic Income ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (SDSI)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Short Duration Strategic Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century Short Duration Strategic Income ETF | $16 | 0.32% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $176111947 |
| Management Fees (dollars paid during the reporting period) | $216023 |
| Portfolio Turnover Rate | 91% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 45.5% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 11.6% |
| U.S. Treasury Securities | 10.3% |
| Convertible Preferred Securities | 7.1% |
| Preferred Securities | 3.9% |
| Commercial Mortgage-Backed Securities | 2.6% |
| Sovereign Governments and Agencies | 1.1% |
| Municipal Securities | 0.9% |
| Collateralized Loan Obligations | 0.7% |
| Bank Loan Obligations | 0.1% |
| Short-Term Investments | 5.8% |
| Other Assets and Liabilities | (2.0)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072257

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Small Cap Growth Insights ETF &nbsp;&nbsp;&nbsp;&nbsp; ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Cboe BZX Exchange, Inc. (ACSG)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Small Cap Growth Insights ETF for the period of October 14, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment\* | Costs paid as a percentage of a $10,000 investment |
| American Century Small Cap Growth Insights ETF | $19 | 0.49% |
| \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $8954468 |
| Management Fees (dollars paid during the reporting period) | $12611 |
| Portfolio Turnover Rate | 35% |
| Total Number of Portfolio Holdings | 253 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Biotechnology | 13% |
| Warrants | 0.0% | Semiconductors and Semiconductor Equipment | 7% |
| Rights | 0.0% | Health Care Providers and Services | 6% |
| Short-Term Investments | 0.2% | Software | 5% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-2507A705

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century Small Cap Value Insights ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Cboe BZX Exchange, Inc. (ACSV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century Small Cap Value Insights ETF for the period of October 14, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment\* | Costs paid as a percentage of a $10,000 investment |
| American Century Small Cap Value Insights ETF | $19 | 0.49% |
| \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $8804584 |
| Management Fees (dollars paid during the reporting period) | $12588 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 201 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 18% |
| Short-Term Investments | 0.3% | Oil, Gas and Consumable Fuels | 10% |
| Other Assets and Liabilities | 0.1% | Insurance | 5% |
|  |  | Household Durables | 5% |
|  |  | Financial Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-2507A804

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century U.S. Quality Growth ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (QGRO)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century U.S. Quality Growth ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century U.S. Quality Growth ETF | $14 | 0.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2128612347 |
| Management Fees (dollars paid during the reporting period) | $3071747 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.7% | Semiconductors and Semiconductor Equipment | 11% |
| Rights | 0.0% | Software | 11% |
| Short-Term Investments | 0.2% | Health Care Equipment and Supplies | 6% |
| Other Assets and Liabilities | 0.1% | Entertainment | 6% |
|  |  | Aerospace and Defense | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072307

------

**SEMIANNUAL SHAREHOLDER REPORT**

American Century U.S. Quality Value ETF ![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (VALQ)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about American Century U.S. Quality Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| American Century U.S. Quality Value ETF | $15 | 0.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $322251518 |
| Management Fees (dollars paid during the reporting period) | $401868 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 227 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 8% |
| Short-Term Investments | 0.4% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | (0.2)% | Household Products | 7% |
|  |  | IT Services | 6% |
|  |  | Specialty Retail | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

S-25072208

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis All Equity Markets ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVGE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis All Equity Markets ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis All Equity Markets ETF | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $815873018 |
| Management Fees (dollars paid during the reporting period) | $100787 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 15 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Domestic Equity Funds | 68.8% |
| International Equity Funds | 31.1% |
| Short-Term Investments | 0.1% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072232

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis All Equity Markets Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVGV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis All Equity Markets Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis All Equity Markets Value ETF | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $287872758 |
| Management Fees (dollars paid during the reporting period) | $29238 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 8 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Domestic Equity Funds | 60.1% |
| International Equity Funds | 39.8% |
| Short-Term Investments | 0.6% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072216

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis All International Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVNM)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis All International Markets Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis All International Markets Equity ETF | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $591438802 |
| Management Fees (dollars paid during the reporting period) | $65424 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 9 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| International Equity Funds | 99.9% |
| Short-Term Investments | 0.1% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072174

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis All International Markets Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVNV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis All International Markets Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis All International Markets Value ETF | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $47644274 |
| Management Fees (dollars paid during the reporting period) | $4248 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 4 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| International Equity Funds | 99.9% |
| Short-Term Investments | 0.1% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072166

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income ETF &nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIG)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Core Fixed Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Core Fixed Income ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1653852471 |
| Management Fees (dollars paid during the reporting period) | $1085459 |
| Portfolio Turnover Rate | 122% |
| Total Number of Portfolio Holdings | 769 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 62.8% |
| U.S. Treasury Securities | 24.0% |
| U.S. Government Agency Mortgage-Backed Securities | 19.5% |
| U.S. Government Agency Securities | 1.1% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 11.0% |
| Other Assets and Liabilities | (18.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072562

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Core Municipal Fixed Income ETF &nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMU)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Core Municipal Fixed Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Core Municipal Fixed Income ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $157418480 |
| Management Fees (dollars paid during the reporting period) | $111082 |
| Portfolio Turnover Rate | 12% |
| Total Number of Portfolio Holdings | 495 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.6% |
| Short-Term Investments | 0.4% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072695

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Credit ETF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVGB)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Credit ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Credit ETF | $10 | 0.20% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $12854648 |
| Management Fees (dollars paid during the reporting period) | $11453 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 94.5% |
| Short-Term Investments | 4.3% |
| Other Assets and Liabilities | 1.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A200

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVEM)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Emerging Markets Equity ETF | $19 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $21913797180 |
| Management Fees (dollars paid during the reporting period) | $25583959 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 3942 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.2% | China | 23% |
| Warrants | 0.0% | Taiwan | 22% |
| Rights | 0.0% | South Korea | 18% |
| Short-Term Investments | 1.1% | India | 14% |
| Other Assets and Liabilities | (1.3)% | South Africa | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072604

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets ex-China Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVXC)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets ex-China Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Emerging Markets ex-China Equity ETF | $19 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $302381331 |
| Management Fees (dollars paid during the reporting period) | $340065 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 2743 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Taiwan | 26% |
| Warrants | 0.0% | South Korea | 22% |
| Rights | 0.0% | India | 17% |
| Short-Term Investments | 2.6% | Brazil | 7% |
| Other Assets and Liabilities | (2.4)% | South Africa | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A101

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVEE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets Small Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Emerging Markets Small Cap Equity ETF | $22 | 0.42% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $109692757 |
| Management Fees (dollars paid during the reporting period) | $145334 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 2757 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Taiwan | 21% |
| Warrants | 0.0% | China | 18% |
| Rights | 0.0% | South Korea | 16% |
| Short-Term Investments | 1.5% | India | 14% |
| Other Assets and Liabilities | (1.3)% | Brazil | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072141

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVES)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Emerging Markets Value ETF | $20 | 0.36% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1392803733 |
| Management Fees (dollars paid during the reporting period) | $1630219 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 1829 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.3% | China | 24% |
| Warrants | 0.0% | Taiwan | 22% |
| Short-Term Investments | 6.5% | South Korea | 16% |
| Other Assets and Liabilities | (6.8)% | India | 15% |
|  |  | Brazil | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072372

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Inflation Focused Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Inflation Focused Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Inflation Focused Equity ETF | $14 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $8970863 |
| Management Fees (dollars paid during the reporting period) | $8344 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 350 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Oil, Gas and Consumable Fuels | 23% |
| Rights | 0.0% | Pharmaceuticals | 10% |
| Short-Term Investments | 0.3% | Biotechnology | 10% |
| Other Assets and Liabilities | 0.2% | Insurance | 10% |
|  |  | Metals and Mining | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072240

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis International Equity ETF | $13 | 0.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $15023520008 |
| Management Fees (dollars paid during the reporting period) | $12837959 |
| Portfolio Turnover Rate | 4% |
| Total Number of Portfolio Holdings | 3293 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Japan | 22% |
| Rights | 0.0% | United Kingdom | 13% |
| Warrants | 0.0% | Canada | 12% |
| Short-Term Investments | 1.7% | France | 8% |
| Other Assets and Liabilities | (1.5)% | Switzerland | 7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072703

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Large Cap Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Large Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis International Large Cap Value ETF | $14 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1219981431 |
| Management Fees (dollars paid during the reporting period) | $1210372 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 598 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.7% | Japan | 19% |
| Short-Term Investments | 3.2% | United Kingdom | 15% |
| Other Assets and Liabilities | (2.9)% | Canada | 13% |
|  |  | Germany | 8% |
|  |  | France | 7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072364

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDS)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Small Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis International Small Cap Equity ETF | $17 | 0.30% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $257621925 |
| Management Fees (dollars paid during the reporting period) | $251577 |
| Portfolio Turnover Rate | 4% |
| Total Number of Portfolio Holdings | 3022 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Japan | 32% |
| Rights | 0.0% | Canada | 12% |
| Warrants | 0.0% | United Kingdom | 11% |
| Short-Term Investments | 2.7% | Australia | 10% |
| Other Assets and Liabilities | (2.5)% | Sweden | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072190

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Small Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis International Small Cap Value ETF | $21 | 0.36% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $18822594201 |
| Management Fees (dollars paid during the reporting period) | $26043625 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 1663 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Japan | 34% |
| Warrants | 0.0% | Canada | 11% |
| Rights | 0.0% | United Kingdom | 10% |
| Short-Term Investments | 1.2% | Australia | 9% |
| Other Assets and Liabilities | (1.0)% | Israel | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072802

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Moderate Allocation ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMA)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Moderate Allocation ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Moderate Allocation ETF | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $60930632 |
| Management Fees (dollars paid during the reporting period) | $7327 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 18 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Domestic Equity Funds | 48.0% |
| Domestic Fixed Income Funds | 30.3% |
| International Equity Funds | 21.6% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | (1.7)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072182

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Real Estate ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVRE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Real Estate ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Real Estate ETF | $9 | 0.17% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $777260068 |
| Management Fees (dollars paid during the reporting period) | $570367 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 320 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Sectors** *(as a % of net assets)* | **Top Five Sectors** *(as a % of net assets)* |
| Common Stocks | 99.6% | Retail REITs | 18% |
| Short-Term Investments | 0.6% | Industrial REITs | 17% |
| Other Assets and Liabilities | (0.2)% | Health Care REITs | 13% |
|  |  | Data Center REITs | 8% |
|  |  | Diversified REITs | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072356

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Responsible Emerging Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSE)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Responsible Emerging Markets Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Responsible Emerging Markets Equity ETF | $18 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $200004038 |
| Management Fees (dollars paid during the reporting period) | $276646 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 2395 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.1% | Taiwan | 23% |
| Warrants | 0.0% | China | 22% |
| Short-Term Investments | 1.2% | South Korea | 19% |
| Other Assets and Liabilities | (1.3)% | India | 15% |
|  |  | Brazil | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072315

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Responsible International Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSD)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Responsible International Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Responsible International Equity ETF | $12 | 0.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454237421 |
| Management Fees (dollars paid during the reporting period) | $412821 |
| Portfolio Turnover Rate | 4% |
| Total Number of Portfolio Holdings | 2094 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Japan | 22% |
| Warrants | 0.0% | United Kingdom | 13% |
| Rights | 0.0% | Canada | 12% |
| Short-Term Investments | 3.2% | France | 8% |
| Other Assets and Liabilities | (2.7)% | Switzerland | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072299

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Responsible U.S. Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSU)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Responsible U.S. Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Responsible U.S. Equity ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $425949251 |
| Management Fees (dollars paid during the reporting period) | $324012 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 1304 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 13% |
| Rights | 0.0% | Interactive Media and Services | 8% |
| Warrants | 0.0% | Technology Hardware, Storage and Peripherals | 6% |
| Short-Term Investments | 0.1% | Banks | 6% |
| Other Assets and Liabilities | 0.0% | Software | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072281

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Short-Term Fixed Income ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSF)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Short-Term Fixed Income ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis Short-Term Fixed Income ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $748254067 |
| Management Fees (dollars paid during the reporting period) | $508112 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 509 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 77.2% |
| U.S. Treasury Securities | 20.0% |
| U.S. Government Agency Securities | 1.5% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 0.4% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072687

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Total Equity Markets ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVTM)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Total Equity Markets ETF for the period of January 29, 2026 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment\* | Costs paid as a percentage of a $10,000 investment |
| Avantis Total Equity Markets ETF | $2 | 0.19% |
| \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. | \*The costs of an investment would have been greater had the class been available for a full six months. |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $710307224 |
| Management Fees (dollars paid during the reporting period) | $108527 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 2321 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 82.5% |
| Exchange-Traded Funds | 17.4% |
| Rights | 0.0% |
| Short-Term Investments | 0.4% |
| Other Assets and Liabilities | (0.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A606

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVUS)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Equity ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $11288984308 |
| Management Fees (dollars paid during the reporting period) | $7678841 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 1940 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 11% |
| Rights | 0.0% | Interactive Media and Services | 7% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 6% |
| Short-Term Investments | 0.2% | Technology Hardware, Storage and Peripherals | 6% |
| Other Assets and Liabilities | 0.0% | Software | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072885

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVLC)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Large Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Large Cap Equity ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1034730932 |
| Management Fees (dollars paid during the reporting period) | $636478 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 891 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 12% |
| Warrants | 0.0% | Interactive Media and Services | 7% |
| Rights | 0.0% | Software | 7% |
| Short-Term Investments | 0.1% | Technology Hardware, Storage and Peripherals | 6% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072158

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVLV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Large Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Large Cap Value ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $10653276195 |
| Management Fees (dollars paid during the reporting period) | $6709029 |
| Portfolio Turnover Rate | 7% |
| Total Number of Portfolio Holdings | 265 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Oil, Gas and Consumable Fuels | 12% |
| Warrants | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.1% | Insurance | 7% |
| Other Assets and Liabilities | 0.1% | Consumer Staples Distribution & Retail | 6% |
|  |  | Interactive Media and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072349

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Mid Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMC)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Mid Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Mid Cap Equity ETF | $9 | 0.18% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $314542909 |
| Management Fees (dollars paid during the reporting period) | $220892 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 606 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Oil, Gas and Consumable Fuels | 6% |
| Warrants | 0.0% | Insurance | 5% |
| Short-Term Investments | 0.2% | Banks | 4% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 4% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072125

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Mid Cap Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Mid Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Mid Cap Value ETF | $11 | 0.20% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $510042693 |
| Management Fees (dollars paid during the reporting period) | $336776 |
| Portfolio Turnover Rate | 12% |
| Total Number of Portfolio Holdings | 280 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Oil, Gas and Consumable Fuels | 11% |
| Short-Term Investments | 0.2% | Insurance | 9% |
| Other Assets and Liabilities | 0.0% | Banks | 6% |
|  |  | Capital Markets | 5% |
|  |  | Consumer Staples Distribution & Retail | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072133

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Quality ETF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVUQ)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Quality ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment  | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Quality ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $194098592 |
| Management Fees (dollars paid during the reporting period) | $132392 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 579 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 19% |
| Warrants | 0.0% | Software | 12% |
| Short-Term Investments | 0.3% | Technology Hardware, Storage and Peripherals | 11% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 11% |
|  |  | Broadline Retail | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A507

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSC)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Small Cap Equity ETF | $13 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2409663350 |
| Management Fees (dollars paid during the reporting period) | $2599652 |
| Portfolio Turnover Rate | 8% |
| Total Number of Portfolio Holdings | 1492 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Banks | 16% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 5% |
| Warrants | 0.0% | Biotechnology | 4% |
| Short-Term Investments | 1.5% | Energy Equipment and Services | 4% |
| Other Assets and Liabilities | (1.3)% | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072323

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value ETF ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVUV)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Avantis U.S. Small Cap Value ETF | $13 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23549170743 |
| Management Fees (dollars paid during the reporting period) | $24923617 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 780 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Banks | 14% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 10% |
| Rights | 0.0% | Energy Equipment and Services | 9% |
| Short-Term Investments | 0.3% | Insurance | 6% |
| Other Assets and Liabilities | (0.2)% | Specialty Retail | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072877

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVIGX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Core Fixed Income Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $297892866 |
| Management Fees (dollars paid during the reporting period) | $8509 |
| Portfolio Turnover Rate | 113% |
| Total Number of Portfolio Holdings | 500 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 61.0% |
| U.S. Treasury Securities | 25.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.5% |
| U.S. Government Agency Securities | 0.8% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 12.9% |
| Other Assets and Liabilities | (19.7)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072661

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVBNX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Core Fixed Income Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $297892866 |
| Management Fees (dollars paid during the reporting period) | $8509 |
| Portfolio Turnover Rate | 113% |
| Total Number of Portfolio Holdings | 500 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 61.0% |
| U.S. Treasury Securities | 25.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.5% |
| U.S. Government Agency Securities | 0.8% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 12.9% |
| Other Assets and Liabilities | (19.7)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072430

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVEEX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $18 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $955288783 |
| Management Fees (dollars paid during the reporting period) | $1161820 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 3298 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.1% | China | 22% |
| Warrants | 0.0% | Taiwan | 22% |
| Short-Term Investments | 3.1% | South Korea | 17% |
| Other Assets and Liabilities | (2.2)% | India | 14% |
|  |  | Brazil | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072869

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVENX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis Emerging Markets Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $955288783 |
| Management Fees (dollars paid during the reporting period) | $1161820 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 3298 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.1% | China | 22% |
| Warrants | 0.0% | Taiwan | 22% |
| Short-Term Investments | 3.1% | South Korea | 17% |
| Other Assets and Liabilities | (2.2)% | India | 14% |
|  |  | Brazil | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072455

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVDEX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $13 | 0.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $877256621 |
| Management Fees (dollars paid during the reporting period) | $400437 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 3202 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Japan | 22% |
| Rights | 0.0% | United Kingdom | 13% |
| Warrants | 0.0% | Canada | 12% |
| Short-Term Investments | 6.3% | France | 8% |
| Other Assets and Liabilities | (6.1)% | Switzerland | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072851

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVDNX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $877256621 |
| Management Fees (dollars paid during the reporting period) | $400437 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 3202 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Japan | 22% |
| Rights | 0.0% | United Kingdom | 13% |
| Warrants | 0.0% | Canada | 12% |
| Short-Term Investments | 6.3% | France | 8% |
| Other Assets and Liabilities | (6.1)% | Switzerland | 8% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072463

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVDVX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $21 | 0.36% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $646534754 |
| Management Fees (dollars paid during the reporting period) | $1001873 |
| Portfolio Turnover Rate | 8% |
| Total Number of Portfolio Holdings | 1330 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Japan | 34% |
| Warrants | 0.0% | Canada | 11% |
| Rights | 0.0% | United Kingdom | 11% |
| Short-Term Investments | 5.5% | Australia | 10% |
| Other Assets and Liabilities | (5.5)% | Sweden | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072844

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVANX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis International Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $646534754 |
| Management Fees (dollars paid during the reporting period) | $1001873 |
| Portfolio Turnover Rate | 8% |
| Total Number of Portfolio Holdings | 1330 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Japan | 34% |
| Warrants | 0.0% | Canada | 11% |
| Rights | 0.0% | United Kingdom | 11% |
| Short-Term Investments | 5.5% | Australia | 10% |
| Other Assets and Liabilities | (5.5)% | Sweden | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072471

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVUSX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $617438002 |
| Management Fees (dollars paid during the reporting period) | $521876 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 1552 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 10% |
| Rights | 0.0% | Interactive Media and Services | 7% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 6% |
| Short-Term Investments | 0.2% | Software | 6% |
| Other Assets and Liabilities | 0.3% | Technology Hardware, Storage and Peripherals | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072836

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVUNX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $617438002 |
| Management Fees (dollars paid during the reporting period) | $521876 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 1552 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 10% |
| Rights | 0.0% | Interactive Media and Services | 7% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 6% |
| Short-Term Investments | 0.2% | Software | 6% |
| Other Assets and Liabilities | 0.3% | Technology Hardware, Storage and Peripherals | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072497

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVLVX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Large Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $8 | 0.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $715342178 |
| Management Fees (dollars paid during the reporting period) | $383723 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 203 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Oil, Gas and Consumable Fuels | 13% |
| Short-Term Investments | 0.7% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (0.3)% | Insurance | 7% |
|  |  | Specialty Retail | 6% |
|  |  | Consumer Staples Distribution & Retail | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072273

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (ALCEX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Large Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $715342178 |
| Management Fees (dollars paid during the reporting period) | $383723 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 203 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Oil, Gas and Consumable Fuels | 13% |
| Short-Term Investments | 0.7% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (0.3)% | Insurance | 7% |
|  |  | Specialty Retail | 6% |
|  |  | Consumer Staples Distribution & Retail | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072265

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVSCX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $13 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $124113358 |
| Management Fees (dollars paid during the reporting period) | $135427 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 1115 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 15% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 5% |
| Short-Term Investments | 2.8% | Biotechnology | 5% |
| Other Assets and Liabilities | (2.3)% | Health Care Equipment and Supplies | 4% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A309

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVSBX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $124113358 |
| Management Fees (dollars paid during the reporting period) | $135427 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 1115 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 15% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 5% |
| Short-Term Investments | 2.8% | Biotechnology | 5% |
| Other Assets and Liabilities | (2.3)% | Health Care Equipment and Supplies | 4% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-2507A408

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVUVX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $13 | 0.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1462599066 |
| Management Fees (dollars paid during the reporting period) | $1525232 |
| Portfolio Turnover Rate | 19% |
| Total Number of Portfolio Holdings | 682 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.3% | Banks | 13% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 9% |
| Rights | 0.0% | Energy Equipment and Services | 7% |
| Short-Term Investments | 1.6% | Insurance | 6% |
| Other Assets and Liabilities | (0.9)% | Specialty Retail | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072828

------

**SEMIANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

---

| | |
|:---|:---|
| **G Class (AVCNX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about Avantis U.S. Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at avantisinvestors.com/docs. You can also request this information by contacting us at 1-833-928-2684.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1462599066 |
| Management Fees (dollars paid during the reporting period) | $1525232 |
| Portfolio Turnover Rate | 19% |
| Total Number of Portfolio Holdings | 682 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.3% | Banks | 13% |
| Warrants | 0.0% | Oil, Gas and Consumable Fuels | 9% |
| Rights | 0.0% | Energy Equipment and Services | 7% |
| Short-Term Investments | 1.6% | Insurance | 6% |
| Other Assets and Liabilities | (0.9)% | Specialty Retail | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20260228_g4.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20260228_g3.jpg)

S-25072422

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

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

(a) ------

&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;&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;&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;&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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| American Century<sup>®</sup> California Municipal Bond ETF (CATF) |
| American Century<sup>®</sup> Diversified Corporate Bond ETF (KORP) |
| American Century<sup>®</sup> Diversified Municipal Bond ETF (TAXF) |
| American Century<sup>®</sup> Multisector Floating Income ETF (FUSI) |
| American Century<sup>®</sup> Multisector Income ETF (MUSI) |
| American Century<sup>®</sup> Select High Yield ETF (AHYB) |
| American Century<sup>®</sup> Short Duration Strategic Income ETF (SDSI) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_85) |
| Statements of Assets and Liabilities | [82](#iba273e868b7e4566bd70f1811bd23032_106) |
| Statements of Operations | [86](#iba273e868b7e4566bd70f1811bd23032_109) |
| Statements of Changes in Net Assets | [90](#iba273e868b7e4566bd70f1811bd23032_112) |
| Notes to Financial Statements | [94](#iba273e868b7e4566bd70f1811bd23032_115) |
| Financial Highlights | [100](#iba273e868b7e4566bd70f1811bd23032_118) |

---

------

Schedule of Investments - California Municipal Bond ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 97.6%** | **Principal Amount/Shares** | **Value** |
| **American Samoa — 0.4%** | | |
| American Samoa Economic Development Authority Rev., 5.00%, 9/1/27 <sup>(1)</sup> | $250000 | $255719 |
| **California — 93.2%** |  |  |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37 | 120000 | 121291 |
| Antelope Valley-East Kern Water Agency Financing Authority Rev., (Metropolitan Water District of Southern California), 5.00%, 4/1/44 | 150000 | 168368 |
| Bay Area Toll Authority Rev., 4.00%, 4/1/30 | 475000 | 484740 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/42 | 350000 | 389455 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/43<sup>(2)</sup> | 150000 | 184335 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign Rev., 5.25%, 7/1/49 | 250000 | 265229 |
| California Community Choice Financing Authority Rev., 5.00%, 11/1/33 (GA: Canadian Imperial Bank) | 500000 | 553772 |
| California Community Choice Financing Authority Rev., 5.00%, 12/1/35 (GA: New York Life Insurance Co.) | 400000 | 450915 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley) | 500000 | 545447 |
| California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada) | 45000 | 49478 |
| California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.) | 465000 | 501686 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Royal Bank of Canada) | 525000 | 581231 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 8/1/55 (GA: American General Life) | 500000 | 541294 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/55 (GA: American General Life) | 100000 | 108576 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 1/1/56 (GA: New York Life Insurance Co.) | 220000 | 245604 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 3/1/56 (GA: Pacific Life Insurance Co.) | 250000 | 277951 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 10/1/56 (GA: Bank Of Nova Scotia TR) | 500000 | 560474 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 20000 | 20466 |
| California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.00%, 6/1/33 | 160000 | 173856 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.00%, 6/1/32 | 105000 | 111720 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/39 | 325000 | 317836 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/49 | 200000 | 178365 |
| California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/40 | 200000 | 234523 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/37 | 130000 | 151095 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/40 | 225000 | 256198 |
| California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 5.25%, 12/1/40 | 250000 | 278694 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/48 | 275000 | 263312 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/37 | 400000 | 411895 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/38 | 25000 | 25648 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/42 | 350000 | 388920 |
| California Health Facilities Financing Authority Rev., (Kaiser Foundation Hospitals), VRN, 5.00%, 6/1/41 | 140000 | 153922 |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/34 | 530000 | 639088 |
| California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/44 | 675000 | 746862 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/32 | 245000 | 256472 |
| California Housing Finance Agency Rev., (300 De Haro Venture LP), VRN, 3.25%, 6/1/55 | 125000 | 126020 |
| California Housing Finance Agency Rev., (Century WLAVA 4 LP), VRN, 2.95%, 6/1/46 | 250000 | 253102 |
| California Housing Finance Agency Rev., (CR Epoca L Communities LP), Class PT, 3.70%, 11/1/37 (FNMA) | 250000 | 261359 |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 11/1/31 | 215000 | 247309 |
| California Infrastructure & Economic Development Bank Rev., (Desertxpress Enterprises LLC), VRN, 12.00%, 1/1/65<sup>(1)</sup> | 145000 | 78300 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 250000 | 269988 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/44 | 325000 | 351067 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/45 | 250000 | 275406 |
| California Municipal Finance Authority Rev., 4.70%, 7/1/41 (FNMA) | 250000 | 267778 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Municipal Finance Authority Rev., (4252 Crenshaw Preservation LLC), 3.75%, 12/1/35 (FHLMC) | $200000 | $205034 |
| California Municipal Finance Authority Rev., (5435 Balboa LP), VRN, 3.15%, 8/1/59 | 350000 | 352638 |
| California Municipal Finance Authority Rev., (Ascent 613), 5.375%, 1/1/55<sup>(1)</sup> | 200000 | 200387 |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41 | 135000 | 133050 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36<sup>(1)</sup> | 500000 | 502068 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.125%, 11/1/40<sup>(1)</sup> | 250000 | 267126 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.375%, 11/1/45<sup>(1)</sup> | 300000 | 311548 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/28 | 150000 | 157908 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/37 | 200000 | 206581 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/37 | 360000 | 404334 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 4.00%, 8/15/44 | 250000 | 238990 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/38 | 300000 | 311602 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/43 | 250000 | 255431 |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46<sup>(1)</sup> | 100000 | 95139 |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29 | 40000 | 41014 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/44 | 250000 | 261970 |
| California Municipal Finance Authority Rev., (Gracelight Community Health Obligated Group), 4.125%, 6/1/36 | 250000 | 250687 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/36 | 400000 | 440792 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/54 | 600000 | 630728 |
| California Municipal Finance Authority Rev., (Maison's Sierra Phase 2 LP), 4.45%, 11/1/43 (FNMA) | 100000 | 104141 |
| California Municipal Finance Authority Rev., (Palmdale Family Housing LP), VRN, 2.95%, 1/1/56 | 250000 | 251916 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/44 | 250000 | 265266 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/29 | 375000 | 409320 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.75%, 5/1/54<sup>(1)</sup> | 50000 | 50557 |
| California Municipal Finance Authority Rev., (United Airlines, Inc.), 4.00%, 7/15/29 | 500000 | 509901 |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28 | 100000 | 102629 |
| California Municipal Finance Authority Rev., (View at San Bruno LP), VRN, 5.00%, 6/1/56 | 30000 | 31837 |
| California Municipal Finance Authority Rev., (Village Green Tax Credit LP), 4.125%, 11/1/41 (FNMA) | 100000 | 102688 |
| California Municipal Finance Authority Rev., (Witmer Manor Community Partners LP), 4.875%, 11/1/43 (FNMA)(HUD) | 200000 | 213390 |
| California Municipal Finance Authority Rev., VRN, 4.33%, 11/20/40 | 99738 | 101376 |
| California Municipal Finance Authority Rev., VRN, 3.54%, 2/20/41 | 99182 | 96156 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2024A), 5.00%, 9/1/48 | 235000 | 239914 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs Dist No. 2022-6 Impt Area No. 2), 5.25%, 9/1/45 | 100000 | 104822 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area No. 2), 5.00%, 9/1/40 | 225000 | 238651 |
| California Public Finance Authority Rev., (Henry Mayo Newhall Hospital Obligated Group), 5.00%, 10/15/37 | 40000 | 40251 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46<sup>(1)</sup> | 250000 | 237624 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/37 | 290000 | 329884 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 4.00%, 7/1/34<sup>(1)</sup> | 350000 | 361034 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/36<sup>(1)</sup> | 125000 | 125156 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46<sup>(1)</sup> | 300000 | 297635 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/42<sup>(1)</sup> | 250000 | 255968 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/27<sup>(1)</sup> | 160000 | 164327 |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 395000 | 395947 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/37<sup>(1)</sup> | 325000 | 327057 |
| California School Finance Authority Rev., (TEACH, Inc. Series 2019 Obligated Group), 5.00%, 6/1/29<sup>(1)</sup> | 255000 | 255940 |
| California State Public Works Board Rev., (State of California), 5.00%, 9/1/33 | 500000 | 598982 |
| California State University Rev., 4.00%, 11/1/43 | 335000 | 335043 |
| California State University Rev., VRN, 3.125%, 11/1/51 | 185000 | 185016 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Statewide Communities Development Authority Rev., 5.00%, 10/1/32<sup>(1)</sup> | $300000 | $347412 |
| California Statewide Communities Development Authority Rev., 5.00%, 11/15/32 (CA MTG INS) | 350000 | 383381 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40 | 400000 | 401007 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45 | 250000 | 237547 |
| California Statewide Communities Development Authority Rev., (Foothill Oak Park Apartments LLC), VRN, 4.25%, 9/1/67 (FNMA) | 500000 | 530371 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/39 | 175000 | 177747 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/42 | 200000 | 200015 |
| California Statewide Communities Development Authority Rev., (Hebrew Home for Aged Disabled), 5.00%, 11/1/29 (CA MTG INS) | 170000 | 173212 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 200000 | 200267 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/39 | 250000 | 284770 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/35 | 125000 | 130871 |
| Central Valley Energy Authority Rev., VRN, 5.00%, 12/1/55 (GA: Pacific Life Insurance Co.) | 250000 | 277679 |
| Chabot-Las Positas Community College District GO, 5.25%, 8/1/48 | 300000 | 324318 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/35 | 285000 | 312551 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/46<sup>(1)</sup> | 150000 | 151109 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 2.80%, 3/1/47<sup>(1)</sup> | 240000 | 197945 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 100000 | 69742 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Rev., 4.25%, 12/1/49 | 250000 | 246699 |
| Desert Community College District GO, 5.00%, 8/1/51 | 450000 | 484624 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 5), 5.375%, 9/1/51 | 390000 | 403926 |
| East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/45 | 520000 | 566605 |
| East County Advanced Water Purification Joint Powers Authority Rev., 3.125%, 9/1/26 | 690000 | 690942 |
| El Monte Union High School District GO, 5.00%, 6/1/30 | 100000 | 113254 |
| El Monte Union High School District GO, 5.00%, 6/1/32 | 100000 | 118549 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/32 | 180000 | 191658 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/43 | 205000 | 206168 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 (BAM-TCRS) | 135000 | 134413 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 | 260000 | 255379 |
| Glendale Electric Rev., 5.00%, 2/1/46 | 200000 | 213429 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/51 | 750000 | 747053 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 250000 | 231674 |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/46 | 150000 | 164925 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/36 (AG)<sup>(1)</sup> | 250000 | 258314 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/51 (AG)<sup>(1)</sup> | 150000 | 144612 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.00%, 9/1/40 | 500000 | 539676 |
| Long Beach Marina System Rev., 5.00%, 5/15/37 | 250000 | 292750 |
| Los Angeles County Community Facilities District No. 2021-01 Special Tax, (County of Los Angeles CA Community Facilities District No. 2021-01 Area No.2), 5.00%, 9/1/49 | 250000 | 255400 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 5.50%, 12/1/49 | 150000 | 167294 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/32 | 150000 | 171611 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/48 | 300000 | 325627 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/42 | 250000 | 280888 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/45 | 500000 | 538632 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/27 | $125000 | $129611 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 1/1/30 | 250000 | 271821 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/33 | 125000 | 145832 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/42 (BAM) | 125000 | 140976 |
| Los Angeles Housing Authority Rev., 3.75%, 4/1/34 (FNMA) | 120000 | 123822 |
| Los Angeles Housing Authority Rev., (Victory Boulevard Housing Partners LP), VRN, 3.00%, 1/1/46 | 212000 | 214085 |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 180000 | 181984 |
| Los Angeles Unified School District GO, 5.00%, 7/1/35 | 500000 | 623032 |
| Manhattan Beach COP, VRN, 5.00%, 7/1/55 | 670000 | 703608 |
| Marina Joint Powers Financing Authority Rev., 3.40%, 3/1/36 (FNMA) | 100000 | 102062 |
| Menifee Special Tax, (City of Menifee CA Community Facilities District No. 2023-1), 5.00%, 9/1/44 | 160000 | 167213 |
| Morgan Hill Unified School District GO, Capital Appreciation, 0.00%, 8/1/26 (FGIC)<sup>(3)(4)</sup> | 75000 | 74272 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 6), 5.125%, 9/1/45 | 200000 | 207929 |
| Mountain View School District School Facilities Improvement District No. 2 GO, Capital Appreciation, 0.00%, 7/1/29<sup>(4)</sup> | 300000 | 267715 |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 290000 | 363282 |
| New Hampshire Business Finance Authority Rev., VRN, 3.92%, 7/20/39 | 395933 | 395614 |
| Northern California Transmission Agency Rev., 5.00%, 5/1/33 | 450000 | 452050 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/39 | 100000 | 107623 |
| Ontario Public Financing Authority Rev., (City of Ontario CA Water), 5.00%, 8/1/49 | 195000 | 208825 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/32 | 125000 | 126198 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.50%, 8/15/53 | 425000 | 443942 |
| Orange Unified School District GO, 3.125%, 8/1/37 | 800000 | 794086 |
| Palmdale Water District Public Financing Authority Rev., (Palmdale Water District), 5.00%, 10/1/53 (AG) | 300000 | 316041 |
| Palomar Health GO, (Palomar Health Obligated Group), 4.00%, 8/1/33 | 40000 | 38840 |
| Palomar Health GO, (Palomar Health Obligated Group), Capital Appreciation, 7.00%, 8/1/38 (AG) | 55000 | 61281 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36 | 130000 | 130096 |
| Paradise Unified School District COP, 5.25%, 5/1/48 | 100000 | 101369 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/36 | 200000 | 217916 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AG) | 225000 | 228149 |
| Port of Los Angeles Rev., 5.00%, 8/1/35 | 250000 | 289790 |
| Port of Los Angeles Rev., 5.00%, 8/1/36 | 340000 | 390661 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 3), 5.00%, 9/1/40 | 280000 | 298115 |
| Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/30 (AMBAC)<sup>(4)</sup> | 200000 | 177745 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No 2024-1), 5.00%, 9/1/41<sup>(2)</sup> | 200000 | 214275 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.00%, 9/1/45 | 100000 | 103462 |
| Rio Hondo Community College District GO, 5.00%, 8/1/43 | 225000 | 257105 |
| Riverside County Public Financing Authority Tax Allocation, 5.00%, 10/1/35 (BAM) | 100000 | 122678 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/26 (AG) | 250000 | 254071 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/46 | 565000 | 529711 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 40), 5.00%, 9/1/40 | 150000 | 159958 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/40 | 250000 | 269190 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/44 | 500000 | 517512 |
| Roseville Special Tax, (City of Roseville CA Creekview Phase 5 Community Facilities District No. 1), 5.00%, 9/1/40 | 150000 | 159221 |
| Sacramento City Unified School District GO, 5.00%, 8/1/53 (AG) | 250000 | 266065 |
| Sacramento County Airport System Rev., 5.00%, 7/1/34 | 15000 | 15986 |
| Sacramento County Airport System Rev., 5.25%, 7/1/45 | 125000 | 135772 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Sacramento County Airport System Rev., 5.25%, 7/1/54 | $245000 | $262647 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/28 | 20000 | 21601 |
| Sacramento Municipal Utility District Rev., 5.00%, 11/15/54 | 385000 | 409602 |
| Sacramento Municipal Utility District Rev., VRN, 5.00%, 8/15/49 | 250000 | 294035 |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/28 | 200000 | 200437 |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 25000 | 25053 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35 | 100000 | 118456 |
| San Diego County Regional Airport Authority Rev., 5.25%, 7/1/50 | 150000 | 164526 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Water Utility), 5.00%, 8/1/42 | 460000 | 536181 |
| San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/54 | 450000 | 478432 |
| San Diego Unified School District GO, 5.00%, 7/1/35 | 250000 | 306764 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 | 310000 | 354468 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/46 | 350000 | 350380 |
| San Francisco City & County Public Utilities Commission Wastewater Rev., VRN, 4.00%, 10/1/48 | 395000 | 417907 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/35 (AG) | 250000 | 305564 |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 150000 | 186374 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34 | 150000 | 159047 |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/49 | 100000 | 100061 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NPFG)<sup>(4)</sup> | 500000 | 461867 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NPFG)<sup>(4)</sup> | 40000 | 28714 |
| San Jose Rev., (La Moraga San Jose LP), 3.90%, 10/1/35 (FNMA) | 250000 | 263588 |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/34 | 40000 | 43223 |
| Santa Barbara Community College District GO, 6.00%, 8/1/41 | 200000 | 250683 |
| Santa Clara Unified School District GO, 4.00%, 7/1/37 | 105000 | 112557 |
| Santa Clara Valley Water District Rev., 5.00%, 6/1/45 | 310000 | 342413 |
| Sonoma County Water Agency Rev., 4.00%, 7/1/47 | 145000 | 145027 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/40 | 100000 | 107526 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/45 | 100000 | 104010 |
| Southern California Public Power Authority Rev., 5.00%, 7/1/26 | 80000 | 80243 |
| Southern California Public Power Authority Rev., (City of Anaheim CA Electric System), VRN, 3.70%, 7/1/40 | 500000 | 502923 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/48 | 100000 | 105473 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.25%, 7/1/53 | 250000 | 264113 |
| State of California GO, 4.00%, 3/1/30, Prerefunded at 100% of Par<sup>(3)</sup> | 5000 | 5403 |
| State of California GO, 3.50%, 12/1/30 | 995000 | 994680 |
| State of California GO, 5.00%, 3/1/32 | 230000 | 255799 |
| State of California GO, 4.00%, 3/1/36 | 195000 | 205666 |
| State of California GO, 4.00%, 9/1/43 | 745000 | 766417 |
| State of California GO, 5.00%, 3/1/55 | 100000 | 107196 |
| State of California GO, 5.25%, 8/1/55 | 110000 | 120530 |
| Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2 Area No. 4), 5.00%, 9/1/40 | 100000 | 106551 |
| Stockton Unified School District GO, 5.00%, 8/1/27 (AG) | 285000 | 297509 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/28 | 180000 | 189330 |
| Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 4.00%, 6/1/49 | 225000 | 196471 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/37 | 200000 | 208288 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/39 | 100000 | 103600 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| University of California Rev., 5.00%, 5/15/26 | $50000 | $50306 |
| University of California Rev., 5.00%, 5/15/29 | 270000 | 295123 |
| University of California Rev., 5.00%, 5/15/37 | 360000 | 422292 |
| University of California Rev., 5.25%, 5/15/40 | 250000 | 295930 |
| University of California Rev., 5.00%, 5/15/48 | 230000 | 236521 |
| University of California Rev., 5.00%, 5/15/53 | 500000 | 533324 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.00%, 9/1/40 | 100000 | 105666 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/55 (AG) | 100000 | 105585 |
| Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/31<sup>(4)</sup> | 140000 | 122309 |
|  |  | 61641530 |
| **Guam — 2.3%** |  |  |
| Antonio B Won Pat International Airport Authority Rev., 5.25%, 10/1/35 | 100000 | 113116 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/41 | 500000 | 553270 |
| Guam Power Authority Rev., 5.00%, 10/1/30 | 350000 | 379714 |
| Port Authority of Guam Rev., 5.00%, 7/1/29 | 135000 | 140817 |
| Port Authority of Guam Rev., 5.00%, 7/1/36 | 250000 | 257592 |
| Territory of Guam Rev., 5.00%, 1/1/28 | 100000 | 103826 |
|  |  | 1548335 |
| **Puerto Rico — 1.5%** |  |  |
| Children's Trust Fund Rev., 0.00%, 5/15/50<sup>(4)</sup> | 500000 | 105328 |
| Puerto Rico GO, 5.625%, 7/1/29 | 150000 | 160281 |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 15863 | 9815 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 700000 | 701448 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(4)</sup> | 125000 | 32888 |
|  |  | 1009760 |
| **U.S. Virgin Islands — 0.2%** |  |  |
| Virgin Islands Hotel Development Financing Corp. Rev., (CFC-FR LLC), 6.00%, 12/1/55 | 100000 | 100417 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $62,762,035) |  | **64555761** |
| **WARRANTS — 0.0%** |  |  |
| **Ground Transportation — 0.0%** |  |  |
| BL Train Holdings West LLC<sup>(5)</sup><br>(Cost $—) | 1200 | **2400** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 1.8%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $1,185,747) | 1185629 | **1185747** |
| **TOTAL INVESTMENT SECURITIES — 99.4%**<br>(Cost $63,947,782) |  | **65743908** |
| **OTHER ASSETS AND LIABILITIES — 0.6%** |  | **400097** |
| **TOTAL NET ASSETS — 100.0%** |  | $**66144005** |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | – | Assured Guaranty, Inc. |
| AMBAC | – | American Municipal Bond Assurance Corp. |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| CA MTG INS | – | California Mortgage Insurance Co. |
| COP | – | Certificates of Participation |
| FGIC | – | Financial Guaranty Insurance Co. |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| NPFG | – | National Public Finance Guarantee Corp. |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $5,582,340, which represented 8.4% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Escrowed to maturity in U.S. government securities or state and local government securities.

(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(5)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $64555761 |  |
| Warrants | $2400 |  |  |
| Short-Term Investments | 1185747 |  |  |
|  | $1188147 | $64555761 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(407) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $357 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Diversified Corporate Bond ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 88.7%** | **Principal Amount/Shares** | **Value** |
| **Aerospace and Defense — 0.7%** | | |
| Boeing Co., 5.71%, 5/1/40 | $4705000 | $4897576 |
| Carpenter Technology Corp., 5.625%, 3/1/34<sup>(1)</sup> | 630000 | 643185 |
|  |  | 5540761 |
| **Air Freight and Logistics — 0.5%** |  |  |
| GXO Logistics, Inc., 6.50%, 5/6/34 | 3422000 | 3726327 |
| **Automobile Components — 0.1%** |  |  |
| Cooper-Standard Automotive, Inc., 9.25%, 3/1/31<sup>(1)(2)</sup> | 1115000 | 1118864 |
| **Automobiles — 1.6%** |  |  |
| American Honda Finance Corp., 4.55%, 7/9/27 | 3425000 | 3459146 |
| Ford Motor Credit Co. LLC, 6.05%, 11/5/31 | 3797000 | 3952977 |
| General Motors Financial Co., Inc., 5.60%, 6/18/31 | 2085000 | 2191288 |
| General Motors Financial Co., Inc., 6.15%, 7/15/35 | 2335000 | 2495103 |
|  |  | 12098514 |
| **Banks — 14.8%** |  |  |
| ABN AMRO Bank NV, VRN, 3.32%, 3/13/37<sup>(1)</sup> | 2800000 | 2570299 |
| Bank of America Corp., VRN, 5.93%, 9/15/27 | 3215000 | 3249776 |
| Bank of America Corp., VRN, 4.46%, 2/6/32 | 2000000 | 2015412 |
| Bank of America Corp., VRN, 5.51%, 1/24/36 | 3140000 | 3296877 |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 2493000 | 2641944 |
| Banque Federative du Credit Mutuel SA, 5.11%, 1/15/36<sup>(1)</sup> | 2187000 | 2211104 |
| Barclays PLC, VRN, 4.52%, 2/24/32 | 3577000 | 3587292 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33<sup>(1)</sup> | 1630000 | 1624833 |
| BPCE SA, VRN, 3.65%, 1/14/37<sup>(1)</sup> | 2150000 | 1989850 |
| Citigroup, Inc., 4.65%, 7/23/48 | 4235000 | 3783853 |
| Citigroup, Inc., VRN, 5.17%, 9/11/36 | 3280000 | 3338506 |
| Credit Agricole SA, VRN, 4.66%, 1/12/32<sup>(1)</sup> | 3463000 | 3487051 |
| Fifth Third Bank NA, VRN, 5.33%, 8/25/33 | 3794000 | 3909079 |
| First Horizon Bank, 5.75%, 5/1/30 | 1430000 | 1483630 |
| FNB Corp., VRN, 5.72%, 12/11/30 | 2369000 | 2436856 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 1727000 | 1805069 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/1/31<sup>(1)</sup> | 2495000 | 2408292 |
| Huntington Bancshares, Inc., VRN, 4.62%, 1/28/32 | 1365000 | 1378257 |
| Huntington Bancshares, Inc., VRN, 6.14%, 11/18/39 | 2185000 | 2295424 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 1727000 | 1669833 |
| JPMorgan Chase & Co., VRN, 4.51%, 10/22/28 | 4240000 | 4278210 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 3515000 | 3515164 |
| JPMorgan Chase & Co., VRN, 5.10%, 4/22/31 | 975000 | 1011329 |
| JPMorgan Chase & Co., VRN, 4.35%, 1/22/32 | 1270000 | 1276800 |
| JPMorgan Chase & Co., VRN, 5.57%, 4/22/36 | 3520000 | 3723587 |
| KeyCorp, VRN, 6.40%, 3/6/35 | 910000 | 992739 |
| Morgan Stanley Private Bank NA, VRN, 4.21%, 2/8/30 | 2500000 | 2512233 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 925000 | 942109 |
| Morgan Stanley Private Bank NA, VRN, 4.47%, 11/19/31 | 1438000 | 1447156 |
| NatWest Group PLC, VRN, 3.03%, 11/28/35 | 2671000 | 2489931 |
| Pinnacle Bank/Nashville TN, VRN, 5.96%, 1/15/36 | 2335000 | 2374332 |
| PNC Financial Services Group, Inc., VRN, 5.42%, 1/25/41 | 105000 | 106191 |
| Sumitomo Mitsui Financial Group, Inc., VRN, 5.33%, 3/3/41<sup>(2)</sup> | 3202000 | 3216884 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 2377000 | 2488852 |
| Truist Bank, VRN, 4.63%, 9/17/29 | 1735000 | 1754872 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Truist Bank, VRN, 4.14%, 10/23/29 | $3249000 | $3253540 |
| Webster Financial Corp., VRN, 5.78%, 9/11/35 | 1380000 | 1421649 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 1590000 | 1621193 |
| Wells Fargo & Co., VRN, 6.49%, 10/23/34 | 7125000 | 7913926 |
| Wells Fargo & Co., VRN, 5.61%, 4/23/36 | 1095000 | 1152056 |
| Wells Fargo & Co., VRN, 5.43%, 1/23/47 | 1445000 | 1431447 |
| Western Alliance Bancorp, VRN, 3.00%, 6/15/31<sup>(3)</sup> | 2135000 | 2113394 |
| Western Alliance Bank, VRN, 6.54%, 11/15/35<sup>(3)</sup> | 2288000 | 2340214 |
| Zions Bancorp NA, 3.25%, 10/29/29 | 3520000 | 3348710 |
| Zions Bancorp NA, VRN, 4.70%, 8/18/28 | 2987000 | 3004280 |
| Zions Bancorp NA, VRN, 6.82%, 11/19/35 | 1984000 | 2113732 |
|  |  | 113027767 |
| **Beverages — 0.8%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 5435000 | 5706343 |
| **Biotechnology — 0.6%** |  |  |
| Amgen, Inc., 5.65%, 3/2/53 | 2514000 | 2511248 |
| BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34<sup>(1)</sup> | 610000 | 615808 |
| Genmab AS/Genmab Finance LLC, 6.25%, 12/15/32<sup>(1)</sup> | 1045000 | 1085225 |
| Genmab AS/Genmab Finance LLC, 7.25%, 12/15/33<sup>(1)</sup> | 665000 | 706038 |
|  |  | 4918319 |
| **Building Products — 0.7%** |  |  |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 2510000 | 2396283 |
| Carlisle Cos., Inc., 5.55%, 9/15/40<sup>(3)</sup> | 3112000 | 3223276 |
|  |  | 5619559 |
| **Capital Markets — 6.2%** |  |  |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 2039000 | 2055076 |
| Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 1570000 | 1601321 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 1000000 | 1037556 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(3)</sup> | 2653000 | 2638669 |
| Citadel Finance LLC, 5.90%, 2/10/30<sup>(1)</sup> | 1960000 | 2011787 |
| Citadel Finance LLC, 5.15%, 2/14/31<sup>(1)</sup> | 690000 | 687456 |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 921000 | 879173 |
| Goldman Sachs BDC, Inc., 5.10%, 1/28/29 | 689000 | 679998 |
| Goldman Sachs Group, Inc., VRN, 4.37%, 10/21/31 | 2045000 | 2046746 |
| Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33 | 1903000 | 1766220 |
| Goldman Sachs Group, Inc., VRN, 5.07%, 1/21/37 | 1380000 | 1390243 |
| Goldman Sachs Group, Inc., VRN, 5.54%, 1/21/47 | 1370000 | 1364392 |
| Goldman Sachs Private Credit Corp., 5.05%, 2/23/28<sup>(1)</sup> | 2290000 | 2276371 |
| Golub Capital BDC, Inc., 6.00%, 7/15/29 | 1391000 | 1397160 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 1589000 | 1589045 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 1190000 | 1195455 |
| HPS Corporate Lending Fund, 4.90%, 9/11/28<sup>(1)</sup> | 1470000 | 1450831 |
| HPS Corporate Lending Fund, 5.15%, 4/2/29<sup>(1)</sup> | 1165000 | 1156190 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | 990000 | 1011248 |
| Jefferies Financial Group, Inc., 5.50%, 2/15/36 | 2120000 | 2085877 |
| Morgan Stanley, VRN, 4.65%, 10/18/30 | 5615000 | 5707600 |
| Morgan Stanley, VRN, 4.89%, 10/22/36 | 4485000 | 4463679 |
| Morgan Stanley, VRN, 5.52%, 11/19/55 | 1490000 | 1487154 |
| North Haven Private Income Fund LLC, 5.125%, 9/25/28<sup>(1)</sup> | 2672000 | 2650389 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 810000 | 802004 |
| State Street Corp., VRN, 3.03%, 11/1/34 | 2320000 | 2217852 |
|  |  | 47649492 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Chemicals — 0.4%** | | |
| Braskem Netherlands Finance BV, 4.50%, 1/10/28<sup>(1)</sup> | $1453000 | $659347 |
| Celanese U.S. Holdings LLC, 7.00%, 2/15/31 | 1180000 | 1216080 |
| CompoSecure Holdings LLC, 5.625%, 2/1/33<sup>(1)</sup> | 1170000 | 1164905 |
|  |  | 3040332 |
| **Construction Materials — 0.4%** |  |  |
| Eagle Materials, Inc., 5.00%, 3/15/36 | 2936000 | 2909000 |
| **Consumer Finance — 1.6%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 2072000 | 2352299 |
| Avilease Capital Ltd., 4.75%, 11/12/30<sup>(1)</sup> | 1670000 | 1665543 |
| Avolon Holdings Funding Ltd., 4.85%, 4/1/33<sup>(1)</sup> | 1538000 | 1524911 |
| Capital One Financial Corp., VRN, 4.72%, 1/30/32 | 1020000 | 1027242 |
| Capital One Financial Corp., VRN, 2.36%, 7/29/32 | 3450000 | 3041901 |
| Capital One Financial Corp., VRN, 5.40%, 1/30/37 | 1590000 | 1605040 |
| OneMain Finance Corp., 6.125%, 5/15/30 | 770000 | 772801 |
|  |  | 11989737 |
| **Consumer Staples Distribution & Retail — 0.1%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31<sup>(1)</sup> | 731000 | 736833 |
| **Containers and Packaging — 0.4%** |  |  |
| Amcor Flexibles North America, Inc., 5.10%, 3/17/30 | 3030000 | 3138491 |
| **Diversified REITs — 5.1%** |  |  |
| American Assets Trust LP, 3.375%, 2/1/31 | 3565000 | 3284561 |
| Brandywine Operating Partnership LP, 8.875%, 4/12/29 | 3030000 | 3221354 |
| Equinix Europe 2 Financing Corp. LLC, 4.70%, 3/15/33<sup>(2)</sup> | 1875000 | 1882497 |
| Global Net Lease, Inc., 4.50%, 9/30/28<sup>(1)</sup> | 4110000 | 4044243 |
| GLP Capital LP/GLP Financing II, Inc., 5.25%, 2/15/33 | 2230000 | 2247965 |
| GLP Capital LP/GLP Financing II, Inc., 5.625%, 3/1/36<sup>(2)</sup> | 1325000 | 1326259 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 2290000 | 2251069 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 1560000 | 1454207 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 1399000 | 1487595 |
| Piedmont Operating Partnership LP, 5.625%, 1/15/33 | 3045000 | 3061408 |
| Prologis Targeted U.S. Logistics Fund LP, 4.625%, 3/15/33<sup>(1)(2)</sup> | 2500000 | 2495836 |
| Store Capital LLC, 5.40%, 4/30/30 | 2215000 | 2277656 |
| Store Capital LLC, 4.95%, 2/11/31<sup>(1)</sup> | 1545000 | 1559504 |
| Trust 2401, 7.70%, 1/23/32<sup>(1)</sup> | 1719000 | 1898953 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 1620000 | 1595903 |
| Vornado Realty LP, 2.15%, 6/1/26 | 2055000 | 2039165 |
| Vornado Realty LP, 5.75%, 2/1/33 | 2640000 | 2679596 |
|  |  | 38807771 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| Sprint Capital Corp., 6.875%, 11/15/28 | 2595000 | 2784282 |
| Verizon Communications, Inc., 4.75%, 1/15/33 | 887000 | 899813 |
| Verizon Communications, Inc., 5.875%, 11/30/55 | 1459000 | 1469793 |
|  |  | 5153888 |
| **Electric Utilities — 8.1%** |  |  |
| Appalachian Power Co., Series AA, 2.70%, 4/1/31 | 3990000 | 3701733 |
| Arizona Public Service Co., 5.70%, 8/15/34 | 3324000 | 3525118 |
| CenterPoint Energy Houston Electric LLC, 4.85%, 4/1/36 | 15000 | 15052 |
| Comision Federal de Electricidad, 6.05%, 1/28/34<sup>(1)</sup> | 555000 | 561937 |
| Commonwealth Edison Co., 5.95%, 6/1/55 | 3190000 | 3336049 |
| DTE Electric Co., 4.85%, 3/1/36 | 856000 | 862118 |
| DTE Electric Co., 5.55%, 3/1/56 | 790000 | 789176 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Duke Energy Florida LLC, 4.85%, 12/1/35 | $1510000 | $1522112 |
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 8040000 | 7766557 |
| Electricite de France SA, 6.95%, 1/26/39<sup>(1)</sup> | 5239000 | 6017373 |
| Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76 | 2235000 | 2255511 |
| Entergy Louisiana LLC, 4.90%, 4/15/36 | 851000 | 852399 |
| Hawaiian Electric Co., Inc., 6.00%, 10/1/33<sup>(1)</sup> | 1985000 | 2024178 |
| Kentucky Utilities Co., 5.85%, 8/15/55 | 3171000 | 3264117 |
| Louisville Gas & Electric Co., 5.85%, 8/15/55 | 3146000 | 3229511 |
| MidAmerican Energy Co., 5.85%, 9/15/54 | 6885000 | 7178513 |
| Niagara Mohawk Power Corp., 4.65%, 10/3/30<sup>(1)</sup> | 3120000 | 3169653 |
| Pinnacle West Capital Corp., 5.15%, 5/15/30 | 1782000 | 1847641 |
| Southern Co. Gas Capital Corp., 5.10%, 9/15/35 | 2983000 | 3039397 |
| Union Electric Co., 4.80%, 3/15/36 | 15000 | 15039 |
| Xcel Energy, Inc., 5.60%, 4/15/35 | 4635000 | 4846634 |
| Xcel Energy, Inc., VRN, 5.75%, 12/3/56<sup>(2)</sup> | 1694000 | 1698228 |
|  |  | 61518046 |
| **Electrical Equipment — 0.3%** |  |  |
| Regal Rexnord Corp., 6.30%, 2/15/30 | 1840000 | 1965160 |
| WESCO Distribution, Inc., 5.50%, 4/15/34<sup>(1)</sup> | 145000 | 146488 |
|  |  | 2111648 |
| **Electronic Equipment, Instruments and Components — 0.3%** |  |  |
| Flex Ltd., 5.375%, 11/13/35 | 2420000 | 2447468 |
| **Energy Equipment and Services — 0.1%** |  |  |
| Enerflex, Inc., 6.875%, 1/15/31<sup>(1)</sup> | 771000 | 799426 |
| **Entertainment — 0.5%** |  |  |
| Beignet Investor LLC, 6.58%, 5/30/49<sup>(1)</sup> | 1479000 | 1571665 |
| Discovery Global Holdings, Inc., 3.76%, 3/15/27 | 2114000 | 2087311 |
|  |  | 3658976 |
| **Financial Services — 2.8%** |  |  |
| Antares Holdings LP, 6.35%, 10/23/29<sup>(1)</sup> | 695000 | 711331 |
| Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30<sup>(1)</sup> | 1796000 | 1882785 |
| Atlas Warehouse Lending Co. LP, 4.95%, 11/15/30<sup>(1)</sup> | 860000 | 861917 |
| Atlas Warehouse Lending Co. LP, 5.25%, 1/15/33<sup>(1)</sup> | 1515000 | 1506661 |
| Corebridge Financial, Inc., VRN, 6.375%, 9/15/54 | 1864000 | 1865404 |
| Corebridge Global Funding, 4.45%, 10/2/30<sup>(1)</sup> | 3189000 | 3199860 |
| Essent Group Ltd., 6.25%, 7/1/29 | 1540000 | 1621212 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(1)</sup> | 1327000 | 1322980 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 1460000 | 1515903 |
| PennyMac Financial Services, Inc., 7.125%, 11/15/30<sup>(1)</sup> | 1933000 | 1988553 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/33<sup>(1)</sup> | 768000 | 769485 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> | 790000 | 810950 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 1080000 | 1117551 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> | 2166000 | 2094235 |
| Visa, Inc., 4.70%, 2/12/36 | 210000 | 212319 |
|  |  | 21481146 |
| **Food Products — 1.0%** |  |  |
| Flowers Foods, Inc., 5.75%, 3/15/35<sup>(3)</sup> | 2215000 | 2195497 |
| Mars, Inc., 5.65%, 5/1/45<sup>(1)</sup> | 2460000 | 2518978 |
| Mars, Inc., 5.70%, 5/1/55<sup>(1)</sup> | 3105000 | 3150864 |
|  |  | 7865339 |
| **Ground Transportation — 1.3%** |  |  |
| Ashtead Capital, Inc., 5.95%, 10/15/33<sup>(1)</sup> | 1997000 | 2131807 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Fedex Freight Holding Co., Inc., 5.25%, 3/15/36<sup>(1)</sup> | $3480000 | $3470576 |
| RXO, Inc., 6.375%, 5/15/31<sup>(1)</sup> | 1075000 | 1049132 |
| United Rentals North America, Inc., 6.00%, 12/15/29<sup>(1)</sup> | 3380000 | 3468965 |
|  |  | 10120480 |
| **Health Care Equipment and Supplies — 1.8%** |  |  |
| Abbott Laboratories, 4.00%, 3/15/31<sup>(2)</sup> | 471000 | 470737 |
| Abbott Laboratories, 4.65%, 3/15/36<sup>(2)</sup> | 3375000 | 3377361 |
| Abbott Laboratories, 5.50%, 3/15/56<sup>(2)</sup> | 2500000 | 2510423 |
| Baxter International, Inc., 4.90%, 12/15/30 | 1685000 | 1696304 |
| Baxter International, Inc., 5.65%, 12/15/35<sup>(3)</sup> | 1595000 | 1622515 |
| Hologic, Inc., 3.25%, 2/15/29<sup>(1)</sup> | 1185000 | 1179551 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 2735000 | 2825862 |
|  |  | 13682753 |
| **Health Care Providers and Services — 4.5%** |  |  |
| Acadia Healthcare Co., Inc., 5.00%, 4/15/29<sup>(1)</sup> | 1865000 | 1828236 |
| Cencora, Inc., 4.90%, 2/13/36 | 1785000 | 1798219 |
| Centene Corp., 4.625%, 12/15/29 | 1780000 | 1738066 |
| Centene Corp., 2.50%, 3/1/31 | 2325000 | 2019385 |
| CVS Health Corp., 4.30%, 3/25/28 | 2190000 | 2203902 |
| CVS Health Corp., 5.25%, 2/21/33 | 1734000 | 1801602 |
| CVS Health Corp., 5.45%, 9/15/35 | 2074000 | 2143130 |
| CVS Health Corp., 5.05%, 3/25/48 | 3520000 | 3141193 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 1212000 | 1275520 |
| HCA, Inc., 4.90%, 11/15/35 | 1835000 | 1828055 |
| HCA, Inc., 6.20%, 3/1/55 | 2428000 | 2495751 |
| Humana, Inc., 5.375%, 4/15/31 | 3762000 | 3878122 |
| Icon Investments Six DAC, 5.81%, 5/8/27 | 275000 | 277517 |
| IQVIA, Inc., 6.25%, 2/1/29 | 1670000 | 1756177 |
| UnitedHealth Group, Inc., 5.50%, 7/15/44 | 2885000 | 2875815 |
| UnitedHealth Group, Inc., 5.375%, 4/15/54 | 3720000 | 3535772 |
|  |  | 34596462 |
| **Hotel & Resort REITs — 0.3%** |  |  |
| Service Properties Trust, 0.00%, 9/30/27<sup>(1)(4)</sup> | 2540000 | 2319865 |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Brightstar Lottery PLC, 5.25%, 1/15/29<sup>(1)</sup> | 700000 | 697452 |
| Carnival Corp., 4.00%, 8/1/28<sup>(1)</sup> | 2576000 | 2559691 |
| Carnival Corp., 5.125%, 5/1/29<sup>(1)</sup> | 924000 | 937695 |
| Marriott International, Inc., 5.10%, 5/1/38 | 1765000 | 1746488 |
|  |  | 5941326 |
| **Household Durables — 0.7%** |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33<sup>(1)</sup> | 2407000 | 2431633 |
| Meritage Homes Corp., 3.875%, 4/15/29<sup>(1)</sup> | 2370000 | 2347559 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<sup>(1)</sup> | 389000 | 402258 |
|  |  | 5181450 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41<sup>(1)</sup> | 1599670 | 1670327 |
| **Insurance — 4.0%** |  |  |
| Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, 12/31/32<sup>(1)</sup> | 1500000 | 1576752 |
| Asurion LLC & Asurion Co-Issuer, Inc., 8.375%, 2/1/34<sup>(1)</sup> | 830000 | 826503 |
| Athene Global Funding, 5.53%, 7/11/31<sup>(1)</sup> | 4320000 | 4459148 |
| CNA Financial Corp., 5.20%, 8/15/35 | 3105000 | 3125659 |
| CNO Financial Group, Inc., 5.25%, 5/30/29 | 1565000 | 1590240 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | $1148000 | $1182452 |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)</sup> | 1935000 | 1942215 |
| Global Atlantic Fin Co., 7.95%, 6/15/33<sup>(1)</sup> | 2210000 | 2419501 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> | 2630000 | 2610739 |
| Lincoln National Corp., 7.00%, 6/15/40 | 2433000 | 2593407 |
| Loews Corp., 4.94%, 4/1/36 | 1785000 | 1781507 |
| MetLife, Inc., 6.40%, 12/15/66 | 2320000 | 2428451 |
| MetLife, Inc., 10.75%, 8/1/69 | 1540000 | 2040740 |
| RLI Corp., 5.375%, 6/1/36<sup>(2)</sup> | 1995000 | 1992830 |
|  |  | 30570144 |
| **Interactive Media and Services — 2.0%** |  |  |
| Alphabet, Inc., 4.40%, 2/15/33 | 1455000 | 1468253 |
| Alphabet, Inc., 4.80%, 2/15/36 | 2575000 | 2618304 |
| Alphabet, Inc., 5.65%, 2/15/56 | 1990000 | 2037754 |
| Meta Platforms, Inc., 4.60%, 11/15/32 | 3330000 | 3386803 |
| Meta Platforms, Inc., 4.875%, 11/15/35 | 1860000 | 1879227 |
| Meta Platforms, Inc., 5.50%, 11/15/45 | 1490000 | 1472937 |
| Meta Platforms, Inc., 5.625%, 11/15/55 | 1470000 | 1440008 |
| Meta Platforms, Inc., 5.75%, 11/15/65 | 1345000 | 1311291 |
|  |  | 15614577 |
| **IT Services — 0.6%** |  |  |
| Black Knight InfoServ LLC, 3.625%, 9/1/28<sup>(1)</sup> | 7000 | 6874 |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 1889000 | 1852145 |
| International Business Machines Corp., 5.80%, 2/3/56 | 1730000 | 1734044 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 1540000 | 1308539 |
|  |  | 4901602 |
| **Machinery — 0.4%** |  |  |
| Allison Transmission, Inc., 5.875%, 12/1/33<sup>(1)</sup> | 1550000 | 1583735 |
| Weir Group, Inc., 5.35%, 5/6/30<sup>(1)</sup> | 1298000 | 1344249 |
|  |  | 2927984 |
| **Marine Transportation — 0.1%** |  |  |
| Yinson Bergenia Production BV, 8.50%, 1/31/45<sup>(1)</sup> | 627541 | 667127 |
| **Media — 3.6%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 518000 | 518710 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(1)</sup> | 3802000 | 3678219 |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(1)</sup> | 3299000 | 3354938 |
| Discovery Communications LLC, 3.95%, 3/20/28 | 2447000 | 2361355 |
| Discovery Communications LLC, 4.125%, 5/15/29 | 1785000 | 1761625 |
| Discovery Communications LLC, 5.00%, 9/20/37 | 1556000 | 1237596 |
| Lamar Media Corp., 3.75%, 2/15/28 | 2255000 | 2218777 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)</sup> | 3220000 | 3206141 |
| Omnicom Group, Inc., 5.00%, 6/2/33<sup>(2)</sup> | 2676000 | 2677667 |
| Paramount Global, 4.375%, 3/15/43 | 2247000 | 1418373 |
| TEGNA, Inc., 4.625%, 3/15/28 | 2550000 | 2544818 |
| Time Warner Cable LLC, 6.55%, 5/1/37 | 2113000 | 2177922 |
|  |  | 27156141 |
| **Metals and Mining — 1.6%** |  |  |
| Commercial Metals Co., 5.75%, 11/15/33<sup>(1)</sup> | 1185000 | 1209755 |
| Glencore Funding LLC, 5.19%, 4/1/30<sup>(1)</sup> | 1745000 | 1806209 |
| Glencore Funding LLC, 5.89%, 4/4/54<sup>(1)(3)</sup> | 3045000 | 3123850 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34 | 2346000 | 2479777 |
| Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 3421000 | 3553089 |
|  |  | 12172680 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | | |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(1)</sup> | $1790000 | $1773723 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 3497000 | 3690094 |
|  |  | 5463817 |
| **Multi-Utilities — 0.5%** |  |  |
| NiSource, Inc., 5.35%, 7/15/35 | 125000 | 129109 |
| Sempra, VRN, 4.125%, 4/1/52 | 3918000 | 3870033 |
|  |  | 3999142 |
| **Oil, Gas and Consumable Fuels — 7.0%** |  |  |
| Antero Resources Corp., 5.40%, 2/1/36 | 3175000 | 3180222 |
| Cenovus Energy, Inc., 5.40%, 3/20/36 | 2247000 | 2289778 |
| Columbia Pipelines Holding Co. LLC, 5.00%, 11/17/32<sup>(1)</sup> | 2668000 | 2722537 |
| ConocoPhillips Co., 4.85%, 1/15/32 | 3580000 | 3714445 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 2445000 | 2465117 |
| Energy Transfer LP, 5.25%, 7/1/29 | 1775000 | 1840883 |
| Energy Transfer LP, 6.55%, 12/1/33 | 3135000 | 3473099 |
| Energy Transfer LP, 6.125%, 12/15/45 | 3735000 | 3778894 |
| Enterprise Products Operating LLC, 5.20%, 1/15/36 | 3268000 | 3370453 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(1)</sup> | 1437000 | 1441199 |
| Expand Energy Corp., 5.375%, 3/15/30 | 3469000 | 3522249 |
| Florida Gas Transmission Co. LLC, 5.75%, 7/15/35<sup>(1)</sup> | 2615000 | 2759292 |
| Occidental Petroleum Corp., 6.20%, 3/15/40 | 1435000 | 1496665 |
| Occidental Petroleum Corp., 4.20%, 3/15/48 | 1700000 | 1320216 |
| Ovintiv, Inc., 7.10%, 7/15/53 | 2335000 | 2607590 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 1973000 | 1934785 |
| Plains All American Pipeline LP/PAA Finance Corp., 5.60%, 1/15/36 | 2643000 | 2710843 |
| PRIO Luxembourg Holding SARL, 6.75%, 10/15/30<sup>(1)</sup> | 1625000 | 1603485 |
| Sunoco LP, 5.875%, 3/15/34<sup>(1)</sup> | 1713000 | 1720698 |
| Targa Resources Corp., 4.35%, 4/15/31<sup>(2)</sup> | 1795000 | 1795552 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 1995000 | 2021174 |
| Venture Global Plaquemines LNG LLC, 6.50%, 6/15/34<sup>(1)</sup> | 305894 | 321331 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(1)</sup> | 1506000 | 1605104 |
|  |  | 53695611 |
| **Paper and Forest Products — 0.3%** |  |  |
| Louisiana-Pacific Corp., 3.625%, 3/15/29<sup>(1)</sup> | 1960000 | 1908059 |
| **Passenger Airlines — 0.9%** |  |  |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)</sup> | 1280000 | 1305279 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 41718 | 41802 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31<sup>(1)</sup> | 1770000 | 1800357 |
| United Airlines Holdings, Inc., 5.375%, 3/1/31 | 1945000 | 1985475 |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(1)</sup> | 1600000 | 1599856 |
|  |  | 6732769 |
| **Personal Care Products — 0.4%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, 1/15/31<sup>(1)</sup> | 3255000 | 3267183 |
| **Pharmaceuticals — 1.3%** |  |  |
| Bristol-Myers Squibb Co., 5.55%, 2/22/54 | 3165000 | 3142221 |
| Merck & Co., Inc., 5.70%, 9/15/55 | 2610000 | 2671889 |
| Royalty Pharma PLC, 4.45%, 3/25/31 | 1515000 | 1524914 |
| Takeda U.S. Financing, Inc., 5.20%, 7/7/35 | 2200000 | 2263728 |
|  |  | 9602752 |
| **Professional Services — 0.5%** |  |  |
| Concentrix Corp., 6.60%, 8/2/28<sup>(3)</sup> | 2920000 | 2946229 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Verisk Analytics, Inc., 4.45%, 3/15/31 | $1000000 | $1005176 |
|  |  | 3951405 |
| **Real Estate Management and Development — 0.5%** |  |  |
| Arbor Realty SR, Inc., 8.50%, 12/15/28<sup>(1)(3)</sup> | 1770000 | 1723492 |
| CBRE Services, Inc., 4.90%, 1/15/33 | 2335000 | 2365098 |
|  |  | 4088590 |
| **Semiconductors and Semiconductor Equipment — 1.7%** |  |  |
| Broadcom, Inc., 4.60%, 1/15/33 | 785000 | 793730 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> | 692000 | 739613 |
| Foundry JV Holdco LLC, 6.40%, 1/25/38<sup>(1)</sup> | 3700000 | 4028215 |
| Intel Corp., 5.15%, 2/21/34<sup>(3)</sup> | 2245000 | 2297304 |
| Intel Corp., 4.90%, 8/5/52 | 2890000 | 2440838 |
| Micron Technology, Inc., 5.30%, 1/15/31 | 2445000 | 2568496 |
|  |  | 12868196 |
| **Software — 2.8%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 1188000 | 1213445 |
| AppLovin Corp., 5.375%, 12/1/31 | 2443000 | 2518662 |
| AppLovin Corp., 5.50%, 12/1/34 | 1900000 | 1937952 |
| Oracle Corp., 5.25%, 2/3/32 | 5140000 | 5161840 |
| Oracle Corp., 5.35%, 5/4/33 | 1615000 | 1620932 |
| Oracle Corp., 5.20%, 9/26/35 | 2276000 | 2200234 |
| Oracle Corp., 5.70%, 2/4/36 | 836000 | 836782 |
| Oracle Corp., 5.375%, 7/15/40 | 845000 | 773697 |
| SS&C Technologies, Inc., 6.50%, 6/1/32<sup>(1)</sup> | 1705000 | 1739334 |
| Synopsys, Inc., 5.00%, 4/1/32 | 1646000 | 1697687 |
| Workday, Inc., 3.80%, 4/1/32 | 1598000 | 1516475 |
|  |  | 21217040 |
| **Specialized REITs — 0.5%** |  |  |
| SBA Communications Corp., 3.125%, 2/1/29 | 3676000 | 3536483 |
| **Specialty Retail — 0.9%** |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> | 311000 | 319263 |
| Advance Auto Parts, Inc., 7.375%, 8/1/33<sup>(1)</sup> | 1540000 | 1579270 |
| Lowe's Cos., Inc., 4.50%, 10/15/32 | 2390000 | 2401163 |
| Lowe's Cos., Inc., 4.85%, 10/15/35 | 2535000 | 2537596 |
|  |  | 6837292 |
| **Textiles, Apparel and Luxury Goods — 0.5%** |  |  |
| Gildan Activewear, Inc., 4.70%, 10/7/30<sup>(1)</sup> | 1600000 | 1610696 |
| Gildan Activewear, Inc., 5.40%, 10/7/35<sup>(1)</sup> | 2155000 | 2181598 |
|  |  | 3792294 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| Herc Holdings, Inc., 7.25%, 6/15/33<sup>(1)</sup> | 1089000 | 1151854 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| T-Mobile USA, Inc., 6.70%, 12/15/33 | 2280000 | 2581157 |
| **TOTAL CORPORATE BONDS**<br>(Cost $670,764,265) |  | **677280609** |
| **CONVERTIBLE PREFERRED SECURITIES — 5.5%** |  |  |
| **Banks — 5.0%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 2000000 | 2025458 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 1225000 | 1224497 |
| Banco Mercantil del Norte SA, 7.50%<sup>(1)</sup> | 578000 | 597306 |
| Banco Santander SA, 4.75% | 3200000 | 3198879 |
| Barclays PLC, 8.00% | 2966000 | 3165052 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | $3944000 | $4218932 |
| Commerzbank AG, 7.50% | 1000000 | 1061557 |
| HSBC Holdings PLC, 6.50% | 2246000 | 2296053 |
| HSBC Holdings PLC, 6.875% | 1278000 | 1330886 |
| ING Groep NV, 7.50% | 2054000 | 2140538 |
| ING Groep NV, 4.875% | 3540000 | 3455585 |
| Lloyds Banking Group PLC, 8.00% | 3356000 | 3648036 |
| Societe Generale SA, 6.75%<sup>(1)</sup> | 1220000 | 1241548 |
| Societe Generale SA, 10.00%<sup>(1)</sup> | 1580000 | 1745251 |
| Standard Chartered PLC, 7.75%<sup>(1)</sup> | 393000 | 409085 |
| Standard Chartered PLC, 7.875%<sup>(1)</sup> | 485000 | 520811 |
| Svenska Handelsbanken AB, 4.375% | 2600000 | 2580513 |
| Swedbank AB, 7.625% | 3400000 | 3569872 |
|  |  | 38429859 |
| **Capital Markets — 0.5%** |  |  |
| UBS Group AG, 9.25%<sup>(1)</sup> | 3205000 | 3496049 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $41,551,207) |  | **41925908** |
| **PREFERRED SECURITIES — 3.5%** |  |  |
| **Banks — 1.1%** |  |  |
| Bank of America Corp., 4.375% | 1785000 | 1774415 |
| Citigroup, Inc., 6.50% | 1705000 | 1730988 |
| Citigroup, Inc., 7.625% | 2702000 | 2865252 |
| JPMorgan Chase & Co., 3.65% | 1999000 | 1993127 |
|  |  | 8363782 |
| **Capital Markets — 0.6%** |  |  |
| Charles Schwab Corp., 4.00% | 2603000 | 2595704 |
| Northern Trust Corp., 4.60% | 1500000 | 1504023 |
|  |  | 4099727 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp., 8.00%<sup>(1)</sup> | 2260000 | 2303711 |
| **Multi-Utilities — 0.3%** |  |  |
| Dominion Energy, Inc., 4.35% | 2388000 | 2378113 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| Energy Transfer LP, 6.50% | 1946000 | 1955974 |
| Energy Transfer LP, 6.625% | 1118000 | 1133252 |
| Sunoco LP, 7.875%<sup>(1)</sup> | 1550000 | 1603389 |
|  |  | 4692615 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| Air Lease Corp., 4.65% | 1645000 | 1644137 |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 3000000 | 3000371 |
|  |  | 4644508 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $26,222,346) |  | **26482456** |
| **U.S. TREASURY SECURITIES — 0.5%** |  |  |
| U.S. Treasury Notes, 3.625%, 8/31/27<sup>(5)</sup> | $600000 | 601617 |
| U.S. Treasury Notes, 4.00%, 5/31/30<sup>(5)</sup> | 250000 | 255117 |
| U.S. Treasury Notes, 3.625%, 9/30/30 | 250000 | 251319 |
| U.S. Treasury Notes, 4.00%, 1/31/31<sup>(5)</sup> | 395000 | 403378 |
| U.S. Treasury Notes, 4.125%, 3/31/31<sup>(5)</sup> | 1650000 | 1694505 |
| U.S. Treasury Notes, 4.375%, 1/31/32<sup>(5)</sup> | 745000 | 774611 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $3,860,779) |  | **3980547** |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 4.7%** | **Principal Amount/Shares** | **Value** |
| **Money Market Funds — 4.7%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 23515136 | $23515136 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 12574905 | 12574905 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $36,090,041) |  | **36090041** |
| **TOTAL INVESTMENT SECURITIES — 102.9%**<br>(Cost $778,488,638) |  | **785759561** |
| **OTHER ASSETS AND LIABILITIES — (2.9)%** |  | **(22486682)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**763272879** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| U.S. Treasury Ultra Bonds | 508 | June 2026 | $61769625 | $540469 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $219,107,527, which represented 28.7% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,366,976. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(5)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $3,021,794.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $13,910,223, which includes securities collateral of $1,335,318.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $677280609 |  |
| Convertible Preferred Securities |  | 41925908 |  |
| Preferred Securities |  | 26482456 |  |
| U.S. Treasury Securities |  | 3980547 |  |
| Short-Term Investments | $36090041 |  |  |
|  | $36090041 | $749669520 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $540469 |  |  |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* | $362867 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $2500488 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $372692 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Diversified Municipal Bond ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.6%** | **Principal Amount/Shares** | **Value** |
| **Alabama — 5.2%** | | |
| Alabama Highway Authority Rev., 5.00%, 9/1/38 (AG) | $500000 | $588272 |
| Alabama Highway Authority Rev., 5.00%, 9/1/39 (AG) | 1000000 | 1165498 |
| Baldwin County Industrial Development Authority Rev., (Novelis Corp.), VRN, 4.30%, 3/1/56<sup>(1)(2)</sup> | 1000000 | 1008681 |
| Black Belt Energy Gas District Rev., 5.00%, 5/1/30 (GA: BP PLC) | 1500000 | 1615705 |
| Black Belt Energy Gas District Rev., 5.00%, 12/1/34 (GA: Canadian Imperial Bank) | 2205000 | 2436697 |
| Black Belt Energy Gas District Rev., 5.00%, 10/1/35 (GA: Goldman Sachs Group, Inc.) | 2500000 | 2733756 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.) | 770000 | 825412 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 40000 | 41907 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 330000 | 352101 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 10/1/54 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1116066 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 1905000 | 2102988 |
| Energy Southeast A Cooperative District Rev., 5.00%, 11/1/35 (GA: Goldman Sachs Group, Inc.) | 1040000 | 1137785 |
| Energy Southeast A Cooperative District Rev., VRN, 5.75%, 4/1/54 (GA: Morgan Stanley) | 2615000 | 2950549 |
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 600000 | 662923 |
| Jefferson Sewer County Rev., 5.25%, 10/1/42 | 1000000 | 1109636 |
| Mobile County Industrial Development Authority Rev., (AM/NS Calvert LLC), 4.75%, 12/1/54 (GA: Arcelormittal SA) | 170000 | 162917 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 6/1/49 (GA: Morgan Stanley) | 1110000 | 1213437 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 8/1/54 (GA: Pacific Life Insurance Co.) | 3500000 | 3799099 |
| Southeast Energy Authority A Cooperative District Rev., 5.00%, 10/1/30 (GA: JP Morgan Securities) | 2500000 | 2725940 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 2100000 | 2260170 |
|  |  | 30009539 |
| **Arizona — 3.0%** |  |  |
| Arizona Board of Regents Rev., (Arizona State University), 5.50%, 7/1/48 | 750000 | 817794 |
| Arizona Health Facilities Authority Rev., VRN, 2.13%, (MUNIPSA plus 0.25%), 1/1/46 | 130000 | 129148 |
| Arizona Industrial Development Authority Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 1780000 | 1916670 |
| Arizona Industrial Development Authority Rev., (Ironwood Ranch Apartments LP), VRN, 5.00%, 2/1/58 | 525000 | 531019 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51<sup>(1)(3)(4)</sup> | 100000 | 2350 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40<sup>(1)</sup> | 200000 | 193661 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400000 | 412236 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/27 | 1000000 | 1039060 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155000 | 159874 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41<sup>(1)</sup> | 620000 | 551743 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 500000 | 509834 |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 1000000 | 1003792 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31<sup>(1)</sup> | 500000 | 485317 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39<sup>(1)</sup> | 200000 | 205034 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.25%, 7/1/44 | 585000 | 540689 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/32 | 500000 | 582636 |
| Pima County Sewer System Rev., 5.00%, 7/1/30 | 600000 | 638108 |
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/38 | 750000 | 753541 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/48 | 2000000 | 2128547 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/50 | 2000000 | 2100299 |
| Scottsdale GO, 4.00%, 7/1/31 | 500000 | 537253 |
| Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/34<sup>(1)</sup> | 1000000 | 1032533 |
| Sierra Vista Industrial Development Authority Rev., (Wake Preparatory Academy), 5.25%, 6/15/35 | 800000 | 840301 |
|  |  | 17111439 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Arkansas — 0.4%** | | |
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 | $330000 | $337453 |
| Searcy Sales & Use Tax Rev., 5.00%, 11/1/32 | 1000000 | 1120732 |
| Searcy Sales & Use Tax Rev., 5.00%, 11/1/33 | 1000000 | 1113830 |
|  |  | 2572015 |
| **California — 2.1%** |  |  |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | 500000 | 523955 |
| California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50<sup>(5)</sup> | 100000 | 22966 |
| California Health Facilities Financing Authority Rev., (Episcopal Communities & Services for Seniors Obligated Group), 3.85%, 11/15/27 | 250000 | 250111 |
| California Housing Finance Agency Rev., 4.25%, 1/15/35 | 415870 | 438637 |
| California Housing Finance Agency Rev., 3.50%, 11/20/35 | 101511 | 103925 |
| California Infrastructure & Economic Development Bank Rev., (Desertxpress Enterprises LLC), VRN, 12.00%, 1/1/65<sup>(1)</sup> | 1265000 | 683100 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AG) | 165000 | 168338 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29<sup>(1)</sup> | 50000 | 53623 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30<sup>(1)</sup> | 110000 | 119550 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36<sup>(1)</sup> | 175000 | 186099 |
| California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52<sup>(1)</sup> | 110000 | 101191 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2023B), 5.50%, 9/1/43 | 625000 | 669264 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2024A), 5.00%, 9/1/48 | 400000 | 408364 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46<sup>(1)</sup> | 500000 | 475247 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30<sup>(1)</sup> | 320000 | 324320 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56<sup>(1)</sup> | 250000 | 221919 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42<sup>(1)</sup> | 650000 | 691773 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 | 625000 | 612084 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38<sup>(1)</sup> | 240000 | 248319 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Altana Apartments), 4.00%, 10/1/56<sup>(1)</sup> | 100000 | 83315 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Escondido Portfolio), 4.00%, 12/1/59<sup>(1)</sup> | 750000 | 406746 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Oceanaire Apartments), 4.00%, 9/1/56<sup>(1)</sup> | 300000 | 219774 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 500000 | 348711 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 290000 | 59450 |
| Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66<sup>(5)</sup> | 500000 | 53517 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(1)</sup> | 1540000 | 1527292 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 500000 | 463347 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/33 | 750000 | 874994 |
| Morongo Band of Mission Indians Rev., 5.00%, 10/1/42<sup>(1)</sup> | 100000 | 102069 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.50%, 8/15/48 | 300000 | 315779 |
| Port of Los Angeles Rev., 5.00%, 8/1/35 | 1250000 | 1448948 |
|  |  | 12206727 |
| **Colorado — 4.0%** |  |  |
| Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 | 1220000 | 1212125 |
| Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 | 1030000 | 1046449 |
| City & County of Denver Airport System Rev., 5.50%, 11/15/41 | 500000 | 563970 |
| City & County of Denver Airport System Rev., 5.50%, 11/15/42 | 750000 | 833674 |
| City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750000 | 820591 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), 4.00%, 11/15/43 | $340000 | $337415 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/59 | 260000 | 283883 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/60 | 545000 | 600506 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 200000 | 212651 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300000 | 300325 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/34 | 385000 | 428293 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 500000 | 553982 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500000 | 501769 |
| Colorado Health Facilities Authority Rev., (Craig Hospital Obligated Group), 5.00%, 12/1/32 | 800000 | 902059 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/27 | 255000 | 260751 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/28 | 340000 | 353805 |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 150000 | 151586 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 4.25%, 12/1/49 (BAM) | 1000000 | 946307 |
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 525000 | 574823 |
| Denver Urban Renewal Authority Tax Allocation, (Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39<sup>(1)</sup> | 100000 | 100570 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/34 (BAM) | 300000 | 334468 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/35 (BAM) | 325000 | 360910 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 4.00%, 12/1/46 (AG) | 500000 | 469355 |
| Park Creek Metropolitan District Tax Allocation, (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/37 (AG) | 850000 | 951067 |
| Park Creek Metropolitan District Tax Allocation, (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/43 (AG) | 1400000 | 1513683 |
| Parterre Metropolitan District No. 5 GO, 6.125%, 12/1/55 | 500000 | 526733 |
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 500000 | 530298 |
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/31 (BAM) | 220000 | 245266 |
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/32 (BAM) | 300000 | 333578 |
| Red Barn Metropolitan District GO, 5.50%, 12/1/55 | 785000 | 793276 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35<sup>(1)</sup> | 2000000 | 2242193 |
| State of Colorado COP, 6.00%, 12/15/38 | 230000 | 275646 |
| State of Colorado COP, 6.00%, 12/15/40 | 385000 | 455911 |
| Sterling Ranch Community Authority Board Special Assessment, (Sterling Ranch Metropolitan District No. 1), 5.625%, 12/1/43 | 191000 | 198892 |
| Trails at Crowfoot Metropolitan District No. 3 GO, 4.00%, 12/1/44 (AG) | 500000 | 483970 |
| University of Colorado Rev., 5.00%, 6/1/38 | 500000 | 585044 |
| University of Colorado Rev., 5.00%, 6/1/39 | 460000 | 534067 |
| Village Metropolitan District GO, 5.00%, 12/1/49 | 500000 | 485452 |
| Village Metropolitan District GO, 5.75%, 12/1/55 | 720000 | 730602 |
|  |  | 23035945 |
| **Connecticut — 0.8%** |  |  |
| New Haven GO, 5.00%, 8/1/31 (AG) | 1250000 | 1410403 |
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 750000 | 761967 |
| State of Connecticut GO, 4.00%, 1/15/35 | 1000000 | 1050484 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/29 | 1145000 | 1246260 |
|  |  | 4469114 |
| **Delaware — 0.6%** |  |  |
| Delaware State Economic Development Authority Rev., (NRG Energy, Inc.), VRN, 4.00%, 10/1/45 | 1015000 | 1048192 |
| Delaware State Health Facilities Authority Rev., (Christiana Care Health System Obligated Group), 5.00%, 10/1/47 | 1500000 | 1584605 |
| Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.625%, 7/1/53<sup>(1)</sup> | 700000 | 709727 |
|  |  | 3342524 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **District of Columbia — 0.8%** | | |
| District of Columbia GO, 5.00%, 1/1/41 | $1000000 | $1105452 |
| District of Columbia Rev., (Rocketship DC Obligated Group), 5.75%, 6/1/54 | 500000 | 477266 |
| District of Columbia Housing Finance Agency Rev., (Barry Farm Building 1A LLC), VRN, 3.15%, 2/1/30 | 540000 | 545542 |
| District of Columbia Income Tax Rev., 5.00%, 6/1/36 | 1000000 | 1188579 |
| District of Columbia Income Tax Rev., 5.25%, 5/1/48 | 1000000 | 1073030 |
| District of Columbia Water & Sewer Authority Rev., 4.00%, 10/1/51 | 500000 | 469640 |
|  |  | 4859509 |
| **Florida — 10.5%** |  |  |
| Alachua County Health Facilities Authority Rev., (Oak Hammock at the University of Florida Obligated Group), 3.625%, 10/1/30 | 230000 | 230854 |
| Broward County Airport System Rev., 5.00%, 10/1/35 | 700000 | 720417 |
| Broward County Port Facilities Rev., 4.00%, 9/1/37 | 750000 | 765419 |
| Broward County Port Facilities Rev., 5.00%, 9/1/38 | 950000 | 1058709 |
| Broward County Port Facilities Rev., 5.00%, 9/1/39 | 1000000 | 1104919 |
| Broward County Port Facilities Rev., 5.00%, 9/1/40 | 550000 | 605973 |
| Broward County Port Facilities Rev., 5.00%, 9/1/40 | 1000000 | 1071589 |
| Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 | 925000 | 984962 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 880000 | 852025 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300000 | 314214 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 250000 | 266773 |
| Capital Projects Finance Authority Rev., (Navigator Academy of Leadership, Inc. Obligated Group), 5.00%, 6/15/54<sup>(1)</sup> | 1220000 | 1131429 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/53 | 750000 | 707973 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/29 | 1060000 | 1157012 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/37 | 1000000 | 1182804 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/44 (AG) | 1100000 | 1208255 |
| Duval County Public Schools COP, 5.00%, 7/1/35 (AG) | 420000 | 459204 |
| Florida Development Finance Corp. Rev., 3.00%, 7/1/31<sup>(1)</sup> | 155000 | 153287 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26<sup>(1)</sup> | 110000 | 110110 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 6.75%, 6/15/53<sup>(1)</sup> | 500000 | 529498 |
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/54 | 1660000 | 1674805 |
| Florida Housing Finance Corp. Rev., (Liberty Square Elderly LLC), 4.70%, 5/1/43 (FNMA), (HUD) | 1250000 | 1305234 |
| Florida Housing Finance Corp. Rev., (Richman Capri LIHTC LLC), VRN, 3.00%, 2/1/44 | 250000 | 251068 |
| Florida Housing Finance Corp. Rev., VRN, 3.15%, 12/1/29 | 455000 | 459296 |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 4.70%, 11/15/31<sup>(1)</sup> | 1780000 | 1805091 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/38 | 1150000 | 1312613 |
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/48 | 1250000 | 1380811 |
| Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AG) | 1050000 | 1142716 |
| Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180000 | 186204 |
| Greater Orlando Aviation Authority Rev., 4.00%, 10/1/37 | 985000 | 997407 |
| Greater Orlando Aviation Authority Rev., (United Airlines, Inc.), 5.25%, 11/1/34 | 1000000 | 1098683 |
| Hillsborough County Housing Finance Authority Rev., 4.55%, 2/1/42 (FNMA) | 1490000 | 1556579 |
| Hillsborough County Housing Finance Authority Rev., (OK Riverside TC LLC), VRN, 3.125%, 12/1/28 | 370000 | 372730 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.25%, 11/15/49 | 1500000 | 1598799 |
| Jacksonville Housing Finance Authority Rev., (Ability LF LLC), VRN, 3.15%, 1/1/46 | 1000000 | 1009812 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39<sup>(1)</sup> | 1000000 | 989879 |
| Lakeland Department of Electric Utilities Rev., 5.00%, 10/1/39 | 500000 | 601964 |
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 435000 | 438225 |
| Martin County Health Facilities Authority Rev., (Cleveland Clinic Health System Obligated Group), 4.00%, 1/1/46 | 695000 | 660885 |
| Miami Beach Redevelopment Agency Tax Allocation, (Miami Beach Redev Agy City Center/Historic Convention Vlg Redev & Revitalizatio), 5.00%, 2/1/44 (AG) | 1500000 | 1597657 |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/38 | 500000 | 501215 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Miami-Dade County Housing Finance Authority Rev., 4.95%, 11/1/41 (FNMA) | $2000000 | $2174035 |
| Miami-Dade County Housing Finance Authority Rev., (Residences at Palm Court LLC), 5.00%, 9/1/43 (HUD) | 1000000 | 1090981 |
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 1500000 | 1547610 |
| Miami-Dade County Seaport Department Rev., 4.00%, 10/1/46 | 450000 | 421356 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 | 1000000 | 987659 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 | 850000 | 895837 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/46 | 500000 | 477937 |
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/30 (AG) | 2000000 | 2210170 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/48 | 3000000 | 3171984 |
| Ormond Crossings West Community Development District Special Assessment, (Ormond Crossings West Community Development District Master Infrastructure Proj), 6.00%, 11/1/57 | 1415000 | 1419954 |
| Osceola Transportation County Rev., Capital Appreciation, 0.00%, 10/1/42<sup>(5)</sup> | 385000 | 183781 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.75%, 9/1/54 (AG) | 290000 | 314236 |
| Pinellas County Housing Finance Authority Rev., (SP Pinellas III LLC), 4.70%, 10/1/43 (FHLMC) | 1000000 | 1046313 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 100000 | 102630 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 475000 | 483503 |
| South Florida Water Management District COP, 5.00%, 10/1/36 | 560000 | 560802 |
| South Miami Health Facilities Authority, Inc. Rev., (Baptist Health South Florida Obligated Group), VRN, 5.00%, 8/15/65 | 580000 | 637231 |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.50%, 1/1/30<sup>(1)</sup> | 800000 | 802085 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.55%, 5/1/39 | 250000 | 242618 |
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.50%, 5/1/53 | 940000 | 959384 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 5.25%, 5/1/54<sup>(1)</sup> | 490000 | 493768 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 3.75%, 5/1/29<sup>(1)</sup> | 600000 | 607068 |
| Village Community Development District No. 16 Special Assessment, (Village Community Development District No. 16 Series 2025, Special Assessment), 4.00%, 5/1/35 | 1050000 | 1081197 |
| Village Community Development District No. 16 Special Assessment, (Village Community Development District No. 16 Series 2025, Special Assessment), 4.875%, 5/1/45 | 1500000 | 1527339 |
| Wildwood Utility Dependent District Rev., 5.00%, 10/1/36 (BAM) | 455000 | 503775 |
| Wildwood Utility Dependent District Rev., 5.50%, 10/1/48 (AG) | 780000 | 842932 |
|  |  | 60343284 |
| **Georgia — 3.9%** |  |  |
| Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/36 | 2015000 | 2048649 |
| Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 | 1000000 | 1004011 |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/43 (BAM) | 290000 | 294885 |
| Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 | 1000000 | 883084 |
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 390000 | 409199 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.70%, 10/1/32 | 525000 | 537620 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | 1500000 | 1530382 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.375%, 11/1/53 | 180000 | 181420 |
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 1500000 | 1548983 |
| George L Smith II Congress Center Authority Rev., 4.00%, 1/1/36 | 500000 | 509202 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31<sup>(1)</sup> | 475000 | 469665 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36<sup>(1)</sup> | 500000 | 519493 |
| Georgia Ports Authority Rev., 5.25%, 7/1/52 | 1500000 | 1587574 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup, Inc.) | 1200000 | 1235874 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 415000 | 423343 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) | 535000 | 574492 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 550000 | 594016 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | $955000 | $1025558 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Royal Bank of Canada) | 1910000 | 2084691 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 1500000 | 1633015 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 1000000 | 1098515 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/55 (GA: Citigroup, Inc.) | 1000000 | 1090866 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 1325000 | 1281744 |
|  |  | 22566281 |
| **Guam — 0.4%** |  |  |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.50%, 7/1/43 | 730000 | 808046 |
| Guam Power Authority Rev., 5.00%, 10/1/42 | 200000 | 215227 |
| Guam Power Authority Rev., 5.00%, 10/1/43 | 200000 | 213940 |
| Guam Power Authority Rev., 5.00%, 10/1/44 | 200000 | 211522 |
| Port Authority of Guam Rev., 5.00%, 7/1/33 | 250000 | 258589 |
| Port Authority of Guam Rev., 5.00%, 7/1/34 | 225000 | 232387 |
| Port Authority of Guam Rev., 5.00%, 7/1/35 | 200000 | 206343 |
|  |  | 2146054 |
| **Hawaii — 0.2%** |  |  |
| City & County Honolulu Wastewater System Rev., 5.00%, 7/1/38 | 125000 | 146788 |
| Honolulu GO, 5.00%, 7/1/29 | 830000 | 907363 |
|  |  | 1054151 |
| **Idaho — 0.1%** |  |  |
| Idaho Health Facilities Authority Rev., (St. Luke's Health System Ltd. Obligated Group ID), 4.00%, 3/1/46 (BAM-TCRS) | 365000 | 349812 |
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 370000 | 416285 |
|  |  | 766097 |
| **Illinois — 6.7%** |  |  |
| Board of Trustees of the University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.00%, 10/1/37 | 1000000 | 1126239 |
| Brown County Community Unit School District No. 1 GO, 5.00%, 12/1/37 (BAM) | 1125000 | 1262350 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/29 (BAM) | 840000 | 898583 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/32 (BAM) | 695000 | 787339 |
| Chicago GO, 4.00%, 1/1/35 | 500000 | 501760 |
| Chicago GO, 5.25%, 1/1/38 | 1000000 | 1065611 |
| Chicago GO, 6.00%, 1/1/38 | 20000 | 20297 |
| Chicago GO, 5.50%, 1/1/49 | 30000 | 30152 |
| Chicago GO, 6.00%, 1/1/50 | 800000 | 842333 |
| Chicago Board of Education GO, 5.00%, 12/1/27 (AG) | 700000 | 727167 |
| Chicago Board of Education GO, 5.00%, 12/1/34 | 280000 | 281887 |
| Chicago Board of Education GO, 5.00%, 12/1/42 | 1060000 | 1057347 |
| Chicago Midway International Airport Rev., 5.75%, 1/1/48 (BAM) | 285000 | 305969 |
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/43 (BAM) | 1000000 | 1085851 |
| Chicago O'Hare International Airport Rev., (TrIPs Obligated Group), 5.50%, 7/1/37 | 1000000 | 1159410 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/38 (BAM) | 500000 | 564950 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 (AG) | 1000000 | 1102162 |
| Chicago Wastewater Transmission Rev., 5.25%, 1/1/53 (AG) | 750000 | 785236 |
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 1000000 | 1016733 |
| Chicago Waterworks Rev., 5.00%, 11/1/36 (AG) | 500000 | 517534 |
| Cook County GO, 5.00%, 11/15/31 | 1000000 | 1015642 |
| Cook County Sales Tax Rev., 4.00%, 11/15/40 | 900000 | 909789 |
| Cook County Sales Tax Rev., 5.25%, 11/15/45 (BAM-TCRS) | 725000 | 775845 |
| Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.80%, 12/1/43<sup>(1)</sup> | 335000 | 351921 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.125%, 12/1/50 (GA: Centerpoint Properties TR)<sup>(1)</sup> | $1000000 | $1015941 |
| Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/34<sup>(1)</sup> | 1770000 | 1897842 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine and Science), 5.25%, 8/1/35<sup>(1)</sup> | 910000 | 976338 |
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 | 250000 | 257168 |
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/59 | 770000 | 846647 |
| Illinois Housing Development Authority Rev., (Island Terrace 4% Preservation Associates LP), VRN, 2.80%, 8/1/28 | 350000 | 350933 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40 | 1000000 | 1002492 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 1000000 | 1007701 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/42 | 380000 | 392390 |
| Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43 | 345000 | 381493 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/47 | 3500000 | 3737565 |
| Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/37 (BAM) | 1450000 | 1665623 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 5.00%, 6/15/29 | 330000 | 342635 |
| Springfield Electric Rev., 5.00%, 3/1/33 (BAM) | 2000000 | 2289593 |
| State of Illinois GO, 5.00%, 11/1/29 | 595000 | 619521 |
| State of Illinois GO, 5.00%, 10/1/33 | 200000 | 210764 |
| State of Illinois GO, 5.50%, 10/1/39 | 1000000 | 1121413 |
| State of Illinois GO, 5.50%, 3/1/42 | 1250000 | 1366443 |
| Village of Downers Grove GO, 4.00%, 1/1/41 | 1015000 | 1024020 |
|  |  | 38698629 |
| **Indiana — 1.2%** |  |  |
| Carmel Waterworks Rev., 5.25%, 5/1/47 (BAM) | 330000 | 348336 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/53 | 250000 | 250710 |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/62 | 365000 | 384298 |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/64 | 445000 | 480405 |
| Indiana Finance Authority Rev., (Retirement Living, Inc. Obligated Group), 5.25%, 3/1/50 | 585000 | 594812 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/49 | 1030000 | 1041906 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.75%, 7/1/64 | 470000 | 446979 |
| Indiana Finance Authority Rev., (Westminster Village Greenwood, Inc. Obligated Group), 3.75%, 5/15/32 | 200000 | 200860 |
| Indiana Housing & Community Development Authority Rev., (Henderson Court Housing LP), 4.54%, 3/1/43 (FNMA) | 580000 | 603083 |
| Indiana Housing & Community Development Authority Rev., (Carriage House Glendale Housing LP), Series 2025-14FN, Class PT, 4.80%, 9/1/41 (FNMA) | 620000 | 662005 |
| Indianapolis Local Public Improvement Bond Bank Rev., 4.00%, 2/1/47 | 750000 | 725203 |
| Purdue University Rev., 5.00%, 7/1/40 | 750000 | 844387 |
| Valparaiso Rev., (Pratt Paper IN LLC), 4.50%, 1/1/34<sup>(1)</sup> | 225000 | 234840 |
|  |  | 6817824 |
| **Iowa — 0.8%** |  |  |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/34 | 900000 | 1072779 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/41 | 1000000 | 1001038 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.12%, (SOFR plus 0.55%), 5/15/56 | 500000 | 496512 |
| Muscatine Power & Water Electric Rev., 5.00%, 12/1/45 (AG) | 1000000 | 1070123 |
| Polk County GO, 5.00%, 6/1/44 | 1000000 | 1050336 |
|  |  | 4690788 |
| **Kansas — 0.5%** |  |  |
| Garden City Rev., (City of Garden City KS STAR Bond District), 5.375%, 6/1/39<sup>(1)</sup> | 875000 | 895885 |
| Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 | 700000 | 786989 |
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 130000 | 128024 |
| Wyandotte County-Kansas City Unified Government Rev., (Wyandotte Cnty-Kansas City Unified Government Northwest Speedway Star Bond Dist), 5.50%, 3/1/46<sup>(1)(2)</sup> | 1000000 | 1003024 |
|  |  | 2813922 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Kentucky — 0.5%** | | |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/30 | $370000 | $399335 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100000 | 101288 |
| Kentucky Public Energy Authority Rev., VRN, 3.66%, (SOFR plus 1.20%), 8/1/52 (GA: Morgan Stanley) | 1000000 | 1005752 |
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 4/1/54 (GA: Morgan Stanley) | 500000 | 550308 |
| Louisville/Jefferson County Metropolitan Government Rev., (Norton Healthcare Obligated Group), VRN, 5.00%, 10/1/47 | 1000000 | 1072896 |
|  |  | 3129579 |
| **Louisiana — 0.8%** |  |  |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/36 (AG) | 535000 | 624887 |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/37 (AG) | 750000 | 864784 |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/40 (AG) | 500000 | 561153 |
| Louisiana Offshore Terminal Authority Rev., (Loop LLC), VRN, 4.20%, 9/1/33 | 1000000 | 1028442 |
| Louisiana Public Facilities Authority Rev., (Acadiana Renaissance Charter Academy), 6.00%, 6/15/59<sup>(1)</sup> | 800000 | 810299 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AG) | 250000 | 254030 |
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 3.30%, 6/1/37 | 550000 | 559700 |
|  |  | 4703295 |
| **Maryland — 2.3%** |  |  |
| Baltimore Rev., (City of Baltimore MD City-Wide Affordable Housing Dev Dist Tax Increment Fund), 5.25%, 6/1/55<sup>(1)</sup> | 1600000 | 1597913 |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.00%, 6/1/51 | 400000 | 402025 |
| Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200000 | 201019 |
| Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 170000 | 172252 |
| Brunswick Special Tax, (City of Brunswick MD Brunswick Crossing District), 5.00%, 7/1/36 | 350000 | 359194 |
| Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 400000 | 412575 |
| Maryland Community Development Administration Rev., (Fairfield Marley Station LP), 4.35%, 2/1/44 (FNMA) | 1500000 | 1511063 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/27 | 375000 | 384373 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/34 | 725000 | 809594 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/50 | 1000000 | 847953 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 | 500000 | 424875 |
| Maryland Stadium Authority Rev., (Baltimore City Public School Construction Financing Fund), 5.00%, 5/1/42 (ST INTERCEPT) | 625000 | 646323 |
| Montgomery County GO, 5.00%, 8/1/30 | 1640000 | 1840499 |
| State of Maryland GO, 5.00%, 3/15/28 | 535000 | 566345 |
| State of Maryland GO, 5.00%, 6/1/36 | 1500000 | 1705073 |
| State of Maryland Department of Transportation Rev., 5.00%, 10/1/28 | 1320000 | 1380129 |
|  |  | 13261205 |
| **Massachusetts — 1.8%** |  |  |
| Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 | 1190000 | 1286696 |
| Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/52 | 1000000 | 1039073 |
| Massachusetts GO, 5.00%, 10/1/37 | 1000000 | 1141618 |
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/42 | 750000 | 833605 |
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/52 | 750000 | 748945 |
| Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 4.25%, 7/1/34<sup>(1)</sup> | 450000 | 469302 |
| Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29<sup>(1)</sup> | 300000 | 300115 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32<sup>(1)</sup> | 100000 | 100460 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37<sup>(1)</sup> | 150000 | 152301 |
| Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 800000 | 863629 |
| Massachusetts School Building Authority Rev., 5.00%, 2/15/38 | 430000 | 531322 |
| Massachusetts School Building Authority Rev., 5.00%, 8/15/45 | 730000 | 772395 |
| Massachusetts Water Resources Authority Rev., 5.00%, 8/1/37 | 1845000 | 2160527 |
|  |  | 10399988 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Michigan — 3.2%** | | |
| Avondale School District GO, 4.125%, 11/1/46 (Q-SBLF)<sup>(2)</sup> | $1100000 | $1069126 |
| Avondale School District GO, 4.125%, 5/1/47 (Q-SBLF)<sup>(2)</sup> | 525000 | 507022 |
| Detroit GO, 5.00%, 4/1/26 | 1320000 | 1322200 |
| Detroit GO, 5.00%, 4/1/35 | 300000 | 327689 |
| Detroit GO, 5.00%, 4/1/38 | 740000 | 796750 |
| Detroit GO, 4.00%, 4/1/42 | 1050000 | 1041948 |
| Detroit GO, 6.00%, 5/1/43 | 275000 | 310778 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/40 | 640000 | 712778 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/42 | 410000 | 447273 |
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/39 | 1100000 | 1221426 |
| Grand Rapids Economic Development Corp. Rev., (Michigan Christian Home Obligated Group), 4.125%, 11/1/30 | 1285000 | 1289265 |
| Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/36 | 770000 | 775855 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/37 | 550000 | 632575 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/38 | 1000000 | 1151470 |
| Kalamazoo Economic Development Corp. Rev., 4.25%, 8/15/31<sup>(1)</sup> | 335000 | 336093 |
| Kalamazoo Economic Development Corp. Rev., (Friendship Village of Kalamazoo Obligated Group), 3.90%, 8/15/31<sup>(1)</sup> | 390000 | 391333 |
| Lansing Board of Water & Light Rev., 5.00%, 7/1/49 | 1145000 | 1202604 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 395000 | 400822 |
| Michigan State Building Authority Rev., (State of Michigan), 4.00%, 10/15/49 | 825000 | 783094 |
| Michigan State Hospital Finance Authority Rev., (Corewell Health Obligated Group), VRN, 5.00%, 8/15/55 | 545000 | 612175 |
| Michigan State Housing Development Authority Rev., 4.25%, 12/1/37 | 730000 | 763579 |
| State of Michigan Trunk Line Rev., 5.00%, 11/15/46 | 1650000 | 1760679 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.50%, 12/1/42 (AG) | 440000 | 493209 |
|  |  | 18349743 |
| **Minnesota — 0.7%** |  |  |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/30 | 250000 | 272644 |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/31 | 210000 | 232303 |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/32 | 275000 | 307747 |
| State of Minnesota GO, 5.00%, 10/1/27 | 900000 | 941657 |
| State of Minnesota GO, 5.00%, 8/1/33 | 1000000 | 1179822 |
| State of Minnesota GO, 4.00%, 8/1/41 | 950000 | 988716 |
|  |  | 3922889 |
| **Mississippi — 0.4%** |  |  |
| Hinds County COP, 4.625%, 9/1/54 (BAM)<sup>(1)</sup> | 685000 | 659811 |
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 1390000 | 1452276 |
|  |  | 2112087 |
| **Missouri — 1.3%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/48 | 1000000 | 1019326 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/48 | 355000 | 382097 |
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 30000 | 26535 |
| Jackson County School District No. R-IV Blue Springs GO, 5.50%, 3/1/42 | 1000000 | 1145072 |
| Kansas City Industrial Development Authority Rev., (City of Kansas City MO), 5.00%, 3/1/44 | 1000000 | 1023174 |
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 748387 | 789113 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 145000 | 145509 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/41 | 1275000 | 1275013 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/46 | 1500000 | 1476751 |
|  |  | 7282590 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Nebraska — 0.7%** | | |
| Central Plains Energy Project Rev., 5.00%, 9/1/29 (GA: Goldman Sachs Group, Inc.) | $500000 | $536585 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1064505 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/54 (GA: Bank of Montreal) | 1180000 | 1262716 |
| Omaha Public Power District Rev., 5.50%, 2/1/54 | 1000000 | 1080418 |
|  |  | 3944224 |
| **Nevada — 1.2%** |  |  |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/49 | 600000 | 625560 |
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.50%, 12/1/53 | 700000 | 712987 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 665000 | 573244 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 350000 | 353680 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 190000 | 192028 |
| Las Vegas Special Improvement District No. 817 Special Assessment, 6.00%, 6/1/48 | 500000 | 531997 |
| Las Vegas Special Improvement District No. 819 Special Assessment, 5.50%, 6/1/55 | 385000 | 393320 |
| Reno Special Assessment, (City of Reno NV 2024 District No. 1), 5.125%, 6/1/47<sup>(1)</sup> | 465000 | 470454 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/39 | 185000 | 196996 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/44 | 170000 | 174605 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.125%, 6/1/54 | 215000 | 215222 |
| Sparks Tourism Improvement District No. 1 Rev., (Sparks Tourism Improvement District No. 1 Sales Tax), 3.875%, 6/15/28 | 245000 | 247146 |
| State of Nevada GO, 5.00%, 8/1/30 | 1530000 | 1676988 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 500000 | 501504 |
|  |  | 6865731 |
| **New Hampshire — 0.3%** |  |  |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 6/1/51 (BAM) | 1000000 | 1055667 |
| New Hampshire Business Finance Authority Rev., SEQ, 4.125%, 1/20/34 | 270845 | 282813 |
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/38 | 555000 | 559089 |
|  |  | 1897569 |
| **New Jersey — 2.2%** |  |  |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/37 | 500000 | 561243 |
| New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 625000 | 727700 |
| New Jersey Higher Education Student Assistance Authority Rev., VRN, 5.00%, 12/1/56 | 2000000 | 2010614 |
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 455000 | 486272 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/35 | 1000000 | 1144752 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 1500000 | 1750431 |
| New Jersey Turnpike Authority Rev., 5.25%, 1/1/50 | 1000000 | 1085262 |
| New Jersey Turnpike Authority Rev., 5.25%, 1/1/54 | 1000000 | 1067032 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/26 | 1405000 | 1413034 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/34 | 250000 | 261067 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/36 | 1000000 | 1039079 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 1425000 | 1411926 |
|  |  | 12958412 |
| **New Mexico — 0.3%** |  |  |
| Aspire Public Improvement District Special Tax, 5.30%, 10/1/53 | 500000 | 484522 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.25%, 5/1/40<sup>(1)</sup> | 1000000 | 985097 |
|  |  | 1469619 |
| **New York — 8.5%** |  |  |
| Build NYC Resource Corp. Rev., (RiverSpring Health Senior Living, Inc. Obligated Group), 5.25%, 12/15/31<sup>(1)</sup> | 6000000 | 6015245 |
| Build NYC Resource Corp. Rev., (TrIPs Obligated Group), 5.50%, 7/1/44 | 1000000 | 1094634 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/50 | 1000000 | 1042543 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/45 | $1000000 | $1072971 |
| Long Island Power Authority Rev., VRN, 3.00%, 9/1/49 | 500000 | 502603 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 1310000 | 1395026 |
| Metropolitan Transportation Authority Rev., VRN, 3.26%, (SOFR plus 0.80%), 11/1/32 (AG) | 250000 | 250015 |
| New York City GO, 5.00%, 2/1/40 | 600000 | 686467 |
| New York City GO, 5.25%, 5/1/41 | 150000 | 166155 |
| New York City GO, 5.00%, 4/1/43 | 500000 | 515928 |
| New York City GO, 4.00%, 8/1/44 | 1000000 | 984662 |
| New York City GO, 4.00%, 9/1/46 | 250000 | 241447 |
| New York City GO, 5.50%, 4/1/48 | 1000000 | 1084966 |
| New York City GO, 5.00%, 3/1/50 | 700000 | 720376 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29 | 1100000 | 1154530 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/43 | 1000000 | 1108013 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.25%, 6/15/52 | 500000 | 528177 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/29 | 1230000 | 1352772 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/32 | 250000 | 290691 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/39 | 1250000 | 1413771 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | 1000000 | 1130624 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 650000 | 652865 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.25%, 11/15/39 (AG) | 400000 | 469223 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/39 | 300000 | 329062 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/42 | 870000 | 924098 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/43 | 800000 | 842842 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 1000000 | 957374 |
| New York State Dormitory Authority Rev., (Orchard Park CCRC, Inc. Obligated Group), 3.32%, 11/15/30 | 1200000 | 1207245 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 500000 | 580400 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/40 | 1535000 | 1559791 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.25%, 3/15/52 | 330000 | 349955 |
| New York State Environmental Facilities Corp. Rev., (New York City Water & Sewer System), 5.00%, 6/15/39 | 1000000 | 1164800 |
| New York State Environmental Facilities Corp. Rev., (New York City Water & Sewer System), 5.00%, 6/15/45 | 1500000 | 1661058 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.30%, 12/15/54 | 230000 | 231021 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.35%, 12/15/54 | 235000 | 237655 |
| New York State Thruway Authority Rev., 4.00%, 1/1/38 | 700000 | 730522 |
| New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 130000 | 125420 |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.625%, 4/1/40 | 545000 | 583573 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/26 | 1000000 | 1016767 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/33 | 1000000 | 1101478 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 200000 | 200449 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 640000 | 682014 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), 5.25%, 12/31/54 (AG) | 1250000 | 1284131 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), VRN, 0.00%, 12/31/54 (AG) | 750000 | 506576 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/54 (AG) | 1000000 | 1006954 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/54 | 1000000 | 1049766 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/55 | 445000 | 475341 |
| Port Authority of New York & New Jersey Rev., 5.00%, 12/1/41 | 400000 | 452181 |
| State of New York GO, 5.00%, 3/15/41 | 1000000 | 1130627 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/51 | 580000 | 600318 |
| Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/54 | 1000000 | 908235 |
| Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax), 5.25%, 5/15/52 | 750000 | 786631 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 | 1000000 | 1119193 |
| Westchester County Local Development Corp. Rev., (New York Blood Center, Inc.), 5.00%, 7/1/38 | 1000000 | 1097012 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.75%, 11/1/49 (AG) | $400000 | $435355 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100000 | 101370 |
|  |  | 49312918 |
| **North Carolina — 1.1%** |  |  |
| Charlotte Airport Rev., 5.25%, 7/1/41 | 1765000 | 2006924 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group),VRN, 3.25%, 1/15/50 | 350000 | 353469 |
| North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community Obligated Group), 3.20%, 11/1/30 | 845000 | 849369 |
| North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community Obligated Group), 3.45%, 11/1/30 | 1250000 | 1256441 |
| North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 | 715000 | 633224 |
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.50%, 9/1/29 | 310000 | 310573 |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.25%, 10/1/28 | 350000 | 350282 |
| State of North Carolina Rev., 5.00%, 3/1/34 | 345000 | 370330 |
|  |  | 6130612 |
| **Ohio — 4.3%** |  |  |
| Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 | 1495000 | 1353241 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/31 | 845000 | 931961 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/39 | 1250000 | 1381187 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 1175000 | 1181417 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 1050000 | 912760 |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 2000000 | 1654046 |
| Columbus Regional Airport Authority Rev., 5.00%, 1/1/38 | 1500000 | 1678221 |
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | 450000 | 487055 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360000 | 361252 |
| Dayton-Montgomery County Port Authority Rev., (Magnus Forest Avenue LP), VRN, 3.20%, 1/1/44 | 1135000 | 1145616 |
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 795000 | 862234 |
| Lorain Metropolitan Housing Authority Rev., (Wilkes Villa LLC), VRN, 3.22%, 6/1/29 (HUD) | 1000000 | 1008624 |
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/49 | 1000000 | 1023470 |
| Ohio Housing Finance Agency Rev., (Scarborough Senior Housing LP), 5.00%, 4/1/45 (FNMA) | 1465000 | 1489561 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/33 | 1500000 | 1777811 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42 | 1250000 | 1382795 |
| Port of Greater Cincinnati Development Authority Rev., (Cambridge Arms Preservation LP), 4.40%, 11/1/40 (FNMA) | 2500000 | 2565142 |
| State of Ohio Rev., (Children's Hospital Medical Center of Akron Obligated Group), VRN, 5.00%, 8/15/54 | 460000 | 518083 |
| Toledo GO, 5.00%, 12/1/34 (BAM) | 400000 | 465735 |
| Worthington City School District GO, 5.50%, 12/1/54 | 2255000 | 2409820 |
|  |  | 24590031 |
| **Oklahoma — 0.5%** |  |  |
| Oklahoma Capitol Improvement Authority Rev., (State of Oklahoma), 4.00%, 7/1/38 | 850000 | 875012 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41 | 240000 | 275229 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42 | 275000 | 312230 |
| Oklahoma Water Resources Board Rev., (State of Oklahoma Drinking Water State Revolving Fund), 4.00%, 4/1/48 | 1000000 | 950586 |
| Tulsa Municipal Airport Trust Trustees Rev., (American Airlines, Inc.), 6.25%, 12/1/35 | 445000 | 523556 |
|  |  | 2936613 |
| **Oregon — 0.7%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250000 | 253627 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/47 | 100000 | 97835 |
| Forest Grove Rev., (Pacific University), Series 2022A, 5.00%, 5/1/31 | 1450000 | 1555271 |
| Oregon Housing & Community Services Department Rev., (Civic Station Housing LP), VRN, 3.125%, 7/1/44 | 335000 | 337896 |
| State of Oregon GO, 5.00%, 8/1/48 | 500000 | 538225 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| State of Oregon Department of Transportation Rev., 5.25%, 11/15/47 | $1000000 | $1074836 |
|  |  | 3857690 |
| **Pennsylvania — 3.7%** |  |  |
| Adams County General Authority Rev., (Brethren Home Community Obligated Group), 3.60%, 6/1/29 | 155000 | 156930 |
| Allegheny County Airport Authority Rev., 5.00%, 1/1/32 (AG) | 500000 | 557814 |
| Allegheny County Industrial Development Authority Rev., (United States Steel Corp.), 5.125%, 5/1/30 | 250000 | 266309 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 6/30/39 | 315000 | 301534 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 0.00%, 6/30/44 | 157000 | 116700 |
| Bucks County Water & Sewer Authority Rev., 5.00%, 12/1/37 (AG) | 450000 | 507603 |
| Bucks County Water & Sewer Authority Rev., 5.00%, 12/1/38 (AG) | 525000 | 588179 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/31 | 1850000 | 1948064 |
| Commonwealth Financing Authority Rev., 4.00%, 6/1/39 (AG) | 2000000 | 2007451 |
| Delaware River Port Authority Rev., 5.00%, 1/1/40 | 800000 | 912995 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 1500000 | 1608678 |
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.75%, 6/30/48 | 400000 | 423392 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/46 (AG) | 1000000 | 1036460 |
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 525000 | 556965 |
| Pennsylvania State University Rev., 5.00%, 9/1/32 | 700000 | 813775 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 460000 | 530866 |
| Pennsylvania Turnpike Commission Rev., 4.00%, 12/1/38 | 560000 | 568131 |
| Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44 | 750000 | 819192 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/48 | 650000 | 686744 |
| Pennsylvania Turnpike Commission Rev., VRN, 5.00%, 12/1/45 | 860000 | 977236 |
| Philadelphia Gas Works Co. Rev., 5.25%, 8/1/49 | 1000000 | 1060308 |
| Philadelphia Water & Wastewater Rev., 5.25%, 9/1/54 (AG) | 1500000 | 1595958 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/39 (AG) | 750000 | 843563 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/46<sup>(2)</sup> | 750000 | 809546 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/47<sup>(2)</sup> | 850000 | 911176 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/48 (AG) | 500000 | 524253 |
| School District of Philadelphia GO, 5.50%, 9/1/48 (ST AID WITHHLDG) | 185000 | 198022 |
|  |  | 21327844 |
| **Puerto Rico — 0.5%** |  |  |
| Puerto Rico GO, 5.625%, 7/1/27 | 1300000 | 1330469 |
| Puerto Rico GO, 5.625%, 7/1/29 | 750000 | 801402 |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 434986 | 269147 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(5)</sup> | 2000000 | 526215 |
|  |  | 2927233 |
| **Rhode Island — 0.2%** |  |  |
| State of Rhode Island GO, 5.00%, 12/1/41 | 300000 | 333889 |
| State of Rhode Island GO, 5.00%, 12/1/42 | 500000 | 551139 |
| State of Rhode Island GO, 5.00%, 12/1/43 | 500000 | 545474 |
|  |  | 1430502 |
| **South Carolina — 0.8%** |  |  |
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.25%, 11/1/40 | 100000 | 98029 |
| Goose Creek Special Assessment, (City of Goose Creek SC Carnes Crossroads Improvement District), 5.50%, 10/1/55<sup>(1)</sup> | 900000 | 910205 |
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 750000 | 824734 |
| Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.75%, 11/1/36<sup>(1)</sup> | 270000 | 236184 |
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.75%, 11/15/54 | 300000 | 307505 |
| South Carolina Jobs-Economic Development Authority Rev., (Novant Health Obligated Group), 5.00%, 11/1/34 | 1070000 | 1245924 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| South Carolina Jobs-Economic Development Authority Rev., (Novant Health Obligated Group), 5.50%, 11/1/48 | $500000 | $538358 |
| South Carolina State Housing Finance & Development Authority Rev., (Oak Grove at Hunt Club LLC), VRN, 3.15%, 11/1/43 | 280000 | 282591 |
|  |  | 4443530 |
| **South Dakota — 0.4%** |  |  |
| South Dakota Health & Educational Facilities Authority Rev., (Presbyterian Retirement Village of Rapid City, Inc.), 3.25%, 9/1/30 | 2350000 | 2353158 |
| **Tennessee — 1.5%** |  |  |
| Hamilton County & Chattanooga Sports Authority Rev., 6.00%, 12/1/55 | 1000000 | 1131480 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/35 (BAM) | 320000 | 363533 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/44 (BAM) | 380000 | 404428 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.25%, 7/1/49 (BAM) | 250000 | 263035 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., (Vanderbilt University), 5.00%, 10/1/54 | 1000000 | 1057637 |
| Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (Nashville & Davidson County TN South Nashville Central Business Improvement Dis), Capital Appreciation, 0.00%, 6/1/43<sup>(1)(5)</sup> | 2395000 | 1094178 |
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.25%, 7/1/48 (AG) | 1000000 | 1069653 |
| Nashville Metropolitan Development & Housing Agency Tax Allocation, (Nashville Metropolitan Development & Housing Agency Fifth + Broadway Redev Area), 5.125%, 6/1/36<sup>(1)</sup> | 225000 | 229909 |
| Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.25%, 6/1/56<sup>(1)</sup> | 800000 | 777440 |
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 750000 | 805472 |
| Tennessee Energy Acquisition Corp. Rev., 5.00%, 11/1/34 (GA: Massachusetts Mutual Life) | 1500000 | 1662732 |
|  |  | 8859497 |
| **Texas — 10.5%** |  |  |
| Arlington Higher Education Finance Corp. Rev., (BASIS Texas Charter Schools, Inc.), 5.125%, 6/15/40<sup>(1)</sup> | 1000000 | 1044240 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 300000 | 312937 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/33 (PSF-GTD) | 1200000 | 1355748 |
| Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 4.25%, 11/1/32<sup>(1)</sup> | 384000 | 389673 |
| Austin Airport System Rev., 5.00%, 11/15/41 | 1000000 | 1079350 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/28 (BAM) | 300000 | 319637 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/29 (BAM) | 235000 | 256132 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/30 (BAM) | 280000 | 311412 |
| Brooks Development Authority Rev., VRN, 5.00%, 8/15/42<sup>(1)</sup> | 2000000 | 2060187 |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 | 655000 | 670113 |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 250000 | 262310 |
| Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 | 1290000 | 1165403 |
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 1500000 | 1639392 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) | 465000 | 465481 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/40 | 250000 | 282451 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/47 | 1000000 | 1054194 |
| Dallas Fort Worth International Airport Rev., VRN, 5.00%, 11/1/50 | 2000000 | 2242132 |
| Dallas Housing Finance Corp. Rev., (Illinois 2024 Ltd.), Series 2025-17FN, Class PT, 5.00%, 3/1/44 (FNMA) | 300000 | 324561 |
| Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/47 | 250000 | 266384 |
| Deer Park Independent School District GO, 4.00%, 8/15/43 (PSF-GTD) | 2420000 | 2425580 |
| Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/53 (BAM)<sup>(5)</sup> | 2000000 | 518047 |
| Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1000000 | 1057279 |
| Fort Bend Independent School District GO, VRN, 4.00%, 8/1/54 (PSF-GTD) | 1400000 | 1430741 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/39 (AG) | 450000 | 505365 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/34 (AG) | 250000 | 286738 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/35 (AG) | 365000 | 417154 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/36 (AG) | 285000 | 323450 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/37 (AG) | $210000 | $237301 |
| Galveston Wharves & Terminal Rev., 5.50%, 8/1/40 | 1020000 | 1123569 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Houston Methodist Hospital Obligated Group), 5.00%, 12/1/29 | 675000 | 740753 |
| Harris Toll Road Rev., 5.00%, 8/15/34 | 1330000 | 1548736 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/31 (AG) | 360000 | 400899 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/33 (AG) | 345000 | 392762 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/34 (AG) | 300000 | 345298 |
| Houston GO, 5.25%, 3/1/40 | 655000 | 735706 |
| Houston Airport System Rev., (United Airlines, Inc.), 5.50%, 7/15/36 | 1250000 | 1374947 |
| Houston Airport System Rev., (United Airlines, Inc.), 5.50%, 7/15/38 | 430000 | 473220 |
| Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 | 500000 | 473271 |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 200000 | 161167 |
| Lower Colorado River Authority Rev., VRN, 5.00%, 5/15/45 | 365000 | 410888 |
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 900000 | 926496 |
| Mission Economic Development Corp. Rev., (Graphic Packaging International LLC), VRN, 5.00%, 12/1/64 | 1000000 | 1048580 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | 315000 | 315417 |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/36 | 250000 | 288476 |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/37 | 450000 | 514613 |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/38 | 200000 | 226860 |
| North Texas Tollway Authority Rev., 4.00%, 1/1/33 | 245000 | 247391 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/43 | 380000 | 392665 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/27 | 1175000 | 1203383 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/38 (AG)<sup>(5)</sup> | 1000000 | 672764 |
| Northside Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) | 1000000 | 1178743 |
| Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/40 | 1000000 | 1124453 |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 4.25%, 9/1/33<sup>(1)</sup> | 425000 | 432974 |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.125%, 9/1/45<sup>(1)</sup> | 175000 | 176779 |
| Round Rock Independent School District GO, VRN, 5.00%, 8/1/44 (PSF-GTD) | 1350000 | 1502378 |
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/43 | 1250000 | 1409301 |
| San Antonio Electric & Gas Systems Rev., VRN, 2.90%, 2/1/55 | 375000 | 375700 |
| San Antonio Electric & Gas Systems Rev., VRN, 3.08%, 2/1/55 | 750000 | 759211 |
| Southeast Regional Management District GO, 4.25%, 4/1/46 (AG) | 1500000 | 1469820 |
| State of Texas GO, 5.00%, 8/1/40 | 815000 | 816308 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), 5.00%, 11/15/44 | 250000 | 274732 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), 5.00%, 11/15/45 | 250000 | 271918 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 160000 | 160841 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Cumberland Rest, Inc. Obligated Group), 5.00%, 10/1/28 | 430000 | 451141 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Cumberland Rest, Inc. Obligated Group), 5.00%, 10/1/29 | 455000 | 485248 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 | 665000 | 668295 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), VRN, 5.00%, 11/15/64 | 780000 | 881390 |
| Tarrant County Hospital District GO, 4.25%, 8/15/48 | 500000 | 489390 |
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 1650000 | 1806696 |

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Schedule of Investments - Diversified Municipal Bond ETF

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Texas Municipal Power Agency Rev., 5.50%, 9/1/50 (BAM) | $400000 | $432143 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/37 | 505000 | 510317 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 | 1300000 | 1310857 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.50%, 12/31/58 | 875000 | 908699 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/42 | 1000000 | 1025898 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/38 | 500000 | 570743 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 | 610000 | 614968 |
| Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 4.00%, 8/1/34 | 815000 | 860804 |
| Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 | 1000000 | 1101040 |
| Viridian Municipal Management District GO, 4.00%, 12/1/33 (BAM) | 630000 | 659307 |
| Williamson County GO, 5.00%, 2/15/31 | 1000000 | 1128480 |
|  |  | 60579827 |
| **Utah — 1.6%** |  |  |
| Downtown Revitalization Public Infrastructure District Rev., (City of Salt Lake City UT Revitalization Sales Tax), 5.00%, 6/1/36 (AG) | 585000 | 634632 |
| Downtown Revitalization Public Infrastructure District Rev., (City of Salt Lake City UT Revitalization Sales Tax), 5.00%, 6/1/37 (AG) | 585000 | 631991 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., 5.875%, 3/1/45 | 500000 | 524772 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., 6.125%, 3/1/55 | 500000 | 522345 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., Capital Appreciation, VRN, 0.00%, 3/1/55 | 500000 | 409419 |
| Salt Lake City Airport Rev., 5.00%, 7/1/26 | 300000 | 302545 |
| South Salt Lake Redevelopment Agency Tax Allocation, 6.25%, 4/15/46<sup>(1)</sup> | 890000 | 911915 |
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/26 (BAM) | 500000 | 504787 |
| UIPA Crossroads Public Infrastructure District Tax Allocation, (UIPA Crossroads Public Infrastructure District AJL Project Area), 4.375%, 6/1/52<sup>(1)</sup> | 750000 | 698159 |
| University of Utah Rev., 5.00%, 8/1/46 | 1120000 | 1177227 |
| Utah Housing Corp. Rev., (Promontory Place LLC), 4.69%, 2/1/45 (FNMA) | 890000 | 942975 |
| Utah Housing Corp. Rev., (Roers Salt Lake City Apartments Owner III LLC), 5.00%, 11/1/43 (FNMA) | 785000 | 852331 |
| Utah State University Rev., (Utah State University Research), 4.00%, 12/1/42 (AG) | 1215000 | 1224073 |
|  |  | 9337171 |
| **Virginia — 1.1%** |  |  |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/32 | 1200000 | 1378097 |
| Fairfax County Sewer Rev., 5.00%, 7/15/46 | 1000000 | 1055173 |
| Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45<sup>(1)</sup> | 600000 | 599961 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(1)</sup> | 100000 | 101342 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45<sup>(1)</sup> | 200000 | 200482 |
| Prince William County Service Authority Rev., 5.00%, 7/15/39 | 545000 | 636619 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 595000 | 601361 |
| Virginia Small Business Financing Authority Rev., (95 Express Lanes LLC), 4.00%, 1/1/39 | 1095000 | 1100899 |
| Virginia Small Business Financing Authority Rev., (Mary Washington Healthcare Obligated Group), VRN, 5.00%, 6/15/60 | 525000 | 601749 |
|  |  | 6275683 |
| **Washington — 2.9%** |  |  |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 | 500000 | 563484 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 | 2000000 | 2293968 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 875000 | 960465 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/43 | 500000 | 541248 |
| Grays Harbor County Public Hospital District No. 1 Rev., 6.875%, 12/1/53 | 500000 | 551400 |
| Jefferson County Public Hospital District No. 2 Rev., 6.875%, 12/1/53 | 1000000 | 1045175 |
| King County Housing Authority Rev., 5.375%, 7/1/45 | 1040000 | 1105287 |
| King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) | 1185000 | 1256445 |
| King County Sewer Rev., 5.00%, 1/1/49 | 800000 | 848465 |

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------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Seattle Municipal Light & Power Rev., 5.00%, 2/1/39 | $500000 | $582685 |
| Seattle Municipal Light & Power Rev., 5.00%, 3/1/48 | 1000000 | 1053849 |
| State of Washington GO, 5.00%, 8/1/38 | 1000000 | 1156102 |
| State of Washington GO, 5.00%, 6/1/45 | 1000000 | 1062536 |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 8/1/44 | 880000 | 825310 |
| Washington State Housing Finance Commission Rev., (Horizon House Obligated Group), 4.375%, 1/1/33 | 1070000 | 1074359 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.25%, 7/1/55 (BAM)<sup>(1)</sup> | 2000000 | 2056576 |
|  |  | 16977354 |
| **West Virginia — 0.8%** |  |  |
| Ohio County Special District Excise Tax Rev., (Fort Henry Economic Opportunity Development District Excise Tax), 5.00%, 6/1/37 (AG) | 975000 | 1092557 |
| Ohio County Special District Excise Tax Rev., (Fort Henry Economic Opportunity Development District Excise Tax), 5.00%, 6/1/40 (AG) | 525000 | 576298 |
| West Virginia Economic Development Authority Rev., (Commercial Metals Co.), VRN, 4.625%, 4/15/55 | 400000 | 411999 |
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.50%, 9/1/48 (AG) | 1750000 | 1874544 |
| West Virginia Parkways Authority Rev., 5.00%, 6/1/47 | 600000 | 627623 |
|  |  | 4583021 |
| **Wisconsin — 3.6%** |  |  |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.50%, 12/1/44 | 5715000 | 6132871 |
| Public Finance Authority Rev., (Air Cargo Obligated Group), 5.50%, 7/1/43 | 375000 | 390806 |
| Public Finance Authority Rev., (Air Cargo Obligated Group), 5.25%, 7/1/53 | 1295000 | 1265212 |
| Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48<sup>(1)</sup> | 75000 | 70882 |
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.25%, 6/1/45 | 330000 | 338475 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.25%, 7/1/38<sup>(1)</sup> | 630000 | 656071 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.75%, 7/1/53<sup>(1)</sup> | 920000 | 918454 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AG) | 75000 | 78753 |
| Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 | 735000 | 737474 |
| Public Finance Authority Rev., (Foothill Elliot Baymeadows LLC), VRN, 4.50%, 7/1/67 (FHLMC) | 750000 | 799376 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/32 | 350000 | 387996 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/34 | 280000 | 313369 |
| Public Finance Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/33<sup>(1)</sup> | 455000 | 459787 |
| Public Finance Authority Rev., (Pinecrest Academy of Nevada), 4.25%, 7/15/44<sup>(1)</sup> | 600000 | 561373 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.50%, 7/1/44 | 1500000 | 1586732 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.75%, 7/1/49 | 645000 | 680955 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52<sup>(1)</sup> | 250000 | 202207 |
| Public Finance Authority Rev., (SR 400 Peach Partners LLC), 5.75%, 12/31/65 | 2000000 | 2093797 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61<sup>(1)</sup> | 225000 | 161545 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61<sup>(1)</sup> | 515000 | 413747 |
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 5.00%, 7/1/41 | 250000 | 253691 |
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 | 505000 | 510361 |
| Public Finance Authority Tax Allocation, (Southeast Overtown Park West Community Redevelopment Agency), 5.00%, 6/1/41<sup>(1)</sup> | 1000000 | 1023550 |
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 150000 | 155598 |
| Wisconsin Health & Educational Facilities Authority Rev., (Fort Healthcare Inc. Obligated Group), VRN, 5.00%, 10/1/54 | 350000 | 392887 |
|  |  | 20585969 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $560,923,611) |  | **574309426** |
| **WARRANTS — 0.0%** |  |  |
| **Ground Transportation — 0.0%** |  |  |
| BL Train Holdings West LLC<sup>(4)</sup><br>(Cost $—) | 10512 | **21024** |

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------

Schedule of Investments - Diversified Municipal Bond ETF

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| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 0.1%** | **Principal Amount/Shares** | **Value** |
| **Money Market Funds — 0.1%** | | |
| BlackRock Liquidity Funds MuniCash<br>(Cost $967,828) | 967739 | $**967836** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $561,891,439) |  | **575298286** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **1491541** |
| **TOTAL NET ASSETS — 100.0%** |  | $**576789827** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | – | Assured Guaranty, Inc. |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| COP | – | Certificates of Participation |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| LIQ FAC | – | Liquidity Facilities |
| MUNIPSA | – | SIFMA Municipal Swap Index |
| PSF-GTD | – | Permanent School Fund |
| SCH BD GTY | – | School Bond Guaranty |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| ST AID WITHHLDG | – | State Aid Withholding |
| ST INTERCEPT | – | State Intercept |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $55,511,061, which represented 9.6% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security is in default.

(4)Non-income producing.

(5)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $574309426 |  |
| Warrants | $21024 |  |  |
| Short-Term Investments | 967836 |  |  |
|  | $988860 | $574309426 |  |

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Schedule of Investments - Diversified Municipal Bond ETF

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | &nbsp;&nbsp;**Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(94) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $455 |

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See Notes to Financial Statements.

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Schedule of Investments - Multisector Floating Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

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| | | |
|:---|:---|:---|
| <br>**COLLATERALIZED LOAN OBLIGATIONS — 37.8%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| 522 Funding CLO Ltd., Series 2018-3A, Class AR, VRN, 4.97%, (3-month SOFR plus 1.30%), 10/20/31<sup>(1)</sup> | $17371 | $17372 |
| ACREC LLC, Series 2025-FL3, Class A, VRN, 4.97%, (1-month SOFR plus 1.31%), 8/18/42<sup>(1)</sup> | 250000 | 249542 |
| Apidos CLO XXIV, Series 2016-24A, Class A1AL, VRN, 4.88%, (3-month SOFR plus 1.21%), 10/20/30<sup>(1)</sup> | 132784 | 132906 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.12%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 197234 | 197332 |
| AREIT Trust, Series 2022-CRE6, Class A, SEQ, VRN, 4.91%, (30-day average SOFR plus 1.25%), 1/20/37<sup>(1)</sup> | 370574 | 370332 |
| Atlas Senior Loan Fund XVII Ltd., Series 2021-17A, Class B1, VRN, 5.68%, (3-month SOFR plus 2.01%), 10/20/34<sup>(1)</sup> | 750000 | 748560 |
| Battalion CLO XIX Ltd., Series 2021-19A, Class B, VRN, 5.53%, (3-month SOFR plus 1.86%), 4/15/34<sup>(1)</sup> | 720000 | 721080 |
| BSPDF Issuer LLC, Series 2026-FL3, Class AS, VRN, 5.35%, (1-month SOFR plus 1.70%), 9/18/43<sup>(1)(2)</sup> | 500000 | 500000 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 5.92%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 60747 | 60795 |
| Canyon Capital CLO Ltd., Series 2022-1A, Class B, VRN, 5.52%, (3-month SOFR plus 1.85%), 4/15/35<sup>(1)</sup> | 500000 | 500815 |
| Dryden 60 CLO Ltd., Series 2018-60A, Class A, VRN, 4.98%, (3-month SOFR plus 1.31%), 7/15/31<sup>(1)</sup> | 46381 | 46467 |
| Golub Capital Partners CLO 79B Ltd., Series 2025-79A, Class B, VRN, 5.17%, (3-month SOFR plus 1.50%), 4/20/38<sup>(1)</sup> | 500000 | 500705 |
| KKR CLO 17 Ltd., Series 17, Class BR, VRN, 5.53%, (3-month SOFR plus 1.86%), 4/15/34<sup>(1)</sup> | 510000 | 510821 |
| LCM 35 Ltd., Series 35A, Class BR, VRN, 5.32%, (3-month SOFR plus 1.65%), 10/15/34<sup>(1)</sup> | 1000000 | 1002070 |
| LoanCore Issuer Ltd., Series 2022-CRE7, Class A, VRN, 5.21%, (30-day average SOFR plus 1.55%), 1/17/37<sup>(1)</sup> | 82258 | 82197 |
| LoanCore Issuer Ltd., Series 2022-CRE7, Class AS, VRN, 5.66%, (30-day average SOFR plus 2.00%), 1/17/37<sup>(1)</sup> | 250000 | 249160 |
| Magnetite XLVII Ltd., Series 2024-47A, Class C, VRN, 5.52%, (3-month SOFR plus 1.85%), 1/25/38<sup>(1)</sup> | 500000 | 501879 |
| MF1 Ltd., Series 2021-FL7, Class A, VRN, 4.86%, (1-month SOFR plus 1.19%), 10/16/36<sup>(1)</sup> | 115406 | 115863 |
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, VRN, 5.33%, (3-month SOFR plus 1.66%), 7/25/30<sup>(1)</sup> | 500000 | 499810 |
| Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2, VRN, 4.85%, (3-month SOFR plus 1.20%), 2/15/33<sup>(1)</sup> | 300000 | 297780 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 5.12%, (3-month SOFR plus 1.45%), 10/20/30<sup>(1)</sup> | 25 | 25 |
| Symphony CLO XXXI Ltd., Series 2022-31A, Class CR, VRN, 5.42%, (3-month SOFR plus 1.75%), 1/22/38<sup>(1)</sup> | 500000 | 500597 |
| Trestles CLO V Ltd., Series 2021-5A, Class D, VRN, 7.03%, (3-month SOFR plus 3.36%), 10/20/34<sup>(1)</sup> | 500000 | 499955 |
| TRTX Issuer Ltd., Series 2022-FL5, Class A, VRN, 5.31%, (1-month SOFR plus 1.65%), 2/15/39<sup>(1)</sup> | 290469 | 290613 |
| Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 4.90%, (3-month SOFR plus 1.23%), 4/25/31<sup>(1)</sup> | 3048 | 3050 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $8,604,681) |  | **8599726** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 20.5%** |  |  |
| BX Commercial Mortgage Trust, Series 2021-XL2, Class A, VRN, 4.46%, (1-month SOFR plus 0.80%), 10/15/38<sup>(1)</sup> | 171326 | 171363 |
| BX Commercial Mortgage Trust, Series 2025-JDI, Class A, SEQ, VRN, 5.06%, (1-month SOFR plus 1.40%), 11/15/42<sup>(1)</sup> | 124488 | 124822 |
| BX Commercial Mortgage Trust, Series 2026-CSMO, Class A, SEQ, VRN, 5.07%, (1-month SOFR plus 1.40%), 2/15/42<sup>(1)</sup> | 500000 | 500772 |
| BX Commercial Mortgage Trust, Series 2026-VLT9, Class A, SEQ, VRN, 5.37%, (1-month SOFR plus 1.70%), 3/15/45<sup>(1)</sup> | 500000 | 500331 |
| BX Trust, Series 2025-ROIC, Class C, VRN, 5.20%, (1-month SOFR plus 1.54%), 3/15/30<sup>(1)</sup> | 366006 | 365624 |
| BX Trust, Series 2025-VLT6, Class C, VRN, 5.85%, (1-month SOFR plus 2.19%), 3/15/42<sup>(1)</sup> | 500000 | 498837 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 4.92%, (1-month SOFR plus 1.26%), 11/15/38<sup>(1)</sup> | 575000 | 570271 |
| DBSG Mortgage Trust, Series 2024-SBL, Class A, VRN, 5.54%, (1-month SOFR plus 1.88%), 8/15/34<sup>(1)</sup> | 190000 | 190281 |
| LQR Trust, Series 2025-CALI, Class C, VRN, 5.91%, (1-month SOFR plus 2.25%), 1/15/43 | 250000 | 250274 |
| MHP Trust, Series 2021-STOR, Class A, VRN, 4.47%, (1-month SOFR plus 0.81%), 7/15/38<sup>(1)</sup> | 100000 | 99955 |
| SHR Trust, Series 2024-LXRY, Class B, VRN, 6.11%, (1-month SOFR plus 2.45%), 10/15/41<sup>(1)</sup> | 375000 | 376525 |
| SREIT Trust, Series 2021-MFP, Class A, VRN, 4.50%, (1-month SOFR plus 0.85%), 11/15/38<sup>(1)</sup> | 517565 | 517593 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, VRN, 6.45%, (1-month SOFR plus 2.79%), 11/15/27<sup>(1)</sup> | 502978 | 508326 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $4,667,183) |  | **4674974** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 14.0%** |  |  |
| **U.S. Government Agency Collateralized Mortgage Obligations — 14.0%** |  |  |
| FHLMC, Series 2021-DNA7, Class M1, VRN, 4.52%, (30-day average SOFR plus 0.85%), 11/25/41<sup>(1)</sup> | 28095 | 28096 |

---

------

Schedule of Investments - Multisector Floating Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| FHLMC, Series 2023-DNA1, Class M1A, VRN, 5.77%, (30-day average SOFR plus 2.10%), 3/25/43<sup>(1)</sup> | $249172 | $251929 |
| FHLMC, Series 2023-HQA1, Class M1A, VRN, 5.67%, (30-day average SOFR plus 2.00%), 5/25/43<sup>(1)</sup> | 275987 | 278012 |
| FHLMC, Series 2023-HQA2, Class M1A, VRN, 5.67%, (30-day average SOFR plus 2.00%), 6/25/43<sup>(1)</sup> | 34625 | 34671 |
| FHLMC, Series 4619, Class NF, VRN, 4.17%, (30-day average SOFR plus 0.51%), 3/15/44 | 351041 | 348999 |
| FNMA, Series 2023-R05, Class 1M1, VRN, 5.57%, (30-day average SOFR plus 1.90%), 6/25/43<sup>(1)</sup> | 275211 | 277627 |
| FNMA, Series 2023-R06, Class 1M1, VRN, 5.37%, (30-day average SOFR plus 1.70%), 7/25/43<sup>(1)</sup> | 35849 | 36003 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 4.72%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 271895 | 272052 |
| FNMA, Series 2024-R02, Class 1M1, VRN, 4.77%, (30-day average SOFR plus 1.10%), 2/25/44<sup>(1)</sup> | 223598 | 223644 |
| FNMA, Series 2024-R03, Class 2M1, VRN, 4.82%, (30-day average SOFR plus 1.15%), 3/25/44<sup>(1)</sup> | 62843 | 62856 |
| FNMA, Series 2024-R04, Class 1M1, VRN, 4.77%, (30-day average SOFR plus 1.10%), 5/25/44<sup>(1)</sup> | 40729 | 40748 |
| FNMA, Series 2025-35, Class HF, VRN, 5.37%, (30-day average SOFR plus 1.70%), 5/25/55 | 808161 | 819218 |
| FNMA, Series 2026-R01, Class 2M2, VRN, 5.02%, (30-day average SOFR plus 1.35%), 1/25/46<sup>(1)</sup> | 500000 | 500826 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $3,158,125) |  | **3174681** |
| **ASSET-BACKED SECURITIES — 12.4%** |  |  |
| ACM Auto Trust, Series 2025-3A, Class A, SEQ, 5.01%, 1/22/30<sup>(1)</sup> | 386617 | 386348 |
| Avtech Equipment Receivables Funding LLC, Series 2026-1A, Class A, SEQ, 4.55%, 2/15/33<sup>(1)</sup> | 500000 | 500070 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.27%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> | 497065 | 499424 |
| Navient Private Education Loan Trust, Series 2015-BA, Class A3, VRN, 5.22%, (1-month SOFR plus 1.56%), 7/16/40<sup>(1)</sup> | 15477 | 15503 |
| Pagaya AI Debt Grantor Trust, Series 2026-1, Class A2, SEQ, 4.74%, 9/15/33<sup>(1)</sup> | 500000 | 500601 |
| RKTL Trust, Series 2026-1A, Class A, SEQ, 4.07%, 2/26/35<sup>(1)</sup> | 500000 | 499978 |
| Service Experts Issuer LLC, Series 2021-1A, Class A, SEQ, 2.67%, 2/2/32<sup>(1)</sup> | 340118 | 335955 |
| Trinity Rail Leasing LLC, Series 2019-2A, Class A1, SEQ, 2.39%, 10/18/49<sup>(1)</sup> | 76894 | 76688 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $2,805,152) |  | **2814567** |
| **U.S. TREASURY SECURITIES — 9.9%** |  |  |
| U.S. Treasury Notes, VRN, 3.72%, (3-month USBMMY plus 0.10%), 1/31/27<sup>(3)</sup><br>(Cost $2,250,760) | 2250000 | **2250872** |
| **SHORT-TERM INVESTMENTS — 7.3%** |  |  |
| **Money Market Funds — 7.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $1,667,951) | 1667951 | **1667951** |
| **TOTAL INVESTMENT SECURITIES — 101.9%**<br>(Cost $23,153,852) |  | **23182771** |
| **OTHER ASSETS AND LIABILITIES — (1.9)%** |  | **(434154)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**22748617** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| USBMMY | – | U.S. Treasury Bill Money Market Yield |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $17,845,457, which represented 78.4% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $280,187.

------

Schedule of Investments - Multisector Floating Income ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Collateralized Loan Obligations |  | $8599726 |  |
| Commercial Mortgage-Backed Securities |  | 4674974 |  |
| Collateralized Mortgage Obligations |  | 3174681 |  |
| Asset-Backed Securities |  | 2814567 |  |
| U.S. Treasury Securities |  | 2250872 |  |
| Short-Term Investments | $1667951 |  |  |
|  | $1667951 | $21514820 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Multisector Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 42.6%** | **Principal Amount/Shares** | **Value** |
| **Aerospace and Defense — 0.7%** | | |
| Boeing Co., 5.71%, 5/1/40 | $385000 | $400758 |
| Carpenter Technology Corp., 5.625%, 3/1/34<sup>(1)</sup> | 195000 | 199081 |
| TransDigm, Inc., 4.625%, 1/15/29 | 725000 | 723290 |
|  |  | 1323129 |
| **Automobile Components — 0.5%** |  |  |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/33<sup>(1)</sup> | 775000 | 788179 |
| Cooper-Standard Automotive, Inc., 9.25%, 3/1/31<sup>(1)(2)</sup> | 290000 | 291005 |
|  |  | 1079184 |
| **Automobiles — 0.6%** |  |  |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 310000 | 334827 |
| Nissan Motor Acceptance Co. LLC, 6.125%, 9/30/30<sup>(1)</sup> | 830000 | 832411 |
|  |  | 1167238 |
| **Banks — 4.4%** |  |  |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 1656000 | 1754938 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 910000 | 974226 |
| Banque Federative du Credit Mutuel SA, 5.11%, 1/15/36<sup>(1)</sup> | 205000 | 207259 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33<sup>(1)</sup> | 400000 | 398732 |
| Dresdner Funding Trust I, 8.15%, 6/30/31<sup>(1)</sup> | 697000 | 767436 |
| Fifth Third Bank NA, VRN, 5.33%, 8/25/33 | 645000 | 664564 |
| FNB Corp., VRN, 5.72%, 12/11/30 | 477000 | 490663 |
| Freedom Mortgage Corp., 6.625%, 1/15/27<sup>(1)</sup> | 400000 | 399857 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 364000 | 380455 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/1/31<sup>(1)</sup> | 365000 | 352315 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 222000 | 214651 |
| Sumitomo Mitsui Financial Group, Inc., VRN, 5.33%, 3/3/41<sup>(2)</sup> | 215000 | 215999 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 610000 | 638704 |
| Western Alliance Bancorp, VRN, 3.00%, 6/15/31 | 595000 | 588979 |
| Zions Bancorp NA, 3.25%, 10/29/29 | 910000 | 865718 |
|  |  | 8914496 |
| **Biotechnology — 0.1%** |  |  |
| BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34<sup>(1)</sup> | 210000 | 212000 |
| **Building Products — 0.7%** |  |  |
| Builders FirstSource, Inc., 5.00%, 3/1/30<sup>(1)</sup> | 367000 | 364586 |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 755000 | 720794 |
| Standard Building Solutions, Inc., 6.50%, 8/15/32<sup>(1)</sup> | 180000 | 185547 |
| Standard Industries, Inc., 4.375%, 7/15/30<sup>(1)</sup> | 170000 | 164126 |
|  |  | 1435053 |
| **Capital Markets — 3.5%** |  |  |
| Ares Strategic Income Fund, 5.70%, 3/15/28 | 208000 | 209736 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 468000 | 471690 |
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 410000 | 406484 |
| Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 265000 | 270287 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 985000 | 1021992 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(3)</sup> | 726000 | 722078 |
| Citadel Finance LLC, 5.90%, 2/10/30<sup>(1)</sup> | 433000 | 444441 |
| Citadel Finance LLC, 5.15%, 2/14/31<sup>(1)</sup> | 285000 | 283949 |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 96000 | 91640 |
| Goldman Sachs BDC, Inc., 5.10%, 1/28/29 | 196000 | 193439 |
| Goldman Sachs Private Credit Corp., 5.05%, 2/23/28<sup>(1)</sup> | 370000 | 367798 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | $460000 | $478896 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 410000 | 410012 |
| HPS Corporate Lending Fund, 4.90%, 9/11/28<sup>(1)</sup> | 220000 | 217131 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | 279000 | 284988 |
| Jefferies Financial Group, Inc., 5.50%, 2/15/36 | 520000 | 511630 |
| North Haven Private Income Fund LLC, 5.125%, 9/25/28<sup>(1)</sup> | 622000 | 616969 |
|  |  | 7003160 |
| **Chemicals — 0.7%** |  |  |
| Braskem Netherlands Finance BV, 4.50%, 1/10/28<sup>(1)</sup> | 635000 | 288152 |
| Celanese U.S. Holdings LLC, 7.00%, 2/15/31 | 640000 | 659569 |
| CompoSecure Holdings LLC, 5.625%, 2/1/33<sup>(1)</sup> | 460000 | 457997 |
|  |  | 1405718 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Williams Scotsman, Inc., 6.625%, 6/15/29<sup>(1)</sup> | 455000 | 470339 |
| **Construction and Engineering — 0.0%** |  |  |
| Brand Industrial Services, Inc., 10.375%, 8/1/30<sup>(1)</sup> | 85000 | 79485 |
| **Construction Materials — 0.3%** |  |  |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(1)</sup> | 494000 | 513835 |
| **Consumer Finance — 0.6%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 380000 | 431406 |
| Stellantis Financial Services U.S. Corp., 4.95%, 9/15/28<sup>(1)</sup> | 775000 | 781599 |
|  |  | 1213005 |
| **Consumer Staples Distribution & Retail — 0.1%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31<sup>(1)</sup> | 269000 | 271147 |
| **Diversified REITs — 3.3%** |  |  |
| American Assets Trust LP, 3.375%, 2/1/31 | 985000 | 907516 |
| Brandywine Operating Partnership LP, 8.875%, 4/12/29 | 760000 | 807996 |
| Global Net Lease, Inc., 4.50%, 9/30/28<sup>(1)</sup> | 835000 | 821641 |
| GLP Capital LP/GLP Financing II, Inc., 5.625%, 3/1/36<sup>(2)</sup> | 265000 | 265252 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 615000 | 604545 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 185000 | 172454 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32<sup>(1)</sup> | 560000 | 599762 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 124000 | 131853 |
| Piedmont Operating Partnership LP, 5.625%, 1/15/33 | 755000 | 759068 |
| Trust 2401, 7.70%, 1/23/32<sup>(1)</sup> | 535000 | 591006 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 464000 | 457098 |
| Vornado Realty LP, 5.75%, 2/1/33 | 405000 | 411074 |
|  |  | 6529265 |
| **Diversified Telecommunication Services — 1.1%** |  |  |
| Frontier Communications Holdings LLC, 8.625%, 3/15/31<sup>(1)</sup> | 1357000 | 1418471 |
| Level 3 Financing, Inc., 7.00%, 3/31/34<sup>(1)</sup> | 769406 | 800416 |
|  |  | 2218887 |
| **Electric Utilities — 1.7%** |  |  |
| Comision Federal de Electricidad, 6.05%, 1/28/34<sup>(1)</sup> | 203000 | 205538 |
| DTE Electric Co., 4.85%, 3/1/36 | 69000 | 69493 |
| DTE Electric Co., 5.55%, 3/1/56 | 70000 | 69927 |
| Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76 | 501000 | 505598 |
| Empresas Publicas de Medellin ESP, 4.25%, 7/18/29<sup>(1)</sup> | 328000 | 310633 |
| Entergy Louisiana LLC, 4.90%, 4/15/36 | 68000 | 68112 |
| Hawaiian Electric Co., Inc., 6.00%, 10/1/33<sup>(1)</sup> | 638000 | 650592 |
| Palomino Funding Trust I, 7.23%, 5/17/28<sup>(1)</sup> | 520000 | 549842 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)</sup> | 484000 | 505616 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Xcel Energy, Inc., VRN, 5.75%, 12/3/56<sup>(2)</sup> | $470000 | $471173 |
|  |  | 3406524 |
| **Electrical Equipment — 0.0%** |  |  |
| WESCO Distribution, Inc., 5.50%, 4/15/34<sup>(1)</sup> | 40000 | 40410 |
| **Energy Equipment and Services — 0.1%** |  |  |
| Enerflex, Inc., 6.875%, 1/15/31<sup>(1)</sup> | 214000 | 221890 |
| **Entertainment — 0.5%** |  |  |
| Discovery Global Holdings, Inc., 3.76%, 3/15/27 | 575000 | 567741 |
| Discovery Global Holdings, Inc., 5.05%, 3/15/42 | 729000 | 513945 |
|  |  | 1081686 |
| **Financial Services — 1.8%** |  |  |
| Antares Holdings LP, 7.95%, 8/11/28<sup>(1)</sup> | 430000 | 454957 |
| Atlas Warehouse Lending Co. LP, 4.625%, 11/15/28<sup>(1)</sup> | 620000 | 620212 |
| Essent Group Ltd., 6.25%, 7/1/29 | 665000 | 700069 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 553000 | 574174 |
| PennyMac Financial Services, Inc., 7.125%, 11/15/30<sup>(1)</sup> | 667000 | 686169 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> | 315000 | 323354 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 155000 | 160389 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> | 155000 | 149865 |
|  |  | 3669189 |
| **Food Products — 0.1%** |  |  |
| MARB BondCo PLC, 3.95%, 1/29/31<sup>(1)</sup> | 274000 | 250100 |
| **Gas Utilities — 0.1%** |  |  |
| Grupo Energia Bogota SA ESP, 5.75%, 10/22/35<sup>(1)</sup> | 200000 | 196825 |
| **Ground Transportation — 0.5%** |  |  |
| Fedex Freight Holding Co., Inc., 4.65%, 3/15/31<sup>(1)</sup> | 461000 | 463707 |
| RXO, Inc., 6.375%, 5/15/31<sup>(1)</sup> | 580000 | 566043 |
|  |  | 1029750 |
| **Health Care Equipment and Supplies — 0.5%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 1035000 | 1069385 |
| **Health Care Providers and Services — 0.8%** |  |  |
| Acadia Healthcare Co., Inc., 5.00%, 4/15/29<sup>(1)</sup> | 635000 | 622482 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(1)</sup> | 715000 | 656575 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 249000 | 262050 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(1)</sup> | 157000 | 157006 |
|  |  | 1698113 |
| **Hotel & Resort REITs — 0.2%** |  |  |
| Service Properties Trust, 0.00%, 9/30/27<sup>(1)(4)</sup> | 351000 | 320580 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(1)(3)</sup> | 805000 | 788105 |
| Caesars Entertainment, Inc., 7.00%, 2/15/30<sup>(1)</sup> | 172000 | 176430 |
| Carnival Corp., 6.125%, 2/15/33<sup>(1)</sup> | 697000 | 721998 |
| Light & Wonder International, Inc., 7.25%, 11/15/29<sup>(1)</sup> | 280000 | 287322 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(1)</sup> | 264000 | 273542 |
|  |  | 2247397 |
| **Household Durables — 0.6%** |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33<sup>(1)</sup> | 559000 | 564721 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<sup>(1)</sup> | 66000 | 68249 |
| TopBuild Corp., 3.625%, 3/15/29<sup>(1)</sup> | 590000 | 571441 |
|  |  | 1204411 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> | 476000 | 486136 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Insurance — 0.9%** | | |
| Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, 12/31/32<sup>(1)</sup> | $290000 | $304839 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 309000 | 318273 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(1)</sup> | 601000 | 591922 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> | 658000 | 653181 |
|  |  | 1868215 |
| **Interactive Media and Services — 1.0%** |  |  |
| Alphabet, Inc., 4.40%, 2/15/33 | 695000 | 701330 |
| Meta Platforms, Inc., 4.60%, 11/15/32 | 865000 | 879755 |
| Meta Platforms, Inc., 4.875%, 11/15/35 | 405000 | 409187 |
|  |  | 1990272 |
| **IT Services — 0.2%** |  |  |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 354000 | 347093 |
| **Machinery — 0.7%** |  |  |
| Allison Transmission, Inc., 5.875%, 12/1/33<sup>(1)</sup> | 690000 | 705018 |
| Chart Industries, Inc., 7.50%, 1/1/30<sup>(1)</sup> | 230000 | 239214 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(1)</sup> | 364000 | 383180 |
|  |  | 1327412 |
| **Marine Transportation — 0.1%** |  |  |
| Yinson Bergenia Production BV, 8.50%, 1/31/45<sup>(1)</sup> | 106563 | 113286 |
| **Media — 3.1%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 77000 | 77106 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(1)</sup> | 490000 | 474047 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 3/1/31<sup>(1)(3)</sup> | 655000 | 676221 |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(1)</sup> | 486000 | 494240 |
| Discovery Communications LLC, 3.95%, 3/20/28 | 439000 | 423635 |
| Discovery Communications LLC, 4.125%, 5/15/29 | 550000 | 542798 |
| Gray Media, Inc., 7.25%, 8/15/33<sup>(1)</sup> | 410000 | 423658 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)</sup> | 690000 | 687030 |
| Omnicom Group, Inc., 5.00%, 6/2/33<sup>(2)</sup> | 214000 | 214133 |
| Paramount Global, 4.375%, 3/15/43 | 456000 | 287841 |
| Paramount Global, VRN, 6.25%, 2/28/57 | 310000 | 242668 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 520000 | 507977 |
| TEGNA, Inc., 4.625%, 3/15/28 | 565000 | 563852 |
| Univision Communications, Inc., 7.375%, 6/30/30<sup>(1)</sup> | 651000 | 651549 |
|  |  | 6266755 |
| **Metals and Mining — 0.6%** |  |  |
| Cleveland-Cliffs, Inc., 7.50%, 9/15/31<sup>(1)</sup> | 121000 | 126388 |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(1)</sup> | 384000 | 394393 |
| Commercial Metals Co., 5.75%, 11/15/33<sup>(1)</sup> | 565000 | 576803 |
|  |  | 1097584 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.8%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(1)</sup> | 432000 | 428072 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 1150000 | 1213499 |
|  |  | 1641571 |
| **Multi-Utilities — 0.5%** |  |  |
| Sempra, VRN, 4.125%, 4/1/52 | 982000 | 969978 |
| **Oil, Gas and Consumable Fuels — 3.5%** |  |  |
| Antero Resources Corp., 5.40%, 2/1/36 | 330000 | 330543 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 400000 | 417793 |
| Ecopetrol SA, 7.75%, 2/1/32 | 430000 | 439127 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 750000 | 756171 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(1)</sup> | $228000 | $228666 |
| Expand Energy Corp., 5.375%, 3/15/30 | 785000 | 797050 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(1)</sup> | 776000 | 792913 |
| Occidental Petroleum Corp., 6.20%, 3/15/40 | 105000 | 109512 |
| Occidental Petroleum Corp., 4.20%, 3/15/48 | 130000 | 100958 |
| Ovintiv, Inc., 7.20%, 11/1/31 | 327000 | 366296 |
| Ovintiv, Inc., 7.375%, 11/1/31 | 243000 | 274842 |
| Ovintiv, Inc., 7.10%, 7/15/53 | 305000 | 340606 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 922000 | 904142 |
| Sunoco LP, 7.00%, 5/1/29<sup>(1)</sup> | 568000 | 589354 |
| Venture Global Plaquemines LNG LLC, 6.125%, 12/15/30<sup>(1)</sup> | 545000 | 566415 |
|  |  | 7014388 |
| **Passenger Airlines — 0.7%** |  |  |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)</sup> | 442000 | 450729 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 15 | 15 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31<sup>(1)</sup> | 410000 | 417032 |
| United Airlines Holdings, Inc., 5.375%, 3/1/31 | 455000 | 464468 |
|  |  | 1332244 |
| **Personal Care Products — 0.5%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, 1/15/31<sup>(1)</sup> | 945000 | 948537 |
| **Pharmaceuticals — 0.4%** |  |  |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> | 245000 | 253577 |
| Royalty Pharma PLC, 4.45%, 3/25/31 | 610000 | 613992 |
|  |  | 867569 |
| **Real Estate Management and Development — 0.5%** |  |  |
| Arbor Realty SR, Inc., 8.50%, 12/15/28<sup>(1)(3)</sup> | 270000 | 262905 |
| Forestar Group, Inc., 6.50%, 3/15/33<sup>(1)</sup> | 640000 | 655741 |
|  |  | 918646 |
| **Semiconductors and Semiconductor Equipment — 0.4%** |  |  |
| Foundry JV Holdco LLC, 6.25%, 1/25/35<sup>(1)</sup> | 145000 | 156277 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> | 200000 | 213761 |
| Micron Technology, Inc., 5.30%, 1/15/31 | 324000 | 340365 |
|  |  | 710403 |
| **Software — 1.2%** |  |  |
| AppLovin Corp., 5.375%, 12/1/31 | 445000 | 458782 |
| Oracle Corp., 4.45%, 9/26/30 | 325000 | 318844 |
| Oracle Corp., 4.95%, 2/4/31 | 290000 | 289490 |
| Oracle Corp., 4.80%, 9/26/32 | 529000 | 517106 |
| Oracle Corp., 5.35%, 5/4/33 | 395000 | 396451 |
| SS&C Technologies, Inc., 6.50%, 6/1/32<sup>(1)</sup> | 480000 | 489666 |
|  |  | 2470339 |
| **Specialized REITs — 0.5%** |  |  |
| SBA Communications Corp., 3.125%, 2/1/29 | 1019000 | 980325 |
| **Specialty Retail — 1.0%** |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> | 84000 | 86232 |
| Advance Auto Parts, Inc., 7.375%, 8/1/33<sup>(1)</sup> | 645000 | 661447 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32<sup>(1)</sup> | 610000 | 617704 |
| Wayfair LLC, 6.75%, 11/15/32<sup>(1)</sup> | 635000 | 647678 |
|  |  | 2013061 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Herc Holdings, Inc., 7.25%, 6/15/33<sup>(1)</sup> | 765000 | 809153 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount/Shares** | **Value** |
| **Wireless Telecommunication Services — 0.6%** | | | |
| T-Mobile USA, Inc., 6.70%, 12/15/33 |  | $1081000 | $1223785 |
| **TOTAL CORPORATE BONDS**<br>(Cost $84,762,493) |  |  | **85668953** |
| **ASSET-BACKED SECURITIES — 15.1%** |  |  |  |
| ACM Auto Trust, Series 2025-2A, Class A, SEQ, 5.55%, 6/20/28<sup>(1)</sup> |  | 464955 | 465708 |
| ACM Auto Trust, Series 2025-2A, Class B, 7.25%, 2/20/32<sup>(1)</sup> |  | 439000 | 443923 |
| ACM Auto Trust, Series 2025-3A, Class B, 6.08%, 7/20/32<sup>(1)</sup> |  | 644000 | 644399 |
| ACM Auto Trust, Series 2025-4A, Class A, SEQ, 5.87%, 5/20/30<sup>(1)</sup> |  | 350662 | 352300 |
| Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, SEQ, 6.00%, 8/17/48<sup>(1)</sup> |  | 616000 | 619120 |
| Aqua Finance Issuer Trust, Series 2025-B, Class D, 6.16%, 5/17/51<sup>(1)</sup> |  | 408000 | 416553 |
| Avant Loans Funding Trust, Series 2026-REV1, Class D, 5.56%, 5/15/36<sup>(1)</sup> |  | 573000 | 572858 |
| Barclays Mortgage Loan Trust, Series 2026-CES1, Class A2, 5.15%, 1/25/56<sup>(1)</sup> |  | 817000 | 816999 |
| Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B, 3.45%, 7/15/46<sup>(1)</sup> |  | 312878 | 302171 |
| Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43<sup>(1)</sup> |  | 73341 | 72996 |
| Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55<sup>(1)</sup> |  | 754706 | 736361 |
| Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32<sup>(1)</sup> |  | 800000 | 816299 |
| CLI Funding VIII LLC, Series 2022-1A, Class B, 3.12%, 1/18/47<sup>(1)</sup> |  | 662806 | 612097 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(1)</sup> | CAD | 350000 | 252905 |
| Compass Datacenters Issuer III LLC, Series 2026-1A, Class A23, SEQ, 5.44%, 2/25/56<sup>(1)</sup> |  | $747437 | 747437 |
| Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75<sup>(1)</sup> |  | 570000 | 577653 |
| Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, SEQ, 6.19%, 10/15/30<sup>(1)</sup> |  | 202735 | 203243 |
| CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49<sup>(1)</sup> |  | 350000 | 346107 |
| DataBank Issuer, Series 2026-1A, Class A2, SEQ, 5.81%, 2/25/56<sup>(1)</sup> |  | 687000 | 696481 |
| DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53<sup>(1)</sup> |  | 678000 | 678353 |
| Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51<sup>(1)</sup> |  | 691000 | 670991 |
| EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55<sup>(1)</sup> |  | 306000 | 290584 |
| FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/30<sup>(1)</sup> |  | 667000 | 669415 |
| FIP Master Funding LLC, Series 2026-1A, Class A5, SEQ, 5.39%, 3/15/56<sup>(1)(2)</sup> |  | 671976 | 671858 |
| Flexential Issuer LLC, Series 2025-1A, Class A2, SEQ, 6.03%, 10/25/60<sup>(1)</sup> |  | 445000 | 453288 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48<sup>(1)</sup> |  | 254916 | 211416 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.27%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> |  | 307010 | 308468 |
| Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38<sup>(1)</sup> |  | 181825 | 187641 |
| JP Morgan Mortgage Trust, Series 2025-CES7, Class A1A, 5.06%, 4/25/56<sup>(1)</sup> |  | 897353 | 902836 |
| Kobalt Music Assets LP, Series 2024-1A, Class A2, SEQ, 6.625%, 4/7/64<sup>(1)</sup> |  | 318000 | 323159 |
| Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.60%, 3/25/56<sup>(1)(2)</sup> |  | 597438 | 597421 |
| LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55<sup>(1)</sup> |  | 611000 | 623697 |
| Luxury Lease Partners Auto Lease Trust, Series 2025-A, Class A, SEQ, 5.51%, 3/15/32<sup>(1)</sup> |  | 357380 | 358703 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64<sup>(1)</sup> |  | 639986 | 649715 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65<sup>(1)</sup> |  | 299151 | 303663 |
| M&T Bank RV Trust, Series 2026-1A, Class A, SEQ, 4.35%, 1/15/46<sup>(1)</sup> |  | 1080000 | 1091602 |
| MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39<sup>(1)</sup> |  | 63655 | 63130 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31<sup>(1)</sup> |  | 544000 | 545780 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/52<sup>(1)</sup> |  | 647349 | 478648 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class A, SEQ, 5.36%, 9/22/53<sup>(1)</sup> |  | 212885 | 207627 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(1)</sup> |  | 750000 | 494354 |
| NP SPE IX LP, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49<sup>(1)</sup> |  | 24477 | 24269 |
| Oportun Issuance Trust, Series 2026-A, Class D, 6.28%, 1/9/34<sup>(1)</sup> |  | 742000 | 748764 |
| Pawneee Equipment Receivables LLC, Series 2022-1, Class D, 7.23%, 7/17/28<sup>(1)</sup> |  | 428000 | 431682 |
| Purchasing Power Funding LLC, Series 2026-A, Class D, 5.40%, 8/15/30<sup>(1)</sup> |  | 733000 | 732923 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(1)</sup> |  | 128299 | 130272 |
| RCKT Mortgage Trust, Series 2024-CES4, Class A3, SEQ, 6.67%, 6/25/44<sup>(1)</sup> |  | 850000 | 864942 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34<sup>(1)</sup> | $286000 | $288924 |
| Regional Management Issuance Trust, Series 2025-1, Class B, 5.53%, 4/17/34<sup>(1)</sup> | 300000 | 303407 |
| RNL PH Owner LLC, Series 2026-1A, Class C, 5.59%, 3/20/56<sup>(1)(2)</sup> | 667117 | 666929 |
| Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55<sup>(1)</sup> | 562000 | 570216 |
| SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54<sup>(1)</sup> | 504000 | 518634 |
| Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46<sup>(1)</sup> | 352800 | 339621 |
| Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.00%, 3/25/56<sup>(1)(2)</sup> | 649721 | 636878 |
| Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54<sup>(1)</sup> | 938125 | 949322 |
| United Auto Credit Securitization Trust, Series 2026-1, Class D, 5.65%, 7/10/31<sup>(1)</sup> | 583000 | 587262 |
| Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55<sup>(1)</sup> | 625963 | 644768 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.87%, 5/15/54<sup>(1)</sup> | 475000 | 490220 |
| Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55<sup>(1)</sup> | 526972 | 542007 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54<sup>(1)</sup> | 360740 | 366750 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $30,183,755) |  | **30315749** |
| **U.S. TREASURY SECURITIES — 12.4%** |  |  |
| U.S. Treasury Bonds, 4.625%, 11/15/55 | 2480000 | 2476319 |
| U.S. Treasury Notes, 4.625%, 9/15/26<sup>(5)</sup> | 475000 | 477427 |
| U.S. Treasury Notes, 1.625%, 10/31/26<sup>(5)</sup> | 438000 | 432283 |
| U.S. Treasury Notes, 4.375%, 12/31/29<sup>(5)</sup> | 660000 | 681759 |
| U.S. Treasury Notes, 3.625%, 8/31/30 | 300000 | 301582 |
| U.S. Treasury Notes, 3.625%, 9/30/30 | 200000 | 201055 |
| U.S. Treasury Notes, 3.50%, 11/30/30 | 10400000 | 10395938 |
| U.S. Treasury Notes, 3.625%, 12/31/30 | 1000000 | 1004766 |
| U.S. Treasury Notes, 3.75%, 1/31/31 | 2465000 | 2490420 |
| U.S. Treasury Notes, 3.875%, 12/31/32 | 6300000 | 6363000 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $24,544,362) |  | **24824549** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.9%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 7.1%** |  |  |
| Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65<sup>(1)</sup> | 199613 | 194011 |
| Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66<sup>(1)</sup> | 355690 | 314932 |
| Barclays Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 12/25/65<sup>(1)</sup> | 922000 | 921984 |
| BRAVO Residential Funding Trust, Series 2025-SR1, Class A1, SEQ, 3.00%, 3/25/45<sup>(1)</sup> | 609742 | 591029 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 411018 | 413006 |
| Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 241196 | 244349 |
| Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55<sup>(1)</sup> | 474841 | 478171 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 240494 | 241251 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 52788 | 52701 |
| Citigroup Mortgage Loan Trust, Inc., Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 395203 | 396600 |
| Citigroup Mortgage Loan Trust, Inc., Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 752282 | 760839 |
| Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66<sup>(1)</sup> | 198734 | 178898 |
| Ellington Financial Mortgage Trust, Series 2024-CES1, Class A2, 5.80%, 1/26/60<sup>(1)</sup> | 406000 | 412512 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 238678 | 239739 |
| HOMES Trust, Series 2025-NQM3, Class A1, VRN, 5.63%, 2/25/70<sup>(1)</sup> | 954872 | 966405 |
| JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53<sup>(1)</sup> | 330804 | 336114 |
| JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54<sup>(1)</sup> | 797044 | 802988 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(1)</sup> | 592583 | 601390 |
| JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54<sup>(1)</sup> | 285750 | 287312 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 276516 | 277958 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 228253 | 228394 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(1)</sup> | 39457 | 39408 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 278607 | 281047 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| JP Morgan Mortgage Trust, Series 2025-11, Class A4, SEQ, VRN, 5.50%, 5/25/56<sup>(1)</sup> | $631549 | $639694 |
| JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55<sup>(1)</sup> | 472782 | 480024 |
| OBX Trust, Series 2025-NQM21, Class A1B, 4.99%, 10/25/65<sup>(1)</sup> | 145875 | 146603 |
| PMT Loan Trust, Series 2025-J3, Class A8, VRN, 5.50%, 11/27/56<sup>(1)</sup> | 713338 | 721175 |
| PMT Loan Trust, Series 2025-J5, Class A5, VRN, 5.50%, 1/25/57<sup>(1)</sup> | 629407 | 636564 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A2, VRN, 5.50%, 12/25/54<sup>(1)</sup> | 678592 | 686302 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 75442 | 75503 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 79963 | 79973 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 162232 | 163011 |
| Sequoia Mortgage Trust, Series 2025-12, Class A4, SEQ, VRN, 5.50%, 12/25/55<sup>(1)</sup> | 900522 | 908624 |
| Sequoia Mortgage Trust, Series 2025-6, Class A5, SEQ, VRN, 5.50%, 7/25/55<sup>(1)</sup> | 463715 | 470075 |
| Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.07%, (30-day average SOFR plus 3.40%), 11/25/33<sup>(1)</sup> | 102851 | 103668 |
|  |  | 14372254 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.8%** |  |  |
| FHLMC, Series 2022-DNA6, Class M1A, VRN, 5.82%, (30-day average SOFR plus 2.15%), 9/25/42<sup>(1)</sup> | 38188 | 38342 |
| FHLMC, Series 2023-HQA2, Class M1A, VRN, 5.67%, (30-day average SOFR plus 2.00%), 6/25/43<sup>(1)</sup> | 30124 | 30164 |
| FHLMC, Series 377, Class C4, IO, 2.00%, 1/25/51 | 3982630 | 527146 |
| FNMA, Series 2022-R09, Class 2M1, VRN, 6.17%, (30-day average SOFR plus 2.50%), 9/25/42<sup>(1)</sup> | 122193 | 123517 |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 3920445 | 499359 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 4.72%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 344401 | 344600 |
|  |  | 1563128 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $15,706,383) |  | **15935382** |
| **CONVERTIBLE PREFERRED SECURITIES — 6.4%** |  |  |
| **Banks — 5.8%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 294000 | 296617 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 800000 | 810183 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 130000 | 129947 |
| Banco Santander SA, 4.75% | 800000 | 799720 |
| Barclays PLC, 8.00% | 617000 | 658408 |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | 1120000 | 1198074 |
| Commerzbank AG, 7.50% | 200000 | 212311 |
| Danske Bank AS, 4.375% | 1029000 | 1028146 |
| HSBC Holdings PLC, 6.50% | 646000 | 660396 |
| HSBC Holdings PLC, 6.875% | 400000 | 416553 |
| ING Groep NV, 4.875% | 743000 | 725282 |
| ING Groep NV, 7.50% | 400000 | 416853 |
| Lloyds Banking Group PLC, 8.00% | 618000 | 671778 |
| Skandinaviska Enskilda Banken AB, 6.875% | 1000000 | 1022789 |
| Societe Generale SA, 6.75%<sup>(1)</sup> | 200000 | 203532 |
| Societe Generale SA, 9.375%<sup>(1)</sup> | 785000 | 837075 |
| Standard Chartered PLC, 7.75%<sup>(1)</sup> | 221000 | 230046 |
| Svenska Handelsbanken AB, 4.375% | 200000 | 198501 |
| Swedbank AB, 7.625% | 1000000 | 1049962 |
|  |  | 11566173 |
| **Capital Markets — 0.6%** |  |  |
| UBS Group AG, 9.25%<sup>(1)</sup> | 1175000 | 1281703 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $12,634,922) |  | **12847876** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8%** |  |  |
| Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61<sup>(1)</sup> | $145000 | 121460 |
| Bank, Series 2020-BN26, Class D, 2.50%, 3/15/63<sup>(1)</sup> | 991000 | 748783 |
| BBCMS Mortgage Trust, Series 2019-C4, Class D, 3.25%, 8/15/52<sup>(1)</sup> | 194000 | 127756 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53<sup>(1)</sup> | $363000 | $281375 |
| Benchmark Mortgage Trust, Series 2021-B31, Class D, 2.25%, 12/15/54<sup>(1)</sup> | 155000 | 106023 |
| Benchmark Mortgage Trust, Series 2024-V8, Class D, 4.00%, 7/15/57<sup>(1)</sup> | 677000 | 613492 |
| BPR Commercial Mortgage Trust, Series 2025-STAR, Class B, VRN, 5.56%, 11/5/42<sup>(1)</sup> | 606000 | 626620 |
| BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44<sup>(1)</sup> | 400000 | 376427 |
| BX Trust, Series 2025-ARIA, Class B, VRN, 5.18%, 12/13/42<sup>(1)</sup> | 795000 | 814993 |
| Citigroup Commercial Mortgage Trust, Series 2020-555, Class E, VRN, 3.50%, 12/10/41<sup>(1)</sup> | 741000 | 677661 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.27%, (1-month SOFR plus 1.61%), 11/15/38<sup>(1)</sup> | 414000 | 410855 |
| CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 3/15/52<sup>(1)</sup> | 301000 | 251830 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31<sup>(1)</sup> | 282000 | 248513 |
| Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.17%, (1-month SOFR plus 1.51%), 3/15/38<sup>(1)</sup> | 420700 | 417650 |
| LQR Trust, Series 2025-CALI, Class C, VRN, 5.91%, (1-month SOFR plus 2.25%), 1/15/43 | 676000 | 676739 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51<sup>(1)</sup> | 138000 | 114050 |
| THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34<sup>(1)</sup> | 250000 | 254494 |
| UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.14%, 12/15/51<sup>(1)</sup> | 117000 | 108312 |
| Velocity Commercial Capital Loan Trust, Series 2025-5, Class M1, VRN, 5.94%, 12/25/55<sup>(1)</sup> | 400731 | 408377 |
| Velocity Commercial Capital Loan Trust, Series 2026-1, Class M2, VRN, 5.89%, 2/25/56<sup>(1)</sup> | 312356 | 314999 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $7,471,414) |  | **7700409** |
| **PREFERRED SECURITIES — 3.3%** |  |  |
| **Banks — 1.1%** |  |  |
| Bank of America Corp., 4.375% | 385000 | 382717 |
| Citigroup, Inc., 6.50% | 395000 | 401021 |
| Citigroup, Inc., 7.625% | 795000 | 843033 |
| JPMorgan Chase & Co., 3.65% | 208000 | 207389 |
| KeyCorp, 5.00% | 420000 | 419074 |
|  |  | 2253234 |
| **Capital Markets — 0.3%** |  |  |
| Charles Schwab Corp., 4.00% | 584000 | 582363 |
| **Electric Utilities — 0.3%** |  |  |
| NRG Energy, Inc., 10.25%<sup>(1)</sup> | 510000 | 561776 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp., 8.00%<sup>(1)</sup> | 640000 | 652378 |
| **Multi-Utilities — 0.4%** |  |  |
| Dominion Energy, Inc., 4.35% | 752000 | 748886 |
| **Oil, Gas and Consumable Fuels — 0.7%** |  |  |
| Energy Transfer LP, 6.50% | 460000 | 462358 |
| Energy Transfer LP, 6.625% | 246000 | 249356 |
| Sunoco LP, 7.875%<sup>(1)</sup> | 410000 | 424122 |
| Venture Global LNG, Inc., 9.00%<sup>(1)</sup> | 410000 | 358877 |
|  |  | 1494713 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| Air Lease Corp., 4.65% | 340000 | 339822 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $6,594,690) |  | **6633172** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 2.1%** |  |  |
| **Argentina — 0.4%** |  |  |
| Ciudad Autonoma De Buenos Aires/Government Bonds, 7.80%, 11/26/33<sup>(1)</sup> | $805000 | 826083 |
| **Colombia — 0.6%** |  |  |
| Colombia Government International Bonds, 6.125%, 1/21/31 | 1000000 | 1000150 |
| Colombia Government International Bonds, 7.75%, 11/7/36 | 200000 | 208300 |
|  |  | 1208450 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Romania — 0.4%** | | |
| Romania Government International Bonds, 5.75%, 7/4/36<sup>(1)(2)</sup> | $800000 | $798279 |
| **Saudi Arabia — 0.5%** |  |  |
| Saudi Government International Bonds, 4.875%, 1/12/36<sup>(1)</sup> | 950000 | 955525 |
| **Trinidad — 0.2%** |  |  |
| Trinidad & Tobago Government International Bonds, 6.50%, 1/28/36<sup>(1)</sup> | 470000 | 476110 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $4,201,250) |  | **4264447** |
| **MUNICIPAL SECURITIES — 1.1%** |  |  |
| Build NYC Resource Corp. Rev., (RiverSpring Health Senior Living, Inc. Obligated Group), 7.00%, 12/15/30 <sup>(1)</sup> | 1465000 | 1475303 |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30 <sup>(1)</sup> | 705000 | 711415 |
| University of California College of the Law San Francisco Rev., 5.99%, 8/1/50 (BAM) | 35000 | 36049 |
| University of California College of the Law San Francisco Rev., 6.09%, 8/1/55 (BAM) | 40000 | 41355 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $2,245,000) |  | **2264122** |
| **COLLATERALIZED LOAN OBLIGATIONS — 0.8%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.12%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 157615 | 157694 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 5.92%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 259997 | 260201 |
| CIFC Funding Ltd., Series 2018-1A, Class CR, VRN, 5.47%, (3-month SOFR plus 1.80%), 1/18/38<sup>(1)</sup> | 475000 | 476408 |
| Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 5.61%, (3-month SOFR plus 1.96%), 11/15/28<sup>(1)</sup> | 191370 | 191611 |
| Magnetite XXVIII Ltd., Series 2020-28A, Class CRR, VRN, 5.42%, (3-month SOFR plus 1.75%), 1/15/38<sup>(1)</sup> | 475000 | 476006 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $1,552,101) |  | **1561920** |
| **BANK LOAN OBLIGATIONS**<sup>(6)</sup> **— 0.2%** |  |  |
| **Passenger Airlines — 0.2%** |  |  |
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6.00%, (6-month SOFR plus 2.25%), 2/15/28<br>(Cost $464,607) | 470450 | **470325** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** |  |  |
| FHLMC, 5.00%, 6/1/52<br>(Cost $185,740) | 191569 | **193854** |
| **SHORT-TERM INVESTMENTS — 6.1%** |  |  |
| **Money Market Funds — 6.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 10993206 | 10993206 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(7)</sup> | 1204325 | 1204325 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $12,197,531) |  | **12197531** |
| **TOTAL INVESTMENT SECURITIES — 101.9%**<br>(Cost $202,744,248) |  | **204878289** |
| **OTHER ASSETS AND LIABILITIES — (1.9)%** |  | **(3827889)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**201050400** |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| Australian 10-Year Government Bonds | 39 | March 2026 | $3068863 | $45058 |
| U.S. Treasury 10-Year Notes | 80 | June 2026 | 9105000 | 47485 |
| U.S. Treasury 10-Year Ultra Notes | 241 | June 2026 | 28132984 | 163655 |
| U.S. Treasury Long Bonds | 12 | June 2026 | 1421625 | 11695 |
| U.S. Treasury Ultra Bonds | 33 | June 2026 | 4012594 | 35784 |
|  |  |  | $45741066 | $303677 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** |
| **Counterparty** | **Floating <br>Rate Index** | **Pay/Receive** <br>**Floating Rate** <br>**Index**<br>**at Termination** | **Fixed Rate** | **Termination <br>Date** | **Notional <br>Amount** | **Notional <br>Amount** | **Value^** |
| Morgan Stanley | BZDIOVRA | Pay | 12.98% | 1/2/31 | BRL | 12000000 | $10154 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| BAM | – | Build America Mutual Assurance Corp. |
| BRL | – | Brazilian Real |
| BZDIOVRA | – | Brazil Interbank Deposit Rate |
| CAD | – | Canadian Dollar |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| IO | – | Interest Only |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $114,142,825, which represented 56.8% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,154,385. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(5)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,404,355.

(6)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,204,325.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $85668953 |  |
| Asset-Backed Securities |  | 30315749 |  |
| U.S. Treasury Securities |  | 24824549 |  |
| Collateralized Mortgage Obligations |  | 15935382 |  |
| Convertible Preferred Securities |  | 12847876 |  |
| Commercial Mortgage-Backed Securities |  | 7700409 |  |
| Preferred Securities |  | 6633172 |  |
| Sovereign Governments and Agencies |  | 4264447 |  |
| Municipal Securities |  | 2264122 |  |
| Collateralized Loan Obligations |  | 1561920 |  |
| Bank Loan Obligations |  | 470325 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 193854 |  |
| Short-Term Investments | $12197531 |  |  |
|  | $12197531 | $192680758 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $303677 |  |  |
| Swap Agreements |  | $10154 |  |
|  | $303677 | $10154 |  |

---

------

Schedule of Investments - Multisector Income ETF

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* | $206076 |
| &nbsp;&nbsp;Swap agreements | 10154 |
|  | $216230 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Type of Risk Exposure** |
| | **Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $734848 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $114877 |
| &nbsp;&nbsp;Swap agreements | 10154 |
|  | $125031 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Select High Yield ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 95.7%** | **Principal<br>Amount/Shares** | **Value** |
| **Aerospace and Defense — 2.6%** | | |
| ATI, Inc., 5.875%, 12/1/27 | $50000 | $50199 |
| ATI, Inc., 4.875%, 10/1/29 | 50000 | 49973 |
| ATI, Inc., 5.125%, 10/1/31 | 50000 | 50277 |
| Bombardier, Inc., 6.00%, 2/15/28<sup>(1)</sup> | 25000 | 24995 |
| Bombardier, Inc., 7.50%, 2/1/29<sup>(1)</sup> | 50000 | 52023 |
| Bombardier, Inc., 7.00%, 6/1/32<sup>(1)</sup> | 150000 | 158196 |
| Bombardier, Inc., 6.75%, 6/15/33<sup>(1)</sup> | 50000 | 52750 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(1)</sup> | 200000 | 203811 |
| TransDigm, Inc., 4.625%, 1/15/29 | 175000 | 174587 |
| TransDigm, Inc., 4.875%, 5/1/29 | 150000 | 149832 |
| TransDigm, Inc., 6.625%, 3/1/32<sup>(1)</sup> | 100000 | 103724 |
| TransDigm, Inc., 6.00%, 1/15/33<sup>(1)</sup> | 100000 | 101843 |
| TransDigm, Inc., 6.375%, 5/31/33<sup>(1)</sup> | 275000 | 280901 |
| TransDigm, Inc., 6.75%, 1/31/34<sup>(1)</sup> | 75000 | 77898 |
|  |  | 1531009 |
| **Automobile Components — 1.9%** |  |  |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(1)</sup> | 75000 | 78500 |
| Adient Global Holdings Ltd., 7.50%, 2/15/33<sup>(1)</sup> | 100000 | 105027 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/32<sup>(1)</sup> | 50000 | 50919 |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 9/15/32<sup>(1)</sup> | 175000 | 181755 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 5/31/32<sup>(1)</sup> | 50000 | 52878 |
| Goodyear Tire & Rubber Co., 5.25%, 7/15/31 | 250000 | 238686 |
| Patrick Industries, Inc., 4.75%, 5/1/29<sup>(1)</sup> | 47000 | 46913 |
| Phinia, Inc., 6.625%, 10/15/32<sup>(1)</sup> | 125000 | 129884 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(1)</sup> | 175000 | 175130 |
| ZF North America Capital, Inc., 7.50%, 3/24/31<sup>(1)</sup> | 25000 | 25780 |
|  |  | 1085472 |
| **Automobiles — 0.4%** |  |  |
| Nissan Motor Co. Ltd., 4.81%, 9/17/30<sup>(1)</sup> | 225000 | 214024 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(1)</sup> | 50000 | 48030 |
|  |  | 262054 |
| **Banks — 1.0%** |  |  |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 200000 | 209041 |
| Freedom Mortgage Holdings LLC, 7.875%, 4/1/33<sup>(1)</sup> | 100000 | 98662 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | 78000 | 73369 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, 10/15/33<sup>(1)</sup> | 103000 | 94907 |
| United Wholesale Mortgage LLC, 5.50%, 4/15/29<sup>(1)</sup> | 100000 | 98152 |
|  |  | 574131 |
| **Beverages — 0.2%** |  |  |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.375%, 4/30/29<sup>(1)</sup> | 97000 | 95172 |
| **Broadline Retail — 0.3%** |  |  |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 3/1/29<sup>(1)</sup> | 50000 | 46822 |
| Macy's Retail Holdings LLC, 7.375%, 8/1/33<sup>(1)</sup> | 75000 | 78666 |
| Millennium Escrow Corp., 6.625%, 8/1/26<sup>(1)</sup> | 47000 | 44886 |
|  |  | 170374 |
| **Building Products — 2.5%** |  |  |
| APi Group DE, Inc., 4.125%, 7/15/29<sup>(1)</sup> | 75000 | 72942 |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 150000 | 143204 |
| Builders FirstSource, Inc., 6.375%, 3/1/34<sup>(1)</sup> | 125000 | 128908 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Cornerstone Building Brands, Inc., 9.50%, 8/15/29<sup>(1)</sup> | $150000 | $109180 |
| CP Atlas Buyer, Inc., 9.75%, 7/15/30<sup>(1)</sup> | 75000 | 75146 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(1)</sup> | 100000 | 103624 |
| Griffon Corp., 5.75%, 3/1/28 | 94000 | 94027 |
| JELD-WEN, Inc., 7.00%, 9/1/32<sup>(1)(2)</sup> | 200000 | 108255 |
| JH North America Holdings, Inc., 6.125%, 7/31/32<sup>(1)</sup> | 25000 | 25676 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32<sup>(1)</sup> | 125000 | 126116 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30<sup>(1)</sup> | 25000 | 23449 |
| Standard Building Solutions, Inc., 6.25%, 8/1/33<sup>(1)</sup> | 50000 | 50968 |
| Standard Industries, Inc., 4.375%, 7/15/30<sup>(1)</sup> | 300000 | 289632 |
| Standard Industries, Inc., 3.375%, 1/15/31<sup>(1)</sup> | 100000 | 92392 |
|  |  | 1443519 |
| **Capital Markets — 2.0%** |  |  |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 125000 | 119323 |
| Coinbase Global, Inc., 3.625%, 10/1/31<sup>(1)</sup> | 250000 | 218746 |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(1)</sup> | 50405 | 47228 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 150000 | 147860 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29 | 125000 | 123646 |
| Iliad Holding SAS, 7.00%, 10/15/28<sup>(1)</sup> | 50000 | 50695 |
| Iliad Holding SAS, 7.00%, 4/15/32<sup>(1)</sup> | 200000 | 205562 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/1/32<sup>(1)</sup> | 50000 | 50337 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/1/33<sup>(1)</sup> | 50000 | 51348 |
| LCM Investments Holdings II LLC, 4.875%, 5/1/29<sup>(1)</sup> | 100000 | 98791 |
| Osaic Holdings, Inc., 6.75%, 8/1/32<sup>(1)</sup> | 50000 | 50493 |
|  |  | 1164029 |
| **Chemicals — 3.4%** |  |  |
| Avient Corp., 6.25%, 11/1/31<sup>(1)</sup> | 98000 | 101261 |
| Celanese U.S. Holdings LLC, 7.05%, 11/15/30 | 25000 | 26675 |
| Celanese U.S. Holdings LLC, 7.00%, 2/15/31 | 50000 | 51529 |
| Celanese U.S. Holdings LLC, 7.38%, 7/15/32 | 75000 | 79133 |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 | 50000 | 53754 |
| Celanese U.S. Holdings LLC, 7.375%, 2/15/34 | 150000 | 154196 |
| Chemours Co., 5.75%, 11/15/28<sup>(1)</sup> | 150000 | 150997 |
| Chemours Co., 4.625%, 11/15/29<sup>(1)</sup> | 25000 | 23702 |
| Chemours Co., 8.00%, 1/15/33<sup>(1)</sup> | 125000 | 127240 |
| CompoSecure Holdings LLC, 5.625%, 2/1/33<sup>(1)</sup> | 75000 | 74673 |
| FXI Holdings, Inc., 11.00%, 11/15/30<sup>(1)(2)</sup> | 33200 | 30898 |
| FXI Holdings, Inc., 16.00% PIK, 11/15/29<sup>(1)(2)</sup> | 19850 | 11600 |
| Methanex U.S. Operations, Inc., 6.25%, 3/15/32<sup>(1)</sup> | 150000 | 155345 |
| NOVA Chemicals Corp., 5.25%, 6/1/27<sup>(1)</sup> | 95000 | 95587 |
| NOVA Chemicals Corp., 8.50%, 11/15/28<sup>(1)</sup> | 100000 | 104813 |
| Olin Corp., 5.00%, 2/1/30 | 200000 | 194652 |
| Olympus Water U.S. Holding Corp., 7.25%, 2/15/33<sup>(1)</sup> | 175000 | 174359 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(1)(2)</sup> | 100000 | 106614 |
| SCIH Salt Holdings, Inc., 4.875%, 5/1/28<sup>(1)</sup> | 25000 | 24923 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(1)</sup> | 75000 | 74873 |
| Scotts Miracle-Gro Co., 4.00%, 4/1/31 | 50000 | 47391 |
| WR Grace Holdings LLC, 5.625%, 8/15/29<sup>(1)</sup> | 100000 | 95881 |
| WR Grace Holdings LLC, 7.00%, 8/1/33<sup>(1)</sup> | 50000 | 50940 |
|  |  | 2011036 |
| **Commercial Services and Supplies — 2.5%** |  |  |
| ADT Security Corp., 4.875%, 7/15/32<sup>(1)</sup> | 225000 | 218785 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(1)</sup> | $150000 | $158561 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.625%, 6/1/28<sup>(1)</sup> | 25000 | 24829 |
| Brink's Co., 4.625%, 10/15/27<sup>(1)</sup> | 120000 | 120199 |
| Brink's Co., 6.75%, 6/15/32<sup>(1)</sup> | 75000 | 77684 |
| Garda World Security Corp., 7.75%, 2/15/28<sup>(1)</sup> | 50000 | 51237 |
| GFL Environmental, Inc., 4.00%, 8/1/28<sup>(1)</sup> | 50000 | 49258 |
| GFL Environmental, Inc., 4.75%, 6/15/29<sup>(1)</sup> | 125000 | 124295 |
| GFL Environmental, Inc., 6.75%, 1/15/31<sup>(1)</sup> | 73000 | 76657 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 8/31/27<sup>(1)</sup> | 100000 | 98478 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/31<sup>(1)</sup> | 150000 | 144537 |
| RR Donnelley & Sons Co., 9.50%, 8/1/29<sup>(1)</sup> | 150000 | 154710 |
| Waste Pro USA, Inc., 7.00%, 2/1/33<sup>(1)</sup> | 100000 | 104325 |
| Williams Scotsman, Inc., 4.625%, 8/15/28<sup>(1)</sup> | 75000 | 74764 |
|  |  | 1478319 |
| **Construction and Engineering — 0.8%** |  |  |
| Brand Industrial Services, Inc., 10.375%, 8/1/30<sup>(1)</sup> | 100000 | 93512 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(1)</sup> | 175000 | 178410 |
| Howard Midstream Energy Partners LLC, 6.625%, 1/15/34<sup>(1)</sup> | 75000 | 77554 |
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28<sup>(1)</sup> | 100000 | 100384 |
| Weekley Homes LLC/Weekley Finance Corp., 6.75%, 1/15/34<sup>(1)</sup> | 25000 | 25176 |
|  |  | 475036 |
| **Construction Materials — 0.7%** |  |  |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(1)</sup> | 100000 | 103995 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(1)</sup> | 125000 | 130019 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> | 175000 | 175369 |
|  |  | 409383 |
| **Consumer Finance — 2.1%** |  |  |
| FirstCash, Inc., 6.875%, 3/1/32<sup>(1)</sup> | 50000 | 51663 |
| goeasy Ltd., 7.625%, 7/1/29<sup>(1)</sup> | 150000 | 140742 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 8.75%, 5/1/29<sup>(1)</sup> | 25000 | 23197 |
| LFS Topco LLC, 8.75%, 7/15/30<sup>(1)(2)</sup> | 100000 | 96833 |
| Navient Corp., 5.00%, 3/15/27 | 50000 | 49283 |
| Navient Corp., 5.50%, 3/15/29<sup>(2)</sup> | 75000 | 70109 |
| Navient Corp., 9.375%, 7/25/30 | 125000 | 126709 |
| OneMain Finance Corp., 6.625%, 1/15/28 | 50000 | 51064 |
| OneMain Finance Corp., 5.375%, 11/15/29 | 100000 | 98933 |
| OneMain Finance Corp., 7.875%, 3/15/30 | 100000 | 104660 |
| OneMain Finance Corp., 7.125%, 11/15/31 | 125000 | 127883 |
| OneMain Finance Corp., 6.75%, 3/15/32 | 50000 | 50451 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(1)</sup> | 50000 | 52425 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.875%, 5/1/27<sup>(1)</sup> | 101000 | 101329 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30<sup>(1)(2)</sup> | 78000 | 72649 |
|  |  | 1217930 |
| **Consumer Staples Distribution & Retail — 0.5%** |  |  |
| Albertsons Cos., Inc., 5.625%, 3/31/32<sup>(1)</sup> | 50000 | 50227 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.50%, 2/15/28<sup>(1)</sup> | 100000 | 101853 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/30<sup>(1)</sup> | 125000 | 124057 |
|  |  | 276137 |
| **Containers and Packaging — 1.5%** |  |  |
| Ardagh Group SA, 9.50%, 12/1/30<sup>(1)</sup> | 75000 | 81280 |
| Ball Corp., 6.00%, 6/15/29 | 25000 | 25807 |
| Ball Corp., 3.125%, 9/15/31 | 125000 | 116140 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(1)</sup> | $25000 | $24911 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(1)</sup> | 50000 | 50417 |
| OI European Group BV, 4.75%, 2/15/30<sup>(1)</sup> | 150000 | 144609 |
| Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31<sup>(1)(2)</sup> | 75000 | 75923 |
| Owens-Brockway Glass Container, Inc., 7.375%, 6/1/32<sup>(1)(2)</sup> | 125000 | 126495 |
| Sealed Air Corp., 6.875%, 7/15/33<sup>(1)</sup> | 50000 | 51724 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 2/15/31<sup>(1)</sup> | 75000 | 77957 |
| TriMas Corp., 4.125%, 4/15/29<sup>(1)</sup> | 100000 | 96598 |
|  |  | 871861 |
| **Distributors — 0.5%** |  |  |
| Performance Food Group, Inc., 4.25%, 8/1/29<sup>(1)</sup> | 72000 | 70699 |
| Performance Food Group, Inc., 6.125%, 9/15/32<sup>(1)</sup> | 75000 | 77081 |
| RB Global Holdings, Inc., 7.75%, 3/15/31<sup>(1)</sup> | 103000 | 107214 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(1)</sup> | 50000 | 52494 |
|  |  | 307488 |
| **Diversified Consumer Services — 0.4%** |  |  |
| Covista, Inc., 5.50%, 3/1/28<sup>(1)</sup> | 100000 | 100000 |
| Service Corp. International, 3.375%, 8/15/30 | 64000 | 60191 |
| Service Corp. International, 4.00%, 5/15/31 | 64000 | 61220 |
|  |  | 221411 |
| **Diversified REITs — 1.4%** |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 6/15/27<sup>(1)</sup> | 75000 | 78041 |
| Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32<sup>(1)</sup> | 50000 | 48423 |
| MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27<sup>(2)</sup> | 143000 | 140208 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.875%, 10/1/28<sup>(1)</sup> | 72000 | 72041 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 2/1/30<sup>(1)</sup> | 119000 | 123298 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 4/1/32<sup>(1)</sup> | 100000 | 103540 |
| RLJ Lodging Trust LP, 3.75%, 7/1/26<sup>(1)</sup> | 47000 | 46797 |
| RLJ Lodging Trust LP, 4.00%, 9/15/29<sup>(1)</sup> | 150000 | 143615 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 4/15/28<sup>(1)</sup> | 75000 | 74876 |
|  |  | 830839 |
| **Diversified Telecommunication Services — 2.3%** |  |  |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(1)</sup> | 125000 | 131298 |
| Black Pearl Compute LLC, 6.125%, 2/15/31<sup>(1)</sup> | 50000 | 51235 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(1)</sup> | 50000 | 51243 |
| Frontier Communications Holdings LLC, 5.00%, 5/1/28<sup>(1)</sup> | 175000 | 175211 |
| Frontier Communications Holdings LLC, 6.75%, 5/1/29<sup>(1)</sup> | 25000 | 25112 |
| Level 3 Financing, Inc., 8.50%, 1/15/36<sup>(1)</sup> | 50000 | 52113 |
| SV RNO Property Owner 1 LLC, 5.875%, 3/1/31<sup>(1)</sup> | 150000 | 150778 |
| Telecom Italia Capital SA, 6.00%, 9/30/34 | 200000 | 208415 |
| Telecom Italia Capital SA, 7.20%, 7/18/36 | 162000 | 179660 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31<sup>(1)</sup> | 150000 | 158039 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> | 75000 | 79483 |
| Zayo Group Holdings, Inc., 5.75% Cash plus 0.50% PIK, 3/9/30<sup>(1)</sup> | 77196 | 75333 |
|  |  | 1337920 |
| **Electric Utilities — 3.3%** |  |  |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(1)</sup> | 100000 | 104102 |
| Constellation Energy Generation LLC, 5.00%, 2/1/31<sup>(1)</sup> | 150000 | 152296 |
| NRG Energy, Inc., 5.25%, 6/15/29<sup>(1)</sup> | 100000 | 100416 |
| NRG Energy, Inc., 5.75%, 7/15/29<sup>(1)</sup> | 125000 | 125292 |
| NRG Energy, Inc., 3.625%, 2/15/31<sup>(1)</sup> | 100000 | 94440 |
| NRG Energy, Inc., 6.00%, 2/1/33<sup>(1)</sup> | 50000 | 51236 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| NRG Energy, Inc., 7.00%, 3/15/33<sup>(1)</sup> | $25000 | $27837 |
| NRG Energy, Inc., 6.25%, 11/1/34<sup>(1)</sup> | 175000 | 181071 |
| NRG Energy, Inc., 6.00%, 1/15/36<sup>(1)</sup> | 50000 | 50914 |
| PG&E Corp., 5.00%, 7/1/28 | 125000 | 124744 |
| PG&E Corp., 5.25%, 7/1/30 | 47000 | 47066 |
| Talen Energy Supply LLC, 8.625%, 6/1/30<sup>(1)</sup> | 50000 | 52768 |
| Talen Energy Supply LLC, 6.25%, 2/1/34<sup>(1)</sup> | 25000 | 25455 |
| Talen Energy Supply LLC, 6.50%, 2/1/36<sup>(1)</sup> | 100000 | 102874 |
| Vistra Operations Co. LLC, 5.625%, 2/15/27<sup>(1)</sup> | 100000 | 100014 |
| Vistra Operations Co. LLC, 5.00%, 7/31/27<sup>(1)</sup> | 75000 | 75041 |
| Vistra Operations Co. LLC, 4.375%, 5/1/29<sup>(1)</sup> | 125000 | 123727 |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(1)</sup> | 125000 | 132154 |
| Vistra Operations Co. LLC, 6.875%, 4/15/32<sup>(1)</sup> | 50000 | 52624 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)</sup> | 50000 | 52233 |
| XPLR Infrastructure Operating Partners LP, 4.50%, 9/15/27<sup>(1)</sup> | 50000 | 49815 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/33<sup>(1)</sup> | 75000 | 79427 |
| XPLR Infrastructure Operating Partners LP, 7.75%, 4/15/34<sup>(1)</sup> | 25000 | 25936 |
|  |  | 1931482 |
| **Electrical Equipment — 0.2%** |  |  |
| Atkore, Inc., 4.25%, 6/1/31<sup>(1)</sup> | 75000 | 72018 |
| WESCO Distribution, Inc., 7.25%, 6/15/28<sup>(1)</sup> | 75000 | 75595 |
|  |  | 147613 |
| **Electronic Equipment, Instruments and Components — 1.0%** |  |  |
| Coherent Corp., 5.00%, 12/15/29<sup>(1)</sup> | 69000 | 69100 |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | 165000 | 162324 |
| Sensata Technologies BV, 4.00%, 4/15/29<sup>(1)</sup> | 50000 | 48977 |
| Sensata Technologies, Inc., 4.375%, 2/15/30<sup>(1)</sup> | 75000 | 73640 |
| Sensata Technologies, Inc., 6.625%, 7/15/32<sup>(1)</sup> | 100000 | 104775 |
| TTM Technologies, Inc., 4.00%, 3/1/29<sup>(1)</sup> | 100000 | 97132 |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(1)</sup> | 50000 | 51288 |
|  |  | 607236 |
| **Energy Equipment and Services — 1.7%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28<sup>(1)</sup> | 100000 | 100129 |
| Bristow Group, Inc., 6.875%, 3/1/28<sup>(1)</sup> | 125000 | 125000 |
| Helix Energy Solutions Group, Inc., 9.75%, 3/1/29<sup>(1)</sup> | 73000 | 76763 |
| Kodiak Gas Services LLC, 6.75%, 10/1/35<sup>(1)</sup> | 50000 | 52270 |
| Nabors Industries, Inc., 7.625%, 11/15/32<sup>(1)</sup> | 50000 | 51542 |
| Noble Finance II LLC, 8.00%, 4/15/30<sup>(1)</sup> | 122000 | 127048 |
| Precision Drilling Corp., 6.875%, 1/15/29<sup>(1)</sup> | 100000 | 101572 |
| Transocean International Ltd., 8.75%, 2/15/30<sup>(1)</sup> | 73500 | 76944 |
| Transocean International Ltd., 7.50%, 4/15/31 | 75000 | 77300 |
| Transocean Titan Financing Ltd., 8.375%, 2/1/28<sup>(1)</sup> | 30642 | 31425 |
| USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29<sup>(1)</sup> | 100000 | 103380 |
| Valaris Ltd., 8.375%, 4/30/30<sup>(1)</sup> | 75000 | 78689 |
|  |  | 1002062 |
| **Entertainment — 1.0%** |  |  |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(1)</sup> | 75000 | 75075 |
| Cinemark USA, Inc., 7.00%, 8/1/32<sup>(1)</sup> | 50000 | 52119 |
| Discovery Global Holdings, Inc., 4.05%, 3/15/29 | 50000 | 49506 |
| Discovery Global Holdings, Inc., 4.28%, 3/15/32 | 175000 | 161000 |
| Discovery Global Holdings, Inc., 5.05%, 3/15/42 | 200000 | 141000 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(1)</sup> | 70000 | 69999 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> | $47000 | $36720 |
|  |  | 585419 |
| **Financial Services — 2.5%** |  |  |
| Block, Inc., 5.625%, 8/15/30<sup>(1)</sup> | 25000 | 25341 |
| Block, Inc., 6.50%, 5/15/32 | 175000 | 180141 |
| Block, Inc., 6.00%, 8/15/33<sup>(1)</sup> | 25000 | 25423 |
| Kinetik Holdings LP, 5.875%, 6/15/30<sup>(1)</sup> | 50000 | 50695 |
| MPH Acquisition Holdings LLC, 5.50%, 9/1/28<sup>(1)</sup> | 70000 | 49522 |
| NCR Atleos Corp., 9.50%, 4/1/29<sup>(1)</sup> | 100000 | 107445 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 6/15/29<sup>(1)</sup> | 100000 | 84177 |
| PennyMac Financial Services, Inc., 4.25%, 2/15/29<sup>(1)</sup> | 75000 | 72158 |
| PennyMac Financial Services, Inc., 7.875%, 12/15/29<sup>(1)</sup> | 100000 | 105075 |
| PennyMac Financial Services, Inc., 6.875%, 5/15/32<sup>(1)</sup> | 25000 | 25177 |
| PennyMac Financial Services, Inc., 6.75%, 2/15/34<sup>(1)</sup> | 150000 | 148441 |
| Rocket Cos., Inc., 7.125%, 2/1/32<sup>(1)</sup> | 150000 | 156956 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 100000 | 103477 |
| Stonebriar ABF Issuer LLC, 8.125%, 12/15/30<sup>(1)</sup> | 150000 | 157815 |
| WEX, Inc., 6.50%, 3/15/33<sup>(1)</sup> | 150000 | 150874 |
|  |  | 1442717 |
| **Food Products — 1.7%** |  |  |
| Darling Ingredients, Inc., 5.25%, 4/15/27<sup>(1)</sup> | 70000 | 70045 |
| Darling Ingredients, Inc., 6.00%, 6/15/30<sup>(1)</sup> | 53000 | 53713 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 2/15/29<sup>(1)</sup> | 150000 | 157581 |
| Lamb Weston Holdings, Inc., 4.375%, 1/31/32<sup>(1)</sup> | 150000 | 143723 |
| Post Holdings, Inc., 4.625%, 4/15/30<sup>(1)</sup> | 50000 | 48981 |
| Post Holdings, Inc., 4.50%, 9/15/31<sup>(1)</sup> | 75000 | 71804 |
| Post Holdings, Inc., 6.375%, 3/1/33<sup>(1)</sup> | 75000 | 76400 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/1/29<sup>(1)</sup> | 50000 | 48307 |
| U.S. Foods, Inc., 6.875%, 9/15/28<sup>(1)</sup> | 50000 | 51615 |
| U.S. Foods, Inc., 7.25%, 1/15/32<sup>(1)</sup> | 200000 | 209710 |
| U.S. Foods, Inc., 5.75%, 4/15/33<sup>(1)</sup> | 75000 | 76576 |
|  |  | 1008455 |
| **Gas Utilities — 0.2%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 5/20/27 | 50000 | 50442 |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 6/1/28<sup>(1)</sup> | 75000 | 77562 |
|  |  | 128004 |
| **Ground Transportation — 1.7%** |  |  |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27<sup>(1)</sup> | 75000 | 74952 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 4/1/28<sup>(1)</sup> | 75000 | 73333 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29<sup>(1)</sup> | 50000 | 47898 |
| Genesee & Wyoming, Inc., 6.25%, 4/15/32<sup>(1)</sup> | 97000 | 100103 |
| Hertz Corp., 12.625%, 7/15/29<sup>(1)</sup> | 75000 | 69212 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> | 150000 | 149341 |
| United Rentals North America, Inc., 4.875%, 1/15/28 | 122000 | 122008 |
| United Rentals North America, Inc., 3.875%, 2/15/31 | 170000 | 163894 |
| United Rentals North America, Inc., 6.125%, 3/15/34<sup>(1)</sup> | 96000 | 100688 |
| Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32<sup>(1)</sup> | 25000 | 26322 |
| XPO, Inc., 7.125%, 6/1/31<sup>(1)</sup> | 71000 | 73937 |
|  |  | 1001688 |
| **Health Care Equipment and Supplies — 1.3%** |  |  |
| Avantor Funding, Inc., 4.625%, 7/15/28<sup>(1)</sup> | 69000 | 68413 |
| Avantor Funding, Inc., 3.875%, 11/1/29<sup>(1)</sup> | 97000 | 92683 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Bausch & Lomb Corp., 8.375%, 10/1/28<sup>(1)</sup> | $46000 | $47725 |
| Insulet Corp., 6.50%, 4/1/33<sup>(1)</sup> | 50000 | 52033 |
| Medline Borrower LP, 3.875%, 4/1/29<sup>(1)</sup> | 100000 | 98416 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(1)</sup> | 225000 | 225128 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 100000 | 103322 |
| Sotera Health Holdings LLC, 7.375%, 6/1/31<sup>(1)</sup> | 73000 | 76903 |
|  |  | 764623 |
| **Health Care Providers and Services — 2.8%** |  |  |
| Accendra Health, Inc., 4.50%, 3/31/29<sup>(1)(2)</sup> | 97000 | 61583 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/30<sup>(1)</sup> | 75000 | 72118 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(1)</sup> | 175000 | 160700 |
| CHS/Community Health Systems, Inc., 10.875%, 1/15/32<sup>(1)</sup> | 120000 | 130197 |
| DaVita, Inc., 4.625%, 6/1/30<sup>(1)</sup> | 125000 | 122448 |
| HealthEquity, Inc., 4.50%, 10/1/29<sup>(1)</sup> | 72000 | 70219 |
| IQVIA, Inc., 5.00%, 5/15/27<sup>(1)</sup> | 45000 | 44928 |
| LifePoint Health, Inc., 9.875%, 8/15/30<sup>(1)</sup> | 70000 | 74775 |
| LifePoint Health, Inc., 8.375%, 2/15/32<sup>(1)</sup> | 100000 | 108337 |
| Molina Healthcare, Inc., 3.875%, 5/15/32<sup>(1)</sup> | 72000 | 63649 |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(1)</sup> | 75000 | 73836 |
| Radiology Partners, Inc., 8.50%, 7/15/32<sup>(1)</sup> | 50000 | 51547 |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 225000 | 225257 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | 127000 | 127367 |
| Tenet Healthcare Corp., 4.25%, 6/1/29 | 97000 | 95718 |
| Tenet Healthcare Corp., 6.125%, 6/15/30 | 100000 | 102119 |
| Tenet Healthcare Corp., 6.75%, 5/15/31 | 78000 | 81200 |
|  |  | 1665998 |
| **Health Care Technology — 0.1%** |  |  |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(1)</sup> | 75000 | 70591 |
| **Hotel & Resort REITs — 0.3%** |  |  |
| Service Properties Trust, 4.95%, 2/15/27 | 12000 | 11949 |
| Service Properties Trust, 4.95%, 10/1/29<sup>(2)</sup> | 175000 | 159099 |
|  |  | 171048 |
| **Hotels, Restaurants and Leisure — 9.1%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/28<sup>(1)</sup> | 125000 | 124537 |
| 1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30<sup>(1)</sup> | 175000 | 168165 |
| Affinity Interactive, 6.875%, 12/15/27<sup>(1)</sup> | 100000 | 61299 |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(1)</sup> | 125000 | 122370 |
| Brightstar Lottery PLC, 5.25%, 1/15/29<sup>(1)</sup> | 100000 | 99636 |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(1)(2)</sup> | 250000 | 244753 |
| Caesars Entertainment, Inc., 7.00%, 2/15/30<sup>(1)</sup> | 148000 | 151812 |
| Carnival Corp., 5.875%, 6/15/31<sup>(1)</sup> | 150000 | 156855 |
| Carnival Corp., 6.125%, 2/15/33<sup>(1)</sup> | 100000 | 103587 |
| Churchill Downs, Inc., 5.75%, 4/1/30<sup>(1)</sup> | 125000 | 126068 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29<sup>(1)</sup> | 175000 | 170808 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 8/15/28<sup>(1)(3)(4)</sup> | 47000 | 23265 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 | 150000 | 150196 |
| Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31<sup>(1)</sup> | 75000 | 72081 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32<sup>(1)</sup> | 125000 | 116558 |
| Hilton Domestic Operating Co., Inc., 6.125%, 4/1/32<sup>(1)</sup> | 75000 | 77589 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/29<sup>(1)(2)</sup> | 193000 | 188502 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 4.875%, 7/1/31<sup>(1)</sup> | 122000 | 114899 |
| Jacobs Entertainment, Inc., 6.75%, 2/15/29<sup>(1)</sup> | 75000 | 73777 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Life Time, Inc., 6.00%, 11/15/31<sup>(1)</sup> | $125000 | $128892 |
| Light & Wonder International, Inc., 7.25%, 11/15/29<sup>(1)</sup> | 100000 | 102615 |
| Marriott Ownership Resorts, Inc., 4.50%, 6/15/29<sup>(1)</sup> | 50000 | 48290 |
| Melco Resorts Finance Ltd., 7.625%, 4/17/32<sup>(1)</sup> | 200000 | 209751 |
| MGM Resorts International, 6.50%, 4/15/32<sup>(2)</sup> | 170000 | 174594 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.875%, 5/1/29<sup>(1)</sup> | 100000 | 98317 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(1)</sup> | 75000 | 78209 |
| NCL Corp. Ltd., 7.75%, 2/15/29<sup>(1)</sup> | 75000 | 80189 |
| NCL Corp. Ltd., 6.75%, 2/1/32<sup>(1)</sup> | 50000 | 51526 |
| Penn Entertainment, Inc., 5.625%, 1/15/27<sup>(1)</sup> | 50000 | 50211 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(1)(2)</sup> | 125000 | 118060 |
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/27<sup>(1)</sup> | 125000 | 125974 |
| Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 75000 | 79020 |
| Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 | 50000 | 49719 |
| Royal Caribbean Cruises Ltd., 5.50%, 4/1/28<sup>(1)</sup> | 200000 | 204448 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(1)</sup> | 150000 | 155422 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29<sup>(1)</sup> | 175000 | 169895 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 6.50%, 10/1/28 | 75000 | 75114 |
| TKC Holdings, Inc., 8.50%, 8/15/30<sup>(1)</sup> | 50000 | 51207 |
| TKC Holdings, Inc., 12.00%, 2/15/31<sup>(1)</sup> | 50000 | 52595 |
| Travel & Leisure Co., 4.50%, 12/1/29<sup>(1)</sup> | 47000 | 46072 |
| Viking Cruises Ltd., 9.125%, 7/15/31<sup>(1)</sup> | 50000 | 53223 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29<sup>(1)</sup> | 70000 | 70186 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(1)</sup> | 75000 | 80133 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/28<sup>(1)</sup> | 50000 | 49680 |
| Wyndham Hotels & Resorts, Inc., 5.625%, 3/1/33<sup>(1)</sup> | 50000 | 50347 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(1)</sup> | 141000 | 141501 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29<sup>(1)</sup> | 70000 | 70454 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 6.25%, 3/15/33<sup>(1)</sup> | 100000 | 102180 |
| Yum! Brands, Inc., 4.625%, 1/31/32 | 78000 | 76737 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | 103000 | 104773 |
|  |  | 5296091 |
| **Household Durables — 2.5%** |  |  |
| Adams Homes, Inc., 9.25%, 10/15/28<sup>(1)</sup> | 71000 | 73949 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/1/30<sup>(1)</sup> | 122000 | 116635 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33<sup>(1)</sup> | 25000 | 25256 |
| Beazer Homes USA, Inc., 5.875%, 10/15/27 | 72000 | 72156 |
| Beazer Homes USA, Inc., 7.50%, 3/15/31<sup>(1)(2)</sup> | 46000 | 47386 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 6/15/29<sup>(1)(2)</sup> | 120000 | 116343 |
| Dream Finders Homes, Inc., 6.875%, 9/15/30<sup>(1)</sup> | 100000 | 102328 |
| KB Home, 4.00%, 6/15/31 | 100000 | 95640 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(1)(2)</sup> | 75000 | 73613 |
| Mattamy Group Corp., 4.625%, 3/1/30<sup>(1)</sup> | 100000 | 97713 |
| Newell Brands, Inc., 6.375%, 9/15/27 | 50000 | 50884 |
| Newell Brands, Inc., 6.625%, 9/15/29 | 150000 | 152463 |
| Somnigroup International, Inc., 4.00%, 4/15/29<sup>(1)</sup> | 25000 | 24316 |
| Somnigroup International, Inc., 3.875%, 10/15/31<sup>(1)</sup> | 50000 | 46966 |
| Taylor Morrison Communities, Inc., 5.125%, 8/1/30<sup>(1)</sup> | 35000 | 35333 |
| TopBuild Corp., 4.125%, 2/15/32<sup>(1)</sup> | 25000 | 23787 |
| TopBuild Corp., 5.625%, 1/31/34<sup>(1)</sup> | 25000 | 25230 |
| Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 125000 | 125955 |
| Whirlpool Corp., 5.50%, 3/1/33 | 100000 | 95596 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Whirlpool Corp., 4.50%, 6/1/46 | $50000 | $36729 |
|  |  | 1438278 |
| **Independent Power and Renewable Electricity Producers — 0.8%** |  |  |
| Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28<sup>(1)</sup> | 100000 | 97909 |
| Calpine LLC, 5.125%, 3/15/28<sup>(1)</sup> | 100000 | 100026 |
| Clearway Energy Operating LLC, 4.75%, 3/15/28<sup>(1)</sup> | 75000 | 74791 |
| Clearway Energy Operating LLC, 5.75%, 1/15/34<sup>(1)</sup> | 50000 | 50682 |
| Lightning Power LLC, 7.25%, 8/15/32<sup>(1)</sup> | 100000 | 106231 |
| TerraForm Power Operating LLC, 5.00%, 1/31/28<sup>(1)</sup> | 25000 | 25084 |
|  |  | 454723 |
| **Insurance — 0.9%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/1/29<sup>(1)</sup> | 50000 | 50052 |
| Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29<sup>(1)</sup> | 125000 | 119027 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.875%, 11/1/29<sup>(1)</sup> | 100000 | 96972 |
| Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, 12/31/32<sup>(1)</sup> | 50000 | 52558 |
| Asurion LLC & Asurion Co-Issuer, Inc., 8.375%, 2/1/34<sup>(1)</sup> | 50000 | 49789 |
| HUB International Ltd., 7.25%, 6/15/30<sup>(1)</sup> | 97000 | 100107 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | 70000 | 71265 |
|  |  | 539770 |
| **Interactive Media and Services — 0.3%** |  |  |
| Snap, Inc., 6.875%, 3/1/33<sup>(1)</sup> | 150000 | 149496 |
| Ziff Davis, Inc., 4.625%, 10/15/30<sup>(1)</sup> | 47000 | 42282 |
|  |  | 191778 |
| **IT Services — 0.7%** |  |  |
| ASGN, Inc., 4.625%, 5/15/28<sup>(1)</sup> | 100000 | 97043 |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 325000 | 318659 |
|  |  | 415702 |
| **Life Sciences Tools and Services — 0.3%** |  |  |
| Charles River Laboratories International, Inc., 4.25%, 5/1/28<sup>(1)</sup> | 50000 | 49512 |
| Charles River Laboratories International, Inc., 4.00%, 3/15/31<sup>(1)</sup> | 125000 | 118112 |
|  |  | 167624 |
| **Machinery — 0.5%** |  |  |
| Allison Transmission, Inc., 5.875%, 6/1/29<sup>(1)</sup> | 100000 | 101213 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(1)</sup> | 25000 | 26317 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(1)</sup> | 74000 | 76709 |
| Trinity Industries, Inc., 7.75%, 7/15/28<sup>(1)</sup> | 71000 | 73092 |
|  |  | 277331 |
| **Media — 7.2%** |  |  |
| AMC Networks, Inc., 4.25%, 2/15/29 | 2000 | 1770 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 16000 | 16022 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29<sup>(1)</sup> | 150000 | 149744 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 6.375%, 9/1/29<sup>(1)</sup> | 100000 | 101395 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(1)</sup> | 75000 | 72558 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30<sup>(1)</sup> | 125000 | 119308 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31<sup>(1)</sup> | 175000 | 163243 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32<sup>(1)</sup> | 100000 | 93066 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32<sup>(2)</sup> | 150000 | 137377 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 2/1/33<sup>(1)</sup> | 50000 | 51160 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33<sup>(1)</sup> | 100000 | 89387 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/34<sup>(1)(2)</sup> | 225000 | 196147 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(1)</sup> | 48000 | 50611 |
| Directv Financing LLC, 8.875%, 2/1/30<sup>(1)</sup> | 50000 | 50080 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27<sup>(1)</sup> | $41000 | $41073 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 2/15/31<sup>(1)</sup> | 225000 | 230294 |
| EchoStar Corp., 10.75%, 11/30/29 | 125000 | 136565 |
| GCI LLC, 4.75%, 10/15/28<sup>(1)</sup> | 125000 | 122928 |
| Gray Media, Inc., 7.25%, 8/15/33<sup>(1)</sup> | 50000 | 51666 |
| Lamar Media Corp., 4.875%, 1/15/29 | 100000 | 99996 |
| Lamar Media Corp., 4.00%, 2/15/30 | 100000 | 96930 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(1)</sup> | 125000 | 125354 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/31<sup>(1)</sup> | 50000 | 50507 |
| Neptune Bidco U.S., Inc., 9.50%, 2/15/33<sup>(1)</sup> | 50000 | 49002 |
| News Corp., 5.125%, 2/15/32<sup>(1)</sup> | 50000 | 49762 |
| Nexstar Media, Inc., 5.625%, 7/15/27<sup>(1)</sup> | 125000 | 125094 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27<sup>(1)</sup> | 150000 | 150322 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/30<sup>(1)</sup> | 75000 | 73634 |
| Sinclair Television Group, Inc., 5.50%, 3/1/30<sup>(1)</sup> | 67000 | 59777 |
| Sinclair Television Group, Inc., 4.375%, 12/31/32<sup>(1)</sup> | 225000 | 181206 |
| Sirius XM Radio LLC, 3.125%, 9/1/26<sup>(1)</sup> | 50000 | 49758 |
| Sirius XM Radio LLC, 5.00%, 8/1/27<sup>(1)</sup> | 145000 | 145004 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 175000 | 170954 |
| Sirius XM Radio LLC, 5.50%, 7/1/29<sup>(1)</sup> | 88000 | 88150 |
| Sirius XM Radio LLC, 3.875%, 9/1/31<sup>(1)(2)</sup> | 75000 | 68835 |
| Sunrise FinCo I BV, 4.875%, 7/15/31<sup>(1)</sup> | 75000 | 71556 |
| Univision Communications, Inc., 7.375%, 6/30/30<sup>(1)</sup> | 150000 | 150127 |
| Univision Communications, Inc., 8.50%, 7/31/31<sup>(1)</sup> | 175000 | 179254 |
| Univision Communications, Inc., 9.375%, 8/1/32<sup>(1)</sup> | 50000 | 52950 |
| Virgin Media Secured Finance PLC, 5.50%, 5/15/29<sup>(1)</sup> | 250000 | 242897 |
| Ziggo BV, 4.875%, 1/15/30<sup>(1)</sup> | 39000 | 36786 |
|  |  | 4192249 |
| **Metals and Mining — 2.0%** |  |  |
| Cleveland-Cliffs, Inc., 4.875%, 3/1/31<sup>(1)</sup> | 72000 | 68367 |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(1)</sup> | 100000 | 102707 |
| Commercial Metals Co., 6.00%, 12/15/35<sup>(1)</sup> | 75000 | 76862 |
| Constellium SE, 3.75%, 4/15/29<sup>(1)</sup> | 75000 | 72726 |
| Fortescue Treasury Pty. Ltd., 5.875%, 4/15/30<sup>(1)</sup> | 50000 | 51540 |
| Fortescue Treasury Pty. Ltd., 4.375%, 4/1/31<sup>(1)</sup> | 117000 | 113513 |
| Hudbay Minerals, Inc., 6.125%, 4/1/29<sup>(1)</sup> | 72000 | 72624 |
| Mineral Resources Ltd., 8.00%, 11/1/27<sup>(1)</sup> | 100000 | 102300 |
| Mineral Resources Ltd., 8.50%, 5/1/30<sup>(1)</sup> | 75000 | 77663 |
| Novelis Corp., 4.75%, 1/30/30<sup>(1)</sup> | 250000 | 242439 |
| Roller Bearing Co. of America, Inc., 4.375%, 10/15/29<sup>(1)</sup> | 75000 | 74007 |
| Taseko Mines Ltd., 8.25%, 5/1/30<sup>(1)</sup> | 125000 | 132486 |
|  |  | 1187234 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 2/1/27<sup>(1)</sup> | 50000 | 49678 |
| Starwood Property Trust, Inc., 6.00%, 4/15/30<sup>(1)</sup> | 125000 | 128363 |
|  |  | 178041 |
| **Oil, Gas and Consumable Fuels — 12.3%** |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/29<sup>(1)</sup> | 147000 | 147109 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29<sup>(1)</sup> | 72000 | 72256 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.625%, 10/15/32<sup>(1)</sup> | 50000 | 51980 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 50000 | 52224 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 7/15/32<sup>(1)</sup> | 50000 | 52918 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Buckeye Partners LP, 6.75%, 2/1/30<sup>(1)</sup> | $50000 | $52228 |
| Buckeye Partners LP, 5.85%, 11/15/43 | 150000 | 141854 |
| California Resources Corp., 8.25%, 6/15/29<sup>(1)</sup> | 100000 | 105042 |
| CITGO Petroleum Corp., 8.375%, 1/15/29<sup>(1)</sup> | 71000 | 73794 |
| Comstock Resources, Inc., 6.75%, 3/1/29<sup>(1)</sup> | 75000 | 74766 |
| Comstock Resources, Inc., 5.875%, 1/15/30<sup>(1)</sup> | 75000 | 72334 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31<sup>(1)</sup> | 150000 | 149704 |
| Crescent Energy Finance LLC, 7.75%, 7/31/29<sup>(1)</sup> | 50000 | 50282 |
| Crescent Energy Finance LLC, 9.75%, 10/15/30<sup>(1)</sup> | 50000 | 53841 |
| Crescent Energy Finance LLC, 7.625%, 4/1/32<sup>(1)</sup> | 125000 | 126511 |
| Crescent Energy Finance LLC, 7.875%, 4/15/32<sup>(1)</sup> | 100000 | 101934 |
| Crescent Energy Finance LLC, 7.375%, 1/15/33<sup>(1)</sup> | 175000 | 173978 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28<sup>(1)</sup> | 97000 | 97537 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29<sup>(1)</sup> | 50000 | 52231 |
| DT Midstream, Inc., 4.375%, 6/15/31<sup>(1)</sup> | 50000 | 49307 |
| Energy Transfer LP, 6.00%, 2/1/29<sup>(1)</sup> | 75000 | 75797 |
| EQT Corp., 7.50%, 6/1/30 | 25000 | 27781 |
| EQT Corp., 4.75%, 1/15/31 | 175000 | 177537 |
| Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28 | 50000 | 50105 |
| Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32 | 125000 | 130929 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 5/15/33 | 125000 | 132239 |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(1)</sup> | 145000 | 146711 |
| Hess Midstream Operations LP, 5.125%, 6/15/28<sup>(1)</sup> | 50000 | 50073 |
| Hess Midstream Operations LP, 4.25%, 2/15/30<sup>(1)</sup> | 75000 | 73570 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28<sup>(1)</sup> | 125000 | 125963 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31<sup>(1)</sup> | 150000 | 146209 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35<sup>(1)</sup> | 150000 | 148662 |
| ITT Holdings LLC, 6.50%, 8/1/29<sup>(1)</sup> | 75000 | 72918 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/1/32<sup>(1)</sup> | 100000 | 104594 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28<sup>(1)</sup> | 25000 | 26077 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(1)</sup> | 75000 | 76635 |
| Moss Creek Resources Holdings, Inc., 8.25%, 9/1/31<sup>(1)</sup> | 125000 | 123271 |
| Murphy Oil Corp., 6.00%, 10/1/32<sup>(2)</sup> | 50000 | 50116 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.125%, 2/15/29<sup>(1)</sup> | 100000 | 103776 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.375%, 2/15/32<sup>(1)</sup> | 100000 | 104958 |
| Northern Oil & Gas, Inc., 8.75%, 6/15/31<sup>(1)</sup> | 25000 | 26102 |
| NuStar Logistics LP, 6.375%, 10/1/30 | 100000 | 105351 |
| ONEOK, Inc., 6.50%, 9/1/30<sup>(1)</sup> | 75000 | 80973 |
| ONEOK, Inc., 5.60%, 4/1/44 | 125000 | 120606 |
| ONEOK, Inc., 5.45%, 6/1/47 | 75000 | 71020 |
| PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 125000 | 124563 |
| Permian Resources Operating LLC, 8.00%, 4/15/27<sup>(1)</sup> | 75000 | 75649 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/29<sup>(1)</sup> | 75000 | 75055 |
| SM Energy Co., 5.00%, 10/15/26<sup>(1)</sup> | 50000 | 50010 |
| SM Energy Co., 8.625%, 11/1/30<sup>(1)</sup> | 75000 | 79426 |
| SM Energy Co., 8.75%, 7/1/31<sup>(1)</sup> | 150000 | 157575 |
| Sunoco LP, 5.875%, 7/15/27<sup>(1)</sup> | 75000 | 75206 |
| Sunoco LP, 4.625%, 5/1/30<sup>(1)</sup> | 50000 | 48946 |
| Sunoco LP, 7.25%, 5/1/32<sup>(1)</sup> | 50000 | 52853 |
| Sunoco LP, 5.875%, 3/15/34<sup>(1)</sup> | 175000 | 175786 |
| Sunoco LP/Sunoco Finance Corp., 7.00%, 9/15/28<sup>(1)</sup> | 50000 | 51399 |
| Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | 150000 | 146899 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30<sup>(1)</sup> | $75000 | $76056 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 9/1/31<sup>(1)</sup> | 75000 | 76040 |
| Talos Production, Inc., 9.00%, 2/1/29<sup>(1)</sup> | 25000 | 26052 |
| Talos Production, Inc., 9.375%, 2/1/31<sup>(1)</sup> | 75000 | 79850 |
| Targa Resources Corp., 6.50%, 2/15/53 | 25000 | 26542 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 100000 | 101312 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(1)</sup> | 150000 | 150374 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(1)</sup> | 100000 | 98998 |
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29<sup>(1)</sup> | 100000 | 95870 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/30<sup>(1)</sup> | 75000 | 77497 |
| Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33<sup>(1)</sup> | 125000 | 111334 |
| Venture Global LNG, Inc., 8.125%, 6/1/28<sup>(1)</sup> | 125000 | 128327 |
| Venture Global LNG, Inc., 9.50%, 2/1/29<sup>(1)</sup> | 94000 | 100874 |
| Venture Global LNG, Inc., 8.375%, 6/1/31<sup>(1)</sup> | 225000 | 230561 |
| Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34<sup>(1)</sup> | 25000 | 26324 |
| Venture Global Plaquemines LNG LLC, 6.50%, 6/15/34<sup>(1)</sup> | 50000 | 52523 |
| Venture Global Plaquemines LNG LLC, 7.75%, 5/1/35<sup>(1)</sup> | 225000 | 255324 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(1)</sup> | 100000 | 106581 |
| Vermilion Energy, Inc., 6.875%, 5/1/30<sup>(1)</sup> | 150000 | 152216 |
|  |  | 7189825 |
| **Passenger Airlines — 0.9%** |  |  |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)</sup> | 50000 | 50988 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 2137 | 2141 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29<sup>(1)</sup> | 125000 | 126498 |
| CHC Group LLC, 11.75%, 9/1/30<sup>(1)</sup> | 50000 | 49363 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31<sup>(1)</sup> | 150000 | 152573 |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(1)</sup> | 125000 | 124989 |
|  |  | 506552 |
| **Personal Care Products — 0.4%** |  |  |
| BellRing Brands, Inc., 7.00%, 3/15/30<sup>(1)</sup> | 39000 | 39821 |
| Edgewell Personal Care Co., 5.50%, 6/1/28<sup>(1)</sup> | 50000 | 50025 |
| Edgewell Personal Care Co., 4.125%, 4/1/29<sup>(1)</sup> | 122000 | 117818 |
|  |  | 207664 |
| **Pharmaceuticals — 1.0%** |  |  |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> | 200000 | 207002 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/28<sup>(1)</sup> | 125000 | 122784 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31<sup>(1)</sup> | 25000 | 22237 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/32 | 75000 | 73460 |
| Prestige Brands, Inc., 3.75%, 4/1/31<sup>(1)</sup> | 175000 | 163774 |
|  |  | 589257 |
| **Professional Services — 0.4%** |  |  |
| Amentum Holdings, Inc., 7.25%, 8/1/32<sup>(1)</sup> | 75000 | 78636 |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(1)(2)</sup> | 75000 | 71489 |
| AMN Healthcare, Inc., 6.50%, 1/15/31<sup>(1)</sup> | 100000 | 100481 |
|  |  | 250606 |
| **Real Estate Management and Development — 1.4%** |  |  |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 4/15/30<sup>(1)</sup> | 44000 | 44511 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/29<sup>(1)</sup> | 125000 | 123318 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/30<sup>(1)</sup> | 100000 | 107827 |
| Arbor Realty SR, Inc., 8.50%, 12/15/28<sup>(1)(2)</sup> | 50000 | 48686 |
| Arbor Realty SR, Inc., 7.875%, 7/15/30<sup>(1)</sup> | 50000 | 46119 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(1)</sup> | 145000 | 145512 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Forestar Group, Inc., 6.50%, 3/15/33<sup>(1)</sup> | $100000 | $102459 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(1)</sup> | 121000 | 126826 |
| Howard Hughes Corp., 4.125%, 2/1/29<sup>(1)</sup> | 50000 | 48449 |
| Newmark Group, Inc., 7.50%, 1/12/29 | 50000 | 52911 |
|  |  | 846618 |
| **Semiconductors and Semiconductor Equipment — 0.5%** |  |  |
| Entegris, Inc., 5.95%, 6/15/30<sup>(1)</sup> | 50000 | 51035 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(1)</sup> | 25000 | 24496 |
| Qnity Electronics, Inc., 5.75%, 8/15/32<sup>(1)</sup> | 50000 | 51221 |
| Qnity Electronics, Inc., 6.25%, 8/15/33<sup>(1)</sup> | 100000 | 103955 |
| Synaptics, Inc., 4.00%, 6/15/29<sup>(1)</sup> | 50000 | 48282 |
|  |  | 278989 |
| **Software — 2.5%** |  |  |
| Castle U.S. Holding Corp., 9.50%, 2/15/28<sup>(1)</sup> | 77000 | 33880 |
| Cloud Software Group, Inc., 6.50%, 3/31/29<sup>(1)</sup> | 200000 | 196309 |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(1)</sup> | 100000 | 98034 |
| Cloud Software Group, Inc., 8.25%, 6/30/32<sup>(1)</sup> | 100000 | 100169 |
| Cloud Software Group, Inc., 6.625%, 8/15/33<sup>(1)(2)</sup> | 225000 | 212461 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 75000 | 74796 |
| Fair Isaac Corp., 6.00%, 5/15/33<sup>(1)</sup> | 50000 | 50580 |
| Gen Digital, Inc., 7.125%, 9/30/30<sup>(1)</sup> | 100000 | 101648 |
| NCR Voyix Corp., 5.00%, 10/1/28<sup>(1)</sup> | 25000 | 24588 |
| NCR Voyix Corp., 5.125%, 4/15/29<sup>(1)</sup> | 125000 | 122759 |
| Open Text Corp., 3.875%, 12/1/29<sup>(1)</sup> | 150000 | 135146 |
| Open Text Holdings, Inc., 4.125%, 2/15/30<sup>(1)</sup> | 47000 | 42401 |
| Open Text Holdings, Inc., 4.125%, 12/1/31<sup>(1)</sup> | 47000 | 41090 |
| SS&C Technologies, Inc., 5.50%, 9/30/27<sup>(1)</sup> | 70000 | 69948 |
| SS&C Technologies, Inc., 6.50%, 6/1/32<sup>(1)</sup> | 48000 | 48967 |
| UKG, Inc., 6.875%, 2/1/31<sup>(1)</sup> | 100000 | 97085 |
|  |  | 1449861 |
| **Specialized REITs — 1.4%** |  |  |
| Iron Mountain, Inc., 5.25%, 3/15/28<sup>(1)</sup> | 190000 | 190234 |
| Iron Mountain, Inc., 7.00%, 2/15/29<sup>(1)</sup> | 100000 | 102688 |
| Iron Mountain, Inc., 4.875%, 9/15/29<sup>(1)</sup> | 95000 | 94216 |
| Iron Mountain, Inc., 5.25%, 7/15/30<sup>(1)</sup> | 50000 | 49787 |
| Iron Mountain, Inc., 4.50%, 2/15/31<sup>(1)</sup> | 125000 | 120658 |
| Millrose Properties, Inc., 6.25%, 9/15/32<sup>(1)</sup> | 75000 | 76002 |
| SBA Communications Corp., 3.875%, 2/15/27 | 192000 | 190944 |
|  |  | 824529 |
| **Specialty Retail — 3.0%** |  |  |
| Asbury Automotive Group, Inc., 4.625%, 11/15/29<sup>(1)</sup> | 50000 | 49249 |
| Asbury Automotive Group, Inc., 5.00%, 2/15/32<sup>(1)</sup> | 75000 | 72982 |
| Bath & Body Works, Inc., 6.625%, 10/1/30<sup>(1)</sup> | 250000 | 256273 |
| Bath & Body Works, Inc., 6.75%, 7/1/36 | 150000 | 150665 |
| Carvana Co., 9.00%, 6/1/31<sup>(1)</sup> | 103500 | 113592 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(1)</sup> | 75000 | 72556 |
| Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, 1/15/31<sup>(1)</sup> | 50000 | 51910 |
| Gap, Inc., 3.875%, 10/1/31<sup>(1)</sup> | 100000 | 93130 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, 1/15/32<sup>(1)</sup> | 100000 | 92672 |
| Group 1 Automotive, Inc., 4.00%, 8/15/28<sup>(1)</sup> | 50000 | 49100 |
| Group 1 Automotive, Inc., 6.375%, 1/15/30<sup>(1)</sup> | 50000 | 51281 |
| LBM Acquisition LLC, 6.25%, 1/15/29<sup>(1)(2)</sup> | 25000 | 19086 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| LBM Acquisition LLC, 9.50%, 6/15/31<sup>(1)</sup> | $50000 | $46698 |
| Lithia Motors, Inc., 3.875%, 6/1/29<sup>(1)</sup> | 100000 | 96720 |
| Lithia Motors, Inc., 5.50%, 10/1/30<sup>(1)</sup> | 25000 | 25173 |
| Match Group Holdings II LLC, 3.625%, 10/1/31<sup>(1)</sup> | 150000 | 136215 |
| Michaels Cos., Inc., 5.25%, 5/1/28<sup>(1)</sup> | 50000 | 50024 |
| Michaels Cos., Inc., 8.50%, 3/15/33<sup>(1)(5)</sup> | 50000 | 48680 |
| Park River Holdings, Inc., 8.75%, 12/31/30<sup>(1)</sup> | 84324 | 81380 |
| Sonic Automotive, Inc., 4.875%, 11/15/31<sup>(1)</sup> | 100000 | 96668 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29<sup>(1)</sup> | 50000 | 48270 |
| Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29<sup>(1)</sup> | 47000 | 45697 |
|  |  | 1748021 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> | 50000 | 56114 |
| Seagate Data Storage Technology Pte. Ltd., 5.75%, 12/1/34<sup>(1)</sup> | 100000 | 102553 |
|  |  | 158667 |
| **Textiles, Apparel and Luxury Goods — 0.3%** |  |  |
| Crocs, Inc., 4.125%, 8/15/31<sup>(1)</sup> | 200000 | 187263 |
| **Trading Companies and Distributors — 1.2%** |  |  |
| Alta Equipment Group, Inc., 9.00%, 6/1/29<sup>(1)</sup> | 50000 | 47255 |
| EquipmentShare.com, Inc., 8.625%, 5/15/32<sup>(1)</sup> | 121000 | 129578 |
| EquipmentShare.com, Inc., 8.00%, 3/15/33<sup>(1)</sup> | 196000 | 208443 |
| FTAI Aviation Investors LLC, 5.50%, 5/1/28<sup>(1)</sup> | 150000 | 150261 |
| FTAI Aviation Investors LLC, 5.875%, 4/15/33<sup>(1)</sup> | 100000 | 101501 |
| Herc Holdings, Inc., 6.625%, 6/15/29<sup>(1)</sup> | 75000 | 77473 |
|  |  | 714511 |
| **Transportation Infrastructure — 0.2%** |  |  |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> | 100000 | 95890 |
| **Wireless Telecommunication Services — 0.5%** |  |  |
| Uniti Services LLC, 7.50%, 10/15/33<sup>(1)</sup> | 100000 | 104116 |
| Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31<sup>(1)</sup> | 37000 | 32653 |
| Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31<sup>(1)</sup> | 40000 | 35653 |
| Vodafone Group PLC, VRN, 7.00%, 4/4/79 | 120000 | 127128 |
|  |  | 299550 |
| **TOTAL CORPORATE BONDS** <br>(Cost $55,672,079) |  | **55976680** |
| **COMMON STOCKS — 0.0%** |  |  |
| **Electrical Equipment — 0.0%** |  |  |
| Luxco Co. Ltd.<sup>(3)</sup><br>(Cost $8,920) | 507 | **9787** |
| **SHORT-TERM INVESTMENTS — 6.1%** |  |  |
| **Money Market Funds — 6.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1488160 | 1488160 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 2071163 | 2071163 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $3,559,323) |  | **3559323** |
| **TOTAL INVESTMENT SECURITIES — 101.8%** <br>(Cost $59,240,322) |  | **59545790** |
| **OTHER ASSETS AND LIABILITIES — (1.8)%** |  | **(1065555)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**58480235** |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| PIK | – | Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate. |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $47,085,544, which represented 80.5% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,030,236. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Non-income producing.

(4)Security is in default.

(5)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,110,546, which includes securities collateral of $39,383.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $55976680 |  |
| Common Stocks |  | 9787 |  |
| Short-Term Investments | $3559323 |  |  |
|  | $3559323 | $55986467 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Short Duration Strategic Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 45.5%** | **Principal<br>Amount/Shares** | **Value** |
| **Aerospace and Defense — 0.7%** | | |
| Boeing Co., 6.30%, 5/1/29 | $639000 | $681081 |
| TransDigm, Inc., 4.875%, 5/1/29 | 625000 | 624299 |
|  |  | 1305380 |
| **Automobiles — 0.5%** |  |  |
| Ford Motor Credit Co. LLC, 5.125%, 11/5/26 | 500000 | 502957 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/26<sup>(1)</sup> | 425000 | 429556 |
|  |  | 932513 |
| **Banks — 8.3%** |  |  |
| ABN AMRO Bank NV, VRN, 3.32%, 3/13/37<sup>(1)</sup> | 600000 | 550778 |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 600000 | 635847 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 1035000 | 1108048 |
| Banque Federative du Credit Mutuel SA, 4.54%, 1/15/31<sup>(1)</sup> | 539000 | 542193 |
| Barclays PLC, VRN, 4.52%, 2/24/32 | 510000 | 511468 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33<sup>(1)</sup> | 400000 | 398732 |
| Credit Agricole SA, VRN, 4.66%, 1/12/32<sup>(1)</sup> | 616000 | 620278 |
| Dresdner Funding Trust I, 8.15%, 6/30/31<sup>(1)</sup> | 311000 | 342429 |
| Fifth Third Financial Corp., VRN, 5.98%, 1/30/30 | 505000 | 529419 |
| First Horizon Bank, 5.75%, 5/1/30 | 285000 | 295688 |
| FNB Corp., VRN, 5.72%, 12/11/30 | 416000 | 427916 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 831000 | 868565 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/1/31<sup>(1)</sup> | 255000 | 246138 |
| Huntington Bancshares, Inc., VRN, 4.62%, 1/28/32 | 365000 | 368545 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 417000 | 403197 |
| Morgan Stanley Private Bank NA, VRN, 4.21%, 2/8/30 | 465000 | 467275 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 710000 | 723133 |
| Morgan Stanley Private Bank NA, VRN, 4.47%, 11/19/31 | 133000 | 133847 |
| Toronto-Dominion Bank, 4.11%, 10/13/28 | 740000 | 743677 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 600000 | 628234 |
| Truist Bank, VRN, 4.14%, 1/27/29 | 405000 | 406092 |
| Truist Bank, VRN, 4.63%, 9/17/29 | 530000 | 536070 |
| Truist Bank, VRN, 4.14%, 10/23/29 | 869000 | 870214 |
| Wells Fargo & Co., VRN, 4.18%, 1/23/30 | 525000 | 526932 |
| Western Alliance Bancorp, VRN, 3.00%, 6/15/31 | 515000 | 509788 |
| Zions Bancorp NA, 3.25%, 10/29/29 | 700000 | 665937 |
| Zions Bancorp NA, VRN, 4.48%, 2/9/29 | 555000 | 555336 |
|  |  | 14615776 |
| **Building Products — 0.6%** |  |  |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 290000 | 276862 |
| Standard Industries, Inc., 4.75%, 1/15/28<sup>(1)</sup> | 840000 | 837943 |
|  |  | 1114805 |
| **Capital Markets — 5.3%** |  |  |
| Ares Strategic Income Fund, 5.70%, 3/15/28 | 346000 | 348887 |
| Bank of New York Mellon Corp., VRN, 4.03%, 1/22/30 | 570000 | 571035 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 578000 | 582557 |
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 580000 | 575026 |
| Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 255000 | 260087 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 615000 | 638097 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(2)</sup> | 431000 | 428672 |
| Citadel Finance LLC, 4.75%, 2/14/29<sup>(1)</sup> | 330000 | 328531 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | $445000 | $424790 |
| Goldman Sachs BDC, Inc., 5.10%, 1/28/29 | 158000 | 155936 |
| Goldman Sachs Group, Inc., VRN, 4.52%, 1/21/32 | 485000 | 488101 |
| Goldman Sachs Private Credit Corp., 5.05%, 2/23/28<sup>(1)</sup> | 255000 | 253482 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 336000 | 349802 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 380000 | 380011 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 450000 | 452063 |
| HPS Corporate Lending Fund, 4.90%, 9/11/28<sup>(1)</sup> | 225000 | 222066 |
| HPS Corporate Lending Fund, 5.15%, 4/2/29<sup>(1)</sup> | 175000 | 173677 |
| Morgan Stanley, VRN, 4.13%, 10/18/29 | 915000 | 916531 |
| North Haven Private Income Fund LLC, 5.125%, 9/25/28<sup>(1)</sup> | 467000 | 463223 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 1373000 | 1359446 |
|  |  | 9372020 |
| **Consumer Finance — 0.5%** |  |  |
| Avilease Capital Ltd., 4.75%, 11/12/30<sup>(1)</sup> | 240000 | 239360 |
| Stellantis Financial Services U.S. Corp., 4.95%, 9/15/28<sup>(1)</sup> | 640000 | 645449 |
|  |  | 884809 |
| **Consumer Staples Distribution & Retail — 0.1%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31<sup>(1)</sup> | 155000 | 156237 |
| **Diversified REITs — 3.4%** |  |  |
| American Assets Trust LP, 3.375%, 2/1/31 | 605000 | 557408 |
| Brandywine Operating Partnership LP, 8.875%, 4/12/29 | 640000 | 680418 |
| Equinix Asia Financing Corp. Pte. Ltd., 4.40%, 3/15/31<sup>(3)</sup> | 305000 | 304842 |
| Global Net Lease, Inc., 4.50%, 9/30/28<sup>(1)</sup> | 815000 | 801961 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 650000 | 638950 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 420000 | 391517 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32<sup>(1)</sup> | 103000 | 110313 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 515000 | 547613 |
| Store Capital LLC, 4.95%, 2/11/31<sup>(1)</sup> | 585000 | 590492 |
| Trust 2401, 4.87%, 1/15/30<sup>(1)</sup> | 400000 | 395870 |
| Trust 2401, 7.70%, 1/23/32<sup>(1)</sup> | 200000 | 220937 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 340000 | 334943 |
| Vornado Realty LP, 2.15%, 6/1/26 | 363000 | 360203 |
|  |  | 5935467 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| AT&T, Inc., 7.30%, 8/15/26 | 45000 | 45614 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 980000 | 1051482 |
|  |  | 1097096 |
| **Electric Utilities — 0.8%** |  |  |
| Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76 | 273000 | 275505 |
| Empresas Publicas de Medellin ESP, 4.25%, 7/18/29<sup>(1)</sup> | 200000 | 189410 |
| Hawaiian Electric Co., Inc., 6.00%, 10/1/33<sup>(1)</sup> | 307000 | 313059 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(1)</sup> | 311000 | 324890 |
| Xcel Energy, Inc., VRN, 5.75%, 12/3/56<sup>(3)</sup> | 348000 | 348869 |
|  |  | 1451733 |
| **Electrical Equipment — 0.0%** |  |  |
| WESCO Distribution, Inc., 5.25%, 4/15/31<sup>(1)</sup> | 53000 | 53039 |
| **Energy Equipment and Services — 0.1%** |  |  |
| Enerflex, Inc., 6.875%, 1/15/31<sup>(1)</sup> | 145000 | 150346 |
| **Entertainment — 0.7%** |  |  |
| Discovery Global Holdings, Inc., 3.76%, 3/15/27 | 785000 | 775089 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal<br>Amount/Shares** | **Value** |
| Discovery Global Holdings, Inc., 4.30%, 1/17/30 | EUR | 396000 | $452263 |
|  |  |  | 1227352 |
| **Financial Services — 2.4%** |  |  |  |
| Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28<sup>(1)</sup> |  | $282000 | 289377 |
| Atlas Warehouse Lending Co. LP, 4.625%, 11/15/28<sup>(1)</sup> |  | 278000 | 278095 |
| Corebridge Global Funding, 4.45%, 10/2/30<sup>(1)</sup> |  | 771000 | 773626 |
| Corebridge Global Funding, 4.55%, 1/9/31<sup>(1)</sup> |  | 470000 | 471758 |
| Essent Group Ltd., 6.25%, 7/1/29 |  | 745000 | 784288 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(1)</sup> |  | 500000 | 498485 |
| NMI Holdings, Inc., 6.00%, 8/15/29 |  | 660000 | 685271 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> |  | 260000 | 266895 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> |  | 65000 | 67260 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> |  | 151000 | 145997 |
|  |  |  | 4261052 |
| **Food Products — 0.2%** |  |  |  |
| MARB BondCo PLC, 3.95%, 1/29/31<sup>(1)</sup> |  | 400000 | 365110 |
| **Ground Transportation — 0.4%** |  |  |  |
| Ashtead Capital, Inc., 4.375%, 8/15/27<sup>(1)</sup> |  | 350000 | 349621 |
| Fedex Freight Holding Co., Inc., 4.65%, 3/15/31<sup>(1)</sup> |  | 341000 | 343002 |
|  |  |  | 692623 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |  |
| Baxter International, Inc., 4.45%, 2/15/29 |  | 655000 | 657927 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> |  | 1073000 | 1108647 |
|  |  |  | 1766574 |
| **Health Care Providers and Services — 0.5%** |  |  |  |
| Acadia Healthcare Co., Inc., 5.00%, 4/15/29<sup>(1)</sup> |  | 395000 | 387213 |
| IQVIA, Inc., 5.00%, 5/15/27<sup>(1)</sup> |  | 375000 | 374403 |
| Universal Health Services, Inc., 1.65%, 9/1/26 |  | 175000 | 172721 |
|  |  |  | 934337 |
| **Hotel & Resort REITs — 0.5%** |  |  |  |
| Service Properties Trust, 0.00%, 9/30/27<sup>(1)(4)</sup> |  | 931000 | 850313 |
| **Hotels, Restaurants and Leisure — 0.2%** |  |  |  |
| Carnival Corp., 5.125%, 5/1/29<sup>(1)</sup> |  | 386000 | 391721 |
| **Household Durables — 0.6%** |  |  |  |
| Taylor Morrison Communities, Inc., 5.75%, 1/15/28<sup>(1)</sup> |  | 529000 | 540025 |
| TopBuild Corp., 3.625%, 3/15/29<sup>(1)</sup> |  | 488000 | 472649 |
|  |  |  | 1012674 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |  |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> |  | 420000 | 428943 |
| **Insurance — 1.9%** |  |  |  |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 |  | 970000 | 999110 |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)</sup> |  | 512000 | 513909 |
| GA Global Funding Trust, 5.20%, 12/9/31<sup>(1)</sup> |  | 395000 | 399266 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(1)</sup> |  | 880000 | 866708 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> |  | 546000 | 542001 |
|  |  |  | 3320994 |
| **Interactive Media and Services — 0.6%** |  |  |  |
| Alphabet, Inc., 3.70%, 2/15/29 |  | 595000 | 595656 |
| Alphabet, Inc., 4.10%, 2/15/31 |  | 515000 | 518504 |
|  |  |  | 1114160 |
| **IT Services — 0.2%** |  |  |  |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)(2)</sup> |  | 331000 | 324542 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Media — 3.4%** | | |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | $153000 | $153210 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28<sup>(1)</sup> | 450000 | 449304 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(1)</sup> | 460000 | 445024 |
| Discovery Communications LLC, 3.95%, 3/20/28 | 272000 | 262480 |
| Discovery Communications LLC, 4.125%, 5/15/29 | 515000 | 508256 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)</sup> | 800000 | 796557 |
| Omnicom Group, Inc., 4.20%, 3/2/29<sup>(3)</sup> | 546000 | 547292 |
| Paramount Global, 2.90%, 1/15/27 | 1135000 | 1115078 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 650000 | 634971 |
| TEGNA, Inc., 4.625%, 3/15/28 | 490000 | 489004 |
| Univision Communications, Inc., 7.375%, 6/30/30<sup>(1)</sup> | 570000 | 570481 |
|  |  | 5971657 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 434000 | 457964 |
| **Multi-Utilities — 0.6%** |  |  |
| Black Hills Corp., 4.55%, 1/31/31 | 595000 | 601115 |
| Sempra, VRN, 4.125%, 4/1/52 | 516000 | 509683 |
|  |  | 1110798 |
| **Oil, Gas and Consumable Fuels — 4.8%** |  |  |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 640000 | 668468 |
| Cenovus Energy, Inc., 4.65%, 3/20/31 | 714000 | 723297 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 750000 | 756171 |
| Equinor ASA, 4.50%, 9/3/30 | 1141000 | 1166198 |
| Expand Energy Corp., 5.375%, 3/15/30 | 870000 | 883354 |
| Ovintiv, Inc., 7.20%, 11/1/31 | 198000 | 221794 |
| Ovintiv, Inc., 7.375%, 11/1/31 | 147000 | 166263 |
| Permian Resources Operating LLC, 5.875%, 7/1/29<sup>(1)</sup> | 559000 | 561190 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 657000 | 644275 |
| PRIO Luxembourg Holding SARL, 6.75%, 10/15/30<sup>(1)</sup> | 200000 | 197352 |
| Sunoco LP, 5.875%, 3/15/34<sup>(1)</sup> | 174000 | 174782 |
| Targa Resources Corp., 4.35%, 1/15/29 | 838000 | 845061 |
| Targa Resources Corp., 4.35%, 4/15/31<sup>(3)</sup> | 340000 | 340105 |
| Venture Global LNG, Inc., 7.00%, 1/15/30<sup>(1)</sup> | 655000 | 664814 |
| Venture Global Plaquemines LNG LLC, 6.125%, 12/15/30<sup>(1)</sup> | 260000 | 270216 |
| Western Midstream Operating LP, 4.80%, 3/1/31 | 204000 | 205798 |
|  |  | 8489138 |
| **Paper and Forest Products — 0.4%** |  |  |
| Louisiana-Pacific Corp., 3.625%, 3/15/29<sup>(1)</sup> | 656000 | 638616 |
| **Passenger Airlines — 1.5%** |  |  |
| American Airlines Pass-Through Trust, Class A, 3.70%, 4/1/28 | 6587 | 6567 |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)</sup> | 740000 | 754614 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 16 | 18 |
| Avianca Midco 2 PLC, 9.625%, 2/14/30<sup>(1)(2)</sup> | 200000 | 202183 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31<sup>(1)</sup> | 340000 | 345831 |
| United Airlines Holdings, Inc., 5.375%, 3/1/31 | 390000 | 398116 |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(1)</sup> | 860000 | 859923 |
|  |  | 2567252 |
| **Professional Services — 0.5%** |  |  |
| Concentrix Corp., 6.60%, 8/2/28<sup>(2)</sup> | 540000 | 544851 |
| Verisk Analytics, Inc., 4.45%, 3/15/31 | 285000 | 286475 |
|  |  | 831326 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Real Estate Management and Development — 0.3%** | | |
| Arbor Realty SR, Inc., 8.50%, 12/15/28<sup>(1)</sup> | $475000 | $462519 |
| **Semiconductors and Semiconductor Equipment — 0.2%** |  |  |
| Micron Technology, Inc., 5.30%, 1/15/31 | 283000 | 297294 |
| **Software — 1.0%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 628000 | 641451 |
| AppLovin Corp., 5.375%, 12/1/31 | 390000 | 402079 |
| Oracle Corp., 4.95%, 2/4/31 | 285000 | 284499 |
| SS&C Technologies, Inc., 6.50%, 6/1/32<sup>(1)</sup> | 420000 | 428457 |
|  |  | 1756486 |
| **Specialized REITs — 1.4%** |  |  |
| EPR Properties, 4.50%, 6/1/27 | 1510000 | 1513310 |
| SBA Communications Corp., 3.125%, 2/1/29 | 935000 | 899514 |
|  |  | 2412824 |
| **Specialty Retail — 0.2%** |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> | 362000 | 371618 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| Aircastle Ltd., 6.50%, 7/18/28<sup>(1)</sup> | 210000 | 220886 |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> | 790000 | 828348 |
|  |  | 1049234 |
| **TOTAL CORPORATE BONDS**<br>(Cost $79,643,728) |  | **80176342** |
| **ASSET-BACKED SECURITIES — 12.4%** |  |  |
| ACM Auto Trust, Series 2023-2A, Class B, 9.85%, 6/20/30<sup>(1)</sup> | 156917 | 158298 |
| ACM Auto Trust, Series 2025-2A, Class A, SEQ, 5.55%, 6/20/28<sup>(1)</sup> | 315121 | 315631 |
| ACM Auto Trust, Series 2025-2A, Class B, 7.25%, 2/20/32<sup>(1)</sup> | 373000 | 377183 |
| ACM Auto Trust, Series 2025-3A, Class B, 6.08%, 7/20/32<sup>(1)</sup> | 564000 | 564349 |
| ACM Auto Trust, Series 2025-4A, Class A, SEQ, 5.87%, 5/20/30<sup>(1)</sup> | 281224 | 282538 |
| Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, SEQ, 6.35%, 10/15/47<sup>(1)</sup> | 250000 | 250902 |
| Aqua Finance Issuer Trust, Series 2025-B, Class D, 6.16%, 5/17/51<sup>(1)</sup> | 343000 | 350191 |
| Avant Loans Funding Trust, Series 2026-REV1, Class D, 5.56%, 5/15/36<sup>(1)</sup> | 501000 | 500875 |
| Barclays Mortgage Loan Trust, Series 2026-CES1, Class A2, 5.15%, 1/25/56<sup>(1)</sup> | 712000 | 711999 |
| CARS-DB5 LP, Series 2021-1A, Class A3, SEQ, 1.92%, 8/15/51<sup>(1)</sup> | 246094 | 242713 |
| Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55<sup>(1)</sup> | 360266 | 351509 |
| Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32<sup>(1)</sup> | 365000 | 372436 |
| College Avenue Student Loans LLC, Series 2019-A, Class C, 4.46%, 12/28/48<sup>(1)</sup> | 297384 | 293262 |
| Compass Datacenters Issuer III LLC, Series 2026-1A, Class A23, SEQ, 5.44%, 2/25/56<sup>(1)</sup> | 653059 | 653059 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, SEQ, 5.64%, 10/20/74<sup>(1)</sup> | 413000 | 416940 |
| Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75<sup>(1)</sup> | 251000 | 254370 |
| DataBank Issuer, Series 2026-1A, Class A2, SEQ, 5.81%, 2/25/56<sup>(1)</sup> | 569000 | 576852 |
| DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53<sup>(1)</sup> | 302000 | 302157 |
| Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51<sup>(1)</sup> | 165000 | 160222 |
| EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55<sup>(1)</sup> | 147000 | 139594 |
| FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/30<sup>(1)</sup> | 562000 | 564035 |
| FIP Master Funding LLC, Series 2026-1A, Class A5, SEQ, 5.39%, 3/15/56<sup>(1)(3)</sup> | 586441 | 586338 |
| Flexential Issuer LLC, Series 2025-1A, Class A2, SEQ, 6.03%, 10/25/60<sup>(1)</sup> | 463000 | 471623 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48<sup>(1)</sup> | 170395 | 141318 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.27%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> | 160815 | 161578 |
| Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38<sup>(1)</sup> | 51950 | 53612 |
| JP Morgan Mortgage Trust, Series 2025-CES5, Class A1A, 5.14%, 2/25/56<sup>(1)</sup> | 482467 | 486083 |
| JP Morgan Mortgage Trust, Series 2025-CES5, Class A1B, 5.24%, 2/25/56<sup>(1)</sup> | 498089 | 500695 |
| JP Morgan Mortgage Trust, Series 2026-CES1, Class A1A, 4.91%, 6/25/56<sup>(1)</sup> | 813857 | 817996 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Kobalt Music Assets LP, Series 2024-1A, Class A2, SEQ, 6.625%, 4/7/64<sup>(1)</sup> | $272000 | $276413 |
| Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.60%, 3/25/56<sup>(1)(3)</sup> | 522582 | 522567 |
| LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55<sup>(1)</sup> | 288000 | 293985 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64<sup>(1)</sup> | 242307 | 245990 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65<sup>(1)</sup> | 143555 | 145721 |
| M&T Bank RV Trust, Series 2026-1A, Class A, SEQ, 4.35%, 1/15/46<sup>(1)</sup> | 945000 | 955152 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31<sup>(1)</sup> | 246000 | 246805 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/52<sup>(1)</sup> | 403976 | 298699 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class A, SEQ, 5.36%, 9/22/53<sup>(1)</sup> | 138868 | 135439 |
| MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37<sup>(1)</sup> | 37230 | 37069 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(1)</sup> | 200000 | 131828 |
| OnDeck Asset Securitization Trust IV LLC, Series 2024-2A, Class B, 5.42%, 10/17/31<sup>(1)</sup> | 143000 | 143806 |
| Oportun Issuance Trust, Series 2026-A, Class D, 6.28%, 1/9/34<sup>(1)</sup> | 629000 | 634734 |
| Pawneee Equipment Receivables LLC, Series 2022-1, Class D, 7.23%, 7/17/28<sup>(1)</sup> | 361000 | 364106 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39<sup>(1)</sup> | 133867 | 137533 |
| Purchasing Power Funding LLC, Series 2026-A, Class D, 5.40%, 8/15/30<sup>(1)</sup> | 636000 | 635933 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(1)</sup> | 138546 | 139747 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(1)</sup> | 57022 | 57899 |
| RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34<sup>(1)</sup> | 138000 | 139411 |
| RNL PH Owner LLC, Series 2026-1A, Class C, 5.59%, 3/20/56<sup>(1)(3)</sup> | 579591 | 579427 |
| Santander Mortgage Asset Receivable Trust, Series 2025-CES1, Class A1A, 5.04%, 9/25/55<sup>(1)</sup> | 645499 | 650735 |
| Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1A, SEQ, 4.88%, 1/1/56<sup>(1)</sup> | 596634 | 599653 |
| Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1B, SEQ, 4.98%, 1/1/56<sup>(1)</sup> | 919811 | 924893 |
| Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55<sup>(1)</sup> | 248000 | 251626 |
| SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54<sup>(1)</sup> | 346000 | 356046 |
| Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.00%, 3/25/56<sup>(1)(3)</sup> | 564478 | 553320 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(1)</sup> | 157640 | 159667 |
| United Auto Credit Securitization Trust, Series 2026-1, Class D, 5.65%, 7/10/31<sup>(1)</sup> | 495000 | 498619 |
| Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55<sup>(1)</sup> | 206262 | 212458 |
| Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55<sup>(1)</sup> | 259741 | 267152 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54<sup>(1)</sup> | 197126 | 200410 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $21,724,462) |  | **21855201** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.6%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 11.3%** |  |  |
| Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65<sup>(1)</sup> | 33134 | 32204 |
| Barclays Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 12/25/65<sup>(1)</sup> | 802000 | 801986 |
| BRAVO Residential Funding Trust, Series 2025-NQM4, Class A2, 5.82%, 2/25/65<sup>(1)</sup> | 470442 | 475554 |
| BRAVO Residential Funding Trust, Series 2025-NQM7, Class A1B, 5.46%, 7/25/65<sup>(1)</sup> | 265946 | 268476 |
| BRAVO Residential Funding Trust, Series 2025-NQM9, Class A3, 5.55%, 9/25/65<sup>(1)</sup> | 399451 | 402172 |
| BRAVO Residential Funding Trust, Series 2025-SR1, Class A1, SEQ, 3.00%, 3/25/45<sup>(1)</sup> | 365845 | 354617 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 118979 | 119554 |
| Chase Home Lending Mortgage Trust, Series 2024-3, Class A4, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 114094 | 115812 |
| Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 103370 | 104721 |
| Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55<sup>(1)</sup> | 195523 | 196894 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 30167 | 30134 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 72148 | 72375 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 15082 | 15057 |
| Chase Home Lending Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 12/25/55<sup>(1)</sup> | 246877 | 249849 |
| Chase Home Lending Mortgage Trust, Series 2025-5, Class A4A, VRN, 5.50%, 4/25/56<sup>(1)</sup> | 199575 | 202050 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A4, SEQ, VRN, 6.00%, 6/25/56<sup>(1)</sup> | 619884 | 630536 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A9, VRN, 6.25%, 6/25/56<sup>(1)</sup> | 252496 | 258231 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, SEQ, VRN, 5.50%, 6/25/56<sup>(1)</sup> | $335044 | $339574 |
| Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class A7A, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 84720 | 85439 |
| Citigroup Mortgage Loan Trust, Inc., Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 141144 | 141643 |
| Citigroup Mortgage Loan Trust, Inc., Series 2024-CMI1, Class A5, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 77168 | 77093 |
| Citigroup Mortgage Loan Trust, Inc., Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 311922 | 315470 |
| Cross Mortgage Trust, Series 2024-H3, Class A2, 6.58%, 6/25/69<sup>(1)</sup> | 148175 | 150115 |
| Ellington Financial Mortgage Trust, Series 2025-NQM3, Class A1B, 5.49%, 8/25/70<sup>(1)</sup> | 355980 | 359646 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ7, Class A7, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 75747 | 75699 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ8, Class A3, VRN, 5.00%, 2/25/55<sup>(1)</sup> | 304512 | 305168 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ5, Class A5, VRN, 5.50%, 10/25/55<sup>(1)</sup> | 140761 | 142012 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ6, Class A4, SEQ, VRN, 6.00%, 11/25/55<sup>(1)</sup> | 263626 | 268868 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ7, Class A5, SEQ, VRN, 5.50%, 12/25/55<sup>(1)</sup> | 212680 | 214362 |
| HOMES Trust, Series 2025-AFC3, Class A1, VRN, 4.93%, 8/25/60<sup>(1)</sup> | 371112 | 372531 |
| HOMES Trust, Series 2025-AFC3, Class A2, 5.14%, 8/25/60<sup>(1)</sup> | 765419 | 767498 |
| JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53<sup>(1)</sup> | 141773 | 144049 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(1)</sup> | 246910 | 250579 |
| JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54<sup>(1)</sup> | 123392 | 124067 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 97823 | 97883 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 166948 | 168513 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(1)</sup> | 35595 | 35640 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(1)</sup> | 10522 | 10509 |
| JP Morgan Mortgage Trust, Series 2024-8, Class A3, VRN, 5.50%, 1/25/55<sup>(1)</sup> | 103015 | 103966 |
| JP Morgan Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 1/25/55<sup>(1)</sup> | 24103 | 24051 |
| JP Morgan Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 2/25/55<sup>(1)</sup> | 24671 | 24635 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 97512 | 98366 |
| JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55<sup>(1)</sup> | 208451 | 211644 |
| JP Morgan Mortgage Trust, Series 2025-7MPR, Class A1D, SEQ, 5.32%, 2/25/56<sup>(1)</sup> | 490575 | 493800 |
| JP Morgan Mortgage Trust, Series 2025-CCM2, Class A4, SEQ, VRN, 6.00%, 9/25/55<sup>(1)</sup> | 321301 | 326198 |
| JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1B, 5.57%, 9/25/65<sup>(1)</sup> | 214372 | 216622 |
| JP Morgan Mortgage Trust, Series 2025-NQM3, Class A1B, 5.50%, 11/25/65<sup>(1)</sup> | 525910 | 530519 |
| MFA Trust, Series 2023-NQM3, Class A1, SEQ, 6.62%, 7/25/68<sup>(1)</sup> | 122003 | 122680 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 43643 | 43734 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM1, Class A3, 6.14%, 11/25/69<sup>(1)</sup> | 300515 | 305208 |
| OBX Trust, Series 2024-J1, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 42000 | 42124 |
| OBX Trust, Series 2024-NQM11, Class A3, 6.23%, 6/25/64<sup>(1)</sup> | 155013 | 156806 |
| OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 257188 | 262669 |
| OBX Trust, Series 2025-J3, Class A5, SEQ, VRN, 5.00%, 10/25/55<sup>(1)</sup> | 258393 | 259045 |
| OBX Trust, Series 2025-NQM11, Class A1B, 5.42%, 5/25/65<sup>(1)</sup> | 442615 | 446734 |
| OBX Trust, Series 2025-NQM13, Class A1B, 5.44%, 5/25/65<sup>(1)</sup> | 484073 | 488972 |
| PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56<sup>(1)</sup> | 347167 | 350734 |
| PMT Loan Trust, Series 2025-J3, Class A8, VRN, 5.50%, 11/27/56<sup>(1)</sup> | 272747 | 275743 |
| PRKCM Trust, Series 2024-HOME1, Class A1, 6.43%, 5/25/59<sup>(1)</sup> | 197005 | 199892 |
| PRKCM Trust, Series 2025-AFC1, Class A1B, 5.10%, 10/25/60<sup>(1)</sup> | 561928 | 564728 |
| PRKCM Trust, Series 2026-AFC1, Class A1, VRN, 4.68%, 2/25/61<sup>(1)</sup> | 599048 | 599179 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A2, VRN, 5.50%, 12/25/54<sup>(1)</sup> | 696450 | 704363 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A4, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 225937 | 228541 |
| Radian Mortgage Capital Trust, Series 2025-J2, Class A15, VRN, 5.50%, 11/25/55<sup>(1)</sup> | 278023 | 280700 |
| Rate Mortgage Trust, Series 2024-J1, Class A7, SEQ, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 36723 | 36708 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 134120 | 134228 |
| Rate Mortgage Trust, Series 2024-J4, Class A5, SEQ, VRN, 5.50%, 12/25/54<sup>(1)</sup> | 245265 | 248295 |
| Rate Mortgage Trust, Series 2025-J2, Class A5, VRN, 5.50%, 7/25/55<sup>(1)</sup> | 300158 | 303091 |
| Santander Mortgage Asset Receivable Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 1/25/66<sup>(1)</sup> | 448839 | 449531 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(1)</sup> | $92466 | $92477 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 43262 | 43470 |
| Sequoia Mortgage Trust, Series 2024-4, Class A4, VRN, 6.00%, 5/25/54<sup>(1)</sup> | 140144 | 141336 |
| Sequoia Mortgage Trust, Series 2024-8, Class A11, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 34013 | 33951 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 84931 | 85188 |
| Sequoia Mortgage Trust, Series 2024-9, Class A5, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 58055 | 58239 |
| Sequoia Mortgage Trust, Series 2025-5, Class A5, SEQ, VRN, 5.50%, 6/25/55<sup>(1)</sup> | 289465 | 292321 |
| Sequoia Mortgage Trust, Series 2025-6, Class A5, SEQ, VRN, 5.50%, 7/25/55<sup>(1)</sup> | 338869 | 343516 |
| Sequoia Mortgage Trust, Series 2025-7, Class A5, SEQ, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 266188 | 267909 |
| Sequoia Mortgage Trust, Series 2025-8, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 197139 | 199526 |
| Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.07%, (30-day average SOFR plus 3.40%), 11/25/33<sup>(1)</sup> | 23735 | 23924 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(1)</sup> | 24365 | 23043 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.22%, 6/25/69<sup>(1)</sup> | 93796 | 95067 |
| Verus Securitization Trust, Series 2024-9, Class A3, 5.89%, 11/25/69<sup>(1)</sup> | 235022 | 237212 |
| Verus Securitization Trust, Series 2025-4, Class A3, 5.75%, 5/25/70<sup>(1)</sup> | 125311 | 126505 |
| Verus Securitization Trust, Series 2025-R1, Class A3, 5.77%, 5/25/65<sup>(1)</sup> | 429093 | 434467 |
| Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65<sup>(1)</sup> | 32836 | 32051 |
|  |  | 19840288 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.3%** |  |  |
| FHLMC, Series 2022-DNA5, Class M1A, VRN, 6.62%, (30-day average SOFR plus 2.95%), 6/25/42<sup>(1)</sup> | 31033 | 31520 |
| FHLMC, Series 2022-DNA6, Class M1A, VRN, 5.82%, (30-day average SOFR plus 2.15%), 9/25/42<sup>(1)</sup> | 15275 | 15337 |
| FHLMC, Series 377, Class C4, IO, 2.00%, 1/25/51 | 3385403 | 448096 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 4.72%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 54379 | 54410 |
|  |  | 549363 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>(Cost $20,263,974) |  | **20389651** |
| **U.S. TREASURY SECURITIES — 10.3%** |  |  |
| U.S. Treasury Notes, 4.625%, 6/15/27<sup>(5)</sup> | 525000 | 532609 |
| U.S. Treasury Notes, 3.50%, 9/30/27 | 9910000 | 9921613 |
| U.S. Treasury Notes, 3.50%, 10/31/27 | 1025000 | 1026241 |
| U.S. Treasury Notes, 3.375%, 11/30/27 | 4500000 | 4497539 |
| U.S. Treasury Notes, 3.375%, 12/31/27 | 1000000 | 999570 |
| U.S. Treasury Notes, 3.75%, 1/31/31 | 1200000 | 1212375 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $18,133,511) |  | **18189947** |
| **CONVERTIBLE PREFERRED SECURITIES — 7.1%** |  |  |
| **Banks — 6.7%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 200000 | 201780 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 800000 | 810183 |
| Banco Davivienda SA, 6.65%<sup>(1)</sup> | 211000 | 196314 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 420000 | 419828 |
| Banco Santander SA, 4.75% | 800000 | 799720 |
| Barclays PLC, 8.00% | 645000 | 688287 |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | 865000 | 925298 |
| Commerzbank AG, 7.50% | 200000 | 212311 |
| Danske Bank AS, 4.375% | 810000 | 809328 |
| HSBC Holdings PLC, 6.50% | 647000 | 661419 |
| HSBC Holdings PLC, 6.875% | 320000 | 333242 |
| ING Groep NV, 4.875% | 812000 | 792637 |
| ING Groep NV, 7.50% | 450000 | 468959 |
| Lloyds Banking Group PLC, 8.00% | 585000 | 635906 |
| Macquarie Bank Ltd., 6.125%<sup>(1)</sup> | 420000 | 425374 |
| Skandinaviska Enskilda Banken AB, 6.875% | 600000 | 613674 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Societe Generale SA, 6.75%<sup>(1)</sup> | 200000 | $203532 |
| Societe Generale SA, 9.375%<sup>(1)</sup> | 600000 | 639802 |
| Standard Chartered PLC, 7.75%<sup>(1)</sup> | 200000 | 208186 |
| Standard Chartered PLC, 7.875%<sup>(1)</sup> | 200000 | 214768 |
| Svenska Handelsbanken AB, 4.375% | 400000 | 397002 |
| Swedbank AB, 7.625% | 1000000 | 1049962 |
|  |  | 11707512 |
| **Capital Markets — 0.4%** |  |  |
| UBS Group AG, 9.25%<sup>(1)</sup> | 715000 | 779930 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $12,375,328) |  | **12487442** |
| **PREFERRED SECURITIES — 3.9%** |  |  |
| **Banks — 1.3%** |  |  |
| Bank of America Corp., 4.375% | 735000 | 730642 |
| Citigroup, Inc., 6.50% | 325000 | 329954 |
| Citigroup, Inc., 7.625% | 425000 | 450678 |
| JPMorgan Chase & Co., 3.65% | 550000 | 548384 |
| KeyCorp, 5.00% | 320000 | 319294 |
|  |  | 2378952 |
| **Capital Markets — 0.8%** |  |  |
| Charles Schwab Corp., 4.00% | 637000 | 635215 |
| Goldman Sachs Group, Inc., 3.80% | 430000 | 430476 |
| Northern Trust Corp., 4.60% | 295000 | 295791 |
|  |  | 1361482 |
| **Electric Utilities — 0.3%** |  |  |
| NRG Energy, Inc., 10.25%<sup>(1)</sup> | 461000 | 507801 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp., 8.00%<sup>(1)</sup> | 590000 | 601411 |
| **Multi-Utilities — 0.3%** |  |  |
| Dominion Energy, Inc., 4.35% | 477000 | 475025 |
| **Oil, Gas and Consumable Fuels — 0.5%** |  |  |
| Energy Transfer LP, 6.50% | 170000 | 170871 |
| Energy Transfer LP, 6.625% | 317000 | 321325 |
| Sunoco LP, 7.875%<sup>(1)</sup> | 328000 | 339298 |
|  |  | 831494 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Air Lease Corp., 4.65% | 205000 | 204891 |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 509000 | 509063 |
|  |  | 713954 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $6,810,001) |  | **6870119** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.6%** |  |  |
| Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61<sup>(1)</sup> | $23000 | 19266 |
| Bank, Series 2019-BN17, Class D, 3.00%, 4/15/52<sup>(1)</sup> | 35000 | 29751 |
| Benchmark Mortgage Trust, Series 2018-B5, Class B, 4.57%, 7/15/51 | 104014 | 99589 |
| Benchmark Mortgage Trust, Series 2018-B5, Class D, VRN, 3.09%, 7/15/51<sup>(1)</sup> | 100000 | 79759 |
| Benchmark Mortgage Trust, Series 2019-B13, Class D, 2.50%, 8/15/57<sup>(1)</sup> | 23000 | 14262 |
| Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53<sup>(1)</sup> | 68000 | 52709 |
| Citigroup Commercial Mortgage Trust, Series 2020-555, Class E, VRN, 3.50%, 12/10/41<sup>(1)</sup> | 623000 | 569747 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 4.92%, (1-month SOFR plus 1.26%), 11/15/38<sup>(1)</sup> | 150000 | 148766 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.27%, (1-month SOFR plus 1.61%), 11/15/38<sup>(1)</sup> | 200000 | 198481 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.17%, (1-month SOFR plus 1.51%), 3/15/38<sup>(1)</sup> | $112000 | $111188 |
| LQR Trust, Series 2025-CALI, Class C, VRN, 5.91%, (1-month SOFR plus 2.25%), 1/15/43 | 511000 | 511559 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51<sup>(1)</sup> | 22000 | 18182 |
| Morgan Stanley Capital I Trust, Series 2018-L1, Class D, 3.00%, 10/15/51<sup>(1)</sup> | 39000 | 33307 |
| NCMF Trust, Series 2025-MFS, Class C, VRN, 6.04%, 6/10/33<sup>(1)</sup> | 425000 | 433070 |
| ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, SEQ, VRN, 5.75%, 7/15/39<sup>(1)</sup> | 200000 | 204693 |
| SCG Mortgage Trust, Series 2024-MSP, Class B, VRN, 6.10%, (1-month SOFR plus 2.44%), 4/15/41<sup>(1)</sup> | 261000 | 261203 |
| SHR Trust, Series 2024-LXRY, Class B, VRN, 6.11%, (1-month SOFR plus 2.45%), 10/15/41<sup>(1)</sup> | 247000 | 248005 |
| SMRT Commercial Mortgage Trust, Series 2022-MINI, Class B, VRN, 5.01%, (1-month SOFR plus 1.35%), 1/15/39<sup>(1)</sup> | 225000 | 224928 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.10%, (1-month SOFR plus 1.44%), 2/15/42<sup>(1)</sup> | 246000 | 244210 |
| THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34<sup>(1)</sup> | 300000 | 305393 |
| UBS Commercial Mortgage Trust, Series 2018-C14, Class B, VRN, 5.10%, 12/15/51 | 220000 | 214001 |
| UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.14%, 12/15/51<sup>(1)</sup> | 19000 | 17589 |
| Velocity Commercial Capital Loan Trust, Series 2026-1, Class M2, VRN, 5.89%, 2/25/56<sup>(1)</sup> | 265411 | 267657 |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, SEQ, VRN, 6.13%, 3/15/40<sup>(1)</sup> | 209000 | 209194 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50<sup>(1)</sup> | 20000 | 17397 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $4,489,931) |  | **4533906** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%** |  |  |
| **Colombia — 0.6%** |  |  |
| Colombia Government International Bonds, 6.125%, 1/21/31 | 1000000 | 1000150 |
| **Mexico — 0.5%** |  |  |
| Eagle Funding Luxco SARL, 5.50%, 8/17/30<sup>(1)</sup> | 853000 | 868900 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,860,148) |  | **1869050** |
| **MUNICIPAL SECURITIES — 0.8%** |  |  |
| Build NYC Resource Corp. Rev., (RiverSpring Health Senior Living, Inc. Obligated Group), 7.00%, 12/15/30 <sup>(1)</sup> | 1285000 | 1294037 |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30 <sup>(1)</sup> | 210000 | 211911 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $1,495,000) |  | **1505948** |
| **COLLATERALIZED LOAN OBLIGATIONS — 0.7%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.12%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 34302 | 34319 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 5.92%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 60747 | 60795 |
| BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.08%, (1-month SOFR plus 1.41%), 5/15/38<sup>(1)</sup> | 250000 | 249392 |
| Capital Four U.S. CLO I Ltd., Series 2021-1A, Class B1R, VRN, 5.27%, (3-month SOFR plus 1.60%), 1/18/35<sup>(1)</sup> | 125000 | 125447 |
| Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 5.61%, (3-month SOFR plus 1.96%), 11/15/28<sup>(1)</sup> | 47842 | 47903 |
| Golub Capital Partners CLO 79B Ltd., Series 2025-79A, Class B, VRN, 5.17%, (3-month SOFR plus 1.50%), 4/20/38<sup>(1)</sup> | 700000 | 700987 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $1,208,606) |  | **1218843** |
| **BANK LOAN OBLIGATIONS**<sup>(6)</sup> **— 0.1%** |  |  |
| **Passenger Airlines — 0.1%** |  |  |
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6.00%, (6-month SOFR plus 2.25%), 2/15/28<br>(Cost $129,324) | 130950 | **130915** |
| **SHORT-TERM INVESTMENTS — 5.8%** |  |  |
| **Money Market Funds — 5.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 9038279 | 9038279 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(7)</sup> | 1157180 | $1157180 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $10,195,459) |  | **10195459** |
| **TOTAL INVESTMENT SECURITIES — 101.9%**<br>(Cost $178,329,472) |  | **179422823** |
| **OTHER ASSETS AND LIABILITIES — (1.9)%** |  | **(3310876)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**176111947** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 2-Year Notes | 38 | June 2026 | $7952391 | $12231 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury Long Bonds | 2 | June 2026 | $236938 | $(2879) |
| U.S. Treasury 5-Year Notes | 39 | June 2026 | 4295484 | (26436) |
| U.S. Treasury 10-Year Notes | 20 | June 2026 | 2276250 | (17070) |
| U.S. Treasury 10-Year Ultra Notes | 8 | June 2026 | 933875 | (9453) |
|  |  |  | $7742547 | $(55838) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| EUR | – | Euro |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| IO | – | Interest Only |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $89,767,258, which represented 51.0% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,116,735. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(5)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $359,992.

(6)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,157,180.

------

Schedule of Investments - Short Duration Strategic Income ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $80176342 |  |
| Asset-Backed Securities |  | 21855201 |  |
| Collateralized Mortgage Obligations |  | 20389651 |  |
| U.S. Treasury Securities |  | 18189947 |  |
| Convertible Preferred Securities |  | 12487442 |  |
| Preferred Securities |  | 6870119 |  |
| Commercial Mortgage-Backed Securities |  | 4533906 |  |
| Sovereign Governments and Agencies |  | 1869050 |  |
| Municipal Securities |  | 1505948 |  |
| Collateralized Loan Obligations |  | 1218843 |  |
| Bank Loan Obligations |  | 130915 |  |
| Short-Term Investments | $10195459 |  |  |
|  | $10195459 | $169227364 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $12231 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $55838 |  |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $21963 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Interest Rate** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $(29791) | $(29791) |
| &nbsp;&nbsp;Swap agreement transactions | $(75433) |  | (75433) |
|  |  |  | $(105224) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $(49644) | $(49644) |
| &nbsp;&nbsp;Swap agreements | $31379 |  | 31379 |
|  |  |  | $(18265) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** |
| **Assets** | | |
| Investment securities, at value | $65743908 | $773184656 |
| Investment made with cash collateral received for securities on loan, at value |  | 12574905 |
| Foreign currency holdings, at value |  | 42 |
| Receivable for investments sold |  | 5018858 |
| Receivable for variation margin on futures contracts |  | 362867 |
| Interest receivable | 809491 | 9917598 |
| Securities lending receivable |  | 9207 |
|  | 66553399 | 801068133 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 12574905 |
| Payable for investments purchased | 395646 | 25059236 |
| Accrued management fees  | 13748 | 161113 |
|  | 409394 | 37795254 |
| **Net Assets** | $66144005 | $763272879 |
| Shares outstanding (unlimited number of shares authorized) | 1300000 | 15950000 |
| **Net Asset Value Per Share** | $50.88 | $47.85 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $64541547 | $763426937 |
| Distributable earnings (loss) | 1602458 | (154058) |
|  | $66144005 | $763272879 |
| Investment securities, at cost | $63947782 | $765913733 |
| Investment securities on loan, at value |  | $13366976 |
| Investment made with cash collateral received for securities on loan, at cost |  | $12574905 |
| Foreign currency holdings, at cost |  | $42 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** |
| **Assets** | | |
| Investment securities, at value | $575298286 | $23182771 |
| Cash | 3397 |  |
| Receivable for investments sold | 95252 |  |
| Interest receivable | 6767225 | 70556 |
|  | 582164160 | 23253327 |
| **Liabilities** |  |  |
| Payable for investments purchased | 5256744 | 500000 |
| Accrued management fees | 117589 | 4710 |
|  | 5374333 | 504710 |
| **Net Assets** | $576789827 | $22748617 |
| Shares outstanding (unlimited number of shares authorized) | 11250000 | 450000 |
| **Net Asset Value Per Share** | $51.27 | $50.55 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $581812649 | $22736011 |
| Distributable earnings (loss) | (5022822) | 12606 |
|  | $576789827 | $22748617 |
| Investment securities, at cost | $561891439 | $23153852 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Multisector Income ETF** | **Select High Yield ETF** |
| **Assets** | | |
| Investment securities, at value | $203673964 | $57474627 |
| Investment made with cash collateral received for securities on loan, at value | 1204325 | 2071163 |
| Receivable for investments sold |  | 469677 |
| Receivable for variation margin on futures contracts | 206076 |  |
| Swap agreements, at value | 10154 |  |
| Interest and dividends receivable | 2038879 | 911904 |
| Securities lending receivable | 798 | 1317 |
|  | 207134196 | 60928688 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 1204325 | 2071163 |
| Payable for investments purchased | 4826287 | 357098 |
| Accrued management fees | 53184 | 20192 |
|  | 6083796 | 2448453 |
| **Net Assets** | $201050400 | $58480235 |
| Shares outstanding (unlimited number of shares authorized) | 4500000 | 1250000 |
| **Net Asset Value Per Share** | $44.68 | $46.78 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $211356045 | $60176748 |
| Distributable earnings (loss) | (10305645) | (1696513) |
|  | $201050400 | $58480235 |
| Investment securities, at cost | $201539923 | $57169159 |
| Investment securities on loan, at value | $1154385 | $2030236 |
| Investment made with cash collateral received for securities on loan, at cost | $1204325 | $2071163 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Short Duration Strategic Income ETF** |
| **Assets** | |
| Investment securities, at value | $178265643 |
| Investment made with cash collateral received for securities on loan, at value | 1157180 |
| Cash | 9026 |
| Foreign currency holdings, at value | 9 |
| Interest receivable | 1677998 |
| Securities lending receivable | 1982 |
|  | 181111838 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 1157180 |
| Payable for investments purchased | 3778095 |
| Payable for variation margin on futures contracts | 21963 |
| Accrued management fees | 42653 |
|  | 4999891 |
| **Net Assets** | $176111947 |
| Shares outstanding (unlimited number of shares authorized) | 3400000 |
| **Net Asset Value Per Share** | $51.80 |
| **Net Assets Consist of:** |  |
| Capital paid in | $174178477 |
| Distributable earnings (loss) | 1933470 |
|  | $176111947 |
| Investment securities, at cost | $177172292 |
| Investment securities on loan, at value | $1116735 |
| Investment made with cash collateral received for securities on loan, at cost | $1157180 |
| Foreign currency holdings, at cost | $9 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $1143864 | $17233439 |
| Securities lending, net |  | 37950 |
|  | 1143864 | 17271389 |
| **Expenses:** |  |  |
| Management fees | 77960 | 929187 |
| Trustees' fees and expenses | 395 | 2661 |
| Other expenses | 72 | 3966 |
|  | 78427 | 935814 |
| **Net investment income (loss)** | 1065437 | 16335575 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 80935 | 6588356 |
| Futures contract transactions | (407) | 2500488 |
|  | 80528 | 9088844 |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 2430752 | (489972) |
| Futures contracts | 357 | 372692 |
|  | 2431109 | (117280) |
| **Net realized and unrealized gain (loss)** | 2511637 | 8971564 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3577074 | $25307139 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $10942317 | $901818 |
| **Expenses:** |  |  |
| Management fees | 771239 | 46361 |
| Trustees' fees and expenses  | 2213 |  |
| Other expenses | 94 |  |
|  | 773546 | 46361 |
| Fees waived | (53189) |  |
|  | 720357 | 46361 |
| **Net investment income (loss)** | 10221960 | 855457 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 99496 | 11586 |
| Futures contract transactions | (94) |  |
|  | 99402 | 11586 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 23286497 | (55140) |
| Futures contracts | 455 |  |
|  | 23286952 | (55140) |
| **Net realized and unrealized gain (loss)** | 23386354 | (43554) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $33608314 | $811903 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Multisector Income ETF** | **Select High Yield ETF** |
| **Investment Income (Loss)** | | |
| **Income:** |  |  |
| Interest | $5105599 | $1678717 |
| Dividends | 89222 |  |
| Securities lending, net | 7147 | 7425 |
| Less foreign taxes withheld | (626) |  |
|  | 5201342 | 1686142 |
| **Expenses:** |  |  |
| Management fees | 316837 | 119298 |
| Other expenses | 1555 |  |
|  | 318392 | 119298 |
| **Net investment income (loss)** | 4882950 | 1566844 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 1027391 | (66778) |
| Futures contract transactions | 734848 |  |
| Foreign currency translation transactions | 32 |  |
|  | 1762271 | (66778) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (19344) | 142820 |
| Futures contracts | 114877 |  |
| Swap agreements | 10154 |  |
| Translation of assets and liabilities in foreign currencies | (137) |  |
|  | 105550 | 142820 |
| **Net realized and unrealized gain (loss)** | 1867821 | 76042 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6750771 | $1642886 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Short Duration Strategic Income ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $3460897 |
| Securities lending, net | 4989 |
|  | 3465886 |
| **Expenses:** |  |
| Management fees | 216023 |
| Other expenses | 352 |
|  | 216375 |
| **Net investment income (loss)** | 3249511 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 385853 |
| Futures contract transactions | (29791) |
| Swap agreement transactions | (75433) |
| Foreign currency translation transactions  | (8) |
|  | 280621 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 168442 |
| Futures contracts | (49644) |
| Swap agreements | 31379 |
| Translation of assets and liabilities in foreign currencies | 2 |
|  | 150179 |
| **Net realized and unrealized gain (loss)** | 430800 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3680311 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $1065437 | $1155565 | $16335575 | $21761193 |
| Net realized gain (loss) | 80528 | (456981) | 9088844 | (1562237) |
| Change in net unrealized appreciation (depreciation) | 2431109 | (678714) | (117280) | 1280814 |
| Net increase (decrease) in net assets resulting from operations | 3577074 | 19870 | 25307139 | 21479770 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1050865) | (1057335) | (15983840) | (20685860) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 12499255 | 29361960 | 264204432 | 274882050 |
| Payments for shares redeemed |  |  | (76291090) | (4617630) |
| Other capital | 22499 | 52852 | 7186 | 8509 |
| Net increase (decrease) in net assets from capital share transactions | 12521754 | 29414812 | 187920528 | 270272929 |
| **Net increase (decrease) in net assets** | 15047963 | 28377347 | 197243827 | 271066839 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 51096042 | 22718695 | 566029052 | 294962213 |
| End of period | $66144005 | $51096042 | $763272879 | $566029052 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 250000 | 600000 | 5550000 | 5900000 |
| Redeemed |  |  | (1600000) | (100000) |
| Net increase (decrease) in shares of the funds | 250000 | 600000 | 3950000 | 5800000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $10221960 | $18283550 | $855457 | $2962302 |
| Net realized gain (loss) | 99402 | (4685829) | 11586 | (68449) |
| Change in net unrealized appreciation (depreciation) | 23286952 | (14957893) | (55140) | 36907 |
| Net increase (decrease) in net assets resulting from operations | 33608314 | (1360172) | 811903 | 2930760 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (10236370) | (17940085) | (1040675) | (3171740) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 65201375 | 62904830 |  |  |
| Payments for shares redeemed |  | (34241390) | (27752239) | (7544790) |
| Other capital | 82499 | 210406 | 295 | 3064 |
| Net increase (decrease) in net assets from capital share transactions | 65283874 | 28873846 | (27751944) | (7541726) |
| **Net increase (decrease) in net assets** | 88655818 | 9573589 | (27980716) | (7782706) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 488134009 | 478560420 | 50729333 | 58512039 |
| End of period | $576789827 | $488134009 | $22748617 | $50729333 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1300000 | 1250000 |  |  |
| Redeemed |  | (700000) | (550000) | (150000) |
| Net increase (decrease) in shares of the funds | 1300000 | 550000 | (550000) | (150000) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Multisector Income ETF** | **Multisector Income ETF** | **Select High Yield ETF** | **Select High Yield ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $4882950 | $10578859 | $1566844 | $2102754 |
| Net realized gain (loss) | 1762271 | 1920919 | (66778) | (157844) |
| Change in net unrealized appreciation (depreciation) | 105550 | (1891954) | 142820 | 558340 |
| Net increase (decrease) in net assets resulting from operations | 6750771 | 10607824 | 1642886 | 2503250 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (5095505) | (11110650) | (1540305) | (2076585) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 46536085 | 8730355 | 11664455 | 11570226 |
| Payments for shares redeemed | (22167915) | (21758733) |  |  |
| Other capital | 1423 | 1021 | 1676 | 1308 |
| Net increase (decrease) in net assets from capital share transactions | 24369593 | (13027357) | 11666131 | 11571534 |
| **Net increase (decrease) in net assets** | 26024859 | (13530183) | 11768712 | 11998199 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 175025541 | 188555724 | 46711523 | 34713324 |
| End of period | $201050400 | $175025541 | $58480235 | $46711523 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1050000 | 200000 | 250000 | 250000 |
| Redeemed | (500000) | (500000) |  |  |
| Net increase (decrease) in shares of the funds | 550000 | (300000) | 250000 | 250000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | | |
| | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $3249511 | $3773297 |
| Net realized gain (loss) | 280621 | 244754 |
| Change in net unrealized appreciation (depreciation) | 150179 | 105337 |
| Net increase (decrease) in net assets resulting from operations | 3680311 | 4123388 |
| **Distributions to Shareholders** |  |  |
| From earnings | (3105730) | (3845465) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 108349545 | 46051190 |
| Payments for shares redeemed | (17980060) | (15300090) |
| Other capital | 1316 | 11461 |
| Net increase (decrease) in net assets from capital share transactions | 90370801 | 30762561 |
| **Net increase (decrease) in net assets** | 90945382 | 31040484 |
| **Net Assets** |  |  |
| Beginning of period | 85166565 | 54126081 |
| End of period | $176111947 | $85166565 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 2100000 | 900000 |
| Redeemed | (350000) | (300000) |
| Net increase (decrease) in shares of the funds | 1750000 | 600000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Herein Referenced As** | **Ticker** | **Exchange** |
| American Century California Municipal Bond ETF | California Municipal Bond ETF | CATF | NYSE Arca, Inc. |
| American Century Diversified Corporate Bond ETF | Diversified Corporate Bond ETF | KORP | NYSE Arca, Inc. |
| American Century Diversified Municipal Bond ETF | Diversified Municipal Bond ETF | TAXF | NYSE Arca, Inc. |
| American Century Multisector Floating Income ETF | Multisector Floating Income ETF | FUSI | NYSE Arca, Inc. |
| American Century Multisector Income ETF | Multisector Income ETF | MUSI | NYSE Arca, Inc. |
| American Century Select High Yield ETF | Select High Yield ETF | AHYB | NYSE Arca, Inc. |
| American Century Short Duration Strategic Income ETF | Short Duration Strategic Income ETF | SDSI | The Nasdaq Stock Market LLC |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

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

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

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If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

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

The annual management fee is as follows:

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| | |
|:---|:---|
| | **Annual Management Fee** |
| California Municipal Bond ETF | 0.27% |
| Diversified Corporate Bond ETF | 0.29% |
| Diversified Municipal Bond ETF | 0.29%\* |
| Multisector Floating Income ETF | 0.27% |
| Multisector Income ETF | 0.35% |
| Select High Yield ETF | 0.45% |
| Short Duration Strategic Income ETF | 0.32% |

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\*The investment advisor agreed to waive 0.02% of the fund's management fee. The investment advisor expects this waiver to continue until December 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Trustees.

**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| California Municipal Bond ETF | American Century California Tax-Free and Municipal Funds | 28% |
| Diversified Corporate Bond ETF | American Century Strategic Asset Allocations, Inc | 7% |
| Multisector Floating Income ETF | American Century Investment Management, Inc. (ACIM) | 49% |
| Multisector Income ETF | American Century Strategic Asset Allocations, Inc | 38% |
| Short Duration Strategic Income ETF | American Century Strategic Asset Allocations, Inc | 27% |

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**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Municipal Bond ETF** |
| Purchases of U.S. Treasury and Government Agency obligations |  |  |  |
| Purchases of other investment securities | $16797890 | $583924775 | $102295853 |
| Total Purchases | $16797890 | $583924775 | $102295853 |
| Sales of U.S. Treasury and Government Agency obligations |  |  |  |
| Sales of other investment securities | $4623223 | $509167614 | $38538279 |
| Total Sales | $4623223 | $509167614 | $38538279 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Multisector Floating Income ETF** | **Multisector Income ETF** | **Select High Yield ETF** | **Short Duration Strategic Income ETF** |
| Purchases of U.S. Treasury and Government Agency obligations | $902197 | $21925549 |  | $19611375 |
| Purchases of other investment securities | $6321913 | $126662536 | $7500722 | $102670766 |
| Total Purchases | $7224110 | $148588085 | $7500722 | $122282141 |
| Sales of U.S. Treasury and Government Agency obligations | $4009192 | $22160985 |  | $48215454 |
| Sales of other investment securities | $24375253 | $123294719 | $7506203 | $78119915 |
| Total Sales | $28384445 | $145455704 | $7506203 | $126335369 |

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Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind <br>Subscriptions** | **In kind <br>Redemptions** | **In kind<br>Net Realized<br>Gain/(Loss)\*** |
| Diversified Corporate Bond ETF | $208807295 | $74868355 | $3526548 |
| Multisector Floating Income ETF |  | $27501733 | $(4688) |
| Multisector Income ETF | $45590807 | $21809521 | $350997 |
| Select High Yield ETF | $11014054 |  |  |
| Short Duration Strategic Income ETF | $106747779 | $17857978 | $194422 |

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\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

**5. Capital Share Transactions**

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

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Credit Risk —** The funds may be subject to credit risk in the normal course of pursuing their investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest

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income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The average notional exposure to credit risk derivative instruments held during the period was as follows:

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| | |
|:---|:---|
| Short Duration Strategic Income ETF | $3300000 |

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**Interest Rate Risk —** The funds may be subject to interest rate risk in the normal course of pursuing their investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. The average notional exposure to interest rate risk derivative instruments held during the period was as follows:

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| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| California Municipal Bond ETF | $2084766 | $685406 |
| Diversified Corporate Bond ETF | $61454883 | $13444207 |
| Diversified Municipal Bond ETF | $22098516 | $5825953 |
| Multisector Income ETF | $47510537 | $2573328 |
| Short Duration Strategic Income ETF | $8724448 | $4790684 |

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A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The average notional exposure to interest rate risk derivative instruments held during the period was as follows:

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| | |
|:---|:---|
| Multisector Income ETF | $2340778 |

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**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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

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As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Municipal Bond ETF** |
| Federal tax cost of investments | $63964659 | $778495910 | $561925410 |
| Gross tax appreciation of investments | $1977603 | $8767968 | $17259010 |
| Gross tax depreciation of investments | (198354) | (1504317) | (3886134) |
| Net tax appreciation (depreciation) of investments | $1779249 | $7263651 | $13372876 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Multisector Floating Income ETF** | **Multisector Income ETF** | **Select High Yield ETF** | **Short Duration Strategic Income ETF** |
| Federal tax cost of investments | $23153852 | $202744508 | $59273347 | $178330150 |
| Gross tax appreciation of investments | $49294 | $2774116 | $842263 | $1256559 |
| Gross tax depreciation of investments | (20375) | (640335) | $(569820) | $(163886) |
| Net tax appreciation (depreciation) of investments | $28919 | $2133781 | $272443 | $1092673 |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term capital losses** | **Long-term capital losses** |
| California Municipal Bond ETF | $(433356) | $(12332) |
| Diversified Corporate Bond ETF | $(11627513) | $(8046639) |
| Diversified Municipal Bond ETF | $(9117984) | $(11041631) |
| Multisector Floating Income ETF | $(72681) | $(24623) |
| Multisector Income ETF | $(8291007) | $(6718196) |
| Select High Yield ETF | $(762178) | $(1391929) |

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Financial Highlights

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions**<br>**From Net**<br>**Investment**<br>**Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of** <br>**Period**<br>**(in thousands)** |
| **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **California Municipal Bond ETF** |
| 2026<sup>(4)</sup> | $48.66 | 0.92 | 2.20 | 3.12 | (0.92) | 0.02 | $50.88 | 6.51% | 0.27% | 3.70% | 8% | $66144 |
| 2025 | $50.49 | 1.69 | (1.98) | (0.29) | (1.62) | 0.08 | $48.66 | (0.41)% | 0.27% | 3.43% | 47% | $51096 |
| 2024<sup>(5)</sup> | $50.00 | 0.21 | 0.17 | 0.38 |  | 0.11 | $50.49 | 0.98% | 0.27% | 3.25% | 5% | $22719 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)July 16, 2024 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total <br>Distributions** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of** <br>**Period**<br>**(in thousands)** |
| **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** |
| 2026<sup>(4)</sup> | $47.17 | 1.20 | 0.68 | 1.88 | (1.20) |  | (1.20) | 0.00<sup>(5)</sup> | $47.85 | 4.06% | 0.29% | 5.10% | 81% | $763273 |
| 2025 | $47.57 | 2.39 | (0.46) | 1.93 | (2.33) |  | (2.33) | 0.00<sup>(5)</sup> | $47.17 | 4.19% | 0.29% | 5.13% | 176% | $566029 |
| 2024 | $45.39 | 2.34 | 2.14 | 4.48 | (2.30) |  | (2.30) | 0.00<sup>(5)</sup> | $47.57 | 10.26% | 0.29% | 5.12% | 198% | $294962 |
| 2023 | $46.35 | 1.91 | (1.08) | 0.83 | (1.79) |  | (1.79) | 0.00<sup>(5)</sup> | $45.39 | 1.85% | 0.29% | 4.18% | 163% | $213329 |
| 2022 | $52.70 | 1.08 | (6.45) | (5.37) | (0.98) |  | (0.98) | 0.00<sup>(5)</sup> | $46.35 | (10.30)% | 0.29% | 2.18% | 181% | $143685 |
| 2021 | $52.72 | 0.93 | 0.66 | 1.59 | (1.39) | (0.22) | (1.61) | 0.00<sup>(5)</sup> | $52.70 | 3.08% | 0.29% | 1.77% | 182% | $152828 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions**<br>**From Net**<br>**Investment**<br>**Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of** <br>**Period**<br>**(in thousands)** |
| **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** |
| 2026<sup>(4)</sup> | $49.06 | 0.96 | 2.21 | 3.17 | (0.97) | 0.01 | $51.27 | 6.55% | 0.27% | 0.29% | 3.84% | 3.82% | 9% | $576790 |
| 2025 | $50.91 | 1.82 | (1.90) | (0.08) | (1.79) | 0.02 | $49.06 | (0.14)% | 0.29% | 0.29% | 3.65% | 3.65% | 36% | $488134 |
| 2024 | $49.30 | 1.69 | 1.54 | 3.23 | (1.64) | 0.02 | $50.91 | 6.75% | 0.29% | 0.29% | 3.38% | 3.38% | 25% | $478560 |
| 2023 | $49.81 | 1.39 | (0.57) | 0.82 | (1.34) | 0.01 | $49.30 | 1.70% | 0.29% | 0.29% | 2.82% | 2.82% | 28% | $340198 |
| 2022 | $55.48 | 0.89 | (5.76) | (4.87) | (0.82) | 0.02 | $49.81 | (8.82)% | 0.29% | 0.29% | 1.70% | 1.70% | 46% | $276446 |
| 2021 | $53.61 | 1.00 | 1.83 | 2.83 | (1.05) | 0.09 | $55.48 | 5.50% | 0.29% | 0.29% | 1.82% | 1.82% | 14% | $163663 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total <br>Distributions** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,** <br>**End** <br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of** <br>**Period**<br>**(in thousands)** |
| **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** |
| 2026<sup>(4)</sup> | $50.73 | 1.25 | (0.05) | 1.20 | (1.38) |  | (1.38) | 0.00<sup>(5)</sup> | $50.55 | 2.40% | 0.27% | 4.98% | 27% | $22749 |
| 2025 | $50.88 | 2.72 | 0.01 | 2.73 | (2.83) | (0.05) | (2.88) | 0.00<sup>(5)</sup> | $50.73 | 5.52% | 0.27% | 5.36% | 89% | $50729 |
| 2024 | $50.63 | 3.13 | 0.09 | 3.22 | (3.15) |  | (3.15) | 0.18 | $50.88 | 6.99% | 0.27% | 6.18% | 98% | $58512 |
| 2023<sup>(6)</sup> | $50.00 | 1.41 | 0.19 | 1.60 | (1.11) |  | (1.11) | 0.14 | $50.63 | 3.51% | 0.28% | 6.02% | 24% | $20252 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)March 14, 2023 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions**<br>**From Net**<br>**Investment**<br>**Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** | **Multisector Income ETF** |
| 2026<sup>(4)</sup> | $44.31 | 1.18 | 0.44 | 1.62 | (1.25) | 0.00<sup>(5)</sup> | $44.68 | 3.71% | 0.35% | 5.39% | 83% | $201050 |
| 2025 | $44.37 | 2.52 | 0.07 | 2.59 | (2.65) | 0.00<sup>(5)</sup> | $44.31 | 6.07% | 0.36% | 5.78% | 163% | $175026 |
| 2024 | $42.57 | 2.46 | 1.78 | 4.24 | (2.46) | 0.02 | $44.37 | 10.44% | 0.36% | 5.74% | 147% | $188556 |
| 2023 | $43.99 | 2.19 | (1.52) | 0.67 | (2.11) | 0.02 | $42.57 | 1.63% | 0.35% | 5.10% | 174% | $159641 |
| 2022 | $50.24 | 1.67 | (6.41) | (4.74) | (1.53) | 0.02 | $43.99 | (9.60)% | 0.35% | 3.55% | 147% | $114363 |
| 2021<sup>(6)</sup> | $50.00 | 0.27 | 0.02 | 0.29 | (0.13) | 0.08 | $50.24 | 0.75% | 0.35% | 3.08% | 75% | $82904 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions**<br>**From Net**<br>**Investment**<br>**Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** | **Select High Yield ETF** |
| 2026<sup>(4)</sup> | $46.71 | 1.37 | 0.08 | 1.45 | (1.38) | 0.00<sup>(5)</sup> | $46.78 | 3.17% | 0.45% | 5.91% | 15% | $58480 |
| 2025 | $46.28 | 2.71 | 0.43 | 3.14 | (2.71) | 0.00<sup>(5)</sup> | $46.71 | 7.02% | 0.45% | 5.89% | 39% | $46712 |
| 2024 | $44.25 | 2.56 | 2.07 | 4.63 | (2.60) | 0.00<sup>(5)</sup> | $46.28 | 10.89% | 0.45% | 5.72% | 30% | $34713 |
| 2023 | $43.54 | 2.24 | 0.77 | 3.01 | (2.30) | 0.00<sup>(5)</sup> | $44.25 | 7.14% | 0.45% | 5.15% | 18% | $30978 |
| 2022<sup>(6)</sup> | $50.00 | 1.58 | (6.54) | (4.96) | (1.51) | 0.01 | $43.54 | (10.04)% | 0.45% | 4.32% | 12% | $30481 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From** | **Distributions From** | **Distributions From** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** |
| 2026<sup>(4)</sup> | $51.62 | 1.23 | 0.19 | 1.42 | (1.22) | (0.02) | (1.24) | 0.00<sup>(5)</sup> | $51.80 | 2.79% | 0.32% | 4.81% | 91% | $176112 |
| 2025 | $51.55 | 2.62 | 0.18 | 2.80 | (2.74) |  | (2.74) | 0.01 | $51.62 | 5.62% | 0.32% | 5.13% | 188% | $85167 |
| 2024 | $50.53 | 2.78 | 1.07 | 3.85 | (2.86) |  | (2.86) | 0.03 | $51.55 | 7.98% | 0.32% | 5.49% | 207% | $54126 |
| 2023<sup>(6)</sup> | $50.00 | 2.38 | —<sup>(5)</sup> | 2.38 | (1.93) |  | (1.93) | 0.08 | $50.53 | 4.98% | 0.32% | 5.28% | 195% | $35370 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)October 11, 2022 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96947 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96947 2604** |

---

------

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| American Century<sup>®</sup> Focused Dynamic Growth ETF (FDG) |
| American Century<sup>®</sup> Focused Large Cap Value ETF (FLV) |
| American Century<sup>®</sup> Large Cap Equity ETF (ACLC) |
| American Century<sup>®</sup> Large Cap Growth ETF (ACGR) |
| American Century<sup>®</sup> Mid Cap Growth Impact ETF (MID) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_184) |
| Statements of Assets and Liabilities | [18](#iba273e868b7e4566bd70f1811bd23032_199) |
| Statements of Operations | [21](#iba273e868b7e4566bd70f1811bd23032_202) |
| Statements of Changes in Net Assets | [24](#iba273e868b7e4566bd70f1811bd23032_205) |
| Notes to Financial Statements | [27](#iba273e868b7e4566bd70f1811bd23032_208) |
| Financial Highlights | [31](#iba273e868b7e4566bd70f1811bd23032_211) |

---

------

Schedule of Investments - Focused Dynamic Growth ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 3.0%** |  |  |
| Rocket Lab Corp.<sup>(1)</sup> | 146620 | $10131442 |
| **Automobiles — 6.9%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 58635 | 23601174 |
| **Biotechnology — 10.3%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 25626 | 8531408 |
| Argenx SE, ADR<sup>(1)</sup> | 5701 | 4372211 |
| Ascendis Pharma AS, ADR<sup>(1)</sup> | 45270 | 10570545 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 64755 | 1371511 |
| Insmed, Inc.<sup>(1)</sup> | 22481 | 3357088 |
| Regeneron Pharmaceuticals, Inc. | 8853 | 6920124 |
|  |  | 35122887 |
| **Broadline Retail — 8.6%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 140400 | 29484000 |
| **Capital Markets — 0.9%** |  |  |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 18646 | 1414299 |
| S&P Global, Inc. | 3703 | 1636282 |
|  |  | 3050581 |
| **Electric Utilities — 0.2%** |  |  |
| Oklo, Inc.<sup>(1)</sup> | 12092 | 761191 |
| **Electrical Equipment — 0.7%** |  |  |
| Bloom Energy Corp., Class A<sup>(1)</sup> | 14676 | 2284613 |
| **Electronic Equipment, Instruments and Components — 1.9%** |  |  |
| Cognex Corp. | 35432 | 1927501 |
| Coherent Corp.<sup>(1)</sup> | 18189 | 4709678 |
|  |  | 6637179 |
| **Energy Equipment and Services — 0.6%** |  |  |
| TechnipFMC PLC | 28551 | 1893217 |
| **Entertainment — 4.7%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 121925 | 11734062 |
| Spotify Technology SA<sup>(1)</sup> | 8265 | 4255979 |
|  |  | 15990041 |
| **Financial Services — 3.3%** |  |  |
| Mastercard, Inc., Class A | 16332 | 8447074 |
| Visa, Inc., Class A | 8409 | 2692057 |
|  |  | 11139131 |
| **Health Care Equipment and Supplies — 1.9%** |  |  |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 12960 | 6525490 |
| **Hotels, Restaurants and Leisure — 1.9%** |  |  |
| Cava Group, Inc.<sup>(1)(2)</sup> | 7166 | 590980 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 45958 | 1710557 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 23822 | 4203868 |
|  |  | 6505405 |
| **Insurance — 0.5%** |  |  |
| Kinsale Capital Group, Inc. | 4487 | 1748449 |
| **Interactive Media and Services — 15.7%** |  |  |
| Alphabet, Inc., Class C | 171992 | 53563469 |
| **IT Services — 2.8%** |  |  |
| Okta, Inc.<sup>(1)</sup> | 32650 | 2367125 |
| Shopify, Inc., Class A<sup>(1)</sup> | 58270 | 7034937 |
|  |  | 9402062 |

---

------

Schedule of Investments - Focused Dynamic Growth ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery — 1.1%** |  |  |
| Westinghouse Air Brake Technologies Corp. | 14775 | $3899861 |
| **Pharmaceuticals — 1.1%** |  |  |
| Structure Therapeutics, Inc., ADR<sup>(1)</sup> | 57138 | 3598551 |
| **Professional Services — 0.7%** |  |  |
| Paylocity Holding Corp.<sup>(1)</sup> | 5302 | 564610 |
| Verisk Analytics, Inc. | 8111 | 1683600 |
|  |  | 2248210 |
| **Semiconductors and Semiconductor Equipment — 20.6%** |  |  |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 22550 | 2873998 |
| Lam Research Corp. | 14732 | 3445667 |
| Monolithic Power Systems, Inc. | 4834 | 5524005 |
| NVIDIA Corp. | 330251 | 58517175 |
|  |  | 70360845 |
| **Software — 12.4%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 8686 | 3776412 |
| Aurora Innovation, Inc.<sup>(1)(2)</sup> | 511238 | 2392589 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 37775 | 11385385 |
| Docusign, Inc.<sup>(1)</sup> | 27482 | 1238614 |
| Figma, Inc., Class A<sup>(1)(2)</sup> | 6623 | 194650 |
| HubSpot, Inc.<sup>(1)</sup> | 3719 | 983713 |
| Intuit, Inc. | 3474 | 1420970 |
| Microsoft Corp. | 38778 | 15229672 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 40821 | 5600233 |
|  |  | 42222238 |
| **TOTAL COMMON STOCKS**<br>(Cost $249,343,909) |  | **340170036** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 742063 | 742063 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2513784 | 2513784 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,255,847) |  | **3255847** |
| **TOTAL INVESTMENT SECURITIES — 100.7%**<br>(Cost $252,599,756) |  | **343425883** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(2550731)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**340875152** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,378,754. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,513,784.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Focused Large Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.2%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.6%** |  |  |
| RTX Corp. | 25810 | $5229622 |
| **Banks — 6.7%** |  |  |
| Commerce Bancshares, Inc. | 85792 | 4374534 |
| JPMorgan Chase & Co. | 32953 | 9895786 |
| Truist Financial Corp. | 166900 | 8229839 |
|  |  | 22500159 |
| **Beverages — 2.5%** |  |  |
| PepsiCo, Inc. | 49461 | 8395510 |
| **Building Products — 2.1%** |  |  |
| A.O. Smith Corp. | 90687 | 7073586 |
| **Capital Markets — 6.1%** |  |  |
| Ameriprise Financial, Inc. | 7507 | 3529191 |
| Blackrock, Inc. | 10099 | 10737560 |
| Charles Schwab Corp. | 64505 | 6140876 |
|  |  | 20407627 |
| **Chemicals — 1.5%** |  |  |
| PPG Industries, Inc. | 39473 | 4865837 |
| **Communications Equipment — 3.7%** |  |  |
| Cisco Systems, Inc. | 79552 | 6321202 |
| F5, Inc.<sup>(1)</sup> | 21786 | 5911849 |
|  |  | 12233051 |
| **Construction Materials — 1.9%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 95171 | 6185163 |
| **Consumer Staples Distribution & Retail — 3.1%** |  |  |
| Sysco Corp. | 70736 | 6448294 |
| Target Corp. | 32963 | 3750860 |
|  |  | 10199154 |
| **Containers and Packaging — 2.2%** |  |  |
| Packaging Corp. of America | 31563 | 7327035 |
| **Diversified Telecommunication Services — 1.4%** |  |  |
| Verizon Communications, Inc. | 93206 | 4673349 |
| **Electric Utilities — 3.7%** |  |  |
| Duke Energy Corp. | 93597 | 12247167 |
| **Electrical Equipment — 1.2%** |  |  |
| Rockwell Automation, Inc. | 10157 | 4138470 |
| **Energy Equipment and Services — 1.8%** |  |  |
| Baker Hughes Co. | 92617 | 6044185 |
| **Financial Services — 3.6%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 24065 | 12151622 |
| **Food Products — 2.4%** |  |  |
| Mondelez International, Inc., Class A | 131906 | 8122771 |
| **Gas Utilities — 1.7%** |  |  |
| Atmos Energy Corp. | 30164 | 5634334 |
| **Ground Transportation — 2.7%** |  |  |
| Norfolk Southern Corp. | 28953 | 9112667 |
| **Health Care Equipment and Supplies — 7.0%** |  |  |
| Becton Dickinson & Co. | 55957 | 9875292 |
| Medtronic PLC | 88205 | 8614100 |
| Zimmer Biomet Holdings, Inc. | 50537 | 4974862 |
|  |  | 23464254 |

---

------

Schedule of Investments - Focused Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Providers and Services — 2.8%** |  |  |
| Henry Schein, Inc.<sup>(1)</sup> | 68467 | $5640996 |
| UnitedHealth Group, Inc. | 12999 | 3812217 |
|  |  | 9453213 |
| **Household Durables — 1.2%** |  |  |
| PulteGroup, Inc. | 28547 | 3916648 |
| **Household Products — 3.7%** |  |  |
| Colgate-Palmolive Co. | 41269 | 4091409 |
| Kimberly-Clark Corp. | 74266 | 8276203 |
|  |  | 12367612 |
| **Insurance — 6.5%** |  |  |
| Marsh & McLennan Cos., Inc. | 77151 | 14407178 |
| Reinsurance Group of America, Inc. | 33632 | 7255431 |
|  |  | 21662609 |
| **Interactive Media and Services — 2.3%** |  |  |
| Alphabet, Inc., Class A | 24343 | 7589174 |
| **Life Sciences Tools and Services — 1.6%** |  |  |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 29496 | 5274180 |
| **Machinery — 1.7%** |  |  |
| PACCAR, Inc. | 45324 | 5714903 |
| **Oil, Gas and Consumable Fuels — 7.3%** |  |  |
| Chevron Corp. | 49366 | 9219594 |
| ONEOK, Inc. | 121656 | 10069467 |
| TotalEnergies SE | 64978 | 5220333 |
|  |  | 24509394 |
| **Personal Care Products — 3.6%** |  |  |
| Estee Lauder Cos., Inc., Class A | 26999 | 2955580 |
| Unilever PLC, ADR | 123097 | 9078404 |
|  |  | 12033984 |
| **Pharmaceuticals — 4.7%** |  |  |
| Johnson & Johnson | 41841 | 10394560 |
| Sanofi SA, ADR | 107272 | 5219855 |
|  |  | 15614415 |
| **Semiconductors and Semiconductor Equipment — 5.1%** |  |  |
| Analog Devices, Inc. | 21205 | 7544527 |
| NXP Semiconductors NV | 21119 | 4794224 |
| QUALCOMM, Inc. | 34032 | 4844796 |
|  |  | 17183547 |
| **Software — 1.8%** |  |  |
| Microsoft Corp. | 15248 | 5988499 |
| **TOTAL COMMON STOCKS**<br>(Cost $274,774,646) |  | **331313741** |
| **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| **Money Market Funds — 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $1,676,200) | 1676200 | **1676200** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $276,450,846) |  | **332989941** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **972399** |
| **TOTAL NET ASSETS — 100.0%** |  | $**333962340** |

---

------

Schedule of Investments - Focused Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Large Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.4%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.5%** |  |  |
| FedEx Corp. | 3698 | $1431126 |
| **Automobiles — 1.4%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 9839 | 3960296 |
| **Banks — 4.1%** |  |  |
| Bank of America Corp. | 74846 | 3729576 |
| JPMorgan Chase & Co. | 13769 | 4134831 |
| Regions Financial Corp. | 127857 | 3558260 |
|  |  | 11422667 |
| **Beverages — 0.8%** |  |  |
| PepsiCo, Inc. | 13607 | 2309652 |
| **Biotechnology — 2.5%** |  |  |
| AbbVie, Inc. | 11995 | 2783800 |
| Gilead Sciences, Inc. | 17691 | 2635074 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3281 | 1630099 |
|  |  | 7048973 |
| **Broadline Retail — 3.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 44073 | 9255330 |
| **Building Products — 1.7%** |  |  |
| Johnson Controls International PLC | 16551 | 2388310 |
| Trane Technologies PLC | 5135 | 2374013 |
|  |  | 4762323 |
| **Capital Markets — 4.4%** |  |  |
| Ameriprise Financial, Inc. | 3327 | 1564089 |
| Blackrock, Inc. | 1644 | 1747950 |
| Goldman Sachs Group, Inc. | 2617 | 2249495 |
| Intercontinental Exchange, Inc. | 7950 | 1304834 |
| KKR & Co., Inc. | 10733 | 941069 |
| Morgan Stanley | 11640 | 1938176 |
| S&P Global, Inc. | 5554 | 2454202 |
|  |  | 12199815 |
| **Chemicals — 1.7%** |  |  |
| Ecolab, Inc. | 5992 | 1847633 |
| Linde PLC | 5841 | 2967695 |
|  |  | 4815328 |
| **Communications Equipment — 0.9%** |  |  |
| Motorola Solutions, Inc. | 5226 | 2520291 |
| **Consumer Finance — 0.8%** |  |  |
| American Express Co. | 7571 | 2338682 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
| Costco Wholesale Corp. | 2002 | 2023602 |
| Sysco Corp. | 25638 | 2337160 |
|  |  | 4360762 |
| **Containers and Packaging — 0.5%** |  |  |
| Ball Corp. | 22136 | 1485990 |
| **Diversified Telecommunication Services — 0.4%** |  |  |
| Verizon Communications, Inc. | 19940 | 999792 |
| **Electric Utilities — 1.8%** |  |  |
| NextEra Energy, Inc. | 53625 | 5028416 |
| **Electrical Equipment — 1.5%** |  |  |
| Eaton Corp. PLC | 5863 | 2204019 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GE Vernova, Inc. | 2086 | $1822330 |
|  |  | 4026349 |
| **Electronic Equipment, Instruments and Components — 0.5%** |  |  |
| Amphenol Corp., Class A | 8552 | 1249105 |
| **Energy Equipment and Services — 0.9%** |  |  |
| SLB Ltd. | 46651 | 2395062 |
| **Entertainment — 0.9%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 4330 | 396585 |
| Netflix, Inc.<sup>(1)</sup> | 23169 | 2229784 |
|  |  | 2626369 |
| **Financial Services — 2.5%** |  |  |
| Mastercard, Inc., Class A | 8691 | 4495072 |
| Visa, Inc., Class A | 7661 | 2452593 |
|  |  | 6947665 |
| **Ground Transportation — 1.0%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 14796 | 1115914 |
| Union Pacific Corp. | 5816 | 1541124 |
|  |  | 2657038 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 2458 | 1614242 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 2619 | 1318693 |
|  |  | 2932935 |
| **Health Care Providers and Services — 1.9%** |  |  |
| Cencora, Inc. | 4066 | 1513121 |
| Cigna Group | 8194 | 2374785 |
| UnitedHealth Group, Inc. | 4439 | 1301826 |
|  |  | 5189732 |
| **Health Care REITs — 1.1%** |  |  |
| Welltower, Inc. | 15282 | 3165208 |
| **Hotels, Restaurants and Leisure — 1.4%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3648 | 492881 |
| Booking Holdings, Inc. | 289 | 1225172 |
| Marriott International, Inc., Class A | 6200 | 2118726 |
|  |  | 3836779 |
| **Household Products — 2.1%** |  |  |
| Church & Dwight Co., Inc. | 13630 | 1429242 |
| Colgate-Palmolive Co. | 10459 | 1036905 |
| Procter & Gamble Co. | 19627 | 3281634 |
|  |  | 5747781 |
| **Industrial Conglomerates — 0.8%** |  |  |
| Honeywell International, Inc. | 9560 | 2328720 |
| **Industrial REITs — 1.1%** |  |  |
| Prologis, Inc. | 21837 | 3113301 |
| **Insurance — 1.5%** |  |  |
| Marsh & McLennan Cos., Inc. | 6328 | 1181691 |
| MetLife, Inc. | 24278 | 1749715 |
| Progressive Corp. | 5207 | 1112528 |
|  |  | 4043934 |
| **Interactive Media and Services — 8.0%** |  |  |
| Alphabet, Inc., Class A | 53227 | 16594049 |
| Meta Platforms, Inc., Class A | 8803 | 5705929 |
|  |  | 22299978 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **IT Services — 1.5%** |  |  |
| International Business Machines Corp. | 13981 | $3358376 |
| MongoDB, Inc.<sup>(1)</sup> | 2122 | 697013 |
|  |  | 4055389 |
| **Life Sciences Tools and Services — 1.9%** |  |  |
| Agilent Technologies, Inc. | 7298 | 885831 |
| Danaher Corp. | 12174 | 2564332 |
| Thermo Fisher Scientific, Inc. | 3557 | 1853588 |
|  |  | 5303751 |
| **Machinery — 3.2%** |  |  |
| Cummins, Inc. | 5430 | 3170414 |
| Deere & Co. | 2740 | 1725406 |
| Parker-Hannifin Corp. | 1823 | 1839735 |
| Xylem, Inc. | 15813 | 2048732 |
|  |  | 8784287 |
| **Oil, Gas and Consumable Fuels — 1.7%** |  |  |
| Cheniere Energy, Inc. | 8894 | 2096583 |
| Williams Cos., Inc. | 36711 | 2743046 |
|  |  | 4839629 |
| **Pharmaceuticals — 3.0%** |  |  |
| Bristol-Myers Squibb Co. | 14523 | 905800 |
| Eli Lilly & Co. | 4025 | 4234260 |
| Merck & Co., Inc. | 12926 | 1600497 |
| Zoetis, Inc. | 12013 | 1574904 |
|  |  | 8315461 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 6481 | 1389267 |
| **Semiconductors and Semiconductor Equipment — 15.3%** |  |  |
| Analog Devices, Inc. | 11452 | 4074507 |
| Applied Materials, Inc. | 7488 | 2787782 |
| ASML Holding NV, NY Shares | 929 | 1347570 |
| Broadcom, Inc. | 25563 | 8168657 |
| Lam Research Corp. | 7520 | 1758853 |
| Micron Technology, Inc. | 1657 | 683297 |
| NVIDIA Corp. | 123058 | 21804647 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4644 | 1739550 |
|  |  | 42364863 |
| **Software — 9.2%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 2256 | 980841 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 8697 | 2621276 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 2541 | 945201 |
| Dynatrace, Inc.<sup>(1)</sup> | 27348 | 982340 |
| Microsoft Corp. | 43252 | 16986791 |
| Salesforce, Inc. | 4771 | 929343 |
| ServiceNow, Inc.<sup>(1)</sup> | 12134 | 1310593 |
| Workday, Inc., Class A<sup>(1)</sup> | 6787 | 907829 |
|  |  | 25664214 |
| **Specialized REITs — 0.6%** |  |  |
| Equinix, Inc. | 1579 | 1538357 |
| **Specialty Retail — 3.7%** |  |  |
| Home Depot, Inc. | 10180 | 3875729 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 16660 | 1564041 |
| TJX Cos., Inc. | 20182 | 3262622 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tractor Supply Co. | 32070 | $1662509 |
|  |  | 10364901 |
| **Technology Hardware, Storage and Peripherals — 5.0%** |  |  |
| Apple, Inc. | 51024 | 13479520 |
| Western Digital Corp. | 1294 | 361932 |
|  |  | 13841452 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| Ferguson Enterprises, Inc. | 5162 | 1346043 |
| United Rentals, Inc. | 1868 | 1569120 |
|  |  | 2915163 |
| **TOTAL COMMON STOCKS**<br>(Cost $230,957,148) |  | **275876133** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $818,387) | 818387 | **818387** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $231,775,535) |  | **276694520** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **763224** |
| **TOTAL NET ASSETS — 100.0%** |  | $**277457744** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Large Cap Growth ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.1%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.1%** |  |  |
| General Electric Co. | 507 | $173526 |
| **Air Freight and Logistics — 0.6%** |  |  |
| FedEx Corp. | 263 | 101781 |
| **Automobiles — 2.6%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 1046 | 421025 |
| **Banks — 0.3%** |  |  |
| Regions Financial Corp. | 1819 | 50623 |
| **Biotechnology — 1.6%** |  |  |
| AbbVie, Inc. | 725 | 168258 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 190 | 94398 |
|  |  | 262656 |
| **Broadline Retail — 4.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 3007 | 631470 |
| eBay, Inc. | 623 | 56606 |
|  |  | 688076 |
| **Building Products — 1.4%** |  |  |
| Johnson Controls International PLC | 555 | 80086 |
| Trane Technologies PLC | 328 | 151641 |
|  |  | 231727 |
| **Capital Markets — 0.6%** |  |  |
| KKR & Co., Inc. | 436 | 38228 |
| S&P Global, Inc. | 120 | 53026 |
|  |  | 91254 |
| **Chemicals — 0.6%** |  |  |
| Linde PLC | 198 | 100600 |
| **Communications Equipment — 0.5%** |  |  |
| Motorola Solutions, Inc. | 184 | 88736 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Costco Wholesale Corp. | 323 | 326485 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 127 | 9382 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 110 | 10627 |
|  |  | 346494 |
| **Distributors — 0.1%** |  |  |
| Pool Corp. | 104 | 23627 |
| **Electrical Equipment — 1.8%** |  |  |
| Eaton Corp. PLC | 109 | 40975 |
| GE Vernova, Inc. | 161 | 140650 |
| Vertiv Holdings Co., Class A | 428 | 109093 |
|  |  | 290718 |
| **Electronic Equipment, Instruments and Components — 1.1%** |  |  |
| Amphenol Corp., Class A | 1039 | 151756 |
| Coherent Corp.<sup>(1)</sup> | 93 | 24081 |
|  |  | 175837 |
| **Entertainment — 1.5%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 2481 | 238771 |
| **Financial Services — 5.7%** |  |  |
| Apollo Global Management, Inc. | 179 | 18723 |
| Mastercard, Inc., Class A | 1094 | 565828 |
| Visa, Inc., Class A | 1088 | 348312 |
|  |  | 932863 |

---

------

Schedule of Investments - Large Cap Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Ground Transportation — 0.6%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 1321 | $99630 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 265 | 174033 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Cencora, Inc. | 27 | 10048 |
| Cigna Group | 234 | 67818 |
| Elevance Health, Inc. | 53 | 16960 |
|  |  | 94826 |
| **Health Care REITs — 0.3%** |  |  |
| Welltower, Inc. | 215 | 44531 |
| **Health Care Technology — 0.2%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 201 | 36584 |
| **Hotels, Restaurants and Leisure — 1.9%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 323 | 43641 |
| Booking Holdings, Inc. | 30 | 127180 |
| Marriott International, Inc., Class A | 384 | 131224 |
|  |  | 302045 |
| **Interactive Media and Services — 10.2%** |  |  |
| Alphabet, Inc., Class A | 3676 | 1146030 |
| Meta Platforms, Inc., Class A | 808 | 523729 |
|  |  | 1669759 |
| **IT Services — 0.8%** |  |  |
| MongoDB, Inc.<sup>(1)</sup> | 138 | 45329 |
| Okta, Inc.<sup>(1)</sup> | 462 | 33495 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 329 | 55407 |
|  |  | 134231 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| Agilent Technologies, Inc. | 500 | 60690 |
| **Machinery — 1.4%** |  |  |
| Cummins, Inc. | 137 | 79990 |
| Parker-Hannifin Corp. | 84 | 84771 |
| Xylem, Inc. | 468 | 60634 |
|  |  | 225395 |
| **Oil, Gas and Consumable Fuels — 0.2%** |  |  |
| Cheniere Energy, Inc. | 172 | 40546 |
| **Pharmaceuticals — 3.3%** |  |  |
| Eli Lilly & Co. | 457 | 480759 |
| Zoetis, Inc. | 398 | 52178 |
|  |  | 532937 |
| **Professional Services — 0.4%** |  |  |
| Automatic Data Processing, Inc. | 328 | 70310 |
| **Semiconductors and Semiconductor Equipment — 23.3%** |  |  |
| Analog Devices, Inc. | 371 | 131998 |
| Applied Materials, Inc. | 444 | 165301 |
| ASML Holding NV, NY Shares | 80 | 116045 |
| Broadcom, Inc. | 2747 | 877804 |
| Lam Research Corp. | 945 | 221026 |
| Micron Technology, Inc. | 48 | 19794 |
| NVIDIA Corp. | 12039 | 2133190 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 337 | 126234 |
|  |  | 3791392 |

---

------

Schedule of Investments - Large Cap Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Software — 15.4%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 184 | $79998 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 510 | 153714 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 226 | 84068 |
| Datadog, Inc., Class A<sup>(1)</sup> | 393 | 44000 |
| Dynatrace, Inc.<sup>(1)</sup> | 1458 | 52371 |
| Intuit, Inc. | 195 | 79761 |
| Microsoft Corp. | 4243 | 1666396 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 286 | 39236 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 548 | 81608 |
| ServiceNow, Inc.<sup>(1)</sup> | 1772 | 191394 |
| Workday, Inc., Class A<sup>(1)</sup> | 317 | 42402 |
|  |  | 2514948 |
| **Specialized REITs — 0.4%** |  |  |
| Equinix, Inc. | 64 | 62353 |
| **Specialty Retail — 2.5%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 270 | 26406 |
| Burlington Stores, Inc.<sup>(1)</sup> | 104 | 31914 |
| Carvana Co.<sup>(1)</sup> | 170 | 56807 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 538 | 50507 |
| TJX Cos., Inc. | 1130 | 182676 |
| Tractor Supply Co. | 978 | 50700 |
|  |  | 399010 |
| **Technology Hardware, Storage and Peripherals — 9.3%** |  |  |
| Apple, Inc. | 5720 | 1511109 |
| Western Digital Corp. | 37 | 10349 |
|  |  | 1521458 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 2079 | 78961 |
| Birkenstock Holding PLC<sup>(1)</sup> | 279 | 11620 |
|  |  | 90581 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Fastenal Co. | 472 | 21731 |
| United Rentals, Inc. | 47 | 39480 |
|  |  | 61211 |
| **TOTAL COMMON STOCKS**<br>(Cost $12,246,215) |  | **16144784** |
| **EXCHANGE-TRADED FUNDS — 0.6%** |  |  |
| iShares Russell 1000 Growth ETF<br>(Cost $100,767) | 223 | **100392** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $43,628) | 43628 | **43628** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $12,390,610) |  | **16288804** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **3375** |
| **TOTAL NET ASSETS — 100.0%** |  | $**16292179** |

---

------

Schedule of Investments - Large Cap Growth ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Mid Cap Growth Impact ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.6%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.3%** |  |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 2258 | $1224739 |
| **Banks — 0.9%** |  |  |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 53012 | 794120 |
| **Biotechnology — 5.5%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 4052 | 1348992 |
| Argenx SE, ADR<sup>(1)</sup> | 164 | 125775 |
| Insmed, Inc.<sup>(1)</sup> | 8701 | 1299320 |
| Natera, Inc.<sup>(1)</sup> | 7354 | 1529926 |
| Viking Therapeutics, Inc.<sup>(1)(2)</sup> | 21926 | 741976 |
|  |  | 5045989 |
| **Building Products — 6.0%** |  |  |
| Johnson Controls International PLC | 38496 | 5554973 |
| **Capital Markets — 5.0%** |  |  |
| MSCI, Inc. | 5299 | 3030127 |
| TPG, Inc. | 36355 | 1578534 |
|  |  | 4608661 |
| **Commercial Services and Supplies — 2.8%** |  |  |
| Republic Services, Inc. | 11379 | 2605791 |
| **Consumer Staples Distribution & Retail — 1.4%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 17240 | 1273519 |
| **Diversified Consumer Services — 1.0%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 11334 | 844610 |
| Duolingo, Inc.<sup>(1)</sup> | 1163 | 117463 |
|  |  | 962073 |
| **Electrical Equipment — 6.2%** |  |  |
| Hubbell, Inc. | 5384 | 2754616 |
| Vertiv Holdings Co., Class A | 11469 | 2923333 |
|  |  | 5677949 |
| **Financial Services — 1.5%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 13082 | 614592 |
| Toast, Inc., Class A<sup>(1)</sup> | 28490 | 778062 |
|  |  | 1392654 |
| **Health Care Equipment and Supplies — 7.0%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 32849 | 2412102 |
| GE HealthCare Technologies, Inc. | 15220 | 1282589 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 882 | 579236 |
| Insulet Corp.<sup>(1)</sup> | 8808 | 2172141 |
|  |  | 6446068 |
| **Hotels, Restaurants and Leisure — 1.9%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 46922 | 1746437 |
| **Household Durables — 3.7%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 7651 | 3429943 |
| **Independent Power and Renewable Electricity Producers — 4.6%** |  |  |
| Vistra Corp. | 24645 | 4285519 |
| **IT Services — 5.3%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 28674 | 4937376 |
| **Life Sciences Tools and Services — 5.3%** |  |  |
| Bio-Techne Corp. | 22166 | 1307794 |
| ICON PLC<sup>(1)</sup> | 7263 | 785421 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 4808 | 859719 |

---

------

Schedule of Investments - Mid Cap Growth Impact ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| West Pharmaceutical Services, Inc. | 7736 | $1967574 |
|  |  | 4920508 |
| **Metals and Mining — 2.8%** |  |  |
| Capstone Copper Corp.<sup>(1)</sup> | 252153 | 2608330 |
| **Oil, Gas and Consumable Fuels — 6.6%** |  |  |
| Cameco Corp. | 17653 | 2090115 |
| Targa Resources Corp. | 16879 | 3980068 |
|  |  | 6070183 |
| **Pharmaceuticals — 0.6%** |  |  |
| Structure Therapeutics, Inc., ADR<sup>(1)</sup> | 8335 | 524938 |
| **Professional Services — 2.1%** |  |  |
| Equifax, Inc. | 9431 | 1970702 |
| **Semiconductors and Semiconductor Equipment — 6.2%** |  |  |
| Monolithic Power Systems, Inc. | 5011 | 5726270 |
| **Software — 6.4%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 12272 | 3698781 |
| Zscaler, Inc.<sup>(1)</sup> | 14805 | 2176187 |
|  |  | 5874968 |
| **Specialty Retail — 6.2%** |  |  |
| Carvana Co.<sup>(1)</sup> | 6573 | 2196434 |
| Tractor Supply Co. | 67722 | 3510708 |
|  |  | 5707142 |
| **Textiles, Apparel and Luxury Goods — 3.4%** |  |  |
| On Holding AG, Class A<sup>(1)</sup> | 67506 | 3137679 |
| **Trading Companies and Distributors — 3.9%** |  |  |
| WESCO International, Inc. | 12365 | 3579668 |
| **TOTAL COMMON STOCKS**<br>(Cost $79,054,975) |  | **90106199** |
| **SHORT-TERM INVESTMENTS — 2.5%** |  |  |
| **Money Market Funds — 2.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2318499 | 2318499 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1981 | 1981 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,320,480) |  | **2320480** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $81,375,455) |  | **92426679** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(47856)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**92378823** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $558,766. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $555,616, which includes securities collateral of $553,635.

------

Schedule of Investments - Mid Cap Growth Impact ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $87497869 | $2608330 |  |
| Short-Term Investments | 2320480 |  |  |
|  | $89818349 | $2608330 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $340912099 | $332989941 |
| Investment made with cash collateral received for securities on loan, at value | 2513784 |  |
| Cash |  | 224 |
| Receivable for investments sold | 11679 | 306490 |
| Receivable for capital shares sold | 596972 | 1641074 |
| Dividends and interest receivable | 64726 | 709774 |
| Securities lending receivable | 234 | 95 |
|  | 344099494 | 335647598 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 2513784 |  |
| Payable for investments purchased | 589519 | 1581552 |
| Accrued management fees | 121039 | 103706 |
|  | 3224342 | 1685258 |
| **Net Assets** | $340875152 | $333962340 |
| Shares outstanding (unlimited number of shares authorized) | 2855000 | 4070000 |
| **Net Asset Value Per Share** | $119.40 | $82.05 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $243846968 | $275827348 |
| Distributable earnings (loss) | 97028184 | 58134992 |
|  | $340875152 | $333962340 |
| Investment securities, at cost | $250085972 | $276450846 |
| Investment securities on loan, at value | $2378754 |  |
| Investment made with cash collateral received for securities on loan, at cost | $2513784 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Large Cap Equity ETF** | **Large Cap Growth ETF** |
| **Assets** | | |
| Investment securities, at value | $276694520 | $16288804 |
| Receivable for investments sold | 494087 |  |
| Receivable for capital shares sold | 2351313 |  |
| Dividends and interest receivable | 247169 | 8253 |
|  | 279787089 | 16297057 |
| **Liabilities** |  |  |
| Payable for investments purchased | 2246094 |  |
| Accrued management fees | 83251 | 4878 |
|  | 2329345 | 4878 |
| **Net Assets** | $277457744 | $16292179 |
| Shares outstanding (unlimited number of shares authorized) | 3540000 | 260000 |
| **Net Asset Value Per Share** | $78.38 | $62.66 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $240602496 | $12020533 |
| Distributable earnings (loss) | 36855248 | 4271646 |
|  | $277457744 | $16292179 |
| Investment securities, at cost | $231775535 | $12390610 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Mid Cap Growth Impact ETF** |
| **Assets** | |
| Investment securities, at value | $92424698 |
| Investment made with cash collateral received for securities on loan, at value | 1981 |
| Receivable for investments sold | 582316 |
| Dividends and interest receivable | 52792 |
| Securities lending receivable | 86 |
|  | 93061873 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 1981 |
| Payable for investments purchased | 649178 |
| Accrued management fees | 31891 |
|  | 683050 |
| **Net Assets** | $92378823 |
| Shares outstanding (unlimited number of shares authorized) | 1405000 |
| **Net Asset Value Per Share** | $65.75 |
| **Net Assets Consist of:** |  |
| Capital paid in | $81217287 |
| Distributable earnings (loss) | 11161536 |
|  | $92378823 |
| Investment securities, at cost | $81373474 |
| Investment securities on loan, at value | $558766 |
| Investment made with cash collateral received for securities on loan, at cost | $1981 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $284592 | $3362816 |
| Interest | 26474 | 55260 |
| Securities lending, net | 4170 | 10649 |
| Less foreign taxes withheld |  | (16600) |
|  | 315236 | 3412125 |
| **Expenses:** |  |  |
| Management fees | 809245 | 596773 |
| Other expenses | 208 |  |
|  | 809453 | 596773 |
| **Net investment income (loss)** | (494217) | 2815352 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 40480415 | 9839311 |
| Foreign currency translation transactions |  | (456) |
|  | 40480415 | 9838855 |
| **Change in net unrealized appreciation (depreciation) on investments** | (29037313) | 18930476 |
| **Net realized and unrealized gain (loss)** | 11443102 | 28769331 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10948885 | $31584683 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Large Cap Equity ETF** | **Large Cap Growth ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $1531853 | $44161 |
| Interest | 15362 | 1188 |
| Less foreign taxes withheld | (2538) | (248) |
|  | 1544677 | 45101 |
| **Expenses:** |  |  |
| Management fees | 529333 | 35410 |
| **Net investment income (loss)** | 1015344 | 9691 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 4749644 | 1528127 |
| Change in net unrealized appreciation (depreciation) on investments | 5584323 | (1274709) |
| **Net realized and unrealized gain (loss)** | 10333967 | 253418 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $11349311 | $263109 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Mid Cap Growth Impact ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $246531 |
| Interest | 40907 |
| Securities lending, net | 199 |
|  | 287637 |
| **Expenses:** |  |
| Management fees | 206529 |
| **Net investment income (loss)** | 81108 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 4733993 |
| Foreign currency translation transactions | (2249) |
|  | 4731744 |
| **Change in net unrealized appreciation (depreciation) on investments** | (6321880) |
| **Net realized and unrealized gain (loss)** | (1590136) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1509028) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $(494217) | $(647052) | $2815352 | $5311915 |
| Net realized gain (loss) | 40480415 | 35076437 | 9838855 | 13725584 |
| Change in net unrealized appreciation (depreciation) | (29037313) | 38848774 | 18930476 | 5460739 |
| Net increase (decrease) in net assets resulting from operations | 10948885 | 73278159 | 31584683 | 24498238 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings |  |  | (2542882) | (4864215) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 94944417 | 151886147 | 66487601 | 101653770 |
| Payments for shares redeemed | (110759928) | (121229617) | (31542647) | (88279022) |
| Other capital |  | 7162 |  | 52 |
| Net increase (decrease) in net assets from capital share transactions | (15815511) | 30663692 | 34944954 | 13374800 |
| **Net increase (decrease) in net assets** | (4866626) | 103941851 | 63986755 | 33008823 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 345741778 | 241799927 | 269975585 | 236966762 |
| End of period | $340875152 | $345741778 | $333962340 | $269975585 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 755000 | 1480000 | 865000 | 1470000 |
| Redeemed | (895000) | (1200000) | (415000) | (1250000) |
| Net increase (decrease) in shares of the funds | (140000) | 280000 | 450000 | 220000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $1015344 | $1858799 | $9691 | $34154 |
| Net realized gain (loss) | 4749644 | 33664674 | 1528127 | 1008492 |
| Change in net unrealized appreciation (depreciation) | 5584323 | (16702796) | (1274709) | 1641780 |
| Net increase (decrease) in net assets resulting from operations | 11349311 | 18820677 | 263109 | 2684426 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (739404) | (2053570) | (7051) | (33054) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 52909132 | 86349865 | 619857 | 2833566 |
| Payments for shares redeemed | (28813437) | (123645215) | (3996792) | (3427591) |
| Net increase (decrease) in net assets from capital share transactions | 24095695 | (37295350) | (3376935) | (594025) |
| **Net increase (decrease) in net assets** | 34705602 | (20528243) | (3120877) | 2057347 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 242752142 | 263280385 | 19413056 | 17355709 |
| End of period | $277457744 | $242752142 | $16292179 | $19413056 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 680000 | 1250000 | 10000 | 50000 |
| Redeemed | (370000) | (1820000) | (60000) | (60000) |
| Net increase (decrease) in shares of the funds | 310000 | (570000) | (50000) | (10000) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | | |
| | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $81108 | $153869 |
| Net realized gain (loss) | 4731744 | 3208284 |
| Change in net unrealized appreciation (depreciation) | (6321880) | 6695431 |
| Net increase (decrease) in net assets resulting from operations | (1509028) | 10057584 |
| **Distributions to Shareholders** |  |  |
| From earnings | (91440) | (160740) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 23590258 | 21235551 |
| Payments for shares redeemed | (19124549) | (11947490) |
| Net increase (decrease) in net assets from capital share transactions | 4465709 | 9288061 |
| **Net increase (decrease) in net assets** | 2865241 | 19184905 |
| **Net Assets** |  |  |
| Beginning of period | 89513582 | 70328677 |
| End of period | $92378823 | $89513582 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 355000 | 335000 |
| Redeemed | (285000) | (185000) |
| Net increase (decrease) in shares of the funds | 70000 | 150000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)** 

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Herein Referenced As** | **Ticker** | **Exchange** |
| American Century Focused Dynamic Growth ETF | Focused Dynamic Growth ETF | FDG | NYSE Arca, Inc. |
| American Century Focused Large Cap Value ETF | Focused Large Cap Value ETF | FLV | NYSE Arca, Inc. |
| American Century Large Cap Equity ETF | Large Cap Equity ETF | ACLC | NYSE Arca, Inc. |
| American Century Large Cap Growth ETF | Large Cap Growth ETF | ACGR | NYSE Arca, Inc. |
| American Century Mid Cap Growth Impact ETF | Mid Cap Growth Impact ETF | MID | NYSE Arca, Inc. |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

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**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee is as follows:

---

| | |
|:---|:---|
| | **Annual Management Fee** |
| Focused Dynamic Growth ETF | 0.45% |
| Focused Large Cap Value ETF | 0.42% |
| Large Cap Equity ETF | 0.39% |
| Large Cap Growth ETF | 0.39% |
| Mid Cap Growth Impact ETF | 0.45% |

---

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related

parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Focused Dynamic Growth ETF | &nbsp;&nbsp;American Century Strategic Asset Allocations, Inc | 21% |
| Focused Large Cap Value ETF | &nbsp;&nbsp;American Century Strategic Asset Allocations, Inc | 25% |
| Large Cap Growth ETF | &nbsp;&nbsp;American Century Investment Management, Inc. (ACIM) | 30% |

---

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Mid Cap Growth Impact ETF** |
| Purchases | $100863042 | $134029229 | $30430007 | $2236318 | $32514912 |
| Sales | $98953694 | $101115339 | $28032446 | $2313195 | $20799847 |

---

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In kind**<br>**Subscriptions** | **In kind**<br>**Redemptions** | **In kind Net Realized**<br>**Gain/(Loss)\*** |
| Focused Dynamic Growth ETF | $92295527 | $107990051 | $46333987 |
| Focused Large Cap Value ETF | $34547613 | $30731200 | $11575566 |
| Large Cap Equity ETF | $49294066 | $27463190 | $7183838 |
| Large Cap Growth ETF | $609981 | $3898813 | $1693935 |
| Mid Cap Growth Impact ETF | $10430160 | $18011355 | $5832491 |

---

\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

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**5. Capital Share Transactions** 

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

**6. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**7. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Mid Cap Growth Impact ETF** |
| Federal tax cost of investments | $255893402 | $278226806 | $232502371 | $12447963 | $81514917 |
| Gross tax appreciation of investments | $96019765 | $58344667 | $50848457 | $4264111 | $17310970 |
| Gross tax depreciation of investments | (8487284) | (3581532) | (6656308) | (423270) | (6399208) |
| Net tax appreciation (depreciation) of investments | $87532481 | $54763135 | $44192149 | $3840841 | $10911762 |

---

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

---

| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term capital losses** | **Long-term capital losses** |
| Focused Dynamic Growth ETF | $(10673904) | $(19579131) |
| Focused Large Cap Value ETF | $(684298) | $(6981612) |
| Large Cap Equity ETF | $(6169667) | $(6347897) |
| Large Cap Growth ETF | $(635371) | $(440054) |
| Mid Cap Growth Impact ETF | $(876268) | $(3653408) |

---

As of August 31, 2025, Focused Dynamic Growth ETF had late-year ordinary loss deferrals of $(462191), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.<br>

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Financial Highlights

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net Realized and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions<br>From Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net**<br>**Assets,**<br>**End of**<br>**Period (in thousands)** |
| **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** |
| 2026<sup>(4)</sup> | $115.44 | (0.17) | 4.13 | 3.96 |  |  | $119.40 | 3.43% | 0.45% | (0.27)% | 28% | $340875 |
| 2025 | $89.06 | (0.23) | 26.61 | 26.38 |  | 0.00<sup>(5)</sup> | $115.44 | 29.62% | 0.45% | (0.23)% | 40% | $345742 |
| 2024 | $67.40 | (0.16) | 21.82 | 21.66 |  | 0.00<sup>(5)</sup> | $89.06 | 32.14% | 0.45% | (0.21)% | 45% | $241800 |
| 2023 | $57.75 | (0.04) | 9.69 | 9.65 |  | 0.00<sup>(5)</sup> | $67.40 | 16.70% | 0.45% | (0.07)% | 41% | $179946 |
| 2022 | $86.82 | (0.13) | (28.94) | (29.07) |  | 0.00<sup>(5)</sup> | $57.75 | (33.49)% | 0.45% | (0.19)% | 42% | $140333 |
| 2021 | $68.04 | (0.13) | 18.92 | 18.79 | (0.01) | 0.00<sup>(5)</sup> | $86.82 | 27.61% | 0.45% | (0.17)% | 28% | $231385 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | | | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | | **Ratio to Average Net** <br>**Assets of**<sup>†</sup>**:** | **Ratio to Average Net** <br>**Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total <br>Distributions** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net**<br>**Assets,**<br>**End of**<br>**Period (in thousands)** |
| **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** |
| 2026<sup>(4)</sup> | $74.58 | 0.75 | 7.40 | 8.15 | (0.68) |  | (0.68) |  | $82.05 | 11.03% | 0.42% | 1.98% | 35% | $333962 |
| 2025 | $69.70 | 1.52 | 4.76 | 6.28 | (1.40) |  | (1.40) | 0.00<sup>(5)</sup> | $74.58 | 9.19% | 0.42% | 2.19% | 56% | $269976 |
| 2024 | $59.25 | 1.49 | 10.34 | 11.83 | (1.38) |  | (1.38) |  | $69.70 | 20.29% | 0.42% | 2.41% | 30% | $236967 |
| 2023 | $56.93 | 1.33 | 3.92 | 5.25 | (1.32) | (1.61) | (2.93) | 0.00<sup>(5)</sup> | $59.25 | 9.42% | 0.42% | 2.27% | 41% | $220113 |
| 2022 | $62.15 | 1.24 | (3.89) | (2.65) | (1.23) | (1.34) | (2.57) | 0.00<sup>(5)</sup> | $56.93 | (4.41)% | 0.42% | 2.06% | 22% | $213769 |
| 2021 | $48.95 | 1.14 | 13.01 | 14.15 | (0.95) |  | (0.95) | 0.00<sup>(5)</sup> | $62.15 | 29.19% | 0.42% | 2.00% | 36% | $264123 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Other**<br>**Capital** | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Equity ETF** | |
| 2026<sup>(4)</sup> | $75.16 | 0.29 | 3.14 | 3.43 | (0.21) |  | $78.38 | 4.57% | 0.39% | 0.75% | 10% | $277458 |
| 2025 | $69.28 | 0.58 | 5.93 | 6.51 | (0.63) |  | $75.16 | 9.45% | 0.39% | 0.83% | 29% | $242752 |
| 2024 | $56.11 | 0.65 | 13.15 | 13.80 | (0.63) | 0.00<sup>(5)</sup> | $69.28 | 24.77% | 0.39% | 1.04% | 18% | $263280 |
| 2023 | $48.74 | 0.67 | 7.27 | 7.94 | (0.57) |  | $56.11 | 16.44% | 0.39% | 1.31% | 17% | $146454 |
| 2022 | $57.20 | 0.50 | (8.49) | (7.99) | (0.47) |  | $48.74 | (14.03)% | 0.39% | 0.93% | 21% | $104800 |
| 2021 | $44.16 | 0.45 | 13.01 | 13.46 | (0.42) |  | $57.20 | 30.65% | 0.39% | 0.91% | 22% | $150436 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** | |
| 2026<sup>(4)</sup> | $62.62 | 0.03 | 0.04 | 0.07 | (0.03) | $62.66 | 0.10% | 0.39% | 0.11% | 12% | $16292 |
| 2025 | $54.24 | 0.11 | 8.38 | 8.49 | (0.11) | $62.62 | 15.69% | 0.39% | 0.20% | 32% | $19413 |
| 2024 | $42.38 | 0.13 | 11.89 | 12.02 | (0.16) | $54.24 | 28.41% | 0.39% | 0.27% | 31% | $17356 |
| 2023 | $34.49 | 0.19 | 7.88 | 8.07 | (0.18) | $42.38 | 23.50% | 0.39% | 0.52% | 31% | $13985 |
| 2022 | $43.17 | 0.12 | (8.72) | (8.60) | (0.08) | $34.49 | (19.93)% | 0.39% | 0.29% | 29% | $6553 |
| 2021<sup>(5)</sup> | $40.15 | 0.01 | 3.01 | 3.02 |  | $43.17 | 7.52% | 0.39% | 0.14% | 4% | $6044 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period<br>(in thousands)** |
| **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** |
| 2026<sup>(4)</sup> | $67.05 | 0.06 | (1.29) | (1.23) | (0.07) | $65.75 | (1.84)% | 0.45% | 0.18% | 23% | $92379 |
| 2025 | $59.35 | 0.12 | 7.71 | 7.83 | (0.13) | $67.05 | 13.21% | 0.45% | 0.19% | 44% | $89514 |
| 2024 | $47.02 | 0.08 | 12.29 | 12.37 | (0.04) | $59.35 | 26.29% | 0.45% | 0.15% | 68% | $70329 |
| 2023 | $44.04 | 0.02 | 2.96 | 2.98 |  | $47.02 | 6.78% | 0.45% | 0.05% | 64% | $45142 |
| 2022 | $60.59 | (0.08) | (16.47) | (16.55) |  | $44.04 | (27.33)% | 0.45% | (0.16)% | 44% | $23779 |
| 2021 | $42.74 | (0.11) | 17.96 | 17.85 |  | $60.59 | 41.78% | 0.45% | (0.20)% | 48% | $22117 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96953 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96953 2604** |

---

------

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

![ACI_Horiz_RGB_Black.jpg](ck0001710607-20260228_g1.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| American Century<sup>®</sup> Quality Diversified International ETF (QINT) |
| American Century<sup>®</sup> Small Cap Growth Insights ETF (ASCG) |
| American Century<sup>®</sup> Small Cap Value Insights ETF (ACSV) |
| American Century<sup>®</sup> U.S. Quality Growth ETF (QGRO) |
| American Century<sup>®</sup> U.S. Quality Value ETF (VALQ) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_304) |
| Statements of Assets and Liabilities | [38](#iba273e868b7e4566bd70f1811bd23032_319) |
| Statements of Operations | [41](#iba273e868b7e4566bd70f1811bd23032_322) |
| Statements of Changes in Net Assets | [44](#iba273e868b7e4566bd70f1811bd23032_325) |
| Notes to Financial Statements | [47](#iba273e868b7e4566bd70f1811bd23032_328) |
| Financial Highlights | [51](#iba273e868b7e4566bd70f1811bd23032_331) |
| Approval of Management Agreement | [56](#iba273e868b7e4566bd70f1811bd23032_340) |

---

------

Schedule of Investments - Quality Diversified International ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.5%** | **Shares**<br> | **Value**<br> |
| **Australia — 4.2%** | | |
| ALS Ltd. | 75706 | $1377167 |
| BHP Group Ltd. | 24289 | 985533 |
| Brambles Ltd. | 261809 | 4669133 |
| Cochlear Ltd.<sup>(1)</sup> | 3010 | 426230 |
| Evolution Mining Ltd. | 87104 | 1033407 |
| Fortescue Ltd. | 278285 | 4180180 |
| Harvey Norman Holdings Ltd. | 145926 | 597377 |
| HUB24 Ltd. | 8697 | 604236 |
| JB Hi-Fi Ltd. | 10313 | 602841 |
| Pro Medicus Ltd. | 7123 | 657365 |
| QBE Insurance Group Ltd. | 78706 | 1222256 |
| REA Group Ltd.<sup>(1)</sup> | 13956 | 1651099 |
| SEEK Ltd. | 33830 | 399274 |
| Sonic Healthcare Ltd.<sup>(1)</sup> | 177020 | 3004110 |
| South32 Ltd. | 355440 | 1164379 |
| Technology One Ltd. | 27520 | 509718 |
|  |  | 23084305 |
| **Austria — 1.8%** |  |  |
| ANDRITZ AG | 9207 | 799310 |
| BAWAG Group AG | 4063 | 629289 |
| Erste Group Bank AG | 16028 | 1902430 |
| OMV AG | 48734 | 3156997 |
| Raiffeisen Bank International AG | 38343 | 1904877 |
| voestalpine AG | 29418 | 1683596 |
|  |  | 10076499 |
| **Belgium — 0.9%** |  |  |
| Ageas SA | 9724 | 721780 |
| Argenx SE<sup>(2)</sup> | 2923 | 2261316 |
| KBC Group NV | 4433 | 600374 |
| UCB SA<sup>(1)</sup> | 4152 | 1247192 |
|  |  | 4830662 |
| **Canada — 9.8%** |  |  |
| Agnico Eagle Mines Ltd. | 16668 | 4193669 |
| Alamos Gold, Inc., Class A | 20696 | 1121516 |
| ARC Resources Ltd. | 47621 | 883260 |
| Aritzia, Inc.<sup>(2)</sup> | 7732 | 684631 |
| AtkinsRealis Group, Inc. | 8741 | 605888 |
| B2Gold Corp. | 143610 | 884638 |
| Barrick Mining Corp. | 42281 | 2145338 |
| BCE, Inc. | 179124 | 4707742 |
| Cameco Corp. | 8554 | 1012794 |
| Canadian Natural Resources Ltd. | 16017 | 700659 |
| Canadian Tire Corp. Ltd., Class A<sup>(1)</sup> | 22177 | 3110682 |
| Celestica, Inc.<sup>(2)</sup> | 4099 | 1138005 |
| CGI, Inc. | 7430 | 543394 |
| Constellation Software, Inc. | 221 | 408391 |
| Definity Financial Corp. | 10501 | 525647 |
| Dollarama, Inc. | 18010 | 2651492 |
| Finning International, Inc. | 11355 | 765519 |
| George Weston Ltd. | 10039 | 736853 |
| Gildan Activewear, Inc. | 10930 | 744224 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hudbay Minerals, Inc. | 32642 | $924748 |
| IGM Financial, Inc.<sup>(1)</sup> | 99268 | 4938475 |
| Imperial Oil Ltd.<sup>(1)</sup> | 25693 | 3005255 |
| Kinross Gold Corp. | 48754 | 1803411 |
| Loblaw Cos. Ltd. | 12812 | 593801 |
| Lundin Gold, Inc. | 14574 | 1373688 |
| Magna International, Inc.<sup>(1)</sup> | 52751 | 3325951 |
| New Gold, Inc.<sup>(2)</sup> | 66300 | 889746 |
| Nutrien Ltd. | 11404 | 856098 |
| Onex Corp. | 8318 | 618522 |
| Pan American Silver Corp. | 15436 | 1060453 |
| Pembina Pipeline Corp.<sup>(1)</sup> | 17093 | 751237 |
| Shopify, Inc., Class A<sup>(2)</sup> | 16632 | 2007981 |
| Stantec, Inc. | 7881 | 729717 |
| Suncor Energy, Inc. | 12659 | 715059 |
| Toronto-Dominion Bank | 6438 | 627163 |
| Triple Flag Precious Metals Corp. | 16192 | 669701 |
| Wheaton Precious Metals Corp. | 6526 | 1067980 |
| WSP Global, Inc. | 3156 | 534626 |
|  |  | 54057954 |
| **China — 0.1%** |  |  |
| BOC Aviation Ltd. | 71600 | 795166 |
| **Denmark — 2.1%** |  |  |
| ALK-Abello AS<sup>(2)</sup> | 16738 | 582965 |
| AP Moller - Maersk AS, B Shares | 1460 | 3624965 |
| Carlsberg AS, B Shares | 5347 | 831815 |
| Danske Bank AS | 15541 | 810844 |
| Genmab AS<sup>(2)</sup> | 3962 | 1166517 |
| ISS AS | 38007 | 1351621 |
| Novo Nordisk AS, Class B | 13492 | 510315 |
| Vestas Wind Systems AS | 82035 | 2097167 |
| Zealand Pharma AS<sup>(2)</sup> | 7333 | 424470 |
|  |  | 11400679 |
| **Finland — 1.7%** |  |  |
| Konecranes OYJ | 12411 | 1465185 |
| Metso OYJ<sup>(1)</sup> | 33073 | 687579 |
| Neste OYJ | 62621 | 1564827 |
| Nordea Bank Abp | 37293 | 721639 |
| Orion OYJ, Class B | 7592 | 608174 |
| Sampo OYJ, A Shares | 46260 | 512704 |
| UPM-Kymmene OYJ | 24375 | 776227 |
| Valmet OYJ<sup>(1)</sup> | 42516 | 1423615 |
| Wartsila OYJ Abp | 38719 | 1681357 |
|  |  | 9441307 |
| **France — 7.9%** |  |  |
| Accor SA | 10050 | 583354 |
| Airbus SE | 2499 | 542665 |
| ArcelorMittal SA | 31132 | 2039423 |
| AXA SA | 14726 | 720132 |
| BNP Paribas SA | 72082 | 8093486 |
| Bouygues SA | 65166 | 4032874 |
| Capgemini SE | 4794 | 605850 |
| Cie de Saint-Gobain SA | 6655 | 674429 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Eiffage SA | 18926 | $3263646 |
| Elis SA | 26579 | 852735 |
| Engie SA | 26166 | 893911 |
| EssilorLuxottica SA | 12987 | 3437488 |
| FDJ UNITED | 23618 | 716443 |
| Hermes International SCA | 227 | 545586 |
| LVMH Moet Hennessy Louis Vuitton SE | 6542 | 4180471 |
| Nexans SA | 5167 | 742250 |
| Orange SA | 48137 | 1036994 |
| Publicis Groupe SA | 6867 | 611473 |
| Safran SA | 2307 | 929118 |
| Sanofi SA | 64478 | 6306032 |
| Technip Energies NV | 13886 | 601665 |
| TotalEnergies SE | 10078 | 807264 |
| Vinci SA | 6015 | 998406 |
|  |  | 43215695 |
| **Germany — 8.0%** |  |  |
| adidas AG | 2925 | 542690 |
| Bayer AG | 83810 | 4146988 |
| Bechtle AG | 12895 | 518122 |
| Brenntag SE | 12037 | 740339 |
| Commerzbank AG | 36633 | 1486187 |
| Continental AG | 8863 | 763760 |
| Deutsche Bank AG | 15317 | 543036 |
| Deutsche Post AG | 12793 | 753317 |
| Deutsche Telekom AG | 20641 | 828945 |
| Evonik Industries AG | 165731 | 2881594 |
| Fresenius Medical Care AG | 57833 | 2693861 |
| Heidelberg Materials AG | 9999 | 2227701 |
| Henkel AG & Co. KGaA | 74327 | 6731642 |
| HOCHTIEF AG | 3700 | 1784737 |
| KION Group AG | 16135 | 1095062 |
| Mercedes-Benz Group AG | 87231 | 6035393 |
| Merck KGaA | 4928 | 746670 |
| Nemetschek SE | 4868 | 387822 |
| Nordex SE<sup>(2)</sup> | 18155 | 916228 |
| Qiagen NV | 10794 | 537541 |
| RENK Group AG | 9284 | 625590 |
| Scout24 SE | 22165 | 1883897 |
| Siemens Energy AG | 16173 | 3132348 |
| United Internet AG | 22163 | 730812 |
| Zalando SE<sup>(2)</sup> | 44902 | 1091555 |
|  |  | 43825837 |
| **Hong Kong — 0.2%** |  |  |
| PRADA SpA | 156300 | 886050 |
| **Ireland — 0.9%** |  |  |
| AIB Group PLC | 117742 | 1222138 |
| Ryanair Holdings PLC, ADR | 53569 | 3615372 |
|  |  | 4837510 |
| **Israel — 1.0%** |  |  |
| CyberArk Software Ltd.<sup>(2)</sup> | 2439 | 109755 |
| Elbit Systems Ltd. | 1169 | 902868 |
| Global-e Online Ltd.<sup>(2)</sup> | 14733 | 515213 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Harel Insurance Investments & Financial Services Ltd. | 16582 | $872491 |
| ICL Group Ltd. | 189138 | 896422 |
| Mizrahi Tefahot Bank Ltd. | 8181 | 612941 |
| Monday.com Ltd.<sup>(2)</sup> | 4153 | 301674 |
| Nova Ltd.<sup>(2)</sup> | 2011 | 882547 |
| Wix.com Ltd.<sup>(2)</sup> | 6924 | 487865 |
|  |  | 5581776 |
| **Italy — 3.9%** |  |  |
| A2A SpA | 266327 | 776930 |
| Azimut Holding SpA | 16073 | 662384 |
| Banca Mediolanum SpA | 31079 | 666599 |
| Banca Monte dei Paschi di Siena SpA<sup>(1)</sup> | 148551 | 1449708 |
| Banco BPM SpA | 210813 | 3105306 |
| BPER Banca SpA | 96626 | 1360874 |
| Enel SpA | 73851 | 888054 |
| Eni SpA | 35516 | 829467 |
| Ferrari NV | 4273 | 1614435 |
| Fincantieri SpA<sup>(1)(2)</sup> | 27556 | 466700 |
| Hera SpA | 147359 | 769417 |
| Intesa Sanpaolo SpA | 102597 | 703974 |
| Lottomatica Group SpA | 21591 | 522589 |
| Saipem SpA<sup>(1)</sup> | 418995 | 1761697 |
| Tenaris SA | 32972 | 901253 |
| UniCredit SpA | 48290 | 4111766 |
| Unipol Assicurazioni SpA | 42509 | 1057560 |
|  |  | 21648713 |
| **Japan — 20.5%** |  |  |
| Advantest Corp. | 14200 | 2459005 |
| AGC, Inc. | 36000 | 1596637 |
| Aisin Corp. | 68200 | 1210586 |
| Ajinomoto Co., Inc.<sup>(1)</sup> | 23900 | 760166 |
| Asahi Kasei Corp. | 155800 | 1836170 |
| Asics Corp. | 28700 | 879532 |
| Astellas Pharma, Inc. | 101100 | 1682456 |
| Bandai Namco Holdings, Inc. | 22600 | 612730 |
| BayCurrent, Inc.<sup>(1)</sup> | 13900 | 403622 |
| Bridgestone Corp. | 199600 | 4818358 |
| Canon, Inc.<sup>(1)</sup> | 22400 | 676969 |
| Capcom Co. Ltd.<sup>(1)</sup> | 25900 | 588200 |
| Chugai Pharmaceutical Co. Ltd. | 37000 | 2494922 |
| Dai Nippon Printing Co. Ltd. | 39100 | 812584 |
| Daifuku Co. Ltd.<sup>(1)</sup> | 19700 | 813167 |
| Daikin Industries Ltd. | 5100 | 647980 |
| Daito Trust Construction Co. Ltd.<sup>(1)</sup> | 210800 | 4854252 |
| Daiwa Securities Group, Inc. | 86400 | 908003 |
| Denso Corp. | 369000 | 5294381 |
| Dentsu Group, Inc.<sup>(1)</sup> | 31800 | 600093 |
| Disco Corp. | 4000 | 1923222 |
| Ebara Corp.<sup>(1)</sup> | 24800 | 871060 |
| Fast Retailing Co. Ltd. | 1700 | 745386 |
| Food & Life Cos. Ltd. | 13200 | 851863 |
| Fujikura Ltd. | 11800 | 2014880 |
| Hitachi Construction Machinery Co. Ltd.<sup>(1)</sup> | 47200 | 2120648 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hitachi Ltd. | 19400 | $635103 |
| Hoya Corp. | 4300 | 776699 |
| Idemitsu Kosan Co. Ltd. | 369300 | 3531014 |
| Isetan Mitsukoshi Holdings Ltd.<sup>(1)</sup> | 42400 | 832318 |
| Japan Airlines Co. Ltd. | 35100 | 725227 |
| Japan Post Insurance Co. Ltd. | 23800 | 776853 |
| Kansai Electric Power Co., Inc. | 37900 | 684541 |
| Kirin Holdings Co. Ltd. | 43400 | 753325 |
| Konami Group Corp.<sup>(1)</sup> | 8300 | 1107571 |
| Kyocera Corp. | 48300 | 853057 |
| Lasertec Corp.<sup>(1)</sup> | 3100 | 668369 |
| M3, Inc.<sup>(1)</sup> | 35900 | 393044 |
| Makita Corp.<sup>(1)</sup> | 22800 | 882211 |
| Marubeni Corp. | 25100 | 960521 |
| MEIJI Holdings Co. Ltd.<sup>(1)</sup> | 30700 | 792007 |
| Minebea Mitsumi, Inc. | 35900 | 769684 |
| Mitsubishi Chemical Group Corp. | 151500 | 1124241 |
| Mitsubishi Corp. | 29100 | 981995 |
| Mitsubishi Electric Corp. | 20500 | 780292 |
| Mitsubishi Heavy Industries Ltd. | 68200 | 2174072 |
| MS&AD Insurance Group Holdings, Inc. | 29800 | 830419 |
| Murata Manufacturing Co. Ltd. | 40000 | 1045997 |
| NEC Corp. | 43900 | 1217052 |
| Nexon Co. Ltd. | 22800 | 484314 |
| NIDEC Corp. | 52000 | 817766 |
| NIPPON EXPRESS HOLDINGS, Inc. | 57300 | 1412420 |
| Niterra Co. Ltd. | 36100 | 1820416 |
| Nitto Denko Corp. | 27500 | 637737 |
| Ono Pharmaceutical Co. Ltd. | 55900 | 961014 |
| ORIX Corp. | 27800 | 975755 |
| Otsuka Corp. | 33300 | 671593 |
| Pan Pacific International Holdings Corp. | 91400 | 610819 |
| Recruit Holdings Co. Ltd. | 54700 | 2380285 |
| Ryohin Keikaku Co. Ltd.<sup>(1)</sup> | 31600 | 721127 |
| Sanrio Co. Ltd.<sup>(1)</sup> | 15500 | 568285 |
| SBI Holdings, Inc.<sup>(1)</sup> | 100300 | 2145285 |
| SCREEN Holdings Co. Ltd.<sup>(1)</sup> | 16900 | 2463636 |
| Shimamura Co. Ltd.<sup>(1)</sup> | 27600 | 634773 |
| Shimano, Inc.<sup>(1)</sup> | 6300 | 672561 |
| Shimizu Corp. | 44700 | 999095 |
| Shionogi & Co. Ltd. | 38500 | 909073 |
| Sompo Holdings, Inc. | 20900 | 829199 |
| Sony Group Corp. | 83100 | 1910324 |
| Subaru Corp.<sup>(1)</sup> | 31900 | 598351 |
| Sumitomo Chemical Co. Ltd. | 395100 | 1443302 |
| Sumitomo Corp. | 180100 | 7647613 |
| Sumitomo Electric Industries Ltd. | 27900 | 1843609 |
| Suntory Beverage & Food Ltd. | 124700 | 3921533 |
| Suzuki Motor Corp. | 51300 | 775829 |
| Sysmex Corp. | 68900 | 650476 |
| TDK Corp. | 40400 | 624115 |
| Terumo Corp. | 35500 | 480332 |
| TIS, Inc. | 19500 | 403018 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tokio Marine Holdings, Inc. | 18800 | $780795 |
| Tokyo Century Corp. | 54800 | 799921 |
| Tokyo Electron Ltd. | 3800 | 1069223 |
| Tokyo Gas Co. Ltd. | 16300 | 800155 |
| Toyota Tsusho Corp. | 23300 | 1041524 |
| Trend Micro, Inc. | 24400 | 811917 |
| Yokogawa Electric Corp. | 20700 | 825661 |
|  |  | 112915335 |
| **Netherlands — 5.8%** |  |  |
| Adyen NV<sup>(2)</sup> | 955 | 1121483 |
| Aegon Ltd. | 149852 | 1140425 |
| ASM International NV | 1432 | 1207731 |
| ASML Holding NV | 3629 | 5278047 |
| BE Semiconductor Industries NV | 4163 | 932877 |
| CVC Capital Partners PLC<sup>(1)</sup> | 75148 | 1072243 |
| Heineken Holding NV | 30059 | 2603901 |
| ING Groep NV | 162448 | 4687101 |
| Koninklijke Ahold Delhaize NV | 117198 | 5791196 |
| NN Group NV | 61647 | 5056135 |
| Prosus NV | 51461 | 2645117 |
| Randstad NV<sup>(1)</sup> | 17088 | 563425 |
|  |  | 32099681 |
| **New Zealand — 0.8%** |  |  |
| Fisher & Paykel Healthcare Corp. Ltd. | 167663 | 4098890 |
| **Norway — 2.5%** |  |  |
| Equinor ASA | 189808 | 5687437 |
| Gjensidige Forsikring ASA | 19576 | 553103 |
| Kongsberg Gruppen ASA | 35437 | 1437018 |
| Mowi ASA | 23960 | 566017 |
| Norsk Hydro ASA | 262152 | 2432358 |
| Subsea 7 SA | 64978 | 1884880 |
| Yara International ASA | 18193 | 920970 |
|  |  | 13481783 |
| **Portugal — 0.3%** |  |  |
| Banco Comercial Portugues SA, R Shares | 937249 | 984433 |
| Jeronimo Martins SGPS SA | 28028 | 736605 |
|  |  | 1721038 |
| **Singapore — 2.1%** |  |  |
| Genting Singapore Ltd. | 5409400 | 3051493 |
| Singapore Airlines Ltd. | 131100 | 743501 |
| Singapore Exchange Ltd. | 172900 | 2482951 |
| Singapore Technologies Engineering Ltd. | 351400 | 2765136 |
| Singapore Telecommunications Ltd. | 151600 | 603150 |
| United Overseas Bank Ltd. | 25200 | 735272 |
| UOL Group Ltd. | 152900 | 1362591 |
|  |  | 11744094 |
| **Spain — 3.3%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 35964 | 4640609 |
| Banco Bilbao Vizcaya Argentaria SA | 250782 | 5808512 |
| Banco de Sabadell SA | 196148 | 738503 |
| Banco Santander SA | 54845 | 691709 |
| Bankinter SA | 34571 | 573648 |
| CaixaBank SA | 81942 | 1009957 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Industria de Diseno Textil SA | 11747 | $784434 |
| International Consolidated Airlines Group SA | 230507 | 1312924 |
| Mapfre SA | 322316 | 1498153 |
| Unicaja Banco SA | 270352 | 855531 |
|  |  | 17913980 |
| **Sweden — 2.7%** |  |  |
| AddTech AB, B Shares | 16925 | 625615 |
| Avanza Bank Holding AB | 15052 | 548518 |
| Evolution AB<sup>(1)</sup> | 9719 | 585379 |
| Getinge AB, B Shares | 29196 | 653511 |
| H & M Hennes & Mauritz AB, B Shares<sup>(1)</sup> | 43212 | 921269 |
| Industrivarden AB, C Shares<sup>(1)</sup> | 15810 | 892692 |
| Lifco AB, B Shares<sup>(1)</sup> | 14771 | 524088 |
| Saab AB, Class B | 22797 | 1664568 |
| Sandvik AB | 24804 | 1093142 |
| Securitas AB, B Shares | 104398 | 1857828 |
| Skanska AB, B Shares | 25907 | 794227 |
| SKF AB, B Shares | 28831 | 824126 |
| SSAB AB, B Shares<sup>(1)</sup> | 94776 | 836842 |
| Tele2 AB, B Shares | 34179 | 721319 |
| Telefonaktiebolaget LM Ericsson, B Shares | 134752 | 1557731 |
| Volvo AB, B Shares<sup>(1)</sup> | 22184 | 863144 |
|  |  | 14963999 |
| **Switzerland — 5.2%** |  |  |
| ABB Ltd. | 7568 | 704855 |
| Accelleron Industries AG | 7606 | 717463 |
| Belimo Holding AG | 566 | 564121 |
| Cie Financiere Richemont SA, Class A | 14608 | 2977952 |
| Galderma Group AG | 12951 | 2443983 |
| Julius Baer Group Ltd. | 9302 | 790948 |
| Logitech International SA | 7090 | 650460 |
| Novartis AG | 28672 | 4820960 |
| On Holding AG, Class A<sup>(2)</sup> | 14898 | 692459 |
| Partners Group Holding AG<sup>(1)</sup> | 467 | 518954 |
| Roche Holding AG | 14112 | 6715921 |
| Sandoz Group AG | 37358 | 3290949 |
| Straumann Holding AG<sup>(1)</sup> | 4764 | 570373 |
| Sulzer AG | 3805 | 840416 |
| Swatch Group AG, Bearer Shares<sup>(1)</sup> | 3295 | 842998 |
| Swiss Re AG | 3773 | 664196 |
| VAT Group AG | 1256 | 885838 |
|  |  | 28692846 |
| **United Kingdom — 12.7%** |  |  |
| Admiral Group PLC | 45842 | 1831364 |
| Associated British Foods PLC | 23507 | 626046 |
| AstraZeneca PLC | 23951 | 5040075 |
| Babcock International Group PLC | 36272 | 662599 |
| Barclays PLC | 613293 | 3722514 |
| Beazley PLC | 62986 | 1073205 |
| British American Tobacco PLC | 11348 | 708630 |
| BT Group PLC | 277657 | 809259 |
| Bunzl PLC | 23202 | 684594 |
| Centrica PLC | 316960 | 850006 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Coca-Cola HBC AG<sup>(2)</sup> | 27145 | $1762018 |
| DCC PLC | 22030 | 1536197 |
| Diploma PLC | 7994 | 610624 |
| easyJet PLC | 100593 | 628863 |
| Endeavour Mining PLC | 28121 | 2023442 |
| Evraz PLC<sup>(2)(3)</sup> | 199959 | 27 |
| Games Workshop Group PLC | 2370 | 570068 |
| GSK PLC | 32318 | 960274 |
| Haleon PLC | 110828 | 608328 |
| Halma PLC | 11791 | 663475 |
| Howden Joinery Group PLC | 59725 | 778252 |
| HSBC Holdings PLC | 540000 | 10063699 |
| IG Group Holdings PLC | 44254 | 776234 |
| Imperial Brands PLC | 16110 | 721549 |
| InterContinental Hotels Group PLC | 17886 | 2457899 |
| Kingfisher PLC | 345082 | 1735772 |
| Lloyds Banking Group PLC | 1297184 | 1771975 |
| M&G PLC | 184447 | 787578 |
| NatWest Group PLC | 405962 | 3370466 |
| Next PLC | 3588 | 653875 |
| Pearson PLC | 50349 | 647957 |
| Prudential PLC | 43495 | 666191 |
| Rio Tinto PLC | 84994 | 8420333 |
| Rolls-Royce Holdings PLC | 86976 | 1564010 |
| Smith & Nephew PLC | 40037 | 739084 |
| Smiths Group PLC | 69441 | 2567260 |
| Standard Chartered PLC | 24556 | 605733 |
| Tesco PLC | 111577 | 722297 |
| Vodafone Group PLC | 3644032 | 5611189 |
|  |  | 70032961 |
| **United States — 1.1%** |  |  |
| Autoliv, Inc. | 13461 | 1595398 |
| Flex Ltd.<sup>(2)</sup> | 26005 | 1638835 |
| Janus Henderson Group PLC | 14147 | 737059 |
| JFrog Ltd.<sup>(2)</sup> | 9800 | 393470 |
| Super Group SGHC Ltd. | 50122 | 536305 |
| TechnipFMC PLC | 19358 | 1283629 |
|  |  | 6184696 |
| **TOTAL COMMON STOCKS**<br>(Cost $426,144,009) |  | **547531456** |
| **WARRANTS — 0.0%** |  |  |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(2)</sup><br>(Cost $—) | 966 | **7** |
| **SHORT-TERM INVESTMENTS — 4.6%** |  |  |
| **Money Market Funds — 4.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1587714 | 1587714 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 23611958 | 23611958 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $25,199,672) |  | **25199672** |
| **TOTAL INVESTMENT SECURITIES — 104.1%**<br>(Cost $451,343,681) |  | **572731135** |
| **OTHER ASSETS AND LIABILITIES — (4.1)%** |  | **(22490928)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**550240207** |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 20.5% |
| Financials | 19.8% |
| Consumer Discretionary | 13.8% |
| Health Care | 12.2% |
| Materials | 9.9% |
| Information Technology | 6.5% |
| Consumer Staples | 5.3% |
| Energy | 5.3% |
| Communication Services | 4.1% |
| Real Estate | 1.1% |
| Utilities | 1.0% |
| Short-Term Investments | 4.6% |
| Other Assets and Liabilities | (4.1)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $32,295,140. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Security may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $34,015,510, which includes securities collateral of $10,403,552.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;Canada | $23846253 | $30211701 |  |
| &nbsp;&nbsp;Germany | 537541 | 43288296 |  |
| &nbsp;&nbsp;Ireland | 3615372 | 1222138 |  |
| &nbsp;&nbsp;Israel | 2297054 | 3284722 |  |
| &nbsp;&nbsp;Switzerland | 692459 | 28000387 |  |
| &nbsp;&nbsp;United States | 6184696 |  |  |
| &nbsp;&nbsp;Other Countries |  | 404350837 |  |
| Warrants |  | 7 |  |
| Short-Term Investments | 25199672 |  |  |
|  | $62373047 | $510358088 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Growth Insights ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 5.2%** | | |
| AAR Corp.<sup>(1)</sup> | 619 | $72528 |
| Astronics Corp.<sup>(1)</sup> | 783 | 63126 |
| ATI, Inc.<sup>(1)</sup> | 562 | 91938 |
| Carpenter Technology Corp. | 189 | 75235 |
| Hexcel Corp. | 954 | 88426 |
| Karman Holdings, Inc.<sup>(1)</sup> | 564 | 49694 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 296 | 25509 |
|  |  | 466456 |
| **Automobile Components — 0.7%** |  |  |
| Garrett Motion, Inc. | 1751 | 35650 |
| Patrick Industries, Inc. | 221 | 27358 |
|  |  | 63008 |
| **Banks — 1.2%** |  |  |
| Bancorp, Inc.<sup>(1)</sup> | 793 | 41624 |
| Coastal Financial Corp.<sup>(1)</sup> | 367 | 27228 |
| Financial Institutions, Inc. | 258 | 8096 |
| TFS Financial Corp. | 586 | 8216 |
| Triumph Financial, Inc.<sup>(1)</sup> | 448 | 25025 |
|  |  | 110189 |
| **Beverages — 0.7%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 671 | 35972 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 463 | 26882 |
|  |  | 62854 |
| **Biotechnology — 13.2%** |  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 1826 | 44847 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 3398 | 52907 |
| Alkermes PLC<sup>(1)</sup> | 1014 | 30521 |
| Arcellx, Inc.<sup>(1)</sup> | 392 | 44606 |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> | 1388 | 37434 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 922 | 58335 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 931 | 13192 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | 1413 | 12364 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 904 | 60098 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 2298 | 53038 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 875 | 26329 |
| Centessa Pharmaceuticals PLC, ADR<sup>(1)</sup> | 1150 | 30889 |
| Cogent Biosciences, Inc.<sup>(1)</sup> | 861 | 33450 |
| Cytokinetics, Inc.<sup>(1)</sup> | 447 | 27812 |
| Evommune, Inc.<sup>(1)</sup> | 649 | 16874 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 275 | 19121 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 397 | 32217 |
| Ironwood Pharmaceuticals, Inc.<sup>(1)</sup> | 2046 | 6997 |
| Kura Oncology, Inc.<sup>(1)</sup> | 1094 | 9551 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 129 | 55728 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 928 | 27153 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 531 | 9425 |
| Newamsterdam Pharma Co. NV<sup>(1)</sup> | 702 | 24893 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 349 | 35580 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 106 | 35695 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 487 | 44843 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 459 | $31299 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 398 | 40604 |
| Scholar Rock Holding Corp.<sup>(1)</sup> | 692 | 30635 |
| Stoke Therapeutics, Inc.<sup>(1)</sup> | 520 | 18933 |
| TG Therapeutics, Inc.<sup>(1)</sup> | 867 | 26088 |
| Twist Bioscience Corp.<sup>(1)</sup> | 514 | 24117 |
| UroGen Pharma Ltd.<sup>(1)</sup> | 1243 | 26973 |
| Vaxcyte, Inc.<sup>(1)</sup> | 409 | 25252 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | 708 | 28879 |
| Veracyte, Inc.<sup>(1)</sup> | 988 | 36151 |
| Viking Therapeutics, Inc.<sup>(1)</sup> | 513 | 17360 |
| Xenon Pharmaceuticals, Inc.<sup>(1)</sup> | 682 | 29483 |
|  |  | 1179673 |
| **Broadline Retail — 0.4%** |  |  |
| Etsy, Inc.<sup>(1)</sup> | 157 | 8616 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 236 | 25276 |
|  |  | 33892 |
| **Building Products — 3.2%** |  |  |
| CSW Industrials, Inc. | 81 | 23841 |
| Fortune Brands Innovations, Inc. | 682 | 37060 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 4767 | 76272 |
| Modine Manufacturing Co.<sup>(1)</sup> | 345 | 78401 |
| Trex Co., Inc.<sup>(1)</sup> | 1145 | 47426 |
| Zurn Elkay Water Solutions Corp. | 497 | 25337 |
|  |  | 288337 |
| **Capital Markets — 2.6%** |  |  |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 735 | 22542 |
| Hamilton Lane, Inc., Class A | 361 | 37883 |
| Miami International Holdings, Inc.<sup>(1)</sup> | 888 | 37829 |
| Piper Sandler Cos. | 121 | 35762 |
| Ridgepost Capital, Inc., Class A | 2711 | 21878 |
| Victory Capital Holdings, Inc., Class A | 1065 | 73677 |
|  |  | 229571 |
| **Chemicals — 1.5%** |  |  |
| Element Solutions, Inc. | 1882 | 66039 |
| Scotts Miracle-Gro Co. | 599 | 42002 |
| Sensient Technologies Corp. | 221 | 22438 |
|  |  | 130479 |
| **Commercial Services and Supplies — 1.2%** |  |  |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 483 | 44996 |
| OPENLANE, Inc.<sup>(1)</sup> | 2132 | 60784 |
|  |  | 105780 |
| **Communications Equipment — 0.3%** |  |  |
| Vistance Networks, Inc.<sup>(1)</sup> | 1576 | 27690 |
| **Construction and Engineering — 3.9%** |  |  |
| Argan, Inc. | 144 | 64980 |
| Construction Partners, Inc., Class A<sup>(1)</sup> | 691 | 92850 |
| IES Holdings, Inc.<sup>(1)</sup> | 73 | 36160 |
| Primoris Services Corp. | 357 | 53807 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 238 | 101895 |
|  |  | 349692 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Construction Materials — 0.5%** | | |
| Titan America SA<sup>(1)</sup> | 2199 | $39846 |
| U.S. Lime & Minerals, Inc. | 85 | 9703 |
|  |  | 49549 |
| **Consumer Finance — 1.6%** |  |  |
| Dave, Inc.<sup>(1)</sup> | 260 | 50250 |
| Enova International, Inc.<sup>(1)</sup> | 232 | 32260 |
| FirstCash Holdings, Inc. | 194 | 37401 |
| Upstart Holdings, Inc.<sup>(1)</sup> | 799 | 21757 |
|  |  | 141668 |
| **Consumer Staples Distribution & Retail — 0.5%** |  |  |
| PriceSmart, Inc. | 280 | 43294 |
| **Diversified Consumer Services — 1.3%** |  |  |
| Covista, Inc.<sup>(1)</sup> | 311 | 30478 |
| Frontdoor, Inc.<sup>(1)</sup> | 892 | 61164 |
| OneSpaWorld Holdings Ltd. | 1273 | 27408 |
|  |  | 119050 |
| **Diversified REITs — 0.1%** |  |  |
| CTO Realty Growth, Inc. | 469 | 9136 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| Globalstar, Inc.<sup>(1)</sup> | 582 | 36241 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 3575 | 25418 |
|  |  | 61659 |
| **Electric Utilities — 0.2%** |  |  |
| Oklo, Inc.<sup>(1)</sup> | 279 | 17563 |
| **Electrical Equipment — 4.8%** |  |  |
| Bloom Energy Corp., Class A<sup>(1)</sup> | 1273 | 198168 |
| Eos Energy Enterprises, Inc.<sup>(1)</sup> | 3601 | 20508 |
| Forgent Power Solutions, Inc.<sup>(1)</sup> | 809 | 27821 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 388 | 40779 |
| Powell Industries, Inc. | 164 | 85870 |
| Regal Rexnord Corp. | 272 | 60107 |
|  |  | 433253 |
| **Electronic Equipment, Instruments and Components — 5.2%** |  |  |
| Climb Global Solutions, Inc. | 76 | 7196 |
| Cognex Corp. | 777 | 42269 |
| Crane NXT Co. | 505 | 24386 |
| Fabrinet<sup>(1)</sup> | 205 | 111854 |
| Itron, Inc.<sup>(1)</sup> | 277 | 26024 |
| Littelfuse, Inc. | 163 | 57451 |
| Mirion Technologies, Inc.<sup>(1)</sup> | 1759 | 38012 |
| Novanta, Inc.<sup>(1)</sup> | 465 | 62510 |
| Plexus Corp.<sup>(1)</sup> | 483 | 93765 |
|  |  | 463467 |
| **Energy Equipment and Services — 1.5%** |  |  |
| Expro Group Holdings NV<sup>(1)</sup> | 1744 | 31148 |
| Solaris Energy Infrastructure, Inc., Class A | 493 | 24468 |
| Tidewater, Inc.<sup>(1)</sup> | 313 | 24858 |
| Transocean Ltd.<sup>(1)</sup> | 8162 | 52890 |
|  |  | 133364 |
| **Financial Services — 1.4%** |  |  |
| Chime Financial, Inc., Class A<sup>(1)</sup> | 1430 | 31646 |
| Dlocal Ltd. | 1836 | 22473 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Marqeta, Inc., Class A<sup>(1)</sup> | 2303 | $8843 |
| Paymentus Holdings, Inc., Class A<sup>(1)</sup> | 748 | 18304 |
| Remitly Global, Inc.<sup>(1)</sup> | 1326 | 22144 |
| Sezzle, Inc.<sup>(1)</sup> | 294 | 21447 |
|  |  | 124857 |
| **Food Products — 0.3%** |  |  |
| Tootsie Roll Industries, Inc. | 213 | 8995 |
| Vital Farms, Inc.<sup>(1)</sup> | 1009 | 21280 |
|  |  | 30275 |
| **Health Care Equipment and Supplies — 2.8%** |  |  |
| Alphatec Holdings, Inc.<sup>(1)</sup> | 5169 | 70402 |
| Envista Holdings Corp.<sup>(1)</sup> | 2048 | 59822 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 317 | 23747 |
| SI-BONE, Inc.<sup>(1)</sup> | 2218 | 34423 |
| Tandem Diabetes Care, Inc.<sup>(1)</sup> | 486 | 12296 |
| TransMedics Group, Inc.<sup>(1)</sup> | 194 | 28180 |
| UFP Technologies, Inc.<sup>(1)</sup> | 115 | 24217 |
|  |  | 253087 |
| **Health Care Providers and Services — 6.2%** |  |  |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 784 | 15069 |
| BrightSpring Health Services, Inc.<sup>(1)</sup> | 731 | 30285 |
| Concentra Group Holdings Parent, Inc. | 449 | 10758 |
| Encompass Health Corp. | 516 | 55666 |
| Ensign Group, Inc. | 323 | 69177 |
| GeneDx Holdings Corp.<sup>(1)</sup> | 140 | 11159 |
| Guardant Health, Inc.<sup>(1)</sup> | 391 | 36715 |
| HealthEquity, Inc.<sup>(1)</sup> | 629 | 48112 |
| Hims & Hers Health, Inc.<sup>(1)</sup> | 794 | 11529 |
| Hinge Health, Inc., Class A<sup>(1)</sup> | 698 | 29847 |
| Nutex Health, Inc.<sup>(1)</sup> | 88 | 9720 |
| Omada Health, Inc.<sup>(1)</sup> | 2330 | 28612 |
| Option Care Health, Inc.<sup>(1)</sup> | 1284 | 41679 |
| PACS Group, Inc.<sup>(1)</sup> | 633 | 23111 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 1534 | 30450 |
| Privia Health Group, Inc.<sup>(1)</sup> | 782 | 18573 |
| Progyny, Inc.<sup>(1)</sup> | 760 | 13444 |
| RadNet, Inc.<sup>(1)</sup> | 578 | 40350 |
| U.S. Physical Therapy, Inc. | 346 | 28704 |
|  |  | 552960 |
| **Health Care REITs — 0.4%** |  |  |
| American Healthcare REIT, Inc. | 776 | 40538 |
| **Health Care Technology — 0.5%** |  |  |
| Phreesia, Inc.<sup>(1)</sup> | 1467 | 18088 |
| Waystar Holding Corp.<sup>(1)</sup> | 935 | 23983 |
|  |  | 42071 |
| **Hotels, Restaurants and Leisure — 2.3%** |  |  |
| Brinker International, Inc.<sup>(1)</sup> | 310 | 45942 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1865 | 50355 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 494 | 40582 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 1659 | 32765 |
| Sportradar Group AG, Class A<sup>(1)</sup> | 510 | 9313 |
| Wingstop, Inc. | 91 | 23615 |
|  |  | 202572 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables — 0.1%** | | |
| Champion Homes, Inc.<sup>(1)</sup> | 92 | $8600 |
| **Independent Power and Renewable Electricity Producers — 1.2%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 146 | 54162 |
| TransAlta Corp. | 4072 | 55973 |
|  |  | 110135 |
| **Insurance — 2.5%** |  |  |
| AMERISAFE, Inc. | 276 | 8978 |
| Baldwin Insurance Group, Inc.<sup>(1)</sup> | 1701 | 39514 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 1295 | 32802 |
| HCI Group, Inc. | 199 | 35108 |
| Kinsale Capital Group, Inc. | 90 | 35070 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 2707 | 36924 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 270 | 33402 |
|  |  | 221798 |
| **Interactive Media and Services — 0.2%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 476 | 14613 |
| **IT Services — 0.7%** |  |  |
| DigitalOcean Holdings, Inc.<sup>(1)</sup> | 958 | 53706 |
| Grid Dynamics Holdings, Inc.<sup>(1)</sup> | 1380 | 9315 |
|  |  | 63021 |
| **Leisure Products — 0.7%** |  |  |
| Brunswick Corp. | 367 | 29221 |
| Callaway Golf Co.<sup>(1)</sup> | 2137 | 30046 |
|  |  | 59267 |
| **Machinery — 2.9%** |  |  |
| CECO Environmental Corp.<sup>(1)</sup> | 1191 | 71996 |
| Federal Signal Corp. | 187 | 21773 |
| Flowserve Corp. | 585 | 51784 |
| Mueller Water Products, Inc., Class A | 799 | 23914 |
| RBC Bearings, Inc.<sup>(1)</sup> | 163 | 93875 |
|  |  | 263342 |
| **Media — 1.3%** |  |  |
| Cable One, Inc.<sup>(1)</sup> | 87 | 8347 |
| Magnite, Inc.<sup>(1)</sup> | 3337 | 45450 |
| New York Times Co., Class A | 582 | 46438 |
| Sirius XM Holdings, Inc. | 723 | 15877 |
|  |  | 116112 |
| **Metals and Mining — 1.6%** |  |  |
| Coeur Mining, Inc.<sup>(1)</sup> | 1486 | 40345 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 360 | 9072 |
| Hecla Mining Co. | 825 | 20551 |
| Idaho Strategic Resources, Inc.<sup>(1)</sup> | 396 | 17056 |
| SSR Mining, Inc.<sup>(1)</sup> | 1892 | 60903 |
|  |  | 147927 |
| **Oil, Gas and Consumable Fuels — 0.8%** |  |  |
| Centrus Energy Corp., Class A<sup>(1)</sup> | 115 | 23298 |
| PBF Energy, Inc., Class A | 1468 | 52261 |
|  |  | 75559 |
| **Passenger Airlines — 0.4%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 692 | 35707 |
| **Pharmaceuticals — 1.8%** |  |  |
| Amneal Pharmaceuticals, Inc.<sup>(1)</sup> | 1581 | 21834 |
| CorMedix, Inc.<sup>(1)</sup> | 1246 | 8884 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 847 | $34812 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 1110 | 33788 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 1609 | 52647 |
| Xeris Biopharma Holdings, Inc.<sup>(1)</sup> | 1378 | 8433 |
|  |  | 160398 |
| **Professional Services — 1.9%** |  |  |
| First Advantage Corp.<sup>(1)</sup> | 2164 | 24908 |
| Innodata, Inc.<sup>(1)</sup> | 495 | 21864 |
| Korn Ferry | 616 | 38605 |
| Paylocity Holding Corp.<sup>(1)</sup> | 138 | 14696 |
| Planet Labs PBC<sup>(1)</sup> | 1640 | 39589 |
| Verra Mobility Corp.<sup>(1)</sup> | 1722 | 28774 |
|  |  | 168436 |
| **Real Estate Management and Development — 1.5%** |  |  |
| Colliers International Group, Inc. | 341 | 40487 |
| Compass, Inc., Class A<sup>(1)</sup> | 4456 | 43446 |
| FirstService Corp. (Toronto) | 259 | 40812 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 2076 | 11252 |
|  |  | 135997 |
| **Retail REITs — 0.1%** |  |  |
| NETSTREIT Corp. | 438 | 9097 |
| **Semiconductors and Semiconductor Equipment — 6.9%** |  |  |
| Ambarella, Inc.<sup>(1)</sup> | 351 | 21179 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 850 | 95430 |
| Enphase Energy, Inc.<sup>(1)</sup> | 1160 | 49033 |
| Impinj, Inc.<sup>(1)</sup> | 314 | 38515 |
| Kulicke & Soffa Industries, Inc. | 193 | 13456 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 436 | 41690 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 219 | 54338 |
| MKS, Inc. | 226 | 55248 |
| Onto Innovation, Inc.<sup>(1)</sup> | 137 | 29577 |
| Semtech Corp.<sup>(1)</sup> | 395 | 35637 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 428 | 87539 |
| SiTime Corp.<sup>(1)</sup> | 155 | 61671 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 272 | 9629 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 683 | 20873 |
|  |  | 613815 |
| **Software — 5.5%** |  |  |
| Agilysys, Inc.<sup>(1)</sup> | 621 | 44818 |
| Clear Secure, Inc., Class A | 1581 | 76900 |
| Core Scientific, Inc.<sup>(1)</sup> | 2248 | 38149 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 331 | 21929 |
| Elastic NV<sup>(1)</sup> | 374 | 19474 |
| Freshworks, Inc., Class A<sup>(1)</sup> | 1091 | 8532 |
| InterDigital, Inc. | 48 | 17593 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 1925 | 33514 |
| Life360, Inc.<sup>(1)</sup> | 347 | 18270 |
| Netskope, Inc., Class A<sup>(1)</sup> | 621 | 6707 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 702 | 7855 |
| Pegasystems, Inc. | 570 | 24926 |
| Porch Group, Inc.<sup>(1)</sup> | 1083 | 8891 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 810 | 38977 |
| Qualys, Inc.<sup>(1)</sup> | 476 | 44016 |

---

------

Schedule of Investments - Small Cap Growth Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Riot Platforms, Inc.<sup>(1)</sup> | 1942 | $31635 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 748 | 14384 |
| Varonis Systems, Inc.<sup>(1)</sup> | 295 | 6814 |
| Zeta Global Holdings Corp., Class A<sup>(1)</sup> | 1598 | 27086 |
|  |  | 490470 |
| **Specialty Retail — 3.3%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 255 | 24939 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 310 | 58658 |
| Five Below, Inc.<sup>(1)</sup> | 287 | 64153 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 1913 | 51594 |
| RealReal, Inc.<sup>(1)</sup> | 2255 | 27646 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 467 | 30915 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 517 | 39463 |
|  |  | 297368 |
| **Trading Companies and Distributors — 2.0%** |  |  |
| Applied Industrial Technologies, Inc. | 156 | 44082 |
| Herc Holdings, Inc. | 496 | 69336 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 329 | 47011 |
| Xometry, Inc., Class A<sup>(1)</sup> | 402 | 16488 |
|  |  | 176917 |
| **TOTAL COMMON STOCKS**<br>(Cost $8,484,913) |  | **8934563** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 200 | 168 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 200 | 87 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 200 | 74 |
|  |  | 329 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **329** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Akero Therapeutics, Inc.<sup>(1)</sup><br>(Cost $316) | 485 | **316** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $20,043) | 20043 | **20043** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $8,505,272) |  | **8955251** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(783)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**8954468** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

------

Schedule of Investments - Small Cap Growth Insights ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $8837778 | $96785 |  |
| Warrants | 329 |  |  |
| Rights | 316 |  |  |
| Short-Term Investments | 20043 |  |  |
|  | $8858466 | $96785 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Value Insights ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.1%** | | |
| Cadre Holdings, Inc. | 197 | $8745 |
| **Automobile Components — 1.7%** |  |  |
| Dorman Products, Inc.<sup>(1)</sup> | 82 | 9664 |
| Garrett Motion, Inc. | 1482 | 30173 |
| Gentex Corp. | 515 | 12051 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 1369 | 11582 |
| Phinia, Inc. | 528 | 38349 |
| Visteon Corp. | 513 | 49079 |
|  |  | 150898 |
| **Automobiles — 0.2%** |  |  |
| Thor Industries, Inc. | 224 | 21533 |
| **Banks — 18.5%** |  |  |
| Amalgamated Financial Corp. | 1056 | 40645 |
| Atlantic Union Bankshares Corp. | 4237 | 157023 |
| BancFirst Corp. | 161 | 17710 |
| Bank OZK | 848 | 39483 |
| Central BanCo, Inc., Class A | 4340 | 104811 |
| Columbia Banking System, Inc. | 5673 | 161397 |
| CVB Financial Corp. | 5170 | 99419 |
| First Merchants Corp. | 2680 | 104734 |
| Home BancShares, Inc. | 2512 | 68980 |
| International Bancshares Corp. | 1315 | 88250 |
| Lakeland Financial Corp. | 579 | 33634 |
| Old National Bancorp | 7580 | 175098 |
| Provident Financial Services, Inc. | 8118 | 170803 |
| Southstate Bank Corp. | 390 | 38481 |
| TrustCo Bank Corp. | 600 | 26022 |
| United Bankshares, Inc. | 3545 | 146409 |
| Webster Financial Corp. | 2154 | 155368 |
|  |  | 1628267 |
| **Beverages — 0.2%** |  |  |
| Vita Coco Co., Inc.<sup>(1)</sup> | 375 | 21772 |
| **Biotechnology — 0.4%** |  |  |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 1339 | 10913 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 323 | 22458 |
|  |  | 33371 |
| **Building Products — 2.4%** |  |  |
| Apogee Enterprises, Inc. | 325 | 12941 |
| AZZ, Inc. | 89 | 12102 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 581 | 26424 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 522 | 8352 |
| Owens Corning | 73 | 8911 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 1346 | 52090 |
| Tecnoglass, Inc. | 292 | 13304 |
| Trex Co., Inc.<sup>(1)</sup> | 456 | 18888 |
| UFP Industries, Inc. | 564 | 58041 |
|  |  | 211053 |
| **Capital Markets — 2.8%** |  |  |
| Artisan Partners Asset Management, Inc., Class A | 640 | 25779 |
| Marex Group PLC | 1385 | 60192 |

---

------

Schedule of Investments - Small Cap Value Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MarketAxess Holdings, Inc. | 216 | $41472 |
| Miami International Holdings, Inc.<sup>(1)</sup> | 868 | 36977 |
| StoneX Group, Inc.<sup>(1)</sup> | 646 | 82365 |
|  |  | 246785 |
| **Chemicals — 2.4%** |  |  |
| Ashland, Inc. | 496 | 30930 |
| Avient Corp. | 2002 | 82222 |
| Hawkins, Inc. | 166 | 24751 |
| Ingevity Corp.<sup>(1)</sup> | 480 | 34574 |
| Minerals Technologies, Inc. | 480 | 33898 |
| NewMarket Corp. | 14 | 8764 |
|  |  | 215139 |
| **Commercial Services and Supplies — 1.2%** |  |  |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 2208 | 48068 |
| Interface, Inc. | 1216 | 38292 |
| Liquidity Services, Inc.<sup>(1)</sup> | 704 | 22253 |
|  |  | 108613 |
| **Communications Equipment — 0.9%** |  |  |
| Extreme Networks, Inc.<sup>(1)</sup> | 604 | 8444 |
| NetScout Systems, Inc.<sup>(1)</sup> | 1536 | 44867 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 841 | 24986 |
|  |  | 78297 |
| **Construction and Engineering — 1.3%** |  |  |
| Argan, Inc. | 182 | 82127 |
| IES Holdings, Inc.<sup>(1)</sup> | 59 | 29226 |
|  |  | 111353 |
| **Consumer Finance — 0.8%** |  |  |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 2090 | 22676 |
| PROG Holdings, Inc. | 1280 | 45069 |
|  |  | 67745 |
| **Containers and Packaging — 0.7%** |  |  |
| Graphic Packaging Holding Co. | 4837 | 59157 |
| **Distributors — 0.8%** |  |  |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 800 | 35472 |
| Gold.com, Inc. | 624 | 35861 |
|  |  | 71333 |
| **Diversified Consumer Services — 2.5%** |  |  |
| Covista, Inc.<sup>(1)</sup> | 352 | 34496 |
| Frontdoor, Inc.<sup>(1)</sup> | 384 | 26331 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 166 | 26406 |
| KinderCare Learning Cos., Inc.<sup>(1)</sup> | 8824 | 30884 |
| McGraw Hill, Inc.<sup>(1)</sup> | 982 | 13748 |
| Perdoceo Education Corp. | 1120 | 37352 |
| Stride, Inc.<sup>(1)</sup> | 585 | 49362 |
|  |  | 218579 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| IDT Corp., Class B | 352 | 17934 |
| **Electric Utilities — 0.4%** |  |  |
| Otter Tail Corp. | 437 | 37189 |
| **Electrical Equipment — 2.5%** |  |  |
| Acuity, Inc. | 26 | 7841 |
| Atkore, Inc. | 512 | 33132 |
| Generac Holdings, Inc.<sup>(1)</sup> | 128 | 28847 |

---

------

Schedule of Investments - Small Cap Value Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hammond Power Solutions, Inc. | 192 | $27632 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 486 | 51079 |
| Sensata Technologies Holding PLC | 663 | 24756 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 3892 | 23080 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 487 | 24730 |
|  |  | 221097 |
| **Electronic Equipment, Instruments and Components — 1.3%** |  |  |
| Bel Fuse, Inc., Class B | 53 | 12175 |
| Ingram Micro Holding Corp. | 1280 | 26483 |
| Itron, Inc.<sup>(1)</sup> | 186 | 17475 |
| Knowles Corp.<sup>(1)</sup> | 352 | 9564 |
| Napco Security Technologies, Inc. | 227 | 10580 |
| Vishay Intertechnology, Inc. | 1904 | 35643 |
|  |  | 111920 |
| **Energy Equipment and Services — 1.8%** |  |  |
| Flowco Holdings, Inc., Class A | 1040 | 23462 |
| Liberty Energy, Inc., Class A | 1767 | 49635 |
| Patterson-UTI Energy, Inc. | 7696 | 65493 |
| RPC, Inc. | 3737 | 21712 |
|  |  | 160302 |
| **Financial Services — 4.9%** |  |  |
| Compass Diversified Holdings | 7772 | 58212 |
| Dlocal Ltd. | 1904 | 23305 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 2072 | 144108 |
| EVERTEC, Inc. | 5403 | 152959 |
| Paymentus Holdings, Inc., Class A<sup>(1)</sup> | 644 | 15759 |
| Repay Holdings Corp.<sup>(1)</sup> | 7861 | 21853 |
| Sezzle, Inc.<sup>(1)</sup> | 160 | 11672 |
|  |  | 427868 |
| **Food Products — 0.4%** |  |  |
| Mama's Creations, Inc.<sup>(1)</sup> | 2057 | 35257 |
| **Ground Transportation — 0.3%** |  |  |
| ArcBest Corp. | 235 | 24125 |
| **Health Care Equipment and Supplies — 1.7%** |  |  |
| Enovis Corp.<sup>(1)</sup> | 4973 | 126662 |
| Omnicell, Inc.<sup>(1)</sup> | 635 | 26099 |
|  |  | 152761 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 1447 | 28723 |
| Progyny, Inc.<sup>(1)</sup> | 976 | 17265 |
|  |  | 45988 |
| **Health Care REITs — 1.8%** |  |  |
| American Healthcare REIT, Inc. | 2442 | 127570 |
| LTC Properties, Inc. | 832 | 33014 |
|  |  | 160584 |
| **Hotel & Resort REITs — 0.9%** |  |  |
| Ryman Hospitality Properties, Inc. | 134 | 13232 |
| Xenia Hotels & Resorts, Inc. | 4064 | 62098 |
|  |  | 75330 |
| **Hotels, Restaurants and Leisure — 0.9%** |  |  |
| Papa John's International, Inc. | 593 | 18590 |
| Sportradar Group AG, Class A<sup>(1)</sup> | 1264 | 23081 |
| Vail Resorts, Inc. | 280 | 38027 |
|  |  | 79698 |

---

------

Schedule of Investments - Small Cap Value Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables — 5.0%** | | |
| Cavco Industries, Inc.<sup>(1)</sup> | 40 | $23090 |
| Champion Homes, Inc.<sup>(1)</sup> | 581 | 54312 |
| Installed Building Products, Inc. | 86 | 28187 |
| KB Home | 1064 | 67649 |
| Meritage Homes Corp. | 2595 | 195715 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 1093 | 72018 |
|  |  | 440971 |
| **Household Products — 1.1%** |  |  |
| Spectrum Brands Holdings, Inc. | 1234 | 96721 |
| **Industrial REITs — 2.4%** |  |  |
| Americold Realty Trust, Inc. | 4612 | 61755 |
| Terreno Realty Corp. | 2301 | 152004 |
|  |  | 213759 |
| **Insurance — 5.2%** |  |  |
| Accelerant Holdings, Class A<sup>(1)</sup> | 4139 | 48840 |
| Axis Capital Holdings Ltd. | 885 | 93562 |
| Baldwin Insurance Group, Inc.<sup>(1)</sup> | 3825 | 88855 |
| HCI Group, Inc. | 193 | 34049 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 436 | 53938 |
| SiriusPoint Ltd.<sup>(1)</sup> | 2538 | 53653 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 978 | 45448 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 1938 | 36822 |
|  |  | 455167 |
| **Interactive Media and Services — 0.4%** |  |  |
| QuinStreet, Inc.<sup>(1)</sup> | 788 | 9236 |
| TripAdvisor, Inc.<sup>(1)</sup> | 1344 | 13588 |
| Ziff Davis, Inc.<sup>(1)</sup> | 504 | 13648 |
|  |  | 36472 |
| **IT Services — 0.4%** |  |  |
| Globant SA<sup>(1)</sup> | 723 | 35976 |
| **Leisure Products — 0.5%** |  |  |
| Brunswick Corp. | 423 | 33679 |
| YETI Holdings, Inc.<sup>(1)</sup> | 189 | 8261 |
|  |  | 41940 |
| **Life Sciences Tools and Services — 0.2%** |  |  |
| Repligen Corp.<sup>(1)</sup> | 112 | 14418 |
| **Machinery — 3.2%** |  |  |
| Albany International Corp., Class A | 553 | 31880 |
| Allison Transmission Holdings, Inc. | 83 | 10400 |
| Blue Bird Corp.<sup>(1)</sup> | 384 | 22376 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 915 | 25226 |
| Hillman Solutions Corp.<sup>(1)</sup> | 5488 | 45002 |
| Kadant, Inc. | 26 | 8818 |
| Kennametal, Inc. | 1988 | 80077 |
| Lindsay Corp. | 70 | 9429 |
| Proto Labs, Inc.<sup>(1)</sup> | 752 | 46684 |
|  |  | 279892 |
| **Marine Transportation — 0.3%** |  |  |
| Global Ship Lease, Inc., Class A | 720 | 29578 |
| **Media — 0.3%** |  |  |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 2420 | 25507 |

---

------

Schedule of Investments - Small Cap Value Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Metals and Mining — 1.3%** | | |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 256 | $41638 |
| Warrior Met Coal, Inc. | 912 | 75915 |
|  |  | 117553 |
| **Oil, Gas and Consumable Fuels — 9.6%** |  |  |
| California Resources Corp. | 1003 | 59016 |
| Chord Energy Corp. | 1264 | 136980 |
| Core Natural Resources, Inc. | 661 | 54255 |
| Crescent Energy Co., Class A | 10533 | 122815 |
| CVR Energy, Inc.<sup>(1)</sup> | 1051 | 25392 |
| Hess Midstream LP, Class A | 1909 | 73840 |
| International Seaways, Inc. | 748 | 56496 |
| Mach Natural Resources LP | 6137 | 79904 |
| Northern Oil & Gas, Inc. | 6330 | 174645 |
| Peabody Energy Corp. | 2016 | 63585 |
|  |  | 846928 |
| **Paper and Forest Products — 0.4%** |  |  |
| Sylvamo Corp. | 812 | 37596 |
| **Personal Care Products — 1.5%** |  |  |
| Edgewell Personal Care Co. | 5196 | 118157 |
| Nu Skin Enterprises, Inc., Class A | 1861 | 15781 |
|  |  | 133938 |
| **Pharmaceuticals — 2.3%** |  |  |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 513 | 21377 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 691 | 24669 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 804 | 22946 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 912 | 29841 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 188 | 37282 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 1283 | 28110 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 626 | 34261 |
|  |  | 198486 |
| **Professional Services — 1.7%** |  |  |
| Genpact Ltd. | 768 | 30505 |
| Korn Ferry | 121 | 7583 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 2528 | 17772 |
| Robert Half, Inc. | 1152 | 28132 |
| Science Applications International Corp. | 432 | 39856 |
| TriNet Group, Inc. | 621 | 23648 |
|  |  | 147496 |
| **Residential REITs — 0.9%** |  |  |
| UMH Properties, Inc. | 5053 | 76199 |
| **Semiconductors and Semiconductor Equipment — 3.2%** |  |  |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 93 | 7683 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 96 | 13548 |
| Diodes, Inc.<sup>(1)</sup> | 504 | 34388 |
| Enphase Energy, Inc.<sup>(1)</sup> | 1104 | 46666 |
| FormFactor, Inc.<sup>(1)</sup> | 604 | 59723 |
| Kulicke & Soffa Industries, Inc. | 868 | 60517 |
| Photronics, Inc.<sup>(1)</sup> | 1289 | 48247 |
| Semtech Corp.<sup>(1)</sup> | 107 | 9654 |
|  |  | 280426 |
| **Software — 2.0%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 384 | 15237 |
| Adeia, Inc. | 1376 | 28469 |

---

------

Schedule of Investments - Small Cap Value Insights ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Agilysys, Inc.<sup>(1)</sup> | 116 | $8372 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 71 | 12621 |
| Blackbaud, Inc.<sup>(1)</sup> | 140 | 6796 |
| Commvault Systems, Inc.<sup>(1)</sup> | 131 | 11146 |
| I3 Verticals, Inc., Class A<sup>(1)</sup> | 832 | 18620 |
| InterDigital, Inc. | 41 | 15028 |
| Opera Ltd., ADR | 756 | 12126 |
| Red Violet, Inc.<sup>(1)</sup> | 272 | 11780 |
| Teradata Corp.<sup>(1)</sup> | 496 | 15619 |
| Vertex, Inc., Class A<sup>(1)</sup> | 1440 | 20851 |
|  |  | 176665 |
| **Specialized REITs — 0.9%** |  |  |
| EPR Properties | 925 | 54954 |
| Smartstop Self Storage REIT, Inc. | 608 | 20277 |
|  |  | 75231 |
| **Specialty Retail — 0.9%** |  |  |
| Bath & Body Works, Inc. | 1204 | 27403 |
| MarineMax, Inc.<sup>(1)</sup> | 1120 | 34160 |
| Winmark Corp. | 37 | 16881 |
|  |  | 78444 |
| **Textiles, Apparel and Luxury Goods — 1.1%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 576 | 52249 |
| Figs, Inc., Class A<sup>(1)</sup> | 2828 | 43693 |
|  |  | 95942 |
| **Tobacco — 0.3%** |  |  |
| Turning Point Brands, Inc. | 225 | 30823 |
| **TOTAL COMMON STOCKS**<br>(Cost $8,223,878) |  | **8768821** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $27,727) | 27727 | **27727** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $8,251,605) |  | **8796548** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **8036** |
| **TOTAL NET ASSETS — 100.0%** |  | $**8804584** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $8741189 | $27632 |  |
| Short-Term Investments | 27727 |  |  |
|  | $8768916 | $27632 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - U.S. Quality Growth ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 5.3%** | | |
| Carpenter Technology Corp. | 19507 | $7765152 |
| Curtiss-Wright Corp. | 4819 | 3374890 |
| General Electric Co. | 139054 | 47592622 |
| Howmet Aerospace, Inc. | 158497 | 41610217 |
| Lockheed Martin Corp. | 7967 | 5242923 |
| RTX Corp. | 16636 | 3370786 |
| Woodward, Inc. | 8652 | 3346248 |
|  |  | 112302838 |
| **Air Freight and Logistics — 0.2%** |  |  |
| CH Robinson Worldwide, Inc. | 17936 | 3322644 |
| **Automobile Components — 0.1%** |  |  |
| Gentex Corp. | 76580 | 1791972 |
| **Automobiles — 0.2%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 8278 | 3331978 |
| **Banks — 0.1%** |  |  |
| Wells Fargo & Co. | 38433 | 3130368 |
| **Beverages — 0.9%** |  |  |
| Coca-Cola Consolidated, Inc. | 28782 | 5825477 |
| Monster Beverage Corp.<sup>(1)</sup> | 149699 | 12769324 |
|  |  | 18594801 |
| **Biotechnology — 2.2%** |  |  |
| AbbVie, Inc. | 8165 | 1894933 |
| Alkermes PLC<sup>(1)</sup> | 115050 | 3463005 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 28646 | 1768317 |
| Exact Sciences Corp.<sup>(1)</sup> | 32960 | 3407405 |
| Exelixis, Inc.<sup>(1)</sup> | 252434 | 11122242 |
| Gilead Sciences, Inc. | 16066 | 2393031 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 124203 | 8635835 |
| Incyte Corp.<sup>(1)</sup> | 144936 | 14677669 |
|  |  | 47362437 |
| **Broadline Retail — 0.1%** |  |  |
| Dillard's, Inc., Class A<sup>(2)</sup> | 2740 | 1651645 |
| **Building Products — 0.6%** |  |  |
| A.O. Smith Corp. | 29284 | 2284152 |
| Armstrong World Industries, Inc. | 17138 | 2973443 |
| Carlisle Cos., Inc. | 4488 | 1771728 |
| Johnson Controls International PLC | 23511 | 3392637 |
| Modine Manufacturing Co.<sup>(1)</sup> | 15060 | 3422385 |
|  |  | 13844345 |
| **Capital Markets — 1.8%** |  |  |
| Cboe Global Markets, Inc. | 11809 | 3539393 |
| Charles Schwab Corp. | 36254 | 3451381 |
| Evercore, Inc., Class A | 43953 | 13574445 |
| Interactive Brokers Group, Inc., Class A | 51734 | 3682943 |
| Moody's Corp. | 7612 | 3635415 |
| Morningstar, Inc. | 32886 | 6022742 |
| SEI Investments Co. | 22553 | 1834010 |
| Tradeweb Markets, Inc., Class A | 28534 | 3516958 |
|  |  | 39257287 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chemicals — 0.2%** | | |
| Ecolab, Inc. | 11208 | $3455987 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| MSA Safety, Inc. | 17299 | 3380398 |
| **Communications Equipment — 2.9%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 394956 | 52726626 |
| Ciena Corp.<sup>(1)</sup> | 10178 | 3549069 |
| Cisco Systems, Inc. | 23177 | 1841644 |
| F5, Inc.<sup>(1)</sup> | 6594 | 1789348 |
| Motorola Solutions, Inc. | 3967 | 1913125 |
|  |  | 61819812 |
| **Construction and Engineering — 1.9%** |  |  |
| Comfort Systems USA, Inc. | 18651 | 26659180 |
| Dycom Industries, Inc.<sup>(1)</sup> | 7933 | 3332019 |
| EMCOR Group, Inc. | 4194 | 3039056 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 7828 | 3351402 |
| Valmont Industries, Inc. | 7234 | 3327133 |
|  |  | 39708790 |
| **Consumer Finance — 0.1%** |  |  |
| American Express Co. | 9847 | 3041738 |
| **Consumer Staples Distribution & Retail — 3.2%** |  |  |
| Casey's General Stores, Inc. | 5185 | 3554784 |
| Costco Wholesale Corp. | 48440 | 48962668 |
| Maplebear, Inc.<sup>(1)</sup> | 202551 | 7597688 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 54231 | 5239257 |
| Walmart, Inc. | 27718 | 3546518 |
|  |  | 68900915 |
| **Diversified Consumer Services — 0.3%** |  |  |
| Duolingo, Inc.<sup>(1)</sup> | 46437 | 4690137 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 11668 | 1856029 |
|  |  | 6546166 |
| **Electric Utilities — 0.4%** |  |  |
| Constellation Energy Corp. | 14399 | 4749942 |
| NextEra Energy, Inc. | 49309 | 4623705 |
|  |  | 9373647 |
| **Electrical Equipment — 3.1%** |  |  |
| Acuity, Inc. | 5906 | 1781190 |
| GE Vernova, Inc. | 41056 | 35866522 |
| Vertiv Holdings Co., Class A | 111885 | 28518368 |
|  |  | 66166080 |
| **Electronic Equipment, Instruments and Components — 4.9%** |  |  |
| Amphenol Corp., Class A | 347234 | 50716998 |
| Cognex Corp. | 60843 | 3309859 |
| Coherent Corp.<sup>(1)</sup> | 13736 | 3556663 |
| Corning, Inc. | 229562 | 34521534 |
| Fabrinet<sup>(1)</sup> | 6242 | 3405822 |
| Itron, Inc.<sup>(1)</sup> | 18441 | 1732532 |
| Jabil, Inc. | 23693 | 6278408 |
| TE Connectivity PLC | 7820 | 1799773 |
|  |  | 105321589 |
| **Energy Equipment and Services — 0.2%** |  |  |
| Baker Hughes Co. | 54798 | 3576117 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Entertainment — 5.6%** | | |
| Netflix, Inc.<sup>(1)</sup> | 799994 | $76991423 |
| Roku, Inc.<sup>(1)</sup> | 38278 | 3766938 |
| Spotify Technology SA<sup>(1)</sup> | 73228 | 37708026 |
|  |  | 118466387 |
| **Financial Services — 4.0%** |  |  |
| Mastercard, Inc., Class A | 139482 | 72141485 |
| Toast, Inc., Class A<sup>(1)</sup> | 253630 | 6926635 |
| Visa, Inc., Class A | 16341 | 5231408 |
|  |  | 84299528 |
| **Ground Transportation — 0.9%** |  |  |
| Lyft, Inc., Class A<sup>(1)</sup> | 131586 | 1821150 |
| Uber Technologies, Inc.<sup>(1)</sup> | 186457 | 14062587 |
| XPO, Inc.<sup>(1)</sup> | 16243 | 3418664 |
|  |  | 19302401 |
| **Health Care Equipment and Supplies — 6.1%** |  |  |
| Boston Scientific Corp.<sup>(1)</sup> | 45709 | 3512737 |
| Dexcom, Inc.<sup>(1)</sup> | 305003 | 22396370 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 8251 | 5418679 |
| Insulet Corp.<sup>(1)</sup> | 120334 | 29675568 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 81159 | 40864368 |
| Penumbra, Inc.<sup>(1)</sup> | 65681 | 22619880 |
| ResMed, Inc. | 20240 | 5186702 |
|  |  | 129674304 |
| **Health Care Providers and Services — 3.5%** |  |  |
| Cardinal Health, Inc. | 15189 | 3481774 |
| HCA Healthcare, Inc. | 9853 | 5219134 |
| McKesson Corp. | 66424 | 65585065 |
|  |  | 74285973 |
| **Health Care REITs — 0.2%** |  |  |
| Ventas, Inc. | 39667 | 3417709 |
| **Hotels, Restaurants and Leisure — 2.6%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 14353 | 1939234 |
| Booking Holdings, Inc. | 6239 | 26449305 |
| Brinker International, Inc.<sup>(1)</sup> | 48323 | 7161468 |
| Cava Group, Inc.<sup>(1)</sup> | 48624 | 4010021 |
| Expedia Group, Inc. | 54127 | 11674653 |
| Viking Holdings Ltd.<sup>(1)</sup> | 43261 | 3375223 |
|  |  | 54609904 |
| **Household Durables — 0.1%** |  |  |
| SharkNinja, Inc.<sup>(1)</sup> | 26095 | 3206293 |
| **Household Products — 0.1%** |  |  |
| Colgate-Palmolive Co. | 19304 | 1913799 |
| **Independent Power and Renewable Electricity Producers — 0.4%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 13720 | 5089709 |
| Vistra Corp. | 19889 | 3458498 |
|  |  | 8548207 |
| **Interactive Media and Services — 1.7%** |  |  |
| Alphabet, Inc., Class A | 18648 | 5813700 |
| Match Group, Inc. | 57670 | 1822372 |
| Meta Platforms, Inc., Class A | 38795 | 25146143 |
| Reddit, Inc., Class A<sup>(1)</sup> | 22701 | 3310033 |
|  |  | 36092248 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **IT Services — 1.3%** | | |
| Accenture PLC, Class A | 102287 | $21349343 |
| Gartner, Inc.<sup>(1)</sup> | 11940 | 1876968 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 20252 | 1765164 |
| International Business Machines Corp. | 7138 | 1714619 |
| VeriSign, Inc. | 8502 | 1937946 |
|  |  | 28644040 |
| **Life Sciences Tools and Services — 0.3%** |  |  |
| Illumina, Inc.<sup>(1)</sup> | 15600 | 2097576 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 11558 | 5221442 |
|  |  | 7319018 |
| **Machinery — 2.2%** |  |  |
| AGCO Corp. | 13326 | 1818999 |
| Allison Transmission Holdings, Inc. | 15445 | 1935258 |
| Caterpillar, Inc. | 6166 | 4580290 |
| Crane Co. | 25804 | 5174476 |
| Cummins, Inc. | 5746 | 3354917 |
| Deere & Co. | 5146 | 3240488 |
| Donaldson Co., Inc. | 17034 | 1580074 |
| Federal Signal Corp. | 44169 | 5142597 |
| Graco, Inc. | 19719 | 1852008 |
| ITT, Inc. | 16511 | 3341991 |
| Parker-Hannifin Corp. | 5131 | 5178103 |
| SPX Technologies, Inc.<sup>(1)</sup> | 14070 | 3193046 |
| Toro Co. | 18039 | 1783335 |
| Watts Water Technologies, Inc., Class A | 16054 | 5277592 |
|  |  | 47453174 |
| **Media — 1.7%** |  |  |
| New York Times Co., Class A | 446078 | 35592564 |
| **Metals and Mining — 0.2%** |  |  |
| Newmont Corp. | 38147 | 4959110 |
| **Multi-Utilities — 0.2%** |  |  |
| Consolidated Edison, Inc. | 29207 | 3286372 |
| **Oil, Gas and Consumable Fuels — 1.7%** |  |  |
| Antero Midstream Corp. | 242470 | 5450726 |
| Chevron Corp. | 18534 | 3461410 |
| CNX Resources Corp.<sup>(1)</sup> | 343514 | 14352015 |
| Magnolia Oil & Gas Corp., Class A | 67710 | 1883692 |
| Marathon Petroleum Corp. | 9329 | 1849101 |
| Texas Pacific Land Corp. | 16326 | 8559558 |
|  |  | 35556502 |
| **Pharmaceuticals — 2.9%** |  |  |
| Bristol-Myers Squibb Co. | 30261 | 1887379 |
| Eli Lilly & Co. | 51809 | 54502550 |
| Johnson & Johnson | 7570 | 1880615 |
| Merck & Co., Inc. | 15014 | 1859033 |
| Zoetis, Inc. | 14254 | 1868699 |
|  |  | 61998276 |
| **Professional Services — 0.3%** |  |  |
| Booz Allen Hamilton Holding Corp. | 23774 | 1874104 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 61045 | 1907656 |
| Genpact Ltd. | 47152 | 1872878 |
| Leidos Holdings, Inc. | 10580 | 1852558 |
|  |  | 7507196 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate Management and Development — 0.7%** | | |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 45932 | $14493843 |
| **Semiconductors and Semiconductor Equipment — 11.4%** |  |  |
| Analog Devices, Inc. | 14772 | 5255729 |
| Applied Materials, Inc. | 73670 | 27427341 |
| Astera Labs, Inc.<sup>(1)</sup> | 26288 | 3123803 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 51657 | 7289836 |
| KLA Corp. | 35058 | 53447674 |
| Lam Research Corp. | 214136 | 50084269 |
| Micron Technology, Inc. | 13113 | 5407408 |
| Monolithic Power Systems, Inc. | 24174 | 27624597 |
| NVIDIA Corp. | 331554 | 58748053 |
| QUALCOMM, Inc. | 12847 | 1828899 |
| Texas Instruments, Inc. | 8354 | 1771967 |
|  |  | 242009576 |
| **Software — 10.5%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 85176 | 22351034 |
| AppLovin Corp., Class A<sup>(1)</sup> | 100213 | 43569606 |
| Atlassian Corp., Class A<sup>(1)</sup> | 24159 | 1815066 |
| Docusign, Inc.<sup>(1)</sup> | 164854 | 7429970 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 107770 | 2693172 |
| Fair Isaac Corp.<sup>(1)</sup> | 1359 | 1915320 |
| Fortinet, Inc.<sup>(1)</sup> | 22945 | 1813343 |
| Guidewire Software, Inc.<sup>(1)</sup> | 26704 | 3880625 |
| HubSpot, Inc.<sup>(1)</sup> | 44162 | 11681291 |
| InterDigital, Inc. | 14629 | 5361968 |
| Microsoft Corp. | 13203 | 5185346 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 269867 | 10330509 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 387801 | 53202419 |
| Pegasystems, Inc. | 156090 | 6825816 |
| Procore Technologies, Inc.<sup>(1)</sup> | 65132 | 3584865 |
| Salesforce, Inc. | 137375 | 26759276 |
| Samsara, Inc., Class A<sup>(1)</sup> | 127249 | 3677496 |
| ServiceNow, Inc.<sup>(1)</sup> | 50299 | 5432795 |
| UiPath, Inc., Class A<sup>(1)</sup> | 169964 | 1823714 |
| Workday, Inc., Class A<sup>(1)</sup> | 13320 | 1781683 |
| Zscaler, Inc.<sup>(1)</sup> | 21340 | 3136767 |
|  |  | 224252081 |
| **Specialty Retail — 4.8%** |  |  |
| Chewy, Inc., Class A<sup>(1)</sup> | 396569 | 10873922 |
| Five Below, Inc.<sup>(1)</sup> | 15489 | 3462256 |
| Ross Stores, Inc. | 55646 | 11443044 |
| TJX Cos., Inc. | 464038 | 75016383 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 26856 | 1777867 |
|  |  | 102573472 |
| **Technology Hardware, Storage and Peripherals — 3.8%** |  |  |
| Apple, Inc. | 277499 | 73309686 |
| NetApp, Inc. | 17912 | 1773825 |
| Western Digital Corp. | 18369 | 5137809 |
|  |  | 80221320 |
| **Textiles, Apparel and Luxury Goods — 3.3%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 18349 | 1664437 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 61863 | 7254674 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ralph Lauren Corp. | 136213 | $49390834 |
| Tapestry, Inc. | 77085 | 11984405 |
|  |  | 70294350 |
| **Tobacco — 0.1%** |  |  |
| Altria Group, Inc. | 27166 | 1875541 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile U.S., Inc. | 24342 | 5284405 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,931,902,280) |  | **2123019147** |
| **RIGHTS — 0.0%** |  |  |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup><br>(Cost $2,638) | 2586 | **2638** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3210077 | 3210077 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 987690 | 987690 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,197,767) |  | **4197767** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $1,936,102,685) |  | **2127219552** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **1392795** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2128612347** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $968,081. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $987,690.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - U.S. Quality Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 3.0%** | | |
| Lockheed Martin Corp. | 13387 | $8809717 |
| RTX Corp. | 1955 | 396122 |
| Textron, Inc. | 3975 | 392134 |
|  |  | 9597973 |
| **Air Freight and Logistics — 1.7%** |  |  |
| FedEx Corp. | 1031 | 398997 |
| United Parcel Service, Inc., Class B | 44609 | 5172860 |
|  |  | 5571857 |
| **Automobile Components — 0.7%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 5034 | 370200 |
| BorgWarner, Inc. | 11145 | 641618 |
| Gentex Corp. | 16711 | 391037 |
| Lear Corp. | 6503 | 853519 |
|  |  | 2256374 |
| **Beverages — 1.8%** |  |  |
| Coca-Cola Co. | 5017 | 409186 |
| PepsiCo, Inc. | 31570 | 5358692 |
|  |  | 5767878 |
| **Biotechnology — 3.7%** |  |  |
| AbbVie, Inc. | 20553 | 4769940 |
| Alkermes PLC<sup>(1)</sup> | 12553 | 377845 |
| Exelixis, Inc.<sup>(1)</sup> | 9181 | 404515 |
| Gilead Sciences, Inc. | 42806 | 6375954 |
|  |  | 11928254 |
| **Broadline Retail — 0.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1906 | 400260 |
| Dillard's, Inc., Class A | 598 | 360468 |
| Macy's, Inc. | 17874 | 353548 |
|  |  | 1114276 |
| **Building Products — 0.7%** |  |  |
| A.O. Smith Corp. | 5781 | 450918 |
| Carlisle Cos., Inc. | 979 | 386480 |
| Fortune Brands Innovations, Inc. | 7374 | 400703 |
| Masco Corp. | 10660 | 763469 |
| UFP Industries, Inc. | 3649 | 375519 |
|  |  | 2377089 |
| **Capital Markets — 3.0%** |  |  |
| Affiliated Managers Group, Inc. | 1392 | 426202 |
| Ameriprise Financial, Inc. | 849 | 399132 |
| Blackrock, Inc. | 743 | 789980 |
| Blackstone, Inc. | 3303 | 374461 |
| Charles Schwab Corp. | 42599 | 4055425 |
| Evercore, Inc., Class A | 1221 | 377094 |
| FactSet Research Systems, Inc. | 2054 | 445328 |
| Goldman Sachs Group, Inc. | 576 | 495112 |
| Morgan Stanley | 2284 | 380309 |
| Morningstar, Inc. | 2512 | 460048 |
| S&P Global, Inc. | 959 | 423763 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEI Investments Co. | 4921 | $400176 |
| Stifel Financial Corp. | 5011 | 371101 |
| T. Rowe Price Group, Inc. | 4200 | 397446 |
|  |  | 9795577 |
| **Chemicals — 0.8%** |  |  |
| CF Industries Holdings, Inc. | 4122 | 410304 |
| Eastman Chemical Co. | 6033 | 455552 |
| Linde PLC | 1613 | 819533 |
| NewMarket Corp. | 1312 | 821325 |
|  |  | 2506714 |
| **Commercial Services and Supplies — 0.1%** |  |  |
| Rollins, Inc. | 6529 | 397551 |
| **Communications Equipment — 3.2%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 3016 | 402636 |
| Cisco Systems, Inc. | 101436 | 8060105 |
| F5, Inc.<sup>(1)</sup> | 6851 | 1859087 |
|  |  | 10321828 |
| **Consumer Finance — 0.4%** |  |  |
| Credit Acceptance Corp.<sup>(1)(2)</sup> | 809 | 382803 |
| OneMain Holdings, Inc. | 7005 | 385415 |
| Synchrony Financial | 5459 | 377271 |
|  |  | 1145489 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Costco Wholesale Corp. | 407 | 411391 |
| Dollar General Corp. | 2659 | 415442 |
| Kroger Co. | 6036 | 411897 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5936 | 438492 |
| Target Corp. | 37759 | 4296597 |
| Walmart, Inc. | 6514 | 833466 |
|  |  | 6807285 |
| **Containers and Packaging — 0.4%** |  |  |
| Avery Dennison Corp. | 2034 | 399376 |
| Crown Holdings, Inc. | 3489 | 399839 |
| Packaging Corp. of America | 1689 | 392085 |
|  |  | 1191300 |
| **Distributors — 0.2%** |  |  |
| LKQ Corp. | 23644 | 782853 |
| **Diversified Consumer Services — 0.3%** |  |  |
| ADT, Inc. | 50639 | 406125 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 2546 | 404992 |
|  |  | 811117 |
| **Diversified Telecommunication Services — 4.6%** |  |  |
| AT&T, Inc. | 28632 | 801982 |
| Comcast Corp., Class A | 166977 | 5169608 |
| Verizon Communications, Inc. | 174024 | 8725564 |
|  |  | 14697154 |
| **Electrical Equipment — 0.4%** |  |  |
| Acuity, Inc. | 1289 | 388750 |
| Eaton Corp. PLC | 1073 | 403362 |
| Sensata Technologies Holding PLC | 10445 | 390016 |
|  |  | 1182128 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electronic Equipment, Instruments and Components — 1.3%** | | |
| Amphenol Corp., Class A | 2652 | $387351 |
| Badger Meter, Inc. | 2513 | 383057 |
| Corning, Inc. | 2871 | 431741 |
| Itron, Inc.<sup>(1)</sup> | 4024 | 378055 |
| Jabil, Inc. | 1854 | 491291 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 1645 | 505558 |
| Littelfuse, Inc. | 1082 | 381362 |
| Sanmina Corp.<sup>(1)</sup> | 2682 | 416407 |
| TE Connectivity PLC | 1706 | 392636 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 1568 | 351169 |
|  |  | 4118627 |
| **Entertainment — 0.6%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 5092 | 490054 |
| Walt Disney Co. | 12722 | 1349041 |
|  |  | 1839095 |
| **Financial Services — 1.0%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 804 | 405980 |
| Fidelity National Information Services, Inc. | 8153 | 415477 |
| Fiserv, Inc.<sup>(1)</sup> | 6516 | 405882 |
| Global Payments, Inc. | 4857 | 371366 |
| Mastercard, Inc., Class A | 761 | 393597 |
| MGIC Investment Corp. | 15282 | 405431 |
| PayPal Holdings, Inc. | 9617 | 444401 |
| Visa, Inc., Class A | 1248 | 399535 |
|  |  | 3241669 |
| **Food Products — 2.2%** |  |  |
| Archer-Daniels-Midland Co. | 5901 | 407405 |
| Conagra Brands, Inc. | 21687 | 417475 |
| General Mills, Inc. | 89770 | 4060297 |
| Hershey Co. | 1806 | 426722 |
| Hormel Foods Corp. | 16054 | 410982 |
| Ingredion, Inc. | 3419 | 401596 |
| Marzetti Co. | 2416 | 397045 |
| Tyson Foods, Inc., Class A | 6272 | 407617 |
|  |  | 6929139 |
| **Ground Transportation — 2.0%** |  |  |
| Lyft, Inc., Class A<sup>(1)</sup> | 28714 | 397402 |
| Ryder System, Inc. | 1788 | 396149 |
| Uber Technologies, Inc.<sup>(1)</sup> | 5423 | 409003 |
| Union Pacific Corp. | 19399 | 5140347 |
|  |  | 6342901 |
| **Health Care Equipment and Supplies — 2.7%** |  |  |
| Abbott Laboratories | 46406 | 5399338 |
| Align Technology, Inc.<sup>(1)</sup> | 2108 | 400731 |
| Medtronic PLC | 29381 | 2869348 |
|  |  | 8669417 |
| **Health Care Providers and Services — 2.6%** |  |  |
| Cardinal Health, Inc. | 1785 | 409176 |
| Centene Corp.<sup>(1)</sup> | 9264 | 415768 |
| Chemed Corp. | 843 | 345638 |
| Cigna Group | 2858 | 828306 |
| HCA Healthcare, Inc. | 4423 | 2342863 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| McKesson Corp. | 882 | $870860 |
| UnitedHealth Group, Inc. | 9521 | 2792224 |
| Universal Health Services, Inc., Class B | 1738 | 358202 |
|  |  | 8363037 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Booking Holdings, Inc. | 983 | 4167281 |
| Boyd Gaming Corp. | 4647 | 386770 |
| Expedia Group, Inc. | 1969 | 424693 |
| McDonald's Corp. | 1217 | 415070 |
|  |  | 5393814 |
| **Household Durables — 0.6%** |  |  |
| DR Horton, Inc. | 2441 | 391512 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 3499 | 438320 |
| NVR, Inc.<sup>(1)</sup> | 53 | 398443 |
| PulteGroup, Inc. | 3162 | 433826 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 5898 | 388619 |
|  |  | 2050720 |
| **Household Products — 6.7%** |  |  |
| Clorox Co. | 35648 | 4533000 |
| Colgate-Palmolive Co. | 54761 | 5429005 |
| Kimberly-Clark Corp. | 40416 | 4503959 |
| Procter & Gamble Co. | 42990 | 7187928 |
|  |  | 21653892 |
| **Industrial Conglomerates — 0.3%** |  |  |
| Honeywell International, Inc. | 3284 | 799949 |
| **Insurance — 0.6%** |  |  |
| Allstate Corp. | 1941 | 416383 |
| Chubb Ltd. | 1208 | 411759 |
| Everest Group Ltd. | 1170 | 392523 |
| Old Republic International Corp. | 9718 | 416611 |
| Progressive Corp. | 1963 | 419415 |
|  |  | 2056691 |
| **Interactive Media and Services — 1.2%** |  |  |
| Alphabet, Inc., Class A | 1272 | 396559 |
| Match Group, Inc. | 12584 | 397654 |
| Meta Platforms, Inc., Class A | 4910 | 3182564 |
|  |  | 3976777 |
| **IT Services — 5.9%** |  |  |
| Accenture PLC, Class A | 16740 | 3493973 |
| Amdocs Ltd. | 62792 | 4382882 |
| Cognizant Technology Solutions Corp., Class A | 23116 | 1489364 |
| EPAM Systems, Inc.<sup>(1)</sup> | 2885 | 406785 |
| Gartner, Inc.<sup>(1)</sup> | 2606 | 409663 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 4419 | 385160 |
| International Business Machines Corp. | 26596 | 6388625 |
| VeriSign, Inc. | 9549 | 2176599 |
|  |  | 19133051 |
| **Life Sciences Tools and Services — 0.1%** |  |  |
| Thermo Fisher Scientific, Inc. | 784 | 408550 |
| **Machinery — 2.9%** |  |  |
| AGCO Corp. | 2908 | 396942 |
| Allison Transmission Holdings, Inc. | 3370 | 422261 |
| Donaldson Co., Inc. | 3717 | 344789 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 14513 | $400123 |
| Graco, Inc. | 4303 | 404138 |
| Illinois Tool Works, Inc. | 16295 | 4735816 |
| Oshkosh Corp. | 2282 | 387986 |
| Otis Worldwide Corp. | 4322 | 400044 |
| Snap-on, Inc. | 1038 | 399858 |
| Timken Co. | 3703 | 401331 |
| Toro Co. | 7873 | 778325 |
| Watts Water Technologies, Inc., Class A | 1226 | 403035 |
|  |  | 9474648 |
| **Media — 1.1%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)(2)</sup> | 1740 | 408256 |
| Fox Corp., Class A | 7025 | 395789 |
| New York Times Co., Class A | 5136 | 409801 |
| News Corp., Class A | 16937 | 411400 |
| Nexstar Media Group, Inc., Class A | 3726 | 935301 |
| Omnicom Group, Inc. | 9622 | 820660 |
|  |  | 3381207 |
| **Metals and Mining — 1.2%** |  |  |
| Alcoa Corp. | 6622 | 411093 |
| Commercial Metals Co. | 5216 | 382333 |
| Newmont Corp. | 22958 | 2984540 |
|  |  | 3777966 |
| **Oil, Gas and Consumable Fuels — 4.0%** |  |  |
| Antero Midstream Corp. | 20015 | 449937 |
| APA Corp. | 13784 | 418620 |
| Chevron Corp. | 26091 | 4872755 |
| ConocoPhillips | 7248 | 822358 |
| EOG Resources, Inc. | 3292 | 408472 |
| Exxon Mobil Corp. | 35356 | 5391790 |
| HF Sinclair Corp. | 7873 | 393729 |
|  |  | 12757661 |
| **Passenger Airlines — 0.1%** |  |  |
| Delta Air Lines, Inc. | 5768 | 378958 |
| **Personal Care Products — 1.0%** |  |  |
| Kenvue, Inc. | 175951 | 3364183 |
| **Pharmaceuticals — 7.3%** |  |  |
| Bristol-Myers Squibb Co. | 138669 | 8648786 |
| Johnson & Johnson | 21642 | 5376522 |
| Merck & Co., Inc. | 68801 | 8518940 |
| Pfizer, Inc. | 15030 | 415579 |
| Zoetis, Inc. | 3110 | 407721 |
|  |  | 23367548 |
| **Professional Services — 3.6%** |  |  |
| Automatic Data Processing, Inc. | 17233 | 3694066 |
| Booz Allen Hamilton Holding Corp. | 10376 | 817940 |
| Genpact Ltd. | 24010 | 953677 |
| Jacobs Solutions, Inc. | 2904 | 400345 |
| Leidos Holdings, Inc. | 2309 | 404306 |
| Paychex, Inc. | 52682 | 4933669 |
| SS&C Technologies Holdings, Inc. | 5612 | 422528 |
|  |  | 11626531 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate Management and Development — 0.6%** | | |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 6378 | $2012578 |
| **Retail REITs — 0.1%** |  |  |
| Simon Property Group, Inc. | 1989 | 405458 |
| **Semiconductors and Semiconductor Equipment — 7.7%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 2001 | 400620 |
| Analog Devices, Inc. | 7448 | 2649924 |
| Applied Materials, Inc. | 7469 | 2780709 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 3137 | 442693 |
| KLA Corp. | 330 | 503101 |
| Lam Research Corp. | 11448 | 2677573 |
| Micron Technology, Inc. | 1516 | 625153 |
| ON Semiconductor Corp.<sup>(1)</sup> | 5796 | 385318 |
| Qorvo, Inc.<sup>(1)</sup> | 16554 | 1372327 |
| QUALCOMM, Inc. | 50462 | 7183770 |
| Skyworks Solutions, Inc. | 20011 | 1192255 |
| Texas Instruments, Inc. | 20052 | 4253230 |
| Universal Display Corp. | 3849 | 410650 |
|  |  | 24877323 |
| **Software — 2.6%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 10174 | 2669759 |
| Docusign, Inc.<sup>(1)</sup> | 9005 | 405855 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 15720 | 392843 |
| Microsoft Corp. | 1008 | 395882 |
| Pegasystems, Inc. | 8831 | 386180 |
| Salesforce, Inc. | 17306 | 3371036 |
| Workday, Inc., Class A<sup>(1)</sup> | 2907 | 388840 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 4436 | 327998 |
|  |  | 8338393 |
| **Specialized REITs — 0.1%** |  |  |
| Public Storage | 1313 | 403170 |
| **Specialty Retail — 4.8%** |  |  |
| Best Buy Co., Inc. | 16581 | 1027525 |
| Chewy, Inc., Class A<sup>(1)</sup> | 15144 | 415248 |
| Gap, Inc. | 27845 | 780774 |
| Home Depot, Inc. | 13623 | 5186549 |
| Lowe's Cos., Inc. | 23013 | 6088549 |
| TJX Cos., Inc. | 5063 | 818485 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 6090 | 403158 |
| Williams-Sonoma, Inc. | 3859 | 793603 |
|  |  | 15513891 |
| **Technology Hardware, Storage and Peripherals — 2.4%** |  |  |
| Apple, Inc. | 16653 | 4399390 |
| Dell Technologies, Inc., Class C | 3276 | 485110 |
| HP, Inc. | 21547 | 409177 |
| NetApp, Inc. | 23452 | 2322452 |
|  |  | 7616129 |
| **Textiles, Apparel and Luxury Goods — 1.5%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 4004 | 363203 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2139 | 396079 |
| NIKE, Inc., Class B | 61247 | 3808338 |
| Ralph Lauren Corp. | 1040 | 377104 |
|  |  | 4944724 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Tobacco — 1.3%** | | |
| Altria Group, Inc. | 59280 | $4092691 |
| **Trading Companies and Distributors — 0.5%** |  |  |
| MSC Industrial Direct Co., Inc., Class A | 17070 | 1601849 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| T-Mobile U.S., Inc. | 1859 | 403570 |
| **TOTAL COMMON STOCKS**<br>(Cost $294,488,003) |  | **321568504** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds — 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 654816 | 654816 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 786824 | 786824 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,441,640) |  | **1441640** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $295,929,643) |  | **323010144** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(758626)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**322251518** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $771,017. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $786,824.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Quality Diversified International ETF** | **Small Cap Growth Insights ETF** |
| **Assets** | | |
| Investment securities, at value | $549119177 | $8955251 |
| Investment made with cash collateral received for securities on loan, at value | 23611958 |  |
| Foreign currency holdings, at value | 52799 |  |
| Dividends and interest receivable | 1223309 | 2425 |
| Securities lending receivable | 4681 |  |
|  | 574011924 | 8957676 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 23611958 |  |
| Payable for investments purchased | 101 |  |
| Accrued management fees | 159658 | 3208 |
|  | 23771717 | 3208 |
| **Net Assets** | $550240207 | $8954468 |
| Shares outstanding (unlimited number of shares authorized) | 7800000 | 212500 |
| **Net Asset Value Per Share** | $70.54 | $42.14 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $469331074 | $8693764 |
| Distributable earnings (loss) | 80909133 | 260704 |
|  | $550240207 | $8954468 |
| Investment securities, at cost | $427731723 | $8505272 |
| Investment securities on loan, at value | $32295140 |  |
| Investment made with cash collateral received for securities on loan, at cost | $23611958 |  |
| Foreign currency holdings, at cost | $52578 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Small Cap Value Insights ETF** | **U.S. Quality Growth ETF** |
| **Assets** | | |
| Investment securities, at value | $8796548 | $2126231862 |
| Investment made with cash collateral received for securities on loan, at value |  | 987690 |
| Receivable for investments sold |  | 813471221 |
| Receivable for capital shares sold |  | 83126175 |
| Dividends and interest receivable | 11299 | 964368 |
| Securities lending receivable |  | 303 |
|  | 8807847 | 3024781619 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 987690 |
| Payable for investments purchased |  | 811337866 |
| Payable for capital shares redeemed |  | 83369625 |
| Accrued management fees | 3263 | 474091 |
|  | 3263 | 896169272 |
| **Net Assets** | $8804584 | $2128612347 |
| Shares outstanding (unlimited number of shares authorized) | 200000 | 19150000 |
| **Net Asset Value Per Share** | $44.02 | $111.15 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $8231734 | $2052902419 |
| Distributable earnings (loss) | 572850 | 75709928 |
|  | $8804584 | $2128612347 |
| Investment securities, at cost | $8251605 | $1935114995 |
| Investment securities on loan, at value |  | $968081 |
| Investment made with cash collateral received for securities on loan, at cost |  | $987690 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **U.S. Quality Value ETF** |
| **Assets** | |
| Investment securities, at value | $322223320 |
| Investment made with cash collateral received for securities on loan, at value | 786824 |
| Receivable for investments sold | 94138874 |
| Receivable for capital shares sold | 51798260 |
| Dividends and interest receivable | 324099 |
| Securities lending receivable | 116 |
|  | 469271493 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 786824 |
| Payable for investments purchased | 106313950 |
| Payable for capital shares redeemed | 39849628 |
| Accrued management fees | 69573 |
|  | 147019975 |
| **Net Assets** | $322251518 |
| Shares outstanding (unlimited number of shares authorized) | 4650000 |
| **Net Asset Value Per Share** | $69.30 |
| **Net Assets Consist of:** |  |
| Capital paid in | $339389924 |
| Distributable earnings (loss) | (17138406) |
|  | $322251518 |
| Investment securities, at cost | $295142819 |
| Investment securities on loan, at value | $771017 |
| Investment made with cash collateral received for securities on loan, at cost | $786824 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** |
| | **Quality Diversified International ETF** | **Small Cap Growth Insights ETF**<sup>(1)</sup> |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $3630617 | $8041 |
| Securities lending, net | 46114 |  |
| Interest | 38933 | 218 |
| Less foreign taxes withheld | (302289) | (62) |
|  | 3413375 | 8197 |
| **Expenses:** |  |  |
| Management fees | 859697 | 12611 |
| Trustees' fees and expenses | 1810 | 24 |
|  | 861507 | 12635 |
| **Net investment income (loss)** | 2551868 | (4438) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 20071797 | (184849) |
| Foreign currency translation transactions | (12167) | 12 |
|  | 20059630 | (184837) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 60148654 | 449979 |
| Translation of assets and liabilities in foreign currencies | (339) |  |
|  | 60148315 | 449979 |
| **Net realized and unrealized gain (loss)** | 80207945 | 265142 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $82759813 | $260704 |

---

(1)October 14, 2025 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** |
| | **Small Cap Value Insights ETF**<sup>(1)</sup> | **U.S. Quality Growth ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $49357 | $5847265 |
| Securities lending, net |  | 3339 |
| Interest | 222 | 78763 |
| Less foreign taxes withheld | (5) |  |
|  | 49574 | 5929367 |
| **Expenses:** |  |  |
| Management fees | 12588 | 3071747 |
| Trustees' fees and expenses | 24 | 8936 |
|  | 12612 | 3080683 |
| **Net investment income (loss)** | 36962 | 2848684 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 19448 | 11215489 |
| Change in net unrealized appreciation (depreciation) on investments | 544943 | (11064544) |
| **Net realized and unrealized gain (loss)** | 564391 | 150945 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $601353 | $2999629 |

---

(1)October 14, 2025 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **U.S. Quality Value ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $3072142 |
| Securities lending, net | 668 |
| Interest | 16997 |
|  | 3089807 |
| **Expenses:** |  |
| Management fees | 401868 |
| Trustees' fees and expenses | 1145 |
|  | 403013 |
| **Net investment income (loss)** | 2686794 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on investment transactions | 7703151 |
| Change in net unrealized appreciation (depreciation) on investments | 15022953 |
| **Net realized and unrealized gain (loss)** | 22726104 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $25412898 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Small Cap Growth Insights ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026**<sup>(1)</sup> |
| **Operations** | **Operations** | **Operations** | |
| Net investment income (loss) | $2551868 | $7782568 | $(4438) |
| Net realized gain (loss) | 20059630 | 21803677 | (184837) |
| Change in net unrealized appreciation (depreciation) | 60148315 | 29287903 | 449979 |
| Net increase (decrease) in net assets resulting from operations | 82759813 | 58874148 | 260704 |
| **Distributions to Shareholders** |  |  |  |
| From earnings | (5426330) | (8555820) |  |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares sold | 134849311 | 258113986 | 8693764 |
| Payments for shares redeemed | (62288775) | (121886140) |  |
| Other capital |  | 4771 |  |
| Net increase (decrease) in net assets from capital share transactions | 72560536 | 136232617 | 8693764 |
| **Net increase (decrease) in net assets** | 149894019 | 186550945 | 8954468 |
| **Net Assets** |  |  |  |
| Beginning of period | 400346188 | 213795243 |  |
| End of period | $550240207 | $400346188 | $8954468 |
| **Transactions in Shares of the Funds** |  |  |  |
| Sold | 2100000 | 4850000 | 212500 |
| Redeemed | (1000000) | (2300000) |  |
| Net increase (decrease) in shares of the funds | 1100000 | 2550000 | 212500 |

---

(1)October 14, 2025 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Small Cap Value Insights ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026**<sup>(1)</sup> | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | | |
| Net investment income (loss) | $36962 | $2848684 | $3627466 |
| Net realized gain (loss) | 19448 | 11215489 | 164014287 |
| Change in net unrealized appreciation (depreciation) | 544943 | (11064544) | 103533579 |
| Net increase (decrease) in net assets resulting from operations | 601353 | 2999629 | 271175332 |
| **Distributions to Shareholders** |  |  |  |
| From earnings | (28503) | (2373480) | (3257443) |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares sold | 8231734 | 472057178 | 1508919784 |
| Payments for shares redeemed |  | (245104498) | (736178652) |
| Net increase (decrease) in net assets from capital share transactions | 8231734 | 226952680 | 772741132 |
| **Net increase (decrease) in net assets** | 8804584 | 227578829 | 1040659021 |
| **Net Assets** |  |  |  |
| Beginning of period |  | 1901033518 | 860374497 |
| End of period | $8804584 | $2128612347 | $1901033518 |
| **Transactions in Shares of the Funds** |  |  |  |
| Sold | 200000 | 4150000 | 14725000 |
| Redeemed |  | (2200000) | (7200000) |
| Net increase (decrease) in shares of the funds | 200000 | 1950000 | 7525000 |

---

(1)October 14, 2025 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $2686794 | $4508982 |
| Net realized gain (loss) | 7703151 | 27196228 |
| Change in net unrealized appreciation (depreciation) | 15022953 | (13720527) |
| Net increase (decrease) in net assets resulting from operations | 25412898 | 17984683 |
| **Distributions to Shareholders** |  |  |
| From earnings | (2700483) | (4295812) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 98013738 | 175006408 |
| Payments for shares redeemed | (52780335) | (170358345) |
| Net increase (decrease) in net assets from capital share transactions | 45233403 | 4648063 |
| **Net increase (decrease) in net assets** | 67945818 | 18336934 |
| **Net Assets** |  |  |
| Beginning of period | 254305700 | 235968766 |
| End of period | $322251518 | $254305700 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 1450000 | 2800000 |
| Redeemed | (775000) | (2700000) |
| Net increase (decrease) in shares of the funds | 675000 | 100000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Herein Referenced As** | **Ticker** | **Exchange** |
| American Century Quality Diversified International ETF | Quality Diversified International ETF | QINT | NYSE Arca, Inc. |
| American Century Small Cap Growth Insights ETF | Small Cap Growth Insights ETF | ACSG | Cboe BZX Exchange, Inc. |
| American Century Small Cap Value Insights ETF  | Small Cap Value Insights ETF | ACSV | Cboe BZX Exchange, Inc. |
| American Century U.S. Quality Growth ETF | U.S. Quality Growth ETF | QGRO | NYSE Arca, Inc. |
| American Century U.S. Quality Value ETF | U.S. Quality Value ETF | VALQ | NYSE Arca, Inc. |

---

American Century Small Cap Growth Insights ETF and American Century Small Cap Value Insights ETF incepted on October 14, 2025.

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Prior to January 1, 2026, Quality Diversified International ETF distributions from net investment income were declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

------

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee is as follows:

---

| | |
|:---|:---|
| | **Annual Management Fee** |
| Quality Diversified International ETF | 0.39%<sup>(1)</sup> |
| Small Cap Growth Insights ETF | 0.49% |
| Small Cap Value Insights ETF | 0.49% |
| U.S. Quality Growth ETF | 0.29% |
| U.S. Quality Value ETF | 0.29% |

---

(1) Effective March 13, 2026, the investment advisor agreed to waive 0.06% of the fund's management fee. The investment advisor expects this waiver to continue until March 31, 2027, and cannot terminate it prior to such date without the approval of the Board of Trustees.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund.

Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Quality Diversified International ETF | American Century Strategic Asset Allocations, Inc. | 13% |
| Small Cap Growth Insights ETF | American Century Investment Management, Inc. (ACIM) | 59% |
| Small Cap Value Insights ETF | American Century Investment Management, Inc. (ACIM) | 63% |
| U.S. Quality Value ETF | American Century Strategic Asset Allocations, Inc. | 40% |

---

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quality Diversified International ETF** | **Small Cap Growth Insights ETF**<sup>(1)</sup> | **Small Cap Value Insights ETF**<sup>(1)</sup> | **U.S. Quality Growth ETF** | **U.S. Quality Value ETF** |
| Purchases | $219624668 | $2546092 | $2119794 | $1457082510 | $200979622 |
| Sales | $150550820 | $2380364 | $2080713 | $1455353046 | $198130640 |

---

(1)October 14, 2025 (fund inception) through February 28, 2026.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In kind<br>Subscriptions** | **In kind<br>Redemptions** | **In kind<br>Net Realized<br>Gain/(Loss)\*** |
| Quality Diversified International ETF | $61314597 | $60951486 | $18949425 |
| Small Cap Growth Insights ETF<sup>(1)</sup> | $8530539 |  |  |
| Small Cap Value Insights ETF<sup>(1)</sup> | $8171948 |  |  |
| U.S. Quality Growth ETF | $467148006 | $241524802 | $76484927 |
| U.S. Quality Value ETF | $93119161 | $50733679 | $15508041 |

---

\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)October 14, 2025 (fund inception) through February 28, 2026.

------

**5. Capital Share Transactions** 

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

**6. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

**7. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Quality Diversified International ETF** | **Small Cap Growth Insights ETF** | **Small Cap Value Insights ETF** |
| Federal tax cost of investments | $453181968 | $8521902 | $8262104 |
| Gross tax appreciation of investments | $130431713 | $1004358 | $850280 |
| Gross tax depreciation of investments | (10882546) | (571009) | (315836) |
| Net tax appreciation (depreciation) of investments | $119549167 | $433349 | $534444 |

---

---

| | | |
|:---|:---|:---|
| | **U.S. Quality Growth ETF** | **U.S. Quality Value ETF** |
| Federal tax cost of investments | $1942115954 | $297974997 |
| Gross tax appreciation of investments | $258694481 | $31838229 |
| Gross tax depreciation of investments | (73590883) | (6803082) |
| Net tax appreciation (depreciation) of investments | $185103598 | $25035147 |

---

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

---

| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Quality Diversified International ETF | $(46280411) | $(10914169) |
| U.S. Quality Growth ETF | $(110961179) | $(11164903) |
| U.S. Quality Value ETF | $(41793480) | $(8127912) |

---

------

Financial Highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** | **Quality Diversified International ETF** |
| 2026<sup>(4)</sup> | $59.75 | 0.37 | 11.23 | 11.60 | (0.81) |  | $70.54 | 19.57% | 0.39% | 1.16% | 34% | $550240 |
| 2025 | $51.52 | 1.49 | 8.27 | 9.76 | (1.53) | 0.00<sup>(5)</sup> | $59.75 | 19.36% | 0.40% | 2.79% | 71% | $400346 |
| 2024 | $44.09 | 1.28 | 7.79 | 9.07 | (1.64) |  | $51.52 | 20.91% | 0.39% | 2.73% | 78% | $213795 |
| 2023 | $38.43 | 1.38 | 5.72 | 7.10 | (1.44) |  | $44.09 | 18.67% | 0.39% | 3.31% | 119% | $213840 |
| 2022 | $52.76 | 1.45 | (14.40) | (12.95) | (1.38) |  | $38.43 | (24.82)% | 0.39% | 3.15% | 108% | $190249 |
| 2021 | $43.09 | 1.17 | 9.56 | 10.73 | (1.06) |  | $52.76 | 25.04% | 0.39% | 2.37% | 107% | $208421 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** | **Small Cap Growth Insights ETF** |
| 2026<sup>(3)</sup> | $40.49 | (0.03) | 1.68 | 1.65 | $42.14 | 4.07% | 0.49% | (0.18)% | 35% | $8954 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)October 14, 2025 (fund inception) through February 28, 2026 (unaudited).

(4)Excludes securities received or delivered in kind.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** | **Small Cap Value Insights ETF** |
| 2026<sup>(3)</sup> | $40.76 | 0.23 | 3.21 | 3.44 | (0.18) | $44.02 | 8.46% | 0.49% | 1.46% | 31% | $8805 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)October 14, 2025 (fund inception) through February 28, 2026 (unaudited).

(4)Excludes securities received or delivered in kind.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** | **U.S. Quality Growth ETF** |
| 2026<sup>(4)</sup> | $110.53 | 0.15 | 0.60 | 0.75 | (0.13) | $111.15 | 0.68% | 0.29% | 0.27% | 69% | $2128612 |
| 2025 | $88.93 | 0.28 | 21.58 | 21.86 | (0.26) | $110.53 | 24.61% | 0.29% | 0.28% | 165% | $1901034 |
| 2024 | $70.12 | 0.27 | 18.82 | 19.09 | (0.28) | $88.93 | 27.27% | 0.29% | 0.34% | 172% | $860374 |
| 2023 | $60.26 | 0.36 | 9.82 | 10.18 | (0.32) | $70.12 | 16.96% | 0.29% | 0.56% | 203% | $671408 |
| 2022 | $75.48 | 0.30 | (15.26) | (14.96) | (0.26) | $60.26 | (19.83)% | 0.29% | 0.45% | 153% | $259133 |
| 2021 | $55.96 | 0.23 | 19.44 | 19.67 | (0.15) | $75.48 | 35.20% | 0.29% | 0.36% | 162% | $258522 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** |
| 2026<sup>(4)</sup> | $63.98 | 0.63 | 5.34 | 5.97 | (0.65) | $69.30 | 9.40% | 0.29% | 1.94% | 71% | $322252 |
| 2025 | $60.90 | 1.14 | 3.03 | 4.17 | (1.09) | $63.98 | 6.94% | 0.29% | 1.85% | 147% | $254306 |
| 2024 | $50.36 | 0.88 | 10.55 | 11.43 | (0.89) | $60.90 | 22.91% | 0.29% | 1.64% | 126% | $235969 |
| 2023 | $46.81 | 1.18 | 3.59 | 4.77 | (1.22) | $50.36 | 10.40% | 0.29% | 2.47% | 187% | $214026 |
| 2022 | $51.82 | 1.19 | (5.14) | (3.95) | (1.06) | $46.81 | (7.70)% | 0.29% | 2.36% | 118% | $203645 |
| 2021 | $38.76 | 0.83 | 13.02 | 13.85 | (0.79) | $51.82 | 36.16% | 0.29% | 1.81% | 147% | $255219 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Approval of Management Agreement

**American Century Small Cap Growth Insights ETF**

**American Century Small Cap Value Insights ETF**

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the American Century Small Cap Growth Insights ETF and American Century Small Cap Value Insights ETF (collectively the "New Funds"). Under the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund's independent Trustees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management and other services to be provided to the New Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each New Fund's proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each New Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the New Funds.

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

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

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

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96949 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96949 2604** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> Inflation Focused Equity ETF (AVIE) |
| Avantis<sup>®</sup> Real Estate ETF (AVRE) |
| Avantis<sup>®</sup> Responsible U.S. Equity ETF (AVSU) |
| Avantis<sup>®</sup> Total Equity Markets ETF (AVTM) |
| Avantis<sup>®</sup> U.S. Equity ETF (AVUS) |
| Avantis<sup>®</sup> U.S. Large Cap Equity ETF (AVLC) |
| Avantis<sup>®</sup> U.S. Large Cap Value ETF (AVLV) |
| Avantis<sup>®</sup> U.S. Mid Cap Equity ETF (AVMC) |
| Avantis<sup>®</sup> U.S. Mid Cap Value ETF (AVMV) |
| Avantis<sup>®</sup> U.S. Quality ETF (AVUQ) |
| Avantis<sup>®</sup> U.S. Small Cap Equity ETF (AVSC) |
| Avantis<sup>®</sup> U.S. Small Cap Value ETF (AVUV) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_397) |
| Statements of Assets and Liabilities | [249](#iba273e868b7e4566bd70f1811bd23032_424) |
| Statements of Operations | [255](#iba273e868b7e4566bd70f1811bd23032_427) |
| Statements of Changes in Net Assets | [261](#iba273e868b7e4566bd70f1811bd23032_430) |
| Notes to Financial Statements | [267](#iba273e868b7e4566bd70f1811bd23032_433) |
| Financial Highlights | [272](#iba273e868b7e4566bd70f1811bd23032_436) |
| Approval of Management Agreement | [284](#iba273e868b7e4566bd70f1811bd23032_445) |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.5%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.9%** |  |  |
| ATI, Inc.<sup>(1)</sup> | 258 | $42206 |
| Carpenter Technology Corp. | 108 | 42992 |
|  |  | 85198 |
| **Beverages — 6.1%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 12 | 2721 |
| Brown-Forman Corp., Class A | 54 | 1585 |
| Brown-Forman Corp., Class B | 276 | 7965 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 180 | 9650 |
| Coca-Cola Co. | 2276 | 185631 |
| Coca-Cola Consolidated, Inc. | 74 | 14978 |
| Constellation Brands, Inc., Class A | 122 | 19259 |
| Keurig Dr. Pepper, Inc. | 711 | 21529 |
| MGP Ingredients, Inc. | 25 | 475 |
| Molson Coors Beverage Co., Class B | 288 | 14109 |
| Monster Beverage Corp.<sup>(1)</sup> | 510 | 43503 |
| National Beverage Corp.<sup>(1)</sup> | 42 | 1527 |
| PepsiCo, Inc. | 1238 | 210138 |
| Primo Brands Corp., Class A | 282 | 6396 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 66 | 3832 |
|  |  | 543298 |
| **Biotechnology — 10.0%** |  |  |
| AbbVie, Inc. | 914 | 212121 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 117 | 2874 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 110 | 1713 |
| Alkermes PLC<sup>(1)</sup> | 169 | 5087 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 92 | 30629 |
| Amgen, Inc. | 336 | 130422 |
| Arcellx, Inc.<sup>(1)</sup> | 51 | 5803 |
| Atrium Therapeutics, Inc.<sup>(1)</sup> | 10 | 148 |
| Biogen, Inc.<sup>(1)</sup> | 116 | 22251 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 150 | 9259 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 174 | 11568 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 80 | 4811 |
| Cytokinetics, Inc.<sup>(1)</sup> | 114 | 7093 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 12 | 254 |
| Exact Sciences Corp.<sup>(1)</sup> | 147 | 15197 |
| Exelixis, Inc.<sup>(1)</sup> | 391 | 17227 |
| Gilead Sciences, Inc. | 918 | 136736 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 174 | 12098 |
| Incyte Corp.<sup>(1)</sup> | 162 | 16406 |
| Insmed, Inc.<sup>(1)</sup> | 114 | 17024 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 60 | 827 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 129 | 10468 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 6 | 1654 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 12 | 5184 |
| Moderna, Inc.<sup>(1)</sup> | 258 | 13821 |
| Natera, Inc.<sup>(1)</sup> | 108 | 22468 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 80 | 10580 |
| Regeneron Pharmaceuticals, Inc. | 66 | 51590 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Revolution Medicines, Inc.<sup>(1)</sup> | 146 | $14895 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 326 | 9434 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 75 | 1257 |
| TG Therapeutics, Inc.<sup>(1)</sup> | 93 | 2798 |
| United Therapeutics Corp.<sup>(1)</sup> | 48 | 24187 |
| Vaxcyte, Inc.<sup>(1)</sup> | 97 | 5989 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 130 | 64588 |
| Viking Therapeutics, Inc.<sup>(1)(2)</sup> | 48 | 1624 |
|  |  | 900085 |
| **Chemicals — 2.5%** |  |  |
| AdvanSix, Inc. | 36 | 642 |
| American Vanguard Corp.<sup>(1)</sup> | 66 | 304 |
| Cabot Corp. | 102 | 7766 |
| CF Industries Holdings, Inc. | 343 | 34142 |
| Chemours Co. | 338 | 6165 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 30 | 548 |
| Corteva, Inc. | 850 | 68102 |
| Dow, Inc. | 864 | 26551 |
| FMC Corp. | 224 | 3302 |
| Hawkins, Inc. | 39 | 5815 |
| Huntsman Corp. | 276 | 3491 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 18 | 666 |
| Koppers Holdings, Inc. | 50 | 1890 |
| Kronos Worldwide, Inc. | 60 | 349 |
| LSB Industries, Inc.<sup>(1)</sup> | 75 | 872 |
| LyondellBasell Industries NV, Class A | 420 | 24158 |
| Mativ Holdings, Inc. | 85 | 921 |
| Mosaic Co. | 763 | 21242 |
| Olin Corp. | 236 | 5987 |
| Orion SA | 145 | 825 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | 393 | 2480 |
| Scotts Miracle-Gro Co. | 79 | 5540 |
| Tronox Holdings PLC, Class A | 259 | 1937 |
| Westlake Corp. | 48 | 5058 |
|  |  | 228753 |
| **Energy Equipment and Services — 5.2%** |  |  |
| Archrock, Inc. | 367 | 12966 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 133 | 1281 |
| Baker Hughes Co. | 1338 | 87318 |
| Bristow Group, Inc.<sup>(1)</sup> | 54 | 2576 |
| Cactus, Inc., Class A | 140 | 7560 |
| Core Laboratories, Inc. | 79 | 1390 |
| DMC Global, Inc.<sup>(1)</sup> | 42 | 247 |
| Expro Group Holdings NV<sup>(1)</sup> | 188 | 3358 |
| Flowco Holdings, Inc., Class A | 78 | 1760 |
| Halliburton Co. | 966 | 34776 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 374 | 3437 |
| Helmerich & Payne, Inc. | 192 | 6762 |
| Innovex International, Inc.<sup>(1)</sup> | 78 | 2055 |
| Kodiak Gas Services, Inc. | 132 | 7203 |
| Liberty Energy, Inc., Class A | 354 | 9944 |
| Nabors Industries Ltd.<sup>(1)</sup> | 18 | 1406 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | 345 | 8642 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Noble Corp. PLC | 386 | $17536 |
| NOV, Inc. | 672 | 13615 |
| Oceaneering International, Inc.<sup>(1)</sup> | 366 | 12993 |
| Oil States International, Inc.<sup>(1)</sup> | 68 | 890 |
| Patterson-UTI Energy, Inc. | 746 | 6348 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 54 | 267 |
| ProPetro Holding Corp.<sup>(1)</sup> | 235 | 2851 |
| RPC, Inc. | 187 | 1087 |
| Seadrill Ltd.<sup>(1)</sup> | 198 | 8688 |
| Select Water Solutions, Inc., Class A | 183 | 2502 |
| SLB Ltd. | 1526 | 78345 |
| Solaris Energy Infrastructure, Inc., Class A | 66 | 3276 |
| TechnipFMC PLC | 1038 | 68830 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 240 | 2078 |
| Tidewater, Inc.<sup>(1)</sup> | 117 | 9292 |
| Transocean Ltd.<sup>(1)</sup> | 1434 | 9292 |
| Valaris Ltd.<sup>(1)</sup> | 114 | 10927 |
| Weatherford International PLC | 198 | 20881 |
|  |  | 462379 |
| **Financial Services — 6.2%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 1092 | 551406 |
| Cannae Holdings, Inc. | 116 | 1415 |
|  |  | 552821 |
| **Food Products — 1.2%** |  |  |
| Alico, Inc. | 24 | 991 |
| Archer-Daniels-Midland Co. | 696 | 48052 |
| Bunge Global SA | 240 | 28956 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 223 | 11854 |
| Fresh Del Monte Produce, Inc. | 90 | 3864 |
| Ingredion, Inc. | 114 | 13390 |
| Limoneira Co. | 31 | 437 |
|  |  | 107544 |
| **Health Care Providers and Services — 7.1%** |  |  |
| Accendra Health, Inc.<sup>(1)(2)</sup> | 115 | 278 |
| AdaptHealth Corp.<sup>(1)</sup> | 135 | 1235 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 243 | 4671 |
| Cardinal Health, Inc. | 366 | 83898 |
| Cencora, Inc. | 210 | 78149 |
| Centene Corp.<sup>(1)</sup> | 600 | 26928 |
| Clover Health Investments Corp.<sup>(1)</sup> | 825 | 1724 |
| Elevance Health, Inc. | 205 | 65600 |
| HealthEquity, Inc.<sup>(1)</sup> | 181 | 13845 |
| Henry Schein, Inc.<sup>(1)</sup> | 210 | 17302 |
| Humana, Inc. | 156 | 29724 |
| McKesson Corp. | 138 | 136257 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 84 | 12940 |
| Progyny, Inc.<sup>(1)</sup> | 188 | 3326 |
| UnitedHealth Group, Inc. | 536 | 157193 |
|  |  | 633070 |
| **Household Products — 6.1%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 18 | 705 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 103 | 3558 |
| Church & Dwight Co., Inc. | 282 | 29570 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Clorox Co. | 216 | $27467 |
| Colgate-Palmolive Co. | 913 | 90515 |
| Energizer Holdings, Inc. | 103 | 2224 |
| Kimberly-Clark Corp. | 498 | 55497 |
| Oil-Dri Corp. of America | 24 | 1628 |
| Procter & Gamble Co. | 1922 | 321358 |
| Reynolds Consumer Products, Inc. | 90 | 2233 |
| Spectrum Brands Holdings, Inc. | 54 | 4233 |
| WD-40 Co. | 24 | 5717 |
|  |  | 544705 |
| **Insurance — 10.0%** |  |  |
| Aflac, Inc. | 518 | 58498 |
| Allstate Corp. | 210 | 45049 |
| American Financial Group, Inc. | 68 | 9043 |
| American International Group, Inc. | 458 | 36864 |
| AMERISAFE, Inc. | 18 | 586 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 456 | 45668 |
| Assurant, Inc. | 48 | 11020 |
| Assured Guaranty Ltd. | 60 | 5173 |
| Axis Capital Holdings Ltd. | 108 | 11418 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 102 | 6118 |
| Chubb Ltd. | 200 | 68172 |
| Cincinnati Financial Corp. | 158 | 25909 |
| CNA Financial Corp. | 24 | 1152 |
| CNO Financial Group, Inc. | 102 | 4265 |
| Donegal Group, Inc., Class A | 42 | 740 |
| Employers Holdings, Inc. | 42 | 1737 |
| Erie Indemnity Co., Class A | 24 | 6467 |
| Everest Group Ltd. | 48 | 16104 |
| F&G Annuities & Life, Inc. | 30 | 679 |
| Fidelity National Financial, Inc. | 216 | 11422 |
| First American Financial Corp. | 90 | 6310 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 870 | 7343 |
| Globe Life, Inc. | 96 | 13945 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 78 | 1107 |
| Hanover Insurance Group, Inc. | 30 | 5419 |
| Hartford Insurance Group, Inc. | 396 | 55769 |
| Horace Mann Educators Corp. | 48 | 2088 |
| James River Group Holdings, Inc. | 42 | 294 |
| Kemper Corp. | 80 | 2586 |
| Kinsale Capital Group, Inc. | 30 | 11690 |
| Lemonade, Inc.<sup>(1)</sup> | 36 | 1863 |
| Lincoln National Corp. | 114 | 3910 |
| Loews Corp. | 198 | 21784 |
| Markel Group, Inc.<sup>(1)</sup> | 13 | 26942 |
| MBIA, Inc.<sup>(1)</sup> | 50 | 327 |
| Mercury General Corp. | 24 | 2174 |
| MetLife, Inc. | 476 | 34305 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 50 | 267 |
| Old Republic International Corp. | 384 | 16462 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 126 | 1719 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 36 | 4454 |
| Primerica, Inc. | 60 | 15220 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Principal Financial Group, Inc. | 204 | $19466 |
| ProAssurance Corp.<sup>(1)</sup> | 60 | 1473 |
| Progressive Corp. | 391 | 83541 |
| Prudential Financial, Inc. | 294 | 28924 |
| Reinsurance Group of America, Inc. | 92 | 19847 |
| RenaissanceRe Holdings Ltd. | 48 | 14518 |
| RLI Corp. | 80 | 4986 |
| Safety Insurance Group, Inc. | 13 | 1009 |
| Selective Insurance Group, Inc. | 49 | 4118 |
| SiriusPoint Ltd.<sup>(1)</sup> | 132 | 2790 |
| Stewart Information Services Corp. | 24 | 1704 |
| Tiptree, Inc. | 60 | 1022 |
| Travelers Cos., Inc. | 216 | 66666 |
| Trupanion, Inc.<sup>(1)</sup> | 24 | 637 |
| United Fire Group, Inc. | 20 | 777 |
| Universal Insurance Holdings, Inc. | 60 | 2110 |
| Unum Group | 187 | 13413 |
| W.R. Berkley Corp. | 332 | 23804 |
| White Mountains Insurance Group Ltd. | 1 | 2220 |
|  |  | 895087 |
| **Metals and Mining — 7.5%** |  |  |
| Alcoa Corp. | 248 | 15396 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 25 | 4066 |
| American Battery Technology Co.<sup>(1)</sup> | 318 | 1173 |
| Caledonia Mining Corp. PLC | 97 | 3079 |
| Century Aluminum Co.<sup>(1)</sup> | 127 | 6548 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 1010 | 10767 |
| Coeur Mining, Inc.<sup>(1)</sup> | 1203 | 32661 |
| Commercial Metals Co. | 216 | 15833 |
| Compass Minerals International, Inc.<sup>(1)(2)</sup> | 73 | 1840 |
| Contango ORE, Inc.<sup>(1)</sup> | 18 | 541 |
| Dakota Gold Corp.<sup>(1)</sup> | 216 | 1503 |
| Elevra Lithium Ltd., ADR<sup>(1)(2)</sup> | 8 | 475 |
| First Majestic Silver Corp. | 252 | 8067 |
| Freeport-McMoRan, Inc. | 2156 | 146781 |
| Hecla Mining Co. | 1218 | 30340 |
| Idaho Strategic Resources, Inc.<sup>(1)</sup> | 26 | 1120 |
| Ivanhoe Electric, Inc.<sup>(1)</sup> | 168 | 2888 |
| Kaiser Aluminum Corp. | 45 | 5856 |
| Materion Corp. | 70 | 11414 |
| McEwen, Inc.<sup>(1)</sup> | 177 | 5018 |
| Metallus, Inc.<sup>(1)</sup> | 85 | 1445 |
| MP Materials Corp.<sup>(1)(2)</sup> | 308 | 18132 |
| Newmont Corp. | 1039 | 135070 |
| Nucor Corp. | 378 | 66861 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 72 | 1090 |
| Ramaco Resources, Inc., Class B | 13 | 157 |
| Reliance, Inc. | 104 | 32827 |
| Royal Gold, Inc. | 109 | 32677 |
| Ryerson Holding Corp. | 113 | 2956 |
| Steel Dynamics, Inc. | 271 | 52338 |
| SunCoke Energy, Inc. | 253 | 1442 |
| TMC the metals Co., Inc.<sup>(1)</sup> | 378 | 2370 |

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------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tredegar Corp.<sup>(1)</sup> | 66 | $606 |
| U.S. Antimony Corp.<sup>(1)(2)</sup> | 217 | 1940 |
| Warrior Met Coal, Inc. | 120 | 9989 |
| Worthington Steel, Inc. | 199 | 8270 |
|  |  | 673536 |
| **Oil, Gas and Consumable Fuels — 23.0%** |  |  |
| Antero Midstream Corp. | 426 | 9576 |
| Antero Resources Corp.<sup>(1)</sup> | 387 | 14245 |
| APA Corp. | 673 | 20439 |
| Ardmore Shipping Corp. | 66 | 1081 |
| California Resources Corp. | 96 | 5649 |
| Calumet, Inc.<sup>(1)</sup> | 121 | 3262 |
| Centrus Energy Corp., Class A<sup>(1)</sup> | 18 | 3647 |
| Cheniere Energy, Inc. | 241 | 56811 |
| Chevron Corp. | 1440 | 268934 |
| Chord Energy Corp. | 54 | 5852 |
| CNX Resources Corp.<sup>(1)</sup> | 246 | 10278 |
| Comstock Resources, Inc.<sup>(1)</sup> | 111 | 2177 |
| ConocoPhillips | 1231 | 139669 |
| Core Natural Resources, Inc. | 79 | 6484 |
| Coterra Energy, Inc. | 1002 | 30651 |
| Crescent Energy Co., Class A | 354 | 4128 |
| CVR Energy, Inc.<sup>(1)</sup> | 48 | 1160 |
| Delek U.S. Holdings, Inc. | 96 | 3659 |
| Devon Energy Corp. | 774 | 33692 |
| DHT Holdings, Inc. | 204 | 3976 |
| Diamondback Energy, Inc. | 228 | 39690 |
| Dorian LPG Ltd. | 60 | 2219 |
| DT Midstream, Inc. | 114 | 15828 |
| EOG Resources, Inc. | 571 | 70850 |
| EQT Corp. | 710 | 43608 |
| Evolution Petroleum Corp. | 50 | 224 |
| Excelerate Energy, Inc., Class A | 30 | 1208 |
| Expand Energy Corp. | 312 | 33671 |
| Exxon Mobil Corp. | 3462 | 527955 |
| Golar LNG Ltd. | 145 | 6447 |
| Gran Tierra Energy, Inc.<sup>(1)</sup> | 56 | 338 |
| Granite Ridge Resources, Inc. | 103 | 521 |
| Green Plains, Inc.<sup>(1)</sup> | 78 | 1071 |
| Gulfport Energy Corp.<sup>(1)</sup> | 20 | 4173 |
| Hess Midstream LP, Class A | 54 | 2089 |
| HF Sinclair Corp. | 234 | 11702 |
| HighPeak Energy, Inc. | 30 | 156 |
| International Seaways, Inc. | 72 | 5438 |
| Kimbell Royalty Partners LP | 105 | 1506 |
| Kinder Morgan, Inc. | 1500 | 49905 |
| Kinetik Holdings, Inc. | 43 | 1956 |
| Magnolia Oil & Gas Corp., Class A | 222 | 6176 |
| Marathon Petroleum Corp. | 339 | 67193 |
| Matador Resources Co. | 150 | 7710 |
| Murphy Oil Corp. | 192 | 6365 |
| NextDecade Corp.<sup>(1)</sup> | 210 | 1132 |
| Nordic American Tankers Ltd. | 312 | 1788 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Northern Oil & Gas, Inc. | 132 | $3642 |
| Occidental Petroleum Corp. | 698 | 37050 |
| ONEOK, Inc. | 494 | 40888 |
| Ovintiv, Inc. | 306 | 15481 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 78 | 3328 |
| PBF Energy, Inc., Class A | 144 | 5126 |
| Peabody Energy Corp. | 206 | 6497 |
| Permian Resources Corp. | 950 | 17375 |
| Phillips 66 | 387 | 59726 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 308 | 6942 |
| Range Resources Corp. | 372 | 15356 |
| REX American Resources Corp.<sup>(1)</sup> | 48 | 1707 |
| Riley Exploration Permian, Inc. | 15 | 433 |
| Sable Offshore Corp.<sup>(1)</sup> | 63 | 520 |
| SandRidge Energy, Inc. | 54 | 947 |
| Scorpio Tankers, Inc. | 78 | 6168 |
| SFL Corp. Ltd. | 183 | 2015 |
| SM Energy Co. | 519 | 12004 |
| Talos Energy, Inc.<sup>(1)</sup> | 114 | 1397 |
| Targa Resources Corp. | 252 | 59422 |
| Teekay Corp. Ltd. | 174 | 2253 |
| Teekay Tankers Ltd., Class A | 38 | 2974 |
| Texas Pacific Land Corp. | 64 | 33555 |
| Uranium Energy Corp.<sup>(1)</sup> | 540 | 8278 |
| VAALCO Energy, Inc. | 158 | 814 |
| Valero Energy Corp. | 338 | 69168 |
| Viper Energy, Inc., Class A | 176 | 8191 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 37 | 714 |
| Williams Cos., Inc. | 1413 | 105579 |
| World Kinect Corp. | 66 | 1647 |
|  |  | 2065486 |
| **Pharmaceuticals — 10.3%** |  |  |
| Axsome Therapeutics, Inc.<sup>(1)</sup> | 18 | 2950 |
| Bristol-Myers Squibb Co. | 1038 | 64740 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 55 | 1963 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 82 | 3370 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 459 | 12118 |
| Eli Lilly & Co. | 334 | 351365 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 42 | 7981 |
| Johnson & Johnson | 847 | 210420 |
| Merck & Co., Inc. | 1009 | 124934 |
| Organon & Co. | 156 | 1137 |
| Perrigo Co. PLC | 74 | 978 |
| Pfizer, Inc. | 3026 | 83669 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 43 | 2980 |
| Royalty Pharma PLC, Class A | 198 | 9150 |
| Viatris, Inc. | 828 | 12362 |
| Zoetis, Inc. | 229 | 30022 |
|  |  | 920139 |
| **Specialized REITs — 0.4%** |  |  |
| Rayonier, Inc. | 549 | 11798 |
| Weyerhaeuser Co. | 1046 | 25658 |
|  |  | 37456 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage and Peripherals — 0.0%** |  |  |
| Quantum Computing, Inc.<sup>(1)(2)</sup> | 427 | $3591 |
| **Tobacco — 3.0%** |  |  |
| Altria Group, Inc. | 914 | 63102 |
| Philip Morris International, Inc. | 1071 | 200095 |
| Turning Point Brands, Inc. | 31 | 4247 |
| Universal Corp. | 36 | 1934 |
|  |  | 269378 |
| **Trading Companies and Distributors — 0.0%** |  |  |
| NPK International, Inc.<sup>(1)</sup> | 186 | 2684 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,704,800) |  | **8925210** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Akero Therapeutics, Inc.<sup>(1)</sup> | 90 | 58 |
| Blueprint Medicines Corp.<sup>(1)</sup> | 28 | 13 |
|  |  | 71 |
| **TOTAL RIGHTS**<br>(Cost $71) |  | **71** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 23653 | 23653 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 6579 | 6579 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $30,232) |  | **30232** |
| **TOTAL INVESTMENT SECURITIES — 99.8%**<br>(Cost $7,735,103) |  | **8955513** |
| **OTHER ASSETS AND LIABILITIES — 0.2%** |  | **15350** |
| **TOTAL NET ASSETS — 100.0%** |  | $**8970863** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $28,211. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $29,349, which includes securities collateral of $22,770.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Real Estate ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Data Center REITs — 8.5%** |  |  |
| DigiCo Infrastructure REIT<sup>(1)</sup> | 76426 | $111783 |
| Digital Core REIT Management Pte. Ltd. | 540300 | 278079 |
| Digital Realty Trust, Inc. | 134786 | 23884079 |
| Equinix, Inc. | 40849 | 39797547 |
| Fermi, Inc.<sup>(1)(2)</sup> | 11040 | 110069 |
| Keppel DC REIT | 859610 | 1568444 |
|  |  | 65750001 |
| **Diversified REITs — 8.5%** |  |  |
| Abrdn Property Income Trust Ltd. | 1146 | 29 |
| Activia Properties, Inc. | 366 | 350074 |
| AEW U.K. REIT PLC | 62096 | 92434 |
| AKIS Gayrimenkul Yatirimi AS | 519134 | 97218 |
| Alarko Gayrimenkul Yatirim Ortakligi AS | 892369 | 104054 |
| Alexander & Baldwin, Inc. | 28824 | 599251 |
| Argosy Property Ltd. | 167191 | 114213 |
| Asce Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 66287 | 16726 |
| Aspen Group Ltd. | 57841 | 256789 |
| Axis Real Estate Investment Trust | 403500 | 210395 |
| British Land Co. PLC | 451974 | 2484817 |
| Broadstone Net Lease, Inc. | 83933 | 1627461 |
| CENTRAL REIT Investment Corp. | 91 | 66518 |
| Centuria Capital Group | 345661 | 463716 |
| Charter Hall Group | 233102 | 3658674 |
| Charter Hall Long Wale REIT | 305973 | 818468 |
| Custodian Property Income REIT PLC | 207101 | 243298 |
| D&D Platform REIT Co. Ltd. | 117 | 257 |
| Daiwa House REIT Investment Corp.<sup>(1)</sup> | 2156 | 1835914 |
| ESCON Japan REIT Investment Corp. | 63 | 50135 |
| Essential Properties Realty Trust, Inc. | 81846 | 2777853 |
| Fairvest Ltd., Class B | 617146 | 292063 |
| Fibra Uno Administracion SA de CV | 1370281 | 2375833 |
| Fuzul Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 186912 | 55058 |
| GPT Group | 997106 | 3589562 |
| Growthpoint Properties Ltd. | 1609256 | 1900939 |
| H&R Real Estate Investment Trust | 79835 | 610446 |
| Hankyu Hanshin REIT, Inc. | 262 | 266103 |
| Heiwa Real Estate REIT, Inc. | 480 | 480985 |
| Hulic Reit, Inc.<sup>(1)</sup> | 140 | 154237 |
| Is Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 420045 | 208676 |
| KDX Realty Investment Corp. | 1944 | 2116077 |
| Kiler Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 330309 | 45450 |
| Land Securities Group PLC | 318472 | 2766802 |
| LondonMetric Property PLC | 1191523 | 3438905 |
| Mapletree Pan Asia Commercial Trust<sup>(1)</sup> | 978200 | 1097377 |
| Menivim- The New REIT Ltd. | 253653 | 167543 |
| Merlin Properties Socimi SA<sup>(1)</sup> | 191100 | 3374551 |
| Mirvac Group | 2027979 | 2957979 |
| Mori Trust Reit, Inc.<sup>(1)</sup> | 1115 | 554721 |
| NIPPON REIT Investment Corp. | 431 | 257482 |
| Nomura Real Estate Master Fund, Inc.<sup>(1)</sup> | 1867 | 1995747 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| NTT UD REIT Investment Corp.<sup>(1)</sup> | 667 | $618958 |
| Nurol Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 34906 | 7493 |
| Ozak Gayrimenkul Yatirim Ortakligi<sup>(2)</sup> | 327972 | 108573 |
| Peker Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 300420 | 88290 |
| PowerGrid Infrastructure Investment Trust | 366113 | 373000 |
| PRO Real Estate Investment Trust | 16 | 76 |
| Redefine Properties Ltd. | 2748117 | 1198800 |
| Reit 1 Ltd. | 151699 | 1133051 |
| SA Corporate Real Estate Ltd. | 1154722 | 288892 |
| Schroder Real Estate Investment Trust Ltd. | 262303 | 198497 |
| Sekisui House Reit, Inc. | 2316 | 1395719 |
| Sella Capital Real Estate Ltd. | 112093 | 327448 |
| Servet Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 800195 | 58923 |
| Shinhan Seobu T&D REIT Co. Ltd. | 6224 | 18950 |
| SK REITs Co. Ltd. | 80709 | 331613 |
| Stockland | 1262274 | 4590387 |
| Stoneweg Europe Stapled Trust | 5600 | 11248 |
| Stride Property Group<sup>(1)</sup> | 75141 | 54073 |
| Suntec Real Estate Investment Trust | 517000 | 580081 |
| Tera Yatirim Teknoloji Holding AS<sup>(2)</sup> | 1181100 | 379088 |
| Tokaido REIT, Inc. | 90 | 64929 |
| Tokyu REIT, Inc. | 400 | 539098 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 146290 | 283629 |
| Tosei REIT Investment Corp. | 40 | 38138 |
| United Urban Investment Corp. | 1379 | 1637569 |
| WP Carey, Inc. | 87043 | 6497760 |
| Ziraat Gayrimenkul Yatirim Ortakligi AS | 623489 | 323733 |
|  |  | 65722846 |
| **Health Care REITs — 12.7%** |  |  |
| Aedifica SA | 24901 | 2306394 |
| American Healthcare REIT, Inc. | 94947 | 4960031 |
| CareTrust REIT, Inc. | 108220 | 4395896 |
| Cofinimmo SA<sup>(1)</sup> | 19907 | 2178263 |
| First Real Estate Investment Trust | 508300 | 104649 |
| Health Care & Medical Investment Corp. | 150 | 124145 |
| Healthpeak Properties, Inc. | 101147 | 1788279 |
| LTC Properties, Inc. | 20278 | 804631 |
| National Health Investors, Inc. | 20407 | 1715617 |
| Omega Healthcare Investors, Inc. | 122591 | 5917468 |
| Parkway Life Real Estate Investment Trust | 278300 | 884579 |
| Primary Health Properties PLC | 806433 | 1176689 |
| Sabra Health Care REIT, Inc. | 99036 | 2035190 |
| Sila Realty Trust, Inc. | 24130 | 620865 |
| Target Healthcare REIT PLC | 345634 | 501397 |
| Universal Health Realty Income Trust | 3214 | 140195 |
| Ventas, Inc. | 190962 | 16453286 |
| Vital Healthcare Property Trust | 175365 | 203807 |
| Welltower, Inc. | 254589 | 52730474 |
|  |  | 99041855 |
| **Hotel & Resort REITs — 2.1%** |  |  |
| Akfen Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 1096169 | 72202 |
| Apple Hospitality REIT, Inc. | 86649 | 1062317 |
| CapitaLand Ascott Trust | 1419500 | 1087988 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CDL Hospitality Trusts<sup>(1)</sup> | 244400 | $166168 |
| DiamondRock Hospitality Co. | 83531 | 838651 |
| Far East Hospitality Trust | 506600 | 236391 |
| Hoshino Resorts REIT, Inc. | 308 | 534631 |
| Host Hotels & Resorts, Inc. | 275507 | 5397182 |
| Ichigo Hotel REIT Investment Corp. | 62 | 48532 |
| Invincible Investment Corp. | 2972 | 1261994 |
| Japan Hotel REIT Investment Corp. | 2817 | 1530097 |
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 473785 | 36921 |
| Nippon Hotel & Residential Investment Corp. | 50 | 24058 |
| Ryman Hospitality Properties, Inc. | 25273 | 2495709 |
| Sunstone Hotel Investors, Inc. | 95386 | 885182 |
| Xenia Hotels & Resorts, Inc. | 43953 | 671602 |
|  |  | 16349625 |
| **Industrial REITs — 17.0%** |  |  |
| AIMS APAC REIT | 272250 | 325111 |
| ARGAN SA | 3399 | 285235 |
| CapitaLand Ascendas REIT | 1683900 | 3577012 |
| Centuria Industrial REIT<sup>(1)</sup> | 280920 | 641676 |
| CRE Logistics REIT, Inc. | 289 | 304108 |
| Dexus Industria REIT<sup>(1)</sup> | 77491 | 142307 |
| Dream Industrial Real Estate Investment Trust | 78874 | 767895 |
| EastGroup Properties, Inc. | 23895 | 4690827 |
| Equites Property Fund Ltd. | 432818 | 519594 |
| ESR Kendall Square REIT Co. Ltd. | 151933 | 457034 |
| ESR-REIT | 269802 | 531020 |
| FIBRA Macquarie Mexico | 474622 | 1181732 |
| Fibra MTY SAPI de CV | 240600 | 205646 |
| First Industrial Realty Trust, Inc. | 56028 | 3537608 |
| Frasers Logistics & Commercial Trust | 1356900 | 1061629 |
| GLP J-Reit<sup>(1)</sup> | 2057 | 1844604 |
| Goodman Group | 967502 | 19901881 |
| Goodman Property Trust<sup>(1)</sup> | 537778 | 625771 |
| Granite Real Estate Investment Trust | 17200 | 1159697 |
| Industrial & Infrastructure Fund Investment Corp. | 822 | 799765 |
| Innovative Industrial Properties, Inc. | 13381 | 708658 |
| Japan Logistics Fund, Inc. | 1218 | 809038 |
| LaSalle Logiport REIT<sup>(1)</sup> | 903 | 890479 |
| Lineage, Inc. | 17470 | 707884 |
| LXP Industrial Trust | 25547 | 1266109 |
| Mapletree Industrial Trust<sup>(1)</sup> | 1107900 | 1784591 |
| Mapletree Logistics Trust<sup>(1)</sup> | 1562000 | 1592499 |
| Mitsubishi Estate Logistics REIT Investment Corp.<sup>(1)</sup> | 789 | 656927 |
| Mitsui Fudosan Logistics Park, Inc. | 1494 | 1125977 |
| Montea NV<sup>(1)</sup> | 9748 | 902232 |
| Nippon Prologis REIT, Inc. | 3053 | 1790690 |
| Prologis Property Mexico SA de CV | 640167 | 3156229 |
| Prologis, Inc. | 367621 | 52411726 |
| Rexford Industrial Realty, Inc. | 96071 | 3599780 |
| Reysas Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 233219 | 171864 |
| Segro PLC | 605830 | 6858215 |
| SOSiLA Logistics REIT, Inc. | 335 | 277869 |
| STAG Industrial, Inc. | 70028 | 2746498 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Terreno Realty Corp. | 45858 | $3029380 |
| Tritax Big Box REIT PLC | 1000284 | 2317472 |
| Warehouses De Pauw CVA | 95870 | 2944841 |
|  |  | 132309110 |
| **Multi-Family Residential REITs — 7.4%** |  |  |
| Adra Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 33798 | 41549 |
| Advance Residence Investment Corp. | 1349 | 1485159 |
| Altarea SCA<sup>(1)</sup> | 4155 | 630826 |
| AvalonBay Communities, Inc. | 59581 | 10559541 |
| Boardwalk Real Estate Investment Trust | 11781 | 564845 |
| BSR Real Estate Investment Trust | 13812 | 174973 |
| Camden Property Trust | 44831 | 4856991 |
| Canadian Apartment Properties REIT | 39687 | 1098044 |
| Care Property Invest NV<sup>(1)</sup> | 10176 | 165867 |
| Comforia Residential REIT, Inc. | 1134 | 815081 |
| Daiwa Securities Living Investments Corp. | 914 | 678155 |
| Elme Communities<sup>(1)</sup> | 211056 | 453770 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS<sup>(1)</sup> | 1076845 | 582210 |
| Equity Residential | 158272 | 10004373 |
| Essex Property Trust, Inc. | 26825 | 6843326 |
| European Residential Real Estate Investment Trust | 493 | 408 |
| Home Invest Belgium SA | 5946 | 135760 |
| Independence Realty Trust, Inc. | 93318 | 1546279 |
| Ingenia Communities Group | 201138 | 652462 |
| InterRent Real Estate Investment Trust | 44001 | 431929 |
| Irish Residential Properties REIT PLC | 329505 | 417952 |
| Killam Apartment Real Estate Investment Trust | 33074 | 409773 |
| Mid-America Apartment Communities, Inc. | 48198 | 6451784 |
| Minto Apartment Real Estate Investment Trust | 9446 | 121533 |
| Mitsui Fudosan Accommodations Fund, Inc.<sup>(1)</sup> | 1522 | 1344388 |
| Sinpas Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 289320 | 29791 |
| Social Housing Reit PLC | 115793 | 120600 |
| UDR, Inc. | 126339 | 4737713 |
| UNITE Group PLC | 218046 | 1478000 |
| Veris Residential, Inc. | 17459 | 329102 |
| Xior Student Housing NV<sup>(1)</sup> | 24 | 850 |
|  |  | 57163034 |
| **Office REITs — 4.0%** |  |  |
| Allied Properties Real Estate Investment Trust | 31 | 216 |
| AREIT, Inc. | 435310 | 317309 |
| Brookfield India Real Estate Trust | 83489 | 338829 |
| BXP, Inc. | 9810 | 564860 |
| Champion REIT | 680000 | 243052 |
| Colonial SFL Socimi SA | 142066 | 954029 |
| COPT Defense Properties | 18157 | 577029 |
| Cousins Properties, Inc. | 62743 | 1453128 |
| Cromwell Property Group | 597657 | 189284 |
| Daiwa Office Investment Corp. | 401 | 937202 |
| Derwent London PLC | 59612 | 1452062 |
| Dexus | 468700 | 2238109 |
| Embassy Office Parks REIT | 648662 | 3032961 |
| GDI Property Group Partnership | 12818 | 5746 |
| Gecina SA | 37670 | 3477803 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Global One Real Estate Investment Corp. | 144 | $129357 |
| Great Portland Estates PLC | 207652 | 970294 |
| Halk Gayrimenkul Yatirim Ortakligi AS | 59461 | 6563 |
| Ichigo Office REIT Investment Corp. | 133 | 84216 |
| Japan Excellent, Inc. | 523 | 510977 |
| Japan Prime Realty Investment Corp. | 1468 | 1001875 |
| Japan Real Estate Investment Corp. | 2981 | 2481971 |
| JR Global Reit | 124155 | 162411 |
| Keppel REIT | 1379491 | 1057296 |
| Knowledge Realty Trust | 93786 | 123673 |
| Mindspace Business Parks REIT | 150136 | 763185 |
| Mori Hills REIT Investment Corp. | 726 | 682916 |
| NET Lease Office Properties | 6137 | 83709 |
| Nippon Building Fund, Inc. | 3953 | 3677482 |
| NSI NV | 9402 | 212674 |
| Orix JREIT, Inc.<sup>(1)</sup> | 2554 | 1703300 |
| Postal Realty Trust, Inc., Class A | 5561 | 115280 |
| Precinct Properties Group | 549446 | 360885 |
| Real Commercial REIT, Inc. | 3528700 | 462805 |
| SL Green Realty Corp. | 11880 | 437778 |
| Vakif Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 1030224 | 63605 |
| Workspace Group PLC | 13549 | 78485 |
|  |  | 30952356 |
| **Other Specialized REITs — 5.2%** |  |  |
| Arena REIT | 213489 | 519801 |
| Automotive Properties Real Estate Investment Trust | 5620 | 48123 |
| Charter Hall Social Infrastructure REIT | 171326 | 350850 |
| EPR Properties | 20996 | 1247372 |
| Farmland Partners, Inc. | 16851 | 219737 |
| Four Corners Property Trust, Inc. | 39616 | 1011000 |
| Gaming & Leisure Properties, Inc. | 101153 | 4947393 |
| Iron Mountain, Inc. | 117081 | 12683385 |
| Koramco Life Infra Reit Co. Ltd. | 14920 | 47536 |
| Lamar Advertising Co., Class A | 35716 | 4919522 |
| Millrose Properties, Inc. | 62543 | 1961349 |
| Rural Funds Trust | 20828 | 31704 |
| VICI Properties, Inc. | 412678 | 12467002 |
|  |  | 40454774 |
| **Retail REITs — 18.1%** |  |  |
| Acadia Realty Trust | 40005 | 836905 |
| AEON REIT Investment Corp. | 723 | 632867 |
| Agree Realty Corp. | 47277 | 3804853 |
| Brixmor Property Group, Inc. | 67823 | 2053002 |
| BWP Property Group Ltd. | 291992 | 802506 |
| CapitaLand Integrated Commercial Trust | 2871766 | 5555976 |
| Carmila SA<sup>(2)</sup> | 46756 | 1020300 |
| Charter Hall Retail REIT | 272296 | 784353 |
| Choice Properties Real Estate Investment Trust | 92033 | 1070081 |
| Crombie Real Estate Investment Trust | 25066 | 300634 |
| CT Real Estate Investment Trust | 29457 | 371438 |
| Curbline Properties Corp. | 43092 | 1198389 |
| Eurocommercial Properties NV | 21000 | 705843 |
| Federal Realty Investment Trust | 32888 | 3577228 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| First Capital Real Estate Investment Trust | 58319 | $914514 |
| Fortune Real Estate Investment Trust | 520000 | 361063 |
| Frasers Centrepoint Trust | 652729 | 1181561 |
| Frontier Real Estate Investment Corp. | 1452 | 832364 |
| Fukuoka REIT Corp.<sup>(1)</sup> | 351 | 418072 |
| Getty Realty Corp. | 20463 | 671596 |
| Hamborner REIT AG | 107246 | 605746 |
| Hammerson PLC | 125149 | 619564 |
| HMC Capital Ltd.<sup>(1)</sup> | 118007 | 233301 |
| HomeCo Daily Needs REIT | 820311 | 761492 |
| Hyprop Investments Ltd. | 220999 | 893471 |
| IGB Real Estate Investment Trust | 966700 | 715248 |
| InvenTrust Properties Corp. | 31986 | 997963 |
| Japan Metropolitan Fund Invest<sup>(1)</sup> | 1713 | 1335985 |
| Kimco Realty Corp. | 253221 | 5963355 |
| Kite Realty Group Trust | 85297 | 2221987 |
| Kiwi Property Group Ltd. | 279851 | 168482 |
| Klepierre SA | 159816 | 6725624 |
| Lendlease Global Commercial REIT | 1152095 | 523024 |
| Link REIT | 1465311 | 7244328 |
| LOTTE REIT Co. Ltd. | 106439 | 358781 |
| Mercialys SA | 75186 | 1088744 |
| NETSTREIT Corp.<sup>(1)</sup> | 36077 | 749319 |
| NewRiver REIT PLC<sup>(1)</sup> | 109378 | 118384 |
| Nexus Select Trust | 97510 | 173390 |
| NNN REIT, Inc. | 71554 | 3242827 |
| Pavilion Real Estate Investment Trust<sup>(1)</sup> | 947900 | 474834 |
| Phillips Edison & Co., Inc. | 51032 | 2004537 |
| Primaris Real Estate Investment Trust | 28528 | 381893 |
| Realty Income Corp. | 340662 | 22824354 |
| Regency Centers Corp. | 76121 | 6013559 |
| Region Group | 539829 | 887416 |
| Resilient REIT Ltd. | 178216 | 1001765 |
| Retail Estates NV | 7013 | 570453 |
| RioCan Real Estate Investment Trust | 71184 | 1029625 |
| Ronesans Gayrimenkul Yatirim AS | 38293 | 146196 |
| Sasseur Real Estate Investment Trust | 231600 | 125423 |
| Scentre Group | 917128 | 2492976 |
| Shaftesbury Capital PLC | 732522 | 1521266 |
| Simon Property Group, Inc. | 127794 | 26050807 |
| SITE Centers Corp. | 13684 | 84293 |
| SmartCentres Real Estate Investment Trust | 34448 | 701309 |
| Starhill Global REIT | 608509 | 271805 |
| Sunway Real Estate Investment Trust | 886500 | 566954 |
| Supermarket Income REIT PLC | 512694 | 611027 |
| Tanger, Inc. | 46261 | 1714433 |
| Unibail-Rodamco-Westfield | 22066 | 2764597 |
| Urban Edge Properties | 49515 | 1052194 |
| Vastned NV<sup>(2)</sup> | 1399 | 51572 |
| Vicinity Ltd. | 1927297 | 3359456 |
| Vukile Property Fund Ltd. | 711389 | 1135736 |
| Waypoint REIT Ltd. | 349713 | 634636 |
| Wereldhave NV<sup>(1)</sup> | 17925 | 493126 |
|  |  | 140800802 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Self Storage REITs — 5.6%** |  |  |
| Big Yellow Group PLC | 107451 | $1500109 |
| CubeSmart | 92893 | 3821618 |
| Extra Space Storage, Inc. | 84788 | 12805532 |
| National Storage REIT | 723072 | 1430171 |
| Public Storage | 69800 | 21432788 |
| Safestore Holdings PLC | 96990 | 1037524 |
| Shurgard Self Storage Ltd. | 21238 | 699872 |
| Smartstop Self Storage REIT, Inc. | 22512 | 750775 |
| Stor-Age Property REIT Ltd. | 161518 | 194561 |
|  |  | 43672950 |
| **Single-Family Residential REITs — 2.9%** |  |  |
| American Homes 4 Rent, Class A | 130913 | 3927390 |
| Equity LifeStyle Properties, Inc. | 80797 | 5426327 |
| Flagship Communities REIT | 999 | 19680 |
| Invitation Homes, Inc. | 223199 | 5879062 |
| PRS REIT PLC<sup>(2)</sup> | 240168 | 155034 |
| Sun Communities, Inc. | 51607 | 7042291 |
| UMH Properties, Inc. | 28819 | 434591 |
|  |  | 22884375 |
| **Telecom Tower REITs — 7.6%** |  |  |
| American Tower Corp. | 183010 | 35112299 |
| Crown Castle, Inc. | 166698 | 14926139 |
| SBA Communications Corp. | 45644 | 9181747 |
|  |  | 59220185 |
| **TOTAL COMMON STOCKS**<br>(Cost $704,492,096) |  | **774321913** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1188532 | 1188532 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 3387415 | 3387415 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,575,947) |  | **4575947** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $709,068,043) |  | **778897860** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(1637792)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**777260068** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CVA | – | Certificaten Van Aandelen |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $15,391,624. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $16,196,770, which includes securities collateral of $12,809,355.

------

Schedule of Investments - Avantis Real Estate ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;Data Center REITs | $63791695 | $1958306 |  |
| &nbsp;&nbsp;Diversified REITs | 11502325 | 54220521 |  |
| &nbsp;&nbsp;Health Care REITs | 91561932 | 7479923 |  |
| &nbsp;&nbsp;Hotel & Resort REITs | 11350643 | 4998982 |  |
| &nbsp;&nbsp;Industrial REITs | 72698470 | 59610640 |  |
| &nbsp;&nbsp;Multi-Family Residential REITs | 45782879 | 11380155 |  |
| &nbsp;&nbsp;Office REITs | 3231784 | 27720572 |  |
| &nbsp;&nbsp;Other Specialized REITs | 39456760 | 998014 |  |
| &nbsp;&nbsp;Retail REITs | 85061601 | 55739201 |  |
| &nbsp;&nbsp;Self Storage REITs | 38810713 | 4862237 |  |
| &nbsp;&nbsp;Single-Family Residential REITs | 22709661 | 174714 |  |
| &nbsp;&nbsp;Other REITs | 59220185 |  |  |
| Short-Term Investments | 4575947 |  |  |
|  | $549754595 | $229143265 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.1%** |  |  |
| AerSale Corp.<sup>(1)</sup> | 4 | $31 |
| Hexcel Corp. | 1439 | 133381 |
| Howmet Aerospace, Inc. | 345 | 90573 |
| L3Harris Technologies, Inc. | 289 | 105352 |
| Northrop Grumman Corp. | 293 | 212243 |
| Rocket Lab Corp.<sup>(1)</sup> | 11 | 760 |
| RTX Corp. | 113 | 22896 |
| VSE Corp. | 7 | 1590 |
| Woodward, Inc. | 27 | 10443 |
|  |  | 577269 |
| **Air Freight and Logistics — 0.9%** |  |  |
| CH Robinson Worldwide, Inc. | 903 | 167281 |
| Expeditors International of Washington, Inc. | 4875 | 707021 |
| FedEx Corp. | 4844 | 1874628 |
| Forward Air Corp.<sup>(1)</sup> | 15 | 380 |
| GXO Logistics, Inc.<sup>(1)</sup> | 152 | 9550 |
| Hub Group, Inc., Class A | 2130 | 91739 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 2996 | 22230 |
| United Parcel Service, Inc., Class B | 8918 | 1034131 |
|  |  | 3906960 |
| **Automobile Components — 0.6%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 5579 | 410280 |
| Autoliv, Inc. | 3360 | 398227 |
| BorgWarner, Inc. | 9397 | 540985 |
| Dana, Inc. | 7021 | 240399 |
| Dauch Corp.<sup>(1)</sup> | 5555 | 36663 |
| Dorman Products, Inc.<sup>(1)</sup> | 727 | 85684 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 12 | 202 |
| Gentex Corp. | 4943 | 115666 |
| Gentherm, Inc.<sup>(1)</sup> | 521 | 17073 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 11441 | 94388 |
| LCI Industries | 973 | 129604 |
| Lear Corp. | 1707 | 224044 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 1016 | 10505 |
| Patrick Industries, Inc. | 150 | 18569 |
| Phinia, Inc. | 2204 | 160077 |
| Standard Motor Products, Inc. | 476 | 18888 |
| Visteon Corp. | 1150 | 110020 |
|  |  | 2611274 |
| **Automobiles — 1.0%** |  |  |
| Ford Motor Co. | 87281 | 1229789 |
| General Motors Co. | 27368 | 2154135 |
| Harley-Davidson, Inc. | 5562 | 100116 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 262 | 2620 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 709 | 10869 |
| Tesla, Inc.<sup>(1)</sup> | 924 | 371919 |
| Thor Industries, Inc. | 1602 | 154000 |
| Winnebago Industries, Inc. | 1169 | 46632 |
|  |  | 4070080 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Banks — 5.8%** |  |  |
| ACNB Corp. | 12 | $605 |
| Amalgamated Financial Corp. | 213 | 8198 |
| Amerant Bancorp, Inc. | 1255 | 26794 |
| Associated Banc-Corp. | 4645 | 122674 |
| Atlantic Union Bankshares Corp. | 2625 | 97282 |
| Banc of California, Inc. | 1556 | 28739 |
| BancFirst Corp. | 476 | 52360 |
| Bancorp, Inc.<sup>(1)</sup> | 2120 | 111279 |
| Bank First Corp. | 26 | 3501 |
| Bank of America Corp. | 43711 | 2178169 |
| Bank of Hawaii Corp. | 1147 | 86908 |
| Bank of NT Butterfield & Son Ltd. | 1610 | 81707 |
| Bank OZK | 3864 | 179908 |
| BankUnited, Inc. | 2567 | 119879 |
| Banner Corp. | 964 | 56731 |
| Bar Harbor Bankshares | 656 | 21163 |
| BayCom Corp. | 48 | 1411 |
| Beacon Financial Corp. | 1376 | 40922 |
| BOK Financial Corp. | 775 | 97433 |
| Business First Bancshares, Inc. | 222 | 6061 |
| Byline Bancorp, Inc. | 836 | 26083 |
| Camden National Corp. | 476 | 21972 |
| Central Pacific Financial Corp. | 1160 | 36946 |
| Citigroup, Inc. | 21021 | 2316304 |
| Citizens Financial Group, Inc. | 9478 | 570481 |
| City Holding Co. | 8 | 960 |
| Columbia Banking System, Inc. | 8606 | 244841 |
| Columbia Financial, Inc.<sup>(1)</sup> | 836 | 14964 |
| Commerce Bancshares, Inc. | 3035 | 154755 |
| Community Financial System, Inc. | 854 | 51710 |
| Cullen/Frost Bankers, Inc. | 1085 | 149969 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 1128 | 76072 |
| CVB Financial Corp. | 3158 | 60728 |
| Dime Community Bancshares, Inc. | 1292 | 41796 |
| Eagle Bancorp, Inc. | 943 | 23999 |
| East West Bancorp, Inc. | 4190 | 458595 |
| Enterprise Financial Services Corp. | 113 | 6452 |
| Farmers & Merchants Bancorp, Inc. | 476 | 12309 |
| Farmers National Banc Corp.<sup>(2)</sup> | 385 | 4978 |
| FB Financial Corp. | 867 | 47416 |
| Fifth Third Bancorp | 20999 | 1038821 |
| First BanCorp | 5310 | 112200 |
| First Bancorp, Inc. | 656 | 18138 |
| First Bancorp/Southern Pines NC | 54 | 3067 |
| First Busey Corp. | 2805 | 71135 |
| First Business Financial Services, Inc. | 39 | 2131 |
| First Commonwealth Financial Corp. | 2838 | 49750 |
| First Financial Bancorp | 2332 | 65459 |
| First Financial Bankshares, Inc. | 2327 | 71974 |
| First Financial Corp. | 2 | 127 |
| First Hawaiian, Inc. | 2908 | 72002 |
| First Horizon Corp. | 11147 | 265187 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Interstate BancSystem, Inc., Class A | 1376 | $47623 |
| First Merchants Corp. | 1319 | 51547 |
| First Mid Bancshares, Inc. | 571 | 23417 |
| Five Star Bancorp | 45 | 1752 |
| Flushing Financial Corp. | 1016 | 15677 |
| FNB Corp. | 8821 | 149869 |
| FS Bancorp, Inc. | 464 | 18333 |
| Fulton Financial Corp. | 118 | 2413 |
| German American Bancorp, Inc. | 656 | 27119 |
| Glacier Bancorp, Inc. | 1133 | 51540 |
| Hanmi Financial Corp. | 36 | 940 |
| Heritage Financial Corp. | 9 | 238 |
| Hilltop Holdings, Inc. | 1157 | 43306 |
| Home BancShares, Inc. | 3720 | 102151 |
| HomeTrust Bancshares, Inc. | 30 | 1264 |
| Hope Bancorp, Inc. | 3634 | 40919 |
| Horizon Bancorp, Inc. | 375 | 6315 |
| Huntington Bancshares, Inc. | 22178 | 372590 |
| Independent Bank Corp. | 1034 | 80724 |
| Independent Bank Corp. (Michigan) | 836 | 29051 |
| JPMorgan Chase & Co. | 21002 | 6306901 |
| KeyCorp | 23762 | 492824 |
| Lakeland Financial Corp. | 520 | 30207 |
| M&T Bank Corp. | 3651 | 792194 |
| Mechanics Bancorp | 836 | 11921 |
| Mercantile Bank Corp. | 577 | 29808 |
| Meridian Corp. | 491 | 9545 |
| National Bank Holdings Corp., Class A | 1025 | 40990 |
| NB Bancorp, Inc. | 1540 | 32864 |
| NBT Bancorp, Inc. | 1327 | 56689 |
| Nicolet Bankshares, Inc. | 30 | 4583 |
| Northeast Bank | 410 | 45461 |
| Northfield Bancorp, Inc. | 1376 | 18356 |
| Northwest Bancshares, Inc. | 144 | 1793 |
| OFG Bancorp | 1337 | 53587 |
| Old National Bancorp | 6268 | 144791 |
| Old Second Bancorp, Inc. | 989 | 19414 |
| OP Bancorp | 375 | 5010 |
| Origin Bancorp, Inc. | 185 | 7696 |
| Park National Corp. | 17 | 2797 |
| Pathward Financial, Inc. | 1309 | 118844 |
| PCB Bancorp | 836 | 18693 |
| Peoples Bancorp, Inc. | 1039 | 33529 |
| Pinnacle Financial Partners, Inc. | 3541 | 321381 |
| PNC Financial Services Group, Inc. | 4333 | 920113 |
| Popular, Inc. | 3150 | 426384 |
| Prosperity Bancshares, Inc. | 1609 | 113225 |
| Provident Financial Services, Inc. | 3969 | 83508 |
| QCR Holdings, Inc. | 90 | 7785 |
| Regions Financial Corp. | 21420 | 596119 |
| Renasant Corp. | 1386 | 52183 |
| S&T Bancorp, Inc. | 108 | 4515 |
| Seacoast Banking Corp. of Florida | 1597 | 49699 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sierra Bancorp | 656 | $23603 |
| Simmons First National Corp., Class A | 2088 | 41572 |
| Southern Missouri Bancorp, Inc. | 296 | 18325 |
| Southside Bancshares, Inc. | 930 | 29128 |
| Southstate Bank Corp. | 1282 | 126495 |
| Stock Yards Bancorp, Inc. | 4 | 257 |
| TFS Financial Corp. | 1196 | 16768 |
| Towne Bank | 165 | 5653 |
| TriCo Bancshares | 126 | 6020 |
| Truist Financial Corp. | 14005 | 690587 |
| TrustCo Bank Corp. | 656 | 28451 |
| Trustmark Corp. | 218 | 9285 |
| U.S. Bancorp | 15452 | 844606 |
| UMB Financial Corp. | 1650 | 191202 |
| United Community Banks, Inc. | 2833 | 91138 |
| Univest Financial Corp. | 46 | 1543 |
| Valley National Bancorp | 7156 | 90237 |
| WaFd, Inc. | 1810 | 56400 |
| Webster Financial Corp. | 3694 | 266448 |
| Wells Fargo & Co. | 647 | 52698 |
| WesBanco, Inc. | 40 | 1395 |
| Westamerica Bancorporation | 869 | 44015 |
| Western Alliance Bancorp | 2634 | 211563 |
| Wintrust Financial Corp. | 1980 | 285239 |
| WSFS Financial Corp. | 35 | 2223 |
| Zions Bancorp NA | 5041 | 288748 |
|  |  | 24756841 |
| **Beverages — 0.8%** |  |  |
| Brown-Forman Corp., Class A | 224 | 6577 |
| Brown-Forman Corp., Class B | 1746 | 50390 |
| Coca-Cola Co. | 17707 | 1444183 |
| Constellation Brands, Inc., Class A | 1414 | 223214 |
| Keurig Dr. Pepper, Inc. | 4629 | 140166 |
| Molson Coors Beverage Co., Class B | 4162 | 203896 |
| Monster Beverage Corp.<sup>(1)</sup> | 155 | 13221 |
| PepsiCo, Inc. | 7712 | 1309035 |
|  |  | 3390682 |
| **Biotechnology — 2.9%** |  |  |
| AbbVie, Inc. | 9610 | 2230289 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 321 | 7884 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 1068 | 32286 |
| Alkermes PLC<sup>(1)</sup> | 1460 | 43946 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 12 | 3995 |
| Altimmune, Inc.<sup>(1)</sup> | 763 | 3288 |
| Amgen, Inc. | 3609 | 1400869 |
| AnaptysBio, Inc.<sup>(1)</sup> | 18 | 991 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 385 | 5529 |
| Apogee Therapeutics, Inc.<sup>(1)</sup> | 17 | 1190 |
| Biogen, Inc.<sup>(1)</sup> | 1824 | 349880 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 2271 | 140189 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 5047 | 116485 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 289 | 17380 |
| Cytokinetics, Inc.<sup>(1)</sup> | 570 | 35465 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 828 | $17537 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | 31 | 1711 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 911 | 7425 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 296 | 4233 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 742 | 8852 |
| Exact Sciences Corp.<sup>(1)</sup> | 253 | 26155 |
| Exelixis, Inc.<sup>(1)</sup> | 9627 | 424166 |
| Gilead Sciences, Inc. | 20736 | 3088627 |
| GRAIL, Inc.<sup>(1)</sup> | 192 | 10220 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 3506 | 243772 |
| Incyte Corp.<sup>(1)</sup> | 2569 | 260163 |
| Insmed, Inc.<sup>(1)</sup> | 125 | 18666 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 38 | 3084 |
| Kura Oncology, Inc.<sup>(1)</sup> | 1215 | 10607 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 8 | 3456 |
| Moderna, Inc.<sup>(1)</sup> | 3894 | 208602 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 4135 | 73396 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 3 | 14 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 976 | 129076 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 7 | 2357 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 506 | 34504 |
| Regeneron Pharmaceuticals, Inc. | 1064 | 831697 |
| REGENXBIO, Inc.<sup>(1)</sup> | 1462 | 13216 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 130 | 1334 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 1135 | 39430 |
| Rocket Pharmaceuticals, Inc.<sup>(1)</sup> | 2 | 10 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 48 | 804 |
| Tyra Biosciences, Inc.<sup>(1)(2)</sup> | 10 | 333 |
| United Therapeutics Corp.<sup>(1)</sup> | 1107 | 557817 |
| Upstream Bio, Inc.<sup>(1)</sup> | 34 | 261 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 1556 | 13864 |
| Vaxcyte, Inc.<sup>(1)</sup> | 28 | 1729 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 4027 | 2000734 |
| Xencor, Inc.<sup>(1)</sup> | 1032 | 13179 |
| Zenas Biopharma, Inc.<sup>(1)</sup> | 1248 | 32885 |
|  |  | 12473582 |
| **Broadline Retail — 3.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 59163 | 12424230 |
| Coupang, Inc.<sup>(1)</sup> | 22516 | 429605 |
| Dillard's, Inc., Class A | 115 | 69321 |
| eBay, Inc. | 2561 | 232692 |
| Etsy, Inc.<sup>(1)</sup> | 729 | 40008 |
| Kohl's Corp. | 6630 | 108533 |
| Macy's, Inc. | 12560 | 248437 |
| MercadoLibre, Inc.<sup>(1)</sup> | 267 | 469274 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 993 | 106350 |
|  |  | 14128450 |
| **Building Products — 1.2%** |  |  |
| A.O. Smith Corp. | 3465 | 270270 |
| AAON, Inc. | 1034 | 104641 |
| Advanced Drainage Systems, Inc. | 2978 | 510251 |
| Allegion PLC | 592 | 95401 |
| Apogee Enterprises, Inc. | 1028 | 40935 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Armstrong World Industries, Inc. | 1920 | $333120 |
| AZZ, Inc. | 4 | 544 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 2357 | 245812 |
| Carlisle Cos., Inc. | 1354 | 534519 |
| Carrier Global Corp. | 3176 | 204534 |
| Fortune Brands Innovations, Inc. | 960 | 52166 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 1384 | 62944 |
| Griffon Corp. | 1881 | 160336 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 1016 | 16256 |
| Insteel Industries, Inc. | 836 | 31166 |
| Janus International Group, Inc.<sup>(1)</sup> | 5971 | 41558 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 3821 | 7489 |
| Johnson Controls International PLC | 1507 | 217460 |
| Lennox International, Inc. | 556 | 316887 |
| Masco Corp. | 993 | 71119 |
| Masterbrand, Inc.<sup>(1)</sup> | 4333 | 43850 |
| Modine Manufacturing Co.<sup>(1)</sup> | 2043 | 464272 |
| Owens Corning | 2187 | 266967 |
| Quanex Building Products Corp. | 1959 | 40218 |
| Simpson Manufacturing Co., Inc. | 1167 | 225896 |
| Trane Technologies PLC | 884 | 408691 |
| Trex Co., Inc.<sup>(1)</sup> | 2833 | 117343 |
| UFP Industries, Inc. | 766 | 78829 |
| Zurn Elkay Water Solutions Corp. | 1897 | 96709 |
|  |  | 5060183 |
| **Capital Markets — 4.6%** |  |  |
| Acadian Asset Management, Inc. | 19 | 1023 |
| Affiliated Managers Group, Inc. | 119 | 36435 |
| Ameriprise Financial, Inc. | 2919 | 1372280 |
| Ares Management Corp., Class A | 831 | 93080 |
| Artisan Partners Asset Management, Inc., Class A | 2146 | 86441 |
| Bank of New York Mellon Corp. | 9723 | 1158009 |
| Blackrock, Inc. | 675 | 717680 |
| Blackstone, Inc. | 4332 | 491119 |
| Carlyle Group, Inc. | 6815 | 354312 |
| Cboe Global Markets, Inc. | 697 | 208905 |
| Charles Schwab Corp. | 12368 | 1177434 |
| CME Group, Inc. | 2648 | 846036 |
| Cohen & Steers, Inc. | 1029 | 68809 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 1717 | 301935 |
| Diamond Hill Investment Group, Inc. | 116 | 19937 |
| DigitalBridge Group, Inc. | 172 | 2657 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | 444 | 22093 |
| Evercore, Inc., Class A | 1108 | 342195 |
| FactSet Research Systems, Inc. | 535 | 115993 |
| Federated Hermes, Inc. | 1809 | 101322 |
| Franklin Resources, Inc. | 5009 | 132939 |
| Goldman Sachs Group, Inc. | 3663 | 3148605 |
| Houlihan Lokey, Inc. | 50 | 8189 |
| Interactive Brokers Group, Inc., Class A | 48 | 3417 |
| Intercontinental Exchange, Inc. | 1354 | 222232 |
| Invesco Ltd. | 7863 | 206482 |
| Janus Henderson Group PLC | 2789 | 145307 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jefferies Financial Group, Inc. | 3421 | $151892 |
| KKR & Co., Inc. | 6282 | 550806 |
| Lazard, Inc. | 3298 | 166879 |
| LPL Financial Holdings, Inc. | 1301 | 390794 |
| MarketAxess Holdings, Inc. | 514 | 98688 |
| Moelis & Co., Class A | 2109 | 125190 |
| Moody's Corp. | 936 | 447024 |
| Morgan Stanley | 12646 | 2105686 |
| Morningstar, Inc. | 116 | 21244 |
| MSCI, Inc. | 128 | 73194 |
| Nasdaq, Inc. | 465 | 40725 |
| Northern Trust Corp. | 4075 | 583092 |
| Oppenheimer Holdings, Inc., Class A | 16 | 1381 |
| Piper Sandler Cos. | 739 | 218412 |
| Raymond James Financial, Inc. | 4413 | 675542 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 120 | 9102 |
| S&P Global, Inc. | 1287 | 568700 |
| SEI Investments Co. | 3617 | 294134 |
| State Street Corp. | 4724 | 607601 |
| Stifel Financial Corp. | 4992 | 369658 |
| T. Rowe Price Group, Inc. | 2639 | 249729 |
| Tradeweb Markets, Inc., Class A | 663 | 81718 |
| Victory Capital Holdings, Inc., Class A | 1330 | 92009 |
| Virtu Financial, Inc., Class A | 126 | 5218 |
| WisdomTree, Inc.<sup>(2)</sup> | 5673 | 97065 |
|  |  | 19410349 |
| **Chemicals — 0.4%** |  |  |
| Albemarle Corp. | 1610 | 287659 |
| Ashland, Inc. | 1144 | 71340 |
| Avient Corp. | 1584 | 65055 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 3146 | 105108 |
| Balchem Corp. | 4 | 726 |
| DuPont de Nemours, Inc. | 4030 | 201661 |
| Ecolab, Inc. | 21 | 6475 |
| Element Solutions, Inc. | 836 | 29335 |
| FMC Corp. | 3640 | 53654 |
| Hawkins, Inc. | 1004 | 149696 |
| Huntsman Corp. | 6567 | 83072 |
| Ingevity Corp.<sup>(1)</sup> | 1399 | 100770 |
| International Flavors & Fragrances, Inc. | 1536 | 126305 |
| Koppers Holdings, Inc. | 478 | 18068 |
| Mativ Holdings, Inc. | 1745 | 18916 |
| Minerals Technologies, Inc. | 1280 | 90394 |
| PPG Industries, Inc. | 1179 | 145335 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | 1889 | 11920 |
| Quaker Chemical Corp. | 383 | 56312 |
| RPM International, Inc. | 290 | 33095 |
| Sherwin-Williams Co. | 386 | 139960 |
| Stepan Co. | 558 | 28397 |
|  |  | 1823253 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ACCO Brands Corp. | 1559 | 6345 |
| Brady Corp., Class A | 878 | 81074 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Brink's Co. | 13 | $1518 |
| Cintas Corp. | 2776 | 558337 |
| Civeo Corp.<sup>(1)(2)</sup> | 836 | 23149 |
| Clean Harbors, Inc.<sup>(1)</sup> | 751 | 220193 |
| Copart, Inc.<sup>(1)</sup> | 8852 | 337173 |
| Deluxe Corp. | 590 | 16372 |
| Ennis, Inc. | 1016 | 21448 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 2537 | 55230 |
| HNI Corp. | 2920 | 131283 |
| Interface, Inc. | 3814 | 120103 |
| Liquidity Services, Inc.<sup>(1)</sup> | 1196 | 37806 |
| MSA Safety, Inc. | 258 | 50416 |
| OPENLANE, Inc.<sup>(1)</sup> | 171 | 4875 |
| Pitney Bowes, Inc. | 670 | 7189 |
| Rollins, Inc. | 1609 | 97972 |
| Tetra Tech, Inc. | 1071 | 38385 |
| UniFirst Corp. | 196 | 46025 |
| Veralto Corp. | 595 | 57971 |
| Vestis Corp.<sup>(1)</sup> | 294 | 2314 |
|  |  | 1915178 |
| **Communications Equipment — 0.9%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 867 | 8843 |
| Arista Networks, Inc.<sup>(1)</sup> | 8720 | 1164120 |
| Ciena Corp.<sup>(1)</sup> | 2619 | 913245 |
| Cisco Systems, Inc. | 10487 | 833297 |
| Extreme Networks, Inc.<sup>(1)</sup> | 1581 | 22102 |
| F5, Inc.<sup>(1)</sup> | 327 | 88735 |
| Harmonic, Inc.<sup>(1)</sup> | 105 | 1116 |
| Lumentum Holdings, Inc.<sup>(1)</sup> | 16 | 11215 |
| Motorola Solutions, Inc. | 554 | 267172 |
| NETGEAR, Inc.<sup>(1)</sup> | 507 | 10454 |
| NetScout Systems, Inc.<sup>(1)</sup> | 233 | 6806 |
| Ubiquiti, Inc. | 1 | 767 |
| Viasat, Inc.<sup>(1)</sup> | 7191 | 329204 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 143 | 4249 |
|  |  | 3661325 |
| **Construction and Engineering — 0.1%** |  |  |
| AECOM | 40 | 3919 |
| API Group Corp.<sup>(1)</sup> | 615 | 27343 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 983 | 30473 |
| Comfort Systems USA, Inc. | 49 | 70039 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 2111 | 255157 |
| Granite Construction, Inc. | 28 | 3765 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 782 | 71491 |
| Matrix Service Co.<sup>(1)</sup> | 1669 | 18342 |
| MYR Group, Inc.<sup>(1)</sup> | 14 | 3779 |
| WillScot Holdings Corp. | 3462 | 74814 |
|  |  | 559122 |
| **Construction Materials — 0.1%** |  |  |
| James Hardie Industries PLC<sup>(1)</sup> | 1257 | 30608 |
| Knife River Corp.<sup>(1)</sup> | 372 | 33100 |
| Vulcan Materials Co. | 595 | 184450 |
|  |  | 248158 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Finance — 1.4%** |  |  |
| Ally Financial, Inc. | 11360 | $448038 |
| American Express Co. | 3785 | 1169187 |
| Bread Financial Holdings, Inc. | 2146 | 152066 |
| Capital One Financial Corp. | 10397 | 2034069 |
| Credit Acceptance Corp.<sup>(1)</sup> | 110 | 52050 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 1291 | 88162 |
| Enova International, Inc.<sup>(1)</sup> | 568 | 78980 |
| FirstCash Holdings, Inc. | 6 | 1157 |
| Green Dot Corp., Class A<sup>(1)</sup> | 1376 | 15907 |
| LendingClub Corp.<sup>(1)</sup> | 4145 | 61802 |
| Navient Corp. | 3518 | 30923 |
| Nelnet, Inc., Class A | 311 | 40262 |
| OneMain Holdings, Inc. | 4930 | 271249 |
| PRA Group, Inc.<sup>(1)</sup> | 656 | 10332 |
| PROG Holdings, Inc. | 1602 | 56406 |
| Regional Management Corp. | 476 | 15146 |
| SLM Corp. | 11842 | 221919 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 8730 | 155045 |
| Synchrony Financial | 15212 | 1051301 |
| World Acceptance Corp.<sup>(1)</sup> | 116 | 15646 |
|  |  | 5969647 |
| **Consumer Staples Distribution & Retail — 3.0%** |  |  |
| Andersons, Inc. | 1312 | 85661 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 377 | 26914 |
| Costco Wholesale Corp. | 3693 | 3732847 |
| Dollar General Corp. | 3190 | 498406 |
| Dollar Tree, Inc.<sup>(1)</sup> | 4887 | 618108 |
| Kroger Co. | 17931 | 1223611 |
| Maplebear, Inc.<sup>(1)</sup> | 30 | 1125 |
| Natural Grocers by Vitamin Cottage, Inc. | 1016 | 27463 |
| PriceSmart, Inc. | 1051 | 162506 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5658 | 417956 |
| Sysco Corp. | 3454 | 314867 |
| Target Corp. | 9037 | 1028320 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 42 | 4058 |
| United Natural Foods, Inc.<sup>(1)</sup> | 3511 | 134155 |
| Village Super Market, Inc., Class A | 560 | 21924 |
| Walmart, Inc. | 36091 | 4617843 |
|  |  | 12915764 |
| **Containers and Packaging — 0.5%** |  |  |
| AptarGroup, Inc. | 1089 | 156500 |
| Ardagh Metal Packaging SA | 1717 | 8328 |
| Avery Dennison Corp. | 706 | 138623 |
| Ball Corp. | 5036 | 338067 |
| Crown Holdings, Inc. | 1134 | 129957 |
| Graphic Packaging Holding Co. | 9336 | 114179 |
| Greif, Inc., Class A | 1024 | 74414 |
| Greif, Inc., Class B | 116 | 10136 |
| Myers Industries, Inc. | 16 | 358 |
| Packaging Corp. of America | 2707 | 628403 |
| Sealed Air Corp. | 2294 | 96073 |
| Silgan Holdings, Inc. | 288 | 13838 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Smurfit Westrock PLC | 5513 | $259166 |
| Sonoco Products Co. | 32 | 1807 |
| TriMas Corp. | 428 | 16726 |
|  |  | 1986575 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 2430 | 289802 |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 913 | 40482 |
| Gold.com, Inc. | 1067 | 61320 |
| LKQ Corp. | 1454 | 48142 |
| Pool Corp. | 521 | 118361 |
|  |  | 558107 |
| **Diversified Consumer Services — 0.3%** |  |  |
| ADT, Inc. | 1916 | 15366 |
| American Public Education, Inc.<sup>(1)</sup> | 50 | 2291 |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 7 | 522 |
| Covista, Inc.<sup>(1)</sup> | 913 | 89474 |
| Frontdoor, Inc.<sup>(1)</sup> | 975 | 66856 |
| Graham Holdings Co., Class B | 102 | 107427 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1382 | 219835 |
| H&R Block, Inc. | 719 | 22016 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 6496 | 210081 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 313 | 31190 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 1186 | 42981 |
| OneSpaWorld Holdings Ltd. | 1890 | 40692 |
| Perdoceo Education Corp. | 3267 | 108954 |
| Service Corp. International | 2224 | 187216 |
| Stride, Inc.<sup>(1)</sup> | 1119 | 94421 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 1554 | 56255 |
|  |  | 1295577 |
| **Diversified Telecommunication Services — 1.5%** |  |  |
| AT&T, Inc. | 91143 | 2552916 |
| Cogent Communications Holdings, Inc. | 795 | 14914 |
| Comcast Corp., Class A | 40591 | 1256697 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 23 | 914 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 252 | 9916 |
| Iridium Communications, Inc. | 5237 | 125426 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 130 | 1656 |
| Shenandoah Telecommunications Co. | 1439 | 19614 |
| Verizon Communications, Inc. | 51729 | 2593692 |
|  |  | 6575745 |
| **Electric Utilities — 0.2%** |  |  |
| Edison International | 6396 | 478037 |
| Exelon Corp. | 10137 | 501477 |
|  |  | 979514 |
| **Electrical Equipment — 1.1%** |  |  |
| Acuity, Inc. | 580 | 174922 |
| AMETEK, Inc. | 1303 | 311704 |
| Atkore, Inc. | 2102 | 136020 |
| Eaton Corp. PLC | 1246 | 468396 |
| Emerson Electric Co. | 428 | 64521 |
| EnerSys | 1304 | 216660 |
| Fluence Energy, Inc.<sup>(1)</sup> | 1833 | 28485 |
| GE Vernova, Inc. | 289 | 252470 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Generac Holdings, Inc.<sup>(1)</sup> | 866 | $195170 |
| Hubbell, Inc. | 460 | 235350 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 6034 | 634173 |
| nVent Electric PLC | 1316 | 155762 |
| Regal Rexnord Corp. | 73 | 16132 |
| Rockwell Automation, Inc. | 274 | 111641 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 4450 | 26389 |
| Sunrun, Inc.<sup>(1)</sup> | 1274 | 16881 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 851 | 43214 |
| Vertiv Holdings Co., Class A | 5891 | 1501557 |
| Vicor Corp.<sup>(1)</sup> | 11 | 2215 |
|  |  | 4591662 |
| **Electronic Equipment, Instruments and Components — 2.1%** |  |  |
| Advanced Energy Industries, Inc. | 744 | 249664 |
| Amphenol Corp., Class A | 4419 | 645439 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1007 | 153225 |
| Avnet, Inc. | 3566 | 234785 |
| Badger Meter, Inc. | 328 | 49997 |
| Bel Fuse, Inc., Class B | 127 | 29173 |
| Belden, Inc. | 393 | 56317 |
| Benchmark Electronics, Inc. | 680 | 39311 |
| CDW Corp. | 1169 | 143366 |
| Cognex Corp. | 881 | 47926 |
| Coherent Corp.<sup>(1)</sup> | 208 | 53857 |
| Corning, Inc. | 14651 | 2203217 |
| CTS Corp. | 836 | 44024 |
| Daktronics, Inc.<sup>(1)</sup> | 2002 | 51612 |
| ePlus, Inc. | 425 | 34281 |
| Fabrinet<sup>(1)</sup> | 610 | 332834 |
| Flex Ltd.<sup>(1)</sup> | 14969 | 943346 |
| Ingram Micro Holding Corp. | 1070 | 22138 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 568 | 47462 |
| IPG Photonics Corp.<sup>(1)</sup> | 489 | 64338 |
| Jabil, Inc. | 4579 | 1213389 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 1875 | 576244 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 545 | 13620 |
| Knowles Corp.<sup>(1)</sup> | 1542 | 41896 |
| Littelfuse, Inc. | 349 | 123009 |
| Methode Electronics, Inc. | 656 | 5550 |
| Napco Security Technologies, Inc. | 65 | 3030 |
| Novanta, Inc.<sup>(1)</sup> | 80 | 10754 |
| OSI Systems, Inc.<sup>(1)</sup> | 13 | 3708 |
| PC Connection, Inc. | 296 | 18041 |
| Plexus Corp.<sup>(1)</sup> | 1155 | 224220 |
| Ralliant Corp. | 15 | 688 |
| Rogers Corp.<sup>(1)</sup> | 12 | 1294 |
| Sanmina Corp.<sup>(1)</sup> | 1333 | 206962 |
| ScanSource, Inc.<sup>(1)</sup> | 656 | 24128 |
| TD SYNNEX Corp. | 336 | 52688 |
| TE Connectivity PLC | 2834 | 652245 |
| TTM Technologies, Inc.<sup>(1)</sup> | 2506 | 261226 |
| Vishay Intertechnology, Inc. | 5125 | 95940 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 633 | 29162 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vontier Corp. | 954 | $39038 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 79 | 17693 |
|  |  | 9060837 |
| **Energy Equipment and Services — 0.0%** |  |  |
| Geospace Technologies Corp.<sup>(1)</sup> | 956 | 8766 |
| Natural Gas Services Group, Inc. | 595 | 22765 |
|  |  | 31531 |
| **Entertainment — 0.9%** |  |  |
| Electronic Arts, Inc. | 1533 | 307474 |
| IMAX Corp.<sup>(1)</sup> | 1933 | 82790 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 681 | 62373 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 947 | 153547 |
| Marcus Corp. | 947 | 15938 |
| Netflix, Inc.<sup>(1)</sup> | 15715 | 1512412 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 21 | 1442 |
| Roku, Inc.<sup>(1)</sup> | 383 | 37691 |
| Sphere Entertainment Co.<sup>(1)</sup> | 476 | 56649 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2849 | 602506 |
| TKO Group Holdings, Inc. | 119 | 26640 |
| Walt Disney Co. | 4949 | 524792 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 13048 | 367562 |
|  |  | 3751816 |
| **Financial Services — 2.2%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 27 | 1269 |
| Apollo Global Management, Inc. | 4977 | 520594 |
| Block, Inc.<sup>(1)</sup> | 33 | 2102 |
| Cannae Holdings, Inc. | 1556 | 18983 |
| Cass Information Systems, Inc. | 476 | 21125 |
| Corpay, Inc.<sup>(1)</sup> | 629 | 204488 |
| Enact Holdings, Inc. | 836 | 34978 |
| Equitable Holdings, Inc. | 12730 | 512001 |
| Essent Group Ltd. | 3513 | 213731 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 537 | 37348 |
| EVERTEC, Inc. | 15 | 425 |
| Federal Agricultural Mortgage Corp., Class C | 384 | 60542 |
| Fidelity National Information Services, Inc. | 202 | 10294 |
| Fiserv, Inc.<sup>(1)</sup> | 998 | 62165 |
| Global Payments, Inc. | 126 | 9634 |
| Jack Henry & Associates, Inc. | 1590 | 258311 |
| Jackson Financial, Inc., Class A | 68 | 7445 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 117 | 449 |
| Mastercard, Inc., Class A | 4876 | 2521916 |
| Merchants Bancorp | 30 | 1268 |
| MGIC Investment Corp. | 10502 | 278618 |
| NCR Atleos Corp.<sup>(1)</sup> | 826 | 36575 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 3790 | 148985 |
| Payoneer Global, Inc.<sup>(1)</sup> | 5767 | 24914 |
| PayPal Holdings, Inc. | 3890 | 179757 |
| PennyMac Financial Services, Inc. | 1209 | 111143 |
| Radian Group, Inc. | 5854 | 202080 |
| Rocket Cos., Inc., Class A | 229 | 4166 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 372 | 16394 |
| Visa, Inc., Class A | 10764 | 3445987 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Voya Financial, Inc. | 3265 | $218363 |
| Western Union Co. | 5663 | 54535 |
| WEX, Inc.<sup>(1)</sup> | 307 | 45801 |
|  |  | 9266386 |
| **Food Products — 0.5%** |  |  |
| Alico, Inc. | 44 | 1816 |
| Archer-Daniels-Midland Co. | 923 | 63724 |
| Bunge Global SA | 3664 | 442062 |
| Campbell's Co.<sup>(2)</sup> | 35 | 943 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 3290 | 174896 |
| Dole PLC | 967 | 15511 |
| General Mills, Inc. | 687 | 31073 |
| Hershey Co. | 2494 | 589282 |
| J.M. Smucker Co. | 1333 | 154561 |
| John B Sanfilippo & Son, Inc. | 191 | 15779 |
| Kraft Heinz Co. | 179 | 4405 |
| Lamb Weston Holdings, Inc. | 3114 | 150064 |
| Marzetti Co. | 307 | 50452 |
| McCormick & Co., Inc. | 41 | 2913 |
| Mondelez International, Inc., Class A | 5930 | 365170 |
| Vital Farms, Inc.<sup>(1)</sup> | 714 | 15058 |
|  |  | 2077709 |
| **Ground Transportation — 1.9%** |  |  |
| ArcBest Corp. | 1040 | 106766 |
| Covenant Logistics Group, Inc. | 740 | 21786 |
| CSX Corp. | 38026 | 1623330 |
| Heartland Express, Inc. | 1376 | 15177 |
| JB Hunt Transport Services, Inc. | 2631 | 614102 |
| Knight-Swift Transportation Holdings, Inc. | 1962 | 123449 |
| Landstar System, Inc. | 1362 | 221938 |
| Lyft, Inc., Class A<sup>(1)</sup> | 14888 | 206050 |
| Marten Transport Ltd. | 2515 | 34179 |
| Norfolk Southern Corp. | 3524 | 1109144 |
| Old Dominion Freight Line, Inc. | 3998 | 811794 |
| Ryder System, Inc. | 2218 | 491420 |
| Saia, Inc.<sup>(1)</sup> | 816 | 330798 |
| Schneider National, Inc., Class B | 1855 | 52645 |
| Uber Technologies, Inc.<sup>(1)</sup> | 6020 | 454028 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 153 | 7751 |
| U-Haul Holding Co. | 2030 | 95735 |
| Union Pacific Corp. | 5851 | 1550398 |
| XPO, Inc.<sup>(1)</sup> | 1279 | 269191 |
|  |  | 8139681 |
| **Health Care Equipment and Supplies — 1.5%** |  |  |
| Abbott Laboratories | 7070 | 822594 |
| Align Technology, Inc.<sup>(1)</sup> | 744 | 141434 |
| Avanos Medical, Inc.<sup>(1)</sup> | 656 | 9250 |
| Baxter International, Inc. | 1442 | 29374 |
| Becton Dickinson & Co. | 715 | 126183 |
| Boston Scientific Corp.<sup>(1)</sup> | 7249 | 557086 |
| Cooper Cos., Inc.<sup>(1)</sup> | 1449 | 121238 |
| Dentsply Sirona, Inc. | 2258 | 33147 |
| Dexcom, Inc.<sup>(1)</sup> | 4848 | 355989 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 4463 | $385916 |
| Envista Holdings Corp.<sup>(1)</sup> | 87 | 2541 |
| GE HealthCare Technologies, Inc. | 353 | 29747 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 922 | 88014 |
| Haemonetics Corp.<sup>(1)</sup> | 2189 | 138607 |
| Hologic, Inc.<sup>(1)</sup> | 1707 | 128640 |
| ICU Medical, Inc.<sup>(1)</sup> | 31 | 4668 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 1390 | 912855 |
| Inogen, Inc.<sup>(1)</sup> | 66 | 403 |
| Insulet Corp.<sup>(1)</sup> | 126 | 31073 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 1250 | 629387 |
| LivaNova PLC<sup>(1)</sup> | 2907 | 205234 |
| Masimo Corp.<sup>(1)</sup> | 148 | 25952 |
| Medtronic PLC | 5675 | 554220 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 198 | 15282 |
| Neogen Corp.<sup>(1)</sup> | 934 | 10489 |
| Novocure Ltd.<sup>(1)</sup> | 5318 | 72697 |
| Omnicell, Inc.<sup>(1)</sup> | 31 | 1274 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 2281 | 7185 |
| Penumbra, Inc.<sup>(1)</sup> | 116 | 39949 |
| PROCEPT BioRobotics Corp.<sup>(1)</sup> | 20 | 454 |
| QuidelOrtho Corp.<sup>(1)</sup> | 2693 | 61239 |
| ResMed, Inc. | 567 | 145299 |
| STERIS PLC | 19 | 4795 |
| Stryker Corp. | 1050 | 406833 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 34 | 996 |
| Teleflex, Inc. | 322 | 39303 |
| TransMedics Group, Inc.<sup>(1)(2)</sup> | 20 | 2905 |
| UFP Technologies, Inc.<sup>(1)</sup> | 42 | 8844 |
| Zimmer Biomet Holdings, Inc. | 1838 | 180933 |
|  |  | 6332029 |
| **Health Care Providers and Services — 1.5%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)(2)</sup> | 853 | 19994 |
| Accendra Health, Inc.<sup>(1)(2)</sup> | 2504 | 6060 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 131 | 2518 |
| Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 125 | 920 |
| Cardinal Health, Inc. | 2351 | 538920 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 190 | 5618 |
| Cencora, Inc. | 1927 | 717114 |
| Centene Corp.<sup>(1)</sup> | 9195 | 412672 |
| Chemed Corp. | 131 | 53711 |
| Cigna Group | 687 | 199106 |
| CorVel Corp.<sup>(1)</sup> | 750 | 38685 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 1321 | 11493 |
| CVS Health Corp. | 2419 | 193278 |
| DaVita, Inc.<sup>(1)</sup> | 375 | 58612 |
| Elevance Health, Inc. | 2206 | 705920 |
| Encompass Health Corp. | 1387 | 149630 |
| Ensign Group, Inc. | 1521 | 325753 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 519 | 7956 |
| Guardant Health, Inc.<sup>(1)</sup> | 12 | 1127 |
| HCA Healthcare, Inc. | 694 | 367612 |
| HealthEquity, Inc.<sup>(1)</sup> | 664 | 50789 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Henry Schein, Inc.<sup>(1)</sup> | 22 | $1813 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 24 | 348 |
| Humana, Inc. | 1037 | 197590 |
| Labcorp Holdings, Inc. | 1125 | 325260 |
| McKesson Corp. | 641 | 632904 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1623 | 250023 |
| National Research Corp. | 476 | 6383 |
| NeoGenomics, Inc.<sup>(1)</sup> | 814 | 8002 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 212 | 23417 |
| PACS Group, Inc.<sup>(1)</sup> | 1952 | 71267 |
| Progyny, Inc.<sup>(1)</sup> | 40 | 708 |
| Quest Diagnostics, Inc. | 10 | 2119 |
| UnitedHealth Group, Inc. | 2465 | 722911 |
| Universal Health Services, Inc., Class B | 1155 | 238045 |
|  |  | 6348278 |
| **Health Care Technology — 0.0%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 13 | 319 |
| Health Catalyst, Inc.<sup>(1)(2)</sup> | 1134 | 1837 |
| Teladoc Health, Inc.<sup>(1)</sup> | 476 | 2504 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 671 | 122128 |
|  |  | 126788 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 1219 | 164699 |
| Aramark | 656 | 27454 |
| Bloomin' Brands, Inc. | 3190 | 19523 |
| Booking Holdings, Inc. | 207 | 877545 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 19746 | 734946 |
| Choice Hotels International, Inc. | 928 | 97765 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 1031 | 33734 |
| Darden Restaurants, Inc. | 2700 | 577395 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 656 | 9656 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 853 | 150529 |
| Expedia Group, Inc. | 260 | 56079 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 199 | 8947 |
| McDonald's Corp. | 2207 | 752719 |
| Papa John's International, Inc. | 2 | 63 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 379 | 31135 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)(2)</sup> | 7 | 243 |
| Starbucks Corp. | 2504 | 245442 |
| Texas Roadhouse, Inc. | 2690 | 491920 |
| Travel & Leisure Co. | 328 | 24174 |
| Vail Resorts, Inc. | 137 | 18606 |
| Viking Holdings Ltd.<sup>(1)</sup> | 80 | 6242 |
| Wendy's Co. | 2488 | 19058 |
| Wingstop, Inc. | 105 | 27249 |
| Wyndham Hotels & Resorts, Inc. | 842 | 68876 |
| Yum! Brands, Inc. | 1136 | 191030 |
|  |  | 4635029 |
| **Household Durables — 1.4%** |  |  |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 1275 | 32615 |
| Cavco Industries, Inc.<sup>(1)</sup> | 192 | 110834 |
| Century Communities, Inc. | 805 | 54120 |
| Champion Homes, Inc.<sup>(1)</sup> | 1486 | 138911 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DR Horton, Inc. | 4449 | $713575 |
| Dream Finders Homes, Inc., Class A<sup>(1)</sup> | 15 | 271 |
| Ethan Allen Interiors, Inc. | 1016 | 23144 |
| Garmin Ltd. | 2400 | 606792 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 1183 | 87140 |
| Helen of Troy Ltd.<sup>(1)</sup> | 685 | 12083 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 296 | 37184 |
| Installed Building Products, Inc. | 827 | 271058 |
| KB Home | 2393 | 152147 |
| La-Z-Boy, Inc. | 2087 | 74548 |
| Leggett & Platt, Inc. | 6465 | 75511 |
| Lennar Corp., B Shares | 433 | 46214 |
| Lennar Corp., Class A | 4672 | 534290 |
| LGI Homes, Inc.<sup>(1)</sup> | 116 | 6020 |
| Lovesac Co.<sup>(1)</sup> | 1148 | 14671 |
| M/I Homes, Inc.<sup>(1)</sup> | 1185 | 168460 |
| Meritage Homes Corp. | 2555 | 192698 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 687 | 86061 |
| NVR, Inc.<sup>(1)</sup> | 67 | 503692 |
| PulteGroup, Inc. | 7049 | 967123 |
| SharkNinja, Inc.<sup>(1)</sup> | 20 | 2457 |
| Sonos, Inc.<sup>(1)</sup> | 6733 | 103688 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 4579 | 301710 |
| Toll Brothers, Inc. | 3041 | 478167 |
| TopBuild Corp.<sup>(1)</sup> | 116 | 52003 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 3984 | 184459 |
| Whirlpool Corp. | 101 | 6911 |
|  |  | 6038557 |
| **Household Products — 0.8%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 394 | 15441 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 2243 | 77473 |
| Church & Dwight Co., Inc. | 2514 | 263618 |
| Clorox Co. | 1578 | 200658 |
| Colgate-Palmolive Co. | 9540 | 945796 |
| Energizer Holdings, Inc. | 451 | 9737 |
| Kimberly-Clark Corp. | 4771 | 531680 |
| Oil-Dri Corp. of America | 14 | 950 |
| Procter & Gamble Co. | 8402 | 1404814 |
| Spectrum Brands Holdings, Inc. | 599 | 46950 |
|  |  | 3497117 |
| **Independent Power and Renewable Electricity Producers — 0.0%** |  |  |
| Ormat Technologies, Inc. | 1021 | 105878 |
| **Industrial Conglomerates — 0.0%** |  |  |
| Honeywell International, Inc. | 18 | 4385 |
| **Insurance — 4.6%** |  |  |
| Aflac, Inc. | 10190 | 1150757 |
| Allstate Corp. | 4289 | 920076 |
| American Financial Group, Inc. | 2158 | 286971 |
| American International Group, Inc. | 12333 | 992683 |
| AMERISAFE, Inc. | 476 | 15484 |
| Aon PLC, Class A | 979 | 328425 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 9059 | 907259 |
| Arthur J Gallagher & Co. | 888 | 202642 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Assurant, Inc. | 1170 | $268620 |
| Assured Guaranty Ltd. | 1598 | 137764 |
| Axis Capital Holdings Ltd. | 3693 | 390424 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 2800 | 167944 |
| Brown & Brown, Inc. | 15 | 1077 |
| Chubb Ltd. | 3671 | 1251297 |
| Cincinnati Financial Corp. | 2441 | 400275 |
| CNA Financial Corp. | 476 | 22858 |
| CNO Financial Group, Inc. | 3897 | 162934 |
| Erie Indemnity Co., Class A | 439 | 118284 |
| Everest Group Ltd. | 981 | 329116 |
| F&G Annuities & Life, Inc. | 270 | 6116 |
| Fidelis Insurance Holdings Ltd. | 57 | 1086 |
| Fidelity National Financial, Inc. | 4181 | 221091 |
| First American Financial Corp. | 2992 | 209769 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 13909 | 117392 |
| Globe Life, Inc. | 2746 | 398884 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 45 | 1422 |
| Hanover Insurance Group, Inc. | 1118 | 201944 |
| Hartford Insurance Group, Inc. | 8888 | 1251697 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 52 | 1449 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 307 | 8829 |
| Horace Mann Educators Corp. | 1196 | 52038 |
| Kemper Corp. | 656 | 21202 |
| Kinsale Capital Group, Inc. | 496 | 193276 |
| Lincoln National Corp. | 3470 | 119021 |
| Loews Corp. | 63 | 6931 |
| Markel Group, Inc.<sup>(1)</sup> | 141 | 292218 |
| Marsh & McLennan Cos., Inc. | 1992 | 371986 |
| Mercury General Corp. | 656 | 59421 |
| MetLife, Inc. | 10132 | 730213 |
| Old Republic International Corp. | 8616 | 369368 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 3086 | 42093 |
| Primerica, Inc. | 1582 | 401290 |
| Principal Financial Group, Inc. | 6695 | 638837 |
| Progressive Corp. | 5879 | 1256107 |
| Prudential Financial, Inc. | 5506 | 541680 |
| Reinsurance Group of America, Inc. | 1967 | 424341 |
| RenaissanceRe Holdings Ltd. | 1190 | 359927 |
| RLI Corp. | 1439 | 89679 |
| Safety Insurance Group, Inc. | 13 | 1009 |
| Selective Insurance Group, Inc. | 1903 | 159928 |
| SiriusPoint Ltd.<sup>(1)</sup> | 5147 | 108808 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 976 | 45355 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 3693 | 70167 |
| Stewart Information Services Corp. | 623 | 44227 |
| Travelers Cos., Inc. | 5263 | 1624372 |
| United Fire Group, Inc. | 195 | 7578 |
| Unum Group | 4934 | 353916 |
| W.R. Berkley Corp. | 6536 | 468631 |
| White Mountains Insurance Group Ltd. | 94 | 208728 |
| Willis Towers Watson PLC | 81 | 24719 |
|  |  | 19561635 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 7.7%** |  |  |
| Alphabet, Inc., Class A | 37602 | $11722800 |
| Alphabet, Inc., Class C | 30167 | 9394909 |
| Cargurus, Inc.<sup>(1)</sup> | 4566 | 140176 |
| Cars.com, Inc.<sup>(1)</sup> | 3599 | 30735 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 1027 | 16227 |
| IAC, Inc.<sup>(1)</sup> | 42 | 1609 |
| Match Group, Inc. | 947 | 29925 |
| Meta Platforms, Inc., Class A | 17586 | 11398894 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 2692 | 46114 |
| Reddit, Inc., Class A<sup>(1)</sup> | 12 | 1750 |
| Snap, Inc., Class A<sup>(1)</sup> | 1203 | 6268 |
| Taboola.com Ltd.<sup>(1)</sup> | 6524 | 20681 |
| Yelp, Inc.<sup>(1)</sup> | 2653 | 59135 |
| Ziff Davis, Inc.<sup>(1)</sup> | 476 | 12890 |
|  |  | 32882113 |
| **IT Services — 0.8%** |  |  |
| Accenture PLC, Class A | 3385 | 706517 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 2336 | 229839 |
| Amdocs Ltd. | 1430 | 99814 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 300 | 51657 |
| Cognizant Technology Solutions Corp., Class A | 6065 | 390768 |
| DXC Technology Co.<sup>(1)</sup> | 8410 | 105882 |
| EPAM Systems, Inc.<sup>(1)</sup> | 212 | 29892 |
| Gartner, Inc.<sup>(1)</sup> | 819 | 128747 |
| Globant SA<sup>(1)</sup> | 193 | 9604 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 2370 | 206569 |
| Hackett Group, Inc. | 836 | 11420 |
| International Business Machines Corp. | 3651 | 877007 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 8891 | 109626 |
| MongoDB, Inc.<sup>(1)</sup> | 83 | 27263 |
| Okta, Inc.<sup>(1)</sup> | 96 | 6960 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 681 | 114687 |
| Twilio, Inc., Class A<sup>(1)</sup> | 531 | 64230 |
| VeriSign, Inc. | 344 | 78411 |
|  |  | 3248893 |
| **Leisure Products — 0.2%** |  |  |
| Acushnet Holdings Corp. | 973 | 99567 |
| Brunswick Corp. | 2913 | 231933 |
| Callaway Golf Co.<sup>(1)</sup> | 3977 | 55917 |
| Funko, Inc., Class A<sup>(1)</sup> | 28 | 140 |
| Hasbro, Inc. | 284 | 28284 |
| JAKKS Pacific, Inc. | 417 | 9116 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 853 | 24788 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 836 | 18145 |
| Mattel, Inc.<sup>(1)</sup> | 11918 | 202010 |
| Polaris, Inc. | 2504 | 152093 |
| YETI Holdings, Inc.<sup>(1)</sup> | 3840 | 167846 |
|  |  | 989839 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 123 | 2835 |
| Adaptive Biotechnologies Corp.<sup>(1)</sup> | 15 | 240 |
| Agilent Technologies, Inc. | 1508 | 183041 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Avantor, Inc.<sup>(1)</sup> | 1349 | $12208 |
| Azenta, Inc.<sup>(1)</sup> | 1155 | 31162 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 130 | 36197 |
| Bio-Techne Corp. | 770 | 45430 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 189 | 33735 |
| Danaher Corp. | 1922 | 404850 |
| Illumina, Inc.<sup>(1)</sup> | 201 | 27026 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 521 | 93160 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 335 | 151339 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 85 | 116169 |
| OmniAb, Inc.<sup>(1)</sup> | 47 |  |
| OmniAb, Inc.<sup>(1)</sup> | 47 |  |
| Repligen Corp.<sup>(1)</sup> | 116 | 14933 |
| Revvity, Inc. | 296 | 29100 |
| Sotera Health Co.<sup>(1)</sup> | 59 | 959 |
| Thermo Fisher Scientific, Inc. | 874 | 455450 |
| Waters Corp.<sup>(1)</sup> | 857 | 273709 |
| West Pharmaceutical Services, Inc. | 735 | 186940 |
|  |  | 2098483 |
| **Machinery — 3.4%** |  |  |
| Aebi Schmidt Holding AG | 15 | 216 |
| AGCO Corp. | 1849 | 252389 |
| Alamo Group, Inc. | 422 | 90110 |
| Albany International Corp., Class A | 775 | 44679 |
| Allison Transmission Holdings, Inc. | 1274 | 159632 |
| Astec Industries, Inc. | 391 | 24277 |
| Atmus Filtration Technologies, Inc. | 3713 | 239600 |
| Caterpillar, Inc. | 3835 | 2848753 |
| Crane Co. | 248 | 49731 |
| Cummins, Inc. | 2951 | 1723000 |
| Deere & Co. | 3931 | 2475390 |
| Donaldson Co., Inc. | 3403 | 315662 |
| Dover Corp. | 508 | 114554 |
| Enerpac Tool Group Corp. | 1006 | 41045 |
| Enpro, Inc. | 7 | 1811 |
| Federal Signal Corp. | 23 | 2678 |
| Fortive Corp. | 46 | 2723 |
| Franklin Electric Co., Inc. | 1211 | 120640 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 1354 | 37330 |
| Graco, Inc. | 3222 | 302610 |
| Graham Corp.<sup>(1)</sup> | 291 | 23635 |
| Greenbrier Cos., Inc. | 639 | 36052 |
| Hillman Solutions Corp.<sup>(1)</sup> | 2801 | 22968 |
| IDEX Corp. | 283 | 59280 |
| Illinois Tool Works, Inc. | 2182 | 634155 |
| Ingersoll Rand, Inc. | 603 | 56766 |
| ITT, Inc. | 1325 | 268193 |
| JBT Marel Corp. | 459 | 70686 |
| Kadant, Inc. | 94 | 31882 |
| Kennametal, Inc. | 2772 | 111656 |
| Lincoln Electric Holdings, Inc. | 1703 | 488846 |
| Lindsay Corp. | 424 | 57113 |
| Middleby Corp.<sup>(1)</sup> | 64 | 10807 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mueller Industries, Inc. | 4761 | $561608 |
| Mueller Water Products, Inc., Class A | 416 | 12451 |
| Nordson Corp. | 33 | 9684 |
| Oshkosh Corp. | 2086 | 354662 |
| Otis Worldwide Corp. | 1278 | 118292 |
| PACCAR, Inc. | 2772 | 349521 |
| Parker-Hannifin Corp. | 528 | 532847 |
| Pentair PLC | 56 | 5555 |
| Snap-on, Inc. | 168 | 64717 |
| SPX Technologies, Inc.<sup>(1)</sup> | 10 | 2269 |
| Standex International Corp. | 55 | 14410 |
| Stanley Black & Decker, Inc. | 476 | 41169 |
| Tennant Co. | 740 | 45162 |
| Terex Corp. | 2914 | 200454 |
| Timken Co. | 1202 | 130273 |
| Titan International, Inc.<sup>(1)</sup> | 2189 | 21299 |
| Toro Co. | 4242 | 419364 |
| Trinity Industries, Inc. | 3453 | 118024 |
| Wabash National Corp. | 1795 | 18219 |
| Watts Water Technologies, Inc., Class A | 307 | 100923 |
| Westinghouse Air Brake Technologies Corp. | 1069 | 282163 |
| Worthington Enterprises, Inc. | 309 | 17307 |
| Xylem, Inc. | 1297 | 168039 |
|  |  | 14307281 |
| **Marine Transportation — 0.1%** |  |  |
| Costamare, Inc. | 905 | 15901 |
| Matson, Inc. | 1506 | 250192 |
| Safe Bulkers, Inc. | 3896 | 25557 |
|  |  | 291650 |
| **Media — 0.5%** |  |  |
| Cable One, Inc.<sup>(1)</sup> | 207 | 19862 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 344 | 80713 |
| EchoStar Corp., Class A<sup>(1)</sup> | 4613 | 532940 |
| Entravision Communications Corp., Class A | 128 | 397 |
| Fox Corp., Class A | 7029 | 396014 |
| Fox Corp., Class B | 3320 | 171743 |
| Ibotta, Inc., Class A<sup>(1)(2)</sup> | 28 | 699 |
| John Wiley & Sons, Inc., Class A | 196 | 6080 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 116 | 6331 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 918 | 50132 |
| New York Times Co., Class A | 2317 | 184873 |
| News Corp., Class A | 5211 | 126575 |
| News Corp., Class B | 1556 | 41670 |
| Nexstar Media Group, Inc., Class A | 315 | 79071 |
| Omnicom Group, Inc. | 170 | 14499 |
| Optimum Communications, Inc., Class A<sup>(1)</sup> | 8 | 11 |
| Paramount Skydance Corp., Class B | 5523 | 74616 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 1016 | 8230 |
| Scholastic Corp. | 679 | 23609 |
| Sirius XM Holdings, Inc. | 2 | 44 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 656 | 1522 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 1387 | 33038 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Versant Media Group, Inc.<sup>(1)</sup> | 1318 | $43916 |
|  |  | 1896585 |
| **Metals and Mining — 0.7%** |  |  |
| Commercial Metals Co. | 4050 | 296865 |
| Kaiser Aluminum Corp. | 310 | 40344 |
| Newmont Corp. | 8469 | 1100970 |
| Nucor Corp. | 4239 | 749794 |
| Reliance, Inc. | 1326 | 418539 |
| Royal Gold, Inc. | 1271 | 381033 |
| Ryerson Holding Corp. | 1252 | 32752 |
| Steel Dynamics, Inc. | 449 | 86715 |
| Worthington Steel, Inc. | 1099 | 45675 |
|  |  | 3152687 |
| **Oil, Gas and Consumable Fuels — 0.1%** |  |  |
| DHT Holdings, Inc. | 3654 | 71217 |
| Epsilon Energy Ltd. | 327 | 1674 |
| Evolution Petroleum Corp. | 26 | 116 |
| Navigator Holdings Ltd. | 1202 | 25266 |
| SFL Corp. Ltd. | 2959 | 32579 |
| Sunococorp LLC | 1582 | 94746 |
| Teekay Tankers Ltd., Class A | 157 | 12288 |
| Uranium Energy Corp.<sup>(1)</sup> | 112 | 1717 |
|  |  | 239603 |
| **Paper and Forest Products — 0.1%** |  |  |
| Louisiana-Pacific Corp. | 3360 | 284726 |
| Magnera Corp.<sup>(1)</sup> | 100 | 1295 |
| Mercer International, Inc.<sup>(2)</sup> | 2096 | 3773 |
| Sylvamo Corp. | 1921 | 88942 |
|  |  | 378736 |
| **Personal Care Products — 0.2%** |  |  |
| Edgewell Personal Care Co. | 476 | 10824 |
| Estee Lauder Cos., Inc., Class A | 3510 | 384240 |
| Kenvue, Inc. | 19526 | 373337 |
| Nu Skin Enterprises, Inc., Class A | 1031 | 8743 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 247 | 5315 |
|  |  | 782459 |
| **Pharmaceuticals — 3.5%** |  |  |
| Alumis, Inc.<sup>(1)</sup> | 60 | 1781 |
| Arvinas, Inc.<sup>(1)</sup> | 1599 | 21219 |
| Bristol-Myers Squibb Co. | 18034 | 1124781 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 1632 | 68005 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 809 | 28881 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 3591 | 94802 |
| Eli Lilly & Co. | 3150 | 3313769 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 1797 | 51286 |
| Innoviva, Inc.<sup>(1)</sup> | 2422 | 55609 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 2531 | 480941 |
| Johnson & Johnson | 14937 | 3710799 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 315 | 62468 |
| Maze Therapeutics, Inc.<sup>(1)</sup> | 1183 | 53933 |
| Merck & Co., Inc. | 25038 | 3100205 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 1977 | 43316 |
| Pfizer, Inc. | 31347 | 866745 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Royalty Pharma PLC, Class A | 3815 | $176291 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 1041 | 56974 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 1561 | 28488 |
| Viatris, Inc. | 43185 | 644752 |
| Zoetis, Inc. | 6206 | 813607 |
|  |  | 14798652 |
| **Professional Services — 0.7%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 244 | 7288 |
| Automatic Data Processing, Inc. | 2786 | 597207 |
| Barrett Business Services, Inc. | 980 | 27215 |
| Booz Allen Hamilton Holding Corp. | 1269 | 100035 |
| Broadridge Financial Solutions, Inc. | 839 | 155945 |
| CACI International, Inc., Class A<sup>(1)</sup> | 3 | 1831 |
| Clarivate PLC<sup>(1)(2)</sup> | 3778 | 8689 |
| Concentrix Corp. | 20 | 656 |
| Conduent, Inc.<sup>(1)</sup> | 8010 | 11695 |
| CRA International, Inc. | 300 | 51798 |
| CSG Systems International, Inc. | 1271 | 101553 |
| Equifax, Inc. | 121 | 25284 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 1736 | 54250 |
| Exponent, Inc. | 393 | 28603 |
| Franklin Covey Co.<sup>(1)</sup> | 476 | 6198 |
| FTI Consulting, Inc.<sup>(1)</sup> | 136 | 22361 |
| Genpact Ltd. | 1353 | 53741 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 50 | 1445 |
| Innodata, Inc.<sup>(1)(2)</sup> | 33 | 1458 |
| Insperity, Inc. | 1407 | 31249 |
| Jacobs Solutions, Inc. | 54 | 7444 |
| KBR, Inc. | 657 | 27745 |
| Kelly Services, Inc., Class A | 1016 | 9865 |
| Kforce, Inc. | 1011 | 27317 |
| Korn Ferry | 1606 | 100648 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 196 | 1378 |
| Leidos Holdings, Inc. | 197 | 34495 |
| ManpowerGroup, Inc. | 1352 | 37815 |
| Parsons Corp.<sup>(1)</sup> | 419 | 27654 |
| Paychex, Inc. | 4269 | 399792 |
| Paycom Software, Inc. | 1502 | 188997 |
| Paylocity Holding Corp.<sup>(1)</sup> | 162 | 17251 |
| RCM Technologies, Inc.<sup>(1)</sup> | 11 | 208 |
| Resources Connection, Inc. | 477 | 1794 |
| Robert Half, Inc. | 3767 | 91990 |
| Science Applications International Corp. | 47 | 4336 |
| SS&C Technologies Holdings, Inc. | 33 | 2485 |
| TransUnion | 251 | 19716 |
| TriNet Group, Inc. | 639 | 24333 |
| TrueBlue, Inc.<sup>(1)</sup> | 1556 | 6582 |
| UL Solutions, Inc., Class A | 25 | 2099 |
| Upwork, Inc.<sup>(1)</sup> | 4305 | 57773 |
| Verisk Analytics, Inc. | 1781 | 369682 |
|  |  | 2749900 |
| **Real Estate Management and Development — 0.3%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 3046 | 449772 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Compass, Inc., Class A<sup>(1)</sup> | 2 | $20 |
| CoStar Group, Inc.<sup>(1)</sup> | 1662 | 74175 |
| Cushman & Wakefield Ltd.<sup>(1)</sup> | 1386 | 18586 |
| Forestar Group, Inc.<sup>(1)</sup> | 1016 | 29180 |
| FRP Holdings, Inc.<sup>(1)</sup> | 22 | 527 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 839 | 60718 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1089 | 343634 |
| Kennedy-Wilson Holdings, Inc. | 3878 | 42193 |
| Marcus & Millichap, Inc. | 803 | 21207 |
| Newmark Group, Inc., Class A | 3304 | 47974 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 836 | 5258 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 197 | 4602 |
| St. Joe Co. | 16 | 1155 |
| Tejon Ranch Co.<sup>(1)</sup> | 477 | 8400 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 572 | 25626 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 2254 | 100573 |
|  |  | 1233600 |
| **Semiconductors and Semiconductor Equipment — 13.0%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 9719 | 1945841 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 836 | 30489 |
| Amkor Technology, Inc. | 2430 | 116203 |
| Analog Devices, Inc. | 2199 | 782382 |
| Applied Materials, Inc. | 11029 | 4106097 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 1014 | 83767 |
| Broadcom, Inc. | 17820 | 5694381 |
| CEVA, Inc.<sup>(1)</sup> | 190 | 3963 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 935 | 131947 |
| Cohu, Inc.<sup>(1)</sup> | 1110 | 33522 |
| Enphase Energy, Inc.<sup>(1)</sup> | 1114 | 47089 |
| Entegris, Inc. | 201 | 26622 |
| First Solar, Inc.<sup>(1)</sup> | 926 | 182607 |
| FormFactor, Inc.<sup>(1)</sup> | 959 | 94826 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 760 | 36138 |
| Intel Corp.<sup>(1)</sup> | 27870 | 1271151 |
| KLA Corp. | 2017 | 3075017 |
| Kulicke & Soffa Industries, Inc. | 1951 | 136024 |
| Lam Research Corp. | 20219 | 4729022 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 441 | 42168 |
| Marvell Technology, Inc. | 3107 | 253811 |
| Micron Technology, Inc. | 15334 | 6323282 |
| MKS, Inc. | 455 | 111229 |
| Monolithic Power Systems, Inc. | 140 | 159984 |
| NVIDIA Corp. | 112281 | 19895070 |
| NXP Semiconductors NV | 1256 | 285125 |
| ON Semiconductor Corp.<sup>(1)</sup> | 8255 | 548792 |
| Onto Innovation, Inc.<sup>(1)</sup> | 813 | 175519 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 2773 | 57623 |
| Photronics, Inc.<sup>(1)</sup> | 1923 | 71978 |
| Qnity Electronics, Inc. | 1700 | 215492 |
| Qorvo, Inc.<sup>(1)</sup> | 848 | 70299 |
| QUALCOMM, Inc. | 9635 | 1371639 |
| Rambus, Inc.<sup>(1)</sup> | 1411 | 140620 |
| Semtech Corp.<sup>(1)</sup> | 36 | 3248 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Skyworks Solutions, Inc. | 1852 | $110342 |
| SolarEdge Technologies, Inc.<sup>(1)(2)</sup> | 308 | 10903 |
| Synaptics, Inc.<sup>(1)</sup> | 724 | 58977 |
| Teradyne, Inc. | 3673 | 1175470 |
| Texas Instruments, Inc. | 7523 | 1595703 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 1542 | 93569 |
| Universal Display Corp. | 323 | 34461 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 836 | 25548 |
|  |  | 55357940 |
| **Software — 5.7%** |  |  |
| A10 Networks, Inc. | 1924 | 37056 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 656 | 26030 |
| Adeia, Inc. | 945 | 19552 |
| Adobe, Inc.<sup>(1)</sup> | 1265 | 331949 |
| AppLovin Corp., Class A<sup>(1)</sup> | 53 | 23043 |
| Autodesk, Inc.<sup>(1)</sup> | 1266 | 311271 |
| Bentley Systems, Inc., Class B | 212 | 7749 |
| Bill Holdings, Inc.<sup>(1)</sup> | 30 | 1335 |
| Blackbaud, Inc.<sup>(1)</sup> | 18 | 874 |
| BlackLine, Inc.<sup>(1)</sup> | 70 | 2467 |
| Box, Inc., Class A<sup>(1)</sup> | 1162 | 27365 |
| C3.ai, Inc., Class A<sup>(1)</sup> | 599 | 4762 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 1663 | 501228 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 7310 | 114036 |
| Clear Secure, Inc., Class A | 59 | 2870 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | 42 | 982 |
| Commvault Systems, Inc.<sup>(1)</sup> | 323 | 27481 |
| Confluent, Inc., Class A<sup>(1)</sup> | 38 | 1165 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | 11 | 331 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 833 | 309859 |
| Daily Journal Corp.<sup>(1)</sup> | 1 | 509 |
| Datadog, Inc., Class A<sup>(1)</sup> | 613 | 68631 |
| Docusign, Inc.<sup>(1)</sup> | 1664 | 74996 |
| Dolby Laboratories, Inc., Class A | 670 | 44602 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 847 | 21166 |
| Dynatrace, Inc.<sup>(1)</sup> | 476 | 17098 |
| Elastic NV<sup>(1)</sup> | 55 | 2864 |
| Fair Isaac Corp.<sup>(1)</sup> | 115 | 162076 |
| Fortinet, Inc.<sup>(1)</sup> | 4862 | 384244 |
| Gen Digital, Inc. | 2996 | 67620 |
| HubSpot, Inc.<sup>(1)</sup> | 5 | 1323 |
| InterDigital, Inc. | 1509 | 553094 |
| Intuit, Inc. | 689 | 281822 |
| JFrog Ltd.<sup>(1)</sup> | 36 | 1445 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 476 | 12933 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 726 | 98322 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 1266 | 11318 |
| Microsoft Corp. | 44036 | 17294699 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 792 | 30318 |
| Oracle Corp. | 4195 | 609953 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 2804 | 31377 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 4415 | 605694 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 5731 | 853460 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pegasystems, Inc. | 72 | $3149 |
| Progress Software Corp.<sup>(1)</sup> | 534 | 22364 |
| PTC, Inc.<sup>(1)</sup> | 52 | 8143 |
| Qualys, Inc.<sup>(1)</sup> | 1436 | 132787 |
| Rapid7, Inc.<sup>(1)</sup> | 35 | 218 |
| Roper Technologies, Inc. | 115 | 40219 |
| Salesforce, Inc. | 1709 | 332896 |
| ServiceNow, Inc.<sup>(1)</sup> | 3431 | 370582 |
| SPS Commerce, Inc.<sup>(1)</sup> | 127 | 7177 |
| Synopsys, Inc.<sup>(1)</sup> | 536 | 221904 |
| Teradata Corp.<sup>(1)</sup> | 1232 | 38796 |
| Trimble, Inc.<sup>(1)</sup> | 417 | 27885 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 132 | 46819 |
| UiPath, Inc., Class A<sup>(1)</sup> | 90 | 966 |
| Unity Software, Inc.<sup>(1)</sup> | 20 | 365 |
| Workday, Inc., Class A<sup>(1)</sup> | 527 | 70491 |
| Xperi, Inc.<sup>(1)(2)</sup> | 592 | 3629 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 932 | 68912 |
| Zscaler, Inc.<sup>(1)</sup> | 116 | 17051 |
|  |  | 24395322 |
| **Specialty Retail — 3.7%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 1438 | 5004 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 2787 | 272569 |
| Advance Auto Parts, Inc. | 2705 | 143825 |
| American Eagle Outfitters, Inc. | 8388 | 206093 |
| Arhaus, Inc.<sup>(1)</sup> | 2937 | 24230 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 670 | 143233 |
| AutoNation, Inc.<sup>(1)</sup> | 1635 | 319087 |
| AutoZone, Inc.<sup>(1)</sup> | 35 | 131445 |
| Bath & Body Works, Inc. | 1196 | 27221 |
| Best Buy Co., Inc. | 7103 | 440173 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 910 | 172190 |
| Buckle, Inc. | 1560 | 83538 |
| Build-A-Bear Workshop, Inc. | 1013 | 49293 |
| Burlington Stores, Inc.<sup>(1)</sup> | 2178 | 668363 |
| Caleres, Inc. | 1752 | 20831 |
| CarMax, Inc.<sup>(1)</sup> | 3365 | 145267 |
| Carvana Co.<sup>(1)</sup> | 641 | 214197 |
| Cato Corp., Class A<sup>(1)</sup> | 45 | 135 |
| Chewy, Inc., Class A<sup>(1)</sup> | 1016 | 27859 |
| Dick's Sporting Goods, Inc. | 1898 | 386490 |
| Five Below, Inc.<sup>(1)</sup> | 2444 | 546307 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 2153 | 148751 |
| GameStop Corp., Class A<sup>(1)</sup> | 3033 | 72883 |
| Gap, Inc. | 12065 | 338303 |
| Genesco, Inc.<sup>(1)</sup> | 656 | 17869 |
| Group 1 Automotive, Inc. | 9 | 2932 |
| Haverty Furniture Cos., Inc. | 656 | 15619 |
| Home Depot, Inc. | 4281 | 1629862 |
| Lithia Motors, Inc. | 975 | 272591 |
| Lowe's Cos., Inc. | 1892 | 500566 |
| MarineMax, Inc.<sup>(1)</sup> | 1016 | 30988 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 476 | 12838 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 4280 | $401806 |
| Penske Automotive Group, Inc. | 939 | 147911 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 18 | 49 |
| Revolve Group, Inc.<sup>(1)</sup> | 78 | 1963 |
| RH<sup>(1)</sup> | 285 | 47227 |
| Ross Stores, Inc. | 7364 | 1514333 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 6144 | 98734 |
| Shoe Carnival, Inc. | 656 | 13245 |
| Signet Jewelers Ltd. | 2390 | 229894 |
| Sonic Automotive, Inc., Class A | 854 | 53563 |
| TJX Cos., Inc. | 17751 | 2869627 |
| Tractor Supply Co. | 15486 | 802794 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1586 | 1086077 |
| Upbound Group, Inc. | 1120 | 24024 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 2672 | 176886 |
| Victoria's Secret & Co.<sup>(1)</sup> | 4495 | 281837 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 665 | 50759 |
| Williams-Sonoma, Inc. | 4803 | 987737 |
| Zumiez, Inc.<sup>(1)</sup> | 836 | 21920 |
|  |  | 15880938 |
| **Technology Hardware, Storage and Peripherals — 6.2%** |  |  |
| Apple, Inc. | 87232 | 23044950 |
| Dell Technologies, Inc., Class C | 2128 | 315114 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 1184 | 94720 |
| Eastman Kodak Co.<sup>(1)</sup> | 370 | 2708 |
| GPGI, Inc., Class A | 71 | 1594 |
| Hewlett Packard Enterprise Co. | 9821 | 210857 |
| HP, Inc. | 3557 | 67548 |
| Immersion Corp. | 1412 | 8627 |
| NetApp, Inc. | 2756 | 272927 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 1470 | 94403 |
| Sandisk Corp.<sup>(1)</sup> | 897 | 569918 |
| Seagate Technology Holdings PLC | 1661 | 677422 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 7673 | 248529 |
| Western Digital Corp. | 3156 | 882733 |
|  |  | 26492050 |
| **Textiles, Apparel and Luxury Goods — 1.1%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 28 | 1063 |
| Capri Holdings Ltd.<sup>(1)</sup> | 4490 | 92090 |
| Carter's, Inc. | 1310 | 43951 |
| Columbia Sportswear Co. | 779 | 48251 |
| Crocs, Inc.<sup>(1)</sup> | 1157 | 104951 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 4741 | 555977 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 3242 | 36537 |
| G-III Apparel Group Ltd. | 2043 | 62495 |
| Gildan Activewear, Inc. | 487 | 33160 |
| Kontoor Brands, Inc. | 1903 | 124095 |
| Levi Strauss & Co., Class A | 2631 | 58303 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2415 | 447186 |
| Movado Group, Inc. | 656 | 16367 |
| NIKE, Inc., Class B | 11976 | 744668 |
| Oxford Industries, Inc.<sup>(2)</sup> | 850 | 33652 |
| PVH Corp. | 1377 | 94462 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ralph Lauren Corp. | 1506 | $546076 |
| Steven Madden Ltd. | 2379 | 85882 |
| Tapestry, Inc. | 8005 | 1244537 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 5382 | 39934 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 3536 | 25565 |
| VF Corp. | 17730 | 344317 |
|  |  | 4783519 |
| **Trading Companies and Distributors — 1.2%** |  |  |
| Air Lease Corp. | 3707 | 240362 |
| Applied Industrial Technologies, Inc. | 711 | 200914 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 462 | 30455 |
| Boise Cascade Co. | 2039 | 168707 |
| Core & Main, Inc., Class A<sup>(1)</sup> | 1295 | 70137 |
| DNOW, Inc.<sup>(1)</sup> | 6769 | 79739 |
| Fastenal Co. | 20292 | 934244 |
| FTAI Aviation Ltd. | 267 | 81649 |
| GATX Corp. | 175 | 32230 |
| Herc Holdings, Inc. | 1501 | 209825 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 1740 | 12371 |
| McGrath RentCorp | 750 | 83212 |
| MSC Industrial Direct Co., Inc., Class A | 890 | 83518 |
| QXO, Inc.<sup>(1)</sup> | 102 | 2443 |
| Rush Enterprises, Inc., Class A | 2295 | 162876 |
| Rush Enterprises, Inc., Class B | 740 | 47841 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 347 | 49583 |
| Titan Machinery, Inc.<sup>(1)</sup> | 1016 | 19802 |
| United Rentals, Inc. | 1228 | 1031520 |
| Watsco, Inc. | 343 | 143144 |
| WESCO International, Inc. | 1128 | 326556 |
| WW Grainger, Inc. | 1072 | 1227150 |
|  |  | 5238278 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 382 | 51964 |
| California Water Service Group | 801 | 36109 |
|  |  | 88073 |
| **Wireless Telecommunication Services — 0.4%** |  |  |
| Gogo, Inc.<sup>(1)</sup> | 1905 | 8058 |
| T-Mobile U.S., Inc. | 7618 | 1653792 |
|  |  | 1661850 |
| **TOTAL COMMON STOCKS**<br>(Cost $308,750,215) |  | **425391404** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Blueprint Medicines Corp.<sup>(1)</sup> | 16 | 7 |
| Mirati Therapeutics, Inc.<sup>(1)</sup> | 384 | 269 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 6 | 4 |
|  |  | 280 |
| **Consumer Staples Distribution & Retail — 0.0%** |  |  |
| Walgreens Boots Alliance, Inc.<sup>(1)</sup> | 2724 | 1444 |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup> | 112 | 114 |
| **Pharmaceuticals — 0.0%** |  |  |
| Concert Pharmaceuticals, Inc.<sup>(1)</sup> | 70 | 26 |
| **TOTAL RIGHTS**<br>(Cost $1,864) |  | **1864** |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
|<br>**WARRANTS — 0.0%** | **Shares**<br> | **Value**<br> |
| **Specialty Retail — 0.0%** |  |  |
| GameStop Corp.<sup>(1)</sup><br>(Cost $—) | 382 | $**1642** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 278763 | 278763 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 256906 | 256906 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $535,669) |  | **535669** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $309,287,748) |  | **425930579** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **18672** |
| **TOTAL NET ASSETS — 100.0%** |  | $**425949251** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $379,345. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $394,972, which includes securities collateral of $138,066.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 82.5%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.7%** |  |  |
| AAR Corp.<sup>(1)</sup> | 9 | $1055 |
| AeroVironment, Inc.<sup>(1)</sup> | 1143 | 288322 |
| Airbus SE, ADR | 862 | 46695 |
| Astronics Corp.<sup>(1)</sup> | 51 | 4112 |
| ATI, Inc.<sup>(1)</sup> | 10083 | 1649478 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 1016 | 551078 |
| BAE Systems PLC, ADR | 397 | 46052 |
| Boeing Co.<sup>(1)</sup> | 3275 | 745161 |
| BWX Technologies, Inc. | 45 | 9269 |
| Carpenter Technology Corp. | 2537 | 1009904 |
| Curtiss-Wright Corp. | 104 | 72834 |
| Ducommun, Inc.<sup>(1)</sup> | 1160 | 143364 |
| Elbit Systems Ltd. | 33 | 25378 |
| General Dynamics Corp. | 529 | 188879 |
| General Electric Co. | 1796 | 614699 |
| HEICO Corp. | 1 | 319 |
| HEICO Corp., Class A | 3 | 720 |
| Howmet Aerospace, Inc. | 1202 | 315561 |
| Huntington Ingalls Industries, Inc. | 245 | 108907 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 3213 | 276896 |
| L3Harris Technologies, Inc. | 7238 | 2638541 |
| Leonardo SpA, ADR | 254 | 8506 |
| Lockheed Martin Corp. | 1336 | 879195 |
| Mercury Systems, Inc.<sup>(1)</sup> | 975 | 86804 |
| Moog, Inc., Class A | 497 | 167703 |
| MTU Aero Engines AG, ADR | 110 | 23637 |
| National Presto Industries, Inc. | 1 | 132 |
| Northrop Grumman Corp. | 1536 | 1112648 |
| Rheinmetall AG, ADR | 102 | 40269 |
| Rocket Lab Corp.<sup>(1)</sup> | 29 | 2004 |
| Rolls-Royce Holdings PLC, ADR | 3188 | 59361 |
| RTX Corp. | 4897 | 992230 |
| Saab AB, ADR | 388 | 14061 |
| Safran SA, ADR | 786 | 79072 |
| StandardAero, Inc.<sup>(1)</sup> | 13 | 400 |
| Textron, Inc. | 823 | 81189 |
| Thales SA, ADR | 173 | 10548 |
| TransDigm Group, Inc. | 44 | 57323 |
| V2X, Inc.<sup>(1)</sup> | 147 | 10253 |
|  |  | 12362559 |
| **Air Freight and Logistics — 1.0%** |  |  |
| CH Robinson Worldwide, Inc. | 37 | 6854 |
| Deutsche Post AG, ADR | 737 | 43424 |
| DSV AS, ADR | 352 | 45348 |
| Expeditors International of Washington, Inc. | 666 | 96590 |
| FedEx Corp. | 12210 | 4725270 |
| Forward Air Corp.<sup>(1)</sup> | 5 | 127 |
| GXO Logistics, Inc.<sup>(1)</sup> | 258 | 16210 |
| Hub Group, Inc., Class A | 601 | 25885 |
| United Parcel Service, Inc., Class B | 18365 | 2129605 |
|  |  | 7089313 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Automobile Components — 0.2%** |  |  |
| Adient PLC<sup>(1)</sup> | 352 | $8561 |
| Aptiv PLC<sup>(1)</sup> | 82 | 6030 |
| Aumovio SE, ADR<sup>(1)</sup> | 242 | 2205 |
| Autoliv, Inc. | 210 | 24889 |
| BorgWarner, Inc. | 1110 | 63903 |
| Bridgestone Corp., ADR | 1420 | 17054 |
| Cie Generale des Etablissements Michelin SCA, ADR | 432 | 8752 |
| Continental AG, ADR | 792 | 6908 |
| Dana, Inc. | 136 | 4657 |
| Dauch Corp.<sup>(1)</sup> | 1107 | 7306 |
| Denso Corp., ADR | 1501 | 21434 |
| Dorman Products, Inc.<sup>(1)</sup> | 368 | 43372 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 14 | 236 |
| Gentex Corp. | 14796 | 346226 |
| Gentherm, Inc.<sup>(1)</sup> | 874 | 28641 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 2342 | 19321 |
| LCI Industries | 418 | 55678 |
| Lear Corp. | 18 | 2363 |
| Patrick Industries, Inc. | 412 | 51001 |
| Phinia, Inc. | 157 | 11403 |
| QuantumScape Corp.<sup>(1)</sup> | 90 | 623 |
| SAF-Holland SE | 10450 | 245131 |
| Standard Motor Products, Inc. | 630 | 24998 |
| Sumitomo Electric Industries Ltd., ADR | 14 | 927 |
| Visteon Corp. | 985 | 94235 |
|  |  | 1095854 |
| **Automobiles — 0.2%** |  |  |
| BYD Co. Ltd., ADR | 1860 | 22339 |
| Ferrari NV | 195 | 74084 |
| Ford Motor Co. | 9397 | 132404 |
| General Motors Co. | 1528 | 120269 |
| Harley-Davidson, Inc. | 215 | 3870 |
| Honda Motor Co. Ltd., ADR | 1341 | 40445 |
| Lucid Group, Inc.<sup>(1)</sup> | 16 | 160 |
| Mazda Motor Corp., ADR | 1452 | 6360 |
| Mercedes-Benz Group AG, ADR | 814 | 14107 |
| Renault SA, ADR | 893 | 6939 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 140 | 2146 |
| Stellantis NV | 672 | 5436 |
| Subaru Corp., ADR | 9 | 84 |
| Suzuki Motor Corp., ADR | 12 | 723 |
| Tesla, Inc.<sup>(1)</sup> | 1766 | 710833 |
| Thor Industries, Inc. | 227 | 21821 |
| Toyota Motor Corp., ADR | 583 | 141307 |
| Volkswagen AG, ADR | 768 | 9124 |
| Winnebago Industries, Inc. | 860 | 34305 |
| XPeng, Inc., Class A, ADR<sup>(1)</sup> | 694 | 12187 |
|  |  | 1358943 |
| **Banks — 6.0%** |  |  |
| 1st Source Corp. | 340 | 22783 |
| ABN AMRO Bank NV, ADR | 67 | 2226 |
| AIB Group PLC, ADR | 131 | 2714 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ameris Bancorp | 2233 | $173415 |
| ANZ Group Holdings Ltd., ADR | 4674 | 133256 |
| Arrow Financial Corp. | 22 | 733 |
| Associated Banc-Corp. | 39 | 1030 |
| Atlantic Union Bankshares Corp. | 1689 | 62594 |
| Axos Financial, Inc.<sup>(1)</sup> | 3514 | 305085 |
| Banc of California, Inc. | 4 | 74 |
| BancFirst Corp. | 1052 | 115720 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 3941 | 91155 |
| Banco BPM SpA | 28119 | 414197 |
| Banco de Sabadell SA | 105987 | 399044 |
| Banco Santander SA, ADR | 5962 | 73690 |
| Bancorp, Inc.<sup>(1)</sup> | 1651 | 86661 |
| Bank of America Corp. | 71279 | 3551833 |
| Bank of Ireland Group PLC, ADR | 104 | 2026 |
| Bank of Marin Bancorp | 1022 | 25438 |
| Bank of Montreal | 1125 | 161921 |
| Bank of Nova Scotia | 1350 | 102263 |
| Bank of NT Butterfield & Son Ltd. | 236 | 11977 |
| Bank OZK | 1280 | 59597 |
| Bank7 Corp. | 800 | 32544 |
| BankUnited, Inc. | 1384 | 64633 |
| Banner Corp. | 8938 | 526001 |
| Barclays PLC, ADR | 3832 | 93041 |
| Beacon Financial Corp. | 1189 | 35361 |
| Blue Ridge Bankshares, Inc. | 3077 | 12493 |
| BNP Paribas SA, ADR | 535 | 30003 |
| BOC Hong Kong Holdings Ltd., ADR | 5 | 573 |
| BOK Financial Corp. | 99 | 12446 |
| BPER Banca SpA | 80000 | 1126715 |
| Byline Bancorp, Inc. | 27 | 842 |
| CaixaBank SA, ADR | 949 | 3881 |
| Canadian Imperial Bank of Commerce | 2287 | 230896 |
| Capitol Federal Financial, Inc. | 391 | 2807 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 989 | 20611 |
| Cathay General Bancorp | 6326 | 314465 |
| Citigroup, Inc. | 3760 | 414314 |
| Citizens Financial Group, Inc. | 858 | 51643 |
| City Holding Co. | 300 | 35991 |
| Columbia Banking System, Inc. | 1636 | 46544 |
| Columbia Financial, Inc.<sup>(1)</sup> | 12 | 215 |
| Commerce Bancshares, Inc. | 1384 | 70570 |
| Commerzbank AG, ADR | 160 | 6522 |
| Commonwealth Bank of Australia, ADR | 1078 | 134006 |
| Community Financial System, Inc. | 514 | 31123 |
| Credit Agricole SA, ADR | 3970 | 43829 |
| Cullen/Frost Bankers, Inc. | 164 | 22668 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 21 | 1416 |
| Danske Bank AS, ADR | 86 | 2244 |
| DBS Group Holdings Ltd., ADR | 296 | 53221 |
| DNB Bank ASA, ADR | 1955 | 61739 |
| East West Bancorp, Inc. | 930 | 101789 |
| Enterprise Financial Services Corp. | 570 | 32547 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Equity Bancshares, Inc., Class A | 15 | $673 |
| Erste Group Bank AG, ADR | 286 | 16917 |
| Fifth Third Bancorp | 1943 | 96120 |
| First BanCorp | 4563 | 96416 |
| First Bancorp/Southern Pines NC | 1215 | 69000 |
| First Busey Corp. | 1668 | 42300 |
| First Citizens BancShares, Inc., Class A | 182 | 345463 |
| First Commonwealth Financial Corp. | 3820 | 66965 |
| First Community Bankshares, Inc. | 38382 | 1501888 |
| First Financial Bancorp | 352 | 9881 |
| First Financial Bankshares, Inc. | 13 | 402 |
| First Horizon Corp. | 9508 | 226195 |
| First Interstate BancSystem, Inc., Class A | 1702 | 58906 |
| First Merchants Corp. | 1339 | 52328 |
| Flagstar Bank NA | 356 | 4518 |
| FNB Corp. | 372 | 6320 |
| Fulton Financial Corp. | 3668 | 75011 |
| German American Bancorp, Inc. | 500 | 20670 |
| Glacier Bancorp, Inc. | 12281 | 558663 |
| Great Southern Bancorp, Inc. | 280 | 17228 |
| Hancock Whitney Corp. | 459 | 30207 |
| Hanmi Financial Corp. | 4 | 104 |
| HDFC Bank Ltd., ADR | 17800 | 566930 |
| Heritage Commerce Corp. | 162 | 2014 |
| Hilltop Holdings, Inc. | 1420 | 53151 |
| Home BancShares, Inc. | 3452 | 94792 |
| HomeTrust Bancshares, Inc. | 380 | 16013 |
| HSBC Holdings PLC, ADR | 1677 | 156229 |
| Huntington Bancshares, Inc. | 3658 | 61454 |
| ICICI Bank Ltd., ADR | 243 | 7414 |
| Independent Bank Corp. | 26 | 2030 |
| ING Groep NV, ADR | 859 | 24713 |
| International Bancshares Corp. | 1430 | 95967 |
| Intesa Sanpaolo SpA, ADR | 6484 | 266168 |
| JPMorgan Chase & Co. | 56238 | 16888271 |
| KB Financial Group, Inc., ADR | 349 | 38390 |
| KBC Group NV, ADR | 712 | 47985 |
| KeyCorp | 3738 | 77526 |
| Lakeland Financial Corp. | 1288 | 74820 |
| LINKBANCORP, Inc. | 54 | 467 |
| Lion Finance Group PLC | 1491 | 232809 |
| Lloyds Banking Group PLC, ADR | 5050 | 28028 |
| M&T Bank Corp. | 115 | 24953 |
| Mechanics Bancorp | 990 | 14117 |
| Metrocity Bankshares, Inc. | 478 | 13432 |
| Midland States Bancorp, Inc. | 51 | 1129 |
| Mitsubishi UFJ Financial Group, Inc., ADR | 8700 | 162168 |
| Mizuho Financial Group, Inc., ADR | 9792 | 86855 |
| National Australia Bank Ltd., ADR | 12293 | 215250 |
| National Bank Holdings Corp., Class A | 90 | 3599 |
| NatWest Group PLC, ADR | 4931 | 81855 |
| Nordea Bank Abp, ADR | 3544 | 68789 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 25105 | 376073 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OFG Bancorp | 4259 | $170701 |
| Origin Bancorp, Inc. | 244 | 10150 |
| Pathward Financial, Inc. | 10382 | 942582 |
| Pinnacle Financial Partners, Inc. | 800 | 72608 |
| PNC Financial Services Group, Inc. | 2466 | 523655 |
| Popular, Inc. | 720 | 97459 |
| Preferred Bank | 155 | 13597 |
| Provident Financial Services, Inc. | 354 | 7448 |
| RBB Bancorp | 1314 | 28251 |
| Regions Financial Corp. | 7221 | 200960 |
| Renasant Corp. | 169 | 6363 |
| Resona Holdings, Inc., ADR | 16 | 387 |
| Royal Bank of Canada | 1394 | 233119 |
| S&T Bancorp, Inc. | 936 | 39134 |
| Seacoast Banking Corp. of Florida | 18 | 560 |
| ServisFirst Bancshares, Inc. | 739 | 59866 |
| Shinhan Financial Group Co. Ltd., ADR | 411 | 27459 |
| Simmons First National Corp., Class A | 12930 | 257436 |
| Societe Generale SA, ADR | 4839 | 84150 |
| Southside Bancshares, Inc. | 13 | 407 |
| Southstate Bank Corp. | 1030 | 101630 |
| SpareBank 1 Nord Norge | 5000 | 83849 |
| Standard Chartered PLC, ADR | 72 | 3594 |
| Stock Yards Bancorp, Inc. | 847 | 54327 |
| Sumitomo Mitsui Financial Group, Inc., ADR | 6244 | 140115 |
| Sumitomo Mitsui Trust Group, Inc., ADR | 3490 | 24465 |
| Svenska Handelsbanken AB, ADR | 2130 | 16934 |
| Swedbank AB, ADR | 1035 | 39951 |
| TBC Bank Group PLC | 3300 | 213432 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 1425 | 135803 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 16 | 634 |
| Toronto-Dominion Bank | 907 | 88306 |
| Towne Bank | 801 | 27442 |
| Triumph Financial, Inc.<sup>(1)</sup> | 2770 | 154732 |
| Truist Financial Corp. | 3674 | 181165 |
| TrustCo Bank Corp. | 3 | 130 |
| U.S. Bancorp | 33012 | 1804436 |
| UMB Financial Corp. | 311 | 36039 |
| Unicaja Banco SA | 85400 | 270249 |
| UniCredit SpA, ADR | 6312 | 268323 |
| United Bankshares, Inc. | 14285 | 589970 |
| United Community Banks, Inc. | 2314 | 74441 |
| United Overseas Bank Ltd., ADR | 494 | 28731 |
| Valley National Bancorp | 318 | 4010 |
| Webster Financial Corp. | 3831 | 276330 |
| Wells Fargo & Co. | 27607 | 2248590 |
| WesBanco, Inc. | 671 | 23398 |
| Western Alliance Bancorp | 944 | 75822 |
| Wintrust Financial Corp. | 943 | 135849 |
| Woori Financial Group, Inc., ADR | 666 | 49990 |
| WSFS Financial Corp. | 1525 | 96853 |
| Zions Bancorp NA | 6828 | 391108 |
|  |  | 42913631 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Beverages — 0.9%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 10 | $2268 |
| Brown-Forman Corp., Class A | 19 | 558 |
| Brown-Forman Corp., Class B | 129 | 3723 |
| Carlsberg AS, ADR | 549 | 17074 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 48 | 2573 |
| Coca-Cola Co. | 12184 | 993727 |
| Coca-Cola Consolidated, Inc. | 2260 | 457424 |
| Coca-Cola Europacific Partners PLC | 423 | 46712 |
| Coca-Cola HBC AG, ADR<sup>(1)</sup> | 311 | 20100 |
| Constellation Brands, Inc., Class A | 17 | 2684 |
| Diageo PLC, ADR | 590 | 52805 |
| Keurig Dr. Pepper, Inc. | 5583 | 169053 |
| MGP Ingredients, Inc. | 9 | 171 |
| Molson Coors Beverage Co., Class B | 319 | 15628 |
| Monster Beverage Corp.<sup>(1)</sup> | 1261 | 107563 |
| National Beverage Corp.<sup>(1)</sup> | 212 | 7706 |
| PepsiCo, Inc. | 24221 | 4111273 |
| Suntory Beverage & Food Ltd., ADR | 405 | 6346 |
|  |  | 6017388 |
| **Biotechnology — 1.3%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 2361 | 22807 |
| AbbVie, Inc. | 9965 | 2312677 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 163 | 4003 |
| Achieve Life Sciences, Inc.<sup>(1)</sup> | 2870 | 13087 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 10717 | 166864 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 615 | 18591 |
| Alkermes PLC<sup>(1)</sup> | 2741 | 82504 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 246 | 81898 |
| ALX Oncology Holdings, Inc.<sup>(1)</sup> | 1632 | 3444 |
| Amgen, Inc. | 3051 | 1184276 |
| Amicus Therapeutics, Inc. <sup>(1)</sup> | 94 | 1351 |
| Apellis Pharmaceuticals, Inc.<sup>(1)</sup> | 189 | 3961 |
| Arcellx, Inc.<sup>(1)</sup> | 181 | 20596 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 66 | 1344 |
| Ardelyx, Inc.<sup>(1)</sup> | 1419 | 9294 |
| Argenx SE, ADR<sup>(1)</sup> | 31 | 23775 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 73 | 4619 |
| ARS Pharmaceuticals, Inc.<sup>(1)</sup> | 7935 | 73637 |
| Atrium Therapeutics, Inc.<sup>(1)</sup> | 201 | 2962 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 63 | 893 |
| Biogen, Inc.<sup>(1)</sup> | 229 | 43927 |
| Biohaven Ltd.<sup>(1)</sup> | 67 | 772 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 8 | 494 |
| BioNTech SE, ADR<sup>(1)</sup> | 700 | 77161 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 6 | 399 |
| CareDx, Inc.<sup>(1)</sup> | 93 | 1745 |
| Compass Therapeutics, Inc.<sup>(1)</sup> | 2770 | 15651 |
| Cue Biopharma, Inc.<sup>(1)</sup> | 324 | 91 |
| Cytokinetics, Inc.<sup>(1)</sup> | 979 | 60913 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 122 | 1293 |
| Design Therapeutics, Inc.<sup>(1)</sup> | 2820 | 29441 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 2858 | 23293 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 61 | $872 |
| Exact Sciences Corp.<sup>(1)</sup> | 140 | 14473 |
| Exelixis, Inc.<sup>(1)</sup> | 543 | 23925 |
| Genmab AS, ADR<sup>(1)</sup> | 395 | 11629 |
| Gilead Sciences, Inc. | 1113 | 165781 |
| GRAIL, Inc.<sup>(1)</sup> | 1016 | 54082 |
| Grifols SA, ADR | 652 | 5933 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 9698 | 674302 |
| Immunovant, Inc.<sup>(1)</sup> | 21 | 582 |
| Incyte Corp.<sup>(1)</sup> | 122 | 12355 |
| Insmed, Inc.<sup>(1)</sup> | 814 | 121555 |
| Intellia Therapeutics, Inc.<sup>(1)</sup> | 17 | 234 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 144 | 11686 |
| Iovance Biotherapeutics, Inc.<sup>(1)</sup> | 1348 | 5203 |
| Ironwood Pharmaceuticals, Inc.<sup>(1)</sup> | 72 | 246 |
| Jade Biosciences, Inc. | 5 | 74 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | 11 | 156 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 37 | 10199 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 155 | 66960 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 39 | 1141 |
| Mirum Pharmaceuticals, Inc.<sup>(1)</sup> | 8 | 738 |
| Moderna, Inc.<sup>(1)</sup> | 1482 | 79391 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 1763 | 8127 |
| Natera, Inc.<sup>(1)</sup> | 3 | 624 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 55 | 7274 |
| Novavax, Inc.<sup>(1)</sup> | 77 | 781 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 1759 | 42568 |
| OnKure Therapeutics, Inc., Class A<sup>(1)</sup> | 504 | 1366 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | 2597 | 8336 |
| PMV Pharmaceuticals, Inc.<sup>(1)</sup> | 4716 | 8017 |
| Precigen, Inc.<sup>(1)(2)</sup> | 3000 | 11370 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 27 | 2486 |
| Prothena Corp. PLC<sup>(1)</sup> | 884 | 7664 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 1785 | 121719 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(1)</sup> | 986 | 3619 |
| Regeneron Pharmaceuticals, Inc. | 3814 | 2981289 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 3544 | 36361 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 387 | 39482 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 538 | 15570 |
| Sana Biotechnology, Inc.<sup>(1)</sup> | 191 | 804 |
| Tenaya Therapeutics, Inc.<sup>(1)</sup> | 3673 | 2064 |
| TG Therapeutics, Inc.<sup>(1)</sup> | 160 | 4814 |
| Travere Therapeutics, Inc.<sup>(1)</sup> | 998 | 29730 |
| Twist Bioscience Corp.<sup>(1)</sup> | 147 | 6897 |
| Ultragenyx Pharmaceutical, Inc.<sup>(1)</sup> | 7 | 164 |
| uniQure NV<sup>(1)</sup> | 1169 | 18271 |
| United Therapeutics Corp.<sup>(1)</sup> | 130 | 65507 |
| Upstream Bio, Inc.<sup>(1)</sup> | 937 | 7196 |
| UroGen Pharma Ltd.<sup>(1)</sup> | 3775 | 81918 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 2779 | 24761 |
| Vaxcyte, Inc.<sup>(1)</sup> | 8 | 494 |
| Veracyte, Inc.<sup>(1)</sup> | 886 | 32419 |
| Verastem, Inc.<sup>(1)</sup> | 107 | 612 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 440 | $218605 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 101 | 918 |
| Whitehawk Therapeutics, Inc.<sup>(1)</sup> | 1254 | 4402 |
| Xencor, Inc.<sup>(1)</sup> | 32 | 409 |
|  |  | 9345918 |
| **Broadline Retail — 1.5%** |  |  |
| 1stdibs.com, Inc.<sup>(1)</sup> | 660 | 3175 |
| Amazon.com, Inc.<sup>(1)</sup> | 35563 | 7468230 |
| Dillard's, Inc., Class A | 3268 | 1969918 |
| eBay, Inc. | 1209 | 109850 |
| Etsy, Inc.<sup>(1)</sup> | 9 | 494 |
| Kohl's Corp. | 33 | 540 |
| Macy's, Inc. | 3873 | 76608 |
| MercadoLibre, Inc.<sup>(1)</sup> | 563 | 989517 |
| Naspers Ltd., Class N, ADR | 3000 | 33540 |
| Pan Pacific International Holdings Corp., ADR | 483 | 6496 |
| Prosus NV, ADR | 3769 | 38595 |
| Sea Ltd., ADR<sup>(1)</sup> | 183 | 19846 |
| Vipshop Holdings Ltd., ADR | 357 | 6219 |
| Wesfarmers Ltd., ADR | 1893 | 54064 |
|  |  | 10777092 |
| **Building Products — 0.9%** |  |  |
| A.O. Smith Corp. | 434 | 33852 |
| AAON, Inc. | 2694 | 272633 |
| Advanced Drainage Systems, Inc. | 5 | 857 |
| Allegion PLC | 173 | 27879 |
| American Woodmark Corp.<sup>(1)</sup> | 197 | 9870 |
| Apogee Enterprises, Inc. | 1343 | 53478 |
| Armstrong World Industries, Inc. | 318 | 55173 |
| Assa Abloy AB, ADR | 1159 | 24606 |
| AZZ, Inc. | 372 | 50585 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 438 | 45679 |
| Carlisle Cos., Inc. | 98 | 38687 |
| Carrier Global Corp. | 993 | 63949 |
| Cie de Saint-Gobain SA, ADR | 767 | 15578 |
| CSW Industrials, Inc. | 385 | 113317 |
| Daikin Industries Ltd., ADR | 1826 | 23190 |
| Fortune Brands Innovations, Inc. | 81 | 4401 |
| Geberit AG, ADR | 492 | 41328 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 1880 | 85502 |
| Griffon Corp. | 1572 | 133997 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 6 | 96 |
| Insteel Industries, Inc. | 374 | 13943 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 731 | 1433 |
| Johnson Controls International PLC | 555 | 80086 |
| Kingspan Group PLC, ADR | 183 | 18245 |
| Lennox International, Inc. | 6654 | 3792381 |
| Masco Corp. | 986 | 70617 |
| Masterbrand, Inc.<sup>(1)</sup> | 107 | 1083 |
| Modine Manufacturing Co.<sup>(1)</sup> | 22 | 4999 |
| Owens Corning | 544 | 66406 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 88 | 3406 |
| Simpson Manufacturing Co., Inc. | 2042 | 395270 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tecnoglass, Inc. | 260 | $11846 |
| Trane Technologies PLC | 544 | 251502 |
| Trex Co., Inc.<sup>(1)</sup> | 392 | 16237 |
| UFP Industries, Inc. | 4571 | 470402 |
| Zurn Elkay Water Solutions Corp. | 2641 | 134638 |
|  |  | 6427151 |
| **Capital Markets — 3.3%** |  |  |
| Acadian Asset Management, Inc. | 53 | 2855 |
| Affiliated Managers Group, Inc. | 296 | 90629 |
| Ameriprise Financial, Inc. | 471 | 221427 |
| Ares Capital Corp. | 2040 | 37985 |
| Ares Management Corp., Class A | 860 | 96329 |
| Artisan Partners Asset Management, Inc., Class A | 425 | 17119 |
| Bank of New York Mellon Corp. | 3790 | 451389 |
| BGC Group, Inc., Class A | 4940 | 47029 |
| Blackrock, Inc. | 1566 | 1665018 |
| Blackstone, Inc. | 1679 | 190348 |
| Brookfield Asset Management Ltd., Class A | 12 | 561 |
| Bure Equity AB | 631 | 14908 |
| Carlyle Group, Inc. | 514 | 26723 |
| Cboe Global Markets, Inc. | 22 | 6594 |
| Charles Schwab Corp. | 11226 | 1068715 |
| CME Group, Inc. | 161 | 51440 |
| Cohen & Steers, Inc. | 287 | 19192 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 414 | 72802 |
| Daiwa Securities Group, Inc., ADR | 471 | 4951 |
| Deutsche Bank AG | 1927 | 68254 |
| Deutsche Boerse AG, ADR | 1727 | 47233 |
| DigitalBridge Group, Inc. | 323 | 4990 |
| EFG International AG<sup>(1)</sup> | 3787 | 92833 |
| Euronext NV | 400 | 66087 |
| Evercore, Inc., Class A | 638 | 197040 |
| FactSet Research Systems, Inc. | 8 | 1734 |
| Federated Hermes, Inc. | 471 | 26381 |
| flatexDEGIRO SE | 3216 | 116523 |
| Franklin Resources, Inc. | 149 | 3954 |
| Futu Holdings Ltd., ADR<sup>(1)</sup> | 136 | 20242 |
| Georgia Capital PLC<sup>(1)</sup> | 4155 | 208533 |
| Goldman Sachs Group, Inc. | 12780 | 10985305 |
| Hong Kong Exchanges & Clearing Ltd., ADR | 939 | 50640 |
| Houlihan Lokey, Inc. | 6135 | 1004729 |
| Interactive Brokers Group, Inc., Class A | 64 | 4556 |
| Intercontinental Exchange, Inc. | 1921 | 315294 |
| Invesco Ltd. | 3922 | 102992 |
| Janus Henderson Group PLC | 1469 | 76535 |
| Japan Exchange Group, Inc., ADR | 1687 | 22926 |
| Jefferies Financial Group, Inc. | 212 | 9413 |
| Julius Baer Group Ltd., ADR | 1901 | 32165 |
| KKR & Co., Inc. | 8268 | 724938 |
| Lazard, Inc. | 16 | 810 |
| London Stock Exchange Group PLC, ADR<sup>(1)</sup> | 700 | 20965 |
| LPL Financial Holdings, Inc. | 110 | 33042 |
| Macquarie Group Ltd., ADR | 84 | 12794 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Marex Group PLC | 276 | $11995 |
| MarketWise, Inc. | 16 | 224 |
| Moelis & Co., Class A | 700 | 41552 |
| Moody's Corp. | 76 | 36297 |
| Morgan Stanley | 6158 | 1025369 |
| MSCI, Inc. | 47 | 26876 |
| Nasdaq, Inc. | 17847 | 1563040 |
| Northern Trust Corp. | 404 | 57808 |
| Oppenheimer Holdings, Inc., Class A | 527 | 45475 |
| Perella Weinberg Partners | 3591 | 66469 |
| Piper Sandler Cos. | 844 | 249444 |
| PJT Partners, Inc., Class A | 1496 | 220929 |
| Raymond James Financial, Inc. | 1005 | 153845 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 115 | 8723 |
| S&P Global, Inc. | 267 | 117982 |
| Singapore Exchange Ltd., ADR | 1313 | 37828 |
| State Street Corp. | 1573 | 202319 |
| StepStone Group, Inc., Class A | 16 | 690 |
| Stifel Financial Corp. | 2709 | 200601 |
| StoneX Group, Inc.<sup>(1)</sup> | 1121 | 142927 |
| T. Rowe Price Group, Inc. | 8 | 757 |
| Tamburi Investment Partners SpA | 8300 | 93136 |
| TMX Group Ltd. | 3500 | 118057 |
| Tradeweb Markets, Inc., Class A | 75 | 9244 |
| UBS Group AG | 19643 | 813809 |
| Virtu Financial, Inc., Class A | 534 | 22113 |
| WisdomTree, Inc.<sup>(2)</sup> | 2966 | 50748 |
|  |  | 23655179 |
| **Chemicals — 1.0%** |  |  |
| AdvanSix, Inc. | 1231 | 21949 |
| Air Liquide SA, ADR | 2626 | 110292 |
| Air Products & Chemicals, Inc. | 562 | 154927 |
| Akzo Nobel NV, ADR | 171 | 4008 |
| Albemarle Corp. | 493 | 88084 |
| American Vanguard Corp.<sup>(1)</sup> | 82 | 378 |
| Avient Corp. | 2546 | 104564 |
| Balchem Corp. | 605 | 109765 |
| BASF SE, ADR | 1825 | 26298 |
| Borregaard ASA | 3900 | 72580 |
| Cabot Corp. | 2034 | 154869 |
| CF Industries Holdings, Inc. | 1380 | 137365 |
| Chemours Co. | 7476 | 136362 |
| Corteva, Inc. | 2905 | 232749 |
| Covestro AG, ADR<sup>(1)</sup> | 520 | 18143 |
| Dow, Inc. | 276 | 8482 |
| DuPont de Nemours, Inc. | 804 | 40232 |
| Eastman Chemical Co. | 825 | 62296 |
| Ecolab, Inc. | 6704 | 2067178 |
| Element Solutions, Inc. | 125 | 4386 |
| FMC Corp. | 191 | 2815 |
| Givaudan SA, ADR | 510 | 40979 |
| Hawkins, Inc. | 2 | 298 |
| HB Fuller Co. | 1824 | 119873 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Huntsman Corp. | 233 | $2947 |
| ICL Group Ltd. | 1550 | 7440 |
| Ingevity Corp.<sup>(1)</sup> | 1371 | 98753 |
| Innospec, Inc. | 400 | 30632 |
| International Flavors & Fragrances, Inc. | 14 | 1151 |
| Linde PLC | 3847 | 1954584 |
| LyondellBasell Industries NV, Class A | 63 | 3624 |
| Minerals Technologies, Inc. | 1770 | 124997 |
| Mosaic Co. | 2664 | 74166 |
| NewMarket Corp. | 270 | 169023 |
| Nitto Denko Corp., ADR | 498 | 11559 |
| Olin Corp. | 74 | 1877 |
| PPG Industries, Inc. | 864 | 106505 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | 1886 | 11901 |
| Quaker Chemical Corp. | 389 | 57195 |
| RPM International, Inc. | 41 | 4679 |
| Scotts Miracle-Gro Co. | 204 | 14305 |
| Sensient Technologies Corp. | 1100 | 111683 |
| Sherwin-Williams Co. | 133 | 48224 |
| Shin-Etsu Chemical Co. Ltd., ADR | 2466 | 48432 |
| Sika AG, ADR | 1121 | 23205 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)</sup> | 588 | 44864 |
| Solstice Advanced Materials, Inc. | 1178 | 92485 |
| Stepan Co. | 286 | 14555 |
| Toray Industries, Inc., ADR | 1079 | 18397 |
| Trinseo PLC | 178 | 41 |
| Tronox Holdings PLC, Class A | 2509 | 18767 |
| Westlake Corp. | 32 | 3372 |
| Yara International ASA, ADR | 78 | 1970 |
|  |  | 6820205 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ABM Industries, Inc. | 501 | 22294 |
| Brady Corp., Class A | 26 | 2401 |
| Brambles Ltd., ADR | 881 | 31355 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 969 | 13363 |
| Brink's Co. | 1481 | 172936 |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 1959 | 182500 |
| Cintas Corp. | 515 | 103582 |
| Cleanaway Waste Management Ltd. | 41834 | 75862 |
| Copart, Inc.<sup>(1)</sup> | 54974 | 2093960 |
| CoreCivic, Inc.<sup>(1)</sup> | 20 | 354 |
| Dai Nippon Printing Co. Ltd., ADR | 1572 | 16412 |
| Deluxe Corp. | 833 | 23116 |
| Element Fleet Management Corp. | 3700 | 88129 |
| Enviri Corp.<sup>(1)</sup> | 2119 | 40113 |
| GEO Group, Inc.<sup>(1)</sup> | 542 | 8152 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 69 | 1502 |
| HNI Corp. | 281 | 12634 |
| Interface, Inc. | 50 | 1574 |
| MSA Safety, Inc. | 56 | 10943 |
| OPENLANE, Inc.<sup>(1)</sup> | 51 | 1454 |
| Pitney Bowes, Inc. | 1027 | 11020 |
| RB Global, Inc. | 22 | 2221 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Republic Services, Inc. | 632 | $144728 |
| Rollins, Inc. | 569 | 34646 |
| Tetra Tech, Inc. | 3606 | 129239 |
| UniFirst Corp. | 415 | 97450 |
| Veralto Corp. | 243 | 23675 |
| Vestis Corp.<sup>(1)</sup> | 189 | 1487 |
| Waste Connections, Inc. | 22 | 3787 |
| Waste Management, Inc. | 645 | 155342 |
|  |  | 3506231 |
| **Communications Equipment — 1.5%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 37763 | 5041360 |
| Calix, Inc.<sup>(1)</sup> | 37 | 1915 |
| Ciena Corp.<sup>(1)</sup> | 534 | 186206 |
| Cisco Systems, Inc. | 39575 | 3144630 |
| Comtech Telecommunications Corp.<sup>(1)</sup> | 564 | 2831 |
| Digi International, Inc.<sup>(1)</sup> | 5 | 244 |
| Extreme Networks, Inc.<sup>(1)</sup> | 67 | 937 |
| F5, Inc.<sup>(1)</sup> | 169 | 45860 |
| Harmonic, Inc.<sup>(1)</sup> | 2995 | 31837 |
| Lumentum Holdings, Inc.<sup>(1)</sup> | 10 | 7009 |
| Motorola Solutions, Inc. | 2145 | 1034448 |
| NETGEAR, Inc.<sup>(1)</sup> | 556 | 11465 |
| NetScout Systems, Inc.<sup>(1)</sup> | 285 | 8325 |
| Nokia OYJ, ADR | 9209 | 71093 |
| Telefonaktiebolaget LM Ericsson, ADR | 2513 | 29151 |
| Ubiquiti, Inc. | 788 | 604388 |
| Viasat, Inc.<sup>(1)</sup> | 613 | 28063 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 3844 | 114205 |
|  |  | 10363967 |
| **Construction and Engineering — 1.8%** |  |  |
| ACS Actividades de Construccion y Servicios SA, ADR | 537 | 13876 |
| AECOM | 819 | 80246 |
| API Group Corp.<sup>(1)</sup> | 54 | 2401 |
| Arcosa, Inc. | 2573 | 276546 |
| Argan, Inc. | 110 | 49638 |
| Bouygues SA, ADR | 616 | 7608 |
| Comfort Systems USA, Inc. | 2652 | 3790689 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1494 | 627510 |
| EMCOR Group, Inc. | 4133 | 2994854 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 923 | 111563 |
| Ferrovial SE | 25 | 1860 |
| Fluor Corp.<sup>(1)</sup> | 485 | 25370 |
| Granite Construction, Inc. | 456 | 61314 |
| HOCHTIEF AG | 1100 | 530598 |
| IES Holdings, Inc.<sup>(1)</sup> | 3593 | 1779793 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 151 | 13804 |
| MasTec, Inc.<sup>(1)</sup> | 115 | 34272 |
| MYR Group, Inc.<sup>(1)</sup> | 405 | 109334 |
| Primoris Services Corp. | 430 | 64810 |
| Quanta Services, Inc. | 3567 | 2008506 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 9 | 3853 |
| Valmont Industries, Inc. | 467 | 214787 |
| Vinci SA, ADR | 664 | 27529 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| WillScot Holdings Corp. | 989 | $21372 |
|  |  | 12852133 |
| **Construction Materials — 0.1%** |  |  |
| Cementir Holding NV | 3500 | 65876 |
| CRH PLC | 799 | 95864 |
| Eagle Materials, Inc. | 84 | 18799 |
| Heidelberg Materials AG, ADR | 1167 | 52118 |
| James Hardie Industries PLC<sup>(1)</sup> | 980 | 23863 |
| Martin Marietta Materials, Inc. | 179 | 121106 |
| Vulcan Materials Co. | 54 | 16740 |
|  |  | 394366 |
| **Consumer Finance — 0.7%** |  |  |
| Ally Financial, Inc. | 451 | 17787 |
| American Express Co. | 1642 | 507214 |
| Bread Financial Holdings, Inc. | 224 | 15873 |
| Capital One Financial Corp. | 12438 | 2433370 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 154 | 10517 |
| Enova International, Inc.<sup>(1)</sup> | 4796 | 666884 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 4015 | 106518 |
| FirstCash Holdings, Inc. | 1726 | 332756 |
| Humm Group Ltd. | 63583 | 31621 |
| LendingClub Corp.<sup>(1)</sup> | 1003 | 14955 |
| LendingTree, Inc.<sup>(1)</sup> | 1258 | 47012 |
| Navient Corp. | 9780 | 85966 |
| Nelnet, Inc., Class A | 1872 | 242349 |
| OneMain Holdings, Inc. | 23 | 1265 |
| PRA Group, Inc.<sup>(1)</sup> | 43 | 677 |
| Regional Management Corp. | 22 | 700 |
| SLM Corp. | 1389 | 26030 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 224 | 3978 |
| Synchrony Financial | 1100 | 76021 |
| World Acceptance Corp.<sup>(1)</sup> | 230 | 31022 |
|  |  | 4652515 |
| **Consumer Staples Distribution & Retail — 1.1%** |  |  |
| Aeon Co. Ltd., ADR | 2448 | 35618 |
| Andersons, Inc. | 24 | 1567 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 199 | 19659 |
| Carrefour SA, ADR | 1282 | 4833 |
| Casey's General Stores, Inc. | 9 | 6170 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 5 | 357 |
| Costco Wholesale Corp. | 4049 | 4092689 |
| Dollar General Corp. | 65 | 10156 |
| Dollar Tree, Inc.<sup>(1)</sup> | 108 | 13660 |
| Ingles Markets, Inc., Class A | 1221 | 103907 |
| J Sainsbury PLC, ADR | 344 | 6557 |
| Jeronimo Martins SGPS SA, ADR | 98 | 5191 |
| Koninklijke Ahold Delhaize NV, ADR | 1009 | 49734 |
| Kroger Co. | 5440 | 371226 |
| Maplebear, Inc.<sup>(1)</sup> | 10277 | 385490 |
| Performance Food Group Co.<sup>(1)</sup> | 425 | 41250 |
| PriceSmart, Inc. | 252 | 38964 |
| Seven & i Holdings Co. Ltd., ADR | 2018 | 28292 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 195 | 14405 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sysco Corp. | 579 | $52782 |
| Target Corp. | 1022 | 116293 |
| Tesco PLC, ADR | 1606 | 31108 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 728 | 70332 |
| United Natural Foods, Inc.<sup>(1)</sup> | 1668 | 63734 |
| Wal-Mart de Mexico SAB de CV, ADR | 79 | 2567 |
| Walmart, Inc. | 17608 | 2252944 |
| Weis Markets, Inc. | 408 | 27646 |
|  |  | 7847131 |
| **Containers and Packaging — 0.0%** |  |  |
| Amcor PLC | 10 | 484 |
| Avery Dennison Corp. | 145 | 28471 |
| Ball Corp. | 203 | 13627 |
| Graphic Packaging Holding Co. | 875 | 10701 |
| International Paper Co. | 354 | 15417 |
| Myers Industries, Inc. | 54 | 1208 |
| Packaging Corp. of America | 65 | 15089 |
| Sealed Air Corp. | 68 | 2848 |
| Silgan Holdings, Inc. | 378 | 18163 |
| Smurfit Westrock PLC | 47 | 2210 |
| Sonoco Products Co. | 18 | 1016 |
|  |  | 109234 |
| **Distributors — 0.0%** |  |  |
| Genuine Parts Co. | 1182 | 140965 |
| LKQ Corp. | 1096 | 36289 |
| Pool Corp. | 166 | 37712 |
|  |  | 214966 |
| **Diversified Consumer Services — 0.1%** |  |  |
| ADT, Inc. | 311 | 2494 |
| Carriage Services, Inc. | 250 | 11518 |
| Coursera, Inc.<sup>(1)</sup> | 147 | 942 |
| Covista, Inc.<sup>(1)</sup> | 556 | 54488 |
| Driven Brands Holdings, Inc.<sup>(1)</sup> | 21 | 231 |
| Frontdoor, Inc.<sup>(1)</sup> | 126 | 8640 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1758 | 279645 |
| H&R Block, Inc. | 561 | 17178 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 76 | 7573 |
| Matthews International Corp., Class A | 33 | 872 |
| Pearson PLC, ADR | 2005 | 25864 |
| Perdoceo Education Corp. | 3086 | 102918 |
| Stride, Inc.<sup>(1)</sup> | 3391 | 286133 |
|  |  | 798496 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| AT&T, Inc. | 3889 | 108931 |
| Cellnex Telecom SA, ADR | 330 | 6257 |
| Cogent Communications Holdings, Inc. | 1582 | 29678 |
| Comcast Corp., Class A | 8160 | 252634 |
| Deutsche Telekom AG, ADR | 1188 | 47853 |
| Iridium Communications, Inc. | 5713 | 136826 |
| Koninklijke KPN NV, ADR | 14988 | 84233 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 14 | 178 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 732 | 9004 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 1113 | 8726 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 1111 | $8821 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 209 | 1486 |
| NTT, Inc., ADR | 527 | 12853 |
| Orange SA, ADR | 151 | 3230 |
| Singapore Telecommunications Ltd., ADR | 866 | 34467 |
| Swisscom AG, ADR | 124 | 11616 |
| Telecom Italia SpA, ADR<sup>(1)</sup> | 2541 | 19155 |
| Telefonica SA, ADR | 2303 | 10340 |
| Telenor ASA, ADR | 712 | 13222 |
| Telia Co. AB, ADR | 2156 | 22099 |
| Telstra Group Ltd., ADR | 1520 | 28713 |
| TELUS Corp. | 5600 | 76944 |
| Verizon Communications, Inc. | 27099 | 1358744 |
|  |  | 2286010 |
| **Electric Utilities — 0.5%** |  |  |
| Alliant Energy Corp. | 54 | 3906 |
| American Electric Power Co., Inc. | 935 | 125122 |
| Cia Energetica de Minas Gerais, ADR | 13321 | 31571 |
| CLP Holdings Ltd., ADR | 816 | 7768 |
| Constellation Energy Corp. | 1339 | 441709 |
| Duke Energy Corp. | 2079 | 272037 |
| Edison International | 38 | 2840 |
| EDP SA, ADR | 156 | 8335 |
| Endesa SA, ADR | 1298 | 26492 |
| Enel SpA, ADR | 3268 | 39183 |
| Entergy Corp. | 592 | 63409 |
| Evergy, Inc. | 132 | 11043 |
| Eversource Energy | 70 | 5335 |
| Exelon Corp. | 3843 | 190113 |
| FirstEnergy Corp. | 326 | 16678 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 45 | 697 |
| Iberdrola SA, ADR | 1068 | 100926 |
| IDACORP, Inc. | 187 | 26923 |
| MGE Energy, Inc. | 779 | 63894 |
| NextEra Energy, Inc. | 10382 | 973520 |
| NRG Energy, Inc. | 1160 | 207594 |
| OGE Energy Corp. | 129 | 6339 |
| Otter Tail Corp. | 1400 | 119140 |
| PG&E Corp. | 2004 | 38076 |
| Pinnacle West Capital Corp. | 690 | 69207 |
| Portland General Electric Co. | 480 | 25901 |
| PPL Corp. | 257 | 10018 |
| Redeia Corp. SA, ADR | 2894 | 26191 |
| Southern Co. | 1388 | 135164 |
| SSE PLC, ADR | 935 | 34315 |
| Terna - Rete Elettrica Nazionale, ADR | 831 | 29968 |
| TXNM Energy, Inc. | 2619 | 154573 |
| Xcel Energy, Inc. | 1898 | 158217 |
|  |  | 3426204 |
| **Electrical Equipment — 0.5%** |  |  |
| ABB Ltd., ADR | 815 | 75624 |
| Accelleron Industries AG | 1582 | 149228 |
| Accelleron Industries AG, ADR | 39 | 3648 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Acuity, Inc. | 382 | $115207 |
| AMETEK, Inc. | 76 | 18181 |
| Eaton Corp. PLC | 1018 | 382687 |
| Emerson Electric Co. | 8154 | 1229215 |
| EnerSys | 1630 | 270824 |
| Fuji Electric Co. Ltd., ADR | 28 | 621 |
| GE Vernova, Inc. | 381 | 332842 |
| Generac Holdings, Inc.<sup>(1)</sup> | 37 | 8339 |
| Hubbell, Inc. | 14 | 7163 |
| Legrand SA, ADR | 1585 | 57377 |
| Mitsubishi Electric Corp., ADR | 915 | 69714 |
| Nexans SA | 701 | 100700 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 158 | 16606 |
| NKT AS<sup>(1)</sup> | 2951 | 381435 |
| NuScale Power Corp.<sup>(1)</sup> | 7083 | 91017 |
| nVent Electric PLC | 289 | 34206 |
| Plug Power, Inc.<sup>(1)</sup> | 474 | 848 |
| Powell Industries, Inc. | 2 | 1047 |
| Preformed Line Products Co. | 50 | 12682 |
| Prysmian SpA, ADR | 957 | 57506 |
| Regal Rexnord Corp. | 584 | 129052 |
| Rockwell Automation, Inc. | 49 | 19965 |
| Schneider Electric SE, ADR | 1057 | 68927 |
| Sensata Technologies Holding PLC | 44 | 1643 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 1442 | 8551 |
| Siemens Energy AG, ADR<sup>(1)</sup> | 304 | 59237 |
| Sunrun, Inc.<sup>(1)</sup> | 98 | 1299 |
| Vertiv Holdings Co., Class A | 343 | 87427 |
| Vestas Wind Systems AS, ADR | 5744 | 48537 |
| Vicor Corp.<sup>(1)</sup> | 4 | 806 |
|  |  | 3842161 |
| **Electronic Equipment, Instruments and Components — 1.6%** |  |  |
| Advanced Energy Industries, Inc. | 2580 | 865771 |
| Aeva Technologies, Inc.<sup>(1)</sup> | 200 | 2652 |
| Amphenol Corp., Class A | 919 | 134229 |
| Arlo Technologies, Inc.<sup>(1)</sup> | 14 | 220 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 45 | 6847 |
| Avnet, Inc. | 3371 | 221947 |
| Badger Meter, Inc. | 712 | 108530 |
| Bel Fuse, Inc., Class B | 50 | 11486 |
| Belden, Inc. | 1572 | 225268 |
| CDW Corp. | 127 | 15575 |
| Celestica, Inc.<sup>(1)</sup> | 1102 | 305948 |
| Cognex Corp. | 26 | 1414 |
| Coherent Corp.<sup>(1)</sup> | 2617 | 677620 |
| Corning, Inc. | 4766 | 716711 |
| Crane NXT Co. | 1550 | 74850 |
| CTS Corp. | 1102 | 58031 |
| Daiwabo Holdings Co. Ltd. | 4500 | 92069 |
| ePlus, Inc. | 3443 | 277712 |
| Fabrinet<sup>(1)</sup> | 1351 | 737146 |
| Halma PLC, ADR | 11 | 1260 |
| Hexagon AB, ADR | 2651 | 29917 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Insight Enterprises, Inc.<sup>(1)</sup> | 2374 | $198371 |
| IPG Photonics Corp.<sup>(1)</sup> | 91 | 11973 |
| Jabil, Inc. | 15579 | 4128279 |
| Jeol Ltd. | 500 | 21980 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 1483 | 455770 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 847 | 21167 |
| Knowles Corp.<sup>(1)</sup> | 1941 | 52737 |
| Kyocera Corp., ADR | 111 | 1964 |
| Lightwave Logic, Inc.<sup>(1)</sup> | 1949 | 8595 |
| Littelfuse, Inc. | 7 | 2467 |
| Luna Innovations, Inc.<sup>(1)</sup> | 214 | 320 |
| Maruwa Co. Ltd. | 200 | 78250 |
| Murata Manufacturing Co. Ltd., ADR | 177 | 2317 |
| Mycronic AB | 2180 | 49411 |
| Novanta, Inc.<sup>(1)</sup> | 928 | 124751 |
| OSI Systems, Inc.<sup>(1)</sup> | 391 | 111513 |
| PC Connection, Inc. | 64 | 3901 |
| Plexus Corp.<sup>(1)</sup> | 1425 | 276635 |
| Ralliant Corp. | 137 | 6287 |
| Rogers Corp.<sup>(1)</sup> | 498 | 53699 |
| Sanmina Corp.<sup>(1)</sup> | 4784 | 742764 |
| ScanSource, Inc.<sup>(1)</sup> | 4 | 147 |
| SmartRent, Inc.<sup>(1)</sup> | 592 | 900 |
| TD SYNNEX Corp. | 37 | 5802 |
| TDK Corp., ADR | 1845 | 28616 |
| TE Connectivity PLC | 369 | 84925 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 369 | 251326 |
| TTM Technologies, Inc.<sup>(1)</sup> | 129 | 13447 |
| Vishay Intertechnology, Inc. | 5182 | 97007 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 105 | 4837 |
| Vontier Corp. | 24 | 982 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 42 | 9406 |
|  |  | 11415749 |
| **Energy Equipment and Services — 0.4%** |  |  |
| Aker Solutions ASA | 71935 | 311982 |
| Archrock, Inc. | 3356 | 118567 |
| Baker Hughes Co. | 6583 | 429607 |
| Bristow Group, Inc.<sup>(1)</sup> | 276 | 13165 |
| Cactus, Inc., Class A | 33 | 1782 |
| Core Laboratories, Inc. | 7 | 123 |
| Halliburton Co. | 1975 | 71100 |
| Helmerich & Payne, Inc. | 42 | 1479 |
| Innovex International, Inc.<sup>(1)</sup> | 12 | 316 |
| Liberty Energy, Inc., Class A | 22 | 618 |
| Mattr Corp.<sup>(1)</sup> | 17400 | 108937 |
| NOV, Inc. | 204 | 4133 |
| Oceaneering International, Inc.<sup>(1)</sup> | 34 | 1207 |
| Oil States International, Inc.<sup>(1)</sup> | 2761 | 36142 |
| Patterson-UTI Energy, Inc. | 7211 | 61366 |
| SLB Ltd. | 3560 | 182770 |
| Subsea 7 SA | 29000 | 841231 |
| Technip Energies NV, ADR | 8500 | 366605 |
| TechnipFMC PLC | 1012 | 67106 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tenaris SA, ADR | 572 | $31117 |
| Tidewater, Inc.<sup>(1)</sup> | 4450 | 353419 |
| Transocean Ltd.<sup>(1)</sup> | 814 | 5275 |
| Weatherford International PLC | 6 | 633 |
|  |  | 3008680 |
| **Entertainment — 1.0%** |  |  |
| Atlanta Braves Holdings, Inc., Class A<sup>(1)</sup> | 789 | 38195 |
| Atlanta Braves Holdings, Inc., Class C<sup>(1)</sup> | 903 | 39470 |
| Cinemark Holdings, Inc. | 36 | 1017 |
| Electronic Arts, Inc. | 551 | 110514 |
| IMAX Corp.<sup>(1)</sup> | 942 | 40346 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 7 | 591 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 94 | 8609 |
| Lionsgate Studios Corp.<sup>(1)</sup> | 23 | 207 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 412 | 66802 |
| Madison Square Garden Entertainment Corp.<sup>(1)</sup> | 397 | 25067 |
| Madison Square Garden Sports Corp.<sup>(1)</sup> | 361 | 119729 |
| Marcus Corp. | 664 | 11175 |
| NetEase, Inc., ADR | 170 | 19545 |
| Netflix, Inc.<sup>(1)</sup> | 37359 | 3595430 |
| Nexon Co. Ltd., ADR | 35 | 744 |
| Nintendo Co. Ltd., ADR | 3283 | 46159 |
| Playtika Holding Corp. | 80 | 247 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 874 | 60009 |
| Roku, Inc.<sup>(1)</sup> | 181 | 17812 |
| Sphere Entertainment Co.<sup>(1)</sup> | 397 | 47247 |
| Spotify Technology SA<sup>(1)</sup> | 904 | 465506 |
| Starz Entertainment Corp.<sup>(1)</sup> | 1 | 11 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 395 | 83535 |
| TKO Group Holdings, Inc. | 1925 | 430950 |
| Walt Disney Co. | 18537 | 1965663 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 2039 | 57439 |
|  |  | 7252019 |
| **Financial Services — 2.8%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 208 | 871 |
| Adyen NV, ADR<sup>(1)</sup> | 1085 | 12608 |
| Affirm Holdings, Inc.<sup>(1)</sup> | 1629 | 76530 |
| Apollo Global Management, Inc. | 69 | 7217 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 20781 | 10493366 |
| Block, Inc.<sup>(1)</sup> | 7 | 446 |
| Cannae Holdings, Inc. | 800 | 9760 |
| Cantaloupe, Inc.<sup>(1)</sup> | 1472 | 15368 |
| Corpay, Inc.<sup>(1)</sup> | 100 | 32510 |
| Equitable Holdings, Inc. | 1500 | 60330 |
| Essent Group Ltd. | 28 | 1703 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 43 | 2991 |
| EVERTEC, Inc. | 459 | 12994 |
| Federal Agricultural Mortgage Corp., Class C | 1846 | 291040 |
| Fidelity National Information Services, Inc. | 205 | 10447 |
| Fiserv, Inc.<sup>(1)</sup> | 1403 | 87393 |
| Flywire Corp.<sup>(1)</sup> | 67 | 825 |
| Global Payments, Inc. | 534 | 40830 |
| HA Sustainable Infrastructure Capital, Inc. | 808 | 29508 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Jack Henry & Associates, Inc. | 684 | $111123 |
| Jackson Financial, Inc., Class A | 547 | 59886 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 2045 | 7853 |
| Mastercard, Inc., Class A | 1788 | 924771 |
| MGIC Investment Corp. | 10565 | 280289 |
| NCR Atleos Corp.<sup>(1)</sup> | 872 | 38612 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 1904 | 74846 |
| ORIX Corp., ADR | 1178 | 41878 |
| Pagseguro Digital Ltd., Class A | 820 | 8700 |
| Paragon Banking Group PLC | 11270 | 129770 |
| Payoneer Global, Inc.<sup>(1)</sup> | 476 | 2056 |
| PayPal Holdings, Inc. | 2802 | 129480 |
| Paysafe Ltd.<sup>(1)</sup> | 115 | 720 |
| PennyMac Financial Services, Inc. | 1747 | 160602 |
| Radian Group, Inc. | 4986 | 172117 |
| Remitly Global, Inc.<sup>(1)</sup> | 1738 | 29025 |
| Rocket Cos., Inc., Class A | 18085 | 328966 |
| Sony Financial Group, Inc., ADR<sup>(1)</sup> | 118 | 597 |
| StoneCo Ltd., A Shares<sup>(1)</sup> | 2275 | 38220 |
| Toast, Inc., Class A<sup>(1)</sup> | 9599 | 262149 |
| Visa, Inc., Class A | 18365 | 5879371 |
| Voya Financial, Inc. | 1626 | 108747 |
| Walker & Dunlop, Inc. | 2512 | 115577 |
| Western Union Co. | 2314 | 22284 |
| WEX, Inc.<sup>(1)</sup> | 266 | 39685 |
|  |  | 20154061 |
| **Food Products — 0.4%** |  |  |
| Ajinomoto Co., Inc., ADR | 372 | 11789 |
| Alico, Inc. | 300 | 12384 |
| Archer-Daniels-Midland Co. | 4072 | 281131 |
| Associated British Foods PLC, ADR | 265 | 7053 |
| B&G Foods, Inc. | 541 | 2873 |
| Barry Callebaut AG, ADR | 1095 | 20575 |
| Beyond Meat, Inc.<sup>(1)</sup> | 80 | 76 |
| Bunge Global SA | 1259 | 151898 |
| Campbell's Co. | 81 | 2183 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 164725 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate | 9 | 148587 |
| Conagra Brands, Inc. | 202 | 3888 |
| Danone SA, ADR | 3065 | 52565 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 1313 | 69799 |
| Flowers Foods, Inc. | 67 | 662 |
| Fresh Del Monte Produce, Inc. | 330 | 14167 |
| Freshpet, Inc.<sup>(1)</sup> | 388 | 32767 |
| General Mills, Inc. | 647 | 29264 |
| Hershey Co. | 656 | 155000 |
| Ingredion, Inc. | 1091 | 128149 |
| J&J Snack Foods Corp. | 392 | 34127 |
| J.M. Smucker Co. | 18 | 2087 |
| JDE Peet's NV, ADR | 610 | 11174 |
| John B Sanfilippo & Son, Inc. | 103 | 8509 |
| Kerry Group PLC, ADR | 100 | 8875 |
| Kraft Heinz Co. | 623 | 15332 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lamb Weston Holdings, Inc. | 60 | $2891 |
| Limoneira Co. | 910 | 12822 |
| Magnum Ice Cream Co. NV<sup>(1)</sup> | 1038 | 16473 |
| Mama's Creations, Inc.<sup>(1)</sup> | 115 | 1971 |
| McCormick & Co., Inc. | 56 | 3978 |
| Mondelez International, Inc., Class A | 2695 | 165958 |
| Mowi ASA, ADR | 366 | 8648 |
| Nestle SA, ADR | 3423 | 373244 |
| Pilgrim's Pride Corp. | 784 | 33837 |
| Post Holdings, Inc.<sup>(1)</sup> | 21 | 2232 |
| Premium Brands Holdings Corp. | 12838 | 993533 |
| Simply Good Foods Co.<sup>(1)</sup> | 750 | 12795 |
| SunOpta, Inc.<sup>(1)</sup> | 1842 | 11936 |
| Tootsie Roll Industries, Inc. | 2 | 84 |
| Tyson Foods, Inc., Class A | 18 | 1170 |
| WH Group Ltd., ADR | 1293 | 32523 |
|  |  | 3043734 |
| **Gas Utilities — 0.1%** |  |  |
| Atmos Energy Corp. | 90 | 16811 |
| Brookfield Infrastructure Corp., Class A | 344 | 17159 |
| Chesapeake Utilities Corp. | 641 | 87157 |
| MDU Resources Group, Inc. | 2529 | 52300 |
| National Fuel Gas Co. | 595 | 54163 |
| New Jersey Resources Corp. | 2059 | 111680 |
| Northwest Natural Holding Co. | 845 | 44819 |
| ONE Gas, Inc. | 1827 | 159753 |
| Snam SpA, ADR | 1212 | 18868 |
| Southwest Gas Holdings, Inc. | 1118 | 98574 |
| Spire, Inc. | 122 | 11176 |
| UGI Corp. | 1742 | 65168 |
|  |  | 737628 |
| **Ground Transportation — 0.6%** |  |  |
| ArcBest Corp. | 1726 | 177191 |
| Canadian National Railway Co. | 10000 | 1121900 |
| Canadian Pacific Kansas City Ltd. | 138 | 12087 |
| Central Japan Railway Co., ADR | 772 | 11357 |
| CSX Corp. | 10791 | 460668 |
| East Japan Railway Co., ADR | 709 | 8700 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 2813 | 11871 |
| Heartland Express, Inc. | 76 | 838 |
| Hertz Global Holdings, Inc.<sup>(1)</sup> | 127 | 577 |
| JB Hunt Transport Services, Inc. | 101 | 23574 |
| Knight-Swift Transportation Holdings, Inc. | 123 | 7739 |
| Landstar System, Inc. | 50 | 8148 |
| Lyft, Inc., Class A<sup>(1)</sup> | 1925 | 26642 |
| Marten Transport Ltd. | 1698 | 23076 |
| Norfolk Southern Corp. | 683 | 214967 |
| Old Dominion Freight Line, Inc. | 237 | 48123 |
| RXO, Inc.<sup>(1)</sup> | 123 | 1963 |
| Ryder System, Inc. | 9 | 1994 |
| Saia, Inc.<sup>(1)</sup> | 116 | 47025 |
| Schneider National, Inc., Class B | 24 | 681 |
| Uber Technologies, Inc.<sup>(1)</sup> | 1279 | 96462 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Union Pacific Corp. | 5749 | $1523370 |
| Werner Enterprises, Inc. | 320 | 11229 |
| XPO, Inc.<sup>(1)</sup> | 258 | 54301 |
|  |  | 3894483 |
| **Health Care Equipment and Supplies — 0.7%** |  |  |
| Abbott Laboratories | 8604 | 1001075 |
| Alcon AG | 398 | 34698 |
| Align Technology, Inc.<sup>(1)</sup> | 137 | 26044 |
| Ambu AS, Class B | 1370 | 17363 |
| Artivion, Inc.<sup>(1)</sup> | 29 | 1117 |
| AtriCure, Inc.<sup>(1)</sup> | 430 | 13442 |
| Axogen, Inc.<sup>(1)</sup> | 2654 | 84211 |
| Baxter International, Inc. | 203 | 4135 |
| Becton Dickinson & Co. | 160 | 28237 |
| Beta Bionics, Inc.<sup>(1)</sup> | 28 | 354 |
| Boston Scientific Corp.<sup>(1)</sup> | 2825 | 217101 |
| Coloplast AS, ADR | 3510 | 27062 |
| CONMED Corp. | 1362 | 62652 |
| Dentsply Sirona, Inc. | 149 | 2187 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 391 | 33810 |
| El.En. SpA | 3800 | 63429 |
| Embecta Corp. | 9 | 92 |
| Enovis Corp.<sup>(1)</sup> | 8 | 204 |
| Envista Holdings Corp.<sup>(1)</sup> | 994 | 29035 |
| EssilorLuxottica SA, ADR | 442 | 58786 |
| GE HealthCare Technologies, Inc. | 200 | 16854 |
| Getinge AB, ADR | 474 | 10736 |
| Glaukos Corp.<sup>(1)</sup> | 153 | 18421 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 1337 | 127630 |
| Haemonetics Corp.<sup>(1)</sup> | 2627 | 166342 |
| Hologic, Inc.<sup>(1)</sup> | 229 | 17257 |
| Hoya Corp., ADR | 246 | 44319 |
| ICU Medical, Inc.<sup>(1)</sup> | 310 | 46680 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 230 | 151048 |
| Inogen, Inc.<sup>(1)</sup> | 7360 | 44896 |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | 3 | 194 |
| Insulet Corp.<sup>(1)</sup> | 63 | 15536 |
| Integer Holdings Corp.<sup>(1)</sup> | 1608 | 139381 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 925 | 465747 |
| IRhythm Holdings, Inc.<sup>(1)</sup> | 254 | 33973 |
| Koninklijke Philips NV, NY Shares | 893 | 28576 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 266 | 19926 |
| Masimo Corp.<sup>(1)</sup> | 214 | 37525 |
| Medtronic PLC | 323 | 31544 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 3216 | 248211 |
| Omnicell, Inc.<sup>(1)</sup> | 777 | 31935 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 24 | 325 |
| OrthoPediatrics Corp.<sup>(1)</sup> | 519 | 9949 |
| Outset Medical, Inc.<sup>(1)</sup> | 208 | 726 |
| QuidelOrtho Corp.<sup>(1)</sup> | 136 | 3093 |
| ResMed, Inc. | 337 | 86360 |
| Siemens Healthineers AG, ADR | 712 | 17693 |
| Sight Sciences, Inc.<sup>(1)</sup> | 384 | 1981 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Smith & Nephew PLC, ADR | 358 | $13210 |
| Solventum Corp.<sup>(1)</sup> | 281 | 20850 |
| Sonova Holding AG | 604 | 157466 |
| Sonova Holding AG, ADR | 116 | 6041 |
| STAAR Surgical Co.<sup>(1)</sup> | 2266 | 45093 |
| STERIS PLC | 972 | 245284 |
| Straumann Holding AG, ADR | 289 | 3468 |
| Stryker Corp. | 2333 | 903944 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 475 | 13913 |
| Tandem Diabetes Care, Inc.<sup>(1)</sup> | 390 | 9867 |
| Terumo Corp., ADR | 625 | 8406 |
| TransMedics Group, Inc.<sup>(1)</sup> | 11 | 1598 |
| Utah Medical Products, Inc. | 14 | 933 |
| Varex Imaging Corp.<sup>(1)</sup> | 59 | 777 |
| Zimmer Biomet Holdings, Inc. | 303 | 29827 |
|  |  | 4982569 |
| **Health Care Providers and Services — 0.9%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 10 | 234 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 1289 | 25110 |
| BrightSpring Health Services, Inc.<sup>(1)</sup> | 58 | 2403 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 122 | 1867 |
| Cardinal Health, Inc. | 385 | 88253 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 21 | 621 |
| Cencora, Inc. | 558 | 207654 |
| Centene Corp.<sup>(1)</sup> | 889 | 39898 |
| Cigna Group | 7458 | 2161478 |
| Concentra Group Holdings Parent, Inc. | 1947 | 46650 |
| CorVel Corp.<sup>(1)</sup> | 855 | 44101 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 560 | 4872 |
| CVS Health Corp. | 1432 | 114417 |
| DaVita, Inc.<sup>(1)</sup> | 152 | 23758 |
| Elevance Health, Inc. | 561 | 179520 |
| Encompass Health Corp. | 87 | 9386 |
| Enhabit, Inc.<sup>(1)</sup> | 55 | 748 |
| Ensign Group, Inc. | 1970 | 421915 |
| Fresenius SE & Co. KGaA, ADR | 902 | 13620 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 23 | 353 |
| Guardant Health, Inc.<sup>(1)</sup> | 80 | 7512 |
| HCA Healthcare, Inc. | 481 | 254786 |
| HealthEquity, Inc.<sup>(1)</sup> | 421 | 32202 |
| Henry Schein, Inc.<sup>(1)</sup> | 382 | 31473 |
| Hims & Hers Health, Inc.<sup>(1)</sup> | 168 | 2439 |
| Humana, Inc. | 206 | 39251 |
| Labcorp Holdings, Inc. | 413 | 119407 |
| McKesson Corp. | 900 | 888633 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 196 | 30194 |
| National HealthCare Corp. | 162 | 26487 |
| NeoGenomics, Inc.<sup>(1)</sup> | 27 | 265 |
| Option Care Health, Inc.<sup>(1)</sup> | 129 | 4187 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 204 | 4049 |
| Pennant Group, Inc.<sup>(1)</sup> | 450 | 15169 |
| Privia Health Group, Inc.<sup>(1)</sup> | 10 | 237 |
| Progyny, Inc.<sup>(1)</sup> | 868 | 15355 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Quest Diagnostics, Inc. | 600 | $127146 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 157 | 570 |
| RadNet, Inc.<sup>(1)</sup> | 591 | 41258 |
| Select Medical Holdings Corp. | 2413 | 36123 |
| Surgery Partners, Inc.<sup>(1)</sup> | 376 | 5828 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 441 | 105571 |
| U.S. Physical Therapy, Inc. | 360 | 29866 |
| UnitedHealth Group, Inc. | 2731 | 800920 |
| Universal Health Services, Inc., Class B | 309 | 63685 |
|  |  | 6069471 |
| **Health Care REITs — 0.0%** |  |  |
| Alexandria Real Estate Equities, Inc. | 11 | 595 |
| CareTrust REIT, Inc. | 39 | 1584 |
| Healthcare Realty Trust, Inc. | 18 | 332 |
| Healthpeak Properties, Inc. | 16 | 283 |
| Medical Properties Trust, Inc. | 228 | 1313 |
| Omega Healthcare Investors, Inc. | 509 | 24569 |
| Ventas, Inc. | 44 | 3791 |
| Welltower, Inc. | 679 | 140635 |
|  |  | 173102 |
| **Health Care Technology — 0.0%** |  |  |
| Certara, Inc.<sup>(1)</sup> | 497 | 3519 |
| M3, Inc., ADR | 84 | 455 |
| OneMedNet Corp.<sup>(1)</sup> | 909 | 927 |
| Schrodinger, Inc.<sup>(1)</sup> | 15 | 181 |
| Simulations Plus, Inc.<sup>(1)</sup> | 164 | 2006 |
| Teladoc Health, Inc.<sup>(1)</sup> | 1938 | 10194 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 1129 | 205489 |
|  |  | 222771 |
| **Hotel & Resort REITs — 0.0%** |  |  |
| Host Hotels & Resorts, Inc. | 313 | 6132 |
| **Hotels, Restaurants and Leisure — 2.9%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3287 | 444107 |
| Amadeus IT Group SA, ADR | 217 | 13463 |
| Aramark | 985 | 41222 |
| Booking Holdings, Inc. | 194 | 822434 |
| Boyd Gaming Corp. | 1011 | 84146 |
| Brightstar Lottery PLC | 469 | 6360 |
| Brinker International, Inc.<sup>(1)</sup> | 1741 | 258016 |
| Carnival Corp. | 1856 | 58557 |
| Century Casinos, Inc.<sup>(1)</sup> | 667 | 1121 |
| Cheesecake Factory, Inc. | 1196 | 77477 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 984 | 36624 |
| Choice Hotels International, Inc. | 114 | 12010 |
| Churchill Downs, Inc. | 8385 | 770833 |
| Compass Group PLC, ADR | 987 | 30321 |
| Cracker Barrel Old Country Store, Inc. | 210 | 6871 |
| Darden Restaurants, Inc. | 175 | 37424 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 471 | 6933 |
| Domino's Pizza, Inc. | 3633 | 1462319 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 2267 | 400057 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 201 | 4792 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 760 | 40744 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Entain PLC, ADR | 137 | $1054 |
| Expedia Group, Inc. | 635 | 136963 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | 37 | 461 |
| Flutter Entertainment PLC<sup>(1)</sup> | 76 | 8067 |
| Galaxy Entertainment Group Ltd., ADR | 49 | 1302 |
| Global Business Travel Group I<sup>(1)</sup> | 47 | 257 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 1917 | 86188 |
| Hilton Worldwide Holdings, Inc. | 6 | 1871 |
| Hyatt Hotels Corp., Class A | 3447 | 556690 |
| InterContinental Hotels Group PLC, ADR | 4 | 556 |
| Jack in the Box, Inc. | 8 | 135 |
| Las Vegas Sands Corp. | 50 | 2836 |
| MakeMyTrip Ltd.<sup>(1)</sup> | 1432 | 80865 |
| Marriott International, Inc., Class A | 28805 | 9843533 |
| Marriott Vacations Worldwide Corp. | 33 | 2145 |
| McDonald's Corp. | 3238 | 1104352 |
| MGM Resorts International<sup>(1)</sup> | 256 | 9436 |
| Monarch Casino & Resort, Inc. | 11 | 1057 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 592 | 14676 |
| Papa John's International, Inc. | 793 | 24861 |
| Penn Entertainment, Inc.<sup>(1)</sup> | 593 | 9275 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 68 | 2364 |
| Red Rock Resorts, Inc., Class A | 775 | 46926 |
| Round One Corp. | 10500 | 72234 |
| Royal Caribbean Cruises Ltd. | 518 | 161077 |
| Sands China Ltd., ADR | 25 | 562 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 5 | 480 |
| Starbucks Corp. | 8674 | 850225 |
| Texas Roadhouse, Inc. | 9496 | 1736533 |
| Toridoll Holdings Corp. | 3600 | 98338 |
| Travel & Leisure Co. | 776 | 57191 |
| Vail Resorts, Inc. | 29 | 3938 |
| Viking Holdings Ltd.<sup>(1)</sup> | 10 | 780 |
| Wingstop, Inc. | 1039 | 269631 |
| Wynn Resorts Ltd. | 58 | 6275 |
| Yum China Holdings, Inc. | 2046 | 112346 |
| Yum! Brands, Inc. | 1651 | 277632 |
| Zensho Holdings Co. Ltd. | 2500 | 158692 |
|  |  | 20357635 |
| **Household Durables — 0.5%** |  |  |
| Breville Group Ltd. | 2638 | 59776 |
| Cavco Industries, Inc.<sup>(1)</sup> | 353 | 203773 |
| Century Communities, Inc. | 1021 | 68642 |
| Champion Homes, Inc.<sup>(1)</sup> | 257 | 24024 |
| DR Horton, Inc. | 6943 | 1113588 |
| Flexsteel Industries, Inc. | 545 | 28051 |
| Garmin Ltd. | 140 | 35396 |
| Installed Building Products, Inc. | 136 | 44575 |
| KB Home | 6919 | 439910 |
| La-Z-Boy, Inc. | 840 | 30005 |
| Lennar Corp., B Shares | 130 | 13875 |
| Lennar Corp., Class A | 777 | 88858 |
| LGI Homes, Inc.<sup>(1)</sup> | 936 | 48578 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| M/I Homes, Inc.<sup>(1)</sup> | 2 | $284 |
| Meritage Homes Corp. | 2411 | 181838 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 129 | 16160 |
| Newell Brands, Inc. | 88 | 400 |
| NVR, Inc.<sup>(1)</sup> | 12 | 90213 |
| Panasonic Holdings Corp., ADR | 2479 | 39912 |
| PulteGroup, Inc. | 2012 | 276046 |
| Sekisui House Ltd., ADR | 290 | 7102 |
| Somnigroup International, Inc. | 7 | 627 |
| Sonos, Inc.<sup>(1)</sup> | 172 | 2649 |
| Sony Group Corp., ADR | 4413 | 101764 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 3163 | 208410 |
| TopBuild Corp.<sup>(1)</sup> | 333 | 149284 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 1593 | 73756 |
| Whirlpool Corp. | 14 | 958 |
|  |  | 3348454 |
| **Household Products — 1.2%** |  |  |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 2918 | 100788 |
| Church & Dwight Co., Inc. | 1433 | 150264 |
| Clorox Co. | 1794 | 228125 |
| Colgate-Palmolive Co. | 50679 | 5024316 |
| Energizer Holdings, Inc. | 536 | 11572 |
| Henkel AG & Co. KGaA, ADR | 407 | 9247 |
| Henkel AG & Co. KGaA, ADR | 358 | 8808 |
| Kimberly-Clark Corp. | 1199 | 133617 |
| Oil-Dri Corp. of America | 1878 | 127403 |
| Procter & Gamble Co. | 15661 | 2618519 |
| Reckitt Benckiser Group PLC, ADR | 2063 | 36226 |
| Reynolds Consumer Products, Inc. | 18 | 447 |
| Spectrum Brands Holdings, Inc. | 478 | 37466 |
| WD-40 Co. | 550 | 131010 |
|  |  | 8617808 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| AES Corp. | 664 | 11474 |
| Brookfield Renewable Corp. (New York) | 57 | 2436 |
| Clearway Energy, Inc., Class A | 2760 | 99415 |
| Clearway Energy, Inc., Class C | 272 | 10420 |
| Ormat Technologies, Inc. | 1025 | 106293 |
| RWE AG, ADR | 477 | 30662 |
| Vistra Corp. | 2032 | 353344 |
|  |  | 614044 |
| **Industrial Conglomerates — 0.3%** |  |  |
| 3M Co. | 2886 | 477113 |
| CK Hutchison Holdings Ltd., ADR | 132 | 1081 |
| Hitachi Ltd., ADR | 8375 | 279474 |
| Honeywell International, Inc. | 4695 | 1143655 |
| Jardine Matheson Holdings Ltd., ADR | 13 | 1070 |
| Siemens AG, ADR | 759 | 110503 |
| Smiths Group PLC, ADR | 706 | 26517 |
| Swire Pacific Ltd., Class A, ADR | 2698 | 28950 |
|  |  | 2068363 |
| **Industrial REITs — 0.0%** |  |  |
| Americold Realty Trust, Inc. | 21 | 281 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| First Industrial Realty Trust, Inc. | 10 | $631 |
| LXP Industrial Trust | 258 | 12787 |
| Prologis, Inc. | 147 | 20958 |
| Rexford Industrial Realty, Inc. | 34 | 1274 |
| Terreno Realty Corp. | 3115 | 205777 |
|  |  | 241708 |
| **Insurance — 1.4%** |  |  |
| Admiral Group PLC, ADR | 136 | 5492 |
| Aegon Ltd. | 6747 | 50602 |
| Aflac, Inc. | 2101 | 237266 |
| Ageas SA, ADR | 380 | 28169 |
| AIA Group Ltd., ADR | 1342 | 59276 |
| Allianz SE, ADR | 1720 | 77348 |
| Allstate Corp. | 1299 | 278661 |
| American Financial Group, Inc. | 23 | 3059 |
| American International Group, Inc. | 1242 | 99969 |
| AMERISAFE, Inc. | 200 | 6506 |
| Aon PLC, Class A | 666 | 223423 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 461 | 46169 |
| Arthur J Gallagher & Co. | 303 | 69145 |
| Assurant, Inc. | 26 | 5969 |
| Assured Guaranty Ltd. | 5294 | 456396 |
| Aviva PLC, ADR | 1091 | 20260 |
| AXA SA, ADR | 1608 | 78519 |
| Axis Capital Holdings Ltd. | 1258 | 132996 |
| Baldwin Insurance Group, Inc.<sup>(1)</sup> | 510 | 11847 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 1759 | 105505 |
| Chubb Ltd. | 2711 | 924071 |
| Cincinnati Financial Corp. | 400 | 65592 |
| CNA Financial Corp. | 163 | 7827 |
| CNO Financial Group, Inc. | 6670 | 278873 |
| Crawford & Co., Class A | 4071 | 43804 |
| Employers Holdings, Inc. | 1490 | 61611 |
| Everest Group Ltd. | 5 | 1677 |
| F&G Annuities & Life, Inc. | 61 | 1382 |
| Fairfax Financial Holdings Ltd. | 100 | 172099 |
| Fidelity National Financial, Inc. | 1022 | 54043 |
| First American Financial Corp. | 73 | 5118 |
| Generali, ADR | 131 | 2782 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 1322 | 11158 |
| Globe Life, Inc. | 472 | 68563 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 1350 | 19156 |
| Hannover Rueck SE, ADR | 472 | 23825 |
| Hanover Insurance Group, Inc. | 434 | 78393 |
| Hartford Insurance Group, Inc. | 2185 | 307714 |
| HCI Group, Inc. | 131 | 23111 |
| Helvetia Baloise Holding AG | 834 | 216573 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 1783 | 51279 |
| Horace Mann Educators Corp. | 833 | 36244 |
| Kemper Corp. | 1001 | 32352 |
| Kingsway Financial Services, Inc.<sup>(1)</sup> | 40 | 490 |
| Kinsale Capital Group, Inc. | 492 | 191718 |
| Legal & General Group PLC, ADR | 271 | 4954 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lemonade, Inc.<sup>(1)</sup> | 473 | $24473 |
| Lincoln National Corp. | 103 | 3533 |
| Loews Corp. | 557 | 61281 |
| Manulife Financial Corp. | 7471 | 265519 |
| Markel Group, Inc.<sup>(1)</sup> | 5 | 10362 |
| Marsh & McLennan Cos., Inc. | 1309 | 244443 |
| Mercury General Corp. | 879 | 79620 |
| MetLife, Inc. | 1498 | 107961 |
| MS&AD Insurance Group Holdings, Inc., ADR | 1537 | 42613 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, ADR | 3281 | 43080 |
| NI Holdings, Inc.<sup>(1)</sup> | 24 | 319 |
| NN Group NV, ADR | 842 | 34253 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 1024 | 5478 |
| Old Republic International Corp. | 592 | 25379 |
| Ping An Insurance Group Co. of China Ltd., ADR | 674 | 11667 |
| Primerica, Inc. | 193 | 48956 |
| Principal Financial Group, Inc. | 2117 | 202004 |
| ProAssurance Corp.<sup>(1)</sup> | 581 | 14264 |
| Progressive Corp. | 2052 | 438430 |
| Prudential Financial, Inc. | 729 | 71719 |
| Prudential PLC, ADR | 469 | 14422 |
| QBE Insurance Group Ltd., ADR | 464 | 7336 |
| Reinsurance Group of America, Inc. | 212 | 45735 |
| RenaissanceRe Holdings Ltd. | 119 | 35993 |
| RLI Corp. | 2168 | 135110 |
| Root, Inc., Class A<sup>(1)</sup> | 7 | 363 |
| Ryan Specialty Holdings, Inc. | 304 | 11962 |
| Sampo OYJ, Class A, ADR | 1625 | 35945 |
| Selective Insurance Group, Inc. | 3082 | 259011 |
| SiriusPoint Ltd.<sup>(1)</sup> | 6279 | 132738 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 328 | 15242 |
| Steadfast Group Ltd. | 16818 | 52670 |
| Stewart Information Services Corp. | 424 | 30100 |
| Swiss Life Holding AG | 1141 | 1306625 |
| Swiss Life Holding AG, ADR | 33 | 1911 |
| Swiss Re AG, ADR | 946 | 41652 |
| Tokio Marine Holdings, Inc., ADR | 1287 | 53359 |
| Travelers Cos., Inc. | 944 | 291356 |
| Trisura Group Ltd.<sup>(1)</sup> | 280 | 9578 |
| United Fire Group, Inc. | 39 | 1516 |
| Universal Insurance Holdings, Inc. | 1565 | 55041 |
| Unum Group | 4265 | 305928 |
| W.R. Berkley Corp. | 550 | 39435 |
| White Mountains Insurance Group Ltd. | 203 | 450764 |
| Willis Towers Watson PLC | 88 | 26855 |
| Zurich Insurance Group AG, ADR | 2235 | 84148 |
|  |  | 9861135 |
| **Interactive Media and Services — 6.8%** |  |  |
| Alphabet, Inc., Class A | 23239 | 7244991 |
| Alphabet, Inc., Class C | 83993 | 26157940 |
| Angi, Inc.<sup>(1)</sup> | 143 | 1112 |
| Bumble, Inc., Class A<sup>(1)</sup> | 808 | 2456 |
| Cargurus, Inc.<sup>(1)</sup> | 1034 | 31744 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EverQuote, Inc., Class A<sup>(1)</sup> | 850 | $13430 |
| IAC, Inc.<sup>(1)</sup> | 274 | 10500 |
| LY Corp., ADR | 834 | 4087 |
| Match Group, Inc. | 454 | 14346 |
| Meta Platforms, Inc., Class A | 22850 | 14810913 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 2177 | 37292 |
| Reddit, Inc., Class A<sup>(1)</sup> | 26 | 3791 |
| Tencent Holdings Ltd., ADR | 660 | 43362 |
| Yelp, Inc.<sup>(1)</sup> | 360 | 8024 |
| ZoomInfo Technologies, Inc.<sup>(1)</sup> | 75 | 466 |
|  |  | 48384454 |
| **IT Services — 2.7%** |  |  |
| Accenture PLC, Class A | 11485 | 2397149 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 156 | 15349 |
| Amdocs Ltd. | 147 | 10261 |
| ASGN, Inc.<sup>(1)</sup> | 700 | 30030 |
| Capgemini SE, ADR | 175 | 4419 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 201 | 34610 |
| Cognizant Technology Solutions Corp., Class A | 3511 | 226214 |
| Dentsu Soken, Inc. | 5400 | 68252 |
| DigitalOcean Holdings, Inc.<sup>(1)</sup> | 13 | 729 |
| DXC Technology Co.<sup>(1)</sup> | 661 | 8322 |
| EPAM Systems, Inc.<sup>(1)</sup> | 11 | 1551 |
| Fastly, Inc., Class A<sup>(1)</sup> | 52 | 994 |
| Fujitsu Ltd., ADR | 3785 | 83724 |
| Gartner, Inc.<sup>(1)</sup> | 110 | 17292 |
| Hackett Group, Inc. | 513 | 7008 |
| Infosys Ltd., ADR | 1088 | 15711 |
| International Business Machines Corp. | 2753 | 661298 |
| Kainos Group PLC | 1839 | 18595 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 707 | 8717 |
| Matrix IT Ltd. | 1643 | 49586 |
| MongoDB, Inc.<sup>(1)</sup> | 1118 | 367229 |
| Okta, Inc.<sup>(1)</sup> | 41568 | 3013680 |
| Reply SpA | 312 | 33380 |
| SHIFT, Inc.<sup>(1)</sup> | 3000 | 13505 |
| Shopify, Inc., Class A<sup>(1)</sup> | 5760 | 695405 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 127 | 21388 |
| Twilio, Inc., Class A<sup>(1)</sup> | 92386 | 11175010 |
| Unisys Corp.<sup>(1)</sup> | 1860 | 4520 |
| VeriSign, Inc. | 57 | 12993 |
| Wipro Ltd., ADR | 12590 | 27950 |
| Wix.com Ltd.<sup>(1)</sup> | 56 | 3946 |
|  |  | 19028817 |
| **Leisure Products — 0.0%** |  |  |
| Bandai Namco Holdings, Inc., ADR | 19 | 257 |
| Brunswick Corp. | 198 | 15765 |
| Callaway Golf Co.<sup>(1)</sup> | 1312 | 18447 |
| Clarus Corp. | 42 | 133 |
| Escalade, Inc. | 67 | 965 |
| Hasbro, Inc. | 261 | 25993 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 275 | 7991 |
| Mattel, Inc.<sup>(1)</sup> | 64 | 1085 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Polaris, Inc. | 182 | $11054 |
|  |  | 81690 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 776 | 17887 |
| Adaptive Biotechnologies Corp.<sup>(1)</sup> | 127 | 2035 |
| Agilent Technologies, Inc. | 383 | 46489 |
| Azenta, Inc.<sup>(1)</sup> | 142 | 3831 |
| BioLife Solutions, Inc.<sup>(1)</sup> | 2 | 48 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 52 | 14479 |
| Bio-Techne Corp. | 1 | 59 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 39 | 6961 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 25 | 112 |
| Danaher Corp. | 816 | 171882 |
| Fortrea Holdings, Inc.<sup>(1)</sup> | 63 | 675 |
| Illumina, Inc.<sup>(1)</sup> | 49 | 6589 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 18488 | 3305839 |
| Lifecore Biomedical, Inc.<sup>(1)</sup> | 2312 | 16646 |
| Lonza Group AG, ADR | 335 | 23226 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(1)</sup> | 3462 | 12325 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 98 | 44272 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 56 | 76535 |
| OmniAb, Inc.<sup>(1)</sup> | 2572 | 4424 |
| Qiagen NV | 9 | 448 |
| Repligen Corp.<sup>(1)</sup> | 149 | 19181 |
| Revvity, Inc. | 175 | 17204 |
| Sartorius AG, ADR | 80 | 4529 |
| Seer, Inc.<sup>(1)</sup> | 4322 | 7434 |
| Sotera Health Co.<sup>(1)</sup> | 69 | 1121 |
| Thermo Fisher Scientific, Inc. | 2338 | 1218355 |
| Waters Corp.<sup>(1)</sup> | 37 | 11817 |
| West Pharmaceutical Services, Inc. | 126 | 32047 |
|  |  | 5066450 |
| **Machinery — 2.1%** |  |  |
| Aebi Schmidt Holding AG | 424 | 6114 |
| AGCO Corp. | 510 | 69615 |
| Alamo Group, Inc. | 313 | 66835 |
| Albany International Corp., Class A | 1430 | 82440 |
| Alfa Laval AB, ADR | 672 | 39594 |
| Allison Transmission Holdings, Inc. | 474 | 59392 |
| Alstom SA, ADR<sup>(1)</sup> | 100 | 329 |
| Astec Industries, Inc. | 14 | 869 |
| Atlas Copco AB, B Shares, ADR | 583 | 10885 |
| Atlas Copco AB, Class A, ADR | 1486 | 32038 |
| Atmus Filtration Technologies, Inc. | 193 | 12454 |
| Caterpillar, Inc. | 2577 | 1914273 |
| CECO Environmental Corp.<sup>(1)</sup> | 3389 | 204865 |
| Chart Industries, Inc.<sup>(1)</sup> | 1737 | 360080 |
| CNH Industrial NV | 24 | 295 |
| Crane Co. | 1550 | 310822 |
| Cummins, Inc. | 415 | 242306 |
| Daifuku Co. Ltd., ADR | 69 | 1413 |
| Daimler Truck Holding AG, ADR | 619 | 15785 |
| Deere & Co. | 2557 | 1610168 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Donaldson Co., Inc. | 17 | $1577 |
| Dover Corp. | 1183 | 266767 |
| Eastern Co. | 1750 | 32498 |
| Electrolux Professional AB, B Shares | 4996 | 32801 |
| Enpro, Inc. | 688 | 177951 |
| Epiroc AB, ADR | 1181 | 35336 |
| Esab Corp. | 134 | 16907 |
| ESCO Technologies, Inc. | 1137 | 315279 |
| FANUC Corp., ADR | 411 | 9309 |
| Federal Signal Corp. | 4196 | 488540 |
| Flowserve Corp. | 2873 | 254318 |
| Fortive Corp. | 359 | 21253 |
| Franklin Electric Co., Inc. | 1728 | 172143 |
| Fujitec Co. Ltd. | 600 | 21726 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 34 | 937 |
| Gorman-Rupp Co. | 2750 | 176633 |
| Graco, Inc. | 17 | 1597 |
| Greenbrier Cos., Inc. | 1008 | 56871 |
| Hillman Solutions Corp.<sup>(1)</sup> | 56 | 459 |
| IDEX Corp. | 21 | 4399 |
| Illinois Tool Works, Inc. | 1320 | 383632 |
| Ingersoll Rand, Inc. | 509 | 47917 |
| ITT, Inc. | 540 | 109301 |
| Iveco Group NV | 1835 | 41568 |
| JBT Marel Corp. | 1060 | 163240 |
| Kadant, Inc. | 1038 | 352058 |
| Kennametal, Inc. | 92 | 3706 |
| Komatsu Ltd., ADR | 641 | 30813 |
| Kone OYJ, ADR | 577 | 21759 |
| Kubota Corp., ADR | 1 | 102 |
| Lincoln Electric Holdings, Inc. | 11 | 3158 |
| Lindsay Corp. | 70 | 9429 |
| Makita Corp., ADR | 412 | 15878 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 26 | 546 |
| Middleby Corp.<sup>(1)</sup> | 1419 | 239612 |
| Mitsubishi Heavy Industries Ltd., ADR | 1398 | 44736 |
| Mueller Industries, Inc. | 6700 | 790332 |
| Mueller Water Products, Inc., Class A | 4742 | 141928 |
| Organo Corp. | 4800 | 531702 |
| Oshkosh Corp. | 231 | 39275 |
| Otis Worldwide Corp. | 333 | 30822 |
| PACCAR, Inc. | 7104 | 895743 |
| Parker-Hannifin Corp. | 908 | 916335 |
| Pentair PLC | 80 | 7935 |
| Proto Labs, Inc.<sup>(1)</sup> | 22 | 1366 |
| RBC Bearings, Inc.<sup>(1)</sup> | 792 | 456129 |
| Sandvik AB, ADR | 1278 | 56232 |
| SKF AB, ADR | 393 | 11263 |
| Snap-on, Inc. | 293 | 112869 |
| SPX Technologies, Inc.<sup>(1)</sup> | 1349 | 306142 |
| Standex International Corp. | 727 | 190474 |
| Stanley Black & Decker, Inc. | 1551 | 134146 |
| Symbotic, Inc.<sup>(1)</sup> | 1000 | 54780 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Techtronic Industries Co. Ltd., ADR | 385 | $31224 |
| Tennant Co. | 7 | 427 |
| Terex Corp. | 9371 | 644631 |
| Titan International, Inc.<sup>(1)</sup> | 13 | 126 |
| Toro Co. | 252 | 24913 |
| Toyota Industries Corp., ADR | 21 | 2720 |
| Trinity Industries, Inc. | 7719 | 263835 |
| VAT Group AG, ADR | 45 | 3160 |
| Volvo AB, Class B, ADR | 627 | 24359 |
| Watts Water Technologies, Inc., Class A | 941 | 309344 |
| Westinghouse Air Brake Technologies Corp. | 368 | 97134 |
| Worthington Enterprises, Inc. | 2086 | 116837 |
| Xylem, Inc. | 2254 | 292028 |
|  |  | 15083539 |
| **Marine Transportation — 0.1%** |  |  |
| AP Moller - Maersk AS, ADR | 1434 | 17724 |
| Euroseas Ltd. | 3516 | 241690 |
| Kirby Corp.<sup>(1)</sup> | 134 | 17393 |
| Kuehne & Nagel International AG, ADR | 306 | 14235 |
| Matson, Inc. | 1204 | 200020 |
| SITC International Holdings Co. Ltd. | 15000 | 63986 |
| Star Bulk Carriers Corp. | 3800 | 99902 |
|  |  | 654950 |
| **Media — 0.2%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 44 | 360 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 29 | 358 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 58 | 13609 |
| EchoStar Corp., Class A<sup>(1)</sup> | 1804 | 208416 |
| Fox Corp., Class A | 710 | 40001 |
| Fox Corp., Class B | 49 | 2535 |
| Informa PLC, ADR | 341 | 7852 |
| John Wiley & Sons, Inc., Class A | 14 | 434 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 3 | 164 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 127 | 6935 |
| Magnite, Inc.<sup>(1)</sup> | 6241 | 85002 |
| New York Times Co., Class A | 191 | 15240 |
| News Corp., Class A | 2138 | 51932 |
| News Corp., Class B | 45 | 1205 |
| Nexstar Media Group, Inc., Class A | 133 | 33386 |
| Omnicom Group, Inc. | 1190 | 101495 |
| Paramount Skydance Corp., Class B | 658 | 8890 |
| Publicis Groupe SA | 1694 | 150842 |
| Publicis Groupe SA, ADR | 3749 | 83678 |
| Scholastic Corp. | 6 | 209 |
| Sinclair, Inc. | 45 | 735 |
| Sirius XM Holdings, Inc. | 5 | 110 |
| TEGNA, Inc. | 6094 | 127669 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 8781 | 209163 |
| USA TODAY Co., Inc.<sup>(1)</sup> | 3429 | 20403 |
| Versant Media Group, Inc.<sup>(1)</sup> | 317 | 10562 |
|  |  | 1181185 |
| **Metals and Mining — 0.7%** |  |  |
| Agnico Eagle Mines Ltd. | 147 | 36985 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Alamos Gold, Inc., Class A | 1200 | $65028 |
| Alcoa Corp. | 1344 | 83436 |
| Alleima AB | 2851 | 25963 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 4703 | 764943 |
| Anglo American PLC, ADR | 321 | 8025 |
| Anglogold Ashanti PLC (New York) | 259 | 33092 |
| ArcelorMittal SA, NY Shares | 841 | 54800 |
| Aris Mining Corp.<sup>(1)</sup> | 24861 | 563847 |
| BHP Group Ltd., ADR | 1602 | 130675 |
| Boliden AB, ADR<sup>(1)</sup> | 28 | 4465 |
| Century Aluminum Co.<sup>(1)</sup> | 14 | 722 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 1218 | 12984 |
| Commercial Metals Co. | 5381 | 394427 |
| Dakota Gold Corp.<sup>(1)</sup> | 481 | 3348 |
| Eldorado Gold Corp. | 1500 | 69630 |
| Eramet SA | 3300 | 229615 |
| Fortescue Ltd., ADR | 1096 | 32672 |
| Freeport-McMoRan, Inc. | 4995 | 340060 |
| Glencore PLC, ADR<sup>(1)</sup> | 1388 | 19904 |
| Gold Fields Ltd., ADR | 1000 | 58840 |
| Hecla Mining Co. | 4649 | 115807 |
| Kaiser Aluminum Corp. | 7 | 911 |
| Kinross Gold Corp. | 2928 | 108307 |
| Labrador Iron Ore Royalty Corp. | 1200 | 27465 |
| Materion Corp. | 1259 | 205293 |
| Metallus, Inc.<sup>(1)</sup> | 4516 | 76772 |
| MP Materials Corp.<sup>(1)</sup> | 1184 | 69702 |
| Newmont Corp. | 1853 | 240890 |
| NioCorp Developments Ltd.<sup>(1)</sup> | 16801 | 89045 |
| Norsk Hydro ASA, ADR | 16788 | 155625 |
| Novagold Resources, Inc.<sup>(1)</sup> | 2801 | 37309 |
| Nucor Corp. | 1082 | 191384 |
| Reliance, Inc. | 349 | 110158 |
| Rio Tinto PLC, ADR | 492 | 48875 |
| Royal Gold, Inc. | 267 | 80044 |
| South32 Ltd., ADR | 2967 | 48807 |
| Southern Copper Corp. | 528 | 115362 |
| SSR Mining, Inc.<sup>(1)</sup> | 1281 | 41235 |
| Steel Dynamics, Inc. | 145 | 28004 |
| Sumitomo Metal Mining Co. Ltd., ADR | 75 | 1523 |
| Tredegar Corp.<sup>(1)</sup> | 4455 | 40897 |
| Valterra Platinum Ltd., ADR | 98 | 1907 |
| Warrior Met Coal, Inc. | 2610 | 217256 |
| Wheaton Precious Metals Corp. | 750 | 122737 |
| Worthington Steel, Inc. | 2081 | 86486 |
|  |  | 5195262 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |  |  |
| Adamas Trust, Inc. | 694 | 5719 |
| Annaly Capital Management, Inc. | 64 | 1487 |
| Apollo Commercial Real Estate Finance, Inc. | 749 | 7939 |
| ARMOUR Residential REIT, Inc. | 72 | 1292 |
| Granite Point Mortgage Trust, Inc. | 158 | 275 |
| Ladder Capital Corp. | 723 | 7498 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MFA Financial, Inc. | 1313 | $13274 |
| PennyMac Mortgage Investment Trust | 72 | 883 |
| Ready Capital Corp. | 308 | 570 |
| Rithm Capital Corp. | 3831 | 38502 |
| Starwood Property Trust, Inc. | 162 | 2885 |
|  |  | 80324 |
| **Multi-Utilities — 0.3%** |  |  |
| Ameren Corp. | 1439 | 163010 |
| Black Hills Corp. | 840 | 61874 |
| CenterPoint Energy, Inc. | 1900 | 82650 |
| CMS Energy Corp. | 240 | 18737 |
| Consolidated Edison, Inc. | 814 | 91591 |
| Dominion Energy, Inc. | 850 | 53669 |
| DTE Energy Co. | 3520 | 521805 |
| E.ON SE, ADR | 852 | 19835 |
| Engie SA, ADR | 887 | 30114 |
| National Grid PLC, ADR | 489 | 45853 |
| NiSource, Inc. | 3671 | 173638 |
| Northwestern Energy Group, Inc. | 1235 | 86401 |
| Public Service Enterprise Group, Inc. | 922 | 79356 |
| Sempra | 2058 | 198124 |
| Unitil Corp. | 48 | 2511 |
| Veolia Environnement SA | 12700 | 537803 |
| Veolia Environnement SA, ADR | 460 | 9734 |
| WEC Energy Group, Inc. | 552 | 64562 |
|  |  | 2241267 |
| **Office REITs — 0.0%** |  |  |
| BXP, Inc. | 20 | 1152 |
| Highwoods Properties, Inc. | 11 | 247 |
| JBG SMITH Properties | 11 | 167 |
| Kilroy Realty Corp. | 9 | 268 |
| SL Green Realty Corp. | 10 | 369 |
| Vornado Realty Trust | 122 | 3365 |
|  |  | 5568 |
| **Oil, Gas and Consumable Fuels — 2.6%** |  |  |
| Antero Midstream Corp. | 6892 | 154932 |
| Antero Resources Corp.<sup>(1)</sup> | 9244 | 340272 |
| APA Corp. | 1186 | 36019 |
| Baytex Energy Corp. | 53800 | 206592 |
| BP PLC, ADR | 2374 | 92254 |
| BW LPG Ltd. | 8485 | 154439 |
| California Resources Corp. | 13 | 765 |
| Cameco Corp. | 546 | 64646 |
| Canadian Natural Resources Ltd. | 3000 | 131310 |
| Cheniere Energy, Inc. | 311 | 73312 |
| Chevron Corp. | 6516 | 1216928 |
| CNX Resources Corp.<sup>(1)</sup> | 13742 | 574141 |
| Comstock Resources, Inc.<sup>(1)</sup> | 19 | 373 |
| ConocoPhillips | 3995 | 453273 |
| Cosmo Energy Holdings Co. Ltd. | 4800 | 148337 |
| Coterra Energy, Inc. | 4051 | 123920 |
| CVR Energy, Inc.<sup>(1)</sup> | 841 | 20319 |
| Delek U.S. Holdings, Inc. | 1348 | 51372 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Devon Energy Corp. | 1954 | $85058 |
| Diamondback Energy, Inc. | 1434 | 249631 |
| Dorian LPG Ltd. | 6 | 222 |
| DT Midstream, Inc. | 2043 | 283650 |
| Enbridge, Inc. | 12118 | 643951 |
| Eni SpA, ADR | 793 | 37223 |
| EOG Resources, Inc. | 5676 | 704278 |
| EQT Corp. | 3748 | 230202 |
| Equinor ASA, ADR | 529 | 15780 |
| Expand Energy Corp. | 616 | 66479 |
| Exxon Mobil Corp. | 23058 | 3516345 |
| Freehold Royalties Ltd. | 8300 | 107032 |
| Frontline PLC | 1995 | 75710 |
| Gaztransport Et Technigaz SA | 689 | 157352 |
| Golar LNG Ltd. | 5800 | 257868 |
| HF Sinclair Corp. | 1271 | 63563 |
| Inpex Corp., ADR | 45 | 1101 |
| International Petroleum Corp.<sup>(1)</sup> | 2718 | 62307 |
| International Seaways, Inc. | 2515 | 189958 |
| Kinder Morgan, Inc. | 12079 | 401868 |
| Magnolia Oil & Gas Corp., Class A | 1628 | 45291 |
| Marathon Petroleum Corp. | 3482 | 690167 |
| Matador Resources Co. | 1229 | 63171 |
| Murphy Oil Corp. | 12134 | 402242 |
| Neste OYJ, ADR | 140 | 1739 |
| Nordic American Tankers Ltd. | 9799 | 56148 |
| Occidental Petroleum Corp. | 173 | 9183 |
| OMV AG, ADR | 32 | 518 |
| ONEOK, Inc. | 3742 | 309725 |
| Ovintiv, Inc. | 2251 | 113878 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 26 | 1109 |
| PBF Energy, Inc., Class A | 10518 | 374441 |
| Peabody Energy Corp. | 61 | 1924 |
| Phillips 66 | 1163 | 179486 |
| Range Resources Corp. | 3526 | 145553 |
| Repsol SA, ADR | 1177 | 26459 |
| REX American Resources Corp.<sup>(1)</sup> | 512 | 18207 |
| Shell PLC, ADR | 1652 | 137959 |
| SM Energy Co. | 9068 | 209743 |
| Talos Energy, Inc.<sup>(1)</sup> | 8 | 98 |
| Targa Resources Corp. | 173 | 40793 |
| Texas Pacific Land Corp. | 1329 | 696781 |
| Thungela Resources Ltd. | 3023 | 20714 |
| TotalEnergies SE | 657 | 52783 |
| Uranium Energy Corp.<sup>(1)</sup> | 18823 | 288557 |
| Valero Energy Corp. | 277 | 56685 |
| Vermilion Energy, Inc. | 24100 | 259557 |
| Vitesse Energy, Inc. | 24 | 464 |
| Whitecap Resources, Inc. | 258050 | 2576622 |
| Williams Cos., Inc. | 3850 | 287672 |
| Woodside Energy Group Ltd., ADR | 2267 | 46428 |
| World Kinect Corp. | 13 | 324 |
|  |  | 18107203 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 196 | $16609 |
| Stora Enso OYJ, ADR | 3936 | 53726 |
| Sylvamo Corp. | 593 | 27456 |
|  |  | 97791 |
| **Passenger Airlines — 0.1%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 156 | 8050 |
| Allegiant Travel Co.<sup>(1)</sup> | 119 | 12156 |
| American Airlines Group, Inc.<sup>(1)</sup> | 153 | 2000 |
| Copa Holdings SA, Class A | 90 | 12475 |
| Delta Air Lines, Inc. | 667 | 43822 |
| Deutsche Lufthansa AG, ADR | 45 | 485 |
| JET2 PLC | 3998 | 67556 |
| JetBlue Airways Corp.<sup>(1)</sup> | 3906 | 21639 |
| Joby Aviation, Inc.<sup>(1)</sup> | 777 | 7817 |
| Qantas Airways Ltd., ADR | 387 | 13798 |
| Singapore Airlines Ltd., ADR | 843 | 9491 |
| Southwest Airlines Co. | 468 | 23054 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 1420 | 150946 |
|  |  | 373289 |
| **Personal Care Products — 0.1%** |  |  |
| Beiersdorf AG, ADR | 316 | 8011 |
| BellRing Brands, Inc.<sup>(1)</sup> | 7 | 129 |
| Coty, Inc., Class A<sup>(1)</sup> | 1414 | 3549 |
| elf Beauty, Inc.<sup>(1)</sup> | 26 | 2393 |
| Estee Lauder Cos., Inc., Class A | 419 | 45868 |
| Herbalife Ltd.<sup>(1)</sup> | 123 | 2401 |
| Interparfums, Inc. | 455 | 45855 |
| Kao Corp., ADR | 2051 | 17392 |
| Kenvue, Inc. | 4864 | 93000 |
| L'Oreal SA, ADR | 1447 | 135251 |
| Unilever PLC, ADR | 6073 | 447884 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 120 | 2582 |
|  |  | 804315 |
| **Pharmaceuticals — 3.0%** |  |  |
| Alto Neuroscience, Inc.<sup>(1)</sup> | 3437 | 67674 |
| Alumis, Inc.<sup>(1)</sup> | 14 | 416 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 747 | 15112 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 5 | 369 |
| Astellas Pharma, Inc., ADR | 645 | 10649 |
| AstraZeneca PLC | 2699 | 562607 |
| Axsome Therapeutics, Inc.<sup>(1)</sup> | 28 | 4589 |
| Bayer AG, ADR | 2649 | 32583 |
| BioAge Labs, Inc.<sup>(1)</sup> | 120 | 2672 |
| Bristol-Myers Squibb Co. | 8846 | 551725 |
| Chugai Pharmaceutical Co. Ltd., ADR | 872 | 29308 |
| Contineum Therapeutics, Inc., Class A<sup>(1)</sup> | 1753 | 26891 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 4427 | 158044 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 14 | 575 |
| Daiichi Sankyo Co. Ltd., ADR | 4675 | 91209 |
| Dr. Reddy's Laboratories Ltd., ADR | 255 | 3667 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 1372 | 36221 |
| Eli Lilly & Co. | 12098 | 12726975 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EyePoint, Inc.<sup>(1)</sup> | 157 | $2757 |
| GSK PLC, ADR | 2212 | 130796 |
| Haleon PLC, ADR | 2926 | 32391 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 15 | 428 |
| Innoviva, Inc.<sup>(1)</sup> | 42 | 964 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 19 | 3610 |
| Johnson & Johnson | 13517 | 3358028 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 738 | 146353 |
| MediWound Ltd.<sup>(1)</sup> | 24 | 415 |
| Merck & Co., Inc. | 8101 | 1003066 |
| Merck KGaA, ADR | 355 | 10799 |
| Nektar Therapeutics<sup>(1)</sup> | 21 | 1449 |
| Neumora Therapeutics, Inc.<sup>(1)</sup> | 1022 | 3567 |
| Novartis AG, ADR | 3001 | 506029 |
| Novo Nordisk AS, ADR | 5332 | 199683 |
| Organon & Co. | 53 | 386 |
| Otsuka Holdings Co. Ltd., ADR | 476 | 16284 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 386 | 8457 |
| Pfizer, Inc. | 23668 | 654420 |
| Phathom Pharmaceuticals, Inc.<sup>(1)</sup> | 208 | 2612 |
| Phibro Animal Health Corp., Class A | 1504 | 82103 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 1881 | 130353 |
| Roche Holding AG, ADR | 2900 | 172695 |
| Royalty Pharma PLC, Class A | 32 | 1479 |
| Sandoz Group AG, ADR | 377 | 33183 |
| Sanofi SA, ADR | 1166 | 56738 |
| Scilex Holding Co.<sup>(1)</sup> | 80 | 657 |
| Septerna, Inc.<sup>(1)</sup> | 71 | 2060 |
| SIGA Technologies, Inc. | 57 | 369 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 1483 | 81165 |
| Takeda Pharmaceutical Co. Ltd., ADR | 2085 | 39094 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | 290 | 12215 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 908 | 30745 |
| UCB SA, ADR | 416 | 62013 |
| United Laboratories International Holdings Ltd. | 18000 | 29931 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 413 | 5770 |
| Verrica Pharmaceuticals, Inc.<sup>(1)</sup> | 481 | 2631 |
| Viatris, Inc. | 1432 | 21380 |
| Zoetis, Inc. | 293 | 38412 |
|  |  | 21206773 |
| **Professional Services — 0.6%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 342 | 10216 |
| Automatic Data Processing, Inc. | 2162 | 463446 |
| Barrett Business Services, Inc. | 600 | 16662 |
| Booz Allen Hamilton Holding Corp. | 285 | 22467 |
| Broadridge Financial Solutions, Inc. | 7 | 1301 |
| CACI International, Inc., Class A<sup>(1)</sup> | 1898 | 1158103 |
| CBIZ, Inc.<sup>(1)</sup> | 5151 | 147525 |
| Clarivate PLC<sup>(1)</sup> | 493 | 1134 |
| Computershare Ltd., ADR | 755 | 16678 |
| Concentrix Corp. | 93 | 3050 |
| Conduent, Inc.<sup>(1)</sup> | 138 | 201 |
| CRA International, Inc. | 1444 | 249321 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CSG Systems International, Inc. | 1661 | $132714 |
| DLH Holdings Corp.<sup>(1)</sup> | 29 | 174 |
| Equifax, Inc. | 181 | 37822 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 5760 | 180000 |
| Experian PLC, ADR | 749 | 28185 |
| Exponent, Inc. | 5066 | 368703 |
| FTI Consulting, Inc.<sup>(1)</sup> | 141 | 23183 |
| Genpact Ltd. | 9 | 357 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 480 | 67872 |
| ICF International, Inc. | 1387 | 115301 |
| Insperity, Inc. | 2085 | 46308 |
| Intertek Group PLC, ADR | 257 | 16590 |
| Jacobs Solutions, Inc. | 292 | 40255 |
| KBR, Inc. | 1700 | 71791 |
| Kforce, Inc. | 1560 | 42151 |
| Korn Ferry | 2623 | 164383 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 618 | 4345 |
| Leidos Holdings, Inc. | 150 | 26265 |
| ManpowerGroup, Inc. | 149 | 4168 |
| Maximus, Inc. | 221 | 16710 |
| Mistras Group, Inc.<sup>(1)</sup> | 2111 | 32256 |
| Paychex, Inc. | 3134 | 293499 |
| Paycom Software, Inc. | 514 | 64677 |
| Paylocity Holding Corp.<sup>(1)</sup> | 9 | 958 |
| Randstad NV, ADR | 586 | 9606 |
| Recruit Holdings Co. Ltd., ADR | 2198 | 18991 |
| RELX PLC, ADR | 1253 | 43592 |
| Robert Half, Inc. | 11 | 269 |
| Science Applications International Corp. | 102 | 9410 |
| SGS SA, ADR | 710 | 8934 |
| SS&C Technologies Holdings, Inc. | 2295 | 172791 |
| TriNet Group, Inc. | 3020 | 115002 |
| TrueBlue, Inc.<sup>(1)</sup> | 2288 | 9678 |
| Verisk Analytics, Inc. | 62 | 12869 |
| Verra Mobility Corp.<sup>(1)</sup> | 371 | 6199 |
| Wolters Kluwer NV, ADR | 83 | 6735 |
|  |  | 4282847 |
| **Real Estate Management and Development — 0.4%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 198 | 29237 |
| Colliers International Group, Inc. | 10129 | 1202616 |
| CoStar Group, Inc.<sup>(1)</sup> | 400 | 17852 |
| Cushman & Wakefield Ltd.<sup>(1)</sup> | 108 | 1448 |
| Daito Trust Construction Co. Ltd., ADR | 3578 | 20645 |
| Daiwa House Industry Co. Ltd., ADR | 910 | 32705 |
| FirstService Corp. | 879 | 138504 |
| Henderson Land Development Co. Ltd., ADR | 3600 | 16164 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 5 | 362 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 70 | 22089 |
| Mitsubishi Estate Co. Ltd., ADR | 2088 | 70178 |
| Mitsui Fudosan Co. Ltd., ADR | 1269 | 51027 |
| Newmark Group, Inc., Class A | 68524 | 994968 |
| St. Joe Co. | 8 | 577 |
| Sun Hung Kai Properties Ltd., ADR | 53 | 983 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vonovia SE, ADR | 1668 | $28139 |
|  |  | 2627494 |
| **Residential REITs — 0.0%** |  |  |
| American Homes 4 Rent, Class A | 111 | 3330 |
| AvalonBay Communities, Inc. | 56 | 9925 |
| Equity LifeStyle Properties, Inc. | 52 | 3492 |
| Equity Residential | 392 | 24778 |
| Essex Property Trust, Inc. | 14 | 3572 |
| Mid-America Apartment Communities, Inc. | 29 | 3882 |
| NexPoint Residential Trust, Inc. | 697 | 19648 |
| UDR, Inc. | 12 | 450 |
| UMH Properties, Inc. | 3781 | 57018 |
|  |  | 126095 |
| **Retail REITs — 0.0%** |  |  |
| Agree Realty Corp. | 328 | 26397 |
| Brixmor Property Group, Inc. | 700 | 21189 |
| Curbline Properties Corp. | 338 | 9400 |
| Federal Realty Investment Trust | 20 | 2175 |
| InvenTrust Properties Corp. | 460 | 14352 |
| NNN REIT, Inc. | 253 | 11466 |
| Realty Income Corp. | 37 | 2479 |
| Regency Centers Corp. | 47 | 3713 |
| Simon Property Group, Inc. | 114 | 23239 |
| SITE Centers Corp. | 379 | 2335 |
| Tanger, Inc. | 199 | 7375 |
|  |  | 124120 |
| **Semiconductors and Semiconductor Equipment — 8.6%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 424 | 23608 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 3266 | 653886 |
| Advantest Corp., ADR | 544 | 94128 |
| Aehr Test Systems<sup>(1)</sup> | 60 | 2246 |
| Ambarella, Inc.<sup>(1)</sup> | 17 | 1026 |
| Amkor Technology, Inc. | 5102 | 243978 |
| Analog Devices, Inc. | 2797 | 995145 |
| Applied Materials, Inc. | 14146 | 5266556 |
| ASE Technology Holding Co. Ltd., ADR | 895 | 21740 |
| ASM International NV, NY REG SHARES | 3 | 2541 |
| ASML Holding NV, NY Shares | 587 | 851479 |
| Astera Labs, Inc.<sup>(1)</sup> | 11 | 1307 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 1172 | 96819 |
| BE Semiconductor Industries NV, NY REG SHARES | 16 | 3612 |
| Broadcom, Inc. | 16106 | 5146672 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 1640 | 231437 |
| Cohu, Inc.<sup>(1)</sup> | 247 | 7459 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 154 | 17290 |
| Diodes, Inc.<sup>(1)</sup> | 1488 | 101526 |
| Disco Corp., ADR | 64 | 3091 |
| Enphase Energy, Inc.<sup>(1)</sup> | 269 | 11371 |
| Entegris, Inc. | 25 | 3311 |
| First Solar, Inc.<sup>(1)</sup> | 442 | 87162 |
| FormFactor, Inc.<sup>(1)</sup> | 3273 | 323634 |
| Impinj, Inc.<sup>(1)</sup> | 64 | 7850 |
| Infineon Technologies AG, ADR | 688 | 37166 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Intel Corp.<sup>(1)</sup> | 26243 | $1196943 |
| KLA Corp. | 833 | 1269950 |
| Kulicke & Soffa Industries, Inc. | 1804 | 125775 |
| Lam Research Corp. | 7158 | 1674185 |
| Lasertec Corp., ADR | 63 | 2722 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 37 | 3538 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 119 | 29526 |
| Marvell Technology, Inc. | 27786 | 2269838 |
| MaxLinear, Inc.<sup>(1)</sup> | 24 | 418 |
| Megachips Corp. | 2900 | 169345 |
| Microchip Technology, Inc. | 307 | 22914 |
| Micron Technology, Inc. | 8713 | 3592980 |
| Mitsui High-Tec, Inc. | 9500 | 53107 |
| MKS, Inc. | 131 | 32024 |
| Monolithic Power Systems, Inc. | 85 | 97133 |
| NVE Corp. | 220 | 15145 |
| NVIDIA Corp. | 173082 | 30668400 |
| NXP Semiconductors NV | 136 | 30873 |
| ON Semiconductor Corp.<sup>(1)</sup> | 1535 | 102047 |
| Onto Innovation, Inc.<sup>(1)</sup> | 2744 | 592402 |
| PDF Solutions, Inc.<sup>(1)</sup> | 11 | 372 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 2447 | 50849 |
| Photronics, Inc.<sup>(1)</sup> | 2394 | 89607 |
| Power Integrations, Inc. | 1572 | 75330 |
| Qnity Electronics, Inc. | 391 | 49563 |
| Qorvo, Inc.<sup>(1)</sup> | 146 | 12103 |
| QUALCOMM, Inc. | 15218 | 2166435 |
| Rambus, Inc.<sup>(1)</sup> | 7175 | 715061 |
| Renesas Electronics Corp., ADR | 3016 | 28441 |
| Semtech Corp.<sup>(1)</sup> | 24 | 2165 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 131 | 26793 |
| SiTime Corp.<sup>(1)</sup> | 58 | 23077 |
| Skyworks Solutions, Inc. | 261 | 15550 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 17 | 602 |
| STMicroelectronics NV, NY Shares | 386 | 12973 |
| Synaptics, Inc.<sup>(1)</sup> | 89 | 7250 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1458 | 546138 |
| Teradyne, Inc. | 342 | 109450 |
| Texas Instruments, Inc. | 2753 | 583939 |
| Tokyo Electron Ltd., ADR | 597 | 84398 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 2386 | 144783 |
| United Microelectronics Corp., ADR | 2335 | 24377 |
| Universal Display Corp. | 70 | 7468 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 1124 | 34349 |
|  |  | 60996378 |
| **Software — 4.0%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 1710 | 67853 |
| Adeia, Inc. | 303 | 6269 |
| Adobe, Inc.<sup>(1)</sup> | 2104 | 552111 |
| Agilysys, Inc.<sup>(1)</sup> | 6 | 433 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 37 | 1771 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 86 | 15287 |
| AppLovin Corp., Class A<sup>(1)</sup> | 1459 | 634329 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Atlassian Corp., Class A<sup>(1)</sup> | 520 | $39068 |
| Aurora Innovation, Inc.<sup>(1)</sup> | 3251 | 15215 |
| Autodesk, Inc.<sup>(1)</sup> | 456 | 112117 |
| AvePoint, Inc.<sup>(1)</sup> | 289 | 3115 |
| Blackbaud, Inc.<sup>(1)</sup> | 945 | 45870 |
| Box, Inc., Class A<sup>(1)</sup> | 1000 | 23550 |
| C3.ai, Inc., Class A<sup>(1)</sup> | 378 | 3005 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 7531 | 2269843 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 104 | 15815 |
| Circle Internet Group, Inc.<sup>(1)</sup> | 691 | 57657 |
| Cleanspark, Inc.<sup>(1)</sup> | 4526 | 45034 |
| Clear Secure, Inc., Class A | 400 | 19456 |
| Commvault Systems, Inc.<sup>(1)</sup> | 1615 | 137404 |
| Confluent, Inc., Class A<sup>(1)</sup> | 306 | 9385 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 440 | 163671 |
| CS Disco, Inc.<sup>(1)</sup> | 1584 | 5148 |
| CyberArk Software Ltd.<sup>(1)</sup> | 32 | 1440 |
| Datadog, Inc., Class A<sup>(1)</sup> | 461 | 51614 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 500 | 33125 |
| Docusign, Inc.<sup>(1)</sup> | 376 | 16946 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 15323 | 382922 |
| Fair Isaac Corp.<sup>(1)</sup> | 611 | 861119 |
| Fortinet, Inc.<sup>(1)</sup> | 920 | 72708 |
| Freshworks, Inc., Class A<sup>(1)</sup> | 3142 | 24570 |
| Gen Digital, Inc. | 1554 | 35074 |
| Guidewire Software, Inc.<sup>(1)</sup> | 14433 | 2097404 |
| HubSpot, Inc.<sup>(1)</sup> | 110 | 29096 |
| Hut 8 Corp.<sup>(1)</sup> | 382 | 20334 |
| InterDigital, Inc. | 523 | 191695 |
| Intuit, Inc. | 5868 | 2400188 |
| JFrog Ltd.<sup>(1)</sup> | 276 | 11081 |
| Kinaxis, Inc.<sup>(1)</sup> | 200 | 18989 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 759 | 20622 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 108 | 14626 |
| Microsoft Corp. | 26439 | 10383653 |
| N-able, Inc.<sup>(1)</sup> | 817 | 3595 |
| nCino, Inc.<sup>(1)</sup> | 79 | 1275 |
| NCR Voyix Corp.<sup>(1)</sup> | 1600 | 12224 |
| Nemetschek SE | 267 | 21271 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 298 | 11407 |
| OneSpan, Inc. | 14640 | 161626 |
| Ooma, Inc.<sup>(1)</sup> | 85 | 1051 |
| Open Text Corp. | 197 | 4880 |
| Oracle Corp. | 10850 | 1577590 |
| PagerDuty, Inc.<sup>(1)</sup> | 42 | 297 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 6743 | 925072 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 13870 | 2065520 |
| Pegasystems, Inc. | 932 | 40756 |
| Procore Technologies, Inc.<sup>(1)</sup> | 10 | 550 |
| Progress Software Corp.<sup>(1)</sup> | 1906 | 79823 |
| PTC, Inc.<sup>(1)</sup> | 193 | 30222 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 1742 | 83825 |
| Qualys, Inc.<sup>(1)</sup> | 1419 | 131215 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RingCentral, Inc., Class A<sup>(1)</sup> | 18 | $656 |
| Riot Platforms, Inc.<sup>(1)</sup> | 738 | 12022 |
| Roper Technologies, Inc. | 184 | 64350 |
| Rubrik, Inc., Class A<sup>(1)</sup> | 2421 | 125795 |
| Sage Group PLC, ADR | 520 | 22963 |
| Salesforce, Inc. | 4399 | 856881 |
| SAP SE, ADR | 884 | 178153 |
| SentinelOne, Inc., Class A<sup>(1)</sup> | 1147 | 15049 |
| ServiceNow, Inc.<sup>(1)</sup> | 1781 | 192366 |
| SPS Commerce, Inc.<sup>(1)</sup> | 1550 | 87591 |
| Strategy, Inc., Class A<sup>(1)</sup> | 16 | 2072 |
| Synopsys, Inc.<sup>(1)</sup> | 694 | 287316 |
| Technology One Ltd. | 2294 | 42489 |
| Telos Corp.<sup>(1)</sup> | 201 | 808 |
| Temenos AG, ADR | 56 | 5205 |
| Teradata Corp.<sup>(1)</sup> | 1410 | 44401 |
| Trimble, Inc.<sup>(1)</sup> | 828 | 55368 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 338 | 119885 |
| UiPath, Inc., Class A<sup>(1)</sup> | 41 | 440 |
| Unity Software, Inc.<sup>(1)</sup> | 9986 | 182045 |
| Varonis Systems, Inc.<sup>(1)</sup> | 30 | 693 |
| Veritone, Inc.<sup>(1)</sup> | 329 | 928 |
| Workday, Inc., Class A<sup>(1)</sup> | 1154 | 154359 |
| Workiva, Inc.<sup>(1)</sup> | 351 | 21615 |
| Yext, Inc.<sup>(1)</sup> | 1803 | 10241 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 28 | 2070 |
| Zscaler, Inc.<sup>(1)</sup> | 3 | 441 |
|  |  | 28549013 |
| **Specialized REITs — 0.2%** |  |  |
| American Tower Corp. | 2168 | 415952 |
| Crown Castle, Inc. | 104 | 9312 |
| CubeSmart | 107 | 4402 |
| Digital Realty Trust, Inc. | 243 | 43060 |
| EPR Properties | 346 | 20556 |
| Equinix, Inc. | 225 | 219208 |
| Extra Space Storage, Inc. | 4455 | 672839 |
| Four Corners Property Trust, Inc. | 853 | 21768 |
| Iron Mountain, Inc. | 128 | 13866 |
| Millrose Properties, Inc. | 273 | 8561 |
| National Storage Affiliates Trust | 11 | 385 |
| Outfront Media, Inc. | 2244 | 64650 |
| Public Storage | 29 | 8905 |
| SBA Communications Corp. | 26 | 5230 |
| VICI Properties, Inc. | 36 | 1088 |
| Weyerhaeuser Co. | 54 | 1325 |
|  |  | 1511107 |
| **Specialty Retail — 2.8%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 3485 | 340833 |
| American Eagle Outfitters, Inc. | 136 | 3342 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 1203 | 257177 |
| AutoNation, Inc.<sup>(1)</sup> | 17 | 3318 |
| AutoZone, Inc.<sup>(1)</sup> | 86 | 322980 |
| Avolta AG, ADR<sup>(1)</sup> | 1502 | 9778 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bath & Body Works, Inc. | 115 | $2617 |
| Best Buy Co., Inc. | 590 | 36562 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 84 | 15894 |
| Burlington Stores, Inc.<sup>(1)</sup> | 61 | 18719 |
| Caleres, Inc. | 51 | 606 |
| Camping World Holdings, Inc., Class A | 452 | 3761 |
| Carvana Co.<sup>(1)</sup> | 12 | 4010 |
| Dick's Sporting Goods, Inc. | 111 | 22603 |
| Fast Retailing Co. Ltd., ADR | 1511 | 66711 |
| Five Below, Inc.<sup>(1)</sup> | 11 | 2459 |
| Gap, Inc. | 106 | 2972 |
| Group 1 Automotive, Inc. | 577 | 187952 |
| H & M Hennes & Mauritz AB, ADR | 2015 | 8433 |
| Home Depot, Inc. | 6961 | 2650192 |
| Industria de Diseno Textil SA, ADR | 1519 | 25398 |
| JB Hi-Fi Ltd. | 1200 | 70145 |
| Kingfisher PLC, ADR | 1161 | 11796 |
| Lithia Motors, Inc. | 268 | 74927 |
| Lovisa Holdings Ltd. | 3085 | 52439 |
| Lowe's Cos., Inc. | 3961 | 1047962 |
| Monro, Inc. | 4 | 86 |
| Murphy USA, Inc. | 1508 | 589236 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 35 | 944 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 65009 | 6103045 |
| Ross Stores, Inc. | 4820 | 991185 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 71 | 1141 |
| Shoe Carnival, Inc. | 270 | 5451 |
| Signet Jewelers Ltd. | 483 | 46460 |
| Sonic Automotive, Inc., Class A | 746 | 46789 |
| Super Retail Group Ltd. | 3336 | 36836 |
| TJX Cos., Inc. | 14259 | 2305110 |
| Tractor Supply Co. | 32323 | 1675624 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 4176 | 2859683 |
| Upbound Group, Inc. | 667 | 14307 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 528 | 34954 |
| Victoria's Secret & Co.<sup>(1)</sup> | 1762 | 110477 |
| Williams-Sonoma, Inc. | 434 | 89252 |
| Zalando SE, ADR<sup>(1)</sup> | 645 | 7817 |
|  |  | 20161983 |
| **Technology Hardware, Storage and Peripherals — 4.2%** |  |  |
| Apple, Inc. | 80946 | 21384314 |
| Canon, Inc., ADR | 886 | 26890 |
| Dell Technologies, Inc., Class C | 314 | 46497 |
| FUJIFILM Holdings Corp., ADR | 6825 | 70025 |
| Hewlett Packard Enterprise Co. | 8947 | 192092 |
| HP, Inc. | 7716 | 146527 |
| IonQ, Inc.<sup>(1)</sup> | 201 | 7712 |
| Logitech International SA | 148 | 13578 |
| Logitech International SA | 145 | 13333 |
| NetApp, Inc. | 4764 | 471779 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 113857 | 7311897 |
| Sandisk Corp.<sup>(1)</sup> | 128 | 81326 |
| Seagate Technology Holdings PLC | 147 | 59953 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Seiko Epson Corp., ADR | 656 | $4435 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 2818 | 91275 |
| Turtle Beach Corp.<sup>(1)</sup> | 504 | 6320 |
| Western Digital Corp. | 332 | 92860 |
|  |  | 30020813 |
| **Textiles, Apparel and Luxury Goods — 1.2%** |  |  |
| adidas AG, ADR | 162 | 15105 |
| Asics Corp., ADR | 67 | 2047 |
| Brunello Cucinelli SpA | 116 | 11225 |
| Capri Holdings Ltd.<sup>(1)</sup> | 868 | 17803 |
| Carter's, Inc. | 1030 | 34556 |
| Cie Financiere Richemont SA, ADR | 2980 | 60494 |
| Columbia Sportswear Co. | 6 | 372 |
| Crocs, Inc.<sup>(1)</sup> | 514 | 46625 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 456 | 53475 |
| G-III Apparel Group Ltd. | 365 | 11165 |
| Gildan Activewear, Inc. | 143 | 9737 |
| Goldwin, Inc. | 2400 | 37848 |
| Hermes International SCA, ADR | 186 | 44826 |
| Kering SA, ADR | 99 | 3321 |
| Kontoor Brands, Inc. | 2140 | 139549 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 41 | 7592 |
| LVMH Moet Hennessy Louis Vuitton SE, ADR | 570 | 72789 |
| Movado Group, Inc. | 45 | 1123 |
| NIKE, Inc., Class B | 124961 | 7770075 |
| Oxford Industries, Inc. | 168 | 6651 |
| Pandora AS, ADR | 675 | 6656 |
| PVH Corp. | 365 | 25039 |
| Ralph Lauren Corp. | 33 | 11966 |
| Steven Madden Ltd. | 968 | 34945 |
| Superior Group of Cos., Inc. | 2750 | 27307 |
| Swatch Group AG, ADR | 21 | 266 |
| Tapestry, Inc. | 684 | 106341 |
| VF Corp. | 37 | 719 |
| Wolverine World Wide, Inc. | 711 | 12563 |
|  |  | 8572180 |
| **Tobacco — 0.2%** |  |  |
| Altria Group, Inc. | 6663 | 460013 |
| British American Tobacco PLC, ADR | 1367 | 85643 |
| Imperial Brands PLC, ADR | 992 | 44471 |
| Japan Tobacco, Inc., ADR | 2186 | 41709 |
| Philip Morris International, Inc. | 2717 | 507617 |
|  |  | 1139453 |
| **Trading Companies and Distributors — 0.7%** |  |  |
| AerCap Holdings NV | 281 | 41993 |
| Air Lease Corp. | 175 | 11347 |
| Alligo AB, Class B | 1302 | 19674 |
| Applied Industrial Technologies, Inc. | 1466 | 414262 |
| Boise Cascade Co. | 1012 | 83733 |
| Brenntag SE, ADR | 1771 | 22031 |
| Bunzl PLC, ADR | 837 | 12413 |
| DNOW, Inc.<sup>(1)</sup> | 8084 | 95229 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 3 | 415 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fastenal Co. | 6295 | $289822 |
| Ferguson Enterprises, Inc. | 4013 | 1046430 |
| Finning International, Inc. | 2400 | 161800 |
| FTAI Aviation Ltd. | 70 | 21406 |
| GATX Corp. | 2389 | 439982 |
| Herc Holdings, Inc. | 296 | 41378 |
| ITOCHU Corp., ADR | 3291 | 47423 |
| Marubeni Corp., ADR | 16 | 6086 |
| McGrath RentCorp | 1569 | 174081 |
| Mitsubishi Corp., ADR | 260 | 8798 |
| Mitsui & Co. Ltd., ADR | 124 | 93067 |
| Momentum Group AB | 1302 | 18751 |
| MSC Industrial Direct Co., Inc., Class A | 34 | 3191 |
| Rexel SA | 2357 | 102077 |
| Rexel SA, ADR | 36 | 1583 |
| RS Group PLC | 40000 | 375807 |
| Rush Enterprises, Inc., Class A | 8344 | 592174 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 5 | 714 |
| Sumitomo Corp., ADR | 496 | 21120 |
| Toromont Industries Ltd. | 1000 | 155200 |
| United Rentals, Inc. | 481 | 404040 |
| Watsco, Inc. | 42 | 17528 |
| WESCO International, Inc. | 95 | 27502 |
| WW Grainger, Inc. | 150 | 171709 |
|  |  | 4922766 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Aena SME SA, ADR | 50 | 797 |
| **Water Utilities — 0.1%** |  |  |
| American States Water Co. | 1329 | 99050 |
| American Water Works Co., Inc. | 2805 | 381564 |
| California Water Service Group | 1000 | 45080 |
| Essential Utilities, Inc. | 59 | 2358 |
| H2O America | 235 | 12641 |
| Middlesex Water Co. | 555 | 29970 |
| Severn Trent PLC, ADR | 149 | 6675 |
| United Utilities Group PLC, ADR | 614 | 23044 |
|  |  | 600382 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| KDDI Corp., ADR | 689 | 11734 |
| SoftBank Corp., ADR | 585 | 7956 |
| SoftBank Group Corp., ADR | 1709 | 22320 |
| Telephone & Data Systems, Inc. | 5254 | 235116 |
| T-Mobile U.S., Inc. | 825 | 179099 |
| Vodafone Group PLC, ADR | 541 | 8310 |
|  |  | 464535 |
| **TOTAL COMMON STOCKS**<br>(Cost $663,873,885) |  | **585919033** |
| **EXCHANGE-TRADED FUNDS — 10.8%** |  |  |
| Capital Group Dividend Value ETF | 2319 | 105723 |
| Capital Group Growth ETF | 2555 | 110299 |
| Capital Group International Focus Equity ETF | 444 | 14346 |
| ClearBridge Large Cap Growth Select ETF | 13600 | 1074843 |
| Fidelity Enhanced Large Cap Growth ETF | 30000 | 1186500 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Franklin FTSE Brazil ETF | 500 | $12035 |
| Innovator Emerging Markets Power Buffer ETF-October | 44917 | 1494838 |
| Innovator International Developed Power Buffer ETF - January | 3982 | 149922 |
| Innovator International Developed Power Buffer ETF - July | 57002 | 1987637 |
| Innovator International Developed Power Buffer ETF - October | 54839 | 1997236 |
| Innovator U.S. Equity Power Buffer ETF - December | 19932 | 869035 |
| Innovator U.S. Equity Power Buffer ETF - February | 14103 | 579210 |
| Innovator U.S. Equity Power Buffer ETF - January | 1195 | 56524 |
| Innovator U.S. Equity Power Buffer ETF - July | 54678 | 2558384 |
| Innovator U.S. Equity Power Buffer ETF - November | 7715 | 324479 |
| Innovator U.S. Equity Power Buffer ETF - October | 1826 | 80600 |
| Innovator U.S. Small Cap Power Buffer ETF - July | 9797 | 318044 |
| Innovator U.S. Small Cap Power Buffer ETF - October | 8407 | 291926 |
| Invesco KBW Bank ETF | 1942 | 158972 |
| Invesco QQQ Trust | 9859 | 5987272 |
| Invesco RAFI U.S. 1500 Small-Mid ETF | 35794 | 1735150 |
| Invesco S&P 500 High Dividend Low Volatility ETF | 875 | 45885 |
| iShares 0-3 Month Treasury Bond ETF | 2071 | 208425 |
| iShares 1-3 Year Treasury Bond ETF | 5045 | 419643 |
| iShares Core MSCI EAFE ETF | 444 | 43654 |
| iShares Core MSCI Emerging Markets ETF | 206 | 15813 |
| iShares Core MSCI International Developed Markets ETF | 9451 | 856450 |
| iShares Core S&P 500 ETF | 5326 | 3671638 |
| iShares Core S&P Mid-Cap ETF | 570 | 40749 |
| iShares Core S&P Small-Cap ETF | 14534 | 1885060 |
| iShares ESG Aware MSCI USA ETF | 6862 | 1023742 |
| iShares Expanded Tech Sector ETF | 960 | 119261 |
| iShares Global 100 ETF | 3900 | 497562 |
| iShares International Equity Factor ETF | 1743 | 72544 |
| iShares International Select Dividend ETF | 1630 | 72828 |
| iShares MSCI EAFE Growth ETF | 1049 | 129037 |
| iShares MSCI EAFE Min Vol Factor ETF | 672 | 63753 |
| iShares MSCI EAFE Small-Cap ETF | 81 | 6943 |
| iShares MSCI EAFE Value ETF | 13219 | 1054347 |
| iShares MSCI Emerging Markets ETF | 400 | 25032 |
| iShares MSCI Emerging Markets ex China ETF | 1970 | 172730 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 580 | 39921 |
| iShares MSCI Japan ETF | 100 | 9237 |
| iShares MSCI Japan Value ETF | 1201 | 55462 |
| iShares MSCI South Korea ETF<sup>(2)</sup> | 200 | 30274 |
| iShares MSCI Taiwan ETF | 100 | 7567 |
| iShares MSCI USA Min Vol Factor ETF | 1446 | 141433 |
| iShares MSCI USA Momentum Factor ETF | 152 | 38450 |
| iShares MSCI USA Value Factor ETF | 12241 | 1845820 |
| iShares Russell 1000 ETF | 275 | 103472 |
| iShares Russell 1000 Growth ETF | 10000 | 4501900 |
| iShares Russell 2000 ETF<sup>(2)</sup> | 10889 | 2846494 |
| iShares Russell 2000 Growth ETF<sup>(2)</sup> | 1868 | 626247 |
| iShares Russell 2000 Value ETF | 45 | 8890 |
| iShares Russell 3000 ETF | 1142 | 446134 |
| iShares Russell Mid-Cap Growth ETF | 116 | 15863 |
| iShares Russell Mid-Cap Value ETF | 184 | 28319 |
| iShares Russell Top 200 Growth ETF | 2610 | 684603 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| iShares S&P 500 Growth ETF | 1606 | $192013 |
| iShares S&P 500 Value ETF | 331 | 73512 |
| iShares S&P Small-Cap 600 Growth ETF | 100 | 15224 |
| iShares Select U.S. REIT ETF | 400 | 26452 |
| iShares U.S. Equity Factor ETF | 2609 | 180282 |
| iShares U.S. Technology ETF | 2528 | 479258 |
| ProShares DJ Brookfield Global Infrastructure ETF | 1434 | 88965 |
| ProShares S&P 500 Dividend Aristocrats ETF | 1194 | 136820 |
| ProShares S&P 500 Ex-Financials ETF | 5800 | 434470 |
| ProShares Ultra Energy | 320 | 17760 |
| ProShares Ultra Financials | 420 | 33329 |
| ProShares Ultra Materials | 1600 | 53504 |
| ProShares Ultra Technology | 3200 | 275552 |
| Putnam Focused Large Cap Value ETF | 1088 | 52714 |
| Schwab Fundamental International Equity ETF | 1540 | 81250 |
| Schwab U.S. Broad Market ETF | 3595 | 95232 |
| Schwab U.S. Dividend Equity ETF | 3629 | 115293 |
| Schwab U.S. Large-Cap ETF | 4425 | 119741 |
| State Street Energy Select Sector SPDR ETF | 1182 | 66097 |
| State Street Financial Select Sector SPDR ETF | 37350 | 1920911 |
| State Street Health Care Select Sector SPDR ETF | 14577 | 2335235 |
| State Street Industrial Select Sector SPDR ETF | 13097 | 2320003 |
| State Street SPDR Dow Jones Industrial Average ETF Trust | 1328 | 650268 |
| State Street SPDR NYSE Technology ETF | 791 | 212368 |
| State Street SPDR Portfolio Developed World ex-U.S. ETF | 3300 | 164571 |
| State Street SPDR Portfolio Emerging Markets ETF | 2600 | 131326 |
| State Street SPDR Portfolio S&P 500 ETF | 39545 | 3193654 |
| State Street SPDR S&P 500 ETF Trust | 697 | 478135 |
| State Street SPDR S&P Bank ETF | 500 | 30525 |
| State Street SPDR S&P Biotech ETF | 275 | 35027 |
| State Street SPDR S&P Emerging Markets Small Cap ETF | 1335 | 93517 |
| State Street SPDR S&P MidCap 400 ETF Trust | 11561 | 7547252 |
| T. Rowe Price Growth ETF | 2921 | 121747 |
| Vanguard Communication Services ETF | 8 | 1537 |
| Vanguard Dividend Appreciation ETF | 579 | 131838 |
| Vanguard Energy ETF | 6857 | 1080595 |
| Vanguard Extended Market ETF | 389 | 84187 |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | 5835 | 933892 |
| Vanguard FTSE All-World ex-U.S. ETF, Class U | 3964 | 324334 |
| Vanguard FTSE Emerging Markets ETF | 693 | 40263 |
| Vanguard Growth ETF | 2046 | 942940 |
| Vanguard Health Care ETF | 1500 | 443265 |
| Vanguard High Dividend Yield ETF | 1013 | 157066 |
| Vanguard Information Technology ETF | 50 | 36335 |
| Vanguard Intermediate-Term Treasury ETF | 1115 | 67714 |
| Vanguard International Dividend Appreciation ETF | 250 | 24060 |
| Vanguard Materials ETF | 2153 | 525612 |
| Vanguard Mega Cap Growth ETF | 3000 | 1160850 |
| Vanguard Real Estate ETF | 1196 | 114445 |
| Vanguard Russell 3000 ETF | 800 | 242880 |
| Vanguard S&P 500 ETF | 22 | 13883 |
| Vanguard Small-Cap Value ETF | 409 | 94029 |
| Vanguard Total International Stock ETF | 169 | 14164 |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vanguard Total Stock Market ETF | 372 | $126022 |
| Vanguard Total World Stock ETF | 37 | 5470 |
| Vanguard U.S. Minimum Volatility ETF | 559 | 78226 |
| Vanguard U.S. Momentum Factor ETF | 6062 | 1266231 |
| Vanguard U.S. Multifactor ETF | 680 | 110350 |
| Vanguard U.S. Value Factor ETF | 7749 | 1094624 |
| Vanguard Utilities ETF | 100 | 20587 |
| Vanguard Value ETF, Class A | 428 | 88707 |
| WisdomTree Emerging Markets High Dividend Fund | 448 | 23180 |
| WisdomTree International MidCap Dividend Fund | 259 | 23118 |
| WisdomTree International SmallCap Dividend Fund | 401 | 35785 |
| WisdomTree True Developed International Fund | 287 | 21270 |
| WisdomTree Emerging Markets SmallCap Dividend Fund | 4196 | 272033 |
| WisdomTree International High Dividend Fund | 327 | 18829 |
| WisdomTree U.S. High Dividend Fund | 1020 | 114985 |
| WisdomTree U.S. Quality Dividend Growth Fund | 27009 | 2512917 |
| WisdomTree U.S. SmallCap Dividend Fund | 3315 | 122788 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $37,231,735) |  | **77089175** |
| **AFFILIATED EXCHANGE-TRADED FUNDS**<sup>(3)</sup> **— 6.6%** |  |  |
| Avantis Emerging Markets Equity ETF | 17991 | 1595802 |
| Avantis Emerging Markets Value ETF | 475 | 31426 |
| Avantis International Equity ETF | 113469 | 10461842 |
| Avantis International Small Cap Value ETF | 4604 | 506854 |
| Avantis Real Estate ETF | 7010 | 333361 |
| Avantis U.S. Equity ETF | 32525 | 3788512 |
| Avantis U.S. Large Cap Equity ETF | 30180 | 2456350 |
| Avantis U.S. Large Cap Value ETF | 2246 | 188170 |
| Avantis U.S. Quality ETF | 442171 | 26378418 |
| Avantis U.S. Small Cap Equity ETF | 8907 | 571562 |
| Avantis U.S. Small Cap Value ETF | 2596 | 293296 |
| **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br>(Cost $13,919,314) |  | **46605593** |
| **RIGHTS — 0.0%** |  |  |
| **Food Products — 0.0%** |  |  |
| TreeHouse Foods, Inc.<sup>(1)</sup><br>(Cost $91) | 47 | **91** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds — 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 212466 | 212466 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 2639897 | 2639897 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,852,363) |  | **2852363** |
| **TOTAL INVESTMENT SECURITIES — 100.3%**<br>(Cost $717,877,388) |  | **712466255** |
| **OTHER ASSETS AND LIABILITIES — (0.3)%** |  | **(2159031)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**710307224** |

---

------

Schedule of Investments - Avantis Total Equity Markets ETF<br>

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,586,686. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,639,897.

**AFFILIATED FUND TRANSACTIONS**

A summary of transactions for each affiliated fund for the period ended February 28, 2026 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning**<br>**Value** | **Purchase**<br>**Cost** | **Sales**<br>**Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending**<br>**Value** | **Ending**<br>**Shares** | **Net Realized**<br>**Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| Avantis Real Estate ETF |  | $278 |  | $55 | $333 | 7 |  |  |
| Avantis U.S. Equity ETF |  | 2415 |  | 1374 | 3789 | 33 |  |  |
| Avantis U.S. Large Cap Equity ETF |  | 1827 |  | 629 | 2456 | 30 |  |  |
| Avantis U.S. Large Cap Value ETF |  | 133 |  | 55 | 188 | 2 |  |  |
| Avantis U.S. Quality ETF |  | 1710 |  | 24668 | 26378 | 442 |  |  |
| Avantis U.S. Small Cap Equity ETF |  | 432 |  | 140 | 572 | 9 |  |  |
| Avantis U.S. Small Cap Value ETF |  | 219 |  | 74 | 293 | 3 |  |  |
| Avantis Emerging Markets Equity ETF |  | 885 |  | 711 | 1596 | 18 |  |  |
| Avantis Emerging Markets Value ETF |  | 24 |  | 8 | 32 |  |  |  |
| Avantis International Equity ETF |  | 5708 |  | 4754 | 10462 | 113 |  |  |
| Avantis International Small Cap Value ETF |  | 288 |  | 219 | 507 | 5 |  |  |
|  |  | $13919 |  | $32687 | $46606 | 662 |  |  |

---

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at avantisinvestors.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $570036155 | $15882878 |  |
| Exchange-Traded Funds | 77089175 |  |  |
| Underlying Funds | 46605593 |  |  |
| Rights | 91 |  |  |
| Short-Term Investments | 2852363 |  |  |
|  | $696583377 | $15882878 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.7%** | | |
| AAR Corp.<sup>(1)</sup> | 5233 | $613151 |
| AeroVironment, Inc.<sup>(1)</sup> | 2366 | 596824 |
| AerSale Corp.<sup>(1)</sup> | 7009 | 54670 |
| Astronics Corp.<sup>(1)</sup> | 22962 | 1851196 |
| ATI, Inc.<sup>(1)</sup> | 87055 | 14241327 |
| Boeing Co.<sup>(1)</sup> | 55171 | 12553058 |
| BWX Technologies, Inc. | 44832 | 9234495 |
| Carpenter Technology Corp. | 18736 | 7458240 |
| Curtiss-Wright Corp. | 5245 | 3673231 |
| Ducommun, Inc.<sup>(1)</sup> | 7176 | 886882 |
| Firefly Aerospace, Inc.<sup>(1)(2)</sup> | 3408 | 65672 |
| General Dynamics Corp. | 21778 | 7775835 |
| General Electric Co. | 108620 | 37176281 |
| Hexcel Corp. | 23634 | 2190636 |
| Howmet Aerospace, Inc. | 33986 | 8922345 |
| Huntington Ingalls Industries, Inc. | 13323 | 5922340 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 661 | 17146 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 8342 | 718914 |
| L3Harris Technologies, Inc. | 2143 | 781209 |
| Leonardo DRS, Inc. | 7288 | 316226 |
| Lockheed Martin Corp. | 36353 | 23923182 |
| Moog, Inc., Class A | 5158 | 1740464 |
| National Presto Industries, Inc. | 775 | 102254 |
| Northrop Grumman Corp. | 11251 | 8149999 |
| Park Aerospace Corp. | 1253 | 33104 |
| Rocket Lab Corp.<sup>(1)</sup> | 829 | 57284 |
| RTX Corp. | 119456 | 24204175 |
| StandardAero, Inc.<sup>(1)</sup> | 2438 | 75090 |
| Textron, Inc. | 62733 | 6188610 |
| TransDigm Group, Inc. | 4415 | 5751818 |
| VSE Corp. | 3006 | 682572 |
| Woodward, Inc. | 19002 | 7349214 |
|  |  | 193307444 |
| **Air Freight and Logistics — 0.7%** |  |  |
| CH Robinson Worldwide, Inc. | 23355 | 4326514 |
| Expeditors International of Washington, Inc. | 80101 | 11617048 |
| FedEx Corp. | 85986 | 33276582 |
| Hub Group, Inc., Class A | 24387 | 1050348 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 13283 | 98560 |
| United Parcel Service, Inc., Class B | 205729 | 23856335 |
|  |  | 74225387 |
| **Automobile Components — 0.4%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 121980 | 8970409 |
| Autoliv, Inc. | 48675 | 5768961 |
| BorgWarner, Inc. | 156748 | 9023982 |
| Dana, Inc. | 126746 | 4339783 |
| Dauch Corp.<sup>(1)</sup> | 102149 | 674183 |
| Dorman Products, Inc.<sup>(1)</sup> | 12554 | 1479614 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 4583 | 77178 |
| Gentex Corp. | 83449 | 1952707 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gentherm, Inc.<sup>(1)</sup> | 14227 | $466219 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 235269 | 1940969 |
| LCI Industries | 16558 | 2205526 |
| Lear Corp. | 35628 | 4676175 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 370 | 3130 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 7061 | 73011 |
| Patrick Industries, Inc. | 18489 | 2288753 |
| Phinia, Inc. | 28026 | 2035528 |
| QuantumScape Corp.<sup>(1)(2)</sup> | 33428 | 231322 |
| Solid Power, Inc.<sup>(1)</sup> | 7320 | 25913 |
| Standard Motor Products, Inc. | 10896 | 432353 |
| Stoneridge, Inc.<sup>(1)</sup> | 17256 | 136150 |
| Strattec Security Corp.<sup>(1)</sup> | 3424 | 301312 |
| Visteon Corp. | 19025 | 1820122 |
| XPEL, Inc.<sup>(1)</sup> | 12246 | 521925 |
|  |  | 49445225 |
| **Automobiles — 1.4%** |  |  |
| Ford Motor Co. | 1836896 | 25881865 |
| General Motors Co. | 478849 | 37690205 |
| Harley-Davidson, Inc. | 76460 | 1376280 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 7760 | 77600 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 126506 | 1939337 |
| Tesla, Inc.<sup>(1)</sup> | 224411 | 90327671 |
| Thor Industries, Inc. | 26955 | 2591184 |
| Winnebago Industries, Inc. | 11121 | 443617 |
|  |  | 160327759 |
| **Banks — 5.1%** |  |  |
| 1st Source Corp. | 8000 | 536080 |
| ACNB Corp. | 2854 | 143842 |
| Amalgamated Financial Corp. | 12701 | 488861 |
| Amerant Bancorp, Inc. | 10090 | 215421 |
| Ameris Bancorp | 22399 | 1739506 |
| Ames National Corp. | 775 | 20933 |
| Arrow Financial Corp. | 6652 | 221578 |
| Associated Banc-Corp. | 55669 | 1470218 |
| Atlantic Union Bankshares Corp. | 40163 | 1488441 |
| Avidia Bancorp, Inc. | 6132 | 114852 |
| Axos Financial, Inc.<sup>(1)</sup> | 40407 | 3508136 |
| Banc of California, Inc. | 54673 | 1009810 |
| BancFirst Corp. | 5435 | 597850 |
| Bancorp, Inc.<sup>(1)</sup> | 34928 | 1833371 |
| Bank First Corp. | 3389 | 456397 |
| Bank of America Corp. | 933769 | 46529709 |
| Bank of Hawaii Corp. | 20346 | 1541616 |
| Bank of Marin Bancorp | 3688 | 91794 |
| Bank of NT Butterfield & Son Ltd. | 34587 | 1755290 |
| Bank OZK | 65821 | 3064626 |
| BankUnited, Inc. | 32406 | 1513360 |
| Bankwell Financial Group, Inc. | 1020 | 47634 |
| Banner Corp. | 12435 | 731800 |
| Bar Harbor Bankshares | 5263 | 169784 |
| BayCom Corp. | 535 | 15729 |
| BCB Bancorp, Inc. | 4574 | 36592 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Beacon Financial Corp. | 28756 | $855203 |
| Blue Foundry Bancorp<sup>(1)</sup> | 5221 | 68813 |
| BOK Financial Corp. | 6207 | 780344 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 8610 | 157391 |
| Burke & Herbert Financial Services Corp. | 7934 | 511267 |
| Business First Bancshares, Inc. | 12604 | 344089 |
| Byline Bancorp, Inc. | 13028 | 406474 |
| California BanCorp | 8798 | 161091 |
| Camden National Corp. | 4803 | 221706 |
| Capital Bancorp, Inc. | 2458 | 72290 |
| Capital City Bank Group, Inc. | 4958 | 212426 |
| Capitol Federal Financial, Inc. | 22379 | 160681 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 8717 | 181662 |
| Cathay General Bancorp | 25868 | 1285898 |
| Central Pacific Financial Corp. | 13756 | 438129 |
| Chemung Financial Corp. | 144 | 7995 |
| ChoiceOne Financial Services, Inc. | 2156 | 61705 |
| Citigroup, Inc. | 328698 | 36219233 |
| Citizens & Northern Corp. | 55 | 1235 |
| Citizens Financial Group, Inc. | 123469 | 7431599 |
| Citizens Financial Services, Inc. | 714 | 42883 |
| City Holding Co. | 5669 | 680110 |
| Civista Bancshares, Inc. | 3136 | 74668 |
| CNB Financial Corp. | 8109 | 227133 |
| CoastalSouth Bancshares, Inc. | 280 | 6874 |
| Colony Bankcorp, Inc. | 3641 | 72201 |
| Columbia Banking System, Inc. | 142190 | 4045305 |
| Columbia Financial, Inc.<sup>(1)</sup> | 6679 | 119554 |
| Commerce Bancshares, Inc. | 54568 | 2782422 |
| Commercial Bancgroup, Inc.<sup>(1)</sup> | 869 | 22603 |
| Community Financial System, Inc. | 13358 | 808827 |
| Community Trust Bancorp, Inc. | 6210 | 372848 |
| Community West Bancshares | 4338 | 100772 |
| ConnectOne Bancorp, Inc. | 19299 | 512002 |
| Cullen/Frost Bankers, Inc. | 26303 | 3635601 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 16290 | 1098598 |
| CVB Financial Corp. | 43059 | 828025 |
| Dime Community Bancshares, Inc. | 16338 | 528534 |
| Eagle Bancorp, Inc. | 11185 | 284658 |
| East West Bancorp, Inc. | 74219 | 8123270 |
| Eastern Bankshares, Inc. | 65563 | 1282412 |
| Enterprise Financial Services Corp. | 16316 | 931644 |
| Equity Bancshares, Inc., Class A | 5941 | 266632 |
| Esquire Financial Holdings, Inc. | 4309 | 435123 |
| Farmers & Merchants Bancorp, Inc. | 1027 | 26558 |
| Farmers National Banc Corp. | 11930 | 154255 |
| FB Bancorp, Inc.<sup>(1)</sup> | 883 | 11629 |
| FB Financial Corp. | 11525 | 630302 |
| Fidelity D&D Bancorp, Inc. | 132 | 5788 |
| Fifth Third Bancorp | 349763 | 17302776 |
| Financial Institutions, Inc. | 6255 | 196282 |
| First BanCorp | 107230 | 2265770 |
| First Bancorp, Inc. | 582 | 16092 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Bancorp/Southern Pines NC | 12192 | $692384 |
| First Bank | 3826 | 60910 |
| First Busey Corp. | 27667 | 701635 |
| First Business Financial Services, Inc. | 3890 | 212588 |
| First Citizens BancShares, Inc., Class A | 4059 | 7704591 |
| First Commonwealth Financial Corp. | 38926 | 682373 |
| First Community Bankshares, Inc. | 4066 | 159103 |
| First Financial Bancorp | 32948 | 924850 |
| First Financial Bankshares, Inc. | 31637 | 978532 |
| First Financial Corp. | 4926 | 312111 |
| First Foundation, Inc.<sup>(1)</sup> | 15159 | 88983 |
| First Hawaiian, Inc. | 40710 | 1007980 |
| First Horizon Corp. | 153906 | 3661424 |
| First Internet Bancorp | 1280 | 25958 |
| First Interstate BancSystem, Inc., Class A | 31208 | 1080109 |
| First Merchants Corp. | 18956 | 740800 |
| First Mid Bancshares, Inc. | 9160 | 375652 |
| Firstsun Capital Bancorp<sup>(1)(2)</sup> | 1454 | 53027 |
| Five Star Bancorp | 6382 | 248451 |
| Flagstar Bank NA | 80501 | 1021558 |
| Flushing Financial Corp. | 10183 | 157124 |
| FNB Corp. | 117452 | 1995509 |
| FS Bancorp, Inc. | 1347 | 53220 |
| Fulton Financial Corp. | 78889 | 1613280 |
| FVCBankcorp, Inc. | 1399 | 21601 |
| German American Bancorp, Inc. | 11066 | 457468 |
| Glacier Bancorp, Inc. | 27922 | 1270172 |
| Great Southern Bancorp, Inc. | 4002 | 246243 |
| Greene County Bancorp, Inc. | 466 | 10285 |
| Hancock Whitney Corp. | 31499 | 2072949 |
| Hanmi Financial Corp. | 14419 | 376480 |
| HBT Financial, Inc. | 3431 | 92500 |
| Heritage Commerce Corp. | 23982 | 298096 |
| Heritage Financial Corp. | 11693 | 308812 |
| Hilltop Holdings, Inc. | 16767 | 627589 |
| Hingham Institution For Savings | 446 | 124488 |
| Home Bancorp, Inc. | 1059 | 62587 |
| Home BancShares, Inc. | 54462 | 1495527 |
| HomeTrust Bancshares, Inc. | 6112 | 257560 |
| Hope Bancorp, Inc. | 42441 | 477886 |
| Horizon Bancorp, Inc. | 14391 | 242344 |
| Huntington Bancshares, Inc. | 687546 | 11550773 |
| Independent Bank Corp. | 16857 | 1316026 |
| Independent Bank Corp. (Michigan) | 12465 | 433159 |
| International Bancshares Corp. | 31494 | 2113562 |
| John Marshall Bancorp, Inc. | 916 | 17587 |
| JPMorgan Chase & Co. | 493266 | 148127780 |
| Kearny Financial Corp. | 12712 | 97247 |
| KeyCorp | 342792 | 7109506 |
| Lakeland Financial Corp. | 8749 | 508229 |
| LINKBANCORP, Inc. | 1939 | 16772 |
| Live Oak Bancshares, Inc. | 13585 | 492728 |
| M&T Bank Corp. | 43704 | 9482894 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MainStreet Bancshares, Inc. | 24 | $533 |
| Mercantile Bank Corp. | 9460 | 488704 |
| Metrocity Bankshares, Inc. | 10634 | 298815 |
| Metropolitan Bank Holding Corp. | 3953 | 332645 |
| Mid Penn Bancorp, Inc. | 2950 | 94902 |
| Midland States Bancorp, Inc. | 11214 | 248166 |
| MVB Financial Corp. | 4220 | 113940 |
| National Bank Holdings Corp., Class A | 14568 | 582574 |
| National Bankshares, Inc. | 152 | 5708 |
| NB Bancorp, Inc. | 18881 | 402921 |
| NBT Bancorp, Inc. | 16101 | 687835 |
| Nicolet Bankshares, Inc. | 5511 | 841860 |
| Northeast Bank | 4950 | 548856 |
| Northfield Bancorp, Inc. | 12437 | 165910 |
| Northpointe Bancshares, Inc. | 7306 | 131946 |
| Northrim BanCorp, Inc. | 15098 | 354652 |
| Northwest Bancshares, Inc. | 46853 | 583320 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 215588 | 3229508 |
| Oak Valley Bancorp | 715 | 22880 |
| OceanFirst Financial Corp. | 18592 | 335772 |
| OFG Bancorp | 30055 | 1204604 |
| Old National Bancorp | 112243 | 2592813 |
| Old Second Bancorp, Inc. | 23685 | 464937 |
| OP Bancorp | 18 | 240 |
| Orange County Bancorp, Inc. | 3421 | 113611 |
| Origin Bancorp, Inc. | 12088 | 502861 |
| Orrstown Financial Services, Inc. | 10713 | 385025 |
| Park National Corp. | 4830 | 794680 |
| Parke Bancorp, Inc. | 1098 | 30590 |
| Pathward Financial, Inc. | 15335 | 1392265 |
| PCB Bancorp | 2787 | 62317 |
| Peapack-Gladstone Financial Corp. | 6072 | 203351 |
| Peoples Bancorp, Inc. | 16716 | 539425 |
| Peoples Financial Services Corp. | 2085 | 111756 |
| Pinnacle Financial Partners, Inc. | 54126 | 4912476 |
| Plumas Bancorp | 742 | 37323 |
| PNC Financial Services Group, Inc. | 90778 | 19276708 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 1651 | 26829 |
| Popular, Inc. | 31564 | 4272503 |
| Preferred Bank | 8579 | 752550 |
| Primis Financial Corp. | 1437 | 18983 |
| Prosperity Bancshares, Inc. | 20539 | 1445329 |
| Provident Financial Services, Inc. | 72781 | 1531312 |
| QCR Holdings, Inc. | 7077 | 612160 |
| RBB Bancorp | 7395 | 158993 |
| Red River Bancshares, Inc. | 679 | 60227 |
| Regions Financial Corp. | 261685 | 7282694 |
| Renasant Corp. | 28357 | 1067641 |
| Republic Bancorp, Inc., Class A | 4023 | 277587 |
| S&T Bancorp, Inc. | 15099 | 631289 |
| Seacoast Banking Corp. of Florida | 26384 | 821070 |
| ServisFirst Bancshares, Inc. | 17781 | 1440439 |
| Shore Bancshares, Inc. | 11727 | 217888 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sierra Bancorp | 3045 | $109559 |
| Simmons First National Corp., Class A | 39283 | 782125 |
| SmartFinancial, Inc. | 4615 | 180954 |
| South Plains Financial, Inc. | 5114 | 209469 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 1968 | 109893 |
| Southern Missouri Bancorp, Inc. | 3709 | 229624 |
| Southside Bancshares, Inc. | 11726 | 367258 |
| Southstate Bank Corp. | 29644 | 2924973 |
| Stellar Bancorp, Inc. | 16752 | 630880 |
| Stock Yards Bancorp, Inc. | 9908 | 635499 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 16552 | 1577406 |
| TFS Financial Corp. | 6338 | 88859 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 4540 | 179829 |
| Timberland Bancorp, Inc. | 1261 | 48019 |
| Tompkins Financial Corp. | 4980 | 382016 |
| Towne Bank | 23572 | 807577 |
| TriCo Bancshares | 12596 | 601837 |
| Triumph Financial, Inc.<sup>(1)</sup> | 5400 | 301644 |
| Truist Financial Corp. | 258521 | 12747671 |
| TrustCo Bank Corp. | 7202 | 312351 |
| Trustmark Corp. | 23728 | 1010576 |
| U.S. Bancorp | 374073 | 20446830 |
| UMB Financial Corp. | 24607 | 2851459 |
| United Bankshares, Inc. | 36719 | 1516495 |
| United Community Banks, Inc. | 37740 | 1214096 |
| United Security Bancshares | 315 | 3273 |
| Unity Bancorp, Inc. | 4047 | 215260 |
| Univest Financial Corp. | 10243 | 343653 |
| Valley National Bancorp | 142456 | 1796370 |
| WaFd, Inc. | 37135 | 1157127 |
| Washington Trust Bancorp, Inc. | 5861 | 197457 |
| Webster Financial Corp. | 62431 | 4503148 |
| Wells Fargo & Co. | 648376 | 52810225 |
| WesBanco, Inc. | 27571 | 961401 |
| West BanCorp, Inc. | 3026 | 73683 |
| Westamerica Bancorporation | 16207 | 820885 |
| Western Alliance Bancorp | 51032 | 4098890 |
| Western New England Bancorp, Inc. | 90 | 1157 |
| Wintrust Financial Corp. | 33162 | 4777318 |
| WSFS Financial Corp. | 21122 | 1341458 |
| Zions Bancorp NA | 82337 | 4716263 |
|  |  | 571874004 |
| **Beverages — 0.9%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 5711 | 1295140 |
| Brown-Forman Corp., Class A | 11535 | 338668 |
| Brown-Forman Corp., Class B | 141831 | 4093243 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 58223 | 3121335 |
| Coca-Cola Co. | 391135 | 31900970 |
| Coca-Cola Consolidated, Inc. | 50974 | 10317137 |
| Constellation Brands, Inc., Class A | 37636 | 5941219 |
| Keurig Dr. Pepper, Inc. | 87506 | 2649682 |
| MGP Ingredients, Inc. | 6961 | 132259 |
| Molson Coors Beverage Co., Class B | 72001 | 3527329 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Monster Beverage Corp.<sup>(1)</sup> | 123990 | $10576347 |
| National Beverage Corp.<sup>(1)</sup> | 17097 | 621476 |
| PepsiCo, Inc. | 167366 | 28408705 |
| Primo Brands Corp., Class A | 5785 | 131204 |
|  |  | 103054714 |
| **Biotechnology — 2.1%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 5616 | 54251 |
| AbbVie, Inc. | 210870 | 48938710 |
| Absci Corp.<sup>(1)(2)</sup> | 2010 | 5507 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 296 | 7270 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 10777 | 167798 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 9999 | 302270 |
| Alkermes PLC<sup>(1)</sup> | 82511 | 2483581 |
| Amgen, Inc. | 70829 | 27492985 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 3415 | 49039 |
| Annexon, Inc.<sup>(1)</sup> | 3874 | 21694 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)(2)</sup> | 6635 | 54606 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 786 | 16011 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 12615 | 798151 |
| Atrium Therapeutics, Inc.<sup>(1)</sup> | 303 | 4472 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 85418 | 1210373 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 11104 | 316020 |
| Bicara Therapeutics, Inc.<sup>(1)</sup> | 12680 | 212770 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | 1145 | 10019 |
| Biogen, Inc.<sup>(1)</sup> | 36087 | 6922208 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 28756 | 1775108 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 84862 | 1958615 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 5394 | 162305 |
| CG oncology, Inc.<sup>(1)</sup> | 4840 | 284592 |
| CRISPR Therapeutics AG<sup>(1)</sup> | 15609 | 938725 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 15101 | 234066 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 1743 | 18476 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 19379 | 410447 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | 4074 | 224844 |
| Dyne Therapeutics, Inc.<sup>(1)</sup> | 3388 | 52921 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 39744 | 323914 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 6979 | 83259 |
| Erasca, Inc.<sup>(1)</sup> | 18397 | 251303 |
| Exelixis, Inc.<sup>(1)</sup> | 177176 | 7806375 |
| Gilead Sciences, Inc. | 425923 | 63441231 |
| GRAIL, Inc.<sup>(1)</sup> | 23810 | 1267406 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 34457 | 2395795 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 12633 | 406783 |
| Immunome, Inc.<sup>(1)</sup> | 4294 | 93867 |
| Incyte Corp.<sup>(1)</sup> | 32034 | 3244083 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 12883 | 177528 |
| Iovance Biotherapeutics, Inc.<sup>(1)</sup> | 28583 | 110330 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | 696 | 9473 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | 1224 | 17369 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 901 | 248352 |
| Kura Oncology, Inc.<sup>(1)</sup> | 4464 | 38971 |
| Larimar Therapeutics, Inc.<sup>(1)(2)</sup> | 1400 | 7434 |
| Lyell Immunopharma, Inc.<sup>(1)</sup> | 346 | 8304 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MiMedx Group, Inc.<sup>(1)</sup> | 48591 | $237610 |
| Moderna, Inc.<sup>(1)</sup> | 38492 | 2062016 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 74295 | 1318736 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 2500 | 11525 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 21720 | 2872470 |
| Newamsterdam Pharma Co. NV<sup>(1)</sup> | 293 | 10390 |
| Nkarta, Inc.<sup>(1)</sup> | 3657 | 9874 |
| Nurix Therapeutics, Inc.<sup>(1)</sup> | 7326 | 116996 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 2067 | 210731 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 8257 | 199819 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | 9486 | 30450 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 7147 | 96127 |
| Oruka Therapeutics, Inc.<sup>(1)</sup> | 3559 | 122465 |
| PDL BioPharma, Inc.<sup>(1)</sup> | 1937 | 19 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 597 | 201040 |
| Puma Biotechnology, Inc.<sup>(1)(2)</sup> | 34919 | 199038 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(1)</sup> | 646 | 2371 |
| Regeneron Pharmaceuticals, Inc. | 19319 | 15101083 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 33259 | 341237 |
| Replimune Group, Inc.<sup>(1)</sup> | 8592 | 65729 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 19211 | 1959906 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 18569 | 645087 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 74077 | 2143788 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 8611 | 144320 |
| Seres Therapeutics, Inc.<sup>(1)</sup> | 1022 | 8932 |
| Sionna Therapeutics, Inc.<sup>(1)</sup> | 890 | 32521 |
| Stoke Therapeutics, Inc.<sup>(1)</sup> | 679 | 24722 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 528 | 17588 |
| United Therapeutics Corp.<sup>(1)</sup> | 18762 | 9454172 |
| Upstream Bio, Inc.<sup>(1)</sup> | 4515 | 34675 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 11217 | 99944 |
| Vaxcyte, Inc.<sup>(1)</sup> | 18629 | 1150154 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 45934 | 22821389 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 32244 | 293098 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 22313 | 91483 |
| Xencor, Inc.<sup>(1)</sup> | 13198 | 168538 |
| Zymeworks, Inc.<sup>(1)</sup> | 2081 | 48467 |
|  |  | 237408121 |
| **Broadline Retail — 3.5%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1676631 | 352092510 |
| Coupang, Inc.<sup>(1)</sup> | 294496 | 5618984 |
| Dillard's, Inc., Class A | 2040 | 1229692 |
| eBay, Inc. | 147353 | 13388493 |
| Kohl's Corp. | 114040 | 1866835 |
| Macy's, Inc. | 221285 | 4377017 |
| MercadoLibre, Inc.<sup>(1)</sup> | 9072 | 15944766 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 12976 | 1389729 |
|  |  | 395908026 |
| **Building Products — 0.7%** |  |  |
| A.O. Smith Corp. | 57087 | 4452786 |
| AAON, Inc. | 20065 | 2030578 |
| Advanced Drainage Systems, Inc. | 43014 | 7370019 |
| American Woodmark Corp.<sup>(1)</sup> | 5140 | 257514 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Apogee Enterprises, Inc. | 16125 | $642097 |
| Armstrong World Industries, Inc. | 30905 | 5362017 |
| AZZ, Inc. | 8568 | 1165077 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 31030 | 3236119 |
| Carlisle Cos., Inc. | 20300 | 8013831 |
| CSW Industrials, Inc. | 26 | 7653 |
| Fortune Brands Innovations, Inc. | 25222 | 1370563 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 9735 | 442748 |
| Griffon Corp. | 16024 | 1365886 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 24202 | 387232 |
| Insteel Industries, Inc. | 12822 | 478004 |
| Janus International Group, Inc.<sup>(1)</sup> | 54888 | 382020 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 40328 | 79043 |
| Johnson Controls International PLC | 32752 | 4726114 |
| Lennox International, Inc. | 15893 | 9058056 |
| Masterbrand, Inc.<sup>(1)</sup> | 8372 | 84725 |
| Modine Manufacturing Co.<sup>(1)</sup> | 456 | 103626 |
| Owens Corning | 51974 | 6344466 |
| Quanex Building Products Corp. | 19468 | 399678 |
| Simpson Manufacturing Co., Inc. | 17229 | 3335018 |
| Tecnoglass, Inc.<sup>(2)</sup> | 17099 | 779030 |
| Trane Technologies PLC | 31707 | 14658780 |
| Trex Co., Inc.<sup>(1)</sup> | 46947 | 1944545 |
| UFP Industries, Inc. | 30199 | 3107779 |
| Zurn Elkay Water Solutions Corp. | 30406 | 1550098 |
|  |  | 83135102 |
| **Capital Markets — 3.3%** |  |  |
| Acadian Asset Management, Inc. | 5129 | 276248 |
| Affiliated Managers Group, Inc. | 4209 | 1288712 |
| Ameriprise Financial, Inc. | 45866 | 21562524 |
| Ares Management Corp., Class A | 129 | 14449 |
| Artisan Partners Asset Management, Inc., Class A | 53646 | 2160861 |
| Bakkt, Inc.<sup>(1)(2)</sup> | 3169 | 30296 |
| Bank of New York Mellon Corp. | 185725 | 22119847 |
| BGC Group, Inc., Class A | 86212 | 820738 |
| Blackrock, Inc. | 16980 | 18053645 |
| Blackstone, Inc. | 63640 | 7214867 |
| Carlyle Group, Inc. | 69905 | 3634361 |
| Cboe Global Markets, Inc. | 12639 | 3788161 |
| Charles Schwab Corp. | 320687 | 30529402 |
| CME Group, Inc. | 56216 | 17961012 |
| Cohen & Steers, Inc. | 10757 | 719321 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 26097 | 4589157 |
| Diamond Hill Investment Group, Inc. | 1266 | 217587 |
| DigitalBridge Group, Inc. | 19441 | 300363 |
| Evercore, Inc., Class A | 13472 | 4160692 |
| FactSet Research Systems, Inc. | 6477 | 1404278 |
| Federated Hermes, Inc. | 37646 | 2108552 |
| Franklin Resources, Inc. | 67607 | 1794290 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 46899 | 965650 |
| Goldman Sachs Group, Inc. | 60074 | 51637808 |
| Hamilton Lane, Inc., Class A | 8513 | 893354 |
| Houlihan Lokey, Inc. | 10765 | 1762984 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Interactive Brokers Group, Inc., Class A | 48594 | $3459407 |
| Intercontinental Exchange, Inc. | 34069 | 5591745 |
| Invesco Ltd. | 79102 | 2077219 |
| Janus Henderson Group PLC | 31678 | 1650424 |
| Jefferies Financial Group, Inc. | 73892 | 3280805 |
| KKR & Co., Inc. | 92373 | 8099265 |
| Lazard, Inc. | 22551 | 1141081 |
| LPL Financial Holdings, Inc. | 33151 | 9957897 |
| MarketAxess Holdings, Inc. | 9633 | 1849536 |
| Moelis & Co., Class A | 22207 | 1318208 |
| Moody's Corp. | 21669 | 10348898 |
| Morgan Stanley | 259438 | 43199021 |
| MSCI, Inc. | 4624 | 2644142 |
| Nasdaq, Inc. | 14583 | 1277179 |
| Northern Trust Corp. | 95231 | 13626604 |
| Oppenheimer Holdings, Inc., Class A | 4419 | 381316 |
| Piper Sandler Cos. | 5619 | 1660695 |
| Raymond James Financial, Inc. | 71357 | 10923330 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 116835 | 8861935 |
| S&P Global, Inc. | 17302 | 7645408 |
| SEI Investments Co. | 47976 | 3901408 |
| State Street Corp. | 79007 | 10161880 |
| Stifel Financial Corp. | 55225 | 4089411 |
| StoneX Group, Inc.<sup>(1)</sup> | 28014 | 3571785 |
| T. Rowe Price Group, Inc. | 83487 | 7900375 |
| Tradeweb Markets, Inc., Class A | 10402 | 1282099 |
| Victory Capital Holdings, Inc., Class A | 13915 | 962640 |
| Virtu Financial, Inc., Class A | 15073 | 624173 |
| Virtus Investment Partners, Inc. | 4069 | 562987 |
| WisdomTree, Inc.<sup>(2)</sup> | 100733 | 1723542 |
|  |  | 373783574 |
| **Chemicals — 1.3%** |  |  |
| AdvanSix, Inc. | 14686 | 261851 |
| Air Products & Chemicals, Inc. | 50737 | 13986669 |
| Albemarle Corp. | 26691 | 4768881 |
| American Vanguard Corp.<sup>(1)</sup> | 8502 | 39194 |
| Ashland, Inc. | 16210 | 1010856 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 9004 | 28092 |
| Avient Corp. | 19373 | 795649 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 58934 | 1968985 |
| Balchem Corp. | 3463 | 628292 |
| Cabot Corp. | 40390 | 3075295 |
| CF Industries Holdings, Inc. | 96994 | 9654783 |
| Chemours Co. | 128444 | 2342819 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 4990 | 91068 |
| Corteva, Inc. | 129030 | 10337884 |
| Dow, Inc. | 137279 | 4218584 |
| DuPont de Nemours, Inc. | 65239 | 3264560 |
| Eastman Chemical Co. | 40089 | 3027120 |
| Ecolab, Inc. | 22297 | 6875280 |
| Ecovyst, Inc.<sup>(1)</sup> | 60284 | 679401 |
| Element Solutions, Inc. | 388 | 13615 |
| FMC Corp. | 41130 | 606256 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hawkins, Inc. | 12433 | $1853760 |
| HB Fuller Co. | 9086 | 597132 |
| Huntsman Corp. | 62562 | 791409 |
| Ingevity Corp.<sup>(1)</sup> | 31297 | 2254323 |
| Innospec, Inc. | 7471 | 572129 |
| International Flavors & Fragrances, Inc. | 41316 | 3397415 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 1937 | 71611 |
| Koppers Holdings, Inc. | 8464 | 319939 |
| Kronos Worldwide, Inc. | 5663 | 32902 |
| Linde PLC | 46511 | 23631309 |
| LSB Industries, Inc.<sup>(1)</sup> | 27989 | 325232 |
| LyondellBasell Industries NV, Class A | 118836 | 6835447 |
| Mativ Holdings, Inc. | 45278 | 490814 |
| Minerals Technologies, Inc. | 14102 | 995883 |
| Mosaic Co. | 144606 | 4025831 |
| NewMarket Corp. | 5930 | 3712239 |
| Olin Corp. | 61285 | 1554800 |
| Orion SA | 34170 | 194427 |
| PPG Industries, Inc. | 36739 | 4528817 |
| Quaker Chemical Corp. | 5381 | 791168 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 35567 | 336820 |
| RPM International, Inc. | 47011 | 5364895 |
| Sensient Technologies Corp. | 10185 | 1034083 |
| Sherwin-Williams Co. | 33804 | 12256992 |
| Solstice Advanced Materials, Inc. | 17628 | 1383974 |
| Stepan Co. | 7999 | 407069 |
| Tronox Holdings PLC, Class A | 44630 | 333832 |
| Westlake Corp. | 12935 | 1363090 |
|  |  | 147132476 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ACCO Brands Corp. | 41539 | 169064 |
| Brady Corp., Class A | 14897 | 1375589 |
| Brink's Co. | 9406 | 1098339 |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 7406 | 689943 |
| Cintas Corp. | 51624 | 10383135 |
| Civeo Corp.<sup>(1)</sup> | 4499 | 124577 |
| Clean Harbors, Inc.<sup>(1)</sup> | 12478 | 3658550 |
| Copart, Inc.<sup>(1)</sup> | 163342 | 6221697 |
| Ennis, Inc. | 9332 | 196999 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 56041 | 1220013 |
| HNI Corp. | 35245 | 1584615 |
| Interface, Inc. | 43198 | 1360305 |
| Liquidity Services, Inc.<sup>(1)</sup> | 1198 | 37869 |
| MSA Safety, Inc. | 7290 | 1424539 |
| OPENLANE, Inc.<sup>(1)</sup> | 17955 | 511897 |
| Quad/Graphics, Inc. | 6239 | 43111 |
| Republic Services, Inc. | 14218 | 3255922 |
| Rollins, Inc. | 43506 | 2649080 |
| UniFirst Corp. | 3623 | 850753 |
| Veralto Corp. | 29275 | 2852263 |
| Virco Mfg. Corp.<sup>(2)</sup> | 8059 | 51175 |
| Waste Connections, Inc. | 14149 | 2435467 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Waste Management, Inc. | 53378 | $12855557 |
|  |  | 55050459 |
| **Communications Equipment — 0.7%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 7433 | 75817 |
| Applied Optoelectronics, Inc.<sup>(1)</sup> | 397 | 33439 |
| Arista Networks, Inc.<sup>(1)</sup> | 192870 | 25748145 |
| Aviat Networks, Inc.<sup>(1)</sup> | 6959 | 174253 |
| BK Technologies Corp.<sup>(1)</sup> | 2926 | 254825 |
| Calix, Inc.<sup>(1)</sup> | 7712 | 399250 |
| Ciena Corp.<sup>(1)</sup> | 31937 | 11136432 |
| Cisco Systems, Inc. | 248198 | 19721813 |
| Clearfield, Inc.<sup>(1)</sup> | 690 | 21694 |
| Digi International, Inc.<sup>(1)</sup> | 6190 | 302196 |
| Extreme Networks, Inc.<sup>(1)</sup> | 14090 | 196978 |
| F5, Inc.<sup>(1)</sup> | 6659 | 1806986 |
| Harmonic, Inc.<sup>(1)</sup> | 76736 | 815704 |
| Motorola Solutions, Inc. | 31215 | 15053746 |
| NETGEAR, Inc.<sup>(1)</sup> | 20566 | 424071 |
| NetScout Systems, Inc.<sup>(1)</sup> | 10960 | 320142 |
| Ribbon Communications, Inc.<sup>(1)</sup> | 3356 | 7484 |
| Ubiquiti, Inc. | 1796 | 1377514 |
| Viasat, Inc.<sup>(1)</sup> | 122671 | 5615878 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 7385 | 219408 |
|  |  | 83705775 |
| **Construction and Engineering — 1.0%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 21785 | 663571 |
| Argan, Inc. | 11125 | 5020156 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 61234 | 1898254 |
| Comfort Systems USA, Inc. | 19211 | 27459627 |
| Concrete Pumping Holdings, Inc.<sup>(1)</sup> | 1011 | 6814 |
| Dycom Industries, Inc.<sup>(1)</sup> | 18711 | 7858994 |
| EMCOR Group, Inc. | 25432 | 18428536 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 17201 | 2079085 |
| Fluor Corp.<sup>(1)</sup> | 50742 | 2654314 |
| Granite Construction, Inc. | 31598 | 4248667 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 42433 | 719240 |
| IES Holdings, Inc.<sup>(1)</sup> | 6642 | 3290115 |
| MasTec, Inc.<sup>(1)</sup> | 12403 | 3696342 |
| Matrix Service Co.<sup>(1)</sup> | 10188 | 111966 |
| MYR Group, Inc.<sup>(1)</sup> | 8094 | 2185056 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 1935 | 150156 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 11029 | 151428 |
| Primoris Services Corp. | 41479 | 6251715 |
| Quanta Services, Inc. | 18763 | 10565070 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 21864 | 9360634 |
| Tutor Perini Corp. | 30192 | 2275571 |
| Valmont Industries, Inc. | 12431 | 5717390 |
| WillScot Holdings Corp. | 24298 | 525080 |
|  |  | 115317781 |
| **Construction Materials — 0.3%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 2216 | 144018 |
| CRH PLC | 119374 | 14322493 |
| Eagle Materials, Inc. | 22689 | 5077798 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| James Hardie Industries PLC<sup>(1)</sup> | 5515 | $134290 |
| Martin Marietta Materials, Inc. | 13263 | 8973348 |
| Titan America SA<sup>(1)</sup> | 4053 | 73440 |
| U.S. Lime & Minerals, Inc. | 4346 | 496139 |
| Vulcan Materials Co. | 24295 | 7531450 |
|  |  | 36752976 |
| **Consumer Finance — 1.0%** |  |  |
| Ally Financial, Inc. | 169113 | 6669817 |
| American Express Co. | 131047 | 40480418 |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 3638 | 190304 |
| Bread Financial Holdings, Inc. | 30682 | 2174127 |
| Capital One Financial Corp. | 166665 | 32606341 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 2357 | 19092 |
| Credit Acceptance Corp.<sup>(1)(2)</sup> | 2113 | 999829 |
| Dave, Inc.<sup>(1)</sup> | 1098 | 212211 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 7615 | 520028 |
| Enova International, Inc.<sup>(1)</sup> | 6208 | 863222 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 16222 | 430370 |
| FirstCash Holdings, Inc. | 7704 | 1485254 |
| Green Dot Corp., Class A<sup>(1)</sup> | 46970 | 542973 |
| Jefferson Capital, Inc. | 10907 | 225011 |
| LendingClub Corp.<sup>(1)</sup> | 51909 | 773963 |
| Medallion Financial Corp. | 3474 | 35053 |
| Navient Corp. | 33181 | 291661 |
| Nelnet, Inc., Class A | 6933 | 897546 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 10002 | 108522 |
| OneMain Holdings, Inc. | 82507 | 4539535 |
| Oportun Financial Corp.<sup>(1)</sup> | 4622 | 23942 |
| OppFi, Inc. | 13111 | 120359 |
| PRA Group, Inc.<sup>(1)</sup> | 10903 | 171722 |
| PROG Holdings, Inc. | 27814 | 979331 |
| Regional Management Corp. | 3792 | 120661 |
| SLM Corp. | 162901 | 3052765 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 193444 | 3435565 |
| Synchrony Financial | 223036 | 15414018 |
| World Acceptance Corp.<sup>(1)</sup> | 1957 | 263960 |
|  |  | 117647600 |
| **Consumer Staples Distribution & Retail — 2.6%** |  |  |
| Albertsons Cos., Inc., Class A | 24618 | 440662 |
| Andersons, Inc. | 27292 | 1781895 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 85670 | 8463339 |
| Casey's General Stores, Inc. | 16470 | 11291667 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 5797 | 413848 |
| Costco Wholesale Corp. | 82027 | 82912071 |
| Dollar General Corp. | 110810 | 17312955 |
| Dollar Tree, Inc.<sup>(1)</sup> | 106112 | 13421046 |
| Grocery Outlet Holding Corp.<sup>(1)(2)</sup> | 18764 | 185388 |
| Ingles Markets, Inc., Class A | 7304 | 621570 |
| Kroger Co. | 320091 | 21843010 |
| Maplebear, Inc.<sup>(1)</sup> | 31294 | 1173838 |
| Natural Grocers by Vitamin Cottage, Inc. | 9041 | 244378 |
| Performance Food Group Co.<sup>(1)</sup> | 34368 | 3335758 |
| PriceSmart, Inc. | 14016 | 2167154 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 67156 | $4960814 |
| Sysco Corp. | 76381 | 6962892 |
| Target Corp. | 173427 | 19734258 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 280 | 27051 |
| United Natural Foods, Inc.<sup>(1)</sup> | 52594 | 2009617 |
| Village Super Market, Inc., Class A | 5172 | 202484 |
| Walmart, Inc. | 691331 | 88455802 |
| Weis Markets, Inc. | 7682 | 520532 |
|  |  | 288482029 |
| **Containers and Packaging — 0.3%** |  |  |
| AptarGroup, Inc. | 23807 | 3421304 |
| Avery Dennison Corp. | 11885 | 2333620 |
| Ball Corp. | 41086 | 2758103 |
| Crown Holdings, Inc. | 12160 | 1393536 |
| Graphic Packaging Holding Co. | 197508 | 2415523 |
| Greif, Inc., Class A | 11455 | 832435 |
| Greif, Inc., Class B | 650 | 56797 |
| International Paper Co. | 158279 | 6893051 |
| Myers Industries, Inc. | 11627 | 260096 |
| O-I Glass, Inc.<sup>(1)</sup> | 26311 | 352567 |
| Packaging Corp. of America | 46113 | 10704672 |
| Sealed Air Corp. | 21332 | 893384 |
| Smurfit Westrock PLC | 126095 | 5927726 |
| Sonoco Products Co. | 10339 | 583843 |
| TriMas Corp. | 9613 | 375676 |
|  |  | 39202333 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 24372 | 2906605 |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 6010 | 266483 |
| Gold.com, Inc. | 18821 | 1081643 |
| LKQ Corp. | 12080 | 399969 |
| Pool Corp. | 15169 | 3446093 |
|  |  | 8100793 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 39579 | 317424 |
| American Public Education, Inc.<sup>(1)</sup> | 11105 | 508831 |
| Coursera, Inc.<sup>(1)</sup> | 14526 | 93112 |
| Covista, Inc.<sup>(1)</sup> | 15512 | 1520176 |
| Frontdoor, Inc.<sup>(1)</sup> | 15927 | 1092114 |
| Graham Holdings Co., Class B | 971 | 1022667 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 20872 | 3320109 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 97877 | 3165342 |
| Liberty Live Holdings, Inc., Class A<sup>(1)</sup> | 5172 | 501891 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 12477 | 1243333 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 20524 | 743790 |
| Matthews International Corp., Class A | 8 | 211 |
| OneSpaWorld Holdings Ltd. | 26565 | 571944 |
| Perdoceo Education Corp. | 29566 | 986026 |
| Phoenix Education Partners, Inc. | 2278 | 67429 |
| Service Corp. International | 19501 | 1641594 |
| Strategic Education, Inc. | 2835 | 233264 |
| Stride, Inc.<sup>(1)</sup> | 11295 | 953072 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 41105 | $1488001 |
|  |  | 19470330 |
| **Diversified Telecommunication Services — 1.3%** |  |  |
| AST SpaceMobile, Inc.<sup>(1)(2)</sup> | 345 | 27320 |
| AT&T, Inc. | 1748373 | 48971928 |
| ATN International, Inc. | 4630 | 133437 |
| Comcast Corp., Class A | 959436 | 29704138 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 1789 | 71095 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 23985 | 943810 |
| Globalstar, Inc.<sup>(1)</sup> | 40750 | 2537502 |
| IDT Corp., Class B | 11732 | 597745 |
| Iridium Communications, Inc. | 67966 | 1627786 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 33767 | 430192 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 28290 | 347967 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 1325 | 10388 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 4622 | 36699 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 26946 | 191586 |
| Shenandoah Telecommunications Co.<sup>(2)</sup> | 17362 | 236644 |
| Verizon Communications, Inc. | 1127456 | 56530644 |
|  |  | 142398881 |
| **Electric Utilities — 1.6%** |  |  |
| Alliant Energy Corp. | 53715 | 3885743 |
| American Electric Power Co., Inc. | 133737 | 17896685 |
| Constellation Energy Corp. | 46849 | 15454548 |
| Duke Energy Corp. | 92078 | 12048406 |
| Edison International | 116760 | 8726643 |
| Entergy Corp. | 131124 | 14044692 |
| Evergy, Inc. | 69704 | 5831437 |
| Eversource Energy | 80687 | 6149156 |
| Exelon Corp. | 291262 | 14408731 |
| FirstEnergy Corp. | 129615 | 6631104 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 23423 | 362822 |
| IDACORP, Inc. | 15693 | 2259321 |
| MGE Energy, Inc. | 517 | 42404 |
| NextEra Energy, Inc. | 94077 | 8821600 |
| NRG Energy, Inc. | 43194 | 7729998 |
| OGE Energy Corp. | 71104 | 3494051 |
| Otter Tail Corp. | 15071 | 1282542 |
| PG&E Corp. | 574177 | 10909363 |
| Pinnacle West Capital Corp. | 49998 | 5014800 |
| Portland General Electric Co. | 45767 | 2469587 |
| PPL Corp. | 174350 | 6796163 |
| Southern Co. | 123885 | 12063921 |
| Xcel Energy, Inc. | 148486 | 12377793 |
|  |  | 178701510 |
| **Electrical Equipment — 1.2%** |  |  |
| Acuity, Inc. | 11328 | 3416412 |
| Allient, Inc. | 2938 | 193438 |
| AMETEK, Inc. | 25359 | 6066380 |
| Atkore, Inc. | 26068 | 1686860 |
| Bloom Energy Corp., Class A<sup>(1)</sup> | 14736 | 2293953 |
| Eaton Corp. PLC | 34639 | 13021493 |
| Emerson Electric Co. | 45239 | 6819779 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EnerSys | 14326 | $2380265 |
| GE Vernova, Inc. | 48922 | 42738259 |
| Generac Holdings, Inc.<sup>(1)</sup> | 14641 | 3299642 |
| Hubbell, Inc. | 5458 | 2792477 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 108902 | 11445600 |
| nVent Electric PLC | 18409 | 2178889 |
| Plug Power, Inc.<sup>(1)(2)</sup> | 124767 | 223333 |
| Powell Industries, Inc. | 7520 | 3937472 |
| Preformed Line Products Co. | 1241 | 314780 |
| Rockwell Automation, Inc. | 11562 | 4710937 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 80616 | 478053 |
| Sunrun, Inc.<sup>(1)</sup> | 65035 | 861714 |
| T1 Energy, Inc.<sup>(1)</sup> | 2397 | 14766 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 7049 | 357948 |
| Vertiv Holdings Co., Class A | 92488 | 23574266 |
| Vicor Corp.<sup>(1)</sup> | 761 | 153265 |
|  |  | 132959981 |
| **Electronic Equipment, Instruments and Components — 1.3%** |  |  |
| Advanced Energy Industries, Inc. | 6286 | 2109393 |
| Amphenol Corp., Class A | 110420 | 16127945 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 32034 | 4874293 |
| Avnet, Inc. | 45172 | 2974124 |
| Badger Meter, Inc. | 7067 | 1077223 |
| Belden, Inc. | 6979 | 1000091 |
| Benchmark Electronics, Inc. | 22029 | 1273496 |
| CDW Corp. | 16615 | 2037664 |
| Climb Global Solutions, Inc. | 2443 | 231303 |
| Cognex Corp. | 26223 | 1426531 |
| Coherent Corp.<sup>(1)</sup> | 4989 | 1291802 |
| Corning, Inc. | 167636 | 25209102 |
| CTS Corp. | 10217 | 538027 |
| Daktronics, Inc.<sup>(1)</sup> | 30500 | 786290 |
| ePlus, Inc. | 17610 | 1420423 |
| Fabrinet<sup>(1)</sup> | 8341 | 4551100 |
| Flex Ltd.<sup>(1)</sup> | 241494 | 15218952 |
| Ingram Micro Holding Corp. | 9666 | 199990 |
| IPG Photonics Corp.<sup>(1)</sup> | 6699 | 881387 |
| Itron, Inc.<sup>(1)</sup> | 3647 | 342636 |
| Jabil, Inc. | 56251 | 14905952 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 26635 | 8185735 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 21921 | 547806 |
| Knowles Corp.<sup>(1)</sup> | 34321 | 932502 |
| Littelfuse, Inc. | 12898 | 4546029 |
| Methode Electronics, Inc. | 9256 | 78306 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 608 | 38480 |
| Napco Security Technologies, Inc. | 21039 | 980628 |
| Novanta, Inc.<sup>(1)</sup> | 373 | 50142 |
| PC Connection, Inc. | 5965 | 363567 |
| Plexus Corp.<sup>(1)</sup> | 17459 | 3389316 |
| Richardson Electronics Ltd. | 2837 | 34838 |
| Rogers Corp.<sup>(1)</sup> | 4548 | 490411 |
| Sanmina Corp.<sup>(1)</sup> | 27052 | 4200093 |
| ScanSource, Inc.<sup>(1)</sup> | 14182 | 521614 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TD SYNNEX Corp. | 18946 | $2970922 |
| TE Connectivity PLC | 76671 | 17645831 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 2223 | 1514085 |
| TTM Technologies, Inc.<sup>(1)</sup> | 38533 | 4016680 |
| Vishay Intertechnology, Inc. | 54491 | 1020071 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 3869 | 178245 |
| Vontier Corp. | 18588 | 760621 |
|  |  | 150943646 |
| **Energy Equipment and Services — 1.1%** |  |  |
| Archrock, Inc. | 140084 | 4949168 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 20578 | 198166 |
| Baker Hughes Co. | 339025 | 22124771 |
| Bristow Group, Inc.<sup>(1)</sup> | 12301 | 586758 |
| Cactus, Inc., Class A | 24991 | 1349514 |
| Core Laboratories, Inc. | 19679 | 346154 |
| DMC Global, Inc.<sup>(1)</sup> | 3568 | 21015 |
| Expro Group Holdings NV<sup>(1)</sup> | 85249 | 1522547 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 5942 | 344814 |
| Geospace Technologies Corp.<sup>(1)</sup> | 1159 | 10628 |
| Halliburton Co. | 430723 | 15506028 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 56279 | 517204 |
| Helmerich & Payne, Inc. | 71722 | 2526049 |
| Innovex International, Inc.<sup>(1)</sup> | 30730 | 809735 |
| Kodiak Gas Services, Inc. | 44043 | 2403426 |
| Liberty Energy, Inc., Class A | 138943 | 3902909 |
| Nabors Industries Ltd.<sup>(1)</sup> | 11275 | 880803 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | 13959 | 349673 |
| Natural Gas Services Group, Inc. | 2210 | 84555 |
| Noble Corp. PLC | 52234 | 2372991 |
| NOV, Inc. | 161868 | 3279446 |
| Oceaneering International, Inc.<sup>(1)</sup> | 78359 | 2781744 |
| Oil States International, Inc.<sup>(1)</sup> | 14957 | 195787 |
| Patterson-UTI Energy, Inc. | 302471 | 2574028 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 3704 | 18335 |
| ProPetro Holding Corp.<sup>(1)</sup> | 73008 | 885587 |
| Ranger Energy Services, Inc. | 7385 | 128647 |
| RPC, Inc. | 66976 | 389131 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 840 | 6434 |
| Seadrill Ltd.<sup>(1)</sup> | 12406 | 544375 |
| Select Water Solutions, Inc., Class A | 71789 | 981356 |
| SLB Ltd. | 361173 | 18542622 |
| Solaris Energy Infrastructure, Inc., Class A | 6930 | 343936 |
| TechnipFMC PLC | 275119 | 18243141 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 97976 | 848472 |
| Tidewater, Inc.<sup>(1)</sup> | 35218 | 2797013 |
| Transocean Ltd.<sup>(1)</sup> | 275697 | 1786517 |
| Valaris Ltd.<sup>(1)</sup> | 30438 | 2917482 |
| Weatherford International PLC | 59497 | 6274554 |
|  |  | 124345515 |
| **Entertainment — 1.0%** |  |  |
| Cinemark Holdings, Inc. | 19977 | 564150 |
| Cineverse Corp.<sup>(1)</sup> | 2157 | 6385 |
| Electronic Arts, Inc. | 25353 | 5085051 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IMAX Corp.<sup>(1)</sup> | 31908 | $1366620 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1552 | 130942 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 25376 | 2324188 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 23369 | 3789050 |
| Madison Square Garden Entertainment Corp.<sup>(1)</sup> | 219 | 13828 |
| Marcus Corp. | 14717 | 247687 |
| Netflix, Inc.<sup>(1)</sup> | 601022 | 57842357 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 12618 | 866352 |
| Roku, Inc.<sup>(1)</sup> | 19443 | 1913385 |
| Sphere Entertainment Co.<sup>(1)</sup> | 8497 | 1011228 |
| Starz Entertainment Corp.<sup>(1)</sup> | 5643 | 62073 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 23181 | 4902318 |
| Walt Disney Co. | 201054 | 21319766 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 497465 | 14013589 |
|  |  | 115458969 |
| **Financial Services — 2.5%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 1942 | 8137 |
| Affirm Holdings, Inc.<sup>(1)</sup> | 33268 | 1562931 |
| Alerus Financial Corp. | 5490 | 130882 |
| Apollo Global Management, Inc. | 83697 | 8754706 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 153009 | 77261895 |
| Block, Inc.<sup>(1)</sup> | 63136 | 4021763 |
| Cannae Holdings, Inc. | 17575 | 214415 |
| Cass Information Systems, Inc. | 5178 | 229800 |
| Corebridge Financial, Inc. | 133163 | 3440932 |
| Corpay, Inc.<sup>(1)</sup> | 6926 | 2251643 |
| Enact Holdings, Inc. | 12258 | 512875 |
| Equitable Holdings, Inc. | 3831 | 154083 |
| Essent Group Ltd. | 43179 | 2627010 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 16029 | 1114817 |
| Federal Agricultural Mortgage Corp., Class C | 6631 | 1045443 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 2189 | 42357 |
| Flywire Corp.<sup>(1)</sup> | 7954 | 97914 |
| Global Payments, Inc. | 13902 | 1062947 |
| HA Sustainable Infrastructure Capital, Inc. | 3082 | 112555 |
| International Money Express, Inc.<sup>(1)</sup> | 21637 | 341432 |
| Jack Henry & Associates, Inc. | 19990 | 3247575 |
| Jackson Financial, Inc., Class A | 54478 | 5964251 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 86805 | 333331 |
| Mastercard, Inc., Class A | 120050 | 62091060 |
| Merchants Bancorp | 14866 | 628534 |
| MGIC Investment Corp. | 145107 | 3849689 |
| NCR Atleos Corp.<sup>(1)</sup> | 15023 | 665218 |
| NewtekOne, Inc. | 11259 | 138261 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 54619 | 2147073 |
| Onity Group, Inc.<sup>(1)</sup> | 3988 | 167137 |
| Paymentus Holdings, Inc., Class A<sup>(1)</sup> | 491 | 12015 |
| Payoneer Global, Inc.<sup>(1)</sup> | 214063 | 924752 |
| PayPal Holdings, Inc. | 178371 | 8242524 |
| PennyMac Financial Services, Inc. | 10810 | 993763 |
| Radian Group, Inc. | 72236 | 2493587 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 1499 | 66061 |
| Toast, Inc., Class A<sup>(1)</sup> | 5988 | 163532 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Velocity Financial, Inc.<sup>(1)</sup> | 504 | $9369 |
| Visa, Inc., Class A | 256508 | 82118471 |
| Voya Financial, Inc. | 33576 | 2245563 |
| Walker & Dunlop, Inc. | 284 | 13067 |
| Waterstone Financial, Inc. | 4082 | 72700 |
| Western Union Co. | 62341 | 600344 |
| WEX, Inc.<sup>(1)</sup> | 1848 | 275703 |
|  |  | 282452117 |
| **Food Products — 0.6%** |  |  |
| Alico, Inc. | 400 | 16512 |
| Archer-Daniels-Midland Co. | 188479 | 13012590 |
| B&G Foods, Inc.<sup>(2)</sup> | 46587 | 247377 |
| Bunge Global SA | 67926 | 8195272 |
| Calavo Growers, Inc. | 9491 | 254738 |
| Cal-Maine Foods, Inc. | 31828 | 2772537 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 46412 | 2467262 |
| Dole PLC | 28401 | 455552 |
| Flowers Foods, Inc. | 97797 | 966234 |
| Fresh Del Monte Produce, Inc. | 12887 | 553239 |
| Freshpet, Inc.<sup>(1)</sup> | 3524 | 297602 |
| Hershey Co. | 61648 | 14566189 |
| Hormel Foods Corp. | 38468 | 984781 |
| Ingredion, Inc. | 42693 | 5014720 |
| J&J Snack Foods Corp. | 2957 | 257436 |
| J.M. Smucker Co. | 436 | 50554 |
| John B Sanfilippo & Son, Inc. | 4930 | 407267 |
| Kraft Heinz Co. | 146682 | 3609844 |
| Lamb Weston Holdings, Inc. | 57255 | 2759118 |
| Limoneira Co. | 1913 | 26954 |
| Mama's Creations, Inc.<sup>(1)</sup> | 11559 | 198121 |
| Marzetti Co. | 7166 | 1177660 |
| McCormick & Co., Inc. | 3189 | 226547 |
| Mission Produce, Inc.<sup>(1)</sup> | 22930 | 325377 |
| Mondelez International, Inc., Class A | 106860 | 6580439 |
| Pilgrim's Pride Corp. | 24760 | 1068642 |
| Seaboard Corp. | 91 | 467076 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 3327 | 462387 |
| Simply Good Foods Co.<sup>(1)</sup> | 17280 | 294797 |
| Tootsie Roll Industries, Inc. | 2878 | 121538 |
| Tyson Foods, Inc., Class A | 63145 | 4103794 |
| Vital Farms, Inc.<sup>(1)</sup> | 14892 | 314072 |
|  |  | 72256228 |
| **Gas Utilities — 0.2%** |  |  |
| Atmos Energy Corp. | 28671 | 5355456 |
| MDU Resources Group, Inc. | 111379 | 2303318 |
| National Fuel Gas Co. | 40383 | 3676065 |
| New Jersey Resources Corp. | 35478 | 1924327 |
| Northwest Natural Holding Co. | 18509 | 981717 |
| ONE Gas, Inc. | 21773 | 1903831 |
| Southwest Gas Holdings, Inc. | 30077 | 2651889 |
| Spire, Inc. | 80 | 7329 |
| Star Group LP | 932 | 11976 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| UGI Corp. | 54540 | $2040341 |
|  |  | 20856249 |
| **Ground Transportation — 1.6%** |  |  |
| ArcBest Corp. | 15283 | 1568953 |
| Covenant Logistics Group, Inc. | 8883 | 261516 |
| CSX Corp. | 777111 | 33174869 |
| Heartland Express, Inc. | 17092 | 188525 |
| JB Hunt Transport Services, Inc. | 46555 | 10866403 |
| Knight-Swift Transportation Holdings, Inc. | 41417 | 2605958 |
| Landstar System, Inc. | 20318 | 3310818 |
| Lyft, Inc., Class A<sup>(1)</sup> | 178103 | 2464945 |
| Marten Transport Ltd. | 27096 | 368235 |
| Norfolk Southern Corp. | 87893 | 27663443 |
| Old Dominion Freight Line, Inc. | 77876 | 15812722 |
| PAMT Corp.<sup>(1)</sup> | 6 | 60 |
| RXO, Inc.<sup>(1)</sup> | 1600 | 25536 |
| Ryder System, Inc. | 29352 | 6503229 |
| Saia, Inc.<sup>(1)</sup> | 12093 | 4902381 |
| Schneider National, Inc., Class B | 18940 | 537517 |
| Uber Technologies, Inc.<sup>(1)</sup> | 218032 | 16443973 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 2660 | 134756 |
| U-Haul Holding Co. | 39307 | 1853718 |
| Union Pacific Corp. | 185192 | 49072176 |
| Universal Logistics Holdings, Inc. | 3850 | 64025 |
| Werner Enterprises, Inc. | 40292 | 1413846 |
| XPO, Inc.<sup>(1)</sup> | 18204 | 3831396 |
|  |  | 183069000 |
| **Health Care Equipment and Supplies — 1.4%** |  |  |
| Abbott Laboratories | 184364 | 21450751 |
| Acme United Corp. | 464 | 20885 |
| Align Technology, Inc.<sup>(1)</sup> | 13707 | 2605701 |
| AngioDynamics, Inc.<sup>(1)</sup> | 3255 | 37237 |
| Avanos Medical, Inc.<sup>(1)</sup> | 9112 | 128479 |
| Baxter International, Inc. | 35305 | 719163 |
| Becton Dickinson & Co. | 14462 | 2552254 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 20570 | 180605 |
| Boston Scientific Corp.<sup>(1)</sup> | 121529 | 9339504 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | 16539 | 62683 |
| Cooper Cos., Inc.<sup>(1)</sup> | 29917 | 2503155 |
| Dentsply Sirona, Inc. | 38405 | 563785 |
| Dexcom, Inc.<sup>(1)</sup> | 142864 | 10490503 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 93691 | 8101461 |
| Electromed, Inc.<sup>(1)</sup> | 1899 | 45006 |
| Enovis Corp.<sup>(1)</sup> | 10495 | 267308 |
| Envista Holdings Corp.<sup>(1)</sup> | 17111 | 499812 |
| GE HealthCare Technologies, Inc. | 289 | 24354 |
| Glaukos Corp.<sup>(1)</sup> | 529 | 63692 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 37271 | 3557890 |
| Haemonetics Corp.<sup>(1)</sup> | 31592 | 2000405 |
| Hologic, Inc.<sup>(1)</sup> | 30207 | 2276399 |
| ICU Medical, Inc.<sup>(1)</sup> | 1894 | 285199 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 30203 | 19835216 |
| Inogen, Inc.<sup>(1)</sup> | 2676 | 16324 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | 805 | $51931 |
| Insulet Corp.<sup>(1)</sup> | 6111 | 1507034 |
| Integer Holdings Corp.<sup>(1)</sup> | 4872 | 422305 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 21705 | 247003 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 35244 | 17745706 |
| iRadimed Corp. | 1823 | 188735 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 1303 | 54061 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 30371 | 2275092 |
| LivaNova PLC<sup>(1)</sup> | 45662 | 3223737 |
| Masimo Corp.<sup>(1)</sup> | 30745 | 5391136 |
| Medtronic PLC | 120011 | 11720274 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 8131 | 627551 |
| Neogen Corp.<sup>(1)</sup> | 44662 | 501554 |
| Novocure Ltd.<sup>(1)</sup> | 16911 | 231173 |
| Omnicell, Inc.<sup>(1)</sup> | 8916 | 366448 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 44087 | 138874 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 5334 | 72169 |
| Penumbra, Inc.<sup>(1)</sup> | 2700 | 929853 |
| QuidelOrtho Corp.<sup>(1)</sup> | 47331 | 1076307 |
| ResMed, Inc. | 20876 | 5349684 |
| Solventum Corp.<sup>(1)</sup> | 2033 | 150849 |
| STERIS PLC | 14046 | 3544508 |
| Stryker Corp. | 26303 | 10191360 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 11108 | 325353 |
| Teleflex, Inc. | 8319 | 1015417 |
| TransMedics Group, Inc.<sup>(1)</sup> | 17463 | 2536675 |
| UFP Technologies, Inc.<sup>(1)</sup> | 1008 | 212265 |
| Utah Medical Products, Inc. | 646 | 43030 |
| Varex Imaging Corp.<sup>(1)</sup> | 6986 | 92006 |
| Zimmer Biomet Holdings, Inc. | 32285 | 3178135 |
|  |  | 161037996 |
| **Health Care Providers and Services — 1.0%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 15751 | 369203 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 72331 | 1390202 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 8655 | 168599 |
| Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 4908 | 36123 |
| Cardinal Health, Inc. | 14882 | 3411401 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 4009 | 118546 |
| Cencora, Inc. | 34372 | 12791196 |
| Centene Corp.<sup>(1)</sup> | 223346 | 10023769 |
| Chemed Corp. | 2595 | 1063976 |
| Cigna Group | 15084 | 4371645 |
| Concentra Group Holdings Parent, Inc. | 9248 | 221582 |
| CorVel Corp.<sup>(1)</sup> | 12794 | 659915 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 17837 | 155182 |
| CVS Health Corp. | 69724 | 5570948 |
| Elevance Health, Inc. | 40913 | 13092160 |
| Encompass Health Corp. | 25066 | 2704120 |
| Ensign Group, Inc. | 19907 | 4263482 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 7695 | 117964 |
| Guardian Pharmacy Services, Inc., Class A<sup>(1)</sup> | 3367 | 112828 |
| HCA Healthcare, Inc. | 14670 | 7770699 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 24181 | 351108 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Humana, Inc. | 12965 | $2470351 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 10595 | 92918 |
| Joint Corp.<sup>(1)(2)</sup> | 2417 | 21270 |
| Labcorp Holdings, Inc. | 8800 | 2544256 |
| McKesson Corp. | 10831 | 10694205 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 12355 | 1903288 |
| National HealthCare Corp. | 4768 | 779568 |
| National Research Corp. | 4055 | 54378 |
| NeoGenomics, Inc.<sup>(1)</sup> | 8215 | 80753 |
| Nutex Health, Inc.<sup>(1)</sup> | 4807 | 530981 |
| PACS Group, Inc.<sup>(1)</sup> | 10168 | 371234 |
| Progyny, Inc.<sup>(1)</sup> | 30018 | 531018 |
| Sonida Senior Living, Inc.<sup>(1)</sup> | 1555 | 55809 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 4847 | 20745 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 8 | 1915 |
| UnitedHealth Group, Inc. | 54168 | 15885849 |
| Universal Health Services, Inc., Class B | 31523 | 6496890 |
|  |  | 111300076 |
| **Health Care Technology — 0.0%** |  |  |
| CareCloud, Inc.<sup>(1)</sup> | 6068 | 14867 |
| Doximity, Inc., Class A<sup>(1)</sup> | 15516 | 380607 |
| Health Catalyst, Inc.<sup>(1)(2)</sup> | 9505 | 15398 |
| HealthStream, Inc. | 3987 | 84644 |
| Teladoc Health, Inc.<sup>(1)</sup> | 42456 | 223319 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 18478 | 3363181 |
|  |  | 4082016 |
| **Hotels, Restaurants and Leisure — 1.8%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 35281 | 400792 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 61035 | 8246439 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 16500 | 626835 |
| Bloomin' Brands, Inc. | 32318 | 197786 |
| Booking Holdings, Inc. | 2866 | 12149977 |
| Boyd Gaming Corp. | 43243 | 3599115 |
| Brinker International, Inc.<sup>(1)</sup> | 18671 | 2767042 |
| Carnival Corp. | 572135 | 18050859 |
| Cava Group, Inc.<sup>(1)</sup> | 539 | 44451 |
| Cheesecake Factory, Inc. | 40254 | 2607654 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 411834 | 15328462 |
| Choice Hotels International, Inc. | 287 | 30235 |
| Churchill Downs, Inc. | 15253 | 1402208 |
| Cracker Barrel Old Country Store, Inc. | 17864 | 584510 |
| Darden Restaurants, Inc. | 45441 | 9717558 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 7691 | 113212 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 35446 | 6255156 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 10072 | 539960 |
| Expedia Group, Inc. | 18426 | 3974304 |
| Full House Resorts, Inc.<sup>(1)(2)</sup> | 13068 | 29338 |
| Golden Entertainment, Inc. | 10516 | 303912 |
| Hilton Worldwide Holdings, Inc. | 16245 | 5064866 |
| Hyatt Hotels Corp., Class A | 982 | 158593 |
| Las Vegas Sands Corp. | 164764 | 9345414 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 42153 | 1138131 |
| Marriott International, Inc., Class A | 21507 | 7349587 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| McDonald's Corp. | 51981 | $17728640 |
| MGM Resorts International<sup>(1)</sup> | 24533 | 904286 |
| Monarch Casino & Resort, Inc. | 8564 | 823000 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 321248 | 7963738 |
| ONE Group Hospitality, Inc.<sup>(1)(2)</sup> | 5041 | 10183 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 1418 | 49290 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 3219 | 71236 |
| Red Rock Resorts, Inc., Class A | 20949 | 1268462 |
| Royal Caribbean Cruises Ltd. | 110995 | 34515005 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 9830 | 194143 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 9678 | 929185 |
| Starbucks Corp. | 89919 | 8813860 |
| Super Group SGHC Ltd. | 115313 | 1233849 |
| Target Hospitality Corp.<sup>(1)</sup> | 18950 | 147621 |
| Texas Roadhouse, Inc. | 43408 | 7938021 |
| Vail Resorts, Inc. | 2783 | 377959 |
| Viking Holdings Ltd.<sup>(1)</sup> | 15127 | 1180209 |
| Wendy's Co. | 29021 | 222301 |
| Wyndham Hotels & Resorts, Inc. | 8772 | 717550 |
| Yum! Brands, Inc. | 17174 | 2887980 |
|  |  | 198002914 |
| **Household Durables — 0.8%** |  |  |
| Bassett Furniture Industries, Inc. | 1060 | 15868 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 12246 | 313253 |
| Cavco Industries, Inc.<sup>(1)</sup> | 3161 | 1824719 |
| Century Communities, Inc. | 7669 | 515587 |
| Champion Homes, Inc.<sup>(1)</sup> | 6411 | 599300 |
| Cricut, Inc., Class A<sup>(2)</sup> | 28343 | 121875 |
| DR Horton, Inc. | 79468 | 12745873 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 473 | 8547 |
| Ethan Allen Interiors, Inc. | 12785 | 291242 |
| Flexsteel Industries, Inc. | 1801 | 92697 |
| Garmin Ltd. | 34166 | 8638190 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 11208 | 825581 |
| Hamilton Beach Brands Holding Co., Class A | 201 | 3827 |
| Helen of Troy Ltd.<sup>(1)</sup> | 6621 | 116794 |
| Hooker Furnishings Corp. | 3984 | 57131 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 3173 | 398592 |
| Installed Building Products, Inc. | 13326 | 4367730 |
| KB Home | 34559 | 2197261 |
| La-Z-Boy, Inc. | 31420 | 1122322 |
| Legacy Housing Corp.<sup>(1)</sup> | 2643 | 57935 |
| Leggett & Platt, Inc. | 111445 | 1301678 |
| Lennar Corp., B Shares | 3401 | 362989 |
| Lennar Corp., Class A | 114698 | 13116863 |
| LGI Homes, Inc.<sup>(1)</sup> | 4763 | 247200 |
| Lifetime Brands, Inc. | 645 | 2135 |
| Lovesac Co.<sup>(1)(2)</sup> | 8271 | 105703 |
| M/I Homes, Inc.<sup>(1)</sup> | 15828 | 2250108 |
| Meritage Homes Corp. | 28946 | 2183107 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 25059 | 3139141 |
| NVR, Inc.<sup>(1)</sup> | 1440 | 10825618 |
| PulteGroup, Inc. | 86884 | 11920485 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SharkNinja, Inc.<sup>(1)</sup> | 8606 | $1057419 |
| Sonos, Inc.<sup>(1)</sup> | 101979 | 1570477 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 42860 | 2824045 |
| Toll Brothers, Inc. | 44226 | 6954096 |
| TopBuild Corp.<sup>(1)</sup> | 3676 | 1647951 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 43892 | 2032200 |
| Universal Electronics, Inc.<sup>(1)</sup> | 2028 | 7646 |
|  |  | 95863185 |
| **Household Products — 0.6%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 4555 | 178510 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 31546 | 1089599 |
| Church & Dwight Co., Inc. | 36558 | 3833472 |
| Clorox Co. | 121 | 15386 |
| Colgate-Palmolive Co. | 164582 | 16316660 |
| Energizer Holdings, Inc. | 14130 | 305067 |
| Kimberly-Clark Corp. | 65637 | 7314587 |
| Oil-Dri Corp. of America | 5937 | 402766 |
| Procter & Gamble Co. | 216743 | 36239430 |
| Reynolds Consumer Products, Inc. | 3699 | 91772 |
| Spectrum Brands Holdings, Inc. | 14650 | 1148267 |
| WD-40 Co. | 4390 | 1045698 |
|  |  | 67981214 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| AES Corp. | 351238 | 6069393 |
| Clearway Energy, Inc., Class A | 6660 | 239893 |
| Clearway Energy, Inc., Class C | 16793 | 643340 |
| Hallador Energy Co.<sup>(1)</sup> | 20319 | 369399 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 19215 | 29591 |
| Ormat Technologies, Inc. | 14645 | 1518687 |
| Talen Energy Corp.<sup>(1)</sup> | 31197 | 11573151 |
| Vistra Corp. | 92797 | 16136470 |
| XPLR Infrastructure LP<sup>(1)</sup> | 20822 | 220505 |
|  |  | 36800429 |
| **Industrial Conglomerates — 0.3%** |  |  |
| 3M Co. | 82009 | 13557728 |
| Honeywell International, Inc. | 64732 | 15768068 |
|  |  | 29325796 |
| **Insurance — 3.5%** |  |  |
| Aflac, Inc. | 143702 | 16228267 |
| Allstate Corp. | 106821 | 22915241 |
| American Coastal Insurance Corp., Class C | 7639 | 87008 |
| American Financial Group, Inc. | 38539 | 5124916 |
| American Integrity Insurance Group, Inc.<sup>(1)</sup> | 6295 | 128166 |
| American International Group, Inc. | 243265 | 19580400 |
| AMERISAFE, Inc. | 7140 | 232264 |
| Aon PLC, Class A | 22248 | 7463537 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 146003 | 14622200 |
| Arthur J Gallagher & Co. | 23958 | 5467216 |
| Assurant, Inc. | 29528 | 6779334 |
| Assured Guaranty Ltd. | 15357 | 1323927 |
| Axis Capital Holdings Ltd. | 58100 | 6142332 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 50348 | 3019873 |
| Chubb Ltd. | 68204 | 23248015 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cincinnati Financial Corp. | 36995 | $6066440 |
| CNA Financial Corp. | 5092 | 244518 |
| CNO Financial Group, Inc. | 76344 | 3191943 |
| Crawford & Co., Class A | 3842 | 41340 |
| Crawford & Co., Class B | 44 | 437 |
| Donegal Group, Inc., Class A | 3418 | 60225 |
| eHealth, Inc.<sup>(1)</sup> | 1340 | 1742 |
| Employers Holdings, Inc. | 10089 | 417180 |
| Erie Indemnity Co., Class A | 4577 | 1233227 |
| Everest Group Ltd. | 15115 | 5070931 |
| F&G Annuities & Life, Inc. | 15953 | 361335 |
| Fidelis Insurance Holdings Ltd. | 27496 | 524074 |
| Fidelity National Financial, Inc. | 108337 | 5728861 |
| First American Financial Corp. | 33766 | 2367334 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 143400 | 1210296 |
| Globe Life, Inc. | 50640 | 7355966 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 9960 | 141332 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 26933 | 850813 |
| Hanover Insurance Group, Inc. | 19002 | 3432331 |
| Hartford Insurance Group, Inc. | 153267 | 21584592 |
| HCI Group, Inc. | 9408 | 1659759 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 19084 | 531871 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 1136 | 32671 |
| Horace Mann Educators Corp. | 16098 | 700424 |
| Investors Title Co. | 136 | 31402 |
| James River Group Holdings, Inc. | 6403 | 44821 |
| Kemper Corp. | 15011 | 485156 |
| Kingstone Cos., Inc. | 2343 | 38613 |
| Kinsale Capital Group, Inc. | 8348 | 3252965 |
| Lemonade, Inc.<sup>(1)</sup> | 258 | 13349 |
| Lincoln National Corp. | 86956 | 2982591 |
| Loews Corp. | 60516 | 6657970 |
| Markel Group, Inc.<sup>(1)</sup> | 5490 | 11377860 |
| Marsh & McLennan Cos., Inc. | 36404 | 6798083 |
| Mercury General Corp. | 21101 | 1911329 |
| MetLife, Inc. | 216675 | 15615767 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 22305 | 119332 |
| Old Republic International Corp. | 105359 | 4516740 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 148111 | 2020234 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 19233 | 2379314 |
| Primerica, Inc. | 23390 | 5933107 |
| Principal Financial Group, Inc. | 96916 | 9247725 |
| ProAssurance Corp.<sup>(1)</sup> | 12114 | 297399 |
| Progressive Corp. | 170321 | 36390785 |
| Prudential Financial, Inc. | 143851 | 14152061 |
| Reinsurance Group of America, Inc. | 25753 | 5555695 |
| RenaissanceRe Holdings Ltd. | 29867 | 9033573 |
| RLI Corp. | 25664 | 1599381 |
| Root, Inc., Class A<sup>(1)</sup> | 3476 | 180335 |
| Safety Insurance Group, Inc. | 3896 | 302447 |
| Selective Insurance Group, Inc. | 26052 | 2189410 |
| SiriusPoint Ltd.<sup>(1)</sup> | 94698 | 2001916 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 19305 | 897103 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 38465 | $730835 |
| Stewart Information Services Corp. | 6234 | 442552 |
| Tiptree, Inc. | 3227 | 54956 |
| Travelers Cos., Inc. | 101778 | 31412762 |
| Trupanion, Inc.<sup>(1)</sup> | 8355 | 221742 |
| United Fire Group, Inc. | 10507 | 408302 |
| Universal Insurance Holdings, Inc. | 24459 | 860223 |
| Unum Group | 94348 | 6767582 |
| W.R. Berkley Corp. | 97030 | 6957051 |
| White Mountains Insurance Group Ltd. | 694 | 1541034 |
|  |  | 390595840 |
| **Interactive Media and Services — 7.1%** |  |  |
| Alphabet, Inc., Class A | 935091 | 291523970 |
| Alphabet, Inc., Class C | 750189 | 233631360 |
| Angi, Inc.<sup>(1)</sup> | 7937 | 61750 |
| Cargurus, Inc.<sup>(1)</sup> | 60798 | 1866499 |
| Cars.com, Inc.<sup>(1)</sup> | 31824 | 271777 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 20263 | 320155 |
| IAC, Inc.<sup>(1)</sup> | 16035 | 614461 |
| Meta Platforms, Inc., Class A | 418308 | 271138880 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 61634 | 1055790 |
| Reddit, Inc., Class A<sup>(1)</sup> | 2170 | 316408 |
| Taboola.com Ltd.<sup>(1)</sup> | 24593 | 77960 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | 2823 | 31759 |
| Yelp, Inc.<sup>(1)</sup> | 44407 | 989832 |
| Ziff Davis, Inc.<sup>(1)</sup> | 8699 | 235569 |
|  |  | 802136170 |
| **IT Services — 0.6%** |  |  |
| Accenture PLC, Class A | 71929 | 15013021 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 31965 | 3145036 |
| Amdocs Ltd. | 12720 | 887856 |
| Applied Digital Corp.<sup>(1)(2)</sup> | 6896 | 188054 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 5277 | 908647 |
| Cognizant Technology Solutions Corp., Class A | 125552 | 8089315 |
| CoreWeave, Inc., Class A<sup>(1)</sup> | 1119 | 89028 |
| DXC Technology Co.<sup>(1)</sup> | 149993 | 1888412 |
| EPAM Systems, Inc.<sup>(1)</sup> | 11455 | 1615155 |
| Fastly, Inc., Class A<sup>(1)</sup> | 936 | 17896 |
| Gartner, Inc.<sup>(1)</sup> | 14342 | 2254563 |
| Globant SA<sup>(1)</sup> | 860 | 42794 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 26073 | 2272523 |
| International Business Machines Corp. | 92130 | 22130547 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 173579 | 2140229 |
| MongoDB, Inc.<sup>(1)</sup> | 3154 | 1035994 |
| Okta, Inc.<sup>(1)</sup> | 1734 | 125715 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 11157 | 1878950 |
| TSS, Inc.<sup>(1)(2)</sup> | 10337 | 106781 |
| Twilio, Inc., Class A<sup>(1)</sup> | 17545 | 2122243 |
| VeriSign, Inc. | 4316 | 983789 |
|  |  | 66936548 |
| **Leisure Products — 0.2%** |  |  |
| Acushnet Holdings Corp. | 17233 | 1763453 |
| Brunswick Corp. | 41780 | 3326523 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Callaway Golf Co.<sup>(1)</sup> | 65847 | $925809 |
| Clarus Corp. | 2005 | 6336 |
| Funko, Inc., Class A<sup>(1)</sup> | 17620 | 88100 |
| Hasbro, Inc. | 16484 | 1641641 |
| JAKKS Pacific, Inc. | 5528 | 120842 |
| Johnson Outdoors, Inc., Class A | 538 | 26088 |
| Latham Group, Inc.<sup>(1)</sup> | 2386 | 16010 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 9678 | 281243 |
| Marine Products Corp. | 1008 | 7651 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 9719 | 210951 |
| Mattel, Inc.<sup>(1)</sup> | 178623 | 3027660 |
| Polaris, Inc. | 44902 | 2727347 |
| Smith & Wesson Brands, Inc. | 25053 | 298131 |
| Sturm Ruger & Co., Inc. | 8453 | 316480 |
| YETI Holdings, Inc.<sup>(1)</sup> | 63644 | 2781879 |
|  |  | 17566144 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 11941 | 275240 |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 64811 | 233968 |
| Agilent Technologies, Inc. | 31531 | 3827233 |
| Avantor, Inc.<sup>(1)</sup> | 804 | 7276 |
| Azenta, Inc.<sup>(1)</sup> | 13781 | 371811 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 4210 | 1172232 |
| Bio-Techne Corp. | 12208 | 720272 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 3194 | 570097 |
| CryoPort, Inc.<sup>(1)</sup> | 6994 | 58889 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 11447 | 51283 |
| Danaher Corp. | 50250 | 10584660 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | 504 | 3402 |
| Illumina, Inc.<sup>(1)</sup> | 30744 | 4133838 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 11327 | 2025381 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 5815 | 2626984 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 2295 | 3136554 |
| OmniAb, Inc.<sup>(1)</sup> | 1555 | 10 |
| OmniAb, Inc.<sup>(1)</sup> | 1555 | 5 |
| Pacific Biosciences of California, Inc.<sup>(1)(2)</sup> | 12064 | 20268 |
| Quanterix Corp.<sup>(1)</sup> | 7397 | 48450 |
| Repligen Corp.<sup>(1)</sup> | 4268 | 549420 |
| Revvity, Inc. | 2552 | 250887 |
| Seer, Inc.<sup>(1)</sup> | 6973 | 11994 |
| Sotera Health Co.<sup>(1)</sup> | 33798 | 549218 |
| Thermo Fisher Scientific, Inc. | 22638 | 11796888 |
| Waters Corp.<sup>(1)</sup> | 14468 | 4620790 |
| West Pharmaceutical Services, Inc. | 16476 | 4190506 |
|  |  | 51837556 |
| **Machinery — 3.0%** |  |  |
| Aebi Schmidt Holding AG | 11079 | 159759 |
| AGCO Corp. | 38956 | 5317494 |
| Alamo Group, Inc. | 6230 | 1330292 |
| Albany International Corp., Class A | 10929 | 630057 |
| Allison Transmission Holdings, Inc. | 12025 | 1506732 |
| Astec Industries, Inc. | 12750 | 791648 |
| Atmus Filtration Technologies, Inc. | 57336 | 3699892 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Blue Bird Corp.<sup>(1)</sup> | 26096 | $1520614 |
| Caterpillar, Inc. | 135584 | 100715863 |
| Chart Industries, Inc.<sup>(1)</sup> | 55 | 11402 |
| Crane Co. | 7144 | 1432586 |
| Cummins, Inc. | 49688 | 29011333 |
| Deere & Co. | 78155 | 49214985 |
| Donaldson Co., Inc. | 57715 | 5353643 |
| Douglas Dynamics, Inc. | 13212 | 606695 |
| Dover Corp. | 12329 | 2780189 |
| Enerpac Tool Group Corp. | 9874 | 402859 |
| Enpro, Inc. | 3881 | 1003821 |
| ESCO Technologies, Inc. | 4700 | 1303263 |
| Federal Signal Corp. | 13972 | 1626760 |
| Flowserve Corp. | 28253 | 2500956 |
| Franklin Electric Co., Inc. | 18527 | 1845660 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 45617 | 1257661 |
| Gorman-Rupp Co. | 3765 | 241826 |
| Graco, Inc. | 50666 | 4758551 |
| Graham Corp.<sup>(1)</sup> | 528 | 42884 |
| Greenbrier Cos., Inc. | 23190 | 1308380 |
| Helios Technologies, Inc. | 9341 | 666200 |
| Hillman Solutions Corp.<sup>(1)</sup> | 37917 | 310919 |
| Hyster-Yale, Inc. | 7752 | 285506 |
| IDEX Corp. | 755 | 158150 |
| Illinois Tool Works, Inc. | 49407 | 14359156 |
| Ingersoll Rand, Inc. | 9756 | 918430 |
| ITT, Inc. | 20244 | 4097588 |
| JBT Marel Corp. | 5049 | 777546 |
| Kadant, Inc. | 2034 | 689872 |
| Kennametal, Inc. | 49680 | 2001110 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 3876 | 119109 |
| Lincoln Electric Holdings, Inc. | 25737 | 7387806 |
| Lindsay Corp. | 5251 | 707310 |
| Luxfer Holdings PLC | 11913 | 153320 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 8155 | 120286 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 2607 | 54747 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 57900 | 129696 |
| Middleby Corp.<sup>(1)</sup> | 12867 | 2172722 |
| Miller Industries, Inc. | 2564 | 107765 |
| Mueller Industries, Inc. | 64488 | 7607004 |
| Mueller Water Products, Inc., Class A | 106189 | 3178237 |
| Omega Flex, Inc. | 433 | 15558 |
| Oshkosh Corp. | 22125 | 3761692 |
| Otis Worldwide Corp. | 24899 | 2304651 |
| PACCAR, Inc. | 145318 | 18323147 |
| Parker-Hannifin Corp. | 15186 | 15325407 |
| Park-Ohio Holdings Corp. | 1873 | 48211 |
| Proto Labs, Inc.<sup>(1)</sup> | 5886 | 365403 |
| RBC Bearings, Inc.<sup>(1)</sup> | 2753 | 1585508 |
| Snap-on, Inc. | 19337 | 7448999 |
| SPX Technologies, Inc.<sup>(1)</sup> | 6035 | 1369583 |
| Stanley Black & Decker, Inc. | 1747 | 151098 |
| Symbotic, Inc.<sup>(1)</sup> | 3317 | 181705 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taylor Devices, Inc.<sup>(1)</sup> | 300 | $26322 |
| Tennant Co. | 11518 | 702944 |
| Terex Corp. | 80916 | 5566212 |
| Timken Co. | 25085 | 2718712 |
| Titan International, Inc.<sup>(1)</sup> | 33534 | 326286 |
| Toro Co. | 45860 | 4533720 |
| Trinity Industries, Inc. | 62663 | 2141821 |
| Wabash National Corp. | 3514 | 35667 |
| Watts Water Technologies, Inc., Class A | 7857 | 2582910 |
| Westinghouse Air Brake Technologies Corp. | 12604 | 3326826 |
| Worthington Enterprises, Inc. | 20395 | 1142324 |
| Xylem, Inc. | 20089 | 2602731 |
|  |  | 342965721 |
| **Marine Transportation — 0.1%** |  |  |
| Costamare, Inc. | 3050 | 53589 |
| Genco Shipping & Trading Ltd. | 20691 | 497619 |
| Kirby Corp.<sup>(1)</sup> | 26063 | 3382977 |
| Matson, Inc. | 23890 | 3968846 |
| Pangaea Logistics Solutions Ltd. | 12909 | 120699 |
| Star Bulk Carriers Corp. | 1 | 26 |
|  |  | 8023756 |
| **Media — 0.3%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)(2)</sup> | 22917 | 187232 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 3267 | 40347 |
| Cable One, Inc.<sup>(1)</sup> | 3215 | 308479 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 12294 | 2884541 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 7839 | 82623 |
| EchoStar Corp., Class A<sup>(1)</sup> | 55086 | 6364086 |
| Entravision Communications Corp., Class A | 25921 | 80355 |
| Fox Corp., Class A | 95700 | 5391738 |
| Fox Corp., Class B | 70562 | 3650172 |
| Gambling.com Group Ltd.<sup>(1)(2)</sup> | 9993 | 43570 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 1489 | 81270 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 25450 | 1389825 |
| New York Times Co., Class A | 50203 | 4005697 |
| News Corp., Class A | 61306 | 1489123 |
| News Corp., Class B | 18323 | 490690 |
| Nexstar Media Group, Inc., Class A | 4466 | 1121055 |
| Paramount Skydance Corp., Class B | 376430 | 5085569 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 18132 | 146869 |
| Scholastic Corp.<sup>(2)</sup> | 9896 | 344084 |
| Sirius XM Holdings, Inc. | 2 | 44 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 2255 | 5232 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 25677 | 611626 |
| USA TODAY Co., Inc.<sup>(1)</sup> | 3698 | 22003 |
|  |  | 33826230 |
| **Metals and Mining — 1.1%** |  |  |
| Alcoa Corp. | 53283 | 3307809 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 7466 | 1214345 |
| Century Aluminum Co.<sup>(1)</sup> | 23535 | 1213465 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 240383 | 2562483 |
| Coeur Mining, Inc.<sup>(1)</sup> | 228052 | 6191612 |
| Commercial Metals Co. | 72992 | 5350314 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Compass Minerals International, Inc.<sup>(1)</sup> | 37505 | $945126 |
| Ferroglobe PLC | 67686 | 345875 |
| Freeport-McMoRan, Inc. | 468874 | 31920942 |
| Hecla Mining Co. | 176392 | 4393925 |
| Kaiser Aluminum Corp. | 11013 | 1433232 |
| Materion Corp. | 10463 | 1706097 |
| McEwen, Inc.<sup>(1)</sup> | 6753 | 191447 |
| Metallus, Inc.<sup>(1)</sup> | 22699 | 385883 |
| MP Materials Corp.<sup>(1)(2)</sup> | 4216 | 248196 |
| Newmont Corp. | 126908 | 16498040 |
| Nucor Corp. | 93338 | 16509625 |
| Ramaco Resources, Inc., Class A<sup>(1)</sup> | 16137 | 244314 |
| Ramaco Resources, Inc., Class B | 2189 | 25786 |
| Reliance, Inc. | 18886 | 5961177 |
| Royal Gold, Inc. | 19225 | 5763463 |
| Ryerson Holding Corp. | 35801 | 936554 |
| Steel Dynamics, Inc. | 66318 | 12807995 |
| SunCoke Energy, Inc. | 67829 | 386625 |
| Tredegar Corp.<sup>(1)</sup> | 6485 | 59532 |
| Warrior Met Coal, Inc. | 33646 | 2800693 |
| Worthington Steel, Inc. | 18591 | 772642 |
|  |  | 124177197 |
| **Multi-Utilities — 0.6%** |  |  |
| Ameren Corp. | 56472 | 6397148 |
| Avista Corp. | 27074 | 1099746 |
| Black Hills Corp. | 17326 | 1276233 |
| CenterPoint Energy, Inc. | 154518 | 6721533 |
| CMS Energy Corp. | 83630 | 6528994 |
| Consolidated Edison, Inc. | 79001 | 8889192 |
| Dominion Energy, Inc. | 153890 | 9716615 |
| DTE Energy Co. | 46666 | 6917768 |
| NiSource, Inc. | 95359 | 4510481 |
| Northwestern Energy Group, Inc. | 19032 | 1331479 |
| Public Service Enterprise Group, Inc. | 63089 | 5430070 |
| Sempra | 70251 | 6763064 |
| Unitil Corp. | 6909 | 361410 |
| WEC Energy Group, Inc. | 4118 | 481641 |
|  |  | 66425374 |
| **Oil, Gas and Consumable Fuels — 5.7%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 7989 | 45857 |
| Antero Midstream Corp. | 193673 | 4353769 |
| Antero Resources Corp.<sup>(1)</sup> | 115462 | 4250156 |
| APA Corp. | 253377 | 7695059 |
| Ardmore Shipping Corp. | 31182 | 510761 |
| BKV Corp.<sup>(1)</sup> | 17432 | 546145 |
| California Resources Corp. | 60127 | 3537873 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 14158 | 2868269 |
| Cheniere Energy, Inc. | 107657 | 25377985 |
| Chevron Corp. | 349901 | 65347511 |
| Chord Energy Corp. | 41087 | 4452598 |
| CNX Resources Corp.<sup>(1)</sup> | 96406 | 4027843 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 50854 | 997247 |
| ConocoPhillips | 419946 | 47647073 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Core Natural Resources, Inc. | 33394 | $2740980 |
| Coterra Energy, Inc. | 414663 | 12684541 |
| Crescent Energy Co., Class A | 206951 | 2413049 |
| CVR Energy, Inc.<sup>(1)</sup> | 18009 | 435097 |
| Delek U.S. Holdings, Inc. | 5768 | 219818 |
| Devon Energy Corp. | 341539 | 14867193 |
| Diamondback Energy, Inc. | 81313 | 14154967 |
| Dorian LPG Ltd. | 25584 | 946352 |
| DT Midstream, Inc. | 25923 | 3599149 |
| EOG Resources, Inc. | 217318 | 26964817 |
| EQT Corp. | 185149 | 11371852 |
| Evolution Petroleum Corp. | 18835 | 84192 |
| Expand Energy Corp. | 85401 | 9216476 |
| Exxon Mobil Corp. | 869240 | 132559100 |
| FutureFuel Corp. | 9758 | 42155 |
| Gevo, Inc.<sup>(1)(2)</sup> | 8886 | 16173 |
| Golar LNG Ltd. | 11312 | 502932 |
| Gran Tierra Energy, Inc.<sup>(1)</sup> | 22668 | 136915 |
| Granite Ridge Resources, Inc. | 36913 | 186780 |
| Green Plains, Inc.<sup>(1)</sup> | 15801 | 216948 |
| Gulfport Energy Corp.<sup>(1)</sup> | 6901 | 1439963 |
| Hess Midstream LP, Class A | 68511 | 2650005 |
| HF Sinclair Corp. | 83125 | 4157081 |
| HighPeak Energy, Inc. | 6385 | 33266 |
| International Seaways, Inc. | 36179 | 2732600 |
| Kimbell Royalty Partners LP | 55710 | 798881 |
| Kinder Morgan, Inc. | 321106 | 10683197 |
| Magnolia Oil & Gas Corp., Class A | 150783 | 4194783 |
| Marathon Petroleum Corp. | 111436 | 22087730 |
| Matador Resources Co. | 88363 | 4541858 |
| Murphy Oil Corp. | 105488 | 3496927 |
| NACCO Industries, Inc., Class A | 767 | 44010 |
| Navigator Holdings Ltd. | 4642 | 97575 |
| Nordic American Tankers Ltd. | 87773 | 502939 |
| Northern Oil & Gas, Inc. | 70112 | 1934390 |
| Occidental Petroleum Corp. | 283340 | 15039687 |
| ONEOK, Inc. | 187817 | 15545613 |
| Ovintiv, Inc. | 175461 | 8876572 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 35864 | 1530317 |
| PBF Energy, Inc., Class A | 48909 | 1741160 |
| Peabody Energy Corp. | 75823 | 2391457 |
| Permian Resources Corp. | 392594 | 7180544 |
| Phillips 66 | 98837 | 15253514 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 62834 | 1416278 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 475 | 94478 |
| Range Resources Corp. | 143816 | 5936724 |
| REX American Resources Corp.<sup>(1)</sup> | 16868 | 599826 |
| Riley Exploration Permian, Inc. | 11401 | 328805 |
| SandRidge Energy, Inc. | 16136 | 282864 |
| Scorpio Tankers, Inc. | 11353 | 897795 |
| SFL Corp. Ltd. | 48399 | 532873 |
| SM Energy Co. | 186413 | 4311733 |
| Summit Midstream Corp.<sup>(1)</sup> | 307 | 9060 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sunococorp LLC | 35101 | $2102199 |
| Talos Energy, Inc.<sup>(1)</sup> | 103942 | 1273290 |
| Targa Resources Corp. | 118404 | 27919663 |
| Teekay Tankers Ltd., Class A | 18709 | 1464353 |
| Texas Pacific Land Corp. | 22185 | 11631374 |
| Uranium Energy Corp.<sup>(1)</sup> | 26833 | 411350 |
| VAALCO Energy, Inc. | 66594 | 342959 |
| Valero Energy Corp. | 90768 | 18574764 |
| Viper Energy, Inc., Class A | 28687 | 1335093 |
| Vitesse Energy, Inc. | 16108 | 311045 |
| Western Midstream Partners LP | 5227 | 217391 |
| Williams Cos., Inc. | 460857 | 34435235 |
| World Kinect Corp. | 25562 | 637772 |
|  |  | 647038625 |
| **Paper and Forest Products — 0.0%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 10529 | 157830 |
| Louisiana-Pacific Corp. | 42433 | 3595772 |
| Magnera Corp.<sup>(1)</sup> | 6065 | 78542 |
| Mercer International, Inc.<sup>(2)</sup> | 23576 | 42437 |
| Sylvamo Corp. | 26270 | 1216301 |
|  |  | 5090882 |
| **Passenger Airlines — 0.6%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 88561 | 4569748 |
| Allegiant Travel Co.<sup>(1)</sup> | 14161 | 1446546 |
| Delta Air Lines, Inc. | 353445 | 23221337 |
| Frontier Group Holdings, Inc.<sup>(1)</sup> | 28342 | 125838 |
| JetBlue Airways Corp.<sup>(1)</sup> | 116979 | 648064 |
| SkyWest, Inc.<sup>(1)</sup> | 32950 | 3429436 |
| Southwest Airlines Co. | 153865 | 7579390 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 36656 | 721390 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 198314 | 21080778 |
|  |  | 62822527 |
| **Personal Care Products — 0.1%** |  |  |
| Edgewell Personal Care Co. | 10382 | 236087 |
| elf Beauty, Inc.<sup>(1)</sup> | 247 | 22736 |
| Estee Lauder Cos., Inc., Class A | 63543 | 6956052 |
| Interparfums, Inc. | 3784 | 381352 |
| Kenvue, Inc. | 215873 | 4127492 |
| Lifevantage Corp. | 6080 | 28272 |
| Medifast, Inc.<sup>(1)(2)</sup> | 4578 | 48206 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 9603 | 265811 |
| Nu Skin Enterprises, Inc., Class A | 38038 | 322562 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 5468 | 117672 |
|  |  | 12506242 |
| **Pharmaceuticals — 3.0%** |  |  |
| Alumis, Inc.<sup>(1)</sup> | 9925 | 294673 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 21625 | 437474 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 14266 | 1054257 |
| Arvinas, Inc.<sup>(1)</sup> | 4550 | 60379 |
| AtaiBeckley, Inc.<sup>(1)</sup> | 6554 | 23791 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 11053 | 51728 |
| BioAge Labs, Inc.<sup>(1)</sup> | 1241 | 27637 |
| Bristol-Myers Squibb Co. | 335499 | 20925073 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 30751 | $1281394 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 4434 | 182237 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 7405 | 225408 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 126834 | 3348418 |
| Eli Lilly & Co. | 84561 | 88957326 |
| Enliven Therapeutics, Inc.<sup>(1)</sup> | 796 | 23633 |
| EyePoint, Inc.<sup>(1)</sup> | 8648 | 151859 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 10997 | 92155 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 35400 | 1010316 |
| Innoviva, Inc.<sup>(1)</sup> | 48834 | 1121229 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 41252 | 7838705 |
| Johnson & Johnson | 334628 | 83131634 |
| Maze Therapeutics, Inc.<sup>(1)(2)</sup> | 8983 | 409535 |
| MBX Biosciences, Inc.<sup>(1)</sup> | 3166 | 103053 |
| Merck & Co., Inc. | 550442 | 68155728 |
| Oramed Pharmaceuticals, Inc.<sup>(2)</sup> | 4152 | 14179 |
| Organon & Co. | 37779 | 275409 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 25853 | 566439 |
| Perrigo Co. PLC | 27208 | 359690 |
| Pfizer, Inc. | 832550 | 23020007 |
| Phibro Animal Health Corp., Class A | 1618 | 88327 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 12343 | 855370 |
| Rapport Therapeutics, Inc.<sup>(1)(2)</sup> | 1854 | 53822 |
| Royalty Pharma PLC, Class A | 70463 | 3256095 |
| Septerna, Inc.<sup>(1)</sup> | 672 | 19501 |
| SIGA Technologies, Inc. | 20999 | 135864 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 17650 | 965984 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | 1926 | 81123 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 13118 | 239404 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 4982 | 69599 |
| Viatris, Inc. | 779532 | 11638413 |
| Zoetis, Inc. | 129147 | 16931172 |
|  |  | 337478040 |
| **Professional Services — 0.5%** |  |  |
| Asure Software, Inc.<sup>(1)</sup> | 1405 | 12842 |
| Automatic Data Processing, Inc. | 70555 | 15124170 |
| Booz Allen Hamilton Holding Corp. | 18008 | 1419571 |
| Broadridge Financial Solutions, Inc. | 14755 | 2742512 |
| Clarivate PLC<sup>(1)</sup> | 102825 | 236497 |
| Conduent, Inc.<sup>(1)</sup> | 71358 | 104183 |
| CRA International, Inc. | 3969 | 685287 |
| CSG Systems International, Inc. | 8572 | 684903 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 28336 | 885500 |
| Exponent, Inc. | 21038 | 1531146 |
| Franklin Covey Co.<sup>(1)</sup> | 5473 | 71258 |
| FTI Consulting, Inc.<sup>(1)</sup> | 4432 | 728709 |
| Genpact Ltd. | 88124 | 3500285 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 5246 | 151609 |
| Innodata, Inc.<sup>(1)(2)</sup> | 8378 | 370056 |
| Insperity, Inc. | 19666 | 436782 |
| Jacobs Solutions, Inc. | 135 | 18611 |
| KBR, Inc. | 12855 | 542867 |
| Kelly Services, Inc., Class A | 15268 | 148252 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kforce, Inc. | 11135 | $300868 |
| Korn Ferry | 17667 | 1107191 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 54904 | 385975 |
| ManpowerGroup, Inc. | 15271 | 427130 |
| Paychex, Inc. | 44745 | 4190369 |
| Paycom Software, Inc. | 24407 | 3071133 |
| Paylocity Holding Corp.<sup>(1)</sup> | 7410 | 789091 |
| Planet Labs PBC<sup>(1)</sup> | 2392 | 57743 |
| Resources Connection, Inc. | 11003 | 41371 |
| Robert Half, Inc. | 54097 | 1321049 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 3651 | 38774 |
| TriNet Group, Inc. | 11403 | 434226 |
| TrueBlue, Inc.<sup>(1)</sup> | 16393 | 69342 |
| UL Solutions, Inc., Class A | 14303 | 1201023 |
| Upwork, Inc.<sup>(1)</sup> | 89659 | 1203224 |
| Verisk Analytics, Inc. | 34463 | 7153485 |
| Verra Mobility Corp.<sup>(1)</sup> | 21667 | 362056 |
| Willdan Group, Inc.<sup>(1)</sup> | 2152 | 191829 |
|  |  | 51740919 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 34733 | 5128675 |
| CoStar Group, Inc.<sup>(1)</sup> | 41637 | 1858259 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 1615 | 8915 |
| Forestar Group, Inc.<sup>(1)</sup> | 7848 | 225395 |
| FRP Holdings, Inc.<sup>(1)</sup> | 870 | 20828 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 16209 | 1173045 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 13755 | 4340390 |
| Kennedy-Wilson Holdings, Inc. | 39610 | 430957 |
| Marcus & Millichap, Inc. | 9089 | 240041 |
| Newmark Group, Inc., Class A | 33497 | 486376 |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 126679 | 686600 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 7483 | 47068 |
| RMR Group, Inc., Class A | 12 | 197 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 2206 | 51532 |
| Seritage Growth Properties, Class A<sup>(1)(2)</sup> | 3909 | 11571 |
| St. Joe Co. | 5660 | 408482 |
| Tejon Ranch Co.<sup>(1)</sup> | 2786 | 49061 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 2536 | 113613 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 10912 | 486893 |
|  |  | 15767898 |
| **Semiconductors and Semiconductor Equipment — 10.7%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 15275 | 850512 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 158876 | 31808564 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 9823 | 358245 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 7707 | 161924 |
| Amkor Technology, Inc. | 77823 | 3721496 |
| Analog Devices, Inc. | 50560 | 17988742 |
| Applied Materials, Inc. | 187896 | 69953681 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 11499 | 949932 |
| Broadcom, Inc. | 352620 | 112679721 |
| CEVA, Inc.<sup>(1)</sup> | 2132 | 44474 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 23476 | 3312933 |
| Cohu, Inc.<sup>(1)</sup> | 14115 | 426273 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Diodes, Inc.<sup>(1)</sup> | 14793 | $1009326 |
| Enphase Energy, Inc.<sup>(1)</sup> | 1153 | 48737 |
| First Solar, Inc.<sup>(1)</sup> | 27073 | 5338796 |
| FormFactor, Inc.<sup>(1)</sup> | 9091 | 898918 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 18026 | 857136 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 4711 | 224008 |
| Intel Corp.<sup>(1)</sup> | 643599 | 29354550 |
| KLA Corp. | 34127 | 52028318 |
| Kulicke & Soffa Industries, Inc. | 14826 | 1033669 |
| Lam Research Corp. | 410083 | 95914313 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 3511 | 871149 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 5631 | 15485 |
| Marvell Technology, Inc. | 54937 | 4487804 |
| Micron Technology, Inc. | 299368 | 123450382 |
| Monolithic Power Systems, Inc. | 5469 | 6249645 |
| Navitas Semiconductor Corp.<sup>(1)</sup> | 10490 | 94410 |
| NVE Corp. | 2001 | 137749 |
| NVIDIA Corp. | 3012819 | 533841399 |
| NXP Semiconductors NV | 17300 | 3927273 |
| ON Semiconductor Corp.<sup>(1)</sup> | 164885 | 10961555 |
| Onto Innovation, Inc.<sup>(1)</sup> | 10407 | 2246767 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 38074 | 791178 |
| Photronics, Inc.<sup>(1)</sup> | 44328 | 1659197 |
| Power Integrations, Inc. | 810 | 38815 |
| Qnity Electronics, Inc. | 12978 | 1645091 |
| Qorvo, Inc.<sup>(1)</sup> | 19503 | 1616799 |
| QUALCOMM, Inc. | 200944 | 28606388 |
| Rambus, Inc.<sup>(1)</sup> | 18734 | 1867030 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 257 | 52564 |
| SiTime Corp.<sup>(1)</sup> | 1053 | 418968 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 32812 | 966641 |
| Skyworks Solutions, Inc. | 83279 | 4961763 |
| SolarEdge Technologies, Inc.<sup>(1)(2)</sup> | 8172 | 289289 |
| Synaptics, Inc.<sup>(1)</sup> | 10199 | 830811 |
| Teradyne, Inc. | 68583 | 21948617 |
| Texas Instruments, Inc. | 118805 | 25199729 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 10946 | 664203 |
| Universal Display Corp. | 7868 | 839437 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 8720 | 266483 |
|  |  | 1207910889 |
| **Software — 5.4%** |  |  |
| A10 Networks, Inc. | 50707 | 976617 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 3096 | 122849 |
| Adeia, Inc. | 65418 | 1353498 |
| Adobe, Inc.<sup>(1)</sup> | 44322 | 11630536 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 1789 | 85604 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 1030 | 183093 |
| AppLovin Corp., Class A<sup>(1)</sup> | 50714 | 22048926 |
| Aurora Innovation, Inc.<sup>(1)</sup> | 126861 | 593709 |
| Autodesk, Inc.<sup>(1)</sup> | 22056 | 5422909 |
| Bill Holdings, Inc.<sup>(1)</sup> | 6691 | 297816 |
| Blackbaud, Inc.<sup>(1)</sup> | 5603 | 271970 |
| BlackLine, Inc.<sup>(1)</sup> | 5751 | 202723 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 31069 | $9364197 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 73950 | 1153620 |
| Circle Internet Group, Inc.<sup>(1)</sup> | 3312 | 276353 |
| Cleanspark, Inc.<sup>(1)(2)</sup> | 5669 | 56407 |
| Clear Secure, Inc., Class A | 48016 | 2335498 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | 4441 | 103875 |
| Commvault Systems, Inc.<sup>(1)</sup> | 11194 | 952385 |
| Confluent, Inc., Class A<sup>(1)</sup> | 16368 | 502007 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | 2 | 60 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 19483 | 7247286 |
| Daily Journal Corp.<sup>(1)(2)</sup> | 85 | 43308 |
| Datadog, Inc., Class A<sup>(1)</sup> | 10533 | 1179275 |
| Docusign, Inc.<sup>(1)</sup> | 30424 | 1371210 |
| Dolby Laboratories, Inc., Class A | 10269 | 683607 |
| D-Wave Quantum, Inc.<sup>(1)(2)</sup> | 628 | 11794 |
| Dynatrace, Inc.<sup>(1)</sup> | 2128 | 76438 |
| Fair Isaac Corp.<sup>(1)</sup> | 1750 | 2466380 |
| Fortinet, Inc.<sup>(1)</sup> | 190863 | 15083903 |
| Gen Digital, Inc. | 36736 | 829132 |
| HubSpot, Inc.<sup>(1)</sup> | 66 | 17458 |
| InterDigital, Inc. | 17829 | 6534863 |
| Intuit, Inc. | 20421 | 8352802 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 372 | 6477 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 12347 | 335468 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 17575 | 2380182 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 75011 | 670598 |
| Microsoft Corp. | 1014924 | 398601252 |
| Mitek Systems, Inc.<sup>(1)</sup> | 204 | 2974 |
| OneSpan, Inc. | 18677 | 206194 |
| Oracle Corp. | 183317 | 26654292 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 53010 | 593182 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 154734 | 21227957 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 84483 | 12581208 |
| Pegasystems, Inc. | 59559 | 2604515 |
| Progress Software Corp.<sup>(1)</sup> | 6193 | 259363 |
| Qualys, Inc.<sup>(1)</sup> | 22659 | 2095278 |
| Rapid7, Inc.<sup>(1)</sup> | 1999 | 12434 |
| Riot Platforms, Inc.<sup>(1)(2)</sup> | 80646 | 1313723 |
| Salesforce, Inc. | 67939 | 13233838 |
| ServiceNow, Inc.<sup>(1)</sup> | 96480 | 10420805 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | 4887 | 28442 |
| Strategy, Inc., Class A<sup>(1)</sup> | 29352 | 3801084 |
| Synopsys, Inc.<sup>(1)</sup> | 13074 | 5412636 |
| Teradata Corp.<sup>(1)</sup> | 16621 | 523395 |
| UiPath, Inc., Class A<sup>(1)</sup> | 48372 | 519032 |
| Workday, Inc., Class A<sup>(1)</sup> | 16474 | 2203562 |
| Xperi, Inc.<sup>(1)</sup> | 15018 | 92060 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 45676 | 3377283 |
| Zscaler, Inc.<sup>(1)</sup> | 2540 | 373355 |
|  |  | 611362697 |
| **Specialty Retail — 2.7%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)</sup> | 18161 | 63200 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 37966 | 3713075 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Academy Sports & Outdoors, Inc. | 41684 | $2506459 |
| Advance Auto Parts, Inc. | 29937 | 1591750 |
| American Eagle Outfitters, Inc. | 142782 | 3508154 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 1072 | 21397 |
| Arhaus, Inc.<sup>(1)(2)</sup> | 38999 | 321742 |
| Arko Corp. | 31469 | 202346 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 4228 | 903862 |
| AutoNation, Inc.<sup>(1)</sup> | 25912 | 5056986 |
| AutoZone, Inc.<sup>(1)</sup> | 1160 | 4356473 |
| Best Buy Co., Inc. | 120460 | 7464906 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 2151 | 407012 |
| Buckle, Inc. | 24830 | 1329647 |
| Build-A-Bear Workshop, Inc. | 10880 | 529421 |
| Burlington Stores, Inc.<sup>(1)</sup> | 40226 | 12344153 |
| Caleres, Inc. | 23337 | 277477 |
| CarMax, Inc.<sup>(1)</sup> | 77160 | 3330997 |
| Carvana Co.<sup>(1)</sup> | 6581 | 2199107 |
| Cato Corp., Class A<sup>(1)</sup> | 1679 | 5054 |
| Chewy, Inc., Class A<sup>(1)</sup> | 32203 | 883006 |
| Citi Trends, Inc.<sup>(1)</sup> | 3693 | 174974 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 36354 | 258840 |
| Dick's Sporting Goods, Inc. | 30589 | 6228838 |
| Five Below, Inc.<sup>(1)</sup> | 39740 | 8883082 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 42135 | 2911107 |
| GameStop Corp., Class A<sup>(1)</sup> | 1176 | 28259 |
| Gap, Inc. | 176411 | 4946564 |
| Genesco, Inc.<sup>(1)</sup> | 3646 | 99317 |
| Group 1 Automotive, Inc. | 4978 | 1621534 |
| Haverty Furniture Cos., Inc. | 6902 | 164337 |
| Home Depot, Inc. | 134989 | 51393012 |
| Lands' End, Inc.<sup>(1)</sup> | 8256 | 132674 |
| Lithia Motors, Inc. | 14041 | 3925583 |
| Lowe's Cos., Inc. | 43182 | 11424662 |
| MarineMax, Inc.<sup>(1)</sup> | 8362 | 255041 |
| Murphy USA, Inc. | 12324 | 4815480 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 9853 | 265735 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 71645 | 6726033 |
| Penske Automotive Group, Inc. | 5916 | 931888 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 2475 | 6782 |
| Revolve Group, Inc.<sup>(1)</sup> | 3977 | 100061 |
| RH<sup>(1)</sup> | 52 | 8617 |
| Ross Stores, Inc. | 147643 | 30361307 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 93580 | 1503831 |
| Shoe Carnival, Inc. | 9885 | 199578 |
| Signet Jewelers Ltd. | 31071 | 2988719 |
| Sonic Automotive, Inc., Class A | 10713 | 671919 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 5706 | 19001 |
| TJX Cos., Inc. | 374130 | 60481856 |
| Tractor Supply Co. | 278070 | 14415149 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 27393 | 18758452 |
| Upbound Group, Inc. | 26949 | 578056 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 44540 | 2948548 |
| Valvoline, Inc.<sup>(1)</sup> | 30073 | 1136759 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Victoria's Secret & Co.<sup>(1)</sup> | 68926 | $4321660 |
| Williams-Sonoma, Inc. | 77915 | 16023220 |
| Zumiez, Inc.<sup>(1)</sup> | 5824 | 152705 |
|  |  | 310879404 |
| **Technology Hardware, Storage and Peripherals — 5.6%** |  |  |
| Apple, Inc. | 2080879 | 549726614 |
| Dell Technologies, Inc., Class C | 23895 | 3538371 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 18599 | 1487920 |
| Eastman Kodak Co.<sup>(1)</sup> | 8541 | 62520 |
| GPGI, Inc., Class A | 16189 | 363443 |
| Hewlett Packard Enterprise Co. | 33391 | 716905 |
| Immersion Corp. | 13351 | 81575 |
| NetApp, Inc. | 37655 | 3728975 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 44100 | 2832102 |
| Sandisk Corp.<sup>(1)</sup> | 45544 | 28936836 |
| Seagate Technology Holdings PLC | 19430 | 7924331 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 112651 | 3648766 |
| Turtle Beach Corp.<sup>(1)</sup> | 4874 | 61120 |
| Western Digital Corp. | 86670 | 24241599 |
|  |  | 627351077 |
| **Textiles, Apparel and Luxury Goods — 0.8%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 13053 | 495753 |
| Birkenstock Holding PLC<sup>(1)</sup> | 1747 | 72763 |
| Carter's, Inc. | 24581 | 824693 |
| Columbia Sportswear Co. | 15208 | 941983 |
| Crocs, Inc.<sup>(1)</sup> | 42375 | 3843836 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 88005 | 10320346 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 60426 | 681001 |
| Figs, Inc., Class A<sup>(1)</sup> | 34444 | 532160 |
| Fossil Group, Inc.<sup>(1)</sup> | 22698 | 106227 |
| G-III Apparel Group Ltd. | 28428 | 869613 |
| Gildan Activewear, Inc. | 8331 | 567258 |
| Kontoor Brands, Inc. | 14223 | 927482 |
| Levi Strauss & Co., Class A | 57315 | 1270100 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 58749 | 10878552 |
| Movado Group, Inc. | 6084 | 151796 |
| NIKE, Inc., Class B | 309630 | 19252793 |
| Oxford Industries, Inc.<sup>(2)</sup> | 10091 | 399503 |
| PVH Corp. | 24877 | 1706562 |
| Ralph Lauren Corp. | 24322 | 8819157 |
| Rocky Brands, Inc. | 2868 | 129634 |
| Superior Group of Cos., Inc. | 5302 | 52649 |
| Tapestry, Inc. | 105266 | 16365705 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 94863 | 703883 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 68251 | 493455 |
| Unifi, Inc.<sup>(1)</sup> | 1684 | 6618 |
| Vera Bradley, Inc.<sup>(1)</sup> | 1061 | 2801 |
| VF Corp. | 313236 | 6083043 |
| Wolverine World Wide, Inc. | 10644 | 188079 |
|  |  | 86687445 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Air Lease Corp. | 70478 | 4569793 |
| Alta Equipment Group, Inc. | 3301 | 22777 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Applied Industrial Technologies, Inc. | 13490 | $3812004 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 4852 | 319844 |
| Boise Cascade Co. | 22332 | 1847750 |
| DNOW, Inc.<sup>(1)</sup> | 100761 | 1186965 |
| Fastenal Co. | 341022 | 15700653 |
| GATX Corp. | 25969 | 4782711 |
| Global Industrial Co. | 6809 | 224561 |
| Herc Holdings, Inc. | 23507 | 3286043 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 19460 | 138361 |
| Karat Packaging, Inc. | 4473 | 110259 |
| McGrath RentCorp | 10801 | 1198371 |
| MSC Industrial Direct Co., Inc., Class A | 26786 | 2513598 |
| NPK International, Inc.<sup>(1)</sup> | 53787 | 776146 |
| QXO, Inc.<sup>(1)</sup> | 54009 | 1293516 |
| Rush Enterprises, Inc., Class A | 33732 | 2393960 |
| Rush Enterprises, Inc., Class B | 2004 | 129559 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 9850 | 1407466 |
| Titan Machinery, Inc.<sup>(1)</sup> | 9617 | 187435 |
| United Rentals, Inc. | 21912 | 18406080 |
| Watsco, Inc.<sup>(2)</sup> | 7547 | 3149589 |
| WESCO International, Inc. | 27557 | 7977751 |
| Willis Lease Finance Corp. | 336 | 68447 |
| WW Grainger, Inc. | 18998 | 21747581 |
|  |  | 97251220 |
| **Water Utilities — 0.0%** |  |  |
| American States Water Co. | 3178 | 236856 |
| American Water Works Co., Inc. | 876 | 119162 |
| Artesian Resources Corp., Class A | 2811 | 95237 |
| California Water Service Group | 555 | 25020 |
| Essential Utilities, Inc. | 172 | 6875 |
| Global Water Resources, Inc. | 7 | 64 |
| Middlesex Water Co. | 2828 | 152712 |
|  |  | 635926 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| Array Digital Infrastructure, Inc. | 7174 | 349589 |
| Gogo, Inc.<sup>(1)</sup> | 43361 | 183417 |
| Telephone & Data Systems, Inc. | 51657 | 2311651 |
| T-Mobile U.S., Inc. | 127462 | 27670725 |
|  |  | 30515382 |
| **TOTAL COMMON STOCKS**<br>(Cost $8,016,530,290) |  | **11270697339** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Akouos, Inc.<sup>(1)(2)</sup> | 1135 | 11 |
| Chinook Therapeutics, Inc.<sup>(1)</sup> | 8349 | 83 |
| Fusion Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 8399 | 4619 |
| Icosavax, Inc.<sup>(1)</sup> | 1560 | 484 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 5253 | 53 |
| Metsera, Inc.<sup>(1)</sup> | 343 | 1681 |
| Mirati Therapeutics, Inc.<sup>(1)</sup> | 5654 | 3958 |
| Regulus Therapeutics, Inc.<sup>(1)</sup> | 3312 | 3842 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 13343 | 2402 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 5770 | $3635 |
|  |  | 20768 |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup> | 3336 | 3403 |
| **Pharmaceuticals — 0.0%** |  |  |
| Albireo Pharma, Inc.<sup>(1)</sup> | 1606 | 3453 |
| Concert Pharmaceuticals, Inc.<sup>(1)</sup> | 2660 | 984 |
|  |  | 4437 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 3721 | 4725 |
| **TOTAL RIGHTS**<br>(Cost $42,972) |  | **33333** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 4183 | 3518 |
| **Specialty Retail — 0.0%** |  |  |
| GameStop Corp.<sup>(1)</sup> | 117 | 503 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **4021** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 8179667 | 8179667 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 11170817 | 11170817 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $19,350,484) |  | **19350484** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $8,035,923,746) |  | **11290085177** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(1100869)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**11288984308** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $15,389,380. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $16,023,244, which includes securities collateral of $4,852,427.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.8%** | | |
| AeroVironment, Inc.<sup>(1)</sup> | 660 | $166485 |
| ATI, Inc.<sup>(1)</sup> | 8291 | 1356325 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 482 | 261437 |
| Boeing Co.<sup>(1)</sup> | 5479 | 1246637 |
| BWX Technologies, Inc. | 4185 | 862026 |
| Carpenter Technology Corp. | 1662 | 661592 |
| Curtiss-Wright Corp. | 549 | 384481 |
| General Dynamics Corp. | 2440 | 871202 |
| General Electric Co. | 9836 | 3366469 |
| HEICO Corp. | 212 | 67726 |
| HEICO Corp., Class A | 489 | 117414 |
| Hexcel Corp. | 57 | 5283 |
| Howmet Aerospace, Inc. | 3863 | 1014153 |
| Huntington Ingalls Industries, Inc. | 1202 | 534313 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 3149 | 271381 |
| L3Harris Technologies, Inc. | 1045 | 380944 |
| Leonardo DRS, Inc. | 961 | 41698 |
| Lockheed Martin Corp. | 3163 | 2081507 |
| Moog, Inc., Class A | 762 | 257122 |
| Northrop Grumman Corp. | 1056 | 764945 |
| Rocket Lab Corp.<sup>(1)</sup> | 3367 | 232660 |
| RTX Corp. | 10943 | 2217271 |
| StandardAero, Inc.<sup>(1)</sup> | 1120 | 34496 |
| Textron, Inc. | 6079 | 599693 |
| TransDigm Group, Inc. | 395 | 514602 |
| VSE Corp. | 10 | 2271 |
| Woodward, Inc. | 1298 | 502014 |
|  |  | 18816147 |
| **Air Freight and Logistics — 0.8%** |  |  |
| CH Robinson Worldwide, Inc. | 2793 | 517403 |
| Expeditors International of Washington, Inc. | 7972 | 1156179 |
| FedEx Corp. | 8741 | 3382767 |
| United Parcel Service, Inc., Class B | 27999 | 3246764 |
|  |  | 8303113 |
| **Automobile Components — 0.2%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 11109 | 816956 |
| Autoliv, Inc. | 4695 | 556451 |
| BorgWarner, Inc. | 14418 | 830044 |
| Gentex Corp. | 182 | 4259 |
| Lear Corp. | 279 | 36619 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 493 | 4171 |
|  |  | 2248500 |
| **Automobiles — 1.4%** |  |  |
| Ford Motor Co. | 166884 | 2351396 |
| General Motors Co. | 44360 | 3491576 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 19065 | 292266 |
| Tesla, Inc.<sup>(1)</sup> | 20921 | 8420912 |
| Thor Industries, Inc. | 71 | 6825 |
|  |  | 14562975 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Banks — 4.1%** | | |
| Bank of America Corp. | 85639 | $4267391 |
| Bank OZK | 17 | 791 |
| BOK Financial Corp. | 586 | 73672 |
| Citigroup, Inc. | 28951 | 3190111 |
| Citizens Financial Group, Inc. | 10873 | 654446 |
| Columbia Banking System, Inc. | 12518 | 356137 |
| Commerce Bancshares, Inc. | 5216 | 265964 |
| Cullen/Frost Bankers, Inc. | 2797 | 386601 |
| East West Bancorp, Inc. | 6676 | 730688 |
| Fifth Third Bancorp | 28800 | 1424736 |
| First Citizens BancShares, Inc., Class A | 400 | 759260 |
| First Horizon Corp. | 15491 | 368531 |
| FNB Corp. | 411 | 6983 |
| Glacier Bancorp, Inc. | 78 | 3548 |
| Home BancShares, Inc. | 2707 | 74334 |
| Huntington Bancshares, Inc. | 64900 | 1090320 |
| JPMorgan Chase & Co. | 43270 | 12993981 |
| KeyCorp | 37996 | 788037 |
| M&T Bank Corp. | 4150 | 900467 |
| Old National Bancorp | 10531 | 243266 |
| Pinnacle Financial Partners, Inc. | 2760 | 250498 |
| PNC Financial Services Group, Inc. | 8287 | 1759744 |
| Popular, Inc. | 3186 | 431257 |
| Prosperity Bancshares, Inc. | 1726 | 121459 |
| Regions Financial Corp. | 25324 | 704767 |
| Southstate Bank Corp. | 2707 | 267100 |
| Truist Financial Corp. | 25183 | 1241774 |
| U.S. Bancorp | 40965 | 2239147 |
| UMB Financial Corp. | 2231 | 258528 |
| Valley National Bancorp | 6342 | 79973 |
| Webster Financial Corp. | 5579 | 402413 |
| Wells Fargo & Co. | 56876 | 4632550 |
| Western Alliance Bancorp | 4830 | 387946 |
| Wintrust Financial Corp. | 3182 | 458399 |
| Zions Bancorp NA | 7995 | 457954 |
|  |  | 42272773 |
| **Beverages — 1.0%** |  |  |
| Brown-Forman Corp., Class A | 1822 | 53494 |
| Brown-Forman Corp., Class B | 13723 | 396046 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 7855 | 421106 |
| Coca-Cola Co. | 27601 | 2251138 |
| Coca-Cola Consolidated, Inc. | 5676 | 1148822 |
| Constellation Brands, Inc., Class A | 2380 | 375707 |
| Keurig Dr. Pepper, Inc. | 12738 | 385707 |
| Molson Coors Beverage Co., Class B | 9494 | 465111 |
| Monster Beverage Corp.<sup>(1)</sup> | 13844 | 1180893 |
| PepsiCo, Inc. | 19093 | 3240846 |
|  |  | 9918870 |
| **Biotechnology — 2.2%** |  |  |
| AbbVie, Inc. | 16611 | 3855081 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 677 | 225387 |
| Amgen, Inc. | 6493 | 2520323 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 3308 | $209297 |
| Atrium Therapeutics, Inc.<sup>(1)</sup> | 97 | 1431 |
| Biogen, Inc.<sup>(1)</sup> | 4345 | 833458 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 3852 | 237784 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 2181 | 144993 |
| Caris Life Sciences, Inc.<sup>(1)</sup> | 1291 | 26001 |
| Cytokinetics, Inc.<sup>(1)</sup> | 1565 | 97374 |
| Exact Sciences Corp.<sup>(1)</sup> | 745 | 77018 |
| Exelixis, Inc.<sup>(1)</sup> | 15718 | 692535 |
| Gilead Sciences, Inc. | 39259 | 5847628 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 3928 | 273114 |
| ImmunityBio, Inc.<sup>(1)</sup> | 236 | 2308 |
| Incyte Corp.<sup>(1)</sup> | 4943 | 500578 |
| Insmed, Inc.<sup>(1)</sup> | 1463 | 218470 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 723 | 199288 |
| Kymera Therapeutics, Inc.<sup>(1)</sup> | 11 | 1005 |
| Moderna, Inc.<sup>(1)</sup> | 5457 | 292331 |
| Natera, Inc.<sup>(1)</sup> | 1099 | 228636 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 2301 | 304307 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 912 | 92978 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 742 | 249868 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 231 | 15752 |
| Regeneron Pharmaceuticals, Inc. | 1910 | 1492990 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 3606 | 367884 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 12183 | 352576 |
| United Therapeutics Corp.<sup>(1)</sup> | 2199 | 1108076 |
| Vaxcyte, Inc.<sup>(1)</sup> | 231 | 14262 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3998 | 1986326 |
|  |  | 22469059 |
| **Broadline Retail — 3.7%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 167989 | 35277690 |
| Coupang, Inc.<sup>(1)</sup> | 28543 | 544600 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 210 | 126586 |
| eBay, Inc. | 13195 | 1198898 |
| Etsy, Inc.<sup>(1)</sup> | 292 | 16025 |
| MercadoLibre, Inc.<sup>(1)</sup> | 684 | 1202185 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 985 | 105493 |
|  |  | 38471477 |
| **Building Products — 0.7%** |  |  |
| A.O. Smith Corp. | 6882 | 536796 |
| AAON, Inc. | 632 | 63958 |
| Advanced Drainage Systems, Inc. | 4705 | 806155 |
| Allegion PLC | 126 | 20305 |
| Armstrong World Industries, Inc. | 2848 | 494128 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 2001 | 208684 |
| Carlisle Cos., Inc. | 1303 | 514385 |
| Carrier Global Corp. | 4278 | 275503 |
| Fortune Brands Innovations, Inc. | 10 | 543 |
| Johnson Controls International PLC | 4222 | 609235 |
| Lennox International, Inc. | 1408 | 802476 |
| Masco Corp. | 1912 | 136938 |
| Modine Manufacturing Co.<sup>(1)</sup> | 1168 | 265428 |
| Owens Corning | 4719 | 576048 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Simpson Manufacturing Co., Inc. | 1574 | $304679 |
| Trane Technologies PLC | 2560 | 1183539 |
| Zurn Elkay Water Solutions Corp. | 3774 | 192399 |
|  |  | 6991199 |
| **Capital Markets — 3.3%** |  |  |
| Affiliated Managers Group, Inc. | 441 | 135025 |
| Ameriprise Financial, Inc. | 4120 | 1936894 |
| Ares Management Corp., Class A | 969 | 108538 |
| Bank of New York Mellon Corp. | 15173 | 1807104 |
| Blackrock, Inc. | 1430 | 1520419 |
| Blackstone, Inc. | 6026 | 683168 |
| Blue Owl Capital, Inc. | 1936 | 20425 |
| Carlyle Group, Inc. | 10800 | 561492 |
| Cboe Global Markets, Inc. | 1990 | 596443 |
| Charles Schwab Corp. | 31780 | 3025456 |
| CME Group, Inc. | 5251 | 1677695 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 2338 | 411137 |
| Evercore, Inc., Class A | 1187 | 366593 |
| FactSet Research Systems, Inc. | 481 | 104286 |
| Franklin Resources, Inc. | 7991 | 212081 |
| Freedom Holding Corp.<sup>(1)(2)</sup> | 142 | 17064 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 13831 | 284780 |
| Goldman Sachs Group, Inc. | 5386 | 4629644 |
| Hamilton Lane, Inc., Class A | 779 | 81748 |
| Houlihan Lokey, Inc. | 1240 | 203075 |
| Interactive Brokers Group, Inc., Class A | 4571 | 325410 |
| Intercontinental Exchange, Inc. | 3221 | 528663 |
| Invesco Ltd. | 10929 | 286996 |
| Janus Henderson Group PLC | 2823 | 147078 |
| Jefferies Financial Group, Inc. | 8738 | 387967 |
| KKR & Co., Inc. | 6926 | 607272 |
| Lazard, Inc. | 497 | 25148 |
| LPL Financial Holdings, Inc. | 4142 | 1244174 |
| MarketAxess Holdings, Inc. | 3 | 576 |
| Moelis & Co., Class A | 151 | 8963 |
| Moody's Corp. | 2058 | 982880 |
| Morgan Stanley | 24507 | 4080661 |
| MSCI, Inc. | 671 | 383698 |
| Nasdaq, Inc. | 2818 | 246800 |
| Northern Trust Corp. | 8212 | 1175055 |
| PJT Partners, Inc., Class A | 2 | 295 |
| Raymond James Financial, Inc. | 6269 | 959659 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 11558 | 876674 |
| S&P Global, Inc. | 1643 | 726009 |
| SEI Investments Co. | 4733 | 384888 |
| State Street Corp. | 7230 | 929923 |
| StepStone Group, Inc., Class A | 630 | 27178 |
| Stifel Financial Corp. | 5387 | 398907 |
| T. Rowe Price Group, Inc. | 8653 | 818833 |
| TPG, Inc. | 778 | 33781 |
| Tradeweb Markets, Inc., Class A | 1087 | 133978 |
|  |  | 34104533 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chemicals — 1.2%** | | |
| Air Products & Chemicals, Inc. | 4591 | $1265601 |
| Albemarle Corp. | 3889 | 694848 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 7259 | 242523 |
| CF Industries Holdings, Inc. | 8718 | 867790 |
| Corteva, Inc. | 11946 | 957113 |
| Dow, Inc. | 14880 | 457262 |
| DuPont de Nemours, Inc. | 9289 | 464821 |
| Eastman Chemical Co. | 3945 | 297887 |
| Ecolab, Inc. | 2198 | 677753 |
| Element Solutions, Inc. | 341 | 11966 |
| International Flavors & Fragrances, Inc. | 5068 | 416742 |
| Linde PLC | 4146 | 2106500 |
| LyondellBasell Industries NV, Class A | 10209 | 587222 |
| Mosaic Co. | 11520 | 320717 |
| PPG Industries, Inc. | 3906 | 481493 |
| RPM International, Inc. | 3321 | 378992 |
| Sherwin-Williams Co. | 2678 | 971016 |
| Solstice Advanced Materials, Inc. | 9622 | 755423 |
| Westlake Corp. | 763 | 80405 |
|  |  | 12036074 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 44 | 4099 |
| Cintas Corp. | 4112 | 827047 |
| Clean Harbors, Inc.<sup>(1)</sup> | 1352 | 396406 |
| Copart, Inc.<sup>(1)</sup> | 15097 | 575045 |
| MSA Safety, Inc. | 449 | 87739 |
| Republic Services, Inc. | 1413 | 323577 |
| Rollins, Inc. | 5745 | 349813 |
| Veralto Corp. | 3594 | 350164 |
| Waste Connections, Inc. | 1963 | 337891 |
| Waste Management, Inc. | 4130 | 994669 |
|  |  | 4246450 |
| **Communications Equipment — 0.9%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 17131 | 2286988 |
| Ciena Corp.<sup>(1)</sup> | 3446 | 1201620 |
| Cisco Systems, Inc. | 43162 | 3429653 |
| F5, Inc.<sup>(1)</sup> | 1169 | 317220 |
| Lumentum Holdings, Inc.<sup>(1)</sup> | 528 | 370080 |
| Motorola Solutions, Inc. | 2495 | 1203239 |
| Ubiquiti, Inc. | 232 | 177942 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 39 | 1159 |
|  |  | 8987901 |
| **Construction and Engineering — 0.8%** |  |  |
| AECOM | 10 | 980 |
| API Group Corp.<sup>(1)</sup> | 603 | 26809 |
| Comfort Systems USA, Inc. | 1502 | 2146914 |
| Dycom Industries, Inc.<sup>(1)</sup> | 2166 | 909763 |
| EMCOR Group, Inc. | 2303 | 1668800 |
| Fluor Corp.<sup>(1)</sup> | 6176 | 323067 |
| IES Holdings, Inc.<sup>(1)</sup> | 592 | 293247 |
| MasTec, Inc.<sup>(1)</sup> | 1162 | 346299 |
| Primoris Services Corp. | 4236 | 638450 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Quanta Services, Inc. | 1673 | $942033 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 1170 | 500912 |
| Valmont Industries, Inc. | 1214 | 558355 |
|  |  | 8355629 |
| **Construction Materials — 0.4%** |  |  |
| CRH PLC | 12869 | 1544023 |
| Eagle Materials, Inc. | 2130 | 476694 |
| James Hardie Industries PLC<sup>(1)</sup> | 1346 | 32775 |
| Martin Marietta Materials, Inc. | 1478 | 999970 |
| Vulcan Materials Co. | 2923 | 906130 |
|  |  | 3959592 |
| **Consumer Finance — 0.9%** |  |  |
| Ally Financial, Inc. | 16560 | 653126 |
| American Express Co. | 13196 | 4076245 |
| Capital One Financial Corp. | 12105 | 2368222 |
| Figure Technology Solutions, Inc., Class A<sup>(1)(2)</sup> | 411 | 10390 |
| FirstCash Holdings, Inc. | 727 | 140158 |
| OneMain Holdings, Inc. | 7728 | 425195 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 24477 | 434712 |
| Synchrony Financial | 20455 | 1413645 |
|  |  | 9521693 |
| **Consumer Staples Distribution & Retail — 2.6%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 7458 | 736776 |
| Casey's General Stores, Inc. | 1417 | 971481 |
| Costco Wholesale Corp. | 7766 | 7849795 |
| Dollar General Corp. | 12657 | 1977530 |
| Dollar Tree, Inc.<sup>(1)</sup> | 11366 | 1437572 |
| Kroger Co. | 29124 | 1987422 |
| Maplebear, Inc.<sup>(1)</sup> | 4956 | 185899 |
| Performance Food Group Co.<sup>(1)</sup> | 2969 | 288171 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5318 | 392841 |
| Sysco Corp. | 7814 | 712324 |
| Target Corp. | 18949 | 2156207 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 1646 | 159020 |
| Walmart, Inc. | 64594 | 8264802 |
|  |  | 27119840 |
| **Containers and Packaging — 0.4%** |  |  |
| Amcor PLC | 4325 | 209460 |
| AptarGroup, Inc. | 2309 | 331826 |
| Avery Dennison Corp. | 1492 | 292954 |
| Ball Corp. | 4707 | 315981 |
| Crown Holdings, Inc. | 1859 | 213042 |
| International Paper Co. | 13557 | 590407 |
| Packaging Corp. of America | 4550 | 1056237 |
| Smurfit Westrock PLC | 14067 | 661290 |
|  |  | 3671197 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 2824 | 336790 |
| LKQ Corp. | 2690 | 89066 |
| Pool Corp. | 1102 | 250353 |
|  |  | 676209 |
| **Diversified Consumer Services — 0.0%** |  |  |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 130 | 20679 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Liberty Live Holdings, Inc., Class A<sup>(1)</sup> | 588 | $57059 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 1407 | 140208 |
| Service Corp. International | 2678 | 225434 |
|  |  | 443380 |
| **Diversified Telecommunication Services — 1.2%** |  |  |
| AST SpaceMobile, Inc.<sup>(1)(2)</sup> | 1331 | 105402 |
| AT&T, Inc. | 134985 | 3780930 |
| Comcast Corp., Class A | 80503 | 2492373 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 31 | 1232 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 638 | 25105 |
| Globalstar, Inc.<sup>(1)</sup> | 2943 | 183261 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 38 | 484 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 30 | 369 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 21958 | 156121 |
| Verizon Communications, Inc. | 104086 | 5218872 |
|  |  | 11964149 |
| **Electric Utilities — 1.6%** |  |  |
| Alliant Energy Corp. | 6839 | 494733 |
| American Electric Power Co., Inc. | 13122 | 1755986 |
| Constellation Energy Corp. | 4406 | 1453451 |
| Duke Energy Corp. | 9157 | 1198193 |
| Edison International | 12382 | 925431 |
| Entergy Corp. | 10491 | 1123691 |
| Evergy, Inc. | 6761 | 565625 |
| Eversource Energy | 11960 | 911472 |
| Exelon Corp. | 26111 | 1291711 |
| FirstEnergy Corp. | 7818 | 399969 |
| IDACORP, Inc. | 1398 | 201270 |
| NextEra Energy, Inc. | 8216 | 770414 |
| NRG Energy, Inc. | 3460 | 619202 |
| OGE Energy Corp. | 6998 | 343882 |
| PG&E Corp. | 59333 | 1127327 |
| Pinnacle West Capital Corp. | 4572 | 458572 |
| Portland General Electric Co. | 42 | 2266 |
| PPL Corp. | 17199 | 670417 |
| Southern Co. | 9354 | 910893 |
| Xcel Energy, Inc. | 13620 | 1135363 |
|  |  | 16359868 |
| **Electrical Equipment — 1.2%** |  |  |
| Acuity, Inc. | 770 | 232224 |
| AMETEK, Inc. | 3325 | 795406 |
| Bloom Energy Corp., Class A<sup>(1)</sup> | 3870 | 602443 |
| Eaton Corp. PLC | 3307 | 1243167 |
| Emerson Electric Co. | 4821 | 726766 |
| GE Vernova, Inc. | 4918 | 4296365 |
| Generac Holdings, Inc.<sup>(1)</sup> | 1608 | 362395 |
| Hubbell, Inc. | 771 | 394467 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 10170 | 1068867 |
| nVent Electric PLC | 2969 | 351411 |
| Powell Industries, Inc. | 9 | 4712 |
| Rockwell Automation, Inc. | 1787 | 728113 |
| Vertiv Holdings Co., Class A | 8099 | 2064354 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vicor Corp.<sup>(1)</sup> | 144 | $29002 |
|  |  | 12899692 |
| **Electronic Equipment, Instruments and Components — 1.3%** |  |  |
| Advanced Energy Industries, Inc. | 1255 | 421140 |
| Amphenol Corp., Class A | 14542 | 2124004 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 237 | 36062 |
| CDW Corp. | 2225 | 272874 |
| Cognex Corp. | 145 | 7888 |
| Coherent Corp.<sup>(1)</sup> | 2444 | 632825 |
| Corning, Inc. | 16636 | 2501722 |
| Fabrinet<sup>(1)</sup> | 927 | 505799 |
| Flex Ltd.<sup>(1)</sup> | 23364 | 1472399 |
| Jabil, Inc. | 5504 | 1458505 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 3183 | 978231 |
| Littelfuse, Inc. | 780 | 274919 |
| Sanmina Corp.<sup>(1)</sup> | 2586 | 401502 |
| TD SYNNEX Corp. | 1812 | 284140 |
| TE Connectivity PLC | 6731 | 1549140 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 561 | 382097 |
| TTM Technologies, Inc.<sup>(1)</sup> | 2184 | 227660 |
| Vontier Corp. | 192 | 7857 |
|  |  | 13538764 |
| **Energy Equipment and Services — 0.7%** |  |  |
| Baker Hughes Co. | 23967 | 1564086 |
| Halliburton Co. | 47638 | 1714968 |
| Noble Corp. PLC | 487 | 22124 |
| NOV, Inc. | 12848 | 260301 |
| SLB Ltd. | 36263 | 1861742 |
| TechnipFMC PLC | 26530 | 1759204 |
| Transocean Ltd.<sup>(1)</sup> | 1278 | 8282 |
| Weatherford International PLC | 436 | 45981 |
|  |  | 7236688 |
| **Entertainment — 1.1%** |  |  |
| Electronic Arts, Inc. | 2092 | 419593 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 257 | 21683 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 3462 | 317085 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 2777 | 450263 |
| Madison Square Garden Sports Corp.<sup>(1)</sup> | 14 | 4643 |
| Netflix, Inc.<sup>(1)</sup> | 54242 | 5220250 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 3888 | 266950 |
| Roku, Inc.<sup>(1)</sup> | 2703 | 266002 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 3557 | 752234 |
| TKO Group Holdings, Inc. | 257 | 57535 |
| Walt Disney Co. | 20903 | 2216554 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 45935 | 1293989 |
|  |  | 11286781 |
| **Financial Services — 2.5%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 3890 | 182752 |
| Apollo Global Management, Inc. | 7913 | 827700 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 14005 | 7071825 |
| Block, Inc.<sup>(1)</sup> | 7832 | 498898 |
| Corebridge Financial, Inc. | 15619 | 403595 |
| Corpay, Inc.<sup>(1)</sup> | 743 | 241549 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Equitable Holdings, Inc. | 12562 | $505244 |
| Essent Group Ltd. | 450 | 27378 |
| Fidelity National Information Services, Inc. | 3042 | 155020 |
| Fiserv, Inc.<sup>(1)</sup> | 3443 | 214465 |
| Global Payments, Inc. | 3993 | 305305 |
| Jack Henry & Associates, Inc. | 3318 | 539042 |
| Jackson Financial, Inc., Class A | 4852 | 531197 |
| Mastercard, Inc., Class A | 10820 | 5596212 |
| PayPal Holdings, Inc. | 12143 | 561128 |
| PennyMac Financial Services, Inc. | 700 | 64351 |
| Rocket Cos., Inc., Class A | 17043 | 310012 |
| Toast, Inc., Class A<sup>(1)</sup> | 4878 | 133218 |
| Visa, Inc., Class A | 24106 | 7717295 |
| Voya Financial, Inc. | 3450 | 230736 |
|  |  | 26116922 |
| **Food Products — 0.5%** |  |  |
| Archer-Daniels-Midland Co. | 23907 | 1650539 |
| Bunge Global SA | 3591 | 433254 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 358 | 19031 |
| General Mills, Inc. | 2859 | 129313 |
| Hershey Co. | 5349 | 1263862 |
| Hormel Foods Corp. | 4224 | 108134 |
| Ingredion, Inc. | 3972 | 466551 |
| Kraft Heinz Co. | 15131 | 372374 |
| Lamb Weston Holdings, Inc. | 156 | 7518 |
| McCormick & Co., Inc. | 318 | 22591 |
| Mondelez International, Inc., Class A | 9421 | 580145 |
| Pilgrim's Pride Corp. | 1980 | 85457 |
| Smithfield Foods, Inc. | 1921 | 47794 |
| Tyson Foods, Inc., Class A | 7546 | 490415 |
|  |  | 5676978 |
| **Gas Utilities — 0.1%** |  |  |
| Atmos Energy Corp. | 1765 | 329684 |
| National Fuel Gas Co. | 3417 | 311050 |
| Southwest Gas Holdings, Inc. | 27 | 2381 |
| UGI Corp. | 4554 | 170365 |
|  |  | 813480 |
| **Ground Transportation — 1.7%** |  |  |
| CSX Corp. | 79826 | 3407772 |
| JB Hunt Transport Services, Inc. | 4530 | 1057347 |
| Knight-Swift Transportation Holdings, Inc. | 4051 | 254889 |
| Lyft, Inc., Class A<sup>(1)</sup> | 23579 | 326333 |
| Norfolk Southern Corp. | 8627 | 2715262 |
| Old Dominion Freight Line, Inc. | 6902 | 1401451 |
| Ryder System, Inc. | 2665 | 590458 |
| Saia, Inc.<sup>(1)</sup> | 1015 | 411471 |
| Uber Technologies, Inc.<sup>(1)</sup> | 24896 | 1877656 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 50 | 2533 |
| U-Haul Holding Co. | 2129 | 100404 |
| Union Pacific Corp. | 20238 | 5362665 |
| XPO, Inc.<sup>(1)</sup> | 2156 | 453773 |
|  |  | 17962014 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Equipment and Supplies — 1.4%** | | |
| Abbott Laboratories | 18252 | $2123620 |
| Align Technology, Inc.<sup>(1)</sup> | 1733 | 329443 |
| Baxter International, Inc. | 6406 | 130490 |
| Becton Dickinson & Co. | 1927 | 340077 |
| Boston Scientific Corp.<sup>(1)</sup> | 10902 | 837819 |
| Cooper Cos., Inc.<sup>(1)</sup> | 4533 | 379276 |
| Dexcom, Inc.<sup>(1)</sup> | 15955 | 1171576 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 8324 | 719776 |
| Envista Holdings Corp.<sup>(1)</sup> | 5 | 146 |
| GE HealthCare Technologies, Inc. | 2888 | 243372 |
| Glaukos Corp.<sup>(1)</sup> | 360 | 43344 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 3757 | 358643 |
| Hologic, Inc.<sup>(1)</sup> | 4750 | 357960 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 2234 | 1467135 |
| Insulet Corp.<sup>(1)</sup> | 1225 | 302097 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 3574 | 1799545 |
| Masimo Corp.<sup>(1)</sup> | 3266 | 572693 |
| Medtronic PLC | 11227 | 1096429 |
| Penumbra, Inc.<sup>(1)</sup> | 625 | 215244 |
| ResMed, Inc. | 2745 | 703434 |
| STERIS PLC | 1914 | 482998 |
| Stryker Corp. | 2259 | 875272 |
| Zimmer Biomet Holdings, Inc. | 4064 | 400060 |
|  |  | 14950449 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Cardinal Health, Inc. | 2214 | 507515 |
| Cencora, Inc. | 3365 | 1252251 |
| Centene Corp.<sup>(1)</sup> | 31023 | 1392312 |
| Cigna Group | 1351 | 391547 |
| CVS Health Corp. | 6615 | 528538 |
| DaVita, Inc.<sup>(1)</sup> | 412 | 64396 |
| Elevance Health, Inc. | 3593 | 1149760 |
| Encompass Health Corp. | 3261 | 351797 |
| Ensign Group, Inc. | 2008 | 430053 |
| Guardant Health, Inc.<sup>(1)</sup> | 1733 | 162729 |
| HCA Healthcare, Inc. | 1277 | 676427 |
| HealthEquity, Inc.<sup>(1)</sup> | 928 | 70983 |
| Henry Schein, Inc.<sup>(1)</sup> | 4 | 330 |
| Humana, Inc. | 2022 | 385272 |
| Labcorp Holdings, Inc. | 1452 | 419802 |
| McKesson Corp. | 940 | 928128 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1331 | 205041 |
| Quest Diagnostics, Inc. | 672 | 142403 |
| UnitedHealth Group, Inc. | 4998 | 1465763 |
| Universal Health Services, Inc., Class B | 3341 | 688580 |
|  |  | 11213627 |
| **Health Care Technology — 0.0%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 2125 | 52126 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 1920 | 349459 |
|  |  | 401585 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 5047 | 681900 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Booking Holdings, Inc. | 168 | $712211 |
| Boyd Gaming Corp. | 2876 | 239369 |
| Brinker International, Inc.<sup>(1)</sup> | 491 | 72766 |
| Carnival Corp. | 50330 | 1587911 |
| Cava Group, Inc.<sup>(1)(2)</sup> | 696 | 57399 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 37032 | 1378331 |
| Churchill Downs, Inc. | 1259 | 115740 |
| Darden Restaurants, Inc. | 3500 | 748475 |
| Domino's Pizza, Inc. | 384 | 154564 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 2664 | 470116 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 196 | 4673 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 2023 | 108453 |
| Expedia Group, Inc. | 2397 | 517009 |
| Flutter Entertainment PLC<sup>(1)</sup> | 652 | 69203 |
| Hilton Worldwide Holdings, Inc. | 2020 | 629796 |
| Hyatt Hotels Corp., Class A | 36 | 5814 |
| Las Vegas Sands Corp. | 16143 | 915631 |
| Marriott International, Inc., Class A | 1851 | 632542 |
| McDonald's Corp. | 5261 | 1794317 |
| MGM Resorts International<sup>(1)</sup> | 3047 | 112312 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 31067 | 770151 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 778 | 63913 |
| Red Rock Resorts, Inc., Class A | 744 | 45049 |
| Royal Caribbean Cruises Ltd. | 10279 | 3196358 |
| Starbucks Corp. | 8855 | 867967 |
| Texas Roadhouse, Inc. | 3852 | 704415 |
| Viking Holdings Ltd.<sup>(1)</sup> | 4442 | 346565 |
| Wingstop, Inc. | 258 | 66954 |
| Wyndham Hotels & Resorts, Inc. | 142 | 11616 |
| Wynn Resorts Ltd. | 743 | 80385 |
| Yum! Brands, Inc. | 2587 | 435030 |
|  |  | 17596935 |
| **Household Durables — 0.7%** |  |  |
| DR Horton, Inc. | 7288 | 1168922 |
| Garmin Ltd. | 2862 | 723599 |
| Installed Building Products, Inc. | 1353 | 443459 |
| Lennar Corp., B Shares | 339 | 36182 |
| Lennar Corp., Class A | 11969 | 1368775 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 2025 | 253672 |
| NVR, Inc.<sup>(1)</sup> | 108 | 811921 |
| PulteGroup, Inc. | 6980 | 957656 |
| SharkNinja, Inc.<sup>(1)</sup> | 1732 | 212811 |
| Somnigroup International, Inc. | 2991 | 267724 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 89 | 5864 |
| Toll Brothers, Inc. | 3311 | 520622 |
| TopBuild Corp.<sup>(1)</sup> | 506 | 226840 |
|  |  | 6998047 |
| **Household Products — 0.6%** |  |  |
| Church & Dwight Co., Inc. | 3615 | 379069 |
| Clorox Co. | 1763 | 224183 |
| Colgate-Palmolive Co. | 15305 | 1517338 |
| Kimberly-Clark Corp. | 6680 | 744419 |
| Procter & Gamble Co. | 18329 | 3064609 |
|  |  | 5929618 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers — 0.3%** | | |
| AES Corp. | 23073 | $398701 |
| Clearway Energy, Inc., Class C | 534 | 20458 |
| Ormat Technologies, Inc. | 1173 | 121640 |
| Talen Energy Corp.<sup>(1)</sup> | 2948 | 1093620 |
| Vistra Corp. | 8553 | 1487281 |
|  |  | 3121700 |
| **Industrial Conglomerates — 0.2%** |  |  |
| 3M Co. | 5521 | 912732 |
| Honeywell International, Inc. | 5452 | 1328052 |
|  |  | 2240784 |
| **Insurance — 3.3%** |  |  |
| Aflac, Inc. | 13010 | 1469219 |
| Allstate Corp. | 10955 | 2350067 |
| American Financial Group, Inc. | 3454 | 459313 |
| American International Group, Inc. | 24180 | 1946248 |
| Aon PLC, Class A | 1795 | 602169 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 16148 | 1617222 |
| Arthur J Gallagher & Co. | 2306 | 526229 |
| Assurant, Inc. | 3687 | 846498 |
| Axis Capital Holdings Ltd. | 5258 | 555876 |
| Brown & Brown, Inc. | 1064 | 76416 |
| Chubb Ltd. | 6396 | 2180141 |
| Cincinnati Financial Corp. | 3912 | 641490 |
| CNA Financial Corp. | 317 | 15222 |
| Erie Indemnity Co., Class A | 372 | 100232 |
| Everest Group Ltd. | 1247 | 418356 |
| Fidelity National Financial, Inc. | 8042 | 425261 |
| First American Financial Corp. | 187 | 13111 |
| Globe Life, Inc. | 4717 | 685191 |
| Hanover Insurance Group, Inc. | 1 | 181 |
| Hartford Insurance Group, Inc. | 14300 | 2013869 |
| Kinsale Capital Group, Inc. | 911 | 354989 |
| Lemonade, Inc.<sup>(1)</sup> | 205 | 10607 |
| Lincoln National Corp. | 13218 | 453377 |
| Loews Corp. | 5316 | 584866 |
| Markel Group, Inc.<sup>(1)</sup> | 444 | 920177 |
| Marsh & McLennan Cos., Inc. | 3034 | 566569 |
| MetLife, Inc. | 21729 | 1566009 |
| Old Republic International Corp. | 9443 | 404821 |
| Primerica, Inc. | 2145 | 544101 |
| Principal Financial Group, Inc. | 12028 | 1147712 |
| Progressive Corp. | 14857 | 3174347 |
| Prudential Financial, Inc. | 14385 | 1415196 |
| Reinsurance Group of America, Inc. | 2217 | 478273 |
| RenaissanceRe Holdings Ltd. | 2937 | 888325 |
| Ryan Specialty Holdings, Inc. | 834 | 32818 |
| Travelers Cos., Inc. | 9705 | 2995351 |
| Unum Group | 6944 | 498093 |
| W.R. Berkley Corp. | 8701 | 623862 |
| Willis Towers Watson PLC | 530 | 161740 |
|  |  | 33763544 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 6.9%** | | |
| Alphabet, Inc., Class A | 83374 | $25992678 |
| Alphabet, Inc., Class C | 65513 | 20402714 |
| Match Group, Inc. | 2042 | 64527 |
| Meta Platforms, Inc., Class A | 38540 | 24980857 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 8798 | 150710 |
| Reddit, Inc., Class A<sup>(1)</sup> | 1574 | 229505 |
|  |  | 71820991 |
| **IT Services — 0.9%** |  |  |
| Accenture PLC, Class A | 8023 | 1674561 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 4209 | 414124 |
| Amdocs Ltd. | 2113 | 147487 |
| Applied Digital Corp.<sup>(1)</sup> | 1624 | 44286 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 3511 | 604559 |
| Cognizant Technology Solutions Corp., Class A | 13936 | 897896 |
| CoreWeave, Inc., Class A<sup>(1)</sup> | 2120 | 168667 |
| EPAM Systems, Inc.<sup>(1)</sup> | 1540 | 217140 |
| Gartner, Inc.<sup>(1)</sup> | 1450 | 227940 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 3038 | 264792 |
| International Business Machines Corp. | 11001 | 2642550 |
| MongoDB, Inc.<sup>(1)</sup> | 1332 | 437522 |
| Okta, Inc.<sup>(1)</sup> | 1254 | 90915 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 3677 | 619244 |
| Twilio, Inc., Class A<sup>(1)</sup> | 2720 | 329011 |
| VeriSign, Inc. | 1008 | 229764 |
|  |  | 9010458 |
| **Leisure Products — 0.0%** |  |  |
| Hasbro, Inc. | 4046 | 402941 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| Agilent Technologies, Inc. | 4406 | 534800 |
| Avantor, Inc.<sup>(1)</sup> | 2024 | 18317 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 573 | 159546 |
| Bio-Techne Corp. | 3492 | 206028 |
| Bruker Corp. | 312 | 12514 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 989 | 176527 |
| Danaher Corp. | 5170 | 1089009 |
| Illumina, Inc.<sup>(1)</sup> | 9288 | 1248865 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 1920 | 343315 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 814 | 367733 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 171 | 233704 |
| Repligen Corp.<sup>(1)</sup> | 899 | 115728 |
| Revvity, Inc. | 1480 | 145499 |
| Thermo Fisher Scientific, Inc. | 2172 | 1131851 |
| Waters Corp.<sup>(1)</sup> | 1551 | 495358 |
| West Pharmaceutical Services, Inc. | 2058 | 523432 |
|  |  | 6802226 |
| **Machinery — 2.9%** |  |  |
| AGCO Corp. | 3323 | 453590 |
| Allison Transmission Holdings, Inc. | 1389 | 174042 |
| Caterpillar, Inc. | 12501 | 9286118 |
| Chart Industries, Inc.<sup>(1)</sup> | 663 | 137440 |
| Crane Co. | 1034 | 207348 |
| Cummins, Inc. | 5181 | 3025030 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Deere & Co. | 6546 | $4122082 |
| Donaldson Co., Inc. | 4626 | 429108 |
| Dover Corp. | 2093 | 471971 |
| Esab Corp. | 5 | 631 |
| ESCO Technologies, Inc. | 38 | 10537 |
| Federal Signal Corp. | 1226 | 142743 |
| Flowserve Corp. | 4140 | 366473 |
| Fortive Corp. | 421 | 24923 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 225 | 6203 |
| Graco, Inc. | 4997 | 469318 |
| IDEX Corp. | 754 | 157940 |
| Illinois Tool Works, Inc. | 4138 | 1202627 |
| Ingersoll Rand, Inc. | 3316 | 312168 |
| ITT, Inc. | 2031 | 411095 |
| JBT Marel Corp. | 1018 | 156772 |
| Lincoln Electric Holdings, Inc. | 2354 | 675716 |
| Middleby Corp.<sup>(1)</sup> | 1453 | 245354 |
| Mueller Industries, Inc. | 5813 | 685701 |
| Oshkosh Corp. | 2314 | 393426 |
| Otis Worldwide Corp. | 3674 | 340065 |
| PACCAR, Inc. | 12730 | 1605126 |
| Parker-Hannifin Corp. | 1457 | 1470375 |
| Pentair PLC | 216 | 21425 |
| RBC Bearings, Inc.<sup>(1)</sup> | 477 | 274714 |
| Snap-on, Inc. | 1628 | 627138 |
| SPX Technologies, Inc.<sup>(1)</sup> | 936 | 212416 |
| Stanley Black & Decker, Inc. | 2434 | 210517 |
| Symbotic, Inc.<sup>(1)</sup> | 893 | 48919 |
| Terex Corp. | 476 | 32744 |
| Timken Co. | 164 | 17774 |
| Toro Co. | 6724 | 664735 |
| Watts Water Technologies, Inc., Class A | 725 | 238337 |
| Westinghouse Air Brake Technologies Corp. | 1731 | 456897 |
| Xylem, Inc. | 3332 | 431694 |
|  |  | 30221232 |
| **Marine Transportation — 0.0%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 2596 | 336961 |
| **Media — 0.3%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 1122 | 263255 |
| EchoStar Corp., Class A<sup>(1)</sup> | 3976 | 459347 |
| Fox Corp., Class A | 9030 | 508750 |
| Fox Corp., Class B | 6804 | 351971 |
| New York Times Co., Class A | 5912 | 471719 |
| News Corp., Class A | 6222 | 151132 |
| News Corp., Class B | 1759 | 47106 |
| Nexstar Media Group, Inc., Class A | 46 | 11547 |
| Omnicom Group, Inc. | 782 | 66697 |
| Paramount Skydance Corp., Class B | 41910 | 566204 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 2751 | 65529 |
|  |  | 2963257 |
| **Metals and Mining — 0.9%** |  |  |
| Alcoa Corp. | 3107 | 192883 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 14649 | 156158 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coeur Mining, Inc.<sup>(1)</sup> | 27495 | $746489 |
| Commercial Metals Co. | 7425 | 544252 |
| Freeport-McMoRan, Inc. | 53271 | 3626690 |
| Hecla Mining Co. | 24949 | 621480 |
| MP Materials Corp.<sup>(1)(2)</sup> | 3750 | 220762 |
| Newmont Corp. | 2339 | 304070 |
| Nucor Corp. | 6524 | 1153965 |
| Reliance, Inc. | 1462 | 461466 |
| Royal Gold, Inc. | 2201 | 659838 |
| Steel Dynamics, Inc. | 4296 | 829686 |
|  |  | 9517739 |
| **Multi-Utilities — 0.6%** |  |  |
| Ameren Corp. | 5897 | 668012 |
| CenterPoint Energy, Inc. | 13911 | 605129 |
| CMS Energy Corp. | 8463 | 660706 |
| Consolidated Edison, Inc. | 8628 | 970823 |
| Dominion Energy, Inc. | 14304 | 903155 |
| DTE Energy Co. | 4435 | 657444 |
| NiSource, Inc. | 7778 | 367899 |
| Public Service Enterprise Group, Inc. | 4798 | 412964 |
| Sempra | 5224 | 502914 |
| WEC Energy Group, Inc. | 2504 | 292868 |
|  |  | 6041914 |
| **Oil, Gas and Consumable Fuels — 5.4%** |  |  |
| Antero Midstream Corp. | 20453 | 459783 |
| Antero Resources Corp.<sup>(1)</sup> | 9374 | 345057 |
| APA Corp. | 28344 | 860807 |
| Centrus Energy Corp., Class A<sup>(1)</sup> | 3 | 608 |
| Cheniere Energy, Inc. | 9487 | 2236371 |
| Chevron Corp. | 28415 | 5306785 |
| Chord Energy Corp. | 21 | 2276 |
| Comstock Resources, Inc.<sup>(1)</sup> | 218 | 4275 |
| ConocoPhillips | 43263 | 4908620 |
| Coterra Energy, Inc. | 44602 | 1364375 |
| Devon Energy Corp. | 37464 | 1630808 |
| Diamondback Energy, Inc. | 8192 | 1426063 |
| DT Midstream, Inc. | 2779 | 385836 |
| EOG Resources, Inc. | 19730 | 2448098 |
| EQT Corp. | 23394 | 1436860 |
| Expand Energy Corp. | 13810 | 1490375 |
| Exxon Mobil Corp. | 76321 | 11638953 |
| Hess Midstream LP, Class A | 8197 | 317060 |
| HF Sinclair Corp. | 8546 | 427386 |
| Kinder Morgan, Inc. | 30340 | 1009412 |
| Marathon Petroleum Corp. | 7468 | 1480232 |
| Occidental Petroleum Corp. | 35984 | 1910031 |
| ONEOK, Inc. | 21085 | 1745205 |
| Ovintiv, Inc. | 17701 | 895494 |
| Permian Resources Corp. | 44677 | 817142 |
| Phillips 66 | 13075 | 2017865 |
| Range Resources Corp. | 14768 | 609623 |
| Sunococorp LLC | 344 | 20602 |
| Targa Resources Corp. | 10997 | 2593093 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Texas Pacific Land Corp. | 1668 | $874516 |
| Uranium Energy Corp.<sup>(1)</sup> | 10700 | 164031 |
| Valero Energy Corp. | 9687 | 1982348 |
| Viper Energy, Inc., Class A | 2847 | 132499 |
| Williams Cos., Inc. | 45177 | 3375625 |
|  |  | 56318114 |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 99 | 8389 |
| **Passenger Airlines — 0.5%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 300 | 15480 |
| American Airlines Group, Inc.<sup>(1)</sup> | 7475 | 97698 |
| Delta Air Lines, Inc. | 34746 | 2282812 |
| Southwest Airlines Co. | 22969 | 1131453 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 18472 | 1963574 |
|  |  | 5491017 |
| **Personal Care Products — 0.1%** |  |  |
| Estee Lauder Cos., Inc., Class A | 8787 | 961913 |
| Kenvue, Inc. | 17656 | 337583 |
|  |  | 1299496 |
| **Pharmaceuticals — 3.1%** |  |  |
| Bristol-Myers Squibb Co. | 29451 | 1836859 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 13299 | 351093 |
| Eli Lilly & Co. | 7626 | 8022476 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 4213 | 800554 |
| Johnson & Johnson | 28459 | 7070069 |
| Merck & Co., Inc. | 65406 | 8098571 |
| Pfizer, Inc. | 96069 | 2656308 |
| Royalty Pharma PLC, Class A | 9099 | 420465 |
| Viatris, Inc. | 76947 | 1148819 |
| Zoetis, Inc. | 10002 | 1311262 |
|  |  | 31716476 |
| **Professional Services — 0.4%** |  |  |
| Automatic Data Processing, Inc. | 5465 | 1171477 |
| Booz Allen Hamilton Holding Corp. | 1234 | 97276 |
| Broadridge Financial Solutions, Inc. | 1581 | 293860 |
| Equifax, Inc. | 528 | 110331 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 105 | 3281 |
| Genpact Ltd. | 5905 | 234547 |
| Jacobs Solutions, Inc. | 89 | 12270 |
| KBR, Inc. | 3 | 127 |
| Leidos Holdings, Inc. | 983 | 172123 |
| Parsons Corp.<sup>(1)</sup> | 667 | 44022 |
| Paychex, Inc. | 4948 | 463380 |
| Paycom Software, Inc. | 2644 | 332695 |
| Paylocity Holding Corp.<sup>(1)</sup> | 726 | 77312 |
| SS&C Technologies Holdings, Inc. | 1412 | 106310 |
| TransUnion | 15 | 1178 |
| UL Solutions, Inc., Class A | 2026 | 170123 |
| Verisk Analytics, Inc. | 3276 | 679999 |
|  |  | 3970311 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 3596 | 530985 |
| CoStar Group, Inc.<sup>(1)</sup> | 5913 | 263897 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1845 | $582190 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 632 | 28314 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 2381 | 106240 |
|  |  | 1511626 |
| **Semiconductors and Semiconductor Equipment — 11.9%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 19202 | 3844432 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 232 | 8461 |
| Amkor Technology, Inc. | 8969 | 428898 |
| Analog Devices, Inc. | 5819 | 2070342 |
| Applied Materials, Inc. | 18614 | 6929992 |
| Astera Labs, Inc.<sup>(1)</sup> | 1425 | 169333 |
| Broadcom, Inc. | 55559 | 17753878 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 340 | 47981 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 1622 | 182102 |
| Entegris, Inc. | 340 | 45033 |
| First Solar, Inc.<sup>(1)</sup> | 3124 | 616053 |
| FormFactor, Inc.<sup>(1)</sup> | 122 | 12063 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 1434 | 68187 |
| Intel Corp.<sup>(1)</sup> | 62669 | 2858333 |
| KLA Corp. | 3496 | 5329827 |
| Lam Research Corp. | 36438 | 8522484 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 1035 | 256804 |
| Marvell Technology, Inc. | 10233 | 835934 |
| Microchip Technology, Inc. | 6287 | 469262 |
| Micron Technology, Inc. | 29525 | 12175224 |
| Monolithic Power Systems, Inc. | 619 | 707356 |
| NVIDIA Corp. | 278153 | 49285930 |
| NXP Semiconductors NV | 2998 | 680576 |
| ON Semiconductor Corp.<sup>(1)</sup> | 18264 | 1214191 |
| Onto Innovation, Inc.<sup>(1)</sup> | 1211 | 261443 |
| Qnity Electronics, Inc. | 3034 | 384590 |
| Qorvo, Inc.<sup>(1)</sup> | 2876 | 238420 |
| QUALCOMM, Inc. | 17093 | 2433359 |
| Rambus, Inc.<sup>(1)</sup> | 2983 | 297286 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 34 | 6954 |
| SiTime Corp.<sup>(1)</sup> | 509 | 202521 |
| Skyworks Solutions, Inc. | 6632 | 395134 |
| Teradyne, Inc. | 6458 | 2066754 |
| Texas Instruments, Inc. | 11202 | 2376056 |
|  |  | 123175193 |
| **Software — 6.7%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 5691 | 1493375 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 336 | 59727 |
| AppLovin Corp., Class A<sup>(1)</sup> | 5283 | 2296890 |
| Atlassian Corp., Class A<sup>(1)</sup> | 2039 | 153190 |
| Aurora Innovation, Inc.<sup>(1)(2)</sup> | 14864 | 69564 |
| Autodesk, Inc.<sup>(1)</sup> | 3084 | 758263 |
| Bentley Systems, Inc., Class B | 1166 | 42617 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 3314 | 998840 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 520 | 8112 |
| Circle Internet Group, Inc.<sup>(1)</sup> | 2260 | 188574 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | 3073 | 71877 |
| Confluent, Inc., Class A<sup>(1)</sup> | 3868 | 118632 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 2924 | $1087669 |
| Datadog, Inc., Class A<sup>(1)</sup> | 3805 | 426008 |
| Docusign, Inc.<sup>(1)</sup> | 4361 | 196550 |
| Dolby Laboratories, Inc., Class A | 256 | 17042 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 711 | 17768 |
| Dynatrace, Inc.<sup>(1)</sup> | 4005 | 143860 |
| Fair Isaac Corp.<sup>(1)</sup> | 261 | 367843 |
| Fortinet, Inc.<sup>(1)</sup> | 17444 | 1378599 |
| Gitlab, Inc., Class A<sup>(1)</sup> | 13 | 342 |
| HubSpot, Inc.<sup>(1)</sup> | 578 | 152887 |
| InterDigital, Inc. | 1958 | 717666 |
| Intuit, Inc. | 3295 | 1347754 |
| JFrog Ltd.<sup>(1)</sup> | 208 | 8351 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 1016 | 17689 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 1856 | 251358 |
| MARA Holdings, Inc.<sup>(1)</sup> | 218 | 1949 |
| Microsoft Corp. | 104642 | 41097098 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 2999 | 114802 |
| Oracle Corp. | 20447 | 2972994 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 26410 | 3623188 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 8289 | 1234398 |
| Pegasystems, Inc. | 5325 | 232862 |
| PTC, Inc.<sup>(1)</sup> | 1401 | 219383 |
| Riot Platforms, Inc.<sup>(1)</sup> | 99 | 1613 |
| Roper Technologies, Inc. | 1312 | 458846 |
| Rubrik, Inc., Class A<sup>(1)</sup> | 1592 | 82720 |
| Salesforce, Inc. | 11033 | 2149118 |
| Samsara, Inc., Class A<sup>(1)</sup> | 3441 | 99445 |
| ServiceNow, Inc.<sup>(1)</sup> | 12312 | 1329819 |
| Strategy, Inc., Class A<sup>(1)</sup> | 3807 | 493006 |
| Synopsys, Inc.<sup>(1)</sup> | 2240 | 927360 |
| Trimble, Inc.<sup>(1)</sup> | 1989 | 133004 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 536 | 190114 |
| UiPath, Inc., Class A<sup>(1)</sup> | 9610 | 103115 |
| Unity Software, Inc.<sup>(1)</sup> | 2664 | 48565 |
| Workday, Inc., Class A<sup>(1)</sup> | 2682 | 358744 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 6170 | 456210 |
| Zscaler, Inc.<sup>(1)</sup> | 1234 | 181386 |
|  |  | 68900786 |
| **Specialty Retail — 2.5%** |  |  |
| AutoNation, Inc.<sup>(1)</sup> | 2438 | 475800 |
| AutoZone, Inc.<sup>(1)</sup> | 87 | 326735 |
| Best Buy Co., Inc. | 12220 | 757273 |
| Burlington Stores, Inc.<sup>(1)</sup> | 3882 | 1191269 |
| Carvana Co.<sup>(1)</sup> | 1335 | 446104 |
| Chewy, Inc., Class A<sup>(1)</sup> | 4264 | 116919 |
| Dick's Sporting Goods, Inc. | 1732 | 352687 |
| Five Below, Inc.<sup>(1)</sup> | 3786 | 846285 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 3298 | 227859 |
| GameStop Corp., Class A<sup>(1)</sup> | 6329 | 152086 |
| Gap, Inc. | 16863 | 472839 |
| Group 1 Automotive, Inc. | 5 | 1629 |
| Home Depot, Inc. | 11673 | 4444145 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lithia Motors, Inc. | 1577 | $440898 |
| Lowe's Cos., Inc. | 4262 | 1127597 |
| Murphy USA, Inc. | 1010 | 394647 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 7268 | 682320 |
| Penske Automotive Group, Inc. | 498 | 78445 |
| Ross Stores, Inc. | 14860 | 3055810 |
| TJX Cos., Inc. | 32314 | 5223881 |
| Tractor Supply Co. | 27197 | 1409892 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 2549 | 1745530 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 1261 | 96252 |
| Williams-Sonoma, Inc. | 6964 | 1432147 |
|  |  | 25499049 |
| **Technology Hardware, Storage and Peripherals — 5.9%** |  |  |
| Apple, Inc. | 192677 | 50901410 |
| Dell Technologies, Inc., Class C | 3654 | 541084 |
| GPGI, Inc., Class A | 2105 | 47257 |
| Hewlett Packard Enterprise Co. | 31068 | 667030 |
| HP, Inc. | 10766 | 204446 |
| NetApp, Inc. | 4897 | 484950 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 5099 | 327458 |
| Sandisk Corp.<sup>(1)</sup> | 5631 | 3577712 |
| Seagate Technology Holdings PLC | 2650 | 1080776 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 9295 | 301065 |
| Western Digital Corp. | 10362 | 2898252 |
|  |  | 61031440 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 2347 | 89139 |
| Birkenstock Holding PLC<sup>(1)(2)</sup> | 1116 | 46481 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 9269 | 1086976 |
| Levi Strauss & Co., Class A | 6039 | 133824 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 5867 | 1086392 |
| NIKE, Inc., Class B | 17963 | 1116939 |
| Ralph Lauren Corp. | 2184 | 791919 |
| Tapestry, Inc. | 7423 | 1154054 |
| VF Corp. | 29919 | 581027 |
|  |  | 6086751 |
| **Tobacco — 0.3%** |  |  |
| Altria Group, Inc. | 12961 | 894827 |
| Philip Morris International, Inc. | 10642 | 1988245 |
|  |  | 2883072 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Air Lease Corp. | 5108 | 331203 |
| Applied Industrial Technologies, Inc. | 1182 | 334009 |
| Core & Main, Inc., Class A<sup>(1)</sup> | 48 | 2600 |
| Fastenal Co. | 27753 | 1277748 |
| Ferguson Enterprises, Inc. | 502 | 130901 |
| FTAI Aviation Ltd. | 3298 | 1008528 |
| GATX Corp. | 180 | 33151 |
| QXO, Inc.<sup>(1)</sup> | 14083 | 337288 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 38 | 5430 |
| United Rentals, Inc. | 1974 | 1658160 |
| Watsco, Inc. | 730 | 304651 |
| WESCO International, Inc. | 1854 | 536733 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WW Grainger, Inc. | 1727 | $1976949 |
|  |  | 7937351 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 1426 | 193979 |
| Essential Utilities, Inc. | 2347 | 93809 |
|  |  | 287788 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile U.S., Inc. | 10593 | 2299634 |
| **TOTAL COMMON STOCKS**<br>(Cost $843,990,687) |  | **1032782448** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 3 | 3 |
| **Specialty Retail — 0.0%** |  |  |
| GameStop Corp.<sup>(1)</sup> | 624 | 2683 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **2686** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Metsera, Inc.<sup>(1)</sup> | 103 | 505 |
| **Consumer Staples Distribution & Retail — 0.0%** |  |  |
| Walgreens Boots Alliance, Inc.<sup>(1)</sup> | 3669 | 1945 |
| **TOTAL RIGHTS**<br>(Cost $2,449) |  | **2450** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 907660 | 907660 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 171889 | 171889 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,079,549) |  | **1079549** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $845,072,685) |  | **1033867133** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **863799** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1034730932** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $562,541. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $597,133, which includes securities collateral of $425,244.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.2%** | | |
| ATI, Inc.<sup>(1)</sup> | 146668 | $23993418 |
| **Air Freight and Logistics — 2.4%** |  |  |
| Expeditors International of Washington, Inc. | 278224 | 40350827 |
| FedEx Corp. | 294379 | 113924673 |
| United Parcel Service, Inc., Class B | 859265 | 99640369 |
|  |  | 253915869 |
| **Automobile Components — 0.8%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 345171 | 25383875 |
| Autoliv, Inc. | 172924 | 20494953 |
| BorgWarner, Inc. | 502060 | 28903594 |
| Lear Corp. | 57585 | 7558031 |
|  |  | 82340453 |
| **Automobiles — 1.8%** |  |  |
| Ford Motor Co. | 5436067 | 76594184 |
| General Motors Co. | 1422547 | 111968674 |
|  |  | 188562858 |
| **Banks — 2.6%** |  |  |
| Bank OZK | 117980 | 5493149 |
| Cullen/Frost Bankers, Inc. | 3910 | 540440 |
| East West Bancorp, Inc. | 216752 | 23723506 |
| First Citizens BancShares, Inc., Class A | 4424 | 8397416 |
| JPMorgan Chase & Co. | 725356 | 217824407 |
| Pinnacle Financial Partners, Inc. | 34640 | 3143926 |
| Popular, Inc. | 3480 | 471053 |
| Wintrust Financial Corp. | 63849 | 9198087 |
| Zions Bancorp NA | 235552 | 13492419 |
|  |  | 282284403 |
| **Beverages — 0.5%** |  |  |
| Brown-Forman Corp., Class A | 1245 | 36553 |
| Brown-Forman Corp., Class B | 32903 | 949581 |
| Coca-Cola Consolidated, Inc. | 124090 | 25115816 |
| Constellation Brands, Inc., Class A | 105478 | 16650757 |
| Molson Coors Beverage Co., Class B | 252184 | 12354494 |
|  |  | 55107201 |
| **Biotechnology — 2.1%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 8369 | 251907 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 23206 | 1468244 |
| Exelixis, Inc.<sup>(1)</sup> | 540866 | 23830556 |
| Gilead Sciences, Inc. | 1267737 | 188829426 |
| United Therapeutics Corp.<sup>(1)</sup> | 20141 | 10149050 |
|  |  | 224529183 |
| **Broadline Retail — 2.7%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1301358 | 273285180 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 7847 | 4730093 |
| Macy's, Inc. | 222787 | 4406727 |
|  |  | 282422000 |
| **Building Products — 1.0%** |  |  |
| A.O. Smith Corp. | 140078 | 10926084 |
| Advanced Drainage Systems, Inc. | 131299 | 22496771 |
| Armstrong World Industries, Inc. | 107436 | 18640146 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lennox International, Inc. | 49015 | $27935609 |
| Owens Corning | 189700 | 23156679 |
|  |  | 103155289 |
| **Capital Markets — 2.4%** |  |  |
| Ameriprise Financial, Inc. | 154545 | 72654695 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 522549 | 10759284 |
| Goldman Sachs Group, Inc. | 12315 | 10585605 |
| Jefferies Financial Group, Inc. | 94536 | 4197398 |
| LPL Financial Holdings, Inc. | 101451 | 30473851 |
| MarketAxess Holdings, Inc. | 120 | 23040 |
| Morgan Stanley | 486270 | 80968818 |
| Northern Trust Corp. | 255156 | 36510272 |
| T. Rowe Price Group, Inc. | 102563 | 9705537 |
|  |  | 255878500 |
| **Chemicals — 0.8%** |  |  |
| Air Products & Chemicals, Inc. | 133 | 36664 |
| Cabot Corp. | 47342 | 3604620 |
| CF Industries Holdings, Inc. | 321352 | 31987378 |
| LyondellBasell Industries NV, Class A | 447262 | 25726510 |
| NewMarket Corp. | 19379 | 12131448 |
| Solstice Advanced Materials, Inc. | 127913 | 10042450 |
|  |  | 83529070 |
| **Communications Equipment — 0.0%** |  |  |
| Ubiquiti, Inc. | 300 | 230097 |
| **Construction and Engineering — 1.3%** |  |  |
| Dycom Industries, Inc.<sup>(1)</sup> | 64326 | 27018207 |
| EMCOR Group, Inc. | 83620 | 60592724 |
| Fluor Corp.<sup>(1)</sup> | 73971 | 3869423 |
| IES Holdings, Inc.<sup>(1)</sup> | 16671 | 8257980 |
| Primoris Services Corp. | 107306 | 16173160 |
| Valmont Industries, Inc. | 46186 | 21242327 |
|  |  | 137153821 |
| **Construction Materials — 0.2%** |  |  |
| Eagle Materials, Inc. | 77091 | 17252966 |
| **Consumer Finance — 2.0%** |  |  |
| Ally Financial, Inc. | 586365 | 23126235 |
| American Express Co. | 353920 | 109325888 |
| Credit Acceptance Corp.<sup>(1)</sup> | 90 | 42586 |
| OneMain Holdings, Inc. | 280157 | 15414238 |
| SLM Corp. | 425005 | 7964594 |
| Synchrony Financial | 759224 | 52469971 |
|  |  | 208343512 |
| **Consumer Staples Distribution & Retail — 6.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 295020 | 29145026 |
| Costco Wholesale Corp. | 222978 | 225383933 |
| Dollar General Corp. | 375065 | 58600156 |
| Dollar Tree, Inc.<sup>(1)</sup> | 375884 | 47541808 |
| Kroger Co. | 1011701 | 69038476 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 211444 | 15619368 |
| Target Corp. | 622027 | 70780452 |
| Walmart, Inc. | 1325230 | 169563179 |
|  |  | 685672398 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Containers and Packaging — 0.4%** | | |
| Graphic Packaging Holding Co. | 549871 | $6724923 |
| Packaging Corp. of America | 146129 | 33922386 |
| Smurfit Westrock PLC | 100614 | 4729864 |
|  |  | 45377173 |
| **Diversified Consumer Services — 0.0%** |  |  |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 32210 | 5123645 |
| **Diversified Telecommunication Services — 1.9%** |  |  |
| Comcast Corp., Class A | 531746 | 16462856 |
| Globalstar, Inc.<sup>(1)</sup> | 74010 | 4608603 |
| Verizon Communications, Inc. | 3571251 | 179062525 |
|  |  | 200133984 |
| **Electrical Equipment — 0.3%** |  |  |
| Nextpower, Inc., Class A<sup>(1)</sup> | 346609 | 36428606 |
| **Electronic Equipment, Instruments and Components — 0.7%** |  |  |
| Flex Ltd.<sup>(1)</sup> | 822193 | 51814603 |
| Jabil, Inc. | 61491 | 16294500 |
| Sanmina Corp.<sup>(1)</sup> | 56997 | 8849354 |
|  |  | 76958457 |
| **Energy Equipment and Services — 1.2%** |  |  |
| Halliburton Co. | 1223038 | 44029368 |
| Noble Corp. PLC | 35286 | 1603043 |
| NOV, Inc. | 399145 | 8086678 |
| TechnipFMC PLC | 924455 | 61300611 |
| Weatherford International PLC | 88449 | 9327831 |
|  |  | 124347531 |
| **Entertainment — 0.2%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 246095 | 23684183 |
| **Financial Services — 0.6%** |  |  |
| Corebridge Financial, Inc. | 583114 | 15067666 |
| Enact Holdings, Inc. | 8630 | 361079 |
| Equitable Holdings, Inc. | 8598 | 345812 |
| Jackson Financial, Inc., Class A | 182538 | 19984260 |
| MGIC Investment Corp. | 398717 | 10577962 |
| PayPal Holdings, Inc. | 38429 | 1775804 |
| Radian Group, Inc. | 465 | 16052 |
| Visa, Inc., Class A | 52321 | 16750045 |
|  |  | 64878680 |
| **Food Products — 0.8%** |  |  |
| Archer-Daniels-Midland Co. | 388612 | 26829773 |
| Cal-Maine Foods, Inc. | 38530 | 3356348 |
| Hershey Co. | 61348 | 14495305 |
| Ingredion, Inc. | 147286 | 17300214 |
| Lamb Weston Holdings, Inc. | 291203 | 14033073 |
| Pilgrim's Pride Corp. | 106278 | 4586958 |
|  |  | 80601671 |
| **Ground Transportation — 4.6%** |  |  |
| CSX Corp. | 2532623 | 108117676 |
| JB Hunt Transport Services, Inc. | 164206 | 38327323 |
| Landstar System, Inc. | 36652 | 5972443 |
| Norfolk Southern Corp. | 283414 | 89201722 |
| Old Dominion Freight Line, Inc. | 281546 | 57167915 |
| Ryder System, Inc. | 99318 | 22004896 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Schneider National, Inc., Class B | 2967 | $84204 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 5527 | 279998 |
| U-Haul Holding Co. | 55136 | 2600214 |
| Union Pacific Corp. | 630578 | 167090558 |
|  |  | 490846949 |
| **Health Care Equipment and Supplies — 0.3%** |  |  |
| Baxter International, Inc. | 44620 | 908909 |
| Dexcom, Inc.<sup>(1)</sup> | 32557 | 2390660 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 253 | 21877 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 5137 | 3373622 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 120792 | 9048529 |
| Masimo Corp.<sup>(1)</sup> | 112919 | 19800347 |
|  |  | 35543944 |
| **Health Care Providers and Services — 0.4%** |  |  |
| Centene Corp.<sup>(1)</sup> | 396485 | 17794247 |
| Elevance Health, Inc. | 252 | 80640 |
| Universal Health Services, Inc., Class B | 103054 | 21239429 |
|  |  | 39114316 |
| **Hotels, Restaurants and Leisure — 2.8%** |  |  |
| Boyd Gaming Corp. | 138770 | 11549827 |
| Brinker International, Inc.<sup>(1)</sup> | 50852 | 7536266 |
| Carnival Corp. | 1797928 | 56724628 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 1313141 | 48875108 |
| Las Vegas Sands Corp. | 537460 | 30484731 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 1150683 | 28525432 |
| Royal Caribbean Cruises Ltd. | 289363 | 89980319 |
| Super Group SGHC Ltd. | 150097 | 1606038 |
| Texas Roadhouse, Inc. | 152690 | 27922420 |
|  |  | 303204769 |
| **Household Durables — 0.7%** |  |  |
| Installed Building Products, Inc. | 40780 | 13366053 |
| Lennar Corp., B Shares | 11098 | 1184489 |
| Lennar Corp., Class A | 285580 | 32658929 |
| NVR, Inc.<sup>(1)</sup> | 3220 | 24207284 |
| PulteGroup, Inc. | 25157 | 3451540 |
|  |  | 74868295 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 73095 | 27116052 |
| **Insurance — 7.1%** |  |  |
| Allstate Corp. | 362522 | 77768219 |
| American Financial Group, Inc. | 112843 | 15005862 |
| American International Group, Inc. | 764408 | 61527200 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 513891 | 51466184 |
| Assurant, Inc. | 100041 | 22968413 |
| Axis Capital Holdings Ltd. | 196434 | 20767002 |
| CNA Financial Corp. | 230 | 11045 |
| Erie Indemnity Co., Class A | 24 | 6466 |
| F&G Annuities & Life, Inc. | 13560 | 307134 |
| Globe Life, Inc. | 175385 | 25476425 |
| Hanover Insurance Group, Inc. | 6708 | 1211666 |
| Hartford Insurance Group, Inc. | 511919 | 72093553 |
| Kinsale Capital Group, Inc. | 1643 | 640228 |
| Lincoln National Corp. | 168074 | 5764938 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Markel Group, Inc.<sup>(1)</sup> | 2887 | $5983221 |
| MetLife, Inc. | 746197 | 53778418 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 8636 | 117795 |
| Primerica, Inc. | 80873 | 20514245 |
| Principal Financial Group, Inc. | 249331 | 23791164 |
| Progressive Corp. | 540863 | 115560789 |
| Prudential Financial, Inc. | 462332 | 45484222 |
| RenaissanceRe Holdings Ltd. | 106935 | 32343560 |
| Travelers Cos., Inc. | 323034 | 99701214 |
| Unum Group | 85804 | 6154721 |
|  |  | 758443684 |
| **Interactive Media and Services — 6.0%** |  |  |
| Alphabet, Inc., Class A | 592714 | 184784517 |
| Alphabet, Inc., Class C | 472406 | 147121400 |
| Meta Platforms, Inc., Class A | 480067 | 311169828 |
|  |  | 643075745 |
| **IT Services — 0.1%** |  |  |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 512281 | 6316425 |
| **Leisure Products — 0.1%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 501129 | 8494137 |
| **Life Sciences Tools and Services — 0.1%** |  |  |
| Illumina, Inc.<sup>(1)</sup> | 105321 | 14161462 |
| **Machinery — 4.3%** |  |  |
| AGCO Corp. | 44988 | 6140862 |
| Caterpillar, Inc. | 370737 | 275394566 |
| Cummins, Inc. | 104837 | 61211179 |
| Deere & Co. | 119562 | 75289387 |
| Graco, Inc. | 61 | 5729 |
| Mueller Industries, Inc. | 168370 | 19860925 |
| Terex Corp. | 29047 | 1998143 |
| Toro Co. | 206212 | 20386119 |
|  |  | 460286910 |
| **Media — 0.2%** |  |  |
| Fox Corp., Class A | 198763 | 11198307 |
| Fox Corp., Class B | 139541 | 7218456 |
| Paramount Skydance Corp., Class B | 422398 | 5706597 |
|  |  | 24123360 |
| **Metals and Mining — 0.9%** |  |  |
| Commercial Metals Co. | 50867 | 3728551 |
| Freeport-McMoRan, Inc. | 1420936 | 96737323 |
|  |  | 100465874 |
| **Oil, Gas and Consumable Fuels — 12.1%** |  |  |
| Antero Midstream Corp. | 629334 | 14147428 |
| Antero Resources Corp.<sup>(1)</sup> | 3684 | 135608 |
| APA Corp. | 925728 | 28114359 |
| Cheniere Energy, Inc. | 348427 | 82134697 |
| Chord Energy Corp. | 90949 | 9856143 |
| Comstock Resources, Inc.<sup>(1)</sup> | 12399 | 243144 |
| ConocoPhillips | 1323712 | 150188364 |
| Coterra Energy, Inc. | 1437117 | 43961409 |
| Devon Energy Corp. | 1210856 | 52708562 |
| Diamondback Energy, Inc. | 170166 | 29622497 |
| EOG Resources, Inc. | 770449 | 95597312 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EQT Corp. | 274824 | $16879690 |
| Expand Energy Corp. | 185570 | 20026714 |
| Exxon Mobil Corp. | 2248513 | 342898385 |
| Hess Midstream LP, Class A | 303039 | 11721549 |
| HF Sinclair Corp. | 305554 | 15280756 |
| Magnolia Oil & Gas Corp., Class A | 103568 | 2881262 |
| Matador Resources Co. | 219841 | 11299827 |
| Murphy Oil Corp. | 107929 | 3577846 |
| Occidental Petroleum Corp. | 982903 | 52172491 |
| ONEOK, Inc. | 471916 | 39060487 |
| Ovintiv, Inc. | 600471 | 30377828 |
| Permian Resources Corp. | 1465725 | 26808110 |
| Range Resources Corp. | 490130 | 20232567 |
| SM Energy Co. | 407 | 9414 |
| Targa Resources Corp. | 378091 | 89153858 |
| Williams Cos., Inc. | 1355947 | 101316360 |
|  |  | 1290406667 |
| **Paper and Forest Products — 0.1%** |  |  |
| Louisiana-Pacific Corp. | 121539 | 10299215 |
| **Passenger Airlines — 1.5%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 256035 | 13211406 |
| Delta Air Lines, Inc. | 1142943 | 75091355 |
| Southwest Airlines Co. | 14498 | 714171 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 644695 | 68531079 |
|  |  | 157548011 |
| **Personal Care Products — 0.3%** |  |  |
| Estee Lauder Cos., Inc., Class A | 273954 | 29989744 |
| **Pharmaceuticals — 3.3%** |  |  |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 141022 | 26797000 |
| Merck & Co., Inc. | 2005078 | 248268758 |
| Viatris, Inc. | 2470620 | 36886357 |
| Zoetis, Inc. | 297044 | 38942468 |
|  |  | 350894583 |
| **Professional Services — 0.0%** |  |  |
| Genpact Ltd. | 1064 | 42262 |
| **Real Estate Management and Development — 0.1%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 1431114 | 7756638 |
| **Semiconductors and Semiconductor Equipment — 9.0%** |  |  |
| Amkor Technology, Inc. | 325414 | 15561297 |
| Applied Materials, Inc. | 506147 | 188438528 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 18629 | 2628924 |
| KLA Corp. | 78752 | 120061362 |
| Lam Research Corp. | 1099115 | 257072007 |
| Micron Technology, Inc. | 826529 | 340835764 |
| ON Semiconductor Corp.<sup>(1)</sup> | 568262 | 37778058 |
|  |  | 962375940 |
| **Software — 1.0%** |  |  |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 9051 | 141196 |
| InterDigital, Inc. | 65204 | 23899222 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 926 | 125408 |
| Microsoft Corp. | 187881 | 73788384 |
| Pegasystems, Inc. | 188193 | 8229680 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Qualys, Inc.<sup>(1)</sup> | 10667 | $986377 |
|  |  | 107170267 |
| **Specialty Retail — 5.6%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 64308 | 6289322 |
| AutoNation, Inc.<sup>(1)</sup> | 70133 | 13687156 |
| Best Buy Co., Inc. | 436421 | 27045009 |
| Burlington Stores, Inc.<sup>(1)</sup> | 135696 | 41641032 |
| CarMax, Inc.<sup>(1)</sup> | 22277 | 961698 |
| Five Below, Inc.<sup>(1)</sup> | 101674 | 22727189 |
| Gap, Inc. | 617710 | 17320588 |
| Lithia Motors, Inc. | 35018 | 9790333 |
| Murphy USA, Inc. | 39361 | 15379917 |
| Penske Automotive Group, Inc. | 417 | 65686 |
| Ross Stores, Inc. | 496838 | 102169766 |
| TJX Cos., Inc. | 1055435 | 170621622 |
| Tractor Supply Co. | 961041 | 49820366 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 94361 | 64617469 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 142925 | 9461635 |
| Williams-Sonoma, Inc. | 241555 | 49675786 |
|  |  | 601274574 |
| **Technology Hardware, Storage and Peripherals — 2.8%** |  |  |
| Apple, Inc. | 1131052 | 298801317 |
| **Textiles, Apparel and Luxury Goods — 1.2%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 98926 | 8973577 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 311936 | 36580735 |
| Levi Strauss & Co., Class A | 244569 | 5419649 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 135278 | 25049427 |
| Ralph Lauren Corp. | 83301 | 30204943 |
| VF Corp. | 958826 | 18620401 |
|  |  | 124848732 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Air Lease Corp. | 699 | 45323 |
| Fastenal Co. | 200 | 9208 |
| GATX Corp. | 37076 | 6828287 |
| WW Grainger, Inc. | 65454 | 74927158 |
|  |  | 81809976 |
| **Wireless Telecommunication Services — 0.8%** |  |  |
| T-Mobile U.S., Inc. | 374589 | 81319526 |
| **TOTAL COMMON STOCKS**<br>(Cost $8,444,655,985) |  | **10632504342** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup><br>(Cost $—) | 49969 | **42024** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 9275846 | 9275846 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2906347 | 2906347 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $12,182,193) |  | **12182193** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $8,456,838,178) |  | **10644728559** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **8547636** |
| **TOTAL NET ASSETS — 100.0%** |  | $**10653276195** |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,479,027. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,707,261, which includes securities collateral of $1,800,914.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 2.2%** | | |
| ATI, Inc.<sup>(1)</sup> | 6549 | $1071351 |
| BWX Technologies, Inc. | 4224 | 870059 |
| Carpenter Technology Corp. | 1139 | 453402 |
| Curtiss-Wright Corp. | 1444 | 1011276 |
| HEICO Corp. | 1191 | 380477 |
| HEICO Corp., Class A | 2101 | 504471 |
| Hexcel Corp. | 393 | 36427 |
| Huntington Ingalls Industries, Inc. | 1598 | 710343 |
| Leonardo DRS, Inc. | 206 | 8938 |
| Moog, Inc., Class A | 674 | 227428 |
| StandardAero, Inc.<sup>(1)</sup> | 2542 | 78294 |
| Textron, Inc. | 6874 | 678120 |
| VSE Corp. | 137 | 31109 |
| Woodward, Inc. | 2379 | 920102 |
|  |  | 6981797 |
| **Air Freight and Logistics — 0.6%** |  |  |
| CH Robinson Worldwide, Inc. | 4649 | 861227 |
| Expeditors International of Washington, Inc. | 6507 | 943710 |
|  |  | 1804937 |
| **Automobile Components — 0.7%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 10761 | 791364 |
| Autoliv, Inc. | 3401 | 403086 |
| BorgWarner, Inc. | 11047 | 635976 |
| Lear Corp. | 1435 | 188344 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 1759 | 14881 |
|  |  | 2033651 |
| **Automobiles — 0.4%** |  |  |
| Ford Motor Co. | 56843 | 800918 |
| Lucid Group, Inc.<sup>(1)</sup> | 1 | 10 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 34766 | 532963 |
|  |  | 1333891 |
| **Banks — 4.1%** |  |  |
| Bank OZK | 15 | 698 |
| BOK Financial Corp. | 921 | 115788 |
| Citizens Financial Group, Inc. | 18543 | 1116103 |
| Columbia Banking System, Inc. | 9294 | 264414 |
| Commerce Bancshares, Inc. | 5346 | 272593 |
| Cullen/Frost Bankers, Inc. | 2285 | 315833 |
| East West Bancorp, Inc. | 5681 | 621785 |
| Fifth Third Bancorp | 33803 | 1672234 |
| First Citizens BancShares, Inc., Class A | 325 | 616899 |
| First Horizon Corp. | 18320 | 435833 |
| FNB Corp. | 1728 | 29359 |
| Glacier Bancorp, Inc. | 618 | 28113 |
| Huntington Bancshares, Inc. | 65784 | 1105171 |
| KeyCorp | 43386 | 899826 |
| M&T Bank Corp. | 5324 | 1155202 |
| Old National Bancorp | 7653 | 176784 |
| Pinnacle Financial Partners, Inc. | 4398 | 399163 |
| Popular, Inc. | 2517 | 340701 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prosperity Bancshares, Inc. | 3604 | $253613 |
| Regions Financial Corp. | 32699 | 910013 |
| Southstate Bank Corp. | 3752 | 370210 |
| UMB Financial Corp. | 1510 | 174979 |
| Valley National Bancorp | 10538 | 132884 |
| Webster Financial Corp. | 5538 | 399456 |
| Western Alliance Bancorp | 3878 | 311481 |
| Wintrust Financial Corp. | 2699 | 388818 |
| Zions Bancorp NA | 6805 | 389790 |
|  |  | 12897743 |
| **Beverages — 1.0%** |  |  |
| Brown-Forman Corp., Class A | 1595 | 46829 |
| Brown-Forman Corp., Class B | 8917 | 257345 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 6372 | 341603 |
| Coca-Cola Consolidated, Inc. | 2976 | 602342 |
| Constellation Brands, Inc., Class A | 3655 | 576978 |
| Keurig Dr. Pepper, Inc. | 28013 | 848234 |
| Molson Coors Beverage Co., Class B | 7862 | 385159 |
| Primo Brands Corp., Class A | 8994 | 203984 |
|  |  | 3262474 |
| **Biotechnology — 2.1%** |  |  |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 1244 | 78708 |
| Biogen, Inc.<sup>(1)</sup> | 5910 | 1133656 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 7126 | 439888 |
| Exelixis, Inc.<sup>(1)</sup> | 12653 | 557491 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 5481 | 381094 |
| Incyte Corp.<sup>(1)</sup> | 6790 | 687623 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 585 | 161249 |
| Moderna, Inc.<sup>(1)</sup> | 11493 | 615680 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 4068 | 537993 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 326 | 109781 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 5175 | 527953 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 10605 | 306909 |
| United Therapeutics Corp.<sup>(1)</sup> | 2064 | 1040050 |
| Vaxcyte, Inc.<sup>(1)</sup> | 1848 | 114096 |
|  |  | 6692171 |
| **Broadline Retail — 0.7%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 24919 | 475454 |
| Dillard's, Inc., Class A | 164 | 98858 |
| eBay, Inc. | 16026 | 1456122 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 2449 | 262288 |
|  |  | 2292722 |
| **Building Products — 1.8%** |  |  |
| A.O. Smith Corp. | 5208 | 406224 |
| AAON, Inc. | 819 | 82883 |
| Advanced Drainage Systems, Inc. | 3655 | 626248 |
| Allegion PLC | 270 | 43510 |
| Armstrong World Industries, Inc. | 989 | 171591 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 4292 | 447613 |
| Carlisle Cos., Inc. | 1440 | 568469 |
| Carrier Global Corp. | 10073 | 648701 |
| Fortune Brands Innovations, Inc. | 4373 | 237629 |
| Lennox International, Inc. | 1218 | 694187 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Masco Corp. | 2821 | $202040 |
| Modine Manufacturing Co.<sup>(1)</sup> | 1389 | 315650 |
| Owens Corning | 4172 | 509276 |
| Simpson Manufacturing Co., Inc. | 1863 | 360621 |
| Zurn Elkay Water Solutions Corp. | 6717 | 342433 |
|  |  | 5657075 |
| **Capital Markets — 4.1%** |  |  |
| Affiliated Managers Group, Inc. | 751 | 229941 |
| Ameriprise Financial, Inc. | 1524 | 716463 |
| Carlyle Group, Inc. | 10758 | 559308 |
| Cboe Global Markets, Inc. | 3880 | 1162914 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 1346 | 236694 |
| Evercore, Inc., Class A | 1463 | 451833 |
| FactSet Research Systems, Inc. | 1569 | 340175 |
| Franklin Resources, Inc. | 12325 | 327106 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 3937 | 81063 |
| Hamilton Lane, Inc., Class A | 1594 | 167274 |
| Houlihan Lokey, Inc. | 1101 | 180311 |
| Invesco Ltd. | 17172 | 450937 |
| Janus Henderson Group PLC | 115 | 5992 |
| Jefferies Financial Group, Inc. | 7143 | 317149 |
| LPL Financial Holdings, Inc. | 3355 | 1007775 |
| MarketAxess Holdings, Inc. | 991 | 190272 |
| Morningstar, Inc. | 901 | 165009 |
| Northern Trust Corp. | 9004 | 1288382 |
| PJT Partners, Inc., Class A | 377 | 55675 |
| Raymond James Financial, Inc. | 6801 | 1041097 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 5608 | 425367 |
| SEI Investments Co. | 4182 | 340080 |
| State Street Corp. | 10636 | 1368002 |
| StepStone Group, Inc., Class A | 676 | 29163 |
| Stifel Financial Corp. | 5926 | 438857 |
| T. Rowe Price Group, Inc. | 8016 | 758554 |
| Tradeweb Markets, Inc., Class A | 3342 | 411918 |
|  |  | 12747311 |
| **Chemicals — 2.7%** |  |  |
| Albemarle Corp. | 5161 | 922116 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 8236 | 275165 |
| CF Industries Holdings, Inc. | 7237 | 720371 |
| Corteva, Inc. | 8081 | 647450 |
| Dow, Inc. | 24062 | 739425 |
| DuPont de Nemours, Inc. | 16387 | 820005 |
| Eastman Chemical Co. | 5048 | 381174 |
| International Flavors & Fragrances, Inc. | 7649 | 628977 |
| LyondellBasell Industries NV, Class A | 12552 | 721991 |
| Mosaic Co. | 12536 | 349002 |
| NewMarket Corp. | 229 | 143356 |
| PPG Industries, Inc. | 8925 | 1100185 |
| RPM International, Inc. | 5496 | 627204 |
| Solstice Advanced Materials, Inc. | 2363 | 185519 |
| Westlake Corp. | 1515 | 159651 |
|  |  | 8421591 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Commercial Services and Supplies — 1.4%** | | |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 318 | $29625 |
| Clean Harbors, Inc.<sup>(1)</sup> | 1819 | 533331 |
| Copart, Inc.<sup>(1)</sup> | 12960 | 493646 |
| MSA Safety, Inc. | 1527 | 298391 |
| Rollins, Inc. | 11540 | 702671 |
| Tetra Tech, Inc. | 6973 | 249912 |
| Veralto Corp. | 7835 | 763364 |
| Waste Connections, Inc. | 8272 | 1423859 |
|  |  | 4494799 |
| **Communications Equipment — 0.9%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 5989 | 2088364 |
| F5, Inc.<sup>(1)</sup> | 2378 | 645294 |
| Ubiquiti, Inc. | 91 | 69796 |
|  |  | 2803454 |
| **Construction and Engineering — 2.0%** |  |  |
| AECOM | 4901 | 480200 |
| API Group Corp.<sup>(1)</sup> | 8446 | 375509 |
| Comfort Systems USA, Inc. | 1563 | 2234105 |
| Dycom Industries, Inc.<sup>(1)</sup> | 776 | 325936 |
| EMCOR Group, Inc. | 1921 | 1391995 |
| Fluor Corp.<sup>(1)</sup> | 7226 | 377992 |
| IES Holdings, Inc.<sup>(1)</sup> | 218 | 107986 |
| MasTec, Inc.<sup>(1)</sup> | 1468 | 437494 |
| Primoris Services Corp. | 1407 | 212063 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 648 | 277428 |
| Valmont Industries, Inc. | 453 | 208348 |
|  |  | 6429056 |
| **Construction Materials — 1.1%** |  |  |
| Eagle Materials, Inc. | 1546 | 345995 |
| Martin Marietta Materials, Inc. | 2305 | 1559494 |
| Vulcan Materials Co. | 4705 | 1458550 |
|  |  | 3364039 |
| **Consumer Finance — 1.0%** |  |  |
| Ally Financial, Inc. | 11971 | 472136 |
| Credit Acceptance Corp.<sup>(1)</sup> | 13 | 6151 |
| FirstCash Holdings, Inc. | 1328 | 256025 |
| OneMain Holdings, Inc. | 6025 | 331496 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 45153 | 801917 |
| Synchrony Financial | 18851 | 1302793 |
|  |  | 3170518 |
| **Consumer Staples Distribution & Retail — 3.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 5838 | 576736 |
| Casey's General Stores, Inc. | 1580 | 1083232 |
| Dollar General Corp. | 9876 | 1543026 |
| Dollar Tree, Inc.<sup>(1)</sup> | 8960 | 1133261 |
| Kroger Co. | 20479 | 1397487 |
| Maplebear, Inc.<sup>(1)</sup> | 5717 | 214445 |
| Performance Food Group Co.<sup>(1)</sup> | 5279 | 512380 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 4483 | 331159 |
| Sysco Corp. | 17598 | 1604234 |
| Target Corp. | 14241 | 1620483 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 7241 | $699553 |
|  |  | 10715996 |
| **Containers and Packaging — 1.3%** |  |  |
| Amcor PLC | 274 | 13270 |
| AptarGroup, Inc. | 2865 | 411729 |
| Avery Dennison Corp. | 3207 | 629694 |
| Ball Corp. | 2237 | 150170 |
| Crown Holdings, Inc. | 4648 | 532661 |
| International Paper Co. | 16245 | 707470 |
| Packaging Corp. of America | 3782 | 877954 |
| Smurfit Westrock PLC | 12846 | 603890 |
|  |  | 3926838 |
| **Distributors — 0.4%** |  |  |
| Genuine Parts Co. | 4903 | 584732 |
| LKQ Corp. | 6814 | 225612 |
| Pool Corp. | 1402 | 318506 |
|  |  | 1128850 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 19383 | 155451 |
| Liberty Live Holdings, Inc., Class A<sup>(1)</sup> | 418 | 40563 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 428 | 42650 |
| Service Corp. International | 5060 | 425951 |
|  |  | 664615 |
| **Diversified Telecommunication Services — 0.0%** |  |  |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 1 | 40 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 53 | 2086 |
| Globalstar, Inc.<sup>(1)</sup> | 1416 | 88174 |
|  |  | 90300 |
| **Electric Utilities — 3.6%** |  |  |
| Alliant Energy Corp. | 6904 | 499435 |
| Edison International | 11657 | 871244 |
| Entergy Corp. | 13473 | 1443093 |
| Evergy, Inc. | 6493 | 543204 |
| Eversource Energy | 11795 | 898897 |
| Exelon Corp. | 26928 | 1332128 |
| FirstEnergy Corp. | 13252 | 677972 |
| IDACORP, Inc. | 1342 | 193208 |
| NRG Energy, Inc. | 5424 | 970679 |
| OGE Energy Corp. | 6926 | 340344 |
| PG&E Corp. | 56120 | 1066280 |
| Pinnacle West Capital Corp. | 4154 | 416646 |
| PPL Corp. | 20169 | 786188 |
| Xcel Energy, Inc. | 13927 | 1160955 |
|  |  | 11200273 |
| **Electrical Equipment — 2.2%** |  |  |
| Acuity, Inc. | 1316 | 396893 |
| AMETEK, Inc. | 2751 | 658094 |
| Bloom Energy Corp., Class A<sup>(1)</sup> | 7942 | 1236331 |
| EnerSys | 188 | 31236 |
| Generac Holdings, Inc.<sup>(1)</sup> | 2257 | 508660 |
| Hubbell, Inc. | 2043 | 1045260 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 6254 | 657295 |
| nVent Electric PLC | 5566 | 658792 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Powell Industries, Inc. | 10 | $5236 |
| Rockwell Automation, Inc. | 4188 | 1706401 |
| Vicor Corp.<sup>(1)</sup> | 350 | 70490 |
|  |  | 6974688 |
| **Electronic Equipment, Instruments and Components — 3.0%** |  |  |
| Advanced Energy Industries, Inc. | 882 | 295973 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1955 | 297473 |
| CDW Corp. | 5066 | 621294 |
| Cognex Corp. | 4694 | 255354 |
| Coherent Corp.<sup>(1)</sup> | 4512 | 1168292 |
| Fabrinet<sup>(1)</sup> | 1630 | 889377 |
| Flex Ltd.<sup>(1)</sup> | 20190 | 1272374 |
| Jabil, Inc. | 4531 | 1200670 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 6123 | 1881782 |
| Littelfuse, Inc. | 733 | 258353 |
| Sanmina Corp.<sup>(1)</sup> | 1483 | 230250 |
| TD SYNNEX Corp. | 2646 | 414919 |
| TTM Technologies, Inc.<sup>(1)</sup> | 2495 | 260079 |
| Vontier Corp. | 1069 | 43743 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 1648 | 369086 |
|  |  | 9459019 |
| **Energy Equipment and Services — 1.2%** |  |  |
| Baker Hughes Co. | 15101 | 985491 |
| Halliburton Co. | 22015 | 792540 |
| Noble Corp. PLC | 625 | 28394 |
| NOV, Inc. | 4221 | 85517 |
| Patterson-UTI Energy, Inc. | 15 | 128 |
| SLB Ltd. | 3834 | 196838 |
| TechnipFMC PLC | 21678 | 1437468 |
| Transocean Ltd.<sup>(1)</sup> | 3669 | 23775 |
| Weatherford International PLC | 828 | 87321 |
|  |  | 3637472 |
| **Entertainment — 1.8%** |  |  |
| Electronic Arts, Inc. | 6748 | 1353446 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 13 | 1097 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 77 | 7052 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 5385 | 873124 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 5656 | 388341 |
| Roku, Inc.<sup>(1)</sup> | 2660 | 261771 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 4872 | 1030331 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 59044 | 1663269 |
|  |  | 5578431 |
| **Financial Services — 1.5%** |  |  |
| Block, Inc.<sup>(1)</sup> | 12614 | 803512 |
| Corebridge Financial, Inc. | 6399 | 165350 |
| Corpay, Inc.<sup>(1)</sup> | 2551 | 829330 |
| Enact Holdings, Inc. | 666 | 27865 |
| Equitable Holdings, Inc. | 9310 | 374448 |
| Essent Group Ltd. | 3105 | 188908 |
| Fiserv, Inc.<sup>(1)</sup> | 2876 | 179146 |
| Global Payments, Inc. | 4658 | 356151 |
| Jack Henry & Associates, Inc. | 2637 | 428407 |
| Jackson Financial, Inc., Class A | 2001 | 219070 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MGIC Investment Corp. | 10046 | $266520 |
| PayPal Holdings, Inc. | 5600 | 258776 |
| PennyMac Financial Services, Inc. | 606 | 55710 |
| Toast, Inc., Class A<sup>(1)</sup> | 5666 | 154738 |
| Voya Financial, Inc. | 3671 | 245517 |
|  |  | 4553448 |
| **Food Products — 2.1%** |  |  |
| Archer-Daniels-Midland Co. | 18159 | 1253697 |
| Bunge Global SA | 5962 | 719315 |
| Campbell's Co.<sup>(2)</sup> | 5995 | 161565 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 1994 | 106001 |
| General Mills, Inc. | 16826 | 761040 |
| Hershey Co. | 4846 | 1145013 |
| Hormel Foods Corp. | 11051 | 282906 |
| Ingredion, Inc. | 3003 | 352732 |
| Kraft Heinz Co. | 30983 | 762492 |
| Lamb Weston Holdings, Inc. | 4899 | 236083 |
| Pilgrim's Pride Corp. | 2193 | 94650 |
| Smithfield Foods, Inc. | 907 | 22566 |
| Tyson Foods, Inc., Class A | 10616 | 689934 |
|  |  | 6587994 |
| **Gas Utilities — 0.4%** |  |  |
| Atmos Energy Corp. | 4582 | 855872 |
| National Fuel Gas Co. | 3243 | 295210 |
| Southwest Gas Holdings, Inc. | 577 | 50874 |
| UGI Corp. | 3380 | 126446 |
|  |  | 1328402 |
| **Ground Transportation — 1.5%** |  |  |
| JB Hunt Transport Services, Inc. | 3822 | 892093 |
| Knight-Swift Transportation Holdings, Inc. | 5819 | 366132 |
| Lyft, Inc., Class A<sup>(1)</sup> | 7597 | 105142 |
| Old Dominion Freight Line, Inc. | 5682 | 1153730 |
| Ryder System, Inc. | 2040 | 451982 |
| Saia, Inc.<sup>(1)</sup> | 948 | 384310 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 456 | 23101 |
| U-Haul Holding Co. | 4603 | 217078 |
| XPO, Inc.<sup>(1)</sup> | 4753 | 1000364 |
|  |  | 4593932 |
| **Health Care Equipment and Supplies — 3.1%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 2785 | 529428 |
| Baxter International, Inc. | 18356 | 373912 |
| Cooper Cos., Inc.<sup>(1)</sup> | 6653 | 556657 |
| Dexcom, Inc.<sup>(1)</sup> | 13790 | 1012600 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 10692 | 924537 |
| GE HealthCare Technologies, Inc. | 12890 | 1086240 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 4952 | 472718 |
| Hologic, Inc.<sup>(1)</sup> | 7876 | 593535 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 690 | 453144 |
| Insulet Corp.<sup>(1)</sup> | 2369 | 584219 |
| Masimo Corp.<sup>(1)</sup> | 1274 | 223396 |
| Penumbra, Inc.<sup>(1)</sup> | 72 | 24796 |
| ResMed, Inc. | 4398 | 1127031 |
| Solventum Corp.<sup>(1)</sup> | 4029 | 298952 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| STERIS PLC | 3664 | $924610 |
| Zimmer Biomet Holdings, Inc. | 6663 | 655906 |
|  |  | 9841681 |
| **Health Care Providers and Services — 1.9%** |  |  |
| BrightSpring Health Services, Inc.<sup>(1)</sup> | 2632 | 109044 |
| Centene Corp.<sup>(1)</sup> | 21837 | 980045 |
| Chemed Corp. | 519 | 212795 |
| DaVita, Inc.<sup>(1)</sup> | 1423 | 222415 |
| Encompass Health Corp. | 4145 | 447163 |
| Ensign Group, Inc. | 2281 | 488522 |
| Humana, Inc. | 3580 | 682133 |
| Labcorp Holdings, Inc. | 2952 | 853482 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1764 | 271744 |
| Quest Diagnostics, Inc. | 3028 | 641663 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 2785 | 666701 |
| Universal Health Services, Inc., Class B | 2396 | 493816 |
|  |  | 6069523 |
| **Health Care Technology — 0.3%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 4376 | 107343 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 3856 | 701831 |
|  |  | 809174 |
| **Hotels, Restaurants and Leisure — 2.3%** |  |  |
| Aramark | 8118 | 339738 |
| Boyd Gaming Corp. | 2528 | 210405 |
| Brinker International, Inc.<sup>(1)</sup> | 738 | 109372 |
| Carnival Corp. | 50298 | 1586902 |
| Cava Group, Inc.<sup>(1)(2)</sup> | 1131 | 93274 |
| Churchill Downs, Inc. | 2266 | 208313 |
| Darden Restaurants, Inc. | 4226 | 903730 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 803 | 19143 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 4682 | 251002 |
| Expedia Group, Inc. | 4667 | 1006625 |
| Hyatt Hotels Corp., Class A | 1026 | 165699 |
| Las Vegas Sands Corp. | 9614 | 545306 |
| MGM Resorts International<sup>(1)</sup> | 5939 | 218912 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 21446 | 531646 |
| Red Rock Resorts, Inc., Class A | 841 | 50923 |
| Texas Roadhouse, Inc. | 2751 | 503075 |
| Viking Holdings Ltd.<sup>(1)</sup> | 4237 | 330571 |
| Wyndham Hotels & Resorts, Inc. | 2656 | 217261 |
|  |  | 7291897 |
| **Household Durables — 2.6%** |  |  |
| DR Horton, Inc. | 9319 | 1494674 |
| Garmin Ltd. | 5359 | 1354916 |
| Installed Building Products, Inc. | 556 | 182235 |
| Lennar Corp., B Shares | 373 | 39810 |
| Lennar Corp., Class A | 7061 | 807496 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 2014 | 252294 |
| NVR, Inc.<sup>(1)</sup> | 69 | 518728 |
| PulteGroup, Inc. | 8458 | 1160438 |
| SharkNinja, Inc.<sup>(1)</sup> | 2255 | 277072 |
| Somnigroup International, Inc. | 6583 | 589244 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 4163 | 274300 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toll Brothers, Inc. | 3906 | $614179 |
| TopBuild Corp.<sup>(1)</sup> | 1220 | 546926 |
|  |  | 8112312 |
| **Household Products — 0.6%** |  |  |
| Church & Dwight Co., Inc. | 9462 | 992185 |
| Clorox Co. | 2658 | 337991 |
| Kimberly-Clark Corp. | 5424 | 604451 |
|  |  | 1934627 |
| **Independent Power and Renewable Electricity Producers — 0.5%** |  |  |
| AES Corp. | 25167 | 434886 |
| Brookfield Renewable Corp. (New York) | 2 | 85 |
| Clearway Energy, Inc., Class A | 1052 | 37893 |
| Clearway Energy, Inc., Class C | 2405 | 92135 |
| Ormat Technologies, Inc. | 1368 | 141862 |
| Talen Energy Corp.<sup>(1)</sup> | 2145 | 795731 |
|  |  | 1502592 |
| **Insurance — 5.3%** |  |  |
| American Financial Group, Inc. | 3396 | 451600 |
| American International Group, Inc. | 16784 | 1350944 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 13855 | 1387578 |
| Assurant, Inc. | 2369 | 543899 |
| Axis Capital Holdings Ltd. | 3985 | 421294 |
| Cincinnati Financial Corp. | 5768 | 945837 |
| CNA Financial Corp. | 911 | 43746 |
| Erie Indemnity Co., Class A | 754 | 203158 |
| Everest Group Ltd. | 1794 | 601869 |
| Fidelity National Financial, Inc. | 9405 | 497336 |
| First American Financial Corp. | 3374 | 236551 |
| Globe Life, Inc. | 3843 | 558234 |
| Hanover Insurance Group, Inc. | 225 | 40642 |
| Hartford Insurance Group, Inc. | 12204 | 1718689 |
| Kinsale Capital Group, Inc. | 776 | 302384 |
| Lincoln National Corp. | 5119 | 175582 |
| Loews Corp. | 6399 | 704018 |
| Markel Group, Inc.<sup>(1)</sup> | 423 | 876655 |
| Old Republic International Corp. | 10459 | 448377 |
| Primerica, Inc. | 1645 | 417271 |
| Principal Financial Group, Inc. | 9248 | 882444 |
| Prudential Financial, Inc. | 13211 | 1299698 |
| Reinsurance Group of America, Inc. | 2355 | 508044 |
| RenaissanceRe Holdings Ltd. | 2145 | 648777 |
| Ryan Specialty Holdings, Inc. | 4226 | 166293 |
| Unum Group | 7129 | 511363 |
| W.R. Berkley Corp. | 11562 | 828996 |
|  |  | 16771279 |
| **Interactive Media and Services — 0.1%** |  |  |
| Pinterest, Inc., Class A<sup>(1)</sup> | 17683 | 302910 |
| **IT Services — 1.2%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 6251 | 615036 |
| Amdocs Ltd. | 3867 | 269917 |
| Applied Digital Corp.<sup>(1)</sup> | 1294 | 35287 |
| Cognizant Technology Solutions Corp., Class A | 17804 | 1147112 |
| EPAM Systems, Inc.<sup>(1)</sup> | 2090 | 294690 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gartner, Inc.<sup>(1)</sup> | 2689 | $422711 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 4853 | 422987 |
| MongoDB, Inc.<sup>(1)</sup> | 604 | 198396 |
| Twilio, Inc., Class A<sup>(1)</sup> | 4005 | 484445 |
|  |  | 3890581 |
| **Leisure Products — 0.2%** |  |  |
| Hasbro, Inc. | 4200 | 418278 |
| Mattel, Inc.<sup>(1)</sup> | 13656 | 231469 |
|  |  | 649747 |
| **Life Sciences Tools and Services — 1.7%** |  |  |
| Agilent Technologies, Inc. | 10339 | 1254948 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 719 | 200198 |
| Bio-Techne Corp. | 5655 | 333645 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 1639 | 292545 |
| Illumina, Inc.<sup>(1)</sup> | 3878 | 521436 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 5169 | 924269 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 1049 | 473896 |
| Waters Corp.<sup>(1)</sup> | 2287 | 730422 |
| West Pharmaceutical Services, Inc. | 2716 | 690788 |
|  |  | 5422147 |
| **Machinery — 3.9%** |  |  |
| AGCO Corp. | 3005 | 410183 |
| Allison Transmission Holdings, Inc. | 3416 | 428025 |
| Chart Industries, Inc.<sup>(1)</sup> | 1207 | 250211 |
| Crane Co. | 1425 | 285755 |
| Donaldson Co., Inc. | 5336 | 494967 |
| Dover Corp. | 4678 | 1054889 |
| Esab Corp. | 728 | 91852 |
| ESCO Technologies, Inc. | 105 | 29115 |
| Federal Signal Corp. | 1043 | 121436 |
| Flowserve Corp. | 5772 | 510937 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 1728 | 47641 |
| Graco, Inc. | 6127 | 575448 |
| IDEX Corp. | 1393 | 291792 |
| Ingersoll Rand, Inc. | 201 | 18922 |
| ITT, Inc. | 3447 | 697707 |
| JBT Marel Corp. | 961 | 147994 |
| Lincoln Electric Holdings, Inc. | 2454 | 704421 |
| Middleby Corp.<sup>(1)</sup> | 913 | 154169 |
| Mueller Industries, Inc. | 5011 | 591098 |
| Nordson Corp. | 935 | 274366 |
| Oshkosh Corp. | 2797 | 475546 |
| Pentair PLC | 96 | 9522 |
| Snap-on, Inc. | 2220 | 855188 |
| SPX Technologies, Inc.<sup>(1)</sup> | 1790 | 406223 |
| Symbotic, Inc.<sup>(1)</sup> | 1452 | 79541 |
| Terex Corp. | 1028 | 70716 |
| Timken Co. | 1789 | 193892 |
| Toro Co. | 3831 | 378733 |
| Watts Water Technologies, Inc., Class A | 1065 | 350108 |
| Westinghouse Air Brake Technologies Corp. | 4602 | 1214698 |
| Xylem, Inc. | 7295 | 945140 |
|  |  | 12160235 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Marine Transportation — 0.0%** | | |
| Kirby Corp.<sup>(1)</sup> | 467 | $60617 |
| **Media — 1.3%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 3138 | 736269 |
| EchoStar Corp., Class A<sup>(1)</sup> | 3897 | 450220 |
| Fox Corp., Class A | 8999 | 507004 |
| Fox Corp., Class B | 6105 | 315812 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 668 | 36460 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 4641 | 253445 |
| New York Times Co., Class A | 6942 | 553902 |
| News Corp., Class A | 15145 | 367872 |
| News Corp., Class B | 4726 | 126562 |
| Nexstar Media Group, Inc., Class A | 595 | 149357 |
| Omnicom Group, Inc. | 153 | 13049 |
| Paramount Skydance Corp., Class B | 33696 | 455233 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 10555 | 251420 |
|  |  | 4216605 |
| **Metals and Mining — 1.8%** |  |  |
| Alcoa Corp. | 2157 | 133907 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 12169 | 129721 |
| Coeur Mining, Inc.<sup>(1)</sup> | 15064 | 408988 |
| Commercial Metals Co. | 5492 | 402564 |
| Hecla Mining Co. | 16365 | 407652 |
| MP Materials Corp.<sup>(1)(2)</sup> | 1002 | 58988 |
| Nucor Corp. | 7863 | 1390807 |
| Reliance, Inc. | 2338 | 737966 |
| Royal Gold, Inc. | 2967 | 889477 |
| Steel Dynamics, Inc. | 6160 | 1189681 |
|  |  | 5749751 |
| **Multi-Utilities — 1.6%** |  |  |
| Ameren Corp. | 6844 | 775288 |
| CenterPoint Energy, Inc. | 16514 | 718359 |
| CMS Energy Corp. | 8485 | 662424 |
| Consolidated Edison, Inc. | 9912 | 1115298 |
| DTE Energy Co. | 4978 | 737939 |
| NiSource, Inc. | 3693 | 174679 |
| Public Service Enterprise Group, Inc. | 8327 | 716705 |
| WEC Energy Group, Inc. | 135 | 15790 |
|  |  | 4916482 |
| **Oil, Gas and Consumable Fuels — 6.3%** |  |  |
| Antero Midstream Corp. | 15536 | 349249 |
| Antero Resources Corp.<sup>(1)</sup> | 12671 | 466419 |
| APA Corp. | 18830 | 571867 |
| Cheniere Energy, Inc. | 7672 | 1808521 |
| Chord Energy Corp. | 29 | 3143 |
| Comstock Resources, Inc.<sup>(1)</sup> | 1103 | 21630 |
| ConocoPhillips | 2 | 227 |
| Coterra Energy, Inc. | 34770 | 1063614 |
| Devon Energy Corp. | 31081 | 1352956 |
| Diamondback Energy, Inc. | 3447 | 600054 |
| DT Midstream, Inc. | 3865 | 536617 |
| EQT Corp. | 24503 | 1504974 |
| Expand Energy Corp. | 11118 | 1199855 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hess Midstream LP, Class A | 4528 | $175143 |
| HF Sinclair Corp. | 7701 | 385127 |
| Kinetik Holdings, Inc. | 65 | 2957 |
| Occidental Petroleum Corp. | 31731 | 1684281 |
| ONEOK, Inc. | 16651 | 1378203 |
| Ovintiv, Inc. | 13804 | 698344 |
| Permian Resources Corp. | 32285 | 590493 |
| Range Resources Corp. | 11546 | 476619 |
| Targa Resources Corp. | 8574 | 2021749 |
| Texas Pacific Land Corp. | 2358 | 1236276 |
| Uranium Energy Corp.<sup>(1)</sup> | 17568 | 269317 |
| Valero Energy Corp. | 6079 | 1244007 |
| Viper Energy, Inc., Class A | 5583 | 259833 |
|  |  | 19901475 |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 77 | 6525 |
| **Passenger Airlines — 1.4%** |  |  |
| Delta Air Lines, Inc. | 25117 | 1650187 |
| Southwest Airlines Co. | 24129 | 1188594 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 15913 | 1691552 |
|  |  | 4530333 |
| **Personal Care Products — 0.5%** |  |  |
| Estee Lauder Cos., Inc., Class A | 7559 | 827484 |
| Kenvue, Inc. | 40665 | 777515 |
|  |  | 1604999 |
| **Pharmaceuticals — 0.8%** |  |  |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 21104 | 557146 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 3062 | 581841 |
| Royalty Pharma PLC, Class A | 13395 | 618983 |
| Viatris, Inc. | 56815 | 848248 |
|  |  | 2606218 |
| **Professional Services — 1.7%** |  |  |
| Booz Allen Hamilton Holding Corp. | 5065 | 399274 |
| Broadridge Financial Solutions, Inc. | 4292 | 797754 |
| Concentrix Corp. | 8 | 262 |
| Equifax, Inc. | 4073 | 851094 |
| Genpact Ltd. | 6786 | 269540 |
| Jacobs Solutions, Inc. | 851 | 117319 |
| Leidos Holdings, Inc. | 4691 | 821394 |
| Paychex, Inc. | 4316 | 404193 |
| Paycom Software, Inc. | 2197 | 276449 |
| Paylocity Holding Corp.<sup>(1)</sup> | 1823 | 194131 |
| SS&C Technologies Holdings, Inc. | 5429 | 408750 |
| UL Solutions, Inc., Class A | 1674 | 140566 |
| Verisk Analytics, Inc. | 3839 | 796861 |
|  |  | 5477587 |
| **Real Estate Management and Development — 0.7%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 7161 | 1057393 |
| CoStar Group, Inc.<sup>(1)</sup> | 12667 | 565328 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1783 | 562626 |
|  |  | 2185347 |
| **Semiconductors and Semiconductor Equipment — 2.9%** |  |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 1075 | 39205 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amkor Technology, Inc. | 5790 | $276878 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 475 | 67032 |
| First Solar, Inc.<sup>(1)</sup> | 4240 | 836128 |
| FormFactor, Inc.<sup>(1)</sup> | 328 | 32433 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 3925 | 186634 |
| MKS, Inc. | 1955 | 477919 |
| Monolithic Power Systems, Inc. | 1327 | 1516416 |
| ON Semiconductor Corp.<sup>(1)</sup> | 17999 | 1196574 |
| Onto Innovation, Inc.<sup>(1)</sup> | 2118 | 457255 |
| Qnity Electronics, Inc. | 5405 | 685138 |
| Qorvo, Inc.<sup>(1)</sup> | 3958 | 328118 |
| Rambus, Inc.<sup>(1)</sup> | 4042 | 402826 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 27 | 5522 |
| Skyworks Solutions, Inc. | 6728 | 400854 |
| Teradyne, Inc. | 6879 | 2201486 |
|  |  | 9110418 |
| **Software — 1.3%** |  |  |
| Appfolio, Inc., Class A<sup>(1)</sup> | 322 | 57239 |
| Aurora Innovation, Inc.<sup>(1)(2)</sup> | 12786 | 59838 |
| Bentley Systems, Inc., Class B | 5945 | 217290 |
| Bill Holdings, Inc.<sup>(1)</sup> | 337 | 15000 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 2512 | 39187 |
| Circle Internet Group, Inc.<sup>(1)</sup> | 2148 | 179229 |
| Docusign, Inc.<sup>(1)</sup> | 7826 | 352718 |
| Dolby Laboratories, Inc., Class A | 2456 | 163496 |
| HubSpot, Inc.<sup>(1)</sup> | 75 | 19838 |
| InterDigital, Inc. | 690 | 252906 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 2666 | 361056 |
| Pegasystems, Inc. | 1816 | 79414 |
| PTC, Inc.<sup>(1)</sup> | 1720 | 269335 |
| Qualys, Inc.<sup>(1)</sup> | 120 | 11096 |
| Riot Platforms, Inc.<sup>(1)(2)</sup> | 2230 | 36327 |
| Strategy, Inc., Class A<sup>(1)</sup> | 2798 | 362341 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 541 | 191887 |
| UiPath, Inc., Class A<sup>(1)</sup> | 13933 | 149501 |
| Workday, Inc., Class A<sup>(1)</sup> | 1365 | 182582 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 9468 | 700064 |
| Zscaler, Inc.<sup>(1)</sup> | 1818 | 267228 |
|  |  | 3967572 |
| **Specialty Retail — 2.5%** |  |  |
| AutoNation, Inc.<sup>(1)</sup> | 1391 | 271468 |
| Best Buy Co., Inc. | 9184 | 569133 |
| Burlington Stores, Inc.<sup>(1)</sup> | 2432 | 746308 |
| CarMax, Inc.<sup>(1)</sup> | 176 | 7598 |
| Chewy, Inc., Class A<sup>(1)</sup> | 6141 | 168386 |
| Dick's Sporting Goods, Inc. | 2164 | 440655 |
| Five Below, Inc.<sup>(1)</sup> | 1629 | 364130 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 4422 | 305516 |
| GameStop Corp., Class A<sup>(1)</sup> | 15380 | 369581 |
| Gap, Inc. | 12752 | 357566 |
| Lithia Motors, Inc. | 1177 | 329066 |
| Murphy USA, Inc. | 783 | 305949 |
| Penske Automotive Group, Inc. | 804 | 126646 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tractor Supply Co. | 21394 | $1109065 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1876 | 1284666 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 894 | 59183 |
| Williams-Sonoma, Inc. | 5395 | 1109482 |
|  |  | 7924398 |
| **Technology Hardware, Storage and Peripherals — 1.6%** |  |  |
| GPGI, Inc., Class A | 3239 | 72715 |
| Hewlett Packard Enterprise Co. | 938 | 20139 |
| NetApp, Inc. | 7074 | 700538 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 13199 | 847640 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 13797 | 446885 |
| Western Digital Corp. | 10073 | 2817418 |
|  |  | 4905335 |
| **Textiles, Apparel and Luxury Goods — 1.3%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 4756 | 180633 |
| Birkenstock Holding PLC<sup>(1)(2)</sup> | 769 | 32029 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 7134 | 836604 |
| Levi Strauss & Co., Class A | 5195 | 115121 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 3597 | 666056 |
| Ralph Lauren Corp. | 1686 | 611344 |
| Tapestry, Inc. | 8277 | 1286825 |
| VF Corp. | 16185 | 314313 |
|  |  | 4042925 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Applied Industrial Technologies, Inc. | 1649 | 465974 |
| Core & Main, Inc., Class A<sup>(1)</sup> | 6489 | 351444 |
| GATX Corp. | 374 | 68880 |
| MSC Industrial Direct Co., Inc., Class A | 319 | 29935 |
| QXO, Inc.<sup>(1)</sup> | 21310 | 510375 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 1496 | 213763 |
| Watsco, Inc. | 1282 | 535017 |
| WESCO International, Inc. | 2107 | 609977 |
| WW Grainger, Inc. | 280 | 320524 |
|  |  | 3105889 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 91 | 12379 |
| **TOTAL COMMON STOCKS**<br>(Cost $274,905,236) |  | **313911047** |
| **WARRANTS — 0.0%** |  |  |
| **Specialty Retail — 0.0%** |  |  |
| GameStop Corp.<sup>(1)</sup><br>(Cost $—) | 1403 | **6033** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 396174 | 396174 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 163739 | 163739 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $559,913) |  | **559913** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $275,465,149) |  | **314476993** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **65916** |
| **TOTAL NET ASSETS — 100.0%** |  | $**314542909** |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $404,723. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $421,081, which includes securities collateral of $257,342.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.9%** | | |
| ATI, Inc.<sup>(1)</sup> | 22087 | $3613212 |
| Carpenter Technology Corp. | 6978 | 2777733 |
| Huntington Ingalls Industries, Inc. | 2672 | 1187757 |
| Moog, Inc., Class A | 220 | 74235 |
| Textron, Inc. | 22954 | 2264412 |
|  |  | 9917349 |
| **Air Freight and Logistics — 0.6%** |  |  |
| CH Robinson Worldwide, Inc. | 1 | 185 |
| Expeditors International of Washington, Inc. | 22624 | 3281159 |
|  |  | 3281344 |
| **Automobile Components — 1.3%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 33489 | 2462781 |
| Autoliv, Inc. | 10911 | 1293172 |
| BorgWarner, Inc. | 38431 | 2212473 |
| Lear Corp. | 6254 | 820837 |
|  |  | 6789263 |
| **Automobiles — 0.5%** |  |  |
| Ford Motor Co. | 197032 | 2776181 |
| **Banks — 5.7%** |  |  |
| BOK Financial Corp. | 2724 | 342461 |
| Columbia Banking System, Inc. | 27699 | 788037 |
| Commerce Bancshares, Inc. | 19360 | 987166 |
| Cullen/Frost Bankers, Inc. | 8034 | 1110459 |
| East West Bancorp, Inc. | 19392 | 2122454 |
| Fifth Third Bancorp | 112801 | 5580265 |
| First Citizens BancShares, Inc., Class A | 1097 | 2082271 |
| Huntington Bancshares, Inc. | 232115 | 3899532 |
| M&T Bank Corp. | 19358 | 4200299 |
| Pinnacle Financial Partners, Inc. | 1 | 91 |
| Popular, Inc. | 9158 | 1239627 |
| Regions Financial Corp. | 80053 | 2227875 |
| UMB Financial Corp. | 466 | 54000 |
| Webster Financial Corp. | 13814 | 996404 |
| Western Alliance Bancorp | 14335 | 1151387 |
| Wintrust Financial Corp. | 9163 | 1320022 |
| Zions Bancorp NA | 21024 | 1204255 |
|  |  | 29306605 |
| **Beverages — 1.6%** |  |  |
| Brown-Forman Corp., Class A | 5521 | 162097 |
| Brown-Forman Corp., Class B | 35030 | 1010966 |
| Coca-Cola Consolidated, Inc. | 12511 | 2532226 |
| Constellation Brands, Inc., Class A | 19741 | 3116314 |
| Molson Coors Beverage Co., Class B | 23578 | 1155086 |
| National Beverage Corp.<sup>(1)</sup> | 5 | 182 |
|  |  | 7976871 |
| **Biotechnology — 1.9%** |  |  |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 2623 | 165957 |
| Biogen, Inc.<sup>(1)</sup> | 21994 | 4218889 |
| Exelixis, Inc.<sup>(1)</sup> | 38647 | 1702787 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| United Therapeutics Corp.<sup>(1)</sup> | 7235 | $3645717 |
|  |  | 9733350 |
| **Broadline Retail — 0.1%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 8294 | 158249 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 559 | 336960 |
|  |  | 495209 |
| **Building Products — 1.9%** |  |  |
| A.O. Smith Corp. | 13204 | 1029912 |
| Advanced Drainage Systems, Inc. | 12639 | 2165566 |
| Armstrong World Industries, Inc. | 6165 | 1069628 |
| Carlisle Cos., Inc. | 964 | 380558 |
| Lennox International, Inc. | 4457 | 2540223 |
| Owens Corning | 10219 | 1247433 |
| Simpson Manufacturing Co., Inc. | 5924 | 1146709 |
|  |  | 9580029 |
| **Capital Markets — 5.4%** |  |  |
| Ameriprise Financial, Inc. | 11758 | 5527671 |
| Evercore, Inc., Class A | 4243 | 1310408 |
| FactSet Research Systems, Inc. | 777 | 168461 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 19145 | 394196 |
| Jefferies Financial Group, Inc. | 5979 | 265468 |
| LPL Financial Holdings, Inc. | 10449 | 3138671 |
| MarketAxess Holdings, Inc. | 1316 | 252672 |
| Northern Trust Corp. | 24817 | 3551064 |
| Raymond James Financial, Inc. | 23311 | 3568448 |
| SEI Investments Co. | 13816 | 1123517 |
| State Street Corp. | 32985 | 4242531 |
| Stifel Financial Corp. | 19359 | 1433534 |
| T. Rowe Price Group, Inc. | 28805 | 2725817 |
|  |  | 27702458 |
| **Chemicals — 1.7%** |  |  |
| Albemarle Corp. | 914 | 163304 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 6065 | 202632 |
| CF Industries Holdings, Inc. | 23102 | 2299573 |
| Eastman Chemical Co. | 8213 | 620164 |
| LyondellBasell Industries NV, Class A | 36486 | 2098675 |
| Mosaic Co. | 47813 | 1331114 |
| NewMarket Corp. | 1082 | 677343 |
| Olin Corp. | 6 | 152 |
| RPM International, Inc. | 1322 | 150867 |
| Solstice Advanced Materials, Inc. | 12069 | 947537 |
| Westlake Corp. | 1196 | 126034 |
|  |  | 8617395 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Clean Harbors, Inc.<sup>(1)</sup> | 2993 | 877548 |
| **Communications Equipment — 0.1%** |  |  |
| Ubiquiti, Inc. | 307 | 235466 |
| **Construction and Engineering — 3.0%** |  |  |
| Comfort Systems USA, Inc. | 3534 | 5051394 |
| Dycom Industries, Inc.<sup>(1)</sup> | 5028 | 2111860 |
| EMCOR Group, Inc. | 6381 | 4623800 |
| Fluor Corp.<sup>(1)</sup> | 13803 | 722035 |
| IES Holdings, Inc.<sup>(1)</sup> | 1112 | 550829 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Primoris Services Corp. | 7075 | $1066344 |
| Valmont Industries, Inc. | 2832 | 1302522 |
|  |  | 15428784 |
| **Construction Materials — 0.2%** |  |  |
| Eagle Materials, Inc. | 4491 | 1005086 |
| **Consumer Finance — 1.3%** |  |  |
| Ally Financial, Inc. | 42756 | 1686297 |
| OneMain Holdings, Inc. | 17956 | 987939 |
| Synchrony Financial | 56581 | 3910313 |
|  |  | 6584549 |
| **Consumer Staples Distribution & Retail — 5.2%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 16382 | 1618378 |
| Casey's General Stores, Inc. | 5361 | 3675448 |
| Dollar General Corp. | 34175 | 5339502 |
| Dollar Tree, Inc.<sup>(1)</sup> | 29870 | 3777957 |
| Kroger Co. | 77069 | 5259188 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 10770 | 795580 |
| Target Corp. | 51749 | 5888519 |
|  |  | 26354572 |
| **Containers and Packaging — 1.5%** |  |  |
| AptarGroup, Inc. | 993 | 142704 |
| International Paper Co. | 52155 | 2271350 |
| Packaging Corp. of America | 12858 | 2984856 |
| Smurfit Westrock PLC | 47184 | 2218120 |
|  |  | 7617030 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Globalstar, Inc.<sup>(1)</sup> | 7190 | 447721 |
| **Electrical Equipment — 0.5%** |  |  |
| EnerSys | 934 | 155184 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 23851 | 2506740 |
|  |  | 2661924 |
| **Electronic Equipment, Instruments and Components — 2.1%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1103 | 167832 |
| Flex Ltd.<sup>(1)</sup> | 60722 | 3826700 |
| Jabil, Inc. | 14695 | 3894028 |
| Littelfuse, Inc. | 2696 | 950232 |
| Sanmina Corp.<sup>(1)</sup> | 7437 | 1154669 |
| TD SYNNEX Corp. | 4833 | 757863 |
|  |  | 10751324 |
| **Energy Equipment and Services — 2.2%** |  |  |
| Halliburton Co. | 137390 | 4946040 |
| Noble Corp. PLC | 2203 | 100082 |
| NOV, Inc. | 16058 | 325335 |
| Patterson-UTI Energy, Inc. | 4 | 34 |
| SLB Ltd. | 10927 | 560992 |
| TechnipFMC PLC | 72773 | 4825578 |
| Transocean Ltd.<sup>(1)</sup> | 7759 | 50278 |
| Weatherford International PLC | 3369 | 355295 |
|  |  | 11163634 |
| **Financial Services — 1.3%** |  |  |
| Corebridge Financial, Inc. | 36586 | 945382 |
| Enact Holdings, Inc. | 2741 | 114684 |
| Essent Group Ltd. | 10848 | 659992 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jack Henry & Associates, Inc. | 9627 | $1564002 |
| Jackson Financial, Inc., Class A | 9440 | 1033491 |
| MGIC Investment Corp. | 27422 | 727506 |
| PayPal Holdings, Inc. | 21134 | 976602 |
| PennyMac Financial Services, Inc. | 278 | 25557 |
| Voya Financial, Inc. | 10158 | 679367 |
|  |  | 6726583 |
| **Food Products — 2.7%** |  |  |
| Archer-Daniels-Midland Co. | 72486 | 5004433 |
| Hershey Co. | 17965 | 4244770 |
| Ingredion, Inc. | 10510 | 1234505 |
| Lamb Weston Holdings, Inc. | 14514 | 699430 |
| Pilgrim's Pride Corp. | 6708 | 289517 |
| Smithfield Foods, Inc. | 4657 | 115866 |
| Tyson Foods, Inc., Class A | 37123 | 2412624 |
|  |  | 14001145 |
| **Ground Transportation — 2.5%** |  |  |
| JB Hunt Transport Services, Inc. | 13060 | 3048334 |
| Lyft, Inc., Class A<sup>(1)</sup> | 5158 | 71387 |
| Old Dominion Freight Line, Inc. | 27356 | 5554636 |
| Ryder System, Inc. | 6512 | 1442799 |
| Saia, Inc.<sup>(1)</sup> | 4009 | 1625208 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 1237 | 62666 |
| U-Haul Holding Co. | 15892 | 749467 |
|  |  | 12554497 |
| **Health Care Equipment and Supplies — 1.4%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 507 | 96381 |
| Baxter International, Inc. | 28021 | 570788 |
| Dexcom, Inc.<sup>(1)</sup> | 33252 | 2441694 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 4476 | 2939523 |
| Masimo Corp.<sup>(1)</sup> | 7026 | 1232009 |
|  |  | 7280395 |
| **Health Care Providers and Services — 1.4%** |  |  |
| Centene Corp.<sup>(1)</sup> | 85309 | 3828668 |
| Encompass Health Corp. | 11086 | 1195958 |
| Ensign Group, Inc. | 874 | 187185 |
| Universal Health Services, Inc., Class B | 8765 | 1806466 |
|  |  | 7018277 |
| **Hotels, Restaurants and Leisure — 4.1%** |  |  |
| Boyd Gaming Corp. | 8154 | 678657 |
| Brinker International, Inc.<sup>(1)</sup> | 4013 | 594727 |
| Carnival Corp. | 175644 | 5541568 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 82919 | 3086245 |
| Darden Restaurants, Inc. | 11252 | 2406240 |
| Las Vegas Sands Corp. | 47761 | 2709004 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 78601 | 1948519 |
| Red Rock Resorts, Inc., Class A | 3236 | 195940 |
| Texas Roadhouse, Inc. | 10187 | 1862897 |
| Viking Holdings Ltd.<sup>(1)</sup> | 21511 | 1678288 |
|  |  | 20702085 |
| **Household Durables — 3.6%** |  |  |
| DR Horton, Inc. | 31761 | 5094147 |
| Installed Building Products, Inc. | 2230 | 730905 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lennar Corp., B Shares | 1715 | $183042 |
| Lennar Corp., Class A | 33611 | 3843754 |
| Meritage Homes Corp. | 1 | 76 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 7719 | 966959 |
| NVR, Inc.<sup>(1)</sup> | 319 | 2398175 |
| PulteGroup, Inc. | 28412 | 3898126 |
| Toll Brothers, Inc. | 7339 | 1153984 |
|  |  | 18269168 |
| **Independent Power and Renewable Electricity Producers — 0.5%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 6992 | 2593822 |
| **Insurance — 9.1%** |  |  |
| American Financial Group, Inc. | 10425 | 1386317 |
| American International Group, Inc. | 67848 | 5461086 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 46827 | 4689724 |
| Assurant, Inc. | 6181 | 1419096 |
| Axis Capital Holdings Ltd. | 12142 | 1283652 |
| CNA Financial Corp. | 2533 | 121635 |
| Erie Indemnity Co., Class A | 106 | 28561 |
| First American Financial Corp. | 2484 | 174153 |
| Globe Life, Inc. | 11817 | 1716537 |
| Hanover Insurance Group, Inc. | 401 | 72433 |
| Hartford Insurance Group, Inc. | 42363 | 5965981 |
| Kinsale Capital Group, Inc. | 2552 | 994438 |
| Lincoln National Corp. | 24281 | 832838 |
| Loews Corp. | 22575 | 2483701 |
| Markel Group, Inc.<sup>(1)</sup> | 1164 | 2412355 |
| Old Republic International Corp. | 33243 | 1425127 |
| Primerica, Inc. | 5050 | 1280983 |
| Principal Financial Group, Inc. | 31114 | 2968898 |
| Prudential Financial, Inc. | 48184 | 4740342 |
| Reinsurance Group of America, Inc. | 8581 | 1851179 |
| RenaissanceRe Holdings Ltd. | 6665 | 2015896 |
| Unum Group | 3154 | 226236 |
| W.R. Berkley Corp. | 39783 | 2852441 |
|  |  | 46403609 |
| **IT Services — 1.2%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 17055 | 1678041 |
| Cognizant Technology Solutions Corp., Class A | 66106 | 4259210 |
|  |  | 5937251 |
| **Leisure Products — 0.0%** |  |  |
| Brunswick Corp. | 1 | 79 |
| Mattel, Inc.<sup>(1)</sup> | 6644 | 112616 |
|  |  | 112695 |
| **Life Sciences Tools and Services — 0.3%** |  |  |
| Illumina, Inc.<sup>(1)</sup> | 6651 | 894294 |
| West Pharmaceutical Services, Inc. | 1733 | 440771 |
|  |  | 1335065 |
| **Machinery — 2.9%** |  |  |
| AGCO Corp. | 9769 | 1333468 |
| Donaldson Co., Inc. | 18852 | 1748712 |
| Graco, Inc. | 19190 | 1802325 |
| Lincoln Electric Holdings, Inc. | 5899 | 1693308 |
| Mueller Industries, Inc. | 18621 | 2196533 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oshkosh Corp. | 7170 | $1219043 |
| Snap-on, Inc. | 7169 | 2761642 |
| Terex Corp. | 4225 | 290638 |
| Timken Co. | 2969 | 321780 |
| Toro Co. | 14758 | 1458976 |
|  |  | 14826425 |
| **Marine Transportation — 0.1%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 4106 | 532959 |
| **Media — 1.2%** |  |  |
| Fox Corp., Class A | 30279 | 1705919 |
| Fox Corp., Class B | 22136 | 1145095 |
| New York Times Co., Class A | 21974 | 1753305 |
| Paramount Skydance Corp., Class B | 109658 | 1481480 |
|  |  | 6085799 |
| **Metals and Mining — 1.1%** |  |  |
| Nucor Corp. | 32019 | 5663521 |
| **Oil, Gas and Consumable Fuels — 11.2%** |  |  |
| Antero Midstream Corp. | 52458 | 1179256 |
| Antero Resources Corp.<sup>(1)</sup> | 22062 | 812102 |
| APA Corp. | 70003 | 2125991 |
| Cheniere Energy, Inc. | 20979 | 4945380 |
| Comstock Resources, Inc.<sup>(1)</sup> | 4526 | 88755 |
| Coterra Energy, Inc. | 118813 | 3634490 |
| Devon Energy Corp. | 105071 | 4573741 |
| Diamondback Energy, Inc. | 22521 | 3920456 |
| EQT Corp. | 89951 | 5524790 |
| Expand Energy Corp. | 37072 | 4000810 |
| Hess Midstream LP, Class A | 18718 | 724012 |
| HF Sinclair Corp. | 22201 | 1110272 |
| Matador Resources Co. | 198 | 10177 |
| Occidental Petroleum Corp. | 120392 | 6390407 |
| ONEOK, Inc. | 62786 | 5196797 |
| Ovintiv, Inc. | 43878 | 2219788 |
| Permian Resources Corp. | 115911 | 2120012 |
| Range Resources Corp. | 37557 | 1550353 |
| SM Energy Co. | 11 | 255 |
| Targa Resources Corp. | 29857 | 7040281 |
|  |  | 57168125 |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 621 | 52624 |
| **Passenger Airlines — 2.8%** |  |  |
| Delta Air Lines, Inc. | 88581 | 5819772 |
| Southwest Airlines Co. | 78368 | 3860408 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 44988 | 4782224 |
|  |  | 14462404 |
| **Personal Care Products — 0.7%** |  |  |
| Estee Lauder Cos., Inc., Class A | 30944 | 3387440 |
| **Pharmaceuticals — 1.0%** |  |  |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 10602 | 2014592 |
| Viatris, Inc. | 203942 | 3044854 |
|  |  | 5059446 |
| **Professional Services — 0.4%** |  |  |
| Clarivate PLC<sup>(1)(2)</sup> | 40 | 92 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Genpact Ltd. | 17872 | $709876 |
| Paycom Software, Inc. | 7587 | 954672 |
| Paylocity Holding Corp.<sup>(1)</sup> | 2532 | 269633 |
|  |  | 1934273 |
| **Real Estate Management and Development — 1.3%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 32179 | 4751551 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 6434 | 2030249 |
|  |  | 6781800 |
| **Semiconductors and Semiconductor Equipment — 1.3%** |  |  |
| Amkor Technology, Inc. | 21633 | 1034490 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 4192 | 591575 |
| ON Semiconductor Corp.<sup>(1)</sup> | 58977 | 3920791 |
| Skyworks Solutions, Inc. | 22036 | 1312905 |
|  |  | 6859761 |
| **Software — 0.7%** |  |  |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 22722 | 354463 |
| Circle Internet Group, Inc.<sup>(1)</sup> | 3204 | 267342 |
| InterDigital, Inc. | 4200 | 1539426 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 7048 | 954510 |
| Pegasystems, Inc. | 10693 | 467605 |
|  |  | 3583346 |
| **Specialty Retail — 4.8%** |  |  |
| AutoNation, Inc.<sup>(1)</sup> | 4305 | 840164 |
| Best Buy Co., Inc. | 30535 | 1892254 |
| Burlington Stores, Inc.<sup>(1)</sup> | 9366 | 2874144 |
| CarMax, Inc.<sup>(1)</sup> | 1381 | 59618 |
| Dick's Sporting Goods, Inc. | 25 | 5091 |
| Five Below, Inc.<sup>(1)</sup> | 9561 | 2137170 |
| Gap, Inc. | 44974 | 1261071 |
| Lithia Motors, Inc. | 3632 | 1015434 |
| Murphy USA, Inc. | 2516 | 983102 |
| Penske Automotive Group, Inc. | 2050 | 322916 |
| Tractor Supply Co. | 76129 | 3946527 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 6920 | 4738747 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 8658 | 573160 |
| Williams-Sonoma, Inc. | 17561 | 3611420 |
|  |  | 24260818 |
| **Technology Hardware, Storage and Peripherals — 0.1%** |  |  |
| GPGI, Inc., Class A | 28686 | 644001 |
| **Textiles, Apparel and Luxury Goods — 2.2%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 22801 | 2673873 |
| Levi Strauss & Co., Class A | 12772 | 283028 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 17444 | 3230105 |
| Ralph Lauren Corp. | 5947 | 2156382 |
| Tapestry, Inc. | 9246 | 1437476 |
| VF Corp. | 62317 | 1210196 |
|  |  | 10991060 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Air Lease Corp. | 11251 | 729515 |
| Applied Industrial Technologies, Inc. | 4024 | 1137102 |
| Fastenal Co. | 728 | 33517 |
| GATX Corp. | 1461 | 269072 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WW Grainger, Inc. | 2107 | $2411946 |
|  |  | 4581152 |
| **TOTAL COMMON STOCKS**<br>(Cost $449,624,326) |  | **509113238** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 499186 | 499186 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 361712 | 361712 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $860,898) |  | **860898** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $450,485,224) |  | **509974136** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **68557** |
| **TOTAL NET ASSETS — 100.0%** |  | $**510042693** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $530,693. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $555,302, which includes securities collateral of $193,590.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Quality ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.7%** | | |
| Astronics Corp.<sup>(1)</sup> | 1238 | $99808 |
| ATI, Inc.<sup>(1)</sup> | 3996 | 653706 |
| Boeing Co.<sup>(1)</sup> | 1365 | 310578 |
| BWX Technologies, Inc. | 1387 | 285694 |
| Carpenter Technology Corp. | 731 | 290989 |
| Ducommun, Inc.<sup>(1)</sup> | 105 | 12977 |
| General Electric Co. | 3628 | 1241719 |
| Intuitive Machines, Inc.<sup>(1)</sup> | 336 | 5537 |
| Lockheed Martin Corp. | 241 | 158597 |
| TransDigm Group, Inc. | 26 | 33873 |
| Woodward, Inc. | 377 | 145809 |
|  |  | 3239287 |
| **Automobile Components — 0.1%** |  |  |
| Autoliv, Inc. | 492 | 58312 |
| Visteon Corp. | 844 | 80745 |
| XPEL, Inc.<sup>(1)</sup> | 959 | 40873 |
|  |  | 179930 |
| **Automobiles — 1.2%** |  |  |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 1570 | 24068 |
| Tesla, Inc.<sup>(1)</sup> | 5480 | 2205755 |
|  |  | 2229823 |
| **Banks — 0.3%** |  |  |
| Axos Financial, Inc.<sup>(1)</sup> | 338 | 29345 |
| Bancorp, Inc.<sup>(1)</sup> | 948 | 49760 |
| Bank of America Corp. | 3261 | 162496 |
| Citigroup, Inc. | 1803 | 198672 |
| Esquire Financial Holdings, Inc. | 263 | 26558 |
| Huntington Bancshares, Inc. | 95 | 1596 |
| International Bancshares Corp. | 442 | 29663 |
| Pathward Financial, Inc. | 248 | 22516 |
| Popular, Inc. | 92 | 12453 |
| Western Alliance Bancorp | 287 | 23052 |
|  |  | 556111 |
| **Beverages — 0.7%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 253 | 57375 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 255 | 13671 |
| Coca-Cola Co. | 3756 | 306339 |
| Coca-Cola Consolidated, Inc. | 1073 | 217175 |
| Molson Coors Beverage Co., Class B | 31 | 1519 |
| Monster Beverage Corp.<sup>(1)</sup> | 5692 | 485528 |
| National Beverage Corp.<sup>(1)</sup> | 381 | 13849 |
| PepsiCo, Inc. | 1103 | 187223 |
|  |  | 1282679 |
| **Biotechnology — 2.3%** |  |  |
| AbbVie, Inc. | 3947 | 916020 |
| Alkermes PLC<sup>(1)</sup> | 4086 | 122989 |
| Amgen, Inc. | 2022 | 784860 |
| AnaptysBio, Inc.<sup>(1)</sup> | 66 | 3633 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 313 | 19804 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 2888 | $40923 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | 623 | 5451 |
| Biohaven Ltd.<sup>(1)</sup> | 266 | 3064 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 966 | 64220 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 3611 | 83342 |
| Cytokinetics, Inc.<sup>(1)</sup> | 173 | 10764 |
| Exelixis, Inc.<sup>(1)</sup> | 7275 | 320536 |
| Gilead Sciences, Inc. | 6059 | 902488 |
| ImmunityBio, Inc.<sup>(1)(2)</sup> | 1163 | 11374 |
| Incyte Corp.<sup>(1)</sup> | 769 | 77877 |
| MannKind Corp.<sup>(1)</sup> | 1330 | 4362 |
| MiMedx Group, Inc.<sup>(1)</sup> | 2844 | 13907 |
| Moderna, Inc.<sup>(1)</sup> | 332 | 17785 |
| Novavax, Inc.<sup>(1)</sup> | 529 | 5364 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 273 | 18616 |
| United Therapeutics Corp.<sup>(1)</sup> | 312 | 157217 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 1786 | 887338 |
|  |  | 4471934 |
| **Broadline Retail — 5.9%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 51685 | 10853850 |
| Coupang, Inc.<sup>(1)</sup> | 5566 | 106199 |
| Etsy, Inc.<sup>(1)</sup> | 603 | 33093 |
| MercadoLibre, Inc.<sup>(1)</sup> | 232 | 407759 |
|  |  | 11400901 |
| **Building Products — 0.8%** |  |  |
| Advanced Drainage Systems, Inc. | 1892 | 324175 |
| Armstrong World Industries, Inc. | 788 | 136718 |
| Carlisle Cos., Inc. | 29 | 11448 |
| Fortune Brands Innovations, Inc. | 25 | 1359 |
| Janus International Group, Inc.<sup>(1)</sup> | 768 | 5345 |
| Lennox International, Inc. | 868 | 494708 |
| Masterbrand, Inc.<sup>(1)</sup> | 33 | 334 |
| Simpson Manufacturing Co., Inc. | 716 | 138596 |
| Trane Technologies PLC | 959 | 443365 |
| Trex Co., Inc.<sup>(1)</sup> | 1374 | 56911 |
| UFP Industries, Inc. | 11 | 1132 |
|  |  | 1614091 |
| **Capital Markets — 1.6%** |  |  |
| Ameriprise Financial, Inc. | 1483 | 697188 |
| Bank of New York Mellon Corp. | 733 | 87300 |
| Blackstone, Inc. | 1642 | 186154 |
| Charles Schwab Corp. | 5154 | 490661 |
| Cohen & Steers, Inc. | 185 | 12371 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 46 | 8089 |
| Evercore, Inc., Class A | 75 | 23163 |
| FactSet Research Systems, Inc. | 11 | 2385 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 5165 | 106347 |
| Goldman Sachs Group, Inc. | 112 | 96272 |
| Jefferies Financial Group, Inc. | 394 | 17494 |
| KKR & Co., Inc. | 615 | 53923 |
| Lazard, Inc. | 268 | 13561 |
| LPL Financial Holdings, Inc. | 1695 | 509144 |
| MarketAxess Holdings, Inc. | 334 | 64128 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Moody's Corp. | 655 | $312821 |
| MSCI, Inc. | 141 | 80628 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 3285 | 249167 |
| S&P Global, Inc. | 7 | 3093 |
| StoneX Group, Inc.<sup>(1)</sup> | 147 | 18743 |
| WisdomTree, Inc.<sup>(2)</sup> | 3237 | 55385 |
|  |  | 3088017 |
| **Chemicals — 0.4%** |  |  |
| Albemarle Corp. | 323 | 57710 |
| Cabot Corp. | 267 | 20329 |
| Linde PLC | 138 | 70115 |
| LyondellBasell Industries NV, Class A | 29 | 1668 |
| Mosaic Co. | 153 | 4260 |
| NewMarket Corp. | 280 | 175283 |
| Olin Corp.<sup>(2)</sup> | 1096 | 27805 |
| PPG Industries, Inc. | 14 | 1726 |
| Sherwin-Williams Co. | 708 | 256714 |
| Solstice Advanced Materials, Inc. | 1709 | 134174 |
|  |  | 749784 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| Cintas Corp. | 2266 | 455761 |
| Copart, Inc.<sup>(1)</sup> | 10220 | 389280 |
| Liquidity Services, Inc.<sup>(1)</sup> | 203 | 6417 |
| OPENLANE, Inc.<sup>(1)</sup> | 349 | 9950 |
| Rollins, Inc. | 1865 | 113560 |
| Veralto Corp. | 31 | 3020 |
| Waste Management, Inc. | 303 | 72974 |
|  |  | 1050962 |
| **Communications Equipment — 0.9%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 5308 | 708618 |
| Ciena Corp.<sup>(1)</sup> | 871 | 303718 |
| F5, Inc.<sup>(1)</sup> | 31 | 8412 |
| Harmonic, Inc.<sup>(1)</sup> | 2814 | 29913 |
| Motorola Solutions, Inc. | 1277 | 615846 |
| Ubiquiti, Inc. | 35 | 26844 |
| Viasat, Inc.<sup>(1)</sup> | 1580 | 72332 |
| Vistance Networks, Inc.<sup>(1)</sup> | 45 | 791 |
|  |  | 1766474 |
| **Construction and Engineering — 1.4%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 409 | 12458 |
| Argan, Inc. | 355 | 160194 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 2179 | 67549 |
| Comfort Systems USA, Inc. | 501 | 716114 |
| Dycom Industries, Inc.<sup>(1)</sup> | 916 | 384738 |
| EMCOR Group, Inc. | 796 | 576798 |
| Fluor Corp.<sup>(1)</sup> | 2035 | 106451 |
| Granite Construction, Inc. | 1416 | 190395 |
| IES Holdings, Inc.<sup>(1)</sup> | 168 | 83219 |
| Limbach Holdings, Inc.<sup>(1)(2)</sup> | 148 | 13530 |
| MYR Group, Inc.<sup>(1)</sup> | 230 | 62091 |
| Primoris Services Corp. | 1194 | 179960 |
| Tutor Perini Corp. | 520 | 39192 |
| Valmont Industries, Inc. | 343 | 157756 |
|  |  | 2750445 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Construction Materials — 0.2%** | | |
| Eagle Materials, Inc. | 1087 | $243270 |
| U.S. Lime & Minerals, Inc. | 460 | 52514 |
| Vulcan Materials Co. | 594 | 184140 |
|  |  | 479924 |
| **Consumer Finance — 0.5%** |  |  |
| Ally Financial, Inc. | 634 | 25005 |
| American Express Co. | 2140 | 661046 |
| Credit Acceptance Corp.<sup>(1)</sup> | 7 | 3312 |
| LendingClub Corp.<sup>(1)</sup> | 1558 | 23230 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 471 | 5110 |
| PROG Holdings, Inc. | 138 | 4859 |
| SLM Corp. | 429 | 8040 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 8520 | 151315 |
|  |  | 881917 |
| **Consumer Staples Distribution & Retail — 2.5%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 2100 | 207459 |
| Casey's General Stores, Inc. | 502 | 344166 |
| Costco Wholesale Corp. | 2545 | 2572461 |
| Performance Food Group Co.<sup>(1)</sup> | 185 | 17956 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 3235 | 238969 |
| Sysco Corp. | 1130 | 103011 |
| United Natural Foods, Inc.<sup>(1)</sup> | 977 | 37331 |
| Walmart, Inc. | 9684 | 1239068 |
|  |  | 4760421 |
| **Containers and Packaging — 0.1%** |  |  |
| AptarGroup, Inc. | 992 | 142560 |
| Graphic Packaging Holding Co. | 4297 | 52552 |
| Sealed Air Corp. | 52 | 2178 |
|  |  | 197290 |
| **Distributors — 0.0%** |  |  |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 15 | 665 |
| LKQ Corp. | 107 | 3543 |
| Pool Corp. | 77 | 17493 |
|  |  | 21701 |
| **Diversified Consumer Services — 0.3%** |  |  |
| Covista, Inc.<sup>(1)</sup> | 77 | 7546 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 992 | 157797 |
| H&R Block, Inc. | 295 | 9033 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 2376 | 76840 |
| Liberty Live Holdings, Inc., Class A<sup>(1)</sup> | 187 | 18147 |
| Liberty Live Holdings, Inc., Class C<sup>(1)</sup> | 568 | 56601 |
| Stride, Inc.<sup>(1)</sup> | 2359 | 199052 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 2285 | 82717 |
|  |  | 607733 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Comcast Corp., Class A | 1 | 31 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 98 | 3856 |
| Globalstar, Inc.<sup>(1)</sup> | 1239 | 77153 |
| IDT Corp., Class B | 114 | 5808 |
| Iridium Communications, Inc. | 3834 | 91824 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 1350 | 9599 |
|  |  | 188271 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electric Utilities — 0.4%** | | |
| Constellation Energy Corp. | 1411 | $465460 |
| Edison International | 24 | 1794 |
| NRG Energy, Inc. | 1500 | 268440 |
| PG&E Corp. | 385 | 7315 |
|  |  | 743009 |
| **Electrical Equipment — 1.4%** |  |  |
| Eos Energy Enterprises, Inc.<sup>(1)(2)</sup> | 1166 | 6640 |
| GE Vernova, Inc. | 1914 | 1672071 |
| Generac Holdings, Inc.<sup>(1)</sup> | 49 | 11043 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 1047 | 110040 |
| Powell Industries, Inc. | 290 | 151844 |
| Preformed Line Products Co. | 34 | 8624 |
| Rockwell Automation, Inc. | 16 | 6519 |
| Vertiv Holdings Co., Class A | 2598 | 662204 |
|  |  | 2628985 |
| **Electronic Equipment, Instruments and Components — 0.8%** |  |  |
| Amphenol Corp., Class A | 5402 | 789016 |
| Badger Meter, Inc. | 309 | 47101 |
| CDW Corp. | 11 | 1349 |
| Daktronics, Inc.<sup>(1)</sup> | 415 | 10699 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 880 | 73533 |
| Jabil, Inc. | 1279 | 338922 |
| Littelfuse, Inc. | 523 | 184337 |
| Napco Security Technologies, Inc. | 623 | 29038 |
| Plexus Corp.<sup>(1)</sup> | 655 | 127155 |
| Vontier Corp. | 13 | 532 |
|  |  | 1601682 |
| **Energy Equipment and Services — 0.8%** |  |  |
| Archrock, Inc. | 1774 | 62675 |
| Cactus, Inc., Class A | 853 | 46062 |
| Expro Group Holdings NV<sup>(1)</sup> | 1236 | 22075 |
| Innovex International, Inc.<sup>(1)</sup> | 1030 | 27141 |
| Liberty Energy, Inc., Class A | 1677 | 47107 |
| Nabors Industries Ltd.<sup>(1)</sup> | 439 | 34295 |
| Oceaneering International, Inc.<sup>(1)</sup> | 3596 | 127658 |
| Patterson-UTI Energy, Inc. | 3791 | 32261 |
| Select Water Solutions, Inc., Class A | 3106 | 42459 |
| SLB Ltd. | 1058 | 54318 |
| Solaris Energy Infrastructure, Inc., Class A | 1030 | 51119 |
| TechnipFMC PLC | 11119 | 737301 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 4891 | 42356 |
| Tidewater, Inc.<sup>(1)</sup> | 393 | 31212 |
| Valaris Ltd.<sup>(1)</sup> | 717 | 68724 |
| Weatherford International PLC | 1740 | 183500 |
|  |  | 1610263 |
| **Entertainment — 1.3%** |  |  |
| Electronic Arts, Inc. | 15 | 3009 |
| IMAX Corp.<sup>(1)</sup> | 1692 | 72468 |
| Lionsgate Studios Corp.<sup>(1)</sup> | 851 | 7659 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 1339 | 217105 |
| Madison Square Garden Entertainment Corp.<sup>(1)</sup> | 158 | 9976 |
| Madison Square Garden Sports Corp.<sup>(1)</sup> | 45 | 14925 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Marcus Corp. | 229 | $3854 |
| Netflix, Inc.<sup>(1)</sup> | 21108 | 2031434 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 309 | 21216 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 572 | 120967 |
|  |  | 2502613 |
| **Financial Services — 3.1%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 99 | 4651 |
| Apollo Global Management, Inc. | 1690 | 176774 |
| Block, Inc.<sup>(1)</sup> | 1312 | 83574 |
| Corpay, Inc.<sup>(1)</sup> | 8 | 2601 |
| Equitable Holdings, Inc. | 2158 | 86795 |
| Fiserv, Inc.<sup>(1)</sup> | 137 | 8534 |
| Mastercard, Inc., Class A | 3845 | 1988672 |
| Payoneer Global, Inc.<sup>(1)</sup> | 15848 | 68463 |
| PayPal Holdings, Inc. | 57 | 2634 |
| Sezzle, Inc.<sup>(1)(2)</sup> | 70 | 5107 |
| Visa, Inc., Class A | 11500 | 3681610 |
|  |  | 6109415 |
| **Food Products — 0.1%** |  |  |
| General Mills, Inc. | 113 | 5111 |
| Hershey Co. | 280 | 66159 |
| Lamb Weston Holdings, Inc. | 2021 | 97392 |
| Marzetti Co. | 229 | 37634 |
| Pilgrim's Pride Corp. | 614 | 26500 |
| Vital Farms, Inc.<sup>(1)(2)</sup> | 225 | 4745 |
|  |  | 237541 |
| **Ground Transportation — 0.9%** |  |  |
| Covenant Logistics Group, Inc. | 133 | 3916 |
| Heartland Express, Inc. | 580 | 6397 |
| Landstar System, Inc. | 496 | 80823 |
| Lyft, Inc., Class A<sup>(1)</sup> | 8592 | 118913 |
| Old Dominion Freight Line, Inc. | 414 | 84063 |
| Ryder System, Inc. | 411 | 91061 |
| Saia, Inc.<sup>(1)</sup> | 421 | 170669 |
| Uber Technologies, Inc.<sup>(1)</sup> | 9661 | 728633 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 15 | 760 |
| U-Haul Holding Co. | 567 | 26740 |
| Union Pacific Corp. | 674 | 178596 |
| Werner Enterprises, Inc. | 512 | 17966 |
| XPO, Inc.<sup>(1)</sup> | 978 | 205840 |
|  |  | 1714377 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| Alphatec Holdings, Inc.<sup>(1)</sup> | 120 | 1634 |
| Baxter International, Inc.<sup>(2)</sup> | 310 | 6315 |
| Boston Scientific Corp.<sup>(1)</sup> | 818 | 62863 |
| Dexcom, Inc.<sup>(1)</sup> | 6040 | 443517 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 141 | 12192 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 37 | 3532 |
| Haemonetics Corp.<sup>(1)</sup> | 1540 | 97513 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 770 | 505682 |
| Insulet Corp.<sup>(1)</sup> | 524 | 129224 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 1351 | 680242 |
| Masimo Corp.<sup>(1)</sup> | 732 | 128356 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ResMed, Inc. | 156 | $39977 |
| Stryker Corp. | 89 | 34484 |
| TransMedics Group, Inc.<sup>(1)(2)</sup> | 547 | 79457 |
|  |  | 2224988 |
| **Health Care Providers and Services — 0.7%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)(2)</sup> | 285 | 6680 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 5105 | 98118 |
| Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 307 | 2260 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 442 | 6763 |
| Cardinal Health, Inc. | 248 | 56849 |
| Cencora, Inc. | 1388 | 516530 |
| Centene Corp.<sup>(1)</sup> | 76 | 3411 |
| Chemed Corp. | 12 | 4920 |
| Cigna Group | 1 | 290 |
| CorVel Corp.<sup>(1)</sup> | 271 | 13978 |
| DaVita, Inc.<sup>(1)</sup> | 45 | 7034 |
| Encompass Health Corp. | 655 | 70661 |
| Ensign Group, Inc. | 744 | 159342 |
| Guardant Health, Inc.<sup>(1)</sup> | 365 | 34274 |
| Guardian Pharmacy Services, Inc., Class A<sup>(1)</sup> | 272 | 9115 |
| HCA Healthcare, Inc. | 148 | 78396 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 716 | 10396 |
| McKesson Corp. | 219 | 216234 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 26 | 4005 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 107 | 11819 |
| Progyny, Inc.<sup>(1)</sup> | 1533 | 27119 |
| UnitedHealth Group, Inc. | 1 | 293 |
|  |  | 1338487 |
| **Health Care Technology — 0.0%** |  |  |
| Teladoc Health, Inc.<sup>(1)</sup> | 191 | 1005 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 258 | 46958 |
|  |  | 47963 |
| **Hotels, Restaurants and Leisure — 3.2%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 6833 | 77623 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3264 | 440999 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 1060 | 40269 |
| Booking Holdings, Inc. | 44 | 186531 |
| Boyd Gaming Corp. | 2042 | 169956 |
| Brinker International, Inc.<sup>(1)</sup> | 1413 | 209407 |
| Carnival Corp. | 17520 | 552756 |
| Cheesecake Factory, Inc. | 1597 | 103454 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 23890 | 889186 |
| Choice Hotels International, Inc. | 82 | 8639 |
| Darden Restaurants, Inc. | 936 | 200164 |
| Domino's Pizza, Inc. | 9 | 3622 |
| Expedia Group, Inc. | 959 | 206847 |
| Hilton Worldwide Holdings, Inc. | 391 | 121906 |
| Las Vegas Sands Corp. | 3140 | 178101 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1852 | 50004 |
| Lindblad Expeditions Holdings, Inc.<sup>(1)</sup> | 211 | 4159 |
| Marriott International, Inc., Class A | 361 | 123364 |
| McDonald's Corp. | 61 | 20805 |
| Monarch Casino & Resort, Inc. | 531 | 51029 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 12744 | $315924 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 238 | 19552 |
| Red Rock Resorts, Inc., Class A | 1339 | 81076 |
| Royal Caribbean Cruises Ltd. | 4236 | 1317226 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 446 | 42820 |
| Starbucks Corp. | 242 | 23721 |
| Target Hospitality Corp.<sup>(1)</sup> | 167 | 1301 |
| Texas Roadhouse, Inc. | 1978 | 361717 |
| Travel & Leisure Co. | 613 | 45178 |
| United Parks & Resorts, Inc.<sup>(1)</sup> | 86 | 2992 |
| Viking Holdings Ltd.<sup>(1)</sup> | 2932 | 228755 |
| Wingstop, Inc. | 40 | 10380 |
| Wynn Resorts Ltd. | 213 | 23044 |
| Yum! Brands, Inc. | 339 | 57006 |
|  |  | 6169513 |
| **Household Durables — 0.2%** |  |  |
| Cavco Industries, Inc.<sup>(1)</sup> | 135 | 77930 |
| Installed Building Products, Inc. | 519 | 170107 |
| Lennar Corp., B Shares | 1 | 107 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 14 | 1754 |
| SharkNinja, Inc.<sup>(1)</sup> | 30 | 3686 |
| Sonos, Inc.<sup>(1)</sup> | 1128 | 17371 |
| Toll Brothers, Inc. | 250 | 39310 |
|  |  | 310265 |
| **Household Products — 0.1%** |  |  |
| Colgate-Palmolive Co. | 1977 | 196000 |
| Kimberly-Clark Corp. | 522 | 58172 |
| Oil-Dri Corp. of America | 224 | 15196 |
|  |  | 269368 |
| **Independent Power and Renewable Electricity Producers — 0.5%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 923 | 16780 |
| Talen Energy Corp.<sup>(1)</sup> | 1005 | 372825 |
| Vistra Corp. | 3096 | 538363 |
|  |  | 927968 |
| **Insurance — 0.6%** |  |  |
| Erie Indemnity Co., Class A | 30 | 8083 |
| Goosehead Insurance, Inc., Class A<sup>(1)</sup> | 45 | 2439 |
| HCI Group, Inc. | 250 | 44105 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 291 | 8110 |
| Kinsale Capital Group, Inc. | 269 | 104821 |
| Markel Group, Inc.<sup>(1)</sup> | 28 | 58029 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 4341 | 59211 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 401 | 49608 |
| Primerica, Inc. | 415 | 105269 |
| Progressive Corp. | 2102 | 449113 |
| RenaissanceRe Holdings Ltd. | 729 | 220493 |
| Root, Inc., Class A<sup>(1)</sup> | 47 | 2439 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 898 | 41730 |
| Tiptree, Inc. | 164 | 2793 |
| Trupanion, Inc.<sup>(1)</sup> | 260 | 6901 |
|  |  | 1163144 |
| **Interactive Media and Services — 10.5%** |  |  |
| Alphabet, Inc., Class A | 21206 | 6611183 |
| Alphabet, Inc., Class C | 17082 | 5319847 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cargurus, Inc.<sup>(1)</sup> | 3734 | $114634 |
| Cars.com, Inc.<sup>(1)</sup> | 1343 | 11469 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 818 | 12925 |
| Meta Platforms, Inc., Class A | 12817 | 8307723 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 1102 | 18877 |
| Yelp, Inc.<sup>(1)</sup> | 1341 | 29891 |
|  |  | 20426549 |
| **IT Services — 0.2%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 34 | 3345 |
| DigitalOcean Holdings, Inc.<sup>(1)</sup> | 266 | 14912 |
| Gartner, Inc.<sup>(1)</sup> | 649 | 102023 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 1571 | 136928 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 11356 | 140020 |
| Twilio, Inc., Class A<sup>(1)</sup> | 5 | 605 |
| VeriSign, Inc. | 114 | 25985 |
| Whitefiber, Inc.<sup>(1)(2)</sup> | 333 | 5611 |
|  |  | 429429 |
| **Leisure Products — 0.1%** |  |  |
| Acushnet Holdings Corp. | 446 | 45639 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 40 | 1162 |
| Peloton Interactive, Inc., Class A<sup>(1)</sup> | 1470 | 5910 |
| YETI Holdings, Inc.<sup>(1)</sup> | 1965 | 85890 |
|  |  | 138601 |
| **Life Sciences Tools and Services — 0.1%** |  |  |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 52 | 71068 |
| Waters Corp.<sup>(1)</sup> | 152 | 48546 |
| West Pharmaceutical Services, Inc. | 319 | 81134 |
|  |  | 200748 |
| **Machinery — 1.2%** |  |  |
| Aebi Schmidt Holding AG | 423 | 6100 |
| Albany International Corp., Class A | 142 | 8186 |
| Atmus Filtration Technologies, Inc. | 2907 | 187589 |
| Blue Bird Corp.<sup>(1)</sup> | 1872 | 109081 |
| Caterpillar, Inc. | 1564 | 1161786 |
| Illinois Tool Works, Inc. | 477 | 138631 |
| ITT, Inc. | 90 | 18217 |
| Lincoln Electric Holdings, Inc. | 967 | 277577 |
| Lindsay Corp. | 501 | 67485 |
| Mueller Water Products, Inc., Class A | 2176 | 65128 |
| Oshkosh Corp. | 364 | 61887 |
| Otis Worldwide Corp. | 40 | 3702 |
| Stanley Black & Decker, Inc. | 1 | 86 |
| Symbotic, Inc.<sup>(1)</sup> | 286 | 15667 |
| Terex Corp. | 1587 | 109170 |
| Wabash National Corp. | 198 | 2010 |
|  |  | 2232302 |
| **Marine Transportation — 0.0%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 87 | 11293 |
| **Media — 0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc.<sup>(1)</sup> | 1471 | 3530 |
| New York Times Co., Class A | 1461 | 116573 |
| News Corp., Class A | 84 | 2040 |
| News Corp., Class B | 83 | 2223 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Optimum Communications, Inc., Class A<sup>(1)</sup> | 1172 | $1688 |
| TechTarget, Inc.<sup>(1)</sup> | 546 | 1917 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 601 | 14316 |
| Versant Media Group, Inc.<sup>(1)</sup> | 23 | 766 |
|  |  | 143053 |
| **Metals and Mining — 0.5%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 328 | 53349 |
| Coeur Mining, Inc.<sup>(1)</sup> | 180 | 4887 |
| Commercial Metals Co. | 7 | 513 |
| Compass Minerals International, Inc.<sup>(1)(2)</sup> | 741 | 18673 |
| Freeport-McMoRan, Inc. | 11673 | 794698 |
| Hecla Mining Co. | 595 | 14821 |
| Metallus, Inc.<sup>(1)</sup> | 202 | 3434 |
| Royal Gold, Inc. | 387 | 116019 |
| Ryerson Holding Corp. | 323 | 8450 |
| Steel Dynamics, Inc. | 143 | 27618 |
|  |  | 1042462 |
| **Oil, Gas and Consumable Fuels — 1.6%** |  |  |
| Antero Resources Corp.<sup>(1)</sup> | 1457 | 53632 |
| BKV Corp.<sup>(1)</sup> | 181 | 5671 |
| Calumet, Inc.<sup>(1)</sup> | 261 | 7037 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 524 | 106157 |
| Cheniere Energy, Inc. | 5180 | 1221081 |
| Comstock Resources, Inc.<sup>(1)</sup> | 1726 | 33847 |
| CVR Energy, Inc.<sup>(1)</sup> | 563 | 13602 |
| DT Midstream, Inc. | 19 | 2638 |
| EOG Resources, Inc. | 102 | 12656 |
| EQT Corp. | 3645 | 223876 |
| HF Sinclair Corp. | 425 | 21254 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 290 | 676 |
| Magnolia Oil & Gas Corp., Class A | 4316 | 120071 |
| Matador Resources Co. | 1049 | 53919 |
| Occidental Petroleum Corp. | 67 | 3556 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 1931 | 82396 |
| Peabody Energy Corp. | 3670 | 115752 |
| Phillips 66 | 394 | 60806 |
| Range Resources Corp. | 537 | 22167 |
| Riley Exploration Permian, Inc. | 113 | 3259 |
| Talos Energy, Inc.<sup>(1)</sup> | 2405 | 29461 |
| Targa Resources Corp. | 2161 | 509564 |
| Texas Pacific Land Corp. | 663 | 347604 |
| Williams Cos., Inc. | 872 | 65156 |
|  |  | 3115838 |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 1044 | 88469 |
| Sylvamo Corp. | 3 | 139 |
|  |  | 88608 |
| **Passenger Airlines — 0.0%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 513 | 26471 |
| Allegiant Travel Co.<sup>(1)</sup> | 139 | 14199 |
| American Airlines Group, Inc.<sup>(1)</sup> | 87 | 1137 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 442 | 1962 |
| SkyWest, Inc.<sup>(1)</sup> | 172 | 17902 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Southwest Airlines Co. | 531 | $26157 |
|  |  | 87828 |
| **Personal Care Products — 0.0%** |  |  |
| Interparfums, Inc. | 98 | 9876 |
| **Pharmaceuticals — 1.6%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 448 | 9063 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 284 | 20988 |
| Aquestive Therapeutics, Inc.<sup>(1)(2)</sup> | 482 | 1928 |
| Bristol-Myers Squibb Co. | 2875 | 179314 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 1421 | 59213 |
| Eli Lilly & Co. | 1932 | 2032445 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 671 | 19150 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 247 | 8082 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 1134 | 215483 |
| Phathom Pharmaceuticals, Inc.<sup>(1)</sup> | 205 | 2575 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 180 | 12474 |
| SIGA Technologies, Inc. | 475 | 3073 |
| Xeris Biopharma Holdings, Inc.<sup>(1)</sup> | 1162 | 7111 |
| Zoetis, Inc. | 3764 | 493460 |
|  |  | 3064359 |
| **Professional Services — 0.5%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 2 | 60 |
| Automatic Data Processing, Inc. | 1463 | 313609 |
| Broadridge Financial Solutions, Inc. | 742 | 137915 |
| CRA International, Inc. | 291 | 50244 |
| Exponent, Inc. | 90 | 6550 |
| Genpact Ltd. | 2114 | 83968 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 2169 | 15248 |
| Paychex, Inc. | 280 | 26222 |
| Paycom Software, Inc. | 274 | 34477 |
| Paylocity Holding Corp.<sup>(1)</sup> | 693 | 73798 |
| Upwork, Inc.<sup>(1)</sup> | 5301 | 71139 |
| Verisk Analytics, Inc. | 880 | 182662 |
|  |  | 995892 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 274 | 40459 |
| CoStar Group, Inc.<sup>(1)</sup> | 419 | 18700 |
| Forestar Group, Inc.<sup>(1)</sup> | 46 | 1321 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 853 | 61732 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 175 | 55221 |
| Marcus & Millichap, Inc. | 213 | 5625 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 8381 | 45425 |
|  |  | 228483 |
| **Semiconductors and Semiconductor Equipment — 18.6%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 7388 | 1479151 |
| Applied Materials, Inc. | 2482 | 924049 |
| Broadcom, Inc. | 21223 | 6781810 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 409 | 57718 |
| First Solar, Inc.<sup>(1)</sup> | 706 | 139223 |
| KLA Corp. | 1330 | 2027652 |
| Lam Research Corp. | 14443 | 3378073 |
| Monolithic Power Systems, Inc. | 4 | 4571 |
| NVIDIA Corp. | 114966 | 20370826 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NXP Semiconductors NV | 10 | $2270 |
| Power Integrations, Inc. | 100 | 4792 |
| QUALCOMM, Inc. | 1670 | 237741 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 852 | 25100 |
| Teradyne, Inc. | 757 | 242263 |
| Texas Instruments, Inc. | 1822 | 386464 |
|  |  | 36061703 |
| **Software — 12.0%** |  |  |
| A10 Networks, Inc. | 1401 | 26983 |
| Adobe, Inc.<sup>(1)</sup> | 2264 | 594096 |
| Appian Corp., Class A<sup>(1)</sup> | 164 | 4374 |
| AppLovin Corp., Class A<sup>(1)</sup> | 1924 | 836498 |
| Autodesk, Inc.<sup>(1)</sup> | 1107 | 272178 |
| Blend Labs, Inc., Class A<sup>(1)(2)</sup> | 907 | 1524 |
| Box, Inc., Class A<sup>(1)</sup> | 562 | 13235 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 476 | 143466 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 5465 | 85254 |
| Clear Secure, Inc., Class A | 821 | 39933 |
| Docusign, Inc.<sup>(1)</sup> | 1719 | 77475 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 920 | 22991 |
| Fair Isaac Corp.<sup>(1)</sup> | 72 | 101474 |
| Fortinet, Inc.<sup>(1)</sup> | 10390 | 821122 |
| HubSpot, Inc.<sup>(1)</sup> | 13 | 3439 |
| InterDigital, Inc. | 860 | 315216 |
| Intuit, Inc. | 1422 | 581641 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 1182 | 160078 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 294 | 2628 |
| Microsoft Corp. | 37901 | 14885239 |
| NextNav, Inc.<sup>(1)(2)</sup> | 315 | 5068 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 3000 | 114840 |
| OneSpan, Inc. | 235 | 2594 |
| Oracle Corp. | 7975 | 1159565 |
| Pagaya Technologies Ltd., Class A<sup>(1)(2)</sup> | 540 | 6043 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 10904 | 1495920 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 2627 | 391213 |
| Pegasystems, Inc. | 2375 | 103859 |
| Porch Group, Inc.<sup>(1)</sup> | 298 | 2447 |
| Qualys, Inc.<sup>(1)</sup> | 1235 | 114200 |
| RingCentral, Inc., Class A<sup>(1)</sup> | 353 | 12867 |
| Roper Technologies, Inc. | 1 | 350 |
| Rubrik, Inc., Class A<sup>(1)</sup> | 665 | 34553 |
| Salesforce, Inc. | 510 | 99343 |
| ServiceNow, Inc.<sup>(1)</sup> | 4327 | 467359 |
| Strategy, Inc., Class A<sup>(1)</sup> | 1668 | 216006 |
| Synopsys, Inc.<sup>(1)</sup> | 62 | 25668 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 52 | 18444 |
| Workiva, Inc.<sup>(1)</sup> | 197 | 12131 |
| Yext, Inc.<sup>(1)</sup> | 1000 | 5680 |
|  |  | 23276994 |
| **Specialty Retail — 3.0%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 1162 | 113644 |
| Arhaus, Inc.<sup>(1)</sup> | 1416 | 11682 |
| AutoNation, Inc.<sup>(1)</sup> | 836 | 163154 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AutoZone, Inc.<sup>(1)</sup> | 53 | $199046 |
| Burlington Stores, Inc.<sup>(1)</sup> | 1646 | 505108 |
| Chewy, Inc., Class A<sup>(1)</sup> | 1598 | 43817 |
| Five Below, Inc.<sup>(1)</sup> | 1466 | 327695 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 753 | 52025 |
| Group 1 Automotive, Inc. | 88 | 28665 |
| Home Depot, Inc. | 1976 | 752303 |
| Lithia Motors, Inc. | 64 | 17893 |
| MarineMax, Inc.<sup>(1)</sup> | 70 | 2135 |
| Murphy USA, Inc. | 566 | 221159 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 2923 | 274411 |
| RealReal, Inc.<sup>(1)</sup> | 465 | 5701 |
| Revolve Group, Inc.<sup>(1)</sup> | 44 | 1107 |
| RH<sup>(1)</sup> | 19 | 3148 |
| Ross Stores, Inc. | 2988 | 614452 |
| Signet Jewelers Ltd. | 811 | 78010 |
| TJX Cos., Inc. | 7749 | 1252703 |
| Tractor Supply Co. | 7194 | 372937 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1118 | 765595 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 194 | 14808 |
| Williams-Sonoma, Inc. | 287 | 59022 |
| Winmark Corp. | 7 | 3194 |
|  |  | 5883414 |
| **Technology Hardware, Storage and Peripherals — 11.2%** |  |  |
| Apple, Inc. | 78162 | 20648837 |
| Dell Technologies, Inc., Class C | 167 | 24730 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 321 | 25680 |
| Hewlett Packard Enterprise Co. | 110 | 2362 |
| HP, Inc. | 173 | 3285 |
| NetApp, Inc. | 602 | 59616 |
| Sandisk Corp.<sup>(1)</sup> | 1000 | 635360 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 9267 | 300158 |
|  |  | 21700028 |
| **Textiles, Apparel and Luxury Goods — 1.0%** |  |  |
| Capri Holdings Ltd.<sup>(1)</sup> | 244 | 5004 |
| Crocs, Inc.<sup>(1)</sup> | 2005 | 181874 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 3866 | 453366 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2889 | 534956 |
| Ralph Lauren Corp. | 845 | 306397 |
| Tapestry, Inc. | 2503 | 389141 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 119 | 883 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 42 | 304 |
|  |  | 1871925 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Applied Industrial Technologies, Inc. | 534 | 150898 |
| Boise Cascade Co. | 360 | 29786 |
| Fastenal Co. | 7974 | 367123 |
| Herc Holdings, Inc. | 21 | 2936 |
| NPK International, Inc.<sup>(1)</sup> | 95 | 1371 |
| Rush Enterprises, Inc., Class A | 663 | 47053 |
| Rush Enterprises, Inc., Class B | 120 | 7758 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WW Grainger, Inc. | 798 | $913494 |
|  |  | 1520419 |
| **TOTAL COMMON STOCKS**<br>(Cost $189,016,277) |  | **193647080** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup><br>(Cost $—) | 306 | **258** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 400505 | 400505 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 116158 | 116158 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $516,663) |  | **516663** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $189,532,940) |  | **194164001** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(65409)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**194098592** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $378,315. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $393,531, which includes securities collateral of $277,373.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.3%** | | |
| AAR Corp.<sup>(1)</sup> | 58573 | $6862998 |
| AerSale Corp.<sup>(1)</sup> | 60109 | 468850 |
| Archer Aviation, Inc., Class A<sup>(1)</sup> | 6896 | 49100 |
| Astronics Corp.<sup>(1)</sup> | 74668 | 6019734 |
| Cadre Holdings, Inc. | 15626 | 693638 |
| Ducommun, Inc.<sup>(1)</sup> | 33749 | 4171039 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 22023 | 571277 |
| National Presto Industries, Inc. | 12721 | 1678409 |
| Park Aerospace Corp. | 39443 | 1042084 |
| V2X, Inc.<sup>(1)</sup> | 40542 | 2827805 |
| Virgin Galactic Holdings, Inc.<sup>(1)(2)</sup> | 57251 | 145990 |
| VSE Corp. | 28963 | 6576628 |
|  |  | 31107552 |
| **Air Freight and Logistics — 0.3%** |  |  |
| Forward Air Corp.<sup>(1)</sup> | 36276 | 917420 |
| Hub Group, Inc., Class A | 109257 | 4705699 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 69163 | 513189 |
|  |  | 6136308 |
| **Automobile Components — 2.2%** |  |  |
| Adient PLC<sup>(1)</sup> | 159455 | 3877946 |
| Dana, Inc. | 360642 | 12348382 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 73286 | 1234136 |
| Gentherm, Inc.<sup>(1)</sup> | 65699 | 2152956 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 391315 | 3228349 |
| Holley, Inc.<sup>(1)</sup> | 127659 | 520849 |
| LCI Industries | 49006 | 6527599 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 36078 | 373047 |
| Patrick Industries, Inc. | 36945 | 4573422 |
| Phinia, Inc. | 82488 | 5991103 |
| Solid Power, Inc.<sup>(1)</sup> | 236629 | 837667 |
| Standard Motor Products, Inc. | 47993 | 1904362 |
| Stoneridge, Inc.<sup>(1)</sup> | 59726 | 471238 |
| Strattec Security Corp.<sup>(1)</sup> | 8955 | 788040 |
| Visteon Corp. | 55339 | 5294282 |
| XPEL, Inc.<sup>(1)</sup> | 45834 | 1953445 |
|  |  | 52076823 |
| **Automobiles — 0.2%** |  |  |
| Harley-Davidson, Inc. | 106770 | 1921860 |
| Lucid Group, Inc.<sup>(1)</sup> | 284 | 2840 |
| Winnebago Industries, Inc. | 52109 | 2078628 |
|  |  | 4003328 |
| **Banks — 15.6%** |  |  |
| 1st Source Corp. | 33618 | 2252742 |
| ACNB Corp. | 19868 | 1001347 |
| Amalgamated Financial Corp. | 36941 | 1421859 |
| Amerant Bancorp, Inc. | 86041 | 1836975 |
| Ameris Bancorp | 253 | 19648 |
| Ames National Corp. | 1925 | 51994 |
| Arrow Financial Corp. | 32447 | 1080810 |
| Associated Banc-Corp. | 158788 | 4193591 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Avidbank Holdings, Inc.<sup>(1)</sup> | 1861 | $53746 |
| Axos Financial, Inc.<sup>(1)</sup> | 3732 | 324012 |
| Banc of California, Inc. | 310149 | 5728452 |
| BancFirst Corp. | 7721 | 849310 |
| Bancorp, Inc.<sup>(1)</sup> | 48975 | 2570698 |
| Bank First Corp. | 22735 | 3061722 |
| Bank of Hawaii Corp. | 87533 | 6632375 |
| Bank of Marin Bancorp | 31770 | 790755 |
| Bank of NT Butterfield & Son Ltd. | 102384 | 5195988 |
| Bank7 Corp. | 7869 | 320111 |
| BankUnited, Inc. | 158295 | 7392376 |
| Bankwell Financial Group, Inc. | 8460 | 395082 |
| Banner Corp. | 71675 | 4218074 |
| Bar Harbor Bankshares | 33753 | 1088872 |
| BayCom Corp. | 12059 | 354535 |
| BCB Bancorp, Inc. | 17739 | 141912 |
| Beacon Financial Corp. | 156103 | 4642503 |
| Blue Foundry Bancorp<sup>(1)</sup> | 22066 | 290830 |
| Blue Ridge Bankshares, Inc. | 114147 | 463437 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 45867 | 838449 |
| Burke & Herbert Financial Services Corp. | 28858 | 1859610 |
| Business First Bancshares, Inc. | 62463 | 1705240 |
| BV Financial, Inc.<sup>(1)</sup> | 6024 | 112528 |
| Byline Bancorp, Inc. | 58074 | 1811909 |
| C&F Financial Corp. | 5062 | 368615 |
| California BanCorp | 51262 | 938607 |
| Camden National Corp. | 36016 | 1662499 |
| Capital Bancorp, Inc. | 24113 | 709163 |
| Capital City Bank Group, Inc. | 31261 | 1339378 |
| Capitol Federal Financial, Inc. | 113163 | 812510 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 54360 | 1132862 |
| Cathay General Bancorp | 66405 | 3300993 |
| Central Pacific Financial Corp. | 61050 | 1944442 |
| CF Bankshares, Inc. | 3515 | 106223 |
| Chemung Financial Corp. | 4131 | 229353 |
| ChoiceOne Financial Services, Inc. | 26420 | 756140 |
| Citizens & Northern Corp. | 14142 | 317629 |
| Citizens Community Bancorp, Inc. | 402 | 6999 |
| Citizens Financial Services, Inc. | 6929 | 416156 |
| City Holding Co. | 29627 | 3554351 |
| Civista Bancshares, Inc. | 39406 | 938257 |
| CNB Financial Corp. | 53784 | 1506490 |
| Coastal Financial Corp.<sup>(1)</sup> | 30132 | 2235493 |
| Colony Bankcorp, Inc. | 35751 | 708942 |
| Columbia Financial, Inc.<sup>(1)</sup> | 61436 | 1099704 |
| Commercial Bancgroup, Inc.<sup>(1)</sup> | 2399 | 62398 |
| Community Financial System, Inc. | 43444 | 2630534 |
| Community Trust Bancorp, Inc. | 35391 | 2124876 |
| Community West Bancshares | 36556 | 849196 |
| ConnectOne Bancorp, Inc. | 104568 | 2774189 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 69731 | 4702659 |
| CVB Financial Corp. | 300243 | 5773673 |
| Dime Community Bancshares, Inc. | 91238 | 2951549 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eagle Bancorp Montana, Inc. | 8162 | $177115 |
| Eagle Bancorp, Inc. | 60023 | 1527585 |
| Eastern Bankshares, Inc. | 145958 | 2854938 |
| Enterprise Financial Services Corp. | 76387 | 4361698 |
| Equity Bancshares, Inc., Class A | 35169 | 1578385 |
| Esquire Financial Holdings, Inc. | 17657 | 1783004 |
| Farmers & Merchants Bancorp, Inc. | 12611 | 326120 |
| Farmers National Banc Corp.<sup>(2)</sup> | 81209 | 1050032 |
| FB Bancorp, Inc.<sup>(1)</sup> | 14769 | 194508 |
| FB Financial Corp. | 92430 | 5054997 |
| Fidelity D&D Bancorp, Inc. | 374 | 16400 |
| Financial Institutions, Inc. | 44732 | 1403690 |
| Finward Bancorp | 1974 | 73749 |
| First BanCorp | 96538 | 2039848 |
| First Bancorp, Inc. | 3204 | 88591 |
| First Bancorp/Southern Pines NC | 92466 | 5251144 |
| First Bank | 43298 | 689304 |
| First Busey Corp. | 178263 | 4520750 |
| First Business Financial Services, Inc. | 16446 | 898774 |
| First Commonwealth Financial Corp. | 212901 | 3732155 |
| First Community Bankshares, Inc. | 38720 | 1515114 |
| First Community Corp. | 12967 | 373709 |
| First Financial Bancorp | 206864 | 5806672 |
| First Financial Bankshares, Inc. | 39432 | 1219632 |
| First Financial Corp. | 26587 | 1684552 |
| First Foundation, Inc.<sup>(1)</sup> | 144983 | 851050 |
| First Hawaiian, Inc. | 117295 | 2904224 |
| First Internet Bancorp | 15960 | 323669 |
| First Interstate BancSystem, Inc., Class A | 62021 | 2146547 |
| First Merchants Corp. | 129865 | 5075124 |
| First Mid Bancshares, Inc. | 46714 | 1915741 |
| First National Corp. | 1225 | 32524 |
| First United Corp. | 9272 | 328878 |
| First Western Financial, Inc.<sup>(1)</sup> | 9904 | 250472 |
| Firstsun Capital Bancorp<sup>(1)(2)</sup> | 25042 | 913282 |
| Five Star Bancorp | 33427 | 1301313 |
| Flushing Financial Corp. | 70401 | 1086287 |
| Franklin Financial Services Corp. | 5739 | 295444 |
| FS Bancorp, Inc. | 5085 | 200908 |
| Fulton Financial Corp. | 132401 | 2707600 |
| FVCBankcorp, Inc. | 317 | 4894 |
| GBank Financial Holdings, Inc.<sup>(1)(2)</sup> | 11270 | 340467 |
| German American Bancorp, Inc. | 73906 | 3055274 |
| Great Southern Bancorp, Inc. | 21873 | 1345846 |
| Greene County Bancorp, Inc. | 6323 | 139549 |
| Hanmi Financial Corp. | 70678 | 1845403 |
| Hanover Bancorp, Inc. | 1034 | 21383 |
| HBT Financial, Inc. | 22947 | 618651 |
| Heritage Commerce Corp. | 132685 | 1649275 |
| Heritage Financial Corp. | 75972 | 2006421 |
| Hilltop Holdings, Inc. | 100588 | 3765009 |
| Hingham Institution For Savings<sup>(2)</sup> | 3370 | 940634 |
| Home Bancorp, Inc. | 14959 | 884077 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HomeTrust Bancshares, Inc. | 35410 | $1492177 |
| Hope Bancorp, Inc. | 266023 | 2995419 |
| Horizon Bancorp, Inc. | 102911 | 1733021 |
| Independent Bank Corp. | 44241 | 3453895 |
| Independent Bank Corp. (Michigan) | 46372 | 1611427 |
| International Bancshares Corp. | 29710 | 1993838 |
| Investar Holding Corp. | 15587 | 440021 |
| Isabella Bank Corp. | 3232 | 153714 |
| Kearny Financial Corp. | 125635 | 961108 |
| Lakeland Financial Corp. | 51934 | 3016846 |
| LCNB Corp. | 59 | 1002 |
| LINKBANCORP, Inc. | 11520 | 99648 |
| Live Oak Bancshares, Inc. | 73624 | 2670342 |
| MainStreet Bancshares, Inc. | 3261 | 72394 |
| Mechanics Bancorp | 1163 | 16584 |
| Mercantile Bank Corp. | 36136 | 1866786 |
| Meridian Corp. | 18061 | 351106 |
| Metrocity Bankshares, Inc. | 41896 | 1177278 |
| Metropolitan Bank Holding Corp. | 23974 | 2017412 |
| Mid Penn Bancorp, Inc. | 43198 | 1389680 |
| Middlefield Banc Corp. | 757 | 25488 |
| Midland States Bancorp, Inc. | 46792 | 1035507 |
| MVB Financial Corp. | 18570 | 501390 |
| National Bank Holdings Corp., Class A | 71511 | 2859725 |
| National Bankshares, Inc. | 27 | 1014 |
| NB Bancorp, Inc. | 67876 | 1448474 |
| NBT Bancorp, Inc. | 109379 | 4672671 |
| Nicolet Bankshares, Inc. | 39292 | 6002246 |
| Northeast Bank | 16123 | 1787718 |
| Northfield Bancorp, Inc. | 88867 | 1185486 |
| Northpointe Bancshares, Inc. | 25810 | 466129 |
| Northrim BanCorp, Inc. | 51644 | 1213118 |
| Northwest Bancshares, Inc. | 285030 | 3548623 |
| Norwood Financial Corp. | 2111 | 61346 |
| Oak Valley Bancorp | 539 | 17248 |
| OceanFirst Financial Corp. | 123869 | 2237074 |
| OFG Bancorp | 98342 | 3941547 |
| Old Second Bancorp, Inc. | 105170 | 2064487 |
| OP Bancorp | 9633 | 128697 |
| Orange County Bancorp, Inc. | 16785 | 557430 |
| Origin Bancorp, Inc. | 66591 | 2770186 |
| Orrstown Financial Services, Inc. | 40095 | 1441014 |
| Park National Corp. | 34044 | 5601259 |
| Parke Bancorp, Inc. | 6032 | 168052 |
| Pathward Financial, Inc. | 47890 | 4347933 |
| PCB Bancorp | 8830 | 197439 |
| Peapack-Gladstone Financial Corp. | 35250 | 1180522 |
| Peoples Bancorp of North Carolina, Inc. | 3058 | 116846 |
| Peoples Bancorp, Inc. | 76975 | 2483983 |
| Peoples Financial Services Corp. | 19170 | 1027512 |
| Plumas Bancorp | 1857 | 93407 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 21904 | 355940 |
| Preferred Bank | 28007 | 2456774 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Primis Financial Corp. | 52581 | $694595 |
| Provident Financial Services, Inc. | 303236 | 6380085 |
| QCR Holdings, Inc. | 36204 | 3131646 |
| RBB Bancorp | 33145 | 712618 |
| Red River Bancshares, Inc. | 6643 | 589234 |
| Renasant Corp. | 56411 | 2123874 |
| Republic Bancorp, Inc., Class A | 21722 | 1498818 |
| Riverview Bancorp, Inc. | 12947 | 69266 |
| S&T Bancorp, Inc. | 82753 | 3459903 |
| Seacoast Banking Corp. of Florida | 201200 | 6261344 |
| ServisFirst Bancshares, Inc. | 28046 | 2272006 |
| Shore Bancshares, Inc. | 70436 | 1308701 |
| Sierra Bancorp | 27888 | 1003410 |
| Simmons First National Corp., Class A | 300751 | 5987952 |
| SmartFinancial, Inc. | 33709 | 1321730 |
| South Plains Financial, Inc. | 28262 | 1157612 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 13577 | 758140 |
| Southern Missouri Bancorp, Inc. | 22004 | 1362268 |
| Southside Bancshares, Inc. | 64534 | 2021205 |
| SR Bancorp, Inc.<sup>(2)</sup> | 4308 | 71297 |
| Stellar Bancorp, Inc. | 98757 | 3719189 |
| Stock Yards Bancorp, Inc. | 61448 | 3941275 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 30972 | 2951632 |
| TFS Financial Corp. | 28662 | 401841 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 25754 | 1020116 |
| Timberland Bancorp, Inc. | 4072 | 155062 |
| Tompkins Financial Corp. | 28683 | 2200273 |
| Towne Bank | 166790 | 5714225 |
| TriCo Bancshares | 60950 | 2912191 |
| Triumph Financial, Inc.<sup>(1)</sup> | 42809 | 2391311 |
| TrustCo Bank Corp. | 41465 | 1798337 |
| Trustmark Corp. | 131469 | 5599265 |
| United Community Banks, Inc. | 78027 | 2510129 |
| Unity Bancorp, Inc. | 15283 | 812903 |
| Univest Financial Corp. | 63918 | 2144449 |
| USCB Financial Holdings, Inc. | 936 | 17718 |
| Virginia National Bankshares Corp. | 2040 | 78989 |
| WaFd, Inc. | 169153 | 5270807 |
| Washington Trust Bancorp, Inc. | 43148 | 1453656 |
| WesBanco, Inc. | 106185 | 3702671 |
| West BanCorp, Inc. | 11575 | 281851 |
| Westamerica Bancorporation | 55498 | 2810974 |
| Western New England Bancorp, Inc. | 18563 | 238535 |
| WSFS Financial Corp. | 49096 | 3118087 |
|  |  | 374768957 |
| **Beverages — 0.2%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 13085 | 2967416 |
| MGP Ingredients, Inc. | 27757 | 527383 |
| National Beverage Corp.<sup>(1)</sup> | 3854 | 140093 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 31405 | 1823374 |
| Zevia PBC, Class A<sup>(1)</sup> | 19263 | 25813 |
|  |  | 5484079 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Biotechnology — 4.3%** | | |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 84049 | $811913 |
| Abeona Therapeutics, Inc.<sup>(1)(2)</sup> | 8882 | 45476 |
| Absci Corp.<sup>(1)(2)</sup> | 158560 | 434454 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 44337 | 1088917 |
| Acumen Pharmaceuticals, Inc.<sup>(1)</sup> | 2482 | 7793 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 116712 | 1817206 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 100022 | 3023665 |
| Akebia Therapeutics, Inc.<sup>(1)</sup> | 393163 | 515044 |
| Aligos Therapeutics, Inc.<sup>(1)(2)</sup> | 1427 | 10032 |
| Alkermes PLC<sup>(1)</sup> | 68043 | 2048094 |
| Allogene Therapeutics, Inc.<sup>(1)</sup> | 2956 | 8218 |
| Altimmune, Inc.<sup>(1)</sup> | 51273 | 220987 |
| ALX Oncology Holdings, Inc.<sup>(1)</sup> | 4191 | 8843 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 27093 | 389055 |
| Annexon, Inc.<sup>(1)</sup> | 227076 | 1271626 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)(2)</sup> | 56845 | 467834 |
| ArriVent Biopharma, Inc.<sup>(1)</sup> | 16098 | 369771 |
| Assembly Biosciences, Inc.<sup>(1)(2)</sup> | 6220 | 185605 |
| Aura Biosciences, Inc.<sup>(1)</sup> | 45997 | 270922 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 241539 | 3422608 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 138069 | 3929444 |
| Bicara Therapeutics, Inc.<sup>(1)</sup> | 25391 | 426061 |
| Black Diamond Therapeutics, Inc.<sup>(1)</sup> | 73654 | 181925 |
| C4 Therapeutics, Inc.<sup>(1)</sup> | 76099 | 205467 |
| Cabaletta Bio, Inc.<sup>(1)(2)</sup> | 81570 | 270812 |
| Candel Therapeutics, Inc.<sup>(1)</sup> | 1593 | 8363 |
| Cardiff Oncology, Inc.<sup>(1)(2)</sup> | 542 | 1051 |
| CareDx, Inc.<sup>(1)</sup> | 82648 | 1550477 |
| Caribou Biosciences, Inc.<sup>(1)(2)</sup> | 112453 | 213661 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 232565 | 5367600 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 119545 | 3597109 |
| Century Therapeutics, Inc.<sup>(1)</sup> | 22518 | 52242 |
| CervoMed, Inc.<sup>(1)(2)</sup> | 3281 | 13091 |
| Coherus Oncology, Inc.<sup>(1)(2)</sup> | 26376 | 44048 |
| Compass Therapeutics, Inc.<sup>(1)</sup> | 75558 | 426903 |
| Corbus Pharmaceuticals Holdings, Inc.<sup>(1)</sup> | 15139 | 129741 |
| Crescent Biopharma, Inc.<sup>(1)</sup> | 3989 | 48227 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 96147 | 5782281 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 120099 | 1861535 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 68263 | 723588 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 196024 | 4151788 |
| Design Therapeutics, Inc.<sup>(1)</sup> | 57263 | 597826 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | 68843 | 3799445 |
| Eledon Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 4749 | 12442 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 118503 | 965799 |
| Engene Holdings, Inc.<sup>(1)</sup> | 32565 | 329232 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 62837 | 749645 |
| Erasca, Inc.<sup>(1)</sup> | 263774 | 3603153 |
| Forte Biosciences, Inc.<sup>(1)(2)</sup> | 11925 | 360374 |
| GRAIL, Inc.<sup>(1)</sup> | 57273 | 3048642 |
| Gyre Therapeutics, Inc.<sup>(1)</sup> | 1907 | 15714 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 179743 | 5787725 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Immuneering Corp., Class A<sup>(1)(2)</sup> | 31013 | $154755 |
| Inmune Bio, Inc.<sup>(1)(2)</sup> | 704 | 908 |
| Instil Bio, Inc.<sup>(1)(2)</sup> | 7492 | 66679 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 160227 | 2207928 |
| Iovance Biotherapeutics, Inc.<sup>(1)</sup> | 201505 | 777809 |
| Jade Biosciences, Inc. | 25918 | 384364 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | 25877 | 352186 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | 27974 | 396951 |
| Korro Bio, Inc.<sup>(1)</sup> | 24 | 291 |
| Kura Oncology, Inc.<sup>(1)</sup> | 134237 | 1171889 |
| Kyverna Therapeutics, Inc.<sup>(1)(2)</sup> | 49874 | 409466 |
| Larimar Therapeutics, Inc.<sup>(1)(2)</sup> | 73003 | 387646 |
| Lyell Immunopharma, Inc.<sup>(1)</sup> | 12669 | 304056 |
| MacroGenics, Inc.<sup>(1)</sup> | 25346 | 50439 |
| Metagenomi Therapeutics, Inc.<sup>(1)</sup> | 3454 | 5250 |
| MiMedx Group, Inc.<sup>(1)</sup> | 254930 | 1246608 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 466 | 13635 |
| Monopar Therapeutics, Inc.<sup>(1)(2)</sup> | 931 | 51023 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 132688 | 2355212 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 65214 | 300637 |
| Neurogene, Inc.<sup>(1)(2)</sup> | 16675 | 391696 |
| Nkarta, Inc.<sup>(1)</sup> | 90267 | 243721 |
| Nurix Therapeutics, Inc.<sup>(1)</sup> | 70699 | 1129063 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 92625 | 2241525 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | 147887 | 474717 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 124598 | 1675843 |
| Oruka Therapeutics, Inc.<sup>(1)</sup> | 59227 | 2038001 |
| PepGen, Inc.<sup>(1)</sup> | 33626 | 209154 |
| Perspective Therapeutics, Inc.<sup>(1)(2)</sup> | 13716 | 74066 |
| Prelude Therapeutics, Inc.<sup>(1)</sup> | 10294 | 28411 |
| Protara Therapeutics, Inc.<sup>(1)</sup> | 81521 | 518474 |
| Prothena Corp. PLC<sup>(1)</sup> | 73349 | 635936 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 94758 | 540121 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(1)(2)</sup> | 249227 | 914663 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 375288 | 3850455 |
| Replimune Group, Inc.<sup>(1)</sup> | 40654 | 311003 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 11887 | 412954 |
| Rocket Pharmaceuticals, Inc.<sup>(1)</sup> | 42854 | 214699 |
| SAB Biotherapeutics, Inc.<sup>(1)</sup> | 26236 | 107568 |
| Sagimet Biosciences, Inc., Class A<sup>(1)</sup> | 57537 | 328536 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 45319 | 759546 |
| Savara, Inc.<sup>(1)</sup> | 1747 | 10517 |
| Sera Prognostics, Inc., Class A<sup>(1)(2)</sup> | 5403 | 12373 |
| Seres Therapeutics, Inc.<sup>(1)</sup> | 5435 | 47502 |
| Shattuck Labs, Inc.<sup>(1)</sup> | 38151 | 149552 |
| Solid Biosciences, Inc.<sup>(1)</sup> | 96474 | 599104 |
| Stoke Therapeutics, Inc.<sup>(1)</sup> | 1254 | 45658 |
| Tectonic Therapeutic, Inc.<sup>(1)(2)</sup> | 11381 | 266884 |
| Tonix Pharmaceuticals Holding Corp.<sup>(1)</sup> | 12850 | 179515 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 47506 | 1582425 |
| uniQure NV<sup>(1)</sup> | 52 | 813 |
| Upstream Bio, Inc.<sup>(1)</sup> | 80783 | 620413 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 126096 | 1123515 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 242516 | $2204470 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 120884 | 495624 |
| Whitehawk Therapeutics, Inc.<sup>(1)</sup> | 938 | 3292 |
| XBiotech, Inc.<sup>(1)(2)</sup> | 13228 | 29895 |
| Xencor, Inc.<sup>(1)</sup> | 150093 | 1916688 |
| Zentalis Pharmaceuticals, Inc.<sup>(1)</sup> | 33237 | 79436 |
| Zura Bio Ltd.<sup>(1)</sup> | 33733 | 223312 |
| Zymeworks, Inc.<sup>(1)</sup> | 51471 | 1198760 |
|  |  | 103201106 |
| **Broadline Retail — 0.2%** |  |  |
| 1stdibs.com, Inc.<sup>(1)</sup> | 37023 | 178080 |
| Contextlogic Holdings, Inc.<sup>(1)(2)</sup> | 48414 | 391669 |
| Kohl's Corp. | 223586 | 3660103 |
| Savers Value Village, Inc.<sup>(1)</sup> | 56583 | 533578 |
|  |  | 4763430 |
| **Building Products — 1.0%** |  |  |
| American Woodmark Corp.<sup>(1)</sup> | 25025 | 1253752 |
| Apogee Enterprises, Inc. | 45375 | 1806832 |
| AZZ, Inc. | 22409 | 3047176 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 39220 | 1783726 |
| Griffon Corp. | 29888 | 2547653 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 189172 | 3026752 |
| Insteel Industries, Inc. | 40034 | 1492467 |
| Janus International Group, Inc.<sup>(1)</sup> | 284008 | 1976696 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 165109 | 323614 |
| Masterbrand, Inc.<sup>(1)</sup> | 286508 | 2899461 |
| Quanex Building Products Corp. | 101709 | 2088086 |
| Tecnoglass, Inc. | 9480 | 431909 |
| Trex Co., Inc.<sup>(1)</sup> | 9335 | 386656 |
|  |  | 23064780 |
| **Capital Markets — 1.1%** |  |  |
| Acadian Asset Management, Inc. | 52848 | 2846393 |
| Artisan Partners Asset Management, Inc., Class A | 41150 | 1657522 |
| BGC Group, Inc., Class A | 148019 | 1409141 |
| Bullish<sup>(1)(2)</sup> | 3415 | 107197 |
| Cohen & Steers, Inc. | 11132 | 744397 |
| Diamond Hill Investment Group, Inc. | 5788 | 994784 |
| DigitalBridge Group, Inc. | 268733 | 4151925 |
| Federated Hermes, Inc. | 57020 | 3193690 |
| Forge Global Holdings, Inc.<sup>(1)</sup> | 19051 | 857295 |
| GCM Grosvenor, Inc., Class A | 724 | 8384 |
| Moelis & Co., Class A | 1260 | 74794 |
| Oppenheimer Holdings, Inc., Class A | 23783 | 2052235 |
| Siebert Financial Corp.<sup>(1)</sup> | 1398 | 2656 |
| Silvercrest Asset Management Group, Inc., Class A | 5996 | 91169 |
| Victory Capital Holdings, Inc., Class A | 27140 | 1877545 |
| Virtu Financial, Inc., Class A | 4716 | 195290 |
| Virtus Investment Partners, Inc. | 13326 | 1843785 |
| WisdomTree, Inc.<sup>(2)</sup> | 279955 | 4790030 |
|  |  | 26898232 |
| **Chemicals — 3.0%** |  |  |
| AdvanSix, Inc. | 55934 | 997303 |
| Alto Ingredients, Inc.<sup>(1)</sup> | 42439 | 96761 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| American Vanguard Corp.<sup>(1)</sup> | 49619 | $228744 |
| Arq, Inc.<sup>(1)</sup> | 61507 | 215890 |
| Ascent Industries Co.<sup>(1)</sup> | 6670 | 114457 |
| Ashland, Inc. | 79880 | 4981317 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 60423 | 188520 |
| Avient Corp. | 55612 | 2283985 |
| Cabot Corp. | 28345 | 2158188 |
| Chemours Co. | 272177 | 4964508 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 12935 | 236064 |
| Ecovyst, Inc.<sup>(1)</sup> | 252143 | 2841652 |
| Flotek Industries, Inc.<sup>(1)(2)</sup> | 35105 | 538862 |
| FMC Corp. | 3206 | 47256 |
| Hawkins, Inc. | 39677 | 5915841 |
| HB Fuller Co. | 66486 | 4369460 |
| Huntsman Corp. | 184395 | 2332597 |
| Ingevity Corp.<sup>(1)</sup> | 77455 | 5579084 |
| Innospec, Inc. | 44336 | 3395251 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 25807 | 954085 |
| Koppers Holdings, Inc. | 42759 | 1616290 |
| Kronos Worldwide, Inc. | 39313 | 228408 |
| LSB Industries, Inc.<sup>(1)</sup> | 123978 | 1440624 |
| Mativ Holdings, Inc. | 126171 | 1367694 |
| Minerals Technologies, Inc. | 63588 | 4490585 |
| Northern Technologies International Corp. | 6234 | 55483 |
| Olin Corp. | 235809 | 5982474 |
| Orion SA | 109726 | 624341 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | 132477 | 3110560 |
| Quaker Chemical Corp. | 26424 | 3885121 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 137265 | 1299899 |
| Sensient Technologies Corp. | 9163 | 930319 |
| Stepan Co. | 46789 | 2381092 |
| Tronox Holdings PLC, Class A | 205230 | 1535120 |
| Valhi, Inc.<sup>(2)</sup> | 1690 | 23609 |
|  |  | 71411444 |
| **Commercial Services and Supplies — 1.7%** |  |  |
| ABM Industries, Inc. | 37068 | 1649526 |
| ACCO Brands Corp. | 190933 | 777097 |
| Brady Corp., Class A | 28159 | 2600202 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 112605 | 1552823 |
| Civeo Corp.<sup>(1)(2)</sup> | 25554 | 707590 |
| Deluxe Corp. | 101294 | 2810908 |
| Ennis, Inc. | 56940 | 1202003 |
| Enviri Corp.<sup>(1)</sup> | 134130 | 2539081 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 186274 | 4055185 |
| HNI Corp. | 121080 | 5443757 |
| Interface, Inc. | 132400 | 4169276 |
| Liquidity Services, Inc.<sup>(1)</sup> | 49592 | 1567603 |
| MillerKnoll, Inc. | 140419 | 2828039 |
| OPENLANE, Inc.<sup>(1)</sup> | 233981 | 6670798 |
| Perma-Fix Environmental Services, Inc.<sup>(1)(2)</sup> | 10639 | 145116 |
| Quad/Graphics, Inc. | 58479 | 404090 |
| Team, Inc.<sup>(1)</sup> | 591 | 8629 |
| UniFirst Corp. | 11471 | 2693620 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vestis Corp.<sup>(1)</sup> | 503 | $3959 |
| Virco Mfg. Corp.<sup>(2)</sup> | 27977 | 177654 |
|  |  | 42006956 |
| **Communications Equipment — 1.8%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 167826 | 1711825 |
| Applied Optoelectronics, Inc.<sup>(1)</sup> | 38190 | 3216744 |
| Aviat Networks, Inc.<sup>(1)</sup> | 24124 | 604065 |
| BK Technologies Corp.<sup>(1)</sup> | 7207 | 627658 |
| Clearfield, Inc.<sup>(1)</sup> | 24857 | 781504 |
| Digi International, Inc.<sup>(1)</sup> | 73239 | 3575528 |
| Extreme Networks, Inc.<sup>(1)</sup> | 97881 | 1368376 |
| Harmonic, Inc.<sup>(1)</sup> | 180930 | 1923286 |
| KVH Industries, Inc.<sup>(1)</sup> | 4873 | 29384 |
| Lantronix, Inc.<sup>(1)</sup> | 63870 | 381943 |
| NETGEAR, Inc.<sup>(1)</sup> | 57612 | 1187959 |
| NetScout Systems, Inc.<sup>(1)</sup> | 134020 | 3914724 |
| Nokia OYJ, ADR | 34460 | 266031 |
| Ribbon Communications, Inc.<sup>(1)</sup> | 200520 | 447160 |
| Viasat, Inc.<sup>(1)</sup> | 195608 | 8954934 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 505472 | 15017573 |
|  |  | 44008694 |
| **Construction and Engineering — 1.9%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 73996 | 2253918 |
| Argan, Inc. | 20441 | 9224001 |
| Bowman Consulting Group Ltd.<sup>(1)</sup> | 6857 | 229984 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 111467 | 3455477 |
| Concrete Pumping Holdings, Inc.<sup>(1)</sup> | 43728 | 294727 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 48643 | 5879479 |
| Granite Construction, Inc. | 2571 | 345697 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 154348 | 2616199 |
| Legence Corp., Class A<sup>(1)</sup> | 4065 | 235973 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 19064 | 1742831 |
| Matrix Service Co.<sup>(1)</sup> | 62586 | 687820 |
| MYR Group, Inc.<sup>(1)</sup> | 33738 | 9107910 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 23113 | 1793569 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 87994 | 1208158 |
| Tutor Perini Corp. | 97420 | 7342545 |
| WillScot Holdings Corp. | 26607 | 574977 |
|  |  | 46993265 |
| **Construction Materials — 0.1%** |  |  |
| Knife River Corp.<sup>(1)</sup> | 27475 | 2444726 |
| Titan America SA<sup>(1)</sup> | 5937 | 107578 |
| U.S. Lime & Minerals, Inc. | 5864 | 669434 |
|  |  | 3221738 |
| **Consumer Finance — 1.5%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 10448 | 546535 |
| Bread Financial Holdings, Inc. | 99343 | 7039445 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 2295 | 18590 |
| Credit Acceptance Corp.<sup>(1)(2)</sup> | 269 | 127285 |
| Dave, Inc.<sup>(1)</sup> | 5085 | 982778 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 46371 | 3166676 |
| Enova International, Inc.<sup>(1)</sup> | 31117 | 4326819 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 127398 | 3379869 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Green Dot Corp., Class A<sup>(1)</sup> | 121302 | $1402251 |
| Jefferson Capital, Inc. | 9581 | 197656 |
| LendingClub Corp.<sup>(1)</sup> | 251283 | 3746630 |
| LendingTree, Inc.<sup>(1)</sup> | 26493 | 990043 |
| Medallion Financial Corp. | 20020 | 202002 |
| Navient Corp. | 149168 | 1311187 |
| Nelnet, Inc., Class A | 4396 | 569106 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 71741 | 778390 |
| Oportun Financial Corp.<sup>(1)</sup> | 66886 | 346469 |
| OppFi, Inc. | 59424 | 545512 |
| PRA Group, Inc.<sup>(1)</sup> | 83895 | 1321346 |
| PROG Holdings, Inc. | 82680 | 2911163 |
| Regional Management Corp. | 16895 | 537599 |
| SLM Corp. | 2096 | 39279 |
| World Acceptance Corp.<sup>(1)</sup> | 5413 | 730105 |
|  |  | 35216735 |
| **Consumer Staples Distribution & Retail — 1.3%** |  |  |
| Andersons, Inc. | 64259 | 4195470 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 87048 | 6214357 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 173132 | 1710544 |
| HF Foods Group, Inc.<sup>(1)</sup> | 11246 | 23504 |
| Ingles Markets, Inc., Class A | 31703 | 2697925 |
| Natural Grocers by Vitamin Cottage, Inc. | 25922 | 700672 |
| PriceSmart, Inc. | 45642 | 7057166 |
| United Natural Foods, Inc.<sup>(1)</sup> | 151187 | 5776855 |
| Village Super Market, Inc., Class A | 22291 | 872693 |
| Weis Markets, Inc. | 31958 | 2165474 |
|  |  | 31414660 |
| **Containers and Packaging — 0.8%** |  |  |
| Graphic Packaging Holding Co. | 38735 | 473729 |
| Greif, Inc., Class A | 38556 | 2801865 |
| Greif, Inc., Class B | 4651 | 406404 |
| Myers Industries, Inc. | 83806 | 1874740 |
| O-I Glass, Inc.<sup>(1)</sup> | 313802 | 4204947 |
| Ranpak Holdings Corp.<sup>(1)(2)</sup> | 17495 | 89574 |
| Silgan Holdings, Inc. | 8600 | 413230 |
| Sonoco Products Co. | 89934 | 5078573 |
| TriMas Corp. | 82293 | 3216011 |
|  |  | 18559073 |
| **Distributors — 0.1%** |  |  |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 1587 | 70367 |
| Gold.com, Inc. | 40312 | 2316731 |
| Weyco Group, Inc. | 510 | 15948 |
|  |  | 2403046 |
| **Diversified Consumer Services — 1.9%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 39333 | 1802238 |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 919 | 68484 |
| Carriage Services, Inc. | 30018 | 1382929 |
| Coursera, Inc.<sup>(1)</sup> | 206072 | 1320922 |
| Covista, Inc.<sup>(1)</sup> | 29793 | 2919714 |
| Driven Brands Holdings, Inc.<sup>(1)</sup> | 120374 | 1324114 |
| Duolingo, Inc.<sup>(1)</sup> | 24 | 2424 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 55743 | 318850 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Frontdoor, Inc.<sup>(1)</sup> | 69545 | $4768701 |
| Graham Holdings Co., Class B | 1225 | 1290182 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 21697 | 3451342 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 181022 | 5854251 |
| Legacy Education, Inc.<sup>(1)(2)</sup> | 4606 | 63425 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 67312 | 2439387 |
| Matthews International Corp., Class A | 39887 | 1054213 |
| McGraw Hill, Inc.<sup>(1)</sup> | 13642 | 190988 |
| Mister Car Wash, Inc.<sup>(1)</sup> | 131242 | 934443 |
| OneSpaWorld Holdings Ltd. | 225444 | 4853809 |
| Perdoceo Education Corp. | 151652 | 5057594 |
| Phoenix Education Partners, Inc. | 1295 | 38332 |
| Strategic Education, Inc. | 39985 | 3289966 |
| Stride, Inc.<sup>(1)</sup> | 313 | 26411 |
| Udemy, Inc.<sup>(1)</sup> | 12039 | 60556 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 104045 | 3766429 |
| WW International, Inc.<sup>(1)</sup> | 1306 | 27766 |
|  |  | 46307470 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| Anterix, Inc.<sup>(1)</sup> | 4616 | 170376 |
| ATN International, Inc. | 23005 | 663004 |
| Bandwidth, Inc., Class A<sup>(1)</sup> | 11171 | 165554 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 2734 | 108649 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 19800 | 779130 |
| IDT Corp., Class B | 40503 | 2063628 |
| Iridium Communications, Inc. | 71025 | 1701049 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 196242 | 2500123 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 146557 | 1802651 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 47933 | 375795 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 249164 | 1978362 |
| Shenandoah Telecommunications Co. | 105893 | 1443322 |
|  |  | 13751643 |
| **Electric Utilities — 0.4%** |  |  |
| Genie Energy Ltd., Class B | 182 | 2644 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 329187 | 5099107 |
| MGE Energy, Inc. | 23321 | 1912788 |
| Otter Tail Corp. | 34579 | 2942673 |
|  |  | 9957212 |
| **Electrical Equipment — 1.4%** |  |  |
| Allient, Inc. | 37771 | 2486843 |
| Atkore, Inc. | 63291 | 4095561 |
| Broadwind, Inc.<sup>(1)</sup> | 6917 | 17154 |
| Espey Mfg. & Electronics Corp. | 3211 | 186013 |
| FuelCell Energy, Inc.<sup>(1)</sup> | 39798 | 323956 |
| Hyliion Holdings Corp.<sup>(1)(2)</sup> | 100887 | 206818 |
| LSI Industries, Inc. | 54593 | 1180301 |
| NANO Nuclear Energy, Inc.<sup>(1)</sup> | 668 | 17762 |
| Net Power, Inc.<sup>(1)</sup> | 5449 | 10517 |
| Plug Power, Inc.<sup>(1)(2)</sup> | 2760877 | 4941970 |
| Powell Industries, Inc. | 7587 | 3972553 |
| Power Solutions International, Inc.<sup>(1)</sup> | 2271 | 189628 |
| Preformed Line Products Co. | 4322 | 1096275 |
| Sensata Technologies Holding PLC | 5466 | 204100 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SES AI Corp.<sup>(1)</sup> | 66027 | $108284 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 326392 | 1935505 |
| Sunrun, Inc.<sup>(1)</sup> | 344496 | 4564572 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 67614 | 3433439 |
| Ultralife Corp.<sup>(1)</sup> | 13710 | 77736 |
| Vicor Corp.<sup>(1)</sup> | 19840 | 3995776 |
|  |  | 33044763 |
| **Electronic Equipment, Instruments and Components — 2.5%** |  |  |
| 908 Devices, Inc.<sup>(1)(2)</sup> | 55271 | 381370 |
| Avnet, Inc. | 40118 | 2641369 |
| Badger Meter, Inc. | 6895 | 1051005 |
| Bel Fuse, Inc., Class A | 15 | 3179 |
| Belden, Inc. | 14074 | 2016804 |
| Benchmark Electronics, Inc. | 73382 | 4242214 |
| Climb Global Solutions, Inc. | 8856 | 838486 |
| Coda Octopus Group, Inc.<sup>(1)(2)</sup> | 502 | 6807 |
| CPS Technologies Corp.<sup>(1)</sup> | 6016 | 26952 |
| Crane NXT Co. | 31271 | 1510077 |
| CTS Corp. | 62855 | 3309944 |
| Daktronics, Inc.<sup>(1)</sup> | 97332 | 2509219 |
| ePlus, Inc. | 51261 | 4134712 |
| Ingram Micro Holding Corp. | 7209 | 149154 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 2425 | 202633 |
| IPG Photonics Corp.<sup>(1)</sup> | 32628 | 4292866 |
| Itron, Inc.<sup>(1)</sup> | 13376 | 1256675 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 58863 | 1470986 |
| Knowles Corp.<sup>(1)</sup> | 194877 | 5294808 |
| Methode Electronics, Inc. | 70961 | 600330 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 4252 | 269109 |
| Napco Security Technologies, Inc. | 72997 | 3402390 |
| Novanta, Inc.<sup>(1)</sup> | 22321 | 3000612 |
| PC Connection, Inc. | 24217 | 1476026 |
| Plexus Corp.<sup>(1)</sup> | 15902 | 3087055 |
| Powerfleet, Inc. NJ<sup>(1)</sup> | 84893 | 303068 |
| RF Industries Ltd.<sup>(1)</sup> | 10676 | 121173 |
| Richardson Electronics Ltd. | 23290 | 286001 |
| Rogers Corp.<sup>(1)</sup> | 35343 | 3811036 |
| ScanSource, Inc.<sup>(1)</sup> | 44706 | 1644287 |
| SmartRent, Inc.<sup>(1)</sup> | 50842 | 77280 |
| Unusual Machines, Inc.<sup>(1)</sup> | 572 | 7808 |
| Vishay Intertechnology, Inc. | 234171 | 4383681 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 28279 | 1302814 |
|  |  | 59111930 |
| **Energy Equipment and Services — 4.1%** |  |  |
| Archrock, Inc. | 83632 | 2954719 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 140217 | 1350290 |
| Bristow Group, Inc.<sup>(1)</sup> | 56513 | 2695670 |
| Cactus, Inc., Class A | 76247 | 4117338 |
| Core Laboratories, Inc. | 72023 | 1266885 |
| DMC Global, Inc.<sup>(1)</sup> | 36357 | 214143 |
| Energy Services of America Corp. | 15449 | 241313 |
| Expro Group Holdings NV<sup>(1)</sup> | 200675 | 3584056 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 28247 | 1639173 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Geospace Technologies Corp.<sup>(1)</sup> | 24799 | $227407 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 305334 | 2806019 |
| Helmerich & Payne, Inc. | 159026 | 5600896 |
| Innovex International, Inc.<sup>(1)</sup> | 95117 | 2506333 |
| Kodiak Gas Services, Inc. | 99041 | 5404667 |
| Liberty Energy, Inc., Class A | 315024 | 8849024 |
| Mammoth Energy Services, Inc.<sup>(1)</sup> | 3873 | 8947 |
| Nabors Industries Ltd.<sup>(1)</sup> | 26946 | 2105022 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | 47776 | 1196789 |
| Natural Gas Services Group, Inc. | 28852 | 1103878 |
| Oceaneering International, Inc.<sup>(1)</sup> | 237191 | 8420281 |
| Oil States International, Inc.<sup>(1)</sup> | 135047 | 1767765 |
| Patterson-UTI Energy, Inc. | 762457 | 6488509 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 40838 | 202148 |
| ProPetro Holding Corp.<sup>(1)</sup> | 184417 | 2236978 |
| Ranger Energy Services, Inc. | 38126 | 664155 |
| RPC, Inc. | 210806 | 1224783 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 46082 | 352988 |
| Seadrill Ltd.<sup>(1)</sup> | 102322 | 4489889 |
| Select Water Solutions, Inc., Class A | 210834 | 2882101 |
| Smart Sand, Inc. | 10660 | 55325 |
| Solaris Energy Infrastructure, Inc., Class A | 46465 | 2306058 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 224181 | 1941407 |
| Tidewater, Inc.<sup>(1)</sup> | 82534 | 6554850 |
| Transocean Ltd.<sup>(1)</sup> | 1171648 | 7592279 |
| Valaris Ltd.<sup>(1)</sup> | 40217 | 3854799 |
|  |  | 98906884 |
| **Entertainment — 0.7%** |  |  |
| Cinemark Holdings, Inc. | 150831 | 4259468 |
| Cineverse Corp.<sup>(1)</sup> | 11774 | 34851 |
| CuriosityStream, Inc. | 872 | 2948 |
| Eventbrite, Inc., Class A<sup>(1)</sup> | 2550 | 11271 |
| IMAX Corp.<sup>(1)</sup> | 107757 | 4615232 |
| Madison Square Garden Entertainment Corp.<sup>(1)</sup> | 744 | 46976 |
| Marcus Corp. | 51678 | 869741 |
| Skillz, Inc.<sup>(1)(2)</sup> | 2873 | 9653 |
| Sphere Entertainment Co.<sup>(1)</sup> | 65022 | 7738268 |
| Starz Entertainment Corp.<sup>(1)</sup> | 4945 | 54395 |
|  |  | 17642803 |
| **Financial Services — 1.7%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 65027 | 272463 |
| Alerus Financial Corp. | 46749 | 1114496 |
| Cannae Holdings, Inc. | 76862 | 937716 |
| Cass Information Systems, Inc. | 28148 | 1249208 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 8928 | 620942 |
| EVERTEC, Inc. | 132197 | 3742497 |
| Federal Agricultural Mortgage Corp., Class C | 17786 | 2804141 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 8055 | 155864 |
| Flywire Corp.<sup>(1)</sup> | 102964 | 1267487 |
| HA Sustainable Infrastructure Capital, Inc. | 30472 | 1112838 |
| International Money Express, Inc.<sup>(1)</sup> | 56589 | 892975 |
| loanDepot, Inc., Class A<sup>(1)</sup> | 8993 | 18616 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 694687 | 2667598 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Merchants Bancorp | 45419 | $1920315 |
| NCR Atleos Corp.<sup>(1)</sup> | 164122 | 7267322 |
| NewtekOne, Inc. | 46423 | 570075 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 70685 | 2778627 |
| Onity Group, Inc.<sup>(1)</sup> | 13186 | 552625 |
| Paymentus Holdings, Inc., Class A<sup>(1)</sup> | 20497 | 501562 |
| Payoneer Global, Inc.<sup>(1)</sup> | 566238 | 2446148 |
| PennyMac Financial Services, Inc. | 7533 | 692509 |
| Radian Group, Inc. | 61996 | 2140102 |
| Remitly Global, Inc.<sup>(1)</sup> | 2720 | 45424 |
| Repay Holdings Corp.<sup>(1)</sup> | 114935 | 319519 |
| Shift4 Payments, Inc., Class A<sup>(1)</sup> | 188 | 8285 |
| Velocity Financial, Inc.<sup>(1)</sup> | 17798 | 330865 |
| Walker & Dunlop, Inc. | 22406 | 1030900 |
| Waterstone Financial, Inc. | 27089 | 482455 |
| Western Union Co. | 330218 | 3179999 |
|  |  | 41123573 |
| **Food Products — 1.2%** |  |  |
| Alico, Inc. | 12223 | 504565 |
| B&G Foods, Inc. | 168330 | 893832 |
| Calavo Growers, Inc. | 40010 | 1073868 |
| Cal-Maine Foods, Inc. | 16024 | 1395851 |
| Dole PLC | 25379 | 407079 |
| Flowers Foods, Inc. | 43170 | 426520 |
| Fresh Del Monte Produce, Inc. | 90234 | 3873746 |
| Freshpet, Inc.<sup>(1)</sup> | 20321 | 1716109 |
| J&J Snack Foods Corp. | 28346 | 2467803 |
| John B Sanfilippo & Son, Inc. | 19647 | 1623039 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 11677 | 258762 |
| Limoneira Co. | 34513 | 486288 |
| Mama's Creations, Inc.<sup>(1)</sup> | 89824 | 1539583 |
| Marzetti Co. | 10685 | 1755973 |
| Mission Produce, Inc.<sup>(1)</sup> | 91262 | 1295008 |
| Post Holdings, Inc.<sup>(1)</sup> | 3291 | 349833 |
| Seaboard Corp. | 305 | 1565474 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 12943 | 1798818 |
| Simply Good Foods Co.<sup>(1)</sup> | 62169 | 1060603 |
| Tootsie Roll Industries, Inc. | 33513 | 1415254 |
| Utz Brands, Inc. | 88873 | 825630 |
| Village Farms International, Inc.<sup>(1)</sup> | 63858 | 228612 |
| Vital Farms, Inc.<sup>(1)</sup> | 72370 | 1526283 |
|  |  | 28488533 |
| **Gas Utilities — 0.6%** |  |  |
| MDU Resources Group, Inc. | 156141 | 3228996 |
| New Jersey Resources Corp. | 46759 | 2536208 |
| Northwest Natural Holding Co. | 91644 | 4860798 |
| ONE Gas, Inc. | 32255 | 2820377 |
| RGC Resources, Inc. | 191 | 4214 |
| Spire, Inc. | 579 | 53042 |
| Star Group LP | 11720 | 150602 |
|  |  | 13654237 |
| **Ground Transportation — 0.6%** |  |  |
| ArcBest Corp. | 39004 | 4004150 |
| Covenant Logistics Group, Inc. | 34456 | 1014385 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Heartland Express, Inc. | 92728 | $1022790 |
| Landstar System, Inc. | 5734 | 934355 |
| Marten Transport Ltd. | 121264 | 1647978 |
| PAMT Corp.<sup>(1)</sup> | 8 | 80 |
| Proficient Auto Logistics, Inc.<sup>(1)</sup> | 28534 | 216002 |
| RXO, Inc.<sup>(1)</sup> | 14523 | 231787 |
| Schneider National, Inc., Class B | 13779 | 391048 |
| Universal Logistics Holdings, Inc.<sup>(2)</sup> | 13552 | 225370 |
| Werner Enterprises, Inc. | 104431 | 3664484 |
|  |  | 13352429 |
| **Health Care Equipment and Supplies — 3.6%** |  |  |
| Acme United Corp. | 4184 | 188322 |
| AngioDynamics, Inc.<sup>(1)</sup> | 90509 | 1035423 |
| Avanos Medical, Inc.<sup>(1)</sup> | 101781 | 1435112 |
| Beta Bionics, Inc.<sup>(1)(2)</sup> | 19396 | 244971 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 79398 | 697114 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | 123192 | 466898 |
| Ceribell, Inc.<sup>(1)</sup> | 11371 | 212297 |
| CONMED Corp. | 67825 | 3119950 |
| CVRx, Inc.<sup>(1)(2)</sup> | 358 | 2921 |
| Delcath Systems, Inc.<sup>(1)</sup> | 6995 | 62256 |
| Dentsply Sirona, Inc. | 324113 | 4757979 |
| Electromed, Inc.<sup>(1)</sup> | 10908 | 258520 |
| Enovis Corp.<sup>(1)</sup> | 110204 | 2806896 |
| Envista Holdings Corp.<sup>(1)</sup> | 246246 | 7192846 |
| FONAR Corp.<sup>(1)</sup> | 2730 | 50778 |
| Haemonetics Corp.<sup>(1)</sup> | 63860 | 4043615 |
| ICU Medical, Inc.<sup>(1)</sup> | 26087 | 3928180 |
| Inogen, Inc.<sup>(1)</sup> | 48644 | 296728 |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | 8395 | 541561 |
| Integer Holdings Corp.<sup>(1)</sup> | 3828 | 331811 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 91663 | 1043125 |
| iRadimed Corp. | 19127 | 1980218 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 3777 | 156708 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 43832 | 3283455 |
| LeMaitre Vascular, Inc. | 43200 | 4673376 |
| LENSAR, Inc.<sup>(1)(2)</sup> | 1009 | 12078 |
| LivaNova PLC<sup>(1)</sup> | 123845 | 8743457 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 64107 | 4947778 |
| Microbot Medical, Inc.<sup>(1)</sup> | 12418 | 29927 |
| Neogen Corp.<sup>(1)</sup> | 250671 | 2815035 |
| Novocure Ltd.<sup>(1)</sup> | 36356 | 496987 |
| Omnicell, Inc.<sup>(1)</sup> | 88365 | 3631802 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 142868 | 450034 |
| Orchestra BioMed Holdings, Inc.<sup>(1)</sup> | 3182 | 13937 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 78949 | 1068180 |
| OrthoPediatrics Corp.<sup>(1)</sup> | 38692 | 741726 |
| Outset Medical, Inc.<sup>(1)(2)</sup> | 26735 | 93305 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 587 | 26010 |
| Pulmonx Corp.<sup>(1)</sup> | 5982 | 9452 |
| QuidelOrtho Corp.<sup>(1)</sup> | 121398 | 2760591 |
| RxSight, Inc.<sup>(1)</sup> | 17143 | 128230 |
| Sensus Healthcare, Inc.<sup>(1)(2)</sup> | 20030 | 82323 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SI-BONE, Inc.<sup>(1)</sup> | 7760 | $120435 |
| Sight Sciences, Inc.<sup>(1)</sup> | 5786 | 29856 |
| STAAR Surgical Co.<sup>(1)</sup> | 26673 | 530793 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 48971 | 1434361 |
| Teleflex, Inc. | 37752 | 4608009 |
| TransMedics Group, Inc.<sup>(1)</sup> | 38816 | 5638412 |
| UFP Technologies, Inc.<sup>(1)</sup> | 16206 | 3412659 |
| Utah Medical Products, Inc. | 5935 | 395330 |
| Varex Imaging Corp.<sup>(1)</sup> | 82624 | 1088158 |
|  |  | 86119925 |
| **Health Care Providers and Services — 1.5%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)(2)</sup> | 123407 | 2892660 |
| AdaptHealth Corp.<sup>(1)</sup> | 231084 | 2114419 |
| Addus HomeCare Corp.<sup>(1)</sup> | 31 | 3210 |
| AirSculpt Technologies, Inc.<sup>(1)(2)</sup> | 1733 | 2738 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 133291 | 2561853 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 80274 | 1563738 |
| Ardent Health, Inc.<sup>(1)</sup> | 40543 | 380699 |
| Astrana Health, Inc.<sup>(1)</sup> | 40125 | 815741 |
| Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 44269 | 325820 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 57011 | 1685815 |
| Concentra Group Holdings Parent, Inc. | 235551 | 5643802 |
| CorVel Corp.<sup>(1)</sup> | 5342 | 275540 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 53407 | 464641 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 43886 | 672772 |
| Guardian Pharmacy Services, Inc., Class A<sup>(1)</sup> | 12771 | 427956 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 904 | 13126 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 33294 | 291988 |
| Innovage Holding Corp.<sup>(1)</sup> | 10205 | 91437 |
| Joint Corp.<sup>(1)(2)</sup> | 4199 | 36951 |
| National HealthCare Corp. | 27355 | 4472543 |
| National Research Corp. | 35521 | 476337 |
| NeoGenomics, Inc.<sup>(1)</sup> | 100364 | 986578 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 8170 | 902458 |
| Option Care Health, Inc.<sup>(1)</sup> | 5130 | 166520 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 201051 | 3990862 |
| Pennant Group, Inc.<sup>(1)</sup> | 19278 | 649861 |
| Progyny, Inc.<sup>(1)</sup> | 144143 | 2549890 |
| Sonida Senior Living, Inc.<sup>(1)</sup> | 3271 | 117396 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 148794 | 636838 |
| Talkspace, Inc.<sup>(1)</sup> | 172611 | 831985 |
|  |  | 36046174 |
| **Health Care Technology — 0.2%** |  |  |
| American Well Corp., Class A<sup>(1)</sup> | 5017 | 28597 |
| CareCloud, Inc.<sup>(1)</sup> | 43361 | 106235 |
| Certara, Inc.<sup>(1)</sup> | 3122 | 22104 |
| Definitive Healthcare Corp.<sup>(1)</sup> | 26904 | 34437 |
| Doximity, Inc., Class A<sup>(1)</sup> | 571 | 14007 |
| GoodRx Holdings, Inc., Class A<sup>(1)(2)</sup> | 90791 | 169779 |
| Health Catalyst, Inc.<sup>(1)(2)</sup> | 94691 | 153399 |
| HealthStream, Inc. | 50619 | 1074641 |
| Simulations Plus, Inc.<sup>(1)</sup> | 7932 | 97008 |
| Teladoc Health, Inc.<sup>(1)</sup> | 303522 | 1596526 |
| TruBridge, Inc.<sup>(1)</sup> | 28607 | 551829 |
|  |  | 3848562 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hotels, Restaurants and Leisure — 2.0%** | | |
| Accel Entertainment, Inc.<sup>(1)</sup> | 131376 | $1492431 |
| Biglari Holdings, Inc., Class A<sup>(1)(2)</sup> | 7 | 13924 |
| Biglari Holdings, Inc., Class B<sup>(1)</sup> | 1041 | 403679 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 43051 | 1635507 |
| Bloomin' Brands, Inc. | 130774 | 800337 |
| Brightstar Lottery PLC | 1070 | 14509 |
| Caesars Entertainment, Inc.<sup>(1)</sup> | 275728 | 6906986 |
| Cheesecake Factory, Inc. | 107356 | 6954522 |
| Choice Hotels International, Inc. | 3687 | 388425 |
| Cracker Barrel Old Country Store, Inc. | 40468 | 1324113 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 44688 | 657807 |
| El Pollo Loco Holdings, Inc.<sup>(1)</sup> | 46065 | 509479 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | 88038 | 1096953 |
| Full House Resorts, Inc.<sup>(1)(2)</sup> | 46101 | 103497 |
| Global Business Travel Group I<sup>(1)(2)</sup> | 95395 | 521811 |
| Golden Entertainment, Inc. | 42883 | 1239319 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 71455 | 3212617 |
| Kura Sushi USA, Inc., Class A<sup>(1)</sup> | 138 | 9719 |
| Marriott Vacations Worldwide Corp. | 40760 | 2649808 |
| Monarch Casino & Resort, Inc. | 29108 | 2797279 |
| ONE Group Hospitality, Inc.<sup>(1)(2)</sup> | 14050 | 28381 |
| Penn Entertainment, Inc.<sup>(1)</sup> | 183908 | 2876321 |
| Portillo's, Inc., Class A<sup>(1)(2)</sup> | 85937 | 458904 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 45525 | 1582449 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 15168 | 335668 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 49453 | 976697 |
| Serve Robotics, Inc.<sup>(1)(2)</sup> | 39069 | 390299 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 4792 | 460080 |
| Six Flags Entertainment Corp.<sup>(1)</sup> | 11650 | 198400 |
| Super Group SGHC Ltd. | 262236 | 2805925 |
| Sweetgreen, Inc., Class A<sup>(1)(2)</sup> | 1206 | 6693 |
| Target Hospitality Corp.<sup>(1)</sup> | 69337 | 540135 |
| Vail Resorts, Inc.<sup>(2)</sup> | 24381 | 3311184 |
| Wendy's Co. | 248969 | 1907103 |
|  |  | 48610961 |
| **Household Durables — 2.3%** |  |  |
| Bassett Furniture Industries, Inc. | 3960 | 59281 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 58075 | 1485559 |
| Cavco Industries, Inc.<sup>(1)</sup> | 9683 | 5589609 |
| Century Communities, Inc. | 46943 | 3155978 |
| Champion Homes, Inc.<sup>(1)</sup> | 39259 | 3669931 |
| Cricut, Inc., Class A | 109683 | 471637 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 49419 | 893001 |
| Ethan Allen Interiors, Inc. | 50220 | 1144012 |
| Flexsteel Industries, Inc. | 6973 | 358900 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 51708 | 3808811 |
| Hamilton Beach Brands Holding Co., Class A | 11055 | 210487 |
| Helen of Troy Ltd.<sup>(1)</sup> | 37260 | 657266 |
| Hooker Furnishings Corp. | 14734 | 211286 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 8483 | 1065635 |
| KB Home | 66697 | 4240595 |
| La-Z-Boy, Inc. | 84094 | 3003838 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Legacy Housing Corp.<sup>(1)</sup> | 16650 | $364968 |
| Leggett & Platt, Inc. | 252790 | 2952587 |
| LGI Homes, Inc.<sup>(1)</sup> | 37108 | 1925905 |
| Lifetime Brands, Inc. | 15165 | 50196 |
| Lovesac Co.<sup>(1)(2)</sup> | 25958 | 331743 |
| M/I Homes, Inc.<sup>(1)</sup> | 32500 | 4620200 |
| Meritage Homes Corp. | 46640 | 3517589 |
| Newell Brands, Inc. | 621168 | 2826314 |
| Smith Douglas Homes Corp.<sup>(1)(2)</sup> | 7107 | 111580 |
| Sonos, Inc.<sup>(1)</sup> | 235735 | 3630319 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 80945 | 3747754 |
| Universal Electronics, Inc.<sup>(1)</sup> | 13440 | 50669 |
| Whirlpool Corp. | 12984 | 888495 |
|  |  | 55044145 |
| **Household Products — 0.6%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 16116 | 631586 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 106067 | 3663554 |
| Energizer Holdings, Inc. | 125943 | 2719109 |
| Oil-Dri Corp. of America | 22477 | 1524840 |
| Reynolds Consumer Products, Inc. | 19575 | 485656 |
| Spectrum Brands Holdings, Inc. | 48620 | 3810836 |
| WD-40 Co. | 10840 | 2582088 |
|  |  | 15417669 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 80952 | 1471707 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 99672 | 153495 |
| XPLR Infrastructure LP<sup>(1)</sup> | 169546 | 1795492 |
|  |  | 3420694 |
| **Insurance — 2.8%** |  |  |
| Abacus Global Management, Inc.<sup>(2)</sup> | 24544 | 224087 |
| American Coastal Insurance Corp., Class C | 43879 | 499782 |
| American Integrity Insurance Group, Inc.<sup>(1)</sup> | 9383 | 191038 |
| AMERISAFE, Inc. | 40465 | 1316326 |
| Assured Guaranty Ltd. | 26129 | 2252581 |
| Ategrity Specialty Holdings LLC<sup>(1)</sup> | 6983 | 154464 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 34231 | 867071 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 93012 | 5578860 |
| Citizens, Inc.<sup>(1)</sup> | 13730 | 74417 |
| CNO Financial Group, Inc. | 60945 | 2548110 |
| Crawford & Co., Class A | 4273 | 45977 |
| Crawford & Co., Class B | 1240 | 12326 |
| Donegal Group, Inc., Class A | 42820 | 754488 |
| eHealth, Inc.<sup>(1)</sup> | 57649 | 74944 |
| Employers Holdings, Inc. | 43234 | 1787726 |
| F&G Annuities & Life, Inc. | 16600 | 375990 |
| Fidelis Insurance Holdings Ltd. | 138990 | 2649149 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 284865 | 2404261 |
| GoHealth, Inc., Class A<sup>(1)(2)</sup> | 3584 | 4910 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 51383 | 729125 |
| Hagerty, Inc., Class A<sup>(1)</sup> | 21864 | 256683 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 43499 | 1374133 |
| HCI Group, Inc. | 24846 | 4383331 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 64482 | 1797113 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hippo Holdings, Inc.<sup>(1)</sup> | 39378 | $1132511 |
| Horace Mann Educators Corp. | 100310 | 4364488 |
| Investors Title Co. | 2662 | 614656 |
| James River Group Holdings, Inc. | 81007 | 567049 |
| Kemper Corp. | 9260 | 299283 |
| Kingstone Cos., Inc. | 22337 | 368114 |
| Mercury General Corp. | 6282 | 569024 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 91424 | 489118 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 104344 | 1423252 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 15132 | 1871980 |
| ProAssurance Corp.<sup>(1)</sup> | 95581 | 2346514 |
| Root, Inc., Class A<sup>(1)(2)</sup> | 19437 | 1008392 |
| Safety Insurance Group, Inc. | 31246 | 2425627 |
| Selective Insurance Group, Inc. | 6027 | 506509 |
| SiriusPoint Ltd.<sup>(1)</sup> | 241851 | 5112730 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 72617 | 3374512 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 33849 | 643131 |
| Stewart Information Services Corp. | 53714 | 3813157 |
| Tiptree, Inc. | 46351 | 789358 |
| Trupanion, Inc.<sup>(1)</sup> | 60206 | 1597867 |
| TWFG, Inc.<sup>(1)</sup> | 10277 | 209137 |
| United Fire Group, Inc. | 45600 | 1772016 |
| Universal Insurance Holdings, Inc. | 66808 | 2349637 |
|  |  | 68004954 |
| **Interactive Media and Services — 0.9%** |  |  |
| Angi, Inc.<sup>(1)</sup> | 55353 | 430646 |
| Bumble, Inc., Class A<sup>(1)(2)</sup> | 2988 | 9083 |
| Cargurus, Inc.<sup>(1)</sup> | 64584 | 1982729 |
| Cars.com, Inc.<sup>(1)</sup> | 123418 | 1053990 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 50015 | 790237 |
| Grindr, Inc.<sup>(1)</sup> | 4720 | 53714 |
| IAC, Inc.<sup>(1)</sup> | 104010 | 3985663 |
| IZEA Worldwide, Inc.<sup>(1)</sup> | 2832 | 10252 |
| Nextdoor Holdings, Inc.<sup>(1)</sup> | 198226 | 346895 |
| QuinStreet, Inc.<sup>(1)</sup> | 33519 | 392843 |
| Shutterstock, Inc. | 40112 | 673882 |
| Taboola.com Ltd.<sup>(1)</sup> | 406149 | 1287492 |
| TripAdvisor, Inc.<sup>(1)</sup> | 241179 | 2438320 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | 90427 | 1017304 |
| Yelp, Inc.<sup>(1)</sup> | 113153 | 2522180 |
| Ziff Davis, Inc.<sup>(1)</sup> | 79736 | 2159251 |
| ZoomInfo Technologies, Inc.<sup>(1)</sup> | 271712 | 1687331 |
|  |  | 20841812 |
| **IT Services — 0.4%** |  |  |
| ASGN, Inc.<sup>(1)</sup> | 48512 | 2081165 |
| Commerce.com, Inc.<sup>(1)</sup> | 73890 | 205414 |
| Crexendo, Inc.<sup>(1)</sup> | 32069 | 187283 |
| CSP, Inc. | 6877 | 61962 |
| DXC Technology Co.<sup>(1)</sup> | 308545 | 3884581 |
| Fastly, Inc., Class A<sup>(1)</sup> | 125482 | 2399216 |
| Globant SA<sup>(1)</sup> | 7668 | 381560 |
| Grid Dynamics Holdings, Inc.<sup>(1)</sup> | 24069 | 162466 |
| Hackett Group, Inc. | 58139 | 794179 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Information Services Group, Inc. | 60736 | $292140 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 4974 | 61329 |
|  |  | 10511295 |
| **Leisure Products — 0.9%** |  |  |
| Acushnet Holdings Corp. | 3200 | 327456 |
| American Outdoor Brands, Inc.<sup>(1)(2)</sup> | 16197 | 147393 |
| Brunswick Corp. | 19110 | 1521538 |
| Callaway Golf Co.<sup>(1)</sup> | 245583 | 3452897 |
| Clarus Corp. | 54779 | 173102 |
| Escalade, Inc. | 815 | 11736 |
| Funko, Inc., Class A<sup>(1)</sup> | 68831 | 344155 |
| JAKKS Pacific, Inc. | 16384 | 358154 |
| Johnson Outdoors, Inc., Class A | 10156 | 492464 |
| Latham Group, Inc.<sup>(1)</sup> | 105378 | 707086 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 39127 | 1137031 |
| Marine Products Corp. | 6827 | 51817 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 34972 | 759067 |
| Mattel, Inc.<sup>(1)</sup> | 7535 | 127718 |
| Polaris, Inc. | 61866 | 3757741 |
| Smith & Wesson Brands, Inc. | 99837 | 1188060 |
| Sturm Ruger & Co., Inc. | 26645 | 997589 |
| YETI Holdings, Inc.<sup>(1)</sup> | 140481 | 6140425 |
|  |  | 21695429 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 209059 | 4818810 |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 39804 | 143692 |
| Azenta, Inc.<sup>(1)</sup> | 80417 | 2169651 |
| CryoPort, Inc.<sup>(1)</sup> | 100425 | 845578 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 256169 | 1147637 |
| Fortrea Holdings, Inc.<sup>(1)</sup> | 51039 | 547138 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | 82632 | 557766 |
| Lifecore Biomedical, Inc.<sup>(1)</sup> | 5 | 36 |
| Mesa Laboratories, Inc. | 12731 | 1229433 |
| Nautilus Biotechnology, Inc.<sup>(1)</sup> | 518 | 1253 |
| OmniAb, Inc.<sup>(1)</sup> | 32244 | 55460 |
| OmniAb, Inc.<sup>(1)</sup> | 309 | 2 |
| OmniAb, Inc.<sup>(1)</sup> | 309 | 1 |
| Pacific Biosciences of California, Inc.<sup>(1)(2)</sup> | 160829 | 270193 |
| Personalis, Inc.<sup>(1)</sup> | 108865 | 986317 |
| Quanterix Corp.<sup>(1)</sup> | 90994 | 596011 |
| Rapid Micro Biosystems, Inc., Class A<sup>(1)(2)</sup> | 16922 | 73272 |
| Seer, Inc.<sup>(1)</sup> | 61532 | 105835 |
| Sotera Health Co.<sup>(1)</sup> | 145815 | 2369494 |
|  |  | 15917579 |
| **Machinery — 3.9%** |  |  |
| 3D Systems Corp.<sup>(1)</sup> | 98368 | 189850 |
| Aebi Schmidt Holding AG | 12867 | 185542 |
| AirJoule Technologies Corp.<sup>(1)</sup> | 3367 | 10875 |
| Alamo Group, Inc. | 21600 | 4612248 |
| Albany International Corp., Class A | 53914 | 3108142 |
| Astec Industries, Inc. | 54532 | 3385892 |
| Atmus Filtration Technologies, Inc. | 75249 | 4855818 |
| Blue Bird Corp.<sup>(1)(2)</sup> | 64585 | 3763368 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CECO Environmental Corp.<sup>(1)</sup> | 41521 | $2509944 |
| Columbus McKinnon Corp. | 34196 | 649040 |
| Douglas Dynamics, Inc. | 55925 | 2568076 |
| Eastern Co.<sup>(2)</sup> | 4874 | 90510 |
| Enerpac Tool Group Corp. | 107466 | 4384613 |
| Enpro, Inc. | 11503 | 2975251 |
| Franklin Electric Co., Inc. | 22764 | 2267750 |
| Gencor Industries, Inc.<sup>(1)</sup> | 8053 | 125788 |
| Gorman-Rupp Co. | 49659 | 3189598 |
| Graham Corp.<sup>(1)</sup> | 24722 | 2007921 |
| Greenbrier Cos., Inc. | 62251 | 3512201 |
| Helios Technologies, Inc. | 66874 | 4769454 |
| Hillman Solutions Corp.<sup>(1)</sup> | 385230 | 3158886 |
| Hurco Cos., Inc.<sup>(1)</sup> | 2194 | 38856 |
| Hyster-Yale, Inc. | 22848 | 841492 |
| Kadant, Inc. | 6443 | 2185272 |
| Kennametal, Inc. | 151867 | 6117203 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 18105 | 556367 |
| Lindsay Corp. | 22062 | 2971751 |
| Luxfer Holdings PLC | 60126 | 773822 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 81494 | 1202036 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 28033 | 588693 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 322487 | 722371 |
| Miller Industries, Inc. | 24404 | 1025700 |
| Mueller Water Products, Inc., Class A | 112743 | 3374398 |
| Omega Flex, Inc. | 6785 | 243785 |
| Palladyne AI Corp.<sup>(1)</sup> | 355 | 2496 |
| Park-Ohio Holdings Corp. | 15056 | 387541 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 12379 | 400708 |
| Proto Labs, Inc.<sup>(1)</sup> | 57449 | 3566434 |
| Richtech Robotics, Inc., Class B<sup>(1)(2)</sup> | 27169 | 67651 |
| Standex International Corp. | 9511 | 2491882 |
| Taylor Devices, Inc.<sup>(1)(2)</sup> | 5462 | 479236 |
| Tennant Co. | 38313 | 2338242 |
| Terex Corp. | 8351 | 574465 |
| Titan International, Inc.<sup>(1)</sup> | 108572 | 1056406 |
| Trinity Industries, Inc. | 183745 | 6280404 |
| Twin Disc, Inc. | 4814 | 87567 |
| Wabash National Corp. | 78722 | 799028 |
| Worthington Enterprises, Inc. | 54892 | 3074501 |
|  |  | 94569074 |
| **Marine Transportation — 0.3%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 24183 | 461412 |
| Genco Shipping & Trading Ltd. | 85304 | 2051561 |
| Matson, Inc. | 20780 | 3452182 |
| Pangaea Logistics Solutions Ltd. | 58838 | 550135 |
| Star Bulk Carriers Corp. | 107 | 2813 |
|  |  | 6518103 |
| **Media — 0.8%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)(2)</sup> | 64586 | 527668 |
| Boston Omaha Corp., Class A<sup>(1)(2)</sup> | 53096 | 655736 |
| Cable One, Inc.<sup>(1)</sup> | 7832 | 751480 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 277132 | 2920971 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Emerald Holding, Inc.<sup>(2)</sup> | 37102 | $154715 |
| Entravision Communications Corp., Class A | 89160 | 276396 |
| EW Scripps Co., Class A<sup>(1)</sup> | 180930 | 750860 |
| Gambling.com Group Ltd.<sup>(1)(2)</sup> | 27514 | 119961 |
| Gray Media, Inc. | 194092 | 1007338 |
| Ibotta, Inc., Class A<sup>(1)(2)</sup> | 308 | 7691 |
| John Wiley & Sons, Inc., Class A | 71660 | 2222893 |
| Magnite, Inc.<sup>(1)</sup> | 247933 | 3376847 |
| National CineMedia, Inc.<sup>(2)</sup> | 136864 | 487236 |
| NIQ Global Intelligence PLC<sup>(1)(2)</sup> | 34795 | 463817 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 86822 | 703258 |
| Scholastic Corp. | 39745 | 1381934 |
| Sinclair, Inc. | 58856 | 961707 |
| Stagwell, Inc.<sup>(1)(2)</sup> | 233459 | 1125272 |
| TechTarget, Inc.<sup>(1)(2)</sup> | 34536 | 121221 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 85156 | 197562 |
| Townsquare Media, Inc., Class A | 2639 | 19529 |
| USA TODAY Co., Inc.<sup>(1)</sup> | 339052 | 2017359 |
|  |  | 20251451 |
| **Metals and Mining — 1.7%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 15633 | 2542707 |
| American Battery Technology Co.<sup>(1)</sup> | 3066 | 11313 |
| Ampco-Pittsburgh Corp.<sup>(1)</sup> | 11526 | 105002 |
| Century Aluminum Co.<sup>(1)</sup> | 123159 | 6350078 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 88489 | 2229923 |
| Dakota Gold Corp.<sup>(1)</sup> | 51286 | 356951 |
| Elevra Lithium Ltd., ADR<sup>(1)(2)</sup> | 8624 | 512524 |
| Ferroglobe PLC | 24570 | 125553 |
| Kaiser Aluminum Corp. | 35548 | 4626217 |
| Materion Corp. | 46130 | 7521958 |
| McEwen, Inc.<sup>(1)</sup> | 112248 | 3182231 |
| Metallus, Inc.<sup>(1)</sup> | 85366 | 1451222 |
| Ramaco Resources, Inc., Class B | 10804 | 127271 |
| Ryerson Holding Corp. | 101477 | 2654638 |
| SunCoke Energy, Inc. | 183696 | 1047067 |
| Tredegar Corp.<sup>(1)</sup> | 39602 | 363546 |
| Warrior Met Coal, Inc. | 65232 | 5429912 |
| Worthington Steel, Inc. | 66016 | 2743625 |
|  |  | 41381738 |
| **Multi-Utilities — 0.4%** |  |  |
| Avista Corp. | 111989 | 4548993 |
| Northwestern Energy Group, Inc. | 56291 | 3938119 |
| Unitil Corp. | 37207 | 1946298 |
|  |  | 10433410 |
| **Oil, Gas and Consumable Fuels — 5.0%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 80606 | 462678 |
| Ardmore Shipping Corp. | 91579 | 1500064 |
| BKV Corp.<sup>(1)</sup> | 37548 | 1176379 |
| California Resources Corp. | 58064 | 3416486 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 23186 | 4697252 |
| Chord Energy Corp. | 1 | 108 |
| Clean Energy Fuels Corp.<sup>(1)</sup> | 186726 | 422001 |
| CNX Resources Corp.<sup>(1)</sup> | 95527 | 3991118 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Comstock, Inc.<sup>(1)(2)</sup> | 57025 | $176778 |
| Core Natural Resources, Inc. | 40233 | 3302325 |
| Crescent Energy Co., Class A | 452182 | 5272442 |
| CVR Energy, Inc.<sup>(1)</sup> | 61493 | 1485671 |
| Delek U.S. Holdings, Inc. | 120388 | 4587987 |
| Dorian LPG Ltd. | 88503 | 3273726 |
| Encore Energy Corp.<sup>(1)</sup> | 239248 | 645970 |
| Epsilon Energy Ltd. | 769 | 3937 |
| Evolution Petroleum Corp. | 56902 | 254352 |
| Excelerate Energy, Inc., Class A | 44160 | 1777440 |
| FutureFuel Corp. | 51471 | 222355 |
| Gevo, Inc.<sup>(1)(2)</sup> | 198008 | 360375 |
| Golar LNG Ltd. | 69108 | 3072542 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 65137 | 393427 |
| Granite Ridge Resources, Inc. | 159505 | 807095 |
| Green Plains, Inc.<sup>(1)</sup> | 143883 | 1975514 |
| Gulfport Energy Corp.<sup>(1)</sup> | 18580 | 3876903 |
| HighPeak Energy, Inc. | 45971 | 239509 |
| Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | 7514 | 124732 |
| International Seaways, Inc. | 119709 | 9041621 |
| Kimbell Royalty Partners LP | 180298 | 2585473 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 1176 | 2740 |
| Lightbridge Corp.<sup>(1)(2)</sup> | 1474 | 19059 |
| Magnolia Oil & Gas Corp., Class A | 106816 | 2971621 |
| Murphy Oil Corp. | 151023 | 5006412 |
| NACCO Industries, Inc., Class A | 489 | 28059 |
| Navigator Holdings Ltd. | 6740 | 141675 |
| Northern Oil & Gas, Inc. | 178152 | 4915214 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 122420 | 5223661 |
| PBF Energy, Inc., Class A | 141114 | 5023658 |
| Peabody Energy Corp. | 190625 | 6012312 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 185159 | 4173484 |
| Prairie Operating Co.<sup>(1)(2)</sup> | 5818 | 10298 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 467 | 92886 |
| REX American Resources Corp.<sup>(1)</sup> | 73049 | 2597622 |
| Riley Exploration Permian, Inc. | 32593 | 939982 |
| SandRidge Energy, Inc. | 74458 | 1305249 |
| SFL Corp. Ltd. | 28833 | 317451 |
| SM Energy Co. | 388041 | 8975388 |
| Summit Midstream Corp.<sup>(1)</sup> | 21646 | 638773 |
| Talos Energy, Inc.<sup>(1)</sup> | 269255 | 3298374 |
| Tamboran Resources Corp.<sup>(1)</sup> | 11064 | 350729 |
| Teekay Corp. Ltd. | 16652 | 215643 |
| Teekay Tankers Ltd., Class A | 51635 | 4041471 |
| VAALCO Energy, Inc. | 248530 | 1279930 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 56234 | 1085879 |
| World Kinect Corp. | 105372 | 2629031 |
|  |  | 120442861 |
| **Paper and Forest Products — 0.1%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 31238 | 468258 |
| Magnera Corp.<sup>(1)</sup> | 1632 | 21134 |
| Mercer International, Inc.<sup>(2)</sup> | 43711 | 78680 |
| Sylvamo Corp. | 62752 | 2905417 |
|  |  | 3473489 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Passenger Airlines — 0.5%** | | |
| Allegiant Travel Co.<sup>(1)</sup> | 32907 | $3361450 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 145523 | 646122 |
| JetBlue Airways Corp.<sup>(1)</sup> | 497938 | 2758577 |
| SkyWest, Inc.<sup>(1)</sup> | 30043 | 3126876 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 107880 | 2123078 |
|  |  | 12016103 |
| **Personal Care Products — 0.3%** |  |  |
| Coty, Inc., Class A<sup>(1)</sup> | 4873 | 12231 |
| Edgewell Personal Care Co. | 90829 | 2065452 |
| elf Beauty, Inc.<sup>(1)</sup> | 277 | 25498 |
| Honest Co., Inc.<sup>(1)(2)</sup> | 163339 | 457349 |
| Interparfums, Inc. | 4795 | 483240 |
| Lifevantage Corp. | 18978 | 88248 |
| Medifast, Inc.<sup>(1)(2)</sup> | 19260 | 202808 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 26155 | 723970 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 128584 | 649349 |
| Nu Skin Enterprises, Inc., Class A | 113811 | 965117 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 21548 | 463713 |
| Waldencast PLC, Class A<sup>(1)(2)</sup> | 2787 | 4710 |
|  |  | 6141685 |
| **Pharmaceuticals — 2.2%** |  |  |
| Aclaris Therapeutics, Inc.<sup>(1)</sup> | 107029 | 307173 |
| Alto Neuroscience, Inc.<sup>(1)</sup> | 10216 | 201153 |
| Alumis, Inc.<sup>(1)</sup> | 68598 | 2036675 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 70873 | 1433761 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 34794 | 2571277 |
| Arvinas, Inc.<sup>(1)</sup> | 61792 | 819980 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 148078 | 693005 |
| BioAge Labs, Inc.<sup>(1)</sup> | 18152 | 404245 |
| Cassava Sciences, Inc.<sup>(1)(2)</sup> | 53367 | 121677 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 62366 | 2598791 |
| Context Therapeutics, Inc.<sup>(1)</sup> | 28163 | 63367 |
| Contineum Therapeutics, Inc., Class A<sup>(1)(2)</sup> | 26475 | 406126 |
| CorMedix, Inc.<sup>(1)</sup> | 26402 | 188246 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 8940 | 367434 |
| Cumberland Pharmaceuticals, Inc.<sup>(1)</sup> | 3758 | 18489 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 74694 | 2273685 |
| Enliven Therapeutics, Inc.<sup>(1)</sup> | 48186 | 1430642 |
| Eton Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 9475 | 160980 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 141094 | 1182368 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 84268 | 2405009 |
| Innoviva, Inc.<sup>(1)</sup> | 129450 | 2972172 |
| LENZ Therapeutics, Inc.<sup>(1)(2)</sup> | 195 | 2630 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 38071 | 7549860 |
| MBX Biosciences, Inc.<sup>(1)</sup> | 20222 | 658226 |
| Neumora Therapeutics, Inc.<sup>(1)</sup> | 23790 | 83027 |
| Nuvation Bio, Inc.<sup>(1)(2)</sup> | 2513 | 14852 |
| Oramed Pharmaceuticals, Inc.<sup>(2)</sup> | 20049 | 68467 |
| Organon & Co. | 539789 | 3935062 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 84704 | 1855865 |
| Perrigo Co. PLC | 78485 | 1037572 |
| Phibro Animal Health Corp., Class A | 886 | 48367 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 24256 | $1680941 |
| Rapport Therapeutics, Inc.<sup>(1)</sup> | 47766 | 1386647 |
| Septerna, Inc.<sup>(1)</sup> | 42390 | 1230158 |
| SIGA Technologies, Inc. | 92932 | 601270 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 128542 | 7035104 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 81017 | 1478560 |
| Third Harmonic Bio, Inc.<sup>(1)(2)</sup> | 36211 | 1086 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 96542 | 1348692 |
|  |  | 52672641 |
| **Professional Services — 2.0%** |  |  |
| Asure Software, Inc.<sup>(1)</sup> | 45317 | 414197 |
| Barrett Business Services, Inc. | 148 | 4110 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | 32769 | 617696 |
| Clarivate PLC<sup>(1)(2)</sup> | 508944 | 1170571 |
| Concentrix Corp. | 26057 | 854670 |
| Conduent, Inc.<sup>(1)</sup> | 271885 | 396952 |
| CRA International, Inc. | 14159 | 2444693 |
| CSG Systems International, Inc. | 68513 | 5474189 |
| DLH Holdings Corp.<sup>(1)(2)</sup> | 3723 | 22338 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 6450 | 201563 |
| Exponent, Inc. | 35241 | 2564840 |
| Forrester Research, Inc.<sup>(1)</sup> | 11718 | 70074 |
| Franklin Covey Co.<sup>(1)</sup> | 21294 | 277248 |
| FTI Consulting, Inc.<sup>(1)</sup> | 1240 | 203881 |
| HireQuest, Inc. | 2798 | 32625 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 34438 | 4869533 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 25659 | 741545 |
| ICF International, Inc. | 3998 | 332354 |
| Innodata, Inc.<sup>(1)(2)</sup> | 74916 | 3309040 |
| Insperity, Inc. | 56439 | 1253510 |
| Kelly Services, Inc., Class A | 68154 | 661775 |
| Kforce, Inc. | 35188 | 950780 |
| Korn Ferry | 39483 | 2474400 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 307380 | 2160881 |
| ManpowerGroup, Inc. | 76910 | 2151173 |
| Maximus, Inc. | 21813 | 1649281 |
| Mistras Group, Inc.<sup>(1)</sup> | 42755 | 653296 |
| RCM Technologies, Inc.<sup>(1)</sup> | 7072 | 133732 |
| Resources Connection, Inc. | 57987 | 218031 |
| Robert Half, Inc. | 15560 | 379975 |
| Science Applications International Corp. | 26170 | 2414444 |
| Skillsoft Corp.<sup>(1)(2)</sup> | 5169 | 21658 |
| Spire Global, Inc.<sup>(1)</sup> | 1124 | 9947 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 38860 | 412693 |
| TriNet Group, Inc. | 12225 | 465528 |
| TrueBlue, Inc.<sup>(1)</sup> | 55192 | 233462 |
| TTEC Holdings, Inc.<sup>(1)(2)</sup> | 4476 | 11190 |
| Upwork, Inc.<sup>(1)</sup> | 233398 | 3132201 |
| Verra Mobility Corp.<sup>(1)</sup> | 97096 | 1622474 |
| Willdan Group, Inc.<sup>(1)</sup> | 33416 | 2978702 |
|  |  | 47991252 |
| **Real Estate Management and Development — 0.8%** |  |  |
| AMREP Corp.<sup>(1)</sup> | 877 | 22153 |
| Cushman & Wakefield Ltd.<sup>(1)</sup> | 305616 | 4098311 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Douglas Elliman, Inc.<sup>(1)</sup> | 136369 | $310921 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 136034 | 750908 |
| Forestar Group, Inc.<sup>(1)</sup> | 42964 | 1233926 |
| FRP Holdings, Inc.<sup>(1)</sup> | 24049 | 575733 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 17045 | 1233547 |
| Kennedy-Wilson Holdings, Inc. | 228057 | 2481260 |
| Landbridge Co. LLC, Class A | 9616 | 716392 |
| Marcus & Millichap, Inc. | 55675 | 1470377 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 32343 | 175299 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 15768 | 99181 |
| RMR Group, Inc., Class A | 28526 | 467256 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 7403 | 172934 |
| Seritage Growth Properties, Class A<sup>(1)(2)</sup> | 61858 | 183100 |
| St. Joe Co. | 67973 | 4905611 |
| Star Holdings<sup>(1)(2)</sup> | 15867 | 143120 |
| Stratus Properties, Inc.<sup>(1)(2)</sup> | 1022 | 31191 |
| Tejon Ranch Co.<sup>(1)</sup> | 45592 | 802875 |
|  |  | 19874095 |
| **Semiconductors and Semiconductor Equipment — 2.9%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 128362 | 7147196 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 48381 | 1016485 |
| Amtech Systems, Inc.<sup>(1)</sup> | 12486 | 162942 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 52461 | 4333803 |
| CEVA, Inc.<sup>(1)</sup> | 53225 | 1110274 |
| Cohu, Inc.<sup>(1)</sup> | 90666 | 2738113 |
| Diodes, Inc.<sup>(1)</sup> | 90906 | 6202516 |
| Everspin Technologies, Inc.<sup>(1)(2)</sup> | 17653 | 190652 |
| FormFactor, Inc.<sup>(1)</sup> | 131442 | 12996985 |
| GSI Technology, Inc.<sup>(1)</sup> | 612 | 4994 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 52070 | 2475929 |
| inTEST Corp.<sup>(1)</sup> | 10792 | 125727 |
| Kulicke & Soffa Industries, Inc. | 113236 | 7894814 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 65316 | 179619 |
| NVE Corp. | 10405 | 716280 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 23189 | 481867 |
| Photronics, Inc.<sup>(1)</sup> | 111361 | 4168242 |
| Power Integrations, Inc. | 9423 | 451550 |
| QuickLogic Corp.<sup>(1)</sup> | 5820 | 47899 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 52506 | 1546827 |
| SolarEdge Technologies, Inc.<sup>(1)(2)</sup> | 141505 | 5009277 |
| Synaptics, Inc.<sup>(1)</sup> | 38322 | 3121710 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 90944 | 5518482 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 102362 | 3128183 |
|  |  | 70770366 |
| **Software — 2.5%** |  |  |
| 8x8, Inc.<sup>(1)</sup> | 257265 | 550547 |
| A10 Networks, Inc. | 156919 | 3022260 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 43145 | 1711994 |
| Adeia, Inc. | 253991 | 5255074 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 88480 | 4233768 |
| AudioEye, Inc.<sup>(1)</sup> | 3323 | 22663 |
| AvePoint, Inc.<sup>(1)</sup> | 66821 | 720330 |
| Bill Holdings, Inc.<sup>(1)</sup> | 46249 | 2058543 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bit Digital, Inc.<sup>(1)(2)</sup> | 472952 | $789830 |
| Blackbaud, Inc.<sup>(1)</sup> | 38992 | 1892672 |
| BlackLine, Inc.<sup>(1)</sup> | 64809 | 2284517 |
| BTCS, Inc.<sup>(1)</sup> | 9644 | 15430 |
| C3.ai, Inc., Class A<sup>(1)(2)</sup> | 3519 | 27976 |
| Cerence, Inc.<sup>(1)(2)</sup> | 61346 | 485247 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 411803 | 6424127 |
| Cleanspark, Inc.<sup>(1)(2)</sup> | 55902 | 556225 |
| Clear Secure, Inc., Class A | 51645 | 2512013 |
| Commvault Systems, Inc.<sup>(1)</sup> | 1647 | 140127 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | 124 | 3730 |
| CS Disco, Inc.<sup>(1)</sup> | 43060 | 139945 |
| Daily Journal Corp.<sup>(1)(2)</sup> | 3383 | 1723672 |
| Datavault AI, Inc.<sup>(1)</sup> | 406 | 1608 |
| Digital Turbine, Inc.<sup>(1)</sup> | 50169 | 203686 |
| Duos Technologies Group, Inc.<sup>(1)(2)</sup> | 5217 | 39388 |
| eGain Corp.<sup>(1)</sup> | 8017 | 74879 |
| EverCommerce, Inc.<sup>(1)(2)</sup> | 27731 | 318352 |
| Five9, Inc.<sup>(1)</sup> | 9899 | 172639 |
| Freshworks, Inc., Class A<sup>(1)</sup> | 66927 | 523369 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 96372 | 2618427 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 135542 | 1211745 |
| Mitek Systems, Inc.<sup>(1)</sup> | 88972 | 1297212 |
| N-able, Inc.<sup>(1)</sup> | 108805 | 478742 |
| ON24, Inc.<sup>(1)</sup> | 50941 | 408037 |
| OneSpan, Inc. | 70139 | 774334 |
| Ooma, Inc.<sup>(1)</sup> | 38913 | 480965 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 111781 | 1250829 |
| Phunware, Inc.<sup>(1)(2)</sup> | 863 | 1536 |
| Progress Software Corp.<sup>(1)</sup> | 72113 | 3020092 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 8897 | 428124 |
| Qualys, Inc.<sup>(1)</sup> | 16981 | 1570233 |
| Rapid7, Inc.<sup>(1)</sup> | 66452 | 413331 |
| Red Violet, Inc.<sup>(1)</sup> | 25680 | 1112201 |
| ReposiTrak, Inc. | 22554 | 196220 |
| Riot Platforms, Inc.<sup>(1)</sup> | 41616 | 677925 |
| SEMrush Holdings, Inc., Class A<sup>(1)</sup> | 36489 | 431300 |
| Silvaco Group, Inc.<sup>(1)</sup> | 2397 | 8054 |
| SoundThinking, Inc.<sup>(1)(2)</sup> | 9285 | 67780 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | 125069 | 727902 |
| SPS Commerce, Inc.<sup>(1)</sup> | 277 | 15653 |
| Telos Corp.<sup>(1)</sup> | 101679 | 408750 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 24327 | 467808 |
| Teradata Corp.<sup>(1)</sup> | 168918 | 5319228 |
| Vertex, Inc., Class A<sup>(1)</sup> | 4694 | 67969 |
| Xperi, Inc.<sup>(1)</sup> | 97352 | 596768 |
| Yext, Inc.<sup>(1)</sup> | 8432 | 47894 |
|  |  | 60003670 |
| **Specialty Retail — 2.8%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)</sup> | 53834 | 187342 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 36786 | 3597671 |
| Academy Sports & Outdoors, Inc. | 83887 | 5044125 |
| Advance Auto Parts, Inc. | 75460 | 4012208 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| American Eagle Outfitters, Inc. | 212678 | $5225498 |
| America's Car-Mart, Inc.<sup>(1)(2)</sup> | 13919 | 277823 |
| Arhaus, Inc.<sup>(1)</sup> | 90616 | 747582 |
| Arko Corp. | 124918 | 803223 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 13479 | 2881541 |
| Barnes & Noble Education, Inc.<sup>(1)(2)</sup> | 40514 | 350446 |
| Buckle, Inc. | 74260 | 3976623 |
| Build-A-Bear Workshop, Inc. | 29263 | 1423938 |
| Caleres, Inc. | 61829 | 735147 |
| Cato Corp., Class A<sup>(1)</sup> | 6673 | 20086 |
| Citi Trends, Inc.<sup>(1)</sup> | 11974 | 567328 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 69173 | 492512 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 3202 | 6884 |
| Envela Corp.<sup>(1)</sup> | 3289 | 44270 |
| Genesco, Inc.<sup>(1)</sup> | 20903 | 569398 |
| Group 1 Automotive, Inc. | 2884 | 939434 |
| Haverty Furniture Cos., Inc. | 29809 | 709752 |
| J Jill, Inc.<sup>(2)</sup> | 12699 | 219312 |
| Lands' End, Inc.<sup>(1)</sup> | 23045 | 370333 |
| MarineMax, Inc.<sup>(1)</sup> | 43847 | 1337334 |
| Monro, Inc. | 36143 | 778159 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 198894 | 5364171 |
| OneWater Marine, Inc., Class A<sup>(1)(2)</sup> | 19991 | 227598 |
| Petco Health & Wellness Co., Inc.<sup>(1)</sup> | 174174 | 444144 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 23334 | 63935 |
| Revolve Group, Inc.<sup>(1)</sup> | 23312 | 586530 |
| RH<sup>(1)</sup> | 5062 | 838824 |
| RideNow Group, Inc., Class B<sup>(1)</sup> | 15102 | 97861 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 227664 | 3658560 |
| Shoe Carnival, Inc. | 34743 | 701461 |
| Signet Jewelers Ltd. | 30362 | 2920521 |
| Sonic Automotive, Inc., Class A | 28115 | 1763373 |
| Sportsman's Warehouse Holdings, Inc.<sup>(1)</sup> | 16058 | 18948 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 201033 | 669440 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 28915 | 96865 |
| Upbound Group, Inc. | 90027 | 1931079 |
| Valvoline, Inc.<sup>(1)</sup> | 67174 | 2539177 |
| Victoria's Secret & Co.<sup>(1)</sup> | 155993 | 9780761 |
| Zumiez, Inc.<sup>(1)</sup> | 27712 | 726609 |
|  |  | 67747826 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Corsair Gaming, Inc.<sup>(1)</sup> | 80459 | 441720 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 49536 | 3962880 |
| Eastman Kodak Co.<sup>(1)</sup> | 162789 | 1191615 |
| Immersion Corp. | 54062 | 330319 |
| Quantum Computing, Inc.<sup>(1)</sup> | 1568 | 13187 |
| Turtle Beach Corp.<sup>(1)</sup> | 17809 | 223325 |
| Xerox Holdings Corp. | 121013 | 217823 |
|  |  | 6380869 |
| **Textiles, Apparel and Luxury Goods — 1.6%** |  |  |
| Allbirds, Inc., Class A<sup>(1)(2)</sup> | 3516 | 9985 |
| Carter's, Inc. | 62882 | 2109691 |
| Columbia Sportswear Co. | 25078 | 1553331 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Crocs, Inc.<sup>(1)</sup> | 15042 | $1364460 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 91643 | 1032817 |
| Figs, Inc., Class A<sup>(1)</sup> | 239500 | 3700275 |
| Fossil Group, Inc.<sup>(1)</sup> | 73154 | 342361 |
| G-III Apparel Group Ltd. | 79355 | 2427469 |
| Gildan Activewear, Inc. | 80434 | 5476751 |
| Kontoor Brands, Inc. | 65154 | 4248692 |
| Lakeland Industries, Inc. | 14752 | 135276 |
| Movado Group, Inc. | 31788 | 793111 |
| Oxford Industries, Inc.<sup>(2)</sup> | 25812 | 1021897 |
| PVH Corp. | 38993 | 2674920 |
| Rocky Brands, Inc. | 16945 | 765914 |
| Steven Madden Ltd. | 117947 | 4257887 |
| Superior Group of Cos., Inc. | 21147 | 209990 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 305494 | 2266765 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 197269 | 1426255 |
| Unifi, Inc.<sup>(1)</sup> | 7109 | 27938 |
| Vera Bradley, Inc.<sup>(1)</sup> | 37012 | 97712 |
| Wolverine World Wide, Inc. | 151015 | 2668435 |
|  |  | 38611932 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Alta Equipment Group, Inc. | 55067 | 379962 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 16581 | 1093019 |
| Boise Cascade Co. | 15246 | 1261454 |
| Custom Truck One Source, Inc.<sup>(1)</sup> | 108117 | 774118 |
| Distribution Solutions Group, Inc.<sup>(1)</sup> | 3565 | 106593 |
| DNOW, Inc.<sup>(1)</sup> | 404147 | 4760852 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 30402 | 4209765 |
| Global Industrial Co. | 32118 | 1059252 |
| Herc Holdings, Inc. | 4719 | 659669 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 82890 | 589348 |
| Karat Packaging, Inc. | 15999 | 394375 |
| MSC Industrial Direct Co., Inc., Class A | 24420 | 2291573 |
| NPK International, Inc.<sup>(1)</sup> | 200500 | 2893215 |
| Rush Enterprises, Inc., Class A | 27836 | 1975521 |
| Rush Enterprises, Inc., Class B | 3452 | 223172 |
| Titan Machinery, Inc.<sup>(1)</sup> | 49749 | 969608 |
| Transcat, Inc.<sup>(1)</sup> | 305 | 23781 |
| Willis Lease Finance Corp. | 5692 | 1159517 |
|  |  | 24824794 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Sky Harbour Group Corp.<sup>(1)(2)</sup> | 40851 | 358672 |
| **Water Utilities — 0.4%** |  |  |
| American States Water Co. | 21651 | 1613649 |
| Artesian Resources Corp., Class A | 20406 | 691355 |
| California Water Service Group | 119640 | 5393371 |
| Consolidated Water Co. Ltd. | 18696 | 707644 |
| Global Water Resources, Inc. | 362 | 3316 |
| H2O America | 25999 | 1398486 |
| Middlesex Water Co. | 13691 | 739314 |
| Pure Cycle Corp.<sup>(1)</sup> | 1015 | 10729 |
|  |  | 10557864 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Wireless Telecommunication Services — 0.1%** | | |
| Array Digital Infrastructure, Inc. | 7531 | $366986 |
| Gogo, Inc.<sup>(1)</sup> | 132437 | 560209 |
| Spok Holdings, Inc. | 41165 | 499743 |
| Telephone & Data Systems, Inc. | 42166 | 1886928 |
|  |  | 3313866 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,099,533,615) |  | **2405896643** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| 89bio, Inc.<sup>(1)</sup> | 258768 | 87981 |
| Akero Therapeutics, Inc.<sup>(1)</sup> | 224 | 146 |
| Akouos, Inc.<sup>(1)</sup> | 779 | 8 |
| Cargo Therapeutics, Inc.<sup>(1)</sup> | 55735 | 557 |
| Chinook Therapeutics, Inc.<sup>(1)</sup> | 5210 | 52 |
| Fusion Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 4010 | 2206 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 72319 | 723 |
| Pardes Biosciences, Inc.<sup>(1)</sup> | 223 | 7 |
| Regulus Therapeutics, Inc.<sup>(1)</sup> | 47096 | 54631 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 122658 | 22078 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 150436 | 94775 |
| Vigil Neuroscience, Inc.<sup>(1)</sup> | 37413 | 1871 |
|  |  | 265035 |
| **Food Products — 0.0%** |  |  |
| TreeHouse Foods, Inc.<sup>(1)</sup> | 54219 | 104643 |
| **Pharmaceuticals — 0.0%** |  |  |
| Concert Pharmaceuticals, Inc.<sup>(1)</sup> | 5515 | 2040 |
| Poseida Therapeutics, Inc.<sup>(1)</sup> | 6404 | 3202 |
| Repare Therapeutics, Inc.<sup>(1)</sup> | 14944 | 6746 |
|  |  | 11988 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 14827 | 18830 |
| **TOTAL RIGHTS**<br>(Cost $454,986) |  | **400496** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)</sup><br>(Cost $—) | 1078 | **906** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 1.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2345826 | 2345826 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 34145776 | 34145776 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $36,491,602) |  | **36491602** |
| **TOTAL INVESTMENT SECURITIES — 101.4%**<br>(Cost $2,136,480,203) |  | **2442789647** |
| **OTHER ASSETS AND LIABILITIES — (1.4)%** |  | **(33126297)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2409663350** |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $46,406,940. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $48,958,736, which includes securities collateral of $14,812,960.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.3%** | | |
| AerSale Corp.<sup>(1)</sup> | 596710 | $4654338 |
| Astronics Corp.<sup>(1)</sup> | 489133 | 39433903 |
| Ducommun, Inc.<sup>(1)</sup> | 159158 | 19670337 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 103899 | 2695140 |
|  |  | 66453718 |
| **Air Freight and Logistics — 0.1%** |  |  |
| Hub Group, Inc., Class A | 475358 | 20473669 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 72971 | 541445 |
|  |  | 21015114 |
| **Automobile Components — 3.9%** |  |  |
| Dana, Inc. | 5032586 | 172315745 |
| Dauch Corp.<sup>(1)</sup> | 3432236 | 22652758 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 6629 | 111632 |
| Gentex Corp. | 4019459 | 94055341 |
| Gentherm, Inc.<sup>(1)</sup> | 571254 | 18719993 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 11381027 | 93893473 |
| LCI Industries | 755772 | 100668830 |
| Lear Corp. | 1518481 | 199300631 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 540102 | 5584655 |
| Phinia, Inc. | 1388222 | 100826564 |
| Standard Motor Products, Inc. | 236622 | 9389161 |
| Stoneridge, Inc.<sup>(1)</sup> | 725806 | 5726609 |
| Strattec Security Corp.<sup>(1)</sup> | 109242 | 9613296 |
| Visteon Corp. | 894987 | 85623406 |
|  |  | 918482094 |
| **Automobiles — 0.7%** |  |  |
| Harley-Davidson, Inc. | 4059893 | 73078074 |
| Thor Industries, Inc. | 917233 | 88173608 |
| Winnebago Industries, Inc. | 53462 | 2132599 |
|  |  | 163384281 |
| **Banks — 13.7%** |  |  |
| 1st Source Corp. | 352812 | 23641932 |
| ACNB Corp. | 138446 | 6977678 |
| Amalgamated Financial Corp. | 535241 | 20601426 |
| Amerant Bancorp, Inc. | 316795 | 6763573 |
| Ameris Bancorp | 453006 | 35180446 |
| Ames National Corp. | 19397 | 523913 |
| Arrow Financial Corp. | 281665 | 9382261 |
| Associated Banc-Corp. | 2413013 | 63727673 |
| Avidbank Holdings, Inc.<sup>(1)</sup> | 31871 | 920434 |
| Axos Financial, Inc.<sup>(1)</sup> | 1579196 | 137105797 |
| Banc of California, Inc. | 2639780 | 48756737 |
| Bancorp, Inc.<sup>(1)</sup> | 1258638 | 66065909 |
| Bank First Corp. | 5768 | 776777 |
| Bank of Hawaii Corp. | 745521 | 56488126 |
| Bank of NT Butterfield & Son Ltd. | 1310917 | 66529038 |
| Bank OZK | 2730100 | 127113456 |
| Bank7 Corp. | 72118 | 2933760 |
| BankUnited, Inc. | 1989208 | 92896014 |
| Bankwell Financial Group, Inc. | 85102 | 3974263 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Banner Corp. | 529230 | $31145185 |
| Bar Harbor Bankshares | 202299 | 6526166 |
| BayCom Corp. | 88169 | 2592169 |
| BCB Bancorp, Inc. | 154921 | 1239368 |
| Beacon Financial Corp. | 608553 | 18098366 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 498906 | 9120002 |
| Burke & Herbert Financial Services Corp. | 245054 | 15791280 |
| Business First Bancshares, Inc. | 716218 | 19552751 |
| Byline Bancorp, Inc. | 721925 | 22524060 |
| C&F Financial Corp. | 34255 | 2494449 |
| California BanCorp | 220696 | 4040944 |
| Camden National Corp. | 160717 | 7418697 |
| Capital Bancorp, Inc. | 149573 | 4398942 |
| Capital City Bank Group, Inc. | 331646 | 14209373 |
| Capitol Federal Financial, Inc. | 1192456 | 8561834 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 441244 | 9195525 |
| Cathay General Bancorp | 1320418 | 65637979 |
| CB Financial Services, Inc. | 14568 | 507112 |
| Central Pacific Financial Corp. | 729298 | 23228141 |
| CF Bankshares, Inc. | 37364 | 1129140 |
| Chemung Financial Corp. | 18984 | 1053992 |
| ChoiceOne Financial Services, Inc. | 61668 | 1764938 |
| Citizens Financial Services, Inc. | 30045 | 1804503 |
| City Holding Co. | 47931 | 5750282 |
| Civista Bancshares, Inc. | 167724 | 3993508 |
| CNB Financial Corp. | 483494 | 13542667 |
| Colony Bankcorp, Inc. | 358956 | 7118097 |
| Columbia Banking System, Inc. | 3766020 | 107143269 |
| Commercial Bancgroup, Inc.<sup>(1)</sup> | 36936 | 960705 |
| Community Trust Bancorp, Inc. | 416887 | 25029895 |
| Community West Bancshares | 243964 | 5667284 |
| ConnectOne Bancorp, Inc. | 726257 | 19267598 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 833227 | 56192829 |
| CVB Financial Corp. | 54721 | 1052285 |
| Dime Community Bancshares, Inc. | 326683 | 10568195 |
| Eagle Bancorp Montana, Inc. | 58403 | 1267345 |
| Eagle Bancorp, Inc. | 353861 | 9005762 |
| Eastern Bankshares, Inc. | 2973 | 58152 |
| Enterprise Financial Services Corp. | 843677 | 48173957 |
| Equity Bancshares, Inc., Class A | 128676 | 5774979 |
| Esquire Financial Holdings, Inc. | 182052 | 18383611 |
| Farmers & Merchants Bancorp, Inc. | 20640 | 533750 |
| Farmers National Banc Corp.<sup>(2)</sup> | 167320 | 2163448 |
| Fidelity D&D Bancorp, Inc. | 711 | 31177 |
| Finward Bancorp | 4543 | 169726 |
| First BanCorp | 4540491 | 95940575 |
| First Bancorp, Inc. | 30966 | 856210 |
| First Bank | 387493 | 6168889 |
| First Busey Corp. | 917860 | 23276930 |
| First Business Financial Services, Inc. | 191588 | 10470284 |
| First Commonwealth Financial Corp. | 1379375 | 24180444 |
| First Community Corp. | 75987 | 2189945 |
| First Financial Bancorp | 60898 | 1709407 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Financial Corp. | 290753 | $18422110 |
| First Internet Bancorp | 78475 | 1591473 |
| First Merchants Corp. | 134422 | 5253212 |
| First Mid Bancshares, Inc. | 539979 | 22144539 |
| First National Corp. | 12626 | 335220 |
| First United Corp. | 97066 | 3442931 |
| First Western Financial, Inc.<sup>(1)</sup> | 3274 | 82799 |
| Firstsun Capital Bancorp<sup>(1)(2)</sup> | 116407 | 4245363 |
| Five Star Bancorp | 368511 | 14346133 |
| Franklin Financial Services Corp. | 39586 | 2037887 |
| FS Bancorp, Inc. | 74556 | 2945708 |
| Fulton Financial Corp. | 4123563 | 84326863 |
| FVCBankcorp, Inc. | 29261 | 451790 |
| Great Southern Bancorp, Inc. | 247884 | 15252303 |
| Hancock Whitney Corp. | 1649749 | 108569982 |
| Hanmi Financial Corp. | 825483 | 21553361 |
| Hanover Bancorp, Inc. | 8199 | 169555 |
| Hawthorn Bancshares, Inc. | 19986 | 659338 |
| HBT Financial, Inc. | 257716 | 6948023 |
| Heritage Commerce Corp. | 829593 | 10311841 |
| Hilltop Holdings, Inc. | 270507 | 10125077 |
| Hingham Institution For Savings | 5061 | 1412626 |
| Home Bancorp, Inc. | 151055 | 8927351 |
| HomeTrust Bancshares, Inc. | 407133 | 17156585 |
| Hope Bancorp, Inc. | 2519824 | 28373218 |
| Horizon Bancorp, Inc. | 30139 | 507541 |
| Independent Bank Corp. (Michigan) | 582260 | 20233535 |
| International Bancshares Corp. | 1558334 | 104579795 |
| Investar Holding Corp. | 87101 | 2458861 |
| Isabella Bank Corp. | 13302 | 632643 |
| Kearny Financial Corp. | 232339 | 1777393 |
| Lakeland Financial Corp. | 35445 | 2059000 |
| LINKBANCORP, Inc. | 153401 | 1326919 |
| MainStreet Bancshares, Inc. | 38070 | 845154 |
| Mercantile Bank Corp. | 447049 | 23094551 |
| Meridian Corp. | 152118 | 2957174 |
| Metrocity Bankshares, Inc. | 493002 | 13853356 |
| Metropolitan Bank Holding Corp. | 266219 | 22402329 |
| Mid Penn Bancorp, Inc. | 236943 | 7622456 |
| Midland States Bancorp, Inc. | 489084 | 10823429 |
| MVB Financial Corp. | 55065 | 1486755 |
| National Bank Holdings Corp., Class A | 269117 | 10761989 |
| NB Bancorp, Inc. | 156656 | 3343039 |
| NBT Bancorp, Inc. | 48941 | 2090760 |
| Nicolet Bankshares, Inc. | 31589 | 4825536 |
| Northeast Bank | 203287 | 22540463 |
| Northfield Bancorp, Inc. | 674458 | 8997270 |
| Northpointe Bancshares, Inc. | 333694 | 6026514 |
| Northrim BanCorp, Inc. | 623815 | 14653414 |
| Northwest Bancshares, Inc. | 699947 | 8714340 |
| Norwood Financial Corp. | 512 | 14879 |
| Oak Valley Bancorp | 18564 | 594048 |
| OceanFirst Financial Corp. | 998933 | 18040730 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OFG Bancorp | 1281737 | $51372019 |
| Old Second Bancorp, Inc. | 1284184 | 25208532 |
| OP Bancorp | 109826 | 1467275 |
| Orange County Bancorp, Inc. | 180099 | 5981088 |
| Origin Bancorp, Inc. | 526597 | 21906435 |
| Orrstown Financial Services, Inc. | 387440 | 13924594 |
| Parke Bancorp, Inc. | 113825 | 3171165 |
| Pathward Financial, Inc. | 628085 | 57023837 |
| PCB Bancorp | 106449 | 2380200 |
| Peapack-Gladstone Financial Corp. | 301205 | 10087355 |
| Peoples Bancorp of North Carolina, Inc. | 18211 | 695842 |
| Peoples Bancorp, Inc. | 804593 | 25964216 |
| Peoples Financial Services Corp. | 72418 | 3881605 |
| Plumas Bancorp | 24925 | 1253728 |
| Popular, Inc. | 168867 | 22857837 |
| Preferred Bank | 314467 | 27585045 |
| Provident Financial Services, Inc. | 2612177 | 54960204 |
| QCR Holdings, Inc. | 285215 | 24671097 |
| RBB Bancorp | 388391 | 8350407 |
| Red River Bancshares, Inc. | 65864 | 5842137 |
| Renasant Corp. | 68427 | 2576277 |
| Republic Bancorp, Inc., Class A | 244115 | 16843935 |
| Riverview Bancorp, Inc. | 98218 | 525466 |
| S&T Bancorp, Inc. | 516797 | 21607283 |
| ServisFirst Bancshares, Inc. | 2466 | 199771 |
| Shore Bancshares, Inc. | 761467 | 14148057 |
| Sierra Bancorp | 242054 | 8709103 |
| SmartFinancial, Inc. | 300878 | 11797426 |
| South Plains Financial, Inc. | 329603 | 13500539 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 120384 | 6722243 |
| Southern Missouri Bancorp, Inc. | 255550 | 15821100 |
| Southside Bancshares, Inc. | 239512 | 7501516 |
| Stellar Bancorp, Inc. | 398682 | 15014364 |
| Stock Yards Bancorp, Inc. | 51600 | 3309624 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 647749 | 61730480 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 279116 | 11055785 |
| Timberland Bancorp, Inc. | 31567 | 1202071 |
| Tompkins Financial Corp. | 226516 | 17376042 |
| Towne Bank | 189395 | 6488673 |
| TriCo Bancshares | 335129 | 16012464 |
| TrustCo Bank Corp. | 467958 | 20295338 |
| Trustmark Corp. | 864093 | 36801721 |
| UMB Financial Corp. | 230259 | 26682413 |
| United Community Banks, Inc. | 39338 | 1265503 |
| United Security Bancshares | 82772 | 860001 |
| Unity Bancorp, Inc. | 183895 | 9781375 |
| Univest Financial Corp. | 620114 | 20804825 |
| USCB Financial Holdings, Inc. | 28400 | 537612 |
| Valley National Bancorp | 5407425 | 68187629 |
| Virginia National Bankshares Corp. | 10625 | 411400 |
| WaFd, Inc. | 1809413 | 56381309 |
| WesBanco, Inc. | 60633 | 2114273 |
| West BanCorp, Inc. | 215098 | 5237636 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Westamerica Bancorporation | 706063 | $35762091 |
| Western New England Bancorp, Inc. | 3560 | 45746 |
| Wintrust Financial Corp. | 43419 | 6254941 |
| WSFS Financial Corp. | 586434 | 37244423 |
| Zions Bancorp NA | 207528 | 11887204 |
|  |  | 3216666772 |
| **Beverages — 0.2%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 216074 | 49001262 |
| MGP Ingredients, Inc. | 230066 | 4371254 |
| National Beverage Corp.<sup>(1)</sup> | 6734 | 244781 |
|  |  | 53617297 |
| **Biotechnology — 1.2%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 4524898 | 136199430 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 96763 | 1389517 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 3174351 | 73264021 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 2008881 | 16372380 |
| Kura Oncology, Inc.<sup>(1)</sup> | 599655 | 5234988 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 2150199 | 38166032 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 1619603 | 9231737 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 419063 | 14558249 |
| Seres Therapeutics, Inc.<sup>(1)</sup> | 56033 | 489728 |
| XBiotech, Inc.<sup>(1)</sup> | 5371 | 12139 |
|  |  | 294918221 |
| **Broadline Retail — 1.3%** |  |  |
| Dillard's, Inc., Class A | 23801 | 14347005 |
| Kohl's Corp. | 4881115 | 79903852 |
| Macy's, Inc. | 10297979 | 203694025 |
|  |  | 297944882 |
| **Building Products — 0.3%** |  |  |
| Apogee Enterprises, Inc. | 709913 | 28268736 |
| Insteel Industries, Inc. | 177563 | 6619548 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 1815753 | 3558876 |
| Quanex Building Products Corp. | 181285 | 3721781 |
| Tecnoglass, Inc. | 659409 | 30042674 |
| Trex Co., Inc.<sup>(1)</sup> | 117105 | 4850489 |
|  |  | 77062104 |
| **Capital Markets — 1.0%** |  |  |
| Cohen & Steers, Inc. | 27655 | 1849290 |
| Diamond Hill Investment Group, Inc. | 58052 | 9977397 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 132023 | 2718354 |
| Oppenheimer Holdings, Inc., Class A | 259621 | 22402696 |
| Siebert Financial Corp.<sup>(1)</sup> | 15187 | 28855 |
| StoneX Group, Inc.<sup>(1)</sup> | 1235564 | 157534410 |
| Victory Capital Holdings, Inc., Class A | 102097 | 7063070 |
| Virtus Investment Partners, Inc. | 146522 | 20272784 |
| WisdomTree, Inc.<sup>(2)</sup> | 786023 | 13448854 |
|  |  | 235295710 |
| **Chemicals — 2.2%** |  |  |
| AdvanSix, Inc. | 938689 | 16736825 |
| American Vanguard Corp.<sup>(1)</sup> | 365537 | 1685126 |
| Ascent Industries Co.<sup>(1)</sup> | 139280 | 2390045 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 931098 | 2905026 |
| Cabot Corp. | 1827940 | 139179352 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chemours Co. | 3582503 | $65344855 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 188722 | 3444176 |
| Ecovyst, Inc.<sup>(1)</sup> | 1237032 | 13941351 |
| FMC Corp. | 1721942 | 25381425 |
| Huntsman Corp. | 3181280 | 40243192 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 258821 | 9568612 |
| Koppers Holdings, Inc. | 375839 | 14206714 |
| LSB Industries, Inc.<sup>(1)</sup> | 1915120 | 22253694 |
| Mativ Holdings, Inc. | 2228369 | 24155520 |
| NewMarket Corp. | 110323 | 69063301 |
| Orion SA | 2135366 | 12150232 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 2206165 | 20892382 |
| Stepan Co. | 571519 | 29084602 |
| Tronox Holdings PLC, Class A | 1961316 | 14670644 |
| Valhi, Inc. | 10476 | 146350 |
|  |  | 527443424 |
| **Commercial Services and Supplies — 0.8%** |  |  |
| ACCO Brands Corp. | 3005697 | 12233187 |
| Civeo Corp.<sup>(1)</sup> | 477492 | 13221753 |
| Ennis, Inc. | 758713 | 16016431 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 2008782 | 43731184 |
| HNI Corp. | 595638 | 26779885 |
| Interface, Inc. | 2232297 | 70295033 |
| Team, Inc.<sup>(1)</sup> | 1115 | 16279 |
| Virco Mfg. Corp. | 388249 | 2465381 |
|  |  | 184759133 |
| **Communications Equipment — 1.0%** |  |  |
| Aviat Networks, Inc.<sup>(1)</sup> | 166387 | 4166331 |
| BK Technologies Corp.<sup>(1)</sup> | 71902 | 6261945 |
| Clearfield, Inc.<sup>(1)</sup> | 22551 | 709003 |
| Harmonic, Inc.<sup>(1)</sup> | 296111 | 3147660 |
| NETGEAR, Inc.<sup>(1)</sup> | 111579 | 2300759 |
| Viasat, Inc.<sup>(1)</sup> | 4605594 | 210844093 |
|  |  | 227429791 |
| **Construction and Engineering — 2.3%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 337644 | 10284636 |
| Argan, Inc. | 145737 | 65763821 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 189513 | 22906436 |
| Fluor Corp.<sup>(1)</sup> | 169822 | 8883389 |
| Granite Construction, Inc. | 977967 | 131497443 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 2383279 | 40396579 |
| IES Holdings, Inc.<sup>(1)</sup> | 32980 | 16336643 |
| Matrix Service Co.<sup>(1)</sup> | 784753 | 8624435 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 207608 | 16110381 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 226937 | 3115845 |
| Primoris Services Corp. | 709368 | 106915945 |
| Tutor Perini Corp. | 1393815 | 105051837 |
|  |  | 535887390 |
| **Construction Materials — 0.0%** |  |  |
| Eagle Materials, Inc. | 12819 | 2868892 |
| Titan America SA<sup>(1)</sup> | 304402 | 5515764 |
| U.S. Lime & Minerals, Inc. | 52 | 5937 |
|  |  | 8390593 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Finance — 1.8%** | | |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 148628 | $7774731 |
| Bread Financial Holdings, Inc. | 1326504 | 93996073 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 62332 | 504889 |
| Credit Acceptance Corp.<sup>(1)(2)</sup> | 74908 | 35444967 |
| Green Dot Corp., Class A<sup>(1)</sup> | 1706032 | 19721730 |
| Jefferson Capital, Inc. | 184904 | 3814570 |
| LendingClub Corp.<sup>(1)</sup> | 1973774 | 29428970 |
| Medallion Financial Corp. | 181711 | 1833464 |
| Navient Corp. | 1736371 | 15262701 |
| Nelnet, Inc., Class A | 275841 | 35710376 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 52122 | 565524 |
| OneMain Holdings, Inc. | 743704 | 40918594 |
| Oportun Financial Corp.<sup>(1)</sup> | 297213 | 1539563 |
| PRA Group, Inc.<sup>(1)</sup> | 405515 | 6386861 |
| PROG Holdings, Inc. | 619782 | 21822524 |
| Regional Management Corp. | 213536 | 6794716 |
| SLM Corp. | 4991327 | 93537468 |
| World Acceptance Corp.<sup>(1)</sup> | 72403 | 9765717 |
|  |  | 424823438 |
| **Consumer Staples Distribution & Retail — 1.7%** |  |  |
| Andersons, Inc. | 588566 | 38427474 |
| HF Foods Group, Inc.<sup>(1)</sup> | 38022 | 79466 |
| Ingles Markets, Inc., Class A | 514125 | 43752037 |
| Natural Grocers by Vitamin Cottage, Inc. | 460258 | 12440774 |
| PriceSmart, Inc. | 925259 | 143063547 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 56484 | 4172473 |
| United Natural Foods, Inc.<sup>(1)</sup> | 2676554 | 102271128 |
| Village Super Market, Inc., Class A | 353028 | 13821046 |
| Weis Markets, Inc. | 522976 | 35436854 |
|  |  | 393464799 |
| **Containers and Packaging — 0.2%** |  |  |
| Graphic Packaging Holding Co. | 999185 | 12220033 |
| Greif, Inc., Class A | 425351 | 30910257 |
| Greif, Inc., Class B | 66420 | 5803780 |
| Myers Industries, Inc. | 196331 | 4391924 |
|  |  | 53325994 |
| **Distributors — 0.1%** |  |  |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 60125 | 2665942 |
| Gold.com, Inc. | 253543 | 14571116 |
| Weyco Group, Inc. | 5536 | 173111 |
|  |  | 17410169 |
| **Diversified Consumer Services — 0.6%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 540132 | 24748848 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 162877 | 931656 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 585792 | 21229102 |
| Perdoceo Education Corp. | 1471184 | 49063986 |
| Phoenix Education Partners, Inc. | 23731 | 702438 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 1138063 | 41197881 |
|  |  | 137873911 |
| **Diversified Telecommunication Services — 1.1%** |  |  |
| ATN International, Inc. | 392224 | 11303896 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 80490 | 3198673 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 821349 | $32320083 |
| Globalstar, Inc.<sup>(1)</sup> | 611561 | 38081903 |
| Iridium Communications, Inc. | 2854549 | 68366448 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 4045813 | 51543658 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 3488962 | 42914233 |
| Shenandoah Telecommunications Co. | 928784 | 12659326 |
|  |  | 260388220 |
| **Electrical Equipment — 0.6%** |  |  |
| Atkore, Inc. | 1149835 | 74405823 |
| EnerSys | 238525 | 39630928 |
| Espey Mfg. & Electronics Corp. | 43558 | 2523315 |
| Preformed Line Products Co. | 61900 | 15700935 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 960131 | 5693577 |
|  |  | 137954578 |
| **Electronic Equipment, Instruments and Components — 3.1%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 162818 | 24774387 |
| Avnet, Inc. | 2820827 | 185723250 |
| Bel Fuse, Inc., Class A | 5457 | 1156611 |
| Bel Fuse, Inc., Class B | 34339 | 7888012 |
| Benchmark Electronics, Inc. | 1150531 | 66512197 |
| Daktronics, Inc.<sup>(1)</sup> | 1402789 | 36163900 |
| ePlus, Inc. | 841935 | 67910477 |
| Ingram Micro Holding Corp. | 475191 | 9831702 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 918963 | 22964885 |
| Knowles Corp.<sup>(1)</sup> | 110189 | 2993835 |
| Methode Electronics, Inc. | 730447 | 6179582 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 2532 | 160250 |
| PC Connection, Inc. | 118886 | 7246102 |
| Plexus Corp.<sup>(1)</sup> | 870554 | 169000648 |
| Richardson Electronics Ltd. | 29763 | 365490 |
| Sanmina Corp.<sup>(1)</sup> | 267899 | 41593999 |
| ScanSource, Inc.<sup>(1)</sup> | 500002 | 18390073 |
| Vishay Intertechnology, Inc. | 2843090 | 53222645 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 155678 | 7172085 |
|  |  | 729250130 |
| **Energy Equipment and Services — 8.5%** |  |  |
| Archrock, Inc. | 5129933 | 181240533 |
| Atlas Energy Solutions, Inc. | 2778 | 26752 |
| Bristow Group, Inc.<sup>(1)</sup> | 740350 | 35314695 |
| Core Laboratories, Inc. | 344510 | 6059931 |
| DMC Global, Inc.<sup>(1)</sup> | 171947 | 1012768 |
| Drilling Tools International Corp.<sup>(1)</sup> | 11869 | 41304 |
| Energy Services of America Corp. | 70598 | 1102741 |
| Expro Group Holdings NV<sup>(1)</sup> | 1882043 | 33613288 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 330171 | 19159823 |
| Geospace Technologies Corp.<sup>(1)</sup> | 1118 | 10252 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 4379281 | 40245592 |
| Helmerich & Payne, Inc. | 3109129 | 109503523 |
| Innovex International, Inc.<sup>(1)</sup> | 416026 | 10962285 |
| Kodiak Gas Services, Inc. | 1989323 | 108557356 |
| Liberty Energy, Inc., Class A | 5588067 | 156968802 |
| Nabors Industries Ltd.<sup>(1)</sup> | 411105 | 32115523 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | 223725 | 5604311 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Natural Gas Services Group, Inc. | 268418 | $10269673 |
| Noble Corp. PLC | 3355633 | 152446407 |
| NOV, Inc. | 7999327 | 162066365 |
| Oceaneering International, Inc.<sup>(1)</sup> | 3121010 | 110795855 |
| Oil States International, Inc.<sup>(1)</sup> | 1419379 | 18579671 |
| Patterson-UTI Energy, Inc. | 13834972 | 117735612 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 695583 | 3443136 |
| ProPetro Holding Corp.<sup>(1)</sup> | 3143915 | 38135689 |
| Ranger Energy Services, Inc. | 571676 | 9958596 |
| RPC, Inc. | 3436291 | 19964851 |
| Seadrill Ltd.<sup>(1)</sup> | 1108936 | 48660112 |
| Select Water Solutions, Inc., Class A | 3274520 | 44762689 |
| Smart Sand, Inc. | 151758 | 787624 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 3449405 | 29871847 |
| Tidewater, Inc.<sup>(1)</sup> | 1040315 | 82621817 |
| Transocean Ltd.<sup>(1)</sup> | 18835764 | 122055751 |
| Valaris Ltd.<sup>(1)</sup> | 1431551 | 137214163 |
| Weatherford International PLC | 1474578 | 155508996 |
|  |  | 2006418333 |
| **Entertainment — 0.2%** |  |  |
| Cineverse Corp.<sup>(1)</sup> | 5804 | 17180 |
| IMAX Corp.<sup>(1)</sup> | 539646 | 23113038 |
| Marcus Corp. | 853895 | 14371053 |
|  |  | 37501271 |
| **Financial Services — 3.2%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 409894 | 1717456 |
| Alerus Financial Corp. | 222597 | 5306712 |
| Cass Information Systems, Inc. | 15728 | 698009 |
| Enact Holdings, Inc. | 766450 | 32068268 |
| Essent Group Ltd. | 1698398 | 103330534 |
| Federal Agricultural Mortgage Corp., Class C | 260189 | 41021398 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 126137 | 2440751 |
| International Money Express, Inc.<sup>(1)</sup> | 529967 | 8362879 |
| Jackson Financial, Inc., Class A | 1114498 | 122015241 |
| Merchants Bancorp | 594409 | 25131612 |
| MGIC Investment Corp. | 4383532 | 116295104 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 2278354 | 89562096 |
| Onity Group, Inc.<sup>(1)</sup> | 159482 | 6683891 |
| Payoneer Global, Inc.<sup>(1)</sup> | 6517753 | 28156693 |
| PennyMac Financial Services, Inc. | 364273 | 33487617 |
| Radian Group, Inc. | 3887600 | 134199952 |
| Velocity Financial, Inc.<sup>(1)</sup> | 236803 | 4402168 |
| Voya Financial, Inc. | 3702 | 247590 |
| Waterstone Financial, Inc. | 187804 | 3344789 |
|  |  | 758472760 |
| **Food Products — 1.3%** |  |  |
| B&G Foods, Inc.<sup>(2)</sup> | 274 | 1455 |
| Cal-Maine Foods, Inc. | 1685806 | 146850561 |
| Dole PLC | 1802453 | 28911346 |
| Fresh Del Monte Produce, Inc. | 1299089 | 55769891 |
| J&J Snack Foods Corp. | 9229 | 803477 |
| John B Sanfilippo & Son, Inc. | 75055 | 6200293 |
| Mission Produce, Inc.<sup>(1)(2)</sup> | 984752 | 13973631 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seaboard Corp. | 6481 | $33265029 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 172739 | 24007266 |
|  |  | 309782949 |
| **Ground Transportation — 1.8%** |  |  |
| ArcBest Corp. | 798160 | 81939106 |
| Covenant Logistics Group, Inc. | 559875 | 16482720 |
| Heartland Express, Inc. | 1444083 | 15928236 |
| Lyft, Inc., Class A<sup>(1)</sup> | 1534741 | 21240815 |
| Marten Transport Ltd. | 2117421 | 28775751 |
| PAMT Corp.<sup>(1)</sup> | 247 | 2480 |
| Ryder System, Inc. | 648534 | 143689193 |
| Schneider National, Inc., Class B | 1483844 | 42111493 |
| Universal Logistics Holdings, Inc.<sup>(2)</sup> | 265034 | 4407515 |
| Werner Enterprises, Inc. | 2225702 | 78099883 |
|  |  | 432677192 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| Acme United Corp. | 37492 | 1687515 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 527572 | 4632082 |
| Electromed, Inc.<sup>(1)</sup> | 27008 | 640090 |
| FONAR Corp.<sup>(1)</sup> | 51622 | 960169 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 39578 | 1642091 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 1187372 | 88946036 |
| LivaNova PLC<sup>(1)</sup> | 1291447 | 91176158 |
| Pro-Dex, Inc.<sup>(1)</sup> | 1065 | 47190 |
| QuidelOrtho Corp.<sup>(1)</sup> | 2277265 | 51785006 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 379585 | 11118045 |
| Varex Imaging Corp.<sup>(1)</sup> | 470963 | 6202583 |
|  |  | 258836965 |
| **Health Care Providers and Services — 0.3%** |  |  |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 786066 | 12026810 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 838369 | 7293810 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 407936 | 3577599 |
| Joint Corp.<sup>(1)(2)</sup> | 7559 | 66519 |
| National HealthCare Corp. | 48192 | 7879392 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 148928 | 16450587 |
| PACS Group, Inc.<sup>(1)</sup> | 1015310 | 37068968 |
|  |  | 84363685 |
| **Health Care Technology — 0.1%** |  |  |
| CareCloud, Inc.<sup>(1)</sup> | 665857 | 1631350 |
| Health Catalyst, Inc.<sup>(1)(2)</sup> | 1853 | 3002 |
| Teladoc Health, Inc.<sup>(1)</sup> | 2535305 | 13335704 |
|  |  | 14970056 |
| **Hotels, Restaurants and Leisure — 1.4%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 951803 | 10812482 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 774131 | 29409237 |
| Bloomin' Brands, Inc. | 815992 | 4993871 |
| Boyd Gaming Corp. | 423150 | 35218775 |
| Canterbury Park Holding Corp. | 118 | 1856 |
| Cheesecake Factory, Inc. | 1445476 | 93637935 |
| Cracker Barrel Old Country Store, Inc. | 791749 | 25906027 |
| Full House Resorts, Inc.<sup>(1)</sup> | 216479 | 485995 |
| Golden Entertainment, Inc. | 309046 | 8931430 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1058561 | 28581147 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Monarch Casino & Resort, Inc. | 435832 | $41883455 |
| ONE Group Hospitality, Inc.<sup>(1)(2)</sup> | 102213 | 206470 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 191929 | 4247389 |
| Super Group SGHC Ltd. | 4118492 | 44067865 |
| Target Hospitality Corp.<sup>(1)</sup> | 975575 | 7599729 |
|  |  | 335983663 |
| **Household Durables — 1.7%** |  |  |
| Bassett Furniture Industries, Inc. | 53724 | 804248 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 176132 | 4505457 |
| Century Communities, Inc. | 194541 | 13078991 |
| Cricut, Inc., Class A | 1587970 | 6828271 |
| Ethan Allen Interiors, Inc. | 719817 | 16397431 |
| Flexsteel Industries, Inc. | 118358 | 6091886 |
| Hamilton Beach Brands Holding Co., Class A | 171861 | 3272233 |
| Helen of Troy Ltd.<sup>(1)</sup> | 5104 | 90035 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 96274 | 12093940 |
| KB Home | 458640 | 29160331 |
| La-Z-Boy, Inc. | 1326831 | 47394403 |
| Legacy Housing Corp.<sup>(1)</sup> | 61465 | 1347313 |
| Leggett & Platt, Inc. | 1260617 | 14724007 |
| Lifetime Brands, Inc. | 204433 | 676673 |
| Lovesac Co.<sup>(1)</sup> | 105 | 1342 |
| M/I Homes, Inc.<sup>(1)</sup> | 401628 | 57095437 |
| Sonos, Inc.<sup>(1)</sup> | 11464 | 176546 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 1283819 | 84590834 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 2288284 | 105947549 |
| Universal Electronics, Inc.<sup>(1)</sup> | 210159 | 792299 |
|  |  | 405069226 |
| **Household Products — 0.6%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 272950 | 10696911 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 1788067 | 61759834 |
| Oil-Dri Corp. of America | 371430 | 25197811 |
| Spectrum Brands Holdings, Inc. | 499922 | 39183886 |
|  |  | 136838442 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 1102304 | 20039887 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 774727 | 1193079 |
| XPLR Infrastructure LP<sup>(1)</sup> | 1506342 | 15952162 |
|  |  | 37185128 |
| **Insurance — 5.6%** |  |  |
| American Coastal Insurance Corp., Class C | 595496 | 6782700 |
| American Integrity Insurance Group, Inc.<sup>(1)</sup> | 148408 | 3021587 |
| AMERISAFE, Inc. | 14744 | 479622 |
| Assured Guaranty Ltd. | 1129711 | 97392385 |
| Ategrity Specialty Holdings LLC<sup>(1)</sup> | 5537 | 122478 |
| Axis Capital Holdings Ltd. | 630985 | 66707734 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 2130892 | 127810902 |
| CNO Financial Group, Inc. | 3026683 | 126545616 |
| Crawford & Co., Class A | 134136 | 1443303 |
| Crawford & Co., Class B | 44723 | 444547 |
| Donegal Group, Inc., Class A | 304662 | 5368145 |
| eHealth, Inc.<sup>(1)</sup> | 138111 | 179544 |
| Employers Holdings, Inc. | 476741 | 19713240 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| F&G Annuities & Life, Inc. | 528689 | $11974806 |
| Fidelis Insurance Holdings Ltd. | 1000266 | 19065070 |
| First American Financial Corp. | 879896 | 61689509 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 9364335 | 79034987 |
| GoHealth, Inc., Class A<sup>(1)(2)</sup> | 7110 | 9741 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 349861 | 4964528 |
| Hanover Insurance Group, Inc. | 616241 | 111311612 |
| HCI Group, Inc. | 286590 | 50560208 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 795251 | 22163645 |
| Horace Mann Educators Corp. | 694257 | 30207122 |
| James River Group Holdings, Inc. | 8416 | 58912 |
| Kemper Corp. | 12575 | 406424 |
| Kingstone Cos., Inc. | 261030 | 4301774 |
| Mercury General Corp. | 678174 | 61429001 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 5835666 | 79598484 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 439799 | 54407534 |
| ProAssurance Corp.<sup>(1)</sup> | 265549 | 6519228 |
| Safety Insurance Group, Inc. | 39719 | 3083386 |
| Selective Insurance Group, Inc. | 972634 | 81740161 |
| SiriusPoint Ltd.<sup>(1)</sup> | 3541755 | 74872701 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 721067 | 33507984 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 990913 | 18827347 |
| Tiptree, Inc. | 93506 | 1592407 |
| United Fire Group, Inc. | 424631 | 16501161 |
| Universal Insurance Holdings, Inc. | 774800 | 27249716 |
|  |  | 1311089251 |
| **Interactive Media and Services — 0.2%** |  |  |
| Cars.com, Inc.<sup>(1)</sup> | 1430945 | 12220270 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 77050 | 1217390 |
| Yelp, Inc.<sup>(1)</sup> | 1081367 | 24103671 |
|  |  | 37541331 |
| **IT Services — 0.4%** |  |  |
| DXC Technology Co.<sup>(1)</sup> | 7561372 | 95197674 |
| **Leisure Products — 1.6%** |  |  |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 58677 | 533961 |
| Brunswick Corp. | 1401251 | 111567605 |
| Callaway Golf Co.<sup>(1)</sup> | 3005497 | 42257288 |
| Clarus Corp. | 437370 | 1382089 |
| Escalade, Inc. | 3175 | 45720 |
| Funko, Inc., Class A<sup>(1)</sup> | 351592 | 1757960 |
| JAKKS Pacific, Inc. | 116958 | 2556702 |
| Johnson Outdoors, Inc., Class A | 79722 | 3865720 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 470693 | 13678338 |
| Marine Products Corp. | 50443 | 382862 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 361851 | 7853976 |
| Polaris, Inc. | 1618375 | 98300097 |
| Smith & Wesson Brands, Inc. | 266322 | 3169232 |
| Sturm Ruger & Co., Inc. | 272751 | 10211797 |
| YETI Holdings, Inc.<sup>(1)</sup> | 2110508 | 92250305 |
|  |  | 389813652 |
| **Life Sciences Tools and Services — 0.0%** |  |  |
| OmniAb, Inc.<sup>(1)</sup> | 21075 | 139 |
| OmniAb, Inc.<sup>(1)</sup> | 21075 | 72 |
|  |  | 211 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Machinery — 3.7%** | | |
| Alamo Group, Inc. | 212789 | $45436835 |
| Albany International Corp., Class A | 564684 | 32554033 |
| Astec Industries, Inc. | 421393 | 26164291 |
| Blue Bird Corp.<sup>(1)</sup> | 770055 | 44871105 |
| Douglas Dynamics, Inc. | 53858 | 2473159 |
| Eastern Co. | 14561 | 270398 |
| Graham Corp.<sup>(1)</sup> | 123963 | 10068275 |
| Greenbrier Cos., Inc. | 1245816 | 70288939 |
| Helios Technologies, Inc. | 13888 | 990492 |
| Hyster-Yale, Inc. | 343395 | 12647238 |
| Kennametal, Inc. | 2715237 | 109369746 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 61455 | 1888512 |
| Lindsay Corp. | 133756 | 18016933 |
| Luxfer Holdings PLC | 973592 | 12530129 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 241544 | 3562774 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 192774 | 4048254 |
| Miller Industries, Inc. | 13798 | 579930 |
| Mueller Industries, Inc. | 557409 | 65751966 |
| Mueller Water Products, Inc., Class A | 1761362 | 52717565 |
| Omega Flex, Inc. | 16209 | 582389 |
| Park-Ohio Holdings Corp. | 194582 | 5008541 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 121950 | 3947521 |
| Taylor Devices, Inc.<sup>(1)</sup> | 27768 | 2436364 |
| Tennant Co. | 468320 | 28581570 |
| Terex Corp. | 2277096 | 156641434 |
| Titan International, Inc.<sup>(1)</sup> | 929479 | 9043831 |
| Trinity Industries, Inc. | 2919292 | 99781401 |
| Twin Disc, Inc. | 11454 | 208348 |
| Wabash National Corp. | 1129356 | 11462963 |
| Worthington Enterprises, Inc. | 576871 | 32310545 |
|  |  | 864235481 |
| **Marine Transportation — 1.6%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 265483 | 5065416 |
| Costamare, Inc. | 1208124 | 21226739 |
| Genco Shipping & Trading Ltd. | 1428062 | 34344891 |
| Kirby Corp.<sup>(1)</sup> | 780872 | 101357185 |
| Matson, Inc. | 1260227 | 209361511 |
| Pangaea Logistics Solutions Ltd. | 595608 | 5568935 |
| Safe Bulkers, Inc. | 1341434 | 8799807 |
|  |  | 385724484 |
| **Media — 0.2%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)(2)</sup> | 1184142 | 9674440 |
| Cable One, Inc.<sup>(1)</sup> | 143520 | 13770744 |
| Gambling.com Group Ltd.<sup>(1)(2)</sup> | 207551 | 904922 |
| Scholastic Corp. | 662667 | 23040932 |
|  |  | 47391038 |
| **Metals and Mining — 2.1%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 323153 | 52560835 |
| Ampco-Pittsburgh Corp.<sup>(1)</sup> | 139588 | 1271647 |
| Caledonia Mining Corp. PLC<sup>(2)</sup> | 332075 | 10540061 |
| Century Aluminum Co.<sup>(1)</sup> | 47981 | 2473900 |
| Commercial Metals Co. | 629305 | 46128057 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Compass Minerals International, Inc.<sup>(1)</sup> | 1264491 | $31865173 |
| Ferroglobe PLC | 1651046 | 8436845 |
| Kaiser Aluminum Corp. | 433123 | 56366627 |
| Materion Corp. | 522961 | 85274021 |
| Metallus, Inc.<sup>(1)</sup> | 1429141 | 24295397 |
| Ramaco Resources, Inc., Class B | 121841 | 1435287 |
| Ryerson Holding Corp. | 1786821 | 46743237 |
| SunCoke Energy, Inc. | 3572720 | 20364504 |
| Warrior Met Coal, Inc. | 1047231 | 87171508 |
| Worthington Steel, Inc. | 285630 | 11870783 |
|  |  | 486797882 |
| **Oil, Gas and Consumable Fuels — 9.6%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 1196760 | 6869402 |
| Antero Midstream Corp. | 786374 | 17677688 |
| Ardmore Shipping Corp. | 1433620 | 23482696 |
| BKV Corp.<sup>(1)</sup> | 173949 | 5449822 |
| California Resources Corp. | 2827582 | 166374925 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 84405 | 17099609 |
| Chord Energy Corp. | 819958 | 88858848 |
| CNX Resources Corp.<sup>(1)</sup> | 3489054 | 145772676 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 2090903 | 41002608 |
| Core Natural Resources, Inc. | 484871 | 39798212 |
| Crescent Energy Co., Class A | 7930071 | 92464628 |
| DHT Holdings, Inc. | 3424910 | 66751496 |
| Dorian LPG Ltd. | 1338711 | 49518920 |
| Evolution Petroleum Corp. | 910348 | 4069256 |
| FutureFuel Corp. | 475544 | 2054350 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 1369276 | 8270427 |
| Granite Ridge Resources, Inc. | 2483241 | 12565199 |
| Green Plains, Inc.<sup>(1)</sup> | 16850 | 231351 |
| Gulfport Energy Corp.<sup>(1)</sup> | 118630 | 24753336 |
| HighPeak Energy, Inc. | 841768 | 4385611 |
| Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | 84109 | 1396209 |
| International Seaways, Inc. | 1713291 | 129404869 |
| Kimbell Royalty Partners LP | 2639869 | 37855721 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 32577 | 75904 |
| Magnolia Oil & Gas Corp., Class A | 5887679 | 163795230 |
| Matador Resources Co. | 1484666 | 76311832 |
| Murphy Oil Corp. | 3948869 | 130905007 |
| NACCO Industries, Inc., Class A | 35578 | 2041466 |
| Navigator Holdings Ltd. | 314709 | 6615183 |
| Nordic American Tankers Ltd. | 4190874 | 24013708 |
| Northern Oil & Gas, Inc. | 3690372 | 101817364 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 1470699 | 62754726 |
| Peabody Energy Corp. | 4208899 | 132748674 |
| Prairie Operating Co.<sup>(1)(2)</sup> | 12734 | 22539 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 8540 | 1698606 |
| REX American Resources Corp.<sup>(1)</sup> | 526720 | 18730163 |
| Riley Exploration Permian, Inc. | 514332 | 14833335 |
| SandRidge Energy, Inc. | 1073312 | 18815159 |
| Scorpio Tankers, Inc. | 1076581 | 85136026 |
| SFL Corp. Ltd. | 2566868 | 28261217 |
| SM Energy Co. | 7828277 | 181068047 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Summit Midstream Corp.<sup>(1)</sup> | 79978 | $2360151 |
| Talos Energy, Inc.<sup>(1)</sup> | 4918556 | 60252311 |
| Teekay Corp. Ltd. | 1752199 | 22690977 |
| Teekay Tankers Ltd., Class A | 870477 | 68132235 |
| VAALCO Energy, Inc. | 4156649 | 21406742 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 858421 | 16576110 |
| World Kinect Corp. | 1057579 | 26386596 |
|  |  | 2253557167 |
| **Paper and Forest Products — 0.7%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 174874 | 2621361 |
| Louisiana-Pacific Corp. | 1152893 | 97696153 |
| Magnera Corp.<sup>(1)</sup> | 99043 | 1282607 |
| Mercer International, Inc. | 921300 | 1658340 |
| Sylvamo Corp. | 1287873 | 59628520 |
|  |  | 162886981 |
| **Passenger Airlines — 1.9%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 3268226 | 168640461 |
| Allegiant Travel Co.<sup>(1)</sup> | 705672 | 72084395 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 1802556 | 8003349 |
| SkyWest, Inc.<sup>(1)</sup> | 1634998 | 170170592 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 1960898 | 38590473 |
|  |  | 457489270 |
| **Personal Care Products — 0.1%** |  |  |
| Interparfums, Inc. | 588 | 59259 |
| Lifevantage Corp. | 77413 | 359970 |
| Medifast, Inc.<sup>(1)(2)</sup> | 179891 | 1894252 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 458980 | 12704566 |
| Nu Skin Enterprises, Inc., Class A | 1693567 | 14361448 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 160526 | 3454520 |
|  |  | 32834015 |
| **Pharmaceuticals — 0.6%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 763305 | 15441660 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 29419 | 2174064 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 321970 | 13416490 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 1698813 | 48484123 |
| Innoviva, Inc.<sup>(1)</sup> | 1667002 | 38274366 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 598190 | 13106343 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 2826 | 195842 |
| SIGA Technologies, Inc. | 1096885 | 7096846 |
|  |  | 138189734 |
| **Professional Services — 0.3%** |  |  |
| Clarivate PLC<sup>(1)(2)</sup> | 10458896 | 24055461 |
| Conduent, Inc.<sup>(1)</sup> | 3150258 | 4599377 |
| Franklin Covey Co.<sup>(1)</sup> | 63944 | 832551 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 367057 | 10607947 |
| Kelly Services, Inc., Class A | 719625 | 6987559 |
| Kforce, Inc. | 149352 | 4035491 |
| ManpowerGroup, Inc. | 140310 | 3924471 |
| Resources Connection, Inc. | 211658 | 795834 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 23995 | 254827 |
| TrueBlue, Inc.<sup>(1)</sup> | 434500 | 1837935 |
| Upwork, Inc.<sup>(1)</sup> | 791654 | 10623996 |
|  |  | 68555449 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate Management and Development — 0.7%** | | |
| AMREP Corp.<sup>(1)</sup> | 4124 | $104172 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 909661 | 2074027 |
| Forestar Group, Inc.<sup>(1)</sup> | 673565 | 19344787 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 996887 | 72144712 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 11308897 | 61294222 |
| RMR Group, Inc., Class A | 25546 | 418444 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 504 | 11773 |
|  |  | 155392137 |
| **Semiconductors and Semiconductor Equipment — 0.8%** |  |  |
| Amkor Technology, Inc. | 1408116 | 67336107 |
| Amtech Systems, Inc.<sup>(1)</sup> | 23712 | 309442 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 115392 | 9532533 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 13017 | 1836959 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 360404 | 7489195 |
| Photronics, Inc.<sup>(1)</sup> | 2292814 | 85820028 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 970362 | 28586865 |
|  |  | 200911129 |
| **Software — 0.2%** |  |  |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 1297217 | 20236585 |
| InterDigital, Inc. | 19079 | 6993026 |
| OneSpan, Inc. | 192770 | 2128181 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 1315440 | 14719773 |
| Silvaco Group, Inc.<sup>(1)</sup> | 2644 | 8884 |
|  |  | 44086449 |
| **Specialty Retail — 5.5%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 1262898 | 123511424 |
| Academy Sports & Outdoors, Inc. | 2105658 | 126613215 |
| Advance Auto Parts, Inc. | 1639487 | 87171524 |
| American Eagle Outfitters, Inc. | 6294512 | 154656160 |
| Arhaus, Inc.<sup>(1)</sup> | 1026717 | 8470415 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 81809 | 17489128 |
| Buckle, Inc. | 1061049 | 56819174 |
| Build-A-Bear Workshop, Inc. | 461898 | 22475957 |
| Caleres, Inc. | 1042128 | 12390902 |
| CarMax, Inc.<sup>(1)</sup> | 794735 | 34308710 |
| Citi Trends, Inc.<sup>(1)</sup> | 37250 | 1764905 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 1308831 | 9318877 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 44237 | 95110 |
| Five Below, Inc.<sup>(1)</sup> | 1024459 | 228997320 |
| Haverty Furniture Cos., Inc. | 452556 | 10775358 |
| J Jill, Inc. | 83656 | 1444739 |
| Lands' End, Inc.<sup>(1)</sup> | 426351 | 6851461 |
| MarineMax, Inc.<sup>(1)</sup> | 61706 | 1882033 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 4286 | 11744 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 2069316 | 33253908 |
| Shoe Carnival, Inc. | 552298 | 11150897 |
| Signet Jewelers Ltd. | 1452892 | 139753681 |
| Sonic Automotive, Inc., Class A | 149717 | 9390250 |
| Sportsman's Warehouse Holdings, Inc.<sup>(1)</sup> | 69244 | 81708 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 173213 | 580264 |
| Upbound Group, Inc. | 726 | 15573 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 1763037 | 116713049 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Victoria's Secret & Co.<sup>(1)</sup> | 1071635 | $67191514 |
| Zumiez, Inc.<sup>(1)</sup> | 90088 | 2362107 |
|  |  | 1285541107 |
| **Technology Hardware, Storage and Peripherals — 0.2%** |  |  |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 552512 | 44200960 |
| Turtle Beach Corp.<sup>(1)</sup> | 13984 | 175359 |
|  |  | 44376319 |
| **Textiles, Apparel and Luxury Goods — 1.6%** |  |  |
| Carter's, Inc. | 1163326 | 39029587 |
| Columbia Sportswear Co. | 853108 | 52841510 |
| Crocs, Inc.<sup>(1)</sup> | 538563 | 48853050 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 1188731 | 13396998 |
| Figs, Inc., Class A<sup>(1)</sup> | 172 | 2657 |
| Fossil Group, Inc.<sup>(1)</sup> | 853922 | 3996355 |
| G-III Apparel Group Ltd. | 1507979 | 46129078 |
| Movado Group, Inc. | 332573 | 8297696 |
| Oxford Industries, Inc. | 534060 | 21143436 |
| PVH Corp. | 1222816 | 83885178 |
| Rocky Brands, Inc. | 228652 | 10335070 |
| Superior Group of Cos., Inc. | 318544 | 3163142 |
| Unifi, Inc.<sup>(1)</sup> | 23563 | 92603 |
| Vera Bradley, Inc.<sup>(1)</sup> | 450275 | 1188726 |
| VF Corp. | 1933308 | 37544841 |
|  |  | 369899927 |
| **Trading Companies and Distributors — 3.0%** |  |  |
| Air Lease Corp. | 2508320 | 162639469 |
| Alta Equipment Group, Inc. | 1118 | 7714 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 155839 | 10272907 |
| Boise Cascade Co. | 849268 | 70268434 |
| DNOW, Inc.<sup>(1)</sup> | 2595442 | 30574307 |
| GATX Corp. | 1178438 | 217032926 |
| Herc Holdings, Inc. | 216897 | 30320032 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 1292601 | 9190393 |
| Karat Packaging, Inc. | 218652 | 5389772 |
| NPK International, Inc.<sup>(1)</sup> | 2480047 | 35787078 |
| Rush Enterprises, Inc., Class A | 1723275 | 122300827 |
| Rush Enterprises, Inc., Class B | 203480 | 13154982 |
| Titan Machinery, Inc.<sup>(1)</sup> | 478131 | 9318773 |
|  |  | 716257614 |
| **Wireless Telecommunication Services — 0.7%** |  |  |
| Array Digital Infrastructure, Inc. | 520162 | 25347495 |
| Telephone & Data Systems, Inc. | 3127507 | 139955938 |
|  |  | 165303433 |
| **TOTAL COMMON STOCKS**<br>(Cost $19,920,447,114) |  | **23514413168** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)</sup><br>(Cost $—) | 379901 | **319497** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Cargo Therapeutics, Inc.<sup>(1)</sup> | 54092 | 541 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Software — 0.0%** | | |
| Gen Digital, Inc.<sup>(1)</sup> | 21590 | $27419 |
| **TOTAL RIGHTS**<br>(Cost $84,201) |  | **27960** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 20198708 | 20198708 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 48252426 | 48252426 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $68,451,134) |  | **68451134** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $19,988,982,449) |  | **23583211759** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(34041016)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**23549170743** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $96,123,033. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $98,880,631, which includes securities collateral of $50,628,205.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $8948934 | $775510445 |
| Investment made with cash collateral received for securities on loan, at value | 6579 | 3387415 |
| Cash |  | 1467 |
| Foreign currency holdings, at value |  | 477902 |
| Receivable for investments sold | 7848 |  |
| Receivable for capital shares sold |  | 201 |
| Dividends and interest receivable | 15756 | 1827044 |
| Securities lending receivable | 29 | 3951 |
| Other assets |  | 480 |
|  | 8979146 | 781208905 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 6579 | 3387415 |
| Payable for investments purchased | 146 | 276961 |
| Accrued management fees | 1558 | 95585 |
| Accrued foreign taxes |  | 188876 |
|  | 8283 | 3948837 |
| **Net Assets** | $8970863 | $777260068 |
| Shares outstanding (unlimited number of shares authorized) | 120000 | 16360000 |
| **Net Asset Value Per Share** | $74.76 | $47.51 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $7844170 | $720423498 |
| Distributable earnings (loss) | 1126693 | 56836570 |
|  | $8970863 | $777260068 |
| Investment securities, at cost | $7728524 | $705680628 |
| Investment securities on loan, at value | $28211 | $15391624 |
| Investment made with cash collateral received for securities on loan, at cost | $6579 | $3387415 |
| Foreign currency holdings, at cost |  | $475227 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis Total Equity Markets ETF** |
| **Assets** | **Assets** | **Assets** |
| Investment securities, at value | $425673673 | $663220765 |
| Investment securities - affiliated, at value |  | 46605593 |
| Investment made with cash collateral received for securities on loan, at value | 256906 | 2639897 |
| Cash | 126 | 1463 |
| Receivable for investments sold |  | 144576 |
| Dividends and interest receivable | 325190 | 439001 |
| Securities lending receivable | 318 |  |
|  | 426256213 | 713051295 |
| **Liabilities** |  |  |
| Foreign currency overdraft payable, at value |  | 170 |
| Payable for collateral received for securities on loan | 256906 | 2639897 |
| Payable for investments purchased |  | 2928 |
| Accrued management fees | 50056 | 101076 |
|  | 306962 | 2744071 |
| **Net Assets** | $425949251 | $710307224 |
| Shares outstanding (unlimited number of shares authorized) | 5430000 | 14314466 |
| **Net Asset Value Per Share** | $78.44 | $49.62 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $288482281 | $715723300 |
| Distributable earnings (loss) | 137466970 | (5416076) |
|  | $425949251 | $710307224 |
| Investment securities, at cost | $309030842 | $701318177 |
| Investment securities on loan, at value | $379345 | $2586686 |
| Investment securities - affiliated, at cost |  | $13919314 |
| Investment made with cash collateral received for securities on loan, at cost | $256906 | $2639897 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| **Assets** | | |
| Investment securities, at value | $11278914360 | $1033695244 |
| Investment made with cash collateral received for securities on loan, at value | 11170817 | 171889 |
| Cash | 49 | 92 |
| Receivable for investments sold | 218304 | 70344 |
| Receivable for capital shares sold | 6987894 | 1626928 |
| Dividends and interest receivable | 10996331 | 1007210 |
| Securities lending receivable | 5773 | 193 |
|  | 11308293528 | 1036571900 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 11170817 | 171889 |
| Payable for investments purchased | 6848783 | 1551495 |
| Accrued management fees | 1289620 | 117584 |
|  | 19309220 | 1840968 |
| **Net Assets** | $11288984308 | $1034730932 |
| Shares outstanding (unlimited number of shares authorized) | 96930000 | 12720000 |
| **Net Asset Value Per Share** | $116.47 | $81.35 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $8044079815 | $818047786 |
| Distributable earnings (loss) | 3244904493 | 216683146 |
|  | $11288984308 | $1034730932 |
| Investment securities, at cost | $8024752929 | $844900796 |
| Investment securities on loan, at value | $15389380 | $562541 |
| Investment made with cash collateral received for securities on loan, at cost | $11170817 | $171889 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** |
| **Assets** | | |
| Investment securities, at value | $10641822212 | $314313254 |
| Investment made with cash collateral received for securities on loan, at value | 2906347 | 163739 |
| Receivable for capital shares sold | 20109936 |  |
| Dividends and interest receivable | 12277447 | 272755 |
| Securities lending receivable | 2022 | 144 |
|  | 10677117964 | 314749892 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 2906347 | 163739 |
| Payable for investments purchased | 19740056 |  |
| Accrued management fees | 1195366 | 43244 |
|  | 23841769 | 206983 |
| **Net Assets** | $10653276195 | $314542909 |
| Shares outstanding (unlimited number of shares authorized) | 127140000 | 4120000 |
| **Net Asset Value Per Share** | $83.79 | $76.35 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $8395196318 | $278234710 |
| Distributable earnings (loss) | 2258079877 | 36308199 |
|  | $10653276195 | $314542909 |
| Investment securities, at cost | $8453931831 | $275301410 |
| Investment securities on loan, at value | $4479027 | $404723 |
| Investment made with cash collateral received for securities on loan, at cost | $2906347 | $163739 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Quality ETF** |
| **Assets** | | |
| Investment securities, at value | $509612424 | $194047843 |
| Investment made with cash collateral received for securities on loan, at value | 361712 | 116158 |
| Cash | 96 |  |
| Dividends and interest receivable | 507775 | 73095 |
| Securities lending receivable | 221 | 114 |
|  | 510482228 | 194237210 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 361712 | 116158 |
| Accrued management fees | 77823 | 22460 |
|  | 439535 | 138618 |
| **Net Assets** | $510042693 | $194098592 |
| Shares outstanding (unlimited number of shares authorized) | 6600000 | 3251882 |
| **Net Asset Value Per Share** | $77.28 | $59.69 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $452514036 | $149865405 |
| Distributable earnings (loss) | 57528657 | 44233187 |
|  | $510042693 | $194098592 |
| Investment securities, at cost | $450123512 | $189416782 |
| Investment securities on loan, at value | $530693 | $378315 |
| Investment made with cash collateral received for securities on loan, at cost | $361712 | $116158 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $2408643871 | $23534959333 |
| Investment made with cash collateral received for securities on loan, at value | 34145776 | 48252426 |
| Cash |  | 1237 |
| Receivable for investments sold | 1777 | 20636593 |
| Receivable for capital shares sold | 7704708 | 13553508 |
| Dividends and interest receivable | 1407998 | 18868750 |
| Securities lending receivable | 19908 | 32063 |
|  | 2451924038 | 23636303910 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 34145776 | 48252426 |
| Payable for investments purchased | 7655878 | 34406567 |
| Accrued management fees | 459034 | 4474174 |
|  | 42260688 | 87133167 |
| **Net Assets** | $2409663350 | $23549170743 |
| Shares outstanding (unlimited number of shares authorized) | 37530000 | 208500000 |
| **Net Asset Value Per Share** | $64.21 | $112.95 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $2131456261 | $19863934080 |
| Distributable earnings (loss) | 278207089 | 3685236663 |
|  | $2409663350 | $23549170743 |
| Investment securities, at cost | $2102334427 | $19940730023 |
| Investment securities on loan, at value | $46406940 | $96123033 |
| Investment made with cash collateral received for securities on loan, at cost | $34145776 | $48252426 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $78512 | $11737430 |
| Interest | 302 | 18770 |
| Securities lending, net | 99 | 27785 |
| Less foreign taxes withheld | (1) | (339192) |
|  | 78912 | 11444793 |
| **Expenses:** |  |  |
| Management fees | 8344 | 570367 |
| **Net investment income (loss)** | 70568 | 10874426 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | (3929) | (6292325) |
| Foreign currency translation transactions |  | (19767) |
|  | (3929) | (6312092) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 1228655 | 55024300 |
| Translation of assets and liabilities in foreign currencies |  | (1566) |
|  | 1228655 | 55022734 |
| **Net realized and unrealized gain (loss)** | 1224726 | 48710642 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1295294 | $59585068 |
| \*Net of foreign tax expenses paid (refunded) |  | $(493) |
| \*\*Includes (increase) decrease in accrued foreign taxes |  | $(41614) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) (EXCEPT AS NOTED)** |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis Total Equity Markets ETF**<sup>(1)</sup> |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $2719534 | $554394 |
| Interest | 9658 | 363 |
| Securities lending, net | 2073 |  |
| Less foreign taxes withheld | (1369) | (7773) |
|  | 2729896 | 546984 |
| **Expenses:** |  |  |
| Management fees | 324012 | 114635 |
| Trustees' fees and expenses | 1801 | 71 |
|  | 325813 | 114706 |
| Fees waived |  | (6108) |
|  | 325813 | 108598 |
| **Net investment income (loss)** | 2404083 | 438386 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 22867404 | (443275) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 15301184 | (38097412) |
| Investments - affiliated |  | 32686279 |
| Translation of assets and liabilities in foreign currencies |  | (54) |
|  | 15301184 | (5411187) |
| **Net realized and unrealized gain (loss)** | 38168588 | (5854462) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $40572671 | $(5416076) |

---

(1)January 29, 2026 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $67779455 | $5340221 |
| Interest | 157907 | 14535 |
| Securities lending, net | 43727 | 3716 |
| Less foreign taxes withheld | (17020) | (1295) |
|  | 67964069 | 5357177 |
| **Expenses:** |  |  |
| Management fees | 7678841 | 636478 |
| Trustees' fees and expenses |  | 5759 |
| Other expenses |  | 5581 |
|  | 7678841 | 647818 |
| **Net investment income (loss)** | 60285228 | 4709359 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 66540866 | 5378530 |
| Change in net unrealized appreciation (depreciation) on investments | 889766734 | 67843773 |
| **Net realized and unrealized gain (loss)** | 956307600 | 73222303 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1016592828 | $77931662 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $76055955 | $1747818 |
| Interest | 135916 | 5151 |
| Securities lending, net | 22334 | 2392 |
| Less foreign taxes withheld |  | (768) |
|  | 76214205 | 1754593 |
| **Expenses:** |  |  |
| Management fees | 6709029 | 220892 |
| Trustees' fees and expenses |  | 1631 |
|  | 6709029 | 222523 |
| **Net investment income (loss)** | 69505176 | 1532070 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 234754744 | (899517) |
| Change in net unrealized appreciation (depreciation) on investments | 1214854140 | 26808202 |
| **Net realized and unrealized gain (loss)** | 1449608884 | 25908685 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1519114060 | $27440755 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Quality ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $2757635 | $468076 |
| Interest | 7624 | 4514 |
| Securities lending, net | 979 | 832 |
| Less foreign taxes withheld | (1135) | (4) |
|  | 2765103 | 473418 |
| **Expenses:** |  |  |
| Management fees | 336776 | 132392 |
| Trustees' fees and expenses | 2176 | 1203 |
|  | 338952 | 133595 |
| **Net investment income (loss)** | 2426151 | 339823 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 5065870 | 20682580 |
| Change in net unrealized appreciation (depreciation) on investments | 36465134 | (14318930) |
| **Net realized and unrealized gain (loss)** | 41531004 | 6363650 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $43957155 | $6703473 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $14411077 | $175014396 |
| Interest | 67479 | 425225 |
| Securities lending, net | 181553 | 378516 |
| Less foreign taxes withheld | (8562) | (290526) |
|  | 14651547 | 175527611 |
| **Expenses:** |  |  |
| Management fees | 2599652 | 24923617 |
| **Net investment income (loss)** | 12051895 | 150603994 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 30207895 | 637023813 |
| Change in net unrealized appreciation (depreciation) on investments | 225780036 | 1977495172 |
| **Net realized and unrealized gain (loss)** | 255987931 | 2614518985 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $268039826 | $2765122979 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $70568 | $104292 | $10874426 | $19035076 |
| Net realized gain (loss) | (3929) | 230184 | (6312092) | 9236230 |
| Change in net unrealized appreciation (depreciation) | 1228655 | (474990) | 55022734 | (18869495) |
| Net increase (decrease) in net assets resulting from operations | 1295294 | (140514) | 59585068 | 9401811 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (54430) | (99024) | (17829072) | (21275664) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 1466208 | 2459012 | 88233800 | 126220936 |
| Payments for shares redeemed |  | (1224006) |  | (25657694) |
| Other capital |  |  | 6972 | 10535 |
| Net increase (decrease) in net assets from capital share transactions | 1466208 | 1235006 | 88240772 | 100573777 |
| **Net increase (decrease) in net assets** | 2707072 | 995468 | 129996768 | 88699924 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 6263791 | 5268323 | 647263300 | 558563376 |
| End of period | $8970863 | $6263791 | $777260068 | $647263300 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 20000 | 40000 | 1960000 | 2880000 |
| Redeemed |  | (20000) |  | (560000) |
| Net increase (decrease) in shares of the funds | 20000 | 20000 | 1960000 | 2320000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Total Equity Markets ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026**<sup>(1)</sup> |
| **Operations** | **Operations** | | |
| Net investment income (loss) | $2404083 | $4213486 | $438386 |
| Net realized gain (loss) | 22867404 | 4944708 | (443275) |
| Change in net unrealized appreciation (depreciation) | 15301184 | 37863936 | (5411187) |
| Net increase (decrease) in net assets resulting from operations | 40572671 | 47022130 | (5416076) |
| **Distributions to Shareholders** |  |  |  |
| From earnings | (2361966) | (4225884) |  |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares sold | 22336206 | 95886123 | 715723300 |
| Payments for shares redeemed | (46504668) | (18000123) |  |
| Net increase (decrease) in net assets from capital share transactions | (24168462) | 77886000 | 715723300 |
| **Net increase (decrease) in net assets** | 14042243 | 120682246 | 710307224 |
| **Net Assets** |  |  |  |
| Beginning of period | 411907008 | 291224762 |  |
| End of period | $425949251 | $411907008 | $710307224 |
| **Transactions in Shares of the Funds** |  |  |  |
| Sold | 300000 | 1470000 | 14314466 |
| Redeemed | (600000) | (270000) |  |
| Net increase (decrease) in shares of the funds | (300000) | 1200000 | 14314466 |

---

(1)January 29, 2026 (fund inception) through February 28, 2026.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | |
| | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $60285228 | $105499048 | $4709359 | $6543788 |
| Net realized gain (loss) | 66540866 | 179278186 | 5378530 | 15280061 |
| Change in net unrealized appreciation (depreciation) | 889766734 | 864070263 | 67843773 | 70840292 |
| Net increase (decrease) in net assets resulting from operations | 1016592828 | 1148847497 | 77931662 | 92664141 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (55333977) | (103037118) | (3684870) | (5706434) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 1028541606 | 1893642114 | 292922254 | 277994438 |
| Payments for shares redeemed | (166540848) | (600469947) | (28285976) | (65272174) |
| Net increase (decrease) in net assets from capital share transactions | 862000758 | 1293172167 | 264636278 | 212722264 |
| **Net increase (decrease) in net assets** | 1823259609 | 2338982546 | 338883070 | 299679971 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 9465724699 | 7126742153 | 695847862 | 396167891 |
| End of period | $11288984308 | $9465724699 | $1034730932 | $695847862 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 9150000 | 19650000 | 3720000 | 4240000 |
| Redeemed | (1470000) | (6330000) | (360000) | (980000) |
| Net increase (decrease) in shares of the funds | 7680000 | 13320000 | 3360000 | 3260000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $69505176 | $107215763 | $1532070 | $2035356 |
| Net realized gain (loss) | 234754744 | 241133216 | (899517) | 6270027 |
| Change in net unrealized appreciation (depreciation) | 1214854140 | 485792492 | 26808202 | 7842465 |
| Net increase (decrease) in net assets resulting from operations | 1519114060 | 834141471 | 27440755 | 16147848 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (54035350) | (97350366) | (1305528) | (1700996) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 2314492780 | 4896842894 | 88935536 | 137377304 |
| Payments for shares redeemed | (1326058602) | (1782120784) | (8477970) | (40771260) |
| Net increase (decrease) in net assets from capital share transactions | 988434178 | 3114722110 | 80457566 | 96606044 |
| **Net increase (decrease) in net assets** | 2453512888 | 3851513215 | 106592793 | 111052896 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 8199763307 | 4348250092 | 207950116 | 96897220 |
| End of period | $10653276195 | $8199763307 | $314542909 | $207950116 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 30420000 | 73900000 | 1240000 | 2100000 |
| Redeemed | (17720000) | (26240000) | (120000) | (640000) |
| Net increase (decrease) in shares of the funds | 12700000 | 47660000 | 1120000 | 1460000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025**<sup>(1)</sup> |
| **Operations** | | | | |
| Net investment income (loss) | $2426151 | $2323526 | $339823 | $340235 |
| Net realized gain (loss) | 5065870 | 310304 | 20682580 | 302117 |
| Change in net unrealized appreciation (depreciation) | 36465134 | 19097584 | (14318930) | 18949991 |
| Net increase (decrease) in net assets resulting from operations | 43957155 | 21731414 | 6703473 | 19592343 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1765294) | (1842952) | (274137) | (244329) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 247325220 | 208608118 | 121326188 | 224287560 |
| Payments for shares redeemed | (43648922) | (35908222) | (83385952) | (93906554) |
| Net increase (decrease) in net assets from capital share transactions | 203676298 | 172699896 | 37940236 | 130381006 |
| **Net increase (decrease) in net assets** | 245868159 | 192588358 | 44369572 | 149729020 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 264174534 | 71586176 | 149729020 |  |
| End of period | $510042693 | $264174534 | $194098592 | $149729020 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 3380000 | 3220000 | 2020000 | 4451882 |
| Redeemed | (600000) | (540000) | (1400000) | (1820000) |
| Net increase (decrease) in shares of the funds | 2780000 | 2680000 | 620000 | 2631882 |

---

(1)March 25, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $12051895 | $20830627 | $150603994 | $290021377 |
| Net realized gain (loss) | 30207895 | 101606769 | 637023813 | 607531781 |
| Change in net unrealized appreciation (depreciation) | 225780036 | 1460444 | 1977495172 | 94633270 |
| Net increase (decrease) in net assets resulting from operations | 268039826 | 123897840 | 2765122979 | 992186428 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (12593388) | (17786844) | (159020012) | (256561170) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 484622310 | 927654579 | 4629548102 | 6764099546 |
| Payments for shares redeemed | (223354455) | (453654129) | (1958864968) | (2414015040) |
| Net increase (decrease) in net assets from capital share transactions | 261267855 | 474000450 | 2670683134 | 4350084506 |
| **Net increase (decrease) in net assets** | 516714293 | 580111446 | 5276786101 | 5085709764 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1892949057 | 1312837611 | 18272384642 | 13186674878 |
| End of period | $2409663350 | $1892949057 | $23549170743 | $18272384642 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 8040000 | 17700000 | 44300000 | 71560000 |
| Redeemed | (3720000) | (8610000) | (18900000) | (25940000) |
| Net increase (decrease) in shares of the funds | 4320000 | 9090000 | 25400000 | 45620000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker** | **Exchange** |
| Avantis Inflation Focused Equity ETF | AVIE | NYSE Arca, Inc. |
| Avantis Real Estate ETF | AVRE | NYSE Arca, Inc. |
| Avantis Responsible U.S. Equity ETF | AVSU | NYSE Arca, Inc. |
| Avantis Total Equity Markets ETF | AVTM | NYSE Arca, Inc. |
| Avantis U.S. Equity ETF | AVUS | NYSE Arca, Inc. |
| Avantis U.S. Large Cap Equity ETF | AVLC | NYSE Arca, Inc. |
| Avantis U.S. Large Cap Value ETF | AVLV | NYSE Arca, Inc. |
| Avantis U.S. Mid Cap Equity ETF | AVMC | NYSE Arca, Inc |
| Avantis U.S. Mid Cap Value ETF | AVMV | NYSE Arca, Inc |
| Avantis U.S. Quality ETF | AVUQ | The Nasdaq Stock Market LLC |
| Avantis U.S. Small Cap Equity ETF | AVSC | NYSE Arca, Inc |
| Avantis U.S. Small Cap Value ETF | AVUV | NYSE Arca, Inc |

---

Avantis Total Equity Markets ETF incepted on January 29, 2026.

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. A fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes a fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, a fund may experience delays in recovery of the loaned securities or delays in access to collateral, or a fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends,

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determined on a daily basis and adjusted accordingly. By lending securities, a fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee is as follows:

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| | |
|:---|:---|
| | **Annual Management Fee** |
| Avantis Inflation Focused Equity ETF | 0.25% |
| Avantis Real Estate ETF | 0.17% |
| Avantis Responsible U.S. Equity ETF | 0.15% |
| Avantis Total Equity Markets ETF | 0.19% |
| Avantis U.S. Equity ETF | 0.15% |
| Avantis U.S. Large Cap Equity ETF | 0.15% |
| Avantis U.S. Large Cap Value ETF | 0.15% |
| Avantis U.S. Mid Cap Equity ETF | 0.18% |
| Avantis U.S. Mid Cap Value ETF | 0.20% |
| Avantis U.S. Quality ETF | 0.15% |
| Avantis U.S. Small Cap Equity ETF | 0.25% |
| Avantis U.S. Small Cap Value ETF | 0.25% |

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**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis U.S. Mid Cap Value ETF | American Century ETF Trust | 6% |
| Avantis U.S. Quality ETF | American Century ETF Trust | 14% |

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Total Equity Markets ETF**<sup>(1)</sup> | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| Purchases | $72063 | $32512535 | $6086449 | $2928 | $172272658 | $36872664 |
| Sales | $56969 | $9927157 | $451819 | $166869 | $75226328 | $19721919 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| Purchases | $783215784 | $18865813 | $52901706 | $17992208 | $232761292 | $1021002370 |
| Sales | $676222895 | $11331435 | $40574974 | $579372 | $169792965 | $596647355 |

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(1)January 29, 2026 (fund inception) through February 28, 2026.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind<br>Subscriptions** | **In kind<br>Redemptions** | **In kind Net Realized<br>Gain/(Loss)\*** |
| Avantis Inflation Focused Equity ETF | $1456654 |  |  |
| Avantis Real Estate ETF | $60606853 |  |  |
| Avantis Responsible U.S. Equity ETF | $17414776 | $45734839 | $22852579 |
| Avantis Total Equity Markets ETF | $715707007 |  |  |
| Avantis U.S. Equity ETF | $956032908 | $165880210 | $87142208 |
| Avantis U.S. Large Cap Equity ETF | $275698162 | $27238234 | $10196230 |
| Avantis U.S. Large Cap Value ETF | $2218743857 | $1318188352 | $364532167 |
| Avantis U.S. Mid Cap Equity ETF | $82538569 | $8411645 | $2399459 |
| Avantis U.S. Mid Cap Value ETF | $236552606 | $44628802 | $13524116 |
| Avantis U.S. Quality ETF | $103390434 | $83098596 | $19019581 |
| Avantis U.S. Small Cap Equity ETF | $465578743 | $223105842 | $100173382 |
| Avantis U.S. Small Cap Value ETF | $4425644687 | $1930576390 | $902852166 |

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\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

**5. Capital Share Transactions** 

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

**6. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**7. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Total Equity Markets ETF** |
| Federal tax cost of investments | $7735826 | $709290841 | $309289079 | $141896076 |
| Gross tax appreciation of investments | $1695171 | $103141127 | $130785718 | $570773048 |
| Gross tax depreciation of investments | (475484) | (33534108) | (14144218) | (202869) |
| Net tax appreciation (depreciation) of investments | $1219687 | $69607019 | $116641500 | $570570179 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** |
| Federal tax cost of investments | $8036142915 | $825880763 | $8457001950 | $275465580 |
| Gross tax appreciation of investments | $3580294877 | $227877762 | $2387362872 | $53070196 |
| Gross tax depreciation of investments | (326352615) | (19891392) | (199636263) | (14058783) |
| Net tax appreciation (depreciation) of investments | $3253942262 | $207986370 | $2187726609 | $39011413 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| Federal tax cost of investments | $450486344 | $186452457 | $2136513554 | $19994207583 |
| Gross tax appreciation of investments | $68712732 | $18477554 | $478198157 | $4849397285 |
| Gross tax depreciation of investments | (9224940) | (10766010) | (171922064) | (1260393109) |
| Net tax appreciation (depreciation) of investments | $59487792 | $7711544 | $306276093 | $3589004176 |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Avantis Inflation Focused Equity ETF | $(115929) | $(2225) |
| Avantis Real Estate ETF | $(3038266) | $(183913) |
| Avantis Responsible U.S. Equity ETF | $(1104799) | $(1762552) |
| Avantis U.S. Equity ETF | $(26504044) | $(69910350) |
| Avantis U.S. Large Cap Equity ETF | $(1725412) | $(773863) |
| Avantis U.S. Large Cap Value ETF | $(119303214) | $(73633447) |
| Avantis U.S. Mid Cap Equity ETF | $(2136883) | $(138534) |
| Avantis U.S. Mid Cap Value ETF | $(7411832) | $(616325) |
| Avantis U.S. Quality ETF | $(304217) | $(47540) |
| Avantis U.S. Small Cap Equity ETF | $(39427133) | $(21144213) |
| Avantis U.S. Small Cap Value ETF | $(310480577) | $(283418689) |

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Financial Highlights

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** |
| 2026<sup>(4)</sup> | $62.64 | 0.69 | 11.97 | 12.66 | (0.54) | $74.76 | 20.36% | 0.25% | 2.11% | 1% | $8971 |
| 2025 | $65.85 | 1.24 | (3.21) | (1.97) | (1.24) | $62.64 | (2.98)% | 0.25% | 2.00% | 3% | $6264 |
| 2024 | $57.35 | 1.18 | 8.22 | 9.40 | (0.90) | $65.85 | 16.56% | 0.25% | 1.95% | 2% | $5268 |
| 2023<sup>(5)</sup> | $49.39 | 1.14 | 8.79 | 9.93 | (1.97) | $57.35 | 20.37% | 0.25% | 2.19% | 7% | $3441 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)September 27, 2022 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** |
| 2026<sup>(4)</sup> | $44.95 | 0.71 | 3.05 | 3.76 | (1.20) | 0.00<sup>(5)</sup> | $47.51 | 8.60% | 0.17% | 3.24% | 1% | $777260 |
| 2025 | $46.24 | 1.49 | (1.05) | 0.44 | (1.73) | 0.00<sup>(5)</sup> | $44.95 | 1.00% | 0.17% | 3.40% | 0% | $647263 |
| 2024 | $40.54 | 1.48 | 5.74 | 7.22 | (1.52) | 0.00<sup>(5)</sup> | $46.24 | 18.38% | 0.17% | 3.60% | 2% | $558563 |
| 2023 | $44.99 | 1.44 | (4.61) | (3.17) | (1.29) | 0.01 | $40.54 | (7.04)% | 0.17% | 3.48% | 5% | $340560 |
| 2022<sup>(6)</sup> | $50.00 | 1.40 | (5.82) | (4.42) | (0.64) | 0.05 | $44.99 | (8.86)% | 0.17% | 3.17% | 7% | $143966 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)September 28, 2021 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** |
| 2026<sup>(4)</sup> | $71.89 | 0.42 | 6.54 | 6.96 | (0.41) | $78.44 | 9.72% | 0.15% | 1.11% | 0% | $425949 |
| 2025 | $64.29 | 0.82 | 7.62 | 8.44 | (0.84) | $71.89 | 13.24% | 0.15% | 1.23% | 1% | $411907 |
| 2024 | $52.10 | 0.77 | 12.14 | 12.91 | (0.72) | $64.29 | 24.98% | 0.15% | 1.33% | 3% | $291225 |
| 2023 | $46.60 | 0.76 | 5.36 | 6.12 | (0.62) | $52.10 | 13.27% | 0.15% | 1.55% | 4% | $168796 |
| 2022<sup>(5)</sup> | $50.45 | 0.36 | (4.07) | (3.71) | (0.14) | $46.60 | (7.32)% | 0.15% | 1.61% | 3% | $32156 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)March 15, 2022 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** | **For a Share Outstanding Throughout the Period Indicated** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** | **Avantis Total Equity Markets ETF** |
| 2026<sup>(4)</sup> | $50.00 | 0.03 | (0.41) | (0.38) | $49.62 | (0.76)% | 0.18% | 0.19% | 0.75% | 0.74% | 0% | $710307 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)January 29, 2026 (fund inception) through February 28, 2026.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** |
| 2026<sup>(4)</sup> | $106.06 | 0.65 | 10.36 | 11.01 | (0.60) | $116.47 | 10.42% | 0.15% | 1.18% | 1% | $11288984 |
| 2025 | $93.86 | 1.28 | 12.19 | 13.47 | (1.27) | $106.06 | 14.49% | 0.15% | 1.32% | 2% | $9465725 |
| 2024 | $76.74 | 1.22 | 17.07 | 18.29 | (1.17) | $93.86 | 24.05% | 0.15% | 1.46% | 1% | $7126742 |
| 2023 | $68.81 | 1.24 | 7.84 | 9.08 | (1.15) | $76.74 | 13.37% | 0.15% | 1.74% | 1% | $4675604 |
| 2022 | $76.82 | 1.12 | (8.15) | (7.03) | (0.98) | $68.81 | (9.21)% | 0.15% | 1.52% | 4% | $2522737 |
| 2021 | $56.13 | 0.93 | 20.54 | 21.47 | (0.78) | $76.82 | 38.56% | 0.15% | 1.36% | 4% | $1486458 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| 2026<sup>(4)</sup> | $74.34 | 0.43 | 6.93 | 7.36 | (0.35) | $81.35 | 9.92% | 0.15% | 1.11% | 2% | $1034731 |
| 2025 | $64.95 | 0.85 | 9.30 | 10.15 | (0.76) | $74.34 | 15.75% | 0.15% | 1.24% | 1% | $695848 |
| 2024<sup>(5)</sup> | $49.48 | 0.76 | 15.27 | 16.03 | (0.56) | $64.95 | 32.49% | 0.15% | 1.39% | 3% | $396168 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)September 26, 2023 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.&nbsp;&nbsp;&nbsp;&nbsp;

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** |
| 2026<sup>(4)</sup> | $71.65 | 0.58 | 12.02 | 12.60 | (0.46) | $83.79 | 17.67% | 0.15% | 1.55% | 7% | $10653276 |
| 2025 | $65.11 | 1.19 | 6.48 | 7.67 | (1.13) | $71.65 | 11.90% | 0.15% | 1.77% | 7% | $8199763 |
| 2024 | $54.64 | 1.15 | 10.34 | 11.49 | (1.02) | $65.11 | 21.25% | 0.15% | 1.92% | 5% | $4348250 |
| 2023 | $48.91 | 1.20 | 5.62 | 6.82 | (1.09) | $54.64 | 14.19% | 0.15% | 2.32% | 18% | $1483947 |
| 2022<sup>(5)</sup> | $50.00 | 1.16 | (1.65) | (0.49) | (0.60) | $48.91 | (1.03)% | 0.15% | 2.44% | 23% | $494955 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)September 21, 2021 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.&nbsp;&nbsp;&nbsp;&nbsp;

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** |
| 2026<sup>(4)</sup> | $69.32 | 0.44 | 6.99 | 7.43 | (0.40) | $76.35 | 10.76% | 0.18% | 1.25% | 5% | $314543 |
| 2025 | $62.92 | 0.89 | 6.26 | 7.15 | (0.75) | $69.32 | 11.44% | 0.18% | 1.36% | 8% | $207950 |
| 2024<sup>(5)</sup> | $49.49 | 0.68 | 13.19 | 13.87 | (0.44) | $62.92 | 28.10% | 0.18% | 1.39% | 3% | $96897 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)November 7, 2023 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** |
| 2026<sup>(4)</sup> | $69.16 | 0.52 | 8.01 | 8.53 | (0.41) | $77.28 | 12.40% | 0.20% | 1.45% | 12% | $510043 |
| 2025 | $62.79 | 1.03 | 6.23 | 7.26 | (0.89) | $69.16 | 11.65% | 0.20% | 1.59% | 28% | $264175 |
| 2024<sup>(5)</sup> | $49.19 | 0.81 | 13.33 | 14.14 | (0.54) | $62.79 | 28.81% | 0.20% | 1.68% | 10% | $71586 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)November 7, 2023 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** | **Avantis U.S. Quality ETF** |
| 2026<sup>(4)</sup> | $56.89 | 0.11 | 2.79 | 2.90 | (0.10) | $59.69 | 5.09% | 0.15% | 0.39% | 0% | $194099 |
| 2025<sup>(5)</sup> | $50.00 | 0.13 | 6.86 | 6.99 | (0.10) | $56.89 | 13.99% | 0.15% | 0.58% | 5% | $149729 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)March 25, 2025 (fund inception) through August 31, 2025.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** |
| 2026<sup>(4)</sup> | $57.00 | 0.34 | 7.24 | 7.58 | (0.37) | $64.21 | 13.35% | 0.25% | 1.16% | 8% | $2409663 |
| 2025 | $54.43 | 0.73 | 2.48 | 3.21 | (0.64) | $57.00 | 5.99% | 0.25% | 1.40% | 5% | $1892949 |
| 2024 | $46.70 | 0.74 | 7.64 | 8.38 | (0.65) | $54.43 | 18.11% | 0.25% | 1.48% | 5% | $1312838 |
| 2023 | $43.86 | 0.73 | 2.68 | 3.41 | (0.57) | $46.70 | 7.91% | 0.25% | 1.61% | 9% | $449761 |
| 2022<sup>(5)</sup> | $50.00 | 0.42 | (6.39) | (5.97) | (0.17) | $43.86 | (11.95)% | 0.25% | 1.50% | 14% | $26315 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)January 11, 2022 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** |
| 2026<sup>(4)</sup> | $99.79 | 0.78 | 13.22 | 14.00 | (0.84) | $112.95 | 14.11% | 0.25% | 1.51% | 3% | $23549171 |
| 2025 | $95.92 | 1.77 | 3.70 | 5.47 | (1.60) | $99.79 | 5.83% | 0.25% | 1.90% | 6% | $18272385 |
| 2024 | $81.20 | 1.64 | 14.61 | 16.25 | (1.53) | $95.92 | 20.24% | 0.25% | 1.87% | 4% | $13186675 |
| 2023 | $74.04 | 1.59 | 7.03 | 8.62 | (1.46) | $81.20 | 11.88% | 0.25% | 2.08% | 7% | $6820449 |
| 2022 | $75.49 | 1.36 | (1.70) | (0.34) | (1.11) | $74.04 | (0.47)% | 0.25% | 1.77% | 24% | $3675290 |
| 2021 | $44.97 | 1.16 | 30.24 | 31.40 | (0.88) | $75.49 | 70.34% | 0.25% | 1.72% | 22% | $1570143 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4) Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Approval of Management Agreement

**Avantis Total Equity Markets ETF**

At a meeting held on June 11, 2025, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Avantis Total Equity Markets ETF (the "New Fund"). Under the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund's independent Trustees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management and other services to be provided to the New Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Fund's proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the New Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the New Fund.

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

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

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

------

**Avantis U.S. Quality ETF**

At a meeting held on June 20, 2024, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Avantis U.S. Quality ETF (the "New Fund"). The management agreement was subsequently renewed by the Board at its meeting held on June 11, 2025. Under the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund's independent Trustees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management and other services to be provided to the New Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Fund's proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the New Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the New Fund.

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

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

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

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97505 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97505 2604** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> Emerging Markets Equity ETF (AVEM) |
| Avantis<sup>®</sup> Emerging Markets ex-China Equity ETF (AVXC) |
| Avantis<sup>®</sup> Emerging Markets Small Cap Equity ETF (AVEE) |
| Avantis<sup>®</sup> Emerging Markets Value ETF (AVES) |
| Avantis<sup>®</sup> International Equity ETF (AVDE) |
| Avantis<sup>®</sup> International Large Cap Value ETF (AVIV) |
| Avantis<sup>®</sup> International Small Cap Equity ETF (AVDS) |
| Avantis<sup>®</sup> International Small Cap Value ETF (AVDV) |
| Avantis<sup>®</sup> Responsible Emerging Markets Equity ETF (AVSE) |
| Avantis<sup>®</sup> Responsible International Equity ETF (AVSD) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_493) |
| Statements of Assets and Liabilities | [489](#iba273e868b7e4566bd70f1811bd23032_514) |
| Statements of Operations | [494](#iba273e868b7e4566bd70f1811bd23032_517) |
| Statements of Changes in Net Assets | [499](#iba273e868b7e4566bd70f1811bd23032_520) |
| Notes to Financial Statements | [504](#iba273e868b7e4566bd70f1811bd23032_523) |
| Financial Highlights | [509](#iba273e868b7e4566bd70f1811bd23032_526) |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.1%** | **Shares** | **Value** |
| **Brazil — 4.6%** | | |
| Allos SA | 1115226 | $7100551 |
| Alpargatas SA, Preference Shares | 250700 | 743322 |
| Alupar Investimento SA | 109372 | 762073 |
| Ambev SA, ADR<sup>(1)</sup> | 4235339 | 13383671 |
| Ambipar Participacoes e Empreendimentos SA<sup>(2)</sup> | 39900 | 1868 |
| Americanas SA<sup>(2)</sup> | 994 | 1090 |
| Aura Minerals, Inc. | 19973 | 1686720 |
| Auren Energia SA | 745483 | 1731923 |
| Automob Participacoes SA<sup>(2)</sup> | 16637 | 42416 |
| Axia Energia, ADR | 1358709 | 16413205 |
| Axia Energia, Class B Preference Shares | 336000 | 4397199 |
| Axia Energia, Class C, ADR<sup>(1)(2)</sup> | 353959 | 4151939 |
| Axia Energia, Class C Preference Shares<sup>(2)</sup> | 88313 | 1023442 |
| Azzas 2154 SA | 297422 | 1515393 |
| B3 SA - Brasil Bolsa Balcao | 2500700 | 8741353 |
| Banco ABC Brasil SA<sup>(2)</sup> | 23989 | 125923 |
| Banco ABC Brasil SA, Preference Shares | 342980 | 1818433 |
| Banco BMG SA, Preference Shares | 48176 | 47551 |
| Banco BMG SA, Preference Shares | 3975 | 3869 |
| Banco Bradesco SA | 728398 | 2615782 |
| Banco Bradesco SA, ADR | 10437374 | 42688860 |
| Banco BTG Pactual SA | 1089003 | 13057840 |
| Banco do Brasil SA | 2342980 | 12353604 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 749000 | 2714604 |
| Banco Santander Brasil SA, ADR<sup>(1)</sup> | 961442 | 6258987 |
| BB Seguridade Participacoes SA | 1105700 | 7507933 |
| Bemobi Mobile Tech SA | 95600 | 448116 |
| Blau Farmaceutica SA | 38090 | 80467 |
| Boa Safra Sementes SA | 18665 | 29346 |
| BR Advisory Partners Participacoes SA | 14300 | 54087 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 85900 | 356569 |
| Braskem SA, Class A, ADR<sup>(2)</sup> | 90592 | 346967 |
| Brava Energia<sup>(2)</sup> | 1647485 | 6015980 |
| C&A Modas SA | 410800 | 1036916 |
| Caixa Seguridade Participacoes SA | 252900 | 884028 |
| Camil Alimentos SA | 115300 | 154513 |
| Cia Brasileira de Aluminio<sup>(2)</sup> | 771594 | 1532201 |
| Cia Brasileira de Distribuicao<sup>(2)</sup> | 1346900 | 819727 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 202400 | 331641 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR<sup>(1)</sup> | 906272 | 27197223 |
| Cia de Saneamento de Minas Gerais Copasa MG | 900400 | 9580966 |
| Cia De Sanena Do Parana | 379500 | 3334181 |
| Cia De Sanena Do Parana, Preference Shares | 3320000 | 5563016 |
| Cia Energetica de Minas Gerais, ADR | 5665995 | 13428408 |
| Cia Paranaense de Energia - Copel | 1338800 | 3844170 |
| Cia Paranaense de Energia - Copel, ADR<sup>(1)</sup> | 234467 | 2717473 |
| Cia Siderurgica Nacional SA, ADR<sup>(1)(2)</sup> | 2335774 | 3924100 |
| Construtora Tenda SA | 182000 | 1073220 |
| Cosan SA<sup>(2)</sup> | 468204 | 575380 |
| CPFL Energia SA | 303000 | 2967645 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cristal Pigmentos do Brasil SA, Preference Shares<sup>(2)</sup> | 1700 | $6168 |
| Cury Construtora e Incorporadora SA | 493400 | 3743931 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(2)</sup> | 623600 | 277345 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 918100 | 5524897 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes, Preference Shares<sup>(2)</sup> | 174056 | 989707 |
| Desktop SA | 19800 | 51523 |
| Dexco SA | 736412 | 782882 |
| Dexxos Participacoes SA | 19575 | 28905 |
| Dimed SA Distribuidora da Medicamentos | 29000 | 91076 |
| Direcional Engenharia SA | 390600 | 1248792 |
| EcoRodovias Infraestrutura e Logistica SA | 1186100 | 2477934 |
| Embraer SA, ADR | 792369 | 57224889 |
| Empreendimentos Pague Menos SA | 117492 | 159513 |
| Energisa SA | 1285780 | 13596437 |
| Eneva SA<sup>(2)</sup> | 765400 | 3178653 |
| Engie Brasil Energia SA | 376180 | 2458213 |
| Equatorial SA | 1160209 | 9491693 |
| Eucatex SA Industria e Comercio, Preference Shares | 16500 | 69457 |
| Even Construtora e Incorporadora SA | 160100 | 261706 |
| Ez Tec Empreendimentos e Participacoes SA | 400547 | 1226682 |
| Fleury SA | 10092 | 33289 |
| Fras-Le SA | 138537 | 657757 |
| Gerdau SA, ADR | 5830838 | 23556586 |
| GPS Participacoes e Empreendimentos SA | 39644 | 143063 |
| Grendene SA | 374800 | 372131 |
| Grupo Mateus SA | 559900 | 624720 |
| Grupo Multi SA | 127700 | 33379 |
| Grupo SBF SA | 411000 | 1008559 |
| Guararapes Confeccoes SA | 156700 | 307501 |
| Hapvida Participacoes e Investimentos SA<sup>(2)</sup> | 7979 | 16389 |
| Hidrovias do Brasil SA<sup>(2)</sup> | 1155019 | 923745 |
| Hypera SA | 164600 | 744898 |
| Iguatemi SA | 1067894 | 6070112 |
| Inter & Co., Inc., Class A | 657977 | 5730980 |
| Iochpe Maxion SA | 403400 | 826236 |
| Irani Papel e Embalagem SA | 172300 | 329039 |
| IRB-Brasil Resseguros SA<sup>(2)</sup> | 336393 | 4067032 |
| Isa Energia Brasil SA, Preference Shares | 825600 | 4599461 |
| Itau Unibanco Holding SA, ADR | 7364111 | 66645205 |
| Jalles Machado SA<sup>(2)</sup> | 136621 | 80216 |
| JBS NV, BDR<sup>(2)</sup> | 452400 | 7644867 |
| JBS NV, Class A<sup>(2)</sup> | 268667 | 4537786 |
| JHSF Participacoes SA | 1274700 | 2471573 |
| JSL SA | 20800 | 31931 |
| Kepler Weber SA | 212100 | 400079 |
| Klabin SA | 1664591 | 6685639 |
| Lavvi Empreendimentos Imobiliarios SA | 108980 | 391150 |
| Light SA<sup>(2)</sup> | 274300 | 263251 |
| Localiza Rent a Car SA | 323580 | 3207081 |
| Localiza Rent a Car SA, Preference Shares<sup>(2)</sup> | 12445 | 119607 |
| LOG Commercial Properties e Participacoes SA | 77900 | 431858 |
| Log-in Logistica Intermodal SA<sup>(2)</sup> | 35767 | 223470 |
| Lojas Quero-Quero SA<sup>(2)</sup> | 46600 | 19634 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lojas Renner SA | 2520320 | $7708694 |
| M Dias Branco SA | 69900 | 317287 |
| Magazine Luiza SA | 681842 | 1250232 |
| Mahle Metal Leve SA | 133700 | 941755 |
| Marcopolo SA | 6468 | 8251 |
| Marcopolo SA, Preference Shares | 1696112 | 2289495 |
| Marisa Lojas SA<sup>(2)</sup> | 64363 | 11048 |
| MBRF Global Foods Co. SA | 876937 | 3540934 |
| Metalurgica Gerdau SA, Preference Shares | 1219969 | 2215529 |
| Mills Locacao Servicos e Logistica SA | 259800 | 764729 |
| Minerva SA | 1031200 | 1050008 |
| Motiva Infraestrutura de Mobilidade SA | 3174300 | 10272435 |
| Moura Dubeux Engenharia SA | 148800 | 958427 |
| Movida Participacoes SA | 780900 | 2246811 |
| MRV Engenharia e Participacoes SA<sup>(2)</sup> | 1147400 | 2291890 |
| Multiplan Empreendimentos Imobiliarios SA | 269800 | 1848313 |
| Natura Cosmeticos SA<sup>(2)</sup> | 121756 | 216603 |
| NU Holdings Ltd., Class A<sup>(2)</sup> | 241801 | 3622179 |
| Oceanpact Servicos Maritimos SA<sup>(2)</sup> | 86900 | 162561 |
| Odontoprev SA | 621440 | 1771040 |
| Pagseguro Digital Ltd., Class A | 759640 | 8059780 |
| Patria Investments Ltd., Class A<sup>(1)</sup> | 19830 | 260170 |
| PBG SA<sup>(2)</sup> | 107500 | 67731 |
| Petroleo Brasileiro SA - Petrobras, ADR | 3884903 | 64605937 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 4888423 | 75281714 |
| Petroreconcavo SA | 710900 | 1716754 |
| Plano & Plano Desenvolvimento Imobiliario SA | 133700 | 399548 |
| Porto Seguro SA | 120100 | 1228761 |
| Positivo Tecnologia SA | 74100 | 58540 |
| Priner Servicos Industriais SA | 13700 | 58258 |
| PRIO SA<sup>(2)</sup> | 1811100 | 18978307 |
| Raia Drogasil SA | 3066504 | 15002033 |
| Raizen SA, Preference Shares<sup>(2)</sup> | 2702300 | 332088 |
| Randoncorp SA, Preference Shares | 545900 | 710261 |
| Rede D'Or Sao Luiz SA | 319743 | 2529129 |
| Romi SA | 65606 | 104939 |
| Rumo SA | 916200 | 2855920 |
| Sao Martinho SA | 367100 | 1286801 |
| Sendas Distribuidora SA, ADR<sup>(1)</sup> | 260619 | 2384664 |
| Ser Educacional SA | 125900 | 303791 |
| Sigma Lithium Corp.<sup>(2)</sup> | 41628 | 599859 |
| Simpar SA | 239850 | 594654 |
| SLC Agricola SA | 1771555 | 5694963 |
| Smartfit Escola de Ginastica e Danca SA | 316480 | 1250116 |
| StoneCo Ltd., A Shares<sup>(2)</sup> | 555846 | 9338213 |
| Suzano SA, ADR<sup>(1)</sup> | 1933908 | 21911178 |
| SYN prop e tech SA | 61800 | 57864 |
| Taurus Armas SA, Preference Shares | 87010 | 98950 |
| Tegma Gestao Logistica SA | 38300 | 294656 |
| Telefonica Brasil SA, ADR | 129024 | 2181796 |
| TIM SA, ADR<sup>(1)</sup> | 577341 | 15865331 |
| TOTVS SA | 293100 | 2164589 |
| Transmissora Alianca de Energia Eletrica SA | 436500 | 3742158 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tres Tentos Agroindustrial SA | 135400 | $452698 |
| Trisul SA | 115576 | 168184 |
| Tupy SA<sup>(2)</sup> | 189900 | 501930 |
| Ultrapar Participacoes SA, ADR | 3434666 | 17345063 |
| Uniao Pet Participacoes SA<sup>(2)</sup> | 1244800 | 735735 |
| Unipar Carbocloro SA, Class B Preference Shares | 133906 | 1851411 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(2)</sup> | 1153200 | 1579141 |
| Vale SA, ADR | 7280701 | 125082443 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 128900 | 545119 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 1892600 | 1639158 |
| Vibra Energia SA | 3255672 | 18861496 |
| Vivara Participacoes SA | 3800 | 23312 |
| Vulcabras SA | 85840 | 319483 |
| WEG SA | 1318400 | 12781523 |
| Wiz Co. | 47900 | 86522 |
| XP, Inc., Class A | 1495170 | 32191010 |
| YDUQS Participacoes SA | 309000 | 803466 |
| Zamp SA<sup>(2)</sup> | 316713 | 216229 |
|  |  | 1001966115 |
| **Chile — 0.5%** |  |  |
| Aguas Andinas SA, A Shares | 2899888 | 1226314 |
| Banco de Chile | 48168757 | 9934591 |
| Banco de Credito e Inversiones SA | 158670 | 10870869 |
| Banco Itau Chile SA | 9942 | 238033 |
| Banco Santander Chile, ADR | 457829 | 15524981 |
| Besalco SA | 44236 | 68958 |
| BICECORP SA | 164860 | 76793 |
| CAP SA<sup>(2)</sup> | 189235 | 1541531 |
| Cencosud SA | 974685 | 3047075 |
| Cencosud Shopping SA | 172732 | 500766 |
| Cia Cervecerias Unidas SA, ADR<sup>(1)</sup> | 183514 | 2448077 |
| Cia Sud Americana de Vapores SA | 31467599 | 1708408 |
| Colbun SA | 13813976 | 2300289 |
| Embotelladora Andina SA, Class B Preference Shares | 945622 | 4554999 |
| Empresa Nacional de Telecomunicaciones SA | 758585 | 3386382 |
| Empresas CMPC SA | 1708795 | 2532533 |
| Empresas Copec SA | 622574 | 5139121 |
| Enel Americas SA | 23017822 | 2070520 |
| Enel Chile SA | 49708962 | 4161446 |
| Engie Energia Chile SA | 2010270 | 3446270 |
| Falabella SA | 1020696 | 7582566 |
| Forus SA | 124 | 343 |
| Inversiones Aguas Metropolitanas SA | 114622 | 136699 |
| Parque Arauco SA | 1093706 | 5192426 |
| Plaza SA | 1056232 | 4987764 |
| Ripley Corp. SA | 2913120 | 1462568 |
| Salfacorp SA | 401347 | 612097 |
| SMU SA | 1819245 | 321049 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(2)</sup> | 279279 | 21308988 |
| Vina Concha y Toro SA | 789264 | 845442 |
|  |  | 117227898 |
| **China — 23.0%** |  |  |
| 361 Degrees International Ltd. | 1526000 | 1100174 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| 3SBio, Inc.<sup>(2)</sup> | 9847500 | $27759785 |
| AAC Technologies Holdings, Inc. | 4879500 | 23194108 |
| Acotec Scientific Holdings Ltd.<sup>(2)</sup> | 19000 | 30323 |
| Agile Group Holdings Ltd.<sup>(2)</sup> | 3896000 | 143964 |
| Agora, Inc., ADR<sup>(2)</sup> | 109277 | 510324 |
| Agricultural Bank of China Ltd., H Shares | 45651000 | 30910105 |
| Air China Ltd., H Shares<sup>(2)</sup> | 54000 | 46835 |
| AK Medical Holdings Ltd. | 1592000 | 1308236 |
| Akeso, Inc.<sup>(1)(2)</sup> | 1235000 | 16825223 |
| Alibaba Group Holding Ltd., ADR<sup>(1)</sup> | 1732766 | 249708908 |
| A-Living Smart City Services Co. Ltd. | 3538250 | 989066 |
| Alphamab Oncology<sup>(2)</sup> | 68000 | 75752 |
| Aluminum Corp. of China Ltd., H Shares | 9668000 | 17433806 |
| Anhui Conch Cement Co. Ltd., H Shares | 4675000 | 14649685 |
| Anhui Expressway Co. Ltd., H Shares<sup>(1)</sup> | 488000 | 862071 |
| ANTA Sports Products Ltd. | 4101200 | 44378758 |
| Anton Oilfield Services Group | 5006000 | 793100 |
| Archosaur Games, Inc.<sup>(2)</sup> | 151000 | 28081 |
| Art Group Holdings Ltd.<sup>(2)</sup> | 690000 | 176918 |
| AsiaInfo Technologies Ltd.<sup>(1)</sup> | 9600 | 8890 |
| Atour Lifestyle Holdings Ltd., ADR | 93459 | 3670135 |
| Autohome, Inc., ADR | 430040 | 8248167 |
| Autostreets Development Ltd.<sup>(1)(2)</sup> | 137400 | 43451 |
| BAIC Motor Corp. Ltd., H Shares<sup>(2)</sup> | 5615500 | 1303051 |
| Baidu, Inc., ADR<sup>(2)</sup> | 33737 | 4198232 |
| Bairong, Inc.<sup>(2)</sup> | 399500 | 488692 |
| Bank of China Ltd., H Shares | 177341000 | 104941379 |
| Bank of Chongqing Co. Ltd., H Shares | 911500 | 890637 |
| Bank of Communications Co. Ltd., H Shares | 21466000 | 18786443 |
| BBMG Corp., H Shares | 428000 | 46442 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(2)</sup> | 1134000 | 338583 |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 48250 | 84130 |
| Beijing Enterprises Holdings Ltd. | 2338500 | 10517225 |
| Beijing Enterprises Water Group Ltd. | 74000 | 26727 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 2428000 | 734911 |
| Beijing North Star Co. Ltd., H Shares<sup>(2)</sup> | 4000 | 413 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 645000 | 714078 |
| BeOne Medicines Ltd., ADR<sup>(2)</sup> | 11267 | 3571526 |
| Bilibili, Inc., ADR<sup>(2)</sup> | 260 | 7254 |
| Binjiang Service Group Co. Ltd. | 5500 | 15868 |
| Blue Moon Group Holdings Ltd.<sup>(2)</sup> | 117000 | 42858 |
| BOC Aviation Ltd. | 1913900 | 21255137 |
| BOE Varitronix Ltd.<sup>(1)</sup> | 1057000 | 620037 |
| Bosideng International Holdings Ltd. | 27502000 | 17048762 |
| Brilliance China Automotive Holdings Ltd.<sup>(1)</sup> | 22956000 | 12204647 |
| BYD Co. Ltd., H Shares | 3070200 | 37011557 |
| BYD Electronic International Co. Ltd.<sup>(1)</sup> | 5020000 | 20598157 |
| C&D International Investment Group Ltd. | 1129376 | 2183839 |
| C&D Property Management Group Co. Ltd. | 187747 | 62734 |
| CARsgen Therapeutics Holdings Ltd.<sup>(2)</sup> | 81500 | 147463 |
| Cathay Group Holdings, Inc. | 211000 | 23701 |
| Cathie Wood<sup>(2)</sup> | 8000 | 10 |
| Central China New Life Ltd.<sup>(2)</sup> | 385000 | 24584 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Central China Securities Co. Ltd., Class H | 2347000 | $625769 |
| Chaowei Power Holdings Ltd. | 168000 | 30437 |
| Cheerwin Group Ltd. | 115000 | 34640 |
| Chen Lin Education Group Holdings Ltd.<sup>(2)</sup> | 10000 | 1559 |
| China Automotive Systems, Inc.<sup>(2)</sup> | 5187 | 23030 |
| China BlueChemical Ltd., H Shares | 7710000 | 2873323 |
| China Bohai Bank Co. Ltd., H Shares<sup>(2)</sup> | 1012500 | 117647 |
| China Chunlai Education Group Co. Ltd.<sup>(2)</sup> | 157000 | 55443 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(1)</sup> | 19598000 | 3147153 |
| China CITIC Bank Corp. Ltd., H Shares | 30429000 | 27997617 |
| China CITIC Financial Asset Management Co. Ltd., Class H<sup>(2)</sup> | 2109000 | 228718 |
| China Coal Energy Co. Ltd., H Shares | 6554000 | 10884160 |
| China Communications Services Corp. Ltd., H Shares<sup>(1)</sup> | 19740000 | 11205860 |
| China Conch Venture Holdings Ltd. | 8166500 | 13847231 |
| China Construction Bank Corp., H Shares | 223442000 | 227328487 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 21966000 | 5354005 |
| China Daye Non-Ferrous Metals Mining Ltd.<sup>(2)</sup> | 5986000 | 142937 |
| China Dongxiang Group Co. Ltd.<sup>(2)</sup> | 1053000 | 63752 |
| China East Education Holdings Ltd.<sup>(2)</sup> | 3468000 | 2877129 |
| China Eastern Airlines Corp. Ltd., H Shares<sup>(2)</sup> | 18000 | 12755 |
| China Education Group Holdings Ltd.<sup>(1)(2)</sup> | 5097624 | 1879767 |
| China Everbright Bank Co. Ltd., H Shares | 6594000 | 2769665 |
| China Everbright Environment Group Ltd. | 19038000 | 12459173 |
| China Everbright Greentech Ltd. | 289000 | 33241 |
| China Everbright Ltd.<sup>(1)</sup> | 6002000 | 6737204 |
| China Everbright Water Ltd. | 138500 | 26275 |
| China Feihe Ltd. | 20665000 | 10023148 |
| China Foods Ltd. | 1216000 | 625368 |
| China Galaxy Securities Co. Ltd., H Shares | 12526000 | 15818179 |
| China Gas Holdings Ltd. | 9785800 | 10124141 |
| China Glass Holdings Ltd.<sup>(1)(2)</sup> | 622000 | 44533 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 437000 | 114753 |
| China Hongqiao Group Ltd. | 17258500 | 77844086 |
| China International Capital Corp. Ltd., H Shares | 7495200 | 19316340 |
| China Isotope & Radiation Corp. | 14400 | 38108 |
| China Kepei Education Group Ltd. | 130000 | 22221 |
| China Lesso Group Holdings Ltd. | 3001000 | 2618860 |
| China Life Insurance Co. Ltd., Class H | 22865865 | 91729194 |
| China Lilang Ltd. | 164000 | 69772 |
| China Literature Ltd.<sup>(1)(2)</sup> | 25000 | 100721 |
| China Longyuan Power Group Corp. Ltd., H Shares | 14836000 | 14331875 |
| China Medical System Holdings Ltd.<sup>(1)</sup> | 10362000 | 19259266 |
| China Meidong Auto Holdings Ltd. | 918000 | 193606 |
| China Mengniu Dairy Co. Ltd. | 13503000 | 27824805 |
| China Merchants Bank Co. Ltd., H Shares | 9920500 | 61712434 |
| China Merchants Land Ltd.<sup>(2)</sup> | 148000 | 5375 |
| China Merchants Port Holdings Co. Ltd. | 10629175 | 23724402 |
| China Minsheng Banking Corp. Ltd., H Shares | 25121000 | 12980821 |
| China Modern Dairy Holdings Ltd.<sup>(1)</sup> | 3506000 | 634971 |
| China National Building Material Co. Ltd., H Shares | 22364665 | 19391008 |
| China New Higher Education Group Ltd.<sup>(2)</sup> | 2693191 | 302671 |
| China Nonferrous Mining Corp. Ltd. | 11690000 | 22344251 |
| China Oriental Group Co. Ltd. | 2016000 | 401284 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Overseas Land & Investment Ltd. | 1521000 | $2778651 |
| China Pacific Insurance Group Co. Ltd., H Shares | 7108200 | 32533940 |
| China Petroleum & Chemical Corp., Class H | 68176300 | 47441752 |
| China Power International Development Ltd. | 30536000 | 12790144 |
| China Qinfa Group Ltd. | 600000 | 287095 |
| China Railway Group Ltd., H Shares | 24901000 | 16478167 |
| China Railway Signal & Communication Corp. Ltd., H Shares | 141000 | 66256 |
| China Reinsurance Group Corp., H Shares | 302000 | 63577 |
| China Renaissance Holdings Ltd.<sup>(2)</sup> | 202700 | 105310 |
| China Resources Beer Holdings Co. Ltd. | 5158000 | 18126336 |
| China Resources Building Materials Technology Holdings Ltd. | 29844000 | 7156533 |
| China Resources Gas Group Ltd. | 998700 | 2676008 |
| China Resources Land Ltd. | 9277500 | 37496599 |
| China Resources Medical Holdings Co. Ltd.<sup>(1)</sup> | 4297500 | 1683810 |
| China Resources Mixc Lifestyle Services Ltd. | 2329200 | 14120432 |
| China Resources Pharmaceutical Group Ltd.<sup>(1)</sup> | 4998500 | 2905253 |
| China Resources Power Holdings Co. Ltd.<sup>(1)</sup> | 11468000 | 27340101 |
| China Risun Group Ltd. | 2065000 | 668365 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(2)</sup> | 306000 | 190418 |
| China Shenhua Energy Co. Ltd., H Shares | 8099000 | 46435528 |
| China Shineway Pharmaceutical Group Ltd. | 690000 | 826198 |
| China Southern Airlines Co. Ltd., H Shares<sup>(2)</sup> | 364000 | 273419 |
| China Starch Holdings Ltd. | 1320000 | 29833 |
| China Suntien Green Energy Corp. Ltd., H Shares<sup>(1)</sup> | 1196000 | 640977 |
| China Taiping Insurance Holdings Co. Ltd. | 9237400 | 26898644 |
| China Tobacco International HK Co. Ltd. | 44000 | 243384 |
| China Tower Corp. Ltd., H Shares | 21929500 | 31204044 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 20880000 | 5386874 |
| China Travel International Investment Hong Kong Ltd.<sup>(2)</sup> | 1876000 | 318163 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 10380800 | 4982708 |
| China Water Affairs Group Ltd.<sup>(1)</sup> | 1768000 | 1184630 |
| China XLX Fertiliser Ltd. | 2927000 | 4425623 |
| China Yongda Automobiles Services Holdings Ltd.<sup>(1)</sup> | 6942500 | 1348263 |
| China Youran Dairy Group Ltd.<sup>(1)(2)</sup> | 8861000 | 5714473 |
| Chongqing Machinery & Electric Co. Ltd., Class H | 954000 | 447220 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 2547000 | 1916767 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(1)</sup> | 6620800 | 11059202 |
| CIFI Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 1064000 | 11663 |
| CIMC Enric Holdings Ltd. | 9680000 | 15813786 |
| CITIC Ltd. | 16392000 | 26130806 |
| CITIC Securities Co. Ltd., H Shares | 4652450 | 16653323 |
| CMGE Technology Group Ltd.<sup>(2)</sup> | 1064000 | 46794 |
| CMOC Group Ltd., H Shares | 9054000 | 27854055 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 25680000 | 5079932 |
| Concord New Energy Group Ltd. | 10990000 | 415182 |
| Consun Pharmaceutical Group Ltd. | 696000 | 1600197 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(1)</sup> | 77000 | 4865665 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H<sup>(1)</sup> | 400000 | 959945 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(1)</sup> | 12435749 | 24132001 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 82000 | 81345 |
| COSCO SHIPPING Ports Ltd. | 9889640 | 8195510 |
| Country Garden Services Holdings Co. Ltd. | 11116000 | 8956918 |
| CSPC Pharmaceutical Group Ltd. | 50719760 | 63846404 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CSSC Hong Kong Shipping Co. Ltd.<sup>(1)</sup> | 4290000 | $1379715 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 78640000 | 8198356 |
| Daqo New Energy Corp., ADR<sup>(2)</sup> | 319603 | 7708824 |
| Datang International Power Generation Co. Ltd., H Shares | 38000 | 12863 |
| Digital China Holdings Ltd.<sup>(1)</sup> | 1170000 | 396956 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(2)</sup> | 11266000 | 14093767 |
| Dongyue Group Ltd. | 10260000 | 18361076 |
| DPC Dash Ltd.<sup>(2)</sup> | 16500 | 134944 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 11000 | 7806 |
| East Buy Holding Ltd.<sup>(1)(2)</sup> | 272000 | 882892 |
| Edvantage Group Holdings Ltd. | 519923 | 101567 |
| ENN Energy Holdings Ltd. | 919800 | 8069832 |
| Essex Bio-technology Ltd. | 256000 | 138109 |
| Ever Sunshine Services Group Ltd. | 1208000 | 274471 |
| Everest Medicines Ltd.<sup>(1)(2)</sup> | 26500 | 128318 |
| Evergrande Property Services Group Ltd.<sup>(2)</sup> | 8750500 | 1294161 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 576000 | 58092 |
| Far East Horizon Ltd. | 64000 | 63246 |
| Fenbi Ltd.<sup>(1)(2)</sup> | 130000 | 25013 |
| FIH Mobile Ltd.<sup>(2)</sup> | 217100 | 611901 |
| FinVolution Group, ADR | 1023368 | 5751328 |
| Flat Glass Group Co. Ltd., H Shares<sup>(2)</sup> | 39000 | 54018 |
| Fosun International Ltd.<sup>(1)</sup> | 11859000 | 5855354 |
| Fountain SET Holdings Ltd. | 26000 | 2190 |
| Fu Shou Yuan International Group Ltd.<sup>(1)</sup> | 13207000 | 4469412 |
| Fufeng Group Ltd. | 11456000 | 11898053 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 1321600 | 10967018 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(1)</sup> | 154280 | 1352333 |
| Gaotu Techedu, Inc., ADR<sup>(2)</sup> | 58946 | 129092 |
| GCL Technology Holdings Ltd.<sup>(2)</sup> | 70641000 | 10800965 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 2543900 | 13178503 |
| Geely Automobile Holdings Ltd. | 26126000 | 53713615 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 10770000 | 214434 |
| Genertec Universal Medical Group Co. Ltd. | 7791500 | 6085956 |
| Genscript Biotech Corp.<sup>(2)</sup> | 230000 | 350503 |
| GF Securities Co. Ltd., H Shares | 2495200 | 5479577 |
| Giant Biogene Holding Co. Ltd.<sup>(1)</sup> | 155400 | 632688 |
| Global Bio-Chem Technology Group Co. Ltd.<sup>(2)</sup> | 40000 | 306 |
| Goldwind Science & Technology Co. Ltd., H Shares | 367400 | 725426 |
| Goodbaby International Holdings Ltd. | 2284000 | 308304 |
| Grand Pharmaceutical Group Ltd.<sup>(1)</sup> | 5065500 | 5073018 |
| Great Wall Motor Co. Ltd., H Shares | 8034500 | 13165176 |
| Greentown China Holdings Ltd.<sup>(1)</sup> | 7534500 | 10059079 |
| Greentown Management Holdings Co. Ltd.<sup>(1)</sup> | 1852000 | 668153 |
| Guangdong Investment Ltd. | 10290000 | 10023189 |
| Guangshen Railway Co. Ltd., Class H | 528000 | 147676 |
| Guangzhou Automobile Group Co. Ltd., H Shares | 1046000 | 497668 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 5263200 | 368662 |
| Guoquan Food Shanghai Co. Ltd. | 2878000 | 1502213 |
| Guotai Haitong Securities Co. Ltd., H Shares | 5837040 | 11886747 |
| H World Group Ltd., ADR | 395628 | 21680414 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 11453000 | 776990 |
| Haidilao International Holding Ltd.<sup>(1)</sup> | 6631000 | 14884739 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Haier Smart Home Co. Ltd., H Shares | 6685400 | $22701655 |
| Haitian International Holdings Ltd. | 4995000 | 16141516 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 23800 | 143062 |
| Hansoh Pharmaceutical Group Co. Ltd. | 1406000 | 6259486 |
| Harbin Electric Co. Ltd., H Shares | 1472000 | 5282590 |
| Hello Group, Inc., ADR | 1117271 | 7228743 |
| Hengan International Group Co. Ltd. | 4853500 | 18056507 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 2738000 | 8377217 |
| Hopson Development Holdings Ltd.<sup>(2)</sup> | 326624 | 134328 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 34000 | 418877 |
| Huabao International Holdings Ltd. | 985000 | 569923 |
| Huadian Power International Corp. Ltd., H Shares | 132000 | 75392 |
| Huaneng Power International, Inc., H Shares | 14290000 | 11002133 |
| Huatai Securities Co. Ltd., H Shares<sup>(1)</sup> | 4586800 | 9809545 |
| HUYA, Inc., ADR<sup>(1)</sup> | 109034 | 406697 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 140000 | 237120 |
| iDreamSky Technology Holdings Ltd.<sup>(1)(2)</sup> | 506000 | 35531 |
| Industrial & Commercial Bank of China Ltd., H Shares | 126435000 | 103987446 |
| Ingdan, Inc.<sup>(2)</sup> | 358000 | 143690 |
| Inkeverse Group Ltd.<sup>(2)</sup> | 3794000 | 352628 |
| Innovent Biologics, Inc.<sup>(2)</sup> | 3145500 | 34222647 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 2688257 | 4301211 |
| J&T Global Express Ltd.<sup>(2)</sup> | 6013800 | 7883426 |
| JD Health International, Inc.<sup>(2)</sup> | 1776850 | 12860068 |
| JD Logistics, Inc.<sup>(2)</sup> | 5421600 | 7706750 |
| JD.com, Inc., ADR | 506927 | 13448773 |
| JD.com, Inc., Class A | 36345 | 482505 |
| Jia Yao Holdings Ltd.<sup>(2)</sup> | 186000 | 82576 |
| Jiangsu Expressway Co. Ltd., H Shares | 1598000 | 2078962 |
| Jiangxi Copper Co. Ltd., H Shares | 3649000 | 21167548 |
| Jiayin Group, Inc., ADR | 22039 | 142813 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 15904000 | 5063664 |
| Jiumaojiu International Holdings Ltd.<sup>(1)</sup> | 1689000 | 441914 |
| JNBY Design Ltd. | 1115500 | 3066105 |
| JOYY, Inc., ADR | 24035 | 1434168 |
| Jutal Offshore Oil Services Ltd. | 217000 | 14119 |
| Kanzhun Ltd., ADR | 107695 | 1731736 |
| KE Holdings, Inc., ADR<sup>(1)</sup> | 984286 | 16191505 |
| Kinetic Development Group Ltd. | 4584000 | 1205956 |
| Kingboard Holdings Ltd. | 2973500 | 15354916 |
| Kingboard Laminates Holdings Ltd. | 4962500 | 14978097 |
| Kingdee International Software Group Co. Ltd.<sup>(2)</sup> | 149000 | 191195 |
| Kingsoft Cloud Holdings Ltd.<sup>(1)(2)</sup> | 517669 | 470667 |
| Kingsoft Corp. Ltd. | 2792000 | 9272548 |
| Kuaishou Technology | 10032200 | 79550654 |
| Kunlun Energy Co. Ltd. | 10332000 | 11075340 |
| KWG Group Holdings Ltd.<sup>(1)(2)</sup> | 1925000 | 46527 |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 1096249 | 29572 |
| Launch Tech Co. Ltd., Class H | 51500 | 58905 |
| Lee & Man Paper Manufacturing Ltd. | 4069000 | 2007375 |
| Lee's Pharmaceutical Holdings Ltd. | 682000 | 124847 |
| Lenovo Group Ltd. | 24054000 | 29690385 |
| Leoch Energy, Inc.<sup>(2)</sup> | 2440 | 20740 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Leoch International Technology Ltd. | 122000 | $10719 |
| LEPU ScienTech Medical Technology Shanghai Co. Ltd., Class H | 10000 | 20342 |
| LexinFintech Holdings Ltd., ADR<sup>(1)</sup> | 791218 | 2286620 |
| Li Auto, Inc., ADR<sup>(2)</sup> | 1894907 | 33331414 |
| Li Ning Co. Ltd. | 14773500 | 42330547 |
| Lianlian DigiTech Co. Ltd., Class H<sup>(1)(2)</sup> | 395500 | 375474 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(1)</sup> | 2094000 | 7200202 |
| Linklogis, Inc., Class B<sup>(1)</sup> | 3109500 | 859821 |
| LK Technology Holdings Ltd. | 27500 | 11782 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 4377000 | 719580 |
| Longfor Group Holdings Ltd.<sup>(1)</sup> | 7344968 | 9299472 |
| Lonking Holdings Ltd. | 4651000 | 2029972 |
| Lufax Holding Ltd., ADR<sup>(2)</sup> | 106609 | 277183 |
| Luye Pharma Group Ltd.<sup>(2)</sup> | 14269500 | 4719539 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(2)</sup> | 1760000 | 63684 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(2)</sup> | 720000 | 251442 |
| Maoyan Entertainment<sup>(1)</sup> | 284767 | 231731 |
| Meituan, Class B<sup>(2)</sup> | 3221610 | 33172907 |
| Metallurgical Corp. of China Ltd., H Shares | 198000 | 48688 |
| MicroPort NeuroScientific Corp.<sup>(1)</sup> | 199923 | 289116 |
| Microport Scientific Corp.<sup>(2)</sup> | 493800 | 690098 |
| Midea Group Co. Ltd. | 499100 | 5777202 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 1709400 | 921386 |
| MINISO Group Holding Ltd., ADR<sup>(1)</sup> | 117342 | 2114503 |
| Minth Group Ltd. | 7354000 | 41107146 |
| MMG Ltd.<sup>(2)</sup> | 30113600 | 41345268 |
| Nayuki Holdings Ltd.<sup>(2)</sup> | 175000 | 22756 |
| NetDragon Websoft Holdings Ltd. | 1010000 | 1162438 |
| NetEase Cloud Music, Inc.<sup>(1)(2)</sup> | 32950 | 649705 |
| NetEase, Inc., ADR | 944762 | 108619287 |
| New China Life Insurance Co. Ltd., H Shares | 5195900 | 36564642 |
| New Oriental Education & Technology Group, Inc., ADR | 14353 | 784391 |
| Newborn Town, Inc.<sup>(2)</sup> | 6940000 | 8364112 |
| Nexteer Automotive Group Ltd. | 9841000 | 9375938 |
| Nine Dragons Paper Holdings Ltd.<sup>(2)</sup> | 9533000 | 10723499 |
| NIO, Inc., ADR<sup>(2)</sup> | 1071884 | 5220075 |
| Niu Technologies, ADR<sup>(2)</sup> | 3589 | 12992 |
| Noah Holdings Ltd., ADR | 126390 | 1493930 |
| Nongfu Spring Co. Ltd., H Shares | 3266600 | 19708121 |
| Onewo, Inc., Class H | 344000 | 836456 |
| Orient Overseas International Ltd.<sup>(1)</sup> | 1474500 | 28160490 |
| PDD Holdings, Inc., ADR<sup>(2)</sup> | 1982138 | 205607175 |
| People's Insurance Co. Group of China Ltd., H Shares | 27784000 | 22696091 |
| Perennial Energy Holdings Ltd.<sup>(2)</sup> | 320000 | 46857 |
| Persistence Gold Group Ltd. | 715000 | 109031 |
| PetroChina Co. Ltd., Class H | 51004200 | 62121647 |
| Pharmaron Beijing Co. Ltd., H Shares | 30675 | 77293 |
| PICC Property & Casualty Co. Ltd., H Shares | 26254000 | 54171045 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(1)(2)</sup> | 1375923 | 2310910 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 15397782 | 133200651 |
| Poly Property Group Co. Ltd.<sup>(1)</sup> | 13699844 | 3689813 |
| Poly Property Services Co. Ltd., Class H | 594200 | 2428392 |
| Pop Mart International Group Ltd.<sup>(1)</sup> | 2121600 | 62423713 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Postal Savings Bank of China Co. Ltd., H Shares | 19127000 | $12035813 |
| Powerlong Commercial Management Holdings Ltd.<sup>(2)</sup> | 96000 | 30448 |
| Precision Tsugami China Corp. Ltd. | 279000 | 1583731 |
| Q Technology Group Co. Ltd. | 1072000 | 1212384 |
| Qfin Holdings, Inc., ADR | 957919 | 13947301 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 1845000 | 387926 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 1065000 | 2141600 |
| Scholar Education Group<sup>(1)</sup> | 540000 | 137267 |
| Seazen Group Ltd.<sup>(2)</sup> | 20688000 | 6065735 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(1)(2)</sup> | 744000 | 704678 |
| Shandong Gold Mining Co. Ltd., H Shares | 339500 | 1791109 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 2230400 | 1451224 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(1)</sup> | 134100 | 1031372 |
| Shanghai Conant Optical Co. Ltd., Class H<sup>(1)</sup> | 655300 | 5165314 |
| Shanghai Electric Group Co. Ltd., H Shares<sup>(2)</sup> | 208000 | 125540 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 92500 | 236185 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(2)</sup> | 42200 | 361170 |
| Shanghai Industrial Holdings Ltd. | 1043000 | 2044979 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 697600 | 1036960 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(1)</sup> | 438000 | 401741 |
| Shenzhen International Holdings Ltd. | 12542745 | 14611833 |
| Shenzhen Investment Ltd.<sup>(1)(2)</sup> | 5298000 | 568349 |
| Shenzhou International Group Holdings Ltd. | 3901600 | 31376896 |
| Shimao Group Holdings Ltd.<sup>(2)</sup> | 245000 | 6230 |
| Shimao Services Holdings Ltd.<sup>(2)</sup> | 1109000 | 89277 |
| Shoucheng Holdings Ltd. | 432800 | 121423 |
| Shougang Fushan Resources Group Ltd. | 18389623 | 7912639 |
| Shui On Land Ltd. | 21800000 | 1834606 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(1)</sup> | 130000 | 25798 |
| Simcere Pharmaceutical Group Ltd. | 5343000 | 8493924 |
| Sino Biopharmaceutical Ltd. | 19519500 | 15052121 |
| Sino-Ocean Group Holding Ltd.<sup>(2)</sup> | 11273000 | 130670 |
| Sinopec Engineering Group Co. Ltd., H Shares | 8313500 | 8405454 |
| Sinopec Kantons Holdings Ltd.<sup>(1)</sup> | 276000 | 152259 |
| Sinopec Shanghai Petrochemical Co. Ltd., Class H | 100400 | 20536 |
| Sinopharm Group Co. Ltd., H Shares | 7553600 | 20364810 |
| Sinotrans Ltd., H Shares | 138000 | 92501 |
| Sinotruk Hong Kong Ltd. | 3042000 | 16013925 |
| Skyworth Group Ltd.<sup>(2)</sup> | 4857087 | 4348872 |
| SOHO China Ltd.<sup>(2)</sup> | 1023000 | 66555 |
| Sohu.com Ltd., ADR<sup>(2)</sup> | 133486 | 2205189 |
| South Manganese Investment Ltd.<sup>(2)</sup> | 638000 | 41434 |
| SSY Group Ltd.<sup>(1)</sup> | 7614000 | 2629104 |
| Sun Art Retail Group Ltd. | 6150500 | 1288956 |
| Sun King Technology Group Ltd. | 768000 | 185934 |
| Sunac Services Holdings Ltd.<sup>(1)</sup> | 13664000 | 2316250 |
| Sunny Optical Technology Group Co. Ltd. | 1709400 | 12640854 |
| Sunshine Insurance Group Co. Ltd. | 4423000 | 2212613 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 454305 | 2495332 |
| SY Holdings Group Ltd.<sup>(1)</sup> | 1041500 | 1413530 |
| Tencent Holdings Ltd. | 6631800 | 436331497 |
| Tencent Music Entertainment Group, ADR | 1092732 | 15953887 |
| Tian Lun Gas Holdings Ltd. | 90500 | 31946 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tiangong International Co. Ltd.<sup>(1)</sup> | 8122000 | $4372587 |
| Tianli International Holdings Ltd.<sup>(1)</sup> | 6426000 | 2051660 |
| Tianneng Power International Ltd.<sup>(1)</sup> | 9884000 | 9408833 |
| Tingyi Cayman Islands Holding Corp. | 15752000 | 26305045 |
| Tomson Group Ltd. | 156000 | 53461 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 801000 | 448000 |
| Tongcheng Travel Holdings Ltd. | 7131200 | 18786053 |
| Tongda Group Holdings Ltd.<sup>(2)</sup> | 54900 | 24662 |
| Tongdao Liepin Group | 248600 | 102349 |
| Tongguan Gold Group Ltd. | 896000 | 447153 |
| Topsports International Holdings Ltd. | 11936000 | 4787295 |
| Towngas Smart Energy Co. Ltd.<sup>(1)(2)</sup> | 936961 | 464531 |
| TravelSky Technology Ltd., H Shares | 1481000 | 2026654 |
| Trip.com Group Ltd., ADR | 233257 | 12273983 |
| Tsaker New Energy Tech Co. Ltd. | 123500 | 12757 |
| Tsingtao Brewery Co. Ltd., H Shares | 1604000 | 10851814 |
| Tuhu Car, Inc.<sup>(1)(2)</sup> | 140700 | 258590 |
| Uni-President China Holdings Ltd. | 2198000 | 2169728 |
| Vipshop Holdings Ltd., ADR | 2524473 | 43976320 |
| Viva Biotech Holdings<sup>(2)</sup> | 2123500 | 593439 |
| Want Want China Holdings Ltd. | 32627000 | 20421060 |
| Weibo Corp., ADR<sup>(1)</sup> | 583795 | 5797084 |
| Weichai Power Co. Ltd., H Shares | 3671000 | 15276161 |
| Weilong Delicious Global Holdings Ltd.<sup>(1)</sup> | 3082400 | 4605526 |
| West China Cement Ltd.<sup>(1)</sup> | 18942000 | 7298650 |
| Wison Engineering Services Co. Ltd.<sup>(2)</sup> | 19000 | 911 |
| Wuling Motors Holdings Ltd. | 800000 | 50949 |
| WuXi AppTec Co. Ltd., H Shares | 551304 | 8366727 |
| Wuxi Biologics Cayman, Inc.<sup>(2)</sup> | 4634000 | 23792007 |
| X Financial, ADR | 1275 | 6350 |
| XD, Inc. | 671800 | 6321367 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(2)</sup> | 1643500 | 155159 |
| Xiaomi Corp., Class B<sup>(2)</sup> | 6268000 | 27722803 |
| Xin Point Holdings Ltd. | 57000 | 28883 |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 56000 | 73365 |
| Xinjiang Xinxin Mining Industry Co. Ltd., H Shares | 621000 | 232288 |
| Xinte Energy Co. Ltd., H Shares<sup>(2)</sup> | 3232400 | 2944129 |
| Xinyi Energy Holdings Ltd.<sup>(1)</sup> | 4946082 | 801133 |
| Xinyi Solar Holdings Ltd.<sup>(1)</sup> | 17193145 | 7574996 |
| XJ International Holdings Co. Ltd.<sup>(2)</sup> | 9112000 | 209584 |
| XPeng, Inc., Class A, ADR<sup>(1)(2)</sup> | 31117 | 546415 |
| Xtep International Holdings Ltd. | 2315919 | 1574439 |
| Yadea Group Holdings Ltd. | 9651369 | 14046334 |
| Yankuang Energy Group Co. Ltd., H Shares | 9959000 | 17798745 |
| Yeahka Ltd.<sup>(1)(2)</sup> | 238400 | 246376 |
| Yidu Tech, Inc.<sup>(2)</sup> | 464300 | 352526 |
| Yihai International Holding Ltd.<sup>(1)</sup> | 4818000 | 10027353 |
| Yiren Digital Ltd., ADR | 17674 | 68929 |
| Yixin Group Ltd.<sup>(1)</sup> | 16198500 | 5702723 |
| Youdao, Inc., ADR<sup>(1)(2)</sup> | 4860 | 52099 |
| Yuexiu Property Co. Ltd.<sup>(1)</sup> | 10448400 | 6120825 |
| Yuexiu Services Group Ltd. | 448500 | 110519 |
| Yuexiu Transport Infrastructure Ltd. | 3152000 | 1851232 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yum China Holdings, Inc. | 782178 | $42949394 |
| ZCZL Industrial Technology Group Co. Ltd., H Shares | 124400 | 372605 |
| Zengame Technology Holding Ltd. | 1086000 | 328486 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 5827000 | 25685491 |
| Zhejiang Expressway Co. Ltd., H Shares<sup>(1)</sup> | 11510400 | 10071544 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(2)</sup> | 227400 | 1185976 |
| Zhihu, Inc., ADR<sup>(2)</sup> | 76228 | 253077 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(2)</sup> | 2220200 | 4335747 |
| Zhongsheng Group Holdings Ltd. | 2686500 | 3550777 |
| Zhongyu Energy Holdings Ltd.<sup>(1)</sup> | 175000 | 58066 |
| Zhou Hei Ya International Holdings Co. Ltd. | 3524500 | 706353 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 198200 | 1122118 |
| Zijin Gold International Co. Ltd.<sup>(2)</sup> | 138300 | 4080445 |
| Zijin Mining Group Co. Ltd., H Shares | 15218000 | 87105689 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 38000 | 4998 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H<sup>(1)</sup> | 608400 | 811181 |
| ZTO Express Cayman, Inc., ADR | 780784 | 19035514 |
| Zylox-Tonbridge Medical Technology Co. Ltd. | 21000 | 58444 |
|  |  | 5031136778 |
| **Colombia — 0.1%** |  |  |
| Cementos Argos SA | 546045 | 1723127 |
| Corp. Financiera Colombiana SA<sup>(2)</sup> | 24838 | 116511 |
| Ecopetrol SA, ADR<sup>(1)</sup> | 836836 | 9949980 |
| Grupo Argos SA | 447352 | 1967300 |
| Grupo Cibest SA | 60684 | 1364420 |
| Grupo Cibest SA, ADR | 112176 | 7614507 |
| Grupo de Inversiones Suramericana SA | 131666 | 1901998 |
| Interconexion Electrica SA ESP | 457356 | 3415542 |
| Mineros SA | 484634 | 2575587 |
|  |  | 30628972 |
| **Czech Republic — 0.2%** |  |  |
| CEZ AS | 321621 | 18267218 |
| Komercni Banka AS | 185927 | 10657708 |
| Moneta Money Bank AS | 815550 | 7845956 |
|  |  | 36770882 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 10316181 | 27508458 |
| **Greece — 0.6%** |  |  |
| Aegean Airlines SA | 170162 | 2762438 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)(2)</sup> | 135247 | 1679809 |
| Alpha Bank SA | 4200833 | 18477039 |
| Athens International Airport SA | 84378 | 1140580 |
| Athens Water Supply & Sewage Co. SA | 3091 | 28645 |
| Autohellas Tourist & Trading SA | 2971 | 44748 |
| Cenergy Holdings SA | 16762 | 436548 |
| Eurobank SA | 3112232 | 14420404 |
| Fourlis Holdings SA | 364 | 1958 |
| GEK TERNA SA | 114460 | 4876536 |
| Hellenic Telecommunications Organization SA | 171817 | 3569001 |
| HELLENiQ ENERGY Holdings SA | 312643 | 3264504 |
| Holding Co. ADMIE IPTO SA | 165583 | 597607 |
| Intracom Holdings SA<sup>(1)</sup> | 50025 | 193251 |
| Jumbo SA | 126976 | 3720201 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LAMDA Development SA<sup>(2)</sup> | 105834 | $874622 |
| Motor Oil Hellas Corinth Refineries SA | 233700 | 10144634 |
| National Bank of Greece SA | 1090225 | 17734339 |
| OPAP Holding SA<sup>(1)</sup> | 135938 | 2541083 |
| Optima bank SA | 354635 | 4095015 |
| Piraeus Bank SA<sup>(2)</sup> | 2808948 | 26950713 |
| Public Power Corp. SA | 222958 | 4989583 |
| Titan SA | 84599 | 5249427 |
| Viohalco SA | 38076 | 711358 |
|  |  | 128504043 |
| **Hong Kong — 0.0%** |  |  |
| Amrita Global Development Ltd.<sup>(2)</sup> | 84000 | 107 |
| Brii Biosciences Ltd.<sup>(2)</sup> | 697000 | 139028 |
| Central China Management Co. Ltd.<sup>(2)</sup> | 499000 | 6251 |
| China General Education Group Ltd.<sup>(2)</sup> | 60000 | 21589 |
| China Harmony Auto Holding Ltd.<sup>(2)</sup> | 269500 | 33090 |
| China Rare Earth Holdings Ltd.<sup>(2)</sup> | 604000 | 27022 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 4046000 | 27668 |
| China Sunshine Paper Holdings Co. Ltd. | 645500 | 111293 |
| China Zhongwang Holdings Ltd.<sup>(1)(2)</sup> | 492912 | 630 |
| Coolpad Group Ltd.<sup>(2)</sup> | 46350 | 3893 |
| ETHK Labs, Inc.<sup>(2)</sup> | 3000 | 456 |
| EVA Precision Industrial Holdings Ltd. | 1202000 | 136529 |
| HBM Holdings Ltd.<sup>(2)</sup> | 739000 | 1149932 |
| Hebei Construction Group Corp. Ltd., H Shares<sup>(2)</sup> | 31500 | 1575 |
| Homeland Interactive Technology Ltd.<sup>(2)</sup> | 142000 | 24138 |
| Jiayuan International Group Ltd.<sup>(1)(2)</sup> | 2194000 | 2804 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 6422000 | 131339 |
| Minsheng Education Group Co. Ltd.<sup>(2)</sup> | 254000 | 6166 |
| Mobvista, Inc.<sup>(2)</sup> | 142000 | 214746 |
| NH Health<sup>(1)(2)</sup> | 127500 | 163 |
| Redco Properties Group Ltd.<sup>(1)(2)</sup> | 44000 | 947 |
| Road King Infrastructure Ltd.<sup>(2)</sup> | 27000 | 2309 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(2)</sup> | 403600 | 15436 |
| Shanghai Pioneer Holding Ltd. | 123000 | 35377 |
| Shinsun Holdings Group Co. Ltd.<sup>(2)</sup> | 641000 | 819 |
| Trigiant Group Ltd.<sup>(2)</sup> | 28000 | 3007 |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(2)</sup> | 36500 | 12801 |
|  |  | 2109115 |
| **Hungary — 0.4%** |  |  |
| Magyar Telekom Telecommunications PLC | 614663 | 4168055 |
| MOL Hungarian Oil & Gas PLC | 1492053 | 16515574 |
| Opus Global Nyrt | 22843 | 38856 |
| OTP Bank Nyrt | 442515 | 54558735 |
| Richter Gedeon Nyrt | 200965 | 7538789 |
|  |  | 82820009 |
| **India — 13.7%** |  |  |
| 360 ONE WAM Ltd. | 122038 | 1482371 |
| 3M India Ltd. | 1537 | 633886 |
| 5Paisa Capital Ltd.<sup>(2)</sup> | 6149 | 21640 |
| 63 Moons Technologies Ltd. | 82458 | 548652 |
| Aarti Drugs Ltd. | 141929 | 573754 |
| Aarti Industries Ltd. | 748960 | 3685500 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aarti Pharmalabs Ltd. | 73726 | $587650 |
| Aavas Financiers Ltd.<sup>(2)</sup> | 88072 | 1245927 |
| ABB India Ltd. | 58692 | 3920560 |
| ACC Ltd. | 80944 | 1417987 |
| Accelya Solutions India Ltd. | 2877 | 37916 |
| Acme Solar Holdings Ltd. | 252172 | 654943 |
| Action Construction Equipment Ltd. | 67416 | 657292 |
| Adani Energy Solutions Ltd.<sup>(2)</sup> | 113297 | 1260762 |
| Adani Enterprises Ltd. | 69537 | 1654797 |
| Adani Enterprises Ltd.<sup>(2)</sup> | 8344 | 158330 |
| Adani Green Energy Ltd.<sup>(2)</sup> | 76081 | 793526 |
| Adani Ports & Special Economic Zone Ltd. | 893435 | 14956713 |
| Adani Power Ltd.<sup>(2)</sup> | 6631395 | 10231108 |
| Adani Total Gas Ltd. | 73941 | 416933 |
| Aditya Birla Capital Ltd.<sup>(2)</sup> | 451990 | 1712171 |
| Aditya Birla Fashion & Retail Ltd.<sup>(2)</sup> | 1325865 | 979228 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(2)</sup> | 287576 | 323250 |
| Aditya Birla Real Estate Ltd. | 22244 | 315911 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 209060 | 2056447 |
| Advanced Enzyme Technologies Ltd. | 16916 | 55862 |
| Aegis Logistics Ltd. | 155989 | 1181703 |
| Afcons Infrastructure Ltd. | 216054 | 694113 |
| Affle 3i Ltd.<sup>(2)</sup> | 3390 | 51348 |
| Agarwal Industrial Corp. Ltd. | 3766 | 22787 |
| AGI Greenpac Ltd. | 75359 | 443807 |
| AGI Infra Ltd. | 139795 | 469915 |
| AIA Engineering Ltd. | 57642 | 2441041 |
| Ajanta Pharma Ltd. | 135073 | 4451863 |
| Alembic Ltd. | 146783 | 148167 |
| Alembic Pharmaceuticals Ltd. | 58537 | 458524 |
| Alivus Life Sciences Ltd. | 81662 | 821144 |
| Alkem Laboratories Ltd. | 45203 | 2803261 |
| Alkyl Amines Chemicals | 10995 | 179728 |
| Allcargo Global Ltd.<sup>(2)</sup> | 421343 | 99435 |
| Allcargo Logistics Ltd.<sup>(2)</sup> | 421343 | 39212 |
| Allcargo Terminals Ltd.<sup>(2)</sup> | 89445 | 24550 |
| Alok Industries Ltd.<sup>(2)</sup> | 539944 | 85184 |
| Amara Raja Energy & Mobility Ltd. | 360620 | 3351454 |
| Amber Enterprises India Ltd.<sup>(2)</sup> | 49785 | 4367288 |
| Ambika Cotton Mills Ltd. | 1427 | 21213 |
| Ambuja Cements Ltd. | 537691 | 2955083 |
| Amrutanjan Health Care Ltd. | 2916 | 19130 |
| Anand Rathi Wealth Ltd. | 53607 | 1812713 |
| Anant Raj Ltd. | 360259 | 2101668 |
| Andhra Paper Ltd. | 123270 | 93349 |
| Andhra Sugars Ltd. | 39773 | 32339 |
| Angel One Ltd. | 2853320 | 7329373 |
| Antony Waste Handling Cell Ltd.<sup>(2)</sup> | 24475 | 132762 |
| Anup Engineering Ltd. | 7960 | 137864 |
| Anupam Rasayan India Ltd. | 13454 | 183462 |
| Apar Industries Ltd. | 56801 | 6990783 |
| Apcotex Industries Ltd. | 6865 | 27593 |
| APL Apollo Tubes Ltd. | 267684 | 6582386 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Apollo Hospitals Enterprise Ltd. | 119090 | $10256830 |
| Apollo Tyres Ltd. | 863886 | 4313662 |
| Aptech Ltd. | 37688 | 36212 |
| Aptus Value Housing Finance India Ltd. | 612251 | 1644085 |
| Archean Chemical Industries Ltd. | 241535 | 1531880 |
| Arkade Developers Ltd. | 197713 | 245167 |
| Arman Financial Services Ltd.<sup>(2)</sup> | 5535 | 95456 |
| Arvind Fashions Ltd. | 104332 | 507635 |
| Arvind Ltd. | 713631 | 2766523 |
| Arvind SmartSpaces Ltd. | 6068 | 36536 |
| Asahi India Glass Ltd. | 145256 | 1439349 |
| Ashapura Minechem Ltd. | 16082 | 93525 |
| Ashok Leyland Ltd. | 9522204 | 22111825 |
| Ashoka Buildcon Ltd.<sup>(2)</sup> | 439965 | 630841 |
| Asian Granito India Ltd.<sup>(2)</sup> | 362351 | 283975 |
| Asian Paints Ltd. | 420126 | 10993992 |
| ASK Automotive Ltd. | 4977 | 22764 |
| Associated Alcohols & Breweries Ltd. | 8714 | 77466 |
| Aster DM Healthcare Ltd. | 751065 | 5411476 |
| Astral Ltd. | 50132 | 920048 |
| AstraZeneca Pharma India Ltd. | 2704 | 263966 |
| Atul Ltd. | 10516 | 771169 |
| AU Small Finance Bank Ltd. | 684229 | 7204500 |
| Aurobindo Pharma Ltd. | 778302 | 10473777 |
| Avadh Sugar & Energy Ltd. | 12662 | 51968 |
| Avantel Ltd. | 35790 | 56496 |
| Avanti Feeds Ltd. | 251910 | 3575119 |
| Avenue Supermarts Ltd.<sup>(2)</sup> | 74081 | 3141701 |
| AvenuesAI Ltd.<sup>(2)</sup> | 2003909 | 366670 |
| Awfis Space Solutions Ltd.<sup>(2)</sup> | 58370 | 187703 |
| AWL Agri Business Ltd.<sup>(2)</sup> | 638135 | 1327926 |
| Axis Bank Ltd., GDR | 243904 | 18368052 |
| Baazar Style Retail Ltd.<sup>(2)</sup> | 2504 | 8447 |
| Bajaj Auto Ltd. | 71733 | 7869971 |
| Bajaj Consumer Care Ltd.<sup>(2)</sup> | 130751 | 568155 |
| Bajaj Electricals Ltd. | 87641 | 352057 |
| Bajaj Finance Ltd. | 5395959 | 59178126 |
| Bajaj Finserv Ltd. | 228370 | 5008207 |
| Bajaj Healthcare Ltd. | 63102 | 228922 |
| Bajaj Hindusthan Sugar Ltd.<sup>(2)</sup> | 3176438 | 564863 |
| Bajel Projects Ltd.<sup>(2)</sup> | 88904 | 157659 |
| Balaji Amines Ltd. | 28974 | 346120 |
| Balkrishna Industries Ltd. | 128185 | 3363738 |
| Balmer Lawrie & Co. Ltd. | 25352 | 50614 |
| Balrampur Chini Mills Ltd. | 286557 | 1484356 |
| Banco Products India Ltd. | 100555 | 689762 |
| Bandhan Bank Ltd. | 2959553 | 5926329 |
| Bank of Baroda | 2160550 | 7653990 |
| Bank of Maharashtra | 1475821 | 1213792 |
| BASF India Ltd. | 9967 | 378564 |
| Bata India Ltd. | 198945 | 1726182 |
| Bayer CropScience Ltd. | 26053 | 1337789 |
| Belrise Industries Ltd. | 1221219 | 2525267 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BEML Ltd. | 96516 | $1784970 |
| Berger Paints India Ltd. | 60972 | 305513 |
| Best Agrolife Ltd. | 192510 | 34252 |
| Bhansali Engineering Polymers Ltd. | 129552 | 116003 |
| Bharat Bijlee Ltd. | 9093 | 244919 |
| Bharat Electronics Ltd. | 8840604 | 43287554 |
| Bharat Forge Ltd. | 598367 | 12597442 |
| Bharat Heavy Electricals Ltd. | 2052354 | 5980433 |
| Bharat Petroleum Corp. Ltd. | 3502633 | 14839065 |
| Bharat Rasayan Ltd. | 6128 | 101846 |
| Bharat Wire Ropes Ltd.<sup>(2)</sup> | 16593 | 32540 |
| Bharti Airtel Ltd. | 232596 | 4815849 |
| Bharti Airtel Ltd. | 16614 | 269920 |
| Bikaji Foods International Ltd. | 61898 | 434724 |
| Biocon Ltd. | 135299 | 581002 |
| Birla Corp. Ltd. | 85732 | 942520 |
| BirlaNu Ltd. | 1459 | 24188 |
| Birlasoft Ltd. | 150635 | 647291 |
| Bliss Gvs Pharma Ltd. | 197350 | 460203 |
| BLS International Services Ltd. | 111562 | 342607 |
| Blue Dart Express Ltd. | 15136 | 945789 |
| Blue Jet Healthcare Ltd. | 2392 | 10695 |
| Blue Star Ltd. | 210116 | 4478230 |
| Bluspring Enterprises Ltd.<sup>(2)</sup> | 100075 | 56168 |
| Bombay Burmah Trading Co. | 83761 | 1561205 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 334800 | 418053 |
| Bosch Ltd. | 1131 | 452997 |
| Brigade Enterprises Ltd. | 279755 | 2135258 |
| Brightcom Group Ltd.<sup>(2)</sup> | 2954015 | 347557 |
| Britannia Industries Ltd. | 167398 | 11048655 |
| BSE Ltd. | 705712 | 21055023 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(2)</sup> | 136 | 899 |
| Camlin Fine Sciences Ltd.<sup>(2)</sup> | 89292 | 145049 |
| Campus Activewear Ltd. | 63542 | 181448 |
| Can Fin Homes Ltd. | 410778 | 3814788 |
| Canara Bank | 6562482 | 11361049 |
| Capacit'e Infraprojects Ltd.<sup>(2)</sup> | 131920 | 352521 |
| Caplin Point Laboratories Ltd. | 7672 | 143870 |
| Capri Global Capital Ltd. | 205176 | 360482 |
| Carborundum Universal Ltd. | 41096 | 372667 |
| Care Ratings Ltd. | 21442 | 379699 |
| Castrol India Ltd. | 1575258 | 3237601 |
| Ceat Ltd. | 131803 | 5118258 |
| Ceigall India Ltd.<sup>(2)</sup> | 45169 | 141122 |
| Cemindia Projects Ltd. | 447475 | 2836972 |
| Central Depository Services India Ltd. | 221216 | 3099101 |
| Century Enka Ltd. | 6013 | 28670 |
| Century Plyboards India Ltd. | 38292 | 309702 |
| CESC Ltd. | 1088999 | 1894449 |
| CG Power & Industrial Solutions Ltd. | 514401 | 4101082 |
| Chalet Hotels Ltd. | 118463 | 1052675 |
| Chambal Fertilisers & Chemicals Ltd. | 780232 | 3964233 |
| Chemplast Sanmar Ltd.<sup>(2)</sup> | 97604 | 264360 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chennai Petroleum Corp. Ltd. | 466568 | $4935768 |
| Cholamandalam Financial Holdings Ltd. | 90722 | 1631238 |
| Cholamandalam Investment & Finance Co. Ltd. | 926001 | 17643094 |
| CIE Automotive India Ltd. | 199857 | 1037698 |
| Cigniti Technologies Ltd.<sup>(2)</sup> | 32004 | 414673 |
| Cipla Ltd. | 634640 | 9424387 |
| City Union Bank Ltd. | 1510091 | 4700519 |
| Clean Science & Technology Ltd. | 20980 | 169731 |
| CMS Info Systems Ltd. | 345007 | 1151891 |
| Coal India Ltd. | 5376754 | 25472278 |
| Cochin Shipyard Ltd. | 243522 | 3994367 |
| Coffee Day Enterprises Ltd.<sup>(2)</sup> | 302992 | 100996 |
| Coforge Ltd. | 122231 | 1600179 |
| Cohance Lifesciences Ltd.<sup>(2)</sup> | 103823 | 353722 |
| Colgate-Palmolive India Ltd. | 283443 | 7028832 |
| Computer Age Management Services Ltd. | 540524 | 4033464 |
| Confidence Petroleum India Ltd. | 84023 | 29328 |
| Container Corp. of India Ltd. | 185356 | 1010872 |
| Coromandel International Ltd. | 336178 | 8210100 |
| Cosmo First Ltd. | 36082 | 282040 |
| Craftsman Automation Ltd. | 54245 | 4490858 |
| CreditAccess Grameen Ltd.<sup>(2)</sup> | 306633 | 4270420 |
| CRISIL Ltd. | 18124 | 872125 |
| Crompton Greaves Consumer Electricals Ltd. | 570588 | 1619896 |
| CSB Bank Ltd.<sup>(2)</sup> | 176207 | 770008 |
| Cummins India Ltd. | 220438 | 11887530 |
| Cyient Ltd. | 311957 | 3145220 |
| Dabur India Ltd. | 596896 | 3404020 |
| Dalmia Bharat Ltd. | 55659 | 1219296 |
| Dalmia Bharat Refractories Ltd.<sup>(2)</sup> | 424 | 45 |
| Dalmia Bharat Sugar & Industries Ltd. | 20459 | 67958 |
| DAM Capital Advisors Ltd. | 51701 | 85498 |
| Datamatics Global Services Ltd. | 30145 | 255866 |
| DB Corp. Ltd. | 130929 | 324267 |
| DCB Bank Ltd. | 735635 | 1503069 |
| DCM Shriram Fine Chemicals Ltd.<sup>(2)</sup> | 25127 | 8816 |
| DCM Shriram Industries Ltd. | 25127 | 10041 |
| DCM Shriram International Ltd.<sup>(2)</sup> | 25127 | 17585 |
| DCM Shriram Ltd. | 96581 | 1100985 |
| DCW Ltd. | 42776 | 22364 |
| Dcx Systems Ltd.<sup>(2)</sup> | 52036 | 101687 |
| Deccan Cements Ltd. | 2682 | 21785 |
| Deep Industries Ltd. | 15976 | 60994 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 328993 | 3606166 |
| Deepak Nitrite Ltd. | 77576 | 1347385 |
| Delta Corp. Ltd. | 54099 | 36434 |
| DEN Networks Ltd.<sup>(2)</sup> | 238517 | 73623 |
| Devyani International Ltd.<sup>(2)</sup> | 500752 | 702448 |
| Dhampur Bio Organics Ltd. | 14248 | 16112 |
| Dhampur Sugar Mills Ltd.<sup>(2)</sup> | 63645 | 88661 |
| Dhanuka Agritech Ltd. | 32902 | 367562 |
| Digitide Solutions Ltd.<sup>(2)</sup> | 100075 | 108330 |
| Dilip Buildcon Ltd. | 113637 | 519958 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dish TV India Ltd.<sup>(2)</sup> | 4731105 | $150399 |
| Dishman Carbogen Amcis Ltd.<sup>(2)</sup> | 152040 | 292622 |
| Divi's Laboratories Ltd. | 59268 | 4183262 |
| Dixon Technologies India Ltd. | 34644 | 4016094 |
| DLF Ltd. | 488357 | 3244912 |
| D-Link India Ltd. | 82166 | 382209 |
| Dodla Dairy Ltd. | 9884 | 127049 |
| Dolat Algotech Ltd. | 29070 | 23998 |
| Dollar Industries Ltd. | 16194 | 52279 |
| Dr. Lal PathLabs Ltd. | 118958 | 1836293 |
| Dr. Reddy's Laboratories Ltd., ADR | 1572490 | 22612406 |
| Dwarikesh Sugar Industries Ltd. | 234218 | 96096 |
| eClerx Services Ltd. | 97870 | 3418557 |
| Ecos India Mobility & Hospitality Ltd. | 19168 | 32270 |
| Edelweiss Financial Services Ltd. | 1983913 | 2496624 |
| Eicher Motors Ltd. | 65013 | 5728803 |
| EID Parry India Ltd.<sup>(2)</sup> | 390332 | 3716925 |
| EIH Ltd. | 194953 | 671875 |
| Elecon Engineering Co. Ltd. | 291511 | 1335278 |
| Electrosteel Castings Ltd. | 550986 | 419118 |
| Elgi Equipments Ltd. | 143158 | 842624 |
| Emami Ltd. | 537733 | 2736984 |
| Embassy Developments Ltd.<sup>(2)</sup> | 963098 | 640229 |
| Endurance Technologies Ltd. | 76465 | 2242054 |
| Engineers India Ltd. | 1310992 | 3197902 |
| Entertainment Network India Ltd. | 5881 | 6835 |
| Enviro Infra Engineers Ltd.<sup>(2)</sup> | 96638 | 167986 |
| Epack Durable Ltd.<sup>(2)</sup> | 87468 | 238564 |
| Epigral Ltd. | 44540 | 436684 |
| EPL Ltd. | 608707 | 1455912 |
| Equitas Small Finance Bank Ltd.<sup>(2)</sup> | 1753295 | 1241518 |
| Eris Lifesciences Ltd.<sup>(2)</sup> | 33833 | 507011 |
| Escorts Kubota Ltd. | 32530 | 1258738 |
| Ester Industries Ltd. | 21161 | 24611 |
| Eternal Ltd.<sup>(2)</sup> | 1234315 | 3340217 |
| Eveready Industries India Ltd. | 144726 | 528009 |
| Everest Industries Ltd. | 9022 | 38621 |
| Everest Kanto Cylinder Ltd. | 89938 | 110970 |
| Excel Industries Ltd. | 2396 | 25110 |
| Exide Industries Ltd. | 908867 | 3343119 |
| FDC Ltd. | 32405 | 127280 |
| Fedbank Financial Services Ltd.<sup>(2)</sup> | 116650 | 167877 |
| Federal Bank Ltd. | 5364040 | 17699363 |
| Federal-Mogul Goetze India Ltd.<sup>(2)</sup> | 21614 | 96734 |
| FIEM Industries Ltd. | 59637 | 1430147 |
| Filatex India Ltd. | 263253 | 125784 |
| Fine Organic Industries Ltd. | 23519 | 1217861 |
| Fineotex Chemical Ltd. | 132850 | 34498 |
| Fino Payments Bank Ltd.<sup>(2)</sup> | 10017 | 21211 |
| Finolex Cables Ltd. | 121333 | 1218418 |
| Finolex Industries Ltd. | 842236 | 1715821 |
| Firstsource Solutions Ltd. | 31653 | 74333 |
| Five-Star Business Finance Ltd. | 513315 | 2356473 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Force Motors Ltd. | 20222 | $5420284 |
| Fortis Healthcare Ltd. | 478694 | 4969836 |
| FSN E-Commerce Ventures Ltd.<sup>(2)</sup> | 167526 | 490973 |
| Fusion Finance Ltd.<sup>(2)</sup> | 54033 | 112082 |
| G R Infraprojects Ltd. | 28647 | 300718 |
| Gabriel India Ltd. | 196041 | 2154314 |
| GAIL India Ltd. | 4839033 | 9029612 |
| Galaxy Surfactants Ltd. | 4170 | 90195 |
| Ganesha Ecosphere Ltd. | 2544 | 21598 |
| Garden Reach Shipbuilders & Engineers Ltd. | 68109 | 1822157 |
| Garware Hi-Tech Films Ltd. | 3500 | 163388 |
| Garware Technical Fibres Ltd. | 3040 | 21500 |
| Gateway Distriparks Ltd. | 261246 | 169056 |
| GE Vernova T&D India Ltd. | 201060 | 8509405 |
| General Insurance Corp. of India | 46922 | 197442 |
| Geojit Financial Services Ltd. | 278250 | 193352 |
| GHCL Ltd. | 255584 | 1345491 |
| GHCL Textiles Ltd. | 160202 | 134716 |
| GIC Housing Finance Ltd. | 50686 | 86081 |
| Gillette India Ltd. | 13365 | 1226244 |
| Gland Pharma Ltd. | 46023 | 924530 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 48512 | 1373680 |
| Glenmark Pharmaceuticals Ltd. | 487301 | 11451067 |
| Global Health Ltd. | 103480 | 1295513 |
| Globus Spirits Ltd. | 37505 | 369073 |
| GM Breweries Ltd. | 58750 | 643748 |
| GMM Pfaudler Ltd. | 74889 | 768232 |
| GMR Airports Ltd.<sup>(2)</sup> | 1683398 | 1865168 |
| Go Fashion India Ltd.<sup>(2)</sup> | 6919 | 23615 |
| Godawari Power & Ispat Ltd. | 2325082 | 6810522 |
| Godrej Agrovet Ltd. | 151466 | 1067268 |
| Godrej Consumer Products Ltd. | 437757 | 5863383 |
| Godrej Properties Ltd.<sup>(2)</sup> | 121674 | 2317145 |
| Gokaldas Exports Ltd.<sup>(2)</sup> | 165113 | 1168433 |
| Gokul Agro Resources Ltd.<sup>(2)</sup> | 441466 | 823839 |
| Goldiam International Ltd. | 74001 | 286984 |
| Goodluck India Ltd. | 8825 | 114239 |
| Goodyear India Ltd. | 1471 | 12919 |
| Gopal Snacks Ltd. | 7846 | 25752 |
| GPT Healthcare Ltd. | 39189 | 54523 |
| Granules India Ltd. | 692792 | 4449638 |
| Graphite India Ltd. | 264603 | 2090034 |
| Grasim Industries Ltd. | 238437 | 7342199 |
| Great Eastern Shipping Co. Ltd. | 574737 | 8462413 |
| Greaves Cotton Ltd. | 144611 | 243266 |
| Greenpanel Industries Ltd.<sup>(2)</sup> | 123529 | 280076 |
| Greenply Industries Ltd. | 67865 | 164772 |
| Grindwell Norton Ltd. | 9735 | 177953 |
| Gujarat Alkalies & Chemicals Ltd. | 28265 | 148535 |
| Gujarat Ambuja Exports Ltd. | 536238 | 831816 |
| Gujarat Fluorochemicals Ltd. | 8720 | 334507 |
| Gujarat Gas Ltd. | 179693 | 804495 |
| Gujarat Industries Power Co. Ltd. | 194745 | 302751 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gujarat Mineral Development Corp. Ltd. | 359507 | $2252808 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 386149 | 1936762 |
| Gujarat Pipavav Port Ltd. | 2220896 | 4316937 |
| Gujarat State Fertilizers & Chemicals Ltd. | 1428796 | 2658984 |
| Gujarat State Petronet Ltd. | 1052556 | 3526799 |
| Gulf Oil Lubricants India Ltd. | 67328 | 818006 |
| Happy Forgings Ltd. | 5441 | 79852 |
| Hathway Cable & Datacom Ltd.<sup>(2)</sup> | 1797465 | 212254 |
| Havells India Ltd. | 292893 | 4499667 |
| HBL Engineering Ltd. | 133190 | 1003694 |
| HCL Technologies Ltd. | 2130542 | 32611149 |
| HDFC Asset Management Co. Ltd. | 271000 | 8043395 |
| HDFC Bank Ltd. | 13272472 | 129738423 |
| HDFC Life Insurance Co. Ltd. | 456978 | 3595361 |
| HealthCare Global Enterprises Ltd.<sup>(2)</sup> | 67197 | 425219 |
| HEG Ltd. | 130564 | 829110 |
| HeidelbergCement India Ltd. | 131607 | 236813 |
| Heritage Foods Ltd. | 299486 | 1049493 |
| Hero MotoCorp Ltd. | 383294 | 24084012 |
| Hexaware Technologies Ltd. | 171909 | 896727 |
| HFCL Ltd. | 583887 | 440225 |
| HG Infra Engineering Ltd. | 49779 | 296407 |
| Hikal Ltd. | 65233 | 141285 |
| Himadri Speciality Chemical Ltd., ADR | 323545 | 1727835 |
| Himatsingka Seide Ltd. | 189875 | 209122 |
| Hindalco Industries Ltd. | 4640540 | 47227474 |
| Hinduja Global Solutions Ltd.<sup>(2)</sup> | 6189 | 25662 |
| Hindustan Aeronautics Ltd. | 193613 | 8336019 |
| Hindustan Construction Co. Ltd.<sup>(2)</sup> | 235820 | 45180 |
| Hindustan Copper Ltd. | 790667 | 4929270 |
| Hindustan Oil Exploration Co. Ltd.<sup>(2)</sup> | 193026 | 278207 |
| Hindustan Petroleum Corp. Ltd. | 4440259 | 21416786 |
| Hindustan Unilever Ltd. | 451048 | 11596877 |
| Hindware Home Innovation Ltd.<sup>(2)</sup> | 53383 | 133931 |
| Hitachi Energy India Ltd. | 18043 | 5074651 |
| HI-Tech Pipes Ltd. | 165959 | 160941 |
| Home First Finance Co. India Ltd. | 51593 | 615043 |
| Housing & Urban Development Corp. Ltd. | 202810 | 416640 |
| Hubtown Ltd.<sup>(2)</sup> | 173419 | 409280 |
| Huhtamaki India Ltd. | 34953 | 67878 |
| Hyundai Motor India Ltd. | 248981 | 5931646 |
| I G Petrochemicals Ltd. | 7893 | 31440 |
| ICICI Bank Ltd. | 628319 | 9554662 |
| ICICI Bank Ltd., ADR | 4538838 | 138479947 |
| ICICI Lombard General Insurance Co. Ltd. | 132921 | 2781876 |
| ICICI Prudential Life Insurance Co. Ltd. | 108937 | 784344 |
| IDFC First Bank Ltd. | 10993865 | 8887020 |
| IFCI Ltd.<sup>(2)</sup> | 1521768 | 1005667 |
| IIFL Capital Services Ltd. | 766425 | 2435966 |
| IIFL Finance Ltd. | 1355523 | 7405911 |
| India Cements Ltd.<sup>(2)</sup> | 180733 | 805192 |
| India Glycols Ltd. | 120616 | 1276414 |
| India Pesticides Ltd. | 37916 | 65766 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| India Shelter Finance Corp. Ltd. | 25606 | $206633 |
| Indiabulls Ltd.<sup>(2)</sup> | 2140534 | 246411 |
| IndiaMart InterMesh Ltd. | 74659 | 1754068 |
| Indian Bank | 276481 | 3013113 |
| Indian Energy Exchange Ltd. | 1222790 | 1690676 |
| Indian Hotels Co. Ltd. | 764508 | 5613989 |
| Indian Hume Pipe Co. Ltd. | 14892 | 54478 |
| Indian Metals & Ferro Alloys Ltd. | 22223 | 309556 |
| Indian Oil Corp. Ltd. | 4127345 | 8507173 |
| Indian Overseas Bank<sup>(2)</sup> | 35971 | 14431 |
| Indian Railway Catering & Tourism Corp. Ltd. | 249867 | 1566953 |
| Indian Renewable Energy Development Agency Ltd.<sup>(2)</sup> | 1514717 | 2038221 |
| Indigo Paints Ltd. | 803 | 8281 |
| IndiGrid Infrastructure Trust | 412790 | 754649 |
| Indo Count Industries Ltd. | 209651 | 615331 |
| Indoco Remedies Ltd. | 15023 | 33438 |
| IndoStar Capital Finance Ltd.<sup>(2)</sup> | 34560 | 85270 |
| Indraprastha Gas Ltd. | 1489539 | 2800940 |
| Indraprastha Medical Corp. Ltd. | 182937 | 811508 |
| Indus Towers Ltd.<sup>(2)</sup> | 5807623 | 29097481 |
| IndusInd Bank Ltd.<sup>(2)</sup> | 1617415 | 17019175 |
| Info Edge India Ltd. | 552424 | 6257285 |
| Infosys Ltd., ADR<sup>(1)</sup> | 5272325 | 76132373 |
| Inox Green Energy Services Ltd.<sup>(2)</sup> | 75290 | 140158 |
| INOX India Ltd. | 15201 | 194544 |
| Insecticides India Ltd. | 3039 | 20777 |
| Intellect Design Arena Ltd. | 155486 | 1195225 |
| Interarch Building Solutions Ltd. | 1366 | 28242 |
| InterGlobe Aviation Ltd. | 161076 | 8570512 |
| International Gemmological Institute India Ltd. | 4965 | 18067 |
| Inventurus Knowledge Solutions Ltd.<sup>(2)</sup> | 9583 | 145265 |
| IOL Chemicals & Pharmaceuticals Ltd. | 728359 | 586726 |
| ION Exchange India Ltd. | 81844 | 328077 |
| Ipca Laboratories Ltd. | 70674 | 1189624 |
| IRB Infrastructure Developers Ltd. | 4811601 | 2208213 |
| IRCON International Ltd. | 814550 | 1289199 |
| ISGEC Heavy Engineering Ltd. | 24084 | 235255 |
| ITC Hotels Ltd.<sup>(2)</sup> | 1378731 | 2672092 |
| J Kumar Infraprojects Ltd. | 83943 | 487826 |
| Jagran Prakashan Ltd. | 44477 | 31026 |
| Jai Balaji Industries Ltd.<sup>(2)</sup> | 748040 | 568181 |
| Jai Corp. Ltd. | 112864 | 137458 |
| Jain Irrigation Systems Ltd.<sup>(2)</sup> | 478966 | 185234 |
| Jaiprakash Associates Ltd.<sup>(2)</sup> | 521016 | 16320 |
| Jaiprakash Power Ventures Ltd.<sup>(2)</sup> | 18057026 | 3027460 |
| Jammu & Kashmir Bank Ltd. | 2916139 | 3894207 |
| Jamna Auto Industries Ltd. | 1760426 | 2857045 |
| Jana Small Finance Bank Ltd.<sup>(2)</sup> | 51704 | 210867 |
| Jay Bharat Maruti Ltd. | 18175 | 21405 |
| JB Chemicals & Pharmaceuticals Ltd. | 207139 | 4672943 |
| JBM Auto Ltd. | 139112 | 844478 |
| Jindal Drilling & Industries Ltd. | 6849 | 33559 |
| Jindal Poly Films Ltd. | 9031 | 61256 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jindal Saw Ltd. | 945045 | $1928540 |
| Jindal Stainless Ltd. | 756900 | 6470648 |
| Jindal Steel Ltd. | 715469 | 9796937 |
| Jio Financial Services Ltd. | 3634832 | 10220700 |
| JK Cement Ltd. | 99482 | 6191569 |
| JK Lakshmi Cement Ltd. | 325669 | 2559109 |
| JK Paper Ltd. | 534351 | 2128615 |
| JK Tyre & Industries Ltd. | 390317 | 2152619 |
| JM Financial Ltd. | 1794479 | 2521523 |
| JSW Energy Ltd. | 573128 | 3074515 |
| JSW Steel Ltd. | 510243 | 7106719 |
| JTEKT India Ltd. | 75766 | 124394 |
| Jubilant Foodworks Ltd. | 494012 | 2825358 |
| Jubilant Ingrevia Ltd. | 163322 | 1052497 |
| Jubilant Pharmova Ltd. | 103086 | 982342 |
| Just Dial Ltd.<sup>(2)</sup> | 64386 | 389216 |
| Jyothy Labs Ltd. | 6912 | 19310 |
| Jyoti Structures Ltd.<sup>(2)</sup> | 356639 | 49275 |
| Kajaria Ceramics Ltd. | 309200 | 3255312 |
| Kalpataru Projects International Ltd. | 243548 | 3322612 |
| Kalyan Jewellers India Ltd. | 237790 | 1073619 |
| Kalyani Steels Ltd. | 17306 | 142680 |
| Kamdhenu Ltd. | 85780 | 21653 |
| Kansai Nerolac Paints Ltd. | 36073 | 80709 |
| Karnataka Bank Ltd. | 706676 | 1577195 |
| Karur Vysya Bank Ltd. | 2394045 | 8589053 |
| Kaveri Seed Co. Ltd. | 116957 | 994879 |
| KCP Ltd. | 184233 | 320935 |
| KEC International Ltd. | 303032 | 1947732 |
| KEI Industries Ltd. | 53954 | 3015971 |
| Kellton Tech Solutions Ltd.<sup>(2)</sup> | 106695 | 22559 |
| Kennametal India Ltd. | 3609 | 95999 |
| Kfin Technologies Ltd. | 153670 | 1618810 |
| Kiri Industries Ltd.<sup>(2)</sup> | 65827 | 328384 |
| Kirloskar Brothers Ltd. | 88451 | 1540957 |
| Kirloskar Ferrous Industries Ltd. | 65501 | 286298 |
| Kirloskar Oil Engines Ltd. | 322054 | 4936253 |
| Kirloskar Pneumatic Co. Ltd. | 11622 | 148678 |
| Kitex Garments Ltd. | 59043 | 119120 |
| KNR Constructions Ltd. | 291651 | 425089 |
| Kolte-Patil Developers Ltd.<sup>(2)</sup> | 28083 | 109527 |
| Kopran Ltd. | 44402 | 64504 |
| Kotak Mahindra Bank Ltd. | 9626162 | 43993174 |
| KPI Green Energy Ltd. | 156258 | 664482 |
| KPIT Technologies Ltd. | 263301 | 2237887 |
| KPR Mill Ltd. | 220441 | 2182562 |
| KRBL Ltd. | 416005 | 1555606 |
| Krishna Institute of Medical Sciences Ltd.<sup>(2)</sup> | 218519 | 1793420 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(2)</sup> | 25865 | 284319 |
| Kwality Wall's India Ltd.<sup>(2)</sup> | 5450980 | 1565019 |
| L&T Finance Ltd. | 3486530 | 10892943 |
| L&T Technology Services Ltd. | 5165 | 199541 |
| LA Opala RG Ltd. | 18529 | 42064 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Landmark Cars Ltd. | 13672 | $62139 |
| Larsen & Toubro Ltd. | 1534147 | 72175234 |
| Laurus Labs Ltd. | 421754 | 5000300 |
| Laxmi Organic Industries Ltd. | 292354 | 405540 |
| Lemon Tree Hotels Ltd.<sup>(2)</sup> | 74871 | 93694 |
| LG Balakrishnan & Bros Ltd. | 53853 | 1153434 |
| LIC Housing Finance Ltd. | 1160790 | 6870379 |
| Lincoln Pharmaceuticals Ltd. | 19446 | 134971 |
| Linde India Ltd. | 5307 | 393189 |
| Lloyds Metals & Energy Ltd. | 55641 | 755477 |
| Lodha Developers Ltd. | 157867 | 1717977 |
| LT Foods Ltd. | 331147 | 1468285 |
| LTIMindtree Ltd. | 85674 | 4215318 |
| Lumax Auto Technologies Ltd. | 10855 | 209876 |
| Lupin Ltd. | 278186 | 7070711 |
| LUX Industries Ltd. | 2069 | 20519 |
| Mahanagar Gas Ltd. | 349224 | 4686915 |
| Maharashtra Scooters Ltd. | 5232 | 763222 |
| Maharashtra Seamless Ltd. | 170396 | 1052425 |
| Mahindra & Mahindra Financial Services Ltd. | 2066156 | 8509103 |
| Mahindra & Mahindra Ltd. | 1808656 | 67601074 |
| Mahindra Holidays & Resorts India Ltd.<sup>(2)</sup> | 82579 | 258249 |
| Mahindra Lifespace Developers Ltd. | 2717 | 10704 |
| Mahindra Logistics Ltd. | 65786 | 299717 |
| Maithan Alloys Ltd. | 8659 | 95601 |
| Man Industries India Ltd.<sup>(2)</sup> | 43271 | 219984 |
| Man Infraconstruction Ltd. | 221461 | 258881 |
| Manali Petrochemicals Ltd. | 80005 | 48782 |
| Manappuram Finance Ltd. | 2578098 | 8020743 |
| Mangalam Cement Ltd. | 26875 | 269211 |
| Mankind Pharma Ltd. | 73638 | 1821980 |
| Marathon Nextgen Realty Ltd. | 3991 | 19024 |
| Marico Ltd. | 755285 | 6549155 |
| Marksans Pharma Ltd. | 183558 | 352643 |
| Maruti Suzuki India Ltd. | 256903 | 41997064 |
| MAS Financial Services Ltd. | 47929 | 171107 |
| Max Financial Services Ltd.<sup>(2)</sup> | 527133 | 10511941 |
| Max Healthcare Institute Ltd. | 460837 | 5547048 |
| Mayur Uniquoters Ltd. | 8685 | 50824 |
| Mazagon Dock Shipbuilders Ltd. | 29754 | 727835 |
| Medi Assist Healthcare Services Ltd.<sup>(2)</sup> | 18308 | 74684 |
| Medplus Health Services Ltd.<sup>(2)</sup> | 95648 | 891903 |
| Meghmani Organics Ltd.<sup>(2)</sup> | 270888 | 157326 |
| Metropolis Healthcare Ltd. | 17604 | 369825 |
| Minda Corp. Ltd. | 252497 | 1544185 |
| Mirza International Ltd.<sup>(2)</sup> | 31525 | 11915 |
| Mishra Dhatu Nigam Ltd. | 22478 | 85759 |
| MM Forgings Ltd. | 13741 | 69389 |
| MOIL Ltd. | 96438 | 326158 |
| Mold-Tek Packaging Ltd. | 5587 | 35437 |
| Monarch Networth Capital Ltd. | 1615 | 4972 |
| Motherson Sumi Wiring India Ltd. | 3691718 | 1756386 |
| Motilal Oswal Financial Services Ltd. | 520721 | 4156599 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mphasis Ltd. | 227691 | $5755772 |
| MRF Ltd. | 7622 | 11819121 |
| Mrs Bectors Food Specialities Ltd. | 239666 | 550040 |
| MSTC Ltd. | 50241 | 252972 |
| Multi Commodity Exchange of India Ltd. | 359686 | 9678324 |
| Muthoot Finance Ltd. | 312363 | 11528270 |
| Muthoot Microfin Ltd.<sup>(2)</sup> | 15489 | 28761 |
| Narayana Hrudayalaya Ltd. | 222367 | 4473926 |
| Natco Pharma Ltd. | 443385 | 4823412 |
| National Aluminium Co. Ltd. | 2650820 | 10342880 |
| National Fertilizers Ltd. | 238147 | 202709 |
| Nava Ltd. | 632593 | 4142551 |
| Navin Fluorine International Ltd. | 100346 | 6911809 |
| Navneet Education Ltd. | 41109 | 66364 |
| NBCC India Ltd. | 3827300 | 3901151 |
| NCC Ltd. | 1800040 | 3027229 |
| NCL Industries Ltd. | 7144 | 14612 |
| NDR Auto Components Ltd. | 6526 | 54157 |
| NELCO Ltd. | 16366 | 111959 |
| NESCO Ltd. | 77025 | 952118 |
| Nestle India Ltd. | 422299 | 6000723 |
| Network18 Media & Investments Ltd.<sup>(2)</sup> | 2914366 | 1068953 |
| Neuland Laboratories Ltd. | 13136 | 1855541 |
| New Delhi Television Ltd.<sup>(2)</sup> | 33028 | 29075 |
| Newgen Software Technologies Ltd. | 9676 | 54182 |
| NHPC Ltd. | 6660230 | 5517478 |
| NIIT Learning Systems Ltd. | 51614 | 191515 |
| NIIT Ltd. | 47453 | 37374 |
| Nilkamal Ltd. | 800 | 12096 |
| Nippon Life India Asset Management Ltd. | 538306 | 5513994 |
| Nitin Spinners Ltd. | 7074 | 29558 |
| NLC India Ltd. | 1228812 | 3517597 |
| NMDC Ltd. | 10513185 | 9460601 |
| NMDC Steel Ltd.<sup>(2)</sup> | 1064136 | 474976 |
| NOCIL Ltd. | 194561 | 309171 |
| Northern Arc Capital Ltd.<sup>(2)</sup> | 437126 | 1212905 |
| NRB Bearings Ltd. | 11401 | 34022 |
| NTPC Ltd. | 11530783 | 48466591 |
| Nuvama Wealth Management Ltd. | 319997 | 4382244 |
| Nuvoco Vistas Corp. Ltd.<sup>(2)</sup> | 156707 | 565198 |
| Oberoi Realty Ltd. | 167543 | 2808076 |
| Oil & Natural Gas Corp. Ltd. | 7714819 | 23777033 |
| Oil India Ltd. | 1854864 | 9890563 |
| Ola Electric Mobility Ltd.<sup>(2)</sup> | 385830 | 106988 |
| One 97 Communications Ltd.<sup>(2)</sup> | 289697 | 3502956 |
| Onesource Specialty Pharma Ltd.<sup>(2)</sup> | 96404 | 1427236 |
| OnMobile Global Ltd.<sup>(2)</sup> | 15331 | 8581 |
| Oracle Financial Services Software Ltd. | 57935 | 4433667 |
| Orient Cement Ltd. | 180679 | 306271 |
| Orient Electric Ltd. | 144629 | 294556 |
| Orient Green Power Co. Ltd.<sup>(2)</sup> | 1766617 | 192051 |
| Orient Paper & Industries Ltd.<sup>(2)</sup> | 159394 | 32802 |
| Oriental Hotels Ltd. | 53853 | 60199 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Orissa Minerals Development Co. Ltd.<sup>(2)</sup> | 4795 | $217769 |
| Page Industries Ltd. | 6798 | 2401974 |
| Paisalo Digital Ltd. | 1120603 | 439066 |
| Panama Petrochem Ltd. | 34083 | 105589 |
| Paradeep Phosphates Ltd. | 2589461 | 3468258 |
| Parag Milk Foods Ltd. | 113340 | 252607 |
| Patel Engineering Ltd.<sup>(2)</sup> | 782745 | 237542 |
| PB Fintech Ltd.<sup>(2)</sup> | 198383 | 3232625 |
| PC Jeweller Ltd.<sup>(2)</sup> | 1817620 | 198552 |
| PCBL Chemical Ltd. | 578080 | 1969428 |
| PDS Ltd. | 25752 | 86296 |
| Pearl Global Industries Ltd. | 39630 | 673779 |
| Peninsula Land Ltd.<sup>(2)</sup> | 41680 | 8366 |
| Pennar Industries Ltd.<sup>(2)</sup> | 276607 | 455105 |
| Persistent Systems Ltd. | 104700 | 5463945 |
| Petronet LNG Ltd. | 2306555 | 8201110 |
| Phoenix Mills Ltd. | 125310 | 2287783 |
| PI Industries Ltd. | 107999 | 3705969 |
| Pidilite Industries Ltd. | 213682 | 3507532 |
| Piramal Finance Ltd.<sup>(2)</sup> | 242464 | 4644766 |
| Piramal Pharma Ltd. | 729202 | 1253352 |
| Pitti Engineering Ltd. | 28548 | 286174 |
| PIX Transmissions Ltd. | 7912 | 126373 |
| PNB Gilts Ltd. | 22203 | 19533 |
| PNB Housing Finance Ltd. | 699167 | 6347894 |
| PNC Infratech Ltd. | 532851 | 1211585 |
| Pokarna Ltd. | 17832 | 178785 |
| Poly Medicure Ltd. | 2282 | 31552 |
| Polycab India Ltd. | 9862 | 934397 |
| Polyplex Corp. Ltd. | 40083 | 373927 |
| Pondy Oxides & Chemicals Ltd. | 93741 | 1183526 |
| Poonawalla Fincorp Ltd.<sup>(2)</sup> | 264992 | 1325958 |
| Power Finance Corp. Ltd. | 2726718 | 12417654 |
| Power Grid Corp. of India Ltd. | 10187580 | 33499073 |
| Power Mech Projects Ltd. | 23002 | 527208 |
| Praj Industries Ltd. | 326398 | 1141913 |
| Prakash Industries Ltd. | 330186 | 476595 |
| Precision Camshafts Ltd. | 69597 | 104307 |
| Precision Wires India Ltd. | 123592 | 424808 |
| Premier Explosives Ltd. | 114706 | 678014 |
| Prestige Estates Projects Ltd. | 127026 | 1946179 |
| Pricol Ltd. | 333828 | 2213948 |
| Prince Pipes & Fittings Ltd. | 25164 | 69929 |
| Prism Johnson Ltd.<sup>(2)</sup> | 109118 | 150799 |
| Privi Speciality Chemicals Ltd. | 39023 | 1306440 |
| Procter & Gamble Health Ltd. | 1902 | 102533 |
| Prudent Corporate Advisory Services Ltd. | 10301 | 266300 |
| PSP Projects Ltd.<sup>(2)</sup> | 15240 | 121355 |
| PTC India Ltd. | 924035 | 1691838 |
| Pudumjee Paper Products Ltd. | 16351 | 14943 |
| Punjab National Bank | 4426220 | 6303396 |
| Puravankara Ltd.<sup>(2)</sup> | 62659 | 136740 |
| PVR Inox Ltd.<sup>(2)</sup> | 30089 | 338384 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Quess Corp. Ltd. | 112809 | $242848 |
| R Systems International Ltd. | 19861 | 63125 |
| Railtel Corp. of India Ltd. | 666723 | 2302550 |
| Rain Industries Ltd. | 305921 | 500305 |
| Rainbow Children's Medicare Ltd. | 82818 | 1085228 |
| Rajesh Exports Ltd.<sup>(2)</sup> | 79079 | 125335 |
| Rallis India Ltd. | 230526 | 702028 |
| Ramco Cements Ltd. | 334654 | 4155095 |
| Ramco Industries Ltd. | 7096 | 22718 |
| Ramkrishna Forgings Ltd. | 195069 | 1184546 |
| Ramky Infrastructure Ltd.<sup>(2)</sup> | 35318 | 177349 |
| Rane Holdings Ltd. | 4535 | 60190 |
| Rashtriya Chemicals & Fertilizers Ltd. | 431081 | 601937 |
| Ratnamani Metals & Tubes Ltd. | 3535 | 95425 |
| RattanIndia Power Ltd.<sup>(2)</sup> | 4532144 | 414305 |
| Raymond Lifestyle Ltd.<sup>(2)</sup> | 64427 | 624406 |
| Raymond Ltd.<sup>(2)</sup> | 80534 | 355518 |
| Raymond Realty Ltd.<sup>(2)</sup> | 80534 | 372630 |
| RBL Bank Ltd. | 2007423 | 7065718 |
| REC Ltd. | 5972444 | 23002224 |
| Redington Ltd. | 1158815 | 3577874 |
| Redtape Ltd. | 126100 | 162964 |
| Relaxo Footwears Ltd. | 8278 | 31727 |
| Reliance Industrial Infrastructure Ltd. | 1798 | 13915 |
| Reliance Industries Ltd., GDR | 1952031 | 119427240 |
| Reliance Infrastructure Ltd.<sup>(2)</sup> | 861103 | 856903 |
| Reliance Power Ltd.<sup>(2)</sup> | 9850979 | 2603925 |
| Religare Enterprises Ltd.<sup>(2)</sup> | 335790 | 782054 |
| Repco Home Finance Ltd. | 143633 | 601920 |
| Restaurant Brands Asia Ltd.<sup>(2)</sup> | 218085 | 152504 |
| Rico Auto Industries Ltd. | 722601 | 1052790 |
| RITES Ltd. | 441343 | 1039413 |
| Rolex Rings Ltd.<sup>(2)</sup> | 212375 | 314520 |
| Rossari Biotech Ltd. | 7085 | 38708 |
| RPG Life Sciences Ltd. | 11775 | 242887 |
| RR Kabel Ltd. | 47648 | 819885 |
| RSWM Ltd.<sup>(2)</sup> | 8000 | 13219 |
| Rupa & Co. Ltd. | 27670 | 42152 |
| Sagar Cements Ltd.<sup>(2)</sup> | 9772 | 20757 |
| Sagility Ltd. | 1489522 | 648803 |
| SAMHI Hotels Ltd.<sup>(2)</sup> | 312861 | 558575 |
| Sammaan Capital Ltd.<sup>(2)</sup> | 2705397 | 4464304 |
| Samvardhana Motherson International Ltd. | 5687529 | 8347122 |
| Sandhar Technologies Ltd. | 52909 | 295234 |
| Sanghi Industries Ltd.<sup>(2)</sup> | 10104 | 6630 |
| Sanghvi Movers Ltd. | 179297 | 515321 |
| Sanofi Consumer Healthcare India Ltd. | 1413 | 69809 |
| Sanofi India Ltd. | 13943 | 608513 |
| Sansera Engineering Ltd. | 108429 | 2795818 |
| Sapphire Foods India Ltd.<sup>(2)</sup> | 127299 | 286340 |
| Sarda Energy & Minerals Ltd. | 346463 | 2102401 |
| Saregama India Ltd. | 220 | 805 |
| Sarveshwar Foods Ltd.<sup>(2)</sup> | 252368 | 10597 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Satia Industries Ltd. | 20542 | $14961 |
| Satin Creditcare Network Ltd.<sup>(2)</sup> | 142309 | 241827 |
| SBFC Finance Ltd.<sup>(2)</sup> | 2083351 | 2134565 |
| SBI Cards & Payment Services Ltd.<sup>(2)</sup> | 408209 | 3481566 |
| SBI Life Insurance Co. Ltd. | 161456 | 3617999 |
| Schaeffler India Ltd. | 12595 | 604409 |
| Schneider Electric Infrastructure Ltd.<sup>(2)</sup> | 32074 | 319890 |
| SEAMEC Ltd.<sup>(2)</sup> | 7020 | 101691 |
| Senores Pharmaceuticals Ltd.<sup>(2)</sup> | 68854 | 579790 |
| Servotech Renewable Power System Ltd. | 149036 | 123895 |
| Seshasayee Paper & Boards Ltd. | 3954 | 11819 |
| SH Kelkar & Co. Ltd. | 52208 | 85060 |
| Shankara Building Products Ltd. | 4974 | 5903 |
| Shankara Buildpro Ltd.<sup>(2)</sup> | 4974 | 52981 |
| Shanthi Gears Ltd. | 4400 | 21779 |
| Sharda Cropchem Ltd. | 69394 | 912049 |
| Sharda Motor Industries Ltd. | 3650 | 37431 |
| Share India Securities Ltd. | 34886 | 50410 |
| Shilpa Medicare Ltd. | 53454 | 198348 |
| Shipping Corp. of India Land & Assets Ltd. | 153814 | 77485 |
| Shipping Corp. of India Ltd. | 723241 | 2094339 |
| Shoppers Stop Ltd.<sup>(2)</sup> | 25790 | 86469 |
| Shree Cement Ltd. | 12395 | 3552959 |
| Shree Renuka Sugars Ltd.<sup>(2)</sup> | 142059 | 37997 |
| Shriram Finance Ltd. | 5238579 | 62284972 |
| Shriram Pistons & Rings Ltd. | 61419 | 2105610 |
| Shriram Properties Ltd.<sup>(2)</sup> | 310380 | 271245 |
| Shyam Metalics & Energy Ltd. | 231307 | 2190995 |
| Siemens Energy India Ltd. | 49974 | 1612101 |
| Siemens Ltd.<sup>(2)</sup> | 58078 | 2184448 |
| Siyaram Silk Mills Ltd. | 33658 | 196996 |
| SJS Enterprises Ltd. | 29669 | 575554 |
| SJVN Ltd. | 383529 | 308157 |
| SKF India Industrial Ltd.<sup>(2)</sup> | 13009 | 366420 |
| SKF India Ltd. | 13009 | 248880 |
| Skipper Ltd. | 23810 | 96103 |
| SMC Global Securities Ltd. | 73986 | 62635 |
| SML Mahindra Ltd. | 6340 | 333695 |
| Sobha Ltd. | 112608 | 1729750 |
| Solar Industries India Ltd. | 32748 | 4868453 |
| Solara Active Pharma Sciences Ltd.<sup>(2)</sup> | 22689 | 115413 |
| Som Distilleries & Breweries Ltd.<sup>(2)</sup> | 23985 | 21222 |
| Somany Ceramics Ltd. | 5124 | 23149 |
| Sona Blw Precision Forgings Ltd. | 137283 | 808751 |
| Sonata Software Ltd. | 211419 | 624006 |
| South Indian Bank Ltd. | 6892129 | 3120163 |
| Southern Petrochemical Industries Corp. Ltd. | 265816 | 203542 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 28524 | 79489 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 6957 | 9726 |
| SRF Ltd. | 130322 | 3676935 |
| Star Cement Ltd. | 185469 | 437610 |
| Star Health & Allied Insurance Co. Ltd.<sup>(2)</sup> | 113062 | 578943 |
| State Bank of India, GDR | 257833 | 33964663 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Steel Strips Wheels Ltd. | 147356 | $348621 |
| Sterling & Wilson Renewable<sup>(2)</sup> | 53727 | 116897 |
| Sterling Tools Ltd. | 16717 | 40970 |
| Sterlite Technologies Ltd.<sup>(2)</sup> | 128000 | 224167 |
| STL Networks Ltd.<sup>(2)</sup> | 54881 | 12470 |
| Stove Kraft Ltd. | 13750 | 73726 |
| Strides Pharma Science Ltd. | 330299 | 3100550 |
| Stylam Industries Ltd.<sup>(2)</sup> | 887 | 21767 |
| Sudarshan Chemical Industries Ltd. | 60026 | 579373 |
| Sula Vineyards Ltd. | 11016 | 20748 |
| Sumitomo Chemical India Ltd. | 29259 | 129138 |
| Sun Pharmaceutical Industries Ltd. | 1461669 | 28021802 |
| Sun TV Network Ltd. | 424999 | 3031288 |
| Sundaram Finance Ltd. | 30272 | 1836176 |
| Sundram Fasteners Ltd. | 56388 | 542000 |
| Sunflag Iron & Steel Co. Ltd. | 108989 | 295137 |
| Sunteck Realty Ltd. | 111516 | 492332 |
| Suprajit Engineering Ltd. | 43089 | 206880 |
| Supreme Industries Ltd. | 74441 | 3258080 |
| Supreme Petrochem Ltd. | 106071 | 836482 |
| Supriya Lifescience Ltd. | 21818 | 157163 |
| Suraj Estate Developers Ltd.<sup>(2)</sup> | 11855 | 28610 |
| Surya Roshni Ltd. | 318406 | 784295 |
| Suryoday Small Finance Bank Ltd.<sup>(2)</sup> | 27928 | 40581 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 3766511 | 1769925 |
| Swan Corp. Ltd. | 176097 | 741188 |
| Swaraj Engines Ltd. | 9788 | 387331 |
| Swiggy Ltd.<sup>(2)</sup> | 190905 | 634589 |
| Symphony Ltd. | 2344 | 20437 |
| Syngene International Ltd. | 355289 | 1651544 |
| TAJGVK Hotels & Resorts Ltd. | 32836 | 129258 |
| Tamil Nadu Newsprint & Papers Ltd. | 88833 | 133736 |
| Tamilnad Mercantile Bank Ltd. | 47341 | 348347 |
| Tamilnadu Petroproducts Ltd. | 58751 | 60865 |
| Tanla Platforms Ltd. | 152569 | 763970 |
| TARC Ltd.<sup>(2)</sup> | 108216 | 174494 |
| Tata Chemicals Ltd. | 352647 | 2784281 |
| Tata Communications Ltd. | 335677 | 5896970 |
| Tata Consultancy Services Ltd. | 1238045 | 35981672 |
| Tata Consumer Products Ltd. | 223527 | 2804756 |
| Tata Elxsi Ltd. | 75330 | 3745770 |
| Tata Investment Corp. Ltd. | 306152 | 2216209 |
| Tata Motors Ltd./new<sup>(2)</sup> | 5234335 | 29136835 |
| Tata Motors Passenger Vehicles Ltd. | 4196305 | 17673436 |
| Tata Power Co. Ltd. | 2576176 | 10710505 |
| Tata Steel Ltd. | 23657315 | 55313496 |
| Tata Technologies Ltd. | 246924 | 1592982 |
| Tata Teleservices Maharashtra Ltd.<sup>(2)</sup> | 194570 | 89029 |
| Tatva Chintan Pharma Chem Pvt Ltd. | 2764 | 37250 |
| TCI Express Ltd. | 4850 | 29092 |
| TCPL Packaging Ltd. | 796 | 23293 |
| TeamLease Services Ltd.<sup>(2)</sup> | 1180 | 15835 |
| Tech Mahindra Ltd. | 1471681 | 22023218 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Techno Electric & Engineering Co. Ltd. | 1571 | $20310 |
| Technocraft Industries India Ltd. | 3091 | 77795 |
| Tega Industries Ltd. | 26706 | 533586 |
| Tejas Networks Ltd. | 8477 | 40661 |
| Thanga Mayil Jewellery Ltd. | 7676 | 334425 |
| Thermax Ltd. | 21660 | 742948 |
| Thirumalai Chemicals Ltd.<sup>(2)</sup> | 70649 | 148658 |
| Thomas Cook India Ltd. | 267993 | 303797 |
| Thyrocare Technologies Ltd. | 109127 | 473753 |
| Tilaknagar Industries Ltd. | 127249 | 635596 |
| Time Technoplast Ltd. | 400788 | 809500 |
| Timken India Ltd. | 4310 | 164548 |
| Tips Music Ltd. | 73984 | 437604 |
| Titagarh Rail System Ltd. | 181755 | 1402746 |
| Titan Co. Ltd. | 120921 | 5760244 |
| Torrent Pharmaceuticals Ltd. | 167611 | 7994659 |
| Torrent Power Ltd. | 181888 | 3138726 |
| Tourism Finance Corp. of India Ltd. | 1398612 | 1089481 |
| TransIndia Real Estate Ltd.<sup>(2)</sup> | 89445 | 23977 |
| Transport Corp. of India Ltd. | 23739 | 261901 |
| Transrail Lighting Ltd. | 105576 | 656933 |
| Trent Ltd. | 70342 | 3022490 |
| Trident Ltd. | 4275055 | 1205284 |
| Triveni Engineering & Industries Ltd. | 146382 | 635665 |
| Triveni Turbine Ltd. | 122709 | 659718 |
| TSF Investments Ltd. | 67148 | 296732 |
| TTK Prestige Ltd. | 16590 | 95437 |
| Tube Investments of India Ltd. | 53678 | 1624093 |
| TV Today Network Ltd. | 12283 | 16850 |
| TVS Motor Co. Ltd. | 63093 | 2687202 |
| TVS Motor Co. Ltd., Preference Shares<sup>(2)</sup> | 252372 | 27740 |
| TVS Srichakra Ltd. | 2893 | 125311 |
| TVS Supply Chain Solutions Ltd.<sup>(2)</sup> | 81235 | 102779 |
| Uflex Ltd. | 143136 | 758538 |
| Ugar Sugar Works Ltd.<sup>(2)</sup> | 65144 | 26223 |
| Ugro Capital Ltd.<sup>(2)</sup> | 7102 | 8677 |
| Ujjivan Small Finance Bank Ltd.<sup>(2)</sup> | 5279413 | 3370679 |
| UltraTech Cement Ltd. | 44556 | 6212308 |
| Union Bank of India Ltd. | 3999378 | 8902384 |
| Uniparts India Ltd. | 26396 | 132928 |
| United Spirits Ltd. | 452100 | 6865198 |
| UNO Minda Ltd. | 188616 | 2465576 |
| UPL Ltd. | 936869 | 6572697 |
| Usha Martin Ltd. | 116641 | 537753 |
| UTI Asset Management Co. Ltd. | 172047 | 1870432 |
| Utkarsh Small Finance Bank Ltd.<sup>(2)</sup> | 505786 | 76921 |
| Uttam Sugar Mills Ltd. | 10632 | 23187 |
| V2 Retail Ltd.<sup>(2)</sup> | 6480 | 141861 |
| VA Tech Wabag Ltd. | 60955 | 847709 |
| Vadilal Industries Ltd. | 7929 | 431342 |
| Vaibhav Global Ltd. | 45255 | 112406 |
| Valiant Organics Ltd.<sup>(2)</sup> | 6994 | 17741 |
| Valor Estate Ltd.<sup>(2)</sup> | 440646 | 552386 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vardhman Textiles Ltd. | 347402 | $2080811 |
| Varroc Engineering Ltd. | 109722 | 653169 |
| Varun Beverages Ltd. | 1530236 | 7605145 |
| Vascon Engineers Ltd.<sup>(2)</sup> | 98939 | 41428 |
| Vedant Fashions Ltd. | 35775 | 153518 |
| Vedanta Ltd. | 1722155 | 13620924 |
| Veedol Corp. Ltd. | 4634 | 70943 |
| Venky's India Ltd. | 8517 | 126318 |
| Vesuvius India Ltd. | 15165 | 83314 |
| V-Guard Industries Ltd. | 34500 | 119020 |
| Vidhi Specialty Food Ingredients Ltd. | 7127 | 24299 |
| Vijaya Diagnostic Centre Ltd. | 18179 | 201326 |
| Vimta Labs Ltd. | 51485 | 255330 |
| Vinati Organics Ltd. | 6529 | 106025 |
| VIP Industries Ltd.<sup>(2)</sup> | 86316 | 339875 |
| Visaka Industries Ltd. | 23235 | 15646 |
| Vishal Mega Mart Ltd.<sup>(2)</sup> | 648222 | 842486 |
| Vishnu Chemicals Ltd. | 23662 | 130891 |
| Viyash Scientific Ltd.<sup>(2)</sup> | 4729 | 11112 |
| VL E-Governance & IT Solutions Ltd.<sup>(2)</sup> | 41514 | 7111 |
| V-Mart Retail Ltd.<sup>(2)</sup> | 47957 | 292810 |
| Vodafone Idea Ltd.<sup>(2)</sup> | 21294540 | 2483127 |
| Voltamp Transformers Ltd. | 4095 | 410422 |
| Voltas Ltd. | 54865 | 941739 |
| VRL Logistics Ltd. | 109722 | 334729 |
| VST Tillers Tractors Ltd. | 1038 | 65927 |
| WAAREE Energies Ltd. | 92896 | 2767079 |
| Welspun Corp. Ltd. | 482295 | 4387469 |
| Welspun Enterprises Ltd. | 181828 | 971216 |
| Welspun Living Ltd. | 789668 | 1093148 |
| West Coast Paper Mills Ltd. | 85819 | 398182 |
| Westlife Foodworld Ltd. | 39034 | 212369 |
| Windlas Biotech Ltd. | 16288 | 135479 |
| Wipro Ltd., ADR<sup>(1)</sup> | 3576930 | 7940785 |
| Wockhardt Ltd.<sup>(2)</sup> | 121005 | 1816675 |
| Wonderla Holidays Ltd. | 27577 | 144681 |
| Yes Bank Ltd.<sup>(2)</sup> | 45996985 | 10484945 |
| Zee Entertainment Enterprises Ltd. | 3417200 | 3288999 |
| Zee Media Corp. Ltd.<sup>(2)</sup> | 1067957 | 99682 |
| Zen Technologies Ltd. | 3428 | 51445 |
| Zensar Technologies Ltd. | 187425 | 1167518 |
| Zuari Industries Ltd. | 6969 | 20192 |
| Zydus Lifesciences Ltd. | 412399 | 4196967 |
|  |  | 3009874642 |
| **Indonesia — 1.3%** |  |  |
| ABM Investama Tbk. PT | 768100 | 131940 |
| Adaro Andalan Indonesia PT | 11107265 | 6120494 |
| Adhi Karya Persero Tbk. PT<sup>(2)</sup> | 3613756 | 52224 |
| Adi Sarana Armada Tbk. PT | 488400 | 34613 |
| AKR Corporindo Tbk. PT | 15501600 | 1198294 |
| Alam Sutera Realty Tbk. PT<sup>(2)</sup> | 486000 | 4776 |
| Alamtri Minerals Indonesia Tbk. PT | 3693700 | 461341 |
| Alamtri Resources Indonesia Tbk. PT | 53804600 | 7501912 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amman Mineral Internasional PT<sup>(2)</sup> | 8039900 | $3667598 |
| Aneka Tambang Tbk. PT | 45484100 | 11826468 |
| Aspirasi Hidup Indonesia Tbk. PT | 11259400 | 268969 |
| Astra Agro Lestari Tbk. PT | 563300 | 251832 |
| Astra International Tbk. PT | 39578200 | 15748090 |
| Astra Otoparts Tbk. PT | 892000 | 154239 |
| Astrindo Nusantara Infrastructure Tbk. PT<sup>(2)</sup> | 9209100 | 161346 |
| Bank BTPN Syariah Tbk. PT | 2893700 | 198284 |
| Bank Central Asia Tbk. PT | 50483300 | 21555852 |
| Bank KB Indonesia Tbk. PT<sup>(2)</sup> | 1100997 | 4726 |
| Bank Mandiri Persero Tbk. PT | 81811800 | 25678415 |
| Bank Negara Indonesia Persero Tbk. PT | 31506400 | 8257922 |
| Bank Neo Commerce Tbk. PT<sup>(2)</sup> | 9781200 | 216622 |
| Bank Pan Indonesia Tbk. PT | 1152900 | 73901 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 1221674 | 60475 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 862000 | 30340 |
| Bank Rakyat Indonesia Persero Tbk. PT | 88708718 | 20644229 |
| Bank Syariah Indonesia Tbk. PT | 174291 | 24501 |
| Bank Tabungan Negara Persero Tbk. PT | 79902783 | 6613722 |
| Barito Pacific Tbk. PT<sup>(2)</sup> | 16296812 | 1932778 |
| Barito Renewables Energy Tbk. PT<sup>(2)</sup> | 616300 | 302220 |
| BFI Finance Indonesia Tbk. PT | 6157800 | 288128 |
| Blue Bird Tbk. PT | 370500 | 38691 |
| Buana Lintas Lautan Tbk. PT<sup>(2)</sup> | 4340500 | 129041 |
| Bukalapak.com Tbk. PT<sup>(2)</sup> | 55705300 | 484803 |
| Bukit Asam Persero Tbk. PT | 34951300 | 5417289 |
| Buma Internasional Grup Tbk. PT<sup>(2)</sup> | 7656700 | 136049 |
| Bumi Resources Minerals Tbk. PT<sup>(2)</sup> | 56456900 | 3263452 |
| Bumi Resources Tbk. PT<sup>(2)</sup> | 78899300 | 1210568 |
| Bumi Serpong Damai Tbk. PT<sup>(2)</sup> | 4091200 | 202156 |
| Chandra Asri Pacific Tbk. PT | 2284900 | 913523 |
| Charoen Pokphand Indonesia Tbk. PT | 17938200 | 4544387 |
| Ciputra Development Tbk. PT | 97556400 | 4478116 |
| Clipan Finance Indonesia Tbk. PT | 1709200 | 34851 |
| Darma Henwa Tbk. PT<sup>(2)</sup> | 30662900 | 957777 |
| Dharma Polimetal Tbk. PT | 843000 | 53788 |
| Dharma Satya Nusantara Tbk. PT | 17129000 | 1409642 |
| Dian Swastatika Sentosa Tbk. PT<sup>(2)</sup> | 347200 | 1633221 |
| Eagle High Plantations Tbk. PT<sup>(2)</sup> | 8720500 | 70625 |
| Elang Mahkota Teknologi Tbk. PT | 13964100 | 741163 |
| Elnusa Tbk. PT | 7378400 | 375045 |
| Energi Mega Persada Tbk. PT<sup>(2)</sup> | 97544300 | 10274975 |
| Erajaya Swasembada Tbk. PT | 11189900 | 293190 |
| ESSA Industries Indonesia Tbk. PT | 9000200 | 346278 |
| Gajah Tunggal Tbk. PT | 1939900 | 129010 |
| Global Mediacom Tbk. PT<sup>(2)</sup> | 8524100 | 71206 |
| Hanson International Tbk. PT<sup>(2)</sup> | 1531500 | 1 |
| Harum Energy Tbk. PT<sup>(2)</sup> | 1718200 | 119275 |
| Hexindo Adiperkasa Tbk. PT | 15800 | 4262 |
| Indah Kiat Pulp & Paper Tbk. PT | 12280200 | 8474439 |
| Indika Energy Tbk. PT | 4699700 | 1026949 |
| Indo Tambangraya Megah Tbk. PT | 3990700 | 5417495 |
| Indocement Tunggal Prakarsa Tbk. PT | 1028700 | 379971 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Indofood CBP Sukses Makmur Tbk. PT | 624100 | $292012 |
| Indofood Sukses Makmur Tbk. PT | 1299300 | 499612 |
| Indomobil Sukses Internasional Tbk. PT | 740800 | 48559 |
| Indosat Tbk. PT | 2058400 | 283312 |
| Industri dan Perdagangan Bintraco Dharma Tbk. PT<sup>(2)</sup> | 3699700 | 25491 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 4324330 | 139253 |
| Integra Indocabinet Tbk. PT<sup>(2)</sup> | 481500 | 10564 |
| Japfa Comfeed Indonesia Tbk. PT | 28968000 | 4107104 |
| Jasa Marga Persero Tbk. PT | 2707100 | 597294 |
| Kalbe Farma Tbk. PT | 52459000 | 3444175 |
| Kawasan Industri Jababeka Tbk. PT | 42427200 | 520712 |
| Kino Indonesia Tbk. PT | 52400 | 3741 |
| Lippo Karawaci Tbk. PT<sup>(2)</sup> | 5989600 | 37844 |
| Map Aktif Adiperkasa PT | 3068200 | 128741 |
| Matahari Department Store Tbk. PT | 1428100 | 162833 |
| MD Entertainment Tbk. PT<sup>(2)</sup> | 74900 | 37504 |
| Medco Energi Internasional Tbk. PT | 81479020 | 8390062 |
| Media Nusantara Citra Tbk. PT<sup>(2)</sup> | 6628900 | 92384 |
| Medikaloka Hermina Tbk. PT | 5297100 | 405767 |
| Merdeka Battery Materials Tbk. PT<sup>(2)</sup> | 3875400 | 197131 |
| Merdeka Copper Gold Tbk. PT<sup>(2)</sup> | 7381458 | 1651095 |
| Mitra Adiperkasa Tbk. PT | 71577100 | 5729724 |
| Mitra Keluarga Karyasehat Tbk. PT | 4136400 | 543621 |
| Mitra Pinasthika Mustika Tbk. PT | 2191600 | 134037 |
| MNC Digital Entertainment Tbk. PT<sup>(2)</sup> | 412100 | 15750 |
| MNC Tourism Indonesia Tbk. PT<sup>(2)</sup> | 6806300 | 49916 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 6898400 | 4511113 |
| Pakuwon Jati Tbk. PT | 13810000 | 301254 |
| Panin Financial Tbk. PT<sup>(2)</sup> | 8246600 | 132668 |
| Perusahaan Gas Negara Persero Tbk. PT | 66666800 | 9499298 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 6187400 | 433474 |
| PP Persero Tbk. PT<sup>(2)</sup> | 3881100 | 81345 |
| Puradelta Lestari Tbk. PT | 976100 | 7972 |
| Raharja Energi Cepu PT | 511300 | 219215 |
| Ramayana Lestari Sentosa Tbk. PT | 547700 | 16355 |
| Rukun Raharja Tbk. PT | 284000 | 76108 |
| Salim Ivomas Pratama Tbk. PT | 183800 | 6626 |
| Samator Indo Gas Tbk. PT | 536000 | 105240 |
| Samudera Indonesia Tbk. PT | 3623000 | 86375 |
| Sarana Menara Nusantara Tbk. PT | 118774600 | 3574230 |
| Sariguna Primatirta Tbk. PT | 1504600 | 36404 |
| Sawit Sumbermas Sarana Tbk. PT | 734600 | 68782 |
| Semen Indonesia Persero Tbk. PT | 21465518 | 3734999 |
| Sentul City Tbk. PT<sup>(2)</sup> | 1197800 | 9620 |
| Siloam International Hospitals Tbk. PT<sup>(2)</sup> | 9600 | 1534 |
| Sri Rejeki Isman Tbk. PT<sup>(2)</sup> | 918200 | 1 |
| Sumber Alfaria Trijaya Tbk. PT | 43087600 | 4285041 |
| Sumber Tani Agung Resources Tbk. PT | 5467700 | 380016 |
| Summarecon Agung Tbk. PT | 9461678 | 211977 |
| Surya Citra Media Tbk. PT | 15917900 | 261011 |
| Surya Semesta Internusa Tbk. PT | 7009900 | 578087 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(1)</sup> | 976182 | 20763391 |
| Temas Tbk. PT | 4752000 | 39082 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tempo Scan Pacific Tbk. PT | 259300 | $42058 |
| Timah Tbk. PT | 5510600 | 1509372 |
| Tower Bersama Infrastructure Tbk. PT | 4596400 | 457710 |
| Transcoal Pacific Tbk. PT | 87900 | 64738 |
| Triputra Agro Persada PT | 3525200 | 341786 |
| Tunas Baru Lampung Tbk. PT | 339100 | 13655 |
| Unilever Indonesia Tbk. PT | 6397100 | 907376 |
| United Tractors Tbk. PT | 5531500 | 9421470 |
| Vale Indonesia Tbk. PT | 2212227 | 1040097 |
| Waskita Karya Persero Tbk. PT<sup>(2)</sup> | 3601745 | 2 |
| Wijaya Karya Persero Tbk. PT<sup>(2)</sup> | 2888700 | 2 |
| Wintermar Offshore Marine Tbk. PT | 878695 | 28807 |
| XLSMART Telecom Sejahtera Tbk. PT | 7141838 | 1348337 |
|  |  | 278242355 |
| **Kuwait — 0.2%** |  |  |
| A'ayan Leasing & Investment Co. KSCP | 2370315 | 1741212 |
| A'ayan Real Estate Co. SAK | 1557671 | 723756 |
| Agility Public Warehousing Co. KSCC | 488199 | 219381 |
| Al Ahli Bank of Kuwait KSCP | 172856 | 172463 |
| Al Mazaya Holding Co. KSCP<sup>(2)</sup> | 703980 | 161704 |
| Ali Alghanim Sons Automotive Co. KSCC | 147885 | 562659 |
| Arzan Financial Group for Financing & Investment KPSC | 557156 | 618193 |
| Beyout Holding Co. KPSC | 49156 | 61244 |
| Boubyan Bank KSCP | 232027 | 514045 |
| Boubyan Petrochemicals Co. KSCP | 42932 | 78318 |
| Boursa Kuwait Securities Co. KPSC | 40944 | 414885 |
| Burgan Bank SAK | 929851 | 623946 |
| Commercial Real Estate Co. KSC | 2379892 | 1573313 |
| First Investment Co. KSCP<sup>(2)</sup> | 2455219 | 884639 |
| Gulf Bank KSCP | 813071 | 897973 |
| Gulf Cables & Electrical Industries Group Co. KSCP | 42959 | 273181 |
| Heavy Engineering & Ship Building Co. KSCP | 37750 | 97495 |
| Humansoft Holding Co. KSC | 12095 | 103358 |
| KAMCO Investment Co. KSC | 989911 | 694523 |
| Kuwait Finance House KSCP | 7982359 | 20924191 |
| Kuwait Financial Centre SAK | 133450 | 59033 |
| Kuwait International Bank KSCP | 1669253 | 1519837 |
| Kuwait Telecommunications Co. | 273920 | 584938 |
| Mabanee Co. KPSC | 455842 | 1457293 |
| Mezzan Holding Co. KSCC | 87984 | 330985 |
| Mobile Telecommunications Co. KSCP | 1535068 | 2711400 |
| National Bank of Kuwait SAKP | 3496452 | 10738166 |
| National Consumer Holding Co. SAK<sup>(2)</sup> | 207026 | 65636 |
| National Industries Group Holding SAK | 823595 | 676645 |
| National Investments Co. KSCP | 907952 | 822453 |
| National Real Estate Co. KPSC<sup>(2)</sup> | 850395 | 199911 |
| Noor Financial Investment Co. KSC | 144850 | 190862 |
| Salhia Real Estate Co. KSCP | 868636 | 1063797 |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 203393 | 95776 |
| Sokouk Holding Co. KSCP<sup>(2)</sup> | 984118 | 214141 |
| United Real Estate Co. SAKP<sup>(2)</sup> | 1233334 | 1125410 |
| Warba Bank KSCP | 2139419 | 2014325 |
|  |  | 55211087 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Malaysia — 1.2%** | | |
| 7-Eleven Malaysia Holdings Bhd., Class B | 21600 | $11042 |
| Aeon Co. M Bhd.<sup>(1)</sup> | 1996300 | 645928 |
| AEON Credit Service M Bhd. | 18700 | 27866 |
| AFFIN Bank Bhd. | 1018027 | 698032 |
| AirAsia X Bhd.<sup>(2)</sup> | 654163 | 332514 |
| Alliance Bank Malaysia Bhd.<sup>(1)</sup> | 2860435 | 3704219 |
| Allianz Malaysia Bhd. | 5700 | 32452 |
| AMMB Holdings Bhd.<sup>(1)</sup> | 5283300 | 8726445 |
| Ancom Nylex Bhd. | 703485 | 163552 |
| Ann Joo Resources Bhd.<sup>(2)</sup> | 129125 | 16539 |
| Astro Malaysia Holdings Bhd.<sup>(2)</sup> | 96000 | 1967 |
| Axiata Group Bhd.<sup>(1)</sup> | 8598400 | 5034039 |
| Bank Islam Malaysia Bhd.<sup>(1)</sup> | 1358400 | 862076 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 7748938 | 537622 |
| Berjaya Food Bhd.<sup>(2)</sup> | 468236 | 25279 |
| Berjaya Land Bhd.<sup>(2)</sup> | 2900 | 197 |
| Bermaz Auto Bhd.<sup>(1)</sup> | 1896900 | 412110 |
| Bumi Armada Bhd.<sup>(1)</sup> | 8108700 | 657413 |
| Bursa Malaysia Bhd.<sup>(1)</sup> | 1162500 | 2685238 |
| Cahya Mata Sarawak Bhd.<sup>(1)</sup> | 3001500 | 1016834 |
| Capital A Bhd.<sup>(2)</sup> | 140600 | 20584 |
| Carlsberg Brewery Malaysia Bhd.<sup>(1)</sup> | 106000 | 480295 |
| CCK Consolidated Holdings Bhd. | 81900 | 26550 |
| CELCOMDIGI Bhd.<sup>(1)</sup> | 3380300 | 2770381 |
| Chin Hin Group Bhd.<sup>(2)</sup> | 164800 | 93587 |
| Chin Hin Group Property Bhd.<sup>(2)</sup> | 248800 | 72323 |
| CIMB Group Holdings Bhd.<sup>(1)</sup> | 14156998 | 29232866 |
| CSC Steel Holdings Bhd. | 75000 | 28727 |
| CTOS Digital Bhd.<sup>(1)</sup> | 270600 | 55008 |
| Cypark Resources Bhd.<sup>(2)</sup> | 956100 | 160830 |
| D&O Green Technologies Bhd.<sup>(1)(2)</sup> | 51800 | 6233 |
| Dagang NeXchange Bhd.<sup>(1)(2)</sup> | 3645000 | 248472 |
| Dayang Enterprise Holdings Bhd.<sup>(1)</sup> | 1762520 | 812308 |
| Dialog Group Bhd.<sup>(1)</sup> | 1444300 | 654019 |
| DRB-Hicom Bhd. | 844200 | 264553 |
| Dufu Technology Corp. Bhd. | 389200 | 161042 |
| Duopharma Biotech Bhd. | 10630 | 4069 |
| DXN Holdings Bhd. | 157600 | 20235 |
| Eastern & Oriental Bhd.<sup>(1)(2)</sup> | 1449600 | 275368 |
| Eco World Development Group Bhd. | 1429400 | 826096 |
| ECO-Shop Marketing Bhd. | 115500 | 47655 |
| EG Industries Bhd.<sup>(1)</sup> | 992800 | 287452 |
| Ekovest Bhd.<sup>(2)</sup> | 6537500 | 419837 |
| Engtex Group Bhd. | 257000 | 36985 |
| Ewi Capital Bhd.<sup>(2)</sup> | 194300 | 10490 |
| Farm Fresh Bhd. | 2514400 | 1693056 |
| Formosa Prosonic Industries Bhd. | 28500 | 8632 |
| Fraser & Neave Holdings Bhd.<sup>(1)</sup> | 183800 | 1649362 |
| Frontken Corp. Bhd.<sup>(1)</sup> | 1174550 | 1130757 |
| Gamuda Bhd.<sup>(1)</sup> | 6316432 | 6794799 |
| Gas Malaysia Bhd. | 317900 | 391863 |
| Genting Bhd.<sup>(1)</sup> | 5103200 | 3707629 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Genting Malaysia Bhd.<sup>(1)</sup> | 4247300 | $2293569 |
| Genting Plantations Bhd. | 105000 | 137845 |
| Globetronics Technology Bhd.<sup>(2)</sup> | 102800 | 6710 |
| Greatech Technology Bhd.<sup>(1)(2)</sup> | 467200 | 252805 |
| HAP Seng Consolidated Bhd. | 65700 | 48105 |
| Hap Seng Plantations Holdings Bhd. | 58900 | 32556 |
| Hartalega Holdings Bhd.<sup>(1)(2)</sup> | 2464400 | 559963 |
| Heineken Malaysia Bhd.<sup>(1)</sup> | 213000 | 1347518 |
| Hengyuan Refining Co. Bhd.<sup>(1)(2)</sup> | 422200 | 99129 |
| Hextar Global Bhd.<sup>(1)</sup> | 1019560 | 209659 |
| HI Mobility Bhd. | 34200 | 20450 |
| Hiap Teck Venture Bhd. | 2832000 | 196071 |
| Hibiscus Petroleum Bhd.<sup>(1)</sup> | 2011360 | 828659 |
| Hong Leong Bank Bhd.<sup>(1)</sup> | 881100 | 5270136 |
| Hong Leong Capital Bhd. | 24300 | 21724 |
| Hong Leong Financial Group Bhd. | 88200 | 482792 |
| Hup Seng Industries Bhd. | 493800 | 130632 |
| IHH Healthcare Bhd. | 1687000 | 3944394 |
| IJM Corp. Bhd.<sup>(1)</sup> | 4025000 | 2592888 |
| Inari Amertron Bhd.<sup>(1)</sup> | 634500 | 230826 |
| Innoprise Plantations Bhd. | 67500 | 32586 |
| Insas Bhd. | 117400 | 27164 |
| IOI Corp. Bhd.<sup>(1)</sup> | 1309400 | 1331408 |
| IOI Properties Group Bhd.<sup>(1)</sup> | 4301800 | 3813137 |
| Iskandar Waterfront City Bhd.<sup>(2)</sup> | 1956200 | 130515 |
| ITMAX SYSTEM Bhd.<sup>(1)</sup> | 101300 | 123140 |
| Jaya Tiasa Holdings Bhd.<sup>(1)</sup> | 2439700 | 695546 |
| JCY International Bhd.<sup>(2)</sup> | 356200 | 30518 |
| Johor Plantations Group Bhd.<sup>(1)</sup> | 4692500 | 1869096 |
| Kelington Group Bhd.<sup>(1)</sup> | 1447300 | 2030514 |
| Kerjaya Prospek Group Bhd. | 502200 | 332815 |
| Kinergy Advancement Bhd.<sup>(2)</sup> | 2266800 | 229762 |
| Kossan Rubber Industries Bhd.<sup>(1)</sup> | 1304100 | 337940 |
| KPJ Healthcare Bhd.<sup>(1)</sup> | 3343400 | 2513253 |
| KSL Holdings Bhd.<sup>(1)</sup> | 1265768 | 1004177 |
| Kuala Lumpur Kepong Bhd. | 311105 | 1517493 |
| Kumpulan Perangsang Selangor Bhd. | 6000 | 924 |
| LBS Bina Group Bhd. | 704800 | 85073 |
| Leong Hup International Bhd. | 3569700 | 701428 |
| Lotte Chemical Titan Holding Bhd.<sup>(1)(2)</sup> | 712000 | 53815 |
| Mah Sing Group Bhd.<sup>(1)</sup> | 5065300 | 1522205 |
| Malakoff Corp. Bhd.<sup>(1)</sup> | 5845200 | 1178118 |
| Malayan Banking Bhd.<sup>(1)</sup> | 5522610 | 16968795 |
| Malayan Cement Bhd. | 325000 | 717916 |
| Malayan Flour Mills Bhd. | 441400 | 75971 |
| Malaysia Marine & Heavy Engineering Holdings Bhd.<sup>(2)</sup> | 101700 | 9539 |
| Malaysia Smelting Corp. Bhd. | 648600 | 321263 |
| Malaysian Pacific Industries Bhd.<sup>(1)</sup> | 94700 | 775189 |
| Malaysian Resources Corp. Bhd.<sup>(1)</sup> | 6234900 | 496688 |
| Matrix Concepts Holdings Bhd.<sup>(1)</sup> | 765850 | 277534 |
| Maxis Bhd.<sup>(1)</sup> | 2705400 | 2697112 |
| MBM Resources Bhd. | 60700 | 77834 |
| MBSB Bhd. | 5020592 | 921768 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Media Prima Bhd. | 407400 | $31852 |
| Mega First Corp. Bhd. | 360400 | 285724 |
| Mi Technovation Bhd. | 39300 | 30813 |
| MISC Bhd. | 1401600 | 2906137 |
| MNRB Holdings Bhd. | 10700 | 7806 |
| Mr. DIY Group M Bhd.<sup>(1)</sup> | 5215500 | 2399294 |
| MSM Malaysia Holdings Bhd.<sup>(2)</sup> | 100100 | 23236 |
| Muda Holdings Bhd. | 27400 | 5614 |
| Naim Holdings Bhd.<sup>(2)</sup> | 62500 | 11315 |
| Nationgate Holdings Bhd. | 410600 | 91087 |
| Nestle Malaysia Bhd.<sup>(1)</sup> | 94700 | 2673919 |
| NEXG Bhd.<sup>(1)(2)</sup> | 6165200 | 443478 |
| OSK Holdings Bhd. | 30000 | 13096 |
| Padini Holdings Bhd. | 4800 | 2294 |
| Pantech Group Holdings Bhd. | 203100 | 35469 |
| Pecca Group Bhd.<sup>(1)</sup> | 824600 | 355990 |
| Pentamaster Corp. Bhd.<sup>(1)(2)</sup> | 316900 | 267795 |
| Perak Transit Bhd. | 697000 | 47391 |
| Perdana Petroleum Bhd.<sup>(2)</sup> | 1772700 | 66252 |
| Petron Malaysia Refining & Marketing Bhd. | 26800 | 28618 |
| Petronas Chemicals Group Bhd.<sup>(1)</sup> | 2652600 | 2045402 |
| Petronas Dagangan Bhd.<sup>(1)</sup> | 422700 | 2387666 |
| Petronas Gas Bhd. | 609600 | 2811028 |
| PIE Industrial Bhd. | 94900 | 37471 |
| Power Root Bhd. | 5100 | 1533 |
| PPB Group Bhd.<sup>(1)</sup> | 718200 | 2006471 |
| Press Metal Aluminium Holdings Bhd.<sup>(1)</sup> | 2715100 | 4971862 |
| Public Bank Bhd.<sup>(1)</sup> | 9952000 | 12601516 |
| QL Resources Bhd.<sup>(1)</sup> | 1520900 | 1594066 |
| Ranhill Utilities Bhd.<sup>(2)</sup> | 1187415 | 529995 |
| RGB International Bhd. | 3492500 | 215059 |
| RHB Bank Bhd. | 3698251 | 7980430 |
| Sam Engineering & Equipment M Bhd. | 78300 | 66980 |
| Sarawak Oil Palms Bhd. | 198850 | 196651 |
| Sarawak Plantation Bhd. | 45200 | 41342 |
| Scientex Bhd. | 310800 | 301638 |
| SD Guthrie Bhd. | 4156357 | 6140417 |
| SEG International Bhd. | 12300 | 2039 |
| Shin Yang Group Bhd. | 489500 | 103133 |
| Sime Darby Bhd. | 6635000 | 4164943 |
| Sime Darby Property Bhd.<sup>(1)</sup> | 8181100 | 3045680 |
| SKP Resources Bhd. | 118000 | 14845 |
| SNS Network Technology Bhd. | 1596900 | 192456 |
| Solarvest Holdings Bhd.<sup>(1)(2)</sup> | 124300 | 70897 |
| Southern Cable Group Bhd.<sup>(1)</sup> | 331100 | 177521 |
| SP Setia Bhd. Group<sup>(1)</sup> | 4413600 | 1036435 |
| Spritzer Bhd. | 174700 | 132387 |
| Sunway Bhd.<sup>(1)</sup> | 2519948 | 3788947 |
| Sunway Construction Group Bhd.<sup>(1)</sup> | 1307700 | 2368558 |
| Supermax Corp. Bhd.<sup>(1)(2)</sup> | 4052786 | 291316 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 111174 | 91677 |
| Ta Ann Holdings Bhd. | 165600 | 196935 |
| Tanco Holdings Bhd.<sup>(1)(2)</sup> | 1224600 | 500509 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TASCO Bhd. | 91000 | $10046 |
| TDM Bhd. | 278600 | 12878 |
| Telekom Malaysia Bhd.<sup>(1)</sup> | 2875900 | 5505400 |
| Tenaga Nasional Bhd.<sup>(1)</sup> | 7989100 | 29503414 |
| TH Plantations Bhd. | 360200 | 55031 |
| Thong Guan Industries Bhd. | 44400 | 13451 |
| TIME dotCom Bhd.<sup>(1)</sup> | 2484400 | 3880832 |
| Tiong NAM Logistics Holdings Bhd.<sup>(2)</sup> | 97990 | 20616 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 4271600 | 636005 |
| Tropicana Corp. Bhd.<sup>(2)</sup> | 124682 | 40075 |
| TSH Resources Bhd.<sup>(2)</sup> | 1041700 | 326488 |
| Uchi Technologies Bhd. | 42900 | 33621 |
| UEM Sunrise Bhd. | 1481300 | 218613 |
| Unisem M Bhd.<sup>(1)</sup> | 340800 | 274201 |
| United Plantations Bhd.<sup>(1)</sup> | 493850 | 3743556 |
| UOA Development Bhd. | 1700 | 825 |
| UWC Bhd.<sup>(1)(2)</sup> | 95100 | 109618 |
| Velesto Energy Bhd. | 25160400 | 1974235 |
| ViTrox Corp. Bhd.<sup>(1)</sup> | 214700 | 253349 |
| VS Industry Bhd.<sup>(1)</sup> | 1836344 | 162785 |
| Wasco Bhd. | 136000 | 34958 |
| WAVEFRONT Bhd.<sup>(2)</sup> | 394600 | 14671 |
| WCE Holdings Bhd.<sup>(2)</sup> | 369000 | 65905 |
| WCT Holdings Bhd.<sup>(1)(2)</sup> | 5088000 | 705966 |
| Westports Holdings Bhd. | 815085 | 1289068 |
| Yinson Holdings Bhd.<sup>(1)</sup> | 1827332 | 1103484 |
| YTL Corp. Bhd.<sup>(1)</sup> | 2617213 | 1235648 |
| YTL Power International Bhd.<sup>(1)</sup> | 4789900 | 3477182 |
| Zetrix Ai Bhd.<sup>(1)</sup> | 12608946 | 2658219 |
|  |  | 266785219 |
| **Mexico — 2.3%** |  |  |
| Alpek SAB de CV<sup>(1)(2)</sup> | 3202352 | 1530331 |
| Alsea SAB de CV | 1679016 | 5930469 |
| America Movil SAB de CV, ADR | 1843571 | 47969717 |
| Arca Continental SAB de CV<sup>(1)</sup> | 439802 | 5309188 |
| Banco del Bajio SA | 3166829 | 10560387 |
| Becle SAB de CV<sup>(1)</sup> | 38227 | 38822 |
| Bolsa Mexicana de Valores SAB de CV | 207553 | 456997 |
| Cemex SAB de CV, ADR | 1937367 | 24236461 |
| Coca-Cola Femsa SAB de CV | 1476620 | 16420131 |
| Consorcio ARA SAB de CV | 34198 | 9333 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(2)</sup> | 500207 | 4311784 |
| Corp. Inmobiliaria Vesta SAB de CV | 2500992 | 9186665 |
| El Puerto de Liverpool SAB de CV, Class C1<sup>(1)</sup> | 7605 | 47550 |
| Fomento Economico Mexicano SAB de CV, ADR | 168440 | 18919181 |
| GCC SAB de CV | 242299 | 2822695 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(1)</sup> | 1902129 | 2018983 |
| Gentera SAB de CV | 8122836 | 23578015 |
| Gruma SAB de CV, B Shares | 812539 | 14650424 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 166606 | 20352589 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 82805 | 21592232 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR<sup>(1)</sup> | 41535 | 14938893 |
| Grupo Bimbo SAB de CV, Series A<sup>(1)</sup> | 347410 | 1262796 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grupo Carso SAB de CV, Series A1<sup>(1)</sup> | 292492 | $2291601 |
| Grupo Comercial Chedraui SA de CV | 947262 | 6065733 |
| Grupo Financiero Banorte SAB de CV, Class O | 6521753 | 74158338 |
| Grupo Financiero Inbursa SAB de CV, Class O | 5624983 | 14325383 |
| Grupo GICSA SAB de CV<sup>(2)</sup> | 21090 | 3662 |
| Grupo Industrial Saltillo SAB de CV<sup>(2)</sup> | 26514 | 19999 |
| Grupo Mexico SAB de CV, Series B | 4052689 | 51361044 |
| Grupo Rotoplas SAB de CV<sup>(1)</sup> | 173 | 114 |
| Grupo Televisa SAB, ADR | 2956043 | 8720327 |
| Grupo Traxion SAB de CV<sup>(2)</sup> | 14 | 11 |
| Industrias Penoles SAB de CV<sup>(2)</sup> | 474539 | 30207706 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 3754880 | 9416634 |
| La Comer SAB de CV | 300863 | 680619 |
| Megacable Holdings SAB de CV<sup>(1)</sup> | 2953149 | 11452841 |
| Nemak SAB de CV<sup>(2)</sup> | 3247563 | 610969 |
| Ollamani SAB<sup>(1)(2)</sup> | 166005 | 732573 |
| Operadora De Sites Mexicanos SAB de CV<sup>(1)</sup> | 171809 | 153233 |
| Orbia Advance Corp. SAB de CV<sup>(1)(2)</sup> | 1094088 | 1290899 |
| Promotora de Hoteles Norte 19 SAB de CV<sup>(2)</sup> | 9494 | 3545 |
| Promotora y Operadora de Infraestructura SAB de CV | 587032 | 9670587 |
| Qualitas Controladora SAB de CV<sup>(1)</sup> | 474698 | 4630662 |
| Regional SAB de CV | 212792 | 1988670 |
| Sigma Foods SAB de CV, Class A<sup>(1)</sup> | 12965360 | 14529755 |
| Wal-Mart de Mexico SAB de CV | 3198161 | 10380746 |
|  |  | 498839294 |
| **Peru — 0.6%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 1165786 | 50909875 |
| Credicorp Ltd. | 143554 | 49724235 |
| Intercorp Financial Services, Inc. | 75771 | 3665801 |
| Southern Copper Corp. | 114839 | 25069402 |
|  |  | 129369313 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 1825690 | 1083229 |
| Aboitiz Power Corp. | 28900 | 22203 |
| ACEN Corp. | 681840 | 33197 |
| Alliance Global Group, Inc. | 1286700 | 192056 |
| Apex Mining Co., Inc. | 3452000 | 1048512 |
| Ayala Corp. | 544210 | 5660329 |
| Ayala Land, Inc. | 15772200 | 5715413 |
| AyalaLand Logistics Holdings Corp.<sup>(2)</sup> | 28000 | 656 |
| Bank of the Philippine Islands | 3039711 | 6114012 |
| BDO Unibank, Inc. | 5011322 | 11917691 |
| Cebu Air, Inc.<sup>(2)</sup> | 19350 | 12705 |
| Century Pacific Food, Inc. | 846300 | 586052 |
| Converge Information & Communications Technology Solutions, Inc. | 11819200 | 2951077 |
| Cosco Capital, Inc. | 227200 | 28600 |
| DigiPlus Interactive Corp. | 2945600 | 821298 |
| DITO CME Holdings Corp.<sup>(2)</sup> | 425200 | 5013 |
| DMCI Holdings, Inc. | 8803300 | 1473667 |
| East West Banking Corp. | 65600 | 15319 |
| Filinvest Land, Inc. | 519000 | 7284 |
| Ginebra San Miguel, Inc. | 7600 | 38693 |
| Global Ferronickel Holdings, Inc.<sup>(2)</sup> | 757000 | 31237 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Globe Telecom, Inc. | 20439 | $617010 |
| GT Capital Holdings, Inc. | 325410 | 3780813 |
| International Container Terminal Services, Inc. | 1651110 | 20582666 |
| JG Summit Holdings, Inc. | 3680624 | 1915045 |
| Jollibee Foods Corp. | 1235990 | 4590617 |
| LT Group, Inc. | 1454900 | 394111 |
| Manila Electric Co. | 161660 | 1787991 |
| Manila Water Co., Inc. | 5609000 | 3920411 |
| Megaworld Corp. | 3778800 | 148098 |
| Metropolitan Bank & Trust Co. | 7808150 | 10427099 |
| Monde Nissin Corp. | 1522300 | 173959 |
| Nickel Asia Corp. | 1572800 | 148576 |
| OceanaGold Philippines, Inc. | 180300 | 121856 |
| Petron Corp. | 137700 | 6715 |
| Philippine National Bank | 548770 | 611085 |
| PLDT, Inc., ADR<sup>(1)</sup> | 252629 | 6045412 |
| Puregold Price Club, Inc. | 2289500 | 1666982 |
| Robinsons Land Corp. | 1384600 | 444274 |
| Robinsons Retail Holdings, Inc. | 128010 | 84621 |
| Security Bank Corp. | 896870 | 1148268 |
| Semirara Mining & Power Corp. | 1570100 | 762071 |
| Shell Pilipinas Corp.<sup>(2)</sup> | 7000 | 1395 |
| SM Investments Corp. | 93825 | 1146769 |
| SM Prime Holdings, Inc. | 11996200 | 4469114 |
| Synergy Grid & Development Phils, Inc. | 2041800 | 707342 |
| Universal Robina Corp. | 1084770 | 1504128 |
| Vista Land & Lifescapes, Inc. | 266100 | 5402 |
| Wilcon Depot, Inc. | 1800 | 213 |
|  |  | 104970286 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 572548 | 19199263 |
| Allegro.eu SA<sup>(2)</sup> | 726124 | 5650676 |
| AmRest Holdings SE | 9743 | 33861 |
| Asseco Poland SA | 1893 | 93538 |
| Bank Handlowy w Warszawie SA | 14166 | 472703 |
| Bank Millennium SA<sup>(2)</sup> | 2816089 | 13695607 |
| Bank Polska Kasa Opieki SA | 402930 | 25529948 |
| Benefit Systems SA<sup>(2)</sup> | 4539 | 4910471 |
| Budimex SA | 35398 | 7983406 |
| CD Projekt SA | 116412 | 7905644 |
| Cyfrowy Polsat SA<sup>(1)(2)</sup> | 49100 | 174286 |
| Diagnostyka SA | 31267 | 1655234 |
| Dino Polska SA<sup>(2)</sup> | 1142006 | 12840826 |
| Enea SA | 488762 | 3379397 |
| Eurocash SA<sup>(2)</sup> | 42741 | 75695 |
| Grupa Azoty SA<sup>(1)(2)</sup> | 33832 | 156888 |
| Grupa Kety SA | 31085 | 9412476 |
| Jastrzebska Spolka Weglowa SA<sup>(1)(2)</sup> | 553358 | 4205646 |
| KGHM Polska Miedz SA<sup>(2)</sup> | 255560 | 24099810 |
| KRUK SA | 40577 | 5263179 |
| LPP SA | 1398 | 8089617 |
| Lubelski Wegiel Bogdanka SA<sup>(2)</sup> | 857 | 4830 |
| mBank SA<sup>(2)</sup> | 22853 | 6641902 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Modivo SA<sup>(1)(2)</sup> | 58791 | $1824259 |
| Orange Polska SA | 3554259 | 13951960 |
| ORLEN SA | 1040439 | 33511694 |
| Pepco Group NV<sup>(1)</sup> | 689914 | 5697009 |
| PGE Polska Grupa Energetyczna SA<sup>(2)</sup> | 1847430 | 5834446 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1084389 | 28095052 |
| Powszechny Zaklad Ubezpieczen SA | 760591 | 14410010 |
| Santander Bank Polska SA | 56746 | 9424724 |
| Tauron Polska Energia SA<sup>(2)</sup> | 420629 | 1384816 |
| TEN Square Games SA<sup>(1)</sup> | 598 | 17463 |
| Text SA | 14174 | 150827 |
| XTB SA | 157257 | 3916221 |
| Zabka Group SA<sup>(2)</sup> | 405133 | 2535132 |
|  |  | 282228516 |
| **Qatar — 0.2%** |  |  |
| Baladna<sup>(2)</sup> | 3542850 | 1210527 |
| Barwa Real Estate Co. | 2058386 | 1448031 |
| Commercial Bank PSQC | 1444214 | 1922609 |
| Doha Bank QPSC<sup>(2)</sup> | 3001198 | 2432450 |
| Dukhan Bank | 615609 | 604864 |
| Estithmar Holding QPSC<sup>(2)</sup> | 983958 | 1025684 |
| Gulf International Services QSC | 645481 | 461281 |
| Industries Qatar QSC | 399339 | 1325101 |
| Mazaya Real Estate Development QPSC<sup>(2)</sup> | 1290965 | 209990 |
| Mesaieed Petrochemical Holding Co. | 1742216 | 500214 |
| Nebras Energy | 31242 | 126666 |
| Ooredoo QPSC | 722103 | 2688748 |
| Qatar Fuel QSC | 261148 | 1061696 |
| Qatar Gas Transport Co. Ltd. | 1548519 | 2094484 |
| Qatar International Islamic Bank QSC | 313658 | 972057 |
| Qatar Islamic Bank QPSC | 750803 | 4884454 |
| Qatar National Bank QPSC | 4404486 | 23383112 |
| Qatar Navigation QSC | 137846 | 423666 |
| Vodafone Qatar PQSC<sup>(2)</sup> | 1158593 | 846999 |
|  |  | 47622633 |
| **Russia**<sup>(3)</sup> **— 0.0%** |  |  |
| Gazprom PJSC<sup>(2)</sup> | 1738516 | 2 |
| Gazprom PJSC, ADR<sup>(2)</sup> | 13735 | 2 |
| Globaltrans Investment PLC, GDR<sup>(2)</sup> | 112592 | 11 |
| GMK Norilskiy Nickel PAO<sup>(2)</sup> | 749200 | 10 |
| LUKOIL PJSC<sup>(2)</sup> | 69112 |  |
| LUKOIL PJSC, ADR<sup>(2)</sup> | 2950 |  |
| Magnit PJSC<sup>(2)</sup> | 9702 |  |
| Mechel PJSC<sup>(2)</sup> | 22684 |  |
| MMC Norilsk Nickel PJSC, ADR<sup>(2)</sup> | 6 |  |
| MMC Norilsk Nickel PJSC, (NASDAQ), ADR<sup>(2)</sup>  | 9 |  |
| Mobile TeleSystems PJSC, ADR<sup>(2)</sup> | 58032 | 6 |
| Novatek PJSC<sup>(2)</sup> | 38550 |  |
| Novolipetsk Steel PJSC<sup>(2)</sup> | 405900 | 1 |
| PhosAgro PJSC<sup>(2)</sup> | 14221 |  |
| PhosAgro PJSC, GDR<sup>(2)</sup> | 275 |  |
| PhosAgro PJSC, GDR<sup>(2)</sup> | 2 |  |
| Ros Agro PLC, GDR<sup>(2)</sup> | 2060 |  |
| Rosneft Oil Co. PJSC<sup>(2)</sup> | 192337 |  |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Severstal PAO, GDR<sup>(2)</sup> | 53821 | $6 |
| Tatneft PJSC<sup>(2)</sup> | 223476 |  |
| VTB Bank PJSC<sup>(2)</sup> | 287928 |  |
| X5 Retail Group NV, GDR<sup>(2)</sup> | 13628 | 1 |
|  |  | 39 |
| **Saudi Arabia — 1.8%** |  |  |
| Abdullah Al Othaim Markets Co. | 458721 | 750850 |
| ACWA Power Co.<sup>(2)</sup> | 26463 | 1167091 |
| Ades Holding Co. | 2081165 | 9911517 |
| Advanced Building Industries Co.<sup>(2)</sup> | 14595 | 142161 |
| Al Babtain Power & Telecommunication Co. | 133581 | 2230482 |
| Al Jouf Agricultural Development Co. | 4355 | 56800 |
| Al Khaleej Training & Education Co.<sup>(2)</sup> | 31904 | 156045 |
| Al Majed for Oud Co. | 22332 | 987525 |
| Al Masane Al Kobra Mining Co. | 70626 | 1838867 |
| Al Moammar Information Systems Co. | 6723 | 276393 |
| Al Rajhi Bank | 2072265 | 55574238 |
| Al Rajhi Co. for Co-operative Insurance<sup>(2)</sup> | 11278 | 223538 |
| Alaseel Co. | 42753 | 40287 |
| Al-Dawaa Medical Services Co. | 23785 | 310014 |
| Aldrees Petroleum & Transport Services Co. | 86812 | 2703752 |
| Alinma Bank | 3967517 | 29469756 |
| AlKhorayef Water & Power Technologies Co. | 2379 | 73207 |
| Almarai Co. JSC | 812828 | 8641988 |
| Almawarid Manpower Co. | 8370 | 174370 |
| Alujain Corp. | 62824 | 361398 |
| Amlak International Finance Co.<sup>(2)</sup> | 51175 | 140450 |
| Arab National Bank | 1758515 | 9646839 |
| Arabian Cement Co. | 29461 | 175642 |
| Arabian Centres Co. | 538200 | 2595724 |
| Arabian Contracting Services Co.<sup>(2)</sup> | 15555 | 438946 |
| Arabian Drilling Co. | 106276 | 2536786 |
| Arabian Internet & Communications Services Co. | 14968 | 745098 |
| Arabian Pipes Co. | 237243 | 297475 |
| Arriyadh Development Co. | 27011 | 129903 |
| Astra Industrial Group Co. | 30034 | 1023087 |
| Ayyan Investment Co.<sup>(2)</sup> | 23177 | 67371 |
| BAAN Holding Group Co.<sup>(2)</sup> | 320880 | 151959 |
| Bank AlBilad | 1571344 | 10680454 |
| Bank Al-Jazira | 818602 | 2515988 |
| Banque Saudi Fransi | 2306752 | 12183472 |
| Bupa Arabia for Cooperative Insurance Co. | 20188 | 956053 |
| Co. for Cooperative Insurance | 105457 | 3809568 |
| Dallah Healthcare Co. | 10104 | 267188 |
| Dar Al Arkan Real Estate Development Co.<sup>(2)</sup> | 714290 | 3803318 |
| Derayah Financial Co. | 67314 | 412065 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 39898 | 2456144 |
| East Pipes Integrated Co. for Industry | 45060 | 1684813 |
| Eastern Province Cement Co. | 16309 | 101076 |
| Electrical Industries Co. | 1215090 | 4770616 |
| Elm Co. | 8671 | 1478174 |
| Etihad Etisalat Co. | 712060 | 12188521 |
| Etihad GO Telecom Co. | 34616 | 795282 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fawaz Abdulaziz Al Hokair & Co.<sup>(2)</sup> | 66047 | $287872 |
| flynas Co. SJSC<sup>(2)</sup> | 67720 | 1053577 |
| Fourth Milling Co. | 292536 | 283913 |
| Jabal Omar Development Co.<sup>(2)</sup> | 808108 | 3203361 |
| Jarir Marketing Co. | 842437 | 3140841 |
| Leejam Sports Co. JSC | 24781 | 542405 |
| Lumi Rental Co.<sup>(2)</sup> | 5543 | 57236 |
| Maharah Human Resources Co. | 420842 | 673925 |
| Makkah Construction & Development Co. | 22504 | 469291 |
| Middle East Healthcare Co. | 9920 | 83466 |
| Middle East Paper Co.<sup>(2)</sup> | 38036 | 173532 |
| Middle East Pharmaceutical Co. | 1108 | 30764 |
| Mobile Telecommunications Co. Saudi Arabia | 531998 | 1628457 |
| Modern Mills Co. | 2866 | 19746 |
| Mouwasat Medical Services Co. | 111880 | 1898141 |
| Nahdi Medical Co. | 27257 | 721414 |
| Najran Cement Co.<sup>(2)</sup> | 18067 | 30521 |
| Naseej International Trading Co.<sup>(2)</sup> | 3267 | 19201 |
| National Agriculture Development Co.<sup>(2)</sup> | 209572 | 959184 |
| National Gas & Industrialization Co. | 6769 | 141841 |
| National Industrialization Co.<sup>(2)</sup> | 445288 | 994346 |
| Power & Water Utility Co. for Jubail & Yanbu<sup>(2)</sup> | 7803 | 64744 |
| Rasan Information Technology Co.<sup>(2)</sup> | 41185 | 1424334 |
| Retal Urban Development Co. | 217975 | 778526 |
| Riyad Bank | 2293702 | 16925425 |
| Riyadh Cement Co. | 91474 | 571963 |
| SABIC Agri-Nutrients Co. | 183325 | 6042458 |
| Sahara International Petrochemical Co. | 640979 | 2368350 |
| SAL Saudi Logistics Services | 55219 | 2380541 |
| Saudi Arabian Mining Co.<sup>(2)</sup> | 499317 | 9323450 |
| Saudi Arabian Oil Co. | 6609630 | 44050083 |
| Saudi Aramco Base Oil Co. | 34919 | 848266 |
| Saudi Automotive Services Co.<sup>(2)</sup> | 24534 | 346170 |
| Saudi Awwal Bank | 1574733 | 14336949 |
| Saudi Basic Industries Corp. | 424995 | 6142023 |
| Saudi Cement Co. | 62835 | 551812 |
| Saudi Chemical Co. Holding | 887466 | 1740152 |
| Saudi Co. For Hardware CJSC<sup>(2)</sup> | 4659 | 28534 |
| Saudi Electricity Co. | 635164 | 2288142 |
| Saudi Ground Services Co. | 48205 | 416589 |
| Saudi Investment Bank | 277762 | 998552 |
| Saudi Kayan Petrochemical Co.<sup>(2)</sup> | 1950008 | 2499317 |
| Saudi Manpower Solutions Co. | 112587 | 159290 |
| Saudi National Bank | 3911964 | 43344028 |
| Saudi Paper Manufacturing Co.<sup>(2)</sup> | 9558 | 130785 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp.<sup>(2)</sup> | 128864 | 963361 |
| Saudi Research & Media Group<sup>(2)</sup> | 10954 | 238581 |
| Saudi Steel Pipe Co. | 34058 | 348988 |
| Saudi Tadawul Group Holding Co. | 14939 | 544326 |
| Saudi Telecom Co. | 1149310 | 12803330 |
| Saudia Dairy & Foodstuff Co. | 7054 | 374610 |
| Savola Group<sup>(2)</sup> | 396964 | 2383355 |
| Seera Group Holding<sup>(2)</sup> | 307779 | 1882923 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SHL Finance Co.<sup>(2)</sup> | 5877 | $25492 |
| Specialized Medical Co. | 100358 | 498105 |
| Sport Clubs Co.<sup>(2)</sup> | 127396 | 233233 |
| Sustained Infrastructure Holding Co. | 64839 | 462559 |
| Theeb Rent A Car Co. | 34903 | 295640 |
| United Electronics Co. | 48909 | 1077486 |
| United International Transportation Co. | 48432 | 521669 |
| Yamama Cement Co. | 63045 | 411321 |
| Yanbu Cement Co. | 59458 | 227226 |
| Yanbu National Petrochemical Co. | 177197 | 1191145 |
|  |  | 389799158 |
| **Singapore — 0.0%** |  |  |
| Sunpower Group Ltd.<sup>(2)</sup> | 104600 | 41435 |
| **South Africa — 4.7%** |  |  |
| Absa Group Ltd. | 2442728 | 41745650 |
| AECI Ltd. | 793333 | 5484196 |
| African Rainbow Minerals Ltd.<sup>(1)</sup> | 692675 | 10910332 |
| Anglogold Ashanti PLC | 168384 | 21541934 |
| Anglogold Ashanti PLC (New York) | 1133359 | 144809279 |
| Aspen Pharmacare Holdings Ltd. | 1017733 | 8658288 |
| Astral Foods Ltd. | 27511 | 481463 |
| AVI Ltd. | 1531413 | 10802484 |
| Bid Corp. Ltd. | 343530 | 9086315 |
| Bidvest Group Ltd. | 441722 | 6996779 |
| Boxer Retail Ltd.<sup>(1)</sup> | 50641 | 224963 |
| Capitec Bank Holdings Ltd. | 100880 | 30060158 |
| Cashbuild Ltd. | 894 | 8573 |
| City Lodge Hotels Ltd. | 91493 | 27587 |
| Clicks Group Ltd. | 534798 | 10700825 |
| Coronation Fund Managers Ltd. | 281778 | 889699 |
| DataTec Ltd. | 100954 | 488817 |
| Dis-Chem Pharmacies Ltd.<sup>(1)</sup> | 618707 | 1438009 |
| Discovery Ltd. | 888730 | 14562239 |
| E Media Holdings Ltd.<sup>(1)</sup> | 369054 | 51903 |
| Exxaro Resources Ltd. | 799945 | 9953835 |
| Famous Brands Ltd. | 12976 | 45812 |
| FirstRand Ltd. | 7396861 | 46094200 |
| Fortress Real Estate Investments Ltd., Class B | 519523 | 856415 |
| Foschini Group Ltd. | 1170895 | 6376451 |
| Gold Fields Ltd., ADR | 1664994 | 97968247 |
| Harmony Gold Mining Co. Ltd., ADR | 2316383 | 52697713 |
| Impala Platinum Holdings Ltd. | 2076818 | 46137933 |
| Investec Ltd. | 129064 | 1109750 |
| KAL Group Ltd. | 1532 | 4483 |
| KAP Ltd.<sup>(2)</sup> | 1542797 | 209753 |
| Kumba Iron Ore Ltd. | 76392 | 1765728 |
| Life Healthcare Group Holdings Ltd. | 2993257 | 2276322 |
| Metair Investments Ltd.<sup>(2)</sup> | 41971 | 12556 |
| Momentum Group Ltd. | 7330149 | 18625570 |
| Motus Holdings Ltd. | 599358 | 5069348 |
| Mr. Price Group Ltd. | 712765 | 8212952 |
| MTN Group Ltd. | 3023389 | 39325571 |
| Naspers Ltd., N Shares | 574435 | 31967682 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nedbank Group Ltd. | 1318098 | $26075175 |
| NEPI Rockcastle NV<sup>(2)</sup> | 1628912 | 15146964 |
| Netcare Ltd. | 2976862 | 3210022 |
| Ninety One Ltd. | 138645 | 474200 |
| Northam Platinum Holdings Ltd. | 1411144 | 38628431 |
| Nutun Ltd.<sup>(2)</sup> | 27574 | 2259 |
| Oceana Group Ltd. | 577 | 1941 |
| Old Mutual Ltd. | 19397997 | 20077534 |
| Omnia Holdings Ltd. | 1300722 | 7301155 |
| OUTsurance Group Ltd. | 1644728 | 7593103 |
| Pepkor Holdings Ltd. | 170796 | 284363 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 373717 | 454618 |
| PPC Ltd. | 902618 | 375035 |
| Raubex Group Ltd. | 35631 | 127985 |
| Reinet Investments SCA | 398586 | 14033267 |
| Remgro Ltd. | 1246441 | 15172575 |
| Reunert Ltd. | 2191 | 9044 |
| RFG Holdings Ltd. | 19543 | 31267 |
| Sanlam Ltd. | 2454113 | 16391355 |
| Santam Ltd. | 13694 | 376659 |
| Sappi Ltd.<sup>(1)(2)</sup> | 4327836 | 4575042 |
| Sasol Ltd., ADR<sup>(2)</sup> | 1294919 | 11550677 |
| Shoprite Holdings Ltd. | 856736 | 14252504 |
| Sibanye Stillwater Ltd., ADR<sup>(2)</sup> | 2456631 | 43506935 |
| SPAR Group Ltd.<sup>(1)(2)</sup> | 900304 | 3968550 |
| Standard Bank Group Ltd. | 2139465 | 43087752 |
| Sun International Ltd. | 36034 | 100054 |
| Super Group Ltd. | 56705 | 61136 |
| Telkom SA SOC Ltd. | 3000773 | 12144749 |
| Thungela Resources Ltd.<sup>(1)</sup> | 1007493 | 7054686 |
| Tiger Brands Ltd. | 360886 | 7218911 |
| Truworths International Ltd.<sup>(1)</sup> | 1555087 | 5874462 |
| Tsogo Sun Ltd. | 11283 | 5284 |
| Valterra Platinum Ltd. | 66943 | 7859915 |
| Vodacom Group Ltd. | 1089490 | 11118382 |
| Wilson Bayly Holmes-Ovcon Ltd. | 24839 | 329725 |
| Woolworths Holdings Ltd. | 1562836 | 5358134 |
| Zeda Ltd. | 232331 | 200156 |
| Zeder Investments Ltd.<sup>(2)</sup> | 120266 | 9544 |
|  |  | 1031723364 |
| **South Korea — 17.7%** |  |  |
| ABLBio, Inc.<sup>(2)</sup> | 23584 | 3171184 |
| Able C&C Co. Ltd. | 10459 | 83575 |
| Advanced Process Systems Corp.<sup>(2)</sup> | 4807 | 76912 |
| Aekyung Chemical Co. Ltd.<sup>(2)</sup> | 36696 | 266852 |
| Aekyung Industrial Co. Ltd. | 9128 | 101995 |
| Agabang & Co.<sup>(2)</sup> | 50751 | 174902 |
| Ahnlab, Inc. | 1317 | 59682 |
| Alteogen, Inc. | 3978 | 1126910 |
| Amorepacific Corp. | 15952 | 1677195 |
| Amorepacific Holdings Corp. | 33558 | 730623 |
| Ananti, Inc.<sup>(2)</sup> | 156492 | 935737 |
| APR Corp. | 55617 | 12068038 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aprogen Biologics, Inc.<sup>(2)</sup> | 56344 | $12840 |
| Aprogen, Inc.<sup>(2)</sup> | 5729 | 1561 |
| Asiana Airlines, Inc.<sup>(2)</sup> | 62870 | 339010 |
| BGF Co. Ltd. | 12496 | 38199 |
| BGF retail Co. Ltd. | 32999 | 2857794 |
| BH Co. Ltd. | 65402 | 877148 |
| BHI Co. Ltd.<sup>(2)</sup> | 5379 | 349472 |
| Binex Co. Ltd.<sup>(2)</sup> | 11370 | 125574 |
| Binggrae Co. Ltd. | 18681 | 1062567 |
| Bioneer Corp.<sup>(2)</sup> | 5617 | 50374 |
| BNK Financial Group, Inc. | 666788 | 9232491 |
| Boditech Med, Inc. | 886 | 8197 |
| Boryung | 67616 | 467789 |
| Bukwang Pharmaceutical Co. Ltd. | 19091 | 74422 |
| Byucksan Corp. | 60494 | 83908 |
| Caregen Co. Ltd. | 12678 | 1206158 |
| Celltrion Pharm, Inc. | 9698 | 483566 |
| Celltrion, Inc. | 61208 | 10133685 |
| CG Invites Co. Ltd.<sup>(2)</sup> | 6932 | 6998 |
| Chabiotech Co. Ltd.<sup>(2)</sup> | 15746 | 236366 |
| Cheil Worldwide, Inc. | 130330 | 1987215 |
| Chong Kun Dang Pharmaceutical Corp. | 19356 | 1255333 |
| Chongkundang Holdings Corp.<sup>(2)</sup> | 112 | 4057 |
| Chunbo Co. Ltd.<sup>(2)</sup> | 124 | 4648 |
| CJ CGV Co. Ltd.<sup>(2)</sup> | 245235 | 944508 |
| CJ CheilJedang Corp. | 24269 | 3606837 |
| CJ Corp. | 23667 | 3596195 |
| CJ ENM Co. Ltd.<sup>(2)</sup> | 63427 | 3201013 |
| CJ Logistics Corp. | 31716 | 2902945 |
| Classys, Inc.<sup>(2)</sup> | 25115 | 1018443 |
| Com2uSCorp<sup>(2)</sup> | 6964 | 173635 |
| Cosmax, Inc.<sup>(2)</sup> | 23649 | 3123811 |
| CosmoAM&T Co. Ltd.<sup>(2)</sup> | 5349 | 217294 |
| Coway Co. Ltd.<sup>(2)</sup> | 114460 | 6503126 |
| CS Wind Corp.<sup>(2)</sup> | 38075 | 1421001 |
| Cuckoo Holdings Co. Ltd.<sup>(2)</sup> | 2944 | 60704 |
| Cuckoo Homesys Co. Ltd.<sup>(2)</sup> | 4724 | 85610 |
| Daeduck Electronics Co. Ltd. | 57273 | 2499449 |
| Daehan Flour Mill Co. Ltd. | 490 | 53016 |
| Daesang Corp. | 57895 | 907101 |
| Daesung Holdings Co. Ltd. | 377 | 2370 |
| Daewon Pharmaceutical Co. Ltd. | 2047 | 16250 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(2)</sup> | 224599 | 1588191 |
| Daewoong Co. Ltd. | 25783 | 483625 |
| Daewoong Pharmaceutical Co. Ltd. | 1900 | 232320 |
| Daishin Securities Co. Ltd. | 98353 | 3072206 |
| D'Alba Global Co. Ltd. | 3881 | 457658 |
| Daol Investment & Securities Co. Ltd. | 111644 | 363975 |
| Daou Data Corp. | 30424 | 560954 |
| Daou Technology, Inc. | 110195 | 4167094 |
| DB HiTek Co. Ltd. | 140014 | 9343136 |
| DB Insurance Co. Ltd. | 108597 | 13796725 |
| DB Securities Co. Ltd. | 15821 | 172264 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dentium Co. Ltd.<sup>(2)</sup> | 9297 | $325945 |
| DI Dong Il Corp.<sup>(2)</sup> | 29432 | 491748 |
| DIO Corp.<sup>(2)</sup> | 879 | 10891 |
| DL E&C Co. Ltd.<sup>(2)</sup> | 62598 | 2222806 |
| DL Holdings Co. Ltd.<sup>(2)</sup> | 43820 | 1574864 |
| DN Automotive Corp. | 15680 | 296964 |
| Dong-A Socio Holdings Co. Ltd. | 3491 | 283355 |
| Dong-A ST Co. Ltd. | 2856 | 103927 |
| Dongjin Semichem Co. Ltd. | 156837 | 5997503 |
| DongKook Pharmaceutical Co. Ltd. | 17221 | 244150 |
| Dongkuk CM Co. Ltd. | 30636 | 127010 |
| Dongkuk Holdings Co. Ltd. | 16318 | 111796 |
| Dongkuk Steel Mill Co. Ltd. | 75378 | 537723 |
| Dongsuh Cos., Inc. | 13157 | 250454 |
| Dongwha Pharm Co. Ltd.<sup>(2)</sup> | 4407 | 19307 |
| Dongwon Development Co. Ltd. | 10306 | 22435 |
| Dongwon Industries Co. Ltd. | 14102 | 421142 |
| Dongwon Systems Corp. | 5098 | 93543 |
| Doosan Bobcat, Inc. | 67810 | 3057739 |
| Doosan Co. Ltd. | 327 | 290961 |
| Doosan Enerbility Co. Ltd.<sup>(2)</sup> | 657468 | 48590362 |
| Doosan Fuel Cell Co. Ltd.<sup>(2)</sup> | 36769 | 1017358 |
| Doosan Tesna, Inc. | 13196 | 625521 |
| DoubleUGames Co. Ltd.<sup>(2)</sup> | 8785 | 323418 |
| Douzone Bizon Co. Ltd. | 16898 | 1389019 |
| Dreamtech Co. Ltd. | 15774 | 85444 |
| Duk San Neolux Co. Ltd.<sup>(2)</sup> | 1529 | 44367 |
| Easy Bio, Inc.<sup>(2)</sup> | 465 | 2373 |
| Easy Holdings Co. Ltd.<sup>(2)</sup> | 1 | 6 |
| Ecopro BM Co. Ltd.<sup>(2)</sup> | 15227 | 2345305 |
| Ecopro Co. Ltd.<sup>(2)</sup> | 26665 | 3424089 |
| Ecopro HN Co. Ltd. | 24612 | 653410 |
| E-MART, Inc. | 51280 | 3741456 |
| Eo Technics Co. Ltd.<sup>(2)</sup> | 7224 | 2106069 |
| Eugene Corp. | 22122 | 73169 |
| Eugene Investment & Securities Co. Ltd. | 168284 | 620698 |
| Eugene Technology Co. Ltd. | 5418 | 505612 |
| F&F Co. Ltd. | 27933 | 1369556 |
| Foosung Co. Ltd.<sup>(2)</sup> | 7436 | 41582 |
| Genexine, Inc.<sup>(2)</sup> | 1908 | 5796 |
| GOLFZON Co. Ltd.<sup>(2)</sup> | 7448 | 283822 |
| Gradiant Corp. | 19296 | 146882 |
| Grand Korea Leisure Co. Ltd. | 57743 | 525334 |
| Green Cross Corp.<sup>(2)</sup> | 2501 | 293632 |
| Green Cross Holdings Corp.<sup>(2)</sup> | 2440 | 26966 |
| GS Engineering & Construction Corp. | 105182 | 1637161 |
| GS Holdings Corp. | 128057 | 6120197 |
| GS P&L Co. Ltd. | 15273 | 544647 |
| GS Retail Co. Ltd. | 131722 | 2013237 |
| HAESUNG DS Co. Ltd. | 19421 | 873062 |
| Han Kuk Carbon Co. Ltd.<sup>(2)</sup> | 112995 | 3292921 |
| Hana Financial Group, Inc. | 1021387 | 86396266 |
| Hana Materials, Inc. | 7352 | 319140 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hana Micron, Inc. | 148772 | $3754020 |
| Hana Tour Service, Inc. | 16141 | 539315 |
| Handsome Co. Ltd. | 13246 | 218702 |
| Hanil Cement Co. Ltd. | 35893 | 453496 |
| Hanjin Kal Corp.<sup>(2)</sup> | 674 | 73052 |
| Hanjin Logistics Corp.<sup>(2)</sup> | 3382 | 49849 |
| Hankook & Co. Co. Ltd. | 26512 | 576835 |
| Hankook Shell Oil Co. Ltd. | 114 | 40229 |
| Hankook Tire & Technology Co. Ltd. | 153354 | 7767717 |
| Hanmi Pharm Co. Ltd.<sup>(2)</sup> | 5573 | 2296074 |
| Hanmi Science Co. Ltd.<sup>(2)</sup> | 10244 | 310712 |
| Hanmi Semiconductor Co. Ltd. | 28867 | 6505570 |
| Hanon Systems<sup>(2)</sup> | 310833 | 1002354 |
| Hansae Co. Ltd. | 42094 | 418237 |
| Hansol Chemical Co. Ltd. | 14141 | 3318182 |
| Hansol Paper Co. Ltd. | 4250 | 26103 |
| Hansol Technics Co. Ltd. | 34469 | 148551 |
| Hanssem Co. Ltd.<sup>(2)</sup> | 12375 | 427198 |
| Hanwha Aerospace Co. Ltd. | 92384 | 76797252 |
| Hanwha Corp.<sup>(2)</sup> | 108603 | 10312913 |
| Hanwha Corp., Preference Shares<sup>(2)</sup> | 11101 | 433067 |
| Hanwha Engine<sup>(2)</sup> | 73978 | 2775485 |
| Hanwha General Insurance Co. Ltd.<sup>(2)</sup> | 185904 | 986439 |
| Hanwha Investment & Securities Co. Ltd.<sup>(2)</sup> | 297708 | 1729665 |
| Hanwha Life Insurance Co. Ltd.<sup>(2)</sup> | 1212844 | 4177226 |
| Hanwha Ocean Co. Ltd.<sup>(2)</sup> | 26270 | 2577579 |
| Hanwha Solutions Corp.<sup>(2)</sup> | 129690 | 4766894 |
| Hanwha Systems Co. Ltd.<sup>(2)</sup> | 19233 | 1516446 |
| Hanwha Vision Co. Ltd.<sup>(2)</sup> | 56720 | 3362534 |
| Harim Holdings Co. Ltd. | 181826 | 2042936 |
| HD Construction Equipment Co. Ltd. | 90804 | 8859284 |
| HD Hyundai Co. Ltd. | 242111 | 49251296 |
| HD Hyundai Electric Co. Ltd. | 31929 | 23309941 |
| HD Hyundai Energy Solutions Co. Ltd.<sup>(2)</sup> | 3807 | 274614 |
| HD Hyundai Heavy Industries Co. Ltd. | 32197 | 13483286 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 119925 | 37513165 |
| HDC Holdings Co. Ltd. | 10125 | 173739 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 66672 | 1072679 |
| HD-Hyundai Marine Engine<sup>(2)</sup> | 33048 | 2006818 |
| Helixmith Co. Ltd.<sup>(2)</sup> | 2352 | 10485 |
| Hite Jinro Co. Ltd. | 123016 | 1519445 |
| HJ Shipbuilding & Construction Co. Ltd.<sup>(2)</sup> | 15718 | 276879 |
| HL Holdings Corp. | 3576 | 123338 |
| HL Mando Co. Ltd. | 213635 | 9313396 |
| HLB, Inc.<sup>(2)</sup> | 35315 | 1269513 |
| HMM Co. Ltd. | 311936 | 4623531 |
| Hotel Shilla Co. Ltd.<sup>(2)</sup> | 43445 | 1447041 |
| HPSP Co. Ltd. | 64106 | 2000060 |
| HS Hyosung Advanced Materials Corp.<sup>(2)</sup> | 10656 | 1858641 |
| HS Hyosung Corp.<sup>(2)</sup> | 1182 | 54685 |
| HS Industries Co. Ltd. | 11046 | 26966 |
| Hugel, Inc.<sup>(2)</sup> | 10685 | 2005862 |
| Humasis Co. Ltd.<sup>(2)</sup> | 255300 | 140676 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Humedix Co. Ltd. | 14503 | $429644 |
| Huons Co. Ltd. | 1038 | 20589 |
| Huons Global Co. Ltd. | 1022 | 44903 |
| Hwa Shin Co. Ltd.<sup>(2)</sup> | 35568 | 384658 |
| Hwaseung Enterprise Co. Ltd. | 6727 | 26117 |
| HYBE Co. Ltd. | 12753 | 3428670 |
| Hyosung Chemical Corp.<sup>(2)</sup> | 1063 | 74 |
| Hyosung Corp. | 31686 | 3724157 |
| Hyosung Heavy Industries Corp. | 10275 | 20140976 |
| Hyosung TNC Corp. | 13313 | 3942095 |
| Hyundai Autoever Corp. | 2705 | 943832 |
| HYUNDAI Corp. | 26090 | 501027 |
| Hyundai Department Store Co. Ltd. | 50524 | 3861244 |
| Hyundai Elevator Co. Ltd. | 15684 | 1074896 |
| Hyundai Engineering & Construction Co. Ltd. | 78084 | 8942915 |
| Hyundai GF Holdings | 49119 | 546866 |
| Hyundai Glovis Co. Ltd. | 153961 | 31000065 |
| Hyundai Home Shopping Network Corp. | 4124 | 243830 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(2)</sup> | 165102 | 3942517 |
| Hyundai Mobis Co. Ltd. | 50276 | 18071832 |
| Hyundai Motor Co. | 363074 | 170217906 |
| Hyundai Rotem Co. Ltd. | 85141 | 13612574 |
| Hyundai Steel Co. | 367724 | 11859178 |
| Hyundai Wia Corp. | 77753 | 5467603 |
| ICD Co. Ltd.<sup>(2)</sup> | 6931 | 26041 |
| Il Dong Pharmaceutical Co. Ltd.<sup>(2)</sup> | 137 | 3692 |
| Iljin Electric Co. Ltd. | 39422 | 2450691 |
| Ilyang Pharmaceutical Co. Ltd. | 8045 | 54738 |
| iM Financial Group Co. Ltd. | 465656 | 5951177 |
| iMarketKorea, Inc. | 10401 | 57115 |
| Industrial Bank of Korea | 474463 | 8497126 |
| Innocean Worldwide, Inc. | 27253 | 379689 |
| Innox Advanced Materials Co. Ltd.<sup>(2)</sup> | 13820 | 336203 |
| Insun ENT Co. Ltd.<sup>(2)</sup> | 15244 | 45581 |
| Interflex Co. Ltd.<sup>(2)</sup> | 344 | 2850 |
| INTOPS Co. Ltd. | 26498 | 362758 |
| IS Dongseo Co. Ltd.<sup>(2)</sup> | 32042 | 692374 |
| ISC Co. Ltd. | 7370 | 990003 |
| i-SENS, Inc. | 7170 | 117010 |
| ISU Chemical Co. Ltd.<sup>(2)</sup> | 11199 | 73459 |
| ISU Specialty Chemical<sup>(2)</sup> | 13735 | 1098953 |
| IsuPetasys Co. Ltd. | 57923 | 5157698 |
| JB Financial Group Co. Ltd. | 254450 | 5610790 |
| Jeio Co. Ltd.<sup>(2)</sup> | 7752 | 44466 |
| Jeju Air Co. Ltd.<sup>(2)</sup> | 46039 | 194881 |
| Jin Air Co. Ltd.<sup>(2)</sup> | 28373 | 139221 |
| Jusung Engineering Co. Ltd. | 110147 | 4302805 |
| JW Holdings Corp.<sup>(2)</sup> | 1 | 3 |
| JW Pharmaceutical Corp.<sup>(2)</sup> | 30933 | 779232 |
| JYP Entertainment Corp.<sup>(2)</sup> | 46836 | 2269272 |
| K Car Co. Ltd. | 27462 | 284401 |
| Kakao Corp. | 117462 | 5082553 |
| Kakao Games Corp.<sup>(2)</sup> | 1186 | 12053 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KakaoBank Corp. | 66731 | $1257477 |
| Kakaopay Corp.<sup>(2)</sup> | 12621 | 584984 |
| Kangwon Land, Inc. | 212576 | 2812453 |
| KB Financial Group, Inc., ADR | 885417 | 97395870 |
| KC Co. Ltd. | 5885 | 143261 |
| KC Tech Co. Ltd. | 6554 | 224081 |
| KCC Corp. | 10019 | 4535592 |
| KCC Glass Corp. | 11552 | 232918 |
| KEPCO Engineering & Construction Co., Inc.<sup>(2)</sup> | 10854 | 1319589 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(2)</sup> | 65158 | 2807584 |
| KG Chemical Corp.<sup>(2)</sup> | 61396 | 232226 |
| KG Dongbusteel | 99372 | 417665 |
| KG Eco Solution Co. Ltd.<sup>(2)</sup> | 45736 | 208093 |
| Kginicis Co. Ltd. | 19665 | 157475 |
| KH Vatec Co. Ltd. | 14211 | 173725 |
| Kia Corp. | 720612 | 102894437 |
| KISCO Corp. | 31262 | 221290 |
| KISWIRE Ltd.<sup>(2)</sup> | 2301 | 37570 |
| KIWOOM Securities Co. Ltd. | 88540 | 28629601 |
| Koh Young Technology, Inc. | 9468 | 209462 |
| Kolmar BNH Co. Ltd.<sup>(2)</sup> | 10254 | 99639 |
| Kolmar Holdings Co. Ltd.<sup>(2)</sup> | 3160 | 23056 |
| Kolmar Korea Co. Ltd.<sup>(2)</sup> | 14637 | 775166 |
| Kolon Corp.<sup>(2)</sup> | 1460 | 70040 |
| Kolon Industries, Inc. | 47036 | 2212592 |
| KoMiCo Ltd.<sup>(2)</sup> | 6296 | 487544 |
| KONA I Co. Ltd.<sup>(2)</sup> | 8918 | 413593 |
| Korea Aerospace Industries Ltd. | 83204 | 11056067 |
| Korea Circuit Co. Ltd. | 10726 | 440579 |
| Korea Electric Power Corp., ADR<sup>(1)</sup> | 790985 | 15424208 |
| Korea Electric Terminal Co. Ltd. | 10553 | 593032 |
| Korea Gas Corp. | 108092 | 3097037 |
| Korea Investment Holdings Co. Ltd. | 231777 | 41676650 |
| Korea Line Corp.<sup>(2)</sup> | 363652 | 548450 |
| Korea Petrochemical Ind Co. Ltd. | 4037 | 532457 |
| Korea Real Estate Investment & Trust Co. Ltd. | 68819 | 76998 |
| Korea United Pharm, Inc. | 5778 | 80475 |
| Korean Air Lines Co. Ltd.<sup>(2)</sup> | 285010 | 5554063 |
| Korean Reinsurance Co. | 366206 | 3547148 |
| Krafton, Inc. | 21128 | 3648546 |
| KT Corp. | 92055 | 4096417 |
| KT Skylife Co. Ltd.<sup>(2)</sup> | 12012 | 42598 |
| Kum Yang Co. Ltd.<sup>(2)</sup> | 37215 | 64030 |
| Kumho Petrochemical Co. Ltd.<sup>(2)</sup> | 26218 | 2793230 |
| Kumho Tire Co., Inc.<sup>(2)</sup> | 287123 | 1391591 |
| KUMHOE&C Co. Ltd.<sup>(2)</sup> | 253 | 873 |
| Kyung Dong Navien Co. Ltd. | 14919 | 665452 |
| L&F Co. Ltd.<sup>(2)</sup> | 568 | 49647 |
| Lake Materials Co. Ltd. | 43117 | 709739 |
| LB Semicon, Inc.<sup>(2)</sup> | 21320 | 74181 |
| LEENO Industrial, Inc. | 52645 | 3900026 |
| LF Corp. | 10203 | 159976 |
| LG Chem Ltd. | 125211 | 36408596 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LG Corp. | 60191 | $4504037 |
| LG Display Co. Ltd., ADR<sup>(2)</sup> | 2043565 | 10340439 |
| LG Electronics, Inc. | 461679 | 46705861 |
| LG Energy Solution Ltd.<sup>(2)</sup> | 12133 | 3605845 |
| LG H&H Co. Ltd. | 13453 | 2496367 |
| LG HelloVision Co. Ltd.<sup>(2)</sup> | 6071 | 10272 |
| LG Innotek Co. Ltd. | 59776 | 13243737 |
| LG Uplus Corp. | 809927 | 9317967 |
| LIG Nex1 Co. Ltd.<sup>(2)</sup> | 23838 | 8415238 |
| LigaChem Biosciences, Inc.<sup>(2)</sup> | 18545 | 2469912 |
| LOGEN Co. Ltd.<sup>(2)</sup> | 13544 | 19785 |
| Lotte Chemical Corp. | 28944 | 1930117 |
| Lotte Chilsung Beverage Co. Ltd. | 15769 | 1523933 |
| Lotte Corp. | 4122 | 102593 |
| Lotte Energy Materials Corp.<sup>(2)</sup> | 6363 | 198074 |
| LOTTE Fine Chemical Co. Ltd. | 43420 | 1542509 |
| LOTTE Himart Co. Ltd.<sup>(2)</sup> | 1460 | 8720 |
| Lotte Innovate Co. Ltd. | 2619 | 43312 |
| Lotte Rental Co. Ltd. | 43897 | 1030501 |
| Lotte Shopping Co. Ltd. | 13923 | 1040506 |
| Lotte Wellfood Co. Ltd. | 6085 | 536794 |
| LS Corp.<sup>(2)</sup> | 61516 | 12187525 |
| LS Electric Co. Ltd. | 26028 | 14253415 |
| LVMC Holdings<sup>(2)</sup> | 185101 | 203215 |
| LX Hausys Ltd.<sup>(2)</sup> | 4181 | 92323 |
| LX Holdings Corp. | 36891 | 233178 |
| LX International Corp. | 160958 | 4767269 |
| LX Semicon Co. Ltd. | 28766 | 1169633 |
| Maeil Dairies Co. Ltd.<sup>(2)</sup> | 2084 | 57925 |
| Mcnex Co. Ltd. | 13810 | 262259 |
| Medytox, Inc. | 2082 | 186398 |
| MegaStudyEdu Co. Ltd.<sup>(2)</sup> | 16318 | 544638 |
| Meritz Financial Group, Inc.<sup>(2)</sup> | 135559 | 11958217 |
| Mirae Asset Life Insurance Co. Ltd.<sup>(2)</sup> | 22028 | 204420 |
| Mirae Asset Securities Co. Ltd. | 451155 | 22615144 |
| Misto Holdings Corp. | 73075 | 2484754 |
| Miwon Commercial Co. Ltd. | 112 | 11039 |
| MNTech Co. Ltd. | 37166 | 294381 |
| Myoung Shin Industrial Co. Ltd.<sup>(2)</sup> | 62582 | 496798 |
| Namhae Chemical Corp. | 21065 | 107923 |
| Namsun Aluminum Co. Ltd.<sup>(2)</sup> | 7959 | 6452 |
| NAVER Corp. | 78309 | 13833623 |
| NCSoft Corp. | 9814 | 1574062 |
| Neowiz<sup>(2)</sup> | 26970 | 490788 |
| NEPES Corp.<sup>(2)</sup> | 14849 | 194151 |
| Netmarble Corp. | 26151 | 954242 |
| Nexen Tire Corp. | 36014 | 224821 |
| NEXTIN, Inc. | 3774 | 216027 |
| NH Investment & Securities Co. Ltd. | 272773 | 6741062 |
| NHN Corp.<sup>(2)</sup> | 12770 | 336536 |
| NHN KCP Corp. | 25127 | 373450 |
| NICE Holdings Co. Ltd. | 8854 | 92225 |
| NICE Information Service Co. Ltd. | 27105 | 322675 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NongShim Co. Ltd.<sup>(2)</sup> | 4375 | $1306796 |
| OCI Co. Ltd. | 1161 | 70881 |
| OCI Holdings Co. Ltd. | 60393 | 6368459 |
| OptoElectronics Solutions Co. Ltd.<sup>(2)</sup> | 361 | 4933 |
| Orion Corp.<sup>(2)</sup> | 45624 | 4230790 |
| Orion Holdings Corp.<sup>(2)</sup> | 53619 | 888428 |
| Oscotec, Inc.<sup>(2)</sup> | 202 | 7342 |
| Otoki Corp. | 2803 | 773717 |
| Pan Ocean Co. Ltd. | 1121422 | 4113995 |
| Paradise Co. Ltd. | 83299 | 1157534 |
| Park Systems Corp. | 2100 | 421667 |
| Partron Co. Ltd. | 52572 | 314169 |
| Pearl Abyss Corp.<sup>(2)</sup> | 8003 | 298364 |
| People & Technology, Inc. | 8651 | 328963 |
| Peptron, Inc. | 5592 | 1107248 |
| PharmaResearch Co. Ltd. | 3885 | 943555 |
| Pharmicell Co. Ltd. | 14652 | 165535 |
| PI Advanced Materials Co. Ltd.<sup>(2)</sup> | 17959 | 250160 |
| Pond Group Co. Ltd. | 13887 | 59929 |
| Poongsan Corp.<sup>(2)</sup> | 54863 | 4408157 |
| Posco DX Co. Ltd. | 49364 | 1347542 |
| POSCO Future M Co. Ltd.<sup>(2)</sup> | 18916 | 3247071 |
| POSCO Holdings, Inc., ADR | 619570 | 43115876 |
| Posco International Corp. | 125720 | 6323127 |
| Posco M-Tech Co. Ltd. | 2966 | 41019 |
| PSK Holdings, Inc. | 10733 | 652755 |
| PSK, Inc. | 30279 | 1351487 |
| Pulmuone Co. Ltd. | 3081 | 27716 |
| S&S Tech Corp. | 6600 | 453740 |
| S-1 Corp. | 6776 | 412840 |
| Sam Chun Dang Pharm Co. Ltd. | 8642 | 4959322 |
| Sam Young Electronics Co. Ltd. | 3086 | 26428 |
| Samchully Co. Ltd. | 2600 | 275875 |
| Samjin Pharmaceutical Co. Ltd. | 1819 | 23875 |
| Samsung Biologics Co. Ltd.<sup>(2)</sup> | 5267 | 6498339 |
| Samsung C&T Corp. | 36716 | 8947446 |
| Samsung Card Co. Ltd. | 2438 | 106760 |
| Samsung E&A Co. Ltd. | 418250 | 10574660 |
| Samsung Electro-Mechanics Co. Ltd. | 39800 | 12439084 |
| Samsung Electronics Co. Ltd., GDR | 254116 | 921705216 |
| Samsung Episholdings Co. Ltd.<sup>(2)</sup> | 2831 | 1328415 |
| Samsung Fire & Marine Insurance Co. Ltd. | 111314 | 41022546 |
| Samsung Heavy Industries Co. Ltd.<sup>(2)</sup> | 2606045 | 52455020 |
| Samsung Life Insurance Co. Ltd. | 87011 | 13929097 |
| Samsung SDI Co. Ltd.<sup>(2)</sup> | 37101 | 12027950 |
| Samsung SDS Co. Ltd. | 28164 | 3816752 |
| Samsung Securities Co. Ltd. | 235653 | 17509749 |
| Samwha Capacitor Co. Ltd. | 1445 | 54240 |
| Samyang Biopharmaceuticals Corp.<sup>(2)</sup> | 1753 | 118329 |
| Samyang Corp. | 1845 | 65543 |
| Samyang Foods Co. Ltd. | 9001 | 7640690 |
| Samyang Holdings Corp. | 1649 | 85527 |
| Sang-A Frontec Co. Ltd. | 2323 | 36012 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SD Biosensor, Inc.<sup>(2)</sup> | 41043 | $240923 |
| SeAH Besteel Holdings Corp. | 96865 | 4660122 |
| SeAH Steel Corp. | 5017 | 462901 |
| SeAH Steel Holdings Corp. | 3380 | 333667 |
| Sebang Co. Ltd. | 11290 | 124027 |
| Sebang Global Battery Co. Ltd. | 17053 | 816589 |
| Seegene, Inc. | 46323 | 845082 |
| Seobu T&D<sup>(2)</sup> | 25452 | 277334 |
| Seojin System Co. Ltd.<sup>(2)</sup> | 17366 | 574444 |
| Seoul Guarantee Insurance Co. | 927 | 37564 |
| Seoul Semiconductor Co. Ltd.<sup>(2)</sup> | 58387 | 467548 |
| Seoyon E-Hwa Co. Ltd.<sup>(2)</sup> | 36492 | 421547 |
| SFA Engineering Corp. | 21698 | 510488 |
| SFA Semicon Co. Ltd.<sup>(2)</sup> | 55863 | 307006 |
| SGC Energy Co. Ltd.<sup>(2)</sup> | 1849 | 64819 |
| Shinhan Financial Group Co. Ltd., ADR | 1286136 | 85926746 |
| Shinsegae International, Inc. | 15239 | 140834 |
| Shinsegae, Inc. | 27501 | 7033001 |
| Shinsung E&G Co. Ltd.<sup>(2)</sup> | 13081 | 22244 |
| Shinyoung Securities Co. Ltd. | 725 | 113904 |
| SillaJen, Inc.<sup>(2)</sup> | 210 | 528 |
| SIMMTECH Co. Ltd. | 28339 | 1069383 |
| SK Biopharmaceuticals Co. Ltd.<sup>(2)</sup> | 14498 | 1207014 |
| SK Bioscience Co. Ltd.<sup>(2)</sup> | 917 | 31209 |
| SK Chemicals Co. Ltd. | 25070 | 1198201 |
| SK Discovery Co. Ltd. | 27050 | 1125029 |
| SK Eternix Co. Ltd.<sup>(2)</sup> | 17959 | 358993 |
| SK Gas Ltd. | 5017 | 812408 |
| SK Hynix, Inc. | 1201537 | 888406823 |
| SK IE Technology Co. Ltd.<sup>(2)</sup> | 9726 | 183208 |
| SK Innovation Co. Ltd. | 36752 | 3263741 |
| SK Networks Co. Ltd. | 397970 | 1590681 |
| SK oceanplant Co. Ltd.<sup>(2)</sup> | 13874 | 186155 |
| SK Securities Co. Ltd. | 281197 | 415699 |
| SK Telecom Co. Ltd., ADR | 283506 | 8601572 |
| SK, Inc. | 39442 | 11013041 |
| SKC Co. Ltd.<sup>(2)</sup> | 957 | 75560 |
| SL Corp.<sup>(2)</sup> | 61515 | 3138917 |
| SM Entertainment Co. Ltd. | 21227 | 1702696 |
| SNT Dynamics Co. Ltd. | 30773 | 1196433 |
| SNT Motiv Co. Ltd. | 46512 | 1205070 |
| S-Oil Corp.<sup>(2)</sup> | 169417 | 12946340 |
| Songwon Industrial Co. Ltd. | 5948 | 39844 |
| Soop Co. Ltd. | 24533 | 1210196 |
| Soulbrain Co. Ltd. | 6865 | 2130184 |
| Soulbrain Holdings Co. Ltd. | 16239 | 628450 |
| SPC Samlip Co. Ltd.<sup>(2)</sup> | 1750 | 65243 |
| SPG Co. Ltd.<sup>(2)</sup> | 22550 | 2271025 |
| ST Pharm Co. Ltd.<sup>(2)</sup> | 4811 | 508570 |
| STIC Investments, Inc.<sup>(2)</sup> | 2476 | 20474 |
| Studio Dragon Corp.<sup>(2)</sup> | 33926 | 1052536 |
| Sun Kwang Co. Ltd. | 716 | 11147 |
| Sung Kwang Bend Co. Ltd. | 44555 | 1085281 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sungwoo Hitech Co. Ltd. | 139343 | $861106 |
| Taekwang Industrial Co. Ltd.<sup>(2)</sup> | 111 | 111851 |
| Taewoong Co. Ltd.<sup>(2)</sup> | 12447 | 306744 |
| Taeyoung Engineering & Construction Co. Ltd.<sup>(2)</sup> | 4045 | 5258 |
| Taihan Cable & Solution Co. Ltd.<sup>(2)</sup> | 12528 | 313078 |
| TES Co. Ltd. | 46392 | 2380225 |
| TK Corp.<sup>(2)</sup> | 34054 | 665856 |
| TKG Huchems Co. Ltd. | 31262 | 412419 |
| Tokai Carbon Korea Co. Ltd. | 4217 | 660599 |
| Tongyang Life Insurance Co. Ltd.<sup>(2)</sup> | 94639 | 498672 |
| Tongyang, Inc.<sup>(2)</sup> | 2830 | 1900 |
| Toptec Co. Ltd. | 329 | 1106 |
| Tway Air Co. Ltd.<sup>(2)</sup> | 161503 | 150045 |
| TY Holdings Co. Ltd.<sup>(2)</sup> | 2617 | 5586 |
| Unid Co. Ltd.<sup>(2)</sup> | 10505 | 599196 |
| Value Added Technology Co. Ltd.<sup>(2)</sup> | 4998 | 95024 |
| Vieworks Co. Ltd. | 968 | 17539 |
| VT Co. Ltd.<sup>(2)</sup> | 48990 | 590242 |
| Webzen, Inc. | 10007 | 91323 |
| Wemade Co. Ltd. | 1209 | 21862 |
| Whanin Pharmaceutical Co. Ltd.<sup>(2)</sup> | 148 | 1114 |
| Winix, Inc. | 1433 | 5059 |
| WiSoL Co. Ltd.<sup>(2)</sup> | 6266 | 31286 |
| Won Tech Co. Ltd. | 16167 | 86899 |
| Wonik Holdings Co. Ltd.<sup>(2)</sup> | 5541 | 135022 |
| WONIK IPS Co. Ltd. | 60339 | 5268874 |
| Wonik Materials Co. Ltd. | 745 | 24149 |
| Wonik QnC Corp.<sup>(2)</sup> | 13043 | 283254 |
| Woongjin Thinkbig Co. Ltd. | 138321 | 108950 |
| Woori Financial Group, Inc. | 2540324 | 63570572 |
| Woori Technology Investment Co. Ltd.<sup>(2)</sup> | 66766 | 365428 |
| W-Scope Chungju Plant Co. Ltd.<sup>(2)</sup> | 3992 | 27806 |
| Wysiwyg Studios Co. Ltd.<sup>(2)</sup> | 39005 | 12163 |
| Y G-1 Co. Ltd. | 6 | 39 |
| YG Entertainment, Inc. | 9833 | 505470 |
| Youlchon Chemical Co. Ltd. | 3021 | 55360 |
| Young Poong Corp.<sup>(2)</sup> | 3574 | 160113 |
| Youngone Corp. | 45146 | 3031085 |
| Youngone Holdings Co. Ltd. | 10183 | 1763674 |
| Yuanta Securities Korea Co. Ltd. | 56886 | 205677 |
| Yuhan Corp. | 16534 | 1265494 |
| Zinus, Inc. | 14391 | 124856 |
|  |  | 3877912770 |
| **Taiwan — 22.0%** |  |  |
| Abico Avy Co. Ltd.<sup>(1)</sup> | 39772 | 56284 |
| Ability Enterprise Co. Ltd.<sup>(1)</sup> | 634923 | 1620681 |
| AcBel Polytech, Inc. | 96482 | 158208 |
| Accton Technology Corp. | 468000 | 20594474 |
| Acer Cyber Security, Inc. | 7736 | 40673 |
| Acer E-Enabling Service Business, Inc. | 13000 | 85058 |
| Acer, Inc.<sup>(1)</sup> | 2353000 | 2055095 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 352720 | 716862 |
| Acon Holding, Inc.<sup>(2)</sup> | 277000 | 58041 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Acter Group Corp. Ltd.<sup>(1)</sup> | 473414 | $10789976 |
| ADATA Technology Co. Ltd.<sup>(1)</sup> | 2270488 | 20321213 |
| Advanced Ceramic X Corp. | 1000 | 5002 |
| Advanced International Multitech Co. Ltd. | 194000 | 425920 |
| Advanced Optoelectronic Technology, Inc.<sup>(2)</sup> | 23000 | 11403 |
| Advanced Power Electronics Corp.<sup>(1)</sup> | 103000 | 320191 |
| Advanced Wireless Semiconductor Co.<sup>(1)</sup> | 71000 | 275380 |
| Advancetek Enterprise Co. Ltd. | 555000 | 508685 |
| Advantech Co. Ltd. | 71710 | 760516 |
| AGV Products Corp. | 300000 | 100684 |
| AIC, Inc.<sup>(1)</sup> | 96000 | 1376675 |
| Airtac International Group | 4185 | 160125 |
| Alchip Technologies Ltd.<sup>(1)</sup> | 61000 | 6677322 |
| Allied Supreme Corp.<sup>(1)</sup> | 43000 | 335448 |
| Alltek Technology Corp.<sup>(1)</sup> | 161529 | 188599 |
| Alltop Technology Co. Ltd.<sup>(1)</sup> | 72252 | 679862 |
| Alpha Networks, Inc.<sup>(2)</sup> | 153772 | 151277 |
| Altek Corp.<sup>(1)</sup> | 827488 | 1041142 |
| Amazing Microelectronic Corp.<sup>(1)</sup> | 100259 | 281046 |
| Ambassador Hotel | 53000 | 74448 |
| Ampak Technology, Inc. | 43000 | 105000 |
| Ampire Co. Ltd. | 63000 | 54007 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 42104 | 165820 |
| AmTRAN Technology Co. Ltd.<sup>(1)</sup> | 1544676 | 1934595 |
| Anderson Industrial Corp.<sup>(1)</sup> | 194000 | 144763 |
| Anji Technology Co. Ltd.<sup>(2)</sup> | 397 | 467 |
| Apacer Technology, Inc.<sup>(1)</sup> | 53000 | 203078 |
| APAQ Technology Co. Ltd.<sup>(1)</sup> | 12000 | 71372 |
| Apex Dynamics, Inc.<sup>(1)(2)</sup> | 28000 | 616157 |
| Apex International Co. Ltd.<sup>(1)(2)</sup> | 110901 | 165206 |
| Arcadyan Technology Corp.<sup>(1)</sup> | 155061 | 970728 |
| Ardentec Corp. | 2883000 | 14403966 |
| Argosy Research, Inc.<sup>(1)</sup> | 136545 | 674741 |
| ASE Technology Holding Co. Ltd., ADR | 4755661 | 115515006 |
| Asia Cement Corp. | 3521000 | 4031526 |
| Asia Optical Co., Inc.<sup>(1)</sup> | 192000 | 919128 |
| Asia Polymer Corp. | 388007 | 172495 |
| Asia Tech Image, Inc.<sup>(1)</sup> | 145000 | 355949 |
| Asia Vital Components Co. Ltd. | 768243 | 42242950 |
| ASIX Electronics Corp. | 11000 | 35667 |
| ASolid Technology Co. Ltd.<sup>(2)</sup> | 21000 | 59693 |
| ASPEED Technology, Inc. | 8400 | 2592770 |
| ASROCK, Inc. | 3000 | 21774 |
| Asustek Computer, Inc.<sup>(1)</sup> | 1261000 | 21308487 |
| ATE Energy International Co. Ltd.<sup>(1)</sup> | 108609 | 86477 |
| Aten International Co. Ltd. | 9000 | 17427 |
| Audix Corp. | 19000 | 40878 |
| AUO Corp.<sup>(1)</sup> | 6375160 | 3355134 |
| AURAS Technology Co. Ltd.<sup>(1)</sup> | 36000 | 1300112 |
| AVer Information, Inc. | 14000 | 15291 |
| Avermedia Technologies<sup>(1)</sup> | 458000 | 542075 |
| Axiomtek Co. Ltd. | 45000 | 115825 |
| Azurewave Technologies, Inc. | 70000 | 137109 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bafang Yunji International Co. Ltd.<sup>(1)</sup> | 74000 | $436322 |
| Bank of Kaohsiung Co. Ltd. | 582724 | 240107 |
| Basso Industry Corp. | 65000 | 70239 |
| BenQ Materials Corp.<sup>(1)</sup> | 108000 | 70813 |
| BES Engineering Corp.<sup>(1)(2)</sup> | 7084273 | 3915538 |
| Bin Chuan Enterprise Co. Ltd.<sup>(2)</sup> | 23000 | 41050 |
| B'in Live Co. Ltd.<sup>(1)</sup> | 129871 | 338315 |
| Bioteque Corp. | 27000 | 106827 |
| Bizlink Holding, Inc.<sup>(1)</sup> | 282258 | 12472726 |
| Bon Fame Co. Ltd. | 34000 | 59258 |
| Bonny Worldwide Ltd.<sup>(1)</sup> | 51000 | 276989 |
| Bora Pharmaceuticals Co. Ltd.<sup>(1)</sup> | 8572 | 138792 |
| Brighton-Best International Taiwan, Inc. | 206000 | 223139 |
| Brillian Network & Automation Integrated System Co. Ltd.<sup>(1)</sup> | 205000 | 2287289 |
| C Sun Manufacturing Ltd. | 40976 | 414602 |
| Capital Futures Corp. | 178070 | 302052 |
| Capital Securities Corp. | 1739000 | 1774008 |
| Career Technology MFG. Co. Ltd.<sup>(2)</sup> | 601961 | 314545 |
| Catcher Technology Co. Ltd.<sup>(1)</sup> | 4201000 | 25655033 |
| Cathay Financial Holding Co. Ltd. | 27313062 | 69265655 |
| Cayman Engley Industrial Co. Ltd.<sup>(2)</sup> | 7000 | 6078 |
| Cenra, Inc. | 164000 | 178905 |
| Center Laboratories, Inc.<sup>(2)</sup> | 68472 | 95727 |
| Central Reinsurance Co. Ltd. | 1207585 | 1068396 |
| Century Iron & Steel Industrial Co. Ltd.<sup>(1)</sup> | 413000 | 1686314 |
| Chailease Holding Co. Ltd. | 427067 | 1414696 |
| Chain Chon Industrial Co. Ltd. | 43000 | 15107 |
| Champion Building Materials Co. Ltd. | 81900 | 23466 |
| Chang Hwa Commercial Bank Ltd. | 8912664 | 6154944 |
| Chang Wah Electromaterials, Inc.<sup>(1)</sup> | 193000 | 266095 |
| Chang Wah Technology Co. Ltd. | 17500 | 27598 |
| Channel Well Technology Co. Ltd.<sup>(1)</sup> | 429000 | 815184 |
| Charoen Pokphand Enterprise | 486600 | 2374232 |
| CHC Healthcare Group<sup>(1)</sup> | 217000 | 229030 |
| Chen Full International Co. Ltd. | 16000 | 21334 |
| Chenbro Micom Co. Ltd.<sup>(1)</sup> | 72000 | 2075316 |
| Cheng Fwa Industrial Co. Ltd. | 332000 | 220238 |
| Cheng Loong Corp. | 532000 | 311832 |
| Cheng Mei Materials Technology Corp.<sup>(2)</sup> | 576158 | 258774 |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(1)</sup> | 2622000 | 2625874 |
| Cheng Uei Precision Industry Co. Ltd.<sup>(1)</sup> | 492000 | 621841 |
| Chenming Electronic Technology Corp.<sup>(1)</sup> | 215000 | 766005 |
| Chia Chang Co. Ltd. | 30000 | 36860 |
| Chia Hsin Cement Corp. | 128520 | 58111 |
| Chicony Electronics Co. Ltd. | 2626000 | 10490359 |
| Chicony Power Technology Co. Ltd.<sup>(1)</sup> | 187000 | 540919 |
| Chieftek Precision Co. Ltd. | 1100 | 2736 |
| Chien Kuo Construction Co. Ltd.<sup>(1)</sup> | 336000 | 355215 |
| China Airlines Ltd.<sup>(1)</sup> | 4181000 | 2794039 |
| China Bills Finance Corp. | 155000 | 85120 |
| China Container Terminal Corp.<sup>(1)</sup> | 207000 | 164189 |
| China Ecotek Corp. | 32000 | 52712 |
| China Electric Manufacturing Corp.<sup>(1)</sup> | 450000 | 191094 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China General Plastics Corp. | 157722 | $62354 |
| China Glaze Co. Ltd.<sup>(1)</sup> | 71000 | 58179 |
| China Man-Made Fiber Corp.<sup>(2)</sup> | 905320 | 206369 |
| China Metal Products | 738000 | 575233 |
| China Motor Corp.<sup>(1)</sup> | 405800 | 773273 |
| China Petrochemical Development Corp.<sup>(1)(2)</sup> | 5557980 | 1472864 |
| China Steel Chemical Corp. | 39000 | 89857 |
| China Steel Corp.<sup>(1)</sup> | 16723000 | 11064158 |
| China Wire & Cable Co. Ltd. | 113000 | 139374 |
| Chinese Maritime Transport Ltd.<sup>(1)</sup> | 327000 | 688375 |
| Ching Feng Home Fashions Co. Ltd. | 182000 | 110719 |
| Chin-Poon Industrial Co. Ltd.<sup>(1)</sup> | 1815000 | 2416030 |
| Chipbond Technology Corp.<sup>(1)</sup> | 1601000 | 2881033 |
| ChipMOS Technologies, Inc.<sup>(2)</sup> | 1010000 | 2270639 |
| Chlitina Holding Ltd.<sup>(2)</sup> | 54026 | 188873 |
| Chong Hong Construction Co. Ltd.<sup>(1)</sup> | 512000 | 1234755 |
| Chroma ATE, Inc.<sup>(1)</sup> | 2637000 | 114588124 |
| Chun Yuan Steel Industry Co. Ltd. | 649000 | 472845 |
| Chung Hung Steel Corp.<sup>(1)(2)</sup> | 180000 | 103994 |
| Chung Hwa Pulp Corp.<sup>(2)</sup> | 96000 | 38332 |
| Chung-Hsin Electric & Machinery Manufacturing Corp.<sup>(1)</sup> | 3229000 | 18050253 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 98000 | 84895 |
| Chunghwa Precision Test Tech Co. Ltd.<sup>(1)</sup> | 22000 | 2589426 |
| Chunghwa Telecom Co. Ltd., ADR | 484337 | 20942732 |
| Cleanaway Co. Ltd.<sup>(1)</sup> | 1080000 | 1209962 |
| Clevo Co. | 99000 | 124424 |
| CMC Magnetics Corp.<sup>(1)(2)</sup> | 1164063 | 416553 |
| Collins Co. Ltd. | 86000 | 34805 |
| Compal Electronics, Inc.<sup>(1)</sup> | 6728000 | 6749638 |
| Compeq Manufacturing Co. Ltd. | 2033000 | 13145224 |
| Concord International Securities Co. Ltd. | 1044517 | 908498 |
| Concord Securities Co. Ltd.<sup>(1)</sup> | 2050125 | 1176997 |
| Continental Holdings Corp.<sup>(1)</sup> | 521000 | 371960 |
| Contrel Technology Co. Ltd. | 79000 | 121948 |
| Coremax Corp. | 56026 | 138384 |
| Coretronic Corp.<sup>(1)</sup> | 274000 | 773961 |
| Co-Tech Development Corp.<sup>(1)</sup> | 4759000 | 43196722 |
| Creative Sensor, Inc.<sup>(1)</sup> | 175500 | 334408 |
| Cryomax Cooling System Corp.<sup>(1)</sup> | 152077 | 208258 |
| CSBC Corp. Taiwan<sup>(2)</sup> | 380000 | 293184 |
| CTBC Financial Holding Co. Ltd. | 50931000 | 90599013 |
| CTCI Corp.<sup>(1)</sup> | 1162898 | 1163278 |
| CviLux Corp. | 197200 | 623056 |
| CyberPower Systems, Inc.<sup>(1)</sup> | 134000 | 828012 |
| CyberTAN Technology, Inc.<sup>(1)(2)</sup> | 61000 | 51286 |
| DA CIN Construction Co. Ltd. | 42400 | 99647 |
| Dafeng TV Ltd.<sup>(2)</sup> | 4000 | 6175 |
| Da-Li Development Co. Ltd.<sup>(1)</sup> | 942008 | 1423217 |
| Darfon Electronics Corp. | 176000 | 175054 |
| Darwin Precisions Corp.<sup>(2)</sup> | 154800 | 68052 |
| Daxin Materials Corp.<sup>(1)</sup> | 159000 | 2139537 |
| De Licacy Industrial Co. Ltd. | 241164 | 84690 |
| Delta Electronics, Inc. | 2607000 | 117559584 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Depo Auto Parts Ind Co. Ltd.<sup>(1)</sup> | 248000 | $1113942 |
| Desiccant Technology Corp. | 5500 | 31608 |
| Dimerco Express Corp.<sup>(1)</sup> | 222925 | 561016 |
| DingZing Advanced Materials, Inc.<sup>(1)</sup> | 59000 | 170754 |
| D-Link Corp.<sup>(1)(2)</sup> | 1473600 | 732905 |
| Double Bond Chemical Industry Co. Ltd.<sup>(2)</sup> | 1134 | 4883 |
| Dr. Wu Skincare Co. Ltd. | 12000 | 45081 |
| Dynamic Holding Co. Ltd.<sup>(1)</sup> | 1817523 | 8998138 |
| Dynamic Medical Technologies, Inc. | 37268 | 69989 |
| Dynapack International Technology Corp.<sup>(1)</sup> | 1213000 | 11812916 |
| E Ink Holdings, Inc. | 17000 | 100622 |
| E.Sun Financial Holding Co. Ltd. | 15361519 | 17227281 |
| Eastech Holding Ltd.<sup>(1)</sup> | 156000 | 491512 |
| Eastern Media International Corp. | 80785 | 53007 |
| Eclat Textile Co. Ltd.<sup>(1)</sup> | 170000 | 2288750 |
| ECOVE Environment Corp. | 7000 | 67083 |
| Edimax Technology Co. Ltd.<sup>(1)</sup> | 86000 | 48613 |
| Edison Opto Corp.<sup>(1)</sup> | 81911 | 49156 |
| Edom Technology Co. Ltd.<sup>(2)</sup> | 68200 | 86570 |
| Elan Microelectronics Corp.<sup>(1)</sup> | 996000 | 3853520 |
| E-Lead Electronic Co. Ltd.<sup>(1)</sup> | 119000 | 171207 |
| E-LIFE MALL Corp. | 4000 | 7739 |
| Elite Advanced Laser Corp.<sup>(1)</sup> | 79000 | 766468 |
| Elite Material Co. Ltd.<sup>(1)</sup> | 324000 | 24812783 |
| Elite Semiconductor Microelectronics Technology, Inc.<sup>(1)</sup> | 59000 | 289724 |
| Elitegroup Computer Systems Co. Ltd.<sup>(1)</sup> | 198000 | 172789 |
| eMemory Technology, Inc.<sup>(1)</sup> | 51000 | 4055947 |
| Emerging Display Technologies Corp. | 104000 | 77147 |
| Ennostar, Inc.<sup>(1)(2)</sup> | 683375 | 828035 |
| Eson Precision Ind Co. Ltd. | 136000 | 367479 |
| Eternal Materials Co. Ltd.<sup>(1)</sup> | 1154200 | 2525095 |
| Eurocharm Holdings Co. Ltd. | 6000 | 27967 |
| Eva Airways Corp.<sup>(1)</sup> | 8606000 | 10419830 |
| Everest Textile Co. Ltd.<sup>(2)</sup> | 2322 | 507 |
| Evergreen International Storage & Transport Corp.<sup>(1)</sup> | 519000 | 924583 |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(1)</sup> | 5153676 | 32343140 |
| EVERGREEN Steel Corp.<sup>(1)</sup> | 327000 | 1074980 |
| Everlight Chemical Industrial Corp.<sup>(1)</sup> | 1240000 | 1068629 |
| Everlight Electronics Co. Ltd.<sup>(1)</sup> | 821000 | 1536347 |
| Evertop Wire Cable Corp.<sup>(1)</sup> | 331000 | 306385 |
| Excelliance Mos Corp. | 14000 | 34859 |
| Excelsior Medical Co. Ltd. | 99161 | 247712 |
| Far Eastern Department Stores Ltd.<sup>(1)</sup> | 1459000 | 1059987 |
| Far Eastern International Bank | 5169151 | 2136730 |
| Far Eastern New Century Corp. | 3391000 | 3119185 |
| Far EasTone Telecommunications Co. Ltd. | 5285673 | 15534020 |
| Faraday Technology Corp.<sup>(1)</sup> | 72703 | 387204 |
| Farglory F T Z Investment Holding Co. Ltd. | 173486 | 308671 |
| Farglory Land Development Co. Ltd. | 253000 | 549160 |
| Federal Corp.<sup>(2)</sup> | 89000 | 59298 |
| Feedback Technology Corp. | 31321 | 144379 |
| Feng Hsin Steel Co. Ltd. | 307000 | 664535 |
| Feng TAY Enterprise Co. Ltd.<sup>(1)</sup> | 246376 | 737147 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FineTek Co. Ltd.<sup>(1)</sup> | 41858 | $139318 |
| Firich Enterprises Co. Ltd.<sup>(1)</sup> | 63064 | 46877 |
| First Financial Holding Co. Ltd. | 23646468 | 22541962 |
| First Hi-Tec Enterprise Co. Ltd.<sup>(1)</sup> | 62793 | 576920 |
| First Insurance Co. Ltd. | 236000 | 206554 |
| First Steamship Co. Ltd.<sup>(2)</sup> | 979210 | 168815 |
| FIT Holding Co. Ltd.<sup>(1)</sup> | 166000 | 133153 |
| Fitipower Integrated Technology, Inc. | 120484 | 569027 |
| Fittech Co. Ltd.<sup>(1)(2)</sup> | 27557 | 115586 |
| FLEXium Interconnect, Inc.<sup>(1)(2)</sup> | 2059000 | 4218299 |
| Flytech Technology Co. Ltd.<sup>(1)</sup> | 112000 | 333130 |
| FocalTech Systems Co. Ltd.<sup>(1)(2)</sup> | 122804 | 206962 |
| Forcecon Tech Co. Ltd.<sup>(1)</sup> | 81293 | 238515 |
| Forest Water Environment Engineering Co. Ltd. | 72 | 89 |
| Formosa Advanced Technologies Co. Ltd.<sup>(1)</sup> | 41000 | 92340 |
| Formosa Chemicals & Fibre Corp. | 1776000 | 2871443 |
| Formosa International Hotels Corp.<sup>(1)</sup> | 133000 | 802030 |
| Formosa Laboratories, Inc.<sup>(1)</sup> | 160000 | 289304 |
| Formosa Oilseed Processing Co. Ltd. | 54279 | 51502 |
| Formosa Optical Technology Co. Ltd. | 23000 | 73271 |
| Formosa Petrochemical Corp. | 50000 | 87652 |
| Formosa Plastics Corp.<sup>(1)</sup> | 2712000 | 4448660 |
| Formosa Sumco Technology Corp.<sup>(1)</sup> | 7000 | 30481 |
| Formosa Taffeta Co. Ltd.<sup>(1)</sup> | 312000 | 181726 |
| Formosan Rubber Group, Inc. | 78300 | 64691 |
| Formosan Union Chemical Corp. | 533650 | 284338 |
| Fortune Electric Co. Ltd.<sup>(1)</sup> | 75020 | 2530518 |
| Foxconn Technology Co. Ltd.<sup>(1)</sup> | 1269000 | 2391195 |
| Foxsemicon Integrated Technology, Inc.<sup>(1)</sup> | 103000 | 1024587 |
| Franbo Lines Corp.<sup>(1)</sup> | 574344 | 368881 |
| Froch Enterprise Co. Ltd. | 118000 | 62024 |
| FSP Technology, Inc.<sup>(1)</sup> | 226000 | 398072 |
| Fu Hua Innovation Co. Ltd.<sup>(1)</sup> | 1754411 | 956057 |
| Fubon Financial Holding Co. Ltd.<sup>(1)</sup> | 22989918 | 68950749 |
| Fulgent Sun International Holding Co. Ltd.<sup>(1)</sup> | 437417 | 1305917 |
| Fulltech Fiber Glass Corp.<sup>(1)(2)</sup> | 190727 | 661182 |
| Fusheng Precision Co. Ltd. | 143000 | 1208637 |
| G Shank Enterprise Co. Ltd.<sup>(1)</sup> | 187433 | 502219 |
| Galaxy Software Services Corp. | 34296 | 135797 |
| Gamania Digital Entertainment Co. Ltd.<sup>(1)</sup> | 303000 | 510039 |
| GEM Services, Inc. | 9000 | 23910 |
| Gemtek Technology Corp.<sup>(1)</sup> | 472000 | 407506 |
| General Interface Solution GIS Holding Ltd.<sup>(2)</sup> | 189000 | 286346 |
| General Plastic Industrial Co. Ltd. | 98000 | 83772 |
| Generalplus Technology, Inc. | 27000 | 36134 |
| Genesys Logic, Inc.<sup>(1)</sup> | 53000 | 169771 |
| Genius Electronic Optical Co. Ltd.<sup>(1)</sup> | 71079 | 997277 |
| Getac Holdings Corp.<sup>(1)</sup> | 232000 | 835720 |
| GFC Ltd. | 1000 | 3695 |
| Giant Manufacturing Co. Ltd.<sup>(1)</sup> | 898885 | 2343294 |
| Giantplus Technology Co. Ltd.<sup>(2)</sup> | 150000 | 62739 |
| Gigabyte Technology Co. Ltd.<sup>(1)</sup> | 3219000 | 24391835 |
| Ginar Technology Co. Ltd. | 58000 | 56755 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Global Brands Manufacture Ltd.<sup>(1)</sup> | 567307 | $1949292 |
| Global Lighting Technologies, Inc. | 26000 | 32280 |
| Global Mixed Mode Technology, Inc.<sup>(1)</sup> | 79000 | 623112 |
| Global PMX Co. Ltd.<sup>(1)</sup> | 102000 | 404731 |
| Global Unichip Corp.<sup>(1)</sup> | 80000 | 7005438 |
| Globaltek Fabrication Co. Ltd.<sup>(1)</sup> | 195000 | 367812 |
| Globalwafers Co. Ltd.<sup>(1)(2)</sup> | 168000 | 2419571 |
| Globe Union Industrial Corp. | 445000 | 141089 |
| Gloria Material Technology Corp.<sup>(1)</sup> | 675000 | 753946 |
| GMI Technology, Inc.<sup>(1)</sup> | 71614 | 86774 |
| Gold Circuit Electronics Ltd.<sup>(1)</sup> | 1025600 | 26642188 |
| Goldsun Building Materials Co. Ltd.<sup>(1)</sup> | 1602674 | 1900633 |
| Gordon Auto Body Parts<sup>(1)</sup> | 337000 | 331542 |
| Gourmet Master Co. Ltd.<sup>(1)</sup> | 126000 | 287352 |
| Grand Fortune Securities Co. Ltd. | 620600 | 293453 |
| Grand Pacific Petrochemical<sup>(1)(2)</sup> | 3391253 | 1480641 |
| Grand Process Technology Corp. | 19000 | 1062006 |
| Grape King Bio Ltd. | 143000 | 566992 |
| Great China Metal Industry | 9000 | 5973 |
| Great Tree Pharmacy Co. Ltd. | 13230 | 36629 |
| Great Wall Enterprise Co. Ltd. | 2001220 | 3256154 |
| Greatek Electronics, Inc. | 309000 | 941173 |
| GTM Holdings Corp. | 22000 | 23425 |
| Hai Kwang Enterprise Corp.<sup>(1)(2)</sup> | 81396 | 38880 |
| Hannstar Board Corp.<sup>(1)</sup> | 703932 | 2086684 |
| HannStar Display Corp.<sup>(1)(2)</sup> | 2130000 | 628383 |
| HannsTouch Holdings Co.<sup>(2)</sup> | 303000 | 100303 |
| Hanpin Electron Co. Ltd. | 82000 | 124472 |
| Harmony Electronics Corp. | 17000 | 15126 |
| Harvatek Corp.<sup>(2)</sup> | 62000 | 41016 |
| HD Renewable Energy Co. Ltd.<sup>(1)</sup> | 125081 | 431425 |
| Heran Co. Ltd. | 8400 | 16097 |
| Highlight Tech Corp. | 12800 | 18750 |
| Highwealth Construction Corp.<sup>(1)</sup> | 2461669 | 2977943 |
| Hi-Lai Foods Co. Ltd. | 41000 | 210196 |
| HIM International Music, Inc. | 78000 | 235788 |
| Hiroca Holdings Ltd. | 47000 | 27827 |
| Hitron Technology, Inc.<sup>(1)(2)</sup> | 519000 | 489784 |
| Hiwin Technologies Corp.<sup>(1)</sup> | 2522451 | 18301953 |
| Hiyes International Co. Ltd.<sup>(1)</sup> | 193228 | 451839 |
| Ho Tung Chemical Corp. | 793000 | 253104 |
| Hocheng Corp.<sup>(1)</sup> | 321320 | 194341 |
| Holdings-Key Electric Wire & Cable Co. Ltd.<sup>(1)</sup> | 242800 | 360447 |
| Holiday Entertainment Co. Ltd. | 11050 | 20924 |
| Holtek Semiconductor, Inc.<sup>(2)</sup> | 70000 | 139526 |
| Holy Stone Enterprise Co. Ltd. | 81900 | 309252 |
| Hon Hai Precision Industry Co. Ltd.<sup>(1)</sup> | 21423000 | 163860011 |
| Hong Ho Precision Textile Co. Ltd. | 94000 | 48469 |
| Hong Pu Real Estate Development Co. Ltd. | 68000 | 51095 |
| Hong TAI Electric Industrial | 358000 | 412111 |
| Horizon Securities Co. Ltd.<sup>(1)</sup> | 722120 | 351312 |
| Hota Industrial Manufacturing Co. Ltd. | 3000 | 5777 |
| Hotai Finance Co. Ltd.<sup>(1)</sup> | 188410 | 360236 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hotai Motor Co. Ltd. | 71760 | $1340575 |
| Hsin Ba Ba Corp.<sup>(1)</sup> | 111391 | 145852 |
| Hsin Kuang Steel Co. Ltd. | 2000 | 2515 |
| Hsin Yung Chien Co. Ltd. | 9900 | 28458 |
| Hsing TA Cement Co. | 62000 | 31346 |
| HTC Corp.<sup>(2)</sup> | 113000 | 162584 |
| Hu Lane Associate, Inc.<sup>(1)</sup> | 240612 | 898826 |
| Hua Nan Financial Holdings Co. Ltd. | 10132194 | 12304698 |
| Huaku Development Co. Ltd. | 133980 | 462647 |
| Huang Hsiang Construction Corp.<sup>(1)</sup> | 304271 | 366122 |
| Hung Ching Development & Construction Co. Ltd. | 203000 | 209660 |
| Hung Sheng Construction Ltd.<sup>(1)</sup> | 820880 | 524528 |
| Huxen Corp. | 2000 | 3022 |
| Hwa Fong Rubber Industrial Co. Ltd. | 148000 | 71415 |
| Hwacom Systems, Inc.<sup>(1)</sup> | 395000 | 678413 |
| Hwang Chang General Contractor Co. Ltd.<sup>(1)</sup> | 834835 | 1628334 |
| IBF Financial Holdings Co. Ltd.<sup>(1)</sup> | 2051213 | 1110973 |
| Ichia Technologies, Inc.<sup>(1)</sup> | 471000 | 845627 |
| I-Chiun Precision Industry Co. Ltd.<sup>(1)</sup> | 382325 | 1687963 |
| IEI Integration Corp. | 219000 | 418091 |
| IKKA Holdings Cayman Ltd. | 23051 | 51719 |
| Infortrend Technology, Inc.<sup>(1)</sup> | 92000 | 93970 |
| Info-Tek Corp. | 19000 | 24595 |
| Innodisk Corp.<sup>(1)</sup> | 58786 | 1445941 |
| Innolux Corp.<sup>(1)</sup> | 30255735 | 25676349 |
| Inpaq Technology Co. Ltd.<sup>(1)</sup> | 54611 | 150713 |
| Insyde Software Corp.<sup>(1)</sup> | 21600 | 132200 |
| Intai Technology Corp. | 18000 | 62561 |
| Integrated Service Technology, Inc.<sup>(1)</sup> | 242724 | 1022080 |
| Interactive Digital Technologies, Inc. | 3000 | 8104 |
| International CSRC Investment Holdings Co.<sup>(2)</sup> | 704000 | 294843 |
| International Games System Co. Ltd.<sup>(1)</sup> | 355000 | 7854418 |
| Inventec Corp.<sup>(1)</sup> | 2071000 | 3033532 |
| Iron Force Industrial Co. Ltd.<sup>(1)</sup> | 156787 | 481695 |
| I-Sheng Electric Wire & Cable Co. Ltd. | 10000 | 15396 |
| ITE Technology, Inc.<sup>(1)(2)</sup> | 450000 | 1756855 |
| ITEQ Corp.<sup>(1)</sup> | 883000 | 3947731 |
| ITH Corp.<sup>(1)</sup> | 359000 | 411270 |
| J&V Energy Technology Co. Ltd. | 4000 | 13949 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 42025 | 114593 |
| Jean Co. Ltd. | 219992 | 140049 |
| Jentech Precision Industrial Co. Ltd. | 3299 | 321707 |
| Jetwell Computer Co. Ltd.<sup>(1)</sup> | 117600 | 680130 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 76400 | 255656 |
| Jinan Acetate Chemical Co. Ltd.<sup>(1)</sup> | 2884350 | 4321003 |
| Johnson Health Tech Co. Ltd.<sup>(1)</sup> | 112000 | 483317 |
| Jourdeness Group Ltd. | 45000 | 41600 |
| JPC connectivity, Inc.<sup>(1)</sup> | 169000 | 819678 |
| JPP Holding Co. Ltd.<sup>(1)</sup> | 100000 | 844891 |
| K Laser Technology, Inc. | 38000 | 20102 |
| Kaimei Electronic Corp.<sup>(1)</sup> | 187200 | 560505 |
| Kaori Heat Treatment Co. Ltd. | 53000 | 1458703 |
| Kedge Construction Co. Ltd. | 44138 | 123274 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KEE TAI Properties Co. Ltd. | 183715 | $63099 |
| Kenda Rubber Industrial Co. Ltd. | 235041 | 151913 |
| Kerry TJ Logistics Co. Ltd. | 138000 | 139736 |
| Keystone Microtech Corp. | 9000 | 260055 |
| KGI Financial Holding Co. Ltd. | 3321833 | 2320958 |
| KGI Financial Holding Co. Ltd., Preference Shares | 402360 | 103856 |
| Kindom Development Co. Ltd.<sup>(1)</sup> | 1642520 | 1642549 |
| King Polytechnic Engineering Co. Ltd. | 189200 | 317470 |
| King Slide Works Co. Ltd. | 3000 | 322845 |
| King Yuan Electronics Co. Ltd. | 4031000 | 41477161 |
| Kinik Co.<sup>(1)(2)</sup> | 64000 | 1056288 |
| Kinko Optical Co. Ltd.<sup>(1)(2)</sup> | 66000 | 131986 |
| Kinpo Electronics<sup>(1)</sup> | 2681000 | 2177228 |
| Kinsus Interconnect Technology Corp.<sup>(1)</sup> | 293000 | 2895295 |
| KMC Kuei Meng International, Inc. | 14000 | 41589 |
| KNH Enterprise Co. Ltd. | 99000 | 52480 |
| KS Terminals, Inc.<sup>(1)</sup> | 193000 | 310045 |
| Kuang Hong Arts Management, Inc.<sup>(1)</sup> | 29000 | 134000 |
| Kung Long Batteries Industrial Co. Ltd. | 59000 | 236637 |
| Kung Sing Engineering Corp.<sup>(1)(2)</sup> | 1085400 | 901401 |
| Kuo Toong International Co. Ltd.<sup>(1)</sup> | 3365000 | 5720739 |
| Kuo Yang Construction Co. Ltd.<sup>(2)</sup> | 108727 | 65849 |
| Kura Sushi Asia Co. Ltd. | 21000 | 50993 |
| Kwong Lung Enterprise Co. Ltd. | 77000 | 116759 |
| L&K Engineering Co. Ltd. | 1077682 | 19901515 |
| La Kaffa International Co. Ltd. | 7000 | 14688 |
| Lanner Electronics, Inc.<sup>(1)</sup> | 157940 | 308821 |
| Largan Precision Co. Ltd.<sup>(1)</sup> | 80000 | 6411934 |
| Lealea Enterprise Co. Ltd.<sup>(2)</sup> | 529040 | 108082 |
| Lelon Electronics Corp.<sup>(1)</sup> | 124138 | 498072 |
| Lemtech Holdings Co. Ltd.<sup>(1)</sup> | 112350 | 350739 |
| Leofoo Development Co. Ltd.<sup>(2)</sup> | 224000 | 116303 |
| Li Peng Enterprise Co. Ltd.<sup>(2)</sup> | 700000 | 123432 |
| Lian HWA Food Corp.<sup>(1)</sup> | 63098 | 173758 |
| Lida Holdings Ltd. | 24000 | 18097 |
| Lien Hwa Industrial Holdings Corp. | 9752 | 13979 |
| Life Travel & Tourist Service Co. Ltd. | 21000 | 71537 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 297000 | 268786 |
| Lion Travel Service Co. Ltd.<sup>(1)</sup> | 1196098 | 6693646 |
| Lite-On Technology Corp. | 6795000 | 37090161 |
| Liton Technology Corp.<sup>(1)</sup> | 86000 | 130278 |
| Long Bon International Co. Ltd.<sup>(2)</sup> | 262800 | 126093 |
| Longchen Paper & Packaging Co. Ltd.<sup>(2)</sup> | 540889 | 170483 |
| Longwell Co.<sup>(1)</sup> | 384000 | 2742232 |
| Lotes Co. Ltd.<sup>(1)</sup> | 61776 | 3469707 |
| Lotus Pharmaceutical Co. Ltd.<sup>(1)</sup> | 244000 | 2170650 |
| Loyalty Founder Enterprise Co. Ltd. | 40000 | 37426 |
| Lucky Cement Corp. | 155000 | 75885 |
| Lumax International Corp. Ltd.<sup>(1)</sup> | 54000 | 227189 |
| Lung Yen Life Service Corp.<sup>(1)(2)</sup> | 293000 | 494608 |
| Lungteh Shipbuilding Co. Ltd.<sup>(1)</sup> | 46200 | 223075 |
| M3 Technology, Inc. | 54000 | 140357 |
| Macauto Industrial Co. Ltd. | 25000 | 44083 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Macnica Anstek, Inc.<sup>(1)</sup> | 150000 | $337940 |
| Macroblock, Inc. | 27000 | 50679 |
| Macronix International Co. Ltd.<sup>(1)(2)</sup> | 1941000 | 6642678 |
| MacroWell OMG Digital Entertainment Co. Ltd. | 19000 | 44621 |
| Makalot Industrial Co. Ltd.<sup>(1)</sup> | 505941 | 5158982 |
| Marketech International Corp. | 10000 | 96355 |
| Materials Analysis Technology, Inc.<sup>(1)</sup> | 151212 | 1046651 |
| Mayer Steel Pipe Corp. | 241200 | 189602 |
| Mechema Chemicals International Corp. | 25000 | 53709 |
| MedFirst Healthcare Services, Inc. | 12059 | 22269 |
| MediaTek, Inc. | 2121000 | 130652667 |
| Mega Financial Holding Co. Ltd. | 7824227 | 10065437 |
| Meiloon Industrial Co.<sup>(1)</sup> | 332000 | 258462 |
| Mercuries & Associates Holding Ltd.<sup>(2)</sup> | 761184 | 401009 |
| Mercuries Life Insurance Co. Ltd.<sup>(2)</sup> | 3169728 | 838596 |
| Merry Electronics Co. Ltd.<sup>(1)</sup> | 367462 | 1104867 |
| Microbio Co. Ltd.<sup>(2)</sup> | 8309 | 4938 |
| Micro-Star International Co. Ltd.<sup>(1)</sup> | 3662000 | 10940539 |
| MIN AIK Technology Co. Ltd. | 35000 | 37526 |
| Mirle Automation Corp.<sup>(1)</sup> | 32000 | 75364 |
| Mitac Holdings Corp.<sup>(1)</sup> | 1120416 | 2816015 |
| momo.com, Inc. | 10914 | 66905 |
| MOSA Industrial Corp.<sup>(1)(2)</sup> | 324329 | 201773 |
| Mosel Vitelic, Inc.<sup>(1)</sup> | 79000 | 83328 |
| Motech Industries, Inc. | 2451 | 2564 |
| MPI Corp.<sup>(1)</sup> | 213000 | 19714186 |
| MSSCORPS Co. Ltd. | 47324 | 427272 |
| My Humble House Hospitality Management Consulting | 183000 | 196963 |
| Myson Century, Inc.<sup>(1)</sup> | 787000 | 2266877 |
| Nak Sealing Technologies Corp.<sup>(1)</sup> | 37000 | 140159 |
| Namchow Holdings Co. Ltd.<sup>(1)</sup> | 334000 | 408049 |
| Nan Kang Rubber Tire Co. Ltd. | 880 | 998 |
| Nan Liu Enterprise Co. Ltd. | 6000 | 7987 |
| Nan Pao Resins Chemical Co. Ltd. | 71000 | 742285 |
| Nan Ya Plastics Corp. | 2533000 | 7348923 |
| Nan Ya Printed Circuit Board Corp.<sup>(1)</sup> | 205000 | 3557241 |
| Nang Kuang Pharmaceutical Co. Ltd. | 67000 | 79674 |
| Nantex Industry Co. Ltd. | 218000 | 189896 |
| Nanya Technology Corp.<sup>(2)</sup> | 2550000 | 22636233 |
| National Aerospace Fasteners Corp.<sup>(1)</sup> | 46798 | 166355 |
| Netronix, Inc. | 97000 | 327395 |
| Nexcom International Co. Ltd.<sup>(1)</sup> | 57000 | 126713 |
| Nichidenbo Corp.<sup>(1)</sup> | 85000 | 269626 |
| Nidec Chaun-Choung Technology Corp. | 7000 | 34628 |
| Nien Made Enterprise Co. Ltd.<sup>(1)</sup> | 197000 | 2522393 |
| Niko Semiconductor Co. Ltd. | 42610 | 68119 |
| Nishoku Technology, Inc. | 11000 | 41851 |
| Nova Technology Corp. | 33000 | 215126 |
| Novatek Microelectronics Corp.<sup>(1)</sup> | 525000 | 6555471 |
| Nuvoton Technology Corp.<sup>(1)</sup> | 275428 | 633218 |
| O-Bank Co. Ltd.<sup>(1)</sup> | 2796430 | 875735 |
| Ocean Plastics Co. Ltd. | 30000 | 32294 |
| Onyx Healthcare, Inc. | 9000 | 29044 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Optimax Technology Corp. | 37000 | $27276 |
| Orient Semiconductor Electronics Ltd.<sup>(1)</sup> | 2399000 | 4377746 |
| Oriental Union Chemical Corp.<sup>(2)</sup> | 218000 | 91504 |
| O-TA Precision Industry Co. Ltd.<sup>(1)</sup> | 96000 | 213648 |
| Pacific Construction Co. | 125000 | 36113 |
| Pacific Hospital Supply Co. Ltd. | 11099 | 28785 |
| Paiho Shih Holdings Corp. | 152250 | 112403 |
| Pan German Universal Motors Ltd. | 14000 | 119828 |
| Pan Jit International, Inc. | 354000 | 1015451 |
| Pan-International Industrial Corp.<sup>(1)</sup> | 933000 | 1509469 |
| Parade Technologies Ltd. | 2000 | 34516 |
| PCL Technologies, Inc.<sup>(1)</sup> | 134000 | 731298 |
| P-Duke Technology Co. Ltd. | 46105 | 160616 |
| Pegatron Corp. | 7267000 | 17008864 |
| Pegavision Corp. | 60685 | 574272 |
| PharmaEngine, Inc.<sup>(1)</sup> | 65000 | 134924 |
| Pharmally International Holding Co. Ltd.<sup>(2)</sup> | 1282 |  |
| Phihong Technology Co. Ltd.<sup>(1)(2)</sup> | 74499 | 73116 |
| Phison Electronics Corp.<sup>(1)</sup> | 123000 | 7266492 |
| Phoenix Silicon International Corp.<sup>(1)</sup> | 938364 | 5549613 |
| Phoenix Tours International, Inc. | 67620 | 107847 |
| Pixart Imaging, Inc.<sup>(1)</sup> | 249000 | 1617469 |
| Podak Co. Ltd. | 56700 | 85530 |
| Pou Chen Corp. | 3645000 | 3607410 |
| Power Wind Health Industry, Inc. | 13252 | 60434 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(1)(2)</sup> | 1473000 | 3519901 |
| Powertech Technology, Inc.<sup>(1)</sup> | 4190000 | 34025997 |
| Poya International Co. Ltd.<sup>(1)</sup> | 39319 | 633521 |
| President Chain Store Corp.<sup>(1)</sup> | 3614000 | 25882850 |
| President Securities Corp. | 2605821 | 2669974 |
| Primax Electronics Ltd. | 1045000 | 2717332 |
| Prince Housing & Development Corp. | 820000 | 216879 |
| Promate Electronic Co. Ltd.<sup>(1)</sup> | 321196 | 476855 |
| Prosperity Dielectrics Co. Ltd. | 1000 | 2326 |
| Qisda Corp. | 213200 | 175408 |
| QST International Corp. | 69596 | 89944 |
| Quang Viet Enterprise Co. Ltd. | 6438 | 14094 |
| Quanta Computer, Inc.<sup>(1)</sup> | 4702000 | 43151159 |
| Quanta Storage, Inc.<sup>(1)</sup> | 733000 | 2323814 |
| Quintain Steel Co. Ltd.<sup>(2)</sup> | 191948 | 59675 |
| Radiant Opto-Electronics Corp.<sup>(1)</sup> | 4586000 | 17829207 |
| Radium Life Tech Co. Ltd.<sup>(1)(2)</sup> | 1730498 | 606761 |
| Raydium Semiconductor Corp.<sup>(1)</sup> | 32000 | 237472 |
| Realtek Semiconductor Corp.<sup>(1)</sup> | 520000 | 7958572 |
| Rechi Precision Co. Ltd.<sup>(1)</sup> | 981000 | 812397 |
| Rexon Industrial Corp. Ltd.<sup>(1)</sup> | 295000 | 247992 |
| Rich Development Co. Ltd.<sup>(1)</sup> | 1828250 | 469159 |
| Richmond International Travel & Tours Co. Ltd.<sup>(1)</sup> | 62400 | 153800 |
| Ritek Corp.<sup>(2)</sup> | 64281 | 29648 |
| Rodex Fasteners Corp. | 64000 | 56997 |
| Roo Hsing Co. Ltd.<sup>(2)</sup> | 44787 | 14743 |
| Ruentex Development Co. Ltd. | 2484260 | 2340927 |
| Ruentex Engineering & Construction Co. | 87127 | 484139 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ruentex Industries Ltd.<sup>(1)</sup> | 1058306 | $1797673 |
| Run Long Construction Co. Ltd. | 332560 | 319894 |
| Sampo Corp. | 50000 | 38973 |
| San Fang Chemical Industry Co. Ltd.<sup>(1)</sup> | 573000 | 643764 |
| San Far Property Ltd. | 67000 | 35939 |
| San Fu Chemical Co. Ltd. | 26000 | 122663 |
| San Shing Fastech Corp. | 17000 | 33044 |
| Sanyang Motor Co. Ltd.<sup>(1)</sup> | 505000 | 965754 |
| Savior Lifetec Corp. | 149000 | 90207 |
| Scientech Corp.<sup>(1)</sup> | 37000 | 432663 |
| ScinoPharm Taiwan Ltd. | 2000 | 1364 |
| SDI Corp.<sup>(1)</sup> | 15000 | 40949 |
| Senao International Co. Ltd. | 1000 | 968 |
| Senao Networks, Inc.<sup>(1)</sup> | 112174 | 507101 |
| Sensortek Technology Corp. | 9000 | 49663 |
| Sercomm Corp.<sup>(1)</sup> | 845000 | 2224843 |
| Sesoda Corp.<sup>(1)</sup> | 773997 | 897477 |
| Shanghai Commercial & Savings Bank Ltd. | 5672565 | 7246933 |
| Sharehope Medicine Co. Ltd. | 138738 | 104439 |
| Sheng Yu Steel Co. Ltd. | 51000 | 35439 |
| ShenMao Technology, Inc.<sup>(1)</sup> | 192000 | 728095 |
| Shieh Yih Machinery Industry Co. Ltd.<sup>(1)</sup> | 398000 | 415113 |
| Shih Her Technologies, Inc.<sup>(1)</sup> | 91234 | 557542 |
| Shih Wei Navigation Co. Ltd.<sup>(2)</sup> | 349706 | 195905 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 31000 | 33290 |
| Shin Ruenn Development Co. Ltd. | 172890 | 244649 |
| Shin Zu Shing Co. Ltd.<sup>(1)</sup> | 1194594 | 7787072 |
| Shinfox Energy Co. Ltd.<sup>(1)</sup> | 43000 | 60389 |
| Shining Building Business Co. Ltd.<sup>(2)</sup> | 540000 | 155451 |
| Shinkong Insurance Co. Ltd. | 328000 | 1211870 |
| Shinkong Synthetic Fibers Corp.<sup>(1)</sup> | 1679000 | 830759 |
| Shiny Chemical Industrial Co. Ltd.<sup>(1)</sup> | 69098 | 349843 |
| ShunSin Technology Holding Ltd.<sup>(1)</sup> | 12000 | 78650 |
| Shuttle, Inc. | 124000 | 63278 |
| Sigurd Microelectronics Corp.<sup>(2)</sup> | 1873063 | 8933170 |
| Silergy Corp. | 3000 | 26667 |
| Silicon Integrated Systems Corp.<sup>(1)</sup> | 233612 | 405233 |
| Simplo Technology Co. Ltd. | 212000 | 2249482 |
| Sinbon Electronics Co. Ltd. | 4000 | 30934 |
| Sincere Navigation Corp.<sup>(1)</sup> | 961060 | 1032248 |
| Singatron Enterprise Co. Ltd.<sup>(1)</sup> | 48000 | 58207 |
| Sinher Technology, Inc. | 15000 | 11168 |
| Sinmag Equipment Corp. | 59000 | 248969 |
| Sino-American Silicon Products, Inc.<sup>(1)(2)</sup> | 3400000 | 12697888 |
| Sinon Corp. | 932000 | 1349990 |
| SinoPac Financial Holdings Co. Ltd. | 26623312 | 28083846 |
| Sinyi Realty, Inc. | 34000 | 23993 |
| Sitronix Technology Corp.<sup>(1)</sup> | 1745000 | 11015441 |
| Siward Crystal Technology Co. Ltd.<sup>(1)</sup> | 221000 | 211369 |
| Soft-World International Corp.<sup>(1)</sup> | 160000 | 523045 |
| Solar Applied Materials Technology Corp. | 264670 | 521028 |
| Solomon Technology Corp.<sup>(1)</sup> | 163000 | 681769 |
| Solteam, Inc. | 54863 | 85447 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sonix Technology Co. Ltd. | 66000 | $92362 |
| Speed Tech Corp. | 1000 | 1160 |
| Sporton International, Inc.<sup>(1)</sup> | 106000 | 655718 |
| Sports Gear Co. Ltd.<sup>(1)</sup> | 234000 | 745088 |
| St. Shine Optical Co. Ltd.<sup>(1)</sup> | 93000 | 333799 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 16000 | 33536 |
| Standard Foods Corp.<sup>(1)</sup> | 121000 | 116045 |
| Stark Technology, Inc. | 110000 | 517328 |
| Sumeeko Industries Co. Ltd. | 47000 | 79306 |
| Sunjuice Holdings Co. Ltd. | 3000 | 14957 |
| Sunny Friend Environmental Technology Co. Ltd. | 11244 | 28335 |
| Sunonwealth Electric Machine Industry Co. Ltd.<sup>(1)</sup> | 778000 | 3758105 |
| Sunplus Technology Co. Ltd.<sup>(2)</sup> | 25000 | 18342 |
| Sunrex Technology Corp. | 74000 | 103231 |
| Sunspring Metal Corp. | 247000 | 175625 |
| Sunty Development Co. Ltd. | 100000 | 45120 |
| Superalloy Industrial Co. Ltd. | 10000 | 13940 |
| Supreme Electronics Co. Ltd.<sup>(1)</sup> | 1068353 | 2470106 |
| Swancor Holding Co. Ltd.<sup>(1)</sup> | 232000 | 895017 |
| Sweeten Real Estate Development Co. Ltd. | 5192 | 4385 |
| Symtek Automation Asia Co. Ltd.<sup>(1)</sup> | 152887 | 729983 |
| Syncmold Enterprise Corp. | 48000 | 110642 |
| Synnex Technology International Corp.<sup>(1)</sup> | 963000 | 2212423 |
| Syscom Computer Engineering Co.<sup>(1)</sup> | 78000 | 132615 |
| Systex Corp. | 17000 | 62204 |
| T3EX Global Holdings Corp. | 194213 | 399868 |
| TA Chen Stainless Pipe<sup>(1)</sup> | 5281603 | 6219504 |
| Ta Ya Electric Wire & Cable | 137039 | 177518 |
| TAI Roun Products Co. Ltd. | 23000 | 9718 |
| TA-I Technology Co. Ltd. | 31750 | 73551 |
| Tai Tung Communication Co. Ltd. | 46174 | 31097 |
| Taichung Commercial Bank Co. Ltd.<sup>(1)</sup> | 7125571 | 4809658 |
| TaiDoc Technology Corp.<sup>(1)(2)</sup> | 90000 | 357535 |
| Taiflex Scientific Co. Ltd. | 23010 | 70601 |
| Taimide Tech, Inc.<sup>(1)</sup> | 283000 | 572211 |
| Tainan Enterprises Co. Ltd. | 149000 | 119682 |
| Tainan Spinning Co. Ltd. | 189000 | 81126 |
| Tai-Saw Technology Co. Ltd.<sup>(1)</sup> | 75000 | 75386 |
| TaiSol Electronics Co. Ltd. | 13000 | 23917 |
| Taisun Enterprise Co. Ltd. | 107000 | 62577 |
| Taita Chemical Co. Ltd. | 112850 | 44799 |
| TAI-TECH Advanced Electronics Co. Ltd. | 15000 | 87313 |
| Taiwan Acceptance Corp.<sup>(1)</sup> | 331789 | 783224 |
| Taiwan Business Bank | 15407632 | 8073190 |
| Taiwan Cogeneration Corp. | 57780 | 86735 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 6177367 | 4715750 |
| Taiwan Fertilizer Co. Ltd.<sup>(1)</sup> | 538000 | 804380 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 166600 | 263997 |
| Taiwan FU Hsing Industrial Co. Ltd. | 151200 | 232702 |
| Taiwan Glass Industry Corp.<sup>(1)(2)</sup> | 1035000 | 1991827 |
| Taiwan High Speed Rail Corp.<sup>(1)</sup> | 667000 | 577252 |
| Taiwan Hon Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 3084726 | 11987051 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd.<sup>(1)</sup> | 398925 | 498896 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan IC Packaging Corp.<sup>(2)</sup> | 24000 | $19542 |
| Taiwan Kong King Co. Ltd. | 43000 | 39129 |
| Taiwan Line Tek Electronic | 196420 | 161122 |
| Taiwan Mask Corp.<sup>(2)</sup> | 52000 | 80460 |
| Taiwan Mobile Co. Ltd.<sup>(1)(2)</sup> | 1323000 | 4547607 |
| Taiwan Navigation Co. Ltd.<sup>(1)</sup> | 535000 | 532801 |
| Taiwan Paiho Ltd.<sup>(1)</sup> | 665000 | 1088564 |
| Taiwan PCB Techvest Co. Ltd. | 238000 | 293174 |
| Taiwan Sakura Corp.<sup>(1)</sup> | 203000 | 560807 |
| Taiwan Secom Co. Ltd. | 102000 | 345586 |
| Taiwan Semiconductor Co. Ltd.<sup>(1)</sup> | 76000 | 148098 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8917000 | 556404408 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3782794 | 1416958978 |
| Taiwan Shin Kong Security Co. Ltd. | 7070 | 9255 |
| Taiwan Steel Union Co. Ltd. | 22000 | 77852 |
| Taiwan Styrene Monomer<sup>(2)</sup> | 72000 | 21396 |
| Taiwan Surface Mounting Technology Corp.<sup>(1)</sup> | 3597000 | 11616625 |
| Taiwan Takisawa Technology Co. Ltd. | 33000 | 41459 |
| Taiwan TEA Corp.<sup>(2)</sup> | 304000 | 126742 |
| Taiwan Union Technology Corp.<sup>(1)</sup> | 578000 | 9889392 |
| Taiyen Biotech Co. Ltd. | 24000 | 24401 |
| Tatung Co. Ltd.<sup>(1)</sup> | 1966500 | 2342999 |
| Tatung System Technologies, Inc. | 23730 | 48481 |
| TBI Motion Technology Co. Ltd.<sup>(1)(2)</sup> | 69000 | 113121 |
| TCC Group Holdings Co. Ltd.<sup>(1)</sup> | 4171853 | 3512906 |
| TCI Co. Ltd.<sup>(1)(2)</sup> | 275000 | 1154370 |
| Te Chang Construction Co. Ltd. | 149000 | 317845 |
| Team Group, Inc.<sup>(1)</sup> | 18000 | 115829 |
| Teco Electric & Machinery Co. Ltd.<sup>(1)</sup> | 3331000 | 8697013 |
| Tera Autotech Corp. | 114000 | 100666 |
| Test Research, Inc. | 60000 | 424428 |
| Test Rite International Co. Ltd. | 33000 | 21898 |
| Thermaltake Technology Co. Ltd.<sup>(2)</sup> | 97 | 94 |
| Thinking Electronic Industrial Co. Ltd.<sup>(1)</sup> | 68000 | 407716 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 279275 | 622276 |
| Ton Yi Industrial Corp. | 2122000 | 1285673 |
| Tong Hsing Electronic Industries Ltd.<sup>(2)</sup> | 103381 | 580174 |
| Tong Yang Industry Co. Ltd.<sup>(1)</sup> | 1644000 | 5217192 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)(2)</sup> | 1093000 | 1159868 |
| Top Bright Holding Co. Ltd. | 6400 | 58962 |
| Top Union Electronics Corp. | 79665 | 73997 |
| Topco Scientific Co. Ltd.<sup>(1)</sup> | 208553 | 2307186 |
| Topkey Corp. | 171000 | 926651 |
| Topoint Technology Co. Ltd.<sup>(1)</sup> | 110726 | 888839 |
| TPK Holding Co. Ltd. | 523000 | 711330 |
| Trade-Van Information Services Co. | 2000 | 6133 |
| Transcend Information, Inc.<sup>(1)</sup> | 59000 | 391240 |
| Tripod Technology Corp. | 3733000 | 46110979 |
| Trusval Technology Co. Ltd.<sup>(1)</sup> | 91372 | 780187 |
| TS Financial Holding Co. Ltd. | 40863884 | 33265907 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(2)</sup> | 5319293 | 1584221 |
| Tsang Yow Industrial Co. Ltd.<sup>(1)</sup> | 169000 | 122828 |
| Tsann Kuen Enterprise Co. Ltd. | 102589 | 76409 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TSC Auto ID Technology Co. Ltd. | 8798 | $55667 |
| TSEC Corp.<sup>(1)(2)</sup> | 146000 | 208904 |
| TSRC Corp. | 845000 | 550650 |
| TST Group Holding Ltd. | 11000 | 36222 |
| Ttet Union Corp. | 6000 | 29103 |
| TTFB Co. Ltd. | 27856 | 150946 |
| TTY Biopharm Co. Ltd. | 169000 | 454517 |
| Tung Ho Steel Enterprise Corp.<sup>(1)</sup> | 1134760 | 2664783 |
| Tung Thih Electronic Co. Ltd. | 64064 | 104884 |
| TXC Corp.<sup>(1)</sup> | 2961000 | 8651596 |
| TYC Brother Industrial Co. Ltd.<sup>(1)</sup> | 1829000 | 2558516 |
| Tycoons Group Enterprise<sup>(2)</sup> | 46384 | 13495 |
| Tyntek Corp. | 66000 | 40685 |
| UDE Corp.<sup>(1)</sup> | 249000 | 930336 |
| Ultra Chip, Inc. | 34000 | 55305 |
| U-Ming Marine Transport Corp.<sup>(1)</sup> | 863000 | 1827664 |
| Uni Travel Services Co. Ltd. | 30 | 55 |
| Unic Technology Corp.<sup>(1)</sup> | 435000 | 436370 |
| Unimicron Technology Corp. | 3853888 | 58295714 |
| Union Bank of Taiwan | 1986087 | 1281659 |
| Union Insurance Co. Ltd. | 155000 | 153216 |
| Uni-President Enterprises Corp. | 14823000 | 34273013 |
| Unitech Computer Co. Ltd. | 46000 | 63466 |
| Unitech Printed Circuit Board Corp.<sup>(1)</sup> | 1246334 | 2535661 |
| United Integrated Services Co. Ltd.<sup>(1)</sup> | 588000 | 20899768 |
| United Microelectronics Corp.<sup>(1)</sup> | 33885000 | 70103175 |
| United Orthopedic Corp. | 21000 | 72453 |
| United Renewable Energy Co. Ltd.<sup>(2)</sup> | 31085 | 21719 |
| Univacco Technology, Inc.<sup>(1)</sup> | 164000 | 251240 |
| Universal Cement Corp. | 729207 | 697779 |
| Universal Vision Biotechnology Co. Ltd.<sup>(1)</sup> | 69582 | 303607 |
| UPC Technology Corp.<sup>(2)</sup> | 669000 | 237354 |
| Userjoy Technology Co. Ltd. | 61844 | 133903 |
| USI Corp. | 423000 | 165921 |
| Utechzone Co. Ltd.<sup>(1)</sup> | 85000 | 318723 |
| Vanguard International Semiconductor Corp.<sup>(1)</sup> | 5206977 | 22074449 |
| Ventec International Group Co. Ltd. | 30000 | 97298 |
| VIA Labs, Inc. | 1000 | 2575 |
| Viking Tech Corp.<sup>(1)</sup> | 69000 | 139262 |
| Visco Vision, Inc.<sup>(1)</sup> | 62000 | 374461 |
| Visual Photonics Epitaxy Co. Ltd.<sup>(1)</sup> | 67000 | 458692 |
| Voltronic Power Technology Corp. | 42100 | 1238200 |
| Wafer Works Corp.<sup>(1)(2)</sup> | 154545 | 177582 |
| Wah Hong Industrial Corp. | 19000 | 24759 |
| Wah Lee Industrial Corp. | 37740 | 155138 |
| Walsin Lihwa Corp.<sup>(1)</sup> | 2211163 | 2569374 |
| Walsin Technology Corp. | 406000 | 1996611 |
| Walton Advanced Engineering, Inc.<sup>(1)</sup> | 88000 | 179056 |
| Wan Hai Lines Ltd.<sup>(1)</sup> | 1038640 | 2538586 |
| We & Win Development Co. Ltd.<sup>(2)</sup> | 291000 | 96986 |
| We&Win Diversification Co. Ltd. | 73000 | 46743 |
| WEI Chih Steel Industrial Co. Ltd.<sup>(2)</sup> | 76000 | 46851 |
| Wei Chuan Foods Corp. | 82000 | 38293 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Weikeng Industrial Co. Ltd.<sup>(1)</sup> | 469000 | $475246 |
| Well Shin Technology Co. Ltd. | 106000 | 175279 |
| Wholetech System Hitech Ltd. | 40000 | 177432 |
| Win Semiconductors Corp. | 213000 | 2256599 |
| Winbond Electronics Corp.<sup>(1)(2)</sup> | 2653324 | 10094566 |
| Winmate, Inc.<sup>(1)</sup> | 28000 | 134157 |
| Winstek Semiconductor Co. Ltd.<sup>(1)</sup> | 148000 | 704600 |
| WinWay Technology Co. Ltd. | 10000 | 1607671 |
| Wisdom Marine Lines Co. Ltd. | 643378 | 1489742 |
| Wistron Corp.<sup>(1)</sup> | 8986000 | 38389304 |
| WITS Corp. | 86345 | 321694 |
| Wiwynn Corp.<sup>(1)</sup> | 66000 | 8294300 |
| WNC Corp.<sup>(1)</sup> | 526038 | 3114683 |
| Wonderful Hi-Tech Co. Ltd.<sup>(1)</sup> | 318000 | 514894 |
| Wowprime Corp.<sup>(1)</sup> | 1230737 | 8609737 |
| WPG Holdings Ltd. | 915000 | 2041359 |
| WT Microelectronics Co. Ltd.<sup>(1)</sup> | 1249085 | 7279774 |
| WUS Printed Circuit Co. Ltd.<sup>(1)</sup> | 41000 | 145129 |
| WW Holding, Inc. | 32000 | 67798 |
| XinTec, Inc. | 39000 | 238079 |
| Xxentria Technology Materials Corp.<sup>(1)</sup> | 156524 | 186356 |
| Yageo Corp. | 1923712 | 18019818 |
| Yang Ming Marine Transport Corp.<sup>(1)</sup> | 3652000 | 6688986 |
| Yankey Engineering Co. Ltd.<sup>(1)</sup> | 103180 | 2237041 |
| YC INOX Co. Ltd.<sup>(1)(2)</sup> | 268302 | 178295 |
| YCC Parts Manufacturing Co. Ltd. | 79000 | 111297 |
| Yea Shin International Development Co. Ltd. | 47641 | 37573 |
| Yem Chio Co. Ltd. | 353510 | 153997 |
| Yen Sun Technology Corp. | 170000 | 288888 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(2)</sup> | 88408 | 35409 |
| YFY, Inc. | 1598000 | 1314467 |
| Yieh Hsing Enterprise Co. Ltd.<sup>(2)</sup> | 41000 | 11247 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)(2)</sup> | 1044264 | 487353 |
| Young Fast Optoelectronics Co. Ltd.<sup>(2)</sup> | 57000 | 111078 |
| Youngtek Electronics Corp. | 50000 | 120207 |
| Yuanta Financial Holding Co. Ltd. | 35580311 | 55446743 |
| Yuanta Futures Co. Ltd. | 84455 | 256099 |
| Yuen Foong Yu Consumer Products Co. Ltd. | 70000 | 90100 |
| Yulon Motor Co. Ltd.<sup>(1)</sup> | 1476099 | 1446955 |
| Yungshin Construction & Development Co. Ltd.<sup>(1)</sup> | 234000 | 409022 |
| YungShin Global Holding Corp. | 155000 | 271154 |
| Yusin Holding Corp. | 28787 | 61837 |
| Zeng Hsing Industrial Co. Ltd. | 23115 | 72795 |
| Zenitron Corp. | 50000 | 88063 |
| Zero One Technology Co. Ltd.<sup>(1)</sup> | 171526 | 662659 |
| Zhen Ding Technology Holding Ltd.<sup>(1)</sup> | 5163000 | 34134487 |
| Zhong Yang Technology Co. Ltd.<sup>(1)(2)</sup> | 69000 | 81143 |
| Zinwell Corp.<sup>(1)(2)</sup> | 75000 | 106414 |
| Zippy Technology Corp.<sup>(1)</sup> | 147000 | 245456 |
| Zyxel Group Corp.<sup>(1)</sup> | 973043 | 1054354 |
|  |  | 4824932182 |
| **Thailand — 1.4%** |  |  |
| AAPICO Hitech PCL, NVDR | 269200 | 128979 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Absolute Clean Energy PCL, NVDR<sup>(2)</sup> | 830900 | $34497 |
| Advanced Info Service PCL, NVDR | 1518800 | 18559287 |
| Advanced Information Technology PCL, NVDR | 110200 | 17669 |
| AEON Thana Sinsap Thailand PCL, NVDR | 66900 | 210855 |
| Airports of Thailand PCL, NVDR | 2885200 | 5055837 |
| Amata Corp. PCL, NVDR | 1225000 | 768639 |
| AP Thailand PCL, NVDR | 6926100 | 2049223 |
| Asia Aviation PCL, NVDR<sup>(2)</sup> | 1460944 | 61069 |
| Asia Plus Group Holdings PCL, NVDR | 561700 | 41910 |
| Asian Sea Corp. PCL, NVDR | 207750 | 50787 |
| Asset World Corp. PCL, NVDR | 1689200 | 135682 |
| B Grimm Power PCL, NVDR | 986600 | 485227 |
| Bangchak Corp. PCL, NVDR | 7096500 | 8618679 |
| Bangkok Airways PCL, NVDR | 693200 | 398674 |
| Bangkok Bank PCL, NVDR | 74200 | 423482 |
| Bangkok Chain Hospital PCL, NVDR | 9947200 | 3505075 |
| Bangkok Dusit Medical Services PCL, NVDR | 12519100 | 8717908 |
| Bangkok Expressway & Metro PCL, NVDR | 4090500 | 828636 |
| Bangkok Land PCL, NVDR | 2403600 | 37082 |
| Bangkok Life Assurance PCL, NVDR | 7858700 | 5410523 |
| Banpu PCL, NVDR | 35534266 | 6512993 |
| BCPG PCL, NVDR | 686100 | 178390 |
| BEC World PCL, NVDR | 687000 | 49069 |
| Berli Jucker PCL, NVDR | 252500 | 130339 |
| BG Container Glass PCL, NVDR | 56100 | 7801 |
| BTS Group Holdings PCL, NVDR<sup>(2)</sup> | 2493400 | 190809 |
| Bumrungrad Hospital PCL, NVDR | 1045900 | 7149616 |
| Cal-Comp Electronics Thailand PCL, NVDR | 7217474 | 1295591 |
| Carabao Group PCL, NVDR | 143000 | 209091 |
| Central Pattana PCL, NVDR | 3591400 | 8075978 |
| Central Plaza Hotel PCL, NVDR | 31000 | 40077 |
| Central Retail Corp. PCL, NVDR | 971366 | 645541 |
| CH Karnchang PCL, NVDR | 562000 | 318126 |
| Charoen Pokphand Foods PCL, NVDR | 7873400 | 5313430 |
| Chularat Hospital PCL, NVDR | 31550300 | 1670981 |
| CK Power PCL, NVDR | 593200 | 48051 |
| Com7 PCL, NVDR | 1444800 | 1120451 |
| Country Group Development PCL, NVDR<sup>(2)</sup> | 979000 | 3452 |
| Country Group Holdings PCL, NVDR<sup>(2)</sup> | 391100 | 5407 |
| CP ALL PCL, NVDR | 2467100 | 4107598 |
| CP Axtra PCL, NVDR | 20044 | 10835 |
| Delta Electronics Thailand PCL, NVDR | 2645300 | 23690817 |
| Dhipaya Group Holdings PCL, NVDR | 41000 | 27292 |
| Diamond Building Products PCL, NVDR | 51200 | 8488 |
| Ditto Thailand PCL, NVDR | 5800 | 2345 |
| Dohome PCL, NVDR | 740657 | 92615 |
| Dynasty Ceramic PCL, NVDR | 1977800 | 79531 |
| Eastern Polymer Group PCL, NVDR | 226400 | 28386 |
| Ekachai Medical Care PCL, NVDR | 207574 | 34343 |
| Electricity Generating PCL, NVDR | 1792600 | 7126638 |
| Energy Absolute PCL, NVDR<sup>(2)</sup> | 2724400 | 264340 |
| Erawan Group PCL, NVDR | 8351840 | 858429 |
| Forth Corp. PCL, NVDR<sup>(2)</sup> | 56900 | 15552 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| G J Steel PCL, NVDR<sup>(2)</sup> | 6403900 | $20618 |
| GFPT PCL, NVDR | 629000 | 197273 |
| Global Power Synergy PCL, NVDR | 761400 | 1063051 |
| Gulf Development PCL, NVDR<sup>(2)</sup> | 2598755 | 5181240 |
| Gunkul Engineering PCL, NVDR | 2557400 | 203955 |
| Haad Thip PCL, NVDR | 27800 | 14393 |
| Hana Microelectronics PCL, NVDR | 353800 | 206668 |
| Home Product Center PCL, NVDR | 21905900 | 5210148 |
| Ichitan Group PCL, NVDR | 797600 | 379628 |
| Indorama Ventures PCL, NVDR | 1413300 | 1041135 |
| IRPC PCL, NVDR<sup>(2)</sup> | 12909000 | 589657 |
| Italian-Thai Development PCL, NVDR<sup>(2)</sup> | 2149900 | 16568 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 2248849 | 95473 |
| JMT Network Services PCL, NVDR | 6968 | 2485 |
| Kasikornbank PCL, NVDR | 1602800 | 10361143 |
| KCE Electronics PCL, NVDR | 8006600 | 5008464 |
| KGI Securities Thailand PCL, NVDR | 805200 | 116033 |
| Khon Kaen Sugar Industry PCL, NVDR | 380000 | 16246 |
| Kiatnakin Phatra Bank PCL, NVDR | 178200 | 445445 |
| Krung Thai Bank PCL, NVDR | 10296400 | 11338266 |
| Krungthai Card PCL, NVDR | 1062100 | 1134821 |
| Land & Houses PCL, NVDR | 12982700 | 1819034 |
| LPN Development PCL, NVDR | 441700 | 23167 |
| Major Cineplex Group PCL, NVDR | 187100 | 48185 |
| MBK PCL, NVDR | 204844 | 135052 |
| MC Group PCL, NVDR | 181500 | 69457 |
| MCS Steel PCL, NVDR | 184800 | 56434 |
| Mega Lifesciences PCL, NVDR | 427900 | 523503 |
| Minor International PCL, NVDR | 7843600 | 6558940 |
| MK Restaurants Group PCL, NVDR | 90000 | 64410 |
| Mono Next PCL, NVDR<sup>(2)</sup> | 1312800 | 41817 |
| Muangthai Capital PCL, NVDR | 4181400 | 4968809 |
| Namyong Terminal PCL, NVDR | 30600 | 3758 |
| Origin Property PCL, NVDR | 94600 | 6509 |
| Osotspa PCL, NVDR | 1195100 | 660111 |
| Plan B Media PCL, NVDR | 35403500 | 5425828 |
| Polyplex Thailand PCL, NVDR | 118600 | 33411 |
| POSCO-Thainox PCL, NVDR<sup>(2)</sup> | 576900 | 7424 |
| Precious Shipping PCL, NVDR | 722900 | 180049 |
| Premier Marketing PCL, NVDR | 72700 | 28863 |
| PRG Corp. PCL, NVDR | 56870 | 17190 |
| Prima Marine PCL, NVDR | 1528500 | 385607 |
| Pruksa Holding PCL, NVDR | 89200 | 11422 |
| PTG Energy PCL, NVDR | 4196200 | 1349293 |
| PTT Exploration & Production PCL, NVDR | 2971300 | 13142675 |
| PTT Global Chemical PCL, NVDR | 9455300 | 8583939 |
| PTT Oil & Retail Business PCL, NVDR | 3946400 | 1699298 |
| PTT PCL, NVDR | 16039400 | 19089162 |
| Quality Houses PCL, NVDR | 53700500 | 2642764 |
| R&B Food Supply PCL, NVDR | 29500 | 3358 |
| Rabbit Holdings PCL, NVDR<sup>(2)</sup> | 3088800 | 33775 |
| Rajthanee Hospital PCL, NVDR | 65600 | 29724 |
| Ratch Group PCL, NVDR | 1000950 | 998055 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ratchthani Leasing PCL, NVDR | 1553750 | $96469 |
| Regional Container Lines PCL, NVDR | 7629900 | 7543205 |
| Rojana Industrial Park PCL, NVDR | 503600 | 84197 |
| S Hotels & Resorts PCL, NVDR | 1097200 | 69099 |
| S Kijchai Enterprise PCL, R Shares, NVDR | 189900 | 41802 |
| Sabina PCL, NVDR | 189300 | 103489 |
| Samart Corp. PCL, NVDR | 315700 | 66540 |
| Sansiri PCL, NVDR | 119734600 | 6007314 |
| Sappe PCL, NVDR | 3200 | 3523 |
| SC Asset Corp. PCL, NVDR | 869800 | 57074 |
| SCB X PCL, NVDR | 175800 | 839384 |
| Sermsang Power Corp. Co. Ltd., NVDR | 416975 | 45361 |
| Siam Cement PCL, NVDR | 1081500 | 7824712 |
| Siam Global House PCL, NVDR | 1292181 | 322461 |
| Siamgas & Petrochemicals PCL, NVDR | 124500 | 30654 |
| Singer Thailand PCL, NVDR<sup>(2)</sup> | 304200 | 58629 |
| Singha Estate PCL, NVDR | 1000000 | 19313 |
| SISB PCL, NVDR | 26300 | 10737 |
| Somboon Advance Technology PCL, NVDR | 159800 | 84769 |
| SPCG PCL, NVDR | 87000 | 25893 |
| Sri Trang Agro-Industry PCL, NVDR | 1162600 | 548899 |
| Srisawad Capital 1969 PCL, NVDR | 237731 | 8792 |
| Srisawad Corp. PCL, NVDR | 5854444 | 5410097 |
| Srivichai Vejvivat PCL, NVDR | 93400 | 27032 |
| Star Petroleum Refining PCL, NVDR | 1377800 | 337558 |
| Stecon Group PCL, NVDR<sup>(2)</sup> | 2423600 | 1012965 |
| Stella X PCL, NVDR<sup>(2)</sup> | 2022600 | 10406 |
| STP & I PCL, NVDR<sup>(2)</sup> | 367800 | 70910 |
| Supalai PCL, NVDR | 1162700 | 665645 |
| Super Energy Corp. PCL, NVDR<sup>(2)</sup> | 6494800 | 25081 |
| Susco PCL, NVDR | 694300 | 49109 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 609400 | 86647 |
| Tata Steel Thailand PCL, NVDR<sup>(2)</sup> | 498600 | 11866 |
| Thai Airways International PCL, NVDR<sup>(2)</sup> | 20500 | 4518 |
| Thai Oil PCL, NVDR | 5029800 | 8871937 |
| Thai Union Group PCL, NVDR | 17841700 | 7110275 |
| Thai Vegetable Oil PCL, NVDR | 227700 | 180900 |
| Thaicom PCL, NVDR<sup>(2)</sup> | 859900 | 326012 |
| Thaifoods Group PCL, NVDR | 1042480 | 217874 |
| Thanachart Capital PCL, NVDR | 118400 | 231405 |
| Thonburi Healthcare Group PCL, NVDR<sup>(2)</sup> | 1626800 | 487282 |
| Thoresen Thai Agencies PCL, NVDR | 845900 | 136055 |
| TIDLOR Holdings PCL, NVDR | 678600 | 434382 |
| Tipco Asphalt PCL, NVDR | 429100 | 192002 |
| Tisco Financial Group PCL, NVDR | 222300 | 818670 |
| TKS Technologies PCL, NVDR | 43200 | 9656 |
| TMBThanachart Bank PCL, NVDR | 27905200 | 2117184 |
| TOA Paint Thailand PCL, NVDR | 180400 | 91829 |
| TPI Polene PCL, NVDR | 1342100 | 34051 |
| TPI Polene Power PCL, NVDR | 537300 | 33864 |
| TQM Alpha PCL, NVDR | 77700 | 35985 |
| Triple i Logistics PCL, NVDR | 331586 | 44153 |
| True Corp. PCL, NVDR | 29409799 | 13706015 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TTW PCL, NVDR | 244900 | $74040 |
| Unique Engineering & Construction PCL, NVDR | 129200 | 12961 |
| United Paper PCL, NVDR | 45600 | 11441 |
| Univentures PCL, NVDR<sup>(2)</sup> | 191000 | 5528 |
| Vanachai Group PCL, NVDR | 117200 | 7400 |
| VGI PCL, NVDR | 62764 | 2366 |
| WHA Corp. PCL, NVDR | 90100 | 12625 |
| Workpoint Entertainment PCL, NVDR<sup>(2)</sup> | 45500 | 5750 |
| Xspring Capital PCL, NVDR<sup>(2)</sup> | 3816100 | 62556 |
|  |  | 303014203 |
| **Turkey — 0.9%** |  |  |
| Adese Gayrimenkul Yatirim AS<sup>(2)</sup> | 21535987 | 534026 |
| Afyon Cimento Sanayi TAS | 44553 | 14756 |
| AG Anadolu Grubu Holding AS | 74130 | 57047 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(2)</sup> | 122694 | 69504 |
| Akbank TAS | 6853324 | 14091533 |
| Akcansa Cimento AS | 8315 | 39821 |
| Aksa Akrilik Kimya Sanayii AS | 452829 | 105045 |
| Aksa Enerji Uretim AS<sup>(2)</sup> | 479936 | 734249 |
| Alarko Holding AS<sup>(1)</sup> | 500761 | 1169359 |
| Albaraka Turk Katilim Bankasi AS | 5209395 | 1086625 |
| Anadolu Anonim Turk Sigorta Sirketi | 3035627 | 1796055 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS<sup>(1)</sup> | 2436125 | 1053347 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 2076679 | 15231136 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS<sup>(1)</sup> | 243949 | 1043875 |
| Aygaz AS | 40612 | 227240 |
| Bagfas Bandirma Gubre Fabrikalari AS<sup>(2)</sup> | 24987 | 19415 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(2)</sup> | 3859491 | 474977 |
| Bera Holding AS<sup>(2)</sup> | 1593868 | 626015 |
| Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS<sup>(2)</sup> | 77420 | 2698 |
| BIM Birlesik Magazalar AS<sup>(1)</sup> | 535903 | 8162379 |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS<sup>(2)</sup> | 12816 | 189209 |
| Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 2541 | 5242 |
| Cimsa Cimento Sanayi VE Ticaret AS<sup>(1)</sup> | 267967 | 312374 |
| Coca-Cola Icecek AS | 2418062 | 3926215 |
| Destek Finans Faktoring AS<sup>(1)(2)</sup> | 60932 | 2081822 |
| Dogan Sirketler Grubu Holding AS<sup>(1)</sup> | 1353874 | 620948 |
| Dogus Otomotiv Servis ve Ticaret AS | 234427 | 1165747 |
| Efor Yatirim Sanayi Ticaret AS | 1061808 | 518682 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 5143 | 13460 |
| Enerjisa Enerji AS | 171096 | 418477 |
| Enerya Enerji AS | 4826998 | 1101665 |
| Eregli Demir ve Celik Fabrikalari TAS<sup>(1)</sup> | 11627303 | 8661781 |
| Esenboga Elektrik Uretim AS<sup>(2)</sup> | 183799 | 16120 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(2)</sup> | 442812 | 50677 |
| Ford Otomotiv Sanayi AS<sup>(1)</sup> | 223202 | 589839 |
| Galatasaray Sportif Sinai ve Ticari Yatirimlar AS<sup>(2)</sup> | 1512593 | 41340 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 542490 | 96378 |
| Gentas Genel Metal Sanayi ve Ticaret AS | 428657 | 91577 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(2)</sup> | 38320 | 40210 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 77093 | 38291 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 6451 | 51436 |
| Goodyear Lastikleri TAS<sup>(2)</sup> | 456 | 159 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(2)</sup> | 150862 | $87252 |
| Gubre Fabrikalari TAS<sup>(2)</sup> | 55875 | 677758 |
| Haci Omer Sabanci Holding AS<sup>(1)</sup> | 2913563 | 6696868 |
| Is Finansal Kiralama AS<sup>(2)</sup> | 634871 | 309103 |
| Is Yatirim Menkul Degerler AS | 681873 | 748553 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D<sup>(1)(2)</sup> | 382092 | 283589 |
| Katilimevim Tasarruf Finansman AS | 10961772 | 10034983 |
| Katmerciler Arac Ustu Ekipman Sanayi ve Ticaret AS<sup>(2)</sup> | 27444291 | 1744334 |
| Kervan Gida Sanayi Ve Ticaret AS<sup>(2)</sup> | 361269 | 25771 |
| KOC Holding AS<sup>(1)</sup> | 1886315 | 8581006 |
| Logo Yazilim Sanayi Ve Ticaret AS | 21409 | 67458 |
| Lydia Holding AS<sup>(2)</sup> | 25502 | 116134 |
| Marmara Holding AS<sup>(2)</sup> | 2248463 | 128634 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares<sup>(1)</sup> | 457504 | 473280 |
| MIA Teknoloji AS<sup>(1)(2)</sup> | 454418 | 388284 |
| Migros Ticaret AS<sup>(1)</sup> | 178930 | 2638455 |
| MLP Saglik Hizmetleri AS<sup>(2)</sup> | 216483 | 2161732 |
| Naturel Yenilenebilir Enerji Ticaret AS | 157350 | 28691 |
| NET Holding AS<sup>(2)</sup> | 138455 | 144096 |
| Nuh Cimento Sanayi AS | 26916 | 166579 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(2)</sup> | 3847759 | 515855 |
| Oyak Cimento Fabrikalari AS<sup>(1)</sup> | 456531 | 255041 |
| Pegasus Hava Tasimaciligi AS<sup>(1)(2)</sup> | 1089482 | 4880726 |
| Petkim Petrokimya Holding AS<sup>(1)(2)</sup> | 1206562 | 475464 |
| Polisan Holding AS | 565418 | 207095 |
| Qua Granite Hayal<sup>(2)</sup> | 898793 | 57158 |
| Ral Yatirim Holding AS<sup>(2)</sup> | 103847 | 369726 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(2)</sup> | 178881 | 81404 |
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 2001 | 1690 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 1141216 | 64102 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 41650 | 45056 |
| Sekerbank Turk AS | 4950864 | 1377509 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 74383 | 143974 |
| Sok Marketler Ticaret AS<sup>(1)(2)</sup> | 3641981 | 5297582 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 65111 | 386043 |
| TAV Havalimanlari Holding AS<sup>(1)(2)</sup> | 1405909 | 9896602 |
| Tekfen Holding AS | 223574 | 365767 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(2)</sup> | 3141 | 1616 |
| Tera Yatirim Menkul Degerler AS<sup>(2)</sup> | 362185 | 2179685 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(1)</sup> | 47826 | 346876 |
| Trust Anadolu Metal Madencilik Isletmeleri AS<sup>(1)(2)</sup> | 64168 | 246751 |
| Trust Dogal Enerji Kaynaklari Arastirma Ve Uretim AS<sup>(2)</sup> | 173802 | 482459 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(2)</sup> | 1661938 | 92115 |
| Turcas Holding AS | 57514 | 62209 |
| Turk Altin Isletmeleri AS<sup>(1)(2)</sup> | 480365 | 667739 |
| Turk Hava Yollari AO | 1552473 | 10881952 |
| Turk Traktor ve Ziraat Makineleri AS | 4363 | 50756 |
| Turkcell Iletisim Hizmetleri AS, ADR | 1490535 | 10046206 |
| Turkiye Halk Bankasi AS<sup>(1)(2)</sup> | 139732 | 156156 |
| Turkiye Is Bankasi AS, C Shares<sup>(1)</sup> | 27298275 | 10529426 |
| Turkiye Petrol Rafinerileri AS | 2120524 | 10560809 |
| Turkiye Sigorta AS | 593434 | 164942 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(2)</sup> | 4361741 | 1290443 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(1)</sup> | 1450331 | $1483805 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)(2)</sup> | 1595561 | 1495088 |
| Ulker Biskuvi Sanayi AS<sup>(1)</sup> | 997671 | 2806549 |
| Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS<sup>(2)</sup> | 578 | 2433 |
| Ulusoy Un Sanayi ve Ticaret AS<sup>(2)</sup> | 239382 | 38266 |
| Usak Seramik Sanayii AS<sup>(2)</sup> | 5228176 | 196721 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 43355 | 77357 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 154699 | 28366 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)(2)</sup> | 183872 | 126496 |
| Yapi ve Kredi Bankasi AS<sup>(2)</sup> | 7348024 | 7257716 |
| Zorlu Enerji Elektrik Uretim AS<sup>(2)</sup> | 45584098 | 3497551 |
|  |  | 191264593 |
| **United Arab Emirates — 0.8%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 1309775 | 5405156 |
| Abu Dhabi Islamic Bank PJSC | 844910 | 5867085 |
| Abu Dhabi National Hotels | 389651 | 55184 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 8102450 | 8818134 |
| ADNOC Drilling Co. PJSC | 3252612 | 4532639 |
| Adnoc Gas PLC | 6528512 | 6041914 |
| ADNOC Logistics & Services | 1355465 | 2020765 |
| Agility Global PLC | 4122471 | 1547699 |
| Air Arabia PJSC | 4517292 | 6655578 |
| Aldar Properties PJSC | 3365942 | 9897336 |
| Americana Restaurants International PLC - Foreign Co. | 2309407 | 1172950 |
| Dana Gas PJSC | 7623326 | 1953122 |
| Deyaar Development PJSC | 3616995 | 1012967 |
| Dubai Electricity & Water Authority PJSC | 3769920 | 3080604 |
| Dubai Financial Market PJSC | 229956 | 100950 |
| Dubai Investments PJSC | 1857685 | 2029477 |
| Dubai Islamic Bank PJSC | 2713058 | 6127620 |
| Emaar Development PJSC | 3513969 | 18511389 |
| Emaar Properties PJSC | 12843163 | 56682201 |
| Emirates Central Cooling Systems Corp. | 177545 | 86147 |
| Emirates NBD Bank PJSC | 1248551 | 11218620 |
| Emirates Telecommunications Group Co. PJSC | 1386713 | 7659226 |
| Eshraq Investments PJSC<sup>(2)</sup> | 2303521 | 298020 |
| First Abu Dhabi Bank PJSC | 1325292 | 7076970 |
| GFH Financial Group BSC | 12582243 | 7155989 |
| National Central Cooling Co. PJSC | 131792 | 109432 |
| Parkin Co. PJSC | 700257 | 1123788 |
| RAK Properties PJSC<sup>(2)</sup> | 4229592 | 1611936 |
| Salik Co. PJSC | 2550857 | 4446640 |
| Sharjah Islamic Bank | 2359415 | 2409957 |
| Space42 PLC<sup>(2)</sup> | 484579 | 205394 |
| Union Properties PJSC<sup>(2)</sup> | 2068890 | 510120 |
|  |  | 185425009 |
| **United Kingdom — 0.0%** |  |  |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 78906 | 3349164 |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 102077 | 4281038 |
|  |  | 7630202 |
| **United States — 0.0%** |  |  |
| Coupang, Inc.<sup>(2)</sup> | 332813 | 6350072 |
| **TOTAL COMMON STOCKS**<br>(Cost $15,869,805,320) |  | **21949908642** |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
|<br>**WARRANTS — 0.0%** | **Shares** | **Value** |
| **Brazil — 0.0%** | | |
| Gol Linhas Aereas Inteligentes SA<sup>(2)</sup> | 367784 | $179 |
| **Malaysia — 0.0%** |  |  |
| Ann Joo Resources Bhd.<sup>(2)</sup> | 25825 | 763 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 2557149 | 46004 |
| Berjaya Food Bhd.<sup>(2)</sup> | 234118 | 2708 |
| Dagang NeXchange Bhd.<sup>(2)</sup> | 680066 | 26217 |
| Hengyuan Refining Co. Bhd.<sup>(2)</sup> | 105550 | 10172 |
| NEXG Bhd.<sup>(2)</sup> | 314250 | 9691 |
| SEG International Bhd.<sup>(2)</sup> | 6150 | 142 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 174799 | 3145 |
| Top Glove Corp. Bhd.<sup>(2)</sup> | 139854 | 5032 |
| VS Industry Bhd.<sup>(2)</sup> | 140560 | 181 |
| YTL Corp. Bhd.<sup>(2)</sup> | 313482 | 50708 |
| YTL Power International Bhd.<sup>(1)(2)</sup> | 718280 | 157372 |
|  |  | 312135 |
| **Thailand — 0.0%** |  |  |
| Energy Absolute PCL, NVDR<sup>(2)</sup> | 367133 | 8017 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 1502474 | 15450 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(2)</sup> | 8275 | 67 |
| Noble Development PCL, NVDR<sup>(2)</sup> | 102600 | 823 |
| Origin Property PCL, NVDR<sup>(2)</sup> | 23650 | 289 |
| Roctec Global PCL, NVDR<sup>(2)</sup> | 498325 | 160 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(2)</sup> | 89260 | 399 |
|  |  | 25205 |
| **TOTAL WARRANTS**<br>(Cost $436,867) |  | **337519** |
| **RIGHTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Hypera SA<sup>(2)</sup> | 18355 | 7375 |
| **South Korea — 0.0%** |  |  |
| Tway Air Co. Ltd.<sup>(2)</sup> | 29622 | 3351 |
| **TOTAL RIGHTS**<br>(Cost $—) |  | **10726** |
| **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 41486709 | 41486709 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 195561182 | 195561182 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $237,047,891) |  | **237047891** |
| **TOTAL INVESTMENT SECURITIES — 101.2%**<br>(Cost $16,107,290,078) |  | **22187304778** |
| **OTHER ASSETS AND LIABILITIES — (1.2)%** |  | **(273507598)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**21913797180** |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 28.2% |
| Financials | 22.0% |
| Consumer Discretionary | 10.4% |
| Materials | 9.7% |
| Industrials | 8.8% |
| Communication Services | 5.7% |
| Energy | 4.4% |
| Consumer Staples | 3.6% |
| Health Care | 2.9% |
| Utilities | 2.6% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities | (1.2)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| BDR | – | Brazilian Depository Receipt |
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,153,053,524. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,230,523,923, which includes securities collateral of $1,034,962,741.

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $668622336 | $333343779 |  |
| &nbsp;&nbsp;&nbsp;Chile | 39282046 | 77945852 |  |
| &nbsp;&nbsp;&nbsp;China | 866926732 | 4164210046 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 17564487 | 13064485 |  |
| &nbsp;&nbsp;&nbsp;India | 245165511 | 2764709131 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 20763391 | 257478964 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 161041184 | 337798110 |  |
| &nbsp;&nbsp;&nbsp;Peru | 129369313 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 6045412 | 98924874 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 350532851 | 681190513 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 260804711 | 3617108059 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 1553416716 | 3271515466 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 10046206 | 181218387 |  |
| &nbsp;&nbsp;&nbsp;United States | 6350072 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 1815470008 |  |
| Warrants |  | 337519 |  |
| Rights |  | 10726 |  |
| Short-Term Investments | 237047891 |  |  |
|  | $4572978859 | $17614325919 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Brazil — 6.6%** | | |
| Allos SA | 22600 | $143892 |
| Alpargatas SA, Preference Shares | 8900 | 26388 |
| Alupar Investimento SA | 108 | 753 |
| Ambev SA, ADR<sup>(1)</sup> | 73004 | 230693 |
| Anima Holding SA | 500 | 495 |
| Armac Locacao Logistica E Servicos SA | 100 | 115 |
| Auren Energia SA | 17000 | 39495 |
| Automob Participacoes SA<sup>(2)</sup> | 412 | 1050 |
| Axia Energia, ADR | 53180 | 642414 |
| Axia Energia, Class B Preference Shares | 4700 | 61508 |
| Axia Energia, Class C, ADR<sup>(1)(2)</sup> | 13973 | 163903 |
| Axia Energia, Class C Preference Shares<sup>(2)</sup> | 1235 | 14312 |
| Azzas 2154 SA | 5240 | 26698 |
| B3 SA - Brasil Bolsa Balcao | 67700 | 236650 |
| Banco ABC Brasil SA<sup>(2)</sup> | 442 | 2320 |
| Banco ABC Brasil SA, Preference Shares | 6700 | 35522 |
| Banco BMG SA, Preference Shares | 200 | 197 |
| Banco Bradesco SA | 50600 | 181712 |
| Banco Bradesco SA, ADR | 215409 | 881023 |
| Banco BTG Pactual SA | 36747 | 440620 |
| Banco do Brasil SA | 61200 | 322683 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 15400 | 55814 |
| Banco Santander Brasil SA, ADR<sup>(1)</sup> | 12875 | 83816 |
| BB Seguridade Participacoes SA | 28700 | 194879 |
| Bemobi Mobile Tech SA | 4000 | 18750 |
| BR Advisory Partners Participacoes SA | 3800 | 14373 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 2900 | 12038 |
| Braskem SA, Class A, ADR<sup>(2)</sup> | 6525 | 24991 |
| Brava Energia<sup>(2)</sup> | 1 | 2 |
| Brava Energia<sup>(2)</sup> | 31085 | 113510 |
| C&A Modas SA | 7600 | 19183 |
| Caixa Seguridade Participacoes SA | 8500 | 29712 |
| Camil Alimentos SA | 1700 | 2278 |
| Cia Brasileira de Aluminio<sup>(2)</sup> | 18400 | 36538 |
| Cia Brasileira de Distribuicao<sup>(2)</sup> | 18900 | 11503 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 7300 | 11961 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 15386 | 461734 |
| Cia de Saneamento de Minas Gerais Copasa MG | 14800 | 157484 |
| Cia De Sanena Do Parana | 4100 | 36021 |
| Cia De Sanena Do Parana, Preference Shares | 60100 | 100704 |
| Cia Energetica de Minas Gerais, ADR | 135283 | 320621 |
| Cia Siderurgica Nacional SA, ADR<sup>(1)(2)</sup> | 39567 | 66473 |
| Construtora Tenda SA | 300 | 1769 |
| Cosan SA<sup>(2)</sup> | 26787 | 32919 |
| CPFL Energia SA | 4900 | 47992 |
| Cury Construtora e Incorporadora SA | 13800 | 104715 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(2)</sup> | 37900 | 16856 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 17400 | 104709 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes, Preference Shares<sup>(2)</sup> | 3298 | 18753 |
| Dexco SA | 28784 | 30600 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EcoRodovias Infraestrutura e Logistica SA | 39400 | $82312 |
| Embraer SA, ADR | 6987 | 504601 |
| Empreendimentos Pague Menos SA | 20379 | 27668 |
| Energisa SA | 18150 | 191927 |
| Eneva SA<sup>(2)</sup> | 10100 | 41945 |
| Engie Brasil Energia SA | 11900 | 77763 |
| Equatorial SA | 6489 | 53087 |
| Even Construtora e Incorporadora SA | 11300 | 18471 |
| Ez Tec Empreendimentos e Participacoes SA | 10553 | 32319 |
| Fras-Le SA | 5900 | 28012 |
| Gerdau SA, ADR | 108418 | 438009 |
| GPS Participacoes e Empreendimentos SA | 110 | 397 |
| Grendene SA | 17800 | 17673 |
| Grupo Mateus SA | 9900 | 11046 |
| Grupo Multi SA | 3800 | 993 |
| Grupo SBF SA | 10400 | 25521 |
| Hapvida Participacoes e Investimentos SA<sup>(2)</sup> | 1380 | 2835 |
| Hidrovias do Brasil SA<sup>(2)</sup> | 15564 | 12448 |
| Hypera SA | 6700 | 30321 |
| Iguatemi SA | 17300 | 98336 |
| Inter & Co., Inc., Class A | 24977 | 217550 |
| Iochpe Maxion SA | 11500 | 23554 |
| Irani Papel e Embalagem SA | 8500 | 16232 |
| IRB-Brasil Resseguros SA<sup>(2)</sup> | 7600 | 91885 |
| Isa Energia Brasil SA, Preference Shares | 17900 | 99722 |
| Itau Unibanco Holding SA, ADR | 124934 | 1130653 |
| Jalles Machado SA<sup>(2)</sup> | 2500 | 1468 |
| JBS NV, BDR<sup>(2)</sup> | 17954 | 303395 |
| JBS NV, Class A<sup>(2)</sup> | 10795 | 182328 |
| JHSF Participacoes SA | 43200 | 83762 |
| JSL SA | 1200 | 1842 |
| Kepler Weber SA | 7400 | 13958 |
| Klabin SA | 40622 | 163154 |
| Lavvi Empreendimentos Imobiliarios SA | 7100 | 25483 |
| Localiza Rent a Car SA | 18600 | 184349 |
| Localiza Rent a Car SA, Preference Shares<sup>(2)</sup> | 715 | 6872 |
| LOG Commercial Properties e Participacoes SA | 3400 | 18849 |
| Lojas Quero-Quero SA<sup>(2)</sup> | 400 | 169 |
| Lojas Renner SA | 31740 | 97081 |
| M Dias Branco SA | 3100 | 14071 |
| Magazine Luiza SA | 30765 | 56411 |
| Mahle Metal Leve SA | 4700 | 33106 |
| Marcopolo SA | 19910 | 25400 |
| Marcopolo SA, Preference Shares | 55550 | 74984 |
| MBRF Global Foods Co. SA | 15900 | 64202 |
| Metalurgica Gerdau SA, Preference Shares | 68264 | 123971 |
| Mills Locacao Servicos e Logistica SA | 7500 | 22076 |
| Minerva SA | 12100 | 12321 |
| Motiva Infraestrutura de Mobilidade SA | 58600 | 189637 |
| Moura Dubeux Engenharia SA | 8400 | 54105 |
| Movida Participacoes SA | 23600 | 67902 |
| MRV Engenharia e Participacoes SA<sup>(2)</sup> | 29600 | 59125 |
| Multiplan Empreendimentos Imobiliarios SA | 4200 | 28773 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Natura Cosmeticos SA<sup>(2)</sup> | 2300 | $4092 |
| NU Holdings Ltd., Class A<sup>(2)</sup> | 18928 | 283541 |
| Oceanpact Servicos Maritimos SA<sup>(2)</sup> | 8500 | 15901 |
| Odontoprev SA | 19200 | 54718 |
| Orizon Valorizacao de Residuos SA<sup>(2)</sup> | 200 | 2921 |
| Pagseguro Digital Ltd., Class A | 13852 | 146970 |
| Patria Investments Ltd., Class A<sup>(1)</sup> | 3033 | 39793 |
| PBG SA<sup>(2)</sup> | 300 | 189 |
| Petroleo Brasileiro SA - Petrobras, ADR | 57984 | 964274 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 72094 | 1110248 |
| Petroreconcavo SA | 10000 | 24149 |
| Plano & Plano Desenvolvimento Imobiliario SA | 5100 | 15241 |
| Positivo Tecnologia SA | 12400 | 9796 |
| PRIO SA<sup>(2)</sup> | 33200 | 347899 |
| Raia Drogasil SA | 41106 | 201100 |
| Raizen SA, Preference Shares<sup>(2)</sup> | 28600 | 3515 |
| Randoncorp SA, Preference Shares | 4800 | 6245 |
| Rede D'Or Sao Luiz SA | 9500 | 75144 |
| Romi SA | 300 | 480 |
| Rumo SA | 13400 | 41770 |
| Sao Martinho SA | 10800 | 37857 |
| Ser Educacional SA | 5500 | 13271 |
| Simpar SA | 8650 | 21446 |
| SLC Agricola SA | 13387 | 43035 |
| Smartfit Escola de Ginastica e Danca SA | 16815 | 66420 |
| StoneCo Ltd., A Shares<sup>(2)</sup> | 8354 | 140347 |
| Suzano SA, ADR<sup>(1)</sup> | 43050 | 487756 |
| SYN prop e tech SA | 300 | 281 |
| Taurus Armas SA, Preference Shares | 220 | 250 |
| Tegma Gestao Logistica SA | 2000 | 15387 |
| Telefonica Brasil SA, ADR | 15302 | 258757 |
| TIM SA, ADR | 6817 | 187331 |
| TOTVS SA | 2000 | 14770 |
| Transmissora Alianca de Energia Eletrica SA | 10400 | 89160 |
| Tres Tentos Agroindustrial SA | 6000 | 20060 |
| Tupy SA<sup>(2)</sup> | 3300 | 8722 |
| Ultrapar Participacoes SA, ADR | 71795 | 362565 |
| Uniao Pet Participacoes SA<sup>(2)</sup> | 17400 | 10284 |
| Unipar Carbocloro SA, Class B Preference Shares | 1100 | 15209 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(2)</sup> | 36400 | 49845 |
| Vale SA, ADR | 149817 | 2573856 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 3600 | 15224 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 48000 | 41572 |
| Vibra Energia SA | 97775 | 566452 |
| Vivara Participacoes SA | 2800 | 17177 |
| Vulcabras SA | 812 | 3022 |
| WEG SA | 26200 | 254002 |
| XP, Inc., Class A | 25779 | 555022 |
| YDUQS Participacoes SA | 11500 | 29902 |
|  |  | 20014183 |
| **Chile — 0.9%** |  |  |
| Aguas Andinas SA, A Shares | 38300 | 16196 |
| Banco de Chile | 850473 | 175406 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Banco de Credito e Inversiones SA | 3273 | $224241 |
| Banco Santander Chile, ADR | 7459 | 252935 |
| CAP SA<sup>(2)</sup> | 3926 | 31982 |
| Cencosud SA | 19589 | 61239 |
| Cia Cervecerias Unidas SA, ADR<sup>(1)</sup> | 6434 | 85830 |
| Cia Sud Americana de Vapores SA | 827726 | 44938 |
| Colbun SA | 353615 | 58884 |
| Embotelladora Andina SA, Class B Preference Shares | 14766 | 71127 |
| Empresa Nacional de Telecomunicaciones SA | 17558 | 78380 |
| Empresas CMPC SA | 31417 | 46562 |
| Empresas Copec SA | 17805 | 146974 |
| Enel Americas SA | 336505 | 30270 |
| Enel Chile SA | 638817 | 53479 |
| Engie Energia Chile SA | 44610 | 76476 |
| Falabella SA | 18585 | 138065 |
| Parque Arauco SA | 53001 | 251625 |
| Plaza SA | 49746 | 234912 |
| Ripley Corp. SA | 100219 | 50316 |
| Salfacorp SA | 11540 | 17600 |
| SMU SA | 63959 | 11287 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(2)</sup> | 5841 | 445668 |
| Vina Concha y Toro SA | 27790 | 29768 |
|  |  | 2634160 |
| **Colombia — 0.2%** |  |  |
| Cementos Argos SA | 22262 | 70251 |
| Ecopetrol SA, ADR<sup>(1)</sup> | 12208 | 145153 |
| Grupo Argos SA | 3651 | 16056 |
| Grupo Cibest SA | 3217 | 72331 |
| Grupo Cibest SA, ADR | 2552 | 173230 |
| Grupo de Inversiones Suramericana SA | 6952 | 100426 |
| Interconexion Electrica SA ESP | 11617 | 86756 |
| Mineros SA | 13670 | 72649 |
|  |  | 736852 |
| **Czech Republic — 0.2%** |  |  |
| CEZ AS | 6527 | 370716 |
| Komercni Banka AS | 2013 | 115389 |
| Moneta Money Bank AS | 18994 | 182731 |
|  |  | 668836 |
| **Egypt — 0.2%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 171967 | 458556 |
| **Greece — 0.9%** |  |  |
| Aegean Airlines SA | 4738 | 76918 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(2)</sup> | 3006 | 37335 |
| Alpha Bank SA | 179159 | 788017 |
| Athens International Airport SA | 3070 | 41499 |
| Eurobank SA | 24129 | 111801 |
| GEK TERNA SA | 2640 | 112476 |
| Hellenic Telecommunications Organization SA | 1522 | 31615 |
| HELLENiQ ENERGY Holdings SA | 4924 | 51415 |
| Holding Co. ADMIE IPTO SA | 4269 | 15407 |
| Intracom Holdings SA | 41 | 158 |
| Jumbo SA | 800 | 23439 |
| LAMDA Development SA<sup>(2)</sup> | 326 | 2694 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Motor Oil Hellas Corinth Refineries SA | 5426 | $235536 |
| National Bank of Greece SA | 24242 | 394337 |
| OPAP Holding SA | 1630 | 30470 |
| Optima bank SA | 8961 | 103474 |
| Piraeus Bank SA<sup>(2)</sup> | 58324 | 559595 |
| Public Power Corp. SA | 3135 | 70158 |
| Titan SA | 1361 | 84451 |
|  |  | 2770795 |
| **Hungary — 0.5%** |  |  |
| Magyar Telekom Telecommunications PLC | 28022 | 190018 |
| MOL Hungarian Oil & Gas PLC | 27047 | 299384 |
| OTP Bank Nyrt | 7859 | 968955 |
| Richter Gedeon Nyrt | 3062 | 114865 |
|  |  | 1573222 |
| **India — 17.2%** |  |  |
| 360 ONE WAM Ltd. | 1250 | 15183 |
| 3M India Ltd. | 130 | 53614 |
| 5Paisa Capital Ltd.<sup>(2)</sup> | 1497 | 5268 |
| 63 Moons Technologies Ltd. | 1258 | 8370 |
| Aarti Drugs Ltd. | 5789 | 23402 |
| Aarti Industries Ltd. | 12703 | 62509 |
| Aarti Pharmalabs Ltd. | 1893 | 15089 |
| Aavas Financiers Ltd.<sup>(2)</sup> | 1528 | 21616 |
| ABB India Ltd. | 449 | 29993 |
| Acme Solar Holdings Ltd. | 12742 | 33094 |
| Action Construction Equipment Ltd. | 1816 | 17706 |
| Adani Enterprises Ltd. | 2705 | 64372 |
| Adani Enterprises Ltd.<sup>(2)</sup> | 324 | 6148 |
| Adani Green Energy Ltd.<sup>(2)</sup> | 385 | 4016 |
| Adani Ports & Special Economic Zone Ltd. | 20576 | 344456 |
| Adani Power Ltd.<sup>(2)</sup> | 121391 | 187286 |
| Aditya Birla Fashion & Retail Ltd.<sup>(2)</sup> | 141 | 104 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(2)</sup> | 28411 | 31935 |
| Aditya Birla Real Estate Ltd. | 193 | 2741 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 4489 | 44157 |
| Advanced Enzyme Technologies Ltd. | 77 | 254 |
| Advent Hotels International Pvt Ltd.<sup>(2)</sup> | 500 | 1064 |
| Aegis Logistics Ltd. | 1782 | 13500 |
| Afcons Infrastructure Ltd. | 10992 | 35314 |
| Affle 3i Ltd.<sup>(2)</sup> | 14 | 212 |
| Agarwal Industrial Corp. Ltd. | 53 | 321 |
| AGI Greenpac Ltd. | 813 | 4788 |
| AGI Infra Ltd. | 8345 | 28051 |
| AIA Engineering Ltd. | 2555 | 108200 |
| Ajanta Pharma Ltd. | 3492 | 115093 |
| Ajmera Realty & Infra India Ltd. | 120 | 170 |
| Alembic Ltd. | 633 | 639 |
| Alembic Pharmaceuticals Ltd. | 285 | 2232 |
| Alivus Life Sciences Ltd. | 2650 | 26647 |
| Alkem Laboratories Ltd. | 3241 | 200990 |
| Alkyl Amines Chemicals | 768 | 12554 |
| Allcargo Global Ltd.<sup>(2)</sup> | 1161 | 274 |
| Allcargo Logistics Ltd.<sup>(2)</sup> | 1161 | 108 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Allied Digital Services Ltd. | 468 | $607 |
| Alok Industries Ltd.<sup>(2)</sup> | 3019 | 476 |
| Amara Raja Energy & Mobility Ltd. | 4256 | 39553 |
| Amber Enterprises India Ltd.<sup>(2)</sup> | 760 | 66669 |
| Ambuja Cements Ltd. | 7537 | 41422 |
| Anand Rathi Wealth Ltd. | 1552 | 52481 |
| Anant Raj Ltd. | 3053 | 17810 |
| Andhra Sugars Ltd. | 428 | 348 |
| Angel One Ltd. | 17420 | 44747 |
| Antelopus Selan Energy Ltd.<sup>(2)</sup> | 79 | 448 |
| Antony Waste Handling Cell Ltd.<sup>(2)</sup> | 2238 | 12140 |
| Anup Engineering Ltd. | 371 | 6426 |
| Anupam Rasayan India Ltd. | 1079 | 14713 |
| Apar Industries Ltd. | 1235 | 151998 |
| APL Apollo Tubes Ltd. | 1853 | 45566 |
| Apollo Hospitals Enterprise Ltd. | 1751 | 150808 |
| Apollo Tyres Ltd. | 17297 | 86370 |
| Aptus Value Housing Finance India Ltd. | 4289 | 11517 |
| Archean Chemical Industries Ltd. | 6809 | 43184 |
| Arman Financial Services Ltd.<sup>(2)</sup> | 725 | 12503 |
| Arvind Fashions Ltd. | 9993 | 48622 |
| Arvind Ltd. | 10411 | 40360 |
| Asahi India Glass Ltd. | 3943 | 39071 |
| Ashok Leyland Ltd. | 114903 | 266820 |
| Ashoka Buildcon Ltd.<sup>(2)</sup> | 5891 | 8447 |
| Asian Paints Ltd. | 9385 | 245590 |
| Aster DM Healthcare Ltd. | 18617 | 134137 |
| Astral Ltd. | 475 | 8717 |
| AstraZeneca Pharma India Ltd. | 260 | 25381 |
| Atul Ltd. | 286 | 20973 |
| AU Small Finance Bank Ltd. | 11377 | 119793 |
| AurionPro Solutions Ltd. | 489 | 4789 |
| Aurobindo Pharma Ltd. | 13495 | 181605 |
| Avantel Ltd. | 6403 | 10107 |
| Avanti Feeds Ltd. | 4909 | 69669 |
| Avenue Supermarts Ltd.<sup>(2)</sup> | 1011 | 42875 |
| AvenuesAI Ltd.<sup>(2)</sup> | 60410 | 11054 |
| Awfis Space Solutions Ltd.<sup>(2)</sup> | 1774 | 5705 |
| AWL Agri Business Ltd.<sup>(2)</sup> | 15615 | 32494 |
| Axis Bank Ltd., GDR | 14110 | 1062603 |
| Bajaj Auto Ltd. | 1253 | 137469 |
| Bajaj Consumer Care Ltd.<sup>(2)</sup> | 686 | 2981 |
| Bajaj Finance Ltd. | 82433 | 904053 |
| Bajaj Finserv Ltd. | 2980 | 65352 |
| Bajaj Healthcare Ltd. | 3342 | 12124 |
| Bajaj Hindusthan Sugar Ltd.<sup>(2)</sup> | 71892 | 12784 |
| Bajel Projects Ltd.<sup>(2)</sup> | 153 | 271 |
| Balaji Amines Ltd. | 286 | 3417 |
| Balkrishna Industries Ltd. | 2746 | 72059 |
| Balmer Lawrie & Co. Ltd. | 4521 | 9026 |
| Balrampur Chini Mills Ltd. | 1995 | 10334 |
| Banco Products India Ltd. | 4373 | 29997 |
| Bandhan Bank Ltd. | 38568 | 77230 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bank of Baroda | 29571 | $104759 |
| Bank of Maharashtra | 6906 | 5680 |
| BASF India Ltd. | 198 | 7520 |
| Bata India Ltd. | 2201 | 19097 |
| Bayer CropScience Ltd. | 1002 | 51451 |
| BEML Ltd. | 556 | 10283 |
| Berger Paints India Ltd. | 192 | 962 |
| BF Utilities Ltd.<sup>(2)</sup> | 38 | 211 |
| Bhansali Engineering Polymers Ltd. | 5478 | 4905 |
| Bharat Bijlee Ltd. | 638 | 17184 |
| Bharat Dynamics Ltd. | 1297 | 18033 |
| Bharat Electronics Ltd. | 54087 | 264834 |
| Bharat Forge Ltd. | 11064 | 232931 |
| Bharat Heavy Electricals Ltd. | 31362 | 91387 |
| Bharat Petroleum Corp. Ltd. | 93016 | 394067 |
| Bharat Rasayan Ltd. | 64 | 1064 |
| Bikaji Foods International Ltd. | 990 | 6953 |
| Biocon Ltd. | 469 | 2014 |
| Birla Corp. Ltd. | 3262 | 35862 |
| Birlasoft Ltd. | 11811 | 50753 |
| Black Box Ltd. | 1772 | 10433 |
| Bliss Gvs Pharma Ltd. | 6689 | 15598 |
| BLS International Services Ltd. | 2543 | 7810 |
| Blue Dart Express Ltd. | 303 | 18933 |
| Blue Star Ltd. | 7637 | 162768 |
| Bluspring Enterprises Ltd.<sup>(2)</sup> | 1651 | 927 |
| Bodal Chemicals Ltd.<sup>(2)</sup> | 292 | 151 |
| Bombay Burmah Trading Co. | 661 | 12320 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 4216 | 5264 |
| Bosch Ltd. | 48 | 19225 |
| Brigade Enterprises Ltd. | 540 | 4122 |
| Brightcom Group Ltd.<sup>(2)</sup> | 3622 | 426 |
| Britannia Industries Ltd. | 2222 | 146657 |
| BSE Ltd. | 6728 | 200731 |
| Camlin Fine Sciences Ltd.<sup>(2)</sup> | 4998 | 8119 |
| Campus Activewear Ltd. | 4309 | 12305 |
| Can Fin Homes Ltd. | 7289 | 67691 |
| Canara Bank | 71585 | 123929 |
| Capacit'e Infraprojects Ltd.<sup>(2)</sup> | 3014 | 8054 |
| Caplin Point Laboratories Ltd. | 83 | 1556 |
| Carborundum Universal Ltd. | 938 | 8506 |
| Cartrade Tech Ltd.<sup>(2)</sup> | 98 | 1941 |
| Castrol India Ltd. | 28534 | 58645 |
| CE Info Systems Ltd. | 57 | 648 |
| Ceat Ltd. | 1885 | 73200 |
| Cemindia Projects Ltd. | 6550 | 41527 |
| Central Depository Services India Ltd. | 3800 | 53236 |
| Centum Electronics Ltd. | 416 | 12174 |
| Century Enka Ltd. | 133 | 634 |
| Century Plyboards India Ltd. | 99 | 801 |
| Cera Sanitaryware Ltd. | 10 | 538 |
| CESC Ltd. | 14012 | 24376 |
| CG Power & Industrial Solutions Ltd. | 14647 | 116774 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chalet Hotels Ltd. | 2841 | $25245 |
| Chambal Fertilisers & Chemicals Ltd. | 11216 | 56987 |
| Chemplast Sanmar Ltd.<sup>(2)</sup> | 2439 | 6606 |
| Chennai Petroleum Corp. Ltd. | 7097 | 75078 |
| Choice International Ltd.<sup>(2)</sup> | 129 | 1046 |
| Cholamandalam Financial Holdings Ltd. | 2248 | 40420 |
| Cholamandalam Investment & Finance Co. Ltd. | 15714 | 299399 |
| CIE Automotive India Ltd. | 422 | 2191 |
| Cigniti Technologies Ltd.<sup>(2)</sup> | 1465 | 18982 |
| Cipla Ltd. | 5980 | 88803 |
| City Union Bank Ltd. | 23422 | 72907 |
| Clean Science & Technology Ltd. | 1336 | 10808 |
| CMS Info Systems Ltd. | 19638 | 65566 |
| Coal India Ltd. | 84021 | 398048 |
| Cochin Shipyard Ltd. | 1846 | 30279 |
| Coffee Day Enterprises Ltd.<sup>(2)</sup> | 377 | 126 |
| Coforge Ltd. | 4761 | 62328 |
| Cohance Lifesciences Ltd.<sup>(2)</sup> | 1726 | 5880 |
| Colgate-Palmolive India Ltd. | 6446 | 159848 |
| Computer Age Management Services Ltd. | 8500 | 63428 |
| Confidence Petroleum India Ltd. | 139 | 49 |
| Container Corp. of India Ltd. | 5328 | 29057 |
| Coromandel International Ltd. | 4800 | 117225 |
| Cosmo First Ltd. | 1427 | 11154 |
| Craftsman Automation Ltd. | 604 | 50004 |
| CreditAccess Grameen Ltd.<sup>(2)</sup> | 4855 | 67615 |
| CRISIL Ltd. | 262 | 12607 |
| Crompton Greaves Consumer Electricals Ltd. | 5656 | 16057 |
| CSB Bank Ltd.<sup>(2)</sup> | 4432 | 19367 |
| Cummins India Ltd. | 1588 | 85636 |
| Cupid Ltd.<sup>(2)</sup> | 923 | 4128 |
| Cyient DLM Ltd.<sup>(2)</sup> | 61 | 210 |
| Cyient Ltd. | 4094 | 41277 |
| Dabur India Ltd. | 12881 | 73459 |
| DB Corp. Ltd. | 457 | 1132 |
| DCB Bank Ltd. | 7723 | 15780 |
| DCM Shriram Ltd. | 855 | 9747 |
| DCW Ltd. | 9442 | 4936 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 1828 | 20037 |
| Deepak Nitrite Ltd. | 795 | 13808 |
| Delhivery Ltd.<sup>(2)</sup> | 1115 | 5317 |
| Delta Corp. Ltd. | 93 | 63 |
| Devyani International Ltd.<sup>(2)</sup> | 10993 | 15421 |
| Dhanlaxmi Bank Ltd.<sup>(2)</sup> | 701 | 184 |
| Dhanuka Agritech Ltd. | 1274 | 14232 |
| Digitide Solutions Ltd.<sup>(2)</sup> | 1651 | 1787 |
| Dilip Buildcon Ltd. | 2358 | 10789 |
| Dish TV India Ltd.<sup>(2)</sup> | 1436 | 46 |
| Dishman Carbogen Amcis Ltd.<sup>(2)</sup> | 192 | 370 |
| Divi's Laboratories Ltd. | 625 | 44114 |
| Dixon Technologies India Ltd. | 454 | 52630 |
| DLF Ltd. | 7708 | 51216 |
| D-Link India Ltd. | 3009 | 13997 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dodla Dairy Ltd. | 2557 | $32868 |
| Dolat Algotech Ltd. | 889 | 734 |
| Dollar Industries Ltd. | 130 | 420 |
| Doms Industries Ltd. | 119 | 3051 |
| Dr. Lal PathLabs Ltd. | 1688 | 26057 |
| Dr. Reddy's Laboratories Ltd., ADR | 22762 | 327318 |
| Dreamfolks Services Ltd.<sup>(2)</sup> | 25 | 22 |
| Dredging Corp. of India Ltd.<sup>(2)</sup> | 74 | 774 |
| eClerx Services Ltd. | 1325 | 46282 |
| Edelweiss Financial Services Ltd. | 20771 | 26139 |
| Eicher Motors Ltd. | 1171 | 103186 |
| EID Parry India Ltd.<sup>(2)</sup> | 7083 | 67448 |
| EIH Ltd. | 8807 | 30352 |
| Elecon Engineering Co. Ltd. | 6969 | 31922 |
| Electrosteel Castings Ltd. | 5906 | 4492 |
| Elgi Equipments Ltd. | 1854 | 10913 |
| Emami Ltd. | 9774 | 49748 |
| Embassy Developments Ltd.<sup>(2)</sup> | 19254 | 12799 |
| Endurance Technologies Ltd. | 2916 | 85501 |
| Engineers India Ltd. | 28261 | 68937 |
| Entertainment Network India Ltd. | 75 | 87 |
| Epack Durable Ltd.<sup>(2)</sup> | 2649 | 7225 |
| Epigral Ltd. | 583 | 5716 |
| EPL Ltd. | 9652 | 23086 |
| Equitas Small Finance Bank Ltd.<sup>(2)</sup> | 35748 | 25313 |
| Eris Lifesciences Ltd.<sup>(2)</sup> | 1708 | 25596 |
| Escorts Kubota Ltd. | 338 | 13079 |
| Eternal Ltd.<sup>(2)</sup> | 31867 | 86236 |
| Eveready Industries India Ltd. | 1869 | 6819 |
| Everest Kanto Cylinder Ltd. | 362 | 447 |
| Exide Industries Ltd. | 9197 | 33830 |
| FDC Ltd. | 250 | 982 |
| Fedbank Financial Services Ltd.<sup>(2)</sup> | 7469 | 10749 |
| Federal Bank Ltd. | 67187 | 221692 |
| Federal-Mogul Goetze India Ltd.<sup>(2)</sup> | 2820 | 12621 |
| FIEM Industries Ltd. | 1616 | 38753 |
| Filatex India Ltd. | 26067 | 12455 |
| Fine Organic Industries Ltd. | 804 | 41633 |
| Fineotex Chemical Ltd. | 3540 | 919 |
| Finolex Cables Ltd. | 5441 | 54638 |
| Finolex Industries Ltd. | 11179 | 22774 |
| Firstsource Solutions Ltd. | 1238 | 2907 |
| Five-Star Business Finance Ltd. | 9595 | 44048 |
| Force Motors Ltd. | 427 | 114453 |
| Fortis Healthcare Ltd. | 14332 | 148796 |
| G R Infraprojects Ltd. | 894 | 9385 |
| Gabriel India Ltd. | 2690 | 29561 |
| GAIL India Ltd. | 54559 | 101807 |
| Galaxy Surfactants Ltd. | 351 | 7592 |
| Ganesh Benzoplast Ltd.<sup>(2)</sup> | 69 | 63 |
| Ganesh Housing Ltd. | 90 | 665 |
| Ganesha Ecosphere Ltd. | 67 | 569 |
| Garware Hi-Tech Films Ltd. | 344 | 16059 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Garware Technical Fibres Ltd. | 495 | $3501 |
| Gateway Distriparks Ltd. | 20840 | 13486 |
| GE Vernova T&D India Ltd. | 4177 | 176782 |
| Gensol Engineering Ltd.<sup>(2)</sup> | 53 | 15 |
| Geojit Financial Services Ltd. | 1385 | 962 |
| GHCL Ltd. | 2431 | 12798 |
| GIC Housing Finance Ltd. | 281 | 477 |
| Gillette India Ltd. | 230 | 21103 |
| Gland Pharma Ltd. | 650 | 13057 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 2119 | 60002 |
| Glenmark Pharmaceuticals Ltd. | 8490 | 199506 |
| Global Health Ltd. | 1638 | 20507 |
| Globus Spirits Ltd. | 1956 | 19248 |
| GM Breweries Ltd. | 2164 | 23712 |
| GMM Pfaudler Ltd. | 3619 | 37125 |
| GMR Airports Ltd.<sup>(2)</sup> | 34724 | 38473 |
| GMR Power & Urban Infra Ltd.<sup>(2)</sup> | 9026 | 11971 |
| Go Fashion India Ltd.<sup>(2)</sup> | 757 | 2584 |
| Godawari Power & Ispat Ltd. | 15104 | 44242 |
| Godrej Agrovet Ltd. | 3808 | 26832 |
| Godrej Consumer Products Ltd. | 8511 | 113998 |
| Godrej Industries Ltd.<sup>(2)</sup> | 192 | 2094 |
| Godrej Properties Ltd.<sup>(2)</sup> | 3618 | 68901 |
| Gokaldas Exports Ltd.<sup>(2)</sup> | 1944 | 13757 |
| Gokul Agro Resources Ltd.<sup>(2)</sup> | 7728 | 14422 |
| Goldiam International Ltd. | 2276 | 8827 |
| Goodluck India Ltd. | 864 | 11184 |
| Granules India Ltd. | 18543 | 119097 |
| Graphite India Ltd. | 4036 | 31879 |
| Grasim Industries Ltd. | 3564 | 109746 |
| Gravita India Ltd. | 66 | 1172 |
| Great Eastern Shipping Co. Ltd. | 8879 | 130734 |
| Greaves Cotton Ltd. | 8786 | 14780 |
| Greenpanel Industries Ltd.<sup>(2)</sup> | 191 | 433 |
| Greenply Industries Ltd. | 2855 | 6932 |
| Grindwell Norton Ltd. | 552 | 10090 |
| GTL Infrastructure Ltd.<sup>(2)</sup> | 36359 | 440 |
| Gujarat Alkalies & Chemicals Ltd. | 70 | 368 |
| Gujarat Ambuja Exports Ltd. | 10634 | 16496 |
| Gujarat Fluorochemicals Ltd. | 267 | 10242 |
| Gujarat Gas Ltd. | 896 | 4011 |
| Gujarat Industries Power Co. Ltd. | 9574 | 14884 |
| Gujarat Mineral Development Corp. Ltd. | 5131 | 32153 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4757 | 23859 |
| Gujarat Pipavav Port Ltd. | 35870 | 69723 |
| Gujarat State Fertilizers & Chemicals Ltd. | 14172 | 26374 |
| Gujarat State Petronet Ltd. | 19825 | 66428 |
| Gulf Oil Lubricants India Ltd. | 1527 | 18552 |
| Happiest Minds Technologies Ltd. | 52 | 206 |
| Harsha Engineers Ltd.<sup>(2)</sup> | 132 | 537 |
| Hathway Cable & Datacom Ltd.<sup>(2)</sup> | 83307 | 9837 |
| Havells India Ltd. | 4222 | 64862 |
| HBL Engineering Ltd. | 4794 | 36127 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HCL Technologies Ltd. | 27990 | $428429 |
| HDFC Asset Management Co. Ltd. | 7420 | 220229 |
| HDFC Bank Ltd. | 215473 | 2106249 |
| HDFC Life Insurance Co. Ltd. | 7912 | 62249 |
| HealthCare Global Enterprises Ltd.<sup>(2)</sup> | 3592 | 22730 |
| HEG Ltd. | 4157 | 26398 |
| HeidelbergCement India Ltd. | 3966 | 7136 |
| Hercules Investments Ltd.<sup>(2)</sup> | 27 | 38 |
| Heritage Foods Ltd. | 5262 | 18440 |
| Hero MotoCorp Ltd. | 8195 | 514927 |
| Hexaware Technologies Ltd. | 11986 | 62522 |
| HFCL Ltd. | 2306 | 1739 |
| HG Infra Engineering Ltd. | 840 | 5002 |
| Hikal Ltd. | 366 | 793 |
| Himatsingka Seide Ltd. | 75 | 83 |
| Hindalco Industries Ltd. | 58634 | 596727 |
| Hindustan Aeronautics Ltd. | 7572 | 326013 |
| Hindustan Construction Co. Ltd.<sup>(2)</sup> | 4802 | 920 |
| Hindustan Oil Exploration Co. Ltd.<sup>(2)</sup> | 1213 | 1748 |
| Hindustan Petroleum Corp. Ltd. | 80828 | 389859 |
| Hindustan Unilever Ltd. | 11511 | 295959 |
| Hitachi Energy India Ltd. | 365 | 102657 |
| Hi-Tech Gears Ltd. | 18 | 128 |
| HI-Tech Pipes Ltd. | 1077 | 1044 |
| HLV Ltd.<sup>(2)</sup> | 511 | 45 |
| Home First Finance Co. India Ltd. | 634 | 7558 |
| Housing & Urban Development Corp. Ltd. | 1288 | 2646 |
| HPL Electric & Power Ltd. | 114 | 428 |
| Hubtown Ltd.<sup>(2)</sup> | 3710 | 8756 |
| Hyundai Motor India Ltd. | 3176 | 75664 |
| Ice Make Refrigeration Ltd. | 1083 | 9823 |
| ICICI Bank Ltd. | 69749 | 1060652 |
| ICICI Bank Ltd., ADR | 65275 | 1991540 |
| ICICI Lombard General Insurance Co. Ltd. | 2712 | 56759 |
| ICICI Prudential Life Insurance Co. Ltd. | 2906 | 20923 |
| IDFC First Bank Ltd. | 98928 | 79970 |
| IFCI Ltd.<sup>(2)</sup> | 3416 | 2257 |
| IIFL Capital Services Ltd. | 8871 | 28195 |
| IIFL Finance Ltd. | 21516 | 117553 |
| Indef Manufacturing Ltd. | 27 | 74 |
| India Cements Ltd.<sup>(2)</sup> | 3088 | 13757 |
| India Glycols Ltd. | 2384 | 25229 |
| India Shelter Finance Corp. Ltd. | 972 | 7844 |
| Indiabulls Ltd.<sup>(2)</sup> | 6662 | 767 |
| IndiaMart InterMesh Ltd. | 1937 | 45509 |
| Indian Energy Exchange Ltd. | 19996 | 27647 |
| Indian Hotels Co. Ltd. | 16526 | 121355 |
| Indian Hume Pipe Co. Ltd. | 113 | 413 |
| Indian Metals & Ferro Alloys Ltd. | 175 | 2438 |
| Indian Oil Corp. Ltd. | 93801 | 193340 |
| Indian Railway Catering & Tourism Corp. Ltd. | 5068 | 31782 |
| Indian Renewable Energy Development Agency Ltd.<sup>(2)</sup> | 7383 | 9935 |
| Indo Count Industries Ltd. | 1091 | 3202 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IndoStar Capital Finance Ltd.<sup>(2)</sup> | 2497 | $6161 |
| Indraprastha Gas Ltd. | 19940 | 37495 |
| Indraprastha Medical Corp. Ltd. | 2692 | 11942 |
| Indus Towers Ltd.<sup>(2)</sup> | 94894 | 475440 |
| IndusInd Bank Ltd.<sup>(2)</sup> | 14047 | 147809 |
| Info Edge India Ltd. | 3245 | 36756 |
| Infosys Ltd., ADR<sup>(1)</sup> | 101780 | 1469703 |
| Ingersoll Rand India Ltd. | 55 | 2425 |
| Inox Green Energy Services Ltd.<sup>(2)</sup> | 515 | 959 |
| INOX India Ltd. | 1384 | 17713 |
| Intellect Design Arena Ltd. | 8858 | 68092 |
| InterGlobe Aviation Ltd. | 5372 | 285833 |
| IOL Chemicals & Pharmaceuticals Ltd. | 13729 | 11059 |
| ION Exchange India Ltd. | 185 | 742 |
| Ipca Laboratories Ltd. | 2694 | 45347 |
| IRB Infrastructure Developers Ltd. | 96581 | 44324 |
| IRCON International Ltd. | 5738 | 9082 |
| ISGEC Heavy Engineering Ltd. | 1090 | 10647 |
| ITC Hotels Ltd.<sup>(2)</sup> | 4988 | 9667 |
| J Kumar Infraprojects Ltd. | 1701 | 9885 |
| Jagran Prakashan Ltd. | 285 | 199 |
| Jai Balaji Industries Ltd.<sup>(2)</sup> | 4000 | 3038 |
| Jai Corp. Ltd. | 51 | 62 |
| Jain Irrigation Systems Ltd.<sup>(2)</sup> | 18582 | 7186 |
| Jaiprakash Associates Ltd.<sup>(2)</sup> | 1112 | 35 |
| Jaiprakash Power Ventures Ltd.<sup>(2)</sup> | 347816 | 58315 |
| Jammu & Kashmir Bank Ltd. | 40674 | 54316 |
| Jamna Auto Industries Ltd. | 27910 | 45296 |
| Jana Small Finance Bank Ltd.<sup>(2)</sup> | 2045 | 8340 |
| Jash Engineering Ltd. | 1250 | 5502 |
| JB Chemicals & Pharmaceuticals Ltd. | 6712 | 151419 |
| JBM Auto Ltd. | 160 | 971 |
| Jindal Saw Ltd. | 11510 | 23488 |
| Jindal Stainless Ltd. | 18457 | 157787 |
| Jindal Steel Ltd. | 10438 | 142928 |
| Jindal Worldwide Ltd.<sup>(2)</sup> | 505 | 137 |
| Jio Financial Services Ltd. | 30818 | 86656 |
| JK Cement Ltd. | 2251 | 140098 |
| JK Lakshmi Cement Ltd. | 6558 | 51533 |
| JK Paper Ltd. | 3241 | 12911 |
| JK Tyre & Industries Ltd. | 9879 | 54483 |
| JM Financial Ltd. | 28594 | 40179 |
| JSW Energy Ltd. | 8610 | 46188 |
| JSW Steel Ltd. | 6788 | 94544 |
| JTEKT India Ltd. | 84 | 138 |
| Jubilant Foodworks Ltd. | 6571 | 37581 |
| Jubilant Ingrevia Ltd. | 974 | 6277 |
| Jubilant Pharmova Ltd. | 9470 | 90243 |
| Jupiter Life Line Hospitals Ltd. | 629 | 8738 |
| Just Dial Ltd.<sup>(2)</sup> | 2215 | 13390 |
| Jyothy Labs Ltd. | 103 | 288 |
| Jyoti Structures Ltd.<sup>(2)</sup> | 8272 | 1143 |
| Kajaria Ceramics Ltd. | 4174 | 43945 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kalpataru Projects International Ltd. | 4652 | $63465 |
| Kalyan Jewellers India Ltd. | 2461 | 11111 |
| Kalyani Steels Ltd. | 1127 | 9292 |
| Kamdhenu Ltd. | 2150 | 543 |
| Kansai Nerolac Paints Ltd. | 6707 | 15006 |
| Karnataka Bank Ltd. | 10486 | 23403 |
| Karur Vysya Bank Ltd. | 33145 | 118913 |
| Kaveri Seed Co. Ltd. | 2997 | 25494 |
| Kaynes Technology India Ltd.<sup>(2)</sup> | 143 | 6065 |
| KCP Ltd. | 3844 | 6696 |
| KEC International Ltd. | 9035 | 58072 |
| KEI Industries Ltd. | 745 | 41645 |
| Kfin Technologies Ltd. | 1178 | 12409 |
| Kiri Industries Ltd.<sup>(2)</sup> | 1975 | 9852 |
| Kirloskar Brothers Ltd. | 1121 | 19530 |
| Kirloskar Ferrous Industries Ltd. | 219 | 957 |
| Kirloskar Industries Ltd. | 16 | 499 |
| Kirloskar Oil Engines Ltd. | 6543 | 100287 |
| Kirloskar Pneumatic Co. Ltd. | 171 | 2188 |
| Kitex Garments Ltd. | 390 | 787 |
| KNR Constructions Ltd. | 8667 | 12632 |
| Kopran Ltd. | 121 | 176 |
| Kotak Mahindra Bank Ltd. | 122700 | 560760 |
| KPIT Technologies Ltd. | 9622 | 81781 |
| KPR Mill Ltd. | 1272 | 12594 |
| KRBL Ltd. | 2729 | 10205 |
| Krishna Institute of Medical Sciences Ltd.<sup>(2)</sup> | 5763 | 47298 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(2)</sup> | 1305 | 14345 |
| Kwality Wall's India Ltd.<sup>(2)</sup> | 10567 | 3034 |
| L&T Finance Ltd. | 49149 | 153556 |
| Larsen & Toubro Ltd. | 21879 | 1029316 |
| Laurus Labs Ltd. | 1319 | 15638 |
| Laxmi Organic Industries Ltd. | 2953 | 4096 |
| Lemon Tree Hotels Ltd.<sup>(2)</sup> | 1469 | 1838 |
| LG Balakrishnan & Bros Ltd. | 650 | 13922 |
| LIC Housing Finance Ltd. | 17482 | 103471 |
| Likhitha Infrastructure Ltd.<sup>(2)</sup> | 178 | 294 |
| Lincoln Pharmaceuticals Ltd. | 32 | 222 |
| Lloyds Metals & Energy Ltd. | 2222 | 30170 |
| LMW Ltd. | 17 | 2760 |
| Lodha Developers Ltd. | 3020 | 32865 |
| LT Foods Ltd. | 5827 | 25837 |
| LTIMindtree Ltd. | 2399 | 118035 |
| Lumax Auto Technologies Ltd. | 392 | 7579 |
| Lupin Ltd. | 3517 | 89392 |
| LUX Industries Ltd. | 62 | 615 |
| Mahanagar Gas Ltd. | 5112 | 68608 |
| Maharashtra Scooters Ltd. | 157 | 22902 |
| Maharashtra Seamless Ltd. | 3236 | 19987 |
| Mahindra & Mahindra Financial Services Ltd. | 23579 | 97106 |
| Mahindra & Mahindra Ltd. | 26518 | 991148 |
| Mahindra Holidays & Resorts India Ltd.<sup>(2)</sup> | 649 | 2030 |
| Mahindra Lifespace Developers Ltd. | 338 | 1332 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mahindra Logistics Ltd. | 5465 | $24898 |
| Maithan Alloys Ltd. | 111 | 1225 |
| Man Industries India Ltd.<sup>(2)</sup> | 2203 | 11200 |
| Man Infraconstruction Ltd. | 446 | 521 |
| Manali Petrochemicals Ltd. | 1002 | 611 |
| Manappuram Finance Ltd. | 41506 | 129130 |
| Mangalam Cement Ltd. | 267 | 2675 |
| Mankind Pharma Ltd. | 2710 | 67052 |
| Marico Ltd. | 8615 | 74702 |
| Marksans Pharma Ltd. | 3171 | 6092 |
| Maruti Suzuki India Ltd. | 4813 | 786802 |
| MAS Financial Services Ltd. | 121 | 432 |
| Max Financial Services Ltd.<sup>(2)</sup> | 8199 | 163502 |
| Max Healthcare Institute Ltd. | 5115 | 61569 |
| Mayur Uniquoters Ltd. | 128 | 749 |
| Medi Assist Healthcare Services Ltd.<sup>(2)</sup> | 248 | 1012 |
| Medplus Health Services Ltd.<sup>(2)</sup> | 4931 | 45981 |
| Meghmani Organics Ltd.<sup>(2)</sup> | 9008 | 5232 |
| Metropolis Healthcare Ltd. | 125 | 2626 |
| Minda Corp. Ltd. | 4727 | 28909 |
| Mishra Dhatu Nigam Ltd. | 107 | 408 |
| MM Forgings Ltd. | 264 | 1333 |
| MOIL Ltd. | 545 | 1843 |
| Mold-Tek Packaging Ltd. | 38 | 241 |
| Morepen Laboratories Ltd. | 818 | 394 |
| Motherson Sumi Wiring India Ltd. | 113622 | 54057 |
| Motilal Oswal Financial Services Ltd. | 5490 | 43823 |
| Mphasis Ltd. | 8011 | 202509 |
| MPS Ltd. | 354 | 5859 |
| MRF Ltd. | 105 | 162819 |
| Mrs Bectors Food Specialities Ltd. | 3545 | 8136 |
| MSP Steel & Power Ltd.<sup>(2)</sup> | 13616 | 4766 |
| MSTC Ltd. | 28 | 141 |
| Multi Commodity Exchange of India Ltd. | 1120 | 30137 |
| Muthoot Finance Ltd. | 4306 | 158920 |
| Narayana Hrudayalaya Ltd. | 4365 | 87822 |
| Natco Pharma Ltd. | 10944 | 119055 |
| National Aluminium Co. Ltd. | 33394 | 130296 |
| National Fertilizers Ltd. | 8947 | 7616 |
| Nava Ltd. | 13243 | 86722 |
| Navin Fluorine International Ltd. | 1768 | 121779 |
| Navkar Corp. Ltd.<sup>(2)</sup> | 247 | 256 |
| NBCC India Ltd. | 22680 | 23118 |
| NCC Ltd. | 38925 | 65462 |
| NDR Auto Components Ltd. | 1430 | 11867 |
| NELCO Ltd. | 58 | 397 |
| NESCO Ltd. | 2695 | 33313 |
| Nestle India Ltd. | 11204 | 159205 |
| Netweb Technologies India Ltd. | 89 | 3782 |
| Network18 Media & Investments Ltd.<sup>(2)</sup> | 64405 | 23623 |
| Neuland Laboratories Ltd. | 338 | 47745 |
| Newgen Software Technologies Ltd. | 1106 | 6193 |
| NHPC Ltd. | 140442 | 116345 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NIIT Learning Systems Ltd. | 470 | $1744 |
| NIIT Ltd. | 115 | 91 |
| Nippon Life India Asset Management Ltd. | 8654 | 88645 |
| NLC India Ltd. | 38673 | 110705 |
| NMDC Ltd. | 171113 | 153981 |
| NMDC Steel Ltd.<sup>(2)</sup> | 30117 | 13443 |
| NOCIL Ltd. | 431 | 685 |
| Northern Arc Capital Ltd.<sup>(2)</sup> | 6710 | 18618 |
| NTPC Ltd. | 170846 | 718106 |
| Nuvama Wealth Management Ltd. | 4580 | 62721 |
| Nuvoco Vistas Corp. Ltd.<sup>(2)</sup> | 2585 | 9323 |
| Oberoi Realty Ltd. | 4171 | 69907 |
| Oil & Natural Gas Corp. Ltd. | 132405 | 408072 |
| Oil India Ltd. | 26862 | 143234 |
| One 97 Communications Ltd.<sup>(2)</sup> | 3313 | 40060 |
| Onesource Specialty Pharma Ltd.<sup>(2)</sup> | 938 | 13887 |
| Oracle Financial Services Software Ltd. | 1340 | 102548 |
| Orient Cement Ltd. | 1398 | 2370 |
| Orient Electric Ltd. | 5128 | 10444 |
| Orient Green Power Co. Ltd.<sup>(2)</sup> | 159382 | 17327 |
| Orient Paper & Industries Ltd.<sup>(2)</sup> | 1390 | 286 |
| Oriental Hotels Ltd. | 148 | 165 |
| Orissa Minerals Development Co. Ltd.<sup>(2)</sup> | 2 | 91 |
| Page Industries Ltd. | 172 | 60774 |
| Pakka Ltd.<sup>(2)</sup> | 62 | 62 |
| Panama Petrochem Ltd. | 491 | 1521 |
| Paradeep Phosphates Ltd. | 45556 | 61017 |
| Parag Milk Foods Ltd. | 8340 | 18588 |
| Paras Defence & Space Technologies Ltd. | 20 | 140 |
| Patel Engineering Ltd.<sup>(2)</sup> | 4081 | 1238 |
| PB Fintech Ltd.<sup>(2)</sup> | 2165 | 35278 |
| PC Jeweller Ltd.<sup>(2)</sup> | 63350 | 6920 |
| PCBL Chemical Ltd. | 1505 | 5127 |
| Pearl Global Industries Ltd. | 625 | 10626 |
| Peninsula Land Ltd.<sup>(2)</sup> | 950 | 191 |
| Pennar Industries Ltd.<sup>(2)</sup> | 6374 | 10487 |
| Persistent Systems Ltd. | 3257 | 169972 |
| Petronet LNG Ltd. | 40824 | 145152 |
| Phoenix Mills Ltd. | 5090 | 92928 |
| PI Industries Ltd. | 2771 | 95086 |
| Pidilite Industries Ltd. | 4666 | 76591 |
| Piramal Finance Ltd.<sup>(2)</sup> | 3717 | 71205 |
| Piramal Pharma Ltd. | 6169 | 10603 |
| Pitti Engineering Ltd. | 216 | 2165 |
| PIX Transmissions Ltd. | 510 | 8146 |
| PNB Gilts Ltd. | 380 | 334 |
| PNB Housing Finance Ltd. | 7761 | 70464 |
| PNC Infratech Ltd. | 8590 | 19532 |
| Pokarna Ltd. | 198 | 1985 |
| Poly Medicure Ltd. | 73 | 1009 |
| Polycab India Ltd. | 1538 | 145721 |
| Polyplex Corp. Ltd. | 1270 | 11848 |
| Pondy Oxides & Chemicals Ltd. | 2573 | 32485 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Poonawalla Fincorp Ltd.<sup>(2)</sup> | 5678 | $28411 |
| Power Finance Corp. Ltd. | 46804 | 213149 |
| Power Grid Corp. of India Ltd. | 155831 | 512408 |
| Power Mech Projects Ltd. | 668 | 15311 |
| Praj Industries Ltd. | 179 | 626 |
| Prakash Industries Ltd. | 11732 | 16934 |
| Prakash Pipes Ltd. | 227 | 512 |
| Premier Explosives Ltd. | 1540 | 9103 |
| Prestige Estates Projects Ltd. | 3144 | 48170 |
| Pricol Ltd. | 4554 | 30202 |
| Prince Pipes & Fittings Ltd. | 1131 | 3143 |
| Prism Johnson Ltd.<sup>(2)</sup> | 7246 | 10014 |
| Privi Speciality Chemicals Ltd. | 418 | 13994 |
| Procter & Gamble Health Ltd. | 506 | 27277 |
| Protean eGov Technologies Ltd. | 3622 | 23528 |
| Prudent Corporate Advisory Services Ltd. | 849 | 21948 |
| PTC India Ltd. | 29879 | 54706 |
| Punjab National Bank | 62743 | 89353 |
| Puravankara Ltd.<sup>(2)</sup> | 355 | 775 |
| Quess Corp. Ltd. | 4183 | 9005 |
| Quick Heal Technologies Ltd.<sup>(2)</sup> | 24 | 44 |
| Rail Vikas Nigam Ltd. | 8756 | 30472 |
| Railtel Corp. of India Ltd. | 10554 | 36449 |
| Rain Industries Ltd. | 9677 | 15826 |
| Rainbow Children's Medicare Ltd. | 1376 | 18031 |
| Rajesh Exports Ltd.<sup>(2)</sup> | 2857 | 4528 |
| Rallis India Ltd. | 4348 | 13241 |
| Ramco Cements Ltd. | 6069 | 75353 |
| Ramco Systems Ltd.<sup>(2)</sup> | 2949 | 14455 |
| Ramkrishna Forgings Ltd. | 2593 | 15746 |
| Ramky Infrastructure Ltd.<sup>(2)</sup> | 1251 | 6282 |
| Rane Holdings Ltd. | 402 | 5335 |
| Rashtriya Chemicals & Fertilizers Ltd. | 851 | 1188 |
| Ratnamani Metals & Tubes Ltd. | 301 | 8125 |
| RattanIndia Power Ltd.<sup>(2)</sup> | 7720 | 706 |
| Raymond Lifestyle Ltd.<sup>(2)</sup> | 120 | 1163 |
| Raymond Ltd.<sup>(2)</sup> | 1882 | 8308 |
| Raymond Realty Ltd.<sup>(2)</sup> | 603 | 2790 |
| RBL Bank Ltd. | 29915 | 105295 |
| REC Ltd. | 35233 | 135696 |
| Redington Ltd. | 25940 | 80090 |
| Redtape Ltd. | 760 | 982 |
| Refex Industries Ltd. | 415 | 1008 |
| Relaxo Footwears Ltd. | 20 | 77 |
| Reliance Industrial Infrastructure Ltd. | 8 | 62 |
| Reliance Industries Ltd., GDR | 31743 | 1942069 |
| Reliance Infrastructure Ltd.<sup>(2)</sup> | 9141 | 9096 |
| Reliance Power Ltd.<sup>(2)</sup> | 117129 | 30961 |
| Religare Enterprises Ltd.<sup>(2)</sup> | 4570 | 10643 |
| Repco Home Finance Ltd. | 2112 | 8851 |
| Rico Auto Industries Ltd. | 889 | 1295 |
| RITES Ltd. | 1208 | 2845 |
| Rolex Rings Ltd.<sup>(2)</sup> | 4030 | 5968 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rossari Biotech Ltd. | 888 | $4851 |
| Roto Pumps Ltd. | 618 | 388 |
| RPG Life Sciences Ltd. | 380 | 7838 |
| RR Kabel Ltd. | 1042 | 17930 |
| Rupa & Co. Ltd. | 148 | 225 |
| Safari Industries India Ltd. | 394 | 7789 |
| Sagility Ltd. | 21198 | 9233 |
| Salzer Electronics Ltd. | 65 | 471 |
| SAMHI Hotels Ltd.<sup>(2)</sup> | 12789 | 22833 |
| Sammaan Capital Ltd.<sup>(2)</sup> | 21812 | 35993 |
| Samvardhana Motherson International Ltd. | 166426 | 244250 |
| Sandhar Technologies Ltd. | 290 | 1618 |
| Sandur Manganese & Iron Ores Ltd. | 183 | 436 |
| Sanghvi Movers Ltd. | 2881 | 8280 |
| Sanofi India Ltd. | 352 | 15362 |
| Sansera Engineering Ltd. | 3570 | 92052 |
| Sapphire Foods India Ltd.<sup>(2)</sup> | 7082 | 15930 |
| Sarda Energy & Minerals Ltd. | 5248 | 31846 |
| Saregama India Ltd. | 319 | 1167 |
| Savita Oil Technologies Ltd. | 48 | 200 |
| SBFC Finance Ltd.<sup>(2)</sup> | 35584 | 36459 |
| SBI Cards & Payment Services Ltd.<sup>(2)</sup> | 6283 | 53587 |
| SBI Life Insurance Co. Ltd. | 3917 | 87774 |
| Schneider Electric Infrastructure Ltd.<sup>(2)</sup> | 269 | 2683 |
| SEAMEC Ltd.<sup>(2)</sup> | 592 | 8576 |
| Senores Pharmaceuticals Ltd.<sup>(2)</sup> | 2054 | 17296 |
| Servotech Renewable Power System Ltd. | 4895 | 4069 |
| SH Kelkar & Co. Ltd. | 627 | 1022 |
| Shaily Engineering Plastics Ltd. | 130 | 2798 |
| Shakti Pumps India Ltd. | 234 | 1326 |
| Shankara Building Products Ltd. | 14 | 17 |
| Shankara Buildpro Ltd.<sup>(2)</sup> | 14 | 149 |
| Sharda Cropchem Ltd. | 1194 | 15693 |
| Sharda Motor Industries Ltd. | 1872 | 19198 |
| Share India Securities Ltd. | 3969 | 5735 |
| Shilpa Medicare Ltd. | 650 | 2412 |
| Shipping Corp. of India Ltd. | 10341 | 29945 |
| Shivalik Bimetal Controls Ltd. | 27 | 133 |
| Shree Cement Ltd. | 337 | 96599 |
| Shriram Finance Ltd. | 79541 | 945716 |
| Shriram Pistons & Rings Ltd. | 723 | 24786 |
| Shriram Properties Ltd.<sup>(2)</sup> | 11831 | 10339 |
| Shyam Metalics & Energy Ltd. | 5304 | 50241 |
| Siemens Energy India Ltd. | 1087 | 35065 |
| Siemens Ltd.<sup>(2)</sup> | 1598 | 60104 |
| Siyaram Silk Mills Ltd. | 1137 | 6655 |
| SJS Enterprises Ltd. | 2400 | 46558 |
| SJVN Ltd. | 9933 | 7981 |
| SKF India Industrial Ltd.<sup>(2)</sup> | 1538 | 43320 |
| SKF India Ltd. | 1538 | 29424 |
| Skipper Ltd. | 493 | 1990 |
| SMC Global Securities Ltd. | 1774 | 1502 |
| SML Mahindra Ltd. | 56 | 2947 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SMS Pharmaceuticals Ltd. | 62 | $264 |
| Snowman Logistics Ltd. | 348 | 151 |
| Sobha Ltd. | 2247 | 34516 |
| Solar Industries India Ltd. | 490 | 72845 |
| Solara Active Pharma Sciences Ltd.<sup>(2)</sup> | 2309 | 11745 |
| Som Distilleries & Breweries Ltd.<sup>(2)</sup> | 6013 | 5320 |
| Somany Ceramics Ltd. | 146 | 660 |
| Sona Blw Precision Forgings Ltd. | 5226 | 30787 |
| Sonata Software Ltd. | 379 | 1119 |
| South Indian Bank Ltd. | 79903 | 36173 |
| Southern Petrochemical Industries Corp. Ltd. | 10072 | 7712 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 39 | 109 |
| SRF Ltd. | 1798 | 50729 |
| Star Cement Ltd. | 9619 | 22696 |
| Star Health & Allied Insurance Co. Ltd.<sup>(2)</sup> | 2044 | 10466 |
| State Bank of India, GDR | 4850 | 638897 |
| Sterling & Wilson Renewable<sup>(2)</sup> | 220 | 479 |
| Sterlite Technologies Ltd.<sup>(2)</sup> | 7925 | 13879 |
| STL Networks Ltd.<sup>(2)</sup> | 290 | 66 |
| Stove Kraft Ltd. | 101 | 542 |
| Strides Pharma Science Ltd. | 5349 | 50212 |
| Stylam Industries Ltd.<sup>(2)</sup> | 376 | 9227 |
| Subros Ltd. | 150 | 1308 |
| Sudarshan Chemical Industries Ltd. | 1512 | 14594 |
| Sula Vineyards Ltd. | 429 | 808 |
| Sumitomo Chemical India Ltd. | 449 | 1982 |
| Sun Pharmaceutical Industries Ltd. | 8596 | 164795 |
| Sun TV Network Ltd. | 5380 | 38373 |
| Sundaram Finance Ltd. | 846 | 51315 |
| Sundram Fasteners Ltd. | 949 | 9122 |
| Sunflag Iron & Steel Co. Ltd. | 3823 | 10352 |
| Sunteck Realty Ltd. | 205 | 905 |
| Suprajit Engineering Ltd. | 1580 | 7586 |
| Supreme Industries Ltd. | 1438 | 62937 |
| Supreme Petrochem Ltd. | 2069 | 16316 |
| Supriya Lifescience Ltd. | 4901 | 35304 |
| Suraj Estate Developers Ltd.<sup>(2)</sup> | 124 | 299 |
| Surya Roshni Ltd. | 5743 | 14146 |
| Suryoday Small Finance Bank Ltd.<sup>(2)</sup> | 516 | 750 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 132586 | 62304 |
| Swaraj Engines Ltd. | 627 | 24812 |
| Swelect Energy Systems Ltd. | 70 | 398 |
| Symphony Ltd. | 66 | 575 |
| Syngene International Ltd. | 4899 | 22773 |
| TAJGVK Hotels & Resorts Ltd. | 2102 | 8274 |
| Talbros Automotive Components Ltd. | 46 | 131 |
| Tanla Platforms Ltd. | 4789 | 23980 |
| TARC Ltd.<sup>(2)</sup> | 262 | 422 |
| Tata Chemicals Ltd. | 7550 | 59610 |
| Tata Communications Ltd. | 4294 | 75434 |
| Tata Consultancy Services Ltd. | 23474 | 682232 |
| Tata Consumer Products Ltd. | 3649 | 45787 |
| Tata Elxsi Ltd. | 2294 | 114069 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tata Investment Corp. Ltd. | 4820 | $34892 |
| Tata Motors Ltd./new<sup>(2)</sup> | 46359 | 258057 |
| Tata Motors Passenger Vehicles Ltd. | 46359 | 195249 |
| Tata Power Co. Ltd. | 24168 | 100479 |
| Tata Steel Ltd. | 349971 | 818272 |
| Tata Technologies Ltd. | 15865 | 102350 |
| TD Power Systems Ltd. | 539 | 5358 |
| TeamLease Services Ltd.<sup>(2)</sup> | 303 | 4066 |
| Tech Mahindra Ltd. | 27907 | 417619 |
| Technocraft Industries India Ltd. | 300 | 7550 |
| Tega Industries Ltd. | 961 | 19201 |
| Texmaco Infrastructure & Holdings Ltd. | 112 | 116 |
| Texmaco Rail & Engineering Ltd. | 7523 | 8670 |
| Thanga Mayil Jewellery Ltd. | 405 | 17645 |
| Thermax Ltd. | 64 | 2195 |
| Thirumalai Chemicals Ltd.<sup>(2)</sup> | 620 | 1305 |
| Thyrocare Technologies Ltd. | 4224 | 18338 |
| Time Technoplast Ltd. | 6712 | 13557 |
| Timken India Ltd. | 133 | 5078 |
| Tips Music Ltd. | 1557 | 9209 |
| Titan Co. Ltd. | 2489 | 118567 |
| Torrent Pharmaceuticals Ltd. | 3400 | 162172 |
| Torrent Power Ltd. | 4070 | 70233 |
| Tourism Finance Corp. of India Ltd. | 23595 | 18380 |
| TransIndia Real Estate Ltd.<sup>(2)</sup> | 390 | 105 |
| Transrail Lighting Ltd. | 2289 | 14243 |
| Trent Ltd. | 2146 | 92210 |
| Trident Ltd. | 15402 | 4342 |
| Triveni Engineering & Industries Ltd. | 2696 | 11707 |
| Triveni Turbine Ltd. | 4780 | 25699 |
| TSF Investments Ltd. | 2118 | 9360 |
| TTK Prestige Ltd. | 78 | 449 |
| Tube Investments of India Ltd. | 631 | 19092 |
| TVS Motor Co. Ltd. | 4460 | 189956 |
| TVS Motor Co. Ltd., Preference Shares<sup>(2)</sup> | 17840 | 1961 |
| TVS Supply Chain Solutions Ltd.<sup>(2)</sup> | 6609 | 8362 |
| Uflex Ltd. | 1039 | 5506 |
| Ugro Capital Ltd.<sup>(2)</sup> | 763 | 932 |
| Ujjivan Small Finance Bank Ltd.<sup>(2)</sup> | 73612 | 46998 |
| UltraTech Cement Ltd. | 1078 | 150302 |
| Union Bank of India Ltd. | 52646 | 117187 |
| Unitech Ltd.<sup>(2)</sup> | 2523 | 142 |
| United Spirits Ltd. | 8667 | 131610 |
| UNO Minda Ltd. | 4284 | 56000 |
| UPL Ltd. | 20440 | 143399 |
| Usha Martin Ltd. | 3772 | 17390 |
| UTI Asset Management Co. Ltd. | 3028 | 32919 |
| Utkarsh Small Finance Bank Ltd.<sup>(2)</sup> | 7836 | 1192 |
| VA Tech Wabag Ltd. | 532 | 7399 |
| Vadilal Industries Ltd. | 526 | 28615 |
| Vaibhav Global Ltd. | 46 | 114 |
| Valor Estate Ltd.<sup>(2)</sup> | 4994 | 6260 |
| Vardhman Textiles Ltd. | 4022 | 24090 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Varroc Engineering Ltd. | 4400 | $26193 |
| Varun Beverages Ltd. | 28952 | 143889 |
| Vascon Engineers Ltd.<sup>(2)</sup> | 223 | 93 |
| Vedant Fashions Ltd. | 654 | 2806 |
| Vedanta Ltd. | 67025 | 530116 |
| Veedol Corp. Ltd. | 14 | 214 |
| Venky's India Ltd. | 20 | 297 |
| Vesuvius India Ltd. | 5101 | 28024 |
| V-Guard Industries Ltd. | 5158 | 17794 |
| Vijaya Diagnostic Centre Ltd. | 4098 | 45384 |
| Vinati Organics Ltd. | 244 | 3962 |
| Vindhya Telelinks Ltd. | 15 | 173 |
| VIP Industries Ltd.<sup>(2)</sup> | 1707 | 6721 |
| Vishnu Chemicals Ltd. | 120 | 664 |
| V-Mart Retail Ltd.<sup>(2)</sup> | 1508 | 9207 |
| Vodafone Idea Ltd.<sup>(2)</sup> | 264177 | 30805 |
| Voltamp Transformers Ltd. | 262 | 26259 |
| Voltas Ltd. | 971 | 16667 |
| VRL Logistics Ltd. | 5954 | 18164 |
| VST Tillers Tractors Ltd. | 9 | 572 |
| WAAREE Energies Ltd. | 4214 | 125522 |
| Waaree Renewable Technologies Ltd.<sup>(2)</sup> | 204 | 1915 |
| Welspun Corp. Ltd. | 6825 | 62087 |
| Welspun Enterprises Ltd. | 906 | 4839 |
| Welspun Living Ltd. | 1394 | 1930 |
| West Coast Paper Mills Ltd. | 1409 | 6537 |
| Westlife Foodworld Ltd. | 1504 | 8183 |
| Wheels India Ltd. | 142 | 1411 |
| Whirlpool of India Ltd. | 593 | 6020 |
| Windlas Biotech Ltd. | 35 | 291 |
| Wipro Ltd., ADR<sup>(1)</sup> | 95389 | 211764 |
| Wockhardt Ltd.<sup>(2)</sup> | 1196 | 17956 |
| Wonderla Holidays Ltd. | 125 | 656 |
| Xchanging Solutions Ltd. | 85 | 62 |
| Yatharth Hospital & Trauma Care Services Ltd., Class C<sup>(2)</sup> | 110 | 860 |
| Yes Bank Ltd.<sup>(2)</sup> | 314314 | 71647 |
| Yuken India Ltd. | 93 | 799 |
| Zee Entertainment Enterprises Ltd. | 57124 | 54981 |
| Zen Technologies Ltd. | 58 | 870 |
| Zensar Technologies Ltd. | 6831 | 42552 |
| ZF Commercial Vehicle Control Systems India Ltd. | 12 | 2002 |
| Zuari Industries Ltd. | 46 | 133 |
| Zydus Lifesciences Ltd. | 12919 | 131476 |
|  |  | 51971652 |
| **Indonesia — 2.0%** |  |  |
| ABM Investama Tbk. PT | 91900 | 15786 |
| Adaro Andalan Indonesia PT | 252784 | 139293 |
| Alam Sutera Realty Tbk. PT<sup>(2)</sup> | 1635400 | 16070 |
| Alamtri Minerals Indonesia Tbk. PT | 617000 | 77063 |
| Alamtri Resources Indonesia Tbk. PT | 1127100 | 157150 |
| Amman Mineral Internasional PT<sup>(2)</sup> | 138100 | 62998 |
| Aneka Tambang Tbk. PT | 613700 | 159570 |
| Aspirasi Hidup Indonesia Tbk. PT | 560400 | 13387 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Astra International Tbk. PT | 1079800 | $429650 |
| Astra Otoparts Tbk. PT | 174600 | 30191 |
| Bank BTPN Syariah Tbk. PT | 303300 | 20783 |
| Bank Central Asia Tbk. PT | 758100 | 323701 |
| Bank Jago Tbk. PT<sup>(2)</sup> | 14200 | 1345 |
| Bank Mandiri Persero Tbk. PT | 1410200 | 442622 |
| Bank Negara Indonesia Persero Tbk. PT | 638900 | 167458 |
| Bank Pan Indonesia Tbk. PT | 290900 | 18647 |
| Bank Rakyat Indonesia Persero Tbk. PT | 1805800 | 420244 |
| Bank Tabungan Negara Persero Tbk. PT | 423500 | 35054 |
| Barito Pacific Tbk. PT<sup>(2)</sup> | 489722 | 58080 |
| BFI Finance Indonesia Tbk. PT | 621800 | 29094 |
| Bukalapak.com Tbk. PT<sup>(2)</sup> | 4556600 | 39656 |
| Bukit Asam Persero Tbk. PT | 352700 | 54667 |
| Buma Internasional Grup Tbk. PT<sup>(2)</sup> | 983400 | 17474 |
| Bumi Resources Minerals Tbk. PT<sup>(2)</sup> | 3056500 | 176679 |
| Bumi Resources Tbk. PT<sup>(2)</sup> | 3651600 | 56027 |
| Bumi Serpong Damai Tbk. PT<sup>(2)</sup> | 543500 | 26856 |
| Chandra Asri Pacific Tbk. PT | 67900 | 27147 |
| Charoen Pokphand Indonesia Tbk. PT | 371900 | 94216 |
| Ciputra Development Tbk. PT | 658200 | 30213 |
| Cisarua Mountain Dairy Tbk. PT | 76600 | 23652 |
| Darma Henwa Tbk. PT<sup>(2)</sup> | 3820200 | 119327 |
| Dharma Satya Nusantara Tbk. PT | 1059700 | 87209 |
| Elang Mahkota Teknologi Tbk. PT | 617000 | 32748 |
| Erajaya Swasembada Tbk. PT | 1054900 | 27640 |
| ESSA Industries Indonesia Tbk. PT | 936600 | 36035 |
| Gajah Tunggal Tbk. PT | 398600 | 26508 |
| Global Mediacom Tbk. PT<sup>(2)</sup> | 136500 | 1140 |
| Harum Energy Tbk. PT<sup>(2)</sup> | 233400 | 16202 |
| Indah Kiat Pulp & Paper Tbk. PT | 150900 | 104135 |
| Indika Energy Tbk. PT | 215700 | 47133 |
| Indo Tambangraya Megah Tbk. PT | 34400 | 46699 |
| Indocement Tunggal Prakarsa Tbk. PT | 136400 | 50382 |
| Indofood CBP Sukses Makmur Tbk. PT | 28200 | 13195 |
| Indofood Sukses Makmur Tbk. PT | 52500 | 20187 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 447800 | 14420 |
| Japfa Comfeed Indonesia Tbk. PT | 613800 | 87025 |
| Jasa Marga Persero Tbk. PT | 131100 | 28926 |
| Kalbe Farma Tbk. PT | 376800 | 24739 |
| Kawasan Industri Jababeka Tbk. PT | 1998600 | 24529 |
| Map Aktif Adiperkasa PT | 1020600 | 42824 |
| Mark Dynamics Indonesia Tbk. PT | 27100 | 1303 |
| Medco Energi Internasional Tbk. PT | 687900 | 70834 |
| Media Nusantara Citra Tbk. PT<sup>(2)</sup> | 740800 | 10324 |
| Medikaloka Hermina Tbk. PT | 778300 | 59619 |
| Merdeka Copper Gold Tbk. PT<sup>(2)</sup> | 107800 | 24113 |
| Midi Utama Indonesia Tbk. PT | 165700 | 3054 |
| Mitra Adiperkasa Tbk. PT | 1001700 | 80186 |
| Mitra Keluarga Karyasehat Tbk. PT | 106000 | 13931 |
| Mitra Pinasthika Mustika Tbk. PT | 43000 | 2630 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 109700 | 71737 |
| Pakuwon Jati Tbk. PT | 1432300 | 31244 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Panin Financial Tbk. PT<sup>(2)</sup> | 1016100 | $16347 |
| Perusahaan Gas Negara Persero Tbk. PT | 436800 | 62239 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 406000 | 28443 |
| Petrindo Jaya Kreasi Tbk. PT | 27000 | 2570 |
| Petrosea Tbk. PT | 251800 | 91813 |
| PP Persero Tbk. PT<sup>(2)</sup> | 660400 | 13842 |
| Rukun Raharja Tbk. PT | 184900 | 49551 |
| Sarana Menara Nusantara Tbk. PT | 992300 | 29861 |
| Semen Indonesia Persero Tbk. PT | 285600 | 49694 |
| Siloam International Hospitals Tbk. PT<sup>(2)</sup> | 223600 | 35737 |
| Sumber Alfaria Trijaya Tbk. PT | 711600 | 70768 |
| Surya Semesta Internusa Tbk. PT | 190500 | 15710 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(1)</sup> | 24842 | 528389 |
| Tempo Scan Pacific Tbk. PT | 148700 | 24119 |
| Timah Tbk. PT | 283500 | 77652 |
| Transcoal Pacific Tbk. PT | 700 | 516 |
| Triputra Agro Persada PT | 673100 | 65260 |
| Unilever Indonesia Tbk. PT | 310200 | 43999 |
| United Tractors Tbk. PT | 112600 | 191785 |
| Vale Indonesia Tbk. PT | 108100 | 50824 |
| XLSMART Telecom Sejahtera Tbk. PT | 460900 | 87015 |
|  |  | 5920885 |
| **Kuwait — 0.5%** |  |  |
| A'ayan Leasing & Investment Co. KSCP | 59611 | 43790 |
| A'ayan Real Estate Co. SAK | 46554 | 21631 |
| Agility Public Warehousing Co. KSCC | 173654 | 78034 |
| Al Ahli Bank of Kuwait KSCP | 26809 | 26748 |
| Al Mazaya Holding Co. KSCP<sup>(2)</sup> | 80843 | 18570 |
| Ali Alghanim Sons Automotive Co. KSCC | 4949 | 18829 |
| Boubyan Bank KSCP | 8767 | 19423 |
| Boursa Kuwait Securities Co. KPSC | 2313 | 23438 |
| Commercial Real Estate Co. KSC | 47476 | 31386 |
| Gulf Bank KSCP | 17608 | 19447 |
| Gulf Cables & Electrical Industries Group Co. KSCP | 2497 | 15879 |
| Humansoft Holding Co. KSC | 3769 | 32208 |
| Kuwait Finance House KSCP | 138008 | 361761 |
| Kuwait International Bank KSCP | 71037 | 64678 |
| Kuwait Telecommunications Co. | 38302 | 81791 |
| Mabanee Co. KPSC | 9107 | 29114 |
| Mezzan Holding Co. KSCC | 2925 | 11003 |
| Mobile Telecommunications Co. KSCP | 52588 | 92886 |
| National Bank of Kuwait SAKP | 96471 | 296278 |
| National Consumer Holding Co. SAK<sup>(2)</sup> | 27984 | 8872 |
| National Industries Group Holding SAK | 45437 | 37330 |
| National Investments Co. KSCP | 53314 | 48294 |
| Salhia Real Estate Co. KSCP | 34707 | 42505 |
| United Real Estate Co. SAKP<sup>(2)</sup> | 30743 | 28053 |
| Warba Bank KSCP | 39526 | 37215 |
|  |  | 1489163 |
| **Malaysia — 1.9%** |  |  |
| Aeon Co. M Bhd. | 40300 | 13040 |
| AFFIN Bank Bhd. | 25438 | 17442 |
| AirAsia X Bhd.<sup>(2)</sup> | 22100 | 11234 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alliance Bank Malaysia Bhd. | 60129 | $77866 |
| AMMB Holdings Bhd. | 126100 | 208280 |
| Axiata Group Bhd. | 164000 | 96016 |
| Bank Islam Malaysia Bhd. | 23400 | 14850 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 205500 | 14258 |
| Bermaz Auto Bhd. | 31700 | 6887 |
| Bumi Armada Bhd. | 144200 | 11691 |
| Bursa Malaysia Bhd. | 5700 | 13166 |
| Cahya Mata Sarawak Bhd. | 78800 | 26696 |
| Carlsberg Brewery Malaysia Bhd. | 3300 | 14953 |
| CCK Consolidated Holdings Bhd. | 5300 | 1718 |
| CELCOMDIGI Bhd. | 103200 | 84579 |
| CIMB Group Holdings Bhd. | 322700 | 666345 |
| CTOS Digital Bhd.<sup>(1)</sup> | 47100 | 9575 |
| Dagang NeXchange Bhd.<sup>(2)</sup> | 33800 | 2304 |
| Dayang Enterprise Holdings Bhd. | 37800 | 17421 |
| Dialog Group Bhd. | 6200 | 2808 |
| Dufu Technology Corp. Bhd. | 2400 | 993 |
| DXN Holdings Bhd. | 7400 | 950 |
| Eastern & Oriental Bhd.<sup>(2)</sup> | 14000 | 2659 |
| Eco World Development Group Bhd. | 29300 | 16933 |
| Econpile Holdings Bhd.<sup>(2)</sup> | 1000 | 58 |
| EG Industries Bhd. | 66800 | 19341 |
| Ekovest Bhd.<sup>(2)</sup> | 328300 | 21083 |
| Farm Fresh Bhd. | 26800 | 18046 |
| Fraser & Neave Holdings Bhd. | 4100 | 36792 |
| Frontken Corp. Bhd. | 29400 | 28304 |
| Gamuda Bhd. | 90163 | 96991 |
| Gas Malaysia Bhd. | 28000 | 34514 |
| Genting Bhd. | 116200 | 84423 |
| Greatech Technology Bhd.<sup>(2)</sup> | 2800 | 1515 |
| Hartalega Holdings Bhd.<sup>(2)</sup> | 2300 | 523 |
| Heineken Malaysia Bhd. | 5700 | 36060 |
| Hiap Teck Venture Bhd. | 14000 | 969 |
| Hibiscus Petroleum Bhd. | 47800 | 19693 |
| Hong Leong Bank Bhd. | 11000 | 65794 |
| Hup Seng Industries Bhd. | 3700 | 979 |
| IHH Healthcare Bhd. | 23700 | 55413 |
| IJM Corp. Bhd. | 91600 | 59008 |
| Inari Amertron Bhd. | 18300 | 6657 |
| IOI Corp. Bhd. | 36700 | 37317 |
| IOI Properties Group Bhd. | 70300 | 62314 |
| Iskandar Waterfront City Bhd.<sup>(2)</sup> | 14500 | 967 |
| ITMAX SYSTEM Bhd. | 2000 | 2431 |
| Jaya Tiasa Holdings Bhd. | 52500 | 14968 |
| Johor Plantations Group Bhd. | 40300 | 16052 |
| Kelington Group Bhd. | 35000 | 49104 |
| Kossan Rubber Industries Bhd. | 3300 | 855 |
| KPJ Healthcare Bhd. | 59800 | 44952 |
| KSL Holdings Bhd. | 6400 | 5077 |
| Kuala Lumpur Kepong Bhd. | 7100 | 34632 |
| LBS Bina Group Bhd. | 14600 | 1762 |
| Mah Sing Group Bhd. | 71500 | 21487 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Malakoff Corp. Bhd. | 97100 | $19571 |
| Malayan Banking Bhd. | 162100 | 498069 |
| Malayan Cement Bhd. | 8400 | 18555 |
| Malayan Flour Mills Bhd. | 16800 | 2892 |
| Malaysian Pacific Industries Bhd. | 6700 | 54844 |
| Malaysian Resources Corp. Bhd. | 131200 | 10452 |
| Matrix Concepts Holdings Bhd. | 43350 | 15710 |
| Maxis Bhd. | 47300 | 47155 |
| MBSB Bhd. | 80100 | 14706 |
| Mega First Corp. Bhd. | 29800 | 23625 |
| Mi Technovation Bhd. | 400 | 314 |
| MISC Bhd. | 39200 | 81279 |
| Mr. DIY Group M Bhd. | 127700 | 58746 |
| Naim Holdings Bhd.<sup>(2)</sup> | 2800 | 507 |
| Nationgate Holdings Bhd. | 21600 | 4792 |
| Nestle Malaysia Bhd. | 900 | 25412 |
| NEXG Bhd.<sup>(1)(2)</sup> | 127500 | 9171 |
| OSK Holdings Bhd. | 6750 | 2947 |
| PA Resources Bhd. | 2100 | 81 |
| Pecca Group Bhd. | 34200 | 14765 |
| Pentamaster Corp. Bhd.<sup>(2)</sup> | 2400 | 2028 |
| Perak Transit Bhd. | 74600 | 5072 |
| Perdana Petroleum Bhd.<sup>(2)</sup> | 4200 | 157 |
| Petronas Chemicals Group Bhd. | 1200 | 925 |
| Petronas Dagangan Bhd. | 14000 | 79080 |
| Petronas Gas Bhd. | 17000 | 78392 |
| PPB Group Bhd. | 17500 | 48891 |
| Press Metal Aluminium Holdings Bhd. | 60800 | 111336 |
| Public Bank Bhd. | 342500 | 433684 |
| QL Resources Bhd. | 35350 | 37051 |
| Ranhill Utilities Bhd.<sup>(2)</sup> | 9819 | 4383 |
| RGB International Bhd. | 19800 | 1219 |
| RHB Bank Bhd. | 62300 | 134437 |
| SD Guthrie Bhd. | 27500 | 40627 |
| Sime Darby Bhd. | 188400 | 118263 |
| Sime Darby Property Bhd. | 113100 | 42105 |
| SKP Resources Bhd. | 21300 | 2680 |
| SNS Network Technology Bhd. | 83100 | 10015 |
| Southern Cable Group Bhd. | 42500 | 22787 |
| SP Setia Bhd. Group | 171600 | 40296 |
| Sunway Bhd. | 29900 | 44957 |
| Sunway Construction Group Bhd. | 30800 | 55786 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 64080 | 4606 |
| Telekom Malaysia Bhd. | 47000 | 89973 |
| Tenaga Nasional Bhd. | 172600 | 637405 |
| TH Plantations Bhd. | 1700 | 260 |
| TIME dotCom Bhd. | 60100 | 93881 |
| Top Glove Corp. Bhd. | 55100 | 8204 |
| TSH Resources Bhd.<sup>(2)</sup> | 42900 | 13446 |
| UEM Sunrise Bhd. | 7400 | 1092 |
| Unisem M Bhd. | 2200 | 1770 |
| United Plantations Bhd. | 8450 | 64054 |
| Velesto Energy Bhd. | 609800 | 47849 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ViTrox Corp. Bhd. | 12200 | $14396 |
| VS Industry Bhd. | 116121 | 10294 |
| VSTECS Bhd. | 3100 | 3562 |
| WCT Holdings Bhd.<sup>(2)</sup> | 79100 | 10975 |
| Yinson Holdings Bhd. | 39600 | 23914 |
| YTL Corp. Bhd. | 26100 | 12322 |
| YTL Power International Bhd. | 81600 | 59237 |
| Zetrix Ai Bhd. | 349788 | 73742 |
|  |  | 5599491 |
| **Mexico — 3.2%** |  |  |
| Alpek SAB de CV<sup>(2)</sup> | 131031 | 62617 |
| Alsea SAB de CV | 22933 | 81002 |
| America Movil SAB de CV, ADR | 25544 | 664655 |
| Arca Continental SAB de CV<sup>(1)</sup> | 4254 | 51353 |
| Banco del Bajio SA | 96852 | 322971 |
| Bolsa Mexicana de Valores SAB de CV | 10022 | 22067 |
| Cemex SAB de CV, ADR | 42848 | 536028 |
| Coca-Cola Femsa SAB de CV<sup>(1)</sup> | 20117 | 223703 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(2)</sup> | 10143 | 87433 |
| Corp. Inmobiliaria Vesta SAB de CV | 61654 | 226468 |
| Fomento Economico Mexicano SAB de CV, ADR | 2173 | 244071 |
| GCC SAB de CV | 25646 | 298766 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(1)</sup> | 104806 | 111245 |
| Gentera SAB de CV | 160911 | 467074 |
| Gruma SAB de CV, B Shares | 14350 | 258737 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1958 | 239189 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 1055 | 275102 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 524 | 188467 |
| Grupo Bimbo SAB de CV, Series A<sup>(1)</sup> | 24992 | 90843 |
| Grupo Carso SAB de CV, Series A1<sup>(1)</sup> | 8595 | 67340 |
| Grupo Comercial Chedraui SA de CV<sup>(1)</sup> | 20319 | 130111 |
| Grupo Financiero Banorte SAB de CV, Class O | 104612 | 1189535 |
| Grupo Financiero Inbursa SAB de CV, Class O | 67442 | 171757 |
| Grupo Mexico SAB de CV, Series B | 43100 | 546220 |
| Grupo Televisa SAB, ADR | 55860 | 164787 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 28143 | 21734 |
| Industrias Penoles SAB de CV<sup>(2)</sup> | 15531 | 988656 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 57400 | 143950 |
| La Comer SAB de CV | 15909 | 35990 |
| Megacable Holdings SAB de CV | 161503 | 626338 |
| Nemak SAB de CV<sup>(2)</sup> | 87574 | 16475 |
| Promotora y Operadora de Infraestructura SAB de CV | 7576 | 124805 |
| Qualitas Controladora SAB de CV<sup>(1)</sup> | 19104 | 186359 |
| Regional SAB de CV | 25671 | 239911 |
| Sigma Foods SAB de CV, Class A | 270216 | 302820 |
| Wal-Mart de Mexico SAB de CV | 66201 | 214878 |
|  |  | 9623457 |
| **Peru — 0.7%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 27016 | 1179789 |
| Credicorp Ltd. | 1694 | 586768 |
| Intercorp Financial Services, Inc. | 414 | 20029 |
| Southern Copper Corp.<sup>(1)</sup> | 1723 | 376187 |
|  |  | 2162773 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Philippines — 0.6%** | | |
| Aboitiz Equity Ventures, Inc. | 78300 | $46457 |
| ACEN Corp. | 185000 | 9007 |
| Alliance Global Group, Inc. | 96900 | 14463 |
| Apex Mining Co., Inc. | 372300 | 113082 |
| Ayala Corp. | 3210 | 33387 |
| Ayala Land, Inc. | 193200 | 70010 |
| Bank of the Philippine Islands | 43830 | 88159 |
| BDO Unibank, Inc. | 73969 | 175910 |
| Century Pacific Food, Inc. | 37300 | 25830 |
| Converge Information & Communications Technology Solutions, Inc. | 166200 | 41498 |
| DigiPlus Interactive Corp. | 109470 | 30523 |
| DMCI Holdings, Inc. | 104400 | 17476 |
| GT Capital Holdings, Inc. | 4950 | 57512 |
| International Container Terminal Services, Inc. | 20290 | 252934 |
| JG Summit Holdings, Inc. | 176000 | 91574 |
| Jollibee Foods Corp. | 8430 | 31310 |
| Manila Electric Co. | 7820 | 86491 |
| Manila Water Co., Inc. | 161300 | 112741 |
| Megaworld Corp. | 563000 | 22065 |
| Metropolitan Bank & Trust Co. | 94900 | 126731 |
| PLDT, Inc., ADR | 4609 | 110293 |
| Puregold Price Club, Inc. | 82200 | 59850 |
| Semirara Mining & Power Corp. | 56400 | 27375 |
| SM Investments Corp. | 2610 | 31900 |
| SM Prime Holdings, Inc. | 76900 | 28649 |
| Universal Robina Corp. | 59950 | 83126 |
|  |  | 1788353 |
| **Poland — 2.0%** |  |  |
| Alior Bank SA | 9564 | 320710 |
| Allegro.eu SA<sup>(2)</sup> | 14103 | 109749 |
| Asseco Poland SA | 1448 | 71549 |
| Bank Handlowy w Warszawie SA | 3358 | 112053 |
| Bank Millennium SA<sup>(2)</sup> | 54739 | 266214 |
| Bank Polska Kasa Opieki SA | 7717 | 488955 |
| Benefit Systems SA<sup>(2)</sup> | 137 | 148212 |
| Budimex SA | 740 | 166894 |
| CD Projekt SA | 561 | 38098 |
| Cyfrowy Polsat SA<sup>(1)(2)</sup> | 4764 | 16910 |
| Diagnostyka SA | 1906 | 100901 |
| Dino Polska SA<sup>(2)</sup> | 20937 | 235418 |
| Enea SA | 22818 | 157768 |
| Eurocash SA<sup>(2)</sup> | 4825 | 8545 |
| Grupa Azoty SA<sup>(1)(2)</sup> | 5616 | 26043 |
| Grupa Kety SA | 1015 | 307340 |
| Jastrzebska Spolka Weglowa SA<sup>(2)</sup> | 3380 | 25689 |
| KGHM Polska Miedz SA<sup>(2)</sup> | 4825 | 455007 |
| KRUK SA | 483 | 62649 |
| LPP SA | 14 | 81012 |
| mBank SA<sup>(2)</sup> | 295 | 85738 |
| Modivo SA<sup>(1)(2)</sup> | 1891 | 58677 |
| Orange Polska SA | 104337 | 409567 |
| ORLEN SA | 25411 | 818468 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pepco Group NV | 15910 | $131378 |
| PGE Polska Grupa Energetyczna SA<sup>(2)</sup> | 34672 | 109499 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 17069 | 442235 |
| Powszechny Zaklad Ubezpieczen SA | 12743 | 241426 |
| Santander Bank Polska SA | 620 | 102973 |
| Tauron Polska Energia SA<sup>(2)</sup> | 32472 | 106906 |
| XTB SA | 5795 | 144315 |
| Zabka Group SA<sup>(2)</sup> | 16978 | 106240 |
|  |  | 5957138 |
| **Qatar — 0.5%** |  |  |
| Barwa Real Estate Co. | 71428 | 50248 |
| Commercial Bank PSQC | 59992 | 79864 |
| Doha Bank QPSC<sup>(2)</sup> | 244970 | 198547 |
| Dukhan Bank | 39379 | 38692 |
| Estithmar Holding QPSC<sup>(2)</sup> | 16755 | 17466 |
| Industries Qatar QSC | 14425 | 47866 |
| Mazaya Real Estate Development QPSC<sup>(2)</sup> | 62994 | 10247 |
| Medicare Group | 14555 | 21161 |
| Meeza QSTP LLC | 21751 | 20097 |
| Ooredoo QPSC | 47394 | 176471 |
| Qatar Fuel QSC | 15895 | 64621 |
| Qatar Gas Transport Co. Ltd. | 29808 | 40318 |
| Qatar International Islamic Bank QSC | 13776 | 42693 |
| Qatar Islamic Bank QPSC | 39234 | 255242 |
| Qatar National Bank QPSC | 79359 | 421311 |
| Qatar Navigation QSC | 52771 | 162190 |
|  |  | 1647034 |
| **Saudi Arabia — 2.5%** |  |  |
| Abdullah Al Othaim Markets Co. | 5956 | 9749 |
| ACWA Power Co.<sup>(2)</sup> | 220 | 9703 |
| Ades Holding Co. | 30345 | 144518 |
| Al Babtain Power & Telecommunication Co. | 4341 | 72484 |
| Al Khaleej Training & Education Co.<sup>(2)</sup> | 2069 | 10120 |
| Al Majed for Oud Co. | 513 | 22685 |
| Al Moammar Information Systems Co. | 1414 | 58132 |
| Al Rajhi Bank | 32256 | 865045 |
| Aldrees Petroleum & Transport Services Co. | 2127 | 66245 |
| Alinma Bank | 23887 | 177427 |
| Almarai Co. JSC | 18012 | 191504 |
| Almawarid Manpower Co. | 846 | 17624 |
| Arab National Bank | 44780 | 245654 |
| Arabian Centres Co. | 16452 | 79347 |
| Arabian Drilling Co. | 2985 | 71251 |
| Arabian Internet & Communications Services Co. | 1048 | 52169 |
| Astra Industrial Group Co. | 1029 | 35052 |
| Ayyan Investment Co.<sup>(2)</sup> | 2902 | 8436 |
| BAAN Holding Group Co.<sup>(2)</sup> | 20065 | 9502 |
| Bank AlBilad | 24331 | 165378 |
| Bank Al-Jazira | 27184 | 83550 |
| Banque Saudi Fransi | 69974 | 369579 |
| Bupa Arabia for Cooperative Insurance Co. | 1031 | 48826 |
| Co. for Cooperative Insurance | 5242 | 189364 |
| Dallah Healthcare Co. | 530 | 14015 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dar Al Arkan Real Estate Development Co.<sup>(2)</sup> | 22255 | $118499 |
| Derayah Financial Co. | 2618 | 16026 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 1793 | 110378 |
| Electrical Industries Co. | 22607 | 88758 |
| Elm Co. | 374 | 63757 |
| Etihad Etisalat Co. | 8654 | 148133 |
| Fawaz Abdulaziz Al Hokair & Co.<sup>(2)</sup> | 1894 | 8255 |
| flynas Co. SJSC<sup>(2)</sup> | 4303 | 66945 |
| Jabal Omar Development Co.<sup>(2)</sup> | 12535 | 49689 |
| Jarir Marketing Co. | 22786 | 84953 |
| Leejam Sports Co. JSC | 615 | 13461 |
| Lumi Rental Co.<sup>(2)</sup> | 1116 | 11523 |
| Maharah Human Resources Co. | 11373 | 18212 |
| Makkah Construction & Development Co. | 555 | 11574 |
| Middle East Healthcare Co. | 1792 | 15078 |
| Mouwasat Medical Services Co. | 5028 | 85304 |
| National Agriculture Development Co.<sup>(2)</sup> | 6127 | 28042 |
| Rasan Information Technology Co.<sup>(2)</sup> | 1176 | 40671 |
| Riyad Bank | 62530 | 461414 |
| SAL Saudi Logistics Services | 1142 | 49233 |
| Saudi Arabian Oil Co. | 112059 | 746821 |
| Saudi Automotive Services Co.<sup>(2)</sup> | 1315 | 18554 |
| Saudi Awwal Bank | 55589 | 506103 |
| Saudi Ceramic Co. | 1337 | 9284 |
| Saudi Chemical Co. Holding | 12090 | 23706 |
| Saudi Ground Services Co. | 1792 | 15486 |
| Saudi Investment Bank | 34739 | 124886 |
| Saudi National Bank | 69601 | 771170 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp.<sup>(2)</sup> | 8187 | 61204 |
| Saudi Tadawul Group Holding Co. | 485 | 17672 |
| Saudi Telecom Co. | 31258 | 348215 |
| Saudia Dairy & Foodstuff Co. | 252 | 13383 |
| Savola Group<sup>(2)</sup> | 10887 | 65365 |
| Seera Group Holding<sup>(2)</sup> | 10627 | 65014 |
| SHL Finance Co.<sup>(2)</sup> | 3783 | 16409 |
| Specialized Medical Co. | 3015 | 14964 |
| Sustained Infrastructure Holding Co. | 5993 | 42754 |
| Theeb Rent A Car Co. | 1507 | 12765 |
| United Electronics Co. | 1861 | 40999 |
| United International Transportation Co. | 5030 | 54179 |
|  |  | 7476197 |
| **South Africa — 6.4%** |  |  |
| Absa Group Ltd. | 49194 | 840714 |
| AECI Ltd. | 12406 | 85761 |
| African Rainbow Minerals Ltd. | 8418 | 132592 |
| Anglogold Ashanti PLC | 2248 | 287594 |
| Aspen Pharmacare Holdings Ltd. | 20954 | 178265 |
| Astral Foods Ltd. | 2288 | 40042 |
| AVI Ltd. | 27710 | 195465 |
| Bid Corp. Ltd. | 6524 | 172559 |
| Bidvest Group Ltd. | 8137 | 128888 |
| Capitec Bank Holdings Ltd. | 1785 | 531893 |
| Clicks Group Ltd. | 11024 | 220580 |
| Coronation Fund Managers Ltd. | 25830 | 81557 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DataTec Ltd. | 39044 | $189050 |
| Dis-Chem Pharmacies Ltd.<sup>(1)</sup> | 34557 | 80318 |
| Discovery Ltd. | 21307 | 349125 |
| DRDGOLD Ltd. | 61191 | 230387 |
| E Media Holdings Ltd. | 2715 | 382 |
| Exxaro Resources Ltd. | 26953 | 335380 |
| Famous Brands Ltd. | 3234 | 11418 |
| FirstRand Ltd. | 128249 | 799195 |
| Fortress Real Estate Investments Ltd., Class B | 120981 | 199433 |
| Foschini Group Ltd. | 34842 | 189742 |
| Gold Fields Ltd., ADR | 28410 | 1671644 |
| Grindrod Ltd.<sup>(1)</sup> | 39572 | 46351 |
| Harmony Gold Mining Co. Ltd., ADR | 17922 | 407726 |
| Impala Platinum Holdings Ltd. | 64506 | 1433045 |
| Investec Ltd. | 6036 | 51900 |
| Kumba Iron Ore Ltd. | 1210 | 27968 |
| Life Healthcare Group Holdings Ltd. | 45322 | 34467 |
| Momentum Group Ltd. | 98560 | 250436 |
| Motus Holdings Ltd. | 16760 | 141755 |
| Mr. Price Group Ltd. | 13181 | 151880 |
| MTN Group Ltd. | 95840 | 1246602 |
| Naspers Ltd., N Shares | 1884 | 104846 |
| Nedbank Group Ltd. | 27432 | 542672 |
| NEPI Rockcastle NV<sup>(2)</sup> | 43243 | 402109 |
| Netcare Ltd. | 123298 | 132955 |
| Ninety One Ltd. | 37134 | 127007 |
| Northam Platinum Holdings Ltd. | 17362 | 475265 |
| Old Mutual Ltd. | 431367 | 446478 |
| Omnia Holdings Ltd. | 27483 | 154266 |
| OUTsurance Group Ltd. | 26095 | 120471 |
| Pepkor Holdings Ltd. | 30508 | 50794 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 20283 | 24674 |
| PPC Ltd. | 225658 | 93760 |
| Raubex Group Ltd. | 7003 | 25155 |
| Reinet Investments SCA | 12974 | 456784 |
| Remgro Ltd. | 6481 | 78891 |
| Sanlam Ltd. | 61824 | 412931 |
| Santam Ltd. | 1720 | 47309 |
| Sappi Ltd.<sup>(1)(2)</sup> | 57240 | 60510 |
| Sasol Ltd., ADR<sup>(1)(2)</sup> | 47947 | 427687 |
| Shoprite Holdings Ltd. | 15999 | 266156 |
| Sibanye Stillwater Ltd., ADR<sup>(2)</sup> | 80340 | 1422821 |
| SPAR Group Ltd.<sup>(1)(2)</sup> | 13346 | 58829 |
| Standard Bank Group Ltd. | 57302 | 1154034 |
| Sun International Ltd. | 13241 | 36766 |
| Super Group Ltd. | 52030 | 56095 |
| Telkom SA SOC Ltd. | 63690 | 257767 |
| Thungela Resources Ltd.<sup>(1)</sup> | 8982 | 62894 |
| Tiger Brands Ltd. | 14028 | 280606 |
| Truworths International Ltd.<sup>(1)</sup> | 25832 | 97582 |
| Valterra Platinum Ltd. | 1182 | 138781 |
| Vodacom Group Ltd. | 24641 | 251465 |
| We Buy Cars Holdings Ltd.<sup>(1)</sup> | 9833 | 26989 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wilson Bayly Holmes-Ovcon Ltd. | 3572 | $47416 |
| Woolworths Holdings Ltd. | 53828 | 184548 |
|  |  | 19271427 |
| **South Korea — 21.5%** |  |  |
| ABLBio, Inc.<sup>(2)</sup> | 211 | 28372 |
| Able C&C Co. Ltd. | 294 | 2349 |
| Aekyung Chemical Co. Ltd.<sup>(2)</sup> | 51 | 371 |
| Aekyung Industrial Co. Ltd. | 136 | 1520 |
| Agabang & Co.<sup>(2)</sup> | 50 | 172 |
| Ahnlab, Inc. | 19 | 861 |
| Alteogen, Inc. | 309 | 87535 |
| Amorepacific Corp. | 653 | 68657 |
| Amorepacific Holdings Corp. | 794 | 17287 |
| Ananti, Inc.<sup>(2)</sup> | 546 | 3265 |
| APR Corp. | 400 | 86794 |
| Asiana Airlines, Inc.<sup>(2)</sup> | 1836 | 9900 |
| BGF retail Co. Ltd. | 572 | 49537 |
| BH Co. Ltd. | 1247 | 16724 |
| BHI Co. Ltd.<sup>(2)</sup> | 1730 | 112398 |
| Binggrae Co. Ltd. | 363 | 20647 |
| BNK Financial Group, Inc. | 11672 | 161613 |
| Boryung | 198 | 1370 |
| C&C International Co. Ltd.<sup>(2)</sup> | 14 | 299 |
| Cafe24 Corp.<sup>(2)</sup> | 468 | 10813 |
| Celltrion Pharm, Inc. | 313 | 15607 |
| Celltrion, Inc. | 1027 | 170032 |
| Cheil Worldwide, Inc. | 3547 | 54083 |
| Cheryong Electric Co. Ltd. | 361 | 14014 |
| Chong Kun Dang Pharmaceutical Corp. | 239 | 15500 |
| CJ CGV Co. Ltd.<sup>(2)</sup> | 3512 | 13526 |
| CJ CheilJedang Corp. | 571 | 84862 |
| CJ Corp. | 607 | 92234 |
| CJ ENM Co. Ltd.<sup>(2)</sup> | 1343 | 67778 |
| CJ Logistics Corp. | 760 | 69562 |
| Classys, Inc.<sup>(2)</sup> | 356 | 14436 |
| Com2uSCorp<sup>(2)</sup> | 10 | 249 |
| Cosmax, Inc.<sup>(2)</sup> | 204 | 26947 |
| CosmoAM&T Co. Ltd.<sup>(2)</sup> | 32 | 1300 |
| Coway Co. Ltd.<sup>(2)</sup> | 1976 | 112268 |
| CS Wind Corp.<sup>(2)</sup> | 2160 | 80614 |
| Daeduck Electronics Co. Ltd. | 911 | 39757 |
| Daesang Corp. | 944 | 14791 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(2)</sup> | 4463 | 31559 |
| Daewoong Co. Ltd. | 646 | 12117 |
| Daewoong Pharmaceutical Co. Ltd. | 130 | 15896 |
| Daishin Securities Co. Ltd. | 1627 | 50822 |
| Daou Data Corp. | 23 | 424 |
| Daou Technology, Inc. | 2627 | 99342 |
| DB HiTek Co. Ltd. | 3700 | 246901 |
| DB Insurance Co. Ltd. | 1866 | 237066 |
| DB Securities Co. Ltd. | 1689 | 18390 |
| Dentium Co. Ltd.<sup>(2)</sup> | 25 | 876 |
| Devsisters Co. Ltd.<sup>(2)</sup> | 4 | 108 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DI Dong Il Corp.<sup>(2)</sup> | 436 | $7285 |
| DL E&C Co. Ltd.<sup>(2)</sup> | 1211 | 43002 |
| DL Holdings Co. Ltd.<sup>(2)</sup> | 784 | 28176 |
| DN Automotive Corp. | 25 | 473 |
| Dong-A Socio Holdings Co. Ltd. | 117 | 9497 |
| Dong-A ST Co. Ltd. | 7 | 255 |
| Dongjin Semichem Co. Ltd. | 1764 | 67456 |
| DongKook Pharmaceutical Co. Ltd. | 58 | 822 |
| Dongkuk Steel Mill Co. Ltd. | 410 | 2925 |
| Dongsuh Cos., Inc. | 652 | 12411 |
| Dongwha Enterprise Co. Ltd.<sup>(2)</sup> | 30 | 212 |
| Dongwon Industries Co. Ltd. | 82 | 2449 |
| Dongwon Systems Corp. | 48 | 881 |
| Doosan Bobcat, Inc. | 858 | 38690 |
| Doosan Co. Ltd. | 51 | 45379 |
| Doosan Enerbility Co. Ltd.<sup>(2)</sup> | 6206 | 458656 |
| Doosan Fuel Cell Co. Ltd.<sup>(2)</sup> | 1659 | 45903 |
| Doosan Tesna, Inc. | 102 | 4835 |
| DoubleUGames Co. Ltd.<sup>(2)</sup> | 296 | 10897 |
| Douzone Bizon Co. Ltd. | 529 | 43484 |
| Dreamtech Co. Ltd. | 44 | 238 |
| Duk San Neolux Co. Ltd.<sup>(2)</sup> | 503 | 14596 |
| Ecopro BM Co. Ltd.<sup>(2)</sup> | 76 | 11706 |
| Ecopro Co. Ltd.<sup>(2)</sup> | 44 | 5650 |
| Ecopro HN Co. Ltd. | 131 | 3478 |
| Ecopro Materials Co. Ltd.<sup>(2)</sup> | 3 | 150 |
| E-MART, Inc. | 1089 | 79455 |
| EMRO, Inc.<sup>(2)</sup> | 57 | 1616 |
| EM-Tech Co. Ltd. | 40 | 201 |
| Enchem Co. Ltd.<sup>(2)</sup> | 135 | 7123 |
| Eo Technics Co. Ltd.<sup>(2)</sup> | 196 | 57141 |
| Eugene Investment & Securities Co. Ltd. | 4877 | 17988 |
| Eugene Technology Co. Ltd. | 367 | 34249 |
| F&F Co. Ltd. | 488 | 23927 |
| Gaonchips Co. Ltd.<sup>(2)</sup> | 57 | 2763 |
| GemVax & Kael Co. Ltd.<sup>(2)</sup> | 361 | 11658 |
| GOLFZON Co. Ltd.<sup>(2)</sup> | 286 | 10899 |
| Gradiant Corp. | 37 | 282 |
| Grand Korea Leisure Co. Ltd. | 304 | 2766 |
| Green Cross Corp.<sup>(2)</sup> | 100 | 11741 |
| Green Cross Holdings Corp.<sup>(2)</sup> | 27 | 298 |
| GS Engineering & Construction Corp. | 2535 | 39457 |
| GS Holdings Corp. | 4257 | 203454 |
| GS P&L Co. Ltd. | 55 | 1961 |
| GS Retail Co. Ltd. | 4497 | 68732 |
| HAESUNG DS Co. Ltd. | 96 | 4316 |
| Han Kuk Carbon Co. Ltd.<sup>(2)</sup> | 1905 | 55516 |
| Hana Financial Group, Inc. | 17072 | 1444073 |
| Hana Materials, Inc. | 30 | 1302 |
| Hana Micron, Inc. | 2116 | 53394 |
| Hana Tour Service, Inc. | 109 | 3642 |
| Hancom, Inc. | 35 | 553 |
| Handsome Co. Ltd. | 45 | 743 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hanil Cement Co. Ltd. | 1233 | $15579 |
| Hanjin Kal Corp.<sup>(2)</sup> | 212 | 22978 |
| Hankook & Co. Co. Ltd. | 840 | 18276 |
| Hankook Tire & Technology Co. Ltd. | 2122 | 107484 |
| Hanmi Pharm Co. Ltd.<sup>(2)</sup> | 170 | 70040 |
| Hanmi Science Co. Ltd.<sup>(2)</sup> | 804 | 24386 |
| Hanmi Semiconductor Co. Ltd. | 787 | 177361 |
| Hanon Systems<sup>(2)</sup> | 5910 | 19058 |
| Hansae Co. Ltd. | 204 | 2027 |
| Hansol Chemical Co. Ltd. | 279 | 65467 |
| Hansol Technics Co. Ltd. | 2487 | 10718 |
| Hanssem Co. Ltd.<sup>(2)</sup> | 11 | 380 |
| Hanwha Aerospace Co. Ltd. | 808 | 671677 |
| Hanwha Corp.<sup>(2)</sup> | 2870 | 272534 |
| Hanwha Corp., Preference Shares<sup>(2)</sup> | 1540 | 60078 |
| Hanwha Engine<sup>(2)</sup> | 4367 | 163840 |
| Hanwha General Insurance Co. Ltd.<sup>(2)</sup> | 3414 | 18115 |
| Hanwha Investment & Securities Co. Ltd.<sup>(2)</sup> | 1043 | 6060 |
| Hanwha Life Insurance Co. Ltd.<sup>(2)</sup> | 15991 | 55076 |
| Hanwha Ocean Co. Ltd.<sup>(2)</sup> | 1757 | 172395 |
| Hanwha Solutions Corp.<sup>(2)</sup> | 3156 | 116002 |
| Hanwha Systems Co. Ltd.<sup>(2)</sup> | 2027 | 159821 |
| Hanwha Vision Co. Ltd.<sup>(2)</sup> | 817 | 48434 |
| Harim Holdings Co. Ltd. | 5174 | 58133 |
| HD Construction Equipment Co. Ltd. | 1636 | 159616 |
| HD Hyundai Co. Ltd. | 4227 | 859875 |
| HD Hyundai Electric Co. Ltd. | 655 | 478186 |
| HD Hyundai Heavy Industries Co. Ltd. | 874 | 366009 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2396 | 749481 |
| HDC Holdings Co. Ltd. | 1131 | 19407 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 1104 | 17762 |
| HD-Hyundai Marine Engine<sup>(2)</sup> | 1219 | 74023 |
| Hite Jinro Co. Ltd. | 1726 | 21319 |
| HK inno N Corp.<sup>(2)</sup> | 5 | 188 |
| HL Mando Co. Ltd. | 4526 | 197311 |
| HLB, Inc.<sup>(2)</sup> | 385 | 13840 |
| HMM Co. Ltd. | 6244 | 92549 |
| Hotel Shilla Co. Ltd.<sup>(2)</sup> | 39 | 1299 |
| HPSP Co. Ltd. | 3110 | 97030 |
| HS Hyosung Advanced Materials Corp.<sup>(2)</sup> | 235 | 40989 |
| HS Hyosung Corp.<sup>(2)</sup> | 3 | 139 |
| Hugel, Inc.<sup>(2)</sup> | 185 | 34729 |
| Humedix Co. Ltd. | 436 | 12916 |
| HYBE Co. Ltd. | 212 | 56997 |
| Hyosung Corp. | 811 | 95319 |
| Hyosung Heavy Industries Corp. | 112 | 219542 |
| Hyosung TNC Corp. | 273 | 80838 |
| Hyundai Autoever Corp. | 278 | 97000 |
| HYUNDAI Corp. | 77 | 1479 |
| Hyundai Department Store Co. Ltd. | 1118 | 85442 |
| Hyundai Elevator Co. Ltd. | 740 | 50716 |
| Hyundai Engineering & Construction Co. Ltd. | 1840 | 210734 |
| Hyundai Glovis Co. Ltd. | 3197 | 643716 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hyundai Home Shopping Network Corp. | 18 | $1064 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(2)</sup> | 5140 | 122740 |
| Hyundai Mobis Co. Ltd. | 1689 | 607115 |
| Hyundai Motor Co. | 5336 | 2501646 |
| Hyundai Rotem Co. Ltd. | 731 | 116874 |
| Hyundai Steel Co. | 6135 | 197855 |
| Hyundai Wia Corp. | 1247 | 87689 |
| Iljin Electric Co. Ltd. | 1043 | 64839 |
| iM Financial Group Co. Ltd. | 13375 | 170935 |
| Industrial Bank of Korea | 14128 | 253017 |
| Innocean Worldwide, Inc. | 923 | 12859 |
| Innox Advanced Materials Co. Ltd.<sup>(2)</sup> | 805 | 19583 |
| Intellian Technologies, Inc. | 89 | 7452 |
| Interflex Co. Ltd.<sup>(2)</sup> | 26 | 215 |
| INTOPS Co. Ltd. | 58 | 794 |
| IS Dongseo Co. Ltd.<sup>(2)</sup> | 35 | 756 |
| i-SENS, Inc. | 6 | 98 |
| IsuPetasys Co. Ltd. | 1808 | 160992 |
| JB Financial Group Co. Ltd. | 3887 | 85711 |
| Jeju Air Co. Ltd.<sup>(2)</sup> | 429 | 1816 |
| Jin Air Co. Ltd.<sup>(2)</sup> | 291 | 1428 |
| Jusung Engineering Co. Ltd. | 981 | 38322 |
| JW Pharmaceutical Corp.<sup>(2)</sup> | 92 | 2318 |
| JYP Entertainment Corp.<sup>(2)</sup> | 916 | 44382 |
| K Car Co. Ltd. | 130 | 1346 |
| Kakao Corp. | 4044 | 174983 |
| Kakao Games Corp.<sup>(2)</sup> | 26 | 264 |
| KakaoBank Corp. | 1312 | 24723 |
| Kakaopay Corp.<sup>(2)</sup> | 516 | 23917 |
| Kangwon Land, Inc. | 1433 | 18959 |
| KB Financial Group, Inc., ADR | 9059 | 996490 |
| KC Co. Ltd. | 1364 | 33204 |
| KC Tech Co. Ltd. | 25 | 855 |
| KCC Corp. | 180 | 81486 |
| KCC Glass Corp. | 26 | 524 |
| KEPCO Engineering & Construction Co., Inc.<sup>(2)</sup> | 48 | 5836 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(2)</sup> | 677 | 29171 |
| KG Dongbusteel | 272 | 1143 |
| KH Vatec Co. Ltd. | 175 | 2139 |
| Kia Corp. | 9093 | 1298367 |
| KISCO Corp. | 395 | 2796 |
| KIWOOM Securities Co. Ltd. | 1465 | 473711 |
| Koh Young Technology, Inc. | 79 | 1748 |
| Kolmar Korea Co. Ltd.<sup>(2)</sup> | 191 | 10115 |
| Kolon Industries, Inc. | 1269 | 59694 |
| Kolon Life Science, Inc.<sup>(2)</sup> | 496 | 21939 |
| KoMiCo Ltd.<sup>(2)</sup> | 23 | 1781 |
| KONA I Co. Ltd.<sup>(2)</sup> | 697 | 32325 |
| Korea Aerospace Industries Ltd. | 998 | 132613 |
| Korea Electric Power Corp., ADR | 13132 | 256074 |
| Korea Electric Terminal Co. Ltd. | 263 | 14779 |
| Korea Gas Corp. | 2145 | 61458 |
| Korea Investment Holdings Co. Ltd. | 3717 | 668367 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Korea Line Corp.<sup>(2)</sup> | 2676 | $4036 |
| Korea Petrochemical Ind Co. Ltd. | 30 | 3957 |
| Korean Air Lines Co. Ltd.<sup>(2)</sup> | 6099 | 118853 |
| Korean Reinsurance Co. | 12052 | 116738 |
| Krafton, Inc. | 497 | 85826 |
| KT Corp. | 258 | 11481 |
| Kum Yang Co. Ltd.<sup>(2)</sup> | 275 | 473 |
| Kumho Petrochemical Co. Ltd.<sup>(2)</sup> | 427 | 45492 |
| Kumho Tire Co., Inc.<sup>(2)</sup> | 6220 | 30146 |
| Kyung Dong Navien Co. Ltd. | 275 | 12266 |
| L&F Co. Ltd.<sup>(2)</sup> | 43 | 3759 |
| LEENO Industrial, Inc. | 1477 | 109419 |
| LG Chem Ltd. | 2132 | 619939 |
| LG Corp. | 1443 | 107978 |
| LG Display Co. Ltd., ADR<sup>(2)</sup> | 64571 | 326729 |
| LG Electronics, Inc. | 4038 | 408505 |
| LG Energy Solution Ltd.<sup>(2)</sup> | 683 | 202983 |
| LG H&H Co. Ltd. | 115 | 21340 |
| LG Innotek Co. Ltd. | 1643 | 364017 |
| LG Uplus Corp. | 16745 | 192646 |
| LIG Nex1 Co. Ltd.<sup>(2)</sup> | 431 | 152151 |
| LigaChem Biosciences, Inc.<sup>(2)</sup> | 298 | 39689 |
| Lotte Chemical Corp. | 756 | 50414 |
| Lotte Chilsung Beverage Co. Ltd. | 331 | 31988 |
| Lotte Corp. | 1458 | 36289 |
| Lotte Energy Materials Corp.<sup>(2)</sup> | 775 | 24125 |
| LOTTE Fine Chemical Co. Ltd. | 950 | 33749 |
| Lotte Innovate Co. Ltd. | 28 | 463 |
| Lotte Rental Co. Ltd. | 1492 | 35025 |
| Lotte Shopping Co. Ltd. | 293 | 21897 |
| Lotte Wellfood Co. Ltd. | 122 | 10762 |
| LS Corp.<sup>(2)</sup> | 1403 | 277962 |
| LS Electric Co. Ltd. | 261 | 142928 |
| LVMC Holdings<sup>(2)</sup> | 301 | 330 |
| LX International Corp. | 2589 | 76681 |
| LX Semicon Co. Ltd. | 506 | 20574 |
| Mcnex Co. Ltd. | 22 | 418 |
| MegaStudyEdu Co. Ltd.<sup>(2)</sup> | 98 | 3271 |
| Meritz Financial Group, Inc.<sup>(2)</sup> | 2620 | 231121 |
| Mirae Asset Securities Co. Ltd. | 3694 | 185170 |
| Misto Holdings Corp. | 820 | 27882 |
| MNTech Co. Ltd. | 90 | 713 |
| Myoung Shin Industrial Co. Ltd.<sup>(2)</sup> | 1385 | 10995 |
| Naturecell Co. Ltd.<sup>(2)</sup> | 32 | 478 |
| NAVER Corp. | 1901 | 335820 |
| NCSoft Corp. | 296 | 47475 |
| Neowiz<sup>(2)</sup> | 67 | 1219 |
| NEPES Corp.<sup>(2)</sup> | 2615 | 34191 |
| Netmarble Corp. | 795 | 29009 |
| Nexen Tire Corp. | 131 | 818 |
| Nexon Games Co. Ltd.<sup>(2)</sup> | 58 | 478 |
| NEXTIN, Inc. | 278 | 15913 |
| NH Investment & Securities Co. Ltd. | 3355 | 82912 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NHN Corp.<sup>(2)</sup> | 135 | $3558 |
| NICE Information Service Co. Ltd. | 1280 | 15238 |
| NongShim Co. Ltd.<sup>(2)</sup> | 88 | 26285 |
| OCI Co. Ltd. | 54 | 3297 |
| OCI Holdings Co. Ltd. | 1002 | 105661 |
| Orion Corp.<sup>(2)</sup> | 717 | 66489 |
| Orion Holdings Corp.<sup>(2)</sup> | 1356 | 22468 |
| Otoki Corp. | 87 | 24015 |
| Pan Ocean Co. Ltd. | 22152 | 81266 |
| Paradise Co. Ltd. | 1718 | 23874 |
| Park Systems Corp. | 97 | 19477 |
| Partron Co. Ltd. | 147 | 878 |
| Pearl Abyss Corp.<sup>(2)</sup> | 526 | 19610 |
| People & Technology, Inc. | 263 | 10001 |
| Peptron, Inc. | 108 | 21385 |
| PharmaResearch Co. Ltd. | 230 | 55860 |
| PI Advanced Materials Co. Ltd.<sup>(2)</sup> | 775 | 10795 |
| Poongsan Corp.<sup>(2)</sup> | 483 | 38808 |
| Posco DX Co. Ltd. | 917 | 25032 |
| POSCO Future M Co. Ltd.<sup>(2)</sup> | 351 | 60252 |
| POSCO Holdings, Inc., ADR | 5194 | 361450 |
| Posco International Corp. | 1513 | 76097 |
| Posco M-Tech Co. Ltd. | 6 | 83 |
| PSK Holdings, Inc. | 398 | 24205 |
| PSK, Inc. | 76 | 3392 |
| Rainbow Robotics<sup>(2)</sup> | 60 | 35877 |
| S&S Tech Corp. | 206 | 14162 |
| S-1 Corp. | 594 | 36191 |
| Sam Chun Dang Pharm Co. Ltd. | 125 | 71733 |
| Sam Young Electronics Co. Ltd. | 21 | 180 |
| Samsung Biologics Co. Ltd.<sup>(2)</sup> | 91 | 112274 |
| Samsung C&T Corp. | 1354 | 329961 |
| Samsung E&A Co. Ltd. | 9992 | 252629 |
| Samsung Electro-Mechanics Co. Ltd. | 1014 | 316915 |
| Samsung Electronics Co. Ltd., GDR | 4444 | 16118851 |
| Samsung Episholdings Co. Ltd.<sup>(2)</sup> | 48 | 22523 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1255 | 462505 |
| Samsung Heavy Industries Co. Ltd.<sup>(2)</sup> | 35593 | 716423 |
| Samsung Life Insurance Co. Ltd. | 1659 | 265580 |
| Samsung SDI Co. Ltd.<sup>(2)</sup> | 1347 | 436690 |
| Samsung SDS Co. Ltd. | 1170 | 158557 |
| Samsung Securities Co. Ltd. | 2367 | 175875 |
| Samyang Biopharmaceuticals Corp.<sup>(2)</sup> | 6 | 405 |
| Samyang Foods Co. Ltd. | 145 | 123086 |
| Samyang Holdings Corp. | 6 | 311 |
| Sanil Electric Co. Ltd. | 236 | 27308 |
| SD Biosensor, Inc.<sup>(2)</sup> | 70 | 411 |
| SeAH Besteel Holdings Corp. | 1593 | 76638 |
| SeAH Steel Corp. | 171 | 15778 |
| SeAH Steel Holdings Corp. | 78 | 7700 |
| Sebang Global Battery Co. Ltd. | 230 | 11014 |
| Seegene, Inc. | 108 | 1970 |
| Seojin System Co. Ltd.<sup>(2)</sup> | 35 | 1158 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seoul Semiconductor Co. Ltd.<sup>(2)</sup> | 2106 | $16864 |
| Seoyon E-Hwa Co. Ltd.<sup>(2)</sup> | 61 | 705 |
| SFA Engineering Corp. | 681 | 16022 |
| SFA Semicon Co. Ltd.<sup>(2)</sup> | 40 | 220 |
| SHIFT UP Corp.<sup>(2)</sup> | 246 | 5526 |
| Shinhan Financial Group Co. Ltd., ADR | 11944 | 797979 |
| Shinsegae International, Inc. | 30 | 277 |
| Shinsegae, Inc. | 493 | 126078 |
| Shinsung E&G Co. Ltd.<sup>(2)</sup> | 120 | 204 |
| Shinyoung Securities Co. Ltd. | 168 | 26394 |
| Silicon2 Co. Ltd.<sup>(2)</sup> | 58 | 1768 |
| SIMMTECH Co. Ltd. | 8 | 302 |
| SK Biopharmaceuticals Co. Ltd.<sup>(2)</sup> | 328 | 27307 |
| SK Bioscience Co. Ltd.<sup>(2)</sup> | 362 | 12320 |
| SK Chemicals Co. Ltd. | 530 | 25331 |
| SK Discovery Co. Ltd. | 1197 | 49784 |
| SK Gas Ltd. | 241 | 39025 |
| SK Hynix, Inc. | 19108 | 14128302 |
| SK IE Technology Co. Ltd.<sup>(2)</sup> | 498 | 9381 |
| SK Innovation Co. Ltd. | 1353 | 120152 |
| SK Networks Co. Ltd. | 7911 | 31620 |
| SK oceanplant Co. Ltd.<sup>(2)</sup> | 1034 | 13874 |
| SK Telecom Co. Ltd., ADR | 5568 | 168933 |
| SK, Inc. | 865 | 241526 |
| SKC Co. Ltd.<sup>(2)</sup> | 152 | 12001 |
| SL Corp.<sup>(2)</sup> | 1005 | 51282 |
| SM Entertainment Co. Ltd. | 340 | 27273 |
| SNT Dynamics Co. Ltd. | 260 | 10109 |
| SNT Motiv Co. Ltd. | 1221 | 31635 |
| S-Oil Corp.<sup>(2)</sup> | 4554 | 348003 |
| SOLUM Co. Ltd.<sup>(2)</sup> | 339 | 4356 |
| Solus Advanced Materials Co. Ltd. | 10 | 62 |
| Soop Co. Ltd. | 253 | 12480 |
| Soulbrain Co. Ltd. | 125 | 38787 |
| Soulbrain Holdings Co. Ltd. | 67 | 2593 |
| SPG Co. Ltd.<sup>(2)</sup> | 13 | 1309 |
| Studio Dragon Corp.<sup>(2)</sup> | 782 | 24261 |
| Sung Kwang Bend Co. Ltd. | 1005 | 24480 |
| Sungwoo Hitech Co. Ltd. | 475 | 2935 |
| Synopex, Inc.<sup>(2)</sup> | 674 | 3158 |
| Taekwang Industrial Co. Ltd.<sup>(2)</sup> | 1 | 1008 |
| Taewoong Co. Ltd.<sup>(2)</sup> | 534 | 13160 |
| Taihan Cable & Solution Co. Ltd.<sup>(2)</sup> | 946 | 23641 |
| TechWing, Inc. | 365 | 11850 |
| TES Co. Ltd. | 1455 | 74651 |
| TK Corp.<sup>(2)</sup> | 1012 | 19788 |
| TKG Huchems Co. Ltd. | 250 | 3298 |
| Tokai Carbon Korea Co. Ltd. | 180 | 28197 |
| Tongyang Life Insurance Co. Ltd.<sup>(2)</sup> | 4284 | 22573 |
| Tway Air Co. Ltd.<sup>(2)</sup> | 5814 | 5402 |
| Unid Co. Ltd.<sup>(2)</sup> | 73 | 4164 |
| VT Co. Ltd.<sup>(2)</sup> | 603 | 7265 |
| Webzen, Inc. | 842 | 7684 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Won Tech Co. Ltd. | 40 | $215 |
| WONIK IPS Co. Ltd. | 1590 | 138841 |
| Wonik QnC Corp.<sup>(2)</sup> | 34 | 738 |
| Woongjin Thinkbig Co. Ltd. | 7438 | 5859 |
| Woori Financial Group, Inc. | 48253 | 1207512 |
| Wysiwyg Studios Co. Ltd.<sup>(2)</sup> | 260 | 81 |
| YC Corp.<sup>(2)</sup> | 80 | 1208 |
| YG Entertainment, Inc. | 24 | 1234 |
| Youngone Corp. | 983 | 65998 |
| Youngone Holdings Co. Ltd. | 249 | 43126 |
| Yuhan Corp. | 436 | 33371 |
|  |  | 65143134 |
| **Taiwan — 26.1%** |  |  |
| Abico Avy Co. Ltd. | 2090 | 2958 |
| Ability Enterprise Co. Ltd. | 2239 | 5715 |
| AcBel Polytech, Inc. | 34000 | 55752 |
| Accton Technology Corp. | 10000 | 440053 |
| Acer, Inc. | 24000 | 20961 |
| ACES Electronic Co. Ltd. | 9000 | 18291 |
| Acter Group Corp. Ltd. | 4000 | 91167 |
| ADATA Technology Co. Ltd. | 31000 | 277455 |
| Advanced Ceramic X Corp. | 8000 | 40016 |
| Advanced International Multitech Co. Ltd. | 8000 | 17564 |
| Advanced Wireless Semiconductor Co. | 14000 | 54300 |
| Advancetek Enterprise Co. Ltd. | 22000 | 20164 |
| Advantech Co. Ltd. | 1000 | 10605 |
| AIC, Inc. | 2000 | 28681 |
| Airtac International Group | 2000 | 76523 |
| Alchip Technologies Ltd. | 3000 | 328393 |
| All Ring Tech Co. Ltd. | 3000 | 51734 |
| Allied Supreme Corp. | 1000 | 7801 |
| Alltek Technology Corp. | 19000 | 22184 |
| Alltop Technology Co. Ltd. | 4000 | 37638 |
| Altek Corp. | 13000 | 16357 |
| Amazing Microelectronic Corp. | 9000 | 25229 |
| Ambassador Hotel | 2000 | 2809 |
| AMPOC Far-East Co. Ltd. | 1108 | 4364 |
| AmTRAN Technology Co. Ltd. | 6593 | 8257 |
| Anpec Electronics Corp. | 5000 | 37519 |
| Apacer Technology, Inc. | 9000 | 34485 |
| APAQ Technology Co. Ltd. | 2000 | 11895 |
| APCB, Inc. | 1000 | 497 |
| Apex International Co. Ltd.<sup>(2)</sup> | 8113 | 12086 |
| Arcadyan Technology Corp. | 13000 | 81384 |
| Ardentec Corp. | 55000 | 274790 |
| Argosy Research, Inc. | 7000 | 34591 |
| ASE Technology Holding Co. Ltd., ADR | 100748 | 2447169 |
| Asia Cement Corp. | 54000 | 61830 |
| Asia Optical Co., Inc. | 10000 | 47871 |
| Asia Tech Image, Inc. | 4000 | 9819 |
| Asia Vital Components Co. Ltd. | 4000 | 219946 |
| ASolid Technology Co. Ltd.<sup>(2)</sup> | 6000 | 17055 |
| ASPEED Technology, Inc. | 1000 | 308663 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Asustek Computer, Inc. | 9000 | $152083 |
| ATE Energy International Co. Ltd. | 11000 | 8758 |
| AUO Corp.<sup>(1)</sup> | 210000 | 110519 |
| Avalue Technology, Inc. | 4000 | 11514 |
| Axiomtek Co. Ltd. | 5000 | 12869 |
| Azurewave Technologies, Inc. | 9000 | 17628 |
| Bafang Yunji International Co. Ltd. | 4000 | 23585 |
| Bank of Kaohsiung Co. Ltd. | 2121 | 874 |
| BES Engineering Corp.<sup>(2)</sup> | 4201 | 2322 |
| Bin Chuan Enterprise Co. Ltd.<sup>(2)</sup> | 5000 | 8924 |
| Bizlink Holding, Inc. | 5049 | 223111 |
| Bonny Worldwide Ltd. | 2000 | 10862 |
| Brighton-Best International Taiwan, Inc. | 17000 | 18414 |
| Brillian Network & Automation Integrated System Co. Ltd. | 5000 | 55788 |
| Browave Corp. | 1000 | 24131 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(2)</sup> | 10000 | 51544 |
| Capital Futures Corp. | 1000 | 1696 |
| Capital Securities Corp. | 86000 | 87731 |
| Career Technology MFG. Co. Ltd.<sup>(2)</sup> | 2000 | 1045 |
| Caswell, Inc. | 1000 | 2598 |
| Catcher Technology Co. Ltd. | 34000 | 207634 |
| Cathay Financial Holding Co. Ltd. | 321000 | 814053 |
| Center Laboratories, Inc.<sup>(2)</sup> | 1050 | 1468 |
| Central Reinsurance Co. Ltd. | 30000 | 26542 |
| Century Iron & Steel Industrial Co. Ltd. | 2000 | 8166 |
| Chailease Holding Co. Ltd. | 8180 | 27097 |
| Chaintech Technology Corp. | 9000 | 8106 |
| Chang Hwa Commercial Bank Ltd. | 367821 | 254011 |
| Chang Wah Electromaterials, Inc. | 28000 | 38604 |
| Chang Wah Technology Co. Ltd. | 42000 | 66235 |
| Channel Well Technology Co. Ltd. | 11000 | 20902 |
| Chant Sincere Co. Ltd. | 8000 | 12852 |
| Charoen Pokphand Enterprise | 17000 | 82947 |
| Chen Full International Co. Ltd. | 1000 | 1333 |
| Chenbro Micom Co. Ltd. | 4000 | 115295 |
| Cheng Loong Corp. | 4000 | 2345 |
| Cheng Mei Materials Technology Corp.<sup>(2)</sup> | 6000 | 2695 |
| Cheng Shin Rubber Industry Co. Ltd. | 52000 | 52077 |
| Cheng Uei Precision Industry Co. Ltd. | 13000 | 16431 |
| Chenming Electronic Technology Corp. | 2000 | 7126 |
| Chicony Electronics Co. Ltd. | 46000 | 183761 |
| Chicony Power Technology Co. Ltd. | 11000 | 31819 |
| Chien Kuo Construction Co. Ltd. | 12600 | 13321 |
| China Airlines Ltd. | 137000 | 91553 |
| China Container Terminal Corp. | 1000 | 793 |
| China Glaze Co. Ltd. | 1000 | 819 |
| China Man-Made Fiber Corp.<sup>(2)</sup> | 43000 | 9802 |
| China Metal Products | 3000 | 2338 |
| China Motor Corp. | 2000 | 3811 |
| China Petrochemical Development Corp.<sup>(2)</sup> | 194000 | 51410 |
| China Steel Corp. | 314000 | 207747 |
| China Wire & Cable Co. Ltd. | 1000 | 1233 |
| Chinese Maritime Transport Ltd. | 9000 | 18946 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chin-Poon Industrial Co. Ltd. | 27000 | $35941 |
| Chipbond Technology Corp. | 31000 | 55785 |
| ChipMOS Technologies, Inc.<sup>(2)</sup> | 80000 | 179853 |
| Chong Hong Construction Co. Ltd. | 10000 | 24116 |
| Chroma ATE, Inc. | 5000 | 217270 |
| Chun Yuan Steel Industry Co. Ltd. | 39000 | 28414 |
| Chung Hung Steel Corp.<sup>(2)</sup> | 1000 | 578 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 30000 | 167701 |
| Chunghwa Telecom Co. Ltd., ADR | 9740 | 421158 |
| Cleanaway Co. Ltd. | 50000 | 56017 |
| Clevo Co. | 25000 | 31420 |
| CMC Magnetics Corp.<sup>(2)</sup> | 37000 | 13240 |
| Collins Co. Ltd. | 1000 | 405 |
| Compal Electronics, Inc. | 100000 | 100322 |
| Compeq Manufacturing Co. Ltd. | 98000 | 633661 |
| Compucase Enterprise | 7000 | 15966 |
| Concord International Securities Co. Ltd. | 5225 | 4545 |
| Concord Securities Co. Ltd. | 9240 | 5305 |
| Continental Holdings Corp. | 3000 | 2142 |
| Contrel Technology Co. Ltd. | 14000 | 21611 |
| Coretronic Corp. | 8000 | 22597 |
| Creative Sensor, Inc. | 5400 | 10289 |
| Cryomax Cooling System Corp. | 1143 | 1565 |
| CSBC Corp. Taiwan<sup>(2)</sup> | 1000 | 772 |
| CTBC Financial Holding Co. Ltd. | 788000 | 1401740 |
| CTCI Corp. | 59601 | 59620 |
| Cub Elecparts, Inc. | 4000 | 12121 |
| CviLux Corp. | 9950 | 31437 |
| CyberPower Systems, Inc. | 3000 | 18538 |
| DA CIN Construction Co. Ltd. | 13000 | 30552 |
| Da-Li Development Co. Ltd. | 12170 | 18387 |
| Darfon Electronics Corp. | 2000 | 1989 |
| Darwin Precisions Corp.<sup>(2)</sup> | 31700 | 13936 |
| Daxin Materials Corp. | 3000 | 40369 |
| De Licacy Industrial Co. Ltd. | 21924 | 7699 |
| Delta Electronics, Inc. | 3000 | 135281 |
| Depo Auto Parts Ind Co. Ltd. | 5000 | 22459 |
| DFI, Inc. | 1000 | 1964 |
| Dimerco Express Corp. | 1000 | 2517 |
| D-Link Corp.<sup>(2)</sup> | 17000 | 8455 |
| Dynamic Holding Co. Ltd. | 9152 | 45309 |
| Dynapack International Technology Corp. | 6000 | 58432 |
| E Ink Holdings, Inc. | 3000 | 17757 |
| E.Sun Financial Holding Co. Ltd. | 428398 | 480430 |
| Eastech Holding Ltd. | 1000 | 3151 |
| Eclat Textile Co. Ltd. | 4000 | 53853 |
| ECOVE Environment Corp. | 2000 | 19166 |
| Edimax Technology Co. Ltd. | 11000 | 6218 |
| Edom Technology Co. Ltd.<sup>(2)</sup> | 27000 | 34272 |
| Elan Microelectronics Corp. | 12000 | 46428 |
| Elite Material Co. Ltd. | 4000 | 306331 |
| Elitegroup Computer Systems Co. Ltd. | 1000 | 873 |
| eMemory Technology, Inc. | 1000 | 79528 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ennostar, Inc.<sup>(2)</sup> | 26000 | $31504 |
| Eson Precision Ind Co. Ltd. | 14000 | 37829 |
| Eternal Materials Co. Ltd. | 59000 | 129077 |
| Eva Airways Corp. | 124000 | 150135 |
| Evergreen Aviation Technologies Corp. | 10000 | 56691 |
| Evergreen International Storage & Transport Corp. | 19500 | 34739 |
| Evergreen Marine Corp. Taiwan Ltd. | 73000 | 458129 |
| EVERGREEN Steel Corp. | 5000 | 16437 |
| Everlight Chemical Industrial Corp. | 15000 | 12927 |
| Everlight Electronics Co. Ltd. | 17000 | 31812 |
| Evertop Wire Cable Corp. | 2000 | 1851 |
| EZconn Corp. | 2000 | 134737 |
| Far Eastern Department Stores Ltd. | 68000 | 49403 |
| Far Eastern International Bank | 111494 | 46087 |
| Far Eastern New Century Corp. | 189000 | 173850 |
| Far EasTone Telecommunications Co. Ltd. | 68000 | 199845 |
| Farglory Land Development Co. Ltd. | 6000 | 13024 |
| Feedback Technology Corp. | 4000 | 18439 |
| Feng Hsin Steel Co. Ltd. | 35000 | 75761 |
| Feng TAY Enterprise Co. Ltd. | 15000 | 44879 |
| First Financial Holding Co. Ltd. | 441532 | 420908 |
| First Hi-Tec Enterprise Co. Ltd. | 4000 | 36751 |
| First Insurance Co. Ltd. | 14000 | 12253 |
| FIT Holding Co. Ltd. | 7000 | 5615 |
| Fitipower Integrated Technology, Inc. | 3000 | 14169 |
| FLEXium Interconnect, Inc.<sup>(2)</sup> | 2000 | 4097 |
| Flytech Technology Co. Ltd. | 1000 | 2974 |
| FocalTech Systems Co. Ltd.<sup>(2)</sup> | 6000 | 10112 |
| Forest Water Environment Engineering Co. Ltd. | 1032 | 1271 |
| Formosa Chemicals & Fibre Corp. | 1000 | 1617 |
| Formosa International Hotels Corp. | 4000 | 24121 |
| Formosa Plastics Corp. | 339000 | 556082 |
| Formosa Taffeta Co. Ltd. | 30000 | 17474 |
| Formosan Union Chemical Corp. | 10000 | 5328 |
| Fortune Electric Co. Ltd. | 1210 | 40815 |
| Foxconn Technology Co. Ltd. | 43000 | 81026 |
| Foxsemicon Integrated Technology, Inc. | 2000 | 19895 |
| Franbo Lines Corp. | 20000 | 12845 |
| FSP Technology, Inc. | 8000 | 14091 |
| Fu Chun Shin Machinery Manufacture Co. Ltd. | 18000 | 14191 |
| Fu Hua Innovation Co. Ltd. | 37854 | 20628 |
| Fubon Financial Holding Co. Ltd. | 339155 | 1017185 |
| Fulgent Sun International Holding Co. Ltd. | 1039 | 3102 |
| Fusheng Precision Co. Ltd. | 3000 | 25356 |
| Galaxy Software Services Corp. | 3150 | 12473 |
| Gallant Precision Machining Co. Ltd. | 2000 | 5765 |
| Gamania Digital Entertainment Co. Ltd. | 1000 | 1683 |
| GEM Services, Inc. | 9000 | 23910 |
| Gemtek Technology Corp. | 37000 | 31944 |
| General Interface Solution GIS Holding Ltd.<sup>(2)</sup> | 17000 | 25756 |
| Genesys Logic, Inc. | 3000 | 9610 |
| Genius Electronic Optical Co. Ltd. | 7000 | 98214 |
| GeoVision, Inc. | 890 | 1339 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Getac Holdings Corp. | 10000 | $36022 |
| Giant Manufacturing Co. Ltd. | 7000 | 18248 |
| Giantplus Technology Co. Ltd.<sup>(2)</sup> | 1000 | 418 |
| Gigabyte Technology Co. Ltd. | 8000 | 60620 |
| Gigastorage Corp.<sup>(2)</sup> | 1000 | 1045 |
| Global Brands Manufacture Ltd. | 26057 | 89533 |
| Global Lighting Technologies, Inc. | 6000 | 7449 |
| Global Mixed Mode Technology, Inc. | 3000 | 23662 |
| Global PMX Co. Ltd. | 3000 | 11904 |
| Global Unichip Corp. | 2000 | 175136 |
| Globaltek Fabrication Co. Ltd. | 1000 | 1886 |
| Globalwafers Co. Ltd.<sup>(2)</sup> | 27000 | 388860 |
| Globe Union Industrial Corp. | 4000 | 1268 |
| Gloria Material Technology Corp. | 4000 | 4468 |
| GMI Technology, Inc. | 2000 | 2423 |
| Gold Circuit Electronics Ltd. | 14000 | 363680 |
| Goldsun Building Materials Co. Ltd. | 22000 | 26090 |
| Gordon Auto Body Parts | 11000 | 10822 |
| Gourmet Master Co. Ltd. | 4000 | 9122 |
| Grand Fortune Securities Co. Ltd. | 3000 | 1419 |
| Grand Pacific Petrochemical<sup>(2)</sup> | 31000 | 13535 |
| Grape King Bio Ltd. | 7000 | 27755 |
| Great Wall Enterprise Co. Ltd. | 50000 | 81354 |
| Greatek Electronics, Inc. | 37000 | 112697 |
| Hannstar Board Corp. | 24840 | 73634 |
| HannStar Display Corp.<sup>(2)</sup> | 2000 | 590 |
| HannsTouch Holdings Co.<sup>(2)</sup> | 31000 | 10262 |
| Hanpin Electron Co. Ltd. | 8000 | 12144 |
| HD Renewable Energy Co. Ltd. | 2340 | 8071 |
| Highwealth Construction Corp. | 38115 | 46109 |
| Hitron Technology, Inc.<sup>(2)</sup> | 11000 | 10381 |
| Hiwin Technologies Corp. | 3000 | 21767 |
| Hiyes International Co. Ltd. | 3297 | 7710 |
| Ho Tung Chemical Corp. | 10000 | 3192 |
| Holdings-Key Electric Wire & Cable Co. Ltd. | 1000 | 1485 |
| Holy Stone Enterprise Co. Ltd. | 15000 | 56640 |
| Hon Hai Precision Industry Co. Ltd. | 357000 | 2730618 |
| Hong Ho Precision Textile Co. Ltd. | 1000 | 516 |
| Hong Pu Real Estate Development Co. Ltd. | 1000 | 751 |
| Hong TAI Electric Industrial | 2000 | 2302 |
| Horizon Securities Co. Ltd. | 1000 | 487 |
| Hotai Finance Co. Ltd. | 4000 | 7648 |
| Hotai Motor Co. Ltd. | 5000 | 93407 |
| Hsin Ba Ba Corp. | 2041 | 2672 |
| HTC Corp.<sup>(2)</sup> | 63000 | 90644 |
| Hu Lane Associate, Inc. | 2152 | 8039 |
| Hua Nan Financial Holdings Co. Ltd. | 246835 | 299760 |
| Huaku Development Co. Ltd. | 1155 | 3988 |
| Huang Hsiang Construction Corp. | 7888 | 9491 |
| Hung Sheng Construction Ltd. | 17000 | 10863 |
| Hwa Fong Rubber Industrial Co. Ltd. | 2000 | 965 |
| Hwacom Systems, Inc. | 2000 | 3435 |
| Hwang Chang General Contractor Co. Ltd. | 3696 | 7209 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IBF Financial Holdings Co. Ltd. | 5270 | $2854 |
| Ichia Technologies, Inc. | 8000 | 14363 |
| I-Chiun Precision Industry Co. Ltd. | 1000 | 4415 |
| IEI Integration Corp. | 9000 | 17182 |
| In Win Development, Inc. | 1000 | 2397 |
| Infortrend Technology, Inc. | 3000 | 3064 |
| Innolux Corp. | 800720 | 679526 |
| Inpaq Technology Co. Ltd. | 9000 | 24838 |
| Integrated Service Technology, Inc. | 10386 | 43734 |
| International Games System Co. Ltd. | 5000 | 110626 |
| Inventec Corp. | 22000 | 32225 |
| Iron Force Industrial Co. Ltd. | 1000 | 3072 |
| ITE Technology, Inc.<sup>(2)</sup> | 11000 | 42945 |
| ITEQ Corp. | 19000 | 84946 |
| ITH Corp. | 8000 | 9165 |
| Jarllytec Co. Ltd. | 1025 | 2795 |
| Jetway Information Co. Ltd. | 750 | 1068 |
| Jetwell Computer Co. Ltd. | 2240 | 12955 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 9000 | 30117 |
| Johnson Health Tech Co. Ltd. | 4000 | 17261 |
| JPC connectivity, Inc. | 6000 | 29101 |
| JPP Holding Co. Ltd. | 4000 | 33796 |
| Kaimei Electronic Corp. | 13000 | 38924 |
| Kedge Construction Co. Ltd. | 1081 | 3019 |
| KEE TAI Properties Co. Ltd. | 24360 | 8367 |
| Kenda Rubber Industrial Co. Ltd. | 6000 | 3878 |
| Kerry TJ Logistics Co. Ltd. | 2000 | 2025 |
| Keystone Microtech Corp. | 1000 | 28895 |
| Kindom Development Co. Ltd. | 28600 | 28601 |
| King Yuan Electronics Co. Ltd. | 101000 | 1039244 |
| Kinik Co.<sup>(2)</sup> | 1000 | 16504 |
| Kinpo Electronics | 138000 | 112069 |
| Kinsus Interconnect Technology Corp. | 37000 | 365617 |
| KS Terminals, Inc. | 5000 | 8032 |
| Kuang Hong Arts Management, Inc. | 3000 | 13862 |
| Kung Long Batteries Industrial Co. Ltd. | 1000 | 4011 |
| Kung Sing Engineering Corp.<sup>(2)</sup> | 54000 | 44846 |
| Kuo Toong International Co. Ltd. | 2000 | 3400 |
| Kuo Yang Construction Co. Ltd.<sup>(2)</sup> | 2000 | 1211 |
| L&K Engineering Co. Ltd. | 15000 | 277004 |
| Lanner Electronics, Inc. | 1000 | 1955 |
| Largan Precision Co. Ltd. | 3000 | 240448 |
| Lelon Electronics Corp. | 14000 | 56171 |
| Lemtech Holdings Co. Ltd. | 7150 | 22321 |
| Leo Systems, Inc. | 1000 | 967 |
| Li Peng Enterprise Co. Ltd.<sup>(2)</sup> | 2000 | 353 |
| Lien Hwa Industrial Holdings Corp. | 1134 | 1626 |
| Lingsen Precision Industries Ltd. | 1000 | 905 |
| Lion Travel Service Co. Ltd. | 6000 | 33577 |
| Lite-On Technology Corp. | 5000 | 27292 |
| Long Bon International Co. Ltd.<sup>(2)</sup> | 5000 | 2399 |
| Longchen Paper & Packaging Co. Ltd.<sup>(2)</sup> | 3000 | 946 |
| Longwell Co. | 1000 | 7141 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lotes Co. Ltd. | 5000 | $280830 |
| Lotus Pharmaceutical Co. Ltd. | 12000 | 106753 |
| Lumax International Corp. Ltd. | 8000 | 33658 |
| Lung Yen Life Service Corp.<sup>(2)</sup> | 14000 | 23633 |
| Macnica Anstek, Inc. | 6000 | 13518 |
| Macnica Galaxy, Inc. | 1000 | 2720 |
| Macronix International Co. Ltd.<sup>(2)</sup> | 27000 | 92402 |
| Makalot Industrial Co. Ltd. | 11020 | 112369 |
| Marketech International Corp. | 10000 | 96355 |
| Materials Analysis Technology, Inc. | 7000 | 48452 |
| MediaTek, Inc. | 41000 | 2525582 |
| Mega Financial Holding Co. Ltd. | 297180 | 382306 |
| Mercuries & Associates Holding Ltd.<sup>(2)</sup> | 23000 | 12117 |
| Mercuries Life Insurance Co. Ltd.<sup>(2)</sup> | 71965 | 19039 |
| Merida Industry Co. Ltd. | 4000 | 9560 |
| Merry Electronics Co. Ltd. | 5000 | 15034 |
| Micro-Star International Co. Ltd. | 7000 | 20913 |
| Mildef Crete, Inc. | 5000 | 16050 |
| MIN AIK Technology Co. Ltd. | 16000 | 17155 |
| Mirle Automation Corp. | 6000 | 14131 |
| Mitac Holdings Corp. | 28600 | 71882 |
| momo.com, Inc. | 2100 | 12873 |
| Motech Industries, Inc. | 10000 | 10460 |
| MPI Corp. | 1000 | 92555 |
| MSSCORPS Co. Ltd. | 4000 | 36115 |
| My Humble House Hospitality Management Consulting | 1000 | 1076 |
| Namchow Holdings Co. Ltd. | 10000 | 12217 |
| Nan Pao Resins Chemical Co. Ltd. | 1000 | 10455 |
| Nan Ya Plastics Corp. | 9000 | 26111 |
| Nantex Industry Co. Ltd. | 6000 | 5226 |
| Nanya Technology Corp.<sup>(2)</sup> | 45000 | 399463 |
| Netronix, Inc. | 8000 | 27002 |
| Nexcom International Co. Ltd. | 1000 | 2223 |
| Nichidenbo Corp. | 1000 | 3172 |
| Nien Made Enterprise Co. Ltd. | 11000 | 140844 |
| Nova Technology Corp. | 4000 | 26076 |
| Novatek Microelectronics Corp. | 6000 | 74920 |
| O-Bank Co. Ltd. | 81000 | 25366 |
| Ocean Plastics Co. Ltd. | 9000 | 9688 |
| Optimax Technology Corp. | 1000 | 737 |
| Orient Semiconductor Electronics Ltd. | 18000 | 32847 |
| Otsuka Information Technology Corp. | 2000 | 11904 |
| Pacific Construction Co. | 3000 | 867 |
| Pan Jit International, Inc. | 34000 | 97529 |
| Pan-International Industrial Corp. | 37000 | 59861 |
| Pegatron Corp. | 126000 | 294911 |
| Pegavision Corp. | 2000 | 18926 |
| PharmaEngine, Inc. | 9000 | 18682 |
| PharmaEssentia Corp. | 1109 | 25614 |
| Phison Electronics Corp. | 2000 | 118154 |
| Phoenix Silicon International Corp. | 18000 | 106454 |
| Pixart Imaging, Inc. | 5000 | 32479 |
| Planet Technology Corp. | 2000 | 7730 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Podak Co. Ltd. | 1050 | $1584 |
| Pou Chen Corp. | 76000 | 75216 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(2)</sup> | 12000 | 28675 |
| Powertech Technology, Inc. | 78000 | 633420 |
| Poya International Co. Ltd. | 3030 | 48820 |
| President Chain Store Corp. | 23000 | 164722 |
| President Securities Corp. | 37400 | 38321 |
| Primax Electronics Ltd. | 36000 | 93611 |
| Prince Housing & Development Corp. | 7000 | 1851 |
| Promate Electronic Co. Ltd. | 17999 | 26722 |
| Prosperity Dielectrics Co. Ltd. | 11000 | 25583 |
| Qisda Corp. | 820 | 675 |
| Quanta Computer, Inc. | 76000 | 697467 |
| Quanta Storage, Inc. | 7000 | 22192 |
| Radiant Opto-Electronics Corp. | 14000 | 54428 |
| Radium Life Tech Co. Ltd.<sup>(2)</sup> | 39000 | 13674 |
| Raydium Semiconductor Corp. | 5000 | 37105 |
| Realtek Semiconductor Corp. | 19000 | 290794 |
| Rechi Precision Co. Ltd. | 17000 | 14078 |
| Rich Development Co. Ltd. | 8240 | 2115 |
| Ritek Corp.<sup>(2)</sup> | 15000 | 6918 |
| Ruentex Development Co. Ltd. | 31000 | 29211 |
| Ruentex Engineering & Construction Co. | 1680 | 9335 |
| Ruentex Industries Ltd. | 14000 | 23781 |
| Run Long Construction Co. Ltd. | 1980 | 1905 |
| Sakura Development Co. Ltd. | 24000 | 37501 |
| San Fang Chemical Industry Co. Ltd. | 9000 | 10111 |
| San Far Property Ltd. | 1000 | 536 |
| Sanyang Motor Co. Ltd. | 3000 | 5737 |
| Savior Lifetec Corp. | 1000 | 605 |
| Scientech Corp. | 1000 | 11694 |
| SDI Corp. | 1000 | 2730 |
| Senao Networks, Inc. | 2000 | 9041 |
| Sercomm Corp. | 15000 | 39494 |
| Sesoda Corp. | 20000 | 23191 |
| Shanghai Commercial & Savings Bank Ltd. | 101000 | 129032 |
| ShenMao Technology, Inc. | 1000 | 3792 |
| Shih Her Technologies, Inc. | 3220 | 19678 |
| Shih Wei Navigation Co. Ltd.<sup>(2)</sup> | 20000 | 11204 |
| Shin Ruenn Development Co. Ltd. | 13560 | 19188 |
| Shin Zu Shing Co. Ltd. | 1000 | 6519 |
| Shining Building Business Co. Ltd.<sup>(2)</sup> | 3000 | 864 |
| Shinkong Insurance Co. Ltd. | 9000 | 33253 |
| Shinkong Synthetic Fibers Corp. | 30000 | 14844 |
| Shiny Chemical Industrial Co. Ltd. | 3600 | 18227 |
| Shuttle, Inc. | 1000 | 510 |
| Sigurd Microelectronics Corp.<sup>(2)</sup> | 61000 | 290926 |
| Silicon Integrated Systems Corp. | 10650 | 18474 |
| Simplo Technology Co. Ltd. | 12000 | 127329 |
| Sinbon Electronics Co. Ltd. | 3000 | 23200 |
| Sincere Navigation Corp. | 19000 | 20407 |
| Singatron Enterprise Co. Ltd. | 1000 | 1213 |
| Sino-American Silicon Products, Inc.<sup>(2)</sup> | 50000 | 186734 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sinon Corp. | 12000 | $17382 |
| SinoPac Financial Holdings Co. Ltd. | 538799 | 568357 |
| Sinopower Semiconductor, Inc. | 3000 | 13869 |
| Sirtec International Co. Ltd. | 1000 | 814 |
| Sitronix Technology Corp. | 5000 | 31563 |
| Siward Crystal Technology Co. Ltd. | 1000 | 956 |
| Solar Applied Materials Technology Corp. | 1000 | 1969 |
| Speed Tech Corp. | 9000 | 10437 |
| Sporton International, Inc. | 4000 | 24744 |
| Sports Gear Co. Ltd. | 5000 | 15921 |
| St. Shine Optical Co. Ltd. | 3000 | 10768 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 1000 | 2096 |
| Standard Foods Corp. | 3000 | 2877 |
| Stark Technology, Inc. | 4000 | 18812 |
| Starlux Airlines Co. Ltd.<sup>(2)</sup> | 61000 | 44666 |
| S-Tech Corp. | 13000 | 9797 |
| SunMax Biotechnology Co. Ltd. | 1000 | 12477 |
| Sunny Friend Environmental Technology Co. Ltd. | 4000 | 10080 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 27000 | 130423 |
| Sunplus Innovation Technology, Inc. | 2053 | 8365 |
| Sunplus Technology Co. Ltd.<sup>(2)</sup> | 1000 | 734 |
| Sunrex Technology Corp. | 8000 | 11160 |
| Sunspring Metal Corp. | 9000 | 6399 |
| Sunty Development Co. Ltd. | 3000 | 1354 |
| Superalloy Industrial Co. Ltd. | 14000 | 19517 |
| Supreme Electronics Co. Ltd. | 82000 | 189590 |
| Swancor Holding Co. Ltd. | 6000 | 23147 |
| Symtek Automation Asia Co. Ltd. | 1000 | 4775 |
| Syncmold Enterprise Corp. | 4000 | 9220 |
| Synnex Technology International Corp. | 101000 | 232040 |
| Syscom Computer Engineering Co. | 1000 | 1700 |
| TA Chen Stainless Pipe | 74281 | 87472 |
| Ta Ya Electric Wire & Cable | 70065 | 90761 |
| TA-I Technology Co. Ltd. | 16000 | 37065 |
| Taichung Commercial Bank Co. Ltd. | 171332 | 115647 |
| TaiDoc Technology Corp.<sup>(2)</sup> | 1000 | 3973 |
| Taiflex Scientific Co. Ltd. | 7045 | 21616 |
| Tainan Spinning Co. Ltd. | 9000 | 3863 |
| TaiSol Electronics Co. Ltd. | 1000 | 1840 |
| Taisun Enterprise Co. Ltd. | 1000 | 585 |
| TAI-TECH Advanced Electronics Co. Ltd. | 1000 | 5821 |
| Taiwan Acceptance Corp. | 21000 | 49573 |
| Taiwan Business Bank | 465065 | 243682 |
| Taiwan Cogeneration Corp. | 1000 | 1501 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 333874 | 254877 |
| Taiwan Fertilizer Co. Ltd. | 7000 | 10466 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 7700 | 12202 |
| Taiwan FU Hsing Industrial Co. Ltd. | 1600 | 2462 |
| Taiwan Glass Industry Corp.<sup>(2)</sup> | 3000 | 5773 |
| Taiwan High Speed Rail Corp. | 133000 | 115104 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 5111 | 19861 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 9000 | 11255 |
| Taiwan Mask Corp.<sup>(2)</sup> | 23000 | 35588 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan Mobile Co. Ltd.<sup>(2)</sup> | 18000 | $61872 |
| Taiwan Navigation Co. Ltd. | 19000 | 18922 |
| Taiwan Paiho Ltd. | 13000 | 21280 |
| Taiwan Sakura Corp. | 5000 | 13813 |
| Taiwan Secom Co. Ltd. | 8000 | 27105 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 80477 | 30145075 |
| Taiwan Surface Mounting Technology Corp. | 11000 | 35525 |
| Taiwan Takisawa Technology Co. Ltd. | 1000 | 1256 |
| Taiwan Union Technology Corp. | 6000 | 102658 |
| Tatung Co. Ltd. | 19950 | 23770 |
| Tatung System Technologies, Inc. | 1130 | 2309 |
| TBI Motion Technology Co. Ltd.<sup>(2)</sup> | 8000 | 13115 |
| TCC Group Holdings Co. Ltd. | 94000 | 79153 |
| TCI Co. Ltd.<sup>(2)</sup> | 5000 | 20989 |
| Team Group, Inc. | 12000 | 77219 |
| Teco Electric & Machinery Co. Ltd. | 34000 | 88772 |
| Test Research, Inc. | 16000 | 113181 |
| Thinking Electronic Industrial Co. Ltd. | 9000 | 53962 |
| Thye Ming Industrial Co. Ltd. | 5020 | 11185 |
| Tigerair Taiwan Co. Ltd. | 9000 | 18350 |
| Ton Yi Industrial Corp. | 57000 | 34535 |
| Tong Yang Industry Co. Ltd. | 20000 | 63469 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(2)</sup> | 12000 | 12734 |
| Top Bright Holding Co. Ltd. | 3000 | 27638 |
| Topco Scientific Co. Ltd. | 10000 | 110628 |
| Topkey Corp. | 5000 | 27095 |
| Topoint Technology Co. Ltd. | 9142 | 73386 |
| TPK Holding Co. Ltd. | 7000 | 9521 |
| Tripod Technology Corp. | 34000 | 419977 |
| Trusval Technology Co. Ltd. | 1074 | 9170 |
| TS Financial Holding Co. Ltd. | 1545310 | 1257985 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(2)</sup> | 137841 | 41053 |
| TSEC Corp.<sup>(2)</sup> | 76000 | 108745 |
| TSRC Corp. | 17000 | 11078 |
| Ttet Union Corp. | 2000 | 9701 |
| TTY Biopharm Co. Ltd. | 1000 | 2689 |
| Tung Ho Steel Enterprise Corp. | 39000 | 91585 |
| Tung Thih Electronic Co. Ltd. | 5200 | 8513 |
| TXC Corp. | 10000 | 29218 |
| TYC Brother Industrial Co. Ltd. | 8000 | 11191 |
| Tyntek Corp. | 13000 | 8014 |
| UDE Corp. | 9000 | 33627 |
| U-Ming Marine Transport Corp. | 36000 | 76241 |
| Unic Technology Corp. | 1000 | 1003 |
| Unimicron Technology Corp. | 11248 | 170143 |
| Union Bank of Taiwan | 50814 | 32791 |
| Union Insurance Co. Ltd. | 1000 | 988 |
| Uni-President Enterprises Corp. | 153000 | 353759 |
| Unitech Printed Circuit Board Corp. | 59000 | 120035 |
| United Integrated Services Co. Ltd. | 2000 | 71088 |
| United Microelectronics Corp. | 646000 | 1336481 |
| United Orthopedic Corp. | 6000 | 20701 |
| Univacco Technology, Inc. | 1000 | 1532 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Universal Cement Corp. | 4080 | $3904 |
| Universal Vision Biotechnology Co. Ltd. | 3000 | 13090 |
| Utechzone Co. Ltd. | 6000 | 22498 |
| Vanguard International Semiconductor Corp. | 121921 | 516872 |
| Viking Tech Corp. | 12000 | 24219 |
| Visco Vision, Inc. | 2000 | 12079 |
| Vizionfocus, Inc. | 2000 | 11611 |
| Voltronic Power Technology Corp. | 1000 | 29411 |
| Wafer Works Corp.<sup>(2)</sup> | 37000 | 42515 |
| Wah Lee Industrial Corp. | 16000 | 65771 |
| Walsin Lihwa Corp. | 24825 | 28847 |
| Walsin Technology Corp. | 30000 | 147533 |
| Walton Advanced Engineering, Inc.<sup>(1)</sup> | 38000 | 77319 |
| Wan Hai Lines Ltd. | 46000 | 112431 |
| We & Win Development Co. Ltd.<sup>(2)</sup> | 1000 | 333 |
| We&Win Diversification Co. Ltd. | 9000 | 5763 |
| Weikeng Industrial Co. Ltd. | 1000 | 1013 |
| Well Shin Technology Co. Ltd. | 1000 | 1654 |
| Wendell Industrial Co. Ltd. | 3000 | 15032 |
| Wholetech System Hitech Ltd. | 9000 | 39922 |
| Win Semiconductors Corp. | 14000 | 148321 |
| Winbond Electronics Corp.<sup>(2)</sup> | 162000 | 616329 |
| Winstek Semiconductor Co. Ltd. | 7000 | 33326 |
| Wisdom Marine Lines Co. Ltd. | 35000 | 81042 |
| Wistron Corp. | 138000 | 589553 |
| Wiwynn Corp. | 1000 | 125671 |
| WNC Corp. | 43000 | 254604 |
| Wonderful Hi-Tech Co. Ltd. | 12000 | 19430 |
| Wowprime Corp. | 6000 | 41974 |
| WPG Holdings Ltd. | 35000 | 78085 |
| WT Microelectronics Co. Ltd. | 68000 | 396310 |
| WUS Printed Circuit Co. Ltd. | 2000 | 7079 |
| XinTec, Inc. | 8000 | 48837 |
| Xxentria Technology Materials Corp. | 1090 | 1298 |
| Yageo Corp. | 8776 | 82207 |
| Yang Ming Marine Transport Corp. | 114000 | 208802 |
| Yankey Engineering Co. Ltd. | 7150 | 155019 |
| Yem Chio Co. Ltd. | 3060 | 1333 |
| Yen Sun Technology Corp. | 1000 | 1699 |
| YFY, Inc. | 44000 | 36193 |
| Yieh Phui Enterprise Co. Ltd.<sup>(2)</sup> | 38040 | 17753 |
| Young Fast Optoelectronics Co. Ltd.<sup>(2)</sup> | 1000 | 1949 |
| Youngtek Electronics Corp. | 1000 | 2404 |
| Yuanta Financial Holding Co. Ltd. | 477184 | 743622 |
| Yuanta Futures Co. Ltd. | 1000 | 3032 |
| Yulon Motor Co. Ltd. | 1000 | 980 |
| Yungshin Construction & Development Co. Ltd. | 1000 | 1748 |
| YungShin Global Holding Corp. | 6000 | 10496 |
| Zenitron Corp. | 19000 | 33464 |
| Zhen Ding Technology Holding Ltd. | 82000 | 542132 |
| Zig Sheng Industrial Co. Ltd.<sup>(2)</sup> | 1000 | 267 |
| Zippy Technology Corp. | 1000 | 1670 |
|  |  | 78971831 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Thailand — 2.2%** | | |
| Advanced Info Service PCL, NVDR | 37200 | $454573 |
| AEON Thana Sinsap Thailand PCL, NVDR | 4400 | 13868 |
| Airports of Thailand PCL, NVDR | 47300 | 82885 |
| Amata Corp. PCL, NVDR | 89300 | 56032 |
| AP Thailand PCL, NVDR | 171900 | 50860 |
| Asia Aviation PCL, NVDR<sup>(2)</sup> | 205100 | 8573 |
| Asian Sea Corp. PCL, NVDR | 43100 | 10536 |
| Asset World Corp. PCL, NVDR | 166100 | 13342 |
| B Grimm Power PCL, NVDR | 8400 | 4131 |
| Bangchak Corp. PCL, NVDR | 129469 | 157240 |
| Bangkok Airways PCL, NVDR | 53600 | 30826 |
| Bangkok Chain Hospital PCL, NVDR | 61600 | 21706 |
| Bangkok Dusit Medical Services PCL, NVDR | 283500 | 197420 |
| Bangkok Expressway & Metro PCL, NVDR | 543300 | 110059 |
| Bangkok Life Assurance PCL, NVDR | 30900 | 21274 |
| Banpu PCL, NVDR | 868900 | 159259 |
| BCPG PCL, NVDR | 136200 | 35413 |
| BTS Group Holdings PCL, NVDR<sup>(2)</sup> | 197300 | 15098 |
| Bumrungrad Hospital PCL, NVDR | 11000 | 75194 |
| Cal-Comp Electronics Thailand PCL, NVDR | 138200 | 24808 |
| Carabao Group PCL, NVDR | 23700 | 34654 |
| Central Pattana PCL, NVDR | 80600 | 181245 |
| Central Plaza Hotel PCL, NVDR | 17700 | 22883 |
| Central Retail Corp. PCL, NVDR | 76400 | 50773 |
| CH Karnchang PCL, NVDR | 13900 | 7868 |
| Charoen Pokphand Foods PCL, NVDR | 324200 | 218789 |
| Chularat Hospital PCL, NVDR | 332800 | 17626 |
| CK Power PCL, NVDR | 76200 | 6172 |
| Com7 PCL, NVDR | 118000 | 91510 |
| CP ALL PCL, NVDR | 76200 | 126869 |
| CP Axtra PCL, NVDR | 8339 | 4508 |
| Delta Electronics Thailand PCL, NVDR | 52200 | 467494 |
| Dohome PCL, NVDR | 14095 | 1762 |
| Electricity Generating PCL, NVDR | 12300 | 48900 |
| Erawan Group PCL, NVDR | 155700 | 16003 |
| GFPT PCL, NVDR | 36700 | 11510 |
| Global Power Synergy PCL, NVDR | 50500 | 70507 |
| Gulf Development PCL, NVDR<sup>(2)</sup> | 61349 | 122314 |
| Gunkul Engineering PCL, NVDR | 404700 | 32275 |
| Hana Microelectronics PCL, NVDR | 104600 | 61101 |
| Home Product Center PCL, NVDR | 493000 | 117256 |
| Ichitan Group PCL, NVDR | 52400 | 24940 |
| Indorama Ventures PCL, NVDR | 73700 | 54293 |
| IRPC PCL, NVDR<sup>(2)</sup> | 687300 | 31394 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 13600 | 577 |
| Jaymart Group Holdings PCL, NVDR | 54600 | 13804 |
| Karmarts PCL, NVDR | 14200 | 4199 |
| Kasikornbank PCL, NVDR | 20600 | 133167 |
| KCE Electronics PCL, NVDR | 61700 | 38596 |
| Kiatnakin Phatra Bank PCL, NVDR | 4600 | 11499 |
| Krung Thai Bank PCL, NVDR | 157500 | 173437 |
| Krungthai Card PCL, NVDR | 32000 | 34191 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Land & Houses PCL, NVDR | 76300 | $10691 |
| Major Cineplex Group PCL, NVDR | 48400 | 12465 |
| Malee Group PCL, NVDR | 8400 | 1269 |
| MBK PCL, NVDR | 48200 | 31778 |
| MC Group PCL, NVDR | 23100 | 8840 |
| Mega Lifesciences PCL, NVDR | 30900 | 37804 |
| Minor International PCL, NVDR | 297900 | 249109 |
| MK Restaurants Group PCL, NVDR | 4100 | 2934 |
| Muangthai Capital PCL, NVDR | 55000 | 65357 |
| Nex Point Parts PCL, NVDR<sup>(2)</sup> | 781100 | 29136 |
| Osotspa PCL, NVDR | 52300 | 28888 |
| Plan B Media PCL, NVDR | 57400 | 8797 |
| Praram 9 Hospital PCL, NVDR | 23200 | 14466 |
| Precious Shipping PCL, NVDR | 95800 | 23860 |
| PRG Corp. PCL, NVDR | 2000 | 605 |
| Prima Marine PCL, NVDR | 155600 | 39254 |
| PTG Energy PCL, NVDR | 208400 | 67011 |
| PTT Exploration & Production PCL, NVDR | 55800 | 246815 |
| PTT Global Chemical PCL, NVDR | 166100 | 150793 |
| PTT Oil & Retail Business PCL, NVDR | 95900 | 41294 |
| PTT PCL, NVDR | 338800 | 403220 |
| Quality Houses PCL, NVDR | 436700 | 21491 |
| R&B Food Supply PCL, NVDR | 8500 | 968 |
| Ratch Group PCL, NVDR | 42200 | 42078 |
| Regional Container Lines PCL, NVDR | 63700 | 62976 |
| Rojana Industrial Park PCL, NVDR | 101200 | 16920 |
| Sabina PCL, NVDR | 1900 | 1039 |
| Samart Corp. PCL, NVDR | 107900 | 22742 |
| Sansiri PCL, NVDR | 721600 | 36204 |
| Sappe PCL, NVDR | 4600 | 5064 |
| SCB X PCL, NVDR | 13500 | 64458 |
| Siam Cement PCL, NVDR | 21900 | 158448 |
| Siam Global House PCL, NVDR | 29482 | 7357 |
| SiS Distribution Thailand PCL, NVDR | 14200 | 10855 |
| SISB PCL, NVDR | 14200 | 5797 |
| Somboon Advance Technology PCL, NVDR | 14200 | 7533 |
| Sri Trang Agro-Industry PCL, NVDR | 56100 | 26487 |
| Srisawad Corp. PCL, NVDR | 47360 | 43765 |
| Star Petroleum Refining PCL, NVDR | 199900 | 48975 |
| Stecon Group PCL, NVDR<sup>(2)</sup> | 105500 | 44095 |
| Supalai PCL, NVDR | 103000 | 58967 |
| Susco PCL, NVDR | 28200 | 1995 |
| SVI PCL, NVDR | 131600 | 31101 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 17400 | 2474 |
| Thai Oil PCL, NVDR | 70200 | 123824 |
| Thai Union Group PCL, NVDR | 195500 | 77911 |
| Thaicom PCL, NVDR<sup>(2)</sup> | 48400 | 18350 |
| Thaifoods Group PCL, NVDR | 135800 | 28382 |
| Thanachart Capital PCL, NVDR | 4400 | 8600 |
| Thoresen Thai Agencies PCL, NVDR | 215400 | 34645 |
| TIDLOR Holdings PCL, NVDR | 144878 | 92738 |
| Tipco Asphalt PCL, NVDR | 48400 | 21657 |
| Tisco Financial Group PCL, NVDR | 4400 | 16204 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TMBThanachart Bank PCL, NVDR | 831400 | $63079 |
| TOA Paint Thailand PCL, NVDR | 36700 | 18681 |
| True Corp. PCL, NVDR | 391958 | 182666 |
| TTW PCL, NVDR | 8400 | 2540 |
| VGI PCL, NVDR | 310800 | 11717 |
| WHA Corp. PCL, NVDR | 117900 | 16521 |
| Xspring Capital PCL, NVDR<sup>(2)</sup> | 169000 | 2770 |
|  |  | 6691673 |
| **Turkey — 1.1%** |  |  |
| Afyon Cimento Sanayi TAS | 5279 | 1748 |
| AG Anadolu Grubu Holding AS | 12674 | 9753 |
| Agesa Hayat ve Emeklilik AS | 826 | 4245 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(2)</sup> | 51578 | 29218 |
| Akbank TAS | 131794 | 270990 |
| Akcansa Cimento AS | 430 | 2059 |
| Akenerji Elektrik Uretim AS<sup>(2)</sup> | 11538 | 2767 |
| Akfen Yenilenebilir Enerji AS<sup>(2)</sup> | 44369 | 18057 |
| Aksa Akrilik Kimya Sanayii AS | 76047 | 17641 |
| Aksa Enerji Uretim AS<sup>(2)</sup> | 23770 | 36365 |
| Aksigorta AS<sup>(2)</sup> | 29295 | 5022 |
| Alarko Holding AS | 14423 | 33680 |
| Albaraka Turk Katilim Bankasi AS | 189513 | 39530 |
| Alkim Alkali Kimya AS<sup>(2)</sup> | 918 | 366 |
| Anadolu Anonim Turk Sigorta Sirketi | 47796 | 28279 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 69881 | 30216 |
| Anadolu Hayat Emeklilik AS | 8924 | 22811 |
| Anel Elektrik Proje Taahhut ve Ticaret AS<sup>(2)</sup> | 1057 | 356 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 24761 | 181606 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 12638 | 54079 |
| Aygaz AS | 2019 | 11297 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(2)</sup> | 9290 | 1143 |
| BatiSoke Soke Cimento Sanayii TAS<sup>(2)</sup> | 19267 | 12787 |
| Bera Holding AS<sup>(2)</sup> | 91738 | 36031 |
| Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS<sup>(2)</sup> | 1156 | 40 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(2)</sup> | 13539 | 4537 |
| BIM Birlesik Magazalar AS | 7576 | 115391 |
| Biotrend Cevre VE Enerji Yatirimlari AS<sup>(2)</sup> | 3038 | 1129 |
| Bizim Toptan Satis Magazalari AS<sup>(2)</sup> | 396 | 261 |
| Bogazici Beton Sanayi Ve Ticaret AS | 2153 | 1007 |
| Bursa Cimento Fabrikasi AS | 117697 | 16980 |
| Cemas Dokum Sanayi AS<sup>(2)</sup> | 3404 | 386 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 28169 | 7042 |
| Cimbeton Hazirbeton ve Prefabrik Yapi Elemanlari Sanayi ve Ticaret AS<sup>(2)</sup> | 7 | 296 |
| Cimsa Cimento Sanayi VE Ticaret AS | 3102 | 3616 |
| Coca-Cola Icecek AS | 29658 | 48156 |
| CW Enerji Muhendislik Ticaret VE Sanayi AS<sup>(2)</sup> | 1407 | 977 |
| Dogan Sirketler Grubu Holding AS | 101107 | 46372 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS<sup>(2)</sup> | 3977 | 417 |
| Dogus Otomotiv Servis ve Ticaret AS | 7333 | 36465 |
| EGE Endustri VE Ticaret AS | 1 | 150 |
| EGE Gubre Sanayii AS | 13115 | 27112 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 6140 | 16070 |
| Enerjisa Enerji AS | 4020 | 9832 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Enerya Enerji AS | 257731 | $58822 |
| Eregli Demir ve Celik Fabrikalari TAS | 90773 | 67622 |
| Escar Turizm Tasimacilik Ticaret AS | 5036 | 3038 |
| Esenboga Elektrik Uretim AS<sup>(2)</sup> | 119064 | 10443 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 4799 | 1638 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(2)</sup> | 197881 | 22646 |
| Fenerbahce Futbol AS<sup>(2)</sup> | 27695 | 1991 |
| Ford Otomotiv Sanayi AS | 8989 | 23755 |
| Gelecek Varlik Yonetimi AS | 916 | 1510 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 21846 | 3881 |
| Gezinomi Seyahat Turizm Ticaret AS<sup>(2)</sup> | 2231 | 2823 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 8286 | 10585 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(2)</sup> | 674 | 707 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 6335 | 3147 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 925 | 7375 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(2)</sup> | 3634 | 2102 |
| GSD Holding AS<sup>(2)</sup> | 5205 | 543 |
| Gubre Fabrikalari TAS<sup>(2)</sup> | 3987 | 48362 |
| GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS | 617 | 5092 |
| Haci Omer Sabanci Holding AS | 46270 | 106352 |
| Hareket Proje Tasimaciligi Ve Yuk Muhendisligi AS<sup>(2)</sup> | 8197 | 13381 |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(2)</sup> | 9131 | 1646 |
| Is Finansal Kiralama AS<sup>(2)</sup> | 43321 | 21092 |
| Is Yatirim Menkul Degerler AS | 24462 | 26854 |
| Isiklar Enerji ve Yapi Holding AS<sup>(2)</sup> | 19816 | 37544 |
| Jantsa Jant Sanayi Ve Ticaret AS | 8909 | 3759 |
| Kalekim Kimyevi Maddeler Sanayi ve Ticaret AS | 1557 | 1418 |
| Katilimevim Tasarruf Finansman AS | 28208 | 25823 |
| Katmerciler Arac Ustu Ekipman Sanayi ve Ticaret AS<sup>(2)</sup> | 60730 | 3860 |
| Kervan Gida Sanayi Ve Ticaret AS<sup>(2)</sup> | 17695 | 1262 |
| KOC Holding AS | 21145 | 96190 |
| Kocaer Celik Sanayi Ve Ticaret AS | 55559 | 13946 |
| Konya Cimento Sanayii AS<sup>(2)</sup> | 4 | 396 |
| Kordsa Teknik Tekstil AS<sup>(2)</sup> | 536 | 637 |
| LDR Turizm AS | 6580 | 12680 |
| Logo Yazilim Sanayi Ve Ticaret AS | 10341 | 32584 |
| Lokman Hekim Engurusag Saglik Turizm Egitim Hizmetleri ve Insaat Taahhut AS | 4236 | 1600 |
| Marmara Holding AS<sup>(2)</sup> | 142867 | 8173 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 28791 | 29784 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(2)</sup> | 2593 | 890 |
| MIA Teknoloji AS<sup>(2)</sup> | 3384 | 2892 |
| MLP Saglik Hizmetleri AS<sup>(2)</sup> | 2249 | 22458 |
| Naturel Yenilenebilir Enerji Ticaret AS | 2995 | 546 |
| Naturelgaz Sanayi ve Ticaret AS | 3031 | 788 |
| NET Holding AS<sup>(2)</sup> | 25548 | 26589 |
| Nuh Cimento Sanayi AS | 340 | 2104 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(2)</sup> | 160383 | 21502 |
| Orge Enerji Elektrik Taahhut AS<sup>(2)</sup> | 1287 | 2062 |
| Osmanli Yatirim Menkul Degerler AS | 1932 | 364 |
| Oyak Cimento Fabrikalari AS | 29179 | 16301 |
| Ozata Denizcilik Sanayi VE Ticaret AS<sup>(2)</sup> | 4061 | 18349 |
| Panelsan Cati Cephe Sistemleri Sanayi VE Ticaret AS | 414 | 500 |
| Papilon Savunma-Guvenlik Sistemleri Bilisim Muhendislik Hizmetleri Ithalat<sup>(2)</sup> | 2387 | 1035 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pegasus Hava Tasimaciligi AS<sup>(2)</sup> | 14084 | $63094 |
| Petkim Petrokimya Holding AS<sup>(2)</sup> | 26618 | 10489 |
| Pinar Entegre Et ve Un Sanayi AS<sup>(2)</sup> | 6430 | 1725 |
| Pinar SUT Mamulleri Sanayii AS<sup>(2)</sup> | 1401 | 354 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 546 | 277 |
| Polisan Holding AS | 47890 | 17541 |
| Ral Yatirim Holding AS<sup>(2)</sup> | 14699 | 52333 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(2)</sup> | 63269 | 28792 |
| Sasa Polyester Sanayi AS<sup>(2)</sup> | 150937 | 8478 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 16944 | 18330 |
| Sekerbank Turk AS | 133689 | 37197 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 7388 | 14300 |
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS<sup>(2)</sup> | 6270 | 1054 |
| Sok Marketler Ticaret AS<sup>(2)</sup> | 8757 | 12738 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 1719 | 10192 |
| Tatlipinar Enerji Uretim AS<sup>(2)</sup> | 86813 | 17852 |
| TAV Havalimanlari Holding AS<sup>(2)</sup> | 6451 | 45410 |
| Tekfen Holding AS | 21060 | 34454 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(2)</sup> | 1526 | 785 |
| Tofas Turk Otomobil Fabrikasi AS | 2392 | 17349 |
| Trust Anadolu Metal Madencilik Isletmeleri AS<sup>(2)</sup> | 7930 | 30494 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(2)</sup> | 49660 | 2752 |
| Turcas Holding AS | 20846 | 22548 |
| Turk Hava Yollari AO | 20250 | 141941 |
| Turkcell Iletisim Hizmetleri AS, ADR | 20574 | 138669 |
| Turkiye Is Bankasi AS, C Shares | 313694 | 120997 |
| Turkiye Petrol Rafinerileri AS | 25966 | 129318 |
| Turkiye Sigorta AS | 97298 | 27043 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(2)</sup> | 116528 | 34475 |
| Turkiye Sise ve Cam Fabrikalari AS | 66442 | 67976 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(2)</sup> | 90594 | 84889 |
| Ulker Biskuvi Sanayi AS | 12601 | 35448 |
| Usak Seramik Sanayii AS<sup>(2)</sup> | 52338 | 1969 |
| Vakif Finansal Kiralama AS<sup>(2)</sup> | 45628 | 2048 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 4076 | 7273 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 12871 | 2360 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(2)</sup> | 8659 | 5957 |
| Yapi ve Kredi Bankasi AS<sup>(2)</sup> | 158882 | 156929 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(2)</sup> | 3633 | 3352 |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(2)</sup> | 11083 | 6008 |
| Zorlu Enerji Elektrik Uretim AS<sup>(2)</sup> | 127317 | 9769 |
|  |  | 3442684 |
| **United Arab Emirates — 1.8%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 40378 | 166631 |
| Abu Dhabi Islamic Bank PJSC | 28947 | 201009 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 170487 | 185546 |
| ADNOC Drilling Co. PJSC | 93792 | 130703 |
| Adnoc Gas PLC | 125626 | 116263 |
| ADNOC Logistics & Services | 103604 | 154456 |
| Agility Global PLC | 397793 | 149343 |
| Air Arabia PJSC | 225431 | 332140 |
| Aldar Properties PJSC | 67302 | 197897 |
| Deyaar Development PJSC | 87708 | 24563 |
| Dubai Electricity & Water Authority PJSC | 248831 | 203333 |
| Dubai Investments PJSC | 159629 | 174391 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dubai Islamic Bank PJSC | 68940 | $155706 |
| Dubai Taxi Co. PJSC | 47185 | 34625 |
| Emaar Development PJSC | 60322 | 317773 |
| Emaar Properties PJSC | 192177 | 848157 |
| Emirates NBD Bank PJSC | 64064 | 575635 |
| Emirates Telecommunications Group Co. PJSC | 84058 | 464277 |
| Eshraq Investments PJSC<sup>(2)</sup> | 144890 | 18745 |
| First Abu Dhabi Bank PJSC | 60284 | 321912 |
| GFH Financial Group BSC | 391286 | 222539 |
| Parkin Co. PJSC | 30779 | 49395 |
| RAK Properties PJSC<sup>(2)</sup> | 125235 | 47728 |
| Salik Co. PJSC | 126330 | 220218 |
| Sharjah Islamic Bank | 136835 | 139766 |
| Union Properties PJSC<sup>(2)</sup> | 211984 | 52268 |
|  |  | 5505019 |
| **United Kingdom — 0.1%** |  |  |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 1040 | 44143 |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 3129 | 131228 |
|  |  | 175371 |
| **TOTAL COMMON STOCKS**<br>(Cost $227,788,591) |  | **301693886** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| AirAsia X Bhd.<sup>(2)</sup> | 11050 | 2826 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 67815 | 1220 |
| Dagang NeXchange Bhd.<sup>(2)</sup> | 11266 | 434 |
| NEXG Bhd.<sup>(2)</sup> | 7850 | 242 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 3204 | 58 |
| Top Glove Corp. Bhd.<sup>(2)</sup> | 2755 | 99 |
| VS Industry Bhd.<sup>(2)</sup> | 3600 | 5 |
| YTL Corp. Bhd.<sup>(2)</sup> | 5220 | 844 |
| YTL Power International Bhd.<sup>(2)</sup> | 8900 | 1950 |
|  |  | 7678 |
| **Thailand — 0.0%** |  |  |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 27350 | 281 |
| Northeast Rubber PCL, NVDR<sup>(2)</sup> | 317 |  |
|  |  | 281 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **7959** |
| **RIGHTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Hypera SA<sup>(2)</sup> | 747 | 300 |
| **South Korea — 0.0%** |  |  |
| Tway Air Co. Ltd.<sup>(2)</sup> | 1066 | 121 |
| **TOTAL RIGHTS**<br>(Cost $—) |  | **421** |
| **SHORT-TERM INVESTMENTS — 2.6%** |  |  |
| **Money Market Funds — 2.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4639325 | 4639325 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 3194321 | 3194321 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $7,833,646) |  | **7833646** |
| **TOTAL INVESTMENT SECURITIES — 102.4%**<br>(Cost $235,622,237) |  | **309535912** |
| **OTHER ASSETS AND LIABILITIES — (2.4)%** |  | **(7154581)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**302381331** |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 33.2% |
| Financials | 22.3% |
| Industrials | 9.6% |
| Materials | 9.6% |
| Consumer Discretionary | 6.3% |
| Energy | 4.7% |
| Consumer Staples | 3.6% |
| Communication Services | 3.6% |
| Utilities | 2.8% |
| Health Care | 2.3% |
| Real Estate | 1.8% |
| Short-Term Investments | 2.6% |
| Other Assets and Liabilities | (2.4)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| BDR | – | Brazilian Depository Receipt |
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,788,343. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,934,825, which includes securities collateral of $740,504.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $12459269 | $7554914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 784433 | 1849727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | 318383 | 418469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 4000325 | 47971327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 528389 | 5392496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2399732 | 7223725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 2162773 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippines | 110293 | 1678060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | 3929878 | 15341549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | 2907655 | 62235479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 33013402 | 45958429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey | 138669 | 3304015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 40012495 |  |
| Warrants |  | 7959 |  |
| Rights |  | 421 |  |
| Short-Term Investments | 7833646 |  |  |
|  | $70586847 | $238949065 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Brazil — 5.7%** | | |
| Allos SA | 41900 | $266774 |
| Alpargatas SA, Preference Shares | 19200 | 56928 |
| Alupar Investimento SA | 3200 | 22297 |
| Ambipar Participacoes e Empreendimentos SA<sup>(1)</sup> | 26000 | 1217 |
| Anima Holding SA | 14900 | 14765 |
| Armac Locacao Logistica E Servicos SA | 3100 | 3580 |
| Auren Energia SA | 37800 | 87818 |
| Automob Participacoes SA<sup>(1)</sup> | 278 | 709 |
| Azzas 2154 SA | 13992 | 71291 |
| Banco ABC Brasil SA<sup>(1)</sup> | 429 | 2252 |
| Banco ABC Brasil SA, Preference Shares | 6502 | 34473 |
| Banco BMG SA, Preference Shares | 14900 | 14707 |
| Banco BTG Pactual SA | 2070 | 24821 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 19300 | 69949 |
| Bemobi Mobile Tech SA | 4000 | 18750 |
| Blau Farmaceutica SA | 520 | 1099 |
| Boa Safra Sementes SA | 4404 | 6924 |
| BR Advisory Partners Participacoes SA | 9400 | 35554 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 3000 | 12453 |
| Braskem SA, Class A, ADR<sup>(1)</sup> | 3204 | 12271 |
| Brava Energia<sup>(1)</sup> | 49786 | 181799 |
| C&A Modas SA | 16100 | 40639 |
| Camil Alimentos SA | 6000 | 8041 |
| Cia Brasileira de Aluminio<sup>(1)</sup> | 21700 | 43091 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 24300 | 14789 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 15600 | 25561 |
| Cia de Saneamento de Minas Gerais Copasa MG | 28900 | 307519 |
| Cia De Sanena Do Parana | 3400 | 29871 |
| Cia De Sanena Do Parana, Preference Shares | 128800 | 215818 |
| Cia Siderurgica Nacional SA, ADR<sup>(1)</sup> | 77857 | 130800 |
| Construtora Tenda SA | 4400 | 25946 |
| Cruzeiro do Sul Educacional SA | 10500 | 13723 |
| Cury Construtora e Incorporadora SA | 23800 | 180595 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(1)</sup> | 54300 | 24150 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 37300 | 224462 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes, Preference Shares<sup>(1)</sup> | 4986 | 28351 |
| Desktop SA | 400 | 1041 |
| Dexco SA | 44464 | 47270 |
| Direcional Engenharia SA | 14800 | 47317 |
| EcoRodovias Infraestrutura e Logistica SA | 43200 | 90251 |
| Empreendimentos Pague Menos SA | 10900 | 14798 |
| Even Construtora e Incorporadora SA | 10100 | 16510 |
| Ez Tec Empreendimentos e Participacoes SA | 9536 | 29204 |
| Fleury SA | 18900 | 62343 |
| Grendene SA | 30200 | 29985 |
| Grupo Multi SA | 5800 | 1516 |
| Grupo SBF SA | 9100 | 22331 |
| Guararapes Confeccoes SA | 800 | 1570 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 64520 | 51601 |
| Hypera SA | 9700 | 43897 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Iguatemi SA | 18400 | $104589 |
| Iochpe Maxion SA | 12700 | 26012 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 5300 | 64078 |
| Isa Energia Brasil SA, Preference Shares | 27600 | 153761 |
| Jalles Machado SA<sup>(1)</sup> | 5600 | 3288 |
| JHSF Participacoes SA | 39900 | 77364 |
| JSL SA | 10700 | 16426 |
| Kepler Weber SA | 13300 | 25087 |
| Lavvi Empreendimentos Imobiliarios SA | 7800 | 27996 |
| LOG Commercial Properties e Participacoes SA | 2200 | 12196 |
| Log-in Logistica Intermodal SA<sup>(1)</sup> | 400 | 2499 |
| Lojas Quero-Quero SA<sup>(1)</sup> | 13000 | 5477 |
| Lojas Renner SA | 94700 | 289651 |
| M Dias Branco SA | 3300 | 14979 |
| Magazine Luiza SA | 33264 | 60993 |
| Mahle Metal Leve SA | 5300 | 37332 |
| Marcopolo SA | 21890 | 27926 |
| Marcopolo SA, Preference Shares | 87560 | 118193 |
| MBRF Global Foods Co. SA | 52100 | 210372 |
| Meliuz SA<sup>(1)</sup> | 9200 | 6084 |
| Metalurgica Gerdau SA, Preference Shares | 107798 | 195767 |
| Mills Locacao Servicos e Logistica SA | 7500 | 22076 |
| Minerva SA | 44100 | 44904 |
| Moura Dubeux Engenharia SA | 6200 | 39934 |
| Movida Participacoes SA | 18800 | 54092 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 36900 | 73706 |
| Multiplan Empreendimentos Imobiliarios SA | 36600 | 250735 |
| Natura Cosmeticos SA<sup>(1)</sup> | 12500 | 22237 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 11100 | 20764 |
| Odontoprev SA | 25600 | 72957 |
| Orizon Valorizacao de Residuos SA<sup>(1)</sup> | 2200 | 32130 |
| Pagseguro Digital Ltd., Class A | 22899 | 242958 |
| Patria Investments Ltd., Class A<sup>(2)</sup> | 6692 | 87799 |
| PBG SA<sup>(1)</sup> | 1400 | 882 |
| Petroreconcavo SA | 9200 | 22217 |
| Plano & Plano Desenvolvimento Imobiliario SA | 3700 | 11057 |
| Positivo Tecnologia SA | 8200 | 6478 |
| Priner Servicos Industriais SA | 400 | 1701 |
| Qualicorp Consultoria e Corretora de Seguros SA | 700 | 288 |
| Raizen SA, Preference Shares<sup>(1)</sup> | 66200 | 8135 |
| Randoncorp SA, Preference Shares | 6800 | 8847 |
| Romi SA | 315 | 504 |
| Sao Martinho SA | 12100 | 42414 |
| Schulz SA, Preference Shares | 1900 | 2090 |
| Ser Educacional SA | 6600 | 15925 |
| Simpar SA | 15950 | 39544 |
| SLC Agricola SA | 11925 | 38335 |
| Smartfit Escola de Ginastica e Danca SA | 62388 | 246437 |
| SYN prop e tech SA | 1900 | 1779 |
| Taurus Armas SA, Preference Shares | 1870 | 2127 |
| Tegma Gestao Logistica SA | 1300 | 10001 |
| Track & Field Co. SA, Preference Shares | 5600 | 19084 |
| Transmissora Alianca de Energia Eletrica SA | 30700 | 263194 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tres Tentos Agroindustrial SA | 8000 | $26747 |
| Trisul SA | 12480 | 18161 |
| Tupy SA<sup>(1)</sup> | 6400 | 16916 |
| Uniao Pet Participacoes SA<sup>(1)</sup> | 19200 | 11348 |
| Unipar Carbocloro SA, Class B Preference Shares | 2540 | 35119 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(1)</sup> | 44200 | 60526 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 5400 | 22837 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 47700 | 41312 |
| Vitru Brasil Empreendimentos Participacoes e Comercio SA | 10800 | 31242 |
| Vittia SA | 550 | 439 |
| Vivara Participacoes SA | 7900 | 48465 |
| Vulcabras SA | 8468 | 31517 |
| Wiz Co. | 500 | 903 |
| YDUQS Participacoes SA | 25500 | 66305 |
| Zamp SA<sup>(1)</sup> | 1900 | 1297 |
|  |  | 6311956 |
| **Chile — 0.7%** |  |  |
| CAP SA<sup>(1)</sup> | 5947 | 48445 |
| Cia Cervecerias Unidas SA, ADR<sup>(2)</sup> | 6461 | 86190 |
| Cia Sud Americana de Vapores SA | 1584102 | 86002 |
| Empresa Nacional de Telecomunicaciones SA | 28592 | 127637 |
| Engie Energia Chile SA | 51143 | 87676 |
| Parque Arauco SA | 40046 | 190120 |
| Ripley Corp. SA | 100752 | 50584 |
| SMU SA | 304666 | 53766 |
| Vina Concha y Toro SA | 43942 | 47070 |
|  |  | 777490 |
| **China — 18.2%** |  |  |
| 361 Degrees International Ltd. | 58000 | 41815 |
| 3SBio, Inc.<sup>(1)</sup> | 80000 | 225517 |
| AAC Technologies Holdings, Inc. | 51000 | 242422 |
| Acotec Scientific Holdings Ltd.<sup>(1)</sup> | 3000 | 4788 |
| Adicon Holdings Ltd.<sup>(1)(2)</sup> | 16500 | 10823 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 102000 | 3769 |
| Agora, Inc., ADR<sup>(1)</sup> | 396 | 1849 |
| AK Medical Holdings Ltd. | 34000 | 27940 |
| A-Living Smart City Services Co. Ltd. | 47000 | 13138 |
| Alphamab Oncology<sup>(1)</sup> | 36000 | 40104 |
| Angelalign Technology, Inc.<sup>(2)</sup> | 3400 | 32699 |
| Anhui Expressway Co. Ltd., H Shares<sup>(2)</sup> | 18000 | 31798 |
| Anton Oilfield Services Group | 114000 | 18061 |
| Art Group Holdings Ltd.<sup>(1)</sup> | 110000 | 28204 |
| AsiaInfo Technologies Ltd.<sup>(2)</sup> | 18400 | 17039 |
| Atour Lifestyle Holdings Ltd., ADR | 3392 | 133204 |
| ATRenew, Inc., ADR<sup>(1)</sup> | 7246 | 41954 |
| Autohome, Inc., ADR | 6117 | 117324 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 134000 | 31094 |
| Bairong, Inc.<sup>(1)</sup> | 36500 | 44649 |
| Bank of Chongqing Co. Ltd., H Shares | 46000 | 44947 |
| Bank of Zhengzhou Co. Ltd., Class H | 102000 | 14594 |
| BBMG Corp., H Shares<sup>(2)</sup> | 107000 | 11610 |
| Beauty Farm Medical & Health Industry, Inc. | 6000 | 20155 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(1)</sup> | 86000 | 25677 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 9000 | $15693 |
| Beijing Enterprises Holdings Ltd. | 16500 | 74208 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 76000 | 23004 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 19000 | 21035 |
| Binjiang Service Group Co. Ltd. | 4000 | 11541 |
| BOE Varitronix Ltd. | 14000 | 8212 |
| Brilliance China Automotive Holdings Ltd.<sup>(2)</sup> | 340000 | 180762 |
| C&D International Investment Group Ltd. | 131406 | 254096 |
| CALB Group Co. Ltd.<sup>(1)(2)</sup> | 8500 | 28099 |
| Canggang Railway Ltd.<sup>(2)</sup> | 16000 | 1267 |
| Central China Securities Co. Ltd., Class H<sup>(2)</sup> | 43000 | 11465 |
| Cheerwin Group Ltd. | 19000 | 5723 |
| Chervon Holdings Ltd. | 10300 | 32121 |
| China Beststudy Education Group | 32000 | 13979 |
| China BlueChemical Ltd., H Shares | 122000 | 45466 |
| China Chunlai Education Group Co. Ltd.<sup>(1)</sup> | 2000 | 706 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(2)</sup> | 399000 | 64074 |
| China Communications Services Corp. Ltd., H Shares | 390000 | 221392 |
| China Conch Environment Protection Holdings Ltd.<sup>(1)</sup> | 10500 | 748 |
| China Conch Venture Holdings Ltd. | 224500 | 380665 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 136000 | 33149 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 72500 | 60148 |
| China Education Group Holdings Ltd.<sup>(1)</sup> | 175061 | 64554 |
| China Everbright Environment Group Ltd. | 622000 | 407060 |
| China Everbright Ltd.<sup>(2)</sup> | 80000 | 89799 |
| China Feihe Ltd. | 177000 | 85850 |
| China Foods Ltd. | 138000 | 70971 |
| China Gas Holdings Ltd. | 195400 | 202156 |
| China Hanking Holdings Ltd. | 37000 | 19338 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)</sup> | 3000 | 788 |
| China Isotope & Radiation Corp. | 5800 | 15349 |
| China Kepei Education Group Ltd. | 14000 | 2393 |
| China Lesso Group Holdings Ltd. | 52000 | 45378 |
| China Literature Ltd.<sup>(1)(2)</sup> | 19600 | 78965 |
| China Medical System Holdings Ltd. | 129000 | 239765 |
| China Meidong Auto Holdings Ltd.<sup>(2)</sup> | 28000 | 5905 |
| China Modern Dairy Holdings Ltd.<sup>(2)</sup> | 178000 | 32238 |
| China National Building Material Co. Ltd., H Shares | 269082 | 233304 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 94000 | 10564 |
| China Nonferrous Mining Corp. Ltd.<sup>(2)</sup> | 100000 | 191140 |
| China Oriental Group Co. Ltd. | 102000 | 20303 |
| China Power International Development Ltd. | 245000 | 102619 |
| China Qinfa Group Ltd. | 74000 | 35408 |
| China Resources Beverage Holdings Co. Ltd.<sup>(2)</sup> | 22400 | 28744 |
| China Resources Building Materials Technology Holdings Ltd. | 326000 | 78174 |
| China Resources Medical Holdings Co. Ltd.<sup>(2)</sup> | 44000 | 17240 |
| China Resources Pharmaceutical Group Ltd. | 243500 | 141528 |
| China Risun Group Ltd.<sup>(2)</sup> | 97000 | 31395 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 53000 | 32981 |
| China Shineway Pharmaceutical Group Ltd. | 21000 | 25145 |
| China Silver Group Ltd.<sup>(1)</sup> | 202000 | 16249 |
| China Taiping Insurance Holdings Co. Ltd. | 105000 | 305752 |
| China Tobacco International HK Co. Ltd. | 16000 | 88503 |

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------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 216000 | $55726 |
| China Travel International Investment Hong Kong Ltd.<sup>(1)(2)</sup> | 172000 | 29171 |
| China Water Affairs Group Ltd.<sup>(2)</sup> | 98000 | 65664 |
| China XLX Fertiliser Ltd. | 53000 | 80136 |
| China Yongda Automobiles Services Holdings Ltd. | 67500 | 13109 |
| China Youran Dairy Group Ltd.<sup>(1)(2)</sup> | 108000 | 69649 |
| China Yuchai International Ltd. | 1204 | 60537 |
| China Yuhua Education Corp. Ltd.<sup>(1)</sup> | 206000 | 14183 |
| Chongqing Machinery & Electric Co. Ltd., Class H | 94000 | 44066 |
| CIFI Holdings Group Co. Ltd.<sup>(1)</sup> | 192000 | 2105 |
| CIMC Enric Holdings Ltd. | 74000 | 120891 |
| Cirrus Aircraft Ltd. | 5200 | 41243 |
| CMGE Technology Group Ltd.<sup>(1)</sup> | 50000 | 2199 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 203000 | 40157 |
| Concord New Energy Group Ltd.<sup>(2)</sup> | 220000 | 8311 |
| Consun Pharmaceutical Group Ltd. | 63000 | 144845 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 30000 | 29760 |
| COSCO SHIPPING Ports Ltd. | 81066 | 67179 |
| Country Garden Services Holdings Co. Ltd. | 267000 | 215140 |
| CSSC Hong Kong Shipping Co. Ltd.<sup>(2)</sup> | 224000 | 72041 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 690000 | 71934 |
| Daqo New Energy Corp., ADR<sup>(1)</sup> | 1824 | 43995 |
| Digital China Holdings Ltd.<sup>(2)</sup> | 28000 | 9500 |
| Dingdang Health Technology Group Ltd.<sup>(1)</sup> | 12000 | 1266 |
| DingDong Cayman Ltd., ADR<sup>(1)</sup> | 3694 | 10491 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(1)</sup> | 84000 | 105084 |
| Dongyue Group Ltd. | 97000 | 173589 |
| DouYu International Holdings Ltd., ADR<sup>(1)</sup> | 1351 | 7133 |
| DPC Dash Ltd.<sup>(1)</sup> | 9200 | 75242 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 26000 | 18451 |
| East Buy Holding Ltd.<sup>(1)(2)</sup> | 34000 | 110362 |
| Edianyun Ltd., Class H<sup>(1)</sup> | 1000 | 327 |
| Essex Bio-technology Ltd. | 17000 | 9171 |
| Ever Sunshine Services Group Ltd. | 102000 | 23176 |
| Everest Medicines Ltd.<sup>(1)(2)</sup> | 14000 | 67791 |
| Evergrande Property Services Group Ltd.<sup>(1)</sup> | 477000 | 70546 |
| Fangzhou, Inc.<sup>(1)</sup> | 19000 | 5533 |
| Fenbi Ltd.<sup>(1)(2)</sup> | 34000 | 6542 |
| FIH Mobile Ltd.<sup>(1)</sup> | 13900 | 39177 |
| FinVolution Group, ADR | 6600 | 37092 |
| First Tractor Co. Ltd., H Shares | 20000 | 25438 |
| Fosun International Ltd. | 311000 | 153556 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 68000 | 23012 |
| Fufeng Group Ltd. | 77000 | 79971 |
| Gaotu Techedu, Inc., ADR<sup>(1)</sup> | 3275 | 7172 |
| GCL Technology Holdings Ltd.<sup>(1)(2)</sup> | 2489000 | 380567 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 68600 | 355378 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 244000 | 4858 |
| Genertec Universal Medical Group Co. Ltd. | 118000 | 92170 |
| Genscript Biotech Corp.<sup>(1)</sup> | 82000 | 124962 |
| Giant Biogene Holding Co. Ltd.<sup>(2)</sup> | 13400 | 54556 |
| Global New Material International Holdings Ltd.<sup>(1)(2)</sup> | 124000 | 133467 |
| Goodbaby International Holdings Ltd. | 44000 | 5939 |

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------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 154500 | $154729 |
| Greentown China Holdings Ltd.<sup>(2)</sup> | 64500 | 86112 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 27000 | 9741 |
| Guangshen Railway Co. Ltd., Class H | 100000 | 27969 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 68800 | 4819 |
| Guoquan Food Shanghai Co. Ltd. | 75200 | 39252 |
| Gushengtang Holdings Ltd. | 7400 | 26106 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 189000 | 12822 |
| Haina Intelligent Equipment International Holdings Ltd.<sup>(1)</sup> | 16000 | 8148 |
| Haitian International Holdings Ltd. | 98000 | 316690 |
| Harbin Electric Co. Ltd., H Shares | 72000 | 258388 |
| Hello Group, Inc., ADR | 11730 | 75893 |
| Hengan International Group Co. Ltd. | 107000 | 398073 |
| High Templar Tech Ltd., ADR<sup>(1)</sup> | 9734 | 26184 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 11000 | 33656 |
| Hopson Development Holdings Ltd.<sup>(1)</sup> | 43800 | 18013 |
| Huabao International Holdings Ltd. | 60000 | 34716 |
| HUYA, Inc., ADR<sup>(2)</sup> | 8330 | 31071 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 17600 | 29809 |
| iDreamSky Technology Holdings Ltd.<sup>(1)(2)</sup> | 85200 | 5983 |
| Ingdan, Inc.<sup>(1)</sup> | 31000 | 12442 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 51000 | 4740 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 48900 | 78240 |
| Jiayin Group, Inc., ADR | 514 | 3331 |
| JinkoSolar Holding Co. Ltd., ADR | 2600 | 65754 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 99000 | 31521 |
| Jiumaojiu International Holdings Ltd. | 76000 | 19885 |
| JNBY Design Ltd. | 16000 | 43978 |
| JOYY, Inc., ADR | 2764 | 164928 |
| Kinetic Development Group Ltd. | 204000 | 53668 |
| Kingboard Holdings Ltd. | 48500 | 250450 |
| Kingboard Laminates Holdings Ltd. | 48000 | 144876 |
| Kingsoft Cloud Holdings Ltd.<sup>(1)</sup> | 194829 | 177139 |
| Kingsoft Corp. Ltd. | 16200 | 53802 |
| KWG Group Holdings Ltd.<sup>(1)(2)</sup> | 20500 | 495 |
| Launch Tech Co. Ltd., Class H | 9500 | 10866 |
| Lee & Man Paper Manufacturing Ltd. | 95000 | 46867 |
| Leoch Energy, Inc.<sup>(1)</sup> | 380 | 3230 |
| Leoch International Technology Ltd. | 19000 | 1669 |
| LEPU ScienTech Medical Technology Shanghai Co. Ltd., Class H | 3000 | 6103 |
| LexinFintech Holdings Ltd., ADR | 6433 | 18591 |
| Li Ning Co. Ltd. | 162500 | 465612 |
| Lifetech Scientific Corp.<sup>(1)</sup> | 132000 | 27642 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 39000 | 134101 |
| Linklogis, Inc., Class B | 45500 | 12581 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 111000 | 18248 |
| Lonking Holdings Ltd. | 143000 | 62414 |
| Lufax Holding Ltd., ADR<sup>(1)</sup> | 28641 | 74467 |
| Luye Pharma Group Ltd.<sup>(1)</sup> | 153500 | 50769 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 40000 | 1447 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(1)</sup> | 62000 | 21652 |
| Maoyan Entertainment<sup>(2)</sup> | 27400 | 22297 |
| Medlive Technology Co. Ltd.<sup>(2)</sup> | 9500 | 10912 |

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------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Meitu, Inc.<sup>(1)</sup> | 361000 | $260028 |
| MicroPort NeuroScientific Corp.<sup>(2)</sup> | 16096 | 23277 |
| Microport Scientific Corp.<sup>(1)(2)</sup> | 96900 | 135420 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 9200 | 4959 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(1)(2)</sup> | 3000 | 991 |
| Minth Group Ltd. | 40000 | 223591 |
| MMG Ltd.<sup>(1)</sup> | 287200 | 394319 |
| Mount Everest Gold Group Co. Ltd.<sup>(1)</sup> | 40000 | 8262 |
| Nayuki Holdings Ltd.<sup>(1)</sup> | 33500 | 4356 |
| NetDragon Websoft Holdings Ltd. | 24500 | 28198 |
| New Focus Auto Tech Holdings Ltd.<sup>(1)</sup> | 104000 | 598 |
| Newborn Town, Inc.<sup>(1)</sup> | 32000 | 38567 |
| Nexteer Automotive Group Ltd. | 68000 | 64787 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)</sup> | 299000 | 336340 |
| Noah Holdings Ltd., ADR | 4393 | 51925 |
| Ocumension Therapeutics<sup>(1)(2)</sup> | 13500 | 12935 |
| Onewo, Inc., Class H | 75200 | 182853 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(1)(2)</sup> | 110400 | 185421 |
| Poly Property Group Co. Ltd.<sup>(2)</sup> | 147000 | 39592 |
| Poly Property Services Co. Ltd., Class H | 18600 | 76015 |
| Precision Tsugami China Corp. Ltd. | 12000 | 68118 |
| Q Technology Group Co. Ltd. | 52000 | 58810 |
| Qfin Holdings, Inc., ADR | 5830 | 84885 |
| Qunabox Group Ltd.<sup>(1)(2)</sup> | 3100 | 8893 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 56000 | 11774 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 60000 | 120654 |
| Scholar Education Group | 6000 | 1525 |
| Seazen Group Ltd.<sup>(1)</sup> | 176000 | 51603 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 334400 | 217580 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(2)</sup> | 9900 | 76142 |
| Shanghai Conant Optical Co. Ltd., Class H | 18700 | 147400 |
| Shanghai Haohai Biological Technology Co. Ltd., H Shares | 2800 | 9104 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(1)</sup> | 5900 | 50495 |
| Shanghai Industrial Holdings Ltd. | 37000 | 72545 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 28000 | 25682 |
| Shenzhen International Holdings Ltd. | 229652 | 267536 |
| Shenzhen Investment Ltd.<sup>(1)(2)</sup> | 186000 | 19953 |
| Shenzhen Pagoda Industrial Group Corp. Ltd., Class H | 29500 | 6127 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 7000 | 564 |
| Shiyue Daotian Group Co. Ltd., Class H<sup>(2)</sup> | 12000 | 11128 |
| Shoucheng Holdings Ltd.<sup>(2)</sup> | 222000 | 62283 |
| Shougang Fushan Resources Group Ltd. | 54933 | 23636 |
| Shui On Land Ltd. | 129000 | 10856 |
| Sichuan Expressway Co. Ltd., Class H | 30000 | 21450 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(2)</sup> | 151000 | 29966 |
| Simcere Pharmaceutical Group Ltd. | 85000 | 135127 |
| Sinopec Engineering Group Co. Ltd., H Shares | 248500 | 251249 |
| Sinopec Kantons Holdings Ltd.<sup>(2)</sup> | 56000 | 30893 |
| Skyworth Group Ltd.<sup>(1)</sup> | 110000 | 98490 |
| Sohu.com Ltd., ADR<sup>(1)</sup> | 1297 | 21426 |
| So-Young International, Inc., ADR<sup>(2)</sup> | 1474 | 4584 |
| SSY Group Ltd.<sup>(2)</sup> | 84000 | 29005 |
| Sun Art Retail Group Ltd. | 155000 | 32483 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sun King Technology Group Ltd. | 96000 | $23242 |
| Sunac China Holdings Ltd.<sup>(1)(2)</sup> | 678000 | 107869 |
| Sunac Services Holdings Ltd.<sup>(2)</sup> | 55000 | 9323 |
| Sunshine Insurance Group Co. Ltd. | 102000 | 51026 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 7800 | 42843 |
| SY Holdings Group Ltd.<sup>(2)</sup> | 19500 | 26466 |
| Tanwan, Inc.<sup>(1)</sup> | 13800 | 31184 |
| TCL Electronics Holdings Ltd. | 85000 | 133030 |
| Tiangong International Co. Ltd. | 180000 | 96905 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 62000 | 19795 |
| Tianneng Power International Ltd.<sup>(2)</sup> | 100000 | 95193 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 18000 | 10067 |
| Tongdao Liepin Group | 13800 | 5682 |
| Tongguan Gold Group Ltd. | 146000 | 72862 |
| Topsports International Holdings Ltd. | 149000 | 59761 |
| Towngas Smart Energy Co. Ltd.<sup>(1)(2)</sup> | 82756 | 41029 |
| TravelSky Technology Ltd., H Shares | 61000 | 83475 |
| Tuhu Car, Inc.<sup>(1)</sup> | 9900 | 18195 |
| Uni-President China Holdings Ltd. | 60000 | 59228 |
| Up Fintech Holding Ltd., ADR<sup>(1)</sup> | 17360 | 135755 |
| Viva Biotech Holdings<sup>(1)(2)</sup> | 166500 | 46531 |
| Wasion Holdings Ltd. | 22000 | 77972 |
| Weibo Corp., ADR<sup>(2)</sup> | 8912 | 88496 |
| Weilong Delicious Global Holdings Ltd.<sup>(2)</sup> | 81200 | 121324 |
| WellCell Holdings Co. Ltd.<sup>(1)(2)</sup> | 10400 | 15413 |
| West China Cement Ltd. | 162000 | 62421 |
| X Financial, ADR | 202 | 1006 |
| XD, Inc.<sup>(2)</sup> | 34600 | 325572 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)(2)</sup> | 15500 | 1463 |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 21000 | 27512 |
| Xinjiang Xinxin Mining Industry Co. Ltd., H Shares | 44000 | 16458 |
| Xinte Energy Co. Ltd., H Shares<sup>(1)</sup> | 32800 | 29875 |
| Xinyi Energy Holdings Ltd. | 364295 | 59006 |
| Xinyi Solar Holdings Ltd.<sup>(2)</sup> | 156065 | 68760 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 92000 | 2116 |
| Xtep International Holdings Ltd. | 108500 | 73762 |
| Xunlei Ltd., ADR<sup>(1)(2)</sup> | 2322 | 13282 |
| XXF Group Holdings Ltd.<sup>(1)(2)</sup> | 147500 | 22648 |
| Yadea Group Holdings Ltd. | 194000 | 282342 |
| Yatsen Holding Ltd., ADR<sup>(1)</sup> | 1388 | 6177 |
| Yeahka Ltd.<sup>(1)</sup> | 10400 | 10748 |
| Yidu Tech, Inc.<sup>(1)(2)</sup> | 87600 | 66512 |
| Yihai International Holding Ltd. | 34000 | 70762 |
| Yixin Group Ltd.<sup>(2)</sup> | 119500 | 42070 |
| Yuexiu Property Co. Ltd.<sup>(2)</sup> | 110000 | 64440 |
| Yuexiu Transport Infrastructure Ltd. | 62000 | 36414 |
| Zengame Technology Holding Ltd. | 4000 | 1210 |
| Zhejiang Expressway Co. Ltd., H Shares | 79800 | 69825 |
| Zhihu, Inc., ADR<sup>(1)</sup> | 1860 | 6175 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(1)</sup> | 141300 | 275940 |
| Zhongsheng Group Holdings Ltd. | 50000 | 66086 |
| Zhongyu Energy Holdings Ltd.<sup>(2)</sup> | 42000 | 13936 |
| Zhou Hei Ya International Holdings Co. Ltd. | 45500 | 9119 |

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------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 20000 | $102 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 6000 | 789 |
| Zylox-Tonbridge Medical Technology Co. Ltd. | 16500 | 45920 |
|  |  | 20008250 |
| **Colombia — 0.5%** |  |  |
| Cementos Argos SA | 40050 | 126384 |
| Grupo Argos SA | 53210 | 233999 |
| Grupo de Inversiones Suramericana SA | 1084 | 15659 |
| Mineros SA | 23192 | 123254 |
|  |  | 499296 |
| **Greece — 0.8%** |  |  |
| Aegean Airlines SA | 3233 | 52485 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)</sup> | 6195 | 76944 |
| Alter Ego Media SA | 715 | 4911 |
| GEK TERNA SA | 5396 | 229895 |
| HELLENiQ ENERGY Holdings SA | 8034 | 83888 |
| Holding Co. ADMIE IPTO SA | 12236 | 44161 |
| Intracom Holdings SA | 4346 | 16789 |
| LAMDA Development SA<sup>(1)</sup> | 5968 | 49320 |
| Optima bank SA<sup>(2)</sup> | 21010 | 242605 |
| Viohalco SA | 5428 | 101409 |
|  |  | 902407 |
| **Hong Kong — 0.1%** |  |  |
| Brii Biosciences Ltd.<sup>(1)</sup> | 3000 | 598 |
| HBM Holdings Ltd.<sup>(1)(2)</sup> | 45000 | 70023 |
| Impro Precision Industries Ltd. | 43000 | 47794 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 22000 | 450 |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(1)(2)</sup> | 1000 | 351 |
|  |  | 119216 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 47654 | 323144 |
| Opus Global Nyrt | 851 | 1447 |
|  |  | 324591 |
| **India — 14.0%** |  |  |
| 3M India Ltd. | 135 | 55676 |
| 63 Moons Technologies Ltd. | 1411 | 9388 |
| Aarti Drugs Ltd. | 2161 | 8736 |
| Aarti Industries Ltd. | 10413 | 51241 |
| Aarti Pharmalabs Ltd. | 3042 | 24247 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 2614 | 36979 |
| ACC Ltd. | 3183 | 55760 |
| Accelya Solutions India Ltd. | 61 | 804 |
| Acme Solar Holdings Ltd. | 5495 | 14272 |
| Action Construction Equipment Ltd. | 1430 | 13942 |
| ADF Foods Ltd. | 2174 | 4709 |
| Aditya Birla Fashion & Retail Ltd.<sup>(1)</sup> | 31412 | 23200 |
| Aditya Birla Real Estate Ltd. | 985 | 13989 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 2017 | 19840 |
| Advanced Enzyme Technologies Ltd. | 2530 | 8355 |
| Advent Hotels International Pvt Ltd.<sup>(1)</sup> | 960 | 2043 |
| Aegis Logistics Ltd. | 6326 | 47923 |
| Aeroflex Industries Ltd. | 1236 | 3200 |
| Aether Industries Ltd.<sup>(1)</sup> | 2054 | 21711 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Afcons Infrastructure Ltd. | 11727 | $37675 |
| AGI Greenpac Ltd. | 835 | 4918 |
| AGI Infra Ltd. | 2040 | 6857 |
| Ahluwalia Contracts India Ltd. | 1243 | 10585 |
| AIA Engineering Ltd. | 3132 | 132635 |
| Ajanta Pharma Ltd. | 2602 | 85759 |
| Ajmera Realty & Infra India Ltd. | 1560 | 2210 |
| Akzo Nobel India Ltd. | 268 | 8657 |
| Alembic Ltd. | 4513 | 4556 |
| Alembic Pharmaceuticals Ltd. | 3096 | 24251 |
| Alivus Life Sciences Ltd. | 1483 | 14912 |
| Alkyl Amines Chemicals | 991 | 16199 |
| Allcargo Global Ltd.<sup>(1)</sup> | 11737 | 2770 |
| Allcargo Logistics Ltd.<sup>(1)</sup> | 11737 | 1092 |
| Allied Digital Services Ltd. | 1514 | 1965 |
| Amara Raja Energy & Mobility Ltd. | 5446 | 50613 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 1320 | 115794 |
| Anand Rathi Wealth Ltd. | 2948 | 99686 |
| Anant Raj Ltd. | 8742 | 50999 |
| Andhra Paper Ltd. | 1165 | 882 |
| Angel One Ltd. | 6940 | 17827 |
| Antelopus Selan Energy Ltd.<sup>(1)</sup> | 379 | 2148 |
| Anup Engineering Ltd. | 419 | 7257 |
| Anupam Rasayan India Ltd. | 1500 | 20454 |
| Apar Industries Ltd. | 1023 | 125906 |
| Apeejay Surrendra Park Hotels Ltd. | 3626 | 5015 |
| Apollo Tyres Ltd. | 19775 | 98743 |
| Aptech Ltd. | 500 | 480 |
| Aptus Value Housing Finance India Ltd. | 16998 | 45645 |
| Archean Chemical Industries Ltd. | 3862 | 24494 |
| Arman Financial Services Ltd.<sup>(1)</sup> | 449 | 7743 |
| Artemis Medicare Services Ltd. | 812 | 2144 |
| Arvind Fashions Ltd. | 4562 | 22197 |
| Arvind Ltd. | 9183 | 35600 |
| Asahi India Glass Ltd. | 4987 | 49416 |
| Ashapura Minechem Ltd. | 3587 | 20860 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 3417 | 4899 |
| ASK Automotive Ltd. | 2917 | 13342 |
| Associated Alcohols & Breweries Ltd. | 676 | 6009 |
| Aster DM Healthcare Ltd. | 5612 | 40435 |
| Astral Ltd. | 3282 | 60233 |
| AstraZeneca Pharma India Ltd. | 291 | 28408 |
| Atul Auto Ltd.<sup>(1)</sup> | 225 | 1226 |
| Atul Ltd. | 863 | 63286 |
| AurionPro Solutions Ltd. | 1151 | 11271 |
| Avadh Sugar & Energy Ltd. | 218 | 895 |
| Avantel Ltd. | 8211 | 12961 |
| Avanti Feeds Ltd. | 3248 | 46096 |
| AvenuesAI Ltd.<sup>(1)</sup> | 71225 | 13033 |
| AWL Agri Business Ltd.<sup>(1)</sup> | 24588 | 51166 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 4347 | 18889 |
| Bajaj Healthcare Ltd. | 862 | 3127 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 29134 | 5181 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Balaji Amines Ltd. | 644 | $7693 |
| Balmer Lawrie & Co. Ltd. | 2024 | 4041 |
| Balrampur Chini Mills Ltd. | 8332 | 43160 |
| Balu Forge Industries Ltd. | 1356 | 7257 |
| Banco Products India Ltd. | 2984 | 20469 |
| Bandhan Bank Ltd. | 22268 | 44590 |
| BASF India Ltd. | 670 | 25448 |
| Bata India Ltd. | 2778 | 24104 |
| Belrise Industries Ltd. | 4401 | 9101 |
| BEML Ltd. | 2314 | 42795 |
| Bhansali Engineering Polymers Ltd. | 4528 | 4054 |
| Bharat Bijlee Ltd. | 143 | 3852 |
| Bharat Rasayan Ltd. | 112 | 1861 |
| Bharat Wire Ropes Ltd.<sup>(1)</sup> | 677 | 1328 |
| Bikaji Foods International Ltd. | 3880 | 27250 |
| Birla Corp. Ltd. | 1816 | 19965 |
| Birlasoft Ltd. | 8384 | 36027 |
| BL Kashyap & Sons Ltd.<sup>(1)</sup> | 2006 | 1141 |
| Black Box Ltd. | 1665 | 9803 |
| Bliss Gvs Pharma Ltd. | 5011 | 11685 |
| BLS International Services Ltd. | 4869 | 14953 |
| Blue Dart Express Ltd. | 260 | 16246 |
| Blue Jet Healthcare Ltd. | 1149 | 5137 |
| Blue Star Ltd. | 4268 | 90964 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 1534 | 861 |
| Bodal Chemicals Ltd.<sup>(1)</sup> | 1303 | 672 |
| Bombay Burmah Trading Co. | 1277 | 23802 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 5082 | 6346 |
| Brigade Enterprises Ltd. | 8007 | 61114 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 7157 | 11626 |
| Campus Activewear Ltd. | 5167 | 14755 |
| Can Fin Homes Ltd. | 6024 | 55943 |
| Cantabil Retail India Ltd. | 1513 | 4430 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 2168 | 5793 |
| Caplin Point Laboratories Ltd. | 1059 | 19859 |
| Capri Global Capital Ltd. | 7212 | 12671 |
| Carborundum Universal Ltd. | 4505 | 40852 |
| Care Ratings Ltd. | 1525 | 27005 |
| Cartrade Tech Ltd.<sup>(1)</sup> | 2135 | 42283 |
| Castrol India Ltd. | 25123 | 51635 |
| CE Info Systems Ltd. | 867 | 9852 |
| Ceat Ltd. | 1482 | 57550 |
| Cemindia Projects Ltd. | 4124 | 26146 |
| Central Depository Services India Ltd. | 6599 | 92448 |
| Centrum Capital Ltd.<sup>(1)</sup> | 5500 | 1500 |
| Century Plyboards India Ltd. | 2357 | 19063 |
| Cera Sanitaryware Ltd. | 259 | 13928 |
| CESC Ltd. | 30874 | 53709 |
| Chalet Hotels Ltd. | 4818 | 42813 |
| Chambal Fertilisers & Chemicals Ltd. | 5646 | 28686 |
| Chemplast Sanmar Ltd.<sup>(1)</sup> | 2207 | 5978 |
| Chennai Petroleum Corp. Ltd. | 3259 | 34477 |
| Cholamandalam Financial Holdings Ltd. | 5627 | 101177 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CIE Automotive India Ltd. | 7347 | $38147 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 662 | 8577 |
| City Union Bank Ltd. | 21463 | 66809 |
| Clean Science & Technology Ltd. | 1474 | 11925 |
| CMS Info Systems Ltd. | 9733 | 32496 |
| Coffee Day Enterprises Ltd.<sup>(1)</sup> | 3833 | 1278 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 5184 | 17662 |
| Computer Age Management Services Ltd. | 22560 | 168346 |
| Concord Biotech Ltd. | 831 | 11175 |
| Container Corp. of India Ltd. | 7600 | 41448 |
| Cosmo First Ltd. | 934 | 7301 |
| Craftsman Automation Ltd. | 609 | 50418 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 3977 | 55387 |
| CRISIL Ltd. | 843 | 40565 |
| Crompton Greaves Consumer Electricals Ltd. | 41095 | 116668 |
| CSB Bank Ltd.<sup>(1)</sup> | 2768 | 12096 |
| Cyient Ltd. | 4338 | 43737 |
| Dalmia Bharat Refractories Ltd.<sup>(1)</sup> | 11 | 1 |
| Dalmia Bharat Sugar & Industries Ltd. | 541 | 1797 |
| DAM Capital Advisors Ltd. | 1168 | 1932 |
| Datamatics Global Services Ltd. | 1089 | 9243 |
| DCB Bank Ltd. | 11980 | 24478 |
| DCM Shriram Fine Chemicals Ltd.<sup>(1)</sup> | 793 | 278 |
| DCM Shriram Industries Ltd. | 793 | 317 |
| DCM Shriram International Ltd.<sup>(1)</sup> | 793 | 555 |
| DCM Shriram Ltd. | 1533 | 17476 |
| DCW Ltd. | 6185 | 3234 |
| Dcx Systems Ltd.<sup>(1)</sup> | 2409 | 4708 |
| Deccan Cements Ltd. | 340 | 2762 |
| Deep Industries Ltd. | 1730 | 6605 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4818 | 52811 |
| Deepak Nitrite Ltd. | 2815 | 48893 |
| Delhivery Ltd.<sup>(1)</sup> | 31009 | 147860 |
| Delta Corp. Ltd. | 1119 | 754 |
| Devyani International Ltd.<sup>(1)</sup> | 22351 | 31354 |
| Dhampur Sugar Mills Ltd.<sup>(1)</sup> | 614 | 855 |
| Dhanuka Agritech Ltd. | 828 | 9250 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 1534 | 1661 |
| Dilip Buildcon Ltd. | 1244 | 5692 |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 2818 | 5424 |
| D-Link India Ltd. | 867 | 4033 |
| Dodla Dairy Ltd. | 1623 | 20862 |
| Dolat Algotech Ltd. | 1569 | 1295 |
| Dollar Industries Ltd. | 373 | 1204 |
| Dr. Lal PathLabs Ltd. | 4444 | 68600 |
| Dreamfolks Services Ltd.<sup>(1)</sup> | 363 | 327 |
| Dredging Corp. of India Ltd.<sup>(1)</sup> | 175 | 1831 |
| Dwarikesh Sugar Industries Ltd. | 1622 | 665 |
| E2E Networks Ltd.<sup>(1)</sup> | 303 | 8609 |
| eClerx Services Ltd. | 1445 | 50473 |
| Edelweiss Financial Services Ltd. | 32541 | 40951 |
| EID Parry India Ltd.<sup>(1)</sup> | 7085 | 67467 |
| Elecon Engineering Co. Ltd. | 3906 | 17892 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Electronics Mart India Ltd.<sup>(1)</sup> | 5192 | $5770 |
| Electrosteel Castings Ltd. | 10342 | 7867 |
| Elgi Equipments Ltd. | 9446 | 55599 |
| Emami Ltd. | 12238 | 62290 |
| Embassy Developments Ltd.<sup>(1)</sup> | 46984 | 31233 |
| Endurance Technologies Ltd. | 1634 | 47911 |
| Engineers India Ltd. | 20873 | 50916 |
| Epack Durable Ltd.<sup>(1)</sup> | 639 | 1743 |
| Epigral Ltd. | 721 | 7069 |
| EPL Ltd. | 8407 | 20108 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 32728 | 23175 |
| Eris Lifesciences Ltd.<sup>(1)</sup> | 2738 | 41031 |
| Ester Industries Ltd. | 967 | 1125 |
| Eureka Forbes Ltd.<sup>(1)</sup> | 4530 | 23694 |
| Eveready Industries India Ltd. | 1324 | 4830 |
| Everest Kanto Cylinder Ltd. | 896 | 1106 |
| Excel Industries Ltd. | 204 | 2138 |
| Exide Industries Ltd. | 25686 | 94482 |
| FCS Software Solutions Ltd.<sup>(1)</sup> | 23160 | 403 |
| FDC Ltd. | 2700 | 10605 |
| Fedbank Financial Services Ltd.<sup>(1)</sup> | 6354 | 9144 |
| Federal-Mogul Goetze India Ltd.<sup>(1)</sup> | 854 | 3822 |
| FIEM Industries Ltd. | 980 | 23501 |
| Filatex India Ltd. | 5605 | 2678 |
| Fine Organic Industries Ltd. | 439 | 22732 |
| Fineotex Chemical Ltd. | 13310 | 3456 |
| Fino Payments Bank Ltd.<sup>(1)</sup> | 1117 | 2365 |
| Finolex Cables Ltd. | 2883 | 28951 |
| Finolex Industries Ltd. | 15214 | 30994 |
| Firstsource Solutions Ltd. | 6606 | 15513 |
| Five-Star Business Finance Ltd. | 11719 | 53798 |
| Foods & Inns Ltd. | 614 | 394 |
| Force Motors Ltd. | 247 | 66206 |
| Fusion Finance Ltd.<sup>(1)</sup> | 2430 | 5041 |
| G R Infraprojects Ltd. | 606 | 6361 |
| Gabriel India Ltd. | 4440 | 48792 |
| Galaxy Surfactants Ltd. | 232 | 5018 |
| Ganesh Benzoplast Ltd.<sup>(1)</sup> | 1241 | 1127 |
| Ganesh Housing Ltd. | 816 | 6033 |
| Ganesha Ecosphere Ltd. | 491 | 4168 |
| Garden Reach Shipbuilders & Engineers Ltd. | 629 | 16828 |
| Garware Hi-Tech Films Ltd. | 458 | 21381 |
| Garware Technical Fibres Ltd. | 2374 | 16790 |
| Gateway Distriparks Ltd. | 15461 | 10005 |
| Geojit Financial Services Ltd. | 1923 | 1336 |
| GHCL Ltd. | 3187 | 16778 |
| Gillette India Ltd. | 341 | 31287 |
| Gland Pharma Ltd. | 1799 | 36139 |
| Global Health Ltd. | 4749 | 59455 |
| Globus Spirits Ltd. | 900 | 8857 |
| GM Breweries Ltd. | 180 | 1972 |
| GMM Pfaudler Ltd. | 1292 | 13254 |
| Godawari Power & Ispat Ltd. | 13747 | 40267 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Godrej Agrovet Ltd. | 2652 | $18687 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 3519 | 24902 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 3176 | 5927 |
| Goldiam International Ltd. | 2149 | 8334 |
| Goodluck India Ltd. | 783 | 10136 |
| Granules India Ltd. | 9290 | 59667 |
| Graphite India Ltd. | 3025 | 23894 |
| Great Eastern Shipping Co. Ltd. | 5491 | 80849 |
| Greaves Cotton Ltd. | 2225 | 3743 |
| Greenpanel Industries Ltd.<sup>(1)</sup> | 1899 | 4306 |
| Grindwell Norton Ltd. | 1920 | 35097 |
| GRM Overseas Ltd.<sup>(1)</sup> | 3912 | 6911 |
| Gujarat Alkalies & Chemicals Ltd. | 458 | 2407 |
| Gujarat Ambuja Exports Ltd. | 11016 | 17088 |
| Gujarat Industries Power Co. Ltd. | 3248 | 5049 |
| Gujarat Mineral Development Corp. Ltd. | 4495 | 28167 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4605 | 23097 |
| Gujarat Pipavav Port Ltd. | 15140 | 29429 |
| Gujarat State Fertilizers & Chemicals Ltd. | 12590 | 23430 |
| Gujarat State Petronet Ltd. | 17723 | 59384 |
| Gulf Oil Lubricants India Ltd. | 882 | 10716 |
| Happiest Minds Technologies Ltd. | 3369 | 13347 |
| Happy Forgings Ltd. | 137 | 2011 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 25866 | 3054 |
| HBL Engineering Ltd. | 7506 | 56564 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 2407 | 15231 |
| HEG Ltd. | 4678 | 29706 |
| HeidelbergCement India Ltd. | 2149 | 3867 |
| Heritage Foods Ltd. | 2475 | 8673 |
| HFCL Ltd. | 51266 | 38652 |
| HG Infra Engineering Ltd. | 983 | 5853 |
| Hikal Ltd. | 1877 | 4065 |
| Himatsingka Seide Ltd. | 3780 | 4163 |
| Hindustan Copper Ltd. | 16472 | 102692 |
| Hindustan Foods Ltd.<sup>(1)</sup> | 759 | 4067 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 4988 | 7189 |
| Hi-Tech Gears Ltd. | 215 | 1524 |
| HI-Tech Pipes Ltd. | 9731 | 9437 |
| HLV Ltd.<sup>(1)</sup> | 8296 | 727 |
| Home First Finance Co. India Ltd. | 4474 | 53335 |
| Honasa Consumer Ltd.<sup>(1)</sup> | 8254 | 27542 |
| HPL Electric & Power Ltd. | 1239 | 4647 |
| Hubtown Ltd.<sup>(1)</sup> | 3681 | 8687 |
| IFCI Ltd.<sup>(1)</sup> | 38935 | 25730 |
| IIFL Capital Services Ltd. | 7173 | 22798 |
| IIFL Finance Ltd. | 26327 | 143838 |
| Imagicaaworld Entertainment Ltd.<sup>(1)</sup> | 3532 | 1667 |
| Indegene Ltd. | 4207 | 22993 |
| India Cements Ltd.<sup>(1)</sup> | 6059 | 26994 |
| India Glycols Ltd. | 1612 | 17059 |
| India Pesticides Ltd. | 527 | 914 |
| India Shelter Finance Corp. Ltd. | 2276 | 18367 |
| Indiabulls Ltd.<sup>(1)</sup> | 28762 | 3311 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IndiaMart InterMesh Ltd. | 1510 | $35477 |
| Indian Energy Exchange Ltd. | 26048 | 36015 |
| Indian Metals & Ferro Alloys Ltd. | 706 | 9834 |
| Indigo Paints Ltd. | 1620 | 16706 |
| IndiGrid Infrastructure Trust | 43622 | 79748 |
| Indo Count Industries Ltd. | 3825 | 11226 |
| Indo Tech Transformers Ltd.<sup>(1)</sup> | 170 | 2954 |
| IndoStar Capital Finance Ltd.<sup>(1)</sup> | 1793 | 4424 |
| Indraprastha Gas Ltd. | 35071 | 65948 |
| Indraprastha Medical Corp. Ltd. | 2325 | 10314 |
| Ingersoll Rand India Ltd. | 240 | 10580 |
| Inox Green Energy Services Ltd.<sup>(1)</sup> | 5904 | 10991 |
| INOX India Ltd. | 1213 | 15524 |
| Insecticides India Ltd. | 261 | 1784 |
| Intellect Design Arena Ltd. | 6672 | 51288 |
| IOL Chemicals & Pharmaceuticals Ltd. | 7545 | 6078 |
| ION Exchange India Ltd. | 3433 | 13761 |
| Ipca Laboratories Ltd. | 8924 | 150214 |
| IRB Infrastructure Developers Ltd. | 113174 | 51940 |
| IRCON International Ltd. | 18257 | 28896 |
| ISGEC Heavy Engineering Ltd. | 730 | 7131 |
| ITC Hotels Ltd.<sup>(1)</sup> | 34249 | 66377 |
| J Kumar Infraprojects Ltd. | 1830 | 10635 |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 10265 | 7797 |
| Jai Corp. Ltd. | 936 | 1140 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 13970 | 5403 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 179435 | 30084 |
| Jammu & Kashmir Bank Ltd. | 26066 | 34808 |
| Jamna Auto Industries Ltd. | 6494 | 10539 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 3258 | 13287 |
| Jash Engineering Ltd. | 1690 | 7439 |
| JB Chemicals & Pharmaceuticals Ltd. | 5761 | 129965 |
| JBM Auto Ltd. | 2195 | 13325 |
| JG Chemicals Ltd. | 530 | 2112 |
| Jindal Drilling & Industries Ltd. | 924 | 4527 |
| Jindal Poly Films Ltd. | 362 | 2455 |
| Jindal Saw Ltd. | 11932 | 24349 |
| Jindal Worldwide Ltd.<sup>(1)</sup> | 5494 | 1492 |
| JK Lakshmi Cement Ltd. | 3813 | 29963 |
| JK Paper Ltd. | 3944 | 15711 |
| JK Tyre & Industries Ltd. | 9384 | 51753 |
| JM Financial Ltd. | 26467 | 37190 |
| JTL Industries Ltd. | 5295 | 3705 |
| Jubilant Foodworks Ltd. | 25132 | 143735 |
| Jubilant Ingrevia Ltd. | 4478 | 28858 |
| Jubilant Pharmova Ltd. | 4688 | 44674 |
| Juniper Hotels Ltd.<sup>(1)</sup> | 1091 | 2623 |
| Jupiter Life Line Hospitals Ltd. | 600 | 8335 |
| Jupiter Wagons Ltd. | 5808 | 17062 |
| Just Dial Ltd.<sup>(1)</sup> | 1164 | 7036 |
| Jyothy Labs Ltd. | 7105 | 19849 |
| Jyoti Structures Ltd.<sup>(1)</sup> | 23061 | 3186 |
| Kajaria Ceramics Ltd. | 5884 | 61948 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kalpataru Projects International Ltd. | 6072 | $82837 |
| Kalyani Steels Ltd. | 881 | 7263 |
| Kamdhenu Ltd. | 3390 | 856 |
| Karnataka Bank Ltd. | 14437 | 32221 |
| Karur Vysya Bank Ltd. | 36671 | 131564 |
| Kaveri Seed Co. Ltd. | 1427 | 12139 |
| KCP Ltd. | 3234 | 5634 |
| KDDL Ltd. | 299 | 8012 |
| KEC International Ltd. | 7541 | 48470 |
| Kellton Tech Solutions Ltd.<sup>(1)</sup> | 6435 | 1361 |
| Kernex Microsystems India Ltd.<sup>(1)</sup> | 582 | 6919 |
| Kfin Technologies Ltd. | 6503 | 68505 |
| Kiri Industries Ltd.<sup>(1)</sup> | 2028 | 10117 |
| Kirloskar Brothers Ltd. | 1174 | 20453 |
| Kirloskar Ferrous Industries Ltd. | 2031 | 8877 |
| Kirloskar Oil Engines Ltd. | 5400 | 82768 |
| Kirloskar Pneumatic Co. Ltd. | 2268 | 29014 |
| Kitex Garments Ltd. | 1581 | 3190 |
| Knowledge Marine & Engineering Works Ltd.<sup>(1)</sup> | 710 | 12466 |
| KNR Constructions Ltd. | 3282 | 4784 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 551 | 2149 |
| Kopran Ltd. | 671 | 975 |
| KPI Green Energy Ltd. | 4352 | 18507 |
| KPIT Technologies Ltd. | 7147 | 60745 |
| KPR Mill Ltd. | 5328 | 52752 |
| KRBL Ltd. | 3751 | 14026 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 11815 | 96968 |
| Krsnaa Diagnostics Ltd. | 691 | 4821 |
| LA Opala RG Ltd. | 827 | 1877 |
| Laxmi Organic Industries Ltd. | 3209 | 4451 |
| Lemon Tree Hotels Ltd.<sup>(1)</sup> | 29369 | 36753 |
| LG Balakrishnan & Bros Ltd. | 1204 | 25788 |
| LIC Housing Finance Ltd. | 20149 | 119256 |
| Likhitha Infrastructure Ltd.<sup>(1)</sup> | 504 | 831 |
| Lincoln Pharmaceuticals Ltd. | 377 | 2617 |
| LMW Ltd. | 182 | 29553 |
| LT Foods Ltd. | 8875 | 39351 |
| Lumax Auto Technologies Ltd. | 1910 | 36929 |
| Lumax Industries Ltd. | 159 | 10574 |
| LUX Industries Ltd. | 112 | 1111 |
| Mahanagar Gas Ltd. | 2899 | 38907 |
| Maharashtra Scooters Ltd. | 181 | 26404 |
| Maharashtra Seamless Ltd. | 2169 | 13397 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 2024 | 6330 |
| Mahindra Logistics Ltd. | 837 | 3813 |
| Maithan Alloys Ltd. | 453 | 5001 |
| Man Industries India Ltd.<sup>(1)</sup> | 777 | 3950 |
| Man Infraconstruction Ltd. | 5301 | 6197 |
| Manali Petrochemicals Ltd. | 1877 | 1144 |
| Manappuram Finance Ltd. | 33481 | 104163 |
| Mangalam Cement Ltd. | 1278 | 12802 |
| Marksans Pharma Ltd. | 11289 | 21688 |
| MAS Financial Services Ltd. | 1269 | 4530 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mayur Uniquoters Ltd. | 478 | $2797 |
| Medi Assist Healthcare Services Ltd.<sup>(1)</sup> | 2981 | 12160 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 4528 | 42223 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 7778 | 4517 |
| Metropolis Healthcare Ltd. | 1580 | 33193 |
| Minda Corp. Ltd. | 4257 | 26034 |
| Mishra Dhatu Nigam Ltd. | 3006 | 11469 |
| MM Forgings Ltd. | 564 | 2848 |
| MMTC Ltd.<sup>(1)</sup> | 2796 | 1902 |
| MOIL Ltd. | 3859 | 13051 |
| Mold-Tek Packaging Ltd. | 705 | 4472 |
| Morepen Laboratories Ltd. | 17326 | 8345 |
| Motherson Sumi Wiring India Ltd. | 187400 | 89158 |
| MPS Ltd. | 402 | 6653 |
| Mrs Bectors Food Specialities Ltd. | 9505 | 21814 |
| MSP Steel & Power Ltd.<sup>(1)</sup> | 7229 | 2531 |
| Muthoot Microfin Ltd.<sup>(1)</sup> | 1664 | 3090 |
| Narayana Hrudayalaya Ltd. | 4656 | 93677 |
| Natco Pharma Ltd. | 5230 | 56895 |
| National Fertilizers Ltd. | 4510 | 3839 |
| Nava Ltd. | 10624 | 69572 |
| Navin Fluorine International Ltd. | 811 | 55861 |
| Nazara Technologies Ltd.<sup>(1)</sup> | 4064 | 11840 |
| NBCC India Ltd. | 41780 | 42586 |
| NCC Ltd. | 22051 | 37084 |
| NDR Auto Components Ltd. | 389 | 3228 |
| Nectar Lifesciences Ltd.<sup>(1)</sup> | 2214 | 297 |
| NELCO Ltd. | 721 | 4932 |
| NESCO Ltd. | 1296 | 16020 |
| Netweb Technologies India Ltd. | 489 | 20780 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 32502 | 11921 |
| Neuland Laboratories Ltd. | 491 | 69357 |
| Newgen Software Technologies Ltd. | 3491 | 19548 |
| NIIT Learning Systems Ltd. | 2891 | 10727 |
| NIIT Ltd. | 1763 | 1389 |
| NLC India Ltd. | 23269 | 66610 |
| NMDC Steel Ltd.<sup>(1)</sup> | 16844 | 7518 |
| NOCIL Ltd. | 2999 | 4766 |
| Northern Arc Capital Ltd.<sup>(1)</sup> | 4581 | 12711 |
| Nuvama Wealth Management Ltd. | 1240 | 16981 |
| Nuvoco Vistas Corp. Ltd.<sup>(1)</sup> | 5737 | 20692 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 1049 | 15530 |
| OnMobile Global Ltd.<sup>(1)</sup> | 1009 | 565 |
| Orient Cement Ltd. | 1493 | 2531 |
| Orient Electric Ltd. | 3669 | 7472 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 24687 | 2684 |
| Orient Paper & Industries Ltd.<sup>(1)</sup> | 2555 | 526 |
| Oriental Hotels Ltd. | 1543 | 1725 |
| Page Industries Ltd. | 221 | 78087 |
| Paisalo Digital Ltd. | 21963 | 8605 |
| Pakka Ltd.<sup>(1)</sup> | 870 | 864 |
| Panacea Biotec Ltd.<sup>(1)</sup> | 731 | 2661 |
| Panama Petrochem Ltd. | 688 | 2131 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Paradeep Phosphates Ltd. | 35322 | $47309 |
| Parag Milk Foods Ltd. | 4303 | 9590 |
| Paramount Communications Ltd.<sup>(1)</sup> | 2276 | 874 |
| Patel Engineering Ltd.<sup>(1)</sup> | 23854 | 7239 |
| PC Jeweller Ltd.<sup>(1)</sup> | 80399 | 8783 |
| PCBL Chemical Ltd. | 5390 | 18363 |
| Pearl Global Industries Ltd. | 901 | 15319 |
| Pennar Industries Ltd.<sup>(1)</sup> | 4290 | 7058 |
| Piramal Pharma Ltd. | 35245 | 60579 |
| Pitti Engineering Ltd. | 354 | 3549 |
| PIX Transmissions Ltd. | 257 | 4105 |
| PNB Gilts Ltd. | 1887 | 1660 |
| PNB Housing Finance Ltd. | 20298 | 184290 |
| PNC Infratech Ltd. | 4791 | 10894 |
| Pokarna Ltd. | 506 | 5073 |
| Poly Medicure Ltd. | 1482 | 20491 |
| Polyplex Corp. Ltd. | 796 | 7426 |
| Pondy Oxides & Chemicals Ltd. | 866 | 10934 |
| Poonawalla Fincorp Ltd.<sup>(1)</sup> | 5051 | 25274 |
| Power Mech Projects Ltd. | 579 | 13271 |
| Praj Industries Ltd. | 4138 | 14477 |
| Prakash Industries Ltd. | 4574 | 6602 |
| Prataap Snacks Ltd. | 506 | 5992 |
| Premier Explosives Ltd. | 1708 | 10096 |
| Pricol Ltd. | 3503 | 23232 |
| Prince Pipes & Fittings Ltd. | 1157 | 3215 |
| Prism Johnson Ltd.<sup>(1)</sup> | 2745 | 3794 |
| Privi Speciality Chemicals Ltd. | 509 | 17041 |
| Procter & Gamble Health Ltd. | 465 | 25067 |
| Protean eGov Technologies Ltd. | 731 | 4748 |
| Prudent Corporate Advisory Services Ltd. | 929 | 24016 |
| PSP Projects Ltd.<sup>(1)</sup> | 828 | 6593 |
| PTC India Ltd. | 13848 | 25355 |
| Puravankara Ltd.<sup>(1)</sup> | 1562 | 3409 |
| PVR Inox Ltd.<sup>(1)</sup> | 4125 | 46390 |
| Quess Corp. Ltd. | 1534 | 3302 |
| Quick Heal Technologies Ltd.<sup>(1)</sup> | 470 | 863 |
| R Systems International Ltd. | 1819 | 5781 |
| Railtel Corp. of India Ltd. | 5603 | 19350 |
| Rain Industries Ltd. | 7247 | 11852 |
| Rainbow Children's Medicare Ltd. | 3182 | 41696 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 4249 | 6734 |
| Rajratan Global Wire Ltd. | 1469 | 6738 |
| Rallis India Ltd. | 5797 | 17654 |
| Ram Ratna Wires Ltd. | 782 | 2759 |
| Rama Steel Tubes Ltd.<sup>(1)</sup> | 41114 | 3216 |
| Ramco Cements Ltd. | 2454 | 30469 |
| Ramkrishna Forgings Ltd. | 3917 | 23786 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 507 | 2546 |
| Rashtriya Chemicals & Fertilizers Ltd. | 6659 | 9298 |
| RattanIndia Power Ltd.<sup>(1)</sup> | 148916 | 13613 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 924 | 8955 |
| Raymond Ltd.<sup>(1)</sup> | 1155 | 5099 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Raymond Realty Ltd.<sup>(1)</sup> | 1155 | $5344 |
| RBL Bank Ltd. | 46940 | 165219 |
| Redington Ltd. | 60885 | 187984 |
| Redtape Ltd. | 3568 | 4611 |
| Refex Industries Ltd. | 1353 | 3286 |
| Relaxo Footwears Ltd. | 2127 | 8152 |
| Reliance Industrial Infrastructure Ltd. | 650 | 5031 |
| Reliance Infrastructure Ltd.<sup>(1)</sup> | 15134 | 15060 |
| Reliance Power Ltd.<sup>(1)</sup> | 172962 | 45719 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 4703 | 10953 |
| Repco Home Finance Ltd. | 2185 | 9157 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 26092 | 18246 |
| Rhi Magnesita India Ltd. | 3495 | 16715 |
| Rico Auto Industries Ltd. | 1835 | 2673 |
| RITES Ltd. | 6666 | 15699 |
| Rossari Biotech Ltd. | 1042 | 5693 |
| Roto Pumps Ltd. | 1242 | 780 |
| Route Mobile Ltd. | 445 | 2492 |
| RPG Life Sciences Ltd. | 266 | 5487 |
| RR Kabel Ltd. | 1858 | 31971 |
| Rupa & Co. Ltd. | 419 | 638 |
| Saksoft Ltd. | 1704 | 2664 |
| Salzer Electronics Ltd. | 381 | 2759 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 8319 | 14853 |
| Sammaan Capital Ltd.<sup>(1)</sup> | 32887 | 54268 |
| Sandhar Technologies Ltd. | 522 | 2913 |
| Sandur Manganese & Iron Ores Ltd. | 5871 | 13981 |
| Sanghi Industries Ltd.<sup>(1)</sup> | 1482 | 972 |
| Sanghvi Movers Ltd. | 1386 | 3984 |
| Sanofi Consumer Healthcare India Ltd. | 68 | 3360 |
| Sanofi India Ltd. | 443 | 19334 |
| Sansera Engineering Ltd. | 2502 | 64514 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 13397 | 30135 |
| Sarda Energy & Minerals Ltd. | 5572 | 33812 |
| Satia Industries Ltd. | 661 | 481 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 1324 | 2250 |
| Savita Oil Technologies Ltd. | 484 | 2016 |
| SBFC Finance Ltd.<sup>(1)</sup> | 23214 | 23785 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 2263 | 22570 |
| SEPC Ltd.<sup>(1)</sup> | 6775 | 557 |
| SH Kelkar & Co. Ltd. | 2723 | 4436 |
| Shaily Engineering Plastics Ltd. | 997 | 21460 |
| Shalby Ltd.<sup>(1)</sup> | 515 | 876 |
| Shalimar Paints Ltd.<sup>(1)</sup> | 1215 | 739 |
| Shankara Building Products Ltd. | 613 | 727 |
| Shankara Buildpro Ltd.<sup>(1)</sup> | 613 | 6529 |
| Sharda Cropchem Ltd. | 1519 | 19964 |
| Sharda Motor Industries Ltd. | 1032 | 10583 |
| Share India Securities Ltd. | 2494 | 3604 |
| Sheela Foam Ltd.<sup>(1)</sup> | 1620 | 9769 |
| Shilpa Medicare Ltd. | 5076 | 18835 |
| Shipping Corp. of India Ltd. | 6114 | 17705 |
| Shivalik Bimetal Controls Ltd. | 866 | 4274 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shivalik Rasayan Ltd. | 318 | $1009 |
| Shriram Pistons & Rings Ltd. | 822 | 28180 |
| Shriram Properties Ltd.<sup>(1)</sup> | 5439 | 4753 |
| Shyam Metalics & Energy Ltd. | 3565 | 33769 |
| Sigachi Industries Ltd. | 5297 | 1178 |
| Sindhu Trade Links Ltd.<sup>(1)</sup> | 12323 | 3407 |
| Sirca Paints India Ltd. | 984 | 4953 |
| SJS Enterprises Ltd. | 1319 | 25588 |
| SJVN Ltd. | 30863 | 24798 |
| Skipper Ltd. | 587 | 2369 |
| SMS Pharmaceuticals Ltd. | 819 | 3483 |
| Snowman Logistics Ltd. | 1961 | 851 |
| Sobha Ltd. | 2878 | 44208 |
| Solara Active Pharma Sciences Ltd.<sup>(1)</sup> | 760 | 3866 |
| Som Distilleries & Breweries Ltd.<sup>(1)</sup> | 8249 | 7299 |
| Somany Ceramics Ltd. | 386 | 1744 |
| Sona Blw Precision Forgings Ltd. | 29465 | 173582 |
| Sonata Software Ltd. | 5261 | 15528 |
| South Indian Bank Ltd. | 74245 | 33612 |
| Southern Petrochemical Industries Corp. Ltd. | 5821 | 4457 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 486 | 1354 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 118 | 165 |
| Star Cement Ltd. | 5261 | 12413 |
| Star Health & Allied Insurance Co. Ltd.<sup>(1)</sup> | 14130 | 72354 |
| Steel Strips Wheels Ltd. | 2693 | 6371 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 16139 | 28264 |
| STL Networks Ltd.<sup>(1)</sup> | 13510 | 3070 |
| Stove Kraft Ltd. | 54 | 290 |
| Strides Pharma Science Ltd. | 2992 | 28086 |
| Stylam Industries Ltd.<sup>(1)</sup> | 614 | 15067 |
| Subros Ltd. | 1139 | 9934 |
| Sudarshan Chemical Industries Ltd. | 2608 | 25172 |
| Sula Vineyards Ltd. | 1549 | 2917 |
| Sundram Fasteners Ltd. | 6822 | 65573 |
| Sundrop Brands Ltd.<sup>(1)</sup> | 157 | 1115 |
| Sunflag Iron & Steel Co. Ltd. | 1837 | 4975 |
| Sunteck Realty Ltd. | 2987 | 13187 |
| Suprajit Engineering Ltd. | 3528 | 16939 |
| Supreme Petrochem Ltd. | 2011 | 15859 |
| Supriya Lifescience Ltd. | 1168 | 8414 |
| Surya Roshni Ltd. | 4193 | 10328 |
| Swan Corp. Ltd. | 4941 | 20797 |
| Swaraj Engines Ltd. | 300 | 11872 |
| Swelect Energy Systems Ltd. | 195 | 1109 |
| Symphony Ltd. | 942 | 8213 |
| Syngene International Ltd. | 12123 | 56353 |
| TAJGVK Hotels & Resorts Ltd. | 483 | 1901 |
| Talbros Automotive Components Ltd. | 756 | 2160 |
| Tamil Nadu Newsprint & Papers Ltd. | 904 | 1361 |
| Tamilnad Mercantile Bank Ltd. | 8121 | 59756 |
| Tamilnadu Petroproducts Ltd. | 2804 | 2905 |
| Tanla Platforms Ltd. | 3658 | 18317 |
| TARC Ltd.<sup>(1)</sup> | 3059 | 4933 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tasty Bite Eatables Ltd. | 18 | $1425 |
| Tata Chemicals Ltd. | 6027 | 47585 |
| Tata Elxsi Ltd. | 1753 | 87168 |
| Tata Investment Corp. Ltd. | 8662 | 62704 |
| Tata Technologies Ltd. | 9287 | 59913 |
| Tatva Chintan Pharma Chem Pvt Ltd. | 472 | 6361 |
| Tbo Tek Ltd.<sup>(1)</sup> | 2695 | 36363 |
| TCI Express Ltd. | 183 | 1098 |
| TCPL Packaging Ltd. | 221 | 6467 |
| TD Power Systems Ltd. | 4741 | 47130 |
| TeamLease Services Ltd.<sup>(1)</sup> | 304 | 4079 |
| Techno Electric & Engineering Co. Ltd. | 3257 | 42107 |
| Tega Industries Ltd. | 875 | 17483 |
| Tejas Networks Ltd. | 2404 | 11531 |
| Texmaco Infrastructure & Holdings Ltd. | 1238 | 1283 |
| Texmaco Rail & Engineering Ltd. | 10886 | 12546 |
| Thanga Mayil Jewellery Ltd. | 574 | 25008 |
| Thermax Ltd. | 387 | 13274 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 2565 | 5397 |
| Thomas Cook India Ltd. | 9417 | 10675 |
| Thyrocare Technologies Ltd. | 3486 | 15134 |
| Tilaknagar Industries Ltd. | 7930 | 39610 |
| Time Technoplast Ltd. | 11626 | 23482 |
| Timken India Ltd. | 1599 | 61047 |
| Tips Music Ltd. | 2152 | 12729 |
| Titagarh Rail System Ltd. | 4701 | 36281 |
| Tourism Finance Corp. of India Ltd. | 25540 | 19895 |
| Transrail Lighting Ltd. | 1462 | 9097 |
| Trident Ltd. | 70492 | 19874 |
| Triveni Engineering & Industries Ltd. | 4030 | 17500 |
| Triveni Turbine Ltd. | 5375 | 28898 |
| TSF Investments Ltd. | 5861 | 25900 |
| TTK Prestige Ltd. | 1731 | 9958 |
| TVS Supply Chain Solutions Ltd.<sup>(1)</sup> | 5275 | 6674 |
| Uflex Ltd. | 1474 | 7811 |
| Ugro Capital Ltd.<sup>(1)</sup> | 2651 | 3239 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 56845 | 36293 |
| Updater Services Ltd.<sup>(1)</sup> | 643 | 1114 |
| Usha Martin Ltd. | 10036 | 46269 |
| UTI Asset Management Co. Ltd. | 2983 | 32430 |
| Utkarsh Small Finance Bank Ltd.<sup>(1)</sup> | 14882 | 2263 |
| Uttam Sugar Mills Ltd. | 242 | 528 |
| VA Tech Wabag Ltd. | 1401 | 19484 |
| Vadilal Industries Ltd. | 151 | 8214 |
| Vaibhav Global Ltd. | 2732 | 6786 |
| Valor Estate Ltd.<sup>(1)</sup> | 9594 | 12027 |
| Vardhman Textiles Ltd. | 5454 | 32667 |
| Varroc Engineering Ltd. | 3126 | 18609 |
| Vascon Engineers Ltd.<sup>(1)</sup> | 2415 | 1011 |
| Vedant Fashions Ltd. | 1498 | 6428 |
| Veedol Corp. Ltd. | 161 | 2465 |
| Venky's India Ltd. | 211 | 3129 |
| V-Guard Industries Ltd. | 10903 | 37614 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vijaya Diagnostic Centre Ltd. | 3304 | $36591 |
| Vimta Labs Ltd. | 886 | 4394 |
| Vinati Organics Ltd. | 1577 | 25609 |
| VIP Industries Ltd.<sup>(1)</sup> | 3594 | 14152 |
| Visaka Industries Ltd. | 1013 | 682 |
| Vishnu Chemicals Ltd. | 1063 | 5880 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 1982 | 12101 |
| Voltamp Transformers Ltd. | 328 | 32874 |
| VRL Logistics Ltd. | 1540 | 4698 |
| VST Tillers Tractors Ltd. | 247 | 15688 |
| Waaree Renewable Technologies Ltd.<sup>(1)</sup> | 1595 | 14974 |
| Welspun Corp. Ltd. | 2578 | 23452 |
| Welspun Enterprises Ltd. | 1702 | 9091 |
| Welspun Living Ltd. | 18106 | 25064 |
| West Coast Paper Mills Ltd. | 1011 | 4691 |
| Westlife Foodworld Ltd. | 3464 | 18846 |
| Whirlpool of India Ltd. | 2363 | 23990 |
| Windlas Biotech Ltd. | 468 | 3893 |
| Wockhardt Ltd.<sup>(1)</sup> | 2635 | 39560 |
| Wonderla Holidays Ltd. | 479 | 2513 |
| Xchanging Solutions Ltd. | 783 | 567 |
| Yatharth Hospital & Trauma Care Services Ltd., Class C<sup>(1)</sup> | 2155 | 16841 |
| Zaggle Prepaid Ocean Services Ltd.<sup>(1)</sup> | 2545 | 6382 |
| Zee Entertainment Enterprises Ltd. | 50458 | 48565 |
| Zen Technologies Ltd. | 886 | 13296 |
| Zensar Technologies Ltd. | 6384 | 39768 |
| ZF Commercial Vehicle Control Systems India Ltd. | 492 | 82073 |
| Zuari Agro Chemicals Ltd.<sup>(1)</sup> | 394 | 974 |
| Zuari Industries Ltd. | 535 | 1550 |
|  |  | 15333846 |
| **Indonesia — 1.9%** |  |  |
| ABM Investama Tbk. PT | 75400 | 12952 |
| Adhi Karya Persero Tbk. PT<sup>(1)</sup> | 336900 | 4869 |
| AKR Corporindo Tbk. PT | 880000 | 68025 |
| Aspirasi Hidup Indonesia Tbk. PT | 972800 | 23239 |
| Astrindo Nusantara Infrastructure Tbk. PT<sup>(1)</sup> | 2321300 | 40670 |
| Asuransi Tugu Pratama Indonesia Tbk. PT | 188800 | 16257 |
| Bank BTPN Syariah Tbk. PT | 283300 | 19412 |
| Bank Tabungan Negara Persero Tbk. PT | 657300 | 54406 |
| BFI Finance Indonesia Tbk. PT | 1126700 | 52719 |
| Blue Bird Tbk. PT | 58700 | 6130 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 5771400 | 50228 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 712200 | 12655 |
| Bumi Resources Minerals Tbk. PT<sup>(1)</sup> | 3738500 | 216101 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 609600 | 30122 |
| Ciputra Development Tbk. PT | 1124800 | 51631 |
| Dharma Satya Nusantara Tbk. PT | 628100 | 51690 |
| Elnusa Tbk. PT | 477500 | 24271 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 1526500 | 160796 |
| ESSA Industries Indonesia Tbk. PT | 1133400 | 43607 |
| Gajah Tunggal Tbk. PT | 291500 | 19386 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 874000 | 7301 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 339200 | 23547 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hillcon Tbk. PT<sup>(1)</sup> | 123600 | $250 |
| Indika Energy Tbk. PT | 225200 | 49209 |
| Indo Tambangraya Megah Tbk. PT | 39500 | 53622 |
| Indocement Tunggal Prakarsa Tbk. PT | 2000 | 739 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 1006000 | 32395 |
| Japfa Comfeed Indonesia Tbk. PT | 667500 | 94639 |
| Jasa Marga Persero Tbk. PT | 126300 | 27867 |
| Kawasan Industri Jababeka Tbk. PT | 1866900 | 22913 |
| Map Aktif Adiperkasa PT | 1437800 | 60330 |
| Mark Dynamics Indonesia Tbk. PT | 68600 | 3298 |
| Matahari Department Store Tbk. PT | 58600 | 6682 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 774500 | 10794 |
| Medikaloka Hermina Tbk. PT | 1001800 | 76740 |
| Mitra Adiperkasa Tbk. PT | 987000 | 79009 |
| Mitra Pinasthika Mustika Tbk. PT | 180600 | 11045 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 1077000 | 17326 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 391300 | 27414 |
| Petrosea Tbk. PT | 171300 | 62460 |
| PP Persero Tbk. PT<sup>(1)</sup> | 333400 | 6988 |
| Prodia Widyahusada Tbk. PT | 26100 | 3771 |
| Rukun Raharja Tbk. PT | 188900 | 50622 |
| Sarana Menara Nusantara Tbk. PT | 1805000 | 54317 |
| Sariguna Primatirta Tbk. PT | 689800 | 16690 |
| Sawit Sumbermas Sarana Tbk. PT | 401700 | 37612 |
| Selamat Sempurna Tbk. PT | 320700 | 34905 |
| Sumber Tani Agung Resources Tbk. PT | 209200 | 14540 |
| Summarecon Agung Tbk. PT | 1156300 | 25905 |
| Surya Citra Media Tbk. PT | 2764900 | 45337 |
| Surya Semesta Internusa Tbk. PT | 241400 | 19908 |
| Timah Tbk. PT | 414400 | 113506 |
| Wintermar Offshore Marine Tbk. PT | 343945 | 11276 |
|  |  | 2062123 |
| **Kuwait — 0.8%** |  |  |
| A'ayan Leasing & Investment Co. KSCP | 43045 | 31620 |
| A'ayan Real Estate Co. SAK | 56491 | 26248 |
| Agility Public Warehousing Co. KSCC | 101830 | 45759 |
| Ali Alghanim Sons Automotive Co. KSCC | 8965 | 34109 |
| Arzan Financial Group for Financing & Investment KPSC | 19803 | 21972 |
| Boubyan Petrochemicals Co. KSCP | 22436 | 40929 |
| Boursa Kuwait Securities Co. KPSC | 6467 | 65530 |
| Combined Group Contracting Co. SAK | 4319 | 13674 |
| Commercial Real Estate Co. KSC | 91376 | 60407 |
| First Investment Co. KSCP<sup>(1)</sup> | 21770 | 7844 |
| Gulf Cables & Electrical Industries Group Co. KSCP | 4787 | 30441 |
| Heavy Engineering & Ship Building Co. KSCP | 4847 | 12518 |
| Humansoft Holding Co. KSC | 4310 | 36831 |
| Integrated Holding Co. KCSC | 5018 | 6915 |
| KAMCO Investment Co. KSC | 20882 | 14651 |
| Kuwait International Bank KSCP | 55641 | 50661 |
| Kuwait Telecommunications Co. | 17908 | 38241 |
| Mezzan Holding Co. KSCC | 7140 | 26860 |
| National Industries Group Holding SAK | 127445 | 104706 |
| National Investments Co. KSCP | 32275 | 29236 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Noor Financial Investment Co. KSC | 19991 | $26341 |
| Rasiyat Holding Co.<sup>(1)</sup> | 16623 | 21071 |
| Salhia Real Estate Co. KSCP | 38602 | 47275 |
| United Real Estate Co. SAKP<sup>(1)</sup> | 40922 | 37341 |
|  |  | 831180 |
| **Malaysia — 1.4%** |  |  |
| Aeon Co. M Bhd. | 46600 | 15078 |
| AirAsia X Bhd.<sup>(1)</sup> | 5500 | 2796 |
| Alliance Bank Malaysia Bhd. | 50311 | 65152 |
| Ancom Nylex Bhd. | 18484 | 4297 |
| Astro Malaysia Holdings Bhd.<sup>(1)</sup> | 30300 | 621 |
| Bank Islam Malaysia Bhd. | 29100 | 18468 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 288900 | 20044 |
| Berjaya Food Bhd.<sup>(1)</sup> | 18685 | 1009 |
| Bermaz Auto Bhd. | 37400 | 8125 |
| Bumi Armada Bhd. | 305800 | 24793 |
| Cahya Mata Sarawak Bhd. | 64900 | 21986 |
| CCK Consolidated Holdings Bhd. | 11400 | 3696 |
| CTOS Digital Bhd.<sup>(2)</sup> | 217300 | 44173 |
| Cypark Resources Bhd.<sup>(1)</sup> | 64400 | 10833 |
| D&O Green Technologies Bhd.<sup>(1)</sup> | 25800 | 3104 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 133200 | 9080 |
| Dayang Enterprise Holdings Bhd. | 45100 | 20786 |
| Dufu Technology Corp. Bhd. | 15500 | 6414 |
| DXN Holdings Bhd. | 31600 | 4057 |
| Eco World Development Group Bhd. | 20500 | 11848 |
| EG Industries Bhd. | 105600 | 30575 |
| Ekovest Bhd.<sup>(1)</sup> | 94900 | 6094 |
| Farm Fresh Bhd. | 93500 | 62958 |
| Frontken Corp. Bhd. | 60300 | 58052 |
| Gas Malaysia Bhd. | 8200 | 10108 |
| Globetronics Technology Bhd.<sup>(1)</sup> | 27500 | 1795 |
| Greatech Technology Bhd.<sup>(1)</sup> | 88800 | 48050 |
| Hextar Global Bhd. | 147000 | 30229 |
| Hiap Teck Venture Bhd. | 45800 | 3171 |
| Hibiscus Petroleum Bhd. | 70300 | 28963 |
| Iskandar Waterfront City Bhd.<sup>(1)</sup> | 34900 | 2328 |
| ITMAX SYSTEM Bhd. | 56200 | 68316 |
| Jaya Tiasa Holdings Bhd. | 80600 | 22979 |
| JCY International Bhd.<sup>(1)</sup> | 73200 | 6272 |
| Johor Plantations Group Bhd. | 98000 | 39035 |
| Kelington Group Bhd. | 118100 | 165690 |
| Kossan Rubber Industries Bhd. | 134000 | 34724 |
| KSL Holdings Bhd. | 11100 | 8806 |
| LBS Bina Group Bhd. | 37900 | 4575 |
| Leong Hup International Bhd. | 26700 | 5246 |
| Mah Sing Group Bhd. | 80800 | 24282 |
| Malakoff Corp. Bhd. | 196700 | 39645 |
| Malaysia Smelting Corp. Bhd. | 19400 | 9609 |
| Malaysian Pacific Industries Bhd. | 6900 | 56482 |
| Malaysian Resources Corp. Bhd. | 178600 | 14228 |
| Matrix Concepts Holdings Bhd. | 119600 | 43342 |
| MBSB Bhd. | 46300 | 8501 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mega First Corp. Bhd. | 47700 | $37816 |
| MSM Malaysia Holdings Bhd.<sup>(1)</sup> | 20000 | 4642 |
| Naim Holdings Bhd.<sup>(1)</sup> | 7100 | 1285 |
| Nationgate Holdings Bhd. | 29900 | 6633 |
| NEXG Bhd.<sup>(1)</sup> | 244000 | 17551 |
| Pecca Group Bhd. | 30000 | 12951 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 38000 | 32112 |
| Perak Transit Bhd. | 91800 | 6242 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 71222 | 31789 |
| RGB International Bhd. | 48400 | 2980 |
| Sam Engineering & Equipment M Bhd. | 12600 | 10778 |
| Sime Darby Property Bhd. | 93300 | 34734 |
| SKP Resources Bhd. | 18100 | 2277 |
| Southern Cable Group Bhd. | 61500 | 32974 |
| SP Setia Bhd. Group | 87500 | 20547 |
| Sunway Construction Group Bhd. | 29900 | 54156 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 256600 | 18444 |
| Swift Haulage Bhd. | 12900 | 1374 |
| UEM Sunrise Bhd. | 166300 | 24543 |
| Unisem M Bhd. | 23000 | 18505 |
| Velesto Energy Bhd. | 637800 | 50046 |
| VS Industry Bhd. | 272361 | 24144 |
| VSTECS Bhd. | 7900 | 9077 |
| WAVEFRONT Bhd.<sup>(1)</sup> | 17100 | 636 |
| WCT Holdings Bhd.<sup>(1)</sup> | 58000 | 8048 |
|  |  | 1594699 |
| **Mexico — 2.1%** |  |  |
| Alpek SAB de CV<sup>(1)(2)</sup> | 82545 | 39446 |
| Alsea SAB de CV | 43312 | 152983 |
| Banco del Bajio SA | 84810 | 282815 |
| Bolsa Mexicana de Valores SAB de CV | 36001 | 79268 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)</sup> | 15115 | 130291 |
| Corp. Inmobiliaria Vesta SAB de CV | 65698 | 241323 |
| Gentera SAB de CV | 95816 | 278123 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1679 | 205107 |
| Grupo Televisa SAB, ADR | 63406 | 187048 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 19630 | 15160 |
| La Comer SAB de CV | 53025 | 119954 |
| Megacable Holdings SAB de CV | 81128 | 314629 |
| Nemak SAB de CV<sup>(1)</sup> | 95281 | 17925 |
| Ollamani SAB<sup>(1)</sup> | 5064 | 22347 |
| Orbia Advance Corp. SAB de CV<sup>(1)</sup> | 59648 | 70378 |
| Regional SAB de CV | 16399 | 153259 |
|  |  | 2310056 |
| **Philippines — 0.5%** |  |  |
| Alliance Global Group, Inc. | 114000 | 17016 |
| Converge Information & Communications Technology Solutions, Inc. | 250000 | 62421 |
| DigiPlus Interactive Corp. | 127700 | 35605 |
| Manila Water Co., Inc. | 250600 | 175157 |
| OceanaGold Philippines, Inc. | 40800 | 27575 |
| Philippine National Bank | 5070 | 5646 |
| Puregold Price Club, Inc. | 72800 | 53006 |
| Robinsons Land Corp. | 248200 | 79639 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Synergy Grid & Development Phils, Inc. | 83200 | $28823 |
| Wilcon Depot, Inc. | 192500 | 22792 |
|  |  | 507680 |
| **Poland — 1.4%** |  |  |
| AmRest Holdings SE | 5646 | 19622 |
| Auto Partner SA<sup>(2)</sup> | 2963 | 14958 |
| Bank Handlowy w Warszawie SA | 879 | 29331 |
| Benefit Systems SA<sup>(1)</sup> | 208 | 225023 |
| Cyfrowy Polsat SA<sup>(1)(2)</sup> | 10150 | 36029 |
| Diagnostyka SA | 1283 | 67920 |
| Enea SA | 21536 | 148904 |
| Eurocash SA<sup>(1)</sup> | 3183 | 5637 |
| Grupa Azoty SA<sup>(1)</sup> | 2159 | 10012 |
| Grupa Kety SA | 654 | 198030 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 6083 | 46232 |
| KRUK SA | 1291 | 167454 |
| Modivo SA<sup>(1)(2)</sup> | 2543 | 78908 |
| Orange Polska SA | 56371 | 221280 |
| Pepco Group NV | 14958 | 123517 |
| Text SA | 1186 | 12620 |
| XTB SA | 4848 | 120731 |
|  |  | 1526208 |
| **Qatar — 0.7%** |  |  |
| Baladna<sup>(1)</sup> | 86780 | 29651 |
| Barwa Real Estate Co. | 260632 | 183349 |
| Doha Bank QPSC<sup>(1)</sup> | 289510 | 234646 |
| Gulf International Services QSC | 84194 | 60168 |
| Mannai Corp. QSC | 17238 | 24128 |
| Mazaya Real Estate Development QPSC<sup>(1)</sup> | 97062 | 15788 |
| Medicare Group | 19768 | 28740 |
| United Development Co. QSC | 148108 | 39479 |
| Vodafone Qatar PQSC<sup>(1)</sup> | 193885 | 141741 |
|  |  | 757690 |
| **Saudi Arabia — 2.6%** |  |  |
| Abdullah Al Othaim Markets Co. | 38597 | 63177 |
| Abdullah Saad Mohammed Abo Moati Stationaries Co. | 862 | 8461 |
| Advanced Building Industries Co.<sup>(1)</sup> | 1577 | 15361 |
| Advanced Petrochemical Co.<sup>(1)</sup> | 9581 | 60381 |
| Al Babtain Power & Telecommunication Co. | 2913 | 48640 |
| Al Hammadi Holding | 5321 | 34468 |
| Al Hassan Ghazi Ibrahim Shaker Co. | 2556 | 11252 |
| Al Jouf Agricultural Development Co. | 1240 | 16173 |
| Al Khaleej Training & Education Co.<sup>(1)</sup> | 1935 | 9464 |
| Al Majed for Oud Co. | 805 | 35597 |
| Al Masane Al Kobra Mining Co. | 3357 | 87405 |
| Al Yamamah Steel Industries Co. | 1870 | 18755 |
| Al-Dawaa Medical Services Co. | 1436 | 18717 |
| AlKhorayef Water & Power Technologies Co. | 752 | 23141 |
| Almawarid Manpower Co. | 1064 | 22166 |
| Almunajem Foods Co. | 987 | 13359 |
| Alujain Corp. | 1754 | 10090 |
| Amlak International Finance Co.<sup>(1)</sup> | 4230 | 11609 |
| Arabian Centres Co. | 16417 | 79179 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arabian Contracting Services Co.<sup>(1)</sup> | 2002 | $56494 |
| Arabian Drilling Co. | 2824 | 67408 |
| Arabian Pipes Co. | 6511 | 8164 |
| Arriyadh Development Co. | 4975 | 23926 |
| Ayyan Investment Co.<sup>(1)</sup> | 3405 | 9898 |
| BAAN Holding Group Co.<sup>(1)</sup> | 11992 | 5679 |
| BinDawood Holding Co. | 18797 | 22012 |
| Catrion Catering Holding Co. | 3165 | 64330 |
| City Cement Co. | 4002 | 12272 |
| Derayah Financial Co. | 4289 | 26255 |
| East Pipes Integrated Co. for Industry | 1457 | 54478 |
| Emaar Economic City<sup>(1)</sup> | 7960 | 18137 |
| Etihad GO Telecom Co. | 1570 | 36070 |
| Fourth Milling Co. | 32431 | 31475 |
| Jahez International Co.<sup>(1)</sup> | 3050 | 9615 |
| Knowledge Economic City Co.<sup>(1)</sup> | 4669 | 15291 |
| Leejam Sports Co. JSC | 2002 | 43820 |
| Lumi Rental Co.<sup>(1)</sup> | 911 | 9407 |
| Maharah Human Resources Co. | 20990 | 33613 |
| Miahona | 5381 | 22297 |
| Middle East Healthcare Co. | 1853 | 15591 |
| Middle East Paper Co.<sup>(1)</sup> | 2152 | 9818 |
| Mobile Telecommunications Co. Saudi Arabia | 23584 | 72191 |
| Modern Mills Co. | 1610 | 11092 |
| National Agriculture Development Co.<sup>(1)</sup> | 11240 | 51444 |
| National Co. for Glass Industries | 1373 | 12840 |
| National Gas & Industrialization Co. | 3564 | 74682 |
| National Industrialization Co.<sup>(1)</sup> | 31430 | 70184 |
| National Medical Care Co. | 1391 | 45975 |
| Power & Water Utility Co. for Jubail & Yanbu<sup>(1)</sup> | 5968 | 49518 |
| Qassim Cement Co. | 4593 | 51743 |
| Rasan Information Technology Co.<sup>(1)</sup> | 2414 | 83485 |
| Retal Urban Development Co. | 20832 | 74404 |
| Riyadh Cement Co. | 4210 | 26324 |
| Saudi Arabian Amiantit Co.<sup>(1)</sup> | 5234 | 18223 |
| Saudi Automotive Services Co.<sup>(1)</sup> | 2553 | 36022 |
| Saudi Cement Co. | 5722 | 50250 |
| Saudi Ceramic Co. | 3016 | 20942 |
| Saudi Chemical Co. Holding | 30724 | 60244 |
| Saudi Co. For Hardware CJSC<sup>(1)</sup> | 1694 | 10375 |
| Saudi Ground Services Co. | 5095 | 44031 |
| Saudi Kayan Petrochemical Co.<sup>(1)</sup> | 64421 | 82568 |
| Saudi Manpower Solutions Co. | 8025 | 11354 |
| Saudi Paper Manufacturing Co.<sup>(1)</sup> | 1043 | 14272 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp.<sup>(1)</sup> | 5296 | 39592 |
| Saudi Real Estate Co.<sup>(1)</sup> | 8127 | 28527 |
| Saudi Reinsurance Co.<sup>(1)</sup> | 3921 | 24474 |
| Saudi Steel Pipe Co. | 1089 | 11159 |
| Saudia Dairy & Foodstuff Co. | 1190 | 63196 |
| Savola Group<sup>(1)</sup> | 12829 | 77025 |
| Seera Group Holding<sup>(1)</sup> | 11571 | 70789 |
| SHL Finance Co.<sup>(1)</sup> | 2603 | 11291 |
| Southern Province Cement Co. | 3522 | 20189 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Specialized Medical Co. | 5063 | $25129 |
| Sport Clubs Co.<sup>(1)</sup> | 2644 | 4841 |
| Sustained Infrastructure Holding Co. | 3247 | 23164 |
| Tamkeen Human Resources Co. | 1461 | 18315 |
| Theeb Rent A Car Co. | 2526 | 21396 |
| United Carton Industries Co. | 2767 | 17712 |
| United Electronics Co. | 3234 | 71246 |
| United International Holding Co.<sup>(1)</sup> | 582 | 20894 |
| United International Transportation Co. | 3986 | 42934 |
| Walaa Cooperative Insurance Co.<sup>(1)</sup> | 7791 | 20905 |
| Wataniya Insurance Co.<sup>(1)</sup> | 2357 | 7580 |
| Yamama Cement Co. | 6911 | 45089 |
| Yanbu Cement Co. | 7306 | 27921 |
| Zahrat Al Waha For Trading Co. | 30568 | 19489 |
|  |  | 2868465 |
| **South Africa — 5.2%** |  |  |
| AECI Ltd. | 14951 | 103354 |
| African Rainbow Minerals Ltd. | 12900 | 203188 |
| Afrimat Ltd. | 9034 | 21557 |
| Aspen Pharmacare Holdings Ltd. | 44954 | 382443 |
| Astral Foods Ltd. | 5810 | 101679 |
| AVI Ltd. | 40340 | 284556 |
| Boxer Retail Ltd.<sup>(2)</sup> | 17553 | 77976 |
| Coronation Fund Managers Ltd. | 29451 | 92990 |
| DataTec Ltd. | 34416 | 166642 |
| Dis-Chem Pharmacies Ltd.<sup>(2)</sup> | 65961 | 153308 |
| DRDGOLD Ltd. | 58496 | 220240 |
| Exxaro Resources Ltd. | 27667 | 344265 |
| Fortress Real Estate Investments Ltd., Class B | 154443 | 254594 |
| Foschini Group Ltd. | 46293 | 252102 |
| Grindrod Ltd.<sup>(2)</sup> | 60101 | 70397 |
| Life Healthcare Group Holdings Ltd. | 168770 | 128347 |
| Lighthouse Properties PLC | 129742 | 71323 |
| Momentum Group Ltd. | 137505 | 349394 |
| Motus Holdings Ltd. | 17570 | 148606 |
| Mr. Price Group Ltd. | 24195 | 278791 |
| NEPI Rockcastle NV<sup>(1)</sup> | 1235 | 11484 |
| Netcare Ltd. | 164612 | 177505 |
| Ninety One Ltd. | 24612 | 84179 |
| Omnia Holdings Ltd. | 18855 | 105836 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 46293 | 56314 |
| Raubex Group Ltd. | 15779 | 56678 |
| Reunert Ltd. | 15353 | 63373 |
| Santam Ltd. | 1882 | 51765 |
| Sappi Ltd.<sup>(1)(2)</sup> | 57228 | 60497 |
| SPAR Group Ltd.<sup>(1)(2)</sup> | 20726 | 91360 |
| Sun International Ltd. | 19149 | 53170 |
| Super Group Ltd. | 63783 | 68767 |
| Telkom SA SOC Ltd. | 39117 | 158315 |
| Thungela Resources Ltd.<sup>(2)</sup> | 12037 | 84286 |
| Tiger Brands Ltd. | 13201 | 264064 |
| Truworths International Ltd.<sup>(2)</sup> | 55381 | 209206 |
| Wilson Bayly Holmes-Ovcon Ltd. | 1073 | 14243 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Woolworths Holdings Ltd. | 109561 | $375626 |
|  |  | 5692420 |
| **South Korea — 16.2%** |  |  |
| Able C&C Co. Ltd. | 1308 | 10452 |
| Aekyung Chemical Co. Ltd.<sup>(1)</sup> | 1119 | 8137 |
| Aekyung Industrial Co. Ltd. | 530 | 5922 |
| Agabang & Co.<sup>(1)</sup> | 1757 | 6055 |
| Ahnlab, Inc. | 336 | 15226 |
| Amorepacific Holdings Corp. | 2829 | 61593 |
| Ananti, Inc.<sup>(1)</sup> | 3306 | 19768 |
| Aprogen Biologics, Inc.<sup>(1)</sup> | 3819 | 870 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 1434 | 7732 |
| BGF retail Co. Ltd. | 649 | 56205 |
| BH Co. Ltd. | 1230 | 16496 |
| Binggrae Co. Ltd. | 589 | 33502 |
| BNK Financial Group, Inc. | 28293 | 391751 |
| Boryung | 1794 | 12411 |
| Byucksan Corp. | 831 | 1153 |
| C&C International Co. Ltd.<sup>(1)</sup> | 229 | 4892 |
| Cafe24 Corp.<sup>(1)</sup> | 972 | 22458 |
| Caregen Co. Ltd. | 730 | 69451 |
| Celltrion Pharm, Inc. | 2183 | 108850 |
| Cheil Worldwide, Inc. | 7740 | 118016 |
| Cheryong Electric Co. Ltd. | 590 | 22903 |
| Chong Kun Dang Pharmaceutical Corp. | 817 | 52986 |
| Chunbo Co. Ltd.<sup>(1)</sup> | 49 | 1837 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 6051 | 23305 |
| CJ CheilJedang Corp. | 733 | 108938 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 875 | 44159 |
| CJ Logistics Corp. | 589 | 53911 |
| Classys, Inc.<sup>(1)</sup> | 2492 | 101054 |
| Cosmax, Inc.<sup>(1)</sup> | 695 | 91803 |
| Coway Co. Ltd.<sup>(1)</sup> | 3171 | 180163 |
| CS Wind Corp.<sup>(1)</sup> | 1974 | 73672 |
| Curexo, Inc.<sup>(1)</sup> | 486 | 5740 |
| Daeduck Electronics Co. Ltd. | 2096 | 91471 |
| Daejoo Electronic Materials Co. Ltd. | 557 | 39045 |
| Daesang Corp. | 2246 | 35190 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(1)</sup> | 16227 | 114745 |
| Daewoong Co. Ltd. | 2406 | 45131 |
| Daewoong Pharmaceutical Co. Ltd. | 416 | 50866 |
| Daishin Securities Co. Ltd. | 3191 | 99676 |
| D'Alba Global Co. Ltd. | 265 | 31249 |
| Danal Co. Ltd.<sup>(1)</sup> | 538 | 3168 |
| Daou Data Corp. | 375 | 6914 |
| Daou Technology, Inc. | 2139 | 80888 |
| DB HiTek Co. Ltd. | 3727 | 248703 |
| DB Securities Co. Ltd. | 3012 | 32796 |
| Dear U Co. Ltd. | 799 | 21270 |
| Dentium Co. Ltd.<sup>(1)</sup> | 468 | 16408 |
| DI Dong Il Corp.<sup>(1)</sup> | 930 | 15538 |
| DL E&C Co. Ltd.<sup>(1)</sup> | 2130 | 75635 |
| DL Holdings Co. Ltd.<sup>(1)</sup> | 919 | 33028 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DN Automotive Corp. | 1616 | $30605 |
| Dong-A Socio Holdings Co. Ltd. | 198 | 16071 |
| Dong-A ST Co. Ltd. | 159 | 5786 |
| Dongjin Semichem Co. Ltd. | 3078 | 117704 |
| DongKook Pharmaceutical Co. Ltd. | 2436 | 34536 |
| Dongsuh Cos., Inc. | 3715 | 70718 |
| Dongwha Enterprise Co. Ltd.<sup>(1)</sup> | 359 | 2542 |
| Dongwon Industries Co. Ltd. | 272 | 8123 |
| Dongwon Systems Corp. | 337 | 6184 |
| Doosan Bobcat, Inc. | 5901 | 266092 |
| Doosan Co. Ltd. | 124 | 110334 |
| Doosan Fuel Cell Co. Ltd.<sup>(1)</sup> | 3485 | 96426 |
| Doosan Tesna, Inc. | 359 | 17017 |
| DoubleUGames Co. Ltd.<sup>(1)</sup> | 810 | 29820 |
| Douzone Bizon Co. Ltd. | 1932 | 158811 |
| Dreamtech Co. Ltd. | 829 | 4490 |
| Duk San Neolux Co. Ltd.<sup>(1)</sup> | 980 | 28437 |
| E-MART, Inc. | 2139 | 156064 |
| EMRO, Inc.<sup>(1)</sup> | 332 | 9412 |
| EM-Tech Co. Ltd. | 295 | 1483 |
| Eo Technics Co. Ltd.<sup>(1)</sup> | 928 | 270547 |
| Eugene Investment & Securities Co. Ltd. | 7290 | 26888 |
| Eugene Technology Co. Ltd. | 1413 | 131862 |
| F&F Co. Ltd. | 1726 | 84626 |
| Foosung Co. Ltd.<sup>(1)</sup> | 1276 | 7135 |
| Gaonchips Co. Ltd.<sup>(1)</sup> | 216 | 10469 |
| Genexine, Inc.<sup>(1)</sup> | 256 | 778 |
| GigaVis Co. Ltd. | 50 | 2508 |
| GOLFZON Co. Ltd.<sup>(1)</sup> | 217 | 8269 |
| Gradiant Corp. | 276 | 2101 |
| Grand Korea Leisure Co. Ltd. | 2467 | 22444 |
| Green Cross Corp.<sup>(1)</sup> | 633 | 74318 |
| Green Cross Holdings Corp.<sup>(1)</sup> | 2557 | 28259 |
| GS Engineering & Construction Corp. | 5698 | 88690 |
| GS Retail Co. Ltd. | 2867 | 43819 |
| HAESUNG DS Co. Ltd. | 273 | 12273 |
| Han Kuk Carbon Co. Ltd.<sup>(1)</sup> | 3754 | 109400 |
| Hana Materials, Inc. | 375 | 16278 |
| Hana Micron, Inc. | 6563 | 165607 |
| Hana Tour Service, Inc. | 717 | 23957 |
| Hancom, Inc. | 669 | 10575 |
| Handsome Co. Ltd. | 425 | 7017 |
| Hanil Cement Co. Ltd. | 1173 | 14820 |
| Hankook & Co. Co. Ltd. | 1904 | 41426 |
| Hanmi Science Co. Ltd.<sup>(1)</sup> | 1970 | 59752 |
| Hanon Systems<sup>(1)</sup> | 19567 | 63098 |
| Hansae Co. Ltd. | 614 | 6101 |
| Hansol Chemical Co. Ltd. | 1287 | 301994 |
| Hansol Technics Co. Ltd. | 2212 | 9533 |
| Hanwha Engine<sup>(1)</sup> | 6051 | 227020 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 4074 | 21617 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 11149 | 64775 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 5043 | 17369 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hanwha Solutions Corp.<sup>(1)</sup> | 5804 | $213332 |
| Harim Holdings Co. Ltd. | 1609 | 18078 |
| HD Construction Equipment Co. Ltd. | 3211 | 313281 |
| HD Hyundai Energy Solutions Co. Ltd.<sup>(1)</sup> | 42 | 3030 |
| HDC Holdings Co. Ltd. | 2389 | 40994 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 2878 | 46304 |
| HD-Hyundai Marine Engine<sup>(1)</sup> | 2097 | 127339 |
| Hite Jinro Co. Ltd. | 3054 | 37722 |
| HK inno N Corp.<sup>(1)</sup> | 1674 | 62771 |
| HL Mando Co. Ltd. | 4422 | 192777 |
| Hotel Shilla Co. Ltd.<sup>(1)</sup> | 2255 | 75108 |
| HPSP Co. Ltd. | 6441 | 200954 |
| HS Hyosung Advanced Materials Corp.<sup>(1)</sup> | 188 | 32791 |
| HS Hyosung Corp.<sup>(1)</sup> | 46 | 2128 |
| Hugel, Inc.<sup>(1)</sup> | 405 | 76029 |
| Humasis Co. Ltd.<sup>(1)</sup> | 1482 | 817 |
| Humedix Co. Ltd. | 445 | 13183 |
| Hyosung Corp. | 1009 | 118591 |
| Hyosung Heavy Industries Corp. | 339 | 664505 |
| Hyosung TNC Corp. | 199 | 58926 |
| HYUNDAI Corp. | 609 | 11695 |
| Hyundai Department Store Co. Ltd. | 1142 | 87276 |
| Hyundai Elevator Co. Ltd. | 1378 | 94441 |
| Hyundai Feed, Inc.<sup>(1)</sup>  | 668 |  |
| Hyundai Home Shopping Network Corp. | 173 | 10229 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 4488 | 107170 |
| Hyundai Steel Co. | 9765 | 314923 |
| Hyundai Wia Corp. | 1832 | 128826 |
| Iljin Electric Co. Ltd. | 1847 | 114820 |
| iM Financial Group Co. Ltd. | 14716 | 188073 |
| Innocean Worldwide, Inc. | 295 | 4110 |
| Innox Advanced Materials Co. Ltd.<sup>(1)</sup> | 833 | 20265 |
| Insun ENT Co. Ltd.<sup>(1)</sup> | 335 | 1002 |
| Intekplus Co. Ltd. | 160 | 1785 |
| Intellian Technologies, Inc. | 452 | 37848 |
| Interflex Co. Ltd.<sup>(1)</sup> | 1189 | 9850 |
| INTOPS Co. Ltd. | 1196 | 16373 |
| IS Dongseo Co. Ltd.<sup>(1)</sup> | 467 | 10091 |
| ISC Co. Ltd. | 1245 | 167239 |
| i-SENS, Inc. | 1165 | 19012 |
| ISU Specialty Chemical<sup>(1)</sup> | 1226 | 98094 |
| Jahwa Electronics Co. Ltd.<sup>(1)</sup> | 128 | 3715 |
| JB Financial Group Co. Ltd. | 13710 | 302314 |
| Jeju Air Co. Ltd.<sup>(1)</sup> | 2135 | 9037 |
| Jin Air Co. Ltd.<sup>(1)</sup> | 1377 | 6757 |
| JNTC Co. Ltd.<sup>(1)</sup> | 369 | 5713 |
| Jusung Engineering Co. Ltd. | 2074 | 81019 |
| JW Pharmaceutical Corp.<sup>(1)</sup> | 754 | 18994 |
| JYP Entertainment Corp.<sup>(1)</sup> | 2164 | 104849 |
| K Car Co. Ltd. | 506 | 5240 |
| Kakao Games Corp.<sup>(1)</sup> | 2401 | 24402 |
| Kangwon Energy Co. Ltd.<sup>(1)</sup> | 209 | 2280 |
| Kangwon Land, Inc. | 6999 | 92599 |
| KC Co. Ltd. | 315 | 7668 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KC Tech Co. Ltd. | 1144 | $39113 |
| KCC Corp. | 444 | 200998 |
| KCC Glass Corp. | 281 | 5666 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(1)</sup> | 972 | 41882 |
| KG Chemical Corp.<sup>(1)</sup> | 1034 | 3911 |
| KG Dongbusteel | 2549 | 10714 |
| KG Eco Solution Co. Ltd.<sup>(1)</sup> | 374 | 1702 |
| KG Mobility Co.<sup>(1)</sup> | 3275 | 9206 |
| KH Vatec Co. Ltd. | 1909 | 23337 |
| KISCO Corp. | 1102 | 7801 |
| Koh Young Technology, Inc. | 3585 | 79311 |
| Kolmar BNH Co. Ltd.<sup>(1)</sup> | 405 | 3935 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 1424 | 75414 |
| Kolon Industries, Inc. | 2000 | 94081 |
| Kolon Life Science, Inc.<sup>(1)</sup> | 556 | 24593 |
| KoMiCo Ltd.<sup>(1)</sup> | 689 | 53354 |
| KONA I Co. Ltd.<sup>(1)</sup> | 961 | 44569 |
| Korea Electric Terminal Co. Ltd. | 388 | 21804 |
| Korea Gas Corp. | 1902 | 54496 |
| Korea Line Corp.<sup>(1)</sup> | 10398 | 15682 |
| Korea Petrochemical Ind Co. Ltd. | 206 | 27170 |
| Korean Reinsurance Co. | 15493 | 150068 |
| Kumho Petrochemical Co. Ltd.<sup>(1)</sup> | 1625 | 173125 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 6825 | 33079 |
| Kyung Dong Navien Co. Ltd. | 451 | 20117 |
| Lake Materials Co. Ltd. | 4614 | 75950 |
| LG H&H Co. Ltd. | 790 | 146594 |
| LG Innotek Co. Ltd. | 1909 | 422951 |
| LOGEN Co. Ltd.<sup>(1)</sup> | 485 | 708 |
| Lotte Chemical Corp. | 2127 | 141838 |
| Lotte Chilsung Beverage Co. Ltd. | 475 | 45904 |
| Lotte Corp. | 2034 | 50625 |
| Lotte Energy Materials Corp.<sup>(1)</sup> | 1597 | 49713 |
| LOTTE Fine Chemical Co. Ltd. | 1206 | 42844 |
| Lotte Innovate Co. Ltd. | 196 | 3241 |
| Lotte Rental Co. Ltd. | 935 | 21950 |
| Lotte Shopping Co. Ltd. | 925 | 69128 |
| Lotte Tour Development Co. Ltd.<sup>(1)</sup> | 4296 | 69112 |
| Lotte Wellfood Co. Ltd. | 180 | 15879 |
| LVMC Holdings<sup>(1)</sup> | 7719 | 8474 |
| LX International Corp. | 3337 | 98836 |
| LX Semicon Co. Ltd. | 1099 | 44686 |
| Mcnex Co. Ltd. | 180 | 3418 |
| Medytox, Inc. | 536 | 47987 |
| MegaStudyEdu Co. Ltd.<sup>(1)</sup> | 442 | 14752 |
| Misto Holdings Corp. | 2339 | 79533 |
| MNTech Co. Ltd. | 860 | 6812 |
| Myoung Shin Industrial Co. Ltd.<sup>(1)</sup> | 1096 | 8700 |
| Namhae Chemical Corp. | 324 | 1660 |
| Naturecell Co. Ltd.<sup>(1)</sup> | 1604 | 23935 |
| NCSoft Corp. | 702 | 112593 |
| Neowiz<sup>(1)</sup> | 105 | 1911 |
| NEPES Corp.<sup>(1)</sup> | 1998 | 26124 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Netmarble Corp. | 1838 | $67068 |
| Nexen Tire Corp. | 1272 | 7941 |
| Nexon Games Co. Ltd.<sup>(1)</sup> | 545 | 4493 |
| NEXTIN, Inc. | 145 | 8300 |
| NHN Corp.<sup>(1)</sup> | 286 | 7537 |
| NICE Information Service Co. Ltd. | 2655 | 31607 |
| NongShim Co. Ltd.<sup>(1)</sup> | 370 | 110518 |
| OCI Holdings Co. Ltd. | 1465 | 154485 |
| Orion Corp.<sup>(1)</sup> | 2648 | 245553 |
| Orion Holdings Corp.<sup>(1)</sup> | 2673 | 44290 |
| Otoki Corp. | 180 | 49686 |
| Pan Ocean Co. Ltd. | 30524 | 111979 |
| Paradise Co. Ltd. | 4218 | 58614 |
| Park Systems Corp. | 348 | 69876 |
| Partron Co. Ltd. | 1345 | 8038 |
| People & Technology, Inc. | 1872 | 71185 |
| PharmaResearch Co. Ltd. | 636 | 154466 |
| Pharmicell Co. Ltd. | 532 | 6010 |
| PI Advanced Materials Co. Ltd.<sup>(1)</sup> | 948 | 13205 |
| Pond Group Co. Ltd. | 496 | 2140 |
| Poongsan Corp.<sup>(1)</sup> | 1612 | 129522 |
| PSK Holdings, Inc. | 473 | 28767 |
| PSK, Inc. | 988 | 44099 |
| RFHIC Corp.<sup>(1)</sup> | 146 | 5762 |
| S&S Tech Corp. | 1619 | 111304 |
| S-1 Corp. | 1897 | 115578 |
| Samchully Co. Ltd. | 20 | 2122 |
| Samsung Pharmaceutical Co. Ltd.<sup>(1)</sup> | 8793 | 12185 |
| Samyang Foods Co. Ltd. | 298 | 252964 |
| Sanil Electric Co. Ltd. | 810 | 93728 |
| SD Biosensor, Inc.<sup>(1)</sup> | 2479 | 14552 |
| SeAH Besteel Holdings Corp. | 1969 | 94727 |
| SeAH Steel Corp. | 18 | 1661 |
| SeAH Steel Holdings Corp. | 122 | 12044 |
| Sebang Co. Ltd. | 94 | 1033 |
| Sebang Global Battery Co. Ltd. | 376 | 18005 |
| Seegene, Inc. | 2486 | 45353 |
| Seobu T&D<sup>(1)</sup> | 788 | 8586 |
| Seojin System Co. Ltd.<sup>(1)</sup> | 829 | 27422 |
| Seoul Guarantee Insurance Co. | 1152 | 46682 |
| Seoul Semiconductor Co. Ltd.<sup>(1)</sup> | 2409 | 19291 |
| Seoyon E-Hwa Co. Ltd.<sup>(1)</sup> | 419 | 4840 |
| SFA Engineering Corp. | 869 | 20445 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 8583 | 47170 |
| SGC Energy Co. Ltd.<sup>(1)</sup> | 93 | 3260 |
| SHIFT UP Corp.<sup>(1)</sup> | 1035 | 23248 |
| Shinsegae International, Inc. | 499 | 4612 |
| Shinsegae, Inc. | 535 | 136819 |
| Shinsung Delta Tech Co. Ltd. | 1088 | 53015 |
| Shinyoung Securities Co. Ltd. | 520 | 81697 |
| SK Chemicals Co. Ltd. | 891 | 42585 |
| SK Discovery Co. Ltd. | 319 | 13267 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 186 | 3718 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SK Gas Ltd. | 81 | $13116 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 2134 | 40198 |
| SK Networks Co. Ltd. | 5655 | 22603 |
| SK oceanplant Co. Ltd.<sup>(1)</sup> | 2286 | 30673 |
| SK Securities Co. Ltd. | 30430 | 44985 |
| SL Corp.<sup>(1)</sup> | 1238 | 63171 |
| SM Entertainment Co. Ltd. | 683 | 54786 |
| SNT Dynamics Co. Ltd. | 1185 | 46072 |
| SNT Motiv Co. Ltd. | 851 | 22048 |
| SOLUM Co. Ltd.<sup>(1)</sup> | 4246 | 54560 |
| Solus Advanced Materials Co. Ltd. | 2123 | 13211 |
| Soop Co. Ltd. | 579 | 28562 |
| Soulbrain Co. Ltd. | 308 | 95571 |
| Soulbrain Holdings Co. Ltd. | 271 | 10488 |
| SPG Co. Ltd.<sup>(1)</sup> | 264 | 26588 |
| ST Pharm Co. Ltd.<sup>(1)</sup> | 1500 | 158565 |
| Studio Dragon Corp.<sup>(1)</sup> | 904 | 28046 |
| Sung Kwang Bend Co. Ltd. | 1183 | 28816 |
| Sungwoo Hitech Co. Ltd. | 1936 | 11964 |
| Synopex, Inc.<sup>(1)</sup> | 3873 | 18149 |
| Taekwang Industrial Co. Ltd.<sup>(1)</sup> | 9 | 9069 |
| Taesung Co. Ltd.<sup>(1)</sup> | 1202 | 65956 |
| Taewoong Co. Ltd.<sup>(1)</sup> | 884 | 21785 |
| TCC Steel<sup>(1)</sup> | 105 | 1131 |
| TechWing, Inc. | 1490 | 48373 |
| TES Co. Ltd. | 1511 | 77525 |
| TK Corp.<sup>(1)</sup> | 977 | 19103 |
| TKG Huchems Co. Ltd. | 1028 | 13562 |
| Tokai Carbon Korea Co. Ltd. | 295 | 46212 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 2845 | 14991 |
| TSE Co. Ltd. | 61 | 3696 |
| Unid Co. Ltd.<sup>(1)</sup> | 196 | 11180 |
| Value Added Technology Co. Ltd.<sup>(1)</sup> | 236 | 4487 |
| VT Co. Ltd.<sup>(1)</sup> | 1680 | 20241 |
| Won Tech Co. Ltd. | 3017 | 16217 |
| WONIK IPS Co. Ltd. | 3996 | 348936 |
| Wonik QnC Corp.<sup>(1)</sup> | 883 | 19176 |
| Woongjin Thinkbig Co. Ltd. | 857 | 675 |
| W-Scope Chungju Plant Co. Ltd.<sup>(1)</sup> | 417 | 2905 |
| YC Corp.<sup>(1)</sup> | 1245 | 18797 |
| YG Entertainment, Inc. | 703 | 36138 |
| Youlchon Chemical Co. Ltd. | 768 | 14074 |
| Youngone Corp. | 2022 | 135756 |
| Youngone Holdings Co. Ltd. | 424 | 73436 |
| Yungjin Pharmaceutical Co. Ltd.<sup>(1)</sup> | 848 | 1185 |
|  |  | 17760299 |
| **Taiwan — 21.4%** |  |  |
| 91APP, Inc. | 2000 | 3999 |
| Aaeon Technology, Inc. | 2000 | 7341 |
| Abico Avy Co. Ltd. | 3135 | 4437 |
| Ability Enterprise Co. Ltd. | 7838 | 20007 |
| Ability Opto-Electronics Technology Co. Ltd. | 2000 | 6893 |
| AcBel Polytech, Inc. | 56000 | 91827 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ace Pillar Co. Ltd. | 3000 | $8259 |
| Acer E-Enabling Service Business, Inc. | 1000 | 6543 |
| Acer, Inc. | 141000 | 123149 |
| ACES Electronic Co. Ltd. | 9000 | 18291 |
| Acme Electronics Corp.<sup>(1)</sup> | 10000 | 8885 |
| Acter Group Corp. Ltd. | 9000 | 205127 |
| Action Electronics Co. Ltd. | 3000 | 1002 |
| Actron Technology Corp. | 5000 | 20802 |
| ADATA Technology Co. Ltd. | 38000 | 340106 |
| Adimmune Corp.<sup>(1)</sup> | 27000 | 15574 |
| Adlink Technology, Inc. | 6000 | 12396 |
| Advanced Analog Technology, Inc. | 1000 | 1480 |
| Advanced International Multitech Co. Ltd. | 3000 | 6586 |
| Advanced Power Electronics Corp. | 4000 | 12435 |
| Advanced Wireless Semiconductor Co. | 10000 | 38786 |
| Advancetek Enterprise Co. Ltd. | 14000 | 12832 |
| AEWIN Technologies Co. Ltd. | 1000 | 1492 |
| AGV Products Corp. | 12000 | 4027 |
| AIC, Inc. | 2093 | 30014 |
| Air Asia Co. Ltd. | 7000 | 11758 |
| Alcor Micro Corp.<sup>(1)</sup> | 8000 | 30519 |
| Alexander Marine Co. Ltd. | 2000 | 10839 |
| ALI Corp.<sup>(1)</sup> | 600 | 472 |
| All Ring Tech Co. Ltd. | 7000 | 120714 |
| Allied Circuit Co. Ltd. | 1078 | 7374 |
| Allied Supreme Corp. | 3000 | 23403 |
| Allis Electric Co. Ltd. | 10199 | 41470 |
| Alltek Technology Corp. | 16000 | 18681 |
| Alltop Technology Co. Ltd. | 4000 | 37638 |
| Alpha Networks, Inc.<sup>(1)</sup> | 22000 | 21643 |
| Altek Corp. | 22000 | 27680 |
| Ambassador Hotel | 5000 | 7023 |
| Ampak Technology, Inc. | 2000 | 4884 |
| Ampire Co. Ltd. | 2000 | 1715 |
| Ample Electronic Technology Co. Ltd. | 2000 | 12477 |
| AMPOC Far-East Co. Ltd. | 5540 | 21818 |
| AmTRAN Technology Co. Ltd. | 43380 | 54330 |
| Analog Integrations Corp. | 1000 | 8739 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 5000 | 5887 |
| Anpec Electronics Corp. | 5000 | 37519 |
| Apac Opto Electronics, Inc. | 3000 | 8248 |
| Apacer Technology, Inc. | 7000 | 26822 |
| APAQ Technology Co. Ltd. | 2000 | 11895 |
| Apex Biotechnology Corp. | 2000 | 1931 |
| Apex International Co. Ltd.<sup>(1)</sup> | 17288 | 25753 |
| ARBOR Technology Corp. | 3000 | 3732 |
| Arcadyan Technology Corp. | 11000 | 68863 |
| Ardentec Corp. | 51000 | 254805 |
| Argosy Research, Inc. | 6000 | 29649 |
| Asia Optical Co., Inc. | 18000 | 86168 |
| Asia Tech Image, Inc. | 2000 | 4910 |
| ASIX Electronics Corp. | 1000 | 3242 |
| ASROCK, Inc. | 1000 | 7258 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ATE Energy International Co. Ltd. | 4000 | $3185 |
| AURAS Technology Co. Ltd. | 6000 | 216685 |
| Aurotek Corp. | 2000 | 7302 |
| AV Tech Corp. | 3000 | 3000 |
| Avalue Technology, Inc. | 4000 | 11514 |
| AVer Information, Inc. | 1000 | 1092 |
| Avermedia Technologies | 10000 | 11836 |
| Axiomtek Co. Ltd. | 4000 | 10296 |
| Azurewave Technologies, Inc. | 5000 | 9794 |
| Bafang Yunji International Co. Ltd. | 2000 | 11792 |
| Bank of Kaohsiung Co. Ltd. | 53882 | 22202 |
| Baotek Industrial Materials Ltd. | 7000 | 24303 |
| Basso Industry Corp. | 4000 | 4322 |
| BES Engineering Corp.<sup>(1)</sup> | 123935 | 68500 |
| Bin Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 3000 | 5354 |
| B'in Live Co. Ltd. | 1100 | 2866 |
| Biostar Microtech International Corp.<sup>(1)</sup> | 15000 | 11289 |
| Bioteque Corp. | 1000 | 3957 |
| Bizlink Holding, Inc. | 2019 | 89218 |
| Bonny Worldwide Ltd. | 1000 | 5431 |
| Bora Pharmaceuticals Co. Ltd. | 4000 | 64765 |
| Brave C&H Supply Co. Ltd. | 1000 | 2211 |
| Brightek Optoelectronic Co. Ltd. | 3000 | 3688 |
| Brillian Network & Automation Integrated System Co. Ltd. | 3086 | 34432 |
| Brogent Technologies, Inc. | 4000 | 12618 |
| Browave Corp. | 2000 | 48262 |
| C Sun Manufacturing Ltd. | 3000 | 30355 |
| Capital Futures Corp. | 3450 | 5852 |
| Capital Securities Corp. | 158000 | 161181 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 39000 | 20379 |
| Castles Technology Co. Ltd. | 4050 | 6714 |
| Caswell, Inc. | 2000 | 5196 |
| Cathay Consolidated, Inc. | 3000 | 9715 |
| CCP Contact Probes Co. Ltd.<sup>(1)</sup> | 1000 | 2955 |
| Celxpert Energy Corp. | 5000 | 6069 |
| Cenra, Inc. | 1500 | 1636 |
| Center Laboratories, Inc.<sup>(1)</sup> | 47368 | 66223 |
| Central Reinsurance Co. Ltd. | 38000 | 33620 |
| Century Iron & Steel Industrial Co. Ltd. | 8000 | 32665 |
| ChainQui Construction Development Co. Ltd.<sup>(1)</sup> | 3000 | 1394 |
| Chaintech Technology Corp. | 5000 | 4503 |
| Chang Wah Electromaterials, Inc. | 27000 | 37226 |
| Chang Wah Technology Co. Ltd. | 17000 | 26810 |
| Channel Well Technology Co. Ltd. | 16000 | 30403 |
| Charoen Pokphand Enterprise | 19000 | 92705 |
| CHC Healthcare Group | 9000 | 9499 |
| Chen Full International Co. Ltd. | 4000 | 5334 |
| Chenbro Micom Co. Ltd. | 3000 | 86472 |
| Chenfull Precision Co. Ltd. | 1000 | 3516 |
| Cheng Fwa Industrial Co. Ltd. | 1000 | 663 |
| Cheng Loong Corp. | 29000 | 16998 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 30000 | 13474 |
| Cheng Uei Precision Industry Co. Ltd. | 18000 | 22750 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chenming Electronic Technology Corp. | 11000 | $39191 |
| Chicony Electronics Co. Ltd. | 37000 | 147808 |
| Chicony Power Technology Co. Ltd. | 7000 | 20248 |
| Chief Telecom, Inc. | 2000 | 23921 |
| Chien Kuo Construction Co. Ltd. | 3200 | 3383 |
| China Container Terminal Corp. | 2000 | 1586 |
| China Ecotek Corp. | 1000 | 1647 |
| China Electric Manufacturing Corp. | 7000 | 2973 |
| China General Plastics Corp. | 7000 | 2767 |
| China Glaze Co. Ltd. | 3000 | 2458 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 78000 | 17780 |
| China Metal Products | 11000 | 8574 |
| China Motor Corp. | 13000 | 24772 |
| China Petrochemical Development Corp.<sup>(1)</sup> | 288000 | 76320 |
| China Steel Chemical Corp. | 10000 | 23040 |
| China Wire & Cable Co. Ltd. | 5000 | 6167 |
| Chinese Maritime Transport Ltd. | 3000 | 6315 |
| Ching Feng Home Fashions Co. Ltd. | 5000 | 3042 |
| Chin-Poon Industrial Co. Ltd. | 25000 | 33279 |
| ChipMOS Technologies, Inc.<sup>(1)</sup> | 45000 | 101167 |
| Chlitina Holding Ltd.<sup>(1)</sup> | 3000 | 10488 |
| Chong Hong Construction Co. Ltd. | 13000 | 31351 |
| Chun Yuan Steel Industry Co. Ltd. | 25000 | 18214 |
| Chung Hwa Chemical Industrial Works Ltd. | 4000 | 6031 |
| Chung Hwa Pulp Corp.<sup>(1)</sup> | 9000 | 3594 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 38000 | 212422 |
| Chunghwa Precision Test Tech Co. Ltd. | 2000 | 235402 |
| Cleanaway Co. Ltd. | 71000 | 79544 |
| Clevo Co. | 29000 | 36447 |
| CMC Magnetics Corp.<sup>(1)</sup> | 46000 | 16461 |
| CoAsia Electronics Corp. | 8000 | 18036 |
| Complex Micro Interconnection Co. Ltd. | 1000 | 1321 |
| Compucase Enterprise | 6000 | 13685 |
| Concord International Securities Co. Ltd. | 22686 | 19732 |
| Concord Securities Co. Ltd. | 55435 | 31826 |
| Continental Holdings Corp. | 17000 | 12137 |
| Contrel Technology Co. Ltd. | 9000 | 13893 |
| Coremax Corp. | 7284 | 17991 |
| Coretronic Corp. | 13000 | 36721 |
| Co-Tech Development Corp. | 30000 | 272305 |
| Creative Sensor, Inc. | 2700 | 5145 |
| Cryomax Cooling System Corp. | 1143 | 1565 |
| CSBC Corp. Taiwan<sup>(1)</sup> | 28000 | 21603 |
| CTCI Corp. | 30805 | 30815 |
| CviLux Corp. | 1700 | 5371 |
| Cyberlink Corp. | 5000 | 11214 |
| CyberPower Systems, Inc. | 2000 | 12358 |
| CyberTAN Technology, Inc.<sup>(1)</sup> | 9000 | 7567 |
| DA CIN Construction Co. Ltd. | 12000 | 28202 |
| Da-Li Development Co. Ltd. | 7987 | 12067 |
| Darfon Electronics Corp. | 10000 | 9946 |
| Darwin Precisions Corp.<sup>(1)</sup> | 6300 | 2770 |
| Daxin Materials Corp. | 5000 | 67281 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| De Licacy Industrial Co. Ltd. | 20880 | $7333 |
| Delpha Construction Co. Ltd. | 31000 | 26455 |
| Depo Auto Parts Ind Co. Ltd. | 8000 | 35934 |
| Desiccant Technology Corp. | 3000 | 17241 |
| DFI, Inc. | 1000 | 1964 |
| Dimerco Express Corp. | 3000 | 7550 |
| DingZing Advanced Materials, Inc. | 1000 | 2894 |
| D-Link Corp.<sup>(1)</sup> | 27000 | 13429 |
| DONPON PRECISION, Inc. | 1400 | 2207 |
| Dr. Wu Skincare Co. Ltd. | 1000 | 3757 |
| Draytek Corp. | 1000 | 873 |
| Drewloong Precision, Inc. | 2051 | 9675 |
| Dynamic Holding Co. Ltd. | 23390 | 115798 |
| Dynapack International Technology Corp. | 14000 | 136340 |
| E&R Engineering Corp.<sup>(1)</sup> | 3000 | 9150 |
| Eastech Holding Ltd. | 5000 | 15754 |
| Eastern Media International Corp. | 14270 | 9363 |
| ECOVE Environment Corp. | 2000 | 19166 |
| Edimax Technology Co. Ltd. | 6000 | 3392 |
| Edison Opto Corp. | 3000 | 1800 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 12000 | 15232 |
| Egis Technology, Inc.<sup>(1)</sup> | 1000 | 3794 |
| Elan Microelectronics Corp. | 24000 | 92856 |
| E-Lead Electronic Co. Ltd. | 8000 | 11510 |
| Elite Advanced Laser Corp. | 6000 | 58213 |
| Elitegroup Computer Systems Co. Ltd. | 11000 | 9599 |
| Emerging Display Technologies Corp. | 1000 | 742 |
| Ennoconn Corp. | 7000 | 63102 |
| Ennostar, Inc.<sup>(1)</sup> | 47000 | 56949 |
| Episil Technologies, Inc.<sup>(1)</sup> | 19000 | 36567 |
| Episil-Precision, Inc. | 1000 | 1986 |
| Eris Technology Corp. | 1000 | 5757 |
| Eson Precision Ind Co. Ltd. | 8000 | 21616 |
| Eternal Materials Co. Ltd. | 99000 | 216587 |
| Eurocharm Holdings Co. Ltd. | 2000 | 9322 |
| Ever Ohms Technology Co. Ltd. | 2000 | 1994 |
| Ever Supreme Bio Technology Co. Ltd. | 7299 | 35844 |
| Evergreen Aviation Technologies Corp. | 8000 | 45353 |
| Evergreen International Storage & Transport Corp. | 15500 | 27613 |
| EVERGREEN Steel Corp. | 16000 | 52598 |
| Everlight Chemical Industrial Corp. | 39000 | 33610 |
| Everlight Electronics Co. Ltd. | 29000 | 54268 |
| Evertop Wire Cable Corp. | 5000 | 4628 |
| Excelsior Medical Co. Ltd. | 2366 | 5910 |
| EZconn Corp. | 3105 | 209179 |
| Falcon Machine Tools Co. Ltd.<sup>(1)</sup> | 2140 | 1271 |
| Far Eastern Department Stores Ltd. | 70000 | 50856 |
| Far Eastern International Bank | 277000 | 114501 |
| Faraday Technology Corp. | 16000 | 85213 |
| Farglory F T Z Investment Holding Co. Ltd. | 1101 | 1959 |
| Farglory Land Development Co. Ltd. | 24000 | 52094 |
| Favite, Inc. | 4000 | 16042 |
| Federal Corp.<sup>(1)</sup> | 11000 | 7329 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Feedback Technology Corp. | 3080 | $14198 |
| Feng Hsin Steel Co. Ltd. | 15000 | 32469 |
| FIC Global, Inc. | 1000 | 1866 |
| FineMat Applied Materials Co. Ltd.<sup>(1)</sup> | 1000 | 1102 |
| FineTek Co. Ltd. | 1040 | 3461 |
| Firich Enterprises Co. Ltd. | 6000 | 4460 |
| First Copper Technology Co. Ltd. | 14000 | 20504 |
| First Hi-Tec Enterprise Co. Ltd. | 4000 | 36751 |
| First Insurance Co. Ltd. | 17000 | 14879 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 15000 | 2586 |
| FIT Holding Co. Ltd. | 8000 | 6417 |
| Fitipower Integrated Technology, Inc. | 8000 | 37783 |
| Fittech Co. Ltd.<sup>(1)</sup> | 2101 | 8812 |
| FLEXium Interconnect, Inc.<sup>(1)</sup> | 25000 | 51218 |
| Flytech Technology Co. Ltd. | 10000 | 29744 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 13000 | 21909 |
| FOCI Fiber Optic Communications, Inc.<sup>(1)</sup> | 1072 | 20148 |
| Forcecon Tech Co. Ltd. | 6932 | 20339 |
| Forest Water Environment Engineering Co. Ltd. | 1032 | 1271 |
| Formosa International Hotels Corp. | 4000 | 24121 |
| Formosa Laboratories, Inc. | 7000 | 12657 |
| Formosa Optical Technology Co. Ltd. | 1000 | 3186 |
| Formosa Sumco Technology Corp. | 7000 | 30481 |
| Formosa Taffeta Co. Ltd. | 57000 | 33200 |
| Formosan Union Chemical Corp. | 16000 | 8525 |
| Founding Construction & Development Co. Ltd. | 3000 | 1395 |
| Foxconn Technology Co. Ltd. | 79000 | 148861 |
| Foxsemicon Integrated Technology, Inc. | 7000 | 69632 |
| Foxwell Power Co. Ltd. | 3000 | 8470 |
| Franbo Lines Corp. | 21000 | 13488 |
| FSP Technology, Inc. | 7000 | 12330 |
| Fu Hua Innovation Co. Ltd. | 27324 | 14890 |
| Fulgent Sun International Holding Co. Ltd. | 12236 | 36531 |
| Fulltech Fiber Glass Corp.<sup>(1)</sup> | 29316 | 101628 |
| Fusheng Precision Co. Ltd. | 4000 | 33808 |
| G Shank Enterprise Co. Ltd. | 10117 | 27108 |
| Galaxy Software Services Corp. | 2100 | 8315 |
| Gallant Micro Machining Co. Ltd. | 1000 | 25249 |
| Gallant Precision Machining Co. Ltd. | 9000 | 25943 |
| Gamania Digital Entertainment Co. Ltd. | 8000 | 13466 |
| GEM Terminal Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 889 |
| Gemtek Technology Corp. | 26000 | 22447 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 13000 | 19696 |
| Genesys Logic, Inc. | 6000 | 19219 |
| Genius Electronic Optical Co. Ltd. | 7000 | 98214 |
| GeoVision, Inc. | 1780 | 2677 |
| Getac Holdings Corp. | 32000 | 115272 |
| GFC Ltd. | 2000 | 7390 |
| Giantplus Technology Co. Ltd.<sup>(1)</sup> | 2000 | 837 |
| Gigasolar Materials Corp.<sup>(1)</sup> | 4000 | 16452 |
| Gigastorage Corp.<sup>(1)</sup> | 2000 | 2090 |
| Global Brands Manufacture Ltd. | 18761 | 64464 |
| Global Mixed Mode Technology, Inc. | 6000 | 47325 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Global PMX Co. Ltd. | 4000 | $15872 |
| Globaltek Fabrication Co. Ltd. | 5000 | 9431 |
| Globe Union Industrial Corp. | 7000 | 2219 |
| Gloria Material Technology Corp. | 30000 | 33509 |
| GMI Technology, Inc. | 5000 | 6058 |
| Golden Long Teng Development Co. Ltd. | 3000 | 3077 |
| Goldsun Building Materials Co. Ltd. | 18000 | 21346 |
| Good Will Instrument Co. Ltd. | 1000 | 1572 |
| Gordon Auto Body Parts | 9000 | 8854 |
| Gourmet Master Co. Ltd. | 4000 | 9122 |
| Grade Upon Technology Corp. | 1000 | 34481 |
| Grand Fortune Securities Co. Ltd. | 25000 | 11821 |
| Grand Pacific Petrochemical<sup>(1)</sup> | 84381 | 36841 |
| Grand Process Technology Corp. | 1000 | 55895 |
| Grape King Bio Ltd. | 5000 | 19825 |
| Great Tree Pharmacy Co. Ltd. | 6970 | 19297 |
| Great Wall Enterprise Co. Ltd. | 64000 | 104133 |
| Greatek Electronics, Inc. | 24000 | 73101 |
| Groundhog, Inc. | 1000 | 2399 |
| Group Up Industrial Co. Ltd. | 3000 | 28755 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 3060 | 1462 |
| Hannstar Board Corp. | 26360 | 78140 |
| HannStar Display Corp.<sup>(1)</sup> | 168000 | 49563 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 24000 | 7945 |
| Hanpin Electron Co. Ltd. | 1000 | 1518 |
| Harvatek Corp.<sup>(1)</sup> | 1000 | 662 |
| HD Renewable Energy Co. Ltd. | 4595 | 15849 |
| HIM International Music, Inc. | 2000 | 6046 |
| Hitron Technology, Inc.<sup>(1)</sup> | 12000 | 11324 |
| Hiwin Mikrosystem Corp. | 2000 | 7487 |
| Hiwin Technologies Corp. | 19000 | 137857 |
| Hiyes International Co. Ltd. | 1297 | 3033 |
| Ho Tung Chemical Corp. | 28000 | 8937 |
| Hocheng Corp. | 5000 | 3024 |
| Holdings-Key Electric Wire & Cable Co. Ltd. | 9000 | 13361 |
| Holiday Entertainment Co. Ltd. | 1000 | 1894 |
| Holy Stone Enterprise Co. Ltd. | 8000 | 30208 |
| Hong Ho Precision Textile Co. Ltd. | 1000 | 516 |
| Hong Pu Real Estate Development Co. Ltd. | 3000 | 2254 |
| Hong TAI Electric Industrial | 19000 | 21872 |
| Horizon Fixture Group Co. Ltd. | 2000 | 11566 |
| Horizon Securities Co. Ltd. | 30000 | 14595 |
| Hota Industrial Manufacturing Co. Ltd. | 18000 | 34662 |
| Hotai Finance Co. Ltd. | 14000 | 26768 |
| Hotron Precision Electronic Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 1022 |
| Hsin Ba Ba Corp. | 2020 | 2645 |
| Hsin Kuang Steel Co. Ltd. | 16000 | 20120 |
| HTC Corp.<sup>(1)</sup> | 50000 | 71940 |
| Hu Lane Associate, Inc. | 7202 | 26904 |
| HUA ENG Wire & Cable Co. Ltd. | 32000 | 36788 |
| Huaku Development Co. Ltd. | 9660 | 33357 |
| Huang Hsiang Construction Corp. | 9015 | 10848 |
| Hung Ching Development & Construction Co. Ltd. | 3000 | 3098 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hung Sheng Construction Ltd. | 9000 | $5751 |
| Hwa Fong Rubber Industrial Co. Ltd. | 5000 | 2413 |
| Hwacom Systems, Inc. | 10000 | 17175 |
| Hwang Chang General Contractor Co. Ltd. | 7393 | 14420 |
| Ibase Technology, Inc. | 3000 | 4087 |
| IBF Financial Holdings Co. Ltd. | 257000 | 139196 |
| ICatch Technology, Inc.<sup>(1)</sup> | 1000 | 1365 |
| Ichia Technologies, Inc. | 21000 | 37703 |
| I-Chiun Precision Industry Co. Ltd. | 5202 | 22967 |
| IEI Integration Corp. | 9000 | 17182 |
| In Win Development, Inc. | 4000 | 9587 |
| Infortrend Technology, Inc. | 13000 | 13278 |
| Info-Tek Corp. | 1000 | 1294 |
| Ingentec Corp. | 1102 | 16231 |
| Innodisk Corp. | 7139 | 175596 |
| Inpaq Technology Co. Ltd. | 5000 | 13799 |
| Insyde Software Corp. | 1200 | 7344 |
| Integrated Service Technology, Inc. | 5644 | 23766 |
| International CSRC Investment Holdings Co.<sup>(1)</sup> | 62000 | 25966 |
| Iron Force Industrial Co. Ltd. | 2000 | 6145 |
| ITE Technology, Inc.<sup>(1)</sup> | 13000 | 50754 |
| ITEQ Corp. | 22000 | 98358 |
| ITH Corp. | 17000 | 19475 |
| Jarllytec Co. Ltd. | 2050 | 5590 |
| Jean Co. Ltd. | 13076 | 8324 |
| Jetway Information Co. Ltd. | 750 | 1068 |
| Jetwell Computer Co. Ltd. | 1120 | 6477 |
| Jia Wei Lifestyle, Inc. | 1050 | 1151 |
| Jih Lin Technology Co. Ltd. | 1000 | 1613 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 4000 | 13385 |
| Jinan Acetate Chemical Co. Ltd. | 26000 | 38950 |
| Jiu Han System Technology Co. Ltd. | 3000 | 30366 |
| Johnson Health Tech Co. Ltd. | 8000 | 34523 |
| JPC connectivity, Inc. | 7000 | 33951 |
| JPP Holding Co. Ltd. | 2000 | 16898 |
| K Laser Technology, Inc. | 2000 | 1058 |
| Kaimei Electronic Corp. | 5000 | 14971 |
| Kao Fong Machinery Co. Ltd. | 4000 | 5772 |
| Kaori Heat Treatment Co. Ltd. | 6000 | 165136 |
| Kedge Construction Co. Ltd. | 1081 | 3019 |
| KEE TAI Properties Co. Ltd. | 13180 | 4527 |
| Kenda Rubber Industrial Co. Ltd. | 16000 | 10341 |
| Kerry TJ Logistics Co. Ltd. | 5000 | 5063 |
| Key Ware Electronics Co. Ltd. | 3000 | 6055 |
| Keystone Microtech Corp. | 1000 | 28895 |
| KHGEARS International Ltd. | 2000 | 11556 |
| Kindom Development Co. Ltd. | 24200 | 24200 |
| King Polytechnic Engineering Co. Ltd. | 1050 | 1762 |
| King's Town Construction Co. Ltd.<sup>(1)</sup> | 4000 | 5511 |
| Kinik Co.<sup>(1)</sup> | 6000 | 99027 |
| Kinko Optical Co. Ltd.<sup>(1)</sup> | 8000 | 15998 |
| Kinpo Electronics | 67000 | 54410 |
| Kinsus Interconnect Technology Corp. | 16000 | 158105 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KMC Kuei Meng International, Inc. | 2000 | $5941 |
| KNH Enterprise Co. Ltd. | 3000 | 1590 |
| Ko Ja Cayman Co. Ltd. | 1000 | 1277 |
| KS Terminals, Inc. | 5000 | 8032 |
| Kuang Hong Arts Management, Inc. | 2000 | 9241 |
| Kung Long Batteries Industrial Co. Ltd. | 3000 | 12032 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 6000 | 4983 |
| Kuo Toong International Co. Ltd. | 17000 | 28901 |
| Kuo Yang Construction Co. Ltd.<sup>(1)</sup> | 5000 | 3028 |
| KYE Systems Corp. | 5000 | 5828 |
| L&K Engineering Co. Ltd. | 12148 | 224337 |
| Lai Yih Footwear Co. Ltd. | 3000 | 19345 |
| Lanner Electronics, Inc. | 6000 | 11732 |
| Laser Tek Taiwan Co. Ltd. | 5000 | 8715 |
| Leadtek Research, Inc.<sup>(1)</sup> | 2000 | 3406 |
| Leadtrend Technology Corp. | 5000 | 8286 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 6000 | 1226 |
| Lelon Electronics Corp. | 7000 | 28086 |
| Lemtech Holdings Co. Ltd. | 1050 | 3278 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 14000 | 2469 |
| Lida Holdings Ltd. | 1000 | 754 |
| Lien Hwa Industrial Holdings Corp. | 91000 | 130442 |
| Life Travel & Tourist Service Co. Ltd. | 2000 | 6813 |
| Lingsen Precision Industries Ltd. | 31000 | 28055 |
| Lintes Technology Co. Ltd. | 1035 | 5708 |
| Lion Travel Service Co. Ltd. | 5000 | 27981 |
| Liton Technology Corp. | 4000 | 6059 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 9000 | 4318 |
| Long Da Construction & Development Corp. | 3000 | 3089 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 20000 | 6304 |
| Longwell Co. | 7000 | 49989 |
| Loop Telecommunication International, Inc. | 1000 | 1863 |
| Lotus Pharmaceutical Co. Ltd. | 15000 | 133442 |
| Loyalty Founder Enterprise Co. Ltd. | 4000 | 3743 |
| Lumax International Corp. Ltd. | 4000 | 16829 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 10000 | 16881 |
| Lungteh Shipbuilding Co. Ltd. | 2000 | 9657 |
| Luxe Green Energy Technology Co. Ltd. | 8000 | 6564 |
| LuxNet Corp. | 7051 | 93035 |
| M3 Technology, Inc. | 1000 | 2599 |
| Macauto Industrial Co. Ltd. | 1000 | 1763 |
| Machvision, Inc. | 1100 | 19822 |
| Macnica Anstek, Inc. | 3000 | 6759 |
| Macnica Galaxy, Inc. | 1000 | 2720 |
| Macroblock, Inc. | 1000 | 1877 |
| Macronix International Co. Ltd.<sup>(1)</sup> | 216000 | 739216 |
| Makalot Industrial Co. Ltd. | 17000 | 173346 |
| Man Zai Industrial Co. Ltd. | 1050 | 1040 |
| Marketech International Corp. | 5000 | 48178 |
| Materials Analysis Technology, Inc. | 2000 | 13843 |
| Mayer Steel Pipe Corp. | 8200 | 6446 |
| Mechema Chemicals International Corp. | 1000 | 2148 |
| Mega Union Technology, Inc. | 5000 | 122057 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mercuries & Associates Holding Ltd.<sup>(1)</sup> | 27000 | $14224 |
| Mercuries Data Systems Ltd. | 2000 | 1700 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 336688 | 89076 |
| Merida Industry Co. Ltd. | 10000 | 23901 |
| Merry Electronics Co. Ltd. | 16120 | 48469 |
| METAAGE Corp. | 5000 | 7662 |
| Microbio Co. Ltd.<sup>(1)</sup> | 22000 | 13075 |
| Micro-Star International Co. Ltd. | 7000 | 20913 |
| Microtek International<sup>(1)</sup> | 1000 | 436 |
| Mildef Crete, Inc. | 3000 | 9630 |
| MIN AIK Technology Co. Ltd. | 4000 | 4289 |
| Mirle Automation Corp. | 9000 | 21196 |
| momo.com, Inc. | 3000 | 18390 |
| MOSA Industrial Corp.<sup>(1)</sup> | 7776 | 4838 |
| Mosel Vitelic, Inc. | 10000 | 10548 |
| Motech Industries, Inc. | 30000 | 31380 |
| MPI Corp. | 3000 | 277665 |
| MSSCORPS Co. Ltd. | 1000 | 9029 |
| My Humble House Hospitality Management Consulting | 1000 | 1076 |
| Myson Century, Inc. | 11000 | 31684 |
| Nak Sealing Technologies Corp. | 1000 | 3788 |
| Namchow Holdings Co. Ltd. | 10000 | 12217 |
| Nan Pao Resins Chemical Co. Ltd. | 2000 | 20909 |
| Nan Ren Lake Leisure Amusement Co. Ltd.<sup>(1)</sup> | 5000 | 1414 |
| Nang Kuang Pharmaceutical Co. Ltd. | 1000 | 1189 |
| Nantex Industry Co. Ltd. | 5000 | 4355 |
| National Aerospace Fasteners Corp. | 1106 | 3932 |
| Neousys Technology, Inc. | 1049 | 5558 |
| Netronix, Inc. | 5000 | 16876 |
| Newmax Technology Co. Ltd.<sup>(1)</sup> | 1000 | 1116 |
| Nexcom International Co. Ltd. | 9000 | 20007 |
| Nichidenbo Corp. | 5000 | 15860 |
| Nidec Chaun-Choung Technology Corp. | 1000 | 4947 |
| Niko Semiconductor Co. Ltd. | 1266 | 2024 |
| Nova Technology Corp. | 2000 | 13038 |
| Nuvoton Technology Corp. | 12000 | 27588 |
| O-Bank Co. Ltd. | 97000 | 30377 |
| Ocean Plastics Co. Ltd. | 9000 | 9688 |
| OK Biotech Co. Ltd. | 1000 | 462 |
| Optimax Technology Corp. | 13000 | 9583 |
| Orient Semiconductor Electronics Ltd. | 36000 | 65694 |
| Oriental Union Chemical Corp.<sup>(1)</sup> | 28000 | 11753 |
| O-TA Precision Industry Co. Ltd. | 1000 | 2226 |
| Otsuka Information Technology Corp. | 1000 | 5952 |
| Pacific Construction Co. | 7000 | 2022 |
| Pan German Universal Motors Ltd. | 1000 | 8559 |
| Pan Jit International, Inc. | 27000 | 77450 |
| Pan-International Industrial Corp. | 25000 | 40447 |
| Parade Technologies Ltd. | 5000 | 86289 |
| Parpro Corp. | 6000 | 12094 |
| Patec Precision Industry Co. Ltd. | 1140 | 4189 |
| PChome Online, Inc.<sup>(1)</sup> | 1000 | 907 |
| PCL Technologies, Inc. | 1000 | 5457 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| P-Duke Technology Co. Ltd. | 1000 | $3484 |
| Pegavision Corp. | 3000 | 28390 |
| PharmaEngine, Inc. | 10000 | 20758 |
| Phihong Technology Co. Ltd.<sup>(1)</sup> | 28000 | 27480 |
| Phoenix Silicon International Corp. | 14000 | 82798 |
| Phoenix Tours International, Inc. | 1155 | 1842 |
| Pixart Imaging, Inc. | 11000 | 71454 |
| Planet Technology Corp. | 1000 | 3865 |
| Podak Co. Ltd. | 1050 | 1584 |
| Polytronics Technology Corp. | 3000 | 4179 |
| Posiflex Technology, Inc. | 4000 | 22183 |
| Pou Chen Corp. | 213000 | 210803 |
| Poya International Co. Ltd. | 4000 | 64449 |
| President Securities Corp. | 97700 | 100105 |
| Primax Electronics Ltd. | 42000 | 109213 |
| Prince Housing & Development Corp. | 24000 | 6348 |
| Progate Group Corp. | 1000 | 4446 |
| Promate Electronic Co. Ltd. | 16799 | 24940 |
| Prosperity Dielectrics Co. Ltd. | 2000 | 4651 |
| QST International Corp. | 1207 | 1560 |
| Qualipoly Chemical Corp. | 7000 | 47912 |
| Quang Viet Enterprise Co. Ltd. | 2146 | 4698 |
| Quanta Storage, Inc. | 16000 | 50724 |
| Quaser Machine Tools, Inc. | 1000 | 1650 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 6000 | 1865 |
| Radiant Opto-Electronics Corp. | 11000 | 42765 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 60000 | 21038 |
| Rafael Microelectronics, Inc.<sup>(1)</sup> | 2000 | 10023 |
| Raydium Semiconductor Corp. | 5000 | 37105 |
| Rechi Precision Co. Ltd. | 17000 | 14078 |
| Rexon Industrial Corp. Ltd. | 3000 | 2522 |
| Rich Development Co. Ltd. | 17510 | 4493 |
| Richmond International Travel & Tours Co. Ltd. | 2600 | 6408 |
| RiTdisplay Corp. | 2020 | 2507 |
| Ritek Corp.<sup>(1)</sup> | 61000 | 28135 |
| Ruentex Development Co. Ltd. | 137000 | 129096 |
| Ruentex Engineering & Construction Co. | 1680 | 9335 |
| Ruentex Industries Ltd. | 51000 | 86630 |
| Sakura Development Co. Ltd. | 22000 | 34376 |
| Sampo Corp. | 8000 | 6236 |
| San Fang Chemical Industry Co. Ltd. | 17000 | 19099 |
| San Far Property Ltd. | 7000 | 3755 |
| San Fu Chemical Co. Ltd. | 3000 | 14153 |
| Sanyang Motor Co. Ltd. | 45000 | 86057 |
| Savior Lifetec Corp. | 26000 | 15741 |
| Scientech Corp. | 4000 | 46774 |
| ScinoPharm Taiwan Ltd. | 30000 | 20455 |
| SciVision Biotech, Inc. | 2000 | 4744 |
| SDI Corp. | 9000 | 24569 |
| Sea Sonic Electronics Co. Ltd. | 1000 | 2181 |
| Senao Networks, Inc. | 2000 | 9041 |
| Sensortek Technology Corp. | 1000 | 5518 |
| Sercomm Corp. | 20000 | 52659 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sesoda Corp. | 14000 | $16233 |
| Sheng Yu Steel Co. Ltd. | 2000 | 1390 |
| ShenMao Technology, Inc. | 2000 | 7584 |
| Shieh Yih Machinery Industry Co. Ltd. | 3000 | 3129 |
| Shih Her Technologies, Inc. | 2146 | 13114 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 4000 | 2241 |
| Shihlin Electric & Engineering Corp. | 14000 | 104754 |
| Shin Ruenn Development Co. Ltd. | 7910 | 11193 |
| Shin Zu Shing Co. Ltd. | 10159 | 66222 |
| Shinfox Energy Co. Ltd. | 9000 | 12640 |
| Shining Building Business Co. Ltd.<sup>(1)</sup> | 9000 | 2591 |
| Shinkong Insurance Co. Ltd. | 17000 | 62810 |
| Shinkong Synthetic Fibers Corp. | 59000 | 29193 |
| Shiny Chemical Industrial Co. Ltd. | 11200 | 56706 |
| ShunSin Technology Holding Ltd. | 1000 | 6554 |
| Shuttle, Inc. | 22000 | 11227 |
| Sigurd Microelectronics Corp.<sup>(1)</sup> | 65000 | 310003 |
| Silicon Integrated Systems Corp. | 25000 | 43366 |
| Silicon Optronics, Inc.<sup>(1)</sup> | 1000 | 1996 |
| Simplo Technology Co. Ltd. | 14000 | 148551 |
| Sinbon Electronics Co. Ltd. | 13000 | 100535 |
| Sincere Navigation Corp. | 20000 | 21481 |
| Singatron Enterprise Co. Ltd. | 2000 | 2425 |
| Sinmag Equipment Corp. | 1000 | 4220 |
| Sino-American Silicon Products, Inc.<sup>(1)</sup> | 45000 | 168060 |
| Sinon Corp. | 20000 | 28970 |
| Sinphar Pharmaceutical Co. Ltd. | 3402 | 3354 |
| Sinyi Realty, Inc. | 5000 | 3528 |
| Sitronix Technology Corp. | 10000 | 63126 |
| Siward Crystal Technology Co. Ltd. | 2000 | 1913 |
| Skardin Industrial Corp.<sup>(1)</sup> | 2000 | 2370 |
| Soft-World International Corp. | 1000 | 3269 |
| Solar Applied Materials Technology Corp. | 44000 | 86618 |
| Solomon Technology Corp. | 1000 | 4183 |
| Solteam, Inc. | 1000 | 1557 |
| Speed Tech Corp. | 8000 | 9277 |
| Spirox Corp. | 1000 | 2188 |
| Sporton International, Inc. | 6000 | 37116 |
| Sports Gear Co. Ltd. | 5000 | 15921 |
| St. Shine Optical Co. Ltd. | 3000 | 10768 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 2000 | 4192 |
| Standard Foods Corp. | 27000 | 25894 |
| Stark Technology, Inc. | 9000 | 42327 |
| Starlux Airlines Co. Ltd.<sup>(1)</sup> | 98000 | 71759 |
| S-Tech Corp. | 13000 | 9797 |
| STL Technology Co. Ltd. | 4000 | 18912 |
| Sumeeko Industries Co. Ltd. | 1000 | 1687 |
| Sun Yad Construction Co. Ltd.<sup>(1)</sup> | 25000 | 10871 |
| Sunfun Info Co. Ltd. | 9000 | 8232 |
| Sunko INK Co. Ltd.<sup>(1)</sup> | 5000 | 2964 |
| SunMax Biotechnology Co. Ltd. | 2000 | 24953 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 30000 | 144914 |
| Sunplus Innovation Technology, Inc. | 1026 | 4180 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sunplus Technology Co. Ltd.<sup>(1)</sup> | 24000 | $17609 |
| Sunrex Technology Corp. | 6000 | 8370 |
| Sunspring Metal Corp. | 3000 | 2133 |
| Sunty Development Co. Ltd. | 5000 | 2256 |
| Superalloy Industrial Co. Ltd. | 16000 | 22305 |
| Supreme Electronics Co. Ltd. | 38000 | 87859 |
| Swancor Holding Co. Ltd. | 6000 | 23147 |
| Symtek Automation Asia Co. Ltd. | 1000 | 4775 |
| Syncmold Enterprise Corp. | 7000 | 16135 |
| Synmosa Biopharma Corp. | 37096 | 38330 |
| Syscom Computer Engineering Co. | 3000 | 5101 |
| Sysgration | 11000 | 24352 |
| Systex Corp. | 15000 | 54886 |
| T3EX Global Holdings Corp. | 4000 | 8236 |
| TA Chen Stainless Pipe | 171000 | 201366 |
| Ta Liang Technology Co. Ltd. | 1000 | 9305 |
| Ta Ya Electric Wire & Cable | 64630 | 83721 |
| TA-I Technology Co. Ltd. | 3000 | 6950 |
| Tai Tung Communication Co. Ltd. | 3000 | 2020 |
| TaiDoc Technology Corp.<sup>(1)</sup> | 6000 | 23836 |
| Taiflex Scientific Co. Ltd. | 14137 | 43376 |
| Taimide Tech, Inc. | 8000 | 16176 |
| Tainan Enterprises Co. Ltd. | 3000 | 2410 |
| Tainan Spinning Co. Ltd. | 62000 | 26613 |
| TaiSol Electronics Co. Ltd. | 2000 | 3680 |
| Taisun Enterprise Co. Ltd. | 4000 | 2339 |
| Taita Chemical Co. Ltd. | 6000 | 2382 |
| TAI-TECH Advanced Electronics Co. Ltd. | 2000 | 11642 |
| Taiwan Acceptance Corp. | 21000 | 49573 |
| Taiwan Cogeneration Corp. | 32000 | 48036 |
| Taiwan Fertilizer Co. Ltd. | 47000 | 70271 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 8400 | 13311 |
| Taiwan FU Hsing Industrial Co. Ltd. | 4000 | 6156 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 12222 | 47494 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 7449 | 9316 |
| Taiwan IC Packaging Corp.<sup>(1)</sup> | 4000 | 3257 |
| Taiwan Line Tek Electronic | 1000 | 820 |
| Taiwan Mask Corp.<sup>(1)</sup> | 7000 | 10831 |
| Taiwan Navigation Co. Ltd. | 15000 | 14938 |
| Taiwan Paiho Ltd. | 21000 | 34376 |
| Taiwan PCB Techvest Co. Ltd. | 15000 | 18477 |
| Taiwan Sakura Corp. | 6000 | 16576 |
| Taiwan Secom Co. Ltd. | 13000 | 44045 |
| Taiwan Semiconductor Co. Ltd. | 17000 | 33127 |
| Taiwan Surface Mounting Technology Corp. | 22000 | 71050 |
| Taiwan Takisawa Technology Co. Ltd. | 1000 | 1256 |
| Taiwan TEA Corp.<sup>(1)</sup> | 29000 | 12091 |
| Taiwan Union Technology Corp. | 12000 | 205316 |
| Taiwan-Asia Semiconductor Corp.<sup>(1)</sup> | 26000 | 22675 |
| Tatung Co. Ltd. | 77000 | 91742 |
| Tatung System Technologies, Inc. | 2260 | 4617 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 8000 | 13115 |
| TCI Co. Ltd.<sup>(1)</sup> | 10000 | 41977 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Te Chang Construction Co. Ltd. | 2000 | $4266 |
| Team Group, Inc. | 7000 | 45045 |
| Test Research, Inc. | 12000 | 84886 |
| Thinking Electronic Industrial Co. Ltd. | 3000 | 17987 |
| Thintech Materials Technology Co. Ltd. | 2000 | 4127 |
| Thye Ming Industrial Co. Ltd. | 5737 | 12783 |
| Tigerair Taiwan Co. Ltd. | 5000 | 10194 |
| Ton Yi Industrial Corp. | 75000 | 45441 |
| Tong Hsing Electronic Industries Ltd.<sup>(1)</sup> | 13000 | 72956 |
| Tong Yang Industry Co. Ltd. | 24000 | 76163 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)</sup> | 12000 | 12734 |
| Top Bright Holding Co. Ltd. | 2000 | 18425 |
| Topco Scientific Co. Ltd. | 13000 | 143817 |
| Topkey Corp. | 5000 | 27095 |
| Topoint Technology Co. Ltd. | 9142 | 73386 |
| TPK Holding Co. Ltd. | 27000 | 36723 |
| Transcend Information, Inc. | 5000 | 33156 |
| Trigold Holdings Ltd. | 3000 | 7277 |
| Trusval Technology Co. Ltd. | 2050 | 17504 |
| Tsang Yow Industrial Co. Ltd. | 1000 | 727 |
| TSC Auto ID Technology Co. Ltd. | 1000 | 6327 |
| TSEC Corp.<sup>(1)</sup> | 37000 | 52941 |
| TSRC Corp. | 35000 | 22808 |
| TTY Biopharm Co. Ltd. | 17000 | 45721 |
| Tung Ho Steel Enterprise Corp. | 39000 | 91585 |
| Tung Thih Electronic Co. Ltd. | 1144 | 1873 |
| Twinhead International Corp.<sup>(1)</sup> | 1300 | 2617 |
| TXC Corp. | 25000 | 73046 |
| TYC Brother Industrial Co. Ltd. | 13000 | 18185 |
| Tyntek Corp. | 14000 | 8630 |
| TZE Shin International Co. Ltd. | 3000 | 1398 |
| U-BEST Innovative Technology Co. Ltd. | 13000 | 6934 |
| Ubright Optronics Corp. | 1000 | 1899 |
| UDE Corp. | 6000 | 22418 |
| Ultra Chip, Inc. | 2000 | 3253 |
| U-Ming Marine Transport Corp. | 34000 | 72005 |
| Unic Technology Corp. | 3000 | 3009 |
| Union Bank of Taiwan | 103000 | 66468 |
| Union Insurance Co. Ltd. | 1000 | 988 |
| Unitech Electronics Co. Ltd. | 1000 | 903 |
| Unitech Printed Circuit Board Corp. | 38956 | 79256 |
| United Alloy-Tech Co. | 7000 | 13084 |
| United Fiber Optical Communication, Inc.<sup>(1)</sup> | 4000 | 5498 |
| United Orthopedic Corp. | 6000 | 20701 |
| United Renewable Energy Co. Ltd.<sup>(1)</sup> | 61000 | 42620 |
| Univacco Technology, Inc. | 4000 | 6128 |
| Universal Cement Corp. | 12220 | 11693 |
| Universal Microwave Technology, Inc. | 4000 | 202018 |
| Universal Vision Biotechnology Co. Ltd. | 4000 | 17453 |
| UPC Technology Corp.<sup>(1)</sup> | 53000 | 18804 |
| UPI Semiconductor Corp. | 5000 | 29349 |
| Userjoy Technology Co. Ltd. | 3300 | 7145 |
| USI Corp. | 56000 | 21966 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Usun Technology Co. Ltd.<sup>(1)</sup> | 2000 | $3197 |
| Utechzone Co. Ltd. | 2000 | 7499 |
| UVAT Technology Co. Ltd. | 1000 | 2186 |
| Ventec International Group Co. Ltd. | 3000 | 9730 |
| VIA Labs, Inc. | 1000 | 2575 |
| Via Technologies, Inc. | 11000 | 17589 |
| Viking Tech Corp. | 2000 | 4037 |
| Visco Vision, Inc. | 4000 | 24159 |
| VisEra Technologies Co. Ltd. | 1000 | 10774 |
| Visual Photonics Epitaxy Co. Ltd. | 14000 | 95846 |
| Vivotek, Inc. | 1000 | 3158 |
| Vizionfocus, Inc. | 2000 | 11611 |
| Voltronic Power Technology Corp. | 3000 | 88233 |
| Wafer Works Corp.<sup>(1)</sup> | 45000 | 51708 |
| Waffer Technology Corp. | 11000 | 20218 |
| Wah Hong Industrial Corp. | 1000 | 1303 |
| Wah Lee Industrial Corp. | 15000 | 61661 |
| Walsin Technology Corp. | 25000 | 122944 |
| Walton Advanced Engineering, Inc. | 5000 | 10174 |
| Waste Recovery Technology, Inc. | 1000 | 8973 |
| We & Win Development Co. Ltd.<sup>(1)</sup> | 3000 | 1000 |
| We&Win Diversification Co. Ltd. | 1000 | 640 |
| Weikeng Industrial Co. Ltd. | 22000 | 22293 |
| Well Shin Technology Co. Ltd. | 3000 | 4961 |
| Welldone Co. | 6000 | 9346 |
| Weltrend Semiconductor | 5000 | 9806 |
| Wholetech System Hitech Ltd. | 7000 | 31051 |
| Win Semiconductors Corp. | 36000 | 381397 |
| Winmate, Inc. | 3000 | 14374 |
| Winstek Semiconductor Co. Ltd. | 2000 | 9522 |
| WinWay Technology Co. Ltd. | 1000 | 160767 |
| Wisdom Marine Lines Co. Ltd. | 33000 | 76411 |
| Wiselink Co. Ltd. | 12284 | 78927 |
| WITS Corp. | 2000 | 7451 |
| WNC Corp. | 21000 | 124341 |
| Wonderful Hi-Tech Co. Ltd. | 12000 | 19430 |
| Wowprime Corp. | 7000 | 48969 |
| WUS Printed Circuit Co. Ltd. | 13000 | 46017 |
| WW Holding, Inc. | 1000 | 2119 |
| XAVi Technologies Corp. | 2000 | 2615 |
| XinTec, Inc. | 13000 | 79360 |
| Xxentria Technology Materials Corp. | 4180 | 4977 |
| Yankey Engineering Co. Ltd. | 3380 | 73282 |
| Yao Sheng Electronic Co. Ltd.<sup>(1)</sup> | 2000 | 5166 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 23000 | 15284 |
| YCC Parts Manufacturing Co. Ltd. | 1000 | 1409 |
| Yea Shin International Development Co. Ltd. | 2150 | 1696 |
| Yem Chio Co. Ltd. | 26520 | 11553 |
| Yen Sun Technology Corp. | 4000 | 6797 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 1135 | 455 |
| YFC-Boneagle Electric Co. Ltd. | 1000 | 1071 |
| YFY, Inc. | 31000 | 25500 |
| Yi Jinn Industrial Co. Ltd. | 2100 | 1075 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 56320 | $26284 |
| Ying Han Technology Co. Ltd.<sup>(1)</sup> | 2000 | 2376 |
| Young Fast Optoelectronics Co. Ltd.<sup>(1)</sup> | 4000 | 7795 |
| Youngtek Electronics Corp. | 3000 | 7212 |
| Yuan High-Tech Development Co. Ltd. | 1000 | 4780 |
| Yuanta Futures Co. Ltd. | 3248 | 9849 |
| Yulon Motor Co. Ltd. | 29000 | 28427 |
| Yungshin Construction & Development Co. Ltd. | 2000 | 3496 |
| YungShin Global Holding Corp. | 17000 | 29739 |
| Zenitron Corp. | 17000 | 29941 |
| Zero One Technology Co. Ltd. | 9000 | 34770 |
| Zig Sheng Industrial Co. Ltd.<sup>(1)</sup> | 7000 | 1866 |
| ZillTek Technology Corp. | 1000 | 7176 |
| Zinwell Corp.<sup>(1)</sup> | 29000 | 41147 |
| Zippy Technology Corp. | 5000 | 8349 |
| Zyxel Group Corp. | 14000 | 15170 |
|  |  | 23487417 |
| **Thailand — 1.7%** |  |  |
| AAPICO Hitech PCL, NVDR | 19700 | 9439 |
| AEON Thana Sinsap Thailand PCL, NVDR | 11500 | 36246 |
| Amata Corp. PCL, NVDR | 104400 | 65507 |
| AP Thailand PCL, NVDR | 300800 | 88998 |
| Asia Aviation PCL, NVDR<sup>(1)</sup> | 734200 | 30691 |
| Asian Sea Corp. PCL, NVDR | 59200 | 14472 |
| Bangchak Corp. PCL, NVDR | 14338 | 17413 |
| Bangkok Airways PCL, NVDR | 11600 | 6671 |
| BEC World PCL, NVDR | 72400 | 5171 |
| Carabao Group PCL, NVDR | 19900 | 29097 |
| CH Karnchang PCL, NVDR | 148300 | 83947 |
| Chularat Hospital PCL, NVDR | 758800 | 40188 |
| CK Power PCL, NVDR | 209700 | 16986 |
| Dhipaya Group Holdings PCL, NVDR | 32500 | 21634 |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 660300 | 64067 |
| Erawan Group PCL, NVDR | 320900 | 32983 |
| Forth Corp. PCL, NVDR<sup>(1)</sup> | 27100 | 7407 |
| GFPT PCL, NVDR | 57700 | 18096 |
| Gunkul Engineering PCL, NVDR | 547200 | 43640 |
| Hana Microelectronics PCL, NVDR | 84100 | 49126 |
| Ichitan Group PCL, NVDR | 93300 | 44407 |
| IRPC PCL, NVDR<sup>(1)</sup> | 1438200 | 65694 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 218511 | 9277 |
| Jaymart Group Holdings PCL, NVDR | 73800 | 18658 |
| KCE Electronics PCL, NVDR | 115300 | 72125 |
| Major Cineplex Group PCL, NVDR | 67500 | 17384 |
| Malee Group PCL, NVDR | 14800 | 2235 |
| MC Group PCL, NVDR | 30000 | 11481 |
| MK Restaurants Group PCL, NVDR | 38700 | 27696 |
| Mono Next PCL, NVDR<sup>(1)</sup> | 216500 | 6896 |
| Nex Point Parts PCL, NVDR<sup>(1)</sup> | 429200 | 16010 |
| Origin Property PCL, NVDR | 55200 | 3798 |
| Osotspa PCL, NVDR | 96100 | 53081 |
| Plan B Media PCL, NVDR | 216400 | 33165 |
| Precious Shipping PCL, NVDR | 106200 | 26451 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prima Marine PCL, NVDR | 120500 | $30399 |
| PTG Energy PCL, NVDR | 129800 | 41737 |
| Quality Houses PCL, NVDR | 1451100 | 71413 |
| R&B Food Supply PCL, NVDR | 65100 | 7410 |
| Regional Container Lines PCL, NVDR | 52000 | 51409 |
| Rojana Industrial Park PCL, NVDR | 116200 | 19428 |
| Sabina PCL, NVDR | 19700 | 10770 |
| Samart Corp. PCL, NVDR | 118400 | 24955 |
| Sansiri PCL, NVDR | 1107300 | 55555 |
| Sappe PCL, NVDR | 17400 | 19157 |
| SC Asset Corp. PCL, NVDR | 176100 | 11555 |
| Singer Thailand PCL, NVDR<sup>(1)</sup> | 39300 | 7574 |
| SiS Distribution Thailand PCL, NVDR | 9900 | 7568 |
| Sri Trang Agro-Industry PCL, NVDR | 164500 | 77666 |
| Star Petroleum Refining PCL, NVDR | 263900 | 64655 |
| Stecon Group PCL, NVDR<sup>(1)</sup> | 222500 | 92996 |
| Susco PCL, NVDR | 104500 | 7391 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 71400 | 10152 |
| Thaicom PCL, NVDR<sup>(1)</sup> | 38600 | 14634 |
| Thaifoods Group PCL, NVDR | 152500 | 31872 |
| Thoresen Thai Agencies PCL, NVDR | 192500 | 30962 |
| Tipco Asphalt PCL, NVDR | 65700 | 29398 |
| TOA Paint Thailand PCL, NVDR | 70900 | 36090 |
| VGI PCL, NVDR | 78416 | 2956 |
| Xspring Capital PCL, NVDR<sup>(1)</sup> | 1172000 | 19212 |
|  |  | 1867051 |
| **Turkey — 2.0%** |  |  |
| A1 Capital Yatirim Menkul Degerler AS<sup>(1)</sup> | 25604 | 9560 |
| Adel Kalemcilik Ticaret ve Sanayi AS | 1227 | 955 |
| Adese Gayrimenkul Yatirim AS<sup>(1)</sup> | 484145 | 12005 |
| Afyon Cimento Sanayi TAS | 13671 | 4528 |
| Agesa Hayat ve Emeklilik AS | 3362 | 17279 |
| Akcansa Cimento AS | 4897 | 23452 |
| Akenerji Elektrik Uretim AS<sup>(1)</sup> | 13849 | 3322 |
| Akfen Yenilenebilir Enerji AS<sup>(1)</sup> | 44032 | 17920 |
| Aksigorta AS<sup>(1)</sup> | 46837 | 8029 |
| Albaraka Turk Katilim Bankasi AS | 167795 | 35000 |
| Alcatel-Lucent Teletas Telekomunikasyon AS<sup>(1)</sup> | 192 | 605 |
| Alfa Solar Enerji Sanayi VE Ticaret AS | 4514 | 4153 |
| Alkim Alkali Kimya AS<sup>(1)</sup> | 9849 | 3928 |
| Alkim Kagit Sanayi ve Ticaret AS<sup>(1)</sup> | 1204 | 303 |
| Alves Kablo Sanayi Ve Ticaret AS<sup>(1)</sup> | 38620 | 3158 |
| Anadolu Hayat Emeklilik AS | 9674 | 24728 |
| Anatolia Tani VE Biyoteknoloji Urunleri Arastirma Gelistirme Sanayi VE TicaretAS<sup>(1)</sup> | 390 | 97 |
| ARD Grup Bilisim Teknolojileri AS | 7270 | 6638 |
| Atp Yazilim ve Teknoloji AS | 2528 | 8471 |
| Aygaz AS | 5741 | 32123 |
| Bagfas Bandirma Gubre Fabrikalari AS<sup>(1)</sup> | 9057 | 7037 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(1)</sup> | 369163 | 45432 |
| BatiSoke Soke Cimento Sanayii TAS<sup>(1)</sup> | 71727 | 47602 |
| Bera Holding AS<sup>(1)</sup> | 94754 | 37216 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(1)</sup> | 22348 | 7489 |
| Biotrend Cevre VE Enerji Yatirimlari AS<sup>(1)</sup> | 21888 | 8138 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Birlesim Muhendislik Isitma Sogutma Havalandirma Sanayi VE Ticaret AS<sup>(1)</sup> | 1935 | $740 |
| Bogazici Beton Sanayi Ve Ticaret AS | 10065 | 4709 |
| Borlease Otomotiv AS<sup>(1)</sup> | 6035 | 411 |
| Bursa Cimento Fabrikasi AS | 92905 | 13403 |
| Buyuk Sefler Gida Turizm Tekstil Danismanlik Organizasyon Egitim Sanayi VE Ticar | 22680 | 4026 |
| Cemas Dokum Sanayi AS<sup>(1)</sup> | 58528 | 6640 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 9443 | 2361 |
| Cimbeton Hazirbeton ve Prefabrik Yapi Elemanlari Sanayi ve Ticaret AS<sup>(1)</sup> | 33 | 1394 |
| Dardanel Onentas Gida Sanayi AS<sup>(1)</sup> | 7484 | 363 |
| DMR Unlu Mamuller Uretim Gida Toptan Perakende Ihracat AS<sup>(1)</sup> | 52848 | 4468 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS<sup>(1)</sup> | 37065 | 3885 |
| Dyo Boya Fabrikalari Sanayi ve Ticaret AS<sup>(1)</sup> | 804 | 248 |
| Ebebek Magazacilik AS | 5250 | 7784 |
| EGE Endustri VE Ticaret AS | 137 | 20515 |
| EGE Gubre Sanayii AS | 5871 | 12137 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 15974 | 41807 |
| Eksun Gida Tarim Sanayi Ve Ticaret AS<sup>(1)</sup> | 4155 | 509 |
| Elite Naturel Organik Gida Sanayi VE Ticaret AS | 1497 | 1025 |
| Enerya Enerji AS | 67668 | 15444 |
| Erbosan Erciyas Boru Sanayii ve Ticaret AS<sup>(1)</sup> | 450 | 1817 |
| Escar Turizm Tasimacilik Ticaret AS | 13985 | 8437 |
| Esenboga Elektrik Uretim AS<sup>(1)</sup> | 88500 | 7762 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 17962 | 6130 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(1)</sup> | 159361 | 18238 |
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS<sup>(1)</sup> | 12820 | 10309 |
| Galatasaray Sportif Sinai ve Ticari Yatirimlar AS<sup>(1)</sup> | 930409 | 25429 |
| Garanti Faktoring AS<sup>(1)</sup> | 4956 | 3088 |
| Gedik Yatirim Menkul Degerler AS | 10150 | 1347 |
| Gelecek Varlik Yonetimi AS | 1515 | 2498 |
| Gentas Genel Metal Sanayi ve Ticaret AS | 55025 | 11755 |
| Gezinomi Seyahat Turizm Ticaret AS<sup>(1)</sup> | 761 | 963 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(1)</sup> | 22978 | 24111 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 23079 | 11463 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 1237 | 9863 |
| Goodyear Lastikleri TAS<sup>(1)</sup> | 2322 | 808 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 16672 | 9642 |
| GSD Holding AS<sup>(1)</sup> | 20260 | 2114 |
| GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS | 2989 | 24668 |
| Hareket Proje Tasimaciligi Ve Yuk Muhendisligi AS<sup>(1)</sup> | 3330 | 5436 |
| HAT-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi VE Ticaret AS<sup>(1)</sup> | 4901 | 4268 |
| Hektas Ticaret TAS<sup>(1)</sup> | 289684 | 20060 |
| Hitit Bilgisayar Hizmetleri AS<sup>(1)</sup> | 11718 | 11140 |
| Ihlas Holding AS<sup>(1)</sup> | 114378 | 5521 |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(1)</sup> | 28935 | 5215 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 32593 | 15869 |
| Isik Plastik Sanayi Ve Dis Ticaret Pazarlama AS | 67844 | 17812 |
| Isiklar Enerji ve Yapi Holding AS<sup>(1)</sup> | 68423 | 129637 |
| Izmir Demir Celik Sanayi AS<sup>(1)</sup> | 16867 | 2821 |
| Jantsa Jant Sanayi Ve Ticaret AS | 8748 | 3691 |
| Kalekim Kimyevi Maddeler Sanayi ve Ticaret AS | 13254 | 12075 |
| Karsan Otomotiv Sanayii Ve Ticaret AS<sup>(1)</sup> | 19723 | 4784 |
| Katilimevim Tasarruf Finansman AS | 158121 | 144752 |
| Katmerciler Arac Ustu Ekipman Sanayi ve Ticaret AS<sup>(1)</sup> | 265195 | 16856 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kervan Gida Sanayi Ve Ticaret AS<sup>(1)</sup> | 134267 | $9578 |
| KOC Metalurji AS<sup>(1)</sup> | 117543 | 6903 |
| Kocaer Celik Sanayi Ve Ticaret AS | 30914 | 7760 |
| Konya Cimento Sanayii AS<sup>(1)</sup> | 50 | 4954 |
| Konya Kagit Sanayi VE Ticaret AS<sup>(1)</sup> | 3870 | 1265 |
| Kordsa Teknik Tekstil AS<sup>(1)</sup> | 3046 | 3621 |
| Kutahya Seker Fabrikasi AS | 247 | 406 |
| LDR Turizm AS | 17280 | 33301 |
| Link Bilgisayar Sistemleri Yazilimi Ve Donanimi Sanayi Ve Ticaret AS<sup>(1)</sup> | 745 | 3794 |
| Logo Yazilim Sanayi Ve Ticaret AS | 10085 | 31777 |
| Lydia Holding AS<sup>(1)</sup> | 11120 | 50640 |
| Margun Enerji Uretim Sanayi VE Ticaret AS<sup>(1)</sup> | 60258 | 68280 |
| Marmara Holding AS<sup>(1)</sup> | 102511 | 5865 |
| Marmaris Altinyunus Turistik Tesisler AS<sup>(1)</sup> | 168 | 3525 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 58676 | 60699 |
| Meditera Tibbi Malzeme Sanayi VE Ticaret AS | 1501 | 978 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(1)</sup> | 2003 | 687 |
| MIA Teknoloji AS<sup>(1)</sup> | 30449 | 26018 |
| Naturel Yenilenebilir Enerji Ticaret AS | 33582 | 6123 |
| Naturelgaz Sanayi ve Ticaret AS | 9723 | 2527 |
| NET Holding AS<sup>(1)</sup> | 46477 | 48370 |
| Netas Telekomunikasyon AS<sup>(1)</sup> | 1580 | 2087 |
| Nuh Cimento Sanayi AS | 6610 | 40908 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)</sup> | 157580 | 21126 |
| Odine Solutions Teknoloji Ticaret VE Sanayi AS<sup>(1)</sup> | 4582 | 59793 |
| Orge Enerji Elektrik Taahhut AS<sup>(1)</sup> | 6932 | 11105 |
| Osmanli Yatirim Menkul Degerler AS | 2330 | 439 |
| Panelsan Cati Cephe Sistemleri Sanayi VE Ticaret AS | 334 | 403 |
| Parsan Makina Parcalari Sanayii AS<sup>(1)</sup> | 1425 | 2829 |
| Penta Teknoloji Urunleri Dagitim Ticaret AS<sup>(1)</sup> | 9883 | 3162 |
| Pinar Entegre Et ve Un Sanayi AS<sup>(1)</sup> | 1504 | 403 |
| Pinar SUT Mamulleri Sanayii AS<sup>(1)</sup> | 5476 | 1384 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 5034 | 2551 |
| Polisan Holding AS | 37488 | 13731 |
| Qua Granite Hayal<sup>(1)</sup> | 149683 | 9519 |
| Ral Yatirim Holding AS<sup>(1)</sup> | 3141 | 11183 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(1)</sup> | 154435 | 70279 |
| Sanko Pazarlama Ithalat Ihracat AS<sup>(1)</sup> | 335 | 158 |
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 8373 | 7072 |
| Say Yenilenebilir Enerji Ekipmanlari Sanayi ve Ticaret AS<sup>(1)</sup> | 3480 | 3197 |
| Sekerbank Turk AS | 194819 | 54206 |
| Sok Marketler Ticaret AS<sup>(1)</sup> | 33455 | 48663 |
| SUN Tekstil Sanayi Ve Ticaret AS | 12422 | 10427 |
| Suwen Tekstil Sanayi Pazarlama AS | 40623 | 8748 |
| Tatlipinar Enerji Uretim AS<sup>(1)</sup> | 19336 | 3976 |
| Tekfen Holding AS | 17609 | 28808 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(1)</sup> | 2713 | 1396 |
| Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS<sup>(1)</sup> | 376045 | 8646 |
| Trust Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 21586 | 83007 |
| Trust Dogal Enerji Kaynaklari Arastirma Ve Uretim AS<sup>(1)</sup> | 9573 | 26574 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(1)</sup> | 256069 | 14193 |
| Tumosan Motor ve Traktor Sanayi AS<sup>(1)</sup> | 4425 | 10477 |
| Turcas Holding AS | 17803 | 19256 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tureks Turizm Tasimacilik AS<sup>(1)</sup> | 20357 | $3334 |
| Turk Prysmian Kablo ve Sistemleri AS<sup>(1)</sup> | 263 | 252 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 110478 | 32685 |
| Ulusoy Un Sanayi ve Ticaret AS<sup>(1)</sup> | 34938 | 5585 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 247362 | 9307 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 149866 | 6727 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 9638 | 17197 |
| VBT Yazilim AS<sup>(1)</sup> | 2810 | 1379 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 21452 | 3933 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 12168 | 8371 |
| Yaprak Sut ve Besi Ciftlikleri San. Ve Tic. AS | 9051 | 2758 |
| Yatas Yatak ve Yorgan Sanayi ve Ticaret AS<sup>(1)</sup> | 2962 | 3082 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(1)</sup> | 22016 | 20312 |
| Yunsa Yunlu Sanayi VE Ticare AS | 7264 | 1490 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 226547 | 17382 |
|  |  | 2181987 |
| **United Arab Emirates — 1.5%** |  |  |
| Abu Dhabi National Hotels | 856788 | 121342 |
| Ajman Bank PJSC | 194066 | 84097 |
| Amanat Holdings PJSC | 50012 | 17454 |
| Dana Gas PJSC | 1606952 | 411707 |
| Deyaar Development PJSC | 227766 | 63788 |
| Dubai Taxi Co. PJSC | 108367 | 79521 |
| Eshraq Investments PJSC<sup>(1)</sup> | 200000 | 25875 |
| GFH Financial Group BSC | 688068 | 391330 |
| Gulf Navigation Holding PJSC<sup>(1)</sup> | 76117 | 42375 |
| Gulf Pharmaceutical Industries PSC<sup>(1)</sup> | 57049 | 17204 |
| National Central Cooling Co. PJSC | 68905 | 57215 |
| RAK Properties PJSC<sup>(1)</sup> | 396818 | 151231 |
| Space42 PLC<sup>(1)</sup> | 114151 | 48384 |
| Union Properties PJSC<sup>(1)</sup> | 703020 | 173342 |
|  |  | 1684865 |
| **United States — 0.1%** |  |  |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 3494 | 61879 |
| **TOTAL COMMON STOCKS**<br>(Cost $97,090,191) |  | **109471071** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| AirAsia X Bhd.<sup>(1)</sup> | 2750 | 703 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 95337 | 1715 |
| Berjaya Food Bhd.<sup>(1)</sup> | 9342 | 108 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 44400 | 1712 |
| NEXG Bhd.<sup>(1)</sup> | 40600 | 1252 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 4080 | 73 |
| VS Industry Bhd.<sup>(1)</sup> | 9180 | 12 |
|  |  | 5575 |
| **Thailand — 0.0%** |  |  |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 125306 | 1289 |
| Northeast Rubber PCL, NVDR<sup>(1)</sup> | 5000 | 8 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 8425 | 103 |
|  |  | 1400 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **6975** |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
|<br>**RIGHTS — 0.0%** | **Shares** | **Value** |
| **Brazil — 0.0%** | | |
| Hypera SA<sup>(1)</sup><br>(Cost $—) | 1081 | $**434** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 1.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 82612 | 82612 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1574268 | 1574268 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,656,880) |  | **1656880** |
| **TOTAL INVESTMENT SECURITIES — 101.3%**<br>(Cost $98,747,071) |  | **111135360** |
| **OTHER ASSETS AND LIABILITIES — (1.3)%** |  | **(1442603)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**109692757** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 18.7% |
| Industrials | 16.5% |
| Consumer Discretionary | 13.3% |
| Materials | 12.1% |
| Financials | 10.3% |
| Health Care | 7.3% |
| Consumer Staples | 7.0% |
| Real Estate | 4.9% |
| Communication Services | 4.2% |
| Utilities | 3.2% |
| Energy | 2.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | (1.3)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,258,934. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,606,360, which includes securities collateral of $3,032,092.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $2560494 | $106910577 |  |
| Warrants |  | 6975 |  |
| Rights |  | 434 |  |
| Short-Term Investments | 1656880 |  |  |
|  | $4217374 | $106917986 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.2%** | **Shares** | **Value** |
| **Brazil — 4.5%** | | |
| Allied Tecnologia SA | 16300 | $23274 |
| Allos SA | 41057 | 261407 |
| Automob Participacoes SA<sup>(1)</sup> | 6822 | 17393 |
| Banco ABC Brasil SA<sup>(1)</sup> | 2440 | 12808 |
| Banco ABC Brasil SA, Preference Shares | 34900 | 185035 |
| Banco Bradesco SA | 309300 | 1110741 |
| Banco Bradesco SA, ADR | 10703 | 43775 |
| Banco do Brasil SA | 750300 | 3956034 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 146600 | 531323 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 1000 | 4151 |
| Braskem SA, Class A, ADR<sup>(1)</sup> | 560 | 2145 |
| Brava Energia<sup>(1)</sup> | 338680 | 1236729 |
| C&A Modas SA | 102100 | 257715 |
| Camil Alimentos SA | 125000 | 167512 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 14700 | 24087 |
| Cia Siderurgica Nacional SA, ADR<sup>(1)(2)</sup> | 562271 | 944615 |
| Cury Construtora e Incorporadora SA | 185300 | 1406061 |
| Dexco SA | 18704 | 19884 |
| Dimed SA Distribuidora da Medicamentos | 29400 | 92332 |
| EcoRodovias Infraestrutura e Logistica SA | 564100 | 1178487 |
| Empreendimentos Pague Menos SA | 62913 | 85414 |
| Engie Brasil Energia SA | 14280 | 93315 |
| Even Construtora e Incorporadora SA | 111400 | 182099 |
| Fras-Le SA | 19800 | 94008 |
| Gerdau SA, ADR | 403312 | 1629380 |
| Grupo Multi SA | 50300 | 13148 |
| Grupo SBF SA | 81400 | 199749 |
| Guararapes Confeccoes SA | 31731 | 62267 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 232234 | 185733 |
| Inter & Co., Inc., Class A | 61955 | 539628 |
| Iochpe Maxion SA | 85200 | 174505 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 106716 | 1290209 |
| Jalles Machado SA<sup>(1)</sup> | 37700 | 22135 |
| JBS NV, BDR<sup>(1)</sup> | 106800 | 1804756 |
| JSL SA | 24900 | 38226 |
| Kepler Weber SA | 5400 | 10186 |
| Klabin SA | 576936 | 2317197 |
| Localiza Rent a Car SA | 105 | 1041 |
| Localiza Rent a Car SA, Preference Shares<sup>(1)</sup> | 4 | 38 |
| Lojas Renner SA | 190290 | 582024 |
| Mahle Metal Leve SA | 31200 | 219766 |
| Marisa Lojas SA<sup>(1)</sup> | 42058 | 7220 |
| MBRF Global Foods Co. SA | 285900 | 1154419 |
| Motiva Infraestrutura de Mobilidade SA | 1104600 | 3574625 |
| Moura Dubeux Engenharia SA | 17300 | 111430 |
| Movida Participacoes SA | 96800 | 278514 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 69700 | 130386 |
| Pagseguro Digital Ltd., Class A | 102655 | 1089170 |
| PBG SA<sup>(1)</sup> | 10300 | 6490 |
| Petroleo Brasileiro SA - Petrobras, ADR | 55482 | 922666 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 71023 | $1093754 |
| Petroreconcavo SA | 106600 | 257429 |
| Plano & Plano Desenvolvimento Imobiliario SA | 8600 | 25700 |
| Positivo Tecnologia SA | 70300 | 55538 |
| PRIO SA<sup>(1)</sup> | 117400 | 1230221 |
| Raia Drogasil SA | 510872 | 2499302 |
| Raizen SA, Preference Shares<sup>(1)</sup> | 83800 | 10298 |
| Romi SA | 12012 | 19214 |
| Sao Martinho SA | 107200 | 375770 |
| Ser Educacional SA | 103400 | 249499 |
| Suzano SA, ADR<sup>(2)</sup> | 191082 | 2164959 |
| SYN prop e tech SA | 11300 | 10580 |
| Taurus Armas SA, Preference Shares | 18920 | 21516 |
| TIM SA, ADR<sup>(2)</sup> | 79982 | 2197905 |
| Trisul SA | 20931 | 30458 |
| Tupy SA<sup>(1)</sup> | 3700 | 9780 |
| Uniao Pet Participacoes SA<sup>(1)</sup> | 165700 | 97936 |
| Unipar Carbocloro SA, Class B Preference Shares | 1260 | 17421 |
| Vale SA, ADR | 895891 | 15391407 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 4100 | 17339 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 296300 | 256622 |
| Vibra Energia SA | 607768 | 3521059 |
| XP, Inc., Class A | 251306 | 5410618 |
|  |  | 63259577 |
| **Chile — 0.6%** |  |  |
| Banco de Chile | 9299048 | 1917887 |
| Banco de Credito e Inversiones SA | 10794 | 739523 |
| Banco Itau Chile SA | 7822 | 187276 |
| Banco Santander Chile, ADR | 33072 | 1121471 |
| Cencosud Shopping SA | 2217 | 6427 |
| Cia Cervecerias Unidas SA, ADR<sup>(2)</sup> | 26676 | 355858 |
| Colbun SA | 2621447 | 436521 |
| Embotelladora Andina SA, Class B Preference Shares | 95655 | 460764 |
| Empresa Nacional de Telecomunicaciones SA | 87183 | 389192 |
| Empresas CMPC SA | 125863 | 186536 |
| Empresas Copec SA | 58286 | 481130 |
| Falabella SA | 68291 | 507321 |
| Parque Arauco SA | 81607 | 387433 |
| Plaza SA | 205632 | 971040 |
| Ripley Corp. SA | 140653 | 70617 |
| Salfacorp SA | 21953 | 33481 |
| Vina Concha y Toro SA | 53453 | 57258 |
|  |  | 8309735 |
| **China — 23.7%** |  |  |
| AAC Technologies Holdings, Inc. | 1277000 | 6070064 |
| Acotec Scientific Holdings Ltd.<sup>(1)</sup> | 15000 | 23939 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 24000 | 887 |
| A-Living Smart City Services Co. Ltd. | 825750 | 230826 |
| Aluminum Corp. of China Ltd., H Shares | 4116000 | 7422171 |
| Anhui Expressway Co. Ltd., H Shares | 134000 | 236716 |
| ANTA Sports Products Ltd. | 837000 | 9057110 |
| Anton Oilfield Services Group | 3038000 | 481310 |
| Autohome, Inc., ADR | 9 | 173 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 2466000 | $572224 |
| Bairong, Inc.<sup>(1)</sup> | 166500 | 203672 |
| Bank of Chongqing Co. Ltd., H Shares | 723000 | 706452 |
| Bank of Zhengzhou Co. Ltd., Class H<sup>(2)</sup> | 1087000 | 155524 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 1502000 | 454628 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 70000 | 77497 |
| Binjiang Service Group Co. Ltd. | 6000 | 17311 |
| BOC Aviation Ltd. | 211100 | 2344406 |
| BOE Varitronix Ltd.<sup>(2)</sup> | 547000 | 320871 |
| Bosideng International Holdings Ltd. | 7012000 | 4346808 |
| BYD Electronic International Co. Ltd.<sup>(2)</sup> | 1142000 | 4685875 |
| C&D Property Management Group Co. Ltd. | 32919 | 11000 |
| Central China New Life Ltd.<sup>(1)</sup> | 116000 | 7407 |
| Chervon Holdings Ltd. | 137900 | 430050 |
| China Automotive Systems, Inc.<sup>(1)</sup> | 4064 | 18044 |
| China BlueChemical Ltd., H Shares | 174000 | 64845 |
| China Bohai Bank Co. Ltd., H Shares<sup>(1)</sup> | 193500 | 22484 |
| China Chunlai Education Group Co. Ltd.<sup>(1)</sup> | 83000 | 29311 |
| China CITIC Bank Corp. Ltd., H Shares | 6168000 | 5675155 |
| China Coal Energy Co. Ltd., H Shares | 2292000 | 3806301 |
| China Communications Services Corp. Ltd., H Shares | 3026000 | 1717778 |
| China Conch Venture Holdings Ltd. | 146500 | 248407 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 3947000 | 962044 |
| China Daye Non-Ferrous Metals Mining Ltd.<sup>(1)</sup> | 6260000 | 149479 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 1187500 | 985176 |
| China Education Group Holdings Ltd.<sup>(1)(2)</sup> | 2392949 | 882409 |
| China Everbright Bank Co. Ltd., H Shares | 2128000 | 893820 |
| China Everbright Environment Group Ltd. | 2800000 | 1832424 |
| China Everbright Greentech Ltd. | 40000 | 4601 |
| China Feihe Ltd. | 2077000 | 1007408 |
| China Foods Ltd. | 1292000 | 664453 |
| China Galaxy Securities Co. Ltd., H Shares | 3727500 | 4707190 |
| China Glass Holdings Ltd.<sup>(1)(2)</sup> | 88000 | 6301 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 66000 | 17331 |
| China Hongqiao Group Ltd. | 2253500 | 10164362 |
| China International Capital Corp. Ltd., H Shares | 2045200 | 5270810 |
| China Kepei Education Group Ltd. | 104000 | 17777 |
| China Lesso Group Holdings Ltd. | 382000 | 333357 |
| China Longyuan Power Group Corp. Ltd., H Shares | 4426000 | 4275605 |
| China Meidong Auto Holdings Ltd. | 502000 | 105872 |
| China Minsheng Banking Corp. Ltd., H Shares | 1560000 | 806102 |
| China National Building Material Co. Ltd., H Shares | 5878718 | 5097070 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 792029 | 89011 |
| China Nonferrous Mining Corp. Ltd. | 2827000 | 5403524 |
| China Oriental Group Co. Ltd. | 4000 | 796 |
| China Overseas Land & Investment Ltd. | 774500 | 1414902 |
| China Pacific Insurance Group Co. Ltd., H Shares | 2458600 | 11252911 |
| China Petroleum & Chemical Corp., Class H | 264000 | 183709 |
| China Power International Development Ltd. | 4341000 | 1818248 |
| China Railway Group Ltd., H Shares | 4883000 | 3231312 |
| China Resources Beverage Holdings Co. Ltd.<sup>(2)</sup> | 484600 | 621844 |
| China Resources Building Materials Technology Holdings Ltd. | 1352000 | 324207 |
| China Resources Land Ltd. | 1626000 | 6571756 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Resources Medical Holdings Co. Ltd.<sup>(2)</sup> | 679000 | $266040 |
| China Resources Power Holdings Co. Ltd.<sup>(2)</sup> | 2534000 | 6041142 |
| China Risun Group Ltd. | 56000 | 18125 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 25000 | 15557 |
| China Taiping Insurance Holdings Co. Ltd. | 2563400 | 7464436 |
| China Tower Corp. Ltd., H Shares | 4944300 | 7035370 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 988000 | 254896 |
| China XLX Fertiliser Ltd. | 1404000 | 2122848 |
| China Yongda Automobiles Services Holdings Ltd.<sup>(2)</sup> | 1520500 | 295288 |
| China Youran Dairy Group Ltd.<sup>(1)</sup> | 3046000 | 1964370 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 258600 | 431958 |
| CIMC Enric Holdings Ltd. | 862000 | 1408211 |
| CITIC Ltd. | 3194000 | 5091617 |
| CMOC Group Ltd., H Shares | 3039000 | 9349290 |
| COFCO Joycome Foods Ltd.<sup>(1)</sup> | 962000 | 190300 |
| Concord New Energy Group Ltd. | 2500000 | 94446 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(2)</sup> | 1171500 | 2273336 |
| COSCO SHIPPING Ports Ltd. | 521519 | 432181 |
| CSPC Pharmaceutical Group Ltd. | 2924000 | 3680753 |
| CSSC Hong Kong Shipping Co. Ltd.<sup>(2)</sup> | 2158000 | 694039 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 21860000 | 2278943 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(1)</sup> | 756000 | 945756 |
| Dongyue Group Ltd. | 349000 | 624563 |
| Edvantage Group Holdings Ltd. | 18652 | 3644 |
| Ever Sunshine Services Group Ltd. | 550000 | 124966 |
| Everest Medicines Ltd.<sup>(1)(2)</sup> | 4000 | 19369 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 96000 | 9682 |
| FIH Mobile Ltd.<sup>(1)</sup> | 378200 | 1065964 |
| FinVolution Group, ADR | 67791 | 380985 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 794000 | 268699 |
| Fufeng Group Ltd. | 1874000 | 1946312 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 65200 | 541048 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 1400 | 7253 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)</sup> | 490000 | 9756 |
| Goodbaby International Holdings Ltd. | 757000 | 102183 |
| Grand Pharmaceutical Group Ltd. | 41500 | 41562 |
| Great Wall Motor Co. Ltd., H Shares | 620500 | 1016739 |
| Greentown China Holdings Ltd.<sup>(2)</sup> | 1108000 | 1479257 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 689000 | 248573 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 164000 | 11487 |
| Guoquan Food Shanghai Co. Ltd. | 290000 | 151370 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 933000 | 63296 |
| Haitian International Holdings Ltd. | 517000 | 1670703 |
| Harbin Electric Co. Ltd., H Shares | 722000 | 2591053 |
| Hengan International Group Co. Ltd. | 990000 | 3683103 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 113000 | 345736 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 2000 | 24640 |
| Huaneng Power International, Inc., H Shares | 3016000 | 2322074 |
| iDreamSky Technology Holdings Ltd.<sup>(1)(2)</sup> | 441200 | 30981 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 1641000 | 152520 |
| iQIYI, Inc., ADR<sup>(1)</sup> | 185267 | 296427 |
| JD Health International, Inc.<sup>(1)</sup> | 920300 | 6660731 |
| JD Logistics, Inc.<sup>(1)</sup> | 2488400 | 3537236 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jiayin Group, Inc., ADR | 3955 | $25628 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 9000 | 2866 |
| Jiumaojiu International Holdings Ltd.<sup>(2)</sup> | 1852000 | 484562 |
| JNBY Design Ltd. | 399500 | 1098081 |
| Kinetic Development Group Ltd. | 3108000 | 817651 |
| Kingboard Holdings Ltd. | 597500 | 3085442 |
| Kingboard Laminates Holdings Ltd. | 561000 | 1693242 |
| Kingsoft Corp. Ltd. | 349400 | 1160397 |
| Kuaishou Technology | 1509700 | 11971216 |
| Launch Tech Co. Ltd., Class H | 58500 | 66912 |
| Lee & Man Paper Manufacturing Ltd. | 353000 | 174147 |
| Li Ning Co. Ltd. | 2715000 | 7779296 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 838500 | 2883176 |
| Linklogis, Inc., Class B | 37500 | 10369 |
| Longfor Group Holdings Ltd.<sup>(2)</sup> | 2376188 | 3008494 |
| Lonking Holdings Ltd. | 2446000 | 1067580 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 142000 | 5138 |
| Maoyan Entertainment | 1200 | 977 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 358400 | 193182 |
| MMG Ltd.<sup>(1)</sup> | 5197600 | 7136183 |
| NetDragon Websoft Holdings Ltd. | 1000 | 1151 |
| New China Life Insurance Co. Ltd., H Shares | 1280300 | 9009740 |
| Nexteer Automotive Group Ltd. | 1941000 | 1849273 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)</sup> | 3665000 | 4122692 |
| Noah Holdings Ltd., ADR | 2563 | 30295 |
| Onewo, Inc., Class H | 71900 | 174829 |
| Orient Overseas International Ltd.<sup>(2)</sup> | 75500 | 1441924 |
| People's Insurance Co. Group of China Ltd., H Shares | 8314000 | 6791510 |
| Perennial Energy Holdings Ltd.<sup>(1)</sup> | 130000 | 19036 |
| Persistence Gold Group Ltd. | 1280000 | 195189 |
| PICC Property & Casualty Co. Ltd., H Shares | 4898000 | 10106261 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(1)(2)</sup> | 749200 | 1258307 |
| Poly Property Services Co. Ltd., Class H | 351800 | 1437745 |
| Postal Savings Bank of China Co. Ltd., H Shares | 78000 | 49082 |
| Powerlong Commercial Management Holdings Ltd.<sup>(1)</sup> | 20500 | 6502 |
| Precision Tsugami China Corp. Ltd. | 40000 | 227058 |
| Q Technology Group Co. Ltd. | 1042000 | 1178455 |
| Qfin Holdings, Inc., ADR | 116876 | 1701715 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 659000 | 138560 |
| Scholar Education Group<sup>(2)</sup> | 151000 | 38384 |
| Seazen Group Ltd.<sup>(1)</sup> | 866000 | 253912 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 20400 | 13273 |
| Shanghai Industrial Holdings Ltd. | 51000 | 99994 |
| Shenzhen Expressway Corp. Ltd., H Shares | 44000 | 40358 |
| Shenzhen International Holdings Ltd. | 1051420 | 1224865 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 2000 | 161 |
| Shougang Fushan Resources Group Ltd. | 2329000 | 1002116 |
| Shui On Land Ltd. | 901000 | 75825 |
| Sichuan Expressway Co. Ltd., Class H | 154000 | 110109 |
| Simcere Pharmaceutical Group Ltd. | 379000 | 602507 |
| Sino-Ocean Group Holding Ltd.<sup>(1)</sup> | 3000 | 35 |
| Sinopec Engineering Group Co. Ltd., H Shares | 1411500 | 1427112 |
| Sinopharm Group Co. Ltd., H Shares | 392000 | 1056848 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sinotruk Hong Kong Ltd. | 413500 | $2176778 |
| Skyworth Group Ltd.<sup>(1)(2)</sup> | 577457 | 517035 |
| SOHO China Ltd.<sup>(1)</sup> | 419500 | 27292 |
| South Manganese Investment Ltd.<sup>(1)</sup> | 432000 | 28056 |
| SSY Group Ltd.<sup>(2)</sup> | 556000 | 191986 |
| Sun Art Retail Group Ltd. | 2253500 | 472264 |
| Sunac Services Holdings Ltd.<sup>(2)</sup> | 1574000 | 266816 |
| Sunshine Insurance Group Co. Ltd. | 688500 | 344423 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 118 | 648 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 605000 | 193161 |
| Tingyi Cayman Islands Holding Corp. | 2264000 | 3780766 |
| Tongcheng Travel Holdings Ltd. | 332000 | 874603 |
| Tongda Group Holdings Ltd.<sup>(1)</sup> | 3800 | 1707 |
| Topsports International Holdings Ltd. | 2025000 | 812188 |
| Tsaker New Energy Tech Co. Ltd. | 56500 | 5836 |
| Tsingtao Brewery Co. Ltd., H Shares | 164000 | 1109537 |
| Uni-President China Holdings Ltd. | 149000 | 147083 |
| Vipshop Holdings Ltd., ADR | 424349 | 7392160 |
| Viva Biotech Holdings<sup>(1)</sup> | 9000 | 2515 |
| Vnet Group, Inc., ADR<sup>(1)(2)</sup> | 1416 | 15264 |
| Want Want China Holdings Ltd. | 5965000 | 3733461 |
| Weibo Corp., ADR<sup>(2)</sup> | 92547 | 918992 |
| Weichai Power Co. Ltd., H Shares | 271000 | 1127714 |
| West China Cement Ltd.<sup>(2)</sup> | 3518000 | 1355541 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)</sup> | 238000 | 22469 |
| Xinjiang Xinxin Mining Industry Co. Ltd., H Shares | 59000 | 22069 |
| Xinyi Energy Holdings Ltd. | 2950325 | 477874 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 922000 | 21207 |
| Xtep International Holdings Ltd. | 1680686 | 1142587 |
| Yankuang Energy Group Co. Ltd., H Shares | 2000 | 3574 |
| Yihai International Holding Ltd. | 788000 | 1640007 |
| Yixin Group Ltd.<sup>(2)</sup> | 2929000 | 1031162 |
| Yuexiu Property Co. Ltd.<sup>(2)</sup> | 919000 | 538364 |
| Yuexiu Services Group Ltd. | 18500 | 4559 |
| Yuexiu Transport Infrastructure Ltd. | 734000 | 431093 |
| Yum China Holdings, Inc. | 24782 | 1360780 |
| Zengame Technology Holding Ltd. | 142000 | 42951 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 1571000 | 6924988 |
| Zhejiang Expressway Co. Ltd., H Shares | 146760 | 128414 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(1)</sup> | 142000 | 740583 |
| Zhou Hei Ya International Holdings Co. Ltd. | 826500 | 165641 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H<sup>(2)</sup> | 3600 | 4800 |
| ZTO Express Cayman, Inc., ADR<sup>(2)</sup> | 69975 | 1705991 |
|  |  | 330570172 |
| **Greece — 0.7%** |  |  |
| Aegean Airlines SA | 9756 | 158381 |
| Alpha Bank SA | 150640 | 662578 |
| Eurobank SA | 402430 | 1864643 |
| GEK TERNA SA | 6137 | 261465 |
| Hellenic Telecommunications Organization SA | 3023 | 62794 |
| HELLENiQ ENERGY Holdings SA | 26170 | 273258 |
| LAMDA Development SA<sup>(1)</sup> | 12980 | 107268 |
| Motor Oil Hellas Corinth Refineries SA | 14051 | 609937 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| National Bank of Greece SA | 141135 | $2295798 |
| Optima bank SA<sup>(2)</sup> | 23874 | 275676 |
| Piraeus Bank SA<sup>(1)</sup> | 265694 | 2549226 |
| Titan SA | 5692 | 353192 |
|  |  | 9474216 |
| **Hong Kong — 0.0%** |  |  |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 854000 | 5840 |
| China Sunshine Paper Holdings Co. Ltd. | 186000 | 32069 |
| EVA Precision Industrial Holdings Ltd. | 54000 | 6134 |
| Impro Precision Industries Ltd. | 96000 | 106703 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 49000 | 1002 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(1)</sup> | 240000 | 9179 |
| Shinsun Holdings Group Co. Ltd.<sup>(1)</sup> | 137000 | 175 |
|  |  | 161102 |
| **Hungary — 0.3%** |  |  |
| MOL Hungarian Oil & Gas PLC | 33906 | 375306 |
| OTP Bank Nyrt | 23677 | 2919194 |
| Richter Gedeon Nyrt | 27388 | 1027405 |
|  |  | 4321905 |
| **India — 14.6%** |  |  |
| 5Paisa Capital Ltd.<sup>(1)</sup> | 3763 | 13243 |
| Aarti Industries Ltd. | 46403 | 228341 |
| Aarti Pharmalabs Ltd. | 5749 | 45824 |
| Accelya Solutions India Ltd. | 954 | 12573 |
| Action Construction Equipment Ltd. | 9391 | 91560 |
| Adani Ports & Special Economic Zone Ltd. | 181260 | 3034416 |
| Adani Power Ltd.<sup>(1)</sup> | 468815 | 723301 |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 101920 | 386080 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 30896 | 303913 |
| AGI Greenpac Ltd. | 14938 | 87973 |
| AGI Infra Ltd. | 16205 | 54472 |
| AGS Transact Technologies Ltd.<sup>(1)</sup> | 24586 | 948 |
| Ajanta Pharma Ltd. | 7940 | 261694 |
| Allcargo Global Ltd.<sup>(1)</sup> | 37584 | 8870 |
| Allcargo Logistics Ltd.<sup>(1)</sup> | 37584 | 3498 |
| Allcargo Terminals Ltd.<sup>(1)</sup> | 9396 | 2579 |
| Amara Raja Energy & Mobility Ltd. | 41686 | 387413 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 7318 | 641957 |
| Ambika Cotton Mills Ltd. | 311 | 4623 |
| Anant Raj Ltd. | 33112 | 193168 |
| Andhra Sugars Ltd. | 4689 | 3813 |
| Angel One Ltd. | 229370 | 589187 |
| Apar Industries Ltd. | 7778 | 957277 |
| APL Apollo Tubes Ltd. | 10245 | 251926 |
| Apollo Hospitals Enterprise Ltd. | 1240 | 106797 |
| Apollo Tyres Ltd. | 101004 | 504346 |
| Aptech Ltd. | 2186 | 2100 |
| Aptus Value Housing Finance India Ltd. | 75532 | 202827 |
| Archean Chemical Industries Ltd. | 25564 | 162134 |
| Arvind Fashions Ltd. | 11545 | 56173 |
| Arvind Ltd. | 70690 | 274043 |
| Asahi India Glass Ltd. | 3006 | 29787 |
| Ashok Leyland Ltd. | 496800 | 1153636 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 31206 | $44745 |
| Aster DM Healthcare Ltd. | 27211 | 196057 |
| Astra Microwave Products Ltd. | 7929 | 84430 |
| Aurobindo Pharma Ltd. | 62517 | 841305 |
| Avadh Sugar & Energy Ltd. | 1300 | 5335 |
| Avanti Feeds Ltd. | 12346 | 175215 |
| Axis Bank Ltd., GDR | 16866 | 1270154 |
| Bajaj Auto Ltd. | 7508 | 823718 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 11479 | 49880 |
| Bajaj Finance Ltd. | 342614 | 3757489 |
| Bajaj Finserv Ltd. | 4134 | 90660 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 393023 | 69891 |
| Bajel Projects Ltd.<sup>(1)</sup> | 4771 | 8461 |
| Balkrishna Industries Ltd. | 19412 | 509396 |
| Balrampur Chini Mills Ltd. | 34650 | 179486 |
| Banco Products India Ltd. | 10766 | 73850 |
| Bandhan Bank Ltd. | 390427 | 781807 |
| Bank of Baroda | 285035 | 1009768 |
| BASF India Ltd. | 1229 | 46680 |
| Bata India Ltd. | 17876 | 155104 |
| Bayer CropScience Ltd. | 3832 | 196768 |
| BEML Ltd. | 8104 | 149876 |
| Best Agrolife Ltd. | 37695 | 6707 |
| Bhansali Engineering Polymers Ltd. | 3804 | 3406 |
| Bharat Electronics Ltd. | 675918 | 3309597 |
| Bharat Forge Ltd. | 37460 | 788647 |
| Bharat Heavy Electricals Ltd. | 161556 | 470764 |
| Bharat Petroleum Corp. Ltd. | 926318 | 3924389 |
| Birla Corp. Ltd. | 4926 | 54155 |
| BirlaNu Ltd. | 251 | 4161 |
| Birlasoft Ltd. | 20238 | 86964 |
| Blue Dart Express Ltd. | 1633 | 102040 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 11914 | 6687 |
| Bombay Burmah Trading Co. | 10853 | 202287 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 44863 | 56019 |
| Borosil Renewables Ltd.<sup>(1)</sup> | 3660 | 18350 |
| Brigade Enterprises Ltd. | 23579 | 179969 |
| Brightcom Group Ltd.<sup>(1)</sup> | 813426 | 95704 |
| BSE Ltd. | 64938 | 1937435 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(1)</sup> | 68 | 450 |
| Can Fin Homes Ltd. | 37412 | 347435 |
| Canara Bank | 217430 | 376417 |
| Cantabil Retail India Ltd. | 16237 | 47546 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 10286 | 27487 |
| Caplin Point Laboratories Ltd. | 145 | 2719 |
| Castrol India Ltd. | 193676 | 398059 |
| CCL Products India Ltd. | 7880 | 88084 |
| Ceat Ltd. | 15420 | 598799 |
| Ceigall India Ltd.<sup>(1)</sup> | 7368 | 23020 |
| Cemindia Projects Ltd. | 51929 | 329228 |
| Century Enka Ltd. | 2034 | 9698 |
| Chalet Hotels Ltd. | 2277 | 20234 |
| Chambal Fertilisers & Chemicals Ltd. | 115968 | 589215 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chennai Petroleum Corp. Ltd. | 28167 | $297975 |
| Cholamandalam Investment & Finance Co. Ltd. | 216254 | 4120287 |
| CIE Automotive India Ltd. | 265 | 1376 |
| Cipla Ltd. | 11659 | 173136 |
| City Union Bank Ltd. | 189908 | 591134 |
| CMS Info Systems Ltd. | 47109 | 157285 |
| Coal India Ltd. | 855177 | 4051386 |
| Cochin Shipyard Ltd. | 22331 | 366284 |
| Confidence Petroleum India Ltd. | 23445 | 8183 |
| Coromandel International Ltd. | 82090 | 2004793 |
| Cosmo First Ltd. | 2175 | 17001 |
| Craftsman Automation Ltd. | 4452 | 368574 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 20459 | 284929 |
| Credo Brands Marketing Ltd. | 9928 | 9477 |
| CSB Bank Ltd.<sup>(1)</sup> | 8038 | 35125 |
| Cyient Ltd. | 26619 | 268379 |
| Dalmia Bharat Ltd. | 517 | 11326 |
| Dalmia Bharat Refractories Ltd.<sup>(1)</sup> | 37 | 4 |
| Dalmia Bharat Sugar & Industries Ltd. | 1821 | 6049 |
| DCB Bank Ltd. | 55257 | 112903 |
| DCM Shriram Ltd. | 8426 | 96053 |
| DCW Ltd. | 60041 | 31390 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 14955 | 163925 |
| Deepak Nitrite Ltd. | 1602 | 27824 |
| Dhampur Bio Organics Ltd. | 1877 | 2122 |
| Dhampur Sugar Mills Ltd.<sup>(1)</sup> | 12479 | 17384 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 11914 | 12897 |
| Dilip Buildcon Ltd. | 20482 | 93717 |
| Dwarikesh Sugar Industries Ltd. | 12008 | 4927 |
| eClerx Services Ltd. | 5833 | 203744 |
| Edelweiss Financial Services Ltd. | 102601 | 129117 |
| Eicher Motors Ltd. | 6288 | 554085 |
| EID Parry India Ltd.<sup>(1)</sup> | 52624 | 501110 |
| Elecon Engineering Co. Ltd. | 14376 | 65850 |
| Emami Ltd. | 38383 | 195364 |
| Endurance Technologies Ltd. | 2695 | 79021 |
| Engineers India Ltd. | 44338 | 108154 |
| Epack Durable Ltd.<sup>(1)</sup> | 3342 | 9115 |
| Epigral Ltd. | 2762 | 27079 |
| EPL Ltd. | 83278 | 199185 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 96941 | 68644 |
| Escorts Kubota Ltd. | 4030 | 155939 |
| Ester Industries Ltd. | 4313 | 5016 |
| Eveready Industries India Ltd. | 21670 | 79059 |
| Everest Industries Ltd. | 1179 | 5047 |
| Everest Kanto Cylinder Ltd. | 25349 | 31277 |
| Excel Industries Ltd. | 459 | 4810 |
| Exide Industries Ltd. | 12458 | 45825 |
| Federal Bank Ltd. | 449222 | 1482268 |
| Filatex India Ltd. | 92883 | 44380 |
| Fine Organic Industries Ltd. | 1653 | 85596 |
| Finolex Industries Ltd. | 34729 | 70751 |
| Five-Star Business Finance Ltd. | 62668 | 287690 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Force Motors Ltd. | 3822 | $1024445 |
| G R Infraprojects Ltd. | 1800 | 18895 |
| Gabriel India Ltd. | 19239 | 211419 |
| Galaxy Surfactants Ltd. | 679 | 14686 |
| Garden Reach Shipbuilders & Engineers Ltd. | 4895 | 130959 |
| Gateway Distriparks Ltd. | 19801 | 12813 |
| Geojit Financial Services Ltd. | 52137 | 36229 |
| GHCL Ltd. | 23945 | 126056 |
| GHCL Textiles Ltd. | 13434 | 11297 |
| GIC Housing Finance Ltd. | 10437 | 17725 |
| Glenmark Pharmaceuticals Ltd. | 45061 | 1058887 |
| Global Health Ltd. | 16312 | 204217 |
| Globus Spirits Ltd. | 1021 | 10047 |
| Godawari Power & Ispat Ltd. | 156836 | 459397 |
| Godrej Agrovet Ltd. | 20225 | 142511 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 14545 | 102929 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 53356 | 99570 |
| Granules India Ltd. | 34246 | 219954 |
| Grasim Industries Ltd. | 39614 | 1219835 |
| Great Eastern Shipping Co. Ltd. | 51791 | 762569 |
| Greenpanel Industries Ltd.<sup>(1)</sup> | 3008 | 6820 |
| Greenply Industries Ltd. | 16723 | 40602 |
| Gufic Biosciences Ltd. | 5829 | 18165 |
| Gujarat Alkalies & Chemicals Ltd. | 3982 | 20926 |
| Gujarat Ambuja Exports Ltd. | 28756 | 44606 |
| Gujarat Mineral Development Corp. Ltd. | 13196 | 82691 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 40371 | 202484 |
| Gujarat Pipavav Port Ltd. | 102692 | 199611 |
| Gujarat State Fertilizers & Chemicals Ltd. | 81386 | 151459 |
| Gulf Oil Lubricants India Ltd. | 7317 | 88898 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 169968 | 20071 |
| HBL Engineering Ltd. | 17551 | 132261 |
| HCL Technologies Ltd. | 382665 | 5857263 |
| HDFC Asset Management Co. Ltd. | 28900 | 857764 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 9740 | 61634 |
| Heritage Foods Ltd. | 15708 | 55046 |
| Hero MotoCorp Ltd. | 43089 | 2707467 |
| HG Infra Engineering Ltd. | 2515 | 14975 |
| Himadri Speciality Chemical Ltd., ADR | 55687 | 297386 |
| Hindalco Industries Ltd. | 505708 | 5146666 |
| Hinduja Global Solutions Ltd.<sup>(1)</sup> | 845 | 3504 |
| Hindustan Aeronautics Ltd. | 13273 | 571470 |
| Hindustan Copper Ltd. | 38304 | 238799 |
| Hindustan Petroleum Corp. Ltd. | 580611 | 2800472 |
| Hindware Home Innovation Ltd.<sup>(1)</sup> | 2624 | 6583 |
| I G Petrochemicals Ltd. | 1051 | 4186 |
| ICICI Bank Ltd. | 16313 | 248067 |
| IIFL Capital Services Ltd. | 99811 | 317234 |
| IIFL Finance Ltd. | 158533 | 866146 |
| India Glycols Ltd. | 16556 | 175203 |
| IndiaMart InterMesh Ltd. | 11484 | 269810 |
| Indian Bank | 40248 | 438626 |
| Indian Energy Exchange Ltd. | 63666 | 88027 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Indian Metals & Ferro Alloys Ltd. | 1190 | $16576 |
| Indian Oil Corp. Ltd. | 1294570 | 2668333 |
| Indian Renewable Energy Development Agency Ltd.<sup>(1)</sup> | 22551 | 30345 |
| Indraprastha Medical Corp. Ltd. | 7149 | 31713 |
| Indus Towers Ltd.<sup>(1)</sup> | 696932 | 3491784 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 39650 | 417215 |
| Infosys Ltd., ADR | 435886 | 6294194 |
| INOX India Ltd. | 4147 | 53074 |
| Intellect Design Arena Ltd. | 15447 | 118742 |
| IOL Chemicals & Pharmaceuticals Ltd. | 16345 | 13167 |
| IRCON International Ltd. | 44986 | 71200 |
| J Kumar Infraprojects Ltd. | 15616 | 90751 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 587700 | 98534 |
| Jammu & Kashmir Bank Ltd. | 244848 | 326970 |
| Jamna Auto Industries Ltd. | 114313 | 185522 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 9150 | 37317 |
| Jayaswal NECO Industries Ltd.<sup>(1)</sup> | 33883 | 28608 |
| Jindal Poly Films Ltd. | 1238 | 8397 |
| Jindal Saw Ltd. | 81100 | 165500 |
| Jindal Stainless Ltd. | 116995 | 1000176 |
| Jindal Steel Ltd. | 265877 | 3640661 |
| JK Cement Ltd. | 8590 | 534625 |
| JK Lakshmi Cement Ltd. | 15916 | 125068 |
| JK Paper Ltd. | 25694 | 102353 |
| JK Tyre & Industries Ltd. | 78669 | 433864 |
| JM Financial Ltd. | 235243 | 330553 |
| JSW Energy Ltd. | 29344 | 157414 |
| JSW Steel Ltd. | 137289 | 1912176 |
| Jubilant Ingrevia Ltd. | 15747 | 101478 |
| Jubilant Pharmova Ltd. | 14710 | 140177 |
| Kajaria Ceramics Ltd. | 39103 | 411683 |
| Kalpataru Projects International Ltd. | 26004 | 354760 |
| Karnataka Bank Ltd. | 108179 | 241439 |
| Karur Vysya Bank Ltd. | 249381 | 894698 |
| Kaveri Seed Co. Ltd. | 10639 | 90499 |
| KCP Ltd. | 12788 | 22277 |
| KEC International Ltd. | 34010 | 218599 |
| Kirloskar Brothers Ltd. | 6089 | 106080 |
| Kirloskar Ferrous Industries Ltd. | 14319 | 62587 |
| Kirloskar Oil Engines Ltd. | 17266 | 264643 |
| KNR Constructions Ltd. | 17237 | 25123 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 2489 | 9707 |
| Kotak Mahindra Bank Ltd. | 1710830 | 7818780 |
| KPI Green Energy Ltd. | 23238 | 98819 |
| KPIT Technologies Ltd. | 7670 | 65190 |
| KPR Mill Ltd. | 4523 | 44782 |
| KRBL Ltd. | 4023 | 15044 |
| Krsnaa Diagnostics Ltd. | 3390 | 23651 |
| L&T Finance Ltd. | 249973 | 780989 |
| Larsen & Toubro Ltd. | 117232 | 5515278 |
| Laurus Labs Ltd. | 29514 | 349917 |
| Laxmi Organic Industries Ltd. | 4784 | 6636 |
| LG Balakrishnan & Bros Ltd. | 4162 | 89142 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LIC Housing Finance Ltd. | 166801 | $987247 |
| LT Foods Ltd. | 39856 | 176719 |
| LUX Industries Ltd. | 271 | 2688 |
| Maharashtra Seamless Ltd. | 24985 | 154316 |
| Mahindra & Mahindra Financial Services Ltd. | 98147 | 404201 |
| Mahindra & Mahindra Ltd. | 102801 | 3842333 |
| Mahindra Logistics Ltd. | 10289 | 46876 |
| Maithan Alloys Ltd. | 648 | 7154 |
| Manali Petrochemicals Ltd. | 13942 | 8501 |
| Manappuram Finance Ltd. | 402856 | 1253329 |
| Marksans Pharma Ltd. | 83831 | 161052 |
| Maruti Suzuki India Ltd. | 35744 | 5843229 |
| MAS Financial Services Ltd. | 5661 | 20210 |
| Matrimony.com Ltd. | 3231 | 14360 |
| Mazagon Dock Shipbuilders Ltd. | 5066 | 123923 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 4549 | 42419 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 23240 | 13497 |
| Minda Corp. Ltd. | 26484 | 161967 |
| MOIL Ltd. | 8159 | 27594 |
| Motherson Sumi Wiring India Ltd. | 70026 | 33316 |
| Motilal Oswal Financial Services Ltd. | 48784 | 389413 |
| Mphasis Ltd. | 16726 | 422814 |
| MRF Ltd. | 383 | 593902 |
| Mrs Bectors Food Specialities Ltd. | 6585 | 15113 |
| MSTC Ltd. | 897 | 4517 |
| Multi Commodity Exchange of India Ltd. | 36460 | 981055 |
| Muthoot Finance Ltd. | 85876 | 3169395 |
| Muthoot Microfin Ltd.<sup>(1)</sup> | 9966 | 18506 |
| Narayana Hrudayalaya Ltd. | 17172 | 345493 |
| Natco Pharma Ltd. | 12871 | 140019 |
| National Aluminium Co. Ltd. | 315845 | 1232353 |
| National Fertilizers Ltd. | 11767 | 10016 |
| Nava Ltd. | 47256 | 309457 |
| Navin Fluorine International Ltd. | 15634 | 1076866 |
| NCC Ltd. | 152198 | 255960 |
| NESCO Ltd. | 1650 | 20396 |
| Neuland Laboratories Ltd. | 1328 | 187588 |
| NIIT Learning Systems Ltd. | 6430 | 23859 |
| Nippon Life India Asset Management Ltd. | 53044 | 543342 |
| NLC India Ltd. | 23997 | 68694 |
| NMDC Ltd. | 1035997 | 932273 |
| NOCIL Ltd. | 7488 | 11899 |
| NTPC Ltd. | 1284804 | 5400333 |
| Nuvama Wealth Management Ltd. | 46560 | 637623 |
| Oil & Natural Gas Corp. Ltd. | 1288945 | 3972522 |
| Oil India Ltd. | 137056 | 730814 |
| Olectra Greentech Ltd. | 470 | 5159 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 7814 | 115684 |
| Optiemus Infracom Ltd.<sup>(1)</sup> | 2901 | 13219 |
| Oracle Financial Services Software Ltd. | 5461 | 417921 |
| Orient Cement Ltd. | 10916 | 18504 |
| Orient Electric Ltd. | 10075 | 20519 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 119791 | 13023 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Panama Petrochem Ltd. | 7332 | $22714 |
| Paradeep Phosphates Ltd. | 310731 | 416185 |
| PCBL Chemical Ltd. | 49502 | 168645 |
| Pearl Global Industries Ltd. | 3411 | 57993 |
| Pennar Industries Ltd.<sup>(1)</sup> | 25863 | 42553 |
| Persistent Systems Ltd. | 12534 | 654108 |
| Petronet LNG Ltd. | 258835 | 920305 |
| PNB Housing Finance Ltd. | 25989 | 235960 |
| PNC Infratech Ltd. | 39746 | 90374 |
| Pondy Oxides & Chemicals Ltd. | 3672 | 46361 |
| Power Finance Corp. Ltd. | 667909 | 3041702 |
| Power Mech Projects Ltd. | 3410 | 78157 |
| Prakash Industries Ltd. | 44580 | 64347 |
| Precision Wires India Ltd. | 15100 | 51901 |
| Pricol Ltd. | 28946 | 191970 |
| Prince Pipes & Fittings Ltd. | 3796 | 10549 |
| Prism Johnson Ltd.<sup>(1)</sup> | 8325 | 11505 |
| PTC India Ltd. | 104511 | 191352 |
| Quess Corp. Ltd. | 18651 | 40151 |
| Railtel Corp. of India Ltd. | 49019 | 169289 |
| Rain Industries Ltd. | 48778 | 79772 |
| Rainbow Children's Medicare Ltd. | 4519 | 59216 |
| Ramco Cements Ltd. | 39260 | 487456 |
| Ramkrishna Forgings Ltd. | 18773 | 113998 |
| Rane Holdings Ltd. | 3225 | 42803 |
| Rashtriya Chemicals & Fertilizers Ltd. | 32956 | 46018 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 8304 | 80480 |
| Raymond Ltd.<sup>(1)</sup> | 10381 | 45827 |
| Raymond Realty Ltd.<sup>(1)</sup> | 4917 | 22751 |
| RBL Bank Ltd. | 257229 | 905393 |
| REC Ltd. | 545238 | 2099925 |
| Redington Ltd. | 102736 | 317200 |
| Reliance Power Ltd.<sup>(1)</sup> | 587154 | 155203 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 73378 | 170897 |
| Repco Home Finance Ltd. | 27990 | 117297 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 23916 | 16724 |
| Rhi Magnesita India Ltd. | 3248 | 15534 |
| RITES Ltd. | 28436 | 66970 |
| Rolex Rings Ltd.<sup>(1)</sup> | 9690 | 14351 |
| RPG Life Sciences Ltd. | 1481 | 30549 |
| Rupa & Co. Ltd. | 11092 | 16897 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 26195 | 46768 |
| Sammaan Capital Ltd.<sup>(1)</sup> | 141669 | 233775 |
| Samvardhana Motherson International Ltd. | 757773 | 1112121 |
| Sanghi Industries Ltd.<sup>(1)</sup> | 11763 | 7718 |
| Sanghvi Movers Ltd. | 9815 | 28209 |
| Sanofi India Ltd. | 2035 | 88813 |
| Sansera Engineering Ltd. | 15702 | 404873 |
| Sarda Energy & Minerals Ltd. | 49853 | 302517 |
| Satia Industries Ltd. | 7648 | 5570 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 27482 | 46700 |
| SBFC Finance Ltd.<sup>(1)</sup> | 183400 | 187908 |
| SBI Cards & Payment Services Ltd.<sup>(1)</sup> | 2586 | 22056 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEAMEC Ltd.<sup>(1)</sup> | 1351 | $19570 |
| SH Kelkar & Co. Ltd. | 8157 | 13290 |
| Sharda Cropchem Ltd. | 934 | 12276 |
| Share India Securities Ltd. | 36311 | 52469 |
| Shipping Corp. of India Land & Assets Ltd. | 12981 | 6539 |
| Shipping Corp. of India Ltd. | 98450 | 285089 |
| Shree Cement Ltd. | 396 | 113511 |
| Shriram Finance Ltd. | 604168 | 7183358 |
| Shriram Pistons & Rings Ltd. | 6636 | 227500 |
| Shyam Metalics & Energy Ltd. | 31547 | 298821 |
| Siyaram Silk Mills Ltd. | 1138 | 6661 |
| SKF India Industrial Ltd.<sup>(1)</sup> | 319 | 8985 |
| SKF India Ltd. | 319 | 6103 |
| SMC Global Securities Ltd. | 49000 | 41482 |
| Sobha Ltd. | 8417 | 129292 |
| Sonata Software Ltd. | 14156 | 41782 |
| South Indian Bank Ltd. | 745989 | 337720 |
| Southern Petrochemical Industries Corp. Ltd. | 13120 | 10046 |
| Speciality Restaurants Ltd. | 6760 | 7539 |
| SRF Ltd. | 11511 | 324774 |
| Star Cement Ltd. | 34794 | 82096 |
| State Bank of India, GDR | 14473 | 1906546 |
| Sterling Tools Ltd. | 8956 | 21949 |
| Stove Kraft Ltd. | 1925 | 10322 |
| Strides Pharma Science Ltd. | 15628 | 146702 |
| Sudarshan Chemical Industries Ltd. | 7929 | 76531 |
| Sun Pharmaceutical Industries Ltd. | 11584 | 222078 |
| Sun TV Network Ltd. | 43327 | 309028 |
| Sunflag Iron & Steel Co. Ltd. | 6209 | 16814 |
| Supreme Industries Ltd. | 4391 | 192182 |
| Supreme Petrochem Ltd. | 13573 | 107037 |
| Supriya Lifescience Ltd. | 4270 | 30758 |
| Surya Roshni Ltd. | 40658 | 100148 |
| Suryoday Small Finance Bank Ltd.<sup>(1)</sup> | 13760 | 19994 |
| Swaraj Engines Ltd. | 1833 | 72536 |
| TAJGVK Hotels & Resorts Ltd. | 13190 | 51922 |
| Tamil Nadu Newsprint & Papers Ltd. | 14869 | 22385 |
| Tamilnadu Petroproducts Ltd. | 8337 | 8637 |
| Tanla Platforms Ltd. | 12725 | 63719 |
| Tata Chemicals Ltd. | 62011 | 489600 |
| Tata Motors Ltd./new<sup>(1)</sup> | 5470 | 30449 |
| Tata Motors Passenger Vehicles Ltd. | 5470 | 23038 |
| Tata Steel Ltd. | 3380049 | 7902939 |
| Tech Mahindra Ltd. | 238569 | 3570106 |
| Thermax Ltd. | 774 | 26549 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 8400 | 17675 |
| Time Technoplast Ltd. | 52644 | 106329 |
| Titagarh Rail System Ltd. | 25526 | 197004 |
| Tourism Finance Corp. of India Ltd. | 147090 | 114579 |
| Tracxn Technologies Ltd.<sup>(1)</sup> | 29864 | 11180 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 9396 | 2519 |
| Transport Corp. of India Ltd. | 1955 | 21569 |
| Trident Ltd. | 106553 | 30041 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Triveni Turbine Ltd. | 15888 | $85418 |
| Tube Investments of India Ltd. | 4947 | 149677 |
| TV Today Network Ltd. | 8203 | 11253 |
| TVS Srichakra Ltd. | 401 | 17369 |
| Uflex Ltd. | 4366 | 23137 |
| Ugar Sugar Works Ltd.<sup>(1)</sup> | 8924 | 3592 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 409138 | 261217 |
| UltraTech Cement Ltd. | 2930 | 408521 |
| Union Bank of India Ltd. | 639922 | 1424429 |
| Usha Martin Ltd. | 8471 | 39054 |
| UTI Asset Management Co. Ltd. | 12909 | 140342 |
| Valiant Organics Ltd.<sup>(1)</sup> | 587 | 1489 |
| Vardhman Textiles Ltd. | 20758 | 124333 |
| Varroc Engineering Ltd. | 26103 | 155390 |
| Vedanta Ltd. | 399734 | 3161589 |
| Venky's India Ltd. | 72 | 1068 |
| Vimta Labs Ltd. | 3917 | 19426 |
| Vishnu Chemicals Ltd. | 3715 | 20550 |
| VLS Finance Ltd. | 6312 | 17494 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 536 | 3273 |
| VRL Logistics Ltd. | 16400 | 50032 |
| Welspun Corp. Ltd. | 42400 | 385716 |
| Welspun Enterprises Ltd. | 19561 | 104483 |
| Welspun Living Ltd. | 23059 | 31921 |
| West Coast Paper Mills Ltd. | 9632 | 44690 |
| Wockhardt Ltd.<sup>(1)</sup> | 21069 | 316314 |
| Wonderla Holidays Ltd. | 1022 | 5362 |
| Yes Bank Ltd.<sup>(1)</sup> | 257765 | 58757 |
| Zydus Lifesciences Ltd. | 16061 | 163452 |
|  |  | 202919090 |
| **Indonesia — 1.5%** |  |  |
| ABM Investama Tbk. PT | 215600 | 37035 |
| Adaro Andalan Indonesia PT | 1137934 | 627042 |
| Alamtri Minerals Indonesia Tbk. PT | 4913700 | 613719 |
| Alamtri Resources Indonesia Tbk. PT | 5070100 | 706918 |
| Aneka Tambang Tbk. PT | 28800 | 7488 |
| Astra International Tbk. PT | 6687500 | 2660943 |
| Bank BTPN Syariah Tbk. PT | 204100 | 13985 |
| Bank Mandiri Persero Tbk. PT | 12479700 | 3917026 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 390700 | 19340 |
| Bank Rakyat Indonesia Persero Tbk. PT | 6673900 | 1553145 |
| Bank Tabungan Negara Persero Tbk. PT | 2172000 | 179781 |
| Buana Lintas Lautan Tbk. PT<sup>(1)</sup> | 905400 | 26917 |
| Bukit Asam Persero Tbk. PT | 2651000 | 410893 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 2928500 | 52036 |
| Charoen Pokphand Indonesia Tbk. PT | 1200 | 304 |
| Darma Henwa Tbk. PT<sup>(1)</sup> | 10899900 | 340466 |
| Dharma Polimetal Tbk. PT | 468500 | 29893 |
| Dharma Satya Nusantara Tbk. PT | 4579700 | 376889 |
| Elnusa Tbk. PT | 3007000 | 152846 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 2715100 | 285999 |
| Erajaya Swasembada Tbk. PT | 985900 | 25832 |
| ESSA Industries Indonesia Tbk. PT | 241600 | 9295 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gajah Tunggal Tbk. PT | 983300 | $65393 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 83500 | 5796 |
| Indah Kiat Pulp & Paper Tbk. PT | 42200 | 29122 |
| Indika Energy Tbk. PT | 8700 | 1901 |
| Indo Tambangraya Megah Tbk. PT | 359800 | 488439 |
| Indosat Tbk. PT | 85600 | 11782 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 290000 | 9339 |
| Japfa Comfeed Indonesia Tbk. PT | 3216200 | 455995 |
| Jasa Marga Persero Tbk. PT | 1189200 | 262385 |
| Medco Energi Internasional Tbk. PT | 4575400 | 471138 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 18900 | 263 |
| Mitra Adiperkasa Tbk. PT | 2333400 | 186788 |
| Mitra Pinasthika Mustika Tbk. PT | 18000 | 1101 |
| PP Persero Tbk. PT<sup>(1)</sup> | 22000 | 461 |
| Samudera Indonesia Tbk. PT | 1484800 | 35399 |
| Sawit Sumbermas Sarana Tbk. PT | 558400 | 52284 |
| Siloam International Hospitals Tbk. PT<sup>(1)</sup> | 88300 | 14113 |
| Sumber Tani Agung Resources Tbk. PT | 377300 | 26223 |
| Surya Semesta Internusa Tbk. PT | 1127300 | 92965 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 167396 | 3560513 |
| Timah Tbk. PT | 1708000 | 467827 |
| Triputra Agro Persada PT | 2701300 | 261905 |
| United Tractors Tbk. PT | 824800 | 1404832 |
| XLSMART Telecom Sejahtera Tbk. PT | 3285200 | 620227 |
|  |  | 20573983 |
| **Kuwait — 0.4%** |  |  |
| A'ayan Leasing & Investment Co. KSCP | 240548 | 176704 |
| Agility Public Warehousing Co. KSCC | 815598 | 366503 |
| Al Ahli Bank of Kuwait KSCP | 51628 | 51511 |
| Beyout Holding Co. KPSC | 58259 | 72586 |
| First Investment Co. KSCP<sup>(1)</sup> | 189379 | 68235 |
| KAMCO Investment Co. KSC | 40654 | 28523 |
| Kuwait Finance House KSCP | 1004219 | 2632364 |
| Kuwait International Bank KSCP | 212128 | 193140 |
| Mobile Telecommunications Co. KSCP | 390466 | 689682 |
| National Bank of Kuwait SAKP | 204685 | 628621 |
| National Consumer Holding Co. SAK<sup>(1)</sup> | 115487 | 36614 |
| National Investments Co. KSCP | 32506 | 29445 |
| Salhia Real Estate Co. KSCP | 233926 | 286483 |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 96406 | 45397 |
| United Real Estate Co. SAKP<sup>(1)</sup> | 221510 | 202127 |
|  |  | 5507935 |
| **Malaysia — 1.3%** |  |  |
| Aeon Co. M Bhd. | 66900 | 21646 |
| Alliance Bank Malaysia Bhd. | 260523 | 337373 |
| Allianz Malaysia Bhd. | 4200 | 23912 |
| AMMB Holdings Bhd. | 1506000 | 2487465 |
| Axiata Group Bhd.<sup>(2)</sup> | 557700 | 326512 |
| Bank Islam Malaysia Bhd. | 224400 | 142410 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 362870 | 25176 |
| Bermaz Auto Bhd. | 56400 | 12253 |
| Bumi Armada Bhd. | 590200 | 47851 |
| Cahya Mata Sarawak Bhd. | 84500 | 28627 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CELCOMDIGI Bhd. | 413800 | $339137 |
| Chin Hin Group Bhd.<sup>(1)</sup> | 45600 | 25895 |
| CIMB Group Holdings Bhd.<sup>(2)</sup> | 2361704 | 4876696 |
| Dayang Enterprise Holdings Bhd. | 105700 | 48715 |
| DRB-Hicom Bhd. | 107900 | 33813 |
| Ekovest Bhd.<sup>(1)</sup> | 127900 | 8214 |
| Fraser & Neave Holdings Bhd. | 1900 | 17050 |
| Genting Bhd.<sup>(2)</sup> | 515100 | 374236 |
| HAP Seng Consolidated Bhd. | 35500 | 25993 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 49400 | 11599 |
| Hibiscus Petroleum Bhd. | 212140 | 87399 |
| IJM Corp. Bhd. | 384100 | 247436 |
| Insas Bhd. | 6100 | 1411 |
| Jaya Tiasa Holdings Bhd. | 276200 | 78743 |
| Johor Plantations Group Bhd. | 175100 | 69745 |
| Kelington Group Bhd. | 71100 | 99751 |
| KSL Holdings Bhd. | 28705 | 22773 |
| Kuala Lumpur Kepong Bhd. | 17589 | 85795 |
| Leong Hup International Bhd. | 105000 | 20632 |
| Lingkaran Trans Kota Holdings Bhd.<sup>(1)</sup> | 10000 | 10 |
| Mah Sing Group Bhd. | 501700 | 150769 |
| Malayan Banking Bhd. | 1088560 | 3344714 |
| Malaysia Smelting Corp. Bhd. | 51800 | 25657 |
| Malaysian Pacific Industries Bhd. | 10300 | 84313 |
| Malaysian Resources Corp. Bhd. | 246700 | 19653 |
| Matrix Concepts Holdings Bhd. | 349800 | 126763 |
| MBSB Bhd. | 256000 | 47001 |
| Mega First Corp. Bhd. | 179900 | 142624 |
| MISC Bhd. | 151200 | 313504 |
| Pecca Group Bhd. | 65300 | 28191 |
| Perak Transit Bhd. | 69000 | 4692 |
| Perdana Petroleum Bhd.<sup>(1)</sup> | 287300 | 10737 |
| Public Bank Bhd.<sup>(2)</sup> | 1182100 | 1496810 |
| RHB Bank Bhd. | 398921 | 860829 |
| Sarawak Oil Palms Bhd. | 22350 | 22103 |
| Scientex Bhd. | 10000 | 9705 |
| SD Guthrie Bhd. | 166000 | 245241 |
| Shin Yang Group Bhd. | 175300 | 36934 |
| Sime Darby Bhd. | 672100 | 421893 |
| Sime Darby Property Bhd. | 789700 | 293991 |
| Solarvest Holdings Bhd.<sup>(1)</sup> | 43700 | 24925 |
| SP Setia Bhd. Group | 96400 | 22637 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 123224 | 8857 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 39800 | 32820 |
| Ta Ann Holdings Bhd. | 19100 | 22714 |
| TASCO Bhd. | 6400 | 707 |
| Telekom Malaysia Bhd. | 181200 | 346875 |
| Teo Seng Capital Bhd. | 105958 | 28293 |
| TH Plantations Bhd. | 130800 | 19983 |
| TSH Resources Bhd.<sup>(1)</sup> | 185600 | 58171 |
| Unisem M Bhd. | 104500 | 84079 |
| United Plantations Bhd. | 46050 | 349075 |
| Vantris Energy Bhd.<sup>(1)</sup> | 3135 | 282 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Velesto Energy Bhd. | 1494600 | $117275 |
| Wasco Bhd. | 74400 | 19124 |
| WCT Holdings Bhd.<sup>(1)</sup> | 292400 | 40571 |
| Yinson Holdings Bhd. | 142156 | 85845 |
|  |  | 18876625 |
| **Mexico — 2.0%** |  |  |
| Alpek SAB de CV<sup>(1)</sup> | 106813 | 51043 |
| America Movil SAB de CV, ADR | 237790 | 6187296 |
| Banco del Bajio SA | 512753 | 1709871 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)</sup> | 105599 | 910263 |
| GCC SAB de CV | 11245 | 131000 |
| Gentera SAB de CV | 1005682 | 2919176 |
| Gruma SAB de CV, B Shares | 18017 | 324854 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 3986 | 486930 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 10 | 2608 |
| Grupo Comercial Chedraui SA de CV | 12118 | 77597 |
| Grupo Financiero Banorte SAB de CV, Class O | 775879 | 8822459 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 11911 | 9198 |
| Industrias Penoles SAB de CV<sup>(1)</sup> | 10505 | 668716 |
| Megacable Holdings SAB de CV | 633154 | 2455485 |
| Nemak SAB de CV<sup>(1)</sup> | 827028 | 155590 |
| Promotora y Operadora de Infraestructura SAB de CV | 34484 | 568079 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 97827 | 954299 |
| Regional SAB de CV | 208700 | 1950428 |
|  |  | 28384892 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 137700 | 81701 |
| ACEN Corp. | 29310 | 1427 |
| Alliance Global Group, Inc. | 273900 | 40883 |
| Apex Mining Co., Inc. | 852000 | 258787 |
| Ayala Land, Inc. | 2531800 | 917455 |
| BDO Unibank, Inc. | 982144 | 2335689 |
| Converge Information & Communications Technology Solutions, Inc. | 652000 | 162794 |
| DMCI Holdings, Inc. | 671300 | 112375 |
| First Gen Corp. | 11100 | 3532 |
| Globe Telecom, Inc. | 1359 | 41025 |
| GT Capital Holdings, Inc. | 20130 | 233883 |
| JG Summit Holdings, Inc. | 14870 | 7737 |
| LT Group, Inc. | 620900 | 168193 |
| Metropolitan Bank & Trust Co. | 1159590 | 1548531 |
| Nickel Asia Corp. | 100800 | 9522 |
| Philippine National Bank | 52370 | 58317 |
| PLDT, Inc., ADR | 40 | 957 |
| Puregold Price Club, Inc. | 183100 | 133315 |
| Robinsons Land Corp. | 225400 | 72324 |
| Robinsons Retail Holdings, Inc. | 19230 | 12712 |
| Security Bank Corp. | 186270 | 238483 |
| Semirara Mining & Power Corp. | 214800 | 104256 |
| Universal Robina Corp. | 60120 | 83361 |
|  |  | 6627259 |
| **Poland — 1.4%** |  |  |
| Alior Bank SA | 59776 | 2004470 |
| Bank Handlowy w Warszawie SA | 5818 | 194140 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bank Millennium SA<sup>(1)</sup> | 306765 | $1491903 |
| Bank Polska Kasa Opieki SA | 54065 | 3425599 |
| Grupa Kety SA | 7564 | 2290364 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 210 | 1596 |
| LPP SA | 209 | 1209392 |
| Orange Polska SA | 433278 | 1700798 |
| ORLEN SA | 199785 | 6434912 |
| Pepco Group NV | 81283 | 671200 |
| Text SA | 10 | 106 |
| XTB SA | 39093 | 973546 |
|  |  | 20398026 |
| **Qatar — 0.4%** |  |  |
| Mazaya Real Estate Development QPSC<sup>(1)</sup> | 299746 | 48757 |
| Ooredoo QPSC | 264892 | 986324 |
| Qatar National Bank QPSC | 798369 | 4238486 |
|  |  | 5273567 |
| **Russia**<sup>(3)</sup> **— 0.0%** |  |  |
| Globaltrans Investment PLC, GDR<sup>(1)</sup> | 15648 | 2 |
| LUKOIL PJSC<sup>(1)</sup>  | 7931 |  |
| Novolipetsk Steel PJSC<sup>(1)</sup>  | 70860 |  |
| VTB Bank PJSC<sup>(1)</sup>  | 30520 |  |
|  |  | 2 |
| **Saudi Arabia — 2.2%** |  |  |
| Abdullah Al Othaim Markets Co. | 10539 | 17251 |
| Ades Holding Co. | 97051 | 462204 |
| Al Babtain Power & Telecommunication Co. | 28714 | 479455 |
| Al Khaleej Training & Education Co.<sup>(1)</sup> | 4677 | 22876 |
| Al Majed for Oud Co. | 3802 | 168125 |
| Al-Dawaa Medical Services Co. | 3712 | 48382 |
| Alinma Bank | 491748 | 3652585 |
| Almarai Co. JSC | 151737 | 1613268 |
| Amlak International Finance Co.<sup>(1)</sup> | 21117 | 57956 |
| Arab National Bank | 291980 | 1601740 |
| Arabian Cement Co. | 6711 | 40010 |
| Arabian Centres Co. | 51414 | 247968 |
| Arabian Co. for Agricultural & Industrial Investment | 2387 | 16059 |
| Arabian Contracting Services Co.<sup>(1)</sup> | 1438 | 40579 |
| Arabian Drilling Co. | 5119 | 122189 |
| Astra Industrial Group Co. | 2706 | 92178 |
| BAAN Holding Group Co.<sup>(1)</sup> | 38267 | 18122 |
| Bank AlBilad | 147017 | 999277 |
| Bank Al-Jazira | 248650 | 764230 |
| Banque Saudi Fransi | 311145 | 1643361 |
| Dar Al Arkan Real Estate Development Co.<sup>(1)</sup> | 103405 | 550592 |
| East Pipes Integrated Co. for Industry | 13066 | 488543 |
| Emaar Economic City<sup>(1)</sup> | 16003 | 36463 |
| Etihad Etisalat Co. | 187545 | 3210258 |
| flynas Co. SJSC<sup>(1)</sup> | 24690 | 384123 |
| Fourth Milling Co. | 54181 | 52584 |
| Jabal Omar Development Co.<sup>(1)</sup> | 70651 | 280062 |
| Lumi Rental Co.<sup>(1)</sup> | 2967 | 30636 |
| Middle East Healthcare Co. | 5939 | 49970 |
| Mobile Telecommunications Co. Saudi Arabia | 143739 | 439988 |
| Najran Cement Co.<sup>(1)</sup> | 11854 | 20026 |
| Riyad Bank | 349039 | 2575589 |
| Riyadh Cement Co. | 20300 | 126931 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SABIC Agri-Nutrients Co. | 19945 | $657394 |
| Saudi Aramco Base Oil Co. | 7688 | 186760 |
| Saudi Awwal Bank | 238384 | 2170336 |
| Saudi Investment Bank | 53438 | 192109 |
| Saudi Kayan Petrochemical Co.<sup>(1)</sup> | 374623 | 480153 |
| Saudi Manpower Solutions Co. | 40246 | 56941 |
| Saudi National Bank | 227546 | 2521179 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp.<sup>(1)</sup> | 53704 | 401480 |
| Saudi Telecom Co. | 181637 | 2023439 |
| Savola Group<sup>(1)</sup> | 64694 | 388420 |
| Sustained Infrastructure Holding Co. | 21767 | 155285 |
| Theeb Rent A Car Co. | 18010 | 152551 |
| United International Transportation Co. | 21900 | 235888 |
| Yanbu Cement Co. | 47358 | 180985 |
|  |  | 30156500 |
| **South Africa — 4.3%** |  |  |
| Absa Group Ltd. | 274697 | 4694507 |
| AECI Ltd. | 88963 | 614988 |
| Afrimat Ltd. | 318 | 759 |
| Aspen Pharmacare Holdings Ltd. | 94285 | 802123 |
| Astral Foods Ltd. | 35563 | 622379 |
| Coronation Fund Managers Ltd. | 23974 | 75697 |
| DataTec Ltd. | 54599 | 264367 |
| DRDGOLD Ltd. | 38218 | 143893 |
| E Media Holdings Ltd. | 6556 | 922 |
| Exxaro Resources Ltd. | 32565 | 405211 |
| FirstRand Ltd. | 760197 | 4737235 |
| Foschini Group Ltd. | 189484 | 1031891 |
| Gold Fields Ltd., ADR | 108175 | 6365017 |
| KAP Ltd.<sup>(1)</sup> | 436358 | 59326 |
| Kumba Iron Ore Ltd. | 9692 | 224021 |
| Life Healthcare Group Holdings Ltd. | 347016 | 263900 |
| Merafe Resources Ltd. | 366791 | 27162 |
| Motus Holdings Ltd. | 122902 | 1039501 |
| MTN Group Ltd. | 611272 | 7950886 |
| Nedbank Group Ltd. | 155553 | 3077216 |
| NEPI Rockcastle NV<sup>(1)</sup> | 142383 | 1323994 |
| Netcare Ltd. | 293429 | 316411 |
| Ninety One Ltd. | 90111 | 308201 |
| Old Mutual Ltd. | 2534709 | 2623503 |
| Omnia Holdings Ltd. | 86799 | 487216 |
| PPC Ltd. | 663338 | 275615 |
| Raubex Group Ltd. | 77454 | 278212 |
| Reinet Investments SCA | 39907 | 1405031 |
| Remgro Ltd. | 18053 | 219754 |
| Sappi Ltd.<sup>(1)(2)</sup> | 301117 | 318317 |
| Sasol Ltd., ADR<sup>(1)</sup> | 168202 | 1500362 |
| Shoprite Holdings Ltd. | 60909 | 1013271 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 239446 | 4240589 |
| Standard Bank Group Ltd. | 345228 | 6952719 |
| Sun International Ltd. | 86475 | 240112 |
| Super Group Ltd. | 150503 | 162262 |
| Telkom SA SOC Ltd. | 227948 | 922553 |
| Thungela Resources Ltd.<sup>(2)</sup> | 105251 | 736990 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tiger Brands Ltd. | 48859 | $977341 |
| Truworths International Ltd.<sup>(2)</sup> | 177884 | 671971 |
| Valterra Platinum Ltd. | 121 | 14207 |
| Vodacom Group Ltd. | 198159 | 2022237 |
| Wilson Bayly Holmes-Ovcon Ltd. | 30 | 398 |
|  |  | 59412267 |
| **South Korea — 16.4%** |  |  |
| Asiana Airlines, Inc.<sup>(1)</sup> | 5960 | 32138 |
| BGF retail Co. Ltd. | 5218 | 451892 |
| BH Co. Ltd. | 8811 | 118170 |
| Binggrae Co. Ltd. | 1158 | 65866 |
| BNK Financial Group, Inc. | 111256 | 1540475 |
| Byucksan Corp. | 10363 | 14374 |
| Cheil Worldwide, Inc. | 7475 | 113976 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 36303 | 139819 |
| CJ CheilJedang Corp. | 3879 | 576493 |
| CJ Corp. | 3041 | 462079 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 8877 | 448002 |
| CJ Logistics Corp. | 5990 | 548261 |
| Cosmax, Inc.<sup>(1)</sup> | 1858 | 245424 |
| Coway Co. Ltd.<sup>(1)</sup> | 15115 | 858769 |
| CS Wind Corp.<sup>(1)</sup> | 3128 | 116740 |
| Cuckoo Homesys Co. Ltd.<sup>(1)</sup> | 777 | 14081 |
| Daesang Corp. | 8128 | 127350 |
| Daewoong Co. Ltd. | 8210 | 153999 |
| Daishin Securities Co. Ltd. | 1990 | 62161 |
| Daou Data Corp. | 1498 | 27620 |
| Daou Technology, Inc. | 20388 | 770985 |
| DB HiTek Co. Ltd. | 42649 | 2845968 |
| DB Insurance Co. Ltd. | 13573 | 1724384 |
| DL E&C Co. Ltd.<sup>(1)</sup> | 4815 | 170977 |
| DL Holdings Co. Ltd.<sup>(1)</sup> | 5886 | 211539 |
| Dongjin Semichem Co. Ltd. | 18940 | 724272 |
| Dongkuk Holdings Co. Ltd. | 1826 | 12510 |
| Dongwon Industries Co. Ltd. | 1293 | 38614 |
| Doosan Tesna, Inc. | 1825 | 86509 |
| F&F Co. Ltd. | 7153 | 350712 |
| GOLFZON Co. Ltd.<sup>(1)</sup> | 1071 | 40813 |
| GS Holdings Corp. | 36078 | 1724267 |
| GS P&L Co. Ltd. | 2264 | 80736 |
| GS Retail Co. Ltd. | 24641 | 376613 |
| Han Kuk Carbon Co. Ltd.<sup>(1)</sup> | 10954 | 319223 |
| Hana Financial Group, Inc. | 172180 | 14564224 |
| Hana Micron, Inc. | 7180 | 181176 |
| Hana Tour Service, Inc. | 1091 | 36453 |
| Hanil Cement Co. Ltd. | 7001 | 88455 |
| Hankook & Co. Co. Ltd. | 8429 | 183394 |
| Hankook Tire & Technology Co. Ltd. | 30484 | 1544082 |
| Hansae Co. Ltd. | 1224 | 12161 |
| Hansol Technics Co. Ltd. | 18052 | 77799 |
| Hanwha Aerospace Co. Ltd. | 9039 | 7513967 |
| Hanwha Corp.<sup>(1)</sup> | 28517 | 2707967 |
| Hanwha Corp., Preference Shares<sup>(1)</sup> | 9350 | 364758 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hanwha Engine<sup>(1)</sup> | 42068 | $1578295 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 32298 | 171379 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 115080 | 396354 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 9337 | 553526 |
| Harim Holdings Co. Ltd. | 39663 | 445640 |
| HD Construction Equipment Co. Ltd. | 14458 | 1410593 |
| HD Hyundai Co. Ltd. | 41769 | 8496836 |
| HD Hyundai Heavy Industries Co. Ltd. | 9372 | 3924755 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 21948 | 6865449 |
| HDC Holdings Co. Ltd. | 1759 | 30183 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 11880 | 191136 |
| Hite Jinro Co. Ltd. | 9001 | 111177 |
| HJ Shipbuilding & Construction Co. Ltd.<sup>(1)</sup> | 1200 | 21139 |
| HL Holdings Corp. | 774 | 26696 |
| HL Mando Co. Ltd. | 43935 | 1915342 |
| HMM Co. Ltd. | 3244 | 48083 |
| HS Hyosung Advanced Materials Corp.<sup>(1)</sup> | 1247 | 217504 |
| Hwa Shin Co. Ltd.<sup>(1)</sup> | 5675 | 61374 |
| Hyosung Corp. | 7642 | 898189 |
| Hyosung TNC Corp. | 1597 | 472886 |
| HYUNDAI Corp. | 2071 | 39771 |
| Hyundai Department Store Co. Ltd. | 12934 | 988468 |
| Hyundai Elevator Co. Ltd. | 1854 | 127063 |
| Hyundai Glovis Co. Ltd. | 28616 | 5761835 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 28682 | 684905 |
| Hyundai Motor Co. | 41403 | 19410732 |
| Hyundai Steel Co. | 62457 | 2014252 |
| Hyundai Wia Corp. | 16213 | 1140101 |
| iM Financial Group Co. Ltd. | 49577 | 633604 |
| Industrial Bank of Korea | 164040 | 2937781 |
| Innocean Worldwide, Inc. | 3794 | 52858 |
| Interflex Co. Ltd.<sup>(1)</sup> | 3997 | 33111 |
| INTOPS Co. Ltd. | 443 | 6065 |
| IS Dongseo Co. Ltd.<sup>(1)</sup> | 985 | 21284 |
| JB Financial Group Co. Ltd. | 66626 | 1469147 |
| KB Financial Group, Inc., ADR | 100959 | 11105490 |
| KC Co. Ltd. | 7923 | 192873 |
| KCC Corp. | 668 | 302403 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(1)</sup> | 2768 | 119270 |
| KG Dongbusteel | 15429 | 64849 |
| KG Eco Solution Co. Ltd.<sup>(1)</sup> | 9800 | 44589 |
| Kia Corp. | 98826 | 14111125 |
| KISCO Corp. | 1013 | 7171 |
| KIWOOM Securities Co. Ltd. | 12925 | 4179327 |
| Kolon Industries, Inc. | 8747 | 411462 |
| KoMiCo Ltd.<sup>(1)</sup> | 1848 | 143104 |
| KONA I Co. Ltd.<sup>(1)</sup> | 1198 | 55560 |
| Korea Circuit Co. Ltd. | 204 | 8379 |
| Korea Electric Terminal Co. Ltd. | 1528 | 85867 |
| Korea Investment Holdings Co. Ltd. | 29534 | 5310614 |
| Korea Line Corp.<sup>(1)</sup> | 53816 | 81164 |
| Korean Air Lines Co. Ltd.<sup>(1)</sup> | 48816 | 951290 |
| Korean Reinsurance Co. | 67326 | 652134 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KT Corp. | 24264 | $1079740 |
| Kumho Petrochemical Co. Ltd.<sup>(1)</sup> | 663 | 70635 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 104775 | 507810 |
| Kyung Dong Navien Co. Ltd. | 2198 | 98040 |
| LB Semicon, Inc.<sup>(1)</sup> | 404 | 1406 |
| LG Chem Ltd. | 28842 | 8386617 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 351492 | 1778550 |
| LG Electronics, Inc. | 102345 | 10353755 |
| LG Innotek Co. Ltd. | 18287 | 4051596 |
| LG Uplus Corp. | 145797 | 1677351 |
| LIG Nex1 Co. Ltd.<sup>(1)</sup> | 3433 | 1211910 |
| Lotte Chilsung Beverage Co. Ltd. | 2987 | 288667 |
| LOTTE Fine Chemical Co. Ltd. | 6453 | 229245 |
| Lotte Rental Co. Ltd. | 7126 | 167286 |
| LS Corp.<sup>(1)</sup> | 8180 | 1620618 |
| LX International Corp. | 17302 | 512452 |
| Mcnex Co. Ltd. | 602 | 11432 |
| MegaStudyEdu Co. Ltd.<sup>(1)</sup> | 2275 | 75932 |
| Meritz Financial Group, Inc.<sup>(1)</sup> | 56465 | 4981010 |
| Mirae Asset Life Insurance Co. Ltd.<sup>(1)</sup> | 707 | 6561 |
| Misto Holdings Corp. | 6407 | 217856 |
| Namhae Chemical Corp. | 3782 | 19376 |
| Neowiz<sup>(1)</sup> | 145 | 2639 |
| NEPES Corp.<sup>(1)</sup> | 14176 | 185351 |
| Nexen Tire Corp. | 10178 | 63537 |
| NICE Holdings Co. Ltd. | 772 | 8041 |
| NICE Information Service Co. Ltd. | 10285 | 122439 |
| OCI Holdings Co. Ltd. | 9023 | 951478 |
| Orion Corp.<sup>(1)</sup> | 7439 | 689831 |
| Orion Holdings Corp.<sup>(1)</sup> | 11107 | 184035 |
| Otoki Corp. | 498 | 137464 |
| Pan Ocean Co. Ltd. | 157596 | 578149 |
| Partron Co. Ltd. | 3398 | 20306 |
| Poongsan Corp.<sup>(1)</sup> | 4530 | 363979 |
| POSCO Holdings, Inc., ADR | 22454 | 1562574 |
| Posco International Corp. | 17675 | 888970 |
| S-1 Corp. | 1883 | 114725 |
| Samsung E&A Co. Ltd. | 47951 | 1212350 |
| Samsung Electro-Mechanics Co. Ltd. | 172 | 53757 |
| Samsung Fire & Marine Insurance Co. Ltd. | 7708 | 2840629 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 5827 | 117287 |
| Samsung Life Insurance Co. Ltd. | 964 | 154321 |
| Samsung Securities Co. Ltd. | 35356 | 2627060 |
| Samyang Foods Co. Ltd. | 173 | 146855 |
| SD Biosensor, Inc.<sup>(1)</sup> | 1247 | 7320 |
| SeAH Besteel Holdings Corp. | 13142 | 632254 |
| SeAH Steel Corp. | 728 | 67170 |
| Sebang Co. Ltd. | 1932 | 21224 |
| Sebang Global Battery Co. Ltd. | 137 | 6560 |
| Seoyon E-Hwa Co. Ltd.<sup>(1)</sup> | 6370 | 73585 |
| SFA Engineering Corp. | 6596 | 155184 |
| Shinhan Financial Group Co. Ltd., ADR | 164530 | 10992249 |
| Shinsegae, Inc. | 4086 | 1044938 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SK Discovery Co. Ltd. | 4401 | $183041 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 6127 | 122476 |
| SK Gas Ltd. | 1634 | 264595 |
| SK Networks Co. Ltd. | 44078 | 176179 |
| SK Telecom Co. Ltd., ADR | 42277 | 1282684 |
| SK, Inc. | 1497 | 417994 |
| SL Corp.<sup>(1)</sup> | 15886 | 810613 |
| SNT Dynamics Co. Ltd. | 9584 | 372619 |
| SNT Motiv Co. Ltd. | 5106 | 132290 |
| S-Oil Corp.<sup>(1)</sup> | 44228 | 3379771 |
| Soulbrain Co. Ltd. | 945 | 293230 |
| STX Engine Co. Ltd.<sup>(1)</sup> | 12644 | 290188 |
| Sungwoo Hitech Co. Ltd. | 25049 | 154797 |
| TES Co. Ltd. | 8605 | 441495 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 20226 | 106575 |
| Unid Co. Ltd.<sup>(1)</sup> | 2655 | 151439 |
| Woongjin Thinkbig Co. Ltd. | 34827 | 27432 |
| Woori Financial Group, Inc. | 469388 | 11746243 |
| Youngone Corp. | 6692 | 449298 |
| Youngone Holdings Co. Ltd. | 2887 | 500022 |
| Yuanta Securities Korea Co. Ltd. | 12496 | 45181 |
|  |  | 228576699 |
| **Taiwan — 21.8%** |  |  |
| Ability Enterprise Co. Ltd.<sup>(2)</sup> | 87344 | 222951 |
| AcBel Polytech, Inc.<sup>(2)</sup> | 321497 | 527182 |
| ACES Electronic Co. Ltd.<sup>(2)</sup> | 133000 | 270307 |
| Acon Holding, Inc.<sup>(1)</sup> | 9000 | 1886 |
| Acter Group Corp. Ltd.<sup>(2)</sup> | 45000 | 1025633 |
| ADATA Technology Co. Ltd. | 358759 | 3210948 |
| Advanced International Multitech Co. Ltd. | 48000 | 105382 |
| Advanced Power Electronics Corp. | 2000 | 6217 |
| Advancetek Enterprise Co. Ltd. | 182000 | 166812 |
| AIC, Inc. | 19000 | 272467 |
| Air Asia Co. Ltd.<sup>(2)</sup> | 20000 | 33595 |
| Alchip Technologies Ltd. | 12000 | 1313572 |
| Alexander Marine Co. Ltd. | 4217 | 22853 |
| Allied Circuit Co. Ltd. | 2156 | 14749 |
| Allied Supreme Corp. | 13000 | 101415 |
| Alltek Technology Corp. | 110800 | 129369 |
| Alltop Technology Co. Ltd. | 20000 | 188192 |
| Alpha Networks, Inc.<sup>(1)</sup> | 15000 | 14757 |
| Altek Corp.<sup>(2)</sup> | 98103 | 123433 |
| Amazing Microelectronic Corp. | 161 | 451 |
| Ambassador Hotel | 34000 | 47759 |
| Ampire Co. Ltd. | 24000 | 20574 |
| AMPOC Far-East Co. Ltd.<sup>(2)</sup> | 24376 | 96001 |
| AmTRAN Technology Co. Ltd. | 120625 | 151074 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 3059 | 3602 |
| Anpec Electronics Corp. | 27000 | 202601 |
| Apacer Technology, Inc. | 20000 | 76633 |
| Apex Dynamics, Inc.<sup>(1)</sup> | 3000 | 66017 |
| Apex International Co. Ltd.<sup>(1)(2)</sup> | 13524 | 20146 |
| Arcadyan Technology Corp. | 37000 | 231631 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ardentec Corp. | 1099000 | $5490794 |
| Argosy Research, Inc. | 47000 | 232252 |
| ASE Technology Holding Co. Ltd., ADR | 549932 | 13357848 |
| Asia Polymer Corp. | 31000 | 13782 |
| ASolid Technology Co. Ltd.<sup>(1)(2)</sup> | 74000 | 210346 |
| Asustek Computer, Inc.<sup>(2)</sup> | 125000 | 2112261 |
| AUO Corp.<sup>(2)</sup> | 564400 | 297034 |
| Aurona Industries, Inc. | 118000 | 260157 |
| Avalue Technology, Inc. | 7000 | 20150 |
| Avermedia Technologies | 49000 | 57995 |
| Axiomtek Co. Ltd. | 25000 | 64347 |
| Azurewave Technologies, Inc. | 70000 | 137109 |
| Bafang Yunji International Co. Ltd. | 22000 | 129717 |
| Bank of Kaohsiung Co. Ltd. | 154891 | 63822 |
| Basso Industry Corp. | 34000 | 36740 |
| BES Engineering Corp.<sup>(1)</sup> | 152293 | 84174 |
| B'in Live Co. Ltd. | 11355 | 29580 |
| Bioteque Corp. | 1000 | 3957 |
| Bizlink Holding, Inc.<sup>(2)</sup> | 11108 | 490852 |
| Bonny Worldwide Ltd. | 10000 | 54312 |
| Brighton-Best International Taiwan, Inc. | 133000 | 144065 |
| Brillian Network & Automation Integrated System Co. Ltd. | 29000 | 323568 |
| Capital Futures Corp. | 39709 | 67357 |
| Capital Securities Corp. | 93000 | 94872 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 3753 | 1961 |
| Catcher Technology Co. Ltd. | 114000 | 696185 |
| Cathay Financial Holding Co. Ltd. | 3721624 | 9438002 |
| Central Reinsurance Co. Ltd. | 213406 | 188808 |
| Chailease Holding Co. Ltd. | 112200 | 371672 |
| Chain Chon Industrial Co. Ltd. | 35000 | 12297 |
| Chang Hwa Commercial Bank Ltd. | 1794354 | 1239152 |
| Channel Well Technology Co. Ltd. | 76000 | 144415 |
| Charoen Pokphand Enterprise | 62000 | 302512 |
| CHC Healthcare Group | 19000 | 20053 |
| Chenbro Micom Co. Ltd.<sup>(2)</sup> | 47000 | 1354720 |
| Cheng Loong Corp. | 112000 | 65649 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 56871 | 25543 |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(2)</sup> | 720000 | 721064 |
| Cheng Uei Precision Industry Co. Ltd.<sup>(2)</sup> | 61000 | 77098 |
| Chenming Electronic Technology Corp.<sup>(2)</sup> | 33000 | 117573 |
| Chia Chang Co. Ltd. | 7000 | 8601 |
| Chicony Electronics Co. Ltd. | 74000 | 295616 |
| Chicony Power Technology Co. Ltd. | 23000 | 66530 |
| Chien Kuo Construction Co. Ltd. | 129000 | 136377 |
| China Airlines Ltd. | 2279000 | 1522988 |
| China Bills Finance Corp. | 14000 | 7688 |
| China Container Terminal Corp. | 12000 | 9518 |
| China Metal Products | 74000 | 57679 |
| China Motor Corp. | 9000 | 17150 |
| China Steel Corp.<sup>(2)</sup> | 5037000 | 3332546 |
| Chinese Maritime Transport Ltd.<sup>(2)</sup> | 96000 | 202092 |
| Chin-Poon Industrial Co. Ltd. | 176000 | 234282 |
| Chipbond Technology Corp. | 252000 | 453479 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ChipMOS Technologies, Inc.<sup>(1)</sup> | 1459000 | $3280062 |
| Chong Hong Construction Co. Ltd. | 29000 | 69937 |
| Chun Yuan Steel Industry Co. Ltd. | 215000 | 156644 |
| Chung Hwa Chemical Industrial Works Ltd. | 38000 | 57291 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 211000 | 1179499 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 14000 | 12128 |
| Chunghwa Precision Test Tech Co. Ltd. | 4000 | 470805 |
| Clevo Co. | 53000 | 66611 |
| CMC Magnetics Corp.<sup>(1)</sup> | 97960 | 35054 |
| Collins Co. Ltd. | 42000 | 16998 |
| Compal Electronics, Inc.<sup>(2)</sup> | 755000 | 757428 |
| Compeq Manufacturing Co. Ltd. | 1852000 | 11974892 |
| Concord International Securities Co. Ltd. | 238360 | 207320 |
| Concord Securities Co. Ltd.<sup>(2)</sup> | 392475 | 225324 |
| Coremax Corp. | 6814 | 16831 |
| Co-Tech Development Corp. | 4000 | 36307 |
| Creative Sensor, Inc.<sup>(2)</sup> | 27000 | 51447 |
| Cryomax Cooling System Corp. | 4163 | 5701 |
| CTBC Financial Holding Co. Ltd. | 7524000 | 13384127 |
| CTCI Corp. | 670638 | 670857 |
| Cub Elecparts, Inc. | 21000 | 63636 |
| CviLux Corp. | 119350 | 377088 |
| CyberPower Systems, Inc. | 25000 | 154480 |
| DA CIN Construction Co. Ltd. | 11200 | 26322 |
| Da-Li Development Co. Ltd. | 147572 | 222957 |
| Darfon Electronics Corp. | 10000 | 9946 |
| Darwin Precisions Corp.<sup>(1)</sup> | 309500 | 136060 |
| Daxin Materials Corp. | 3000 | 40369 |
| Depo Auto Parts Ind Co. Ltd. | 55000 | 247044 |
| Dimerco Data System Corp. | 13000 | 45741 |
| Dimerco Express Corp. | 24351 | 61282 |
| Dynamic Holding Co. Ltd.<sup>(2)</sup> | 295945 | 1465156 |
| Dynapack International Technology Corp.<sup>(2)</sup> | 46000 | 447975 |
| E&R Engineering Corp.<sup>(1)</sup> | 2000 | 6100 |
| Eastech Holding Ltd.<sup>(2)</sup> | 23000 | 72466 |
| Eastern Media International Corp. | 72000 | 47243 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 326000 | 413808 |
| Elan Microelectronics Corp. | 40000 | 154760 |
| Elite Advanced Laser Corp.<sup>(2)</sup> | 9000 | 87319 |
| Elite Material Co. Ltd. | 50000 | 3829133 |
| Emerging Display Technologies Corp. | 30000 | 22254 |
| Eson Precision Ind Co. Ltd. | 96000 | 259397 |
| Eternal Materials Co. Ltd. | 183000 | 400357 |
| Eva Airways Corp. | 2660000 | 3220631 |
| Evergreen International Storage & Transport Corp. | 194000 | 345605 |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(2)</sup> | 752400 | 4721868 |
| Everlight Electronics Co. Ltd. | 134000 | 250756 |
| Excelliance Mos Corp. | 1000 | 2490 |
| Excelsior Medical Co. Ltd. | 31685 | 79151 |
| EZconn Corp. | 23000 | 1549474 |
| Far Eastern Department Stores Ltd. | 517000 | 375609 |
| Far Eastern International Bank | 1335613 | 552091 |
| Far Eastern New Century Corp. | 1204000 | 1107490 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Far EasTone Telecommunications Co. Ltd. | 141000 | $414384 |
| Farglory Land Development Co. Ltd. | 36000 | 78141 |
| Feedback Technology Corp. | 8640 | 39827 |
| First Insurance Co. Ltd. | 160000 | 140037 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 90000 | 15516 |
| Fitipower Integrated Technology, Inc. | 9750 | 46048 |
| Fittech Co. Ltd.<sup>(1)</sup> | 4202 | 17625 |
| Flytech Technology Co. Ltd.<sup>(2)</sup> | 39000 | 116000 |
| Forcecon Tech Co. Ltd. | 13008 | 38166 |
| Formosa International Hotels Corp. | 25000 | 150758 |
| Formosa Laboratories, Inc. | 22000 | 39779 |
| Formosa Optical Technology Co. Ltd. | 14000 | 44600 |
| Formosa Taffeta Co. Ltd. | 48000 | 27958 |
| Formosan Union Chemical Corp. | 17000 | 9058 |
| Foxconn Technology Co. Ltd. | 599000 | 1128705 |
| Foxsemicon Integrated Technology, Inc.<sup>(2)</sup> | 27000 | 268581 |
| Foxwell Power Co. Ltd. | 7000 | 19763 |
| Franbo Lines Corp. | 221629 | 142345 |
| Froch Enterprise Co. Ltd. | 42000 | 22076 |
| FSP Technology, Inc. | 4000 | 7046 |
| Fu Chun Shin Machinery Manufacture Co. Ltd. | 6303 | 4969 |
| Fu Hua Innovation Co. Ltd.<sup>(2)</sup> | 377823 | 205893 |
| Fubon Financial Holding Co. Ltd.<sup>(2)</sup> | 3688859 | 11063528 |
| Fulgent Sun International Holding Co. Ltd. | 61891 | 184777 |
| Full Wang International Development Co. Ltd. | 3886 | 2077 |
| Fulltech Fiber Glass Corp.<sup>(1)(2)</sup> | 62865 | 217930 |
| Fusheng Precision Co. Ltd. | 53000 | 447956 |
| G Shank Enterprise Co. Ltd. | 28591 | 76608 |
| Gallant Precision Machining Co. Ltd. | 17000 | 49004 |
| Gamania Digital Entertainment Co. Ltd. | 34000 | 57232 |
| GEM Services, Inc. | 1000 | 2657 |
| Gemtek Technology Corp. | 272000 | 234834 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 112000 | 169687 |
| Genius Electronic Optical Co. Ltd. | 13000 | 182397 |
| Getac Holdings Corp. | 58000 | 208930 |
| Giant Manufacturing Co. Ltd. | 207000 | 539626 |
| Gigabyte Technology Co. Ltd.<sup>(2)</sup> | 75000 | 568309 |
| Global Brands Manufacture Ltd.<sup>(2)</sup> | 143587 | 493371 |
| Global Lighting Technologies, Inc. | 3000 | 3725 |
| Global PMX Co. Ltd. | 28000 | 111103 |
| Globalwafers Co. Ltd.<sup>(1)(2)</sup> | 37000 | 532882 |
| Globe Union Industrial Corp. | 73000 | 23145 |
| GMI Technology, Inc.<sup>(2)</sup> | 93362 | 113126 |
| Gold Circuit Electronics Ltd. | 249100 | 6470914 |
| Goldsun Building Materials Co. Ltd. | 319000 | 378307 |
| Gordon Auto Body Parts<sup>(2)</sup> | 59000 | 58044 |
| Gourmet Master Co. Ltd. | 29000 | 66137 |
| Grand Fortune Securities Co. Ltd. | 33600 | 15888 |
| Great Tree Pharmacy Co. Ltd. | 2039 | 5645 |
| Great Wall Enterprise Co. Ltd. | 232000 | 377484 |
| Greatek Electronics, Inc.<sup>(2)</sup> | 278000 | 846751 |
| Group Up Industrial Co. Ltd. | 10000 | 95851 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 4284 | 2046 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hannstar Board Corp.<sup>(2)</sup> | 263160 | $780092 |
| HannStar Display Corp.<sup>(1)</sup> | 48000 | 14161 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 44000 | 14565 |
| Hanpin Electron Co. Ltd. | 31000 | 47056 |
| Hey Song Corp. | 13000 | 15501 |
| Highwealth Construction Corp.<sup>(2)</sup> | 305350 | 369390 |
| Hi-Lai Foods Co. Ltd. | 10000 | 51267 |
| Hitron Technology, Inc.<sup>(1)</sup> | 93000 | 87765 |
| Ho Tung Chemical Corp. | 23000 | 7341 |
| Holy Stone Enterprise Co. Ltd. | 131500 | 496540 |
| Hong Ho Precision Textile Co. Ltd. | 46000 | 23719 |
| Hong TAI Electric Industrial | 33000 | 37988 |
| Horizon Fixture Group Co. Ltd. | 6000 | 34697 |
| Hotai Finance Co. Ltd. | 47300 | 90437 |
| Hotai Motor Co. Ltd. | 79000 | 1475828 |
| Hotel Holiday Garden<sup>(1)</sup> | 15592 | 5940 |
| Hsin Ba Ba Corp. | 28000 | 36662 |
| HTC Corp.<sup>(1)(2)</sup> | 306000 | 440271 |
| Hu Lane Associate, Inc. | 15000 | 56034 |
| Hua Nan Financial Holdings Co. Ltd. | 244824 | 297318 |
| Huaku Development Co. Ltd. | 36960 | 127627 |
| Huang Hsiang Construction Corp. | 5442 | 6548 |
| Hung Sheng Construction Ltd. | 190000 | 121407 |
| Hwacom Systems, Inc. | 31000 | 53243 |
| Hwang Chang General Contractor Co. Ltd.<sup>(2)</sup> | 86868 | 169435 |
| IBF Financial Holdings Co. Ltd. | 130315 | 70581 |
| I-Chiun Precision Industry Co. Ltd.<sup>(2)</sup> | 37458 | 165377 |
| IEI Integration Corp. | 39000 | 74454 |
| IKKA Holdings Cayman Ltd. | 12573 | 28210 |
| In Win Development, Inc. | 8000 | 19174 |
| Innodisk Corp. | 18037 | 443651 |
| Innolux Corp.<sup>(2)</sup> | 11408868 | 9682068 |
| Inpaq Technology Co. Ltd. | 87000 | 240098 |
| Integrated Service Technology, Inc. | 25965 | 109335 |
| International Games System Co. Ltd. | 12000 | 265501 |
| Inventec Corp.<sup>(2)</sup> | 449000 | 657680 |
| Iron Force Industrial Co. Ltd. | 296 | 909 |
| ITE Technology, Inc.<sup>(1)(2)</sup> | 116000 | 452878 |
| ITEQ Corp.<sup>(2)</sup> | 222000 | 992521 |
| Jarllytec Co. Ltd. | 10250 | 27950 |
| Jean Co. Ltd. | 6096 | 3881 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 120000 | 401554 |
| Jinan Acetate Chemical Co. Ltd.<sup>(2)</sup> | 492520 | 737837 |
| Johnson Health Tech Co. Ltd.<sup>(2)</sup> | 46000 | 198505 |
| Jourdeness Group Ltd. | 7000 | 6471 |
| JPC connectivity, Inc. | 34000 | 164906 |
| JPP Holding Co. Ltd.<sup>(2)</sup> | 30000 | 253467 |
| Kaimei Electronic Corp.<sup>(2)</sup> | 165000 | 494035 |
| Kaori Heat Treatment Co. Ltd. | 7000 | 192659 |
| Kedge Construction Co. Ltd. | 5730 | 16003 |
| Kenda Rubber Industrial Co. Ltd. | 47000 | 30377 |
| Kenmec Mechanical Engineering Co. Ltd.<sup>(1)</sup> | 38188 | 77795 |
| Kerry TJ Logistics Co. Ltd. | 38000 | 38478 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KGI Financial Holding Co. Ltd. | 1600575 | $1118318 |
| KGI Financial Holding Co. Ltd., Preference Shares | 59976 | 15481 |
| Kindom Development Co. Ltd. | 66800 | 66801 |
| King Polytechnic Engineering Co. Ltd. | 23100 | 38761 |
| King Yuan Electronics Co. Ltd.<sup>(2)</sup> | 897000 | 9229723 |
| Kinik Co.<sup>(1)</sup> | 12000 | 198054 |
| Kinpo Electronics | 544000 | 441780 |
| Kinsus Interconnect Technology Corp. | 39000 | 385381 |
| KNH Enterprise Co. Ltd. | 27000 | 14313 |
| Ko Ja Cayman Co. Ltd. | 10000 | 12768 |
| KS Terminals, Inc. | 7000 | 11245 |
| Kuang Hong Arts Management, Inc. | 13000 | 60069 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 696000 | 578012 |
| Kuo Toong International Co. Ltd. | 70000 | 119005 |
| Kura Sushi Asia Co. Ltd. | 4000 | 9713 |
| Kwong Lung Enterprise Co. Ltd. | 11000 | 16680 |
| L&K Engineering Co. Ltd. | 246390 | 4550075 |
| Largan Precision Co. Ltd. | 24000 | 1923580 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 78000 | 15935 |
| Lelon Electronics Corp. | 165000 | 662020 |
| Lemtech Holdings Co. Ltd. | 28600 | 89285 |
| Leofoo Development Co. Ltd.<sup>(1)</sup> | 66000 | 34268 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 218000 | 38440 |
| Lida Holdings Ltd. | 23000 | 17343 |
| Life Travel & Tourist Service Co. Ltd. | 3000 | 10220 |
| Lingsen Precision Industries Ltd. | 42000 | 38010 |
| Lion Travel Service Co. Ltd. | 38000 | 212657 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 230000 | 110356 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 2000 | 630 |
| Longwell Co.<sup>(2)</sup> | 34000 | 242802 |
| Lotes Co. Ltd. | 20000 | 1123319 |
| Lotus Pharmaceutical Co. Ltd.<sup>(2)</sup> | 169000 | 1503442 |
| Lumax International Corp. Ltd. | 45000 | 189324 |
| Macnica Anstek, Inc. | 37000 | 83358 |
| Macnica Galaxy, Inc.<sup>(2)</sup> | 27000 | 73441 |
| Makalot Industrial Co. Ltd.<sup>(2)</sup> | 163700 | 1669217 |
| Man Zai Industrial Co. Ltd. | 13650 | 13521 |
| Marketech International Corp.<sup>(2)</sup> | 50000 | 481776 |
| Materials Analysis Technology, Inc. | 26414 | 182831 |
| Mayer Steel Pipe Corp. | 23200 | 18237 |
| Megaforce Co. Ltd. | 3000 | 3761 |
| Merry Electronics Co. Ltd. | 48980 | 147271 |
| MIN AIK Technology Co. Ltd. | 1000 | 1072 |
| Mirle Automation Corp. | 15000 | 35327 |
| MPI Corp. | 19000 | 1758542 |
| My Humble House Hospitality Management Consulting | 27000 | 29060 |
| Namchow Holdings Co. Ltd. | 63000 | 76967 |
| Nan Liu Enterprise Co. Ltd. | 1000 | 1331 |
| Nan Pao Resins Chemical Co. Ltd. | 16000 | 167275 |
| Nang Kuang Pharmaceutical Co. Ltd. | 11000 | 13081 |
| Nantex Industry Co. Ltd. | 9000 | 7840 |
| Nanya Technology Corp.<sup>(1)</sup> | 84000 | 745664 |
| Netronix, Inc. | 54000 | 182261 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nexcom International Co. Ltd. | 27000 | $60022 |
| Nichidenbo Corp. | 28000 | 88818 |
| Niching Industrial Corp. | 7869 | 17031 |
| Nien Made Enterprise Co. Ltd.<sup>(2)</sup> | 62000 | 793849 |
| Niko Semiconductor Co. Ltd. | 7346 | 11744 |
| Nova Technology Corp. | 21000 | 136899 |
| Novatek Microelectronics Corp.<sup>(2)</sup> | 68000 | 849090 |
| O-Bank Co. Ltd. | 713000 | 223284 |
| Orient Semiconductor Electronics Ltd.<sup>(2)</sup> | 134000 | 244526 |
| O-TA Precision Industry Co. Ltd. | 8000 | 17804 |
| Pacific Construction Co. | 63000 | 18201 |
| Pacific Hospital Supply Co. Ltd. | 1000 | 2593 |
| Pegatron Corp. | 24000 | 56173 |
| PharmaEngine, Inc. | 32000 | 66424 |
| Phoenix Silicon International Corp.<sup>(2)</sup> | 148000 | 875292 |
| Pixart Imaging, Inc. | 25000 | 162397 |
| Pou Chen Corp. | 1782000 | 1763623 |
| Powertech Technology, Inc. | 989000 | 8031435 |
| Poya International Co. Ltd. | 3120 | 50270 |
| President Chain Store Corp. | 64000 | 458357 |
| President Securities Corp. | 589800 | 604320 |
| Primax Electronics Ltd. | 199000 | 517463 |
| Prince Housing & Development Corp. | 44000 | 11637 |
| Promate Electronic Co. Ltd. | 85598 | 127081 |
| Prosperity Dielectrics Co. Ltd. | 19000 | 44188 |
| Quanta Storage, Inc.<sup>(2)</sup> | 129000 | 408966 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 51353 | 15965 |
| Radiant Opto-Electronics Corp. | 97000 | 377111 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 395369 | 138627 |
| Raydium Semiconductor Corp. | 15000 | 111315 |
| Realtek Semiconductor Corp.<sup>(2)</sup> | 112000 | 1714154 |
| Rechi Precision Co. Ltd. | 180000 | 149064 |
| Rexon Industrial Corp. Ltd. | 16000 | 13450 |
| Rich Development Co. Ltd. | 88520 | 22716 |
| Rich Honour International Designs Co. Ltd. | 10000 | 14147 |
| Richmond International Travel & Tours Co. Ltd. | 9100 | 22429 |
| Rodex Fasteners Corp. | 11000 | 9796 |
| Roo Hsing Co. Ltd.<sup>(1)</sup> | 7903 | 2601 |
| Roundtop Machinery Industries Co. Ltd. | 5000 | 3789 |
| Ruby Tech Corp. | 29000 | 57173 |
| Sakura Development Co. Ltd. | 22800 | 35626 |
| San Fang Chemical Industry Co. Ltd.<sup>(2)</sup> | 185000 | 207847 |
| Sanyang Motor Co. Ltd. | 128000 | 244785 |
| Scientech Corp. | 8000 | 93549 |
| Sea & Land Integrated Corp. | 3400 | 1904 |
| Senao Networks, Inc.<sup>(2)</sup> | 27489 | 124268 |
| Sesoda Corp. | 149000 | 172771 |
| Sharehope Medicine Co. Ltd. | 20638 | 15536 |
| ShenMao Technology, Inc. | 16000 | 60675 |
| Shih Her Technologies, Inc.<sup>(2)</sup> | 39713 | 242691 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 133773 | 74940 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 3000 | 3222 |
| Shin Ruenn Development Co. Ltd. | 32770 | 46371 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shin Zu Shing Co. Ltd.<sup>(2)</sup> | 54693 | $356521 |
| Shinkong Insurance Co. Ltd. | 121000 | 447062 |
| Sigurd Microelectronics Corp.<sup>(1)(2)</sup> | 926000 | 4416357 |
| Simplo Technology Co. Ltd. | 75000 | 795807 |
| Sincere Navigation Corp. | 52000 | 55852 |
| Sinmag Equipment Corp. | 6000 | 25319 |
| Sinon Corp. | 156000 | 225964 |
| SinoPac Financial Holdings Co. Ltd. | 5495672 | 5797160 |
| Sinopower Semiconductor, Inc. | 24000 | 110948 |
| Sinyi Realty, Inc. | 1000 | 706 |
| Sitronix Technology Corp. | 5000 | 31563 |
| Siward Crystal Technology Co. Ltd. | 10000 | 9564 |
| Soft-World International Corp. | 17000 | 55574 |
| Solteam, Inc. | 18399 | 28656 |
| Speed Tech Corp. | 43000 | 49866 |
| Sporton International, Inc. | 14000 | 86604 |
| Sports Gear Co. Ltd. | 6000 | 19105 |
| Star Fusion Group Co. Ltd.<sup>(1)</sup> | 2631 | 3775 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 218000 | 1053042 |
| Sunrex Technology Corp. | 62000 | 86491 |
| Sunspring Metal Corp. | 90000 | 63993 |
| Sunty Development Co. Ltd. | 43000 | 19401 |
| Superalloy Industrial Co. Ltd. | 7000 | 9758 |
| Supreme Electronics Co. Ltd.<sup>(2)</sup> | 1157487 | 2676190 |
| Swancor Holding Co. Ltd.<sup>(2)</sup> | 81000 | 312484 |
| Symtek Automation Asia Co. Ltd. | 10069 | 48076 |
| Syncmold Enterprise Corp. | 2000 | 4610 |
| Synnex Technology International Corp. | 71000 | 163117 |
| Syscom Computer Engineering Co. | 13000 | 22102 |
| T3EX Global Holdings Corp. | 5000 | 10295 |
| TA Chen Stainless Pipe<sup>(2)</sup> | 900526 | 1060440 |
| TA-I Technology Co. Ltd. | 66000 | 152894 |
| Tai Tung Communication Co. Ltd. | 64000 | 43102 |
| Taichung Commercial Bank Co. Ltd.<sup>(2)</sup> | 2382071 | 1607864 |
| TaiDoc Technology Corp.<sup>(1)</sup> | 2000 | 7945 |
| Taiflex Scientific Co. Ltd. | 34516 | 105905 |
| Taimide Tech, Inc. | 2000 | 4044 |
| Tai-Saw Technology Co. Ltd. | 19000 | 19098 |
| TAI-TECH Advanced Electronics Co. Ltd. | 21000 | 122238 |
| Taiwan Acceptance Corp.<sup>(2)</sup> | 63861 | 150751 |
| Taiwan Business Bank | 6000001 | 3143841 |
| Taiwan Cogeneration Corp. | 3610 | 5419 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 71400 | 113142 |
| Taiwan FU Hsing Industrial Co. Ltd. | 43200 | 66486 |
| Taiwan High Speed Rail Corp. | 316000 | 273481 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 139202 | 540930 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 38933 | 48690 |
| Taiwan Line Tek Electronic | 22660 | 18588 |
| Taiwan Mask Corp.<sup>(1)</sup> | 48000 | 74271 |
| Taiwan Navigation Co. Ltd. | 95000 | 94610 |
| Taiwan Paiho Ltd. | 177000 | 289738 |
| Taiwan Surface Mounting Technology Corp. | 135000 | 435987 |
| Taiwan Takisawa Technology Co. Ltd. | 4000 | 5025 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan Union Technology Corp. | 62000 | $1060800 |
| TBI Motion Technology Co. Ltd.<sup>(1)(2)</sup> | 58000 | 95087 |
| TCC Group Holdings Co. Ltd. | 52000 | 43787 |
| TCI Co. Ltd.<sup>(1)</sup> | 23000 | 96547 |
| Te Chang Construction Co. Ltd. | 26000 | 55463 |
| Team Group, Inc. | 59000 | 379661 |
| Teco Electric & Machinery Co. Ltd.<sup>(2)</sup> | 195000 | 509132 |
| Test Research, Inc. | 199000 | 1407687 |
| Thye Ming Industrial Co. Ltd. | 31708 | 70651 |
| Tigerair Taiwan Co. Ltd. | 54000 | 110098 |
| Ton Yi Industrial Corp. | 543000 | 328992 |
| Tong Yang Industry Co. Ltd. | 191000 | 606134 |
| Topco Scientific Co. Ltd. | 46866 | 518471 |
| Topkey Corp. | 29000 | 157151 |
| Topoint Technology Co. Ltd.<sup>(2)</sup> | 123932 | 994848 |
| TPK Holding Co. Ltd. | 9000 | 12241 |
| Tripod Technology Corp. | 502000 | 6200833 |
| Trusval Technology Co. Ltd. | 18905 | 161422 |
| TS Financial Holding Co. Ltd. | 9737989 | 7927368 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 1494875 | 445212 |
| Tsang Yow Industrial Co. Ltd. | 20000 | 14536 |
| Tsann Kuen Enterprise Co. Ltd. | 28331 | 21101 |
| TSEC Corp.<sup>(1)(2)</sup> | 889000 | 1272025 |
| TSRC Corp. | 82000 | 53436 |
| TTFB Co. Ltd. | 3633 | 19686 |
| Tung Ho Steel Enterprise Corp. | 269000 | 631699 |
| Tung Thih Electronic Co. Ltd. | 10160 | 16634 |
| TXC Corp. | 72000 | 210373 |
| TYC Brother Industrial Co. Ltd. | 140000 | 195840 |
| UDE Corp. | 83000 | 310112 |
| U-Ming Marine Transport Corp.<sup>(2)</sup> | 376000 | 796294 |
| Unic Technology Corp.<sup>(2)</sup> | 37000 | 37117 |
| Union Bank of Taiwan | 608316 | 392558 |
| Union Insurance Co. Ltd. | 26000 | 25701 |
| Uni-President Enterprises Corp. | 2099000 | 4853205 |
| Unitech Printed Circuit Board Corp.<sup>(2)</sup> | 203273 | 413558 |
| United Integrated Services Co. Ltd. | 42000 | 1492841 |
| United Microelectronics Corp. | 2417000 | 5000424 |
| United Orthopedic Corp. | 30000 | 103504 |
| Universal Cement Corp. | 84796 | 81141 |
| Universal Microelectronics Co. Ltd.<sup>(1)</sup> | 136000 | 243389 |
| Utechzone Co. Ltd. | 3000 | 11249 |
| Vanguard International Semiconductor Corp.<sup>(2)</sup> | 1985000 | 8415205 |
| Ventec International Group Co. Ltd. | 18000 | 58379 |
| Viking Tech Corp. | 11000 | 22201 |
| Wah Hong Industrial Corp. | 33000 | 43002 |
| Wah Lee Industrial Corp. | 44000 | 180871 |
| Walsin Technology Corp. | 46000 | 226217 |
| Walton Advanced Engineering, Inc.<sup>(2)</sup> | 138000 | 280792 |
| Wan Hai Lines Ltd.<sup>(2)</sup> | 360850 | 881969 |
| Wei Chuan Foods Corp. | 7000 | 3269 |
| Well Shin Technology Co. Ltd. | 15000 | 24804 |
| Wholetech System Hitech Ltd. | 81000 | 359299 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Win Semiconductors Corp. | 337000 | $3570300 |
| Winbond Electronics Corp.<sup>(1)(2)</sup> | 1294173 | 4923679 |
| Winstek Semiconductor Co. Ltd. | 51000 | 242801 |
| Wisdom Marine Lines Co. Ltd. | 365000 | 845157 |
| Wistron Corp.<sup>(2)</sup> | 401000 | 1713122 |
| WNC Corp. | 233072 | 1380025 |
| Wonderful Hi-Tech Co. Ltd. | 21000 | 34002 |
| Wowprime Corp. | 42790 | 299341 |
| WPG Holdings Ltd. | 92000 | 205251 |
| WT Microelectronics Co. Ltd. | 501791 | 2924481 |
| WUS Printed Circuit Co. Ltd. | 50000 | 176987 |
| WW Holding, Inc. | 6000 | 12712 |
| XinTec, Inc. | 4000 | 24418 |
| Xxentria Technology Materials Corp. | 7350 | 8751 |
| Yang Ming Marine Transport Corp.<sup>(2)</sup> | 1645000 | 3012974 |
| Yankey Engineering Co. Ltd. | 8995 | 195020 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 6379 | 4239 |
| YCC Parts Manufacturing Co. Ltd. | 11000 | 15497 |
| Yem Chio Co. Ltd. | 23460 | 10220 |
| Yen Sun Technology Corp. | 20000 | 33987 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 11380 | 4558 |
| YFY, Inc. | 64000 | 52644 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 206380 | 96316 |
| Youngtek Electronics Corp. | 4000 | 9617 |
| Yuanta Financial Holding Co. Ltd. | 1388248 | 2163383 |
| Yuanta Futures Co. Ltd.<sup>(2)</sup> | 40062 | 121483 |
| Yulon Motor Co. Ltd. | 123208 | 120775 |
| Yungshin Construction & Development Co. Ltd.<sup>(2)</sup> | 16000 | 27967 |
| YungShin Global Holding Corp. | 30000 | 52481 |
| Zenitron Corp. | 62000 | 109198 |
| Zero One Technology Co. Ltd. | 31000 | 119763 |
| Zhen Ding Technology Holding Ltd.<sup>(2)</sup> | 797000 | 5269259 |
| Zippy Technology Corp. | 5000 | 8349 |
|  |  | 303743180 |
| **Thailand — 1.4%** |  |  |
| AAPICO Hitech PCL, NVDR | 30600 | 14661 |
| Advanced Info Service PCL, NVDR | 362500 | 4429643 |
| AEON Thana Sinsap Thailand PCL, NVDR | 90800 | 286182 |
| Amata Corp. PCL, NVDR | 109300 | 68581 |
| Asia Plus Group Holdings PCL, NVDR | 235500 | 17571 |
| B Grimm Power PCL, NVDR | 948000 | 466243 |
| Bangchak Corp. PCL, NVDR | 655992 | 796700 |
| Bangkok Chain Hospital PCL, NVDR | 17200 | 6061 |
| Bangkok Expressway & Metro PCL, NVDR | 801800 | 162425 |
| Banpu PCL, NVDR | 3601100 | 660037 |
| BCPG PCL, NVDR | 9500 | 2470 |
| BEC World PCL, NVDR | 156900 | 11207 |
| BG Container Glass PCL, NVDR | 16200 | 2253 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 187500 | 14349 |
| Buriram Sugar PCL, NVDR | 111700 | 14012 |
| Cal-Comp Electronics Thailand PCL, NVDR | 59000 | 10591 |
| Central Plaza Hotel PCL, NVDR | 9400 | 12152 |
| CH Karnchang PCL, NVDR | 30800 | 17435 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Charoen Pokphand Foods PCL, NVDR | 1666600 | $1124719 |
| Dynasty Ceramic PCL, NVDR | 488700 | 19652 |
| Ekachai Medical Care PCL, NVDR | 112204 | 18564 |
| Erawan Group PCL, NVDR | 1439700 | 147977 |
| G J Steel PCL, NVDR<sup>(1)</sup> | 1926300 | 6202 |
| GFPT PCL, NVDR | 297200 | 93211 |
| Global Power Synergy PCL, NVDR | 258000 | 360214 |
| Gunkul Engineering PCL, NVDR | 82300 | 6564 |
| Hana Microelectronics PCL, NVDR | 20100 | 11741 |
| Ichitan Group PCL, NVDR | 684100 | 325606 |
| Interlink Communication PCL, NVDR | 14000 | 2214 |
| IRPC PCL, NVDR<sup>(1)</sup> | 3889600 | 177669 |
| Italian-Thai Development PCL, NVDR<sup>(1)</sup> | 1023300 | 7886 |
| Jaymart Group Holdings PCL, NVDR | 800 | 202 |
| Karmarts PCL, NVDR | 6534 | 1932 |
| KGI Securities Thailand PCL, NVDR | 220100 | 31718 |
| Lanna Resources PCL, NVDR | 300 | 145 |
| Major Cineplex Group PCL, NVDR | 56200 | 14474 |
| MC Group PCL, NVDR | 60900 | 23306 |
| Mega Lifesciences PCL, NVDR | 226400 | 276983 |
| Minor International PCL, NVDR | 1541000 | 1288608 |
| MK Restaurants Group PCL, NVDR | 7700 | 5511 |
| Muangthai Capital PCL, NVDR | 3400 | 4040 |
| Northeast Rubber PCL, NVDR | 177800 | 28119 |
| Origin Property PCL, NVDR | 1600 | 110 |
| Plan B Media PCL, NVDR | 377600 | 57870 |
| Polyplex Thailand PCL, NVDR | 14600 | 4113 |
| Precious Shipping PCL, NVDR | 178800 | 44533 |
| Premier Marketing PCL, NVDR | 13900 | 5518 |
| Prima Marine PCL, NVDR | 539100 | 136003 |
| Pruksa Holding PCL, NVDR | 158600 | 20309 |
| PTG Energy PCL, NVDR | 676500 | 217529 |
| PTT Exploration & Production PCL, NVDR | 464800 | 2055907 |
| PTT Global Chemical PCL, NVDR | 931700 | 845838 |
| PTT PCL, NVDR | 2320900 | 2762200 |
| Regional Container Lines PCL, NVDR | 253200 | 250323 |
| Sabina PCL, NVDR | 38100 | 20829 |
| Samart Corp. PCL, NVDR | 23500 | 4953 |
| SC Asset Corp. PCL, NVDR | 43600 | 2861 |
| SCGJWD Logistics PCL, NVDR | 300 | 85 |
| Siam Global House PCL, NVDR | 5034 | 1256 |
| Somboon Advance Technology PCL, NVDR | 37400 | 19839 |
| SPCG PCL, NVDR | 48600 | 14464 |
| Sri Trang Agro-Industry PCL, NVDR | 1400 | 661 |
| Srithai Superware PCL, NVDR | 354100 | 11954 |
| Srivichai Vejvivat PCL, NVDR | 12700 | 3676 |
| Star Petroleum Refining PCL, NVDR | 997000 | 244263 |
| Super Energy Corp. PCL, NVDR<sup>(1)</sup> | 2013000 | 7774 |
| Susco PCL, NVDR | 201200 | 14231 |
| SVI PCL, NVDR | 27300 | 6452 |
| Thai Oil PCL, NVDR | 822900 | 1451492 |
| Thai Union Group PCL, NVDR | 169100 | 67390 |
| Thaifoods Group PCL, NVDR | 1221260 | 255239 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 200 | $60 |
| Thoresen Thai Agencies PCL, NVDR | 513200 | 82543 |
| Tipco Asphalt PCL, NVDR | 50700 | 22686 |
| Tisco Financial Group PCL, NVDR | 300 | 1105 |
| TOA Paint Thailand PCL, NVDR | 70100 | 35683 |
| TPI Polene PCL, NVDR | 451500 | 11455 |
| TPI Polene Power PCL, NVDR | 126200 | 7954 |
|  |  | 19658988 |
| **Turkey — 0.9%** |  |  |
| Akbank TAS | 844253 | 1735920 |
| Aksa Enerji Uretim AS<sup>(1)</sup> | 116481 | 178203 |
| Albaraka Turk Katilim Bankasi AS | 1065792 | 222313 |
| Anadolu Anonim Turk Sigorta Sirketi | 394766 | 233567 |
| Bera Holding AS<sup>(1)</sup> | 264901 | 104044 |
| Buyuk Sefler Gida Turizm Tekstil Danismanlik Organizasyon Egitim Sanayi VE Ticar | 122865 | 21809 |
| Dogus Otomotiv Servis ve Ticaret AS | 4985 | 24789 |
| Dyo Boya Fabrikalari Sanayi ve Ticaret AS<sup>(1)</sup> | 1281 | 395 |
| GSD Holding AS<sup>(1)</sup> | 505597 | 52756 |
| Haci Omer Sabanci Holding AS<sup>(2)</sup> | 419890 | 965123 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 368989 | 179652 |
| Is Yatirim Menkul Degerler AS | 259753 | 285154 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B<sup>(1)</sup> | 3872 | 3173 |
| KOC Holding AS | 243492 | 1107666 |
| Marmara Holding AS<sup>(1)</sup> | 1189100 | 68028 |
| Naturelgaz Sanayi ve Ticaret AS | 520495 | 135258 |
| NET Holding AS<sup>(1)</sup> | 92984 | 96772 |
| Pegasus Hava Tasimaciligi AS<sup>(1)(2)</sup> | 126740 | 567777 |
| Polisan Holding AS | 299021 | 109522 |
| Sekerbank Turk AS | 530749 | 147673 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 1185 | 2294 |
| TAV Havalimanlari Holding AS<sup>(1)</sup> | 62436 | 439505 |
| Tekfen Holding AS | 29741 | 48656 |
| Tera Yatirim Menkul Degerler AS<sup>(1)</sup> | 58582 | 352555 |
| Trust Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 7444 | 28625 |
| Turk Hava Yollari AO | 138004 | 967330 |
| Turkcell Iletisim Hizmetleri AS, ADR | 193561 | 1304601 |
| Turkiye Halk Bankasi AS<sup>(1)(2)</sup> | 6497 | 7261 |
| Turkiye Is Bankasi AS, C Shares<sup>(2)</sup> | 1511774 | 583118 |
| Turkiye Petrol Rafinerileri AS<sup>(2)</sup> | 44988 | 224053 |
| Turkiye Sigorta AS | 44058 | 12246 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 890428 | 263438 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)</sup> | 630500 | 590797 |
| Ulker Biskuvi Sanayi AS<sup>(2)</sup> | 24189 | 68046 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 532864 | 23919 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 72 | 128 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)(2)</sup> | 3084 | 2122 |
| Yapi ve Kredi Bankasi AS<sup>(1)</sup> | 885172 | 874293 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 128004 | 9821 |
|  |  | 12042402 |
| **United Arab Emirates — 1.3%** |  |  |
| Air Arabia PJSC | 1274108 | 1877214 |
| Dubai Islamic Bank PJSC | 375023 | 847014 |
| Emaar Development PJSC | 462360 | 2435686 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Emaar Properties PJSC | 1784687 | $7876564 |
| Emirates NBD Bank PJSC | 477993 | 4294916 |
| GFH Financial Group BSC | 510526 | 290355 |
| Space42 PLC<sup>(1)</sup> | 453167 | 192080 |
|  |  | 17813829 |
| **United States — 0.0%** |  |  |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 16283 | 288372 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,091,245,743) |  | **1396350323** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 136247 | 2451 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 12350 | 1190 |
| PESTEC International Bhd.<sup>(1)</sup> | 1700 | 24 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 16771 | 302 |
|  |  | 3967 |
| **Thailand — 0.0%** |  |  |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(1)</sup> | 2417 | 20 |
| Northeast Rubber PCL, NVDR<sup>(1)</sup> | 29283 | 47 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 400 | 5 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(1)</sup>  | 20 |  |
|  |  | 72 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **4039** |
| **SHORT-TERM INVESTMENTS — 6.5%** |  |  |
| **Money Market Funds — 6.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 79593528 | 79593528 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 10418647 | 10418647 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $90,012,175) |  | **90012175** |
| **TOTAL INVESTMENT SECURITIES — 106.7%**<br>(Cost $1,181,257,918) |  | **1486366537** |
| **OTHER ASSETS AND LIABILITIES — (6.7)%** |  | **(93562804)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1392803733** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | **(as a % of net assets)** |
| Financials | 29.1% |
| Information Technology | 15.9% |
| Materials | 12.9% |
| Industrials | 11.6% |
| Consumer Discretionary | 10.9% |
| Communication Services | 5.5% |
| Energy | 4.7% |
| Consumer Staples | 4.0% |
| Real Estate | 2.5% |
| Utilities | 1.8% |
| Health Care | 1.3% |
| Short-Term Investments | 6.5% |
| Other Assets and Liabilities | (6.7)% |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| BDR | – | Brazilian Depository Receipt |
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $81,505,734. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $87,178,180, which includes securities collateral of $76,759,533.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $31430022 | $31829555 |  |
| &nbsp;&nbsp;&nbsp;Chile | 1477329 | 6832406 |  |
| &nbsp;&nbsp;&nbsp;China | 13846454 | 316723718 |  |
| &nbsp;&nbsp;&nbsp;India | 6294194 | 196624896 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 3560513 | 17013470 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 7587097 | 20797795 |  |
| &nbsp;&nbsp;&nbsp;Philippines | 957 | 6626302 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 12105968 | 47306299 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 26721547 | 201855152 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 13357848 | 290385332 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 1304601 | 10737801 |  |
| &nbsp;&nbsp;&nbsp;United States | 288372 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 131642695 |  |
| Warrants |  | 4039 |  |
| Short-Term Investments | 90012175 |  |  |
|  | $207987077 | $1278379460 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Australia — 6.3%** | | |
| 29Metals Ltd.<sup>(1)</sup> | 548052 | $157365 |
| Accent Group Ltd. | 420991 | 346473 |
| Adairs Ltd.<sup>(2)</sup> | 190910 | 256503 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 561114 | 209068 |
| AGL Energy Ltd. | 865590 | 6094100 |
| AIC Mines Ltd.<sup>(1)</sup> | 158148 | 77502 |
| Alkane Resources Ltd.<sup>(1)</sup> | 196819 | 245806 |
| Alliance Aviation Services Ltd. | 8660 | 4164 |
| ALS Ltd. | 71080 | 1293016 |
| Amotiv Ltd. | 96510 | 541906 |
| AMP Ltd. | 5030751 | 4647354 |
| Amplitude Energy Ltd.<sup>(1)(2)</sup> | 179559 | 325419 |
| Ampol Ltd. | 425538 | 8543702 |
| ANZ Group Holdings Ltd. | 1293376 | 36810389 |
| APA Group | 1397383 | 9145771 |
| ARB Corp. Ltd.<sup>(2)</sup> | 9510 | 173663 |
| Aristocrat Leisure Ltd. | 165447 | 5656083 |
| ARN Media Ltd. | 24887 | 6194 |
| ASX Ltd. | 48619 | 1832186 |
| Atlas Arteria Ltd. | 414044 | 1413545 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 1224481 | 265946 |
| Aurizon Holdings Ltd. | 3713394 | 10964584 |
| Austal Ltd.<sup>(1)</sup> | 334631 | 1228221 |
| Austin Engineering Ltd.<sup>(2)</sup> | 30917 | 4397 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 49709 | 48473 |
| Australian Clinical Labs Ltd.<sup>(2)</sup> | 243098 | 390946 |
| Australian Ethical Investment Ltd. | 8636 | 31911 |
| Australian Finance Group Ltd. | 56538 | 72819 |
| Australian Strategic Materials Ltd.<sup>(1)</sup> | 48919 | 58285 |
| Baby Bunting Group Ltd.<sup>(1)(2)</sup> | 15373 | 21895 |
| Bank of Queensland Ltd. | 1494918 | 7441067 |
| Bapcor Ltd. | 61230 | 37864 |
| Bapcor Ltd.<sup>(1)</sup> | 11256 | 6969 |
| Beach Energy Ltd. | 1535791 | 1200004 |
| Bega Cheese Ltd. | 164320 | 733623 |
| Bellevue Gold Ltd.<sup>(1)</sup> | 948103 | 1259733 |
| Bendigo & Adelaide Bank Ltd. | 1176146 | 8957109 |
| BHP Group Ltd., ADR | 968314 | 78985373 |
| BlueScope Steel Ltd. | 693677 | 13818616 |
| Brambles Ltd. | 1170956 | 20882968 |
| Bravura Solutions Ltd. | 316454 | 467808 |
| Breville Group Ltd.<sup>(2)</sup> | 13289 | 301122 |
| Calix Ltd.<sup>(1)</sup> | 39060 | 31028 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 817619 | 8730537 |
| CAR Group Ltd. | 43264 | 816762 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 307146 | 1869232 |
| Cedar Woods Properties Ltd. | 24917 | 160736 |
| Challenger Ltd. | 1924594 | 12223095 |
| Champion Iron Ltd.<sup>(2)</sup> | 132825 | 506702 |
| Cleanaway Waste Management Ltd. | 435855 | 790379 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 180016 | $74443 |
| Cobram Estate Olives Ltd.<sup>(2)</sup> | 12299 | 27828 |
| Cochlear Ltd.<sup>(2)</sup> | 13516 | 1913927 |
| Coles Group Ltd. | 1150339 | 16870178 |
| Collins Foods Ltd. | 118321 | 845319 |
| Commonwealth Bank of Australia | 336021 | 41690627 |
| Computershare Ltd. | 225897 | 4980785 |
| Core Lithium Ltd.<sup>(1)</sup> | 519170 | 96016 |
| Coronado Global Resources, Inc. | 758242 | 169735 |
| Credit Corp. Group Ltd.<sup>(2)</sup> | 29930 | 258991 |
| CSL Ltd. | 58337 | 6107101 |
| Data#3 Ltd. | 149120 | 738110 |
| Deep Yellow Ltd.<sup>(1)</sup> | 444912 | 831647 |
| Deterra Royalties Ltd. | 227152 | 697513 |
| Dicker Data Ltd. | 156106 | 1115000 |
| Domino's Pizza Enterprises Ltd. | 7292 | 105442 |
| Downer EDI Ltd. | 253129 | 1546903 |
| Dyno Nobel Ltd. | 637702 | 1505862 |
| Elders Ltd. | 191851 | 990498 |
| Elsight Ltd.<sup>(1)</sup> | 31791 | 106614 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 118990 | 114232 |
| Emerald Resources NL<sup>(1)</sup> | 172349 | 884896 |
| Endeavour Group Ltd. | 2996037 | 8323588 |
| Evolution Mining Ltd. | 2746484 | 32584433 |
| EVT Ltd. | 131211 | 1241306 |
| FleetPartners Group Ltd. | 87535 | 164981 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 63241 | 580115 |
| Fortescue Ltd. | 1068335 | 16047694 |
| Galan Lithium Ltd.<sup>(1)</sup> | 1275722 | 375996 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 133651 | 711233 |
| GenusPlus Group Ltd. | 102464 | 566600 |
| GrainCorp Ltd., A Shares | 330309 | 1447607 |
| Grange Resources Ltd.<sup>(1)</sup> | 240025 | 39324 |
| GWA Group Ltd. | 46860 | 79630 |
| Hansen Technologies Ltd. | 84412 | 318561 |
| Harvey Norman Holdings Ltd. | 940052 | 3848288 |
| Healius Ltd.<sup>(2)</sup> | 762843 | 372452 |
| Helia Group Ltd. | 686099 | 2939498 |
| Humm Group Ltd. | 16752 | 8331 |
| IDP Education Ltd. | 195302 | 646279 |
| IGO Ltd.<sup>(1)</sup> | 428869 | 2623192 |
| Iluka Resources Ltd. | 1913816 | 9181806 |
| Imdex Ltd. | 130233 | 393436 |
| Inghams Group Ltd.<sup>(2)</sup> | 595127 | 872170 |
| Insurance Australia Group Ltd. | 1049336 | 4971860 |
| Invictus Energy Ltd.<sup>(1)</sup> | 206747 | 7673 |
| ioneer Ltd.<sup>(1)(2)</sup> | 1288234 | 137517 |
| James Hardie Industries PLC<sup>(1)</sup> | 152959 | 3739047 |
| JB Hi-Fi Ltd. | 181138 | 10588328 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 408240 | 500274 |
| Jumbo Interactive Ltd. | 71112 | 490032 |
| Jupiter Mines Ltd. | 435624 | 93051 |
| Karoon Energy Ltd. | 1736446 | 1916795 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kelsian Group Ltd. | 73038 | $235331 |
| Kingsgate Consolidated Ltd.<sup>(1)</sup> | 70826 | 356278 |
| Kogan.com Ltd.<sup>(2)</sup> | 170118 | 508453 |
| L1 Group Ltd. | 102314 | 90301 |
| Lendlease Corp. Ltd. | 204985 | 611950 |
| Leo Lithium Ltd.<sup>(1)(2)</sup> | 415008 | 2953 |
| Lifestyle Communities Ltd.<sup>(1)</sup> | 6561 | 23163 |
| Lindsay Australia Ltd. | 65141 | 32247 |
| Lovisa Holdings Ltd. | 44549 | 757244 |
| Lynas Rare Earths Ltd.<sup>(1)</sup> | 100235 | 1328539 |
| Maas Group Holdings Ltd. | 100393 | 340103 |
| Macmahon Holdings Ltd. | 1445057 | 767133 |
| Macquarie Group Ltd.<sup>(2)</sup> | 68363 | 10374793 |
| Macquarie Technology Group Ltd.<sup>(1)(2)</sup> | 12358 | 596120 |
| Mader Group Ltd. | 19091 | 113569 |
| Magellan Financial Group Ltd. | 226538 | 1362081 |
| Mayne Pharma Group Ltd.<sup>(1)</sup> | 42015 | 75275 |
| McMillan Shakespeare Ltd.<sup>(2)</sup> | 117301 | 1341389 |
| Medibank Pvt Ltd. | 3179029 | 9907731 |
| Megaport Ltd.<sup>(1)</sup> | 74060 | 463402 |
| Metals X Ltd.<sup>(1)</sup> | 2014570 | 2047954 |
| Metcash Ltd. | 3495354 | 8204730 |
| Metro Mining Ltd.<sup>(1)</sup> | 405007 | 20478 |
| MGX Resources Ltd.<sup>(1)(2)</sup> | 191102 | 64590 |
| Mineral Resources Ltd.<sup>(1)(2)</sup> | 118146 | 5106344 |
| Minerals 260 Ltd.<sup>(1)</sup> | 483693 | 241237 |
| Monadelphous Group Ltd. | 79627 | 1837535 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 992084 | 263993 |
| MyState Ltd. | 528 | 1709 |
| National Australia Bank Ltd. | 1119874 | 39030491 |
| Navigator Global Investments Ltd. | 289629 | 521118 |
| Netwealth Group Ltd. | 32539 | 595944 |
| Neuren Pharmaceuticals Ltd.<sup>(1)</sup> | 93351 | 864934 |
| New Hope Corp. Ltd. | 2618225 | 8726280 |
| NEXTDC Ltd.<sup>(1)(2)</sup> | 67086 | 662018 |
| nib holdings Ltd. | 1522714 | 6942308 |
| Nick Scali Ltd. | 193713 | 2566099 |
| Nickel Industries Ltd.<sup>(1)</sup> | 164137 | 117659 |
| Nine Entertainment Co. Holdings Ltd. | 1943995 | 1459197 |
| Northern Star Resources Ltd. | 1123402 | 24624688 |
| NRW Holdings Ltd. | 1171772 | 5444358 |
| Nufarm Ltd.<sup>(1)</sup> | 318766 | 467170 |
| Nuix Ltd.<sup>(1)</sup> | 36586 | 49661 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 51542 | 24396 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 49909 | 56259 |
| oOh!media Ltd. | 328687 | 239380 |
| Opthea Ltd.<sup>(1)</sup> | 200476 | 21400 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 712481 | 658702 |
| Orica Ltd. | 688547 | 11953609 |
| Origin Energy Ltd. | 1037092 | 8970772 |
| Orora Ltd. | 443967 | 677000 |
| Pacific Current Group Ltd. | 6132 | 43764 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 20325 | 191620 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pantoro Gold Ltd.<sup>(1)</sup> | 537800 | $2215693 |
| Peet Ltd. | 34647 | 53220 |
| Perenti Ltd. | 3105390 | 5192729 |
| Perpetual Ltd. | 43116 | 568290 |
| Perseus Mining Ltd. | 2407908 | 10350280 |
| PLS Group Ltd.<sup>(1)</sup> | 1653249 | 6083799 |
| Premier Investments Ltd. | 47246 | 451881 |
| Pro Medicus Ltd. | 36266 | 3346904 |
| PWR Holdings Ltd. | 25481 | 181679 |
| Qantas Airways Ltd. | 162175 | 1147792 |
| QBE Insurance Group Ltd. | 1158609 | 17992484 |
| Qube Holdings Ltd. | 282721 | 1006929 |
| Ramelius Resources Ltd. | 1665670 | 5472315 |
| Ramsay Health Care Ltd. | 29774 | 913995 |
| REA Group Ltd. | 11820 | 1398395 |
| Redox Ltd. | 61997 | 140729 |
| Reece Ltd. | 30870 | 343506 |
| Regal Partners Ltd. | 24020 | 55375 |
| Regis Healthcare Ltd. | 48629 | 240443 |
| Regis Resources Ltd. | 4148836 | 28081433 |
| Reliance Worldwide Corp. Ltd. | 234205 | 555212 |
| Resolute Mining Ltd.<sup>(1)</sup> | 7940006 | 8439680 |
| Ricegrowers Ltd.<sup>(2)</sup> | 10112 | 95150 |
| Ridley Corp. Ltd. | 189273 | 387834 |
| Rio Tinto Ltd. | 157087 | 18674501 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 1257946 | 18043911 |
| Santos Ltd. | 3292140 | 15865344 |
| SEEK Ltd. | 54124 | 638792 |
| Select Harvests Ltd.<sup>(1)</sup> | 68618 | 196716 |
| Servcorp Ltd. | 9050 | 50732 |
| Service Stream Ltd. | 379491 | 561554 |
| SGH Ltd. | 144412 | 4792207 |
| Sigma Healthcare Ltd. | 193712 | 390458 |
| Silex Systems Ltd.<sup>(1)</sup> | 24452 | 120154 |
| Sims Ltd. | 76811 | 1199726 |
| SiteMinder Ltd.<sup>(1)</sup> | 63659 | 163166 |
| SKS Technologies Group Ltd. | 29545 | 93142 |
| SmartGroup Corp. Ltd. | 49436 | 309851 |
| Sonic Healthcare Ltd. | 49667 | 842872 |
| South32 Ltd. | 3845095 | 12596077 |
| Southern Cross Electrical Engineering Ltd. | 163187 | 347123 |
| Southern Cross Media Group Ltd.<sup>(2)</sup> | 117920 | 51193 |
| SRG Global Ltd. | 966294 | 1995581 |
| St Barbara Ltd.<sup>(1)(2)</sup> | 2708352 | 1603663 |
| Star Entertainment Group Ltd.<sup>(1)</sup> | 4171093 | 371003 |
| Steadfast Group Ltd. | 25669 | 80390 |
| Strike Energy Ltd.<sup>(1)</sup> | 598859 | 41196 |
| Suncorp Group Ltd. | 668583 | 6958914 |
| Super Retail Group Ltd. | 740922 | 8181188 |
| Superloop Ltd.<sup>(1)</sup> | 233611 | 490033 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 347230 | 58135 |
| Technology One Ltd. | 386384 | 7156495 |
| Telstra Group Ltd. | 2687384 | 9906482 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Terracom Ltd.<sup>(1)(2)</sup> | 303171 | $14254 |
| Transurban Group | 638879 | 6513182 |
| Treasury Wine Estates Ltd.<sup>(2)</sup> | 677235 | 2186878 |
| Tyro Payments Ltd.<sup>(1)(2)</sup> | 246618 | 153463 |
| Universal Store Holdings Ltd. | 75617 | 504004 |
| Vault Minerals Ltd.<sup>(1)</sup> | 1012648 | 4258505 |
| Ventia Services Group Pty. Ltd. | 255862 | 1066669 |
| Viva Energy Group Ltd. | 459186 | 578542 |
| Vulcan Energy Resources Ltd.<sup>(1)</sup> | 38201 | 101598 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(2)</sup> | 269133 | 7321585 |
| Webjet Group Ltd. | 356938 | 141082 |
| Wesfarmers Ltd. | 524030 | 29687943 |
| West African Resources Ltd.<sup>(1)</sup> | 2640589 | 6593998 |
| Westgold Resources Ltd. | 214951 | 1193279 |
| Westgold Resources Ltd. (Toronto) | 131374 | 729080 |
| Westpac Banking Corp. | 1519624 | 45936807 |
| Whitehaven Coal Ltd. | 1888383 | 10486088 |
| Wildcat Resources Ltd.<sup>(1)</sup> | 1498795 | 500873 |
| WiseTech Global Ltd.<sup>(2)</sup> | 13374 | 452755 |
| Woodside Energy Group Ltd. | 166339 | 3396140 |
| Woodside Energy Group Ltd., ADR | 59682 | 1222287 |
| Woolworths Group Ltd. | 745686 | 19116581 |
| Worley Ltd. | 45822 | 369001 |
| Xero Ltd.<sup>(1)</sup> | 11135 | 657309 |
| Yancoal Australia Ltd.<sup>(2)</sup> | 763232 | 3180559 |
|  |  | 952415437 |
| **Austria — 0.4%** |  |  |
| ANDRITZ AG | 23474 | 2037906 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 40453 | 2448586 |
| BAWAG Group AG | 30971 | 4796877 |
| CA Immobilien Anlagen AG | 5223 | 163066 |
| CPI Europe AG<sup>(1)</sup> | 13235 | 251046 |
| DO & Co. AG | 5937 | 1517509 |
| Erste Group Bank AG | 120020 | 14245676 |
| EVN AG | 27641 | 961991 |
| FACC AG<sup>(1)</sup> | 1239 | 22895 |
| Lenzing AG<sup>(1)</sup> | 1778 | 51322 |
| Oesterreichische Post AG | 14323 | 593104 |
| OMV AG | 85511 | 5539418 |
| Palfinger AG | 3457 | 158355 |
| Porr AG | 21677 | 998988 |
| Raiffeisen Bank International AG | 60418 | 3001560 |
| Semperit AG Holding | 3502 | 55784 |
| Telekom Austria AG | 23245 | 262139 |
| UNIQA Insurance Group AG | 56186 | 1110446 |
| Verbund AG | 90442 | 6439822 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 12534 | 977705 |
| voestalpine AG | 80555 | 4610173 |
| Wienerberger AG | 59511 | 1953315 |
|  |  | 52197683 |
| **Belgium — 1.0%** |  |  |
| Ackermans & van Haaren NV | 33120 | 11357115 |
| Ageas SA | 169236 | 12561817 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AGFA-Gevaert NV<sup>(1)</sup> | 9590 | $5412 |
| Anheuser-Busch InBev SA, ADR<sup>(2)</sup> | 148753 | 12041555 |
| Argenx SE, ADR<sup>(1)</sup> | 24707 | 18948292 |
| Barco NV | 58979 | 755476 |
| Bekaert SA | 69289 | 3576057 |
| bpost SA<sup>(1)</sup> | 113460 | 287053 |
| Cie d'Entreprises CFE | 1442 | 20726 |
| CMB Tech NV | 64869 | 950289 |
| Colruyt Group NV<sup>(2)</sup> | 23833 | 967396 |
| Deceuninck NV | 10650 | 29016 |
| Deme Group NV | 4353 | 1010801 |
| D'ieteren Group<sup>(2)</sup> | 28810 | 6229324 |
| Elia Group SA | 30289 | 4812429 |
| EVS Broadcast Equipment SA | 7907 | 318087 |
| Fagron | 86872 | 2336458 |
| Financiere de Tubize SA<sup>(2)</sup> | 7213 | 1937662 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 30449 | 1024913 |
| Gimv NV | 16817 | 930014 |
| Immobel SA<sup>(1)</sup> | 61 | 1852 |
| Ion Beam Applications | 903 | 16392 |
| KBC Ancora | 14939 | 1327289 |
| KBC Group NV | 135532 | 18355500 |
| Kinepolis Group NV<sup>(2)</sup> | 11931 | 383358 |
| Lotus Bakeries NV<sup>(2)</sup> | 193 | 2400374 |
| Melexis NV<sup>(2)</sup> | 12581 | 843672 |
| Ontex Group NV<sup>(1)(2)</sup> | 61699 | 337933 |
| Proximus SADP | 115422 | 951861 |
| Recticel SA<sup>(2)</sup> | 15187 | 206207 |
| Solvay SA | 229271 | 7530957 |
| Syensqo SA | 93241 | 5316194 |
| Tessenderlo Group SA | 15410 | 487348 |
| UCB SA | 82405 | 24753095 |
| Umicore SA | 296716 | 6323580 |
| VGP NV | 13661 | 1773006 |
|  |  | 151108510 |
| **Canada — 12.2%** |  |  |
| 5N Plus, Inc.<sup>(1)</sup> | 29100 | 632752 |
| ADENTRA, Inc. | 7800 | 215636 |
| Advantage Energy Ltd.<sup>(1)</sup> | 152226 | 1165089 |
| Aecon Group, Inc. | 58091 | 1618738 |
| Ag Growth International, Inc. | 4 | 82 |
| AGF Management Ltd., Class B | 22652 | 340764 |
| Agnico Eagle Mines Ltd. | 317580 | 79771589 |
| Aimia, Inc.<sup>(1)(2)</sup> | 5405 | 11927 |
| Air Canada<sup>(1)</sup> | 21398 | 323625 |
| Alamos Gold, Inc., Class A | 316241 | 17139912 |
| Alaris Equity Partners Income | 1756 | 28798 |
| Algoma Steel Group, Inc. | 28900 | 132418 |
| Algonquin Power & Utilities Corp. | 138207 | 966603 |
| Alimentation Couche-Tard, Inc. | 313434 | 19021346 |
| AltaGas Ltd. | 60407 | 2053054 |
| Altius Minerals Corp. | 6800 | 240235 |
| Americas Gold & Silver Corp.<sup>(1)</sup> | 247217 | 2426770 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amerigo Resources Ltd. | 146686 | $666730 |
| ARC Resources Ltd. | 706888 | 13111152 |
| Aris Mining Corp.<sup>(1)</sup> | 144391 | 3270908 |
| Aritzia, Inc.<sup>(1)</sup> | 188550 | 16695186 |
| Atco Ltd., Class I | 30906 | 1469567 |
| Athabasca Oil Corp.<sup>(1)</sup> | 2046021 | 13229651 |
| AtkinsRealis Group, Inc. | 43351 | 3004902 |
| Atrium Mortgage Investment Corp. | 4535 | 39464 |
| AutoCanada, Inc.<sup>(1)</sup> | 6900 | 133442 |
| Avino Silver & Gold Mines Ltd.<sup>(1)(2)</sup> | 112500 | 1082072 |
| B2Gold Corp. | 3116161 | 19144041 |
| Badger Infrastructure Solutions Ltd. | 18612 | 997561 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 38300 | 82269 |
| Bank of Montreal | 292773 | 42135015 |
| Bank of Nova Scotia | 426115 | 32326073 |
| Barrick Mining Corp. | 846429 | 42946630 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | 132116 | 783563 |
| Baytex Energy Corp. | 1793761 | 6890735 |
| BCE, Inc. | 70217 | 1845445 |
| Birchcliff Energy Ltd. | 1574346 | 7906067 |
| Bird Construction, Inc. | 100015 | 2333109 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 63400 | 139438 |
| Bombardier, Inc., Class B<sup>(1)</sup> | 16163 | 3340191 |
| Bonterra Energy Corp.<sup>(1)</sup> | 4200 | 16288 |
| Boralex, Inc., A Shares | 45376 | 923454 |
| Boston Pizza Royalties Income Fund | 4900 | 91674 |
| Boyd Group, Inc. | 7200 | 1256734 |
| Brookfield Asset Management Ltd., Class A | 45741 | 2135731 |
| Brookfield Business Corp., Class A | 6000 | 206385 |
| Brookfield Corp. | 90559 | 3971438 |
| Brookfield Infrastructure Corp., Class A | 90801 | 4529154 |
| Brookfield Infrastructure Corp. (Toronto), Class A | 24896 | 1241469 |
| Brookfield Renewable Corp. | 63324 | 2702313 |
| Brookfield Renewable Corp. (New York) | 52504 | 2243496 |
| Brookfield Wealth Solutions Ltd. | 4500 | 200084 |
| BRP, Inc. | 16061 | 1177567 |
| CAE, Inc.<sup>(1)</sup> | 170194 | 5046990 |
| Cameco Corp. | 131435 | 15550002 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 2500 | 2103 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 73800 | 908940 |
| Canada Packers, Inc. | 11746 | 162234 |
| Canadian Imperial Bank of Commerce | 377646 | 38148046 |
| Canadian National Railway Co. | 268135 | 30089384 |
| Canadian Natural Resources Ltd. | 1125030 | 49214134 |
| Canadian Pacific Kansas City Ltd. | 208450 | 18252460 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 21893 | 3070846 |
| Canadian Utilities Ltd., A Shares | 106750 | 3722809 |
| Canfor Corp.<sup>(1)</sup> | 26975 | 271915 |
| Capital Power Corp. | 341063 | 16009871 |
| Capstone Copper Corp.<sup>(1)</sup> | 410340 | 4244637 |
| Cardinal Energy Ltd. | 93498 | 676533 |
| Cargojet, Inc. | 6524 | 456376 |
| Cascades, Inc. | 24343 | 214689 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CCL Industries, Inc., Class B | 11031 | $767290 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 203674 | 56557778 |
| Cenovus Energy, Inc. | 1658574 | 36951771 |
| Centerra Gold, Inc. | 1190075 | 25013343 |
| CES Energy Solutions Corp. | 327966 | 4046529 |
| CGI, Inc. | 81392 | 5952616 |
| Chorus Aviation, Inc. | 5392 | 97796 |
| Cogeco Communications, Inc. | 14300 | 758585 |
| Colliers International Group, Inc. | 6900 | 818409 |
| Computer Modelling Group Ltd. | 22500 | 67135 |
| Constellation Software, Inc. | 1886 | 3485184 |
| Definity Financial Corp. | 29 | 1452 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 7500 | 496060 |
| Discovery Silver Corp.<sup>(1)</sup> | 666680 | 5508217 |
| Dollarama, Inc. | 141552 | 20839759 |
| Dorel Industries, Inc., Class B<sup>(1)(2)</sup> | 8000 | 10322 |
| DREAM Unlimited Corp., Class A | 6522 | 106242 |
| Eldorado Gold Corp. | 342810 | 15920981 |
| Element Fleet Management Corp. | 794624 | 18926970 |
| Emera, Inc. | 301021 | 15661787 |
| Empire Co. Ltd., Class A | 152839 | 5420880 |
| Enbridge, Inc. | 334657 | 17779841 |
| Enerflex Ltd. | 262017 | 5879799 |
| Enghouse Systems Ltd. | 10135 | 131512 |
| Ensign Energy Services, Inc.<sup>(1)</sup> | 42500 | 112789 |
| EQB, Inc. | 15000 | 1268135 |
| Equinox Gold Corp. (Toronto)<sup>(1)</sup> | 661766 | 12419786 |
| Evertz Technologies Ltd. | 1636 | 19478 |
| Exchange Income Corp. | 18500 | 1473978 |
| Extendicare, Inc. | 96438 | 1879199 |
| Fairfax Financial Holdings Ltd. | 5512 | 9487041 |
| Fiera Capital Corp. | 10053 | 43041 |
| Finning International, Inc. | 282263 | 19029292 |
| Firm Capital Mortgage Investment Corp. | 7935 | 71610 |
| First Majestic Silver Corp. | 75800 | 2425067 |
| First Quantum Minerals Ltd.<sup>(1)</sup> | 781341 | 23393546 |
| FirstService Corp. (Toronto) | 9300 | 1465446 |
| Fortis, Inc. | 163965 | 9432450 |
| Fortuna Mining Corp.<sup>(1)</sup> | 949578 | 12976162 |
| Franco-Nevada Corp. | 6292 | 1758559 |
| Freehold Royalties Ltd. | 124690 | 1607930 |
| Frontera Energy Corp. | 19852 | 165912 |
| G Mining Ventures Corp.<sup>(1)</sup> | 33700 | 1380068 |
| Galiano Gold, Inc.<sup>(1)</sup> | 279743 | 976193 |
| George Weston Ltd. | 48426 | 3554423 |
| GFL Environmental, Inc. | 16777 | 741408 |
| Gibson Energy, Inc. | 131878 | 2833726 |
| Gildan Activewear, Inc. | 260572 | 17759891 |
| goeasy Ltd. | 10513 | 827599 |
| GoGold Resources, Inc.<sup>(1)</sup> | 64100 | 171992 |
| Great-West Lifeco, Inc. | 156244 | 7548462 |
| Greenfire Resources Ltd.<sup>(1)</sup> | 7400 | 43888 |
| Headwater Exploration, Inc. | 284475 | 2619410 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| High Liner Foods, Inc. | 5446 | $64799 |
| Hudbay Minerals, Inc. | 361830 | 10252358 |
| Hydro One Ltd. | 204223 | 8776476 |
| i-80 Gold Corp.<sup>(1)</sup> | 404100 | 844313 |
| iA Financial Corp., Inc. | 215842 | 24547172 |
| IAMGOLD Corp.<sup>(1)</sup> | 955267 | 23502629 |
| IGM Financial, Inc. | 16243 | 808072 |
| Imperial Metals Corp.<sup>(1)</sup> | 18800 | 142235 |
| Imperial Oil Ltd. | 53632 | 6273220 |
| Information Services Corp. | 700 | 25156 |
| InPlay Oil Corp. | 1616 | 18304 |
| Intact Financial Corp. | 36842 | 7112892 |
| Interfor Corp.<sup>(1)(2)</sup> | 466516 | 3406400 |
| International Petroleum Corp.<sup>(1)</sup> | 71060 | 1621713 |
| Ivanhoe Mines Ltd., Class A<sup>(1)(2)</sup> | 17544 | 200643 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 18400 | 124910 |
| K92 Mining, Inc.<sup>(1)</sup> | 277084 | 6679023 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 104060 | 662176 |
| Keyera Corp. | 351857 | 13428889 |
| Kinross Gold Corp. | 1522450 | 56275011 |
| Knight Therapeutics, Inc.<sup>(1)</sup> | 20346 | 93672 |
| Labrador Iron Ore Royalty Corp. | 52330 | 1197715 |
| Laurentian Bank of Canada | 31993 | 942633 |
| Leon's Furniture Ltd. | 8200 | 171268 |
| Linamar Corp. | 18964 | 1306994 |
| Lithium Americas Corp.<sup>(1)(2)</sup> | 96900 | 490165 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 18200 | 147036 |
| Loblaw Cos. Ltd. | 207632 | 9623177 |
| Logan Energy Corp.<sup>(1)</sup> | 56 | 32 |
| Lumine Group, Inc.<sup>(1)(2)</sup> | 5658 | 88061 |
| Lundin Gold, Inc. | 36230 | 3414898 |
| Lundin Mining Corp. | 651102 | 20744762 |
| Magna International, Inc. | 368315 | 23224056 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 17858 | 238534 |
| Manulife Financial Corp. | 880798 | 31362750 |
| Maple Leaf Foods, Inc. | 33128 | 680751 |
| Martinrea International, Inc. | 58240 | 457278 |
| MCAN Mortgage Corp. | 4620 | 83489 |
| MDA Space Ltd.<sup>(1)</sup> | 238879 | 6926186 |
| Meren Energy, Inc. | 230300 | 368061 |
| Methanex Corp. | 28780 | 1452029 |
| Metro, Inc. | 177742 | 12664305 |
| MTY Food Group, Inc. | 15 | 455 |
| Mullen Group Ltd. | 145053 | 1834364 |
| National Bank of Canada | 285048 | 39781964 |
| Neo Performance Materials, Inc. | 1300 | 26428 |
| New Gold, Inc.<sup>(1)</sup> | 1804471 | 24235115 |
| NexGen Energy Ltd.<sup>(1)(2)</sup> | 454211 | 5793975 |
| North American Construction Group Ltd. | 11135 | 186447 |
| North West Co., Inc. | 46240 | 1897669 |
| Northland Power, Inc. | 374890 | 6007914 |
| Novagold Resources, Inc.<sup>(1)</sup> | 71368 | 950622 |
| Nutrien Ltd. | 355938 | 26770045 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Obsidian Energy Ltd.<sup>(1)</sup> | 51250 | $402771 |
| OceanaGold Corp. | 434072 | 18460113 |
| Onex Corp. | 17483 | 1300026 |
| Open Text Corp. | 86903 | 2152745 |
| Orezone Gold Corp.<sup>(1)</sup> | 193400 | 389905 |
| Orla Mining Ltd. | 373642 | 8080671 |
| Osisko Metals, Inc.<sup>(1)</sup> | 110200 | 125223 |
| Pan American Silver Corp. | 727950 | 49940663 |
| Paramount Resources Ltd., A Shares | 104227 | 2063069 |
| Parex Resources, Inc. | 647896 | 10136066 |
| Pason Systems, Inc. | 35435 | 320826 |
| Pembina Pipeline Corp. | 312347 | 13727651 |
| Pet Valu Holdings Ltd. | 18400 | 384308 |
| PetroTal Corp. | 1000 | 293 |
| Peyto Exploration & Development Corp. | 643994 | 12478107 |
| PHX Energy Services Corp. | 3700 | 32686 |
| Pine Cliff Energy Ltd. | 77100 | 40131 |
| Pizza Pizza Royalty Corp. | 10200 | 125102 |
| Polaris Renewable Energy, Inc. | 5700 | 50103 |
| Power Corp. of Canada | 97412 | 4893274 |
| Precision Drilling Corp.<sup>(1)</sup> | 9289 | 805744 |
| Premium Brands Holdings Corp. | 27100 | 2106133 |
| Quebecor, Inc., Class B | 56074 | 2318928 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 2400 | 8674 |
| RB Global, Inc. | 44576 | 4490443 |
| Real Matters, Inc.<sup>(1)</sup> | 22688 | 103955 |
| Restaurant Brands International, Inc. | 160914 | 11544331 |
| Richelieu Hardware Ltd. | 19128 | 610559 |
| Rogers Communications, Inc., Class B | 133380 | 5323271 |
| Rogers Sugar, Inc. | 41275 | 199408 |
| Royal Bank of Canada | 319454 | 53412906 |
| Russel Metals, Inc. | 44781 | 1577126 |
| Saputo, Inc. | 79114 | 2525291 |
| Secure Waste Infrastructure Corp. | 345925 | 4798139 |
| Shopify, Inc., Class A<sup>(1)</sup> | 146877 | 17731194 |
| Silvercorp Metals, Inc. | 180850 | 2513776 |
| Solaris Resources, Inc.<sup>(1)</sup> | 33100 | 356710 |
| South Bow Corp. | 357129 | 11483214 |
| Spartan Delta Corp.<sup>(1)</sup> | 135093 | 1084468 |
| SSR Mining, Inc.<sup>(1)</sup> | 272866 | 8775801 |
| Stantec, Inc. | 53742 | 4976075 |
| Stella-Jones, Inc. | 22872 | 1569626 |
| StorageVault Canada, Inc. | 20100 | 72941 |
| Sun Life Financial, Inc. | 334924 | 21950959 |
| Suncor Energy, Inc. | 873355 | 49332504 |
| SunOpta, Inc.<sup>(1)</sup> | 64620 | 415940 |
| Superior Plus Corp. | 15600 | 75138 |
| Surge Energy, Inc. | 36800 | 217716 |
| Tamarack Valley Energy Ltd. | 1136532 | 8490349 |
| Taseko Mines Ltd.<sup>(1)</sup> | 168697 | 1502634 |
| TC Energy Corp. | 399473 | 25669007 |
| Teck Resources Ltd., Class B | 272397 | 15997745 |
| TELUS Corp. | 228490 | 3132409 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TELUS Corp.<sup>(1)</sup> | 24116 | $330610 |
| Tenaz Energy Corp.<sup>(1)(2)</sup> | 6600 | 227024 |
| TFI International, Inc. | 19853 | 2371939 |
| Thomson Reuters Corp. | 10054 | 967994 |
| Timbercreek Financial Corp. | 28046 | 138991 |
| TMX Group Ltd. | 32682 | 1102378 |
| Topaz Energy Corp. | 26500 | 605359 |
| Torex Gold Resources, Inc. | 71950 | 4383831 |
| Toromont Industries Ltd. | 32121 | 4985166 |
| Toronto-Dominion Bank | 406997 | 39647932 |
| Total Energy Services, Inc. | 4100 | 54404 |
| Tourmaline Oil Corp. | 328929 | 15442699 |
| TransAlta Corp. | 539877 | 7421058 |
| Transcontinental, Inc., Class A | 41127 | 701304 |
| Trican Well Service Ltd. | 201363 | 961015 |
| Triple Flag Precious Metals Corp. | 18600 | 769063 |
| Uranium Royalty Corp.<sup>(1)(2)</sup> | 28800 | 123515 |
| Valeura Energy, Inc.<sup>(1)</sup> | 40000 | 322862 |
| Vermilion Energy, Inc. | 164296 | 1764551 |
| Wajax Corp. | 5600 | 128992 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 243710 | 4791835 |
| West Fraser Timber Co. Ltd. | 195794 | 12998867 |
| Western Forest Products, Inc.<sup>(1)(2)</sup> | 2301 | 23684 |
| Westshore Terminals Investment Corp. | 21750 | 510245 |
| Wheaton Precious Metals Corp. | 44751 | 7292112 |
| Whitecap Resources, Inc. | 2139601 | 21363854 |
| WildBrain Ltd.<sup>(1)</sup> | 200 | 194 |
| Winpak Ltd. | 18500 | 653444 |
| WSP Global, Inc. | 15960 | 2703623 |
|  |  | 1836081677 |
| **China — 0.0%** |  |  |
| K Wah International Holdings Ltd. | 171000 | 61734 |
| **Denmark — 1.5%** |  |  |
| AL Sydbank | 68752 | 6164349 |
| ALK-Abello AS<sup>(1)</sup> | 40237 | 1401409 |
| Alm Brand AS | 3424824 | 8898452 |
| AP Moller - Maersk AS, A Shares | 1355 | 3318957 |
| AP Moller - Maersk AS, B Shares | 2789 | 6924675 |
| Bang & Olufsen AS<sup>(1)</sup> | 17969 | 28648 |
| Bavarian Nordic AS<sup>(1)</sup> | 41074 | 1279845 |
| Carlsberg AS, B Shares | 31447 | 4892107 |
| Chemometec AS | 14717 | 974389 |
| Coloplast AS, B Shares | 21840 | 1692224 |
| D/S Norden AS | 197415 | 8852291 |
| Danske Andelskassers Bank AS | 9479 | 28004 |
| Danske Bank AS | 394076 | 20560718 |
| Demant AS<sup>(1)</sup> | 11899 | 371106 |
| Dfds AS<sup>(1)</sup> | 32263 | 527659 |
| DSV AS | 36815 | 9502741 |
| FLSmidth & Co. AS | 8807 | 779637 |
| Genmab AS, ADR<sup>(1)</sup> | 447322 | 13169160 |
| H Lundbeck AS | 114994 | 706441 |
| H Lundbeck AS, A Shares | 13770 | 75518 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| H&H International AS, B Shares<sup>(1)</sup> | 4429 | $59385 |
| ISS AS | 19574 | 696099 |
| Jyske Bank AS | 81304 | 12185427 |
| Nilfisk Holding AS<sup>(1)</sup> | 5794 | 127519 |
| NKT AS<sup>(1)</sup> | 110920 | 14337095 |
| Novo Nordisk AS, ADR | 962264 | 36036787 |
| Novonesis Novozymes B, B Shares | 111576 | 6635840 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 363 | 9787 |
| Orsted AS<sup>(1)</sup> | 508837 | 11987575 |
| Pandora AS | 78774 | 6227115 |
| Per Aarsleff Holding AS | 22128 | 2801476 |
| Ringkjoebing Landbobank AS | 27327 | 7126717 |
| Rockwool AS, B Shares | 200978 | 6663932 |
| Royal Unibrew AS | 14326 | 1412089 |
| Schouw & Co. AS | 3339 | 356731 |
| Solar AS, B Shares | 3400 | 107013 |
| SP Group AS | 927 | 57126 |
| Sparekassen Sjaelland-Fyn AS | 2040 | 116736 |
| TORM PLC, Class A | 126490 | 3712006 |
| Tryg AS | 47568 | 1177863 |
| Vestas Wind Systems AS | 880082 | 22498677 |
| Zealand Pharma AS<sup>(1)</sup> | 131381 | 7604970 |
|  |  | 232086295 |
| **Finland — 1.0%** |  |  |
| Aktia Bank OYJ | 8317 | 125078 |
| Alandsbanken Abp, B Shares | 152 | 9131 |
| Anora Group OYJ | 13810 | 67643 |
| Atria OYJ | 267 | 5649 |
| Bittium OYJ | 17239 | 545933 |
| CapMan OYJ, B Shares | 3716 | 8167 |
| Citycon OYJ<sup>(1)</sup> | 181343 | 814895 |
| Elisa OYJ | 70745 | 3633755 |
| Finnair OYJ<sup>(1)(2)</sup> | 86678 | 355686 |
| Fortum OYJ | 204097 | 4772112 |
| Hiab OYJ, B Shares | 21415 | 1230447 |
| Huhtamaki OYJ | 164861 | 6157536 |
| Kalmar OYJ, B Shares | 82903 | 4760020 |
| Kemira OYJ | 128211 | 3106928 |
| Kesko OYJ, B Shares | 341509 | 8415437 |
| Kojamo OYJ<sup>(1)</sup> | 88897 | 1034499 |
| Kone OYJ, B Shares | 120773 | 9105467 |
| Konecranes OYJ | 51114 | 6034282 |
| Mandatum OYJ | 69335 | 559102 |
| Marimekko OYJ | 12693 | 167978 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 68781 | 255294 |
| Metso OYJ | 494099 | 10272185 |
| Neste OYJ | 151820 | 3793807 |
| Nokia OYJ, ADR<sup>(2)</sup> | 1589527 | 12271148 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 236489 | 2975162 |
| Nordea Bank Abp | 515628 | 9985654 |
| Oma Saastopankki OYJ | 1110 | 16027 |
| Orion OYJ, Class B | 95629 | 7660571 |
| Outokumpu OYJ | 906374 | 6119914 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Puuilo OYJ | 65145 | $930949 |
| Sampo OYJ, A Shares | 439590 | 4872015 |
| Sanoma OYJ | 5288 | 57123 |
| Stora Enso OYJ, R Shares | 846699 | 11485184 |
| Taaleri PLC | 2859 | 24477 |
| Tokmanni Group Corp.<sup>(2)</sup> | 31759 | 300533 |
| UPM-Kymmene OYJ | 439561 | 13997910 |
| Valmet OYJ | 39631 | 1327014 |
| Wartsila OYJ Abp | 296706 | 12884336 |
| YIT OYJ<sup>(1)(2)</sup> | 90908 | 305950 |
|  |  | 150444998 |
| **France — 8.1%** |  |  |
| ABC arbitrage | 1617 | 10951 |
| Abivax SA<sup>(1)</sup> | 2781 | 335837 |
| Accor SA | 128055 | 7432972 |
| Aeroports de Paris SA<sup>(2)</sup> | 33964 | 4739130 |
| Air France-KLM<sup>(1)</sup> | 32225 | 465978 |
| Air Liquide SA | 177370 | 37296516 |
| Airbus SE | 140323 | 30471545 |
| AKWEL SADIR | 1186 | 10483 |
| Alstom SA<sup>(1)</sup> | 259741 | 8640773 |
| Alten SA | 65844 | 4927426 |
| Amundi SA | 11388 | 1086334 |
| Aperam SA | 32747 | 1719701 |
| ArcelorMittal SA, NY Shares | 603774 | 39341914 |
| Arkema SA | 113665 | 8277684 |
| AXA SA | 614476 | 30049159 |
| Ayvens SA | 45594 | 578781 |
| Beneteau SACA<sup>(2)</sup> | 28202 | 266919 |
| BioMerieux<sup>(2)</sup> | 68754 | 8126159 |
| BNP Paribas SA | 473694 | 53187141 |
| Bollore SE | 343583 | 2007021 |
| Bonduelle SCA<sup>(2)</sup> | 2380 | 25074 |
| Bouygues SA | 205809 | 12736729 |
| Bureau Veritas SA | 270215 | 9390371 |
| Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 218 | 7435 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 123 | 3971 |
| Capgemini SE | 20083 | 2538025 |
| Carbios SACA<sup>(1)</sup> | 1794 | 19343 |
| Carrefour SA | 450549 | 8544812 |
| Catana Group | 2599 | 8265 |
| Cie de Saint-Gobain SA | 467716 | 47399161 |
| Cie des Alpes | 41737 | 1430881 |
| Cie Generale des Etablissements Michelin SCA | 857692 | 34686100 |
| Claranova SE<sup>(1)</sup> | 434 | 390 |
| Clariane SE<sup>(1)</sup> | 226334 | 1080745 |
| Coface SA | 322483 | 5965151 |
| Credit Agricole SA | 629168 | 13900188 |
| Danone SA | 110252 | 9481559 |
| Dassault Aviation SA | 32541 | 13069733 |
| Dassault Systemes SE | 204450 | 4477201 |
| Derichebourg SA | 135939 | 1507984 |
| Edenred SE | 21347 | 493393 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eiffage SA | 137435 | $23699627 |
| Elis SA | 184937 | 5933343 |
| Emeis SA<sup>(1)</sup> | 133865 | 2419922 |
| Engie SA | 1406983 | 48066871 |
| Eramet SA | 2001 | 139230 |
| EssilorLuxottica SA | 32401 | 8576118 |
| Etablissements Maurel et Prom SA | 118140 | 1259008 |
| Eurazeo SE | 15495 | 910522 |
| Euroapi SA<sup>(1)</sup> | 70483 | 178019 |
| Eurofins Scientific SE | 19081 | 1537551 |
| Euronext NV | 9815 | 1621602 |
| Eutelsat Communications SACA<sup>(1)</sup> | 277014 | 734830 |
| Exail Technologies SA<sup>(1)(2)</sup> | 17620 | 2589995 |
| FDJ UNITED | 237950 | 7218124 |
| Figeac Aero<sup>(1)</sup> | 98 | 1226 |
| Fnac Darty SA | 116 | 4858 |
| Forvia SE<sup>(1)</sup> | 278506 | 3951873 |
| Gaztransport Et Technigaz SA | 76717 | 17520470 |
| Getlink SE | 360865 | 7835199 |
| GL Events SACA | 4682 | 187470 |
| Groupe LDLC<sup>(1)</sup> | 10 | 176 |
| Groupe SFPI | 119 | 232 |
| Guerbet<sup>(1)(2)</sup> | 463 | 7312 |
| Hermes International SCA | 9823 | 23609221 |
| ID Logistics Group SACA<sup>(1)</sup> | 3706 | 1742734 |
| Imerys SA | 19201 | 553684 |
| Interparfums SA | 7354 | 214337 |
| Ipsen SA | 72578 | 14167410 |
| IPSOS SA | 1761 | 71379 |
| Jacquet Metals SACA | 5254 | 143173 |
| JCDecaux SE | 70520 | 1453887 |
| Kaufman & Broad SA | 13751 | 526962 |
| Kering SA | 79128 | 26534667 |
| La Francaise De L'energie SACA<sup>(1)(2)</sup> | 542 | 21529 |
| Legrand SA | 79972 | 14485097 |
| LISI SA | 17609 | 1166473 |
| L'Oreal SA | 47548 | 22278430 |
| Louis Hachette Group | 163569 | 331174 |
| Lumibird<sup>(1)</sup> | 1867 | 49745 |
| LVMH Moet Hennessy Louis Vuitton SE | 85000 | 54316727 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 12989 | 20800 |
| Manitou BF SA | 1848 | 51321 |
| Medincell SA<sup>(1)(2)</sup> | 5103 | 138725 |
| Mersen SA | 25510 | 836637 |
| Metropole Television SA<sup>(2)</sup> | 25216 | 344570 |
| MGI Digital Graphic Technology<sup>(1)</sup> | 119 | 1500 |
| Nacon SA<sup>(1)</sup> | 629 | 193 |
| Nanobiotix SA<sup>(1)</sup> | 9988 | 304607 |
| Nexans SA | 65567 | 9418833 |
| Nexity SA<sup>(1)(2)</sup> | 52705 | 592077 |
| North Atlantic Energies | 1670 | 76665 |
| Opmobility | 110480 | 2210792 |
| Orange SA | 1600393 | 34476541 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OVH Groupe SA<sup>(1)(2)</sup> | 11414 | $124827 |
| Pernod Ricard SA | 88033 | 8123722 |
| Pluxee NV<sup>(2)</sup> | 20530 | 274017 |
| Publicis Groupe SA | 47515 | 4230977 |
| Pullup Entertainment<sup>(2)</sup> | 4597 | 66857 |
| Remy Cointreau SA<sup>(2)</sup> | 15700 | 771109 |
| Renault SA | 429601 | 16246693 |
| ReWorld Media SA | 5154 | 10137 |
| Rexel SA | 207278 | 8976776 |
| Robertet SA | 395 | 407728 |
| Rubis SCA | 135234 | 5816654 |
| Safran SA | 213906 | 86148237 |
| Sanofi SA, ADR | 534004 | 25984635 |
| Sartorius Stedim Biotech | 2482 | 536366 |
| Schneider Electric SE | 65779 | 21497222 |
| SCOR SE | 204486 | 7452842 |
| SEB SA | 15363 | 942955 |
| SES SA | 1261921 | 9394865 |
| SMCP SA<sup>(1)</sup> | 41358 | 334095 |
| Societe BIC SA | 17157 | 1103257 |
| Societe Generale SA | 607178 | 52618404 |
| Sodexo SA<sup>(2)</sup> | 12195 | 667518 |
| SOITEC<sup>(1)</sup> | 13343 | 643422 |
| Solutions 30 SE<sup>(1)</sup> | 106213 | 110222 |
| SPIE SA | 26589 | 1646052 |
| STIF SA<sup>(2)</sup> | 2536 | 182946 |
| STMicroelectronics NV, NY Shares | 236141 | 7936699 |
| Technip Energies NV | 77141 | 3342436 |
| Teleperformance SE | 19261 | 1164613 |
| Television Francaise 1 SA | 24560 | 210302 |
| Thales SA | 55915 | 16971162 |
| TotalEnergies SE<sup>(2)</sup> | 884154 | 71032932 |
| Trigano SA | 13571 | 2685714 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 783690 | 3844801 |
| Valeo SE | 634106 | 9144449 |
| Vallourec SACA | 431650 | 10099197 |
| Valneva SE<sup>(1)</sup> | 77383 | 434775 |
| Veolia Environnement SA | 283597 | 12009404 |
| Vicat SACA | 34829 | 2919041 |
| Vinci SA | 410877 | 68199862 |
| Virbac SACA | 4552 | 1985398 |
| Viridien<sup>(1)</sup> | 5968 | 773229 |
| Vivendi SE | 538513 | 1398871 |
| Voltalia SA<sup>(1)(2)</sup> | 32391 | 269552 |
| Vusion | 3155 | 443533 |
| X-Fab Silicon Foundries SE<sup>(1)</sup> | 70448 | 388293 |
|  |  | 1219839201 |
| **Germany — 7.3%** |  |  |
| 1&1 AG | 7880 | 224683 |
| 2G Energy AG | 15414 | 694157 |
| 7C Solarparken AG<sup>(1)</sup> | 20776 | 39594 |
| Adesso SE | 3567 | 262408 |
| adidas AG | 95171 | 17657554 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AIXTRON SE | 78799 | $2548926 |
| Allianz SE | 124793 | 56041692 |
| Alzchem Group AG | 14559 | 2545971 |
| Amadeus Fire AG | 945 | 32439 |
| Aroundtown SA<sup>(1)</sup> | 263742 | 951942 |
| Atoss Software SE | 11674 | 1212056 |
| Aumann AG | 862 | 14592 |
| Aumovio SE<sup>(1)</sup> | 84077 | 4170385 |
| Aurubis AG | 25211 | 5108159 |
| Baader Bank AG | 1933 | 16393 |
| BASF SE | 550474 | 31531230 |
| Bayer AG | 537728 | 26607223 |
| Bayerische Motoren Werke AG | 218575 | 22907409 |
| Bayerische Motoren Werke AG, Preference Shares | 43305 | 4519300 |
| BayWa AG<sup>(1)</sup> | 9931 | 37224 |
| Bechtle AG | 80797 | 3246428 |
| Befesa SA | 31082 | 1236918 |
| Beiersdorf AG | 63415 | 8021734 |
| Bertrandt AG<sup>(1)</sup> | 365 | 8292 |
| Bijou Brigitte AG | 1658 | 90347 |
| Bilfinger SE | 39296 | 5501850 |
| Bitcoin Group SE | 1185 | 40682 |
| Borussia Dortmund GmbH & Co. KGaA | 100378 | 372101 |
| Brenntag SE | 112722 | 6933003 |
| CANCOM SE | 24225 | 680500 |
| Ceconomy AG<sup>(1)</sup> | 88692 | 473238 |
| Cewe Stiftung & Co. KGaA | 3638 | 430873 |
| Commerzbank AG | 792975 | 32170696 |
| Continental AG | 210389 | 18130054 |
| CTS Eventim AG & Co. KGaA | 75889 | 6145497 |
| Daimler Truck Holding AG | 515697 | 26019041 |
| Datagroup SE | 779 | 66890 |
| Delivery Hero SE<sup>(1)</sup> | 32847 | 755477 |
| Dermapharm Holding SE | 3073 | 145313 |
| Deutsche Bank AG | 1224476 | 43370940 |
| Deutsche Beteiligungs AG | 3029 | 89597 |
| Deutsche Boerse AG | 66793 | 18254053 |
| Deutsche Lufthansa AG | 1007689 | 10763576 |
| Deutsche Pfandbriefbank AG | 81235 | 342816 |
| Deutsche Post AG | 541728 | 31899722 |
| Deutsche Rohstoff AG | 9955 | 853529 |
| Deutsche Telekom AG | 1637994 | 65782080 |
| Deutz AG | 90580 | 1331406 |
| Douglas AG<sup>(1)</sup> | 58473 | 810653 |
| Dr. Ing hc F Porsche AG, Preference Shares | 112990 | 5508448 |
| Draegerwerk AG & Co. KGaA | 567 | 50448 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 3168 | 335804 |
| Duerr AG | 41220 | 1185059 |
| E.ON SE | 843533 | 19621249 |
| Eckert & Ziegler SE | 13956 | 252741 |
| Einhell Germany AG, Preference Shares | 350 | 34931 |
| Elmos Semiconductor SE | 5979 | 1029875 |
| ElringKlinger AG | 10673 | 54970 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Evonik Industries AG | 415206 | $7219259 |
| Fielmann Group AG | 27525 | 1500198 |
| flatexDEGIRO SE | 192419 | 6971765 |
| Formycon AG<sup>(1)</sup> | 3772 | 102105 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 3380 | 330725 |
| Freenet AG | 11003 | 359608 |
| Fresenius Medical Care AG, ADR | 28683 | 672903 |
| Fresenius SE & Co. KGaA | 167508 | 10041524 |
| Friedrich Vorwerk Group SE | 10050 | 952531 |
| FUCHS SE, Preference Shares | 131788 | 5691156 |
| GEA Group AG | 179397 | 13909301 |
| Grand City Properties SA | 18749 | 245559 |
| Grenke AG | 10327 | 177931 |
| Hannover Rueck SE | 36799 | 11150912 |
| Heidelberg Materials AG | 117807 | 26246506 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 386380 | 647815 |
| HelloFresh SE<sup>(1)</sup> | 1073394 | 6089518 |
| Henkel AG & Co. KGaA | 17248 | 1562115 |
| Henkel AG & Co. KGaA, Preference Shares | 74622 | 7319563 |
| Hensoldt AG | 17987 | 1577904 |
| HOCHTIEF AG | 2939 | 1417660 |
| Hornbach Holding AG & Co. KGaA | 5148 | 520698 |
| HUGO BOSS AG | 169461 | 7452036 |
| Indus Holding AG | 12156 | 438255 |
| Infineon Technologies AG | 659158 | 35525206 |
| Instone Real Estate Group SE | 11568 | 128389 |
| Jenoptik AG | 84580 | 2793853 |
| JOST Werke SE | 12136 | 962011 |
| Jungheinrich AG, Preference Shares | 99280 | 3742848 |
| K&S AG | 545063 | 9650386 |
| KION Group AG | 108405 | 7357309 |
| Kloeckner & Co. SE | 58978 | 763524 |
| Knaus Tabbert AG<sup>(1)</sup> | 1297 | 19622 |
| Knorr-Bremse AG | 108115 | 14150767 |
| Koenig & Bauer AG<sup>(1)</sup> | 1990 | 21309 |
| Kontron AG | 10137 | 279373 |
| Krones AG | 35284 | 5524658 |
| KSB SE & Co. KGaA | 17 | 22952 |
| KSB SE & Co. KGaA, Preference Shares | 67 | 85169 |
| KWS Saat SE & Co. KGaA | 815 | 62267 |
| Lang & Schwarz AG | 3835 | 109151 |
| Lanxess AG | 252645 | 5679660 |
| LEG Immobilien SE | 97655 | 8169553 |
| MBB SE | 1573 | 378532 |
| Medios AG<sup>(1)</sup> | 15280 | 305396 |
| Mercedes-Benz Group AG | 341774 | 23646872 |
| Merck KGaA | 19402 | 2939709 |
| MLP SE | 3876 | 33166 |
| MPH Health Care AG | 17 | 447 |
| MTU Aero Engines AG | 55059 | 23732463 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 48319 | 31534093 |
| Mutares SE & Co. KGaA<sup>(2)</sup> | 28751 | 1053264 |
| Nabaltec AG | 285 | 4229 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nagarro SE | 10154 | $669351 |
| Nemetschek SE | 23755 | 1892504 |
| Norma Group SE | 25329 | 471448 |
| Patrizia SE | 37982 | 365760 |
| Pentixapharm Holding AG<sup>(1)</sup> | 9691 | 23544 |
| Pfeiffer Vacuum Technology AG | 456 | 88915 |
| Porsche Automobil Holding SE, Preference Shares | 184856 | 7816101 |
| ProCredit Holding AG | 8676 | 86396 |
| Puma SE | 119849 | 3332118 |
| Qiagen NV | 118723 | 5912405 |
| Rational AG | 2311 | 2002965 |
| RENK Group AG | 106912 | 7204122 |
| Rheinmetall AG | 27584 | 54565939 |
| RTL Group SA | 349 | 15262 |
| RWE AG | 814244 | 52379228 |
| SAF-Holland SE | 96788 | 2270408 |
| Salzgitter AG | 25359 | 1618541 |
| SAP SE, ADR | 129106 | 26018732 |
| Sartorius AG, Preference Shares | 1767 | 500151 |
| Schaeffler AG | 403782 | 4918895 |
| Schott Pharma AG & Co. KGaA | 2243 | 38818 |
| Scout24 SE | 71215 | 6052863 |
| Secunet Security Networks AG | 1623 | 361843 |
| SGL Carbon SE<sup>(1)</sup> | 20941 | 96269 |
| Siemens AG | 103674 | 29976698 |
| Siemens Energy AG | 113420 | 21966915 |
| Siemens Healthineers AG | 100882 | 5003705 |
| Siltronic AG | 11230 | 756883 |
| Sixt SE | 14716 | 1140826 |
| Sixt SE, Preference Shares | 8473 | 547217 |
| SMA Solar Technology AG<sup>(1)</sup> | 17034 | 641575 |
| Steico SE | 2075 | 61764 |
| STO SE & Co. KGaA, Preference Shares | 1014 | 147470 |
| STRATEC SE | 5180 | 129589 |
| Stroeer SE & Co. KGaA | 14561 | 594636 |
| Suedzucker AG | 23894 | 285829 |
| Symrise AG | 84556 | 7724151 |
| TAG Immobilien AG | 283304 | 5525935 |
| Talanx AG | 72785 | 9154932 |
| TeamViewer SE<sup>(1)</sup> | 60465 | 329234 |
| Technotrans SE | 2941 | 95338 |
| thyssenkrupp AG | 1309481 | 16158028 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 44619 | 5062700 |
| United Internet AG | 132835 | 4380159 |
| Volkswagen AG | 3179 | 379868 |
| Volkswagen AG, Preference Shares | 39946 | 4749605 |
| Vonovia SE | 444416 | 15069034 |
| Wacker Chemie AG | 12683 | 1209650 |
| Wacker Neuson SE | 18578 | 456022 |
| Washtec AG | 1313 | 79190 |
| Westwing Group SE<sup>(1)</sup> | 1834 | 38841 |
| Wuestenrot & Wuerttembergische AG | 8201 | 160215 |
| Zalando SE<sup>(1)</sup> | 190490 | 4630759 |
|  |  | 1095597239 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hong Kong — 1.7%** | | |
| AIA Group Ltd. | 2601264 | $28695906 |
| ASMPT Ltd. | 321800 | 4587397 |
| Bank of East Asia Ltd. | 773495 | 1503220 |
| BOC Hong Kong Holdings Ltd. | 3300000 | 18875188 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 764000 | 836620 |
| Budweiser Brewing Co. APAC Ltd.<sup>(2)</sup> | 64100 | 63665 |
| Cafe de Coral Holdings Ltd. | 256000 | 151345 |
| Chia Tai Enterprises International Ltd.<sup>(1)</sup> | 13000 | 9872 |
| China Star Entertainment Ltd.<sup>(1)</sup> | 80000 | 48716 |
| Chow Sang Sang Holdings International Ltd. | 254000 | 451530 |
| CITIC Telecom International Holdings Ltd. | 227000 | 76000 |
| CK Asset Holdings Ltd. | 1426186 | 9048832 |
| CK Hutchison Holdings Ltd. | 1488000 | 12251891 |
| CK Infrastructure Holdings Ltd. | 265500 | 2251356 |
| CK Life Sciences International Holdings, Inc.<sup>(1)(2)</sup> | 60000 | 6440 |
| CLP Holdings Ltd. | 1536000 | 14555256 |
| C-Mer Medical Holdings Ltd. | 72000 | 13639 |
| Comba Telecom Systems Holdings Ltd. | 1958000 | 526774 |
| Cowell e Holdings, Inc.<sup>(1)</sup> | 167000 | 597061 |
| Dah Sing Banking Group Ltd. | 74400 | 124435 |
| Dah Sing Financial Holdings Ltd. | 28400 | 154159 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 5270000 | 586592 |
| DFI Retail Group Holdings Ltd. | 105100 | 439640 |
| Dickson Concepts International Ltd. | 15500 | 11451 |
| Dream International Ltd. | 146000 | 170932 |
| EC Healthcare<sup>(1)</sup> | 50000 | 3646 |
| E-Commodities Holdings Ltd. | 722000 | 78298 |
| First Pacific Co. Ltd. | 320000 | 258450 |
| FSE Lifestyle Services Ltd. | 3000 | 2234 |
| Futu Holdings Ltd., ADR<sup>(1)</sup> | 4538 | 675436 |
| Galaxy Entertainment Group Ltd. | 289000 | 1537810 |
| Giordano International Ltd. | 444000 | 86899 |
| Green Fresh Biotechnology Co. Ltd. | 52000 | 4124 |
| Guotai Junan International Holdings Ltd.<sup>(2)</sup> | 37000 | 13221 |
| Hang Lung Group Ltd. | 474000 | 1016113 |
| Hang Lung Properties Ltd. | 1635044 | 2141634 |
| Henderson Land Development Co. Ltd. | 324000 | 1464558 |
| HK Electric Investments & HK Electric Investments Ltd. | 202500 | 181415 |
| HKT Trust & HKT Ltd. | 498000 | 785027 |
| Hong Kong & China Gas Co. Ltd. | 6108990 | 5935205 |
| Hong Kong Exchanges & Clearing Ltd. | 310288 | 16577117 |
| Hong Kong Technology Venture Co. Ltd. | 456869 | 85113 |
| Hongkong & Shanghai Hotels Ltd.<sup>(1)</sup> | 7500 | 6492 |
| Hongkong Land Holdings Ltd. | 1351500 | 11701006 |
| Hysan Development Co. Ltd. | 970000 | 2703476 |
| IGG, Inc. | 876000 | 352477 |
| Jardine Matheson Holdings Ltd. | 203900 | 16809571 |
| JBM Healthcare Ltd. | 1000 | 354 |
| Johnson Electric Holdings Ltd. | 456389 | 1803128 |
| Karrie International Holdings Ltd. | 212000 | 72762 |
| Kerry Properties Ltd. | 381000 | 1226862 |
| Kwoon Chung Bus Holdings Ltd. | 4000 | 1427 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Luk Fook Holdings International Ltd. | 79000 | $297027 |
| Man Wah Holdings Ltd. | 907600 | 591112 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(1)</sup> | 48977 | 290923 |
| MGM China Holdings Ltd. | 682800 | 1091671 |
| Midland Holdings Ltd.<sup>(1)</sup> | 66000 | 28245 |
| Mobvista, Inc.<sup>(1)</sup> | 622000 | 940648 |
| Modern Dental Group Ltd. | 42000 | 31539 |
| MTR Corp. Ltd.<sup>(2)</sup> | 263286 | 1253873 |
| Multifield International Holdings Ltd. | 6400 | 915 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 8395750 | 11624982 |
| OKG Technology Holdings Ltd.<sup>(1)</sup> | 1100000 | 24156 |
| Oriental Watch Holdings | 150000 | 65575 |
| Pacific Basin Shipping Ltd. | 20739000 | 9167733 |
| Pacific Textiles Holdings Ltd. | 206000 | 34988 |
| PAX Global Technology Ltd. | 903000 | 560394 |
| PCCW Ltd. | 666357 | 505680 |
| Perfect Medical Health Management Ltd. | 90000 | 13891 |
| Plover Bay Technologies Ltd. | 96000 | 105924 |
| Power Assets Holdings Ltd. | 697500 | 5653320 |
| Quam Plus International Financial Ltd. | 20000 | 333 |
| Sa Sa International Holdings Ltd. | 206000 | 16298 |
| Sands China Ltd. | 639600 | 1444986 |
| SAS Dragon Holdings Ltd. | 4000 | 2397 |
| Shangri-La Asia Ltd. | 172000 | 111815 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 586000 | 50897 |
| Singamas Container Holdings Ltd. | 614000 | 53359 |
| Sino Land Co. Ltd. | 3646647 | 5944075 |
| SITC International Holdings Co. Ltd. | 2057000 | 8774557 |
| SJM Holdings Ltd.<sup>(1)</sup> | 507000 | 156004 |
| SmarTone Telecommunications Holdings Ltd. | 39000 | 26259 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 620500 | 1196607 |
| Sun Hung Kai & Co. Ltd. | 14000 | 7903 |
| Sun Hung Kai Properties Ltd. | 401000 | 7454845 |
| SUNeVision Holdings Ltd.<sup>(2)</sup> | 294000 | 253023 |
| Swire Pacific Ltd., Class A | 847500 | 9103804 |
| Swire Properties Ltd. | 184600 | 635292 |
| Symphony Holdings Ltd. | 10000 | 1844 |
| Techtronic Industries Co. Ltd. | 246000 | 3984137 |
| Ten Pao Group Holdings Ltd. | 36000 | 12868 |
| Time Interconnect Technology Ltd.<sup>(2)</sup> | 180000 | 447403 |
| TradeGo Fintech Ltd.<sup>(1)</sup> | 128000 | 23678 |
| United Energy Group Ltd. | 2374000 | 198095 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 1524000 | 2534122 |
| Upbest Group Ltd. | 6000 | 505 |
| Value Partners Group Ltd. | 204000 | 62085 |
| Vitasoy International Holdings Ltd.<sup>(2)</sup> | 690000 | 627637 |
| VTech Holdings Ltd. | 101200 | 833535 |
| WH Group Ltd. | 13137478 | 16515731 |
| Wharf Holdings Ltd.<sup>(2)</sup> | 63000 | 208455 |
| Wharf Real Estate Investment Co. Ltd. | 1294000 | 4763628 |
| Wynn Macau Ltd. | 107600 | 78297 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 645079 | 853164 |
| Yue Yuen Industrial Holdings Ltd. | 402500 | 955319 |
|  |  | 261177325 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Ireland — 0.4%** | | |
| AIB Group PLC | 1533454 | $15916943 |
| Bank of Ireland Group PLC | 888163 | 17293679 |
| FBD Holdings PLC | 1492 | 29843 |
| Glanbia PLC | 391370 | 8096415 |
| Glenveagh Properties PLC<sup>(1)</sup> | 194332 | 516924 |
| Kerry Group PLC, A Shares | 18219 | 1618859 |
| Kingspan Group PLC | 67279 | 6660869 |
| Origin Enterprises PLC | 30312 | 151500 |
| Permanent TSB Group Holdings PLC<sup>(1)</sup> | 426 | 1603 |
| Ryanair Holdings PLC | 96138 | 3106707 |
| Uniphar PLC | 137566 | 661181 |
|  |  | 54054523 |
| **Israel — 1.4%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 1776 | 2430 |
| AFI Properties Ltd.<sup>(1)</sup> | 610 | 43990 |
| Airport City Ltd.<sup>(1)</sup> | 21848 | 383716 |
| Alony Hetz Properties & Investments Ltd. | 61300 | 720358 |
| Altshuler Shaham Finance Ltd. | 10670 | 18982 |
| Amot Investments Ltd. | 97862 | 649616 |
| Argo Properties NV<sup>(1)</sup> | 2427 | 95107 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 2339 | 42568 |
| Ashtrom Group Ltd. | 7062 | 153394 |
| Aura Investments Ltd. | 14135 | 93484 |
| Azrieli Group Ltd. | 5218 | 749842 |
| Bank Hapoalim BM | 835592 | 21088771 |
| Bank Leumi Le-Israel BM | 953751 | 23089848 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 624972 | 1648004 |
| Big Shopping Centers Ltd. | 9868 | 2377930 |
| Blue Square Real Estate Ltd. | 1059 | 142473 |
| Carasso Motors Ltd.<sup>(1)</sup> | 1112 | 12645 |
| Cellcom Israel Ltd. | 81503 | 950041 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 24350 | 3702904 |
| Clal Insurance Enterprises Holdings Ltd. | 213108 | 15940182 |
| CyberArk Software Ltd.<sup>(1)</sup> | 2153 | 96885 |
| Danel Adir Yeoshua Ltd. | 2216 | 312548 |
| Delek Automotive Systems Ltd. | 12536 | 78292 |
| Delek Group Ltd. | 8930 | 2739774 |
| Delta Galil Ltd. | 2882 | 139780 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 18842 | 362265 |
| Elbit Systems Ltd. | 7333 | 5663586 |
| Electra Ltd. | 1020 | 30979 |
| Energix-Renewable Energies Ltd. | 39842 | 253884 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 14801 | 1015267 |
| Equital Ltd.<sup>(1)</sup> | 2203 | 101395 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 2274 | 445987 |
| FIBI Holdings Ltd. | 5109 | 533963 |
| First International Bank Of Israel Ltd. | 10464 | 900386 |
| Fox Wizel Ltd. | 3228 | 291828 |
| G City Ltd. | 63721 | 159741 |
| Gav-Yam Lands Corp. Ltd. | 1 | 15 |
| Global-e Online Ltd.<sup>(1)</sup> | 7135 | 249511 |
| Harel Insurance Investments & Financial Services Ltd. | 36300 | 1909988 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hilan Ltd. | 2203 | $141065 |
| ICL Group Ltd. | 145536 | 689770 |
| IDI Insurance Co. Ltd. | 7202 | 525735 |
| Ilex Medical Ltd. | 122 | 2336 |
| Inmode Ltd.<sup>(1)</sup> | 23101 | 317639 |
| Inrom Construction Industries Ltd. | 19909 | 127246 |
| Isracard Ltd. | 116149 | 553007 |
| Israel Canada TR Ltd. | 104870 | 657080 |
| Israel Corp. Ltd. | 1135 | 293305 |
| Israel Discount Bank Ltd., A Shares | 1426956 | 17270401 |
| Isras Investment Co. Ltd. | 1145 | 307015 |
| Ituran Location & Control Ltd. | 4712 | 226176 |
| Kamada Ltd. | 543 | 4732 |
| Kenon Holdings Ltd. | 1697 | 134272 |
| Lahav L.R. Real Estate Ltd. | 3126 | 9793 |
| M Yochananof & Sons Ltd. | 937 | 108193 |
| Malam - Team Ltd.<sup>(1)</sup> | 127 | 3784 |
| Matrix IT Ltd. | 11018 | 332528 |
| Max Stock Ltd. | 54373 | 478329 |
| Mediterranean Towers Ltd. | 3661 | 18029 |
| Mega Or Holdings Ltd. | 3392 | 552617 |
| Melisron Ltd. | 5813 | 787672 |
| Menora Mivtachim Holdings Ltd. | 8350 | 1194594 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(1)</sup> | 110887 | 600639 |
| Mivne Real Estate KD Ltd. | 848638 | 3520803 |
| Mivtach Shamir Holdings Ltd. | 1248 | 171370 |
| Mizrahi Tefahot Bank Ltd. | 73123 | 5478533 |
| Naphtha Israel Petroleum Corp. Ltd.<sup>(1)</sup> | 1311 | 10510 |
| Neto Malinda Trading Ltd. | 988 | 57359 |
| Next Vision Stabilized Systems Ltd. | 8844 | 1008948 |
| Nexxen International Ltd.<sup>(1)</sup> | 28939 | 186367 |
| Nice Ltd., ADR<sup>(1)</sup> | 7344 | 853740 |
| Norstar Holdings, Inc. | 2561 | 5880 |
| Nova Ltd.<sup>(1)</sup> | 6487 | 2849064 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 15748 | 185354 |
| Oil Refineries Ltd. | 2108087 | 687217 |
| One Software Technologies Ltd. | 14026 | 270782 |
| OPC Energy Ltd.<sup>(1)</sup> | 5328 | 168216 |
| Orion Retail Properties Ltd.<sup>(1)</sup> | 8073 | 6829 |
| OY Nofar Energy Ltd.<sup>(1)</sup> | 3098 | 164048 |
| Partner Communications Co. Ltd. | 281057 | 3438897 |
| Paz Retail & Energy Ltd. | 34952 | 8587449 |
| Perion Network Ltd.<sup>(1)</sup> | 15266 | 126527 |
| Phoenix Financial Ltd. | 165743 | 8474139 |
| Prashkovsky Investments & Construction Ltd.<sup>(1)</sup> | 3551 | 195786 |
| Qualitau Ltd. | 2325 | 505958 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3121 | 401223 |
| Retailors Ltd. | 2297 | 25334 |
| Scope Metals Group Ltd. | 2859 | 186363 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 51997 | 274090 |
| Shufersal Ltd. | 1039225 | 14571318 |
| Strauss Group Ltd. | 10266 | 452772 |
| Summit Real Estate Holdings Ltd. | 19221 | 347687 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tamar Petroleum Ltd. | 4690 | $48997 |
| Tel Aviv Stock Exchange Ltd. | 27260 | 1329585 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 398411 | 13490196 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 136717 | 17326278 |
| Victory Supermarket Chain Ltd. | 131 | 2273 |
| Wix.com Ltd.<sup>(1)</sup> | 3295 | 232166 |
| ZIM Integrated Shipping Services Ltd. | 493654 | 14232045 |
| ZUR Shamir Holdings Ltd. | 917 | 3298 |
|  |  | 212405717 |
| **Italy — 2.7%** |  |  |
| A2A SpA | 3403548 | 9928840 |
| ACEA SpA | 14609 | 452983 |
| Amplifon SpA | 11893 | 184464 |
| Arnoldo Mondadori Editore SpA | 50466 | 122987 |
| Ascopiave SpA | 2156 | 9940 |
| Avio SpA | 56652 | 2376852 |
| Azimut Holding SpA | 280013 | 11539605 |
| Banca Generali SpA | 36412 | 2347075 |
| Banca IFIS SpA | 13950 | 404595 |
| Banca Mediolanum SpA | 64050 | 1373779 |
| Banca Monte dei Paschi di Siena SpA | 568318 | 5546211 |
| Banco BPM SpA | 942794 | 13887493 |
| Banco di Desio e della Brianza SpA | 16626 | 178766 |
| BFF Bank SpA<sup>(1)</sup> | 40592 | 180723 |
| BPER Banca SpA | 2198805 | 30967819 |
| Brembo NV | 19714 | 233693 |
| Brunello Cucinelli SpA<sup>(2)</sup> | 71607 | 6929027 |
| Buzzi SpA | 38352 | 2211123 |
| Cairo Communication SpA<sup>(1)</sup> | 15641 | 50763 |
| Cementir Holding NV | 4280 | 80556 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 139190 | 119069 |
| Credito Emiliano SpA | 26996 | 496116 |
| d'Amico International Shipping SA | 128970 | 1185065 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 14118 | 1127083 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 41962 | 2334453 |
| Davide Campari-Milano NV<sup>(2)</sup> | 4788 | 36068 |
| Digital Bros SpA<sup>(1)</sup> | 201 | 2746 |
| Digital Value SpA<sup>(2)</sup> | 772 | 26226 |
| doValue SpA<sup>(1)</sup> | 28184 | 81928 |
| El.En. SpA<sup>(2)</sup> | 9010 | 150393 |
| Enav SpA | 36812 | 239731 |
| Enel SpA | 1689689 | 20318421 |
| Eni SpA, ADR<sup>(2)</sup> | 595821 | 27967838 |
| ERG SpA | 33587 | 989670 |
| Esprinet SpA | 7119 | 50879 |
| Eurogroup Laminations SpA<sup>(2)</sup> | 11238 | 18592 |
| Ferrari NV | 28400 | 10730152 |
| Ferretti SpA<sup>(2)</sup> | 285286 | 1303611 |
| Fiera Milano SpA | 11576 | 114607 |
| Fila SpA<sup>(2)</sup> | 9851 | 109773 |
| Fincantieri SpA<sup>(1)</sup> | 183527 | 3108287 |
| FinecoBank Banca Fineco SpA | 532126 | 12523101 |
| Gas Plus SpA | 6395 | 46433 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Generali<sup>(2)</sup> | 270283 | $11508945 |
| Geox SpA<sup>(1)(2)</sup> | 2210 | 775 |
| Hera SpA | 510721 | 2666668 |
| Infrastrutture Wireless Italiane SpA<sup>(2)</sup> | 3592 | 38112 |
| Intercos SpA | 14136 | 206251 |
| Intesa Sanpaolo SpA | 4589633 | 31491989 |
| Iren SpA | 1527288 | 5119058 |
| Italgas SpA<sup>(2)</sup> | 1182585 | 15240684 |
| Iveco Group NV | 396833 | 8989317 |
| Leonardo SpA | 125010 | 8422057 |
| Maire SpA | 105541 | 1910192 |
| MARR SpA<sup>(2)</sup> | 8827 | 98462 |
| MFE-MediaForEurope NV, Class A | 71219 | 260045 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 4645 | 21982 |
| Moncler SpA | 127342 | 8784455 |
| NewPrinces SpA<sup>(1)</sup> | 7996 | 199480 |
| Nexi SpA<sup>(2)</sup> | 13406 | 54758 |
| OVS SpA | 532576 | 3115948 |
| Pharmanutra SpA | 1808 | 143177 |
| Piaggio & C SpA<sup>(2)</sup> | 107149 | 228800 |
| Poste Italiane SpA | 448961 | 12027644 |
| Prysmian SpA | 113394 | 13658411 |
| RAI Way SpA | 63551 | 462808 |
| Recordati Industria Chimica e Farmaceutica SpA | 47689 | 2724658 |
| Safilo Group SpA<sup>(1)</sup> | 527513 | 1171876 |
| Saipem SpA<sup>(2)</sup> | 3047081 | 12811688 |
| Salvatore Ferragamo SpA<sup>(1)</sup> | 140664 | 1117378 |
| Sanlorenzo SpA<sup>(2)</sup> | 1000 | 39366 |
| Sesa SpA<sup>(2)</sup> | 1751 | 159250 |
| Snam SpA | 1269236 | 9855346 |
| Sogefi SpA<sup>(2)</sup> | 38684 | 139995 |
| Stellantis NV | 1109240 | 9000220 |
| Tamburi Investment Partners SpA<sup>(2)</sup> | 12453 | 139737 |
| Technogym SpA | 74186 | 1626881 |
| Telecom Italia SpA<sup>(1)</sup> | 743208 | 557673 |
| Tenaris SA, ADR<sup>(2)</sup> | 23743 | 1291619 |
| Terna - Rete Elettrica Nazionale | 808415 | 9727902 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 256676 | 243237 |
| UniCredit SpA | 584660 | 49782251 |
| Unipol Assicurazioni SpA | 55059 | 1369785 |
| Webuild SpA | 717028 | 2788966 |
| Wiit SpA<sup>(2)</sup> | 13059 | 410192 |
|  |  | 401695574 |
| **Japan — 22.4%** |  |  |
| & ST HD Co. Ltd. | 54900 | 1052901 |
| 77 Bank Ltd. | 148300 | 9321117 |
| A&D HOLON Holdings Co. Ltd.<sup>(2)</sup> | 24100 | 434965 |
| ABC-Mart, Inc. | 2100 | 35299 |
| Acom Co. Ltd. | 24300 | 79683 |
| AD Works Group Co. Ltd. | 60000 | 178540 |
| ADEKA Corp. | 58100 | 1782935 |
| Advantest Corp. | 339800 | 58842959 |
| Aeon Co. Ltd. | 851745 | 12125793 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aeon Fantasy Co. Ltd. | 3800 | $63812 |
| AEON Financial Service Co. Ltd. | 50900 | 574939 |
| Aeon Hokkaido Corp. | 16600 | 96981 |
| AFC-HD AMS Life Science Co. Ltd. | 800 | 4646 |
| AGC, Inc. | 357000 | 15833315 |
| Ahresty Corp. | 11400 | 68730 |
| Aica Kogyo Co. Ltd. | 20900 | 531805 |
| Aichi Financial Group, Inc. | 8461 | 357017 |
| Aichi Steel Corp. | 47400 | 1061858 |
| Aida Engineering Ltd. | 21300 | 162124 |
| Ain Holdings, Inc. | 18400 | 723194 |
| Air Water, Inc. | 76900 | 1067812 |
| Airport Facilities Co. Ltd.<sup>(2)</sup> | 8500 | 57102 |
| Aisan Industry Co. Ltd. | 31000 | 455031 |
| Aisin Corp. | 536700 | 9526711 |
| AIT Corp. | 2700 | 39667 |
| Ajinomoto Co., Inc.<sup>(2)</sup> | 313500 | 9971216 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 22500 | 21402 |
| Alconix Corp. | 31000 | 655040 |
| Alfresa Holdings Corp. | 315400 | 5420984 |
| Alpen Co. Ltd. | 6200 | 88245 |
| Alps Alpine Co. Ltd. | 280100 | 4193295 |
| ALSOK Co. Ltd. | 34000 | 279327 |
| Altech Corp. | 6300 | 106625 |
| Amada Co. Ltd. | 49500 | 823000 |
| Amano Corp. | 29500 | 772977 |
| Amuse, Inc. | 1500 | 20206 |
| Amvis Holdings, Inc. | 59800 | 199711 |
| ANA Holdings, Inc. | 19700 | 429555 |
| Anest Iwata Corp. | 4600 | 51651 |
| Anritsu Corp. | 19300 | 371531 |
| Anycolor, Inc. | 29700 | 735627 |
| AOKI Holdings, Inc. | 41000 | 475210 |
| Aoyama Trading Co. Ltd. | 56500 | 952246 |
| Aozora Bank Ltd. | 14800 | 267474 |
| Appier Group, Inc. | 42000 | 222109 |
| Arakawa Chemical Industries Ltd. | 2700 | 26861 |
| Arata Corp. | 211400 | 4167855 |
| ARCLANDS Corp. | 94502 | 1184735 |
| Arcs Co. Ltd. | 60900 | 1520851 |
| ARE Holdings, Inc. | 194300 | 5654866 |
| Arealink Co. Ltd. | 18600 | 152560 |
| Argo Graphics, Inc. | 56500 | 579724 |
| Arisawa Manufacturing Co. Ltd. | 9000 | 152283 |
| Artience Co. Ltd. | 83300 | 2346187 |
| As One Corp. | 11800 | 172108 |
| Asahi Co. Ltd. | 200 | 1680 |
| Asahi Diamond Industrial Co. Ltd.<sup>(2)</sup> | 55700 | 586651 |
| Asahi Group Holdings Ltd. | 184400 | 2007681 |
| Asahi Intecc Co. Ltd. | 2500 | 53885 |
| Asahi Kasei Corp. | 1258100 | 14827249 |
| Asahi Yukizai Corp. | 19200 | 623571 |
| Asanuma Corp. | 60900 | 447809 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ascentech KK | 2600 | $22096 |
| Asia Pile Holdings Corp. | 30700 | 310371 |
| Asics Corp. | 413000 | 12656680 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 5800 | 92547 |
| ASKUL Corp. | 8800 | 73365 |
| Astellas Pharma, Inc. | 1568400 | 26100535 |
| Astena Holdings Co. Ltd. | 4500 | 14688 |
| Aucnet, Inc. | 7000 | 109447 |
| Autobacs Seven Co. Ltd. | 61600 | 701404 |
| Avant Group Corp. | 9200 | 83891 |
| Awa Bank Ltd. | 16200 | 620104 |
| Axial Retailing, Inc. | 72400 | 604645 |
| Azbil Corp.<sup>(2)</sup> | 10000 | 92873 |
| AZ-COM MARUWA Holdings, Inc. | 25100 | 158979 |
| Bandai Namco Holdings, Inc. | 328500 | 8906275 |
| Bando Chemical Industries Ltd. | 10700 | 163504 |
| Bank of Iwate Ltd. | 3000 | 136166 |
| Bank of Nagoya Ltd. | 22200 | 840317 |
| Bank of Saga Ltd. | 5800 | 192163 |
| Bank of the Ryukyus Ltd. | 16500 | 258603 |
| Base Co. Ltd. | 1700 | 36425 |
| BayCurrent, Inc. | 5000 | 145188 |
| Belc Co. Ltd. | 11100 | 573116 |
| Bell System24 Holdings, Inc. | 15800 | 150502 |
| Belluna Co. Ltd. | 26500 | 167781 |
| Bic Camera, Inc. | 76000 | 880315 |
| BIPROGY, Inc. | 21100 | 640687 |
| Blue Zones Holdings Co. Ltd. | 9500 | 585792 |
| BML, Inc. | 30700 | 855863 |
| Bourbon Corp. | 200 | 4289 |
| Bridgestone Corp. | 713600 | 17226355 |
| Brother Industries Ltd. | 139000 | 2871189 |
| Bushiroad, Inc. | 12200 | 22222 |
| Business Brain Showa-Ota, Inc. | 200 | 3937 |
| Business Engineering Corp. | 18200 | 164939 |
| BuySell Technologies Co. Ltd. | 15400 | 576998 |
| C Uyemura & Co. Ltd. | 2600 | 360291 |
| Calbee, Inc. | 38200 | 755623 |
| Canon Marketing Japan, Inc. | 7100 | 318055 |
| Capcom Co. Ltd. | 85500 | 1941740 |
| Carlit Co. Ltd.<sup>(2)</sup> | 34000 | 658994 |
| Cawachi Ltd. | 11900 | 252369 |
| CCI Group, Inc. | 1732600 | 11673230 |
| Celsys, Inc.<sup>(2)</sup> | 25400 | 219214 |
| Central Automotive Products Ltd. | 15400 | 223710 |
| Central Glass Co. Ltd. | 40200 | 1135110 |
| Central Japan Railway Co. | 298500 | 8810416 |
| Central Security Patrols Co. Ltd. | 1000 | 19625 |
| Change Holdings, Inc.<sup>(2)</sup> | 17200 | 110119 |
| Charm Care Corp. KK | 25400 | 237129 |
| Chiba Bank Ltd. | 80800 | 1201806 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 35100 | 550494 |
| Chikaranomoto Holdings Co. Ltd. | 6800 | 65984 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chiyoda Co. Ltd. | 3400 | $24193 |
| Chofu Seisakusho Co. Ltd. | 4000 | 55175 |
| Chubu Electric Power Co., Inc. | 180300 | 3045087 |
| Chubu Steel Plate Co. Ltd. | 8500 | 129851 |
| Chudenko Corp. | 5700 | 187407 |
| Chugai Pharmaceutical Co. Ltd. | 204400 | 13782756 |
| Chugai Ro Co. Ltd. | 600 | 19835 |
| Chugin Financial Group, Inc. | 101300 | 2078737 |
| Chugoku Electric Power Co., Inc. | 408700 | 2847074 |
| Chuo Spring Co. Ltd. | 1500 | 32500 |
| Citizen Watch Co. Ltd. | 175200 | 2143985 |
| CKD Corp. | 95600 | 3383454 |
| CMK Corp. | 28700 | 115015 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 91900 | 2429528 |
| Colowide Co. Ltd.<sup>(2)</sup> | 16800 | 201903 |
| COMSYS Holdings Corp. | 11700 | 430699 |
| Comture Corp. | 18600 | 178509 |
| Cosmo Energy Holdings Co. Ltd. | 92300 | 2852402 |
| Cosmos Pharmaceutical Corp. | 3200 | 142128 |
| Cover Corp.<sup>(1)(2)</sup> | 29400 | 328086 |
| Create Restaurants Holdings, Inc. | 51600 | 243489 |
| Create SD Holdings Co. Ltd. | 4200 | 91413 |
| Credit Saison Co. Ltd. | 351300 | 10696564 |
| Creek & River Co. Ltd. | 2300 | 21886 |
| Cresco Ltd. | 9500 | 93502 |
| CTI Engineering Co. Ltd. | 10700 | 239053 |
| Curves Holdings Co. Ltd. | 20700 | 108356 |
| CyberAgent, Inc. | 383500 | 3381442 |
| Cybozu, Inc.<sup>(2)</sup> | 14300 | 205129 |
| Dai Nippon Printing Co. Ltd. | 37800 | 785567 |
| Dai Nippon Toryo Co. Ltd. | 10400 | 99442 |
| Daicel Corp. | 314300 | 3299296 |
| Dai-Dan Co. Ltd. | 27300 | 638814 |
| Daido Metal Co. Ltd. | 4400 | 34509 |
| Daido Steel Co. Ltd. | 154300 | 2351650 |
| Daiei Kankyo Co. Ltd. | 6900 | 170840 |
| Daifuku Co. Ltd. | 116200 | 4796444 |
| Daihatsu Infinearth Mfg Co. Ltd. | 12500 | 205168 |
| Daiichi Jitsugyo Co. Ltd. | 3900 | 89135 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 45500 | 818027 |
| Dai-ichi Life Holdings, Inc. | 2752900 | 28248463 |
| Daiichi Sankyo Co. Ltd. | 327000 | 6440267 |
| Daiichikosho Co. Ltd. | 77000 | 856570 |
| Daiki Aluminium Industry Co. Ltd. | 22300 | 212756 |
| Daikin Industries Ltd. | 14300 | 1816886 |
| Daikoku Denki Co. Ltd. | 6300 | 108417 |
| Daikokutenbussan Co. Ltd. | 5500 | 195861 |
| Daikyonishikawa Corp. | 9800 | 59191 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 15600 | 503713 |
| Daio Paper Corp. | 94900 | 712279 |
| Daiseki Co. Ltd. | 16180 | 410367 |
| Daishi Hokuetsu Financial Group, Inc. | 812100 | 10594273 |
| Daishinku Corp. | 7400 | 32538 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daisue Construction Co. Ltd. | 5500 | $156821 |
| Daito Pharmaceutical Co. Ltd. | 16160 | 152094 |
| Daito Trust Construction Co. Ltd. | 235100 | 5413826 |
| Daitron Co. Ltd. | 7000 | 134851 |
| Daiwa House Industry Co. Ltd. | 187000 | 6748170 |
| Daiwa Securities Group, Inc. | 1418400 | 14906382 |
| Daiwabo Holdings Co. Ltd. | 83400 | 1706350 |
| DCM Holdings Co. Ltd.<sup>(2)</sup> | 41600 | 453862 |
| DeNA Co. Ltd.<sup>(2)</sup> | 87300 | 1486154 |
| Denka Co. Ltd. | 88900 | 2092835 |
| Denso Corp. | 620400 | 8901447 |
| Dentsu Group, Inc. | 72300 | 1364362 |
| Dentsu Soken, Inc. | 3000 | 37918 |
| Denyo Co. Ltd. | 5600 | 139756 |
| Dexerials Corp. | 823600 | 13584367 |
| DIC Corp. | 85200 | 2417679 |
| Digital Arts, Inc. | 1600 | 57680 |
| Digital Information Technologies Corp. | 3800 | 25651 |
| Dip Corp. | 36700 | 475521 |
| Disco Corp. | 9000 | 4327249 |
| DKS Co. Ltd. | 6100 | 482428 |
| DMG Mori Co. Ltd. | 33200 | 657444 |
| Doshisha Co. Ltd. | 18200 | 432571 |
| Doutor Nichires Holdings Co. Ltd. | 28900 | 554532 |
| Dowa Holdings Co. Ltd. | 205400 | 15171638 |
| DTS Corp. | 74000 | 541038 |
| Duskin Co. Ltd. | 8500 | 235196 |
| DyDo Group Holdings, Inc. | 16100 | 268081 |
| Eagle Industry Co. Ltd. | 14900 | 326369 |
| East Japan Railway Co. | 341100 | 8425337 |
| Ebara Corp. | 617900 | 21702745 |
| Eco's Co. Ltd. | 700 | 13785 |
| EDION Corp. | 42000 | 603573 |
| eGuarantee, Inc. | 6900 | 76355 |
| Eisai Co. Ltd.<sup>(2)</sup> | 17300 | 582431 |
| Eizo Corp. | 31100 | 458174 |
| Elan Corp. | 1400 | 6900 |
| Elecom Co. Ltd. | 34800 | 399230 |
| Electric Power Development Co. Ltd. | 327000 | 7809510 |
| Endo Lighting Corp. | 6800 | 129712 |
| ENEOS Holdings, Inc. | 2374300 | 22652357 |
| Enplas Corp. | 10100 | 917740 |
| eRex Co. Ltd. | 42700 | 201251 |
| ESPEC Corp. | 8900 | 219946 |
| Eternal Hospitality Group Co. Ltd. | 5300 | 126207 |
| Exedy Corp. | 37400 | 1481483 |
| EXEO Group, Inc. | 480600 | 9209167 |
| F&M Co. Ltd. | 200 | 2994 |
| FANUC Corp. | 128300 | 5809438 |
| Fast Retailing Co. Ltd. | 16000 | 7015402 |
| FCC Co. Ltd. | 112300 | 2772252 |
| Feed One Co. Ltd. | 6420 | 54769 |
| Ferrotec Corp. | 58800 | 2386285 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FFRI Security, Inc.<sup>(2)</sup> | 5100 | $267894 |
| FIDEA Holdings Co. Ltd. | 4040 | 56596 |
| FINDEX, Inc. | 3000 | 17846 |
| Fintech Global, Inc. | 190700 | 189059 |
| First Bank of Toyama Ltd. | 34100 | 593488 |
| FJ Next Holdings Co. Ltd. | 3200 | 39883 |
| Food & Life Cos. Ltd. | 147300 | 9506012 |
| Foster Electric Co. Ltd. | 15800 | 315986 |
| FP Corp. | 16600 | 299996 |
| FP Partner, Inc. | 3200 | 50025 |
| France Bed Holdings Co. Ltd. | 2100 | 18395 |
| Freebit Co. Ltd. | 7500 | 76762 |
| Fudo Tetra Corp. | 5300 | 135043 |
| Fuji Co. Ltd. | 28200 | 379019 |
| Fuji Corp. /Aichi | 19000 | 738705 |
| Fuji Electric Co. Ltd. | 272200 | 24126380 |
| Fuji Kyuko Co. Ltd. | 7400 | 113430 |
| Fuji Pharma Co. Ltd. | 11400 | 175311 |
| Fuji Seal International, Inc. | 60800 | 1120273 |
| Fujibo Holdings, Inc. | 12800 | 896744 |
| FUJIFILM Holdings Corp. | 93000 | 1912453 |
| Fujikura Composites, Inc. | 11800 | 205042 |
| Fujikura Ltd. | 323800 | 55289667 |
| Fujita Kanko, Inc. | 38000 | 572484 |
| Fujitsu Ltd. | 612900 | 13663323 |
| Fujiya Co. Ltd. | 3400 | 54935 |
| FuKoKu Co. Ltd. | 3100 | 39971 |
| Fukuda Corp. | 7900 | 397527 |
| Fukuda Denshi Co. Ltd. | 5600 | 360289 |
| Fukui Bank Ltd.<sup>(2)</sup> | 6500 | 146703 |
| Fukui Computer Holdings, Inc. | 3700 | 81443 |
| Fukuoka Financial Group, Inc. | 39800 | 1740867 |
| Fukuyama Transporting Co. Ltd. | 15900 | 570423 |
| FULLCAST Holdings Co. Ltd. | 5600 | 60549 |
| Funai Soken Holdings, Inc. | 75000 | 556166 |
| Furukawa Co. Ltd. | 31100 | 1159705 |
| Furukawa Electric Co. Ltd. | 125300 | 22450058 |
| Furuno Electric Co. Ltd. | 33300 | 1687578 |
| Furuya Metal Co. Ltd. | 13900 | 680264 |
| Furyu Corp. | 8900 | 71658 |
| Fuso Chemical Co. Ltd. | 31300 | 1917011 |
| Futaba Industrial Co. Ltd. | 44600 | 334173 |
| Future Corp. | 14100 | 164250 |
| Fuyo General Lease Co. Ltd. | 15500 | 460697 |
| G-7 Holdings, Inc. | 5800 | 56133 |
| GA Technologies Co. Ltd. | 37800 | 406573 |
| Gakken Holdings Co. Ltd. | 13400 | 91546 |
| Gakkyusha Co. Ltd. | 2100 | 32951 |
| Galilei Co. Ltd. | 6100 | 152692 |
| Genki Global Dining Concepts Corp. | 7300 | 140644 |
| Genky DrugStores Co. Ltd. | 26200 | 753339 |
| Geo Holdings Corp. | 14900 | 171286 |
| Gift Holdings, Inc. | 2700 | 72710 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| giftee, Inc. | 10900 | $72222 |
| Giken Ltd. | 6800 | 107204 |
| GLOBERIDE, Inc. | 2400 | 36341 |
| Glory Ltd. | 49600 | 1320147 |
| GLtechno Holdings, Inc. | 2200 | 56900 |
| GMO Financial Holdings, Inc. | 18000 | 109922 |
| GMO Payment Gateway, Inc. | 2100 | 108902 |
| Godo Steel Ltd. | 9100 | 236345 |
| Goldwin, Inc. | 3800 | 59926 |
| grems, Inc. | 3900 | 67605 |
| GS Yuasa Corp. | 161800 | 5747237 |
| GSI Creos Corp. | 1600 | 28660 |
| G-Tekt Corp. | 21700 | 286728 |
| Gunma Bank Ltd. | 762400 | 11021133 |
| Gunze Ltd. | 34800 | 1056248 |
| H.U. Group Holdings, Inc. | 62100 | 1335700 |
| H2O Retailing Corp. | 87100 | 1363603 |
| Hachijuni Nagano Bank Ltd. | 153900 | 2044644 |
| Hagiwara Electric Holdings Co. Ltd. | 4000 | 101853 |
| Hakuhodo DY Holdings, Inc.<sup>(2)</sup> | 24200 | 181472 |
| Hakuto Co. Ltd. | 4300 | 121886 |
| Halows Co. Ltd. | 5000 | 157168 |
| Hamakyorex Co. Ltd. | 46200 | 580040 |
| Hankyu Hanshin Holdings, Inc.<sup>(2)</sup> | 240400 | 7015321 |
| Hanwa Co. Ltd. | 17400 | 998108 |
| Happinet Corp. | 29000 | 590374 |
| Haseko Corp. | 72100 | 1575173 |
| Hazama Ando Corp. | 183200 | 2509009 |
| Heiwa Corp. | 30200 | 390384 |
| Heiwado Co. Ltd. | 28000 | 539526 |
| Hennge KK<sup>(2)</sup> | 10600 | 68208 |
| Hibiya Engineering Ltd. | 1400 | 58607 |
| Hiday Hidaka Corp. | 10200 | 205714 |
| HI-LEX Corp. | 18300 | 467942 |
| Hioki EE Corp. | 3600 | 178611 |
| Hirakawa Hewtech Corp. | 3400 | 95554 |
| Hirata Corp. | 21200 | 413666 |
| Hirogin Holdings, Inc. | 267000 | 3302003 |
| Hirose Electric Co. Ltd. | 500 | 74469 |
| HIS Co. Ltd. | 44900 | 367769 |
| Hisaka Works Ltd. | 4100 | 47852 |
| Hitachi Construction Machinery Co. Ltd. | 22100 | 992930 |
| Hitachi Ltd. | 943700 | 30894176 |
| Hochiki Corp. | 7900 | 324674 |
| Hodogaya Chemical Co. Ltd. | 13300 | 203472 |
| Hogy Medical Co. Ltd. | 10600 | 455525 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 221300 | 1744006 |
| Hokuetsu Corp.<sup>(2)</sup> | 15700 | 104054 |
| Hokuhoku Financial Group, Inc. | 189000 | 7549385 |
| Hokuriku Electric Power Co. | 172400 | 1221529 |
| Hokuto Corp. | 20800 | 267940 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 768005 | 23163031 |
| Honeys Holdings Co. Ltd. | 5800 | 57330 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Horiba Ltd. | 15000 | $2014551 |
| Hoshizaki Corp. | 3800 | 133540 |
| Hosiden Corp. | 25100 | 471688 |
| Hosokawa Micron Corp. | 8500 | 368860 |
| Hotland Holdings Co. Ltd. | 3300 | 41253 |
| House Foods Group, Inc. | 17400 | 344091 |
| Hoya Corp. | 30856 | 5573450 |
| HS Holdings Co. Ltd. | 7600 | 63373 |
| Hulic Co. Ltd. | 424700 | 5628265 |
| Hyakugo Bank Ltd. | 93900 | 1019718 |
| Hyakujushi Bank Ltd. | 13600 | 848351 |
| Ibiden Co. Ltd. | 280400 | 17050846 |
| Ichinen Holdings Co. Ltd. | 5600 | 78286 |
| Ichiyoshi Securities Co. Ltd. | 3300 | 31983 |
| Idec Corp. | 47200 | 997992 |
| Idemitsu Kosan Co. Ltd. | 1681500 | 16077445 |
| IHI Corp. | 1123800 | 30744491 |
| Iida Group Holdings Co. Ltd. | 21800 | 387384 |
| Iino Kaiun Kaisha Ltd. | 75800 | 807054 |
| I'll, Inc. | 2800 | 42231 |
| i-mobile Co. Ltd. | 19400 | 66666 |
| Inaba Denki Sangyo Co. Ltd. | 41800 | 768493 |
| Inabata & Co. Ltd. | 22700 | 633222 |
| Ines Corp. | 500 | 6797 |
| Infomart Corp. | 182300 | 471531 |
| INFRONEER Holdings, Inc. | 375148 | 6279027 |
| Innotech Corp. | 2000 | 37295 |
| Inpex Corp. | 792600 | 19349514 |
| Insource Co. Ltd. | 40200 | 187080 |
| Internet Initiative Japan, Inc. | 77600 | 1131309 |
| Inui Global Logistics Co. Ltd. | 7900 | 83334 |
| IPS, Inc. | 4000 | 83284 |
| Iriso Electronics Co. Ltd. | 10800 | 265048 |
| Ise Chemicals Corp.<sup>(2)</sup> | 19000 | 814337 |
| Iseki & Co. Ltd. | 26500 | 361479 |
| Isetan Mitsukoshi Holdings Ltd. | 60700 | 1191550 |
| Ishihara Sangyo Kaisha Ltd. | 45800 | 1146659 |
| Istyle, Inc.<sup>(2)</sup> | 51700 | 160384 |
| Isuzu Motors Ltd.<sup>(2)</sup> | 742900 | 13846139 |
| Ito En Ltd. | 149500 | 2909459 |
| Ito En Ltd., Preference Shares | 5300 | 61698 |
| ITOCHU Corp. | 1358600 | 19670932 |
| Itochu Enex Co. Ltd. | 21800 | 291228 |
| Itochu-Shokuhin Co. Ltd. | 3100 | 260392 |
| Itoki Corp. | 33900 | 781016 |
| IwaiCosmo Holdings, Inc. | 22900 | 576875 |
| Iwatani Corp. | 230800 | 3042343 |
| Iyogin Holdings, Inc. | 534000 | 11573930 |
| Izumi Co. Ltd. | 73200 | 486655 |
| J Front Retailing Co. Ltd. | 616600 | 10162942 |
| J Trust Co. Ltd. | 42900 | 147902 |
| JAC Recruitment Co. Ltd. | 44800 | 257126 |
| Jaccs Co. Ltd. | 37700 | 1068088 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JAFCO Group Co. Ltd.<sup>(2)</sup> | 16800 | $266302 |
| Japan Airlines Co. Ltd. | 59500 | 1229374 |
| Japan Airport Terminal Co. Ltd. | 27000 | 920931 |
| Japan Aviation Electronics Industry Ltd. | 31900 | 550411 |
| Japan Cash Machine Co. Ltd. | 9300 | 74721 |
| Japan Communications, Inc.<sup>(1)</sup> | 35100 | 31245 |
| Japan Electronic Materials Corp. | 10200 | 522577 |
| Japan Elevator Service Holdings Co. Ltd. | 24000 | 249415 |
| Japan Engine Corp. | 3900 | 375195 |
| Japan Exchange Group, Inc. | 153600 | 2090332 |
| Japan Lifeline Co. Ltd. | 72900 | 745407 |
| Japan Material Co. Ltd. | 98600 | 1369078 |
| Japan Petroleum Exploration Co. Ltd. | 379400 | 5807664 |
| Japan Post Bank Co. Ltd. | 97700 | 1912678 |
| Japan Post Holdings Co. Ltd. | 1198200 | 15603730 |
| Japan Post Insurance Co. Ltd. | 65400 | 2134713 |
| Japan Pulp & Paper Co. Ltd. | 48700 | 360107 |
| Japan Steel Works Ltd. | 800 | 51994 |
| Japan Transcity Corp. | 11700 | 101622 |
| Japan Wool Textile Co. Ltd. | 34600 | 463912 |
| JBCC Holdings, Inc. | 26100 | 226011 |
| JCU Corp. | 29300 | 1304864 |
| JDC Corp. | 9600 | 42992 |
| Jeol Ltd.<sup>(2)</sup> | 5600 | 246178 |
| JFE Holdings, Inc.<sup>(2)</sup> | 786400 | 11070230 |
| JGC Holdings Corp. | 2800 | 44361 |
| JINS Holdings, Inc. | 10600 | 360344 |
| JM Holdings Co. Ltd. | 27800 | 308118 |
| J-Oil Mills, Inc. | 15300 | 205432 |
| Joshin Denki Co. Ltd. | 18200 | 331522 |
| Joyful Honda Co. Ltd. | 7200 | 101713 |
| JP-Holdings, Inc. | 43800 | 220113 |
| JSB Co. Ltd. | 7700 | 172606 |
| JSP Corp. | 12700 | 237053 |
| JTEKT Corp. | 468400 | 6428837 |
| Juroku Financial Group, Inc. | 24100 | 1586040 |
| Justsystems Corp. | 20400 | 512768 |
| JVCKenwood Corp. | 1002700 | 8326759 |
| JX Advanced Metals Corp. | 232000 | 6157118 |
| Kaga Electronics Co. Ltd. | 59600 | 1661075 |
| Kajima Corp. | 367200 | 16792215 |
| Kakaku.com, Inc. | 57000 | 628425 |
| Kaken Pharmaceutical Co. Ltd. | 4200 | 119445 |
| Kamei Corp. | 18300 | 397651 |
| Kamigumi Co. Ltd. | 35800 | 1333243 |
| Kanadevia Corp. | 764600 | 5317063 |
| Kanamoto Co. Ltd. | 252400 | 7035373 |
| Kandenko Co. Ltd. | 132200 | 5906646 |
| Kaneka Corp. | 16600 | 561086 |
| Kanematsu Corp. | 1041800 | 16377255 |
| Kanro, Inc. | 29800 | 271706 |
| Kansai Electric Power Co., Inc. | 329200 | 5945931 |
| Kansai Paint Co. Ltd.<sup>(2)</sup> | 50600 | 895360 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kanto Denka Kogyo Co. Ltd. | 72100 | $813452 |
| Kao Corp. | 37100 | 1584221 |
| Katitas Co. Ltd. | 4000 | 91473 |
| Kato Sangyo Co. Ltd. | 2100 | 91951 |
| Kawada Technologies, Inc. | 24100 | 851197 |
| Kawaden Corp. | 3500 | 55465 |
| Kawasaki Heavy Industries Ltd. | 254900 | 29639330 |
| KDDI Corp. | 1523500 | 26169932 |
| KeePer Technical Laboratory Co. Ltd. | 14200 | 331981 |
| Keihan Holdings Co. Ltd. | 16100 | 357230 |
| Keihanshin Building Co. Ltd. | 24200 | 336709 |
| Keikyu Corp.<sup>(2)</sup> | 79300 | 794330 |
| Keio Corp. | 1800 | 48342 |
| Keisei Electric Railway Co. Ltd.<sup>(2)</sup> | 10200 | 88563 |
| Keiyo Bank Ltd. | 56600 | 814229 |
| Kenko Mayonnaise Co. Ltd. | 1600 | 23703 |
| Kewpie Corp. | 9500 | 272587 |
| Keyence Corp. | 10300 | 4340950 |
| KH Neochem Co. Ltd. | 41500 | 827053 |
| Kibun Foods, Inc. | 700 | 4886 |
| Kikkoman Corp.<sup>(2)</sup> | 50900 | 489447 |
| Kintetsu Group Holdings Co. Ltd. | 133600 | 2827684 |
| Kirin Holdings Co. Ltd. | 468900 | 8139034 |
| Kitz Corp. | 89800 | 1238241 |
| Kiyo Bank Ltd. | 44400 | 1215251 |
| Koa Corp. | 24700 | 314076 |
| Kobe Bussan Co. Ltd. | 21700 | 516347 |
| Kobe Steel Ltd. | 732900 | 10665098 |
| Koei Tecmo Holdings Co. Ltd.<sup>(2)</sup> | 300 | 3463 |
| Kohnan Shoji Co. Ltd. | 196200 | 5440912 |
| Kohsoku Corp. | 1500 | 33178 |
| Koito Manufacturing Co. Ltd. | 8600 | 155026 |
| Kojima Co. Ltd. | 14300 | 121185 |
| Komatsu Ltd. | 346200 | 16617723 |
| Komatsu Wall Industry Co. Ltd. | 7700 | 150550 |
| KOMEDA Holdings Co. Ltd. | 8700 | 163348 |
| Komeri Co. Ltd. | 22600 | 530162 |
| Komori Corp. | 32700 | 380606 |
| Konami Group Corp. | 32600 | 4350220 |
| Konica Minolta, Inc. | 1967800 | 7508358 |
| Konishi Co. Ltd. | 9200 | 81495 |
| Konoike Transport Co. Ltd. | 45800 | 1025222 |
| Konoshima Chemical Co. Ltd. | 2200 | 27927 |
| Koshidaka Holdings Co. Ltd.<sup>(2)</sup> | 39600 | 296557 |
| Kotobuki Spirits Co. Ltd. | 39200 | 499177 |
| KPP Group Holdings Co. Ltd. | 27100 | 162063 |
| Krosaki Harima Corp. | 17700 | 475966 |
| KRS Corp. | 12200 | 254942 |
| K's Holdings Corp. | 447200 | 4899184 |
| Kubota Corp. | 156500 | 3181206 |
| Kumiai Chemical Industry Co. Ltd.<sup>(2)</sup> | 20000 | 94033 |
| Kurabo Industries Ltd. | 10200 | 655845 |
| Kuraray Co. Ltd. | 99500 | 1177556 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kureha Corp. | 64700 | $2028813 |
| Kurita Water Industries Ltd. | 49400 | 2745940 |
| Kuriyama Holdings Corp. | 2200 | 24784 |
| Kusuri No. Aoki Holdings Co. Ltd. | 35800 | 929807 |
| KYB Corp. | 34600 | 1169317 |
| Kyocera Corp. | 58400 | 1031440 |
| Kyodo Printing Co. Ltd. | 1700 | 19133 |
| Kyoei Steel Ltd. | 11300 | 191980 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 11200 | 250991 |
| Kyokuto Securities Co. Ltd. | 19400 | 235725 |
| Kyokuyo Co. Ltd. | 12100 | 421178 |
| Kyorin Pharmaceutical Co. Ltd. | 29500 | 326388 |
| Kyoto Financial Group, Inc. | 17200 | 426010 |
| Kyowa Kirin Co. Ltd. | 50300 | 934983 |
| Kyushu Electric Power Co., Inc. | 216100 | 2785376 |
| Kyushu Financial Group, Inc. | 135000 | 1153656 |
| Kyushu Leasing Service Co. Ltd. | 1400 | 13593 |
| Kyushu Railway Co. | 35300 | 896761 |
| Lasertec Corp. | 4600 | 991773 |
| Leopalace21 Corp. | 171200 | 815421 |
| Life Corp. | 38900 | 676255 |
| Lifedrink Co., Inc.<sup>(2)</sup> | 14400 | 112613 |
| Lintec Corp. | 27800 | 970045 |
| Lion Corp. | 97200 | 1143007 |
| LITALICO, Inc. | 4000 | 34460 |
| Lixil Corp. | 200200 | 2352297 |
| LY Corp. | 77800 | 192301 |
| M&A Capital Partners Co. Ltd. | 10900 | 260634 |
| M3, Inc.<sup>(2)</sup> | 153400 | 1679471 |
| Mabuchi Motor Co. Ltd. | 122400 | 1440569 |
| Macnica Holdings, Inc. | 82600 | 1459837 |
| Maeda Kosen Co. Ltd. | 35000 | 479547 |
| Maezawa Industries, Inc. | 3300 | 47239 |
| Makino Milling Machine Co. Ltd. | 66200 | 4927147 |
| Makita Corp. | 39400 | 1524522 |
| MarkLines Co. Ltd. | 1900 | 20774 |
| Mars Group Holdings Corp. | 8900 | 180281 |
| Marubeni Corp. | 892700 | 34161634 |
| Marubun Corp. | 10300 | 83925 |
| Maruchiyo Yamaokaya Corp. | 11000 | 281268 |
| Marudai Food Co. Ltd.<sup>(2)</sup> | 13100 | 201398 |
| Maruha Nichiro Corp. | 588900 | 5978096 |
| Marui Group Co. Ltd. | 104800 | 2131159 |
| Maruichi Steel Tube Ltd. | 52500 | 546234 |
| Marumae Co. Ltd. | 15300 | 348536 |
| Marusan Securities Co. Ltd. | 7200 | 51510 |
| Maruwa Co. Ltd. | 3700 | 1447616 |
| Maruzen Showa Unyu Co. Ltd. | 9200 | 540028 |
| Matsuda Sangyo Co. Ltd. | 10500 | 589013 |
| Matsui Securities Co. Ltd. | 19000 | 116227 |
| MatsukiyoCocokara & Co. | 36760 | 607958 |
| Matsuyafoods Holdings Co. Ltd.<sup>(2)</sup> | 3900 | 150580 |
| Max Co. Ltd. | 3700 | 165094 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maxell Ltd. | 38200 | $559386 |
| Maxvalu Tokai Co. Ltd. | 700 | 16855 |
| Mazda Motor Corp. | 1055900 | 9350141 |
| McDonald's Holdings Co. Japan Ltd. | 18700 | 889765 |
| MCJ Co. Ltd. | 53600 | 786141 |
| Mebuki Financial Group, Inc. | 2639700 | 22640986 |
| MEC Co. Ltd. | 16500 | 738333 |
| Medipal Holdings Corp. | 84700 | 1659830 |
| Megachips Corp. | 12000 | 700737 |
| Megmilk Snow Brand Co. Ltd. | 40300 | 903964 |
| Meidensha Corp. | 20300 | 1011668 |
| MEIJI Holdings Co. Ltd.<sup>(2)</sup> | 465000 | 11996199 |
| Meiko Electronics Co. Ltd. | 18100 | 2537086 |
| MEITEC Group Holdings, Inc. | 64600 | 1422914 |
| Meiwa Corp. | 3300 | 20069 |
| Menicon Co. Ltd.<sup>(2)</sup> | 104000 | 1269189 |
| Mercari, Inc.<sup>(1)(2)</sup> | 70400 | 1666088 |
| METAWATER Co. Ltd. | 37600 | 1011675 |
| Micronics Japan Co. Ltd. | 150300 | 11663458 |
| Midac Holdings Co. Ltd. | 3400 | 45545 |
| Mie Kotsu Group Holdings, Inc. | 8000 | 31163 |
| MIMAKI ENGINEERING Co. Ltd. | 15400 | 183273 |
| Minebea Mitsumi, Inc. | 565000 | 12113411 |
| Ministop Co. Ltd. | 300 | 3640 |
| Mirait One Corp. | 54000 | 1403270 |
| Mirarth Holdings, Inc. | 99000 | 268253 |
| Miroku Jyoho Service Co. Ltd. | 5500 | 63466 |
| MISUMI Group, Inc. | 36300 | 730852 |
| Mito Securities Co. Ltd. | 8300 | 36277 |
| Mitsuba Corp. | 21400 | 200381 |
| Mitsubishi Chemical Group Corp. | 2196300 | 16298160 |
| Mitsubishi Corp. | 994200 | 33549811 |
| Mitsubishi Electric Corp. | 401800 | 15293714 |
| Mitsubishi Estate Co. Ltd. | 118600 | 3999579 |
| Mitsubishi Gas Chemical Co., Inc. | 55700 | 1555699 |
| Mitsubishi HC Capital, Inc. | 1054140 | 10216494 |
| Mitsubishi Heavy Industries Ltd. | 1331300 | 42439030 |
| Mitsubishi Kakoki Kaisha Ltd. | 19900 | 483979 |
| Mitsubishi Logistics Corp. | 436600 | 4002023 |
| Mitsubishi Materials Corp. | 238800 | 9163201 |
| Mitsubishi Motors Corp. | 548600 | 1503550 |
| Mitsubishi UFJ Financial Group, Inc., ADR<sup>(2)</sup> | 2897661 | 54012401 |
| Mitsuboshi Belting Ltd. | 11200 | 308051 |
| Mitsui & Co. Ltd. | 59400 | 2226888 |
| Mitsui Chemicals, Inc. | 703400 | 10709815 |
| Mitsui DM Sugar Co. Ltd. | 3300 | 74990 |
| Mitsui E&S Co. Ltd. | 259000 | 12981939 |
| Mitsui Fudosan Co. Ltd. | 1494000 | 20138850 |
| Mitsui High-Tec, Inc. | 56600 | 316403 |
| Mitsui Kinzoku Co. Ltd. | 247000 | 58041538 |
| Mitsui OSK Lines Ltd.<sup>(2)</sup> | 22400 | 831143 |
| Mitsui-Soko Holdings Co. Ltd. | 485100 | 11611606 |
| Mitsuuroko Group Holdings Co. Ltd. | 3600 | 54073 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MIXI, Inc. | 16600 | $285193 |
| Miyaji Engineering Group, Inc. | 18500 | 229646 |
| Miyazaki Bank Ltd. | 7000 | 435094 |
| Mizuho Financial Group, Inc., ADR | 4287962 | 38034223 |
| Mizuho Leasing Co. Ltd. | 125700 | 1229795 |
| Mizuho Medy Co. Ltd. | 14400 | 177751 |
| Mochida Pharmaceutical Co. Ltd. | 10100 | 256404 |
| Modec, Inc. | 24800 | 2131648 |
| Monogatari Corp. | 212800 | 6820188 |
| MonotaRO Co. Ltd.<sup>(2)</sup> | 58400 | 776432 |
| Morinaga & Co. Ltd. | 51600 | 955251 |
| Morinaga Milk Industry Co. Ltd. | 38600 | 1227179 |
| Morita Holdings Corp. | 24500 | 468719 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 5100 | 206088 |
| MOS Food Services, Inc.<sup>(2)</sup> | 16400 | 449025 |
| MS&AD Insurance Group Holdings, Inc. | 995500 | 27741005 |
| MTG Co. Ltd. | 4100 | 150494 |
| m-up Holdings, Inc. | 54800 | 239130 |
| Murata Manufacturing Co. Ltd. | 503200 | 13158636 |
| Musashi Seimitsu Industry Co. Ltd. | 47500 | 947550 |
| Musashino Bank Ltd. | 105300 | 4389030 |
| Nachi-Fujikoshi Corp. | 18800 | 646185 |
| Nafco Co. Ltd. | 3500 | 52031 |
| Nagase & Co. Ltd. | 44400 | 1406140 |
| Nagoya Railroad Co. Ltd. | 95100 | 1123228 |
| Nakayama Steel Works Ltd. | 14800 | 60025 |
| Namura Shipbuilding Co. Ltd. | 95700 | 3394699 |
| Nankai Electric Railway Co. Ltd. | 92100 | 1837831 |
| Nanto Bank Ltd. | 22300 | 1090222 |
| NEC Capital Solutions Ltd. | 3300 | 92567 |
| NEC Corp. | 463300 | 12844195 |
| Net Protections Holdings, Inc.<sup>(1)</sup> | 36200 | 124885 |
| Neturen Co. Ltd. | 16800 | 161976 |
| Nexon Co. Ltd. | 26200 | 556537 |
| NGK Insulators Ltd. | 89700 | 2627419 |
| NH Foods Ltd. | 69300 | 3177298 |
| NHK Spring Co. Ltd. | 602200 | 11555966 |
| Nichias Corp.<sup>(2)</sup> | 23500 | 1446247 |
| Nichicon Corp. | 43900 | 603824 |
| Nichiha Corp. | 17000 | 404153 |
| Nichirei Corp. | 294600 | 4011236 |
| Nichirin Co. Ltd. | 2400 | 67184 |
| NIDEC Corp. | 49636 | 780590 |
| Nifco, Inc. | 89900 | 3185925 |
| Nihon Dempa Kogyo Co. Ltd. | 13000 | 110576 |
| Nihon Dengi Co. Ltd.<sup>(2)</sup> | 20000 | 1559858 |
| Nihon M&A Center Holdings, Inc. | 28300 | 130695 |
| Nihon Parkerizing Co. Ltd. | 73300 | 750560 |
| Nihon Yamamura Glass Co. Ltd. | 19800 | 441833 |
| Nikkiso Co. Ltd. | 56900 | 891433 |
| Nikon Corp. | 17700 | 225787 |
| Nintendo Co. Ltd. | 132600 | 7499774 |
| Nippn Corp. | 35000 | 642594 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nippon Air Conditioning Services Co. Ltd. | 21900 | $238049 |
| Nippon Avionics Co. Ltd. | 13100 | 622053 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 4000 | 115727 |
| Nippon Carbon Co. Ltd. | 6400 | 206737 |
| Nippon Chemical Industrial Co. Ltd. | 500 | 11498 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 14500 | 174714 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 116900 | 103978 |
| Nippon Denko Co. Ltd. | 128400 | 385479 |
| Nippon Densetsu Kogyo Co. Ltd. | 18900 | 638132 |
| Nippon Dry-Chemical Co. Ltd. | 2400 | 192352 |
| Nippon Electric Glass Co. Ltd. | 26700 | 1173175 |
| NIPPON EXPRESS HOLDINGS, Inc. | 344500 | 8491775 |
| Nippon Gas Co. Ltd. | 30500 | 610558 |
| Nippon Kayaku Co. Ltd. | 26900 | 345207 |
| Nippon Kodoshi Corp. | 4800 | 131326 |
| Nippon Light Metal Holdings Co. Ltd. | 144020 | 2872508 |
| Nippon Paint Holdings Co. Ltd. | 3500 | 25923 |
| Nippon Paper Industries Co. Ltd. | 116300 | 981002 |
| Nippon Parking Development Co. Ltd. | 213500 | 392388 |
| Nippon Sanso Holdings Corp.<sup>(2)</sup> | 5000 | 191823 |
| Nippon Seiki Co. Ltd. | 63400 | 1157814 |
| Nippon Seisen Co. Ltd. | 2500 | 21919 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 113500 | 441207 |
| Nippon Shinyaku Co. Ltd. | 102000 | 3367115 |
| Nippon Shokubai Co. Ltd. | 44800 | 729717 |
| Nippon Signal Co. Ltd. | 19200 | 221229 |
| Nippon Soda Co. Ltd. | 42600 | 1141166 |
| Nippon Steel Corp.<sup>(2)</sup> | 4577400 | 18595628 |
| Nippon Thompson Co. Ltd. | 40800 | 279933 |
| Nippon Yakin Kogyo Co. Ltd. | 15500 | 526182 |
| Nippon Yusen KK | 48400 | 1661877 |
| Nipro Corp. | 283600 | 2891122 |
| Nishikawa Rubber Co. Ltd. | 22600 | 656519 |
| Nishimatsu Construction Co. Ltd. | 8800 | 386933 |
| Nishi-Nippon Financial Holdings, Inc. | 96200 | 2738601 |
| Nishi-Nippon Railroad Co. Ltd. | 47200 | 983503 |
| Nishio Holdings Co. Ltd. | 77800 | 2313913 |
| Nissan Chemical Corp.<sup>(2)</sup> | 21300 | 968851 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 1077800 | 2969286 |
| Nissan Shatai Co. Ltd. | 32400 | 229065 |
| Nissei ASB Machine Co. Ltd. | 10900 | 645248 |
| Nissha Co. Ltd. | 24300 | 211699 |
| Nisshin Oillio Group Ltd. | 19500 | 762027 |
| Nisshin Seifun Group, Inc. | 193800 | 2711092 |
| Nisshinbo Holdings, Inc. | 70600 | 791517 |
| Nissin Foods Holdings Co. Ltd.<sup>(2)</sup> | 8700 | 183683 |
| Nisso Holdings Co. Ltd. | 100 | 442 |
| Nissui Corp. | 862600 | 8562269 |
| Niterra Co. Ltd. | 310600 | 15662634 |
| Nitori Holdings Co. Ltd.<sup>(2)</sup> | 39100 | 783269 |
| Nitta Corp. | 7400 | 224390 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 62100 | 1661869 |
| Nitto Boseki Co. Ltd. | 15300 | 2456610 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nitto Denko Corp. | 1014600 | $23529023 |
| Nitto Kogyo Corp. | 18100 | 562641 |
| Nittoc Construction Co. Ltd. | 12400 | 116088 |
| Noevir Holdings Co. Ltd. | 7900 | 238368 |
| NOF Corp. | 76300 | 1531232 |
| Nohmi Bosai Ltd. | 3100 | 89280 |
| Nojima Corp. | 232200 | 1734088 |
| NOK Corp. | 31700 | 674292 |
| Nomura Co. Ltd. | 76700 | 719544 |
| Nomura Micro Science Co. Ltd. | 137100 | 3088796 |
| Noritake Co. Ltd. | 12300 | 550996 |
| Noritsu Koki Co. Ltd. | 8300 | 120328 |
| Noritz Corp. | 25000 | 389363 |
| North Pacific Bank Ltd. | 182900 | 1282456 |
| NPR-RIKEN Corp. | 24100 | 703095 |
| NS Solutions Corp.<sup>(2)</sup> | 600 | 15461 |
| NS United Kaiun Kaisha Ltd. | 8700 | 425743 |
| NSD Co. Ltd. | 19200 | 350497 |
| NSK Ltd. | 400500 | 3602996 |
| NTN Corp. | 813500 | 2199566 |
| NTT, Inc. | 13362900 | 13073380 |
| Obara Group, Inc. | 1300 | 48975 |
| Obayashi Corp. | 648900 | 18319048 |
| Obic Co. Ltd. | 17500 | 471302 |
| Odakyu Electric Railway Co. Ltd. | 82700 | 950352 |
| Ogaki Kyoritsu Bank Ltd. | 9400 | 410661 |
| Oiles Corp. | 10700 | 183787 |
| Oisix ra daichi, Inc. | 14500 | 132171 |
| Oji Holdings Corp. | 1297100 | 8171566 |
| Okamoto Industries, Inc. | 300 | 11760 |
| Okamoto Machine Tool Works Ltd. | 1800 | 56890 |
| Okamura Foods Co. Ltd. | 7600 | 59341 |
| Okasan Securities Group, Inc. | 58800 | 374590 |
| Oki Electric Industry Co. Ltd. | 415500 | 8557745 |
| Okinawa Cellular Telephone Co. | 37500 | 805072 |
| Okinawa Electric Power Co., Inc. | 48100 | 366240 |
| Okinawa Financial Group, Inc. | 8600 | 330632 |
| Okumura Corp. | 218200 | 10198933 |
| Okura Industrial Co. Ltd. | 8800 | 294971 |
| Okuwa Co. Ltd. | 9500 | 53769 |
| Olympus Corp.<sup>(2)</sup> | 335400 | 3286501 |
| Omron Corp. | 6600 | 233840 |
| Ono Pharmaceutical Co. Ltd. | 293700 | 5049190 |
| Onoken Co. Ltd. | 1400 | 13395 |
| Onward Holdings Co. Ltd. | 81700 | 427068 |
| Open House Group Co. Ltd. | 31400 | 2323923 |
| Open Up Group, Inc. | 46900 | 575686 |
| Optex Group Co. Ltd. | 37500 | 767146 |
| Optorun Co. Ltd. | 18400 | 398851 |
| Oracle Corp. | 2200 | 132808 |
| Organo Corp.<sup>(2)</sup> | 5900 | 653550 |
| Orient Corp. | 52320 | 385064 |
| Oriental Land Co. Ltd.<sup>(2)</sup> | 170600 | 3073585 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oriental Shiraishi Corp. | 80900 | $225257 |
| ORIX Corp., ADR | 715380 | 25431759 |
| Oro Co. Ltd. | 900 | 11476 |
| Osaka Gas Co. Ltd. | 19600 | 818182 |
| Osaka Organic Chemical Industry Ltd. | 25500 | 770028 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 3100 | 51742 |
| OSAKA Titanium Technologies Co. Ltd.<sup>(2)</sup> | 46500 | 916859 |
| Osaki Electric Co. Ltd. | 10400 | 115804 |
| OSG Corp. | 70200 | 1315005 |
| Otsuka Corp. | 79800 | 1609403 |
| Otsuka Holdings Co. Ltd. | 65200 | 4492951 |
| Oyo Corp. | 2100 | 41824 |
| Pacific Industrial Co. Ltd. | 97500 | 1875904 |
| Pacific Metals Co. Ltd. | 20200 | 492953 |
| Pack Corp. | 45900 | 393579 |
| PAL GROUP Holdings Co. Ltd. | 68500 | 719434 |
| PALTAC Corp. | 8700 | 281451 |
| Pan Pacific International Holdings Corp. | 1109800 | 7416703 |
| Panasonic Holdings Corp. | 993100 | 16014784 |
| Park24 Co. Ltd. | 181400 | 2608258 |
| Pasona Group, Inc. | 4200 | 55044 |
| PCA Corp. | 300 | 3780 |
| Pegasus Co. Ltd. | 4300 | 23383 |
| Penta-Ocean Construction Co. Ltd. | 687100 | 9338373 |
| Persol Holdings Co. Ltd. | 464900 | 742901 |
| Pigeon Corp. | 62600 | 690573 |
| PILLAR Corp.<sup>(2)</sup> | 19800 | 1073233 |
| Pilot Corp. | 24000 | 749137 |
| Piolax, Inc. | 4300 | 49512 |
| Plus Alpha Consulting Co. Ltd. | 18800 | 269519 |
| Pole To Win Holdings, Inc. | 2400 | 5006 |
| Premium Group Co. Ltd. | 20000 | 236136 |
| Press Kogyo Co. Ltd. | 74400 | 478484 |
| Prestige International, Inc. | 73700 | 331508 |
| Prima Meat Packers Ltd. | 21700 | 403685 |
| Procrea Holdings, Inc. | 6200 | 118169 |
| PS Construction Co. Ltd. | 16100 | 352598 |
| Qol Holdings Co. Ltd. | 13600 | 171279 |
| QPS Holdings, Inc.<sup>(1)</sup> | 28600 | 404754 |
| Quick Co. Ltd. | 16000 | 96402 |
| Raito Kogyo Co. Ltd. | 61000 | 1701657 |
| Raiznext Corp. | 14500 | 244064 |
| Raksul, Inc. | 54400 | 663903 |
| Rakus Co. Ltd. | 10400 | 58143 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 1300 | 52888 |
| Rakuten Group, Inc.<sup>(1)</sup> | 77500 | 411435 |
| Rasa Industries Ltd. | 8200 | 541476 |
| Recruit Holdings Co. Ltd. | 322400 | 14029322 |
| Relo Group, Inc. | 86000 | 1061535 |
| Renesas Electronics Corp. | 252200 | 4756190 |
| Rengo Co. Ltd. | 207400 | 2071148 |
| RENOVA, Inc.<sup>(1)</sup> | 66200 | 312416 |
| Resona Holdings, Inc. | 1625456 | 19833513 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Resonac Holdings Corp. | 91400 | $6941043 |
| Resorttrust, Inc. | 178700 | 2217252 |
| Restar Corp. | 11600 | 233653 |
| Retail Partners Co. Ltd. | 14400 | 126713 |
| Ricoh Co. Ltd. | 1255200 | 11792675 |
| Ricoh Leasing Co. Ltd. | 10600 | 435121 |
| Riken Keiki Co. Ltd. | 10500 | 243096 |
| Riken Technos Corp. | 14000 | 165204 |
| Riken Vitamin Co. Ltd. | 15500 | 307716 |
| Rinnai Corp. | 36200 | 942808 |
| Riso Kyoiku Group Corp. | 35300 | 45606 |
| Rohm Co. Ltd. | 49000 | 898650 |
| Rohto Pharmaceutical Co. Ltd. | 175600 | 2751249 |
| Rorze Corp. | 97200 | 2059717 |
| Round One Corp. | 195800 | 1346985 |
| Royal Holdings Co. Ltd. | 37800 | 370986 |
| Ryobi Ltd. | 25900 | 500678 |
| RYODEN Corp. | 6000 | 142739 |
| Ryohin Keikaku Co. Ltd. | 374500 | 8546269 |
| Ryoyo Ryosan Holdings, Inc. | 24000 | 529659 |
| S Foods, Inc. | 14500 | 297194 |
| S&B Foods, Inc. | 4400 | 130213 |
| Sagami Holdings Corp. | 4300 | 52297 |
| Saizeriya Co. Ltd. | 17000 | 763103 |
| Sakai Chemical Industry Co. Ltd. | 5900 | 156794 |
| Sakai Moving Service Co. Ltd. | 17000 | 318633 |
| Sakata INX Corp. | 51600 | 884990 |
| Sakura Internet, Inc.<sup>(2)</sup> | 87300 | 1686916 |
| Sala Corp. | 20800 | 162788 |
| San Holdings, Inc. | 800 | 7750 |
| San ju San Financial Group, Inc. | 21000 | 846787 |
| San-A Co. Ltd. | 53200 | 1058882 |
| San-Ai Obbli Co. Ltd. | 14600 | 239968 |
| Sangetsu Corp. | 68300 | 1466150 |
| San-In Godo Bank Ltd. | 49700 | 561824 |
| Sanken Electric Co. Ltd.<sup>(1)</sup> | 11500 | 567053 |
| Sanki Engineering Co. Ltd. | 14100 | 710377 |
| Sanko Gosei Ltd. | 2700 | 18560 |
| Sankyo Co. Ltd. | 735500 | 10368368 |
| Sankyu, Inc. | 24500 | 1575905 |
| Sanoh Industrial Co. Ltd. | 15600 | 88493 |
| Sanrio Co. Ltd.<sup>(2)</sup> | 87500 | 3208058 |
| Sansan, Inc.<sup>(1)</sup> | 16300 | 122638 |
| Sansei Technologies, Inc. | 1100 | 18698 |
| Sanshin Electronics Co. Ltd. | 6600 | 136713 |
| Santec Holdings Corp. | 6300 | 794521 |
| Santen Pharmaceutical Co. Ltd. | 93200 | 1047418 |
| Sanwa Holdings Corp. | 369800 | 9786575 |
| Sanyo Chemical Industries Ltd. | 12200 | 465239 |
| Sanyo Denki Co. Ltd. | 38300 | 1250940 |
| Sanyo Electric Railway Co. Ltd. | 2700 | 36075 |
| Sanyo Trading Co. Ltd. | 100 | 1206 |
| Sato Corp. | 17800 | 284709 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Satori Electric Co. Ltd. | 1600 | $20645 |
| SBI Holdings, Inc.<sup>(2)</sup> | 682700 | 14602057 |
| SBS Holdings, Inc. | 15600 | 426693 |
| SCREEN Holdings Co. Ltd.<sup>(2)</sup> | 176300 | 25700529 |
| Scroll Corp. | 14100 | 124974 |
| SEC Carbon Ltd. | 2500 | 47991 |
| Secom Co. Ltd. | 80800 | 3134829 |
| Seibu Holdings, Inc. | 148900 | 4420257 |
| Seika Corp. | 29600 | 542531 |
| Seikagaku Corp. | 7200 | 36224 |
| Seikitokyu Kogyo Co. Ltd. | 21900 | 241860 |
| Seiko Electric Co. Ltd. | 8200 | 141114 |
| Seiko Epson Corp. | 82300 | 1114524 |
| Seiko Group Corp. | 36400 | 3076531 |
| Seino Holdings Co. Ltd. | 53100 | 905710 |
| Seiren Co. Ltd. | 56400 | 1312327 |
| Sekisui Chemical Co. Ltd. | 802300 | 15623916 |
| Sekisui House Ltd. | 67900 | 1658807 |
| Sekisui Jushi Corp. | 3000 | 47659 |
| Senko Group Holdings Co. Ltd. | 50600 | 638163 |
| Senshu Electric Co. Ltd. | 9000 | 370841 |
| Senshu Ikeda Holdings, Inc. | 249000 | 1468638 |
| Seria Co. Ltd. | 1300 | 36239 |
| Seven & i Holdings Co. Ltd. | 505200 | 7124605 |
| Seven Bank Ltd. | 274900 | 529218 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 79500 | 806332 |
| Sharingtechnology, Inc. | 33900 | 267274 |
| Shibaura Machine Co. Ltd. | 102800 | 3035165 |
| Shibaura Mechatronics Corp. | 45000 | 1656077 |
| Shibusawa Logistics Corp. | 4600 | 41710 |
| Shibuya Corp. | 4000 | 95326 |
| SHIFT, Inc.<sup>(1)(2)</sup> | 4500 | 20257 |
| Shiga Bank Ltd. | 16900 | 976003 |
| Shikoku Bank Ltd. | 19900 | 311847 |
| Shikoku Electric Power Co., Inc. | 122000 | 1381947 |
| Shikoku Kasei Holdings Corp. | 27800 | 932258 |
| Shimadzu Corp. | 69700 | 1940058 |
| Shimamura Co. Ltd. | 19800 | 455381 |
| Shimano, Inc. | 2400 | 256214 |
| Shimizu Corp. | 619200 | 13839819 |
| Shin Nippon Air Technologies Co. Ltd. | 34200 | 914275 |
| Shin Nippon Biomedical Laboratories Ltd. | 23100 | 252776 |
| Shinagawa Refra Co. Ltd. | 19700 | 315276 |
| Shindengen Electric Manufacturing Co. Ltd. | 1700 | 45277 |
| Shin-Etsu Chemical Co. Ltd. | 567800 | 22355172 |
| Shin-Etsu Polymer Co. Ltd. | 42500 | 607244 |
| Shinmaywa Industries Ltd. | 56100 | 977880 |
| Shinnihon Corp. | 4700 | 66194 |
| Shinnihonseiyaku Co. Ltd. | 3200 | 43680 |
| Shinsho Corp. | 10300 | 182640 |
| Shinwa Co. Ltd. | 3800 | 82154 |
| Shionogi & Co. Ltd. | 162900 | 3846442 |
| Ship Healthcare Holdings, Inc. | 115500 | 2035420 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shiseido Co. Ltd. | 28332 | $598219 |
| Shizuoka Financial Group, Inc. | 124100 | 2494750 |
| SHO-BOND Holdings Co. Ltd. | 9200 | 86428 |
| Shoei Co. Ltd. | 40900 | 470829 |
| Showa Sangyo Co. Ltd. | 20700 | 453819 |
| SIGMAXYZ Holdings, Inc. | 55100 | 258826 |
| Siix Corp. | 33400 | 304107 |
| Sinfonia Technology Co. Ltd. | 17200 | 1443419 |
| Sinko Industries Ltd. | 800 | 7327 |
| Sintokogio Ltd. | 28800 | 222924 |
| SK-Electronics Co. Ltd. | 7100 | 163708 |
| SKY Perfect JSAT Holdings, Inc. | 165900 | 3050149 |
| Skylark Holdings Co. Ltd. | 118700 | 2731257 |
| SMC Corp. | 1895 | 906479 |
| Sodick Co. Ltd. | 38000 | 370023 |
| SoftBank Corp. | 7264800 | 9936812 |
| SoftBank Group Corp. | 1478900 | 37868625 |
| Softcreate Holdings Corp. | 4000 | 52922 |
| Software Service, Inc. | 900 | 74999 |
| Sojitz Corp. | 365480 | 16535013 |
| Soken Chemical & Engineering Co. Ltd. | 1000 | 21076 |
| Solasto Corp. | 107300 | 654622 |
| Soliton Systems KK | 200 | 2557 |
| Sompo Holdings, Inc. | 535500 | 21245746 |
| Sony Financial Group, Inc., ADR<sup>(1)</sup> | 338004 | 1710300 |
| Sony Group Corp., ADR | 1305967 | 30115599 |
| Sotetsu Holdings, Inc. | 9900 | 186368 |
| Sparx Group Co. Ltd. | 4840 | 65752 |
| S-Pool, Inc. | 15200 | 25733 |
| Square Enix Holdings Co. Ltd. | 23700 | 390497 |
| SRA Holdings | 1000 | 32403 |
| SRS Holdings Co. Ltd. | 9800 | 79686 |
| St. Marc Holdings Co. Ltd. | 4600 | 92097 |
| Stanley Electric Co. Ltd. | 102500 | 2161493 |
| Starts Corp., Inc. | 22100 | 755838 |
| Starzen Co. Ltd. | 32300 | 284266 |
| Stella Chemifa Corp.<sup>(2)</sup> | 9400 | 337190 |
| Strike Co. Ltd. | 3600 | 106374 |
| Studio Alice Co. Ltd. | 2000 | 25609 |
| Subaru Corp. | 628300 | 11785085 |
| Sugi Holdings Co. Ltd. | 120900 | 2773140 |
| SUMCO Corp. | 1076200 | 12523446 |
| Sumida Corp. | 31200 | 249858 |
| Sumitomo Bakelite Co. Ltd. | 22400 | 861027 |
| Sumitomo Chemical Co. Ltd. | 3181500 | 11622032 |
| Sumitomo Corp. | 325700 | 13830247 |
| Sumitomo Electric Industries Ltd. | 598800 | 39568213 |
| Sumitomo Forestry Co. Ltd. | 122400 | 1323537 |
| Sumitomo Heavy Industries Ltd. | 71400 | 2815629 |
| Sumitomo Metal Mining Co. Ltd. | 52100 | 4231460 |
| Sumitomo Mitsui Financial Group, Inc., ADR<sup>(2)</sup> | 2244660 | 50370170 |
| Sumitomo Mitsui Trust Group, Inc. | 454400 | 15844420 |
| Sumitomo Osaka Cement Co. Ltd. | 337500 | 10022336 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sumitomo Realty & Development Co. Ltd. | 101800 | $3441487 |
| Sumitomo Rubber Industries Ltd. | 145800 | 2588057 |
| Sumitomo Seika Chemicals Co. Ltd. | 5400 | 247023 |
| Sumitomo Warehouse Co. Ltd. | 15200 | 393642 |
| Sun Frontier Fudousan Co. Ltd. | 2200 | 39902 |
| Sundrug Co. Ltd. | 31800 | 859820 |
| Suntory Beverage & Food Ltd. | 35600 | 1119539 |
| Sun-Wa Technos Corp.<sup>(2)</sup> | 4000 | 88980 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 6000 | 10305 |
| Suruga Bank Ltd. | 80100 | 1087027 |
| Suzuken Co. Ltd. | 11900 | 501976 |
| Suzuki Co. Ltd. | 2900 | 57178 |
| Suzuki Motor Corp. | 1341900 | 20294050 |
| SWCC Corp. | 27500 | 2705322 |
| Sysmex Corp.<sup>(2)</sup> | 103400 | 976186 |
| Systena Corp. | 227000 | 643009 |
| Syuppin Co. Ltd.<sup>(2)</sup> | 11400 | 99475 |
| T Hasegawa Co. Ltd. | 5500 | 102898 |
| T RAD Co. Ltd. | 900 | 62070 |
| T&D Holdings, Inc. | 273400 | 7363330 |
| Tachibana Eletech Co. Ltd. | 15700 | 342363 |
| Tachi-S Co. Ltd. | 29400 | 441813 |
| Tadano Ltd. | 51400 | 484107 |
| Taiheiyo Cement Corp. | 369100 | 10611208 |
| Taisei Corp. | 214000 | 27806322 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 100 | 1802 |
| Taiyo Holdings Co. Ltd. | 31800 | 1092305 |
| Taiyo Yuden Co. Ltd. | 25600 | 781442 |
| Takamatsu Construction Group Co. Ltd. | 5600 | 151580 |
| Takaoka Toko Co. Ltd. | 16100 | 602130 |
| Takara & Co. Ltd. | 4100 | 113439 |
| Takara Standard Co. Ltd. | 86900 | 1690050 |
| Takasago International Corp. | 63400 | 560948 |
| Takasago Thermal Engineering Co. Ltd. | 800 | 26845 |
| Takashimaya Co. Ltd. | 690100 | 8762595 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(2)</sup> | 443246 | 8310862 |
| Takeuchi Manufacturing Co. Ltd. | 17100 | 821244 |
| Taki Chemical Co. Ltd. | 3700 | 92506 |
| Tama Home Co. Ltd.<sup>(2)</sup> | 200 | 5120 |
| Tamron Co. Ltd. | 225000 | 1512644 |
| Tamura Corp. | 16100 | 74972 |
| Tanseisha Co. Ltd. | 53600 | 557015 |
| Tayca Corp. | 200 | 2334 |
| Tazmo Co. Ltd. | 10800 | 177281 |
| TBS Holdings, Inc. | 12600 | 476773 |
| TDC Soft, Inc. | 2800 | 20036 |
| TDK Corp. | 1483500 | 22917695 |
| TechMatrix Corp. | 44600 | 548100 |
| Techno Ryowa Ltd. | 10100 | 499616 |
| Teijin Ltd. | 1106700 | 12291293 |
| Teikoku Electric Manufacturing Co. Ltd. | 4400 | 96477 |
| Tekken Corp. | 11600 | 377562 |
| Tera Probe, Inc. | 2900 | 180858 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Terasaki Electric Co. Ltd.<sup>(2)</sup> | 2700 | $75200 |
| Terumo Corp. | 27000 | 365323 |
| Tess Holdings Co. Ltd. | 27000 | 104854 |
| TIS, Inc. | 338100 | 6987716 |
| TKC Corp. | 8300 | 214349 |
| TKP Corp.<sup>(1)(2)</sup> | 6000 | 79216 |
| Toa Corp. | 20500 | 240667 |
| Toa Corp. | 142400 | 3848087 |
| TOA ROAD Corp. | 3800 | 47493 |
| Toagosei Co. Ltd. | 118300 | 1456549 |
| TOBISHIMA HOLDINGS, Inc. | 19500 | 322471 |
| Tobu Railway Co. Ltd. | 91100 | 1835738 |
| TOC Co. Ltd. | 600 | 3513 |
| Tocalo Co. Ltd. | 71100 | 1417857 |
| Tochigi Bank Ltd. | 54000 | 350637 |
| Toda Corp. | 105600 | 1101739 |
| Toenec Corp. | 43800 | 670737 |
| Toho Bank Ltd. | 134600 | 625353 |
| Toho Co. Ltd. | 12000 | 120247 |
| Toho Co. Ltd. | 38400 | 333533 |
| Toho Titanium Co. Ltd. | 48800 | 871021 |
| Tohoku Electric Power Co., Inc. | 485300 | 4022045 |
| Tokai Carbon Co. Ltd. | 86800 | 619729 |
| Tokai Corp. | 800 | 13361 |
| TOKAI Holdings Corp. | 115600 | 897121 |
| Tokai Rika Co. Ltd. | 57600 | 1237942 |
| Tokai Tokyo Financial Holdings, Inc. | 90200 | 478596 |
| Token Corp. | 2800 | 269280 |
| Tokio Marine Holdings, Inc. | 755300 | 31368847 |
| Tokushu Tokai Paper Co. Ltd. | 300 | 3250 |
| Tokuyama Corp. | 65000 | 1862204 |
| Tokyo Century Corp. | 18800 | 274426 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(1)</sup> | 1852200 | 8280152 |
| Tokyo Electron Device Ltd. | 59700 | 1399769 |
| Tokyo Electron Ltd. | 66600 | 18739547 |
| Tokyo Energy & Systems, Inc. | 7700 | 95142 |
| Tokyo Gas Co. Ltd. | 129000 | 6332512 |
| Tokyo Keiki, Inc.<sup>(2)</sup> | 14100 | 789105 |
| Tokyo Kiraboshi Financial Group, Inc. | 76300 | 5698195 |
| Tokyo Ohka Kogyo Co. Ltd. | 60100 | 3528196 |
| Tokyo Steel Manufacturing Co. Ltd. | 38900 | 403234 |
| Tokyo Tatemono Co. Ltd. | 88600 | 2478935 |
| Tokyo Tekko Co. Ltd. | 7100 | 291158 |
| Tokyotokeiba Co. Ltd. | 11600 | 443298 |
| Tokyu Construction Co. Ltd. | 118700 | 1213154 |
| Tokyu Corp.<sup>(2)</sup> | 65900 | 842143 |
| Tokyu Fudosan Holdings Corp. | 1015900 | 10217910 |
| Toli Corp. | 24300 | 122486 |
| Tomoe Corp. | 1200 | 15881 |
| Tomoku Co. Ltd. | 4000 | 94722 |
| TOMONY Holdings, Inc. | 143200 | 899413 |
| Tomy Co. Ltd.<sup>(2)</sup> | 169400 | 3112983 |
| TOPPAN Holdings, Inc.<sup>(2)</sup> | 103700 | 3552214 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Topre Corp. | 37800 | $728072 |
| Topy Industries Ltd. | 18800 | 436841 |
| Toray Industries, Inc.<sup>(2)</sup> | 1387900 | 11884886 |
| Toridoll Holdings Corp.<sup>(2)</sup> | 265400 | 7249665 |
| Torishima Pump Manufacturing Co. Ltd. | 5200 | 88409 |
| Toshiba TEC Corp. | 18200 | 382968 |
| Tosoh Corp. | 159400 | 2785694 |
| Totech Corp. | 83200 | 2432552 |
| Totetsu Kogyo Co. Ltd. | 18800 | 699523 |
| TOTO Ltd. | 10200 | 397499 |
| Towa Pharmaceutical Co. Ltd. | 35300 | 1001792 |
| Toyo Gosei Co. Ltd.<sup>(2)</sup> | 900 | 66245 |
| Toyo Kanetsu KK | 10000 | 197437 |
| Toyo Seikan Group Holdings Ltd. | 130400 | 3406422 |
| Toyo Suisan Kaisha Ltd. | 136800 | 10760996 |
| Toyo Tanso Co. Ltd.<sup>(2)</sup> | 12600 | 511402 |
| Toyo Tire Corp. | 260600 | 8030655 |
| Toyobo Co. Ltd. | 115600 | 1366198 |
| Toyoda Gosei Co. Ltd. | 192400 | 6252207 |
| Toyota Boshoku Corp. | 118100 | 2415200 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 356705 | 86458158 |
| Toyota Tsusho Corp. | 362500 | 16203968 |
| TPR Co. Ltd. | 30300 | 273128 |
| Traders Holdings Co. Ltd. | 15200 | 111701 |
| Transaction Co. Ltd. | 32600 | 282693 |
| Transcosmos, Inc. | 14500 | 380680 |
| TRE Holdings Corp. | 45496 | 522710 |
| Trend Micro, Inc. | 350100 | 11649684 |
| Tri Chemical Laboratories, Inc. | 18400 | 445088 |
| Trusco Nakayama Corp. | 40600 | 656273 |
| TS Tech Co. Ltd. | 58500 | 753559 |
| Tsubakimoto Chain Co. | 378400 | 6477664 |
| Tsuburaya Fields Holdings, Inc. | 27100 | 269166 |
| Tsugami Corp. | 49500 | 1249468 |
| Tsukishima Holdings Co. Ltd. | 18300 | 408117 |
| Tsukuba Bank Ltd. | 33500 | 151557 |
| Tsumura & Co. | 29900 | 804489 |
| Tsuruha Holdings, Inc. | 201715 | 3400564 |
| Tsuzuki Denki Co. Ltd. | 4900 | 131172 |
| TV Asahi Holdings Corp. | 5800 | 125558 |
| Tv Tokyo Holdings Corp. | 6400 | 182480 |
| UACJ Corp. | 61400 | 1085073 |
| UBE Corp. | 40100 | 741564 |
| Uchida Yoko Co. Ltd. | 53500 | 736477 |
| U-Next Holdings Co. Ltd. | 30000 | 357761 |
| Unicharm Corp. | 966800 | 6615513 |
| Union Tool Co. | 6100 | 612897 |
| Unipres Corp. | 16500 | 155826 |
| UNISOL Holdings Corp. | 34300 | 516900 |
| United Arrows Ltd. | 7400 | 127095 |
| United Super Markets Holdings, Inc. | 53200 | 309780 |
| Unitika Ltd.<sup>(1)(2)</sup> | 63600 | 780115 |
| Universal Entertainment Corp.<sup>(1)(2)</sup> | 8000 | 38111 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ushio, Inc. | 40900 | $840516 |
| USS Co. Ltd. | 732000 | 8890966 |
| UT Group Co. Ltd. | 490500 | 674919 |
| Valor Holdings Co. Ltd. | 56100 | 1349552 |
| ValueCommerce Co. Ltd. | 8300 | 23674 |
| Vector, Inc. | 43500 | 401755 |
| Vertex Corp. | 8400 | 96539 |
| Vision, Inc. | 65800 | 555987 |
| Visional, Inc.<sup>(1)</sup> | 4800 | 226020 |
| Vital KSK Holdings, Inc. | 34000 | 323871 |
| VT Holdings Co. Ltd. | 33400 | 122642 |
| Wacom Co. Ltd. | 148900 | 833386 |
| Wakita & Co. Ltd. | 39300 | 515347 |
| Warabeya Nichiyo Holdings Co. Ltd. | 18800 | 413885 |
| WATAMI Co. Ltd. | 1600 | 9992 |
| WDB Holdings Co. Ltd. | 800 | 8204 |
| West Holdings Corp. | 13400 | 148933 |
| West Japan Railway Co. | 183400 | 3945228 |
| Will Group, Inc. | 200 | 1658 |
| World Co. Ltd. | 91400 | 966856 |
| World Holdings Co. Ltd. | 800 | 14615 |
| Xebio Holdings Co. Ltd. | 6900 | 49522 |
| Yahagi Construction Co. Ltd. | 13600 | 220153 |
| Yakult Honsha Co. Ltd. | 47000 | 787634 |
| YAKUODO Holdings Co. Ltd. | 500 | 6674 |
| YAMABIKO Corp. | 23100 | 567271 |
| Yamada Holdings Co. Ltd. | 344200 | 1277332 |
| Yamae Group Holdings Co. Ltd. | 5900 | 115184 |
| Yamagata Bank Ltd. | 1400 | 24439 |
| Yamaguchi Financial Group, Inc. | 113600 | 1996654 |
| Yamaha Corp. | 145300 | 1126032 |
| Yamaha Motor Co. Ltd. | 1051000 | 8357519 |
| Yamaichi Electronics Co. Ltd. | 75100 | 4033317 |
| Yamami Co. | 4000 | 130685 |
| Yamanashi Chuo Bank Ltd. | 9800 | 344936 |
| Yamatane Corp.<sup>(2)</sup> | 10900 | 162074 |
| Yamato Holdings Co. Ltd. | 25200 | 308676 |
| Yamato Kogyo Co. Ltd. | 13700 | 1139734 |
| Yamazaki Baking Co. Ltd. | 83500 | 1876553 |
| Yamazen Corp. | 31800 | 312458 |
| Yashima Denki Co. Ltd. | 9200 | 208999 |
| Yaskawa Electric Corp. | 154200 | 5425528 |
| Yokogawa Bridge Holdings Corp. | 42300 | 869198 |
| Yokogawa Electric Corp. | 97900 | 3904935 |
| Yokohama Financial Group, Inc. | 880200 | 9503640 |
| Yokohama Rubber Co. Ltd. | 142200 | 7152616 |
| Yokorei Co. Ltd. | 53500 | 489665 |
| Yokowo Co. Ltd. | 5900 | 125498 |
| Yonex Co. Ltd. | 30400 | 721917 |
| Yoshinoya Holdings Co. Ltd. | 20400 | 404117 |
| Yossix Holdings Co. Ltd. | 1100 | 25647 |
| Yotai Refractories Co. Ltd. | 100 | 1288 |
| Yuasa Trading Co. Ltd. | 136700 | 5662228 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yurtec Corp. | 48500 | $1002892 |
| Zacros Corp. | 61400 | 604497 |
| Zenkoku Hosho Co. Ltd. | 21200 | 436562 |
| Zenrin Co. Ltd. | 18300 | 120843 |
| Zensho Holdings Co. Ltd.<sup>(2)</sup> | 25567 | 1622912 |
| Zeon Corp. | 186600 | 2554550 |
| ZERIA Pharmaceutical Co. Ltd. | 21300 | 307325 |
| ZIGExN Co. Ltd. | 11900 | 33926 |
| ZOZO, Inc.<sup>(2)</sup> | 26400 | 191882 |
|  |  | 3370809204 |
| **Netherlands — 4.0%** |  |  |
| Aalberts NV<sup>(2)</sup> | 208188 | 8651926 |
| ABN AMRO Bank NV, CVA | 568456 | 19039156 |
| Acomo NV | 3050 | 97313 |
| Adyen NV<sup>(1)</sup> | 10181 | 11955827 |
| Aegon Ltd. | 1333264 | 9999480 |
| AerCap Holdings NV | 223559 | 33408657 |
| Akzo Nobel NV | 110050 | 7730884 |
| Alfen NV<sup>(1)(2)</sup> | 22292 | 238376 |
| Allfunds Group PLC | 1138 | 11324 |
| AMG Critical Materials NV | 76403 | 3018746 |
| Arcadis NV | 20641 | 730014 |
| ASM International NV | 40411 | 34082128 |
| ASML Holding NV, NY Shares | 119234 | 172956071 |
| ASR Nederland NV | 278779 | 20256856 |
| Basic-Fit NV<sup>(1)</sup> | 124033 | 4609156 |
| BE Semiconductor Industries NV | 36200 | 8111970 |
| Brunel International NV<sup>(2)</sup> | 15425 | 126469 |
| Coca-Cola Europacific Partners PLC | 103437 | 11422548 |
| Constellium SE<sup>(1)</sup> | 279256 | 6950682 |
| Corbion NV | 103875 | 2391360 |
| CSG NV<sup>(1)</sup> | 47944 | 1803190 |
| DSM-Firmenich AG | 57418 | 4100776 |
| Ferrari Group PLC | 16622 | 201890 |
| Flow Traders Ltd.<sup>(1)</sup> | 10254 | 320078 |
| ForFarmers NV | 48826 | 370767 |
| Fugro NV | 104270 | 1322474 |
| Heineken Holding NV | 6855 | 593823 |
| Heineken NV | 50125 | 4642520 |
| IMCD NV | 2932 | 282469 |
| ING Groep NV, ADR | 1969706 | 56668442 |
| InPost SA<sup>(1)</sup> | 158703 | 2848704 |
| Kendrion NV | 3040 | 57489 |
| Koninklijke Ahold Delhaize NV | 800747 | 39567932 |
| Koninklijke BAM Groep NV | 653208 | 7371352 |
| Koninklijke Heijmans NV, CVA | 73419 | 7739247 |
| Koninklijke KPN NV | 4461560 | 25362253 |
| Koninklijke Philips NV, NY Shares<sup>(2)</sup> | 274147 | 8772704 |
| Koninklijke Vopak NV | 200140 | 11001087 |
| Magnum Ice Cream Co. NV<sup>(1)</sup> | 83880 | 1331176 |
| Nedap NV | 3147 | 316229 |
| NN Group NV | 368932 | 30258896 |
| OCI NV<sup>(1)</sup> | 131183 | 562189 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pharming Group NV<sup>(1)(2)</sup> | 143571 | $237207 |
| PostNL NV<sup>(2)</sup> | 661817 | 893967 |
| Prosus NV | 220522 | 11334923 |
| Randstad NV | 16006 | 527750 |
| SBM Offshore NV | 176745 | 6828326 |
| SIF Holding NV<sup>(1)</sup> | 702 | 6014 |
| Signify NV | 9852 | 229540 |
| Sligro Food Group NV | 30107 | 514059 |
| TKH Group NV, CVA | 25859 | 1194746 |
| Universal Music Group NV<sup>(2)</sup> | 237208 | 5341302 |
| Van Lanschot Kempen NV | 12602 | 840875 |
| Wolters Kluwer NV | 121389 | 9806475 |
|  |  | 599039814 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 574197 | 190919 |
| Auckland International Airport Ltd. | 421608 | 2319129 |
| Channel Infrastructure NZ Ltd. | 77832 | 134447 |
| Chorus Ltd. | 356402 | 2046436 |
| Contact Energy Ltd. | 699971 | 3901951 |
| EBOS Group Ltd. | 34484 | 495156 |
| Eroad Ltd.<sup>(1)</sup> | 35996 | 19193 |
| Fisher & Paykel Healthcare Corp. Ltd. | 179509 | 4388491 |
| Fletcher Building Ltd.<sup>(1)</sup> | 580120 | 1221018 |
| Freightways Group Ltd. | 73935 | 635750 |
| Genesis Energy Ltd. | 54645 | 75008 |
| Hallenstein Glasson Holdings Ltd. | 249 | 1506 |
| Infratil Ltd.<sup>(2)</sup> | 83896 | 564017 |
| KMD Brands Ltd.<sup>(1)</sup> | 94852 | 13844 |
| Mercury NZ Ltd. | 152597 | 584929 |
| Meridian Energy Ltd. | 354312 | 1201241 |
| NZX Ltd. | 4193 | 3722 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 83326 | 41439 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 869404 | 1295124 |
| Skellerup Holdings Ltd. | 5129 | 17879 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 281947 | 141077 |
| Spark New Zealand Ltd. | 5222497 | 7141097 |
| TOWER Ltd. | 34077 | 37926 |
| Vista Group International Ltd.<sup>(1)</sup> | 6 | 7 |
|  |  | 26471306 |
| **Norway — 0.8%** |  |  |
| 2020 Bulkers Ltd. | 13747 | 194706 |
| ABG Sundal Collier Holding ASA | 4553 | 3951 |
| Aker ASA, A Shares | 3501 | 339890 |
| Aker BP ASA | 26304 | 799185 |
| Aker Solutions ASA | 133385 | 578490 |
| Austevoll Seafood ASA | 34317 | 354488 |
| Axactor ASA<sup>(1)</sup> | 598 | 462 |
| Bakkafrost P | 96 | 4603 |
| Bluenord ASA<sup>(1)</sup> | 12388 | 671597 |
| Bonheur ASA | 3589 | 95108 |
| Borregaard ASA | 5634 | 104849 |
| BW LPG Ltd. | 45601 | 830004 |
| BW Offshore Ltd. | 55356 | 298275 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cadeler AS<sup>(1)</sup> | 10 | $64 |
| DNB Bank ASA | 397605 | 12585951 |
| DNO ASA | 80340 | 139811 |
| DOF Group ASA | 65623 | 873158 |
| Elmera Group ASA | 13316 | 46445 |
| Entra ASA | 8571 | 104563 |
| Equinor ASA, ADR | 420268 | 12536594 |
| Europris ASA | 31127 | 297630 |
| Frontline PLC | 102615 | 3894239 |
| Gjensidige Forsikring ASA | 23511 | 664284 |
| Grieg Seafood ASA<sup>(1)</sup> | 6083 | 48161 |
| Hoegh Autoliners ASA | 54813 | 763555 |
| Kid ASA | 15994 | 208876 |
| Kitron ASA | 91515 | 1023699 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 89738 | 20154 |
| Kongsberg Gruppen ASA | 234424 | 9506207 |
| Leroy Seafood Group ASA | 10584 | 55239 |
| Mowi ASA | 53440 | 1262434 |
| MPC Container Ships ASA | 546460 | 1281196 |
| Multiconsult ASA | 239 | 3971 |
| NEL ASA<sup>(1)</sup> | 459476 | 99094 |
| Norbit ASA | 9777 | 213413 |
| Norsk Hydro ASA | 1012811 | 9397292 |
| Norske Skog ASA<sup>(1)</sup> | 1618 | 5120 |
| Norwegian Air Shuttle ASA | 480768 | 840339 |
| Odfjell Drilling Ltd. | 58181 | 652564 |
| Odfjell SE, Class A | 4636 | 61782 |
| Odfjell Technology Ltd. | 2866 | 20395 |
| Orkla ASA | 34028 | 465845 |
| Panoro Energy ASA<sup>(1)</sup> | 14083 | 39129 |
| Pareto Bank ASA | 2473 | 22206 |
| Petronor E&P ASA<sup>(1)</sup> | 898 | 942 |
| Protector Forsikring ASA | 14393 | 783523 |
| Rana Gruber ASA | 9046 | 74017 |
| Salmar ASA | 6484 | 388876 |
| SATS ASA<sup>(1)</sup> | 103341 | 476837 |
| Scatec ASA<sup>(1)</sup> | 96629 | 1245363 |
| Solstad Maritime Holding AS | 194 | 512 |
| SpareBank 1 Nord Norge | 268063 | 4495357 |
| Sparebank 1 Oestlandet | 6666 | 150240 |
| SpareBank 1 SMN | 116935 | 2624540 |
| SpareBank 1 Sor-Norge ASA | 9930 | 220622 |
| Sparebanken Norge | 6101 | 131947 |
| Stolt-Nielsen Ltd. | 13236 | 468912 |
| Storebrand ASA | 922679 | 17490980 |
| Subsea 7 SA | 395770 | 11480484 |
| Telenor ASA | 128714 | 2387576 |
| TGS ASA | 283454 | 3388762 |
| TOMRA Systems ASA | 67017 | 830664 |
| Veidekke ASA | 1460 | 30141 |
| Vend Marketplaces ASA, B Shares | 88341 | 2226096 |
| Wallenius Wilhelmsen ASA | 54580 | 759220 |
| Yara International ASA | 39114 | 1980037 |
|  |  | 113044666 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Portugal — 0.2%** | | |
| Banco Comercial Portugues SA, R Shares | 2504924 | $2631030 |
| CTT-Correios de Portugal SA | 22989 | 194021 |
| EDP Renovaveis SA<sup>(2)</sup> | 59856 | 945615 |
| EDP SA | 1582611 | 8420354 |
| Galp Energia SGPS SA | 512372 | 11117906 |
| Jeronimo Martins SGPS SA | 17890 | 470168 |
| Navigator Co. SA<sup>(2)</sup> | 102053 | 414692 |
| NOS SGPS SA | 38483 | 234263 |
| REN - Redes Energeticas Nacionais SGPS SA | 391377 | 1778433 |
| Semapa-Sociedade de Investimento e Gestao | 7341 | 206235 |
| Sonae SGPS SA | 124809 | 297219 |
| Teixeira Duarte SA<sup>(1)(2)</sup> | 368081 | 217608 |
|  |  | 26927544 |
| **Singapore — 1.5%** |  |  |
| AEM Holdings Ltd.<sup>(1)</sup> | 135800 | 310171 |
| Aztech Global Ltd. | 25500 | 15174 |
| Bumitama Agri Ltd. | 141800 | 147840 |
| Capitaland India Trust<sup>(2)</sup> | 625489 | 597854 |
| CapitaLand Investment Ltd.<sup>(2)</sup> | 1564600 | 3780939 |
| Centurion Corp. Ltd. | 295300 | 364067 |
| China Aviation Oil Singapore Corp. Ltd. | 544200 | 867064 |
| City Developments Ltd. | 410500 | 3179475 |
| CNMC Goldmine Holdings Ltd. | 597200 | 820278 |
| ComfortDelGro Corp. Ltd. | 5414200 | 6628241 |
| CSE Global Ltd. | 4166 | 4345 |
| DBS Group Holdings Ltd. | 767223 | 34559703 |
| Far East Orchard Ltd. | 10200 | 10384 |
| First Resources Ltd. | 556900 | 1040624 |
| Food Empire Holdings Ltd. | 36200 | 92805 |
| Frencken Group Ltd. | 646800 | 1101213 |
| Geo Energy Resources Ltd. | 1502200 | 492308 |
| Golden Agri-Resources Ltd. | 5657900 | 1273423 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 362533 | 1529889 |
| GuocoLand Ltd. | 16800 | 36505 |
| Hafnia Ltd. | 368206 | 2749288 |
| Hong Fok Corp. Ltd. | 75300 | 49317 |
| Hong Leong Asia Ltd. | 82800 | 211923 |
| Hour Glass Ltd. | 52500 | 101979 |
| Hutchison Port Holdings Trust, U Shares | 5489500 | 1235741 |
| iFAST Corp. Ltd. | 86000 | 630470 |
| Indofood Agri Resources Ltd. | 80500 | 23896 |
| ISDN Holdings Ltd. | 26800 | 8802 |
| Jardine Cycle & Carriage Ltd. | 37400 | 1044005 |
| Keppel Infrastructure Trust | 4772365 | 2075818 |
| Keppel Ltd. | 1543800 | 15945306 |
| LHN Ltd.<sup>(2)</sup> | 263200 | 131932 |
| Marco Polo Marine Ltd. | 2946000 | 360817 |
| Mewah International, Inc. | 26100 | 6511 |
| Micro-Mechanics Holdings Ltd. | 3100 | 4846 |
| Netlink NBN Trust | 395900 | 309691 |
| Olam Group Ltd. | 322700 | 233667 |
| OUE Ltd. | 21900 | 20256 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oversea-Chinese Banking Corp. Ltd. | 1653231 | $27977920 |
| Oxley Holdings Ltd.<sup>(1)</sup> | 19100 | 1298 |
| Pan-United Corp. Ltd. | 69200 | 73630 |
| Propnex Ltd. | 181100 | 292270 |
| QAF Ltd. | 19700 | 15722 |
| Rex International Holding Ltd.<sup>(1)</sup> | 1652200 | 190384 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 558900 | 339843 |
| Samudera Shipping Line Ltd. | 334300 | 287785 |
| SATS Ltd. | 291798 | 902660 |
| Sea Ltd., ADR<sup>(1)</sup> | 36147 | 3920142 |
| Seatrium Ltd.<sup>(2)</sup> | 160768 | 304247 |
| Sembcorp Industries Ltd.<sup>(2)</sup> | 227200 | 1096993 |
| Sheng Siong Group Ltd. | 1274200 | 2648133 |
| Sing Investments & Finance Ltd. | 1500 | 1956 |
| Singapore Airlines Ltd.<sup>(2)</sup> | 836850 | 4745987 |
| Singapore Exchange Ltd. | 962900 | 13827839 |
| Singapore Technologies Engineering Ltd. | 1456900 | 11464220 |
| Singapore Telecommunications Ltd. | 3058900 | 12170016 |
| Stamford Land Corp. Ltd. | 18400 | 7060 |
| StarHub Ltd.<sup>(2)</sup> | 257400 | 209432 |
| Straits Trading Co. Ltd. | 3700 | 5112 |
| Super Hi International Holding Ltd.<sup>(1)(2)</sup> | 67000 | 114606 |
| Tuan Sing Holdings Ltd. | 135695 | 39189 |
| United Overseas Bank Ltd. | 876900 | 25585708 |
| UOL Group Ltd. | 1297700 | 11564642 |
| Venture Corp. Ltd. | 113000 | 1395289 |
| Wee Hur Holdings Ltd. | 893700 | 558764 |
| Wilmar International Ltd. | 1331000 | 3700293 |
| Wing Tai Holdings Ltd. | 5400 | 7167 |
| Yangzijiang Financial Holding Ltd. | 2635700 | 643743 |
| Yangzijiang Maritime Development Ltd.<sup>(1)</sup> | 3459700 | 1704257 |
| Yangzijiang Shipbuilding Holdings Ltd. | 6168800 | 21084772 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 1307700 | 799699 |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 478000 | 30199 |
|  |  | 229707544 |
| **South Africa — 0.0%** |  |  |
| Anglogold Ashanti PLC (New York) | 1913 | 244424 |
| Valterra Platinum Ltd. | 45680 | 5291795 |
|  |  | 5536219 |
| **Spain — 3.0%** |  |  |
| Acciona SA<sup>(2)</sup> | 34155 | 9912375 |
| Acerinox SA | 463903 | 7377578 |
| ACS Actividades de Construccion y Servicios SA | 130589 | 16850529 |
| Aedas Homes SA | 5904 | 166504 |
| Aena SME SA | 576610 | 18173704 |
| Almirall SA | 15050 | 229015 |
| Amadeus IT Group SA | 56922 | 3520737 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 28283 | 172995 |
| Audax Renovables SA<sup>(1)(2)</sup> | 28268 | 45217 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 3119641 | 72157296 |
| Banco de Sabadell SA<sup>(2)</sup> | 6210735 | 23383592 |
| Banco Santander SA, ADR | 4874296 | 60246299 |
| Bankinter SA | 585807 | 9720499 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CaixaBank SA | 1166262 | $14374495 |
| Cellnex Telecom SA | 93120 | 3539092 |
| CIE Automotive SA | 7394 | 277089 |
| Construcciones y Auxiliar de Ferrocarriles SA | 19587 | 1365105 |
| Ebro Foods SA | 6389 | 146298 |
| Elecnor SA | 24456 | 834026 |
| Enagas SA | 481051 | 8722887 |
| Ence Energia y Celulosa SA<sup>(1)(2)</sup> | 25400 | 75256 |
| Endesa SA | 336312 | 13720252 |
| Ercros SA<sup>(1)</sup> | 19852 | 75815 |
| Faes Farma SA | 59181 | 364712 |
| Ferrovial SE<sup>(2)</sup> | 295869 | 22050744 |
| Gestamp Automocion SA | 263414 | 990691 |
| Grenergy Renovables SA<sup>(1)</sup> | 12866 | 1666607 |
| Grifols SA<sup>(2)</sup> | 25334 | 317840 |
| Iberdrola SA | 2035535 | 48045260 |
| Industria de Diseno Textil SA | 350881 | 23430914 |
| International Consolidated Airlines Group SA | 341708 | 1932530 |
| Laboratorios Farmaceuticos Rovi SA<sup>(2)</sup> | 6852 | 685299 |
| Logista Integral SA | 14043 | 535140 |
| Mapfre SA | 726706 | 3377792 |
| Melia Hotels International SA | 117434 | 1154462 |
| Metrovacesa SA | 5539 | 85361 |
| Naturgy Energy Group SA | 29431 | 914617 |
| Neinor Homes SA<sup>(1)</sup> | 11637 | 261450 |
| Obrascon Huarte Lain SA<sup>(1)(2)</sup> | 784514 | 370866 |
| Prosegur Cia de Seguridad SA | 79790 | 273842 |
| Redeia Corp. SA | 434742 | 8082075 |
| Repsol SA | 1859440 | 42080188 |
| Sacyr SA | 1454160 | 7780511 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 180559 | 4680939 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 87268 | 3799745 |
| Tubacex SA<sup>(2)</sup> | 18497 | 73251 |
| Unicaja Banco SA | 861078 | 2724887 |
| Vidrala SA | 11099 | 1073473 |
| Viscofan SA | 71395 | 5007731 |
|  |  | 446847582 |
| **Sweden — 3.4%** |  |  |
| AAK AB | 35108 | 960932 |
| AcadeMedia AB | 87199 | 963593 |
| AddLife AB, B Shares<sup>(2)</sup> | 17095 | 291488 |
| Addnode Group AB | 6196 | 47776 |
| AddTech AB, B Shares | 188931 | 6983639 |
| Alfa Laval AB | 138281 | 8161561 |
| Alleima AB | 322125 | 2933456 |
| Alligo AB, Class B | 4297 | 64929 |
| Ambea AB | 93443 | 1343992 |
| AQ Group AB | 71118 | 1488893 |
| Arjo AB, B Shares<sup>(2)</sup> | 189397 | 565820 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 53475 | 653425 |
| Assa Abloy AB, Class B | 206180 | 8776075 |
| Atlas Copco AB, A Shares | 729306 | 15690469 |
| Atlas Copco AB, B Shares | 662338 | 12416613 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 222468 | $870885 |
| Attendo AB | 157010 | 1811338 |
| Avanza Bank Holding AB<sup>(2)</sup> | 450664 | 16422893 |
| Axfood AB | 336748 | 12285200 |
| Beijer Ref AB | 124206 | 1937902 |
| BICO Group AB<sup>(1)</sup> | 17241 | 34651 |
| Bilia AB, A Shares | 91806 | 1405705 |
| Billerud Aktiebolag | 724881 | 6610068 |
| BioArctic AB<sup>(1)</sup> | 11890 | 406716 |
| BioGaia AB, B Shares | 34759 | 430575 |
| Bjorn Borg AB | 175 | 1322 |
| Boliden AB<sup>(1)</sup> | 338668 | 26845437 |
| Bonava AB, B Shares<sup>(1)</sup> | 54712 | 67386 |
| Boozt AB<sup>(1)(2)</sup> | 93070 | 939901 |
| Bufab AB | 89255 | 1153257 |
| Bulten AB | 2940 | 14036 |
| Bure Equity AB | 27009 | 638096 |
| Byggmax Group AB | 56813 | 405223 |
| Cantargia AB<sup>(1)</sup> | 828224 | 436125 |
| Castellum AB | 597993 | 7953730 |
| Catena AB | 22793 | 1256265 |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 60389 | 1022605 |
| Cint Group AB<sup>(1)(2)</sup> | 100573 | 38255 |
| Clas Ohlson AB, B Shares | 180504 | 7461680 |
| Cloetta AB, B Shares | 160376 | 930497 |
| Coffee Stain Group AB, Class B<sup>(1)</sup> | 109599 | 201750 |
| Coor Service Management Holding AB | 42451 | 279098 |
| Corem Property Group AB, B Shares | 1146929 | 484783 |
| CTT Systems AB | 1584 | 24161 |
| Dios Fastigheter AB | 153930 | 1197176 |
| Dynavox Group AB<sup>(1)</sup> | 131650 | 1214438 |
| Elanders AB, B Shares | 1867 | 10308 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 161491 | 1355633 |
| Electrolux Professional AB, B Shares | 68182 | 447650 |
| Elekta AB, B Shares<sup>(2)</sup> | 117214 | 750411 |
| Embracer Group AB<sup>(1)</sup> | 109599 | 640295 |
| Enad Global 7 AB<sup>(1)(2)</sup> | 27915 | 47507 |
| Eolus AB, B Shares | 914 | 3717 |
| Epiroc AB, A Shares | 409135 | 12290619 |
| Epiroc AB, B Shares | 78308 | 2036001 |
| EQT AB | 56134 | 1730118 |
| Essity AB, B Shares | 364497 | 11578057 |
| Evolution AB<sup>(2)</sup> | 4085 | 246041 |
| Fabege AB | 123142 | 1146989 |
| Fastighets AB Balder, B Shares<sup>(1)(2)</sup> | 507091 | 3810439 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 173 | 1054 |
| G5 Entertainment AB | 429 | 2381 |
| Getinge AB, B Shares | 185040 | 4141860 |
| GomSpace Group AB<sup>(1)</sup> | 79893 | 164308 |
| Granges AB | 168292 | 2980131 |
| Gruvaktiebolaget Viscaria<sup>(1)</sup> | 428352 | 861474 |
| H & M Hennes & Mauritz AB, B Shares | 572849 | 12213002 |
| Hanza AB | 9173 | 157664 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Heba Fastighets AB, Class B | 23171 | $78854 |
| Hemnet Group AB | 23275 | 300344 |
| Hexagon AB, B Shares | 131835 | 1499785 |
| Hexatronic Group AB<sup>(1)</sup> | 170539 | 521009 |
| Hexpol AB | 37930 | 325734 |
| Hoist Finance AB | 7792 | 124730 |
| Holmen AB, B Shares<sup>(2)</sup> | 31741 | 1249424 |
| Hufvudstaden AB, A Shares<sup>(2)</sup> | 85851 | 1240496 |
| Humble Group AB<sup>(1)</sup> | 36065 | 29076 |
| Husqvarna AB, B Shares | 126256 | 607117 |
| Industrivarden AB, A Shares | 29378 | 1667344 |
| Indutrade AB | 233787 | 6061326 |
| Instalco AB | 642 | 2493 |
| Intea Fastigheter AB | 10784 | 91703 |
| Investment AB Latour, B Shares | 23902 | 607705 |
| INVISIO AB<sup>(2)</sup> | 6973 | 240490 |
| Inwido AB | 6499 | 121176 |
| JM AB | 262312 | 3891947 |
| Kabe Group AB, Class B | 216 | 4442 |
| Klarabo Sverige AB, Class B<sup>(1)</sup> | 25257 | 42601 |
| Kopparbergs Bryggeri AB, B Shares | 1831 | 23432 |
| Lagercrantz Group AB, B Shares | 41773 | 1018880 |
| Lifco AB, B Shares | 46514 | 1650358 |
| Lime Technologies AB | 677 | 13770 |
| Lindab International AB | 8891 | 170340 |
| Logistea AB, Class B | 203581 | 331329 |
| Loomis AB | 256136 | 12937230 |
| Maha Capital AB<sup>(1)</sup> | 36118 | 44892 |
| Medcap AB<sup>(1)</sup> | 3148 | 170752 |
| Medicover AB, B Shares | 19620 | 473106 |
| MEKO AB | 24341 | 178717 |
| Millicom International Cellular SA | 70872 | 5165860 |
| MIPS AB | 9409 | 264175 |
| Momentum Group AB | 643 | 9260 |
| Munters Group AB | 63692 | 1330077 |
| Mycronic AB | 293969 | 6662936 |
| NCC AB, B Shares | 245129 | 5974344 |
| Nelly Group AB<sup>(1)</sup> | 16207 | 107597 |
| Neobo Fastigheter AB<sup>(1)</sup> | 123996 | 287782 |
| Net Insight AB, B Shares<sup>(1)</sup> | 69092 | 17297 |
| New Wave Group AB, B Shares | 77655 | 882114 |
| Nibe Industrier AB, B Shares | 187038 | 764251 |
| Nilorngruppen AB, B Shares | 49 | 297 |
| Nobia AB<sup>(1)(2)</sup> | 149775 | 40734 |
| Nolato AB, B Shares | 97983 | 565105 |
| Nordnet AB publ<sup>(2)</sup> | 33536 | 1058379 |
| Norion Bank AB<sup>(1)</sup> | 13975 | 88399 |
| Note AB | 5922 | 128807 |
| NP3 Fastigheter AB | 20458 | 613657 |
| Nyfosa AB | 102354 | 840698 |
| Orron Energy AB<sup>(1)(2)</sup> | 71093 | 55380 |
| Ovzon AB<sup>(1)</sup> | 69983 | 465169 |
| Pandox AB | 129571 | 2898945 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Paradox Interactive AB | 30751 | $421114 |
| Peab AB, Class B | 325850 | 3827226 |
| Platzer Fastigheter Holding AB, B Shares | 81474 | 718702 |
| Plejd AB<sup>(1)</sup> | 1103 | 102754 |
| Profoto Holding AB<sup>(1)</sup> | 290 | 297 |
| RaySearch Laboratories AB | 90596 | 1919338 |
| Rusta AB | 48621 | 443336 |
| Rvrc Holding AB | 180727 | 1358640 |
| Saab AB, Class B | 290069 | 21179966 |
| Sagax AB, B Shares | 3456 | 73149 |
| Sagax AB, D Shares | 2138 | 8301 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 469048 | 204679 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)(2)</sup> | 47848 | 48282 |
| Sandvik AB | 382226 | 16845156 |
| Saniona AB<sup>(1)</sup> | 433409 | 889066 |
| Scandi Standard AB | 15320 | 220243 |
| Scandic Hotels Group AB | 435944 | 4130386 |
| Sectra AB, B Shares | 32176 | 689447 |
| Securitas AB, B Shares | 64818 | 1153477 |
| Sinch AB<sup>(1)(2)</sup> | 745418 | 1881602 |
| Skandinaviska Enskilda Banken AB, A Shares | 726764 | 15451859 |
| Skanska AB, B Shares | 377974 | 11587497 |
| SKF AB, B Shares | 339359 | 9700475 |
| SkiStar AB | 49476 | 958285 |
| Solid Forsakring AB | 1553 | 18650 |
| Spotify Technology SA<sup>(1)</sup> | 28057 | 14447672 |
| SSAB AB, A Shares | 38295 | 341817 |
| SSAB AB, B Shares | 1310012 | 11566986 |
| Storytel AB | 54897 | 483114 |
| Sveafastigheter AB<sup>(1)(2)</sup> | 81756 | 336851 |
| Svenska Cellulosa AB SCA, B Shares | 525953 | 7140253 |
| Svenska Handelsbanken AB, A Shares | 769185 | 12297183 |
| Sweco AB, B Shares | 29404 | 469456 |
| Swedbank AB, A Shares | 492645 | 18924006 |
| Swedish Orphan Biovitrum AB<sup>(1)</sup> | 9753 | 426172 |
| Synsam AB | 75044 | 575266 |
| Tele2 AB, B Shares | 503859 | 10633520 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>(2)</sup> | 1671168 | 19385549 |
| Telia Co. AB | 2570258 | 13195207 |
| TF Bank AB | 2064 | 35982 |
| Trelleborg AB, B Shares | 190030 | 8329822 |
| Troax Group AB | 12137 | 135630 |
| Truecaller AB, B Shares | 188413 | 230243 |
| VBG Group AB, B Shares | 9519 | 392603 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 1257279 | 187565 |
| Vitec Software Group AB, B Shares<sup>(2)</sup> | 6408 | 169699 |
| Volvo AB, A Shares | 23450 | 912782 |
| Volvo AB, B Shares | 435660 | 16950832 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 480665 | 1312913 |
| Wallenstam AB, B Shares | 89724 | 453965 |
| Wihlborgs Fastigheter AB | 101539 | 1075629 |
| Zinzino AB, Class B<sup>(2)</sup> | 26128 | 445364 |
|  |  | 511369347 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Switzerland — 7.4%** | | |
| ABB Ltd. | 360044 | $33533132 |
| Accelleron Industries AG | 133248 | 12569096 |
| Alcon AG | 181484 | 15732546 |
| Allreal Holding AG | 18652 | 5718678 |
| ALSO Holding AG | 2738 | 583057 |
| Arbonia AG<sup>(1)(2)</sup> | 57618 | 369025 |
| Aryzta AG<sup>(1)(2)</sup> | 22637 | 1628754 |
| Ascom Holding AG | 18654 | 122183 |
| Autoneum Holding AG | 3877 | 640680 |
| Avolta AG<sup>(1)</sup> | 125299 | 8237067 |
| Bachem Holding AG, Class B<sup>(1)(2)</sup> | 28126 | 2170112 |
| Banque Cantonale Vaudoise | 19813 | 3031106 |
| Barry Callebaut AG | 5584 | 10495505 |
| Basellandschaftliche Kantonalbank | 14 | 21665 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 16572 | 1191029 |
| Belimo Holding AG | 6127 | 6106663 |
| Bell Food Group AG | 420 | 117609 |
| Bellevue Group AG | 1552 | 17834 |
| BKW AG | 8604 | 1690676 |
| Bossard Holding AG, Class A<sup>(2)</sup> | 3260 | 700395 |
| Bucher Industries AG | 13590 | 6757754 |
| Burckhardt Compression Holding AG | 10733 | 8018446 |
| Burkhalter Holding AG | 6278 | 1328046 |
| Bystronic AG | 324 | 107514 |
| Calida Holding AG | 169 | 2833 |
| Cembra Money Bank AG | 85684 | 11083076 |
| Chocoladefabriken Lindt & Spruengli AG | 8 | 1317799 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate | 87 | 1436338 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 4704 | 1016427 |
| Cie Financiere Richemont SA, Class A | 174408 | 35554404 |
| Clariant AG<sup>(1)(2)</sup> | 206477 | 2265955 |
| Coltene Holding AG<sup>(1)(2)</sup> | 899 | 66889 |
| COSMO Pharmaceuticals NV | 14536 | 2141828 |
| CPH Group AG | 46 | 3932 |
| Daetwyler Holding AG, Bearer Shares | 3754 | 815928 |
| DKSH Holding AG | 105461 | 8515231 |
| dormakaba Holding AG | 83168 | 6214264 |
| EFG International AG<sup>(1)</sup> | 42475 | 1041214 |
| Emmi AG | 10889 | 11477428 |
| EMS-Chemie Holding AG | 7327 | 6078635 |
| Feintool International Holding AG<sup>(1)</sup> | 829 | 11281 |
| Flughafen Zurich AG | 30538 | 10463141 |
| Forbo Holding AG | 1169 | 1363764 |
| Galderma Group AG | 18501 | 3491323 |
| Geberit AG | 17798 | 14965569 |
| Georg Fischer AG | 118617 | 7496000 |
| Givaudan SA | 1233 | 4952210 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 530 | 18999 |
| Helvetia Baloise Holding AG | 92550 | 24033340 |
| Hiag Immobilien Holding AG | 4564 | 805453 |
| Holcim AG<sup>(1)</sup> | 547838 | 50363419 |
| Huber & Suhner AG | 7657 | 1840550 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hypothekarbank Lenzburg AG | 1 | $5218 |
| Implenia AG | 61216 | 5737030 |
| Inficon Holding AG | 56744 | 8771312 |
| Interroll Holding AG | 1260 | 3166779 |
| Intershop Holding AG | 4936 | 1094898 |
| Julius Baer Group Ltd. | 222904 | 18953509 |
| Kardex Holding AG | 3311 | 1120357 |
| Komax Holding AG<sup>(1)(2)</sup> | 4322 | 381130 |
| Kuehne & Nagel International AG<sup>(2)</sup> | 46489 | 10816933 |
| Landis & Gyr Group AG<sup>(1)</sup> | 4334 | 295877 |
| LEM Holding SA<sup>(1)</sup> | 285 | 117668 |
| Leonteq AG<sup>(2)</sup> | 2830 | 42087 |
| Liechtensteinische Landesbank AG | 1502 | 182036 |
| Logitech International SA | 100325 | 9204142 |
| Lonza Group AG | 21350 | 14849831 |
| Medacta Group SA | 6395 | 1321407 |
| Medmix AG | 24583 | 301491 |
| Metall Zug AG, B Shares<sup>(2)</sup> | 13 | 13560 |
| Mikron Holding AG | 1720 | 38724 |
| Mobilezone Holding AG | 35436 | 713993 |
| Mobimo Holding AG | 11201 | 5831486 |
| Molecular Partners AG<sup>(1)</sup> | 12 | 61 |
| Montana Aerospace AG<sup>(1)</sup> | 50981 | 2065452 |
| Nestle SA | 479436 | 52383369 |
| Newron Pharmaceuticals SpA<sup>(1)(2)</sup> | 41373 | 996657 |
| Novartis AG, ADR | 599723 | 101125292 |
| OC Oerlikon Corp. AG Pfaeffikon<sup>(2)</sup> | 105361 | 577175 |
| On Holding AG, Class A<sup>(1)</sup> | 67948 | 3158223 |
| Partners Group Holding AG<sup>(2)</sup> | 18458 | 20511472 |
| Peach Property Group AG<sup>(1)</sup> | 3406 | 25656 |
| Perlen Industrieholding AG<sup>(1)</sup> | 46 | 903 |
| PolyPeptide Group AG<sup>(1)</sup> | 10310 | 343464 |
| PSP Swiss Property AG | 60822 | 13099360 |
| R&S Group Holding AG<sup>(1)(2)</sup> | 47753 | 1540147 |
| Rieter Holding AG<sup>(2)</sup> | 12016 | 48804 |
| Roche Holding AG | 316378 | 150564736 |
| Roche Holding AG, Bearer Shares | 12034 | 5964776 |
| Sandoz Group AG | 54143 | 4769576 |
| Schindler Holding AG | 15155 | 5524704 |
| Schindler Holding AG, Bearer Participation Certificate | 22712 | 8647172 |
| Schweiter Technologies AG<sup>(2)</sup> | 690 | 232433 |
| Schweizerische Nationalbank<sup>(2)</sup> | 8 | 35528 |
| SFS Group AG | 14524 | 2307054 |
| SGS SA | 112384 | 14196960 |
| Siegfried Holding AG | 74216 | 8253009 |
| Sika AG | 54479 | 11252799 |
| SKAN Group AG | 8250 | 558709 |
| Softwareone Holding AG<sup>(2)</sup> | 55424 | 486737 |
| Softwareone Holding AG | 10518 | 92568 |
| Sonova Holding AG | 3746 | 976602 |
| St. Galler Kantonalbank AG | 331 | 275324 |
| Stadler Rail AG<sup>(2)</sup> | 58825 | 1564843 |
| Straumann Holding AG | 50403 | 6034532 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sulzer AG | 11918 | $2632347 |
| Swatch Group AG<sup>(2)</sup> | 16585 | 825519 |
| Swatch Group AG, Bearer Shares | 16583 | 4242620 |
| Swiss Life Holding AG | 29168 | 33401951 |
| Swiss Prime Site AG | 78562 | 14991178 |
| Swiss Re AG<sup>(2)</sup> | 203995 | 35911117 |
| Swisscom AG | 27627 | 25914119 |
| Swissquote Group Holding SA | 16564 | 8837767 |
| Tecan Group AG | 2202 | 390154 |
| Temenos AG | 44801 | 4156216 |
| TX Group AG | 2017 | 421999 |
| UBS Group AG | 1573589 | 65193792 |
| Valiant Holding AG | 19174 | 4154204 |
| VAT Group AG | 15429 | 10881841 |
| Vetropack Holding AG | 14922 | 440048 |
| Vontobel Holding AG | 14741 | 1345964 |
| V-ZUG Holding AG<sup>(2)</sup> | 430 | 22634 |
| Ypsomed Holding AG<sup>(2)</sup> | 306 | 105961 |
| Zehnder Group AG | 15182 | 1608533 |
| Zurich Insurance Group AG | 83094 | 62679852 |
|  |  | 1108457183 |
| **United Kingdom — 12.6%** |  |  |
| 3i Group PLC | 612039 | 27343383 |
| 4imprint Group PLC | 50841 | 2700042 |
| Aberdeen Group PLC | 1484866 | 4399882 |
| Admiral Group PLC | 198772 | 7940838 |
| AG Barr PLC | 32575 | 305119 |
| Airtel Africa PLC | 560428 | 2629366 |
| AJ Bell PLC | 313746 | 1825754 |
| AltynGold PLC<sup>(1)</sup> | 2678 | 58336 |
| Anglo American PLC | 554851 | 27682940 |
| Anglo Asian Mining PLC<sup>(1)</sup> | 108327 | 437761 |
| Antofagasta PLC | 253371 | 14556858 |
| Ashmore Group PLC | 176923 | 567358 |
| Ashtead Group PLC | 453204 | 32461553 |
| ASOS PLC<sup>(1)(2)</sup> | 100753 | 385096 |
| Associated British Foods PLC | 123590 | 3291492 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 274163 | 171326 |
| AstraZeneca PLC | 408180 | 85085121 |
| Atalaya Mining Copper SA | 212386 | 2927046 |
| Autotrader Group PLC | 849645 | 5628007 |
| Aviva PLC | 1275907 | 11758032 |
| B&M European Value Retail SA | 1083945 | 2785772 |
| Babcock International Group PLC | 266577 | 4869696 |
| BAE Systems PLC | 546043 | 15592553 |
| Balfour Beatty PLC | 464320 | 4756653 |
| Barclays PLC, ADR | 2459549 | 59717850 |
| Barratt Redrow PLC | 1194934 | 5850222 |
| Beazley PLC | 554628 | 9450191 |
| Bellway PLC | 134453 | 5026627 |
| Berkeley Group Holdings PLC | 98873 | 5749401 |
| Bloomsbury Publishing PLC<sup>(2)</sup> | 67704 | 420804 |
| Bodycote PLC | 208165 | 2188566 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| boohoo Group PLC<sup>(1)(2)</sup> | 1356391 | $402345 |
| BP PLC, ADR | 1678949 | 65243958 |
| Breedon Group PLC | 181597 | 873982 |
| BT Group PLC | 8784212 | 25602447 |
| BTG Consulting PLC | 68468 | 108949 |
| Bunzl PLC | 85995 | 2537355 |
| Burberry Group PLC<sup>(1)</sup> | 583928 | 9129018 |
| Burford Capital Ltd. (London) | 156461 | 1313539 |
| Bytes Technology Group PLC<sup>(2)</sup> | 392989 | 1599727 |
| Canal & SA | 364312 | 1513048 |
| Capita PLC<sup>(1)</sup> | 712 | 3281 |
| Capital Ltd. | 115055 | 230514 |
| Capricorn Energy PLC<sup>(1)</sup> | 244534 | 854983 |
| Carnival PLC, ADR | 209575 | 6595325 |
| Central Asia Metals PLC | 402662 | 1288828 |
| Centrica PLC | 7541797 | 20225170 |
| Cerillion PLC | 10217 | 213314 |
| Chemring Group PLC | 162566 | 1168325 |
| Clarkson PLC | 9521 | 544328 |
| Close Brothers Group PLC<sup>(1)</sup> | 167247 | 1117543 |
| CMC Markets PLC | 221418 | 972551 |
| Coats Group PLC | 2501879 | 3142302 |
| Coca-Cola HBC AG<sup>(1)</sup> | 196039 | 12725151 |
| Cohort PLC<sup>(2)</sup> | 7905 | 138953 |
| Compass Group PLC | 458156 | 14030327 |
| Computacenter PLC | 94220 | 4017133 |
| Conduit Holdings Ltd. | 31755 | 186241 |
| Convatec Group PLC | 115753 | 399371 |
| Costain Group PLC | 103210 | 258260 |
| Cranswick PLC | 10242 | 748579 |
| Crest Nicholson Holdings PLC | 430251 | 883061 |
| Croda International PLC | 11091 | 462971 |
| CVS Group PLC | 72691 | 1303642 |
| DCC PLC | 40404 | 2817453 |
| DFS Furniture PLC<sup>(1)</sup> | 121017 | 308153 |
| Diageo PLC, ADR | 174683 | 15634129 |
| Diversified Energy Co. | 68018 | 955269 |
| Domino's Pizza Group PLC | 129500 | 349782 |
| dotdigital group PLC | 126291 | 97639 |
| Dr. Martens PLC | 671452 | 623399 |
| Drax Group PLC | 865654 | 10342996 |
| Dunelm Group PLC | 182905 | 2487554 |
| easyJet PLC | 592147 | 3701843 |
| Ecora Royalties PLC | 314766 | 607445 |
| Elementis PLC | 147259 | 329638 |
| Endeavour Mining PLC | 93856 | 6753394 |
| Energean PLC | 12144 | 145701 |
| EnQuest PLC | 3844349 | 882307 |
| Experian PLC | 255951 | 9633788 |
| FDM Group Holdings PLC | 46954 | 89396 |
| Ferrexpo PLC<sup>(1)</sup> | 400815 | 303138 |
| Firstgroup PLC | 1773754 | 4398256 |
| Forterra PLC | 243525 | 620894 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Foxtons Group PLC | 74700 | $49308 |
| Frasers Group PLC<sup>(1)</sup> | 286368 | 2708752 |
| Fresnillo PLC | 127789 | 7291545 |
| Frontier Developments PLC<sup>(1)</sup> | 8349 | 44399 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 144071 | 281039 |
| Galliford Try Holdings PLC | 29427 | 217597 |
| Games Workshop Group PLC | 60657 | 14590140 |
| Gamma Communications PLC | 55627 | 671636 |
| Gateley Holdings PLC | 25213 | 26738 |
| Genel Energy PLC<sup>(1)</sup> | 207691 | 180192 |
| Georgia Capital PLC<sup>(1)</sup> | 67605 | 3392983 |
| Glencore PLC<sup>(1)</sup> | 4303196 | 31093234 |
| Goodwin PLC | 854 | 276027 |
| Grafton Group PLC | 287894 | 3843941 |
| Greggs PLC<sup>(2)</sup> | 226145 | 4838413 |
| GSK PLC, ADR | 1134282 | 67070095 |
| Gulf Keystone Petroleum Ltd. | 574300 | 1618255 |
| Gym Group PLC<sup>(1)</sup> | 98189 | 235793 |
| Haleon PLC, ADR<sup>(2)</sup> | 1092341 | 12092215 |
| Halfords Group PLC | 344851 | 689631 |
| Halma PLC | 108610 | 6111442 |
| Harbour Energy PLC | 215366 | 738691 |
| Hays PLC | 1661522 | 902873 |
| Helios Towers PLC<sup>(1)</sup> | 1571433 | 4227157 |
| Hikma Pharmaceuticals PLC | 196602 | 3486746 |
| Hill & Smith PLC | 87074 | 2797452 |
| Hilton Food Group PLC | 25989 | 185628 |
| Hiscox Ltd. | 210044 | 4376199 |
| Hochschild Mining PLC | 770846 | 8383841 |
| Hollywood Bowl Group PLC | 286746 | 1026068 |
| Howden Joinery Group PLC | 977840 | 12741832 |
| HSBC Holdings PLC, ADR | 1357332 | 126449049 |
| Hunting PLC | 214316 | 1492458 |
| hVIVO PLC | 170058 | 19466 |
| Ibstock PLC | 559452 | 1000262 |
| ICG PLC | 244058 | 5493808 |
| IG Group Holdings PLC | 378215 | 6634051 |
| IMI PLC | 240704 | 9339222 |
| Impax Asset Management Group PLC | 122786 | 242020 |
| Inchcape PLC | 289900 | 3478454 |
| Informa PLC | 70893 | 800685 |
| IntegraFin Holdings PLC | 57265 | 244857 |
| InterContinental Hotels Group PLC | 39382 | 5411884 |
| International Personal Finance PLC | 322239 | 1076215 |
| International Workplace Group PLC | 831538 | 2495958 |
| Intertek Group PLC | 98518 | 6277574 |
| Investec PLC | 555704 | 4801366 |
| IP Group PLC<sup>(1)</sup> | 1407728 | 1064952 |
| IQE PLC<sup>(1)</sup> | 335316 | 84678 |
| ITV PLC | 2491 | 2666 |
| J D Wetherspoon PLC | 222333 | 2161790 |
| J Sainsbury PLC | 2553796 | 12001697 |
| JD Sports Fashion PLC | 3346455 | 3686538 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JET2 PLC | 388646 | $6567165 |
| Johnson Matthey PLC | 218527 | 5931517 |
| Johnson Service Group PLC | 706144 | 1390542 |
| Jubilee Metals Group PLC<sup>(1)</sup> | 2556663 | 151040 |
| Jupiter Fund Management PLC | 491289 | 1240947 |
| Just Group PLC | 1407758 | 4114597 |
| Kainos Group PLC | 132423 | 1338983 |
| Keller Group PLC | 147067 | 4007921 |
| Kier Group PLC | 1968 | 6300 |
| Kingfisher PLC | 2584755 | 13001391 |
| Lancashire Holdings Ltd. | 184925 | 1667605 |
| Legal & General Group PLC | 3372484 | 12318853 |
| Lion Finance Group PLC | 71616 | 11182333 |
| Liontrust Asset Management PLC | 75940 | 276451 |
| Lloyds Banking Group PLC, ADR<sup>(2)</sup> | 9578730 | 53161952 |
| London Stock Exchange Group PLC | 51034 | 6080368 |
| Luceco PLC | 63888 | 152253 |
| M&C Saatchi PLC<sup>(2)</sup> | 72658 | 125270 |
| M&G PLC | 1509940 | 6447357 |
| Man Group PLC | 589461 | 2123782 |
| Marks & Spencer Group PLC | 3411500 | 18238205 |
| Marshalls PLC | 97083 | 234555 |
| Marston's PLC<sup>(1)</sup> | 1329180 | 1077786 |
| Mears Group PLC | 125919 | 604087 |
| Metals Exploration PLC<sup>(1)</sup> | 511159 | 108764 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 427432 | 1731397 |
| Mitie Group PLC | 1936450 | 4702842 |
| Mobico Group PLC<sup>(1)</sup> | 184479 | 77997 |
| Molten Ventures PLC<sup>(1)</sup> | 179775 | 1125472 |
| Mondi PLC | 238414 | 2850113 |
| MONY Group PLC | 338303 | 784322 |
| Moonpig Group PLC | 160774 | 480927 |
| Morgan Advanced Materials PLC | 422291 | 1372297 |
| Morgan Sindall Group PLC | 48908 | 3264019 |
| Mortgage Advice Bureau Holdings Ltd. | 37677 | 326259 |
| Motorpoint group PLC | 46044 | 85470 |
| MP Evans Group PLC | 6685 | 129811 |
| National Grid PLC, ADR | 282026 | 26445578 |
| NatWest Group PLC, ADR<sup>(2)</sup> | 2132376 | 35397442 |
| Next 15 Group PLC | 9057 | 36993 |
| Next PLC | 135404 | 24675964 |
| Ninety One PLC | 362277 | 1225697 |
| Norcros PLC | 13166 | 63392 |
| Ocado Group PLC<sup>(1)(2)</sup> | 48888 | 138992 |
| OSB Group PLC | 610137 | 5012984 |
| OXB<sup>(1)</sup> | 1000 | 8843 |
| Oxford Instruments PLC | 10731 | 380393 |
| Pagegroup PLC | 637261 | 1620314 |
| Pan African Resources PLC | 5204375 | 12573838 |
| Pantheon Resources PLC<sup>(1)</sup> | 7065 | 711 |
| Paragon Banking Group PLC | 295770 | 3405677 |
| PayPoint PLC | 5693 | 45081 |
| Pearson PLC, ADR | 59103 | 762429 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pennon Group PLC | 671926 | $5428995 |
| Persimmon PLC | 238702 | 4841408 |
| Phoenix Group Holdings PLC | 288855 | 2983511 |
| Playtech PLC | 214735 | 1019923 |
| Plus500 Ltd. | 202046 | 10880017 |
| Polar Capital Holdings PLC | 12852 | 110144 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 747023 | 24403 |
| Premier Foods PLC | 609629 | 1620180 |
| Prudential PLC, ADR<sup>(2)</sup> | 483587 | 14870300 |
| PZ Cussons PLC | 263627 | 291483 |
| QinetiQ Group PLC | 256338 | 1752557 |
| Quilter PLC | 2817253 | 7455816 |
| Rathbones Group PLC | 63821 | 1941742 |
| Reach PLC | 499332 | 486575 |
| Reckitt Benckiser Group PLC | 450346 | 39674991 |
| RELX PLC, ADR | 622689 | 21663350 |
| Renew Holdings PLC | 22319 | 281971 |
| Renishaw PLC | 3340 | 193197 |
| Rentokil Initial PLC | 266189 | 1644605 |
| Restore PLC | 6200 | 21107 |
| RHI Magnesita NV | 4271 | 191480 |
| Rightmove PLC | 1272712 | 7668841 |
| Rio Tinto PLC, ADR | 476795 | 47364815 |
| Rolls-Royce Holdings PLC | 2739596 | 49263643 |
| RS Group PLC | 232050 | 2180152 |
| RWS Holdings PLC | 84430 | 86627 |
| S4 Capital PLC<sup>(2)</sup> | 221562 | 61532 |
| Sabre Insurance Group PLC | 2450 | 4516 |
| Sage Group PLC | 109979 | 1210180 |
| Savannah Energy PLC<sup>(1)</sup> | 227796 | 30173 |
| Savills PLC | 53223 | 725451 |
| Schroders PLC | 322319 | 2538069 |
| Secure Trust Bank PLC | 3018 | 61823 |
| Senior PLC | 733570 | 3035522 |
| Serabi Gold PLC<sup>(1)</sup> | 53081 | 244258 |
| Serco Group PLC | 310678 | 1264306 |
| Serica Energy PLC | 672978 | 2188951 |
| Severn Trent PLC | 200966 | 8870515 |
| Shell PLC, ADR | 1452260 | 121278233 |
| SIG PLC<sup>(1)</sup> | 304196 | 41353 |
| Smith & Nephew PLC, ADR<sup>(2)</sup> | 176990 | 6530931 |
| Smiths Group PLC | 71264 | 2634657 |
| Softcat PLC | 173357 | 2667791 |
| Speedy Hire PLC | 755341 | 258871 |
| Spirax Group PLC | 21567 | 2298118 |
| Spire Healthcare Group PLC | 231293 | 634489 |
| SSE PLC | 744640 | 26915294 |
| SSP Group PLC | 921398 | 2553120 |
| St. James's Place PLC | 595501 | 10782939 |
| Standard Chartered PLC | 1852979 | 45708189 |
| SThree PLC | 226023 | 529979 |
| Strix Group PLC<sup>(1)</sup> | 244032 | 159754 |
| Synthomer PLC<sup>(1)(2)</sup> | 98543 | 26180 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taylor Wimpey PLC | 3369243 | $5114390 |
| TBC Bank Group PLC | 84059 | 5436634 |
| Telecom Plus PLC | 2443 | 45248 |
| Tesco PLC | 5284214 | 34207529 |
| TP ICAP Group PLC | 731917 | 2498669 |
| Travis Perkins PLC | 190054 | 1781525 |
| Treatt PLC | 76053 | 215571 |
| Trustpilot Group PLC<sup>(1)</sup> | 188848 | 373713 |
| TT Electronics PLC<sup>(1)</sup> | 88873 | 144862 |
| TUI AG | 181026 | 1717404 |
| Tullow Oil PLC<sup>(1)(2)</sup> | 659710 | 95717 |
| Unilever PLC, ADR | 452002 | 33335148 |
| United Utilities Group PLC | 660144 | 12374009 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 531006 | 855929 |
| Vertu Motors PLC | 727274 | 587215 |
| Vesuvius PLC | 263775 | 1775367 |
| Victrex PLC | 58883 | 560225 |
| Vistry Group PLC<sup>(1)</sup> | 337463 | 3162649 |
| Vodafone Group PLC, ADR | 2310998 | 35496929 |
| Volex PLC | 64900 | 423567 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 77609 | 533926 |
| Watkin Jones PLC<sup>(1)</sup> | 269298 | 124710 |
| Weir Group PLC | 105274 | 4993180 |
| WH Smith PLC | 100124 | 932214 |
| Whitbread PLC | 172652 | 6044833 |
| Wickes Group PLC | 660932 | 2248939 |
| Wise PLC, Class A<sup>(1)</sup> | 65970 | 764385 |
| XP Power Ltd.<sup>(1)</sup> | 5012 | 93556 |
| Yellow Cake PLC<sup>(1)</sup> | 310109 | 2653805 |
| Young & Co.'s Brewery PLC, Class A | 9392 | 111770 |
| Zigup PLC | 479367 | 2652771 |
|  |  | 1888758546 |
| **United States — 0.3%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 293872 | 18851044 |
| Coeur Mining, Inc.<sup>(1)</sup> | 130060 | 3531129 |
| Dauch Corp.<sup>(1)</sup> | 120323 | 755635 |
| Ferguson Enterprises, Inc. | 15200 | 3974113 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 131633 | 4307032 |
| Ovintiv, Inc. | 88298 | 4456167 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 4737 | 705434 |
| Royal Gold, Inc. | 9144 | 2741280 |
| Sunococorp LLC | 15678 | 938955 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 1648 | 14338 |
|  |  | 40275127 |
| **TOTAL COMMON STOCKS**<br>(Cost $10,849,693,842) |  | **14986409995** |
| **RIGHTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Bapcor Ltd.<sup>(1)</sup> | 33766 | 3748 |
| **New Zealand — 0.0%** |  |  |
| Genesis Energy Ltd.<sup>(1)</sup> | 6917 | 879 |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(1)</sup> | 87199 | 5419 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nobia AB<sup>(1)(2)</sup> | 149775 | $14094 |
|  |  | 19513 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 20752 | 22318 |
| **TOTAL RIGHTS**<br>(Cost $87,665) |  | **46458** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 1432 | 14 |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(1)</sup> | 1886 | 14 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)</sup> | 9846 | 18380 |
| Webuild SpA<sup>(1)(2)</sup> | 3662 | 14361 |
|  |  | 32741 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **32769** |
| **SHORT-TERM INVESTMENTS — 1.7%** |  |  |
| **Money Market Funds — 1.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 26187779 | 26187779 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 235903250 | 235903250 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $262,091,029) |  | **262091029** |
| **TOTAL INVESTMENT SECURITIES — 101.5%**<br>(Cost $11,111,872,536) |  | **15248580251** |
| **OTHER ASSETS AND LIABILITIES — (1.5)%** |  | **(225060243)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**15023520008** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 23.0% |
| Industrials | 19.8% |
| Materials | 13.5% |
| Consumer Discretionary | 9.8% |
| Energy | 6.8% |
| Health Care | 6.1% |
| Information Technology | 6.0% |
| Consumer Staples | 5.1% |
| Utilities | 4.4% |
| Communication Services | 3.5% |
| Real Estate | 1.8% |
| Short-Term Investments | 1.7% |
| Other Assets and Liabilities | (1.5)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $435,633,108. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $454,187,177, which includes securities collateral of $218,283,927.

------

Schedule of Investments - Avantis International Equity ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $80207660 | $872207777 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 32014760 | 119093750 |  |
| &nbsp;&nbsp;&nbsp;Canada | 7723272 | 1828358405 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 49205947 | 182880348 |  |
| &nbsp;&nbsp;&nbsp;Finland | 12271148 | 138173850 |  |
| &nbsp;&nbsp;&nbsp;France | 144296180 | 1075543021 |  |
| &nbsp;&nbsp;&nbsp;Germany | 75974980 | 1019622259 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 966359 | 260210966 |  |
| &nbsp;&nbsp;&nbsp;Israel | 33772983 | 178632734 |  |
| &nbsp;&nbsp;&nbsp;Italy | 29259457 | 372436117 |  |
| &nbsp;&nbsp;&nbsp;Japan | 317606503 | 3053202701 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 301509760 | 297530054 |  |
| &nbsp;&nbsp;&nbsp;Norway | 16430833 | 96613833 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 5450031 | 224257513 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 244424 | 5291795 |  |
| &nbsp;&nbsp;&nbsp;Spain | 132403595 | 314443987 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 38999081 | 472370266 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 169477307 | 938979876 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 834194849 | 1054563697 |  |
| &nbsp;&nbsp;&nbsp;United States | 12238168 | 28036959 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 159712790 |  |
| Rights | 22318 | 24140 |  |
| Warrants |  | 32769 |  |
| Short-Term Investments | 262091029 |  |  |
|  | $2556360644 | $12692219607 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Large Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Australia — 6.4%** | | |
| Ampol Ltd. | 73215 | $1469968 |
| ANZ Group Holdings Ltd. | 246047 | 7002670 |
| Aurizon Holdings Ltd. | 500945 | 1479146 |
| Bendigo & Adelaide Bank Ltd. | 1788 | 13617 |
| BHP Group Ltd., ADR | 201519 | 16437905 |
| BlueScope Steel Ltd. | 1188 | 23666 |
| Brambles Ltd. | 235234 | 4195191 |
| Challenger Ltd. | 199981 | 1270079 |
| Coles Group Ltd. | 226773 | 3325716 |
| Dyno Nobel Ltd. | 14650 | 34594 |
| Endeavour Group Ltd. | 365330 | 1014960 |
| Evolution Mining Ltd. | 510424 | 6055698 |
| Fortescue Ltd. | 225860 | 3392693 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 289761 | 1541983 |
| Greatland Resources Ltd.<sup>(1)</sup> | 20972 | 210416 |
| JB Hi-Fi Ltd. | 264 | 15432 |
| Mineral Resources Ltd.<sup>(1)</sup> | 38802 | 1677047 |
| New Hope Corp. Ltd.<sup>(2)</sup> | 21920 | 73057 |
| Northern Star Resources Ltd. | 218808 | 4796216 |
| Perseus Mining Ltd. | 479757 | 2062213 |
| Qantas Airways Ltd. | 141190 | 999271 |
| QBE Insurance Group Ltd. | 252026 | 3913808 |
| Ramelius Resources Ltd. | 392967 | 1291036 |
| Rio Tinto Ltd. | 32605 | 3876082 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 46451 | 666291 |
| Santos Ltd. | 775063 | 3735151 |
| South32 Ltd. | 142173 | 465742 |
| Telstra Group Ltd. | 536378 | 1977246 |
| Whitehaven Coal Ltd. | 335301 | 1861908 |
| Woodside Energy Group Ltd. | 45080 | 920398 |
| Woodside Energy Group Ltd., ADR | 10782 | 220815 |
| Woolworths Group Ltd. | 63921 | 1638694 |
| Yancoal Australia Ltd.<sup>(2)</sup> | 163873 | 682896 |
|  |  | 78341605 |
| **Austria — 0.4%** |  |  |
| ANDRITZ AG | 128 | 11112 |
| BAWAG Group AG | 3407 | 527686 |
| CPI Europe AG<sup>(1)</sup> | 3555 | 67432 |
| OMV AG | 17483 | 1132552 |
| Raiffeisen Bank International AG | 20235 | 1005273 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 4441 | 346417 |
| voestalpine AG | 26571 | 1520662 |
| Wienerberger AG | 11869 | 389573 |
|  |  | 5000707 |
| **Belgium — 0.7%** |  |  |
| Ackermans & van Haaren NV | 2350 | 805834 |
| Ageas SA | 3014 | 223719 |
| Bekaert SA | 65 | 3355 |
| Colruyt Group NV<sup>(2)</sup> | 6345 | 257547 |
| D'ieteren Group<sup>(2)</sup> | 1171 | 253195 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KBC Ancora | 1380 | $122609 |
| KBC Group NV | 19680 | 2665321 |
| Proximus SADP | 659 | 5435 |
| Solvay SA | 13931 | 457597 |
| Syensqo SA | 15069 | 859168 |
| UCB SA | 9105 | 2734991 |
| Umicore SA | 1273 | 27130 |
|  |  | 8415901 |
| **Canada — 12.9%** |  |  |
| Agnico Eagle Mines Ltd. | 42385 | 10646510 |
| Alamos Gold, Inc., Class A | 91846 | 4977952 |
| Alimentation Couche-Tard, Inc. | 556 | 33742 |
| ARC Resources Ltd. | 152950 | 2836872 |
| Aritzia, Inc.<sup>(1)</sup> | 16775 | 1485345 |
| B2Gold Corp. | 424042 | 2605089 |
| Bank of Nova Scotia | 94779 | 7190155 |
| Barrick Mining Corp. | 212593 | 10786673 |
| BCE, Inc. | 6965 | 183054 |
| Brookfield Wealth Solutions Ltd. | 2442 | 108579 |
| Canadian Imperial Bank of Commerce | 83983 | 8483573 |
| Canadian National Railway Co. | 43449 | 4875729 |
| Canadian Natural Resources Ltd. | 223006 | 9755337 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 10495 | 1472093 |
| Capital Power Corp. | 39388 | 1848916 |
| Capstone Copper Corp.<sup>(1)</sup> | 3170 | 32791 |
| Cenovus Energy, Inc. | 292258 | 6511287 |
| DPM Metals, Inc. | 8859 | 383573 |
| Eldorado Gold Corp. | 4953 | 230030 |
| Element Fleet Management Corp. | 80119 | 1908336 |
| Empire Co. Ltd., Class A | 30963 | 1098193 |
| Equinox Gold Corp. (Toronto)<sup>(1)</sup> | 4650 | 87270 |
| Finning International, Inc.<sup>(2)</sup> | 1184 | 79822 |
| First Quantum Minerals Ltd.<sup>(1)</sup> | 78488 | 2349950 |
| Hudbay Minerals, Inc. | 28728 | 814000 |
| iA Financial Corp., Inc. | 19945 | 2268295 |
| Imperial Oil Ltd. | 21120 | 2470361 |
| Keyera Corp. | 58487 | 2232201 |
| Kinross Gold Corp. | 263552 | 9741792 |
| Loblaw Cos. Ltd. | 53894 | 2497840 |
| Lundin Gold, Inc. | 25866 | 2438028 |
| Lundin Mining Corp. | 202837 | 6462590 |
| Magna International, Inc. | 66437 | 4189177 |
| New Gold, Inc.<sup>(1)</sup> | 51010 | 685095 |
| Nutrien Ltd. | 73266 | 5510325 |
| OceanaGold Corp. | 3487 | 148294 |
| Onex Corp. | 8 | 595 |
| Pan American Silver Corp. | 93026 | 6382004 |
| Royal Bank of Canada | 72584 | 12136089 |
| South Bow Corp. | 1209 | 38874 |
| Suncor Energy, Inc. | 177467 | 10024436 |
| Toromont Industries Ltd. | 1698 | 263529 |
| Toronto-Dominion Bank | 21955 | 2138764 |
| Tourmaline Oil Corp. | 68006 | 3192775 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Whitecap Resources, Inc. | 345008 | $3444895 |
|  |  | 157050830 |
| **Denmark — 0.6%** |  |  |
| AP Moller - Maersk AS, A Shares | 48 | 117572 |
| AP Moller - Maersk AS, B Shares | 77 | 191180 |
| Danske Bank AS | 14762 | 770200 |
| Genmab AS, ADR<sup>(1)</sup> | 18225 | 536544 |
| H Lundbeck AS | 16380 | 100627 |
| Jyske Bank AS | 2329 | 349058 |
| NKT AS<sup>(1)</sup> | 5480 | 708324 |
| Novo Nordisk AS, ADR | 63249 | 2368675 |
| Novonesis Novozymes B, B Shares | 3529 | 209883 |
| Orsted AS<sup>(1)</sup> | 14460 | 340660 |
| Pandora AS | 177 | 13992 |
| Ringkjoebing Landbobank AS | 1342 | 349985 |
| Rockwool AS, B Shares | 4509 | 149507 |
| Vestas Wind Systems AS | 46073 | 1177824 |
| Zealand Pharma AS<sup>(1)</sup> | 903 | 52270 |
|  |  | 7436301 |
| **Finland — 1.4%** |  |  |
| Hiab OYJ, B Shares | 24458 | 1405289 |
| Huhtamaki OYJ | 30842 | 1151945 |
| Kemira OYJ | 37157 | 900423 |
| Kesko OYJ, B Shares | 109150 | 2689665 |
| Kojamo OYJ<sup>(1)</sup> | 789 | 9182 |
| Kone OYJ, B Shares | 8477 | 639108 |
| Konecranes OYJ | 262 | 30931 |
| Metso OYJ | 2310 | 48024 |
| Neste OYJ | 1796 | 44880 |
| Nordea Bank Abp | 90082 | 1744528 |
| Stora Enso OYJ, R Shares | 340420 | 4617681 |
| UPM-Kymmene OYJ | 132588 | 4222292 |
| Wartsila OYJ Abp | 1816 | 78859 |
|  |  | 17582807 |
| **France — 7.5%** |  |  |
| Aeroports de Paris SA<sup>(2)</sup> | 12402 | 1730500 |
| ArcelorMittal SA, NY Shares | 82490 | 5375048 |
| Ayvens SA | 9391 | 119212 |
| BioMerieux<sup>(2)</sup> | 1016 | 120083 |
| Bouygues SA | 60 | 3713 |
| Carrefour SA | 768 | 14565 |
| Cie de Saint-Gobain SA | 51733 | 5242713 |
| Cie Generale des Etablissements Michelin SCA | 125972 | 5094460 |
| Dassault Aviation SA | 33 | 13254 |
| Eiffage SA | 23603 | 4070159 |
| FDJ UNITED | 120 | 3640 |
| Gaztransport Et Technigaz SA | 12633 | 2885099 |
| Hermes International SCA | 1059 | 2545268 |
| Ipsen SA | 8784 | 1714659 |
| JCDecaux SE | 23549 | 485502 |
| Kering SA | 9944 | 3334606 |
| LVMH Moet Hennessy Louis Vuitton SE | 13011 | 8314293 |
| Nexans SA | 15361 | 2206639 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Orange SA | 295988 | $6376335 |
| Renault SA | 57079 | 2158619 |
| Safran SA | 29646 | 11939593 |
| SEB SA | 93 | 5708 |
| TotalEnergies SE | 176601 | 14188124 |
| Valeo SE | 21284 | 306937 |
| Vallourec SACA | 66861 | 1564329 |
| Verallia SA<sup>(2)</sup> | 4123 | 94320 |
| Vinci SA | 66961 | 11114594 |
| Vusion | 2409 | 338660 |
|  |  | 91360632 |
| **Germany — 8.0%** |  |  |
| adidas AG | 320 | 59371 |
| Allianz SE | 18916 | 8494745 |
| Aurubis AG | 268 | 54301 |
| BASF SE | 99966 | 5726067 |
| Bayer AG | 144570 | 7153442 |
| Bayerische Motoren Werke AG | 34322 | 3597063 |
| Bayerische Motoren Werke AG, Preference Shares | 6932 | 723422 |
| Bechtle AG | 19348 | 777404 |
| Beiersdorf AG | 100 | 12650 |
| Commerzbank AG | 12 | 487 |
| Continental AG | 34498 | 2972829 |
| Daimler Truck Holding AG | 108228 | 5460549 |
| Deutsche Lufthansa AG | 182592 | 1950347 |
| Deutsche Post AG | 112204 | 6607147 |
| Deutsche Telekom AG | 259057 | 10403767 |
| Dr. Ing hc F Porsche AG, Preference Shares | 11014 | 536951 |
| Evonik Industries AG | 879 | 15283 |
| Fielmann Group AG | 1903 | 103719 |
| FUCHS SE, Preference Shares | 16684 | 720485 |
| Hannover Rueck SE | 10755 | 3259003 |
| Heidelberg Materials AG | 46 | 10248 |
| HUGO BOSS AG | 7428 | 326646 |
| Infineon Technologies AG | 126044 | 6793119 |
| KION Group AG | 25642 | 1740290 |
| Knorr-Bremse AG | 14089 | 1844056 |
| Krones AG | 3184 | 498541 |
| Mercedes-Benz Group AG | 11583 | 801412 |
| MTU Aero Engines AG | 1248 | 537934 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 11623 | 7585438 |
| Nordex SE<sup>(1)</sup> | 37853 | 1910326 |
| Rational AG | 304 | 263480 |
| RENK Group AG | 2470 | 166438 |
| RWE AG | 133872 | 8611807 |
| Schaeffler AG | 27815 | 338844 |
| Schott Pharma AG & Co. KGaA | 841 | 14554 |
| Talanx AG | 16089 | 2023682 |
| thyssenkrupp AG | 207915 | 2565517 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 10076 | 1143275 |
| United Internet AG | 20455 | 674492 |
| Volkswagen AG | 1576 | 188321 |
| Volkswagen AG, Preference Shares | 10851 | 1290191 |
|  |  | 97957643 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hong Kong — 1.8%** | | |
| AIA Group Ltd. | 158200 | $1745187 |
| Bank of East Asia Ltd. | 267757 | 520362 |
| BOC Hong Kong Holdings Ltd. | 331500 | 1896098 |
| CK Asset Holdings Ltd. | 287000 | 1820951 |
| CK Hutchison Holdings Ltd. | 258000 | 2124320 |
| DFI Retail Group Holdings Ltd. | 88900 | 371875 |
| Hang Lung Group Ltd. | 35000 | 75029 |
| Hang Lung Properties Ltd. | 549910 | 720290 |
| Henderson Land Development Co. Ltd. | 44000 | 198891 |
| Hong Kong Exchanges & Clearing Ltd. | 53600 | 2863577 |
| Hysan Development Co. Ltd. | 33000 | 91974 |
| Jardine Matheson Holdings Ltd. | 200 | 16488 |
| Johnson Electric Holdings Ltd. | 107000 | 422742 |
| Kerry Properties Ltd. | 104000 | 334891 |
| Man Wah Holdings Ltd. | 262800 | 171159 |
| Mobvista, Inc.<sup>(1)</sup> | 5000 | 7562 |
| New World Development Co. Ltd.<sup>(1)</sup> | 14000 | 19385 |
| Pacific Basin Shipping Ltd. | 38000 | 16798 |
| Sands China Ltd. | 39600 | 89465 |
| Sino Land Co. Ltd. | 13075 | 21312 |
| SITC International Holdings Co. Ltd. | 292000 | 1245586 |
| Sun Hung Kai Properties Ltd. | 109000 | 2026379 |
| SUNeVision Holdings Ltd.<sup>(2)</sup> | 8000 | 6885 |
| Swire Properties Ltd. | 8000 | 27532 |
| Techtronic Industries Co. Ltd. | 64500 | 1044621 |
| United Energy Group Ltd. | 1056000 | 88116 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 120000 | 199537 |
| WH Group Ltd. | 1591000 | 2000120 |
| Wharf Real Estate Investment Co. Ltd. | 379000 | 1395220 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 454305 | 600851 |
| Yue Yuen Industrial Holdings Ltd. | 126500 | 300243 |
|  |  | 22463446 |
| **Ireland — 0.4%** |  |  |
| AIB Group PLC | 214351 | 2224920 |
| Glanbia PLC | 4967 | 102754 |
| Kingspan Group PLC | 231 | 22870 |
| Ryanair Holdings PLC | 70950 | 2292755 |
|  |  | 4643299 |
| **Israel — 1.1%** |  |  |
| Bank Hapoalim BM | 94540 | 2386012 |
| Bank Leumi Le-Israel BM | 102596 | 2483799 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 443102 | 1168426 |
| Clal Insurance Enterprises Holdings Ltd. | 1330 | 99482 |
| Delek Group Ltd. | 769 | 235934 |
| First International Bank Of Israel Ltd. | 8153 | 701533 |
| Harel Insurance Investments & Financial Services Ltd. | 20754 | 1092008 |
| Israel Corp. Ltd. | 87 | 22482 |
| Israel Discount Bank Ltd., A Shares | 144789 | 1752376 |
| Menora Mivtachim Holdings Ltd. | 1973 | 282268 |
| Mizrahi Tefahot Bank Ltd. | 13540 | 1014450 |
| Phoenix Financial Ltd. | 33645 | 1720208 |
|  |  | 12958978 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Italy — 4.0%** | | |
| Banca Generali SpA | 17549 | $1131188 |
| Banca Mediolanum SpA | 74882 | 1606110 |
| Banca Popolare di Sondrio SpA | 10738 | 217038 |
| BPER Banca SpA | 331371 | 4667007 |
| Brunello Cucinelli SpA<sup>(2)</sup> | 350 | 33868 |
| Eni SpA, ADR | 199763 | 9376875 |
| Fincantieri SpA<sup>(1)(2)</sup> | 53723 | 909874 |
| FinecoBank Banca Fineco SpA | 132803 | 3125398 |
| Intesa Sanpaolo SpA | 1250660 | 8581464 |
| Iveco Group NV<sup>(2)</sup> | 112530 | 2549102 |
| Poste Italiane SpA | 21466 | 575073 |
| Saipem SpA<sup>(2)</sup> | 595239 | 2502729 |
| Tenaris SA, ADR<sup>(2)</sup> | 162 | 8813 |
| UniCredit SpA | 152185 | 12958150 |
|  |  | 48242689 |
| **Japan — 19.1%** |  |  |
| 77 Bank Ltd. | 3900 | 245127 |
| Aeon Co. Ltd. | 252965 | 3601314 |
| AGC, Inc. | 44000 | 1951445 |
| Air Water, Inc. | 40200 | 558206 |
| Aisin Corp. | 98200 | 1743102 |
| Amada Co. Ltd. | 18400 | 305923 |
| ANA Holdings, Inc. | 28500 | 621437 |
| Asahi Kasei Corp. | 221600 | 2611651 |
| Astellas Pharma, Inc. | 197100 | 3280040 |
| BIPROGY, Inc. | 15000 | 455465 |
| Bridgestone Corp. | 98500 | 2377797 |
| Brother Industries Ltd. | 51200 | 1057589 |
| Calbee, Inc. | 300 | 5934 |
| Canon Marketing Japan, Inc. | 13400 | 600272 |
| Central Japan Railway Co. | 109400 | 3229010 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 23800 | 629192 |
| Cosmo Energy Holdings Co. Ltd. | 6400 | 197783 |
| Credit Saison Co. Ltd. | 30300 | 922590 |
| Daicel Corp. | 29400 | 308620 |
| Daido Steel Co. Ltd. | 9300 | 141739 |
| Dai-ichi Life Holdings, Inc. | 426900 | 4380569 |
| Denso Corp. | 16200 | 232436 |
| Dexerials Corp. | 7600 | 125354 |
| DMG Mori Co. Ltd. | 300 | 5941 |
| East Japan Railway Co. | 126600 | 3127082 |
| Ebara Corp. | 60500 | 2124965 |
| Electric Power Development Co. Ltd. | 39200 | 936186 |
| ENEOS Holdings, Inc. | 457300 | 4362938 |
| EXEO Group, Inc. | 30900 | 592100 |
| Fukuoka Financial Group, Inc. | 32100 | 1404066 |
| Furukawa Electric Co. Ltd. | 18200 | 3260902 |
| GMO Payment Gateway, Inc. | 3600 | 186690 |
| Gunma Bank Ltd.<sup>(2)</sup> | 66300 | 958422 |
| Hachijuni Nagano Bank Ltd. | 69800 | 927331 |
| Hakuhodo DY Holdings, Inc.<sup>(2)</sup> | 2000 | 14998 |
| Haseko Corp. | 25800 | 563654 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hitachi Construction Machinery Co. Ltd. | 23400 | $1051338 |
| Hitachi Ltd. | 45800 | 1499368 |
| Hokuhoku Financial Group, Inc. | 5700 | 227680 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 113308 | 3417369 |
| Horiba Ltd. | 8200 | 1101288 |
| Idemitsu Kosan Co. Ltd. | 100300 | 959006 |
| IHI Corp. | 170800 | 4672681 |
| INFRONEER Holdings, Inc. | 13800 | 230977 |
| Inpex Corp. | 144500 | 3527637 |
| Internet Initiative Japan, Inc. | 21700 | 316358 |
| Isuzu Motors Ltd.<sup>(2)</sup> | 104100 | 1940211 |
| Iyogin Holdings, Inc. | 42400 | 918979 |
| J Front Retailing Co. Ltd. | 66800 | 1101013 |
| Japan Airlines Co. Ltd. | 29300 | 605389 |
| Japan Airport Terminal Co. Ltd. | 12000 | 409303 |
| Japan Petroleum Exploration Co. Ltd. | 1000 | 15308 |
| Japan Post Holdings Co. Ltd. | 54100 | 704525 |
| JFE Holdings, Inc.<sup>(2)</sup> | 127600 | 1796238 |
| JTEKT Corp. | 41300 | 566847 |
| Kandenko Co. Ltd. | 23400 | 1045503 |
| Kawasaki Heavy Industries Ltd. | 32700 | 3802299 |
| KDDI Corp. | 257100 | 4416337 |
| Kintetsu Group Holdings Co. Ltd.<sup>(2)</sup> | 11800 | 249751 |
| Kioxia Holdings Corp.<sup>(1)</sup> | 200 | 27029 |
| Kobe Steel Ltd.<sup>(2)</sup> | 74500 | 1084118 |
| Koito Manufacturing Co. Ltd. | 8400 | 151421 |
| Komatsu Ltd. | 91600 | 4396832 |
| Kubota Corp. | 106000 | 2154683 |
| Kuraray Co. Ltd. | 63100 | 746771 |
| Kurita Water Industries Ltd. | 22200 | 1234006 |
| Kyushu Railway Co. | 8100 | 205772 |
| Lixil Corp. | 55100 | 647410 |
| Marui Group Co. Ltd. | 34700 | 705642 |
| Mazda Motor Corp. | 131600 | 1165336 |
| Medipal Holdings Corp. | 25300 | 495793 |
| MEIJI Holdings Co. Ltd.<sup>(2)</sup> | 12000 | 309579 |
| Mercari, Inc.<sup>(1)(2)</sup> | 16500 | 390489 |
| Minebea Mitsumi, Inc. | 52300 | 1121295 |
| MISUMI Group, Inc.<sup>(2)</sup> | 40200 | 809373 |
| Mitsubishi Chemical Group Corp. | 214400 | 1591006 |
| Mitsubishi Gas Chemical Co., Inc. | 28900 | 807176 |
| Mitsubishi HC Capital, Inc. | 177100 | 1716415 |
| Mitsubishi Heavy Industries Ltd. | 28700 | 914895 |
| Mitsubishi Motors Corp. | 127600 | 349714 |
| Mitsui Chemicals, Inc. | 93200 | 1419043 |
| Mitsui E&S Co. Ltd.<sup>(2)</sup> | 23900 | 1197947 |
| Mitsui Fudosan Co. Ltd. | 254100 | 3425222 |
| Mitsui Kinzoku Co. Ltd.<sup>(2)</sup> | 16900 | 3971263 |
| Mitsui OSK Lines Ltd.<sup>(2)</sup> | 1300 | 48236 |
| Mizuho Financial Group, Inc., ADR<sup>(2)</sup> | 342380 | 3036911 |
| Modec, Inc. | 15000 | 1289303 |
| MS&AD Insurance Group Holdings, Inc. | 118600 | 3304956 |
| Nagase & Co. Ltd. | 400 | 12668 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nagoya Railroad Co. Ltd.<sup>(2)</sup> | 17900 | $211417 |
| NGK Insulators Ltd. | 58000 | 1698889 |
| NH Foods Ltd. | 18900 | 866536 |
| NHK Spring Co. Ltd. | 43400 | 832828 |
| Nichirei Corp. | 29600 | 403030 |
| Nifco, Inc. | 10100 | 357929 |
| Nippon Electric Glass Co. Ltd. | 6400 | 281210 |
| NIPPON EXPRESS HOLDINGS, Inc. | 56300 | 1387771 |
| Nippon Steel Corp.<sup>(2)</sup> | 608800 | 2473242 |
| Nippon Yusen KK | 5500 | 188850 |
| Nissan Chemical Corp.<sup>(2)</sup> | 24600 | 1118955 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 376200 | 1036413 |
| Nisshin Seifun Group, Inc. | 4200 | 58754 |
| Niterra Co. Ltd.<sup>(2)</sup> | 32800 | 1654006 |
| Nitori Holdings Co. Ltd.<sup>(2)</sup> | 29800 | 596967 |
| Nitto Denko Corp. | 86500 | 2005973 |
| NOF Corp. | 23900 | 479639 |
| NOK Corp. | 1400 | 29780 |
| NTT, Inc. | 2177700 | 2130518 |
| Odakyu Electric Railway Co. Ltd. | 10200 | 117214 |
| Oji Holdings Corp. | 161400 | 1016800 |
| Ono Pharmaceutical Co. Ltd. | 5600 | 96273 |
| Open House Group Co. Ltd. | 14900 | 1102753 |
| ORIX Corp., ADR | 102396 | 3640178 |
| Otsuka Corp. | 7700 | 155293 |
| PAL GROUP Holdings Co. Ltd. | 21800 | 228959 |
| Panasonic Holdings Corp. | 218500 | 3523543 |
| Park24 Co. Ltd. | 600 | 8627 |
| Persol Holdings Co. Ltd. | 339100 | 541875 |
| Resonac Holdings Corp.<sup>(2)</sup> | 29900 | 2270647 |
| Resorttrust, Inc. | 15300 | 189838 |
| Ricoh Co. Ltd. | 63900 | 600344 |
| Rorze Corp. | 700 | 14833 |
| Round One Corp. | 10000 | 68794 |
| Sankyo Co. Ltd. | 26400 | 372162 |
| Sankyu, Inc. | 8200 | 527446 |
| SBI Holdings, Inc.<sup>(2)</sup> | 102600 | 2194479 |
| SCREEN Holdings Co. Ltd.<sup>(2)</sup> | 15500 | 2259547 |
| Seibu Holdings, Inc. | 42900 | 1273533 |
| Seiko Epson Corp. | 33300 | 450956 |
| Seven Bank Ltd.<sup>(2)</sup> | 66400 | 127829 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 59500 | 603481 |
| Sharp Corp.<sup>(1)(2)</sup> | 300 | 1234 |
| SKY Perfect JSAT Holdings, Inc. | 1000 | 18385 |
| SoftBank Group Corp. | 220900 | 5656352 |
| Sompo Holdings, Inc. | 22600 | 896646 |
| Sony Financial Group, Inc., ADR<sup>(1)(2)</sup> | 69994 | 354170 |
| Stanley Electric Co. Ltd.<sup>(2)</sup> | 16700 | 352165 |
| Subaru Corp. | 89400 | 1676885 |
| Sugi Holdings Co. Ltd. | 18200 | 417462 |
| SUMCO Corp. | 2500 | 29092 |
| Sumitomo Chemical Co. Ltd. | 389800 | 1423941 |
| Sumitomo Electric Industries Ltd. | 95300 | 6297346 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sumitomo Heavy Industries Ltd. | 1800 | $70982 |
| Sumitomo Mitsui Financial Group, Inc., ADR<sup>(2)</sup> | 305921 | 6864867 |
| Sumitomo Mitsui Trust Group, Inc. | 75300 | 2625627 |
| Sumitomo Rubber Industries Ltd. | 55100 | 978065 |
| Suntory Beverage & Food Ltd. | 1300 | 40882 |
| Suzuki Motor Corp. | 217500 | 3289333 |
| Taiheiyo Cement Corp. | 28200 | 810718 |
| Taiyo Yuden Co. Ltd.<sup>(2)</sup> | 1000 | 30525 |
| Takashimaya Co. Ltd. | 56800 | 721222 |
| TDK Corp. | 215600 | 3330674 |
| Tobu Railway Co. Ltd. | 2700 | 54407 |
| Toho Holdings Co. Ltd.<sup>(2)</sup> | 400 | 12393 |
| Tokio Marine Holdings, Inc. | 158200 | 6570305 |
| Tokyo Century Corp. | 37300 | 544472 |
| Tokyo Metro Co. Ltd. | 15700 | 168015 |
| Tokyu Fudosan Holdings Corp. | 113700 | 1143593 |
| Tomy Co. Ltd.<sup>(2)</sup> | 200 | 3675 |
| Toray Industries, Inc. | 31200 | 267172 |
| Tosoh Corp. | 55000 | 961187 |
| TOTO Ltd. | 6700 | 261103 |
| Toyo Seikan Group Holdings Ltd. | 25300 | 660909 |
| Toyo Tire Corp. | 35100 | 1081642 |
| Toyoda Gosei Co. Ltd. | 11600 | 376952 |
| Toyota Boshoku Corp. | 18800 | 384469 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 58530 | 14186501 |
| Toyota Tsusho Corp.<sup>(2)</sup> | 60200 | 2690976 |
| Tsuruha Holdings, Inc. | 28865 | 486614 |
| West Japan Railway Co. | 70700 | 1520870 |
| Yamada Holdings Co. Ltd. | 70200 | 260513 |
| Yamaha Motor Co. Ltd.<sup>(2)</sup> | 175700 | 1397161 |
| Yamazaki Baking Co. Ltd. | 15700 | 352837 |
| Yaskawa Electric Corp. | 1000 | 35185 |
| Yokogawa Electric Corp. | 34500 | 1376101 |
| Yokohama Rubber Co. Ltd. | 31500 | 1584440 |
|  |  | 232819755 |
| **Netherlands — 3.1%** |  |  |
| ABN AMRO Bank NV, CVA | 58016 | 1943116 |
| Adyen NV<sup>(1)</sup> | 178 | 209030 |
| AerCap Holdings NV | 20421 | 3051714 |
| Akzo Nobel NV | 20168 | 1416778 |
| ASM International NV | 2922 | 2464378 |
| ASML Holding NV, NY Shares | 8221 | 11925054 |
| ASR Nederland NV | 23429 | 1702416 |
| Coca-Cola Europacific Partners PLC | 660 | 72884 |
| Heineken NV | 72 | 6669 |
| ING Groep NV, ADR | 162249 | 4667904 |
| InPost SA<sup>(1)(2)</sup> | 17961 | 322398 |
| Koninklijke Ahold Delhaize NV | 66741 | 3297925 |
| Koninklijke KPN NV | 524958 | 2984184 |
| Koninklijke Vopak NV<sup>(2)</sup> | 621 | 34135 |
| NN Group NV | 39336 | 3226242 |
| OCI NV<sup>(1)</sup> | 2227 | 9544 |
| SBM Offshore NV | 1288 | 49760 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wolters Kluwer NV | 273 | $22054 |
|  |  | 37406185 |
| **New Zealand — 0.1%** |  |  |
| Air New Zealand Ltd. | 50725 | 16866 |
| Auckland International Airport Ltd.<sup>(2)</sup> | 80891 | 444955 |
| Chorus Ltd. | 22363 | 128407 |
| Fletcher Building Ltd.<sup>(1)</sup> | 181567 | 382157 |
| Meridian Energy Ltd. | 83306 | 282436 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 76287 | 113642 |
| Spark New Zealand Ltd. | 138035 | 188745 |
|  |  | 1557208 |
| **Norway — 0.7%** |  |  |
| Aker Solutions ASA | 496 | 2151 |
| BW LPG Ltd. | 17496 | 318453 |
| DNB Bank ASA | 2145 | 67899 |
| DOF Group ASA | 609 | 8103 |
| Equinor ASA, ADR | 66198 | 1974686 |
| Frontline PLC | 434 | 16470 |
| Kongsberg Gruppen ASA | 16231 | 658189 |
| Norsk Hydro ASA | 148386 | 1376789 |
| Stolt-Nielsen Ltd. | 298 | 10557 |
| Storebrand ASA | 74807 | 1418096 |
| Subsea 7 SA | 47612 | 1381127 |
| Vend Marketplaces ASA, B Shares | 30 | 756 |
| Wallenius Wilhelmsen ASA | 28483 | 396205 |
| Yara International ASA | 28246 | 1429875 |
|  |  | 9059356 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 1657094 | 1740517 |
| EDP Renovaveis SA<sup>(2)</sup> | 31332 | 494988 |
| Jeronimo Martins SGPS SA | 6390 | 167936 |
| NOS SGPS SA | 54 | 329 |
|  |  | 2403770 |
| **Singapore — 1.6%** |  |  |
| ComfortDelGro Corp. Ltd. | 88600 | 108467 |
| DBS Group Holdings Ltd. | 173350 | 7808583 |
| Golden Agri-Resources Ltd. | 37500 | 8440 |
| Hafnia Ltd. | 64924 | 484769 |
| Keppel Ltd. | 258700 | 2672011 |
| Olam Group Ltd. | 8000 | 5793 |
| Oversea-Chinese Banking Corp. Ltd. | 42300 | 715850 |
| Singapore Airlines Ltd.<sup>(2)</sup> | 49600 | 281294 |
| United Overseas Bank Ltd. | 110300 | 3218273 |
| Wilmar International Ltd. | 6700 | 18627 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1090100 | 3725929 |
|  |  | 19048036 |
| **Spain — 4.5%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 1029975 | 23823322 |
| Banco de Sabadell SA<sup>(2)</sup> | 495220 | 1864517 |
| Ferrovial SE<sup>(2)</sup> | 121929 | 9087215 |
| Industria de Diseno Textil SA | 47622 | 3180072 |
| International Consolidated Airlines Group SA | 577995 | 3268851 |
| Mapfre SA | 7636 | 35493 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Repsol SA | 613700 | $13888381 |
|  |  | 55147851 |
| **Sweden — 2.7%** |  |  |
| AAK AB | 1092 | 29889 |
| Atlas Copco AB, A Shares | 212559 | 4573047 |
| Atlas Copco AB, B Shares | 99229 | 1860211 |
| Avanza Bank Holding AB<sup>(2)</sup> | 32054 | 1168097 |
| Axfood AB | 14216 | 518626 |
| BioArctic AB<sup>(1)</sup> | 16710 | 571591 |
| Boliden AB<sup>(1)</sup> | 44594 | 3534864 |
| Clas Ohlson AB, B Shares | 174 | 7193 |
| Elekta AB, B Shares | 1732 | 11088 |
| Embracer Group AB<sup>(1)(2)</sup> | 27003 | 157756 |
| Epiroc AB, A Shares | 88233 | 2650563 |
| Epiroc AB, B Shares | 29179 | 758652 |
| Essity AB, B Shares | 36776 | 1168170 |
| H & M Hennes & Mauritz AB, B Shares | 96253 | 2052091 |
| Husqvarna AB, B Shares | 81132 | 390133 |
| Loomis AB | 17915 | 904873 |
| Nordnet AB publ<sup>(2)</sup> | 29288 | 924314 |
| Paradox Interactive AB | 4076 | 55818 |
| Peab AB, Class B | 38467 | 451809 |
| Sinch AB<sup>(1)(2)</sup> | 10 | 25 |
| SKF AB, B Shares | 72907 | 2084025 |
| SSAB AB, A Shares | 4912 | 43844 |
| SSAB AB, B Shares | 2440 | 21544 |
| Svenska Handelsbanken AB, A Shares | 1098 | 17554 |
| Swedbank AB, A Shares | 39353 | 1511669 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>(2)</sup> | 381016 | 4419786 |
| Telia Co. AB | 438684 | 2252119 |
| Trelleborg AB, B Shares | 66 | 2893 |
| Volvo AB, A Shares | 224 | 8719 |
| Volvo AB, B Shares | 76 | 2957 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 36514 | 99736 |
|  |  | 32253656 |
| **Switzerland — 7.4%** |  |  |
| Accelleron Industries AG | 32633 | 3078225 |
| Banque Cantonale Vaudoise | 1569 | 240034 |
| Barry Callebaut AG | 234 | 439819 |
| DKSH Holding AG | 5800 | 468309 |
| EFG International AG<sup>(1)</sup> | 8707 | 213440 |
| Emmi AG | 128 | 134917 |
| Flughafen Zurich AG | 6121 | 2097219 |
| Geberit AG | 367 | 308594 |
| Georg Fischer AG | 16437 | 1038736 |
| Helvetia Baloise Holding AG | 14064 | 3652133 |
| Holcim AG<sup>(1)</sup> | 88456 | 8131868 |
| Julius Baer Group Ltd. | 33447 | 2843996 |
| Kuehne & Nagel International AG | 940 | 218717 |
| Logitech International SA | 492 | 45138 |
| On Holding AG, Class A<sup>(1)</sup> | 108 | 5020 |
| Partners Group Holding AG<sup>(2)</sup> | 3859 | 4288318 |
| Roche Holding AG | 50325 | 23949738 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Roche Holding AG, Bearer Shares | 1946 | $964555 |
| SFS Group AG | 4744 | 753557 |
| Siegfried Holding AG | 160 | 17792 |
| Sika AG | 15375 | 3175752 |
| Swatch Group AG | 376 | 18715 |
| Swiss Life Holding AG | 4034 | 4619565 |
| Swiss Re AG | 29458 | 5185763 |
| Swisscom AG | 5183 | 4861653 |
| Swissquote Group Holding SA | 16 | 8537 |
| UBS Group AG | 193679 | 8024121 |
| Vontobel Holding AG | 587 | 53597 |
| Zurich Insurance Group AG | 15004 | 11317887 |
|  |  | 90155715 |
| **United Kingdom — 15.2%** |  |  |
| 3i Group PLC | 108384 | 4842151 |
| Aberdeen Group PLC | 268316 | 795061 |
| Admiral Group PLC | 90506 | 3615668 |
| Ashtead Group PLC | 90506 | 6482655 |
| Autotrader Group PLC | 130070 | 861577 |
| Beazley PLC | 40581 | 691451 |
| BP PLC, ADR | 278853 | 10836228 |
| BT Group PLC | 1825386 | 5320266 |
| Burberry Group PLC<sup>(1)</sup> | 67359 | 1053078 |
| Carnival PLC, ADR | 26957 | 848337 |
| Diageo PLC, ADR | 53925 | 4826287 |
| easyJet PLC | 166131 | 1038578 |
| Fresnillo PLC | 50459 | 2879153 |
| Games Workshop Group PLC | 10027 | 2411846 |
| Glencore PLC<sup>(1)</sup> | 333999 | 2413348 |
| GSK PLC, ADR | 232268 | 13734007 |
| Hikma Pharmaceuticals PLC | 279 | 4948 |
| Howden Joinery Group PLC | 230100 | 2998339 |
| HSBC Holdings PLC, ADR | 188203 | 17532991 |
| J Sainsbury PLC | 300312 | 1411332 |
| JD Sports Fashion PLC | 870281 | 958723 |
| JET2 PLC | 42963 | 725969 |
| Kingfisher PLC | 429519 | 2160493 |
| Legal & General Group PLC | 1095438 | 4001365 |
| Lion Finance Group PLC | 2344 | 365999 |
| Lloyds Banking Group PLC, ADR | 275000 | 1526250 |
| Marks & Spencer Group PLC | 1025356 | 5481651 |
| NatWest Group PLC, ADR | 245665 | 4078039 |
| Next PLC | 38088 | 6941140 |
| Prudential PLC, ADR<sup>(2)</sup> | 25042 | 770041 |
| Reckitt Benckiser Group PLC | 118214 | 10414524 |
| Rightmove PLC | 291195 | 1754622 |
| Rolls-Royce Holdings PLC | 960092 | 17264454 |
| Shell PLC, ADR | 302711 | 25279396 |
| Softcat PLC | 28043 | 431554 |
| St. James's Place PLC | 146118 | 2645808 |
| Standard Chartered PLC | 279175 | 6886524 |
| Tesco PLC | 994770 | 6439676 |
| Vodafone Group PLC, ADR | 65574 | 1007217 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Whitbread PLC | 37641 | $1317874 |
| Wise PLC, Class A<sup>(1)</sup> | 42305 | 490182 |
|  |  | 185538802 |
| **United States — 0.0%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 804 | 51574 |
| Sunococorp LLC | 85 | 5091 |
|  |  | 56665 |
| **TOTAL COMMON STOCKS**<br>(Cost $884,974,009) |  | **1216901837** |
| **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| **Money Market Funds — 3.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 942045 | 942045 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 38387992 | 38387992 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $39,330,037) |  | **39330037** |
| **TOTAL INVESTMENT SECURITIES — 103.0%**<br>(Cost $924,304,046) |  | **1256231874** |
| **OTHER ASSETS AND LIABILITIES — (3.0)%** |  | **(36250443)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1219981431** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 25.9% |
| Industrials | 17.7% |
| Materials | 15.5% |
| Energy | 12.0% |
| Consumer Discretionary | 9.7% |
| Health Care | 4.8% |
| Consumer Staples | 4.7% |
| Communication Services | 4.4% |
| Information Technology | 3.2% |
| Utilities | 1.0% |
| Real Estate | 0.9% |
| Short-Term Investments | 3.2% |
| Other Assets and Liabilities | (3.0)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $53,339,801. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $55,741,618, which includes securities collateral of $17,353,626.

------

Schedule of Investments - Avantis International Large Cap Value ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $16658720 | $61682885 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 2905219 | 4531082 |  |
| &nbsp;&nbsp;&nbsp;France | 19563172 | 71797460 |  |
| &nbsp;&nbsp;&nbsp;Italy | 9385688 | 38857001 |  |
| &nbsp;&nbsp;&nbsp;Japan | 31499996 | 201319759 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 19717556 | 17688629 |  |
| &nbsp;&nbsp;&nbsp;Norway | 1991156 | 7068200 |  |
| &nbsp;&nbsp;&nbsp;Spain | 23823322 | 31324529 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 4419786 | 27833870 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 8029141 | 82126574 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 80438793 | 105100009 |  |
| &nbsp;&nbsp;&nbsp;United States | 5091 | 51574 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 349082625 |  |
| Short-Term Investments | 39330037 |  |  |
|  | $257767677 | $998464197 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Australia — 9.5%** | | |
| 29Metals Ltd.<sup>(1)</sup> | 42412 | $12178 |
| Accent Group Ltd. | 32850 | 27035 |
| Adairs Ltd.<sup>(2)</sup> | 16884 | 22685 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 77727 | 28961 |
| AGL Energy Ltd. | 37239 | 262177 |
| Alkane Resources Ltd.<sup>(1)</sup> | 47426 | 59230 |
| Alkane Resources Ltd.<sup>(1)</sup> | 34599 | 42359 |
| Alpha HPA Ltd.<sup>(1)(2)</sup> | 61928 | 28606 |
| Amotiv Ltd. | 13006 | 73029 |
| AMP Ltd. | 222454 | 205501 |
| Amplitude Energy Ltd.<sup>(1)</sup> | 28786 | 52170 |
| Ansell Ltd. | 15170 | 351388 |
| Antipa Minerals Ltd.<sup>(1)</sup> | 54003 | 26742 |
| Appen Ltd.<sup>(1)(2)</sup> | 13794 | 18267 |
| ARB Corp. Ltd.<sup>(2)</sup> | 8286 | 151312 |
| Argosy Minerals Ltd.<sup>(1)(2)</sup> | 163148 | 9852 |
| Audinate Group Ltd.<sup>(1)(2)</sup> | 6775 | 14646 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 150696 | 32730 |
| Aurizon Holdings Ltd. | 180820 | 533909 |
| Ausgold Ltd.<sup>(1)</sup> | 43594 | 34837 |
| Aussie Broadband Ltd. | 22155 | 79983 |
| Austal Ltd.<sup>(1)</sup> | 42417 | 155686 |
| Australian Clinical Labs Ltd.<sup>(2)</sup> | 16142 | 25959 |
| Australian Ethical Investment Ltd. | 10129 | 37428 |
| Australian Finance Group Ltd. | 20459 | 26351 |
| Baby Bunting Group Ltd.<sup>(1)</sup> | 16313 | 23234 |
| Ballard Mining Ltd.<sup>(1)</sup> | 2627 | 1700 |
| Bank of Queensland Ltd. | 66343 | 330227 |
| Bannerman Energy Ltd.<sup>(1)</sup> | 21440 | 70962 |
| Bapcor Ltd. | 33002 | 20408 |
| Bapcor Ltd.<sup>(1)</sup> | 24267 | 15025 |
| Beach Energy Ltd. | 158398 | 123766 |
| Bega Cheese Ltd. | 24893 | 111137 |
| Bellevue Gold Ltd.<sup>(1)</sup> | 135156 | 179580 |
| Bendigo & Adelaide Bank Ltd. | 33780 | 257256 |
| Berkeley Energia Ltd.<sup>(1)</sup> | 46987 | 18449 |
| Black Cat Syndicate Ltd.<sup>(1)(2)</sup> | 67322 | 74668 |
| Boss Energy Ltd.<sup>(1)(2)</sup> | 31858 | 37101 |
| Bravura Solutions Ltd. | 22219 | 32846 |
| Breville Group Ltd.<sup>(2)</sup> | 10335 | 234186 |
| Brightstar Resources Ltd.<sup>(1)</sup> | 22861 | 9228 |
| Broken Hill Mines Ltd.<sup>(1)</sup> | 15668 | 12630 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 42372 | 452448 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 28397 | 172819 |
| Cedar Woods Properties Ltd. | 7145 | 46092 |
| Cettire Ltd.<sup>(1)(2)</sup> | 14990 | 3450 |
| Chalice Mining Ltd.<sup>(1)</sup> | 129 | 177 |
| Challenger Ltd. | 59057 | 375071 |
| Champion Iron Ltd. | 38421 | 146569 |
| Chrysos Corp. Ltd.<sup>(1)</sup> | 7859 | 55630 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Civmec Australia Ltd. | 19500 | $23029 |
| Cleanaway Waste Management Ltd. | 201899 | 366123 |
| Clinuvel Pharmaceuticals Ltd.<sup>(2)</sup> | 4348 | 30941 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 8993 | 3719 |
| Cobram Estate Olives Ltd. | 33238 | 75205 |
| Codan Ltd. | 9260 | 233621 |
| Collins Foods Ltd. | 12178 | 87003 |
| Core Lithium Ltd.<sup>(1)(2)</sup> | 335518 | 62051 |
| Coronado Global Resources, Inc. | 108305 | 24244 |
| Credit Corp. Group Ltd.<sup>(2)</sup> | 7146 | 61836 |
| Data#3 Ltd.<sup>(2)</sup> | 14434 | 71445 |
| Deep Yellow Ltd.<sup>(1)</sup> | 108554 | 202914 |
| Delta Lithium Ltd.<sup>(1)</sup> | 34076 | 5932 |
| Deterra Royalties Ltd. | 44638 | 137069 |
| Develop Global Ltd.<sup>(1)</sup> | 23446 | 96711 |
| DGL Group Ltd.<sup>(1)</sup> | 2275 | 650 |
| Dicker Data Ltd. | 13781 | 98432 |
| Domino's Pizza Enterprises Ltd. | 6400 | 92544 |
| Downer EDI Ltd. | 68500 | 418612 |
| Dyno Nobel Ltd. | 155055 | 366145 |
| Elders Ltd. | 22317 | 115219 |
| Electro Optic Systems Holdings Ltd.<sup>(1)</sup> | 13892 | 88796 |
| Elevra Lithium Ltd.<sup>(1)(2)</sup> | 6972 | 40431 |
| Elsight Ltd.<sup>(1)</sup> | 22043 | 73924 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 34047 | 32686 |
| Emerald Resources NL<sup>(1)</sup> | 55120 | 283004 |
| EML Payments Ltd.<sup>(1)</sup> | 38436 | 17634 |
| EQT Holdings Ltd. | 1871 | 29098 |
| EVT Ltd. | 10662 | 100867 |
| Fenix Resources Ltd. | 55463 | 16001 |
| FireFly Metals Ltd.<sup>(1)</sup> | 73552 | 114118 |
| FleetPartners Group Ltd. | 19778 | 37277 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 17630 | 161722 |
| Focus Minerals Ltd.<sup>(1)</sup> | 13412 | 35710 |
| G8 Education Ltd. | 924 | 220 |
| Galan Lithium Ltd.<sup>(1)</sup> | 109147 | 32169 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 115077 | 612390 |
| GenusPlus Group Ltd. | 8612 | 47622 |
| GR Engineering Services Ltd. | 1542 | 5567 |
| GrainCorp Ltd., A Shares | 20935 | 91749 |
| Grange Resources Ltd.<sup>(1)</sup> | 31295 | 5127 |
| Guzman y Gomez Ltd.<sup>(2)</sup> | 3350 | 45960 |
| GWA Group Ltd. | 20914 | 35539 |
| Hansen Technologies Ltd. | 17146 | 64707 |
| Harvey Norman Holdings Ltd. | 36385 | 148949 |
| Healius Ltd. | 60726 | 29649 |
| Helia Group Ltd. | 29530 | 126517 |
| Helloworld Travel Ltd. | 5950 | 7592 |
| HMC Capital Ltd. | 16936 | 33483 |
| IDP Education Ltd. | 30979 | 102513 |
| IGO Ltd.<sup>(1)</sup> | 69514 | 425185 |
| Iluka Resources Ltd. | 34393 | 165005 |
| Imdex Ltd. | 52111 | 157428 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Immutep Ltd.<sup>(1)</sup> | 92323 | $25348 |
| Inghams Group Ltd.<sup>(2)</sup> | 37541 | 55017 |
| Invictus Energy Ltd.<sup>(1)</sup> | 188678 | 7002 |
| ioneer Ltd.<sup>(1)(2)</sup> | 184961 | 19744 |
| IPH Ltd. | 22883 | 58232 |
| IRESS Ltd. | 18008 | 95652 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 69536 | 85212 |
| Jumbo Interactive Ltd. | 5779 | 39823 |
| Jupiter Mines Ltd. | 131742 | 28141 |
| Karoon Energy Ltd. | 90448 | 99842 |
| Kelly Partners Group Holdings Ltd.<sup>(1)</sup> | 1990 | 8552 |
| Kelsian Group Ltd. | 22496 | 72483 |
| Kingsgate Consolidated Ltd.<sup>(1)</sup> | 23817 | 119807 |
| Kogan.com Ltd.<sup>(2)</sup> | 7414 | 22159 |
| L1 Group Ltd. | 139216 | 122870 |
| Lake Resources NL<sup>(1)(2)</sup> | 282295 | 19708 |
| Lendlease Corp. Ltd. | 60953 | 181965 |
| Lifestyle Communities Ltd.<sup>(1)</sup> | 9287 | 32787 |
| Lindian Resources Ltd.<sup>(1)</sup> | 37211 | 14035 |
| Lindsay Australia Ltd. | 15970 | 7906 |
| Liontown Ltd.<sup>(1)(2)</sup> | 24034 | 29074 |
| Lotus Resources Ltd.<sup>(1)(2)</sup> | 16890 | 26215 |
| Lovisa Holdings Ltd. | 7402 | 125819 |
| Maas Group Holdings Ltd. | 15934 | 53980 |
| Macmahon Holdings Ltd. | 100079 | 53129 |
| Macquarie Technology Group Ltd.<sup>(1)</sup> | 1385 | 66809 |
| Mader Group Ltd. | 5874 | 34943 |
| Magellan Financial Group Ltd. | 18502 | 111245 |
| Mayne Pharma Group Ltd.<sup>(1)</sup> | 4643 | 8319 |
| McMillan Shakespeare Ltd.<sup>(2)</sup> | 5947 | 68007 |
| Meeka Metals Ltd.<sup>(1)</sup> | 257066 | 43061 |
| Megaport Ltd.<sup>(1)</sup> | 18495 | 115725 |
| Mesoblast Ltd.<sup>(1)(2)</sup> | 84945 | 135288 |
| Metals X Ltd.<sup>(1)</sup> | 92526 | 94059 |
| Metcash Ltd. | 120396 | 282608 |
| Metro Mining Ltd.<sup>(1)</sup> | 333928 | 16884 |
| MGX Resources Ltd.<sup>(1)(2)</sup> | 19742 | 6673 |
| Mineral Resources Ltd.<sup>(1)</sup> | 14717 | 636078 |
| Minerals 260 Ltd.<sup>(1)</sup> | 256150 | 127752 |
| Monadelphous Group Ltd. | 9579 | 221052 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 116600 | 31027 |
| MyState Ltd. | 12570 | 40679 |
| Nanosonics Ltd.<sup>(1)</sup> | 22603 | 54821 |
| Navigator Global Investments Ltd. | 39483 | 71040 |
| Neuren Pharmaceuticals Ltd.<sup>(1)</sup> | 13900 | 128789 |
| New Hope Corp. Ltd.<sup>(2)</sup> | 51084 | 170258 |
| nib holdings Ltd. | 51390 | 234296 |
| Nick Scali Ltd. | 7824 | 103644 |
| Nickel Industries Ltd.<sup>(1)</sup> | 200327 | 143601 |
| Nine Entertainment Co. Holdings Ltd. | 134633 | 101058 |
| Novonix Ltd.<sup>(1)(2)</sup> | 28389 | 7167 |
| NRW Holdings Ltd. | 44642 | 207418 |
| Nufarm Ltd.<sup>(1)</sup> | 31697 | 46454 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nuix Ltd.<sup>(1)</sup> | 18498 | $25109 |
| Objective Corp. Ltd. | 2395 | 22073 |
| OFX Group Ltd.<sup>(1)</sup> | 13665 | 6468 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 8781 | 9898 |
| oOh!media Ltd. | 67807 | 49383 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 140134 | 129556 |
| Orora Ltd. | 112524 | 171586 |
| Paladin Energy Ltd.<sup>(1)</sup> | 2472 | 23555 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 2223 | 20958 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 38920 | 160347 |
| Peninsula Energy Ltd.<sup>(1)(2)</sup> | 24751 | 13204 |
| Perenti Ltd. | 88779 | 148453 |
| Perpetual Ltd. | 9519 | 125465 |
| Perseus Mining Ltd. | 148915 | 640104 |
| PEXA Group Ltd.<sup>(1)</sup> | 12581 | 134391 |
| Praemium Ltd. | 40519 | 22013 |
| Premier Investments Ltd. | 8514 | 81432 |
| PWR Holdings Ltd. | 7565 | 53938 |
| Qualitas Ltd. | 12434 | 27412 |
| Ramelius Resources Ltd. | 157478 | 517371 |
| Redox Ltd. | 16452 | 37345 |
| Regal Partners Ltd. | 18261 | 42098 |
| Regis Resources Ltd. | 86316 | 584231 |
| Reliance Worldwide Corp. Ltd. | 61938 | 146832 |
| Renascor Resources Ltd.<sup>(1)(2)</sup> | 77467 | 4690 |
| Resolute Mining Ltd.<sup>(1)</sup> | 224225 | 238336 |
| Ricegrowers Ltd. | 6360 | 59845 |
| Ridley Corp. Ltd. | 28525 | 58450 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 45871 | 657971 |
| SEEK Ltd. | 32092 | 378762 |
| Select Harvests Ltd.<sup>(1)</sup> | 15266 | 43765 |
| Service Stream Ltd. | 61020 | 90295 |
| Silex Systems Ltd.<sup>(1)(2)</sup> | 28045 | 137810 |
| Silver Mines Ltd.<sup>(1)(2)</sup> | 243940 | 40812 |
| Sims Ltd. | 16366 | 255624 |
| SiteMinder Ltd.<sup>(1)(2)</sup> | 25677 | 65813 |
| SKS Technologies Group Ltd. | 7470 | 23550 |
| SmartGroup Corp. Ltd. | 12128 | 76015 |
| Southern Cross Electrical Engineering Ltd. | 24072 | 51205 |
| SRG Global Ltd. | 59099 | 122051 |
| St Barbara Ltd.<sup>(1)</sup> | 152444 | 90265 |
| Stanmore Resources Ltd. | 33089 | 62079 |
| Star Entertainment Group Ltd.<sup>(1)</sup> | 197523 | 17569 |
| Steadfast Group Ltd. | 32264 | 101044 |
| Strickland Metals Ltd.<sup>(1)(2)</sup> | 165823 | 28310 |
| Strike Energy Ltd.<sup>(1)</sup> | 201624 | 13870 |
| Super Retail Group Ltd. | 17461 | 192803 |
| Superloop Ltd.<sup>(1)</sup> | 49846 | 104559 |
| Supply Network Ltd.<sup>(2)</sup> | 1330 | 33602 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 100472 | 16822 |
| Tasmea Ltd. | 11291 | 31177 |
| Telix Pharmaceuticals Ltd.<sup>(1)(2)</sup> | 27 | 195 |
| Temple & Webster Group Ltd.<sup>(1)</sup> | 4883 | 28614 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Terracom Ltd.<sup>(1)(2)</sup> | 20664 | $972 |
| Treasury Wine Estates Ltd. | 50899 | 164359 |
| Tuas Ltd.<sup>(1)</sup> | 30653 | 140425 |
| Turaco Gold Ltd.<sup>(1)</sup> | 50632 | 28523 |
| Tyro Payments Ltd.<sup>(1)</sup> | 48709 | 30310 |
| Universal Store Holdings Ltd. | 7988 | 53242 |
| Vault Minerals Ltd.<sup>(1)</sup> | 131730 | 553966 |
| Ventia Services Group Pty. Ltd. | 74866 | 312111 |
| Viva Energy Group Ltd. | 113510 | 143015 |
| Vulcan Energy Resources Ltd.<sup>(1)</sup> | 37756 | 100415 |
| Washington H Soul Pattinson & Co. Ltd. | 5599 | 152317 |
| WEB Travel Group Ltd.<sup>(1)</sup> | 932 | 2139 |
| Webjet Group Ltd. | 10427 | 4121 |
| West African Resources Ltd.<sup>(1)</sup> | 121382 | 303111 |
| Westgold Resources Ltd. | 37799 | 209837 |
| Whitehaven Coal Ltd. | 87512 | 485949 |
| Wildcat Resources Ltd.<sup>(1)</sup> | 135310 | 45218 |
| Zip Co. Ltd.<sup>(1)</sup> | 2162 | 2938 |
|  |  | 24525114 |
| **Austria — 1.1%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 10730 | 649478 |
| CA Immobilien Anlagen AG | 10963 | 342274 |
| CPI Europe AG<sup>(1)</sup> | 9184 | 174205 |
| DO & Co. AG | 1883 | 481298 |
| FACC AG<sup>(1)</sup> | 6427 | 118765 |
| Lenzing AG<sup>(1)</sup> | 5147 | 148568 |
| Oesterreichische Post AG | 10662 | 441504 |
| Palfinger AG | 3493 | 160004 |
| Porr AG | 6214 | 286373 |
| SBO AG | 1961 | 82495 |
| Semperit AG Holding | 438 | 6977 |
| Zumtobel Group AG | 2963 | 14638 |
|  |  | 2906579 |
| **Belgium — 1.3%** |  |  |
| AGFA-Gevaert NV<sup>(1)</sup> | 2610 | 1473 |
| Barco NV | 15185 | 194508 |
| Bekaert SA | 6293 | 324786 |
| bpost SA<sup>(1)</sup> | 10741 | 27175 |
| CMB Tech NV | 24506 | 358997 |
| EVS Broadcast Equipment SA | 2123 | 85405 |
| Fagron<sup>(2)</sup> | 6636 | 178478 |
| Galapagos NV, ADR<sup>(1)</sup> | 5712 | 192266 |
| Gimv NV | 908 | 50214 |
| Kinepolis Group NV | 449 | 14427 |
| Melexis NV<sup>(2)</sup> | 4556 | 305522 |
| Ontex Group NV<sup>(1)(2)</sup> | 3733 | 20446 |
| Proximus SADP | 29096 | 239949 |
| Recticel SA | 7316 | 99336 |
| Solvay SA<sup>(2)</sup> | 11380 | 373803 |
| Tessenderlo Group SA | 3992 | 126249 |
| Umicore SA | 23499 | 500808 |
| VGP NV<sup>(2)</sup> | 2835 | 367943 |
|  |  | 3461785 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Canada — 11.6%** | | |
| 5N Plus, Inc.<sup>(1)</sup> | 7695 | $167321 |
| Abaxx Technologies, Inc.<sup>(1)(2)</sup> | 2929 | 90723 |
| Acadian Timber Corp.<sup>(2)</sup> | 302 | 3726 |
| ADENTRA, Inc. | 1707 | 47191 |
| Advantage Energy Ltd.<sup>(1)</sup> | 10464 | 80088 |
| Aecon Group, Inc. | 4161 | 115949 |
| AGF Management Ltd., Class B | 4089 | 61513 |
| Air Canada<sup>(1)</sup> | 11301 | 170917 |
| Algoma Steel Group, Inc. | 5208 | 23863 |
| Algonquin Power & Utilities Corp. | 46456 | 324908 |
| Allied Gold Corp.<sup>(1)(2)</sup> | 6131 | 194081 |
| Altius Minerals Corp. | 3008 | 106268 |
| Altus Group Ltd.<sup>(2)</sup> | 40 | 1370 |
| Americas Gold & Silver Corp.<sup>(1)(2)</sup> | 20059 | 196906 |
| Amerigo Resources Ltd. | 11305 | 51384 |
| Andean Precious Metals Corp.<sup>(1)(2)</sup> | 3246 | 24987 |
| Aris Mining Corp.<sup>(1)</sup> | 15004 | 339888 |
| Aritzia, Inc.<sup>(1)</sup> | 5131 | 454325 |
| Arizona Metals Corp.<sup>(1)</sup> | 296 | 143 |
| Atco Ltd., Class I | 4808 | 228618 |
| Athabasca Oil Corp.<sup>(1)</sup> | 33547 | 216916 |
| Atrium Mortgage Investment Corp. | 2056 | 17891 |
| AutoCanada, Inc.<sup>(1)</sup> | 1459 | 28216 |
| Avino Silver & Gold Mines Ltd.<sup>(1)(2)</sup> | 13812 | 132850 |
| B2Gold Corp. | 91857 | 564321 |
| Badger Infrastructure Solutions Ltd. | 2356 | 126276 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 23106 | 49632 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | 18917 | 112194 |
| Baytex Energy Corp. | 55693 | 213945 |
| Birchcliff Energy Ltd. | 17446 | 87610 |
| Bird Construction, Inc. | 3533 | 82416 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 8473 | 18635 |
| Black Diamond Group Ltd. | 3453 | 43642 |
| Boralex, Inc., A Shares | 5072 | 103221 |
| Boston Pizza Royalties Income Fund | 570 | 10664 |
| Boyd Group, Inc. | 1181 | 206139 |
| BRP, Inc. | 1905 | 139672 |
| Canada Goose Holdings, Inc.<sup>(1)(2)</sup> | 2869 | 35335 |
| Canada Packers, Inc. | 827 | 11422 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 2929 | 410839 |
| Canfor Corp.<sup>(1)</sup> | 2056 | 20725 |
| Capital Power Corp. | 8367 | 392756 |
| Capstone Copper Corp.<sup>(1)</sup> | 53904 | 557594 |
| Cardinal Energy Ltd. | 8212 | 59420 |
| Cargojet, Inc. | 413 | 28891 |
| Cascades, Inc. | 4161 | 36697 |
| Cenovus Energy, Inc. | 19468 | 433732 |
| Centerra Gold, Inc. | 15494 | 325657 |
| CES Energy Solutions Corp. | 16618 | 205037 |
| Chorus Aviation, Inc. | 702 | 12732 |
| Cineplex, Inc.<sup>(1)(2)</sup> | 10 | 78 |
| Cogeco Communications, Inc. | 853 | 45250 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cogeco, Inc. | 263 | $14193 |
| Computer Modelling Group Ltd. | 4161 | 12415 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 34679 | 24152 |
| Definity Financial Corp. | 4831 | 241824 |
| Discovery Silver Corp.<sup>(1)(2)</sup> | 59552 | 492028 |
| Docebo, Inc.<sup>(1)</sup> | 1246 | 21521 |
| Doman Building Materials Group Ltd. | 1101 | 8419 |
| DPM Metals, Inc. | 18328 | 793557 |
| DREAM Unlimited Corp., Class A | 2056 | 33492 |
| Dynacor Group, Inc. | 1378 | 6809 |
| ECN Capital Corp. | 210 | 471 |
| Eldorado Gold Corp. | 13947 | 647735 |
| Endeavour Silver Corp.<sup>(1)</sup> | 22646 | 315107 |
| Enerflex Ltd. | 9172 | 205825 |
| Enghouse Systems Ltd. | 2198 | 28521 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 4161 | 11043 |
| EQB, Inc. | 2056 | 173819 |
| Equinox Gold Corp. (Toronto)<sup>(1)</sup> | 40447 | 759095 |
| ERO Copper Corp.<sup>(1)</sup> | 7550 | 258263 |
| Exchange Income Corp. | 1550 | 123495 |
| Extendicare, Inc. | 4988 | 97197 |
| Fiera Capital Corp. | 5614 | 24036 |
| Finning International, Inc. | 9455 | 637427 |
| Firm Capital Mortgage Investment Corp. | 2327 | 21000 |
| First Majestic Silver Corp. | 16779 | 536810 |
| First Mining Gold Corp.<sup>(1)</sup> | 101337 | 47546 |
| Foran Mining Corp.<sup>(1)(2)</sup> | 20655 | 111145 |
| Fortuna Mining Corp.<sup>(1)</sup> | 21073 | 287967 |
| Freehold Royalties Ltd. | 10568 | 136279 |
| Frontera Energy Corp. | 1755 | 14667 |
| G Mining Ventures Corp.<sup>(1)</sup> | 12643 | 517751 |
| Galiano Gold, Inc.<sup>(1)</sup> | 17776 | 62031 |
| Gibson Energy, Inc. | 9173 | 197105 |
| goeasy Ltd. | 996 | 78407 |
| GoGold Resources, Inc.<sup>(1)</sup> | 28033 | 75218 |
| GoldMining, Inc.<sup>(1)</sup> | 14111 | 24000 |
| Hammond Power Solutions, Inc. | 243 | 34972 |
| Headwater Exploration, Inc. | 14366 | 132280 |
| High Liner Foods, Inc. | 668 | 7948 |
| Hudbay Minerals, Inc. | 31540 | 893678 |
| Hut 8 Corp.<sup>(1)</sup> | 2477 | 131835 |
| i-80 Gold Corp.<sup>(1)(2)</sup> | 52123 | 108904 |
| IAMGOLD Corp.<sup>(1)</sup> | 35814 | 881139 |
| Imperial Metals Corp.<sup>(1)</sup> | 6982 | 52824 |
| Interfor Corp.<sup>(1)(2)</sup> | 3137 | 22906 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 5208 | 118856 |
| IsoEnergy Ltd.<sup>(1)</sup> | 2784 | 32839 |
| Jamieson Wellness, Inc. | 1496 | 41358 |
| Journey Energy, Inc.<sup>(1)</sup> | 2056 | 6195 |
| K92 Mining, Inc.<sup>(1)</sup> | 17875 | 430871 |
| K-Bro Linen, Inc. | 706 | 19145 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 10464 | 66587 |
| Kinaxis, Inc.<sup>(1)</sup> | 1223 | 116118 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Labrador Iron Ore Royalty Corp. | 4257 | $97433 |
| Laurentian Bank of Canada | 2784 | 82027 |
| Leon's Furniture Ltd. | 1497 | 31267 |
| Lightspeed Commerce, Inc.<sup>(1)</sup> | 2125 | 19177 |
| Linamar Corp. | 2893 | 199385 |
| Lithium Americas Corp.<sup>(1)(2)</sup> | 23422 | 118479 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 3105 | 25085 |
| Magellan Aerospace Corp. | 972 | 17458 |
| Major Drilling Group International, Inc.<sup>(1)(2)</sup> | 6173 | 82454 |
| Maple Leaf Foods, Inc. | 6114 | 125637 |
| Martinrea International, Inc. | 4161 | 32671 |
| Mattr Corp.<sup>(1)</sup> | 4161 | 26051 |
| MCAN Mortgage Corp. | 2559 | 46244 |
| MDA Space Ltd.<sup>(1)</sup> | 9099 | 263821 |
| Medical Facilities Corp. | 1314 | 16376 |
| Meren Energy, Inc. | 27263 | 43571 |
| Methanex Corp. | 3656 | 184455 |
| Montage Gold Corp.<sup>(1)</sup> | 19140 | 238540 |
| MTY Food Group, Inc. | 931 | 28257 |
| Mullen Group Ltd. | 5316 | 67227 |
| Neo Performance Materials, Inc. | 3129 | 63610 |
| New Gold, Inc.<sup>(1)</sup> | 67572 | 907532 |
| New Pacific Metals Corp.<sup>(1)</sup> | 3105 | 17710 |
| NexGen Energy Ltd.<sup>(1)(2)</sup> | 31919 | 407163 |
| North American Construction Group Ltd. | 2056 | 34426 |
| North West Co., Inc. | 2954 | 121231 |
| Northern Dynasty Minerals Ltd.<sup>(1)(2)</sup> | 36787 | 56904 |
| Northland Power, Inc. | 20119 | 322423 |
| Nouveau Monde Graphite, Inc.<sup>(1)</sup> | 5265 | 11734 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 4161 | 32701 |
| OceanaGold Corp. | 20200 | 859061 |
| Onex Corp. | 4419 | 328594 |
| Orezone Gold Corp.<sup>(1)</sup> | 26029 | 52476 |
| Orla Mining Ltd. | 22334 | 483012 |
| Paramount Resources Ltd., A Shares | 5623 | 111302 |
| Parex Resources, Inc. | 7959 | 124515 |
| Pason Systems, Inc. | 4023 | 36424 |
| Pet Valu Holdings Ltd. | 5112 | 106771 |
| PetroTal Corp. | 41936 | 12298 |
| Peyto Exploration & Development Corp. | 13218 | 256114 |
| PHX Energy Services Corp. | 3105 | 27430 |
| Pine Cliff Energy Ltd. | 12565 | 6540 |
| Pizza Pizza Royalty Corp. | 2056 | 25217 |
| PMET Resources, Inc.<sup>(1)</sup> | 9598 | 38137 |
| PrairieSky Royalty Ltd. | 6369 | 145398 |
| Precision Drilling Corp.<sup>(1)</sup> | 1000 | 86742 |
| Premium Brands Holdings Corp. | 3164 | 245897 |
| Propel Holdings, Inc.<sup>(2)</sup> | 1884 | 29019 |
| Quebecor, Inc., Class B | 2601 | 107564 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 1000 | 3614 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 4161 | 19065 |
| Richelieu Hardware Ltd. | 2961 | 94514 |
| Rogers Sugar, Inc. | 8069 | 38983 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Russel Metals, Inc. | 3512 | $123688 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 7313 | 17853 |
| Savaria Corp. | 25 | 463 |
| Seabridge Gold, Inc.<sup>(1)(2)</sup> | 2042 | 80464 |
| Secure Waste Infrastructure Corp. | 13619 | 188902 |
| Silvercorp Metals, Inc. | 17776 | 247083 |
| South Bow Corp. | 9748 | 313440 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 11626 | 93328 |
| Spin Master Corp., VTG Shares | 1733 | 24457 |
| Sprott, Inc. | 1567 | 254134 |
| SSR Mining, Inc.<sup>(1)</sup> | 14539 | 467597 |
| Stella-Jones, Inc. | 3690 | 253232 |
| Steppe Gold Ltd.<sup>(1)</sup> | 7553 | 10078 |
| StorageVault Canada, Inc. | 12609 | 45757 |
| Strathcona Resources Ltd. | 3285 | 71766 |
| SunOpta, Inc.<sup>(1)(2)</sup> | 7320 | 47117 |
| Superior Plus Corp. | 14526 | 69965 |
| Surge Energy, Inc. | 5208 | 30812 |
| Talisker Resources Ltd.<sup>(1)(2)</sup> | 15916 | 21353 |
| Talon Metals Corp.<sup>(1)</sup> | 7064 | 43501 |
| Tamarack Valley Energy Ltd. | 39318 | 293721 |
| Taseko Mines Ltd.<sup>(1)</sup> | 29039 | 258659 |
| TerraVest Industries, Inc.<sup>(2)</sup> | 946 | 101996 |
| Timbercreek Financial Corp. | 5238 | 25959 |
| Topaz Energy Corp. | 1400 | 31981 |
| Torex Gold Resources, Inc. | 7067 | 430584 |
| Total Energy Services, Inc. | 2056 | 27282 |
| TransAlta Corp. | 23126 | 317886 |
| Transcontinental, Inc., Class A | 3915 | 66759 |
| Trican Well Service Ltd. | 16325 | 77912 |
| Triple Flag Precious Metals Corp. | 5348 | 221126 |
| Trisura Group Ltd.<sup>(1)(2)</sup> | 2762 | 94480 |
| Uranium Royalty Corp.<sup>(1)(2)</sup> | 10222 | 43839 |
| Valeura Energy, Inc.<sup>(1)</sup> | 7312 | 59019 |
| Vermilion Energy, Inc. | 12177 | 130782 |
| Vox Royalty Corp. | 4325 | 27810 |
| Vox Royalty Corp.<sup>(2)</sup> | 4171 | 26603 |
| Wajax Corp. | 2056 | 47359 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 11551 | 227116 |
| West Fraser Timber Co. Ltd. | 2310 | 153362 |
| Western Copper & Gold Corp.<sup>(1)</sup> | 13454 | 46259 |
| Westshore Terminals Investment Corp. | 2206 | 51752 |
| Whitecap Resources, Inc. | 15077 | 150543 |
| Winpak Ltd.<sup>(2)</sup> | 2056 | 72621 |
|  |  | 29903535 |
| **China — 0.0%** |  |  |
| China Beststudy Education Group | 5000 | 2184 |
| **Denmark — 1.7%** |  |  |
| AL Sydbank | 4207 | 377202 |
| ALK-Abello AS<sup>(1)</sup> | 413 | 14384 |
| Alm Brand AS | 77195 | 200570 |
| Bavarian Nordic AS<sup>(1)</sup> | 6772 | 211012 |
| cBrain AS | 673 | 7009 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chemometec AS | 1755 | $116196 |
| D/S Norden AS | 2285 | 102462 |
| Dfds AS<sup>(1)</sup> | 2119 | 34656 |
| FLSmidth & Co. AS | 4651 | 411728 |
| GN Store Nord AS<sup>(1)</sup> | 517 | 7619 |
| Green Hydrogen Systems AS<sup>(1)</sup> | 1379 | 45 |
| H&H International AS, B Shares<sup>(1)</sup> | 923 | 12376 |
| Harboes Bryggeri AS, Class B | 85 | 1563 |
| ISS AS | 9352 | 332580 |
| Netcompany Group AS<sup>(1)</sup> | 2359 | 120598 |
| Nilfisk Holding AS<sup>(1)</sup> | 738 | 16242 |
| NKT AS<sup>(1)</sup> | 4966 | 641886 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 893 | 24078 |
| Per Aarsleff Holding AS | 1734 | 219530 |
| Ringkjoebing Landbobank AS | 1624 | 423529 |
| Royal Unibrew AS | 4002 | 394470 |
| Schouw & Co. AS | 1153 | 123184 |
| Skjern Bank | 121 | 5612 |
| Solar AS, B Shares | 297 | 9348 |
| SP Group AS | 676 | 41658 |
| Sparekassen Sjaelland-Fyn AS | 786 | 44978 |
| TORM PLC, Class A | 6088 | 178660 |
| Zealand Pharma AS<sup>(1)</sup> | 3982 | 230498 |
|  |  | 4303673 |
| **Finland — 1.0%** |  |  |
| Anora Group OYJ | 3524 | 17261 |
| Bittium OYJ | 3052 | 96652 |
| Citycon OYJ<sup>(1)</sup> | 11918 | 53556 |
| Endomines Finland OYJ<sup>(1)</sup> | 46 | 1625 |
| Finnair OYJ<sup>(1)(2)</sup> | 12800 | 52525 |
| F-Secure OYJ | 8368 | 15922 |
| Harvia OYJ | 84 | 3667 |
| Hiab OYJ, B Shares | 3616 | 207766 |
| Huhtamaki OYJ | 3360 | 125496 |
| Incap OYJ<sup>(1)(2)</sup> | 1235 | 15068 |
| Kalmar OYJ, B Shares | 4866 | 279390 |
| Kemira OYJ | 11141 | 269979 |
| Kojamo OYJ<sup>(1)</sup> | 12851 | 149548 |
| Mandatum OYJ | 31054 | 250413 |
| Marimekko OYJ | 3524 | 46636 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 11224 | 41660 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 14953 | 188117 |
| Outokumpu OYJ | 45474 | 307044 |
| Puuilo OYJ | 10233 | 146234 |
| Raisio OYJ, V Shares | 5305 | 17534 |
| Revenio Group OYJ | 89 | 1951 |
| TietoEVRY OYJ | 6348 | 141693 |
| Tokmanni Group Corp.<sup>(2)</sup> | 4744 | 44892 |
| YIT OYJ<sup>(1)(2)</sup> | 13494 | 45414 |
|  |  | 2520043 |
| **France — 2.9%** |  |  |
| Alten SA | 2927 | 219042 |
| Antin Infrastructure Partners SA | 3278 | 37244 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aperam SA | 4955 | $260211 |
| Aramis Group SAS<sup>(1)</sup> | 2650 | 11856 |
| Arkema SA | 4075 | 296763 |
| Assystem SA | 490 | 26396 |
| Atos SE<sup>(1)(2)</sup> | 249 | 11833 |
| Beneteau SACA | 4317 | 40858 |
| Boiron SA | 503 | 16249 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 992 | 32029 |
| Carbios SACA<sup>(1)</sup> | 1883 | 20303 |
| Catana Group | 1910 | 6074 |
| Cie des Alpes | 2434 | 83445 |
| Clariane SE<sup>(1)</sup> | 29403 | 140399 |
| Coface SA | 11451 | 211816 |
| Derichebourg SA | 13424 | 148914 |
| Elior Group SA | 11506 | 37739 |
| Equasens | 185 | 7749 |
| Eramet SA<sup>(2)</sup> | 943 | 65614 |
| Etablissements Maurel et Prom SA | 8992 | 95827 |
| Eurazeo SE | 3173 | 186453 |
| Euroapi SA<sup>(1)(2)</sup> | 699 | 1765 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 22381 | 59370 |
| Exail Technologies SA<sup>(1)(2)</sup> | 1266 | 186092 |
| Exosens SAS | 3256 | 239645 |
| FDJ UNITED | 2678 | 81236 |
| Fnac Darty SA | 1221 | 51139 |
| Forvia SE<sup>(1)</sup> | 21247 | 301485 |
| Genfit SA<sup>(1)</sup> | 3969 | 42141 |
| GL Events SACA | 1493 | 59780 |
| ID Logistics Group SACA<sup>(1)</sup> | 327 | 153771 |
| Imerys SA | 3937 | 113528 |
| JCDecaux SE | 6030 | 124318 |
| Kaufman & Broad SA | 1408 | 53957 |
| La Francaise De L'energie SACA<sup>(1)</sup> | 292 | 11599 |
| Louis Hachette Group | 11587 | 23460 |
| Lumibird<sup>(1)</sup> | 620 | 16519 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 2033 | 3256 |
| Manitou BF SA | 979 | 27188 |
| Mersen SA | 1975 | 64773 |
| Metropole Television SA<sup>(2)</sup> | 2793 | 38166 |
| Nexans SA | 1913 | 274806 |
| Nexity SA<sup>(1)(2)</sup> | 5073 | 56989 |
| North Atlantic Energies<sup>(2)</sup> | 350 | 16067 |
| Opmobility | 7143 | 142937 |
| OVH Groupe SA<sup>(1)(2)</sup> | 3697 | 40431 |
| Pluxee NV<sup>(2)</sup> | 5288 | 70580 |
| Pullup Entertainment<sup>(2)</sup> | 582 | 8464 |
| Remy Cointreau SA<sup>(2)</sup> | 2461 | 120873 |
| ReWorld Media SA | 1661 | 3267 |
| Robertet SA | 97 | 100125 |
| Rubis SCA | 3224 | 138670 |
| Seche Environnement SACA<sup>(2)</sup> | 4 | 317 |
| SES SA | 50465 | 375706 |
| SMCP SA<sup>(1)(2)</sup> | 4957 | 40043 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Societe BIC SA | 2922 | $187895 |
| SOITEC<sup>(1)</sup> | 687 | 33128 |
| Solutions 30 SE<sup>(1)(2)</sup> | 10332 | 10722 |
| STIF SA<sup>(2)</sup> | 262 | 18901 |
| Sword Group<sup>(2)</sup> | 681 | 25139 |
| Teleperformance SE | 3753 | 226925 |
| Television Francaise 1 SA<sup>(2)</sup> | 5066 | 43379 |
| Trigano SA | 1105 | 218681 |
| Ubisoft Entertainment SA<sup>(1)(2)</sup> | 9103 | 44660 |
| Valeo SE | 27323 | 394025 |
| Vallourec SACA<sup>(2)</sup> | 25055 | 586205 |
| Valneva SE<sup>(1)(2)</sup> | 13556 | 76164 |
| Vicat SACA | 2078 | 174159 |
| Virbac SACA | 434 | 189293 |
| Viridien<sup>(1)</sup> | 577 | 74757 |
| Vivendi SE | 46981 | 122040 |
| Voltalia SA<sup>(1)(2)</sup> | 5202 | 43290 |
| Vusion<sup>(2)</sup> | 544 | 76476 |
| X-Fab Silicon Foundries SE<sup>(1)</sup> | 6930 | 38197 |
|  |  | 7583313 |
| **Germany — 3.5%** |  |  |
| 1&1 AG | 3078 | 87763 |
| 2G Energy AG | 748 | 33686 |
| 7C Solarparken AG<sup>(1)</sup> | 2920 | 5565 |
| Adesso SE | 215 | 15817 |
| Adtran Networks SE | 754 | 20059 |
| AIXTRON SE | 9692 | 313509 |
| All for One Group SE | 174 | 7701 |
| Alzchem Group AG | 444 | 77643 |
| Amadeus Fire AG | 354 | 12152 |
| Aroundtown SA<sup>(1)</sup> | 54314 | 196039 |
| Atoss Software SE | 692 | 71847 |
| Aumann AG | 374 | 6331 |
| Aumovio SE<sup>(1)</sup> | 973 | 48263 |
| Aurubis AG | 2082 | 421847 |
| Basler AG<sup>(1)</sup> | 289 | 5361 |
| BayWa AG<sup>(1)</sup> | 27 | 101 |
| Bechtle AG | 6008 | 241402 |
| Befesa SA | 2462 | 97976 |
| Bijou Brigitte AG | 207 | 11280 |
| Bilfinger SE | 3086 | 432072 |
| Bitcoin Group SE | 349 | 11981 |
| Borussia Dortmund GmbH & Co. KGaA | 5757 | 21341 |
| BRANICKS Group AG<sup>(1)</sup> | 1069 | 2385 |
| CANCOM SE | 1792 | 50339 |
| Ceconomy AG<sup>(1)</sup> | 10784 | 57541 |
| Cewe Stiftung & Co. KGaA | 341 | 40387 |
| Clearvise AG | 680 | 1108 |
| Datagroup SE | 129 | 11077 |
| Dermapharm Holding SE | 288 | 13619 |
| Deutsche Beteiligungs AG | 750 | 22185 |
| Deutsche Pfandbriefbank AG | 9558 | 40335 |
| Deutsche Rohstoff AG | 359 | 30780 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Deutz AG | 10562 | $155247 |
| Douglas AG<sup>(1)</sup> | 1172 | 16248 |
| Draegerwerk AG & Co. KGaA | 86 | 7652 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 370 | 39220 |
| Duerr AG | 3094 | 88951 |
| Eckert & Ziegler SE | 975 | 17657 |
| Einhell Germany AG, Preference Shares | 324 | 32336 |
| Elmos Semiconductor SE | 288 | 49608 |
| ElringKlinger AG | 1341 | 6907 |
| Fielmann Group AG | 1889 | 102956 |
| flatexDEGIRO SE | 6902 | 250075 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 1788 | 174952 |
| Freenet AG | 5096 | 166551 |
| Friedrich Vorwerk Group SE | 572 | 54214 |
| FUCHS SE, Preference Shares | 4722 | 203916 |
| Grand City Properties SA | 5185 | 67909 |
| Grenke AG | 1961 | 33787 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 22400 | 37556 |
| HelloFresh SE<sup>(1)</sup> | 10745 | 60958 |
| Hornbach Holding AG & Co. KGaA | 856 | 86581 |
| HUGO BOSS AG | 3516 | 154616 |
| Indus Holding AG | 1191 | 42939 |
| Init Innovation in Traffic Systems SE | 452 | 23705 |
| Instone Real Estate Group SE | 754 | 8368 |
| IONOS Group SE<sup>(1)</sup> | 4401 | 119975 |
| Jenoptik AG | 3862 | 127570 |
| JOST Werke SE | 854 | 67696 |
| Jungheinrich AG, Preference Shares | 3506 | 132176 |
| K&S AG | 14299 | 253165 |
| Kloeckner & Co. SE | 4164 | 53907 |
| Koenig & Bauer AG<sup>(1)</sup> | 756 | 8095 |
| Kontron AG | 2843 | 78352 |
| Krones AG | 924 | 144677 |
| Lang & Schwarz AG | 611 | 17390 |
| Lanxess AG | 5550 | 124768 |
| LEG Immobilien SE | 3046 | 254820 |
| MBB SE | 118 | 28396 |
| Medios AG<sup>(1)</sup> | 180 | 3598 |
| Mutares SE & Co. KGaA | 1068 | 39125 |
| Nagarro SE | 434 | 28609 |
| Nordex SE<sup>(1)</sup> | 10230 | 516277 |
| Norma Group SE | 2292 | 42661 |
| Patrizia SE | 3129 | 30132 |
| Pentixapharm Holding AG<sup>(1)</sup> | 39 | 95 |
| Pfeiffer Vacuum Technology AG | 193 | 37633 |
| Platform Group SE & Co. KGaA<sup>(1)</sup> | 506 | 2305 |
| ProCredit Holding AG | 1788 | 17805 |
| PSI Software SE<sup>(1)</sup> | 453 | 23703 |
| Puma SE | 7588 | 210966 |
| RENK Group AG | 2727 | 183755 |
| SAF-Holland SE | 3376 | 79193 |
| Salzgitter AG | 1799 | 114821 |
| Schaeffler AG | 7182 | 87492 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Schott Pharma AG & Co. KGaA | 656 | $11353 |
| Secunet Security Networks AG | 119 | 26531 |
| SGL Carbon SE<sup>(1)</sup> | 4540 | 20871 |
| Siltronic AG | 1107 | 74610 |
| Sixt SE | 942 | 73026 |
| Sixt SE, Preference Shares | 1146 | 74013 |
| SMA Solar Technology AG<sup>(1)</sup> | 1322 | 49792 |
| Stabilus SE | 780 | 17384 |
| Steico SE | 360 | 10716 |
| STO SE & Co. KGaA, Preference Shares | 163 | 23706 |
| STRATEC SE | 619 | 15486 |
| Stroeer SE & Co. KGaA | 1975 | 80654 |
| Suedzucker AG | 5196 | 62156 |
| SUSS MicroTec SE | 1424 | 91658 |
| TAG Immobilien AG | 14040 | 273855 |
| TeamViewer SE<sup>(1)</sup> | 7653 | 41671 |
| Technotrans SE | 487 | 15787 |
| thyssenkrupp AG | 28400 | 350435 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 1408 | 159759 |
| United Internet AG | 6283 | 207178 |
| Verbio SE<sup>(1)</sup> | 1816 | 58554 |
| VIB Vermoegen AG | 245 | 2661 |
| Vossloh AG | 664 | 64096 |
| Wacker Chemie AG | 1332 | 127040 |
| Wacker Neuson SE | 2147 | 52701 |
| Wuestenrot & Wuerttembergische AG | 1474 | 28796 |
|  |  | 9136047 |
| **Hong Kong — 1.5%** |  |  |
| APAC Resources Ltd. | 80000 | 36614 |
| Baozun, Inc., ADR<sup>(1)</sup> | 550 | 1380 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 36000 | 39422 |
| Cafe de Coral Holdings Ltd.<sup>(2)</sup> | 24000 | 14189 |
| Chia Tai Enterprises International Ltd.<sup>(1)</sup> | 6500 | 4936 |
| Chow Sang Sang Holdings International Ltd. | 29000 | 51553 |
| CITIC Telecom International Holdings Ltd. | 129000 | 43189 |
| Citychamp Watch & Jewellery Group Ltd.<sup>(1)</sup> | 34000 | 573 |
| Comba Telecom Systems Holdings Ltd. | 178000 | 47889 |
| Cowell e Holdings, Inc.<sup>(1)(2)</sup> | 33000 | 117982 |
| Crypto Flow Technology Ltd.<sup>(1)</sup> | 16000 | 4546 |
| Crystal International Group Ltd. | 20500 | 19480 |
| Dah Sing Banking Group Ltd. | 55200 | 92323 |
| Dah Sing Financial Holdings Ltd. | 26400 | 143302 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 430000 | 47862 |
| Dream International Ltd. | 14000 | 16391 |
| EC Healthcare<sup>(1)</sup> | 1000 | 73 |
| E-Commodities Holdings Ltd. | 18000 | 1952 |
| Emperor Watch & Jewellery Ltd. | 240000 | 10684 |
| First Pacific Co. Ltd. | 212000 | 171223 |
| Giordano International Ltd. | 30000 | 5872 |
| Great Eagle Holdings Ltd. | 17000 | 38790 |
| Guotai Junan International Holdings Ltd. | 115000 | 41092 |
| Hang Lung Group Ltd. | 97000 | 207939 |
| Hao Tian International Construction Investment Group Ltd.<sup>(1)(2)</sup> | 216000 | 1574 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HKBN Ltd. | 44000 | $41448 |
| Hong Kong Technology Venture Co. Ltd. | 4000 | 745 |
| Hong Kong Zcloud Technology Construction Ltd.<sup>(1)</sup> | 64000 | 51946 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 90000 | 13569 |
| Hysan Development Co. Ltd. | 81000 | 225754 |
| IGG, Inc. | 67000 | 26959 |
| Impro Precision Industries Ltd.<sup>(2)</sup> | 29000 | 32233 |
| Johnson Electric Holdings Ltd. | 48500 | 191617 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 87500 | 20247 |
| Karrie International Holdings Ltd. | 50000 | 17161 |
| Kerry Properties Ltd. | 47500 | 152955 |
| Luk Fook Holdings International Ltd. | 39000 | 146634 |
| Man Wah Holdings Ltd. | 148400 | 96652 |
| Melco International Development Ltd.<sup>(1)</sup> | 96000 | 51848 |
| Midland Holdings Ltd.<sup>(1)</sup> | 34000 | 14550 |
| Mobvista, Inc.<sup>(1)</sup> | 38000 | 57467 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 190000 | 263079 |
| Pacific Basin Shipping Ltd. | 500000 | 221026 |
| Pacific Textiles Holdings Ltd. | 15000 | 2548 |
| PAX Global Technology Ltd. | 48000 | 29788 |
| Plover Bay Technologies Ltd. | 14000 | 15447 |
| Singamas Container Holdings Ltd. | 78000 | 6779 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 302000 | 92926 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 69500 | 134028 |
| SUNeVision Holdings Ltd.<sup>(2)</sup> | 51000 | 43892 |
| Television Broadcasts Ltd.<sup>(1)</sup> | 29500 | 11452 |
| Texhong International Group Ltd. | 2000 | 1712 |
| Time Interconnect Technology Ltd. | 41000 | 101908 |
| TradeGo Fintech Ltd.<sup>(1)</sup> | 52000 | 9619 |
| Truly International Holdings Ltd. | 46000 | 5804 |
| United Energy Group Ltd. | 842000 | 70259 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 32000 | 53210 |
| Value Partners Group Ltd. | 83000 | 25260 |
| Vitasoy International Holdings Ltd.<sup>(2)</sup> | 54000 | 49119 |
| VSTECS Holdings Ltd. | 72000 | 72934 |
| VTech Holdings Ltd. | 17500 | 144139 |
| WK Group Holdings Ltd.<sup>(1)</sup> | 150000 | 19325 |
| Yue Yuen Industrial Holdings Ltd. | 127500 | 302616 |
|  |  | 3979485 |
| **Ireland — 0.2%** |  |  |
| Cairn Homes PLC | 2217 | 6236 |
| Glenveagh Properties PLC<sup>(1)</sup> | 102987 | 273946 |
| Origin Enterprises PLC | 9111 | 45537 |
| Uniphar PLC | 47175 | 226737 |
|  |  | 552456 |
| **Israel — 4.2%** |  |  |
| Ackerstein Group Ltd. | 6161 | 18682 |
| Africa Israel Residences Ltd. | 364 | 32125 |
| Airport City Ltd.<sup>(1)</sup> | 4137 | 72658 |
| Alony Hetz Properties & Investments Ltd. | 12746 | 149783 |
| Altshuler Shaham Finance Ltd. | 3342 | 5945 |
| Amot Investments Ltd. | 20695 | 137375 |
| Analyst IMS Investment Management Services Ltd. | 10 | 431 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Argo Properties NV<sup>(1)</sup> | 1632 | $63954 |
| Aryt Industries Ltd. | 3115 | 58968 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 435 | 7915 |
| Ashtrom Group Ltd. | 3031 | 65837 |
| AudioCodes Ltd. | 899 | 6419 |
| Aura Investments Ltd. | 12581 | 83206 |
| Ayalon Holdings Ltd. | 1065 | 44347 |
| B Communications Ltd.<sup>(1)</sup> | 1594 | 5 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 111073 | 292891 |
| Big Shopping Centers Ltd. | 1542 | 371582 |
| Blue Square Real Estate Ltd. | 362 | 48702 |
| Camtek Ltd.<sup>(1)</sup> | 848 | 141283 |
| Carasso Motors Ltd.<sup>(1)</sup> | 3213 | 36538 |
| Cellcom Israel Ltd. | 11777 | 137279 |
| Ceragon Networks Ltd.<sup>(1)</sup> | 1673 | 3798 |
| Clal Insurance Enterprises Holdings Ltd. | 6927 | 518130 |
| Cognyte Software Ltd.<sup>(1)</sup> | 3161 | 22411 |
| Danel Adir Yeoshua Ltd. | 273 | 38504 |
| Danya Cebus Ltd. | 988 | 55502 |
| Delek Automotive Systems Ltd. | 4270 | 26668 |
| Delek Group Ltd. | 545 | 167209 |
| Delta Galil Ltd. | 1026 | 49762 |
| Direct Finance of Direct Group 2006 Ltd. | 107 | 16718 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 10869 | 208972 |
| El Al Israel Airlines | 22532 | 112357 |
| Electra Consumer Products 1970 Ltd. | 1082 | 29278 |
| Electra Ltd. | 2514 | 76354 |
| Energix-Renewable Energies Ltd. | 13727 | 87472 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 11603 | 795902 |
| Equital Ltd.<sup>(1)</sup> | 1539 | 70830 |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 1714 | 52568 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 655 | 128462 |
| FIBI Holdings Ltd. | 1236 | 129180 |
| Fox Wizel Ltd. | 736 | 66538 |
| G City Ltd. | 5373 | 13469 |
| Gilat Satellite Networks Ltd.<sup>(1)</sup> | 2711 | 41737 |
| Hagag Group Real Estate Development<sup>(1)</sup> | 1031 | 8399 |
| Harel Insurance Investments & Financial Services Ltd. | 6429 | 338273 |
| Hilan Ltd. | 1476 | 94513 |
| IBI Investment House Ltd. | 277 | 32733 |
| IDI Insurance Co. Ltd. | 999 | 72925 |
| IES Holdings Ltd.<sup>(1)</sup> | 3 | 420 |
| Inmode Ltd.<sup>(1)</sup> | 2674 | 36767 |
| Inrom Construction Industries Ltd. | 8362 | 53444 |
| Isracard Ltd. | 15685 | 74679 |
| Israel Canada TR Ltd. | 13818 | 86579 |
| Israel Corp. Ltd. | 248 | 64088 |
| Isras Holdings Ltd.<sup>(1)</sup> | 183 | 19023 |
| Isras Investment Co. Ltd. | 81 | 21719 |
| Isrotel Ltd. | 1679 | 87788 |
| Ituran Location & Control Ltd. | 1091 | 52368 |
| Kamada Ltd. | 3079 | 26835 |
| Kenon Holdings Ltd. | 1784 | 141156 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kornit Digital Ltd.<sup>(1)</sup> | 1479 | $22614 |
| Kvutzat Acro Ltd. | 754 | 11166 |
| Land Development Nimrodi Group Ltd. | 438 | 5431 |
| M Yochananof & Sons Ltd. | 342 | 39490 |
| Malam - Team Ltd.<sup>(1)</sup> | 578 | 17220 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 183 | 9299 |
| Matrix IT Ltd. | 3562 | 107503 |
| Max Stock Ltd. | 8594 | 75603 |
| Maytronics Ltd.<sup>(1)</sup> | 1803 | 2020 |
| Mega Or Holdings Ltd. | 2207 | 359560 |
| Melisron Ltd. | 15 | 2032 |
| Menora Mivtachim Holdings Ltd. | 1724 | 246644 |
| Meshek Energy Renewable Energies Ltd.<sup>(1)</sup> | 33474 | 119085 |
| Meshulam Levinstein Contracting & Engineering Ltd. | 129 | 24647 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(1)</sup> | 68735 | 372315 |
| Mivne Real Estate KD Ltd. | 48705 | 202066 |
| Mivtach Shamir Holdings Ltd. | 406 | 55750 |
| Nano-X Imaging Ltd.<sup>(1)</sup> | 125 | 296 |
| Nayax Ltd.<sup>(1)</sup> | 1095 | 55120 |
| Neto Malinda Trading Ltd. | 1069 | 62061 |
| Next Vision Stabilized Systems Ltd. | 4908 | 559918 |
| Nexxen International Ltd.<sup>(1)</sup> | 1638 | 10549 |
| Novolog Ltd. | 14600 | 5651 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 20 | 235 |
| OG Rimon Consulting Ltd.<sup>(1)</sup> | 1664 | 60255 |
| Oil Refineries Ltd. | 231338 | 75414 |
| One Software Technologies Ltd. | 3161 | 61025 |
| OPC Energy Ltd.<sup>(1)</sup> | 8025 | 253347 |
| Orbit Technologies Ltd.<sup>(1)</sup> | 1053 | 14316 |
| Orion Retail Properties Ltd.<sup>(1)</sup> | 650 | 550 |
| OY Nofar Energy Ltd.<sup>(1)</sup> | 1997 | 105747 |
| Palram Industries 1990 Ltd. | 755 | 13008 |
| Partner Communications Co. Ltd. | 17561 | 214869 |
| Paz Retail & Energy Ltd. | 605 | 148643 |
| Perion Network Ltd.<sup>(1)</sup> | 1682 | 13941 |
| Polyram Plastic Industries Ltd. | 1423 | 4346 |
| Prashkovsky Investments & Construction Ltd.<sup>(1)</sup> | 731 | 40304 |
| Priortech Ltd.<sup>(1)</sup> | 195 | 17171 |
| Qualitau Ltd. | 350 | 76166 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 732 | 94103 |
| Retailors Ltd. | 1908 | 21044 |
| Scope Metals Group Ltd. | 335 | 21837 |
| Shapir Engineering & Industry Ltd. | 53 | 553 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 19413 | 102331 |
| Shufersal Ltd. | 18121 | 254080 |
| SimilarWeb Ltd.<sup>(1)</sup> | 597 | 1546 |
| Strauss Group Ltd. | 4268 | 188236 |
| Summit Real Estate Holdings Ltd. | 2864 | 51807 |
| Tadiran Group Ltd. | 5 | 318 |
| Tamar Petroleum Ltd. | 3049 | 31853 |
| Tel Aviv Stock Exchange Ltd. | 6928 | 337908 |
| Telsys Ltd. | 209 | 15015 |
| YD More Investments Ltd. | 3218 | 40889 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| YH Dimri Construction & Development Ltd. | 765 | $108861 |
| ZIM Integrated Shipping Services Ltd. | 9331 | 269013 |
|  |  | 10704226 |
| **Italy — 2.5%** |  |  |
| ACEA SpA | 6032 | 187035 |
| Amplifon SpA | 3208 | 49757 |
| Ariston Holding NV | 5110 | 30317 |
| Arnoldo Mondadori Editore SpA | 10885 | 26527 |
| Avio SpA | 3610 | 151459 |
| Azimut Holding SpA | 13250 | 546045 |
| Banca IFIS SpA<sup>(2)</sup> | 3516 | 101975 |
| Banca Sistema SpA<sup>(1)</sup> | 7733 | 14486 |
| Banco di Desio e della Brianza SpA | 3731 | 40116 |
| BFF Bank SpA<sup>(1)</sup> | 25318 | 112721 |
| Biesse SpA | 607 | 4313 |
| Brembo NV | 13700 | 162402 |
| Cairo Communication SpA<sup>(1)</sup> | 5800 | 18824 |
| Cembre SpA | 568 | 50233 |
| Cementir Holding NV | 6133 | 115432 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 73737 | 63078 |
| Credito Emiliano SpA | 8395 | 154278 |
| d'Amico International Shipping SA | 3759 | 34540 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 1395 | 111367 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 4746 | 264032 |
| Datalogic SpA | 1031 | 5245 |
| De' Longhi SpA | 6286 | 288198 |
| Digital Bros SpA<sup>(1)(2)</sup> | 289 | 3948 |
| Digital Value SpA<sup>(2)</sup> | 462 | 15695 |
| doValue SpA<sup>(1)</sup> | 10253 | 29805 |
| El.En. SpA<sup>(2)</sup> | 5484 | 91537 |
| Enav SpA | 30324 | 197479 |
| Equita Group SpA | 2552 | 17638 |
| ERG SpA | 6420 | 189171 |
| Esprinet SpA | 1661 | 11871 |
| Eurogroup Laminations SpA<sup>(2)</sup> | 4187 | 6927 |
| Ferretti SpA<sup>(2)</sup> | 10474 | 47861 |
| Fila SpA | 3927 | 43760 |
| Fincantieri SpA<sup>(1)(2)</sup> | 7340 | 124313 |
| GPI SpA | 1030 | 21043 |
| GVS SpA<sup>(1)(2)</sup> | 1178 | 5554 |
| Industrie De Nora SpA | 2836 | 22297 |
| Intercos SpA<sup>(2)</sup> | 5129 | 74835 |
| Iren SpA | 63699 | 213502 |
| Italian Sea Group SpA | 1167 | 2784 |
| Iveco Group NV<sup>(2)</sup> | 21636 | 490113 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 533 | 1473 |
| Maire SpA | 15922 | 288173 |
| MARR SpA | 4430 | 49415 |
| MFE-MediaForEurope NV, Class A | 18641 | 68065 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 6009 | 28437 |
| NewPrinces SpA<sup>(1)</sup> | 1588 | 39617 |
| Nexi SpA<sup>(2)</sup> | 16851 | 68829 |
| OVS SpA | 19483 | 113989 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pharmanutra SpA | 280 | $22173 |
| Piaggio & C SpA<sup>(2)</sup> | 13409 | 28633 |
| RAI Way SpA | 8785 | 63976 |
| Reply SpA | 1085 | 116082 |
| Safilo Group SpA<sup>(1)</sup> | 18671 | 41478 |
| Saipem SpA<sup>(2)</sup> | 77806 | 327141 |
| Salvatore Ferragamo SpA<sup>(1)</sup> | 6854 | 54445 |
| Sanlorenzo SpA<sup>(2)</sup> | 1109 | 43657 |
| Sesa SpA<sup>(2)</sup> | 759 | 69029 |
| Sogefi SpA<sup>(2)</sup> | 6531 | 23635 |
| SOL SpA | 4563 | 278196 |
| Tamburi Investment Partners SpA<sup>(2)</sup> | 10945 | 122816 |
| Technogym SpA | 12110 | 265569 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 33001 | 31273 |
| Webuild SpA<sup>(2)</sup> | 54974 | 213828 |
| Wiit SpA<sup>(2)</sup> | 860 | 27013 |
| Zignago Vetro SpA<sup>(2)</sup> | 3484 | 31950 |
|  |  | 6561405 |
| **Japan — 31.8%** |  |  |
| & ST HD Co. Ltd. | 1700 | 32603 |
| 77 Bank Ltd. | 4600 | 289124 |
| A&D HOLON Holdings Co. Ltd.<sup>(2)</sup> | 2500 | 45121 |
| AB & Company Co. Ltd. | 800 | 6519 |
| Abalance Corp. | 1000 | 3980 |
| Achilles Corp. | 200 | 2294 |
| AD Works Group Co. Ltd.<sup>(2)</sup> | 5900 | 17556 |
| ADEKA Corp.<sup>(2)</sup> | 8500 | 260843 |
| Ad-sol Nissin Corp. | 1200 | 13833 |
| Advanced Media, Inc. | 700 | 4965 |
| Adventure, Inc. | 100 | 1219 |
| Aeon Fantasy Co. Ltd. | 600 | 10076 |
| AEON Financial Service Co. Ltd. | 12000 | 135546 |
| Aeon Hokkaido Corp. | 4100 | 23953 |
| Aeon Kyushu Co. Ltd. | 600 | 11084 |
| Ahresty Corp. | 1600 | 9646 |
| Ai Holdings Corp. | 120 | 2244 |
| Aica Kogyo Co. Ltd. | 3600 | 91603 |
| Aichi Corp. | 1100 | 10317 |
| Aichi Electric Co. Ltd. | 100 | 5784 |
| Aichi Financial Group, Inc. | 4600 | 194100 |
| Aichi Steel Corp. | 2400 | 53765 |
| Aichi Tokei Denki Co. Ltd. | 800 | 17082 |
| Aida Engineering Ltd. | 2100 | 15984 |
| Aidma Holdings, Inc. | 400 | 4871 |
| Aiful Corp. | 37600 | 124530 |
| AIMECHATEC Ltd. | 500 | 58261 |
| Ain Holdings, Inc. | 2600 | 102191 |
| Aiphone Co. Ltd. | 700 | 13248 |
| Air Water, Inc. | 18300 | 254109 |
| Airport Facilities Co. Ltd.<sup>(2)</sup> | 2100 | 14108 |
| Airtrip Corp. | 600 | 2887 |
| Aisan Industry Co. Ltd. | 3800 | 55778 |
| AIT Corp. | 200 | 2938 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Akatsuki, Inc. | 600 | $11821 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 12200 | 11605 |
| Akita Bank Ltd. | 1500 | 53821 |
| Albis Co. Ltd. | 100 | 1776 |
| Alconix Corp.<sup>(2)</sup> | 2800 | 59165 |
| Alfresa Holdings Corp. | 17300 | 297346 |
| Alinco, Inc. | 300 | 2278 |
| Alleanza Holdings Co. Ltd. | 300 | 2800 |
| Allied Telesis Holdings KK<sup>(2)</sup> | 5100 | 9676 |
| Alpen Co. Ltd. | 1800 | 25619 |
| Alpha Systems, Inc. | 100 | 2374 |
| AlphaPolis Co. Ltd. | 700 | 6038 |
| Alps Alpine Co. Ltd. | 18500 | 276958 |
| ALSOK Co. Ltd. | 35500 | 291650 |
| Altech Corp. | 300 | 5077 |
| Amano Corp. | 3200 | 83848 |
| Amiya Corp. | 400 | 7794 |
| Amiyaki Tei Co. Ltd. | 600 | 5683 |
| Amuse, Inc. | 100 | 1347 |
| Amvis Holdings, Inc. | 2900 | 9685 |
| Anabuki Kosan, Inc. | 100 | 1860 |
| Anest Iwata Corp. | 1800 | 20211 |
| Anicom Holdings, Inc. | 4100 | 32318 |
| Anritsu Corp. | 12900 | 248329 |
| Anycolor, Inc. | 2900 | 71829 |
| AnyMind Group, Inc. | 1000 | 3310 |
| AOKI Holdings, Inc. | 3500 | 40567 |
| Aoyama Trading Co. Ltd. | 4300 | 72472 |
| Aoyama Zaisan Networks Co. Ltd. | 1100 | 9651 |
| Aozora Bank Ltd. | 9800 | 177111 |
| Appier Group, Inc. | 4200 | 22211 |
| Arakawa Chemical Industries Ltd. | 300 | 2985 |
| Arata Corp. | 2400 | 47317 |
| Araya Industrial Co. Ltd. | 300 | 11229 |
| ARCLANDS Corp. | 5987 | 75057 |
| Arcs Co. Ltd. | 3700 | 92400 |
| ARE Holdings, Inc. | 8700 | 253203 |
| Arealink Co. Ltd. | 3000 | 24606 |
| Argo Graphics, Inc. | 6700 | 68746 |
| Arisawa Manufacturing Co. Ltd. | 3100 | 52453 |
| Artience Co. Ltd. | 2200 | 61964 |
| Artnature, Inc. | 300 | 1577 |
| Artner Co. Ltd. | 100 | 1311 |
| As One Corp. | 4400 | 64176 |
| Asahi Co. Ltd. | 2100 | 17637 |
| Asahi Diamond Industrial Co. Ltd.<sup>(2)</sup> | 4100 | 43183 |
| Asahi Kogyosha Co. Ltd. | 1900 | 57977 |
| Asahi Net, Inc. | 400 | 1774 |
| Asahi Printing Co. Ltd. | 300 | 1744 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 1100 | 35725 |
| Asanuma Corp. | 7200 | 52943 |
| Asax Co. Ltd. | 300 | 1800 |
| Ascentech KK | 600 | 5099 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Asia Pile Holdings Corp.<sup>(2)</sup> | 2000 | $20220 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 900 | 14361 |
| Astena Holdings Co. Ltd. | 2400 | 7834 |
| Asteria Corp.<sup>(2)</sup> | 900 | 7183 |
| Atom Corp.<sup>(1)</sup> | 100 | 402 |
| Atrae, Inc. | 500 | 2372 |
| Aucnet, Inc. | 2000 | 31271 |
| Autobacs Seven Co. Ltd. | 6500 | 74012 |
| Avant Group Corp. | 2400 | 21884 |
| Awa Bank Ltd. | 3500 | 133973 |
| Axial Retailing, Inc. | 4700 | 39252 |
| Axyz Co. Ltd. | 100 | 2547 |
| AZ-COM MARUWA Holdings, Inc. | 2800 | 17735 |
| AZOOM Co. Ltd. | 400 | 11522 |
| Bando Chemical Industries Ltd. | 2200 | 33618 |
| Bank of Iwate Ltd. | 1700 | 77161 |
| Bank of Nagoya Ltd. | 3900 | 147623 |
| Bank of Saga Ltd. | 1400 | 46384 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 4500 | 70528 |
| Baroque Japan Ltd. | 300 | 1477 |
| Base Co. Ltd. | 600 | 12856 |
| BASE, Inc. | 4900 | 9963 |
| baudroie, Inc. | 800 | 9648 |
| Beauty Garage, Inc. | 400 | 3475 |
| Belc Co. Ltd. | 1000 | 51632 |
| Bell System24 Holdings, Inc. | 3500 | 33339 |
| Belluna Co. Ltd. | 3300 | 20893 |
| Bengo4.com, Inc.<sup>(1)</sup> | 1200 | 18745 |
| Bewith, Inc. | 100 | 1174 |
| Bic Camera, Inc. | 8600 | 99615 |
| BIPROGY, Inc. | 1900 | 57692 |
| Blue Zones Holdings Co. Ltd. | 2100 | 129491 |
| BML, Inc. | 2100 | 58544 |
| Bookoff Group Holdings Ltd. | 100 | 1222 |
| Bourbon Corp. | 200 | 4289 |
| Br Holdings Corp. | 800 | 2705 |
| Broadleaf Co. Ltd. | 4800 | 22105 |
| BRONCO BILLY Co. Ltd. | 100 | 2696 |
| Buffalo, Inc. | 800 | 27005 |
| Bushiroad, Inc. | 5400 | 9836 |
| Business Brain Showa-Ota, Inc. | 200 | 3937 |
| Business Engineering Corp. | 3600 | 32625 |
| BuySell Technologies Co. Ltd. | 1800 | 67441 |
| C Uyemura & Co. Ltd. | 800 | 110859 |
| CAC Holdings Corp. | 800 | 9908 |
| Calbee, Inc. | 8200 | 162202 |
| Carlit Co. Ltd.<sup>(2)</sup> | 1300 | 25197 |
| Casio Computer Co. Ltd. | 100 | 1005 |
| Cawachi Ltd. | 1000 | 21207 |
| CCI Group, Inc. | 20400 | 137443 |
| Celsys, Inc.<sup>(2)</sup> | 2100 | 18124 |
| Central Automotive Products Ltd. | 2400 | 34864 |
| Central Glass Co. Ltd. | 2500 | 70591 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Central Security Patrols Co. Ltd. | 200 | $3925 |
| Central Sports Co. Ltd. | 100 | 1580 |
| Change Holdings, Inc. | 2200 | 14085 |
| Charm Care Corp. KK | 1300 | 12137 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 3400 | 53324 |
| Chikaranomoto Holdings Co. Ltd. | 800 | 7763 |
| Chiyoda Co. Ltd. | 1500 | 10674 |
| Chiyoda Corp.<sup>(1)</sup> | 20300 | 171790 |
| Chiyoda Integre Co. Ltd. | 200 | 4373 |
| Chofu Seisakusho Co. Ltd. | 1100 | 15173 |
| Chori Co. Ltd. | 100 | 2979 |
| Chubu Shiryo Co. Ltd. | 1600 | 20348 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 1400 | 21387 |
| Chudenko Corp. | 1900 | 62469 |
| Chuetsu Pulp & Paper Co. Ltd. | 100 | 1303 |
| Chugai Ro Co. Ltd. | 500 | 16529 |
| Chugin Financial Group, Inc. | 16600 | 340642 |
| Chugoku Electric Power Co., Inc.<sup>(2)</sup> | 34500 | 240333 |
| Chugoku Marine Paints Ltd. | 2800 | 84148 |
| Chuo Spring Co. Ltd.<sup>(2)</sup> | 1400 | 30334 |
| Chuo Warehouse Co. Ltd. | 300 | 3322 |
| Citizen Watch Co. Ltd. | 21700 | 265551 |
| CKD Corp. | 5200 | 184037 |
| CK-San-Etsu Co. Ltd. | 100 | 3026 |
| Cleanup Corp. | 500 | 3424 |
| CMK Corp. | 8200 | 32861 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 14100 | 372757 |
| COLOPL, Inc. | 5100 | 14486 |
| Colowide Co. Ltd.<sup>(2)</sup> | 8600 | 103355 |
| Computer Engineering & Consulting Ltd. | 2400 | 30667 |
| Computer Institute of Japan Ltd. | 4100 | 13799 |
| COMSYS Holdings Corp. | 10600 | 390206 |
| Comture Corp. | 1500 | 14396 |
| Copro-Holdings Co. Ltd. | 1800 | 11366 |
| Core Concept Technologies, Inc. | 500 | 3570 |
| Corona Corp. | 300 | 2129 |
| Cosel Co. Ltd. | 2200 | 19245 |
| Cosmos Pharmaceutical Corp. | 2400 | 106596 |
| Cover Corp.<sup>(1)(2)</sup> | 2500 | 27898 |
| Create Restaurants Holdings, Inc. | 25200 | 118913 |
| Create SD Holdings Co. Ltd. | 2300 | 50059 |
| Creek & River Co. Ltd. | 500 | 4758 |
| Cresco Ltd. | 3000 | 29527 |
| Cross Cat Co. Ltd. | 200 | 1300 |
| CrowdWorks, Inc.<sup>(1)</sup> | 400 | 1718 |
| CTI Engineering Co. Ltd. | 1500 | 33512 |
| CTS Co. Ltd.<sup>(2)</sup> | 500 | 3111 |
| CUC, Inc.<sup>(1)</sup> | 500 | 3199 |
| Curves Holdings Co. Ltd. | 5600 | 29314 |
| Cyber Security Cloud, Inc.<sup>(2)</sup> | 1300 | 13818 |
| Cybertrust Japan Co. Ltd. | 400 | 3255 |
| Cybozu, Inc.<sup>(2)</sup> | 2000 | 28689 |
| Dai Nippon Toryo Co. Ltd. | 400 | 3825 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daicel Corp. | 19900 | $208896 |
| Dai-Dan Co. Ltd. | 10700 | 250378 |
| Daido Metal Co. Ltd.<sup>(2)</sup> | 3200 | 25098 |
| Daido Steel Co. Ltd. | 10600 | 161552 |
| Daiei Kankyo Co. Ltd. | 2900 | 71802 |
| Daihatsu Infinearth Mfg Co. Ltd. | 1500 | 24620 |
| Daihen Corp. | 1200 | 111622 |
| Daiho Corp. | 2000 | 11459 |
| Dai-Ichi Cutter Kogyo KK | 200 | 2074 |
| Daiichi Jitsugyo Co. Ltd. | 400 | 9142 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.<sup>(2)</sup> | 300 | 5394 |
| Daiichikosho Co. Ltd. | 4200 | 46722 |
| Daiki Aluminium Industry Co. Ltd. | 1400 | 13357 |
| Daikoku Denki Co. Ltd. | 700 | 12046 |
| Daikokutenbussan Co. Ltd.<sup>(2)</sup> | 400 | 14244 |
| Daikyonishikawa Corp. | 2000 | 12080 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 700 | 22603 |
| Daio Paper Corp. | 8100 | 60795 |
| Daiseki Co. Ltd. | 2000 | 50725 |
| Daishi Hokuetsu Financial Group, Inc. | 24800 | 323529 |
| Daishinku Corp. | 900 | 3957 |
| Daisue Construction Co. Ltd. | 500 | 14256 |
| Daito Pharmaceutical Co. Ltd. | 220 | 2071 |
| Daitron Co. Ltd. | 1200 | 23117 |
| Daiwabo Holdings Co. Ltd. | 6200 | 126851 |
| DCM Holdings Co. Ltd. | 9900 | 108010 |
| Dear Life Co. Ltd. | 1400 | 10124 |
| Demae-Can Co. Ltd.<sup>(1)</sup> | 400 | 366 |
| DeNA Co. Ltd.<sup>(2)</sup> | 7400 | 125974 |
| Denka Co. Ltd.<sup>(2)</sup> | 5400 | 127124 |
| Dentsu Soken, Inc. | 2100 | 26543 |
| Dexerials Corp. | 18400 | 303488 |
| DIC Corp. | 8200 | 232687 |
| Digital Arts, Inc. | 700 | 25235 |
| Digital Hearts Holdings Co. Ltd. | 300 | 1722 |
| Digital Holdings, Inc. | 100 | 1282 |
| Digital Information Technologies Corp. | 1400 | 9450 |
| Dip Corp. | 2600 | 33688 |
| DKK Co. Ltd. | 100 | 2169 |
| DKS Co. Ltd. | 700 | 55361 |
| DMG Mori Co. Ltd. | 12200 | 241591 |
| Doshisha Co. Ltd. | 2300 | 54666 |
| Double Standard, Inc. | 200 | 1942 |
| Doutor Nichires Holdings Co. Ltd. | 2600 | 49889 |
| Dowa Holdings Co. Ltd. | 3700 | 273296 |
| DTS Corp. | 12900 | 94316 |
| Duskin Co. Ltd. | 2200 | 60874 |
| DyDo Group Holdings, Inc. | 1600 | 26642 |
| Dynapac Co. Ltd. | 100 | 1627 |
| Eagle Industry Co. Ltd. | 2400 | 52570 |
| Earth Corp. | 300 | 9776 |
| EAT&HOLDINGS Co. Ltd. | 100 | 1273 |
| Ebara Foods Industry, Inc. | 100 | 1760 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ebase Co. Ltd. | 500 | $1394 |
| Eco's Co. Ltd. | 100 | 1969 |
| EDION Corp. | 7500 | 107781 |
| eGuarantee, Inc. | 3500 | 38731 |
| Ehime Bank Ltd. | 4100 | 49606 |
| Eiken Chemical Co. Ltd.<sup>(2)</sup> | 200 | 4031 |
| Eizo Corp.<sup>(2)</sup> | 3000 | 44197 |
| EJ Holdings, Inc. | 300 | 3717 |
| Elan Corp. | 100 | 493 |
| Elecom Co. Ltd. | 3000 | 34416 |
| Electric Power Development Co. Ltd.<sup>(2)</sup> | 13700 | 327187 |
| EM Systems Co. Ltd. | 3500 | 15994 |
| Endo Lighting Corp. | 800 | 15260 |
| Enigmo, Inc. | 200 | 552 |
| Enplas Corp. | 800 | 72692 |
| Enshu Truck Co. Ltd. | 100 | 2439 |
| Envipro Holdings, Inc. | 1800 | 11627 |
| eRex Co. Ltd. | 2800 | 13197 |
| ERI Holdings Co. Ltd. | 300 | 9156 |
| ES-Con Japan Ltd. | 200 | 1468 |
| ESPEC Corp. | 2000 | 49426 |
| Eternal Hospitality Group Co. Ltd. | 500 | 11906 |
| eWeLL Co. Ltd. | 400 | 5995 |
| ExaWizards, Inc.<sup>(1)(2)</sup> | 6200 | 28902 |
| Exedy Corp. | 2200 | 87146 |
| EXEO Group, Inc. | 19300 | 369823 |
| FaithNetwork Co. Ltd. | 1200 | 7365 |
| FALCO HOLDINGS Co. Ltd. | 200 | 3493 |
| Fast Accounting Co. Ltd. | 200 | 1122 |
| Fast Fitness Japan, Inc. | 700 | 10312 |
| FCC Co. Ltd. | 4100 | 101213 |
| f-code, Inc.<sup>(1)</sup> | 400 | 4034 |
| Feed One Co. Ltd. | 1700 | 14503 |
| Ferrotec Corp. | 3800 | 154216 |
| FFRI Security, Inc.<sup>(2)</sup> | 400 | 21011 |
| Fibergate, Inc. | 300 | 1345 |
| FIDEA Holdings Co. Ltd. | 1700 | 23815 |
| Financial Partners Group Co. Ltd. | 3700 | 49525 |
| FINDEX, Inc. | 300 | 1785 |
| Fintech Global, Inc. | 13100 | 12987 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 6400 | 111388 |
| First Juken Co. Ltd. | 200 | 1612 |
| Fit Easy, Inc. | 900 | 14830 |
| Fixstars Corp.<sup>(2)</sup> | 1600 | 15857 |
| FJ Next Holdings Co. Ltd. | 400 | 4985 |
| Food & Life Cos. Ltd. | 500 | 32268 |
| Forval Corp. | 200 | 1442 |
| Foster Electric Co. Ltd.<sup>(2)</sup> | 2200 | 43998 |
| FP Corp. | 3100 | 56023 |
| FP Partner, Inc. | 400 | 6253 |
| France Bed Holdings Co. Ltd. | 100 | 876 |
| Freebit Co. Ltd. | 800 | 8188 |
| Fronteo, Inc.<sup>(1)</sup> | 1700 | 10329 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fudo Tetra Corp. | 900 | $22932 |
| Fuji Co. Ltd. | 2800 | 37633 |
| Fuji Corp. /Aichi | 8100 | 314922 |
| Fuji Corp. Ltd. | 500 | 2977 |
| Fuji Kyuko Co. Ltd. | 2000 | 30657 |
| Fuji Oil Co. Ltd. | 800 | 20426 |
| Fuji Pharma Co. Ltd.<sup>(2)</sup> | 1100 | 16916 |
| Fuji Seal International, Inc. | 2400 | 44221 |
| Fujibo Holdings, Inc. | 1100 | 77064 |
| Fujicco Co. Ltd. | 1000 | 10538 |
| Fujii Sangyo Corp. | 100 | 2680 |
| Fujikura Composites, Inc. | 1200 | 20852 |
| Fujimi, Inc. | 3300 | 69502 |
| Fujishoji Co. Ltd. | 100 | 676 |
| Fujita Kanko, Inc. | 3700 | 55742 |
| Fujiya Co. Ltd. | 600 | 9694 |
| FuKoKu Co. Ltd. | 700 | 9026 |
| Fukuda Corp. | 800 | 40256 |
| Fukuda Denshi Co. Ltd. | 1600 | 102940 |
| Fukui Bank Ltd.<sup>(2)</sup> | 2300 | 51910 |
| Fukui Computer Holdings, Inc. | 700 | 15408 |
| Fukuyama Transporting Co. Ltd. | 1900 | 68164 |
| FULLCAST Holdings Co. Ltd. | 1500 | 16218 |
| Fumakilla Ltd. | 200 | 1515 |
| Funai Soken Holdings, Inc. | 4600 | 34112 |
| Furukawa Co. Ltd. | 2500 | 93224 |
| Furukawa Electric Co. Ltd. | 5300 | 949603 |
| Furuno Electric Co. Ltd. | 2100 | 106424 |
| Furuya Metal Co. Ltd. | 1800 | 88092 |
| Furyu Corp. | 800 | 6441 |
| Fuso Chemical Co. Ltd.<sup>(2)</sup> | 1500 | 91870 |
| Fuso Pharmaceutical Industries Ltd. | 100 | 1613 |
| Futaba Corp. | 2400 | 11554 |
| Futaba Industrial Co. Ltd. | 6000 | 44956 |
| Future Corp. | 3000 | 34947 |
| Fuyo General Lease Co. Ltd. | 5200 | 154556 |
| G-7 Holdings, Inc. | 400 | 3871 |
| GA Technologies Co. Ltd. | 2000 | 21512 |
| Gakken Holdings Co. Ltd. | 3000 | 20495 |
| Gakkyusha Co. Ltd. | 100 | 1569 |
| Gakujo Co. Ltd. | 200 | 2438 |
| Galilei Co. Ltd. | 2400 | 60076 |
| GENDA, Inc.<sup>(1)(2)</sup> | 2700 | 10883 |
| Geniee, Inc.<sup>(1)</sup> | 700 | 4596 |
| Genki Global Dining Concepts Corp. | 700 | 13486 |
| Genky DrugStores Co. Ltd. | 1700 | 48881 |
| GENOVA, Inc. | 200 | 805 |
| Geo Holdings Corp. | 2600 | 29889 |
| Gift Holdings, Inc. | 600 | 16158 |
| giftee, Inc. | 1200 | 7951 |
| Giken Ltd. | 1400 | 22071 |
| Global Link Management KK | 800 | 12363 |
| Global Security Experts, Inc. | 400 | 6858 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GLOBERIDE, Inc. | 1100 | $16656 |
| Glory Ltd.<sup>(2)</sup> | 3600 | 95817 |
| GLtechno Holdings, Inc. | 310 | 8018 |
| GMO Financial Holdings, Inc.<sup>(2)</sup> | 2600 | 15878 |
| GMO internet group, Inc. | 4600 | 88356 |
| Godo Steel Ltd.<sup>(2)</sup> | 700 | 18180 |
| Goldcrest Co. Ltd. | 600 | 12829 |
| Goldwin, Inc. | 2700 | 42579 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 1200 | 11955 |
| Gourmet Kineya Co. Ltd. | 300 | 1929 |
| Grandy House Corp. | 300 | 1244 |
| GREE Holdings, Inc. | 4200 | 10636 |
| Greens Co. Ltd. | 500 | 7640 |
| grems, Inc. | 600 | 10401 |
| GS Yuasa Corp. | 9800 | 348102 |
| GSI Creos Corp. | 1200 | 21495 |
| G-Tekt Corp. | 2100 | 27748 |
| Gun-Ei Chemical Industry Co. Ltd. | 100 | 3553 |
| Gunma Bank Ltd.<sup>(2)</sup> | 18300 | 264542 |
| Gunze Ltd. | 3100 | 94091 |
| H.U. Group Holdings, Inc. | 5500 | 118299 |
| H2O Retailing Corp. | 9400 | 147163 |
| Hachijuni Nagano Bank Ltd. | 3900 | 51814 |
| Hagihara Industries, Inc. | 300 | 3562 |
| Hagiwara Electric Holdings Co. Ltd. | 700 | 17824 |
| Hagoromo Foods Corp. | 100 | 2229 |
| Hakuhodo DY Holdings, Inc.<sup>(2)</sup> | 18800 | 140978 |
| Hakuto Co. Ltd.<sup>(2)</sup> | 1200 | 34015 |
| Halows Co. Ltd. | 700 | 22004 |
| Hamakyorex Co. Ltd. | 5800 | 72819 |
| Hanwa Co. Ltd. | 3000 | 172088 |
| Happinet Corp.<sup>(2)</sup> | 3000 | 61073 |
| Harima Chemicals Group, Inc. | 300 | 2017 |
| Hashimoto Sogyo Holdings Co. Ltd. | 200 | 1849 |
| Hazama Ando Corp. | 12500 | 171193 |
| HEALIOS KK<sup>(1)</sup> | 4400 | 12395 |
| Heiwa Corp. | 4300 | 55584 |
| Heiwado Co. Ltd. | 2000 | 38538 |
| Helios Techno Holding Co. Ltd. | 600 | 5350 |
| Hennge KK<sup>(2)</sup> | 1400 | 9009 |
| Hibino Corp. | 100 | 2608 |
| Hiday Hidaka Corp. | 2000 | 40336 |
| HI-LEX Corp. | 2400 | 61369 |
| Hino Motors Ltd.<sup>(1)</sup> | 8300 | 24295 |
| Hioki EE Corp. | 800 | 39691 |
| Hirakawa Hewtech Corp. | 1400 | 39346 |
| Hirano Tecseed Co. Ltd.<sup>(2)</sup> | 200 | 2450 |
| Hirata Corp. | 2500 | 48781 |
| Hirogin Holdings, Inc. | 26600 | 328964 |
| Hirose Tusyo, Inc. | 100 | 2432 |
| Hiroshima Electric Railway Co. Ltd. | 300 | 1288 |
| HIS Co. Ltd. | 4400 | 36040 |
| Hisaka Works Ltd. | 1100 | 12838 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hochiki Corp.<sup>(2)</sup> | 1500 | $61647 |
| Hoden Seimitsu Kako Kenkyusho Co. Ltd. | 400 | 10848 |
| Hodogaya Chemical Co. Ltd. | 400 | 6119 |
| Hogy Medical Co. Ltd. | 1400 | 60164 |
| Hokkaido Coca-Cola Bottling Co. Ltd. | 100 | 2605 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 21600 | 170224 |
| Hokkan Holdings Ltd. | 200 | 3226 |
| Hokko Chemical Industry Co. Ltd. | 1600 | 19227 |
| Hokuetsu Corp.<sup>(2)</sup> | 5900 | 39103 |
| Hokuhoku Financial Group, Inc.<sup>(2)</sup> | 11100 | 443377 |
| Hokuriku Electric Power Co. | 18400 | 130372 |
| Hokuriku Electrical Construction Co. Ltd. | 100 | 1116 |
| Hokuryo Co. Ltd. | 600 | 12312 |
| Hokuto Corp. | 1100 | 14170 |
| H-One Co. Ltd. | 1200 | 11376 |
| Honeys Holdings Co. Ltd. | 2100 | 20757 |
| Horiba Ltd. | 500 | 67152 |
| Hosiden Corp. | 4300 | 80807 |
| Hosokawa Micron Corp. | 1000 | 43395 |
| Hotland Holdings Co. Ltd. | 1600 | 20001 |
| House Foods Group, Inc. | 4700 | 92944 |
| Howa Machinery Ltd. | 400 | 4738 |
| HS Holdings Co. Ltd. | 2100 | 17511 |
| Human Technologies, Inc. | 400 | 3770 |
| Hyakugo Bank Ltd. | 25700 | 279092 |
| Hyakujushi Bank Ltd. | 2300 | 143471 |
| IBJ, Inc. | 1200 | 5919 |
| Ichigo, Inc. | 20800 | 59009 |
| Ichikoh Industries Ltd. | 300 | 1094 |
| Ichinen Holdings Co. Ltd. | 500 | 6990 |
| Ichiyoshi Securities Co. Ltd. | 3800 | 36829 |
| Icom, Inc. | 100 | 2042 |
| IDEA Consultants, Inc. | 500 | 14618 |
| Idec Corp. | 1600 | 33830 |
| IDOM, Inc. | 3000 | 29530 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 8100 | 86242 |
| IKK Holdings, Inc. | 300 | 1584 |
| I'll, Inc. | 800 | 12066 |
| Imuraya Group Co. Ltd. | 200 | 3288 |
| IMV Corp. | 1100 | 28703 |
| Inaba Denki Sangyo Co. Ltd. | 10100 | 185688 |
| Inaba Seisakusho Co. Ltd. | 200 | 2235 |
| Inabata & Co. Ltd. | 3100 | 86475 |
| Ines Corp. | 400 | 5437 |
| Infomart Corp. | 20700 | 53542 |
| Inforich, Inc.<sup>(1)</sup> | 300 | 8692 |
| Information Planning Co. | 100 | 3463 |
| INFRONEER Holdings, Inc. | 20800 | 348139 |
| Innotech Corp. | 1600 | 29836 |
| Insource Co. Ltd. | 3600 | 16753 |
| Integral Corp. | 800 | 16761 |
| Internet Initiative Japan, Inc. | 11300 | 164740 |
| Intloop, Inc.<sup>(1)</sup> | 200 | 3945 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inui Global Logistics Co. Ltd. | 2000 | $21097 |
| Iriso Electronics Co. Ltd. | 1700 | 41721 |
| ISB Corp. | 100 | 1281 |
| Ise Chemicals Corp. | 1000 | 42860 |
| Iseki & Co. Ltd.<sup>(2)</sup> | 1600 | 21825 |
| Ishihara Chemical Co. Ltd. | 200 | 3709 |
| Ishihara Sangyo Kaisha Ltd. | 2100 | 52576 |
| Istyle, Inc.<sup>(2)</sup> | 5100 | 15821 |
| Itfor, Inc. | 1400 | 15636 |
| ITmedia, Inc.<sup>(2)</sup> | 600 | 7327 |
| Ito En Ltd. | 4500 | 87576 |
| Ito En Ltd., Preference Shares | 1700 | 19790 |
| Itochu Enex Co. Ltd. | 3500 | 46757 |
| Itochu-Shokuhin Co. Ltd. | 600 | 50398 |
| Itoham Yonekyu Holdings, Inc. | 2760 | 114000 |
| Itoki Corp. | 3200 | 73724 |
| IwaiCosmo Holdings, Inc. | 1900 | 47863 |
| Iwatani Corp. | 19100 | 251771 |
| Iwatsuka Confectionery Co. Ltd. | 100 | 2134 |
| Iyogin Holdings, Inc. | 8600 | 186397 |
| Izumi Co. Ltd. | 7200 | 47868 |
| J Front Retailing Co. Ltd. | 12100 | 199435 |
| J Trust Co. Ltd. | 8400 | 28960 |
| JAC Recruitment Co. Ltd. | 8400 | 48211 |
| Jaccs Co. Ltd. | 2300 | 65162 |
| Jade Group, Inc. | 300 | 3280 |
| JAFCO Group Co. Ltd.<sup>(2)</sup> | 4000 | 63405 |
| JALCO Holdings, Inc. | 100 | 273 |
| Japan Airport Terminal Co. Ltd. | 4900 | 167132 |
| Japan Aviation Electronics Industry Ltd. | 4800 | 82820 |
| Japan Business Systems, Inc. | 1800 | 19083 |
| Japan Cash Machine Co. Ltd. | 1200 | 9641 |
| Japan Communications, Inc.<sup>(1)(2)</sup> | 10800 | 9614 |
| Japan Electronic Materials Corp. | 1400 | 71726 |
| Japan Elevator Service Holdings Co. Ltd. | 16200 | 168355 |
| Japan Engine Corp. | 400 | 38481 |
| Japan Eyewear Holdings Co. Ltd. | 300 | 3833 |
| Japan Lifeline Co. Ltd. | 5700 | 58283 |
| Japan Material Co. Ltd. | 6800 | 94419 |
| Japan Petroleum Exploration Co. Ltd. | 17800 | 272473 |
| Japan Property Management Center Co. Ltd. | 300 | 2640 |
| Japan Pulp & Paper Co. Ltd. | 8900 | 65810 |
| Japan Securities Finance Co. Ltd. | 300 | 4551 |
| Japan System Techniques Co. Ltd. | 1900 | 25415 |
| Japan Transcity Corp. | 2600 | 22583 |
| Japan Wool Textile Co. Ltd. | 4200 | 56313 |
| JBCC Holdings, Inc. | 5500 | 47627 |
| JCU Corp. | 1500 | 66802 |
| JDC Corp. | 4900 | 21944 |
| Jeol Ltd.<sup>(2)</sup> | 3100 | 136277 |
| JFE Systems, Inc. | 200 | 2759 |
| JGC Holdings Corp. | 13000 | 205962 |
| JINS Holdings, Inc. | 700 | 23796 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JINUSHI Co. Ltd. | 100 | $2185 |
| JK Holdings Co. Ltd. | 300 | 2998 |
| J-Lease Co. Ltd. | 1400 | 12936 |
| JM Holdings Co. Ltd. | 2700 | 29925 |
| JMDC, Inc. | 100 | 2665 |
| J-Oil Mills, Inc. | 1500 | 20140 |
| Joshin Denki Co. Ltd. | 2100 | 38253 |
| Joyful Honda Co. Ltd. | 2700 | 38142 |
| JP-Holdings, Inc. | 5200 | 26132 |
| JRC Co. Ltd. | 500 | 4694 |
| JSB Co. Ltd. | 700 | 15691 |
| JSP Corp. | 600 | 11199 |
| JTEKT Corp. | 26300 | 360970 |
| Juki Corp. | 100 | 492 |
| Juroku Financial Group, Inc.<sup>(2)</sup> | 3200 | 210594 |
| Justsystems Corp. | 1600 | 40217 |
| JVCKenwood Corp. | 15400 | 127887 |
| Kadoya Sesame Mills, Inc. | 100 | 3360 |
| Kaga Electronics Co. Ltd. | 3900 | 108694 |
| Kagome Co. Ltd. | 5500 | 102113 |
| Kakaku.com, Inc. | 9300 | 102532 |
| Kaken Pharmaceutical Co. Ltd. | 200 | 5688 |
| Kamakura Shinsho Ltd. | 3200 | 11441 |
| Kameda Seika Co. Ltd. | 200 | 5566 |
| Kamei Corp. | 1900 | 41286 |
| Kamigumi Co. Ltd. | 8300 | 309104 |
| Kanaden Corp. | 300 | 4535 |
| Kanadevia Corp. | 16300 | 113351 |
| Kanagawa Chuo Kotsu Co. Ltd. | 100 | 2365 |
| Kanamic Network Co. Ltd. | 600 | 2128 |
| Kanamoto Co. Ltd. | 3100 | 86409 |
| Kandenko Co. Ltd. | 3900 | 174251 |
| Kaneka Corp. | 3100 | 104781 |
| Kaneko Seeds Co. Ltd. | 200 | 1963 |
| Kanematsu Corp. | 11700 | 183926 |
| Kanemi Co. Ltd. | 100 | 2201 |
| Kanro, Inc. | 2900 | 26441 |
| Kansai Paint Co. Ltd.<sup>(2)</sup> | 11200 | 198182 |
| Kanto Denka Kogyo Co. Ltd. | 2500 | 28206 |
| Kappa Create Co. Ltd.<sup>(2)</sup> | 2700 | 27624 |
| Kasumigaseki Capital Co. Ltd. | 1500 | 74942 |
| Kato Sangyo Co. Ltd. | 1600 | 70058 |
| Kato Works Co. Ltd. | 100 | 1142 |
| Kawada Technologies, Inc. | 1200 | 42383 |
| Kawai Musical Instruments Manufacturing Co. Ltd. | 100 | 1903 |
| KeePer Technical Laboratory Co. Ltd.<sup>(2)</sup> | 700 | 16365 |
| Keihan Holdings Co. Ltd. | 8600 | 190818 |
| Keihanshin Building Co. Ltd. | 3000 | 41741 |
| Keikyu Corp.<sup>(2)</sup> | 13900 | 139233 |
| Keio Corp. | 6400 | 171884 |
| KEIWA, Inc. | 300 | 2634 |
| Keiyo Bank Ltd. | 10500 | 151050 |
| Kenko Mayonnaise Co. Ltd. | 200 | 2963 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kewpie Corp. | 91 | $2611 |
| KH Neochem Co. Ltd. | 2100 | 41851 |
| Kibun Foods, Inc. | 300 | 2094 |
| Kidswell Bio Corp.<sup>(1)(2)</sup> | 200 | 351 |
| Kimura Kohki Co. Ltd. | 100 | 9840 |
| Kinjiro Co. Ltd. | 500 | 2370 |
| Kissei Pharmaceutical Co. Ltd. | 2700 | 86720 |
| Kita-Nippon Bank Ltd. | 700 | 23713 |
| Kitanotatsujin Corp. | 4000 | 3488 |
| Kitoku Shinryo Co. Ltd. | 700 | 9769 |
| Kitz Corp. | 8300 | 114448 |
| Kiyo Bank Ltd. | 5800 | 158749 |
| KNT-CT Holdings Co. Ltd.<sup>(1)</sup> | 700 | 7774 |
| Koa Corp. | 4000 | 50863 |
| Koatsu Gas Kogyo Co. Ltd. | 600 | 4382 |
| Kobe Electric Railway Co. Ltd. | 100 | 1623 |
| Kodensha Co. Ltd. | 400 | 17631 |
| Kohnan Shoji Co. Ltd. | 1700 | 47143 |
| Kohoku Kogyo Co. Ltd. | 800 | 22262 |
| Kohsoku Corp. | 300 | 6636 |
| Kojima Co. Ltd. | 2500 | 21186 |
| Komatsu Matere Co. Ltd. | 500 | 2962 |
| Komatsu Wall Industry Co. Ltd. | 1000 | 19552 |
| KOMEDA Holdings Co. Ltd. | 3000 | 56327 |
| Komeri Co. Ltd. | 2800 | 65684 |
| Komori Corp. | 3200 | 37246 |
| Kondotec, Inc. | 400 | 3967 |
| Konica Minolta, Inc. | 58500 | 223213 |
| Konishi Co. Ltd. | 2900 | 25689 |
| Konoike Transport Co. Ltd. | 2500 | 55962 |
| Kosaido Holdings Co. Ltd. | 6500 | 20564 |
| Koshidaka Holdings Co. Ltd. | 4100 | 30704 |
| Kotobuki Spirits Co. Ltd. | 9200 | 117154 |
| Kourakuen Corp.<sup>(1)</sup> | 300 | 2329 |
| KPP Group Holdings Co. Ltd. | 4600 | 27509 |
| Krosaki Harima Corp. | 1500 | 40336 |
| KRS Corp. | 900 | 18807 |
| K's Holdings Corp. | 14300 | 156660 |
| KU Holdings Co. Ltd. | 300 | 2556 |
| kubell Co. Ltd.<sup>(1)</sup> | 900 | 1775 |
| Kumagai Gumi Co. Ltd.<sup>(2)</sup> | 9900 | 127708 |
| Kumiai Chemical Industry Co. Ltd.<sup>(2)</sup> | 4700 | 22098 |
| Kura Sushi, Inc.<sup>(2)</sup> | 700 | 16757 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 1100 | 70728 |
| Kureha Corp. | 2100 | 65850 |
| Kurimoto Ltd. | 2500 | 28405 |
| Kuriyama Holdings Corp. | 400 | 4506 |
| Kuroda Group Co. Ltd. | 4400 | 31624 |
| Kushikatsu Tanaka Holdings Co. | 900 | 12029 |
| Kusuri No. Aoki Holdings Co. Ltd. | 3800 | 98695 |
| KYB Corp.<sup>(2)</sup> | 2800 | 94627 |
| Kyodo Printing Co. Ltd. | 1500 | 16882 |
| Kyoei Steel Ltd. | 1400 | 23785 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kyokuto Boeki Kaisha Ltd. | 200 | $2841 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 2500 | 56025 |
| Kyokuto Securities Co. Ltd. | 1500 | 18226 |
| Kyokuyo Co. Ltd. | 700 | 24366 |
| Kyorin Pharmaceutical Co. Ltd. | 3600 | 39830 |
| Kyoritsu Maintenance Co. Ltd.<sup>(2)</sup> | 1000 | 17125 |
| Kyosan Electric Manufacturing Co. Ltd. | 900 | 4473 |
| Kyowa Leather Cloth Co. Ltd. | 300 | 2318 |
| Kyushu Financial Group, Inc. | 34100 | 291405 |
| Kyushu Leasing Service Co. Ltd. | 200 | 1942 |
| Kyushu Railway Co. | 12000 | 304848 |
| LEC, Inc. | 600 | 4646 |
| Leopalace21 Corp. | 17300 | 82399 |
| Life Corp. | 4000 | 69538 |
| Lifedrink Co., Inc. | 3200 | 25025 |
| LIFULL Co. Ltd. | 9100 | 12598 |
| LIKE, Inc. | 100 | 1036 |
| Link & Motivation, Inc. | 2800 | 10055 |
| Lintec Corp. | 5200 | 181447 |
| Lion Corp. | 25900 | 304567 |
| LITALICO, Inc. | 1900 | 16369 |
| Lixil Corp. | 26800 | 314893 |
| Look Holdings, Inc. | 100 | 1626 |
| Luckland Co. Ltd. | 1100 | 12512 |
| M&A Capital Partners Co. Ltd. | 1400 | 33476 |
| Mabuchi Motor Co. Ltd. | 17000 | 200079 |
| Macbee Planet, Inc. | 500 | 4692 |
| Macnica Holdings, Inc. | 13300 | 235058 |
| Maeda Kosen Co. Ltd. | 2600 | 35624 |
| Maezawa Industries, Inc. | 1100 | 15746 |
| Maezawa Kasei Industries Co. Ltd. | 900 | 14079 |
| Maezawa Kyuso Industries Co. Ltd. | 300 | 3360 |
| Makino Milling Machine Co. Ltd. | 500 | 37214 |
| Mamezo Co. Ltd. | 400 | 9014 |
| Mamiya-Op Co. Ltd. | 200 | 1924 |
| Mammy Mart Holdings Corp. | 500 | 5592 |
| Mandom Corp. | 2400 | 49546 |
| Mani, Inc. | 7500 | 80586 |
| MarkLines Co. Ltd. | 200 | 2187 |
| Mars Group Holdings Corp. | 1300 | 26333 |
| Marubun Corp. | 1300 | 10592 |
| Maruchiyo Yamaokaya Corp. | 1000 | 25570 |
| Marudai Food Co. Ltd.<sup>(2)</sup> | 1200 | 18449 |
| Maruha Nichiro Corp. | 13900 | 141103 |
| Marui Group Co. Ltd. | 17500 | 355871 |
| Maruichi Steel Tube Ltd. | 18200 | 189361 |
| Marumae Co. Ltd. | 500 | 11390 |
| Marusan Securities Co. Ltd. | 5700 | 40779 |
| Maruwa Co. Ltd. | 700 | 273873 |
| Maruzen CHI Holdings Co. Ltd. | 500 | 1103 |
| Maruzen Showa Unyu Co. Ltd. | 1200 | 70438 |
| Marvelous, Inc. | 500 | 1631 |
| Matsuda Sangyo Co. Ltd.<sup>(2)</sup> | 1600 | 89754 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Matsui Securities Co. Ltd. | 8800 | $53832 |
| Matsuoka Corp. | 100 | 1642 |
| Matsuyafoods Holdings Co. Ltd. | 700 | 27027 |
| Max Co. Ltd. | 1900 | 84778 |
| Maxell Ltd. | 4400 | 64432 |
| Maxvalu Tokai Co. Ltd. | 200 | 4816 |
| MCJ Co. Ltd. | 6700 | 98268 |
| MEC Co. Ltd. | 1700 | 76071 |
| Media Do Co. Ltd. | 200 | 2117 |
| Medikit Co. Ltd. | 100 | 1924 |
| Medipal Holdings Corp. | 12400 | 242997 |
| Medley, Inc.<sup>(1)(2)</sup> | 1000 | 12736 |
| Megachips Corp. | 1100 | 64234 |
| Megmilk Snow Brand Co. Ltd.<sup>(2)</sup> | 4200 | 94210 |
| Meidensha Corp. | 2700 | 134557 |
| Meiji Shipping Group Co. Ltd. | 200 | 985 |
| Meiko Construction Co. Ltd. | 200 | 2387 |
| Meiko Electronics Co. Ltd. | 1900 | 266324 |
| Meisei Industrial Co. Ltd. | 2200 | 28540 |
| MEITEC Group Holdings, Inc. | 5100 | 112335 |
| Meito Co. Ltd. | 1300 | 22799 |
| Meiwa Corp. | 2400 | 14595 |
| Meiwa Estate Co. Ltd. | 200 | 1510 |
| Menicon Co. Ltd.<sup>(2)</sup> | 7000 | 85426 |
| Mercari, Inc.<sup>(1)</sup> | 13300 | 314758 |
| METAWATER Co. Ltd. | 2800 | 75338 |
| MicroAd, Inc.<sup>(1)</sup> | 2100 | 11722 |
| Micronics Japan Co. Ltd. | 2400 | 186243 |
| Midac Holdings Co. Ltd. | 400 | 5358 |
| Mie Kotsu Group Holdings, Inc. | 1000 | 3895 |
| Milbon Co. Ltd. | 2300 | 41377 |
| MIMAKI ENGINEERING Co. Ltd. | 1300 | 15471 |
| Mipox Corp. | 1400 | 7947 |
| Mirai Industry Co. Ltd. | 100 | 2228 |
| Miraial Co. Ltd. | 100 | 872 |
| Mirait One Corp. | 8600 | 223484 |
| Mirarth Holdings, Inc. | 8600 | 23303 |
| Miroku Jyoho Service Co. Ltd. | 400 | 4616 |
| Mitachi Co. Ltd. | 700 | 10941 |
| Mitani Sangyo Co. Ltd. | 600 | 2801 |
| Mito Securities Co. Ltd. | 1200 | 5245 |
| Mitsuba Corp. | 3600 | 33709 |
| Mitsubishi Kakoki Kaisha Ltd.<sup>(2)</sup> | 1500 | 36481 |
| Mitsubishi Materials Corp. | 11600 | 445114 |
| Mitsubishi Motors Corp. | 52400 | 143613 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 1700 | 9299 |
| Mitsubishi Pencil Co. Ltd. | 100 | 1570 |
| Mitsubishi Research Institute, Inc. | 900 | 28994 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 500 | 6791 |
| Mitsuboshi Belting Ltd. | 2300 | 63261 |
| Mitsui DM Sugar Co. Ltd. | 900 | 20452 |
| Mitsui E&S Co. Ltd. | 10300 | 516270 |
| Mitsui High-Tec, Inc. | 10400 | 58138 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mitsui Kinzoku Co. Ltd. | 3100 | $728457 |
| Mitsui Matsushima Holdings Co. Ltd. | 3300 | 31881 |
| Mitsui-Soko Holdings Co. Ltd. | 4400 | 105321 |
| Mitsuuroko Group Holdings Co. Ltd. | 1600 | 24032 |
| Miura Co. Ltd. | 9100 | 187502 |
| MIXI, Inc. | 2100 | 36079 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 1800 | 22344 |
| Miyazaki Bank Ltd. | 1700 | 105666 |
| Miyoshi Oil & Fat Co. Ltd. | 1000 | 15229 |
| Mizuho Leasing Co. Ltd. | 14800 | 144797 |
| Mizuho Medy Co. Ltd. | 1100 | 13578 |
| Mizuno Corp. | 3400 | 88316 |
| Mochida Pharmaceutical Co. Ltd. | 2200 | 55850 |
| Modec, Inc. | 3300 | 283647 |
| Monogatari Corp. | 3100 | 99354 |
| Morinaga & Co. Ltd. | 6400 | 118481 |
| Morinaga Milk Industry Co. Ltd. | 6800 | 216187 |
| Moriroku Co. Ltd. | 800 | 13629 |
| Morita Holdings Corp. | 3100 | 59307 |
| Morito Co. Ltd. | 400 | 5398 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 400 | 16164 |
| Morozoff Ltd. | 800 | 7885 |
| Mory Industries, Inc. | 500 | 3269 |
| MOS Food Services, Inc.<sup>(2)</sup> | 2500 | 68449 |
| MrMax Holdings Ltd. | 500 | 2557 |
| MTG Co. Ltd. | 1100 | 40376 |
| Mugen Estate Co. Ltd. | 100 | 1652 |
| m-up Holdings, Inc. | 4800 | 20946 |
| Musashi Seimitsu Industry Co. Ltd. | 4000 | 79794 |
| Musashino Bank Ltd. | 3000 | 125044 |
| Muto Seiko Co. | 100 | 1587 |
| Nabtesco Corp. | 5900 | 191240 |
| Nachi-Fujikoshi Corp. | 1600 | 54994 |
| Nafco Co. Ltd. | 300 | 4460 |
| Nagano Keiki Co. Ltd. | 1400 | 27914 |
| Nagase & Co. Ltd. | 5700 | 180518 |
| Nagase Brothers, Inc. | 200 | 3590 |
| Nagoya Railroad Co. Ltd.<sup>(2)</sup> | 16700 | 197244 |
| Nakamuraya Co. Ltd. | 100 | 2127 |
| Nakanishi, Inc. | 5800 | 101248 |
| Nakano Corp. | 800 | 8617 |
| Nakayama Steel Works Ltd. | 2500 | 10139 |
| Namura Shipbuilding Co. Ltd. | 5000 | 177362 |
| Nankai Electric Railway Co. Ltd. | 10500 | 209525 |
| Nanto Bank Ltd. | 2300 | 112444 |
| Nareru Group, Inc. | 200 | 3118 |
| NCD Co. Ltd./Shinagawa | 800 | 17660 |
| NEC Capital Solutions Ltd. | 500 | 14025 |
| Needs Well, Inc. | 1300 | 4536 |
| NEOJAPAN, Inc. | 100 | 1156 |
| Net Protections Holdings, Inc.<sup>(1)</sup> | 4800 | 16559 |
| Neturen Co. Ltd. | 3100 | 29888 |
| New Art Holdings Co. Ltd. | 220 | 2343 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| New Cosmos Electric Co. Ltd. | 100 | $3182 |
| Nextage Co. Ltd. | 5000 | 122870 |
| NexTone, Inc.<sup>(1)</sup> | 200 | 2187 |
| NHK Spring Co. Ltd. | 16900 | 324304 |
| Nicca Chemical Co. Ltd. | 200 | 2292 |
| Nice Corp. | 100 | 1425 |
| Nichias Corp.<sup>(2)</sup> | 4000 | 246170 |
| Nichiban Co. Ltd. | 200 | 2550 |
| Nichicon Corp. | 4800 | 66022 |
| Nichiden Corp. | 300 | 4916 |
| Nichiha Corp. | 1400 | 33283 |
| Nichimo Co. Ltd. | 100 | 1747 |
| Nichirei Corp. | 21100 | 287295 |
| Nichireki Group Co. Ltd. | 500 | 7820 |
| Nichirin Co. Ltd. | 200 | 5599 |
| Nifco, Inc. | 8900 | 315403 |
| Nihon Dempa Kogyo Co. Ltd.<sup>(2)</sup> | 1500 | 12759 |
| Nihon Dengi Co. Ltd.<sup>(2)</sup> | 1400 | 109190 |
| Nihon Denkei Co. Ltd. | 100 | 1716 |
| Nihon Flush Co. Ltd. | 400 | 2199 |
| Nihon M&A Center Holdings, Inc. | 28100 | 129771 |
| Nihon Nohyaku Co. Ltd.<sup>(2)</sup> | 3600 | 25141 |
| Nihon Parkerizing Co. Ltd. | 7300 | 74749 |
| Nihon Tokushu Toryo Co. Ltd. | 900 | 14648 |
| Nihon Trim Co. Ltd. | 100 | 3246 |
| Nihon Yamamura Glass Co. Ltd. | 100 | 2231 |
| Nikkiso Co. Ltd. | 4500 | 70500 |
| Nikko Co. Ltd. | 600 | 3370 |
| Nippi, Inc. | 200 | 18728 |
| Nippn Corp. | 5500 | 100979 |
| Nippon Air Conditioning Services Co. Ltd. | 600 | 6522 |
| Nippon Aqua Co. Ltd. | 100 | 540 |
| Nippon Avionics Co. Ltd. | 700 | 33239 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 700 | 20252 |
| Nippon Carbon Co. Ltd. | 500 | 16151 |
| Nippon Ceramic Co. Ltd. | 1100 | 27519 |
| Nippon Chemical Industrial Co. Ltd. | 200 | 4599 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 1500 | 18074 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 12200 | 10851 |
| Nippon Concrete Industries Co. Ltd. | 400 | 923 |
| Nippon Denko Co. Ltd. | 8500 | 25519 |
| Nippon Densetsu Kogyo Co. Ltd. | 2600 | 87785 |
| Nippon Dry-Chemical Co. Ltd. | 500 | 40073 |
| Nippon Electric Glass Co. Ltd. | 8400 | 369089 |
| Nippon Fine Chemical Co. Ltd. | 200 | 3581 |
| Nippon Gas Co. Ltd. | 10600 | 212194 |
| Nippon Kayaku Co. Ltd. | 12200 | 156562 |
| Nippon Kodoshi Corp.<sup>(2)</sup> | 1200 | 32832 |
| Nippon Light Metal Holdings Co. Ltd. | 4400 | 87759 |
| Nippon Paper Industries Co. Ltd. | 10000 | 84351 |
| Nippon Parking Development Co. Ltd. | 21300 | 39147 |
| Nippon Rietec Co. Ltd. | 900 | 18524 |
| Nippon Seiki Co. Ltd. | 5000 | 91310 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nippon Seisen Co. Ltd. | 300 | $2630 |
| Nippon Sharyo Ltd. | 1000 | 27205 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 8500 | 33042 |
| Nippon Shinyaku Co. Ltd. | 6700 | 221173 |
| Nippon Shokubai Co. Ltd. | 8900 | 144966 |
| Nippon Signal Co. Ltd. | 4300 | 49546 |
| Nippon Ski Resort Development Co. Ltd. | 1100 | 3359 |
| Nippon Soda Co. Ltd.<sup>(2)</sup> | 2700 | 72327 |
| Nippon Thompson Co. Ltd. | 5900 | 40481 |
| Nippon Yakin Kogyo Co. Ltd. | 700 | 23763 |
| Nipro Corp. | 16600 | 169226 |
| Nishikawa Rubber Co. Ltd. | 1700 | 49384 |
| Nishimatsu Construction Co. Ltd. | 1700 | 74748 |
| Nishimatsuya Chain Co. Ltd. | 2100 | 29776 |
| Nishi-Nippon Financial Holdings, Inc. | 14500 | 412783 |
| Nishi-Nippon Railroad Co. Ltd. | 3400 | 70846 |
| Nishio Holdings Co. Ltd. | 2000 | 59484 |
| Nissan Shatai Co. Ltd. | 4000 | 28280 |
| Nissan Tokyo Sales Holdings Co. Ltd. | 1100 | 3851 |
| Nissei ASB Machine Co. Ltd. | 600 | 35518 |
| Nissei Plastic Industrial Co. Ltd. | 200 | 1197 |
| Nissha Co. Ltd. | 2300 | 20037 |
| Nisshin Group Holdings Co. Ltd. | 600 | 3161 |
| Nisshin Oillio Group Ltd. | 2500 | 97696 |
| Nisshin Seifun Group, Inc. | 21100 | 295171 |
| Nisshinbo Holdings, Inc. | 16700 | 187229 |
| Nisso Holdings Co. Ltd. | 100 | 442 |
| Nissui Corp. | 33600 | 333518 |
| Nitta Corp. | 1400 | 42452 |
| NITTAN Corp.<sup>(2)</sup> | 1300 | 6263 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 3500 | 93664 |
| Nitto Boseki Co. Ltd. | 2100 | 337182 |
| Nitto Fuji Flour Milling Co. Ltd. | 100 | 4572 |
| Nitto Kogyo Corp. | 2500 | 77713 |
| Nitto Kohki Co. Ltd. | 200 | 2410 |
| Nitto Seiko Co. Ltd. | 2800 | 14546 |
| Nittoc Construction Co. Ltd. | 1100 | 10298 |
| Nittoku Co. Ltd. | 600 | 10268 |
| Noevir Holdings Co. Ltd. | 1500 | 45260 |
| Nohmi Bosai Ltd. | 1500 | 43200 |
| Nojima Corp. | 20800 | 155336 |
| NOK Corp. | 8300 | 176550 |
| Nomura Co. Ltd. | 5500 | 51597 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 2900 | 65336 |
| Noritake Co. Ltd. | 2000 | 89593 |
| Noritsu Koki Co. Ltd. | 3400 | 49291 |
| Noritz Corp. | 2900 | 45166 |
| North Pacific Bank Ltd. | 27900 | 195629 |
| NPC, Inc. | 2200 | 11626 |
| NPR-RIKEN Corp. | 2500 | 72935 |
| NS United Kaiun Kaisha Ltd. | 1400 | 68510 |
| NSD Co. Ltd. | 3700 | 67544 |
| NSK Ltd. | 35400 | 318467 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NSW, Inc. | 200 | $3158 |
| NTN Corp. | 59000 | 159526 |
| Oat Agrio Co. Ltd. | 100 | 1537 |
| Obara Group, Inc. | 600 | 22604 |
| Ochi Holdings Co. Ltd. | 200 | 2047 |
| Oenon Holdings, Inc. | 800 | 2475 |
| Ogaki Kyoritsu Bank Ltd. | 3200 | 139800 |
| Ohashi Technica, Inc. | 400 | 3213 |
| Ohba Co. Ltd. | 200 | 1574 |
| Ohsho Food Service Corp.<sup>(2)</sup> | 2500 | 52013 |
| OIE Sangyo Co. Ltd. | 100 | 1758 |
| Oiles Corp. | 1500 | 25765 |
| Oisix ra daichi, Inc. | 2000 | 18231 |
| Oita Bank Ltd. | 1400 | 89804 |
| Okabe Co. Ltd. | 2900 | 19318 |
| Okamoto Industries, Inc. | 200 | 7840 |
| Okamoto Machine Tool Works Ltd. | 400 | 12642 |
| Okamura Corp. | 5800 | 101483 |
| Okasan Securities Group, Inc. | 14500 | 92373 |
| Oki Electric Industry Co. Ltd. | 9600 | 197724 |
| Okinawa Cellular Telephone Co. | 3800 | 81581 |
| Okinawa Electric Power Co., Inc. | 2800 | 21320 |
| Okinawa Financial Group, Inc. | 1900 | 73047 |
| OKUMA Corp. | 1400 | 41763 |
| Okumura Corp. | 2300 | 107505 |
| Okura Industrial Co. Ltd. | 500 | 16760 |
| Okuwa Co. Ltd. | 600 | 3396 |
| One Career, Inc. | 400 | 5017 |
| Onoken Co. Ltd. | 400 | 3827 |
| Onward Holdings Co. Ltd. | 10100 | 52795 |
| Ootoya Holdings Co. Ltd. | 100 | 4839 |
| Optex Group Co. Ltd. | 4000 | 81829 |
| Optim Corp.<sup>(1)</sup> | 900 | 2682 |
| Optorun Co. Ltd. | 2200 | 47689 |
| Organo Corp.<sup>(2)</sup> | 1200 | 132925 |
| Orient Corp. | 7700 | 56670 |
| Oriental Consultants Holdings Co. Ltd. | 200 | 4066 |
| Oriental Shiraishi Corp. | 9200 | 25616 |
| Osaka Organic Chemical Industry Ltd. | 1800 | 54355 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 600 | 10015 |
| OSAKA Titanium Technologies Co. Ltd.<sup>(2)</sup> | 1100 | 21689 |
| Osaki Electric Co. Ltd. | 2400 | 26724 |
| OSG Corp. | 4900 | 91788 |
| Oval Corp. | 1100 | 6439 |
| Oyo Corp. | 1200 | 23900 |
| Pacific Industrial Co. Ltd. | 5100 | 98124 |
| Pacific Metals Co. Ltd. | 2100 | 51248 |
| Pack Corp. | 3700 | 31726 |
| PAL GROUP Holdings Co. Ltd. | 9800 | 102926 |
| PALTAC Corp. | 2800 | 90582 |
| Park24 Co. Ltd. | 11000 | 158163 |
| Pasona Group, Inc.<sup>(2)</sup> | 1300 | 17037 |
| PCA Corp. | 300 | 3780 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Penta-Ocean Construction Co. Ltd. | 33100 | $449862 |
| People Dreams & Technologies Group Co. Ltd. | 100 | 1070 |
| PeptiDream, Inc.<sup>(1)</sup> | 500 | 4583 |
| PHC Holdings Corp. | 3600 | 25333 |
| PIA Corp.<sup>(1)</sup> | 300 | 5815 |
| Pigeon Corp. | 11000 | 121347 |
| PILLAR Corp.<sup>(2)</sup> | 1200 | 65044 |
| Pilot Corp. | 2900 | 90521 |
| Piolax, Inc. | 1900 | 21877 |
| PKSHA Technology, Inc.<sup>(1)(2)</sup> | 1400 | 30648 |
| Plaid, Inc.<sup>(1)</sup> | 1100 | 4007 |
| Plus Alpha Consulting Co. Ltd. | 2800 | 40141 |
| Pluszero, Inc.<sup>(1)</sup> | 200 | 2985 |
| Polaris Holdings Co. Ltd. | 300 | 378 |
| Port, Inc. | 1200 | 18548 |
| PR Times Corp. | 700 | 10775 |
| Premium Group Co. Ltd. | 2100 | 24794 |
| Premium Water Holdings, Inc. | 100 | 2601 |
| Press Kogyo Co. Ltd. | 8900 | 57238 |
| Prestige International, Inc. | 9400 | 42282 |
| Prima Meat Packers Ltd. | 2100 | 39066 |
| Procrea Holdings, Inc. | 2600 | 49555 |
| Pronexus, Inc. | 300 | 2269 |
| Pro-Ship, Inc. | 1400 | 13346 |
| PS Construction Co. Ltd. | 2100 | 45991 |
| QB Net Holdings Co. Ltd. | 100 | 868 |
| Qol Holdings Co. Ltd. | 1700 | 21410 |
| QPS Holdings, Inc.<sup>(1)</sup> | 700 | 9907 |
| Quants Research Institute Holdings, Inc. | 1900 | 9216 |
| Quick Co. Ltd. | 900 | 5423 |
| Raccoon Holdings, Inc. | 1000 | 4198 |
| Raito Kogyo Co. Ltd. | 2700 | 75319 |
| Raiznext Corp. | 2300 | 38714 |
| Raksul, Inc.<sup>(2)</sup> | 3800 | 46376 |
| Rakumachi, Inc. | 600 | 3939 |
| Rakus Co. Ltd. | 13900 | 77710 |
| Rasa Industries Ltd.<sup>(2)</sup> | 500 | 33017 |
| Relo Group, Inc. | 8900 | 109857 |
| Renaissance, Inc. | 300 | 2153 |
| RenetJapanGroup, Inc.<sup>(1)</sup> | 600 | 3978 |
| Rengo Co. Ltd. | 18300 | 182748 |
| RENOVA, Inc.<sup>(1)</sup> | 4000 | 18877 |
| Resorttrust, Inc. | 16900 | 209690 |
| Restar Corp.<sup>(2)</sup> | 2000 | 40285 |
| Retail Partners Co. Ltd. | 1700 | 14959 |
| Rheon Automatic Machinery Co. Ltd. | 100 | 1036 |
| Rhythm Co. Ltd. | 500 | 13959 |
| Ricoh Leasing Co. Ltd.<sup>(2)</sup> | 1500 | 61574 |
| Rigaku Holdings Corp. | 9600 | 115273 |
| Riken Keiki Co. Ltd. | 2500 | 57880 |
| Riken Technos Corp. | 600 | 7080 |
| Riken Vitamin Co. Ltd. | 1900 | 37720 |
| Ringer Hut Co. Ltd. | 2000 | 28793 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rinnai Corp. | 11000 | $286489 |
| Rion Co. Ltd. | 100 | 1949 |
| Rise Consulting Group, Inc. | 1100 | 3667 |
| Riso Kagaku Corp. | 1200 | 9881 |
| Riso Kyoiku Group Corp. | 1500 | 1938 |
| Rokko Butter Co. Ltd. | 300 | 2350 |
| Rorze Corp. | 11900 | 252167 |
| Round One Corp. | 20100 | 138276 |
| Royal Holdings Co. Ltd. | 5700 | 55942 |
| RS Technologies Co. Ltd.<sup>(2)</sup> | 1500 | 39670 |
| Ryobi Ltd. | 2100 | 40596 |
| RYODEN Corp. | 700 | 16653 |
| Ryoyo Ryosan Holdings, Inc. | 3300 | 72828 |
| Ryoyu Systems Co. Ltd. | 200 | 4701 |
| S Foods, Inc. | 1900 | 38943 |
| S&B Foods, Inc. | 1400 | 41431 |
| Sac's Bar Holdings, Inc. | 400 | 2178 |
| Sagami Holdings Corp. | 2600 | 31621 |
| Saibu Gas Holdings Co. Ltd. | 1600 | 26643 |
| Saizeriya Co. Ltd. | 3400 | 152621 |
| Sakai Chemical Industry Co. Ltd. | 900 | 23918 |
| Sakai Moving Service Co. Ltd. | 2300 | 43109 |
| Sakata INX Corp. | 4000 | 68604 |
| Sakata Seed Corp. | 2300 | 64928 |
| Sakura Internet, Inc. | 100 | 1932 |
| Sala Corp. | 200 | 1565 |
| Samco, Inc. | 700 | 28187 |
| San Holdings, Inc. | 400 | 3875 |
| San ju San Financial Group, Inc. | 2300 | 92743 |
| San-A Co. Ltd. | 3000 | 59711 |
| San-Ai Obbli Co. Ltd. | 3900 | 64101 |
| Sangetsu Corp. | 4700 | 100892 |
| San-In Godo Bank Ltd.<sup>(2)</sup> | 12200 | 137912 |
| SANIX HOLDINGS, Inc.<sup>(1)</sup> | 100 | 136 |
| Sanken Electric Co. Ltd.<sup>(1)(2)</sup> | 800 | 39447 |
| Sanki Engineering Co. Ltd. | 2400 | 120915 |
| Sanko Gosei Ltd. | 2200 | 15123 |
| Sanko Metal Industrial Co. Ltd. | 1000 | 9555 |
| Sankyo Frontier Co. Ltd. | 200 | 2911 |
| Sankyo Seiko Co. Ltd. | 600 | 3512 |
| Sankyo Tateyama, Inc. | 200 | 928 |
| Sankyu, Inc. | 3300 | 212265 |
| Sanoh Industrial Co. Ltd. | 2000 | 11345 |
| Sansan, Inc.<sup>(1)</sup> | 6500 | 48905 |
| Sansei Technologies, Inc. | 300 | 5099 |
| Sanshin Electronics Co. Ltd. | 1200 | 24857 |
| Santec Holdings Corp. | 500 | 63057 |
| Santen Pharmaceutical Co. Ltd. | 28300 | 318046 |
| Sanyo Chemical Industries Ltd.<sup>(2)</sup> | 700 | 26694 |
| Sanyo Denki Co. Ltd. | 2200 | 71856 |
| Sanyo Electric Railway Co. Ltd. | 300 | 4008 |
| Sanyo Shokai Ltd. | 600 | 16654 |
| Sanyo Trading Co. Ltd. | 600 | 7236 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sato Corp.<sup>(2)</sup> | 2800 | $44786 |
| Sato Shoji Corp. | 300 | 4820 |
| Satori Electric Co. Ltd. | 1000 | 12903 |
| Sawai Group Holdings Co. Ltd. | 10800 | 160722 |
| SAXA, Inc. | 300 | 15757 |
| SBI Insurance Group Co. Ltd. | 200 | 3107 |
| SBI Leasing Services Co. Ltd. | 200 | 8354 |
| SBS Holdings, Inc. | 1800 | 49234 |
| Scroll Corp. | 3200 | 28363 |
| SEC Carbon Ltd. | 200 | 3839 |
| Segue Group Co. Ltd. | 3100 | 10351 |
| Seibu Electric & Machinery Co. Ltd. | 200 | 3689 |
| Seibu Giken Co. Ltd. | 900 | 14612 |
| Seika Corp. | 1500 | 27493 |
| Seikagaku Corp. | 3400 | 17106 |
| Seikitokyu Kogyo Co. Ltd. | 2500 | 27610 |
| Seiko Electric Co. Ltd. | 1100 | 18930 |
| Seiko Group Corp. | 3300 | 278916 |
| Seikoh Giken Co. Ltd. | 300 | 41216 |
| Seino Holdings Co. Ltd. | 8700 | 148393 |
| Seiren Co. Ltd. | 4900 | 114014 |
| Sekisui Jushi Corp. | 2400 | 38127 |
| Sekisui Kasei Co. Ltd.<sup>(1)</sup> | 600 | 2094 |
| Senko Group Holdings Co. Ltd. | 13100 | 165216 |
| Senshu Electric Co. Ltd. | 1300 | 53566 |
| Senshu Ikeda Holdings, Inc. | 27600 | 162789 |
| Senshukai Co. Ltd.<sup>(1)</sup> | 200 | 182 |
| Septeni Holdings Co. Ltd.<sup>(2)</sup> | 200 | 533 |
| SERAKU Co. Ltd. | 400 | 4165 |
| SERENDIP HOLDINGS Co. Ltd.<sup>(1)</sup> | 1500 | 16585 |
| Seria Co. Ltd. | 1800 | 50177 |
| Seven Bank Ltd. | 66100 | 127251 |
| SFP Holdings Co. Ltd. | 200 | 2800 |
| Sharingtechnology, Inc. | 2700 | 21287 |
| Shibaura Machine Co. Ltd.<sup>(2)</sup> | 2200 | 64955 |
| Shibaura Mechatronics Corp.<sup>(2)</sup> | 7000 | 257612 |
| Shibusawa Logistics Corp. | 2900 | 26296 |
| Shibuya Corp. | 700 | 16682 |
| SHIFT, Inc.<sup>(1)(2)</sup> | 18400 | 82829 |
| Shiga Bank Ltd. | 3400 | 196356 |
| Shikoku Bank Ltd. | 4200 | 65817 |
| Shikoku Electric Power Co., Inc. | 13900 | 157451 |
| Shikoku Kasei Holdings Corp.<sup>(2)</sup> | 3000 | 100603 |
| Shima Seiki Manufacturing Ltd. | 1900 | 12812 |
| Shimadaya Corp. | 100 | 1264 |
| Shimizu Bank Ltd. | 200 | 3741 |
| Shimojima Co. Ltd. | 200 | 1916 |
| Shin Nippon Air Technologies Co. Ltd. | 1800 | 48120 |
| Shin Nippon Biomedical Laboratories Ltd. | 2300 | 25168 |
| Shinagawa Refra Co. Ltd. | 1700 | 27207 |
| Shindengen Electric Manufacturing Co. Ltd. | 900 | 23970 |
| Shin-Etsu Polymer Co. Ltd. | 3700 | 52866 |
| Shinko Shoji Co. Ltd. | 1900 | 13147 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shinmaywa Industries Ltd. | 5300 | $92384 |
| Shinnihon Corp. | 2500 | 35210 |
| Shinnihonseiyaku Co. Ltd. | 900 | 12285 |
| Shinsho Corp. | 800 | 14186 |
| Shinwa Co. Ltd. | 900 | 19458 |
| Ship Healthcare Holdings, Inc. | 8300 | 146268 |
| Shizuki Electric Co., Inc.<sup>(2)</sup> | 1800 | 12363 |
| Shizuoka Gas Co. Ltd. | 300 | 2926 |
| SHO-BOND Holdings Co. Ltd. | 8800 | 82670 |
| Shoei Co. Ltd. | 4900 | 56407 |
| Showa Sangyo Co. Ltd. | 1800 | 39463 |
| SIGMAXYZ Holdings, Inc. | 8200 | 38519 |
| Siix Corp. | 2700 | 24584 |
| Simplex Holdings, Inc. | 19000 | 104918 |
| Sinanen Holdings Co. Ltd. | 200 | 9109 |
| Sinfonia Technology Co. Ltd. | 2000 | 167839 |
| Sinko Industries Ltd. | 4500 | 41215 |
| Sintokogio Ltd. | 2700 | 20899 |
| SK-Electronics Co. Ltd. | 500 | 11529 |
| SKY Perfect JSAT Holdings, Inc. | 17500 | 321746 |
| Smaregi, Inc. | 600 | 9696 |
| SMK Corp. | 100 | 2210 |
| Socionext, Inc.<sup>(2)</sup> | 5000 | 64321 |
| Soda Nikka Co. Ltd. | 400 | 3139 |
| Sodick Co. Ltd. | 4300 | 41871 |
| Softcreate Holdings Corp. | 300 | 3969 |
| Software Service, Inc. | 100 | 8333 |
| Solasto Corp. | 6500 | 39656 |
| Soliton Systems KK | 800 | 10227 |
| Solvvy, Inc. | 500 | 5150 |
| Sotetsu Holdings, Inc. | 4400 | 82830 |
| Sourcenext Corp.<sup>(1)(2)</sup> | 400 | 335 |
| Sparx Group Co. Ltd. | 1400 | 19019 |
| SPK Corp. | 200 | 3497 |
| S-Pool, Inc. | 2500 | 4232 |
| SRA Holdings | 1000 | 32403 |
| SRS Holdings Co. Ltd. | 1800 | 14636 |
| St. Marc Holdings Co. Ltd. | 1700 | 34036 |
| Stanley Electric Co. Ltd.<sup>(2)</sup> | 9900 | 208769 |
| Startia Holdings, Inc. | 300 | 5936 |
| Starts Corp., Inc. | 3200 | 109443 |
| Starzen Co. Ltd. | 4500 | 39604 |
| St-Care Holding Corp. | 1000 | 7770 |
| Stella Chemifa Corp.<sup>(2)</sup> | 500 | 17936 |
| STI Foods Holdings, Inc. | 300 | 2469 |
| Strike Co. Ltd. | 1000 | 29548 |
| Subaru Enterprise Co. Ltd. | 100 | 2344 |
| Sugimoto & Co. Ltd. | 400 | 3669 |
| Sukegawa Electric Co. Ltd. | 400 | 18755 |
| SUMCO Corp. | 32900 | 382848 |
| Sumida Corp. | 3200 | 25626 |
| Sumitomo Bakelite Co. Ltd. | 8500 | 326729 |
| Sumitomo Heavy Industries Ltd. | 10400 | 410120 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sumitomo Osaka Cement Co. Ltd. | 2000 | $59392 |
| Sumitomo Rubber Industries Ltd. | 13100 | 232535 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 500 | 22872 |
| Sumitomo Warehouse Co. Ltd. | 3300 | 85462 |
| Sun Frontier Fudousan Co. Ltd. | 1900 | 34461 |
| Sun\*, Inc.<sup>(1)</sup> | 100 | 267 |
| Suncall Corp.<sup>(2)</sup> | 3700 | 28625 |
| Sundrug Co. Ltd. | 5000 | 135192 |
| Sun-Wa Technos Corp.<sup>(2)</sup> | 500 | 11122 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 1400 | 2405 |
| Suruga Bank Ltd. | 12900 | 175064 |
| Suzuken Co. Ltd. | 5700 | 240442 |
| Suzuki Co. Ltd. | 1500 | 29575 |
| SWCC Corp. | 2300 | 226263 |
| Synchro Food Co. Ltd. | 1300 | 4432 |
| System Research Co. Ltd. | 900 | 10800 |
| System Support Holdings, Inc. | 1200 | 10001 |
| Systems Engineering Consultants Co. Ltd. | 400 | 10352 |
| Systena Corp. | 27300 | 77331 |
| Syuppin Co. Ltd.<sup>(2)</sup> | 1600 | 13961 |
| T Hasegawa Co. Ltd. | 2500 | 46772 |
| T RAD Co. Ltd.<sup>(2)</sup> | 300 | 20690 |
| Tachibana Eletech Co. Ltd. | 1400 | 30529 |
| Tachikawa Corp. | 1300 | 21839 |
| Tachi-S Co. Ltd. | 3000 | 45083 |
| Tadano Ltd. | 8900 | 83824 |
| Taiheiyo Cement Corp. | 8700 | 250115 |
| Taiho Kogyo Co. Ltd. | 300 | 2127 |
| Taikisha Ltd. | 3100 | 77880 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 100 | 1802 |
| Taiyo Holdings Co. Ltd. | 9700 | 333187 |
| Taiyo Kagaku Co. Ltd. | 200 | 3907 |
| Taiyo Yuden Co. Ltd.<sup>(2)</sup> | 12800 | 390721 |
| Takachiho Koheki Co. Ltd. | 900 | 12473 |
| Takamatsu Construction Group Co. Ltd. | 1900 | 51429 |
| Takamiya Co. Ltd. | 500 | 1390 |
| Takaoka Toko Co. Ltd.<sup>(2)</sup> | 1100 | 41139 |
| Takara & Co. Ltd. | 1100 | 30435 |
| Takara Holdings, Inc. | 9800 | 102219 |
| Takara Standard Co. Ltd. | 3800 | 73903 |
| Takasago International Corp. | 4000 | 35391 |
| Takashimaya Co. Ltd. | 34000 | 431717 |
| TAKEBISHI Corp. | 200 | 3381 |
| Takeuchi Manufacturing Co. Ltd. | 2500 | 120065 |
| Taki Chemical Co. Ltd. | 100 | 2500 |
| Tama Home Co. Ltd. | 500 | 12801 |
| Tamron Co. Ltd. | 14000 | 94120 |
| Tamura Corp. | 7000 | 32596 |
| Tanabe Engineering Corp. | 200 | 3739 |
| Tanseisha Co. Ltd. | 3000 | 31176 |
| Tauns Laboratories, Inc. | 4400 | 15476 |
| Tayca Corp. | 300 | 3500 |
| Tazmo Co. Ltd. | 600 | 9849 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TDC Soft, Inc. | 1800 | $12880 |
| TechMatrix Corp. | 3800 | 46699 |
| Techno Horizon Co. Ltd. | 1400 | 9483 |
| Techno Ryowa Ltd. | 1200 | 59360 |
| Technoflex Corp. | 800 | 12993 |
| Teijin Ltd. | 16400 | 182143 |
| Teikoku Electric Manufacturing Co. Ltd. | 700 | 15349 |
| Teikoku Tsushin Kogyo Co. Ltd. | 200 | 3727 |
| Tekken Corp. | 1000 | 32548 |
| Tenpos Holdings Co. Ltd. | 100 | 2568 |
| Tenryu Saw Manufacturing Co. Ltd. | 100 | 1657 |
| Tential, Inc.<sup>(1)</sup> | 200 | 5548 |
| Tera Probe, Inc. | 500 | 31182 |
| Terasaki Electric Co. Ltd.<sup>(2)</sup> | 600 | 16711 |
| TerraSky Co. Ltd. | 300 | 3426 |
| Tess Holdings Co. Ltd. | 2400 | 9320 |
| Tigers Polymer Corp. | 200 | 1653 |
| Timee, Inc.<sup>(1)(2)</sup> | 3200 | 26019 |
| TKC Corp. | 2000 | 51650 |
| TKP Corp.<sup>(1)</sup> | 1100 | 14523 |
| Toa Corp. | 2000 | 23480 |
| Toa Corp. | 7100 | 191864 |
| Toagosei Co. Ltd. | 8400 | 103424 |
| TOBISHIMA HOLDINGS, Inc. | 1800 | 29767 |
| Tobu Railway Co. Ltd. | 12200 | 245840 |
| TOC Co. Ltd. | 1300 | 7611 |
| Tocalo Co. Ltd. | 5500 | 109680 |
| Tochigi Bank Ltd.<sup>(2)</sup> | 11500 | 74673 |
| Toda Corp. | 19900 | 207619 |
| Toenec Corp. | 3300 | 50535 |
| Toho Bank Ltd. | 22400 | 104071 |
| Toho Co. Ltd. | 1800 | 15634 |
| Toho System Science Co. Ltd. | 200 | 1477 |
| Toho Titanium Co. Ltd. | 1800 | 32128 |
| Toho Zinc Co. Ltd.<sup>(1)</sup> | 1700 | 18989 |
| Tohoku Electric Power Co., Inc. | 51800 | 429305 |
| Tohokushinsha Film Corp. | 600 | 2476 |
| Tokai Carbon Co. Ltd. | 18300 | 130657 |
| Tokai Corp. | 1200 | 20042 |
| TOKAI Holdings Corp. | 10100 | 78382 |
| Tokai Rika Co. Ltd. | 6300 | 135400 |
| Tokai Tokyo Financial Holdings, Inc. | 24700 | 131057 |
| Token Corp. | 400 | 38469 |
| Tokushu Tokai Paper Co. Ltd. | 600 | 6500 |
| Tokuyama Corp. | 5200 | 148976 |
| Tokyo Electron Device Ltd. | 2400 | 56272 |
| Tokyo Energy & Systems, Inc. | 1600 | 19770 |
| Tokyo Keiki, Inc.<sup>(2)</sup> | 1100 | 61561 |
| Tokyo Kiraboshi Financial Group, Inc. | 2500 | 186704 |
| Tokyo Rope Manufacturing Co. Ltd. | 300 | 4001 |
| Tokyo Sangyo Co. Ltd. | 400 | 2629 |
| Tokyo Seimitsu Co. Ltd. | 4000 | 440247 |
| Tokyo Steel Manufacturing Co. Ltd. | 5100 | 52866 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tokyo Tekko Co. Ltd. | 500 | $20504 |
| Tokyotokeiba Co. Ltd. | 1300 | 49680 |
| Tokyu Construction Co. Ltd. | 9100 | 93005 |
| Toli Corp. | 2500 | 12601 |
| Tomen Devices Corp. | 300 | 26855 |
| Tomoe Corp. | 1500 | 19851 |
| Tomoe Engineering Co. Ltd. | 2100 | 30046 |
| Tomoku Co. Ltd. | 800 | 18944 |
| TOMONY Holdings, Inc. | 17100 | 107402 |
| Tomy Co. Ltd.<sup>(2)</sup> | 5400 | 99233 |
| Topre Corp. | 3900 | 75118 |
| Topy Industries Ltd. | 500 | 11618 |
| Toridoll Holdings Corp.<sup>(2)</sup> | 3500 | 95606 |
| Torigoe Co. Ltd. | 300 | 2145 |
| Toshiba TEC Corp. | 2400 | 50501 |
| Tosho Co. Ltd. | 100 | 609 |
| Totech Corp. | 2000 | 58475 |
| Totetsu Kogyo Co. Ltd. | 2200 | 81859 |
| Tow Co. Ltd. | 100 | 246 |
| Towa Bank Ltd. | 3700 | 29129 |
| Towa Corp. | 1900 | 36361 |
| Towa Pharmaceutical Co. Ltd. | 2600 | 73786 |
| Toyo Engineering Corp.<sup>(2)</sup> | 2300 | 53152 |
| Toyo Gosei Co. Ltd. | 100 | 7361 |
| Toyo Kanetsu KK | 800 | 15795 |
| Toyo Securities Co. Ltd.<sup>(2)</sup> | 3500 | 17938 |
| Toyo Seikan Group Holdings Ltd. | 10000 | 261229 |
| Toyo Tanso Co. Ltd.<sup>(2)</sup> | 1000 | 40587 |
| Toyo Tire Corp. | 5300 | 163325 |
| Toyobo Co. Ltd. | 5900 | 69728 |
| Toyoda Gosei Co. Ltd. | 11600 | 376952 |
| Toyokoh, Inc.<sup>(1)</sup> | 700 | 10280 |
| Toyokumo, Inc. | 300 | 3566 |
| Toyota Boshoku Corp. | 9100 | 186099 |
| TPR Co. Ltd. | 4600 | 41465 |
| Traders Holdings Co. Ltd. | 800 | 5879 |
| Transaction Co. Ltd. | 2000 | 17343 |
| Transcosmos, Inc. | 2200 | 57758 |
| TRE Holdings Corp. | 4500 | 51701 |
| Treasure Factory Co. Ltd. | 900 | 10944 |
| Tri Chemical Laboratories, Inc. | 400 | 9676 |
| Trial Holdings, Inc. | 3600 | 107831 |
| Trinity Industrial Corp. | 200 | 1881 |
| tripla Co. Ltd.<sup>(1)</sup> | 200 | 1982 |
| Trusco Nakayama Corp. | 2900 | 46877 |
| TS Tech Co. Ltd.<sup>(2)</sup> | 8200 | 105627 |
| TSI Holdings Co. Ltd. | 1200 | 8826 |
| Tsubaki Nakashima Co. Ltd.<sup>(1)</sup> | 1400 | 3205 |
| Tsubakimoto Chain Co. | 5300 | 90728 |
| Tsubakimoto Kogyo Co. Ltd. | 200 | 4011 |
| Tsuburaya Fields Holdings, Inc. | 2500 | 24831 |
| Tsugami Corp. | 4700 | 118636 |
| Tsukada Global Holdings, Inc. | 500 | 2227 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tsukishima Holdings Co. Ltd. | 2300 | $51293 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 10700 | 48408 |
| Tsumura & Co. | 4800 | 129149 |
| Tsurumi Manufacturing Co. Ltd. | 200 | 2847 |
| Tsutsumi Jewelry Co. Ltd. | 100 | 2172 |
| Tsuzuki Denki Co. Ltd. | 900 | 24093 |
| TV Asahi Holdings Corp. | 1900 | 41131 |
| Tv Tokyo Holdings Corp. | 300 | 8554 |
| TWOSTONE&Sons | 600 | 2295 |
| UACJ Corp. | 10700 | 189093 |
| UBE Corp. | 9100 | 168285 |
| Uchida Yoko Co. Ltd. | 3000 | 41298 |
| Ukai Co. Ltd. | 100 | 2168 |
| ULS Group, Inc. | 2000 | 7144 |
| Ulvac, Inc. | 3200 | 213657 |
| U-Next Holdings Co. Ltd. | 4800 | 57242 |
| Union Tool Co. | 800 | 80380 |
| Unipres Corp. | 3600 | 33998 |
| UNISOL Holdings Corp. | 700 | 10549 |
| United Super Markets Holdings, Inc. | 5738 | 33412 |
| Unitika Ltd.<sup>(1)</sup> | 5300 | 65010 |
| Universal Entertainment Corp.<sup>(1)</sup> | 2000 | 9528 |
| User Local, Inc. | 1300 | 13743 |
| Ushio, Inc. | 5500 | 113028 |
| UT Group Co. Ltd. | 46800 | 64396 |
| V Technology Co. Ltd. | 900 | 26815 |
| Valor Holdings Co. Ltd. | 3700 | 89008 |
| Valqua Ltd.<sup>(2)</sup> | 1100 | 37791 |
| Value HR Co. Ltd. | 300 | 2759 |
| Valuence Holdings, Inc. | 900 | 10713 |
| Vector, Inc. | 1700 | 15701 |
| Vertex Corp. | 800 | 9194 |
| Vision, Inc. | 4100 | 34644 |
| Visional, Inc.<sup>(1)</sup> | 1800 | 84758 |
| Vital KSK Holdings, Inc. | 3500 | 33340 |
| VRAIN Solution, Inc.<sup>(1)</sup> | 100 | 1642 |
| VT Holdings Co. Ltd. | 9100 | 33414 |
| Wacom Co. Ltd. | 13000 | 72760 |
| Wakita & Co. Ltd. | 2000 | 26226 |
| Warabeya Nichiyo Holdings Co. Ltd. | 1100 | 24217 |
| Waseda Academy Co. Ltd. | 600 | 7927 |
| WATAMI Co. Ltd. | 1600 | 9992 |
| WDI Corp. | 100 | 2070 |
| Weathernews, Inc. | 2200 | 30083 |
| West Holdings Corp. | 1700 | 18894 |
| Will Group, Inc. | 200 | 1658 |
| WingArc1st, Inc. | 1200 | 21147 |
| WIN-Partners Co. Ltd. | 1000 | 9678 |
| Workman Co. Ltd. | 1400 | 69582 |
| World Co. Ltd. | 5600 | 59238 |
| World Holdings Co. Ltd. | 1000 | 18269 |
| Wowow, Inc. | 200 | 1738 |
| W-Scope Corp.<sup>(1)</sup> | 700 | 805 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Xebio Holdings Co. Ltd. | 1400 | $10048 |
| YAC Holdings Co. Ltd. | 200 | 1566 |
| Yagi & Co. Ltd. | 100 | 2867 |
| Yahagi Construction Co. Ltd. | 3000 | 48563 |
| YAKUODO Holdings Co. Ltd. | 200 | 2669 |
| YAMABIKO Corp. | 3300 | 81039 |
| Yamada Holdings Co. Ltd. | 49100 | 182211 |
| Yamae Group Holdings Co. Ltd. | 1100 | 21475 |
| Yamagata Bank Ltd. | 2400 | 41896 |
| Yamaguchi Financial Group, Inc. | 18500 | 325159 |
| Yamaha Corp. | 42400 | 328587 |
| Yamaichi Electronics Co. Ltd. | 2500 | 134265 |
| Yamami Co. | 200 | 6534 |
| Yamanashi Chuo Bank Ltd. | 3100 | 109113 |
| Yamashin-Filter Corp. | 1700 | 6464 |
| Yamatane Corp.<sup>(2)</sup> | 1000 | 14869 |
| Yamaura Corp. | 200 | 2147 |
| Yamaya Corp. | 100 | 1484 |
| Yamazen Corp. | 3700 | 36355 |
| Yashima Denki Co. Ltd. | 2400 | 54522 |
| Yellow Hat Ltd. | 5100 | 57400 |
| Yodoko Ltd. | 9800 | 90464 |
| Yokogawa Bridge Holdings Corp. | 3300 | 67810 |
| Yokorei Co. Ltd. | 4900 | 44848 |
| Yokowo Co. Ltd. | 2000 | 42542 |
| Yondenko Corp. | 2700 | 36418 |
| Yonex Co. Ltd. | 5400 | 128235 |
| Yonkyu Co. Ltd. | 100 | 1974 |
| Yorozu Corp. | 400 | 2837 |
| Yoshinoya Holdings Co. Ltd. | 4500 | 89144 |
| Yossix Holdings Co. Ltd. | 600 | 13989 |
| Yotai Refractories Co. Ltd. | 600 | 7731 |
| Yuasa Trading Co. Ltd. | 1600 | 66273 |
| Yukiguni Factory Co. Ltd. | 1100 | 7759 |
| Yurtec Corp. | 3200 | 66170 |
| Yushin Co. | 400 | 1999 |
| Yushiro, Inc. | 100 | 2062 |
| Yutaka Giken Co. Ltd. | 100 | 1949 |
| Zacros Corp. | 3200 | 31505 |
| Zenhoren Co. Ltd. | 600 | 4064 |
| Zenitaka Corp. | 100 | 6245 |
| Zenkoku Hosho Co. Ltd. | 9700 | 199748 |
| Zenrin Co. Ltd. | 2100 | 13867 |
| Zeon Corp. | 12800 | 175232 |
| ZERIA Pharmaceutical Co. Ltd. | 2100 | 30300 |
| ZIGExN Co. Ltd. | 3300 | 9408 |
| Zuken, Inc. | 1000 | 29586 |
|  |  | 81865704 |
| **Netherlands — 1.1%** |  |  |
| Aalberts NV | 5113 | 212487 |
| Acomo NV | 1185 | 37809 |
| Alfen NV<sup>(1)(2)</sup> | 752 | 8041 |
| Allfunds Group PLC | 14461 | 143898 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AMG Critical Materials NV | 2152 | $85027 |
| Arcadis NV | 3577 | 126508 |
| Avantium NV<sup>(1)</sup> | 4 | 32 |
| Basic-Fit NV<sup>(1)</sup> | 2680 | 99591 |
| Brunel International NV | 922 | 7559 |
| Constellium SE<sup>(1)</sup> | 7662 | 190707 |
| Corbion NV | 2293 | 52788 |
| Ferrari Group PLC | 1300 | 15790 |
| Fugro NV | 5066 | 64253 |
| IMCD NV | 2594 | 249906 |
| InPost SA<sup>(1)(2)</sup> | 10742 | 192818 |
| Koninklijke BAM Groep NV | 18281 | 206298 |
| Koninklijke Heijmans NV, CVA | 1707 | 179938 |
| Koninklijke Vopak NV | 3375 | 185513 |
| Nedap NV | 351 | 35271 |
| OCI NV<sup>(1)</sup> | 5848 | 25062 |
| Pharming Group NV<sup>(1)</sup> | 30546 | 50468 |
| PostNL NV<sup>(2)</sup> | 14352 | 19386 |
| SBM Offshore NV | 8886 | 343300 |
| SIF Holding NV<sup>(1)(2)</sup> | 438 | 3752 |
| Signify NV | 2542 | 59226 |
| Sligro Food Group NV | 860 | 14684 |
| TKH Group NV, CVA | 1384 | 63944 |
| Van Lanschot Kempen NV | 1488 | 99288 |
|  |  | 2773344 |
| **New Zealand — 0.4%** |  |  |
| Air New Zealand Ltd. | 347824 | 115651 |
| Channel Infrastructure NZ Ltd. | 12658 | 21865 |
| Eroad Ltd.<sup>(1)</sup> | 24406 | 13013 |
| Fletcher Building Ltd.<sup>(1)</sup> | 45801 | 96401 |
| Freightways Group Ltd. | 37236 | 320184 |
| KMD Brands Ltd.<sup>(1)</sup> | 121098 | 17674 |
| Ryman Healthcare Ltd.<sup>(1)</sup> | 34468 | 51346 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 172179 | 86153 |
| Summerset Group Holdings Ltd. | 26649 | 170317 |
| Tourism Holdings Ltd. | 1801 | 2945 |
|  |  | 895549 |
| **Norway — 1.9%** |  |  |
| 2020 Bulkers Ltd. | 2537 | 35933 |
| Aker ASA, A Shares | 3 | 291 |
| Aker Horizons ASA<sup>(1)</sup> | 809 | 2 |
| Aker Solutions ASA | 32835 | 142405 |
| Atea ASA<sup>(1)</sup> | 5979 | 90866 |
| Austevoll Seafood ASA | 8285 | 85583 |
| B2 Impact ASA | 19703 | 50508 |
| Bakkafrost P | 552 | 26469 |
| Bluenord ASA<sup>(1)</sup> | 2366 | 128269 |
| Borregaard ASA | 3653 | 67983 |
| Bouvet ASA | 7539 | 39021 |
| BW LPG Ltd. | 11670 | 212411 |
| BW Offshore Ltd. | 7546 | 40660 |
| Cadeler AS<sup>(1)</sup> | 13378 | 85951 |
| DNO ASA | 43504 | 75707 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DOF Group ASA | 16581 | $220621 |
| Elmera Group ASA | 6698 | 23362 |
| Endur ASA<sup>(1)</sup> | 1996 | 22531 |
| Europris ASA | 15508 | 148285 |
| FLEX LNG Ltd.<sup>(1)</sup> | 1493 | 40789 |
| Grieg Seafood ASA<sup>(1)</sup> | 5078 | 40204 |
| Himalaya Shipping Ltd.<sup>(1)</sup> | 3084 | 45738 |
| Hoegh Autoliners ASA | 10704 | 149109 |
| Kid ASA | 3086 | 40302 |
| Kitron ASA | 20833 | 233041 |
| Klaveness Combination Carriers ASA | 543 | 5241 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 58815 | 13209 |
| Leroy Seafood Group ASA | 25201 | 131527 |
| MPC Container Ships ASA | 36718 | 86087 |
| Multiconsult ASA | 1176 | 19537 |
| NEL ASA<sup>(1)</sup> | 84135 | 18145 |
| Noram Drilling AS<sup>(1)</sup> | 861 | 3509 |
| Norbit ASA | 3915 | 85457 |
| Norconsult Norge AS | 8467 | 36150 |
| Nordic Mining ASA<sup>(1)</sup> | 578 | 691 |
| Nordic Semiconductor ASA<sup>(1)</sup> | 4560 | 68716 |
| Norske Skog ASA<sup>(1)</sup> | 7226 | 22865 |
| Norwegian Air Shuttle ASA | 58944 | 103029 |
| Odfjell Drilling Ltd. | 14290 | 160278 |
| Odfjell SE, Class A | 1713 | 22829 |
| OKEA ASA<sup>(1)</sup> | 4182 | 12794 |
| Panoro Energy ASA<sup>(1)</sup> | 7008 | 19471 |
| Protector Forsikring ASA | 4579 | 249271 |
| Public Property Invest AS | 19236 | 47121 |
| Rana Gruber ASA | 2119 | 17338 |
| Salmon Evolution ASA<sup>(1)</sup> | 17192 | 8070 |
| SATS ASA<sup>(1)</sup> | 17952 | 82834 |
| Scatec ASA<sup>(1)</sup> | 13490 | 173860 |
| Sea1 offshore, Inc.<sup>(1)</sup> | 4579 | 13044 |
| Sentia AS<sup>(1)</sup> | 2694 | 20380 |
| Solstad Maritime Holding AS | 5619 | 14819 |
| Solstad Offshore ASA | 1866 | 11007 |
| SpareBank 1 Nord Norge | 10985 | 184216 |
| Sparebank 1 Oestlandet | 4005 | 90265 |
| SpareBank 1 SMN | 13025 | 292339 |
| Sparebanken Norge | 4215 | 91158 |
| Stolt-Nielsen Ltd. | 2224 | 78790 |
| TGS ASA | 16962 | 202785 |
| TOMRA Systems ASA | 12640 | 156671 |
| Veidekke ASA | 9036 | 186542 |
| Wilh Wilhelmsen Holding ASA, Class A | 1068 | 86981 |
|  |  | 4863067 |
| **Portugal — 0.4%** |  |  |
| Altri SGPS SA<sup>(2)</sup> | 5536 | 31567 |
| Corticeira Amorim SGPS SA<sup>(2)</sup> | 3585 | 28961 |
| CTT-Correios de Portugal SA | 11858 | 100078 |
| Mota-Engil SGPS SA<sup>(2)</sup> | 8678 | 53299 |
| NOS SGPS SA | 27419 | 166912 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| REN - Redes Energeticas Nacionais SGPS SA | 72749 | $330574 |
| Semapa-Sociedade de Investimento e Gestao | 2440 | 68548 |
| Sonae SGPS SA | 38181 | 90924 |
| Teixeira Duarte SA<sup>(1)</sup> | 38914 | 23006 |
|  |  | 893869 |
| **Singapore — 2.0%** |  |  |
| AEM Holdings Ltd.<sup>(1)</sup> | 25851 | 59044 |
| Aztech Global Ltd. | 37000 | 22017 |
| Banyan Tree Holdings Ltd. | 66100 | 34147 |
| Bumitama Agri Ltd. | 76900 | 80176 |
| Capitaland India Trust<sup>(2)</sup> | 219000 | 209324 |
| Centurion Corp. Ltd. | 50800 | 62630 |
| China Aviation Oil Singapore Corp. Ltd. | 45200 | 72016 |
| China Sunsine Chemical Holdings Ltd. | 68500 | 41101 |
| CNMC Goldmine Holdings Ltd. | 58500 | 80352 |
| ComfortDelGro Corp. Ltd. | 441800 | 540866 |
| COSCO Shipping International Singapore Co. Ltd.<sup>(1)(2)</sup> | 28900 | 2807 |
| CSE Global Ltd. | 123511 | 128823 |
| First Resources Ltd. | 110100 | 205733 |
| Food Empire Holdings Ltd. | 45400 | 116391 |
| Frencken Group Ltd. | 68600 | 116795 |
| Geo Energy Resources Ltd. | 148100 | 48536 |
| Golden Agri-Resources Ltd. | 1437600 | 323561 |
| Hafnia Ltd. | 51518 | 384670 |
| Hong Leong Asia Ltd. | 46000 | 117735 |
| Hutchison Port Holdings Trust, U Shares | 871700 | 196228 |
| iFAST Corp. Ltd. | 18000 | 131959 |
| ISDN Holdings Ltd. | 24500 | 8047 |
| Keppel Infrastructure Trust | 910300 | 395950 |
| LHN Ltd.<sup>(2)</sup> | 33500 | 16792 |
| Marco Polo Marine Ltd. | 499500 | 61177 |
| Nanofilm Technologies International Ltd. | 61600 | 31568 |
| Oiltek International Ltd. | 20500 | 11793 |
| Olam Group Ltd. | 141400 | 102388 |
| Pan-United Corp. Ltd. | 51500 | 54797 |
| Propnex Ltd. | 28500 | 45995 |
| Raffles Medical Group Ltd. | 179300 | 150345 |
| Rex International Holding Ltd.<sup>(1)</sup> | 143000 | 16478 |
| RH PetroGas Ltd.<sup>(1)</sup> | 37100 | 4855 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 131200 | 79777 |
| Samudera Shipping Line Ltd. | 34800 | 29958 |
| Sheng Siong Group Ltd. | 158800 | 330030 |
| StarHub Ltd.<sup>(2)</sup> | 133400 | 108540 |
| Super Hi International Holding Ltd.<sup>(1)(2)</sup> | 26000 | 44474 |
| Venture Corp. Ltd. | 42600 | 526012 |
| Wee Hur Holdings Ltd. | 83400 | 52144 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 149200 | 91240 |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 370100 | 23382 |
|  |  | 5160653 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **South Africa — 0.3%** | | |
| Anglogold Ashanti PLC (New York) | 6619 | $845710 |
| **Spain — 1.4%** |  |  |
| Acerinox SA | 17467 | 277783 |
| Almirall SA | 7312 | 111266 |
| Amper SA<sup>(1)(2)</sup> | 106469 | 21276 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 8796 | 53802 |
| CIE Automotive SA | 1974 | 73975 |
| Construcciones y Auxiliar de Ferrocarriles SA | 1031 | 71855 |
| Ebro Foods SA | 3279 | 75084 |
| eDreams ODIGEO SA<sup>(1)(2)</sup> | 6107 | 22672 |
| Elecnor SA | 4213 | 143676 |
| Enagas SA | 21815 | 395571 |
| Ence Energia y Celulosa SA<sup>(1)(2)</sup> | 7990 | 23673 |
| Ercros SA<sup>(1)</sup> | 4388 | 16758 |
| Faes Farma SA | 14990 | 92378 |
| Fluidra SA | 4323 | 115789 |
| Gestamp Automocion SA | 12663 | 47625 |
| Global Dominion Access SA | 8021 | 30055 |
| Grenergy Renovables SA<sup>(1)</sup> | 1263 | 163604 |
| Indra Sistemas SA<sup>(2)</sup> | 2419 | 178731 |
| Laboratorios Farmaceuticos Rovi SA | 1239 | 123918 |
| Logista Integral SA | 3451 | 131508 |
| Melia Hotels International SA | 10140 | 99684 |
| Neinor Homes SA<sup>(1)</sup> | 4511 | 101349 |
| Nueva Expresion Textil SA<sup>(1)</sup> | 22286 | 23185 |
| Obrascon Huarte Lain SA<sup>(1)</sup> | 55410 | 26194 |
| Prosegur Cash SA<sup>(2)</sup> | 10570 | 8010 |
| Prosegur Cia de Seguridad SA | 7807 | 26794 |
| Sacyr SA | 32194 | 172255 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 8476 | 219738 |
| Soltec Power Holdings SA<sup>(1)(2)</sup> | 462 | 424 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 4573 | 199113 |
| Tubacex SA<sup>(2)</sup> | 7293 | 28882 |
| Tubos Reunidos SA<sup>(1)</sup> | 2543 | 882 |
| Unicaja Banco SA | 64731 | 204842 |
| Vidrala SA | 1236 | 119543 |
| Viscofan SA | 2468 | 173109 |
|  |  | 3575003 |
| **Sweden — 4.2%** |  |  |
| AcadeMedia AB | 9938 | 109820 |
| AddLife AB, B Shares | 13372 | 228007 |
| Addnode Group AB | 15796 | 121799 |
| AFRY AB | 11468 | 171380 |
| Alimak Group AB | 4818 | 67465 |
| Alleima AB | 17779 | 161906 |
| Ambea AB | 9405 | 135272 |
| Apotea AB<sup>(1)</sup> | 6839 | 45940 |
| AQ Group AB | 7182 | 150359 |
| Arjo AB, B Shares | 21905 | 65441 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Asker Healthcare Group AB<sup>(1)</sup> | 19177 | $136238 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 18117 | 221376 |
| Atrium Ljungberg AB, B Shares | 25066 | 98125 |
| Attendo AB | 16561 | 191055 |
| Beijer Alma AB | 2224 | 61042 |
| Bergman & Beving AB<sup>(2)</sup> | 2481 | 77943 |
| Better Collective AS<sup>(1)(2)</sup> | 3255 | 46139 |
| BICO Group AB<sup>(1)</sup> | 4168 | 8377 |
| Bilia AB, A Shares | 7536 | 115389 |
| Billerud Aktiebolag | 25701 | 234363 |
| BioArctic AB<sup>(1)</sup> | 5801 | 198432 |
| BioGaia AB, B Shares | 10083 | 124903 |
| Bonava AB, B Shares<sup>(1)</sup> | 13203 | 16261 |
| BoneSupport Holding AB<sup>(1)</sup> | 6593 | 147384 |
| Boozt AB<sup>(1)(2)</sup> | 7642 | 77176 |
| Bufab AB | 15084 | 194899 |
| Bulten AB | 1594 | 7610 |
| Bure Equity AB | 6496 | 153470 |
| Byggmax Group AB | 5965 | 42546 |
| Cantargia AB<sup>(1)</sup> | 35822 | 18863 |
| Catena AB | 2852 | 157192 |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 7747 | 131185 |
| Cint Group AB<sup>(1)</sup> | 24922 | 9479 |
| Clas Ohlson AB, B Shares | 5059 | 209129 |
| Cloetta AB, B Shares | 22373 | 129808 |
| Coffee Stain Group AB, Class B<sup>(1)(2)</sup> | 1898 | 3494 |
| Coor Service Management Holding AB | 12927 | 84990 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 80704 | 34112 |
| Dios Fastigheter AB | 12846 | 99909 |
| Dynavox Group AB<sup>(1)</sup> | 13909 | 128307 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 17272 | 144990 |
| Electrolux Professional AB, B Shares | 24417 | 160310 |
| Elekta AB, B Shares | 50899 | 325858 |
| Embracer Group AB<sup>(1)(2)</sup> | 11705 | 68383 |
| Enad Global 7 AB<sup>(1)</sup> | 4745 | 8075 |
| Engcon AB | 2939 | 21699 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 246 | 1498 |
| FastPartner AB, Class A | 6005 | 31082 |
| G5 Entertainment AB | 439 | 2436 |
| GomSpace Group AB<sup>(1)</sup> | 4249 | 8738 |
| Granges AB | 11306 | 200208 |
| Hacksaw AB<sup>(1)(2)</sup> | 6817 | 43916 |
| Hanza AB | 4579 | 78703 |
| Haypp Group AB<sup>(1)(2)</sup> | 2198 | 32080 |
| Heba Fastighets AB, Class B | 6569 | 22355 |
| Hemnet Group AB | 7313 | 94368 |
| Hexatronic Group AB<sup>(1)</sup> | 11758 | 35922 |
| HMS Networks AB<sup>(1)</sup> | 3438 | 161878 |
| Hoist Finance AB | 5301 | 84855 |
| Hufvudstaden AB, A Shares | 10303 | 148872 |
| Humana AB | 5205 | 26318 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Humble Group AB<sup>(1)</sup> | 36700 | $29588 |
| Instalco AB | 19799 | 76889 |
| Intea Fastigheter AB | 8947 | 76082 |
| Intellego Technologies AB<sup>(1)(2)</sup> | 2965 | 11467 |
| INVISIO AB<sup>(2)</sup> | 3973 | 137024 |
| Inwido AB | 4473 | 83400 |
| JM AB | 7217 | 107079 |
| KNOW IT AB | 169 | 2112 |
| Lime Technologies AB | 1060 | 21559 |
| Lindab International AB | 7544 | 144533 |
| Logistea AB, Class B | 31627 | 51473 |
| Loomis AB | 5064 | 255779 |
| Medcap AB<sup>(1)</sup> | 1593 | 86406 |
| Medicover AB, B Shares<sup>(2)</sup> | 733 | 17675 |
| MEKO AB | 3733 | 27409 |
| Mildef Group AB<sup>(2)</sup> | 2966 | 43024 |
| MIPS AB | 2848 | 79963 |
| Modern Times Group MTG AB, B Shares<sup>(1)</sup> | 347 | 3405 |
| Morrow Bank AB<sup>(1)</sup> | 11820 | 17231 |
| Munters Group AB | 10498 | 219229 |
| Mycronic AB<sup>(2)</sup> | 1285 | 29125 |
| NCAB Group AB<sup>(1)</sup> | 19052 | 115516 |
| NCC AB, B Shares | 10545 | 257005 |
| Nelly Group AB<sup>(1)(2)</sup> | 1420 | 9427 |
| Neobo Fastigheter AB<sup>(1)</sup> | 12436 | 28863 |
| Net Insight AB, B Shares<sup>(1)</sup> | 16205 | 4057 |
| New Wave Group AB, B Shares | 10471 | 118944 |
| Nobia AB<sup>(1)(2)</sup> | 46369 | 12611 |
| Nolato AB, B Shares | 19605 | 113070 |
| Note AB | 2112 | 45937 |
| NP3 Fastigheter AB | 3424 | 102706 |
| Nyfosa AB | 15159 | 124510 |
| Orron Energy AB<sup>(1)(2)</sup> | 10946 | 8527 |
| Ovzon AB<sup>(1)</sup> | 7141 | 47465 |
| Pandox AB | 8363 | 187109 |
| Paradox Interactive AB | 4348 | 59543 |
| Peab AB, Class B | 18905 | 222046 |
| Platzer Fastigheter Holding AB, B Shares | 5627 | 49637 |
| Plejd AB<sup>(1)</sup> | 1136 | 105828 |
| PowerCell Sweden AB<sup>(1)(2)</sup> | 1104 | 2899 |
| Prevas AB, B Shares | 180 | 1728 |
| Proact IT Group AB | 1802 | 20817 |
| RaySearch Laboratories AB | 3654 | 77413 |
| Rusta AB | 5999 | 54700 |
| Rvrc Holding AB | 10694 | 80394 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 46905 | 20468 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)</sup> | 9036 | 9118 |
| Saniona AB<sup>(1)</sup> | 19934 | 40891 |
| Scandi Standard AB | 3296 | 47384 |
| Scandic Hotels Group AB | 17607 | 166819 |
| Sdiptech AB, Class B<sup>(1)</sup> | 2210 | 47622 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sedana Medical AB<sup>(1)</sup> | 5697 | $5512 |
| Sinch AB<sup>(1)(2)</sup> | 61517 | 155283 |
| SkiStar AB | 4073 | 78889 |
| Smart Eye AB<sup>(1)</sup> | 3079 | 20435 |
| Stillfront Group AB<sup>(1)</sup> | 448 | 221 |
| Storytel AB | 4247 | 37375 |
| Studsvik AB | 414 | 13061 |
| Surgical Science Sweden AB<sup>(1)(2)</sup> | 1428 | 5108 |
| Sveafastigheter AB<sup>(1)</sup> | 8443 | 34787 |
| SwedenCare AB<sup>(2)</sup> | 5879 | 16294 |
| Synsam AB | 15684 | 120229 |
| Teqnion AB<sup>(1)</sup> | 610 | 10695 |
| TF Bank AB | 2610 | 45500 |
| Troax Group AB | 4666 | 52142 |
| Truecaller AB, B Shares | 29537 | 36095 |
| VBG Group AB, B Shares | 2312 | 95357 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 268117 | 39999 |
| Vicore Pharma Holding AB<sup>(1)</sup> | 18361 | 20383 |
| Vimian Group AB<sup>(1)(2)</sup> | 16071 | 47386 |
| Vitec Software Group AB, B Shares | 2758 | 73038 |
| Vitrolife AB | 416 | 4393 |
| Wihlborgs Fastigheter AB | 12044 | 127585 |
| Yubico AB<sup>(1)(2)</sup> | 3216 | 18098 |
| Zinzino AB, Class B<sup>(2)</sup> | 2702 | 46057 |
|  |  | 10926557 |
| **Switzerland — 3.8%** |  |  |
| Accelleron Industries AG | 6996 | 659923 |
| Allreal Holding AG | 1157 | 354735 |
| ALSO Holding AG | 38 | 8092 |
| ams-OSRAM AG<sup>(1)</sup> | 6661 | 74176 |
| Arbonia AG<sup>(1)</sup> | 3656 | 23416 |
| Aryzta AG<sup>(1)(2)</sup> | 2062 | 148363 |
| Ascom Holding AG | 2394 | 15681 |
| Autoneum Holding AG<sup>(2)</sup> | 287 | 47427 |
| Bachem Holding AG, Class B<sup>(1)(2)</sup> | 2674 | 206317 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 1016 | 73020 |
| Bell Food Group AG | 108 | 30242 |
| Bossard Holding AG, Class A | 377 | 80997 |
| Bucher Industries AG | 569 | 282941 |
| Burckhardt Compression Holding AG | 252 | 188265 |
| Burkhalter Holding AG | 520 | 110001 |
| Bystronic AG | 52 | 17255 |
| Cembra Money Bank AG | 2479 | 320654 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 221 | 47753 |
| Cie Financiere Tradition SA, Class BR | 190 | 66767 |
| Clariant AG<sup>(1)</sup> | 15406 | 169071 |
| Comet Holding AG | 502 | 193521 |
| COSMO Pharmaceuticals NV | 729 | 107416 |
| Daetwyler Holding AG, Bearer Shares | 781 | 169750 |
| DKSH Holding AG | 3053 | 246508 |
| dormakaba Holding AG | 2711 | 202564 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dottikon Es Holding AG<sup>(1)</sup> | 129 | $60296 |
| EFG International AG<sup>(1)</sup> | 5644 | 138355 |
| Emmi AG | 182 | 191835 |
| Forbo Holding AG | 54 | 62997 |
| Galenica AG | 2686 | 335365 |
| Georg Fischer AG | 5629 | 355725 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 85 | 3047 |
| Hiag Immobilien Holding AG | 446 | 78710 |
| Huber & Suhner AG | 1407 | 338207 |
| Implenia AG | 1182 | 110774 |
| Inficon Holding AG | 1157 | 178846 |
| Interroll Holding AG | 44 | 110586 |
| Intershop Holding AG | 509 | 112906 |
| Kardex Holding AG | 489 | 165465 |
| Komax Holding AG<sup>(1)</sup> | 326 | 28748 |
| Landis & Gyr Group AG<sup>(1)</sup> | 1659 | 113258 |
| LEM Holding SA<sup>(1)</sup> | 24 | 9909 |
| Leonteq AG<sup>(2)</sup> | 569 | 8462 |
| Medacta Group SA | 614 | 126872 |
| Medmix AG | 1724 | 21144 |
| Mobilezone Holding AG | 439 | 8845 |
| Mobimo Holding AG | 615 | 320182 |
| Montana Aerospace AG<sup>(1)</sup> | 2288 | 92696 |
| Newron Pharmaceuticals SpA<sup>(1)</sup> | 1758 | 42349 |
| Novavest Real Estate AG<sup>(1)</sup> | 434 | 24360 |
| OC Oerlikon Corp. AG Pfaeffikon | 13586 | 74425 |
| PolyPeptide Group AG<sup>(1)</sup> | 1477 | 49204 |
| R&S Group Holding AG<sup>(1)(2)</sup> | 2523 | 81373 |
| Schweiter Technologies AG | 40 | 13474 |
| Sensirion Holding AG<sup>(1)</sup> | 694 | 50535 |
| SFS Group AG | 1413 | 224447 |
| Siegfried Holding AG | 2851 | 317038 |
| SKAN Group AG | 701 | 47473 |
| Softwareone Holding AG | 9120 | 80092 |
| Softwareone Holding AG | 4889 | 43028 |
| St. Galler Kantonalbank AG | 128 | 106470 |
| Stadler Rail AG<sup>(2)</sup> | 3843 | 102230 |
| Sulzer AG | 1390 | 307011 |
| Tecan Group AG | 924 | 163716 |
| Temenos AG | 3987 | 369876 |
| TX Group AG | 248 | 51887 |
| Valiant Holding AG | 1458 | 315888 |
| Vetropack Holding AG<sup>(2)</sup> | 993 | 29283 |
| Vontobel Holding AG | 2149 | 196220 |
| Warteck Invest AG | 3 | 8124 |
| Ypsomed Holding AG<sup>(2)</sup> | 206 | 71333 |
| Zehnder Group AG | 824 | 87303 |
|  |  | 9675224 |
| **United Kingdom — 10.9%** |  |  |
| 4imprint Group PLC | 1725 | 91611 |
| Aberdeen Group PLC | 141532 | 419381 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Advanced Medical Solutions Group PLC | 6973 | $20141 |
| AEP Plantations PLC | 2067 | 43901 |
| AFC Energy PLC<sup>(1)</sup> | 7419 | 1208 |
| AG Barr PLC | 9982 | 93498 |
| AJ Bell PLC | 17862 | 103943 |
| AO World PLC<sup>(1)</sup> | 15028 | 20064 |
| Ashmore Group PLC | 33166 | 106357 |
| Ashtead Technology Holdings PLC<sup>(2)</sup> | 769 | 4547 |
| ASOS PLC<sup>(1)(2)</sup> | 3166 | 12101 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 14355 | 8971 |
| Atalaya Mining Copper SA | 9807 | 135157 |
| Auction Technology Group PLC<sup>(1)</sup> | 34 | 143 |
| Aviva PLC | 19669 | 181258 |
| Avon Technologies PLC | 1624 | 40579 |
| B&M European Value Retail SA | 75212 | 193297 |
| Babcock International Group PLC | 14926 | 272661 |
| Balfour Beatty PLC | 44919 | 460166 |
| Barratt Redrow PLC | 24389 | 119405 |
| Beazley PLC | 38976 | 664104 |
| Bellway PLC | 10632 | 397485 |
| Berkeley Group Holdings PLC | 4078 | 237133 |
| Bloomsbury Publishing PLC<sup>(2)</sup> | 4636 | 28814 |
| Bodycote PLC | 15604 | 164054 |
| boohoo Group PLC<sup>(1)(2)</sup> | 21838 | 6478 |
| BP Marsh & Partners PLC | 573 | 5268 |
| Breedon Group PLC | 1174 | 5650 |
| Burberry Group PLC<sup>(1)</sup> | 35030 | 547652 |
| Burford Capital Ltd. | 4500 | 37980 |
| Burford Capital Ltd. (London) | 12990 | 109055 |
| Bytes Technology Group PLC | 18932 | 77066 |
| Capricorn Energy PLC<sup>(1)</sup> | 3029 | 10591 |
| Card Factory PLC | 4186 | 4100 |
| Central Asia Metals PLC | 16148 | 51686 |
| Ceres Power Holdings PLC<sup>(1)</sup> | 12702 | 50452 |
| Cerillion PLC<sup>(2)</sup> | 1109 | 23154 |
| Chemring Group PLC | 16962 | 121902 |
| Chesnara PLC | 15405 | 67533 |
| Churchill China PLC | 253 | 1329 |
| Clarkson PLC | 2244 | 128292 |
| Close Brothers Group PLC<sup>(1)</sup> | 14755 | 98593 |
| CMC Markets PLC | 8467 | 37190 |
| Coats Group PLC | 148351 | 186325 |
| Cohort PLC<sup>(2)</sup> | 2151 | 37810 |
| Computacenter PLC | 5842 | 249078 |
| Conduit Holdings Ltd. | 11052 | 64819 |
| Costain Group PLC | 27020 | 67611 |
| Craneware PLC | 20 | 406 |
| Cranswick PLC | 3988 | 291480 |
| Crest Nicholson Holdings PLC | 20764 | 42617 |
| Croda International PLC | 7022 | 293119 |
| CVS Group PLC | 6344 | 113773 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DCC PLC | 6804 | $474457 |
| Diversified Energy Co. | 3777 | 53046 |
| Dr. Martens PLC | 53007 | 49214 |
| Drax Group PLC | 32043 | 382856 |
| Duke Capital Ltd. | 22712 | 8340 |
| Dunelm Group PLC | 13176 | 179197 |
| easyJet PLC | 17820 | 111403 |
| Ecora Royalties PLC | 8911 | 17197 |
| Elementis PLC | 48688 | 108988 |
| Energean PLC | 2119 | 25423 |
| EnQuest PLC | 143898 | 33026 |
| Essentra PLC | 22629 | 32456 |
| Everplay Group PLC | 10151 | 40752 |
| FDM Group Holdings PLC | 8864 | 16876 |
| Ferrexpo PLC<sup>(1)</sup> | 25054 | 18948 |
| Fevara PLC | 1672 | 2866 |
| Fevertree Drinks PLC | 10467 | 134055 |
| Filtronic PLC<sup>(1)</sup> | 15099 | 41385 |
| Firstgroup PLC | 63235 | 156799 |
| Fonix PLC | 3830 | 8836 |
| Foresight Group Holdings Ltd. | 5839 | 32244 |
| Forterra PLC | 17012 | 43374 |
| Foxtons Group PLC | 19411 | 12813 |
| Frasers Group PLC<sup>(1)(2)</sup> | 10423 | 98591 |
| Frontier Developments PLC<sup>(1)</sup> | 691 | 3675 |
| FRP Advisory Group PLC | 19495 | 31896 |
| Fuller Smith & Turner PLC, Class A | 2046 | 20668 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 18148 | 35401 |
| Future PLC | 137 | 770 |
| Galliford Try Holdings PLC | 7395 | 54682 |
| Games Workshop Group PLC | 2216 | 533026 |
| Gamma Communications PLC | 6665 | 80473 |
| GB Group PLC | 410 | 1126 |
| Genel Energy PLC<sup>(1)</sup> | 6848 | 5941 |
| Genuit Group PLC | 2791 | 14378 |
| Genus PLC | 5638 | 220846 |
| Georgia Capital PLC<sup>(1)</sup> | 2530 | 126977 |
| Goodwin PLC | 269 | 86945 |
| Grafton Group PLC | 14769 | 197195 |
| Greencore Group PLC | 26487 | 96651 |
| Greggs PLC<sup>(2)</sup> | 6935 | 148376 |
| Gulf Keystone Petroleum Ltd. | 19611 | 55260 |
| Gulf Marine Services PLC<sup>(1)</sup> | 46172 | 14197 |
| Gym Group PLC<sup>(1)</sup> | 9836 | 23620 |
| Halfords Group PLC | 19140 | 38276 |
| Harbour Energy PLC | 47717 | 163666 |
| Harworth Group PLC | 6857 | 16367 |
| Hays PLC | 117408 | 63800 |
| Helios Towers PLC<sup>(1)</sup> | 71608 | 192626 |
| Henry Boot PLC | 3168 | 7956 |
| Hikma Pharmaceuticals PLC | 9740 | 172739 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hill & Smith PLC | 7243 | $232698 |
| Hilton Food Group PLC | 7467 | 53334 |
| Hiscox Ltd. | 27343 | 569683 |
| Hochschild Mining PLC | 33959 | 369343 |
| Hollywood Bowl Group PLC | 12798 | 45795 |
| Hostelworld Group PLC | 4811 | 7191 |
| Howden Joinery Group PLC | 44486 | 579679 |
| Hunting PLC | 11627 | 80968 |
| Ibstock PLC | 28398 | 50774 |
| IG Group Holdings PLC | 23544 | 412972 |
| Impax Asset Management Group PLC | 3535 | 6968 |
| Inchcape PLC | 29731 | 356736 |
| IntegraFin Holdings PLC | 17030 | 72818 |
| International Personal Finance PLC | 20866 | 69688 |
| International Workplace Group PLC | 50333 | 151080 |
| IP Group PLC<sup>(1)</sup> | 74072 | 56036 |
| IQE PLC<sup>(1)</sup> | 70025 | 17684 |
| ITM Power PLC<sup>(1)(2)</sup> | 32309 | 27953 |
| ITV PLC | 264830 | 283485 |
| J D Wetherspoon PLC<sup>(2)</sup> | 7570 | 73605 |
| JD Sports Fashion PLC | 209421 | 230703 |
| JET2 PLC | 12361 | 208871 |
| John Wood Group PLC<sup>(1)(2)</sup> | 1095 | 385 |
| Johnson Matthey PLC | 16203 | 439801 |
| Johnson Service Group PLC | 36182 | 71250 |
| JTC PLC | 1743 | 30658 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 186648 | 11027 |
| Judges Scientific PLC<sup>(2)</sup> | 42 | 2720 |
| Jupiter Fund Management PLC | 41604 | 105088 |
| Just Group PLC | 87414 | 255494 |
| Kainos Group PLC | 7510 | 75937 |
| Keller Group PLC | 6618 | 180356 |
| Keystone Law Group PLC | 1474 | 10870 |
| Kier Group PLC | 38451 | 123091 |
| Kitwave Group PLC | 894 | 3537 |
| Lancashire Holdings Ltd. | 20046 | 180770 |
| Lion Finance Group PLC | 3497 | 546032 |
| Liontrust Asset Management PLC | 4632 | 16862 |
| M&C Saatchi PLC<sup>(2)</sup> | 6086 | 10493 |
| Macfarlane Group PLC | 7589 | 7317 |
| Man Group PLC | 65619 | 236420 |
| Marshalls PLC | 17820 | 43054 |
| Marston's PLC<sup>(1)</sup> | 57679 | 46770 |
| Me Group International PLC | 20682 | 38131 |
| Mears Group PLC | 7667 | 36782 |
| Metals Exploration PLC<sup>(1)</sup> | 131388 | 27957 |
| Midwich Group PLC<sup>(2)</sup> | 3020 | 8656 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 24748 | 100247 |
| Mitie Group PLC | 113681 | 276084 |
| MJ Gleeson PLC | 2728 | 12910 |
| Molten Ventures PLC<sup>(1)</sup> | 11864 | 74274 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mondi PLC | 24574 | $293769 |
| MONY Group PLC | 44740 | 103725 |
| Moonpig Group PLC | 20781 | 62163 |
| Morgan Advanced Materials PLC | 25556 | 83048 |
| Morgan Sindall Group PLC | 2917 | 194675 |
| Mortgage Advice Bureau Holdings Ltd. | 2772 | 24004 |
| MP Evans Group PLC | 2293 | 44526 |
| NCC Group PLC | 8941 | 15798 |
| Next 15 Group PLC<sup>(2)</sup> | 6767 | 27640 |
| Nichols PLC | 1986 | 25886 |
| Ninety One PLC | 21902 | 74101 |
| Norcros PLC | 3908 | 18816 |
| Ocado Group PLC<sup>(1)(2)</sup> | 48381 | 137551 |
| On the Beach Group PLC | 13455 | 36599 |
| OSB Group PLC | 26520 | 217893 |
| OXB<sup>(1)</sup> | 2387 | 21109 |
| Oxford Nanopore Technologies PLC<sup>(1)(2)</sup> | 13309 | 23854 |
| Pagegroup PLC | 23514 | 59787 |
| Pan African Resources PLC | 212186 | 512644 |
| Pantheon Resources PLC<sup>(1)</sup> | 15670 | 1577 |
| Paragon Banking Group PLC | 16047 | 184775 |
| PayPoint PLC | 3758 | 29758 |
| Pennon Group PLC | 39403 | 318366 |
| Persimmon PLC | 20906 | 424020 |
| Pets at Home Group PLC | 659 | 1851 |
| Phoenix Spree Deutschland Ltd.<sup>(1)</sup> | 540 | 1279 |
| Pinewood Technologies Group PLC<sup>(1)(2)</sup> | 3028 | 11841 |
| Plus500 Ltd. | 5996 | 322880 |
| Polar Capital Holdings PLC | 5067 | 43425 |
| Pollen Street Group Ltd. | 2724 | 29656 |
| PPHE Hotel Group Ltd.<sup>(2)</sup> | 2106 | 56876 |
| Premier Foods PLC | 56739 | 150792 |
| Pulsar Group PLC<sup>(1)</sup> | 1396 | 873 |
| PureTech Health PLC<sup>(1)</sup> | 17416 | 28896 |
| PZ Cussons PLC | 7738 | 8556 |
| QinetiQ Group PLC | 43849 | 299791 |
| Quilter PLC | 131792 | 348785 |
| Raspberry PI Holdings PLC<sup>(1)</sup> | 112 | 565 |
| Rathbones Group PLC | 4079 | 124103 |
| Reach PLC | 26003 | 25339 |
| Renew Holdings PLC | 3411 | 43093 |
| Renishaw PLC | 3586 | 207426 |
| Restore PLC<sup>(2)</sup> | 8041 | 27374 |
| RHI Magnesita NV | 1661 | 74467 |
| Rockhopper Exploration PLC<sup>(1)(2)</sup> | 33908 | 32089 |
| Rotork PLC | 71861 | 372028 |
| RS Group PLC | 36553 | 343422 |
| RWS Holdings PLC | 15449 | 15851 |
| S&U PLC | 109 | 3309 |
| S4 Capital PLC<sup>(2)</sup> | 36068 | 10017 |
| Sabre Insurance Group PLC | 17613 | 32465 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Saga PLC<sup>(1)</sup> | 9644 | $71018 |
| Savills PLC | 5530 | 75376 |
| Secure Trust Bank PLC | 1796 | 36791 |
| Senior PLC | 39248 | 162409 |
| Serabi Gold PLC<sup>(1)</sup> | 4863 | 22378 |
| Serco Group PLC | 98030 | 398934 |
| Serica Energy PLC | 20537 | 66799 |
| Severfield PLC<sup>(1)</sup> | 18876 | 7822 |
| SIG PLC<sup>(1)</sup> | 27550 | 3745 |
| SigmaRoc PLC<sup>(1)</sup> | 82485 | 164970 |
| Softcat PLC | 11702 | 180082 |
| SolGold PLC<sup>(1)</sup> | 86718 | 32666 |
| Spire Healthcare Group PLC | 23918 | 65612 |
| SSP Group PLC | 71722 | 198736 |
| SThree PLC | 9583 | 22470 |
| Supreme PLC | 3838 | 7425 |
| Synthomer PLC<sup>(1)(2)</sup> | 9201 | 2444 |
| Tate & Lyle PLC | 26421 | 133951 |
| Taylor Wimpey PLC | 130909 | 198715 |
| TBC Bank Group PLC | 3279 | 212074 |
| Team Internet Group PLC<sup>(1)</sup> | 6195 | 3953 |
| Telecom Plus PLC | 5728 | 106092 |
| THG PLC<sup>(1)(2)</sup> | 19831 | 9299 |
| TP ICAP Group PLC | 60882 | 207843 |
| Travis Perkins PLC | 18965 | 177774 |
| Treatt PLC | 3402 | 9643 |
| Trustpilot Group PLC<sup>(1)</sup> | 29275 | 57933 |
| TT Electronics PLC<sup>(1)</sup> | 10051 | 16383 |
| TUI AG | 40286 | 382195 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 25893 | 41737 |
| Vertu Motors PLC | 21273 | 17176 |
| Vesuvius PLC | 14710 | 99007 |
| Victorian Plumbing Group PLC | 11666 | 12995 |
| Victrex PLC | 6109 | 58122 |
| Vistry Group PLC<sup>(1)</sup> | 26293 | 246414 |
| Volex PLC | 14422 | 94125 |
| Volution Group PLC | 14344 | 137631 |
| Warpaint London PLC | 89 | 303 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 19125 | 131574 |
| Watkin Jones PLC<sup>(1)</sup> | 8048 | 3727 |
| WH Smith PLC | 8670 | 80723 |
| Wickes Group PLC | 25526 | 86857 |
| XP Power Ltd.<sup>(1)</sup> | 2358 | 44015 |
| XPS Pensions Group PLC | 7227 | 30310 |
| Yellow Cake PLC<sup>(1)</sup> | 20579 | 176108 |
| YouGov PLC<sup>(2)</sup> | 946 | 2688 |
| Young & Co.'s Brewery PLC, Class A | 1096 | 13043 |
| Zigup PLC | 21200 | 117319 |
| Zotefoams PLC | 3446 | 19960 |
|  |  | 27975199 |
| **United States — 0.6%** |  |  |
| Alcoa Corp. | 428 | 26975 |
| Coeur Mining, Inc.<sup>(1)</sup> | 11754 | 319121 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dauch Corp.<sup>(1)</sup> | 7061 | $44343 |
| Golar LNG Ltd. | 6177 | 274629 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 2316 | 75780 |
| Kingsway Financial Services, Inc.<sup>(1)(2)</sup> | 375 | 4590 |
| Lion Electric Co.<sup>(1)</sup> | 1425 | 19 |
| Luxfer Holdings PLC | 537 | 6911 |
| Ovintiv, Inc. | 2371 | 119658 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 916 | 10250 |
| Primo Brands Corp., Class A | 6657 | 150981 |
| Quanex Building Products Corp. | 176 | 3613 |
| Quanex Building Products Corp. (London) | 34 | 698 |
| Royal Gold, Inc. | 1155 | 346257 |
| Sunococorp LLC | 1673 | 100196 |
| Trilogy Metals, Inc.<sup>(1)(2)</sup> | 8592 | 37667 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 15 | 131 |
|  |  | 1521819 |
| **TOTAL COMMON STOCKS**<br>(Cost $203,206,819) |  | **257111543** |
| **RIGHTS — 0.0%** |  |  |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(1)</sup> | 9694 | 602 |
| Nobia AB<sup>(1)(2)</sup> | 45225 | 4256 |
| **TOTAL RIGHTS**<br>(Cost $8,136) |  | **4858** |
| **WARRANTS — 0.0%** |  |  |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup><br>(Cost $—) | 531 | **991** |
| **SHORT-TERM INVESTMENTS — 2.7%** |  |  |
| **Money Market Funds — 2.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 188630 | 188630 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 6864366 | 6864366 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $7,052,996) |  | **7052996** |
| **TOTAL INVESTMENT SECURITIES — 102.5%**<br>(Cost $210,267,951) |  | **264170388** |
| **OTHER ASSETS AND LIABILITIES — (2.5)%** |  | **(6548463)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**257621925** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 23.3% |
| Materials | 18.9% |
| Consumer Discretionary | 12.1% |
| Financials | 11.9% |
| Information Technology | 8.8% |
| Energy | 5.4% |
| Consumer Staples | 5.2% |
| Health Care | 4.5% |
| Real Estate | 3.6% |
| Utilities | 3.3% |
| Communication Services | 2.8% |
| Short-Term Investments | 2.7% |
| Other Assets and Liabilities | (2.5)% |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $14,619,349. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $15,632,057, which includes securities collateral of $8,767,691.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $3107685 | $254003858 |  |
| Rights |  | 4858 |  |
| Warrants |  | 991 |  |
| Short-Term Investments | 7052996 |  |  |
|  | $10160681 | $254009707 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares** | **Value** |
| **Australia — 9.4%** | | |
| 29Metals Ltd.<sup>(1)</sup> | 14865824 | $4268501 |
| Accent Group Ltd. | 925637 | 761793 |
| Adairs Ltd. | 61601 | 82766 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 15463413 | 5761591 |
| AIC Mines Ltd.<sup>(1)(2)</sup> | 5823495 | 2853854 |
| Alkane Resources Ltd.<sup>(1)</sup> | 1057249 | 1320391 |
| Alliance Aviation Services Ltd. | 134244 | 64551 |
| Amplitude Energy Ltd.<sup>(1)(2)</sup> | 2279085 | 4130441 |
| Appen Ltd.<sup>(1)(2)</sup> | 318 | 421 |
| ARN Media Ltd. | 1042 | 259 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 10658807 | 2314993 |
| Aurizon Holdings Ltd. | 13620907 | 40218619 |
| Austal Ltd.<sup>(1)</sup> | 1169937 | 4294107 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 232563 | 226780 |
| Australian Finance Group Ltd. | 1959118 | 2523278 |
| Baby Bunting Group Ltd.<sup>(1)(2)</sup> | 565175 | 804950 |
| Bank of Queensland Ltd. | 10220333 | 50872476 |
| Beach Energy Ltd. | 47815690 | 37361222 |
| Bega Cheese Ltd. | 91791 | 409810 |
| Bendigo & Adelaide Bank Ltd. | 2278567 | 17352756 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 1054948 | 11264736 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 3885708 | 23647684 |
| Cedar Woods Properties Ltd. | 832978 | 5373438 |
| Challenger Gold Ltd.<sup>(1)</sup> | 1095955 | 142306 |
| Challenger Ltd. | 3386099 | 21505113 |
| Champion Iron Ltd.<sup>(2)</sup> | 10205727 | 38932889 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 13124 | 5427 |
| Coronado Global Resources, Inc. | 14052923 | 3145790 |
| Credit Corp. Group Ltd.<sup>(2)</sup> | 679883 | 5883173 |
| Cuscal Ltd. | 136890 | 411147 |
| Duratec Ltd. | 166977 | 249246 |
| Dyno Nobel Ltd. | 23342341 | 55120324 |
| Elders Ltd. | 23485 | 121250 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 2315012 | 2222442 |
| Emerald Resources NL<sup>(1)</sup> | 236619 | 1214880 |
| EVT Ltd. | 870259 | 8232984 |
| Fenix Resources Ltd. | 2953309 | 852045 |
| Findi Ltd.<sup>(1)</sup> | 1352 | 770 |
| FleetPartners Group Ltd. | 3814529 | 7189419 |
| Focus Minerals Ltd.<sup>(1)</sup> | 1130498 | 3010038 |
| GenusPlus Group Ltd. | 167450 | 925957 |
| GrainCorp Ltd., A Shares | 5119138 | 22435055 |
| Grange Resources Ltd.<sup>(1)</sup> | 4529711 | 742111 |
| Greatland Resources Ltd.<sup>(1)</sup> | 1535112 | 15402103 |
| GWA Group Ltd. | 298486 | 507222 |
| Harvey Norman Holdings Ltd. | 4047414 | 16568888 |
| Helia Group Ltd. | 9039005 | 38726394 |
| Hillgrove Resources Ltd.<sup>(1)</sup> | 8807397 | 306476 |
| Humm Group Ltd. | 1096736 | 545434 |
| IDP Education Ltd. | 266515 | 881932 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Iluka Resources Ltd. | 10241947 | $49137206 |
| Inghams Group Ltd.<sup>(2)</sup> | 9769521 | 14317423 |
| Insignia Financial Ltd.<sup>(1)</sup> | 1512149 | 5020006 |
| JB Hi-Fi Ltd. | 134668 | 7871948 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 424437 | 520123 |
| Jumbo Interactive Ltd. | 23063 | 158927 |
| Karoon Energy Ltd. | 24733610 | 27302469 |
| Kogan.com Ltd.<sup>(2)</sup> | 506613 | 1514178 |
| L1 Group Ltd.<sup>(2)</sup> | 5672216 | 5006220 |
| Lindsay Australia Ltd. | 43815 | 21690 |
| Macmahon Holdings Ltd. | 19529428 | 10367524 |
| Macquarie Technology Group Ltd.<sup>(1)(2)</sup> | 195023 | 9407429 |
| Magellan Financial Group Ltd. | 3596965 | 21627090 |
| McMillan Shakespeare Ltd.<sup>(2)</sup> | 283035 | 3236632 |
| Metals X Ltd.<sup>(1)</sup> | 13358877 | 13580253 |
| Metro Mining Ltd.<sup>(1)</sup> | 53888119 | 2724692 |
| Mineral Resources Ltd.<sup>(1)</sup> | 426902 | 18450970 |
| Monadelphous Group Ltd. | 637329 | 14707501 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 16183959 | 4306543 |
| MyState Ltd. | 17931 | 58028 |
| Navigator Global Investments Ltd. | 4049843 | 7286717 |
| Neuren Pharmaceuticals Ltd.<sup>(1)</sup> | 432663 | 4008793 |
| New Hope Corp. Ltd. | 11775695 | 39247205 |
| nib holdings Ltd. | 349254 | 1592308 |
| Nickel Industries Ltd.<sup>(1)</sup> | 2198352 | 1575851 |
| NRW Holdings Ltd. | 13009745 | 60446659 |
| Nufarm Ltd.<sup>(1)</sup> | 3184399 | 4666919 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 103793 | 49127 |
| oOh!media Ltd. | 89881 | 65460 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 5136741 | 4749010 |
| Orora Ltd. | 16795952 | 25611937 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 2727066 | 11235292 |
| Perenti Ltd. | 26348495 | 44059065 |
| Perseus Mining Ltd. | 33387461 | 143514440 |
| Premier Investments Ltd. | 560225 | 5358229 |
| Ramelius Resources Ltd. | 27693555 | 90983129 |
| Regis Resources Ltd. | 22343592 | 151232798 |
| Resimac Group Ltd. | 17380 | 14394 |
| Resolute Mining Ltd.<sup>(1)</sup> | 69560875 | 73938425 |
| Ricegrowers Ltd.<sup>(2)</sup> | 502859 | 4731694 |
| Ridley Corp. Ltd. | 2854838 | 5849764 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 2895882 | 41538378 |
| Select Harvests Ltd.<sup>(1)</sup> | 730108 | 2093098 |
| Servcorp Ltd. | 21643 | 121324 |
| Sims Ltd. | 2077495 | 32448796 |
| Southern Cross Electrical Engineering Ltd. | 284976 | 606186 |
| Southern Cross Media Group Ltd.<sup>(2)</sup> | 486722 | 211304 |
| SRG Global Ltd. | 1071828 | 2213528 |
| St Barbara Ltd.<sup>(1)</sup> | 23161297 | 13714215 |
| Stanmore Resources Ltd. | 6950247 | 13039603 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 38488021 | 3423367 |
| Super Retail Group Ltd. | 3788628 | 41833656 |
| Symal Group Ltd.<sup>(2)</sup> | 190534 | 360478 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Terracom Ltd.<sup>(1)(2)</sup> | 3476272 | $163437 |
| Treasury Wine Estates Ltd.<sup>(2)</sup> | 750828 | 2424519 |
| Tyro Payments Ltd.<sup>(1)(2)</sup> | 2928627 | 1822398 |
| Vault Minerals Ltd.<sup>(1)</sup> | 14656759 | 61636304 |
| Viva Energy Group Ltd. | 13707495 | 17270487 |
| Wagners Holding Co. Ltd.<sup>(2)</sup> | 572494 | 1886231 |
| West African Resources Ltd.<sup>(1)</sup> | 24970624 | 62355878 |
| Westgold Resources Ltd. | 2632022 | 14611413 |
| Westgold Resources Ltd. (Toronto) | 192598 | 1068851 |
| Whitehaven Coal Ltd. | 19611524 | 108901728 |
|  |  | 1774489479 |
| **Austria — 1.2%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)(3)</sup> | 2114912 | 128013851 |
| FACC AG<sup>(1)</sup> | 5448 | 100674 |
| Lenzing AG<sup>(1)</sup> | 924807 | 26694517 |
| Oesterreichische Post AG | 631585 | 26153413 |
| Porr AG | 565200 | 26047328 |
| Semperit AG Holding | 80753 | 1286325 |
| UNIQA Insurance Group AG | 740036 | 14625884 |
|  |  | 222921992 |
| **Belgium — 1.3%** |  |  |
| Barco NV | 68640 | 879226 |
| Bekaert SA | 1316077 | 67923710 |
| bpost SA<sup>(1)</sup> | 1561533 | 3950667 |
| Cie d'Entreprises CFE | 26716 | 383998 |
| Deceuninck NV<sup>(2)</sup> | 130781 | 356310 |
| EVS Broadcast Equipment SA | 94613 | 3806146 |
| Gimv NV | 20421 | 1129322 |
| Ion Beam Applications<sup>(2)</sup> | 107087 | 1943871 |
| KBC Ancora | 207260 | 18414482 |
| Melexis NV<sup>(2)</sup> | 5639 | 378147 |
| Ontex Group NV<sup>(1)(2)</sup> | 515 | 2821 |
| Proximus SADP | 3114278 | 25682801 |
| Solvay SA<sup>(2)</sup> | 1776601 | 58356728 |
| Tessenderlo Group SA<sup>(2)</sup> | 509644 | 16117705 |
| Umicore SA | 2487027 | 53003259 |
|  |  | 252329193 |
| **Canada — 11.4%** |  |  |
| ADENTRA, Inc. | 123684 | 3419320 |
| ADF Group, Inc. | 2721 | 20925 |
| Advantage Energy Ltd.<sup>(1)</sup> | 2895813 | 22163621 |
| Aecon Group, Inc. | 46589 | 1298228 |
| Algoma Steel Group, Inc. | 20000 | 91639 |
| Allied Gold Corp.<sup>(1)</sup> | 573501 | 18154593 |
| Amerigo Resources Ltd. | 1244219 | 5655334 |
| Andean Precious Metals Corp.<sup>(1)</sup> | 218145 | 1679207 |
| Aris Mining Corp.<sup>(1)</sup> | 2903187 | 65766268 |
| Athabasca Oil Corp.<sup>(1)</sup> | 5149088 | 33294202 |
| AutoCanada, Inc.<sup>(1)</sup> | 128378 | 2482762 |
| B2Gold Corp. | 24606466 | 151169081 |
| Badger Infrastructure Solutions Ltd. | 123060 | 6595738 |
| Baytex Energy Corp. | 14465481 | 55569166 |
| Birchcliff Energy Ltd. | 2469190 | 12399803 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Black Diamond Group Ltd. | 100310 | $1267801 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 29334 | 113762 |
| Boralex, Inc., A Shares | 400 | 8140 |
| Boston Pizza Royalties Income Fund | 31930 | 597378 |
| Brookfield Wealth Solutions Ltd. | 32977 | 1466240 |
| Calfrac Well Services Ltd.<sup>(1)(2)</sup> | 28265 | 117076 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 17903 | 15061 |
| Canada Goose Holdings, Inc.<sup>(1)(2)</sup> | 133171 | 1640169 |
| Capital Power Corp. | 1013408 | 47570481 |
| Cardinal Energy Ltd. | 2015522 | 14583924 |
| Cargojet, Inc. | 10200 | 713525 |
| Cascades, Inc. | 1173169 | 10346558 |
| Centerra Gold, Inc. | 3339910 | 70199201 |
| CES Energy Solutions Corp. | 1888458 | 23300281 |
| Chorus Aviation, Inc. | 104537 | 1896005 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 1241553 | 864686 |
| Discovery Silver Corp.<sup>(1)</sup> | 230272 | 1902544 |
| Doman Building Materials Group Ltd. | 17440 | 133352 |
| Dorel Industries, Inc., Class B<sup>(1)(2)</sup> | 54145 | 69862 |
| DPM Metals, Inc. | 127243 | 5509308 |
| Eldorado Gold Corp. | 1724432 | 80087070 |
| Empire Co. Ltd., Class A | 176805 | 6270903 |
| Enerflex Ltd. | 1280488 | 28734825 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 2108297 | 5595129 |
| Equinox Gold Corp. (Toronto)<sup>(1)</sup> | 372987 | 7000086 |
| ERO Copper Corp.<sup>(1)</sup> | 761018 | 26032110 |
| Evertz Technologies Ltd. | 300 | 3572 |
| Finning International, Inc. | 753458 | 50795790 |
| Fortuna Mining Corp.<sup>(1)</sup> | 6037720 | 82506580 |
| Freehold Royalties Ltd. | 303825 | 3917951 |
| Frontera Energy Corp. | 484711 | 4050955 |
| Galiano Gold, Inc.<sup>(1)</sup> | 1965218 | 6857841 |
| Greenfire Resources Ltd.<sup>(1)</sup> | 10435 | 61889 |
| Headwater Exploration, Inc. | 3349864 | 30845124 |
| High Liner Foods, Inc. | 4 | 48 |
| Hudbay Minerals, Inc. | 4926191 | 139582334 |
| IAMGOLD Corp.<sup>(1)</sup> | 4200212 | 103338671 |
| Imperial Metals Corp.<sup>(1)</sup> | 626175 | 4737455 |
| InPlay Oil Corp. | 57063 | 646328 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 926963 | 21154912 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 241787 | 1641397 |
| Journey Energy, Inc.<sup>(1)</sup> | 86296 | 260017 |
| K92 Mining, Inc.<sup>(1)</sup> | 229095 | 5522264 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 1577687 | 10039458 |
| Keyera Corp. | 10 | 382 |
| Kolibri Global Energy, Inc.<sup>(1)(2)</sup> | 1512 | 5776 |
| Laurentian Bank of Canada | 176935 | 5213165 |
| Linamar Corp. | 271818 | 18733632 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 100200 | 809504 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 4380 | 58505 |
| Martinrea International, Inc. | 1616239 | 12690092 |
| MDA Space Ltd.<sup>(1)</sup> | 4882 | 141551 |
| Methanex Corp. | 284012 | 14329171 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mullen Group Ltd. | 617574 | $7809942 |
| National Bank of Canada | 1 | 140 |
| New Gold, Inc.<sup>(1)</sup> | 12689265 | 170424350 |
| North American Construction Group Ltd. | 535538 | 8967184 |
| North West Co., Inc. | 165183 | 6779036 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 1032660 | 8115623 |
| OceanaGold Corp. | 4403240 | 187259963 |
| Orezone Gold Corp.<sup>(1)</sup> | 2941043 | 5929305 |
| Orla Mining Ltd. | 1145071 | 24764191 |
| Orvana Minerals Corp.<sup>(1)</sup> | 12576 | 20099 |
| Osisko Metals, Inc.<sup>(1)</sup> | 1306790 | 1484934 |
| Paramount Resources Ltd., A Shares | 646730 | 12801371 |
| Parex Resources, Inc. | 2180255 | 34109191 |
| Pason Systems, Inc. | 245926 | 2226594 |
| PetroTal Corp. | 3764911 | 1104039 |
| Peyto Exploration & Development Corp. | 3608380 | 69916413 |
| PHX Energy Services Corp. | 97031 | 857171 |
| Pine Cliff Energy Ltd. | 38156 | 19861 |
| Pizza Pizza Royalty Corp. | 23893 | 293046 |
| Polaris Renewable Energy, Inc. | 38910 | 342019 |
| Precision Drilling Corp.<sup>(1)</sup> | 115453 | 10014588 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 6800 | 24577 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 229556 | 1051813 |
| Rogers Sugar, Inc. | 78828 | 380834 |
| Russel Metals, Inc. | 338919 | 11936270 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 987878 | 2411667 |
| Silvercorp Metals, Inc. | 264443 | 3675701 |
| South Bow Corp. | 382897 | 12311765 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 2639215 | 21186470 |
| Spin Master Corp., VTG Shares | 25341 | 357622 |
| Stella-Jones, Inc. | 63440 | 4353666 |
| Steppe Gold Ltd.<sup>(1)</sup> | 233598 | 311681 |
| SunOpta, Inc.<sup>(1)(2)</sup> | 117208 | 754434 |
| Surge Energy, Inc. | 2133621 | 12622940 |
| Tamarack Valley Energy Ltd. | 10615382 | 79301157 |
| Torex Gold Resources, Inc. | 627622 | 38240288 |
| Total Energy Services, Inc. | 254872 | 3381975 |
| Transcontinental, Inc., Class A | 97764 | 1667087 |
| Trican Well Service Ltd. | 2860368 | 13651256 |
| Trisura Group Ltd.<sup>(1)</sup> | 14867 | 508555 |
| Valeura Energy, Inc.<sup>(1)(2)</sup> | 569349 | 4595530 |
| Vermilion Energy, Inc. | 3663507 | 39346342 |
| Wajax Corp. | 146427 | 3372850 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 795370 | 15638593 |
| West Fraser Timber Co. Ltd. | 47 | 3120 |
| Western Forest Products, Inc.<sup>(1)(2)</sup> | 641 | 6598 |
| Westshore Terminals Investment Corp. | 52664 | 1235474 |
| Whitecap Resources, Inc. | 9426873 | 94127056 |
|  |  | 2153434109 |
| **China — 0.0%** |  |  |
| CIFI Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 2024000 | 22186 |
| Ever Sunshine Services Group Ltd. | 182000 | 41352 |
| K Wah International Holdings Ltd. | 2583000 | 932502 |
|  |  | 996040 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Denmark — 1.8%** | | |
| AL Sydbank | 862345 | $77318408 |
| cBrain AS | 459 | 4780 |
| D/S Norden AS | 723585 | 32446295 |
| Dfds AS<sup>(1)</sup> | 610661 | 9987311 |
| FLSmidth & Co. AS | 219010 | 19387798 |
| H&H International AS, B Shares<sup>(1)</sup> | 19764 | 265002 |
| Jyske Bank AS | 17134 | 2567956 |
| Nilfisk Holding AS<sup>(1)</sup> | 9385 | 206552 |
| NKT AS<sup>(1)</sup> | 546205 | 70600372 |
| NNIT AS<sup>(1)</sup> | 2397 | 15237 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 1284 | 34620 |
| Per Aarsleff Holding AS | 331572 | 41978076 |
| Schouw & Co. AS | 98399 | 10512729 |
| Solar AS, B Shares | 36841 | 1159547 |
| Sparekassen Sjaelland-Fyn AS | 2298 | 131500 |
| TORM PLC, Class A | 1286052 | 37740788 |
| Zealand Pharma AS<sup>(1)</sup> | 539036 | 31202019 |
|  |  | 335558990 |
| **Finland — 1.0%** |  |  |
| Bittium OYJ | 225268 | 7133903 |
| Citycon OYJ<sup>(1)</sup> | 938158 | 4215771 |
| Finnair OYJ<sup>(1)(2)</sup> | 3347992 | 13738600 |
| Hiab OYJ, B Shares | 313161 | 17993364 |
| Kalmar OYJ, B Shares | 467274 | 26829350 |
| Kemira OYJ | 1603231 | 38850981 |
| Lassila & Tikanoja OYJ<sup>(1)</sup> | 60937 | 546792 |
| Luotea PLC | 60937 | 177272 |
| Marimekko OYJ | 169756 | 2246534 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 3078810 | 38733133 |
| Olvi OYJ, A Shares | 7053 | 286813 |
| Outokumpu OYJ | 1364025 | 9210013 |
| Puuilo OYJ | 1626696 | 23246157 |
| Suominen OYJ<sup>(1)(2)</sup> | 34767 | 63873 |
| Tokmanni Group Corp.<sup>(2)</sup> | 300959 | 2847956 |
| Verkkokauppa.com OYJ<sup>(1)</sup> | 49734 | 212568 |
|  |  | 186333080 |
| **France — 2.9%** |  |  |
| Air France-KLM<sup>(1)</sup> | 55300 | 799647 |
| AKWEL SADIR | 3304 | 29203 |
| Aperam SA | 216776 | 11383939 |
| Arkema SA | 237102 | 17267017 |
| Ayvens SA | 61000 | 774349 |
| Beneteau SACA<sup>(2)</sup> | 1255 | 11878 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France<sup>(2)</sup> | 13038 | 420957 |
| Catana Group | 1663 | 5289 |
| Cie des Alpes | 624320 | 21403727 |
| Clariane SE<sup>(1)</sup> | 102345 | 488697 |
| Coface SA | 773181 | 14301966 |
| Derichebourg SA | 2824757 | 31335290 |
| Emeis SA<sup>(1)</sup> | 1539877 | 27836863 |
| Etablissements Maurel et Prom SA | 1952498 | 20807599 |
| Euroapi SA<sup>(1)(2)</sup> | 637017 | 1608918 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 1857247 | $4926687 |
| Exail Technologies SA<sup>(1)(2)</sup> | 3283 | 482574 |
| Guillemot Corp.<sup>(1)</sup> | 967 | 4799 |
| ID Logistics Group SACA<sup>(1)</sup> | 27595 | 12976456 |
| Jacquet Metals SACA<sup>(2)</sup> | 61080 | 1664448 |
| Kaufman & Broad SA | 210599 | 8070516 |
| La Francaise De L'energie SACA<sup>(1)(2)</sup> | 456 | 18113 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 233729 | 374290 |
| Manitou BF SA | 41487 | 1152148 |
| Mersen SA | 365940 | 12001527 |
| Metropole Television SA<sup>(2)</sup> | 42211 | 576803 |
| Nexans SA | 90748 | 13036134 |
| Nexity SA<sup>(1)(2)</sup> | 448357 | 5036750 |
| North Atlantic Energies<sup>(2)</sup> | 48653 | 2233520 |
| Opmobility | 1513075 | 30277823 |
| OVH Groupe SA<sup>(1)(2)</sup> | 119239 | 1304030 |
| Pullup Entertainment<sup>(2)</sup> | 38302 | 557050 |
| SES SA | 9534627 | 70984262 |
| SMCP SA<sup>(1)(2)</sup> | 451340 | 3645978 |
| Solutions 30 SE<sup>(1)(2)</sup> | 1206220 | 1251747 |
| STIF SA<sup>(2)</sup> | 3065 | 221108 |
| Television Francaise 1 SA | 1746260 | 14952821 |
| Trigano SA | 48783 | 9654204 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 1914485 | 9392507 |
| Valeo SE | 5440835 | 78462336 |
| Vallourec SACA | 3200451 | 74880074 |
| Vicat SACA | 158737 | 13303852 |
| Vusion | 115742 | 16271116 |
| X-Fab Silicon Foundries SE<sup>(1)</sup> | 1011299 | 5574049 |
|  |  | 541763061 |
| **Germany — 3.4%** |  |  |
| 2G Energy AG | 51499 | 2319217 |
| 7C Solarparken AG<sup>(1)</sup> | 68320 | 130201 |
| Alzchem Group AG | 32162 | 5624255 |
| Aumovio SE<sup>(1)</sup> | 287046 | 14238048 |
| Aurubis AG | 183406 | 37161040 |
| Baader Bank AG | 7082 | 60058 |
| Bijou Brigitte AG | 3600 | 196170 |
| Borussia Dortmund GmbH & Co. KGaA | 880765 | 3264997 |
| CANCOM SE | 659 | 18512 |
| Cewe Stiftung & Co. KGaA | 75102 | 8894833 |
| Deutsche Rohstoff AG | 87281 | 7483366 |
| Deutz AG | 1444147 | 21227050 |
| Draegerwerk AG & Co. KGaA | 981 | 87283 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 16490 | 1747921 |
| Duerr AG | 568101 | 16332677 |
| Elmos Semiconductor SE | 95157 | 16390667 |
| flatexDEGIRO SE | 1836893 | 66554689 |
| Formycon AG<sup>(1)</sup> | 52498 | 1421076 |
| Friedrich Vorwerk Group SE | 29437 | 2790015 |
| Grand City Properties SA | 417195 | 5464084 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 5044360 | 8457515 |
| HelloFresh SE<sup>(1)</sup> | 829297 | 4704721 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hornbach Holding AG & Co. KGaA | 213573 | $21601990 |
| HUGO BOSS AG | 924699 | 40663576 |
| Ibu-Tec Advanced Materials AG, Class A<sup>(1)</sup> | 8347 | 175380 |
| Indus Holding AG | 96319 | 3472547 |
| Instone Real Estate Group SE | 47821 | 530746 |
| JOST Werke SE | 199784 | 15836719 |
| Jungheinrich AG, Preference Shares | 1044829 | 39389974 |
| Kloeckner & Co. SE<sup>(2)</sup> | 764570 | 9898051 |
| Knaus Tabbert AG<sup>(1)</sup> | 5691 | 86098 |
| Koenig & Bauer AG<sup>(1)</sup> | 14871 | 159241 |
| Kontron AG<sup>(2)</sup> | 497701 | 13716487 |
| Krones AG | 143056 | 22399258 |
| Lang & Schwarz AG | 32486 | 924606 |
| Lanxess AG | 1165718 | 26206264 |
| Mutares SE & Co. KGaA<sup>(2)</sup> | 316790 | 11605284 |
| Norma Group SE | 317527 | 5910116 |
| ProCredit Holding AG | 179816 | 1790616 |
| SAF-Holland SE | 1044777 | 24507893 |
| Salzgitter AG | 341286 | 21782623 |
| Schaeffler AG | 806832 | 9828872 |
| SGL Carbon SE<sup>(1)</sup> | 640688 | 2945341 |
| Siltronic AG<sup>(2)</sup> | 120144 | 8097504 |
| Sixt SE | 238028 | 18452598 |
| Sixt SE, Preference Shares | 229572 | 14826584 |
| SMA Solar Technology AG<sup>(1)</sup> | 312787 | 11780923 |
| Steico SE | 1950 | 58043 |
| STO SE & Co. KGaA, Preference Shares | 10504 | 1527636 |
| Suedzucker AG<sup>(2)</sup> | 1071539 | 12818143 |
| TAG Immobilien AG | 1260355 | 24583629 |
| thyssenkrupp AG | 1743831 | 21517586 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 85407 | 9690715 |
| Wacker Neuson SE | 414861 | 10183320 |
| Wuestenrot & Wuerttembergische AG | 55473 | 1083721 |
|  |  | 632620479 |
| **Hong Kong — 1.4%** |  |  |
| AustAsia Group Ltd.<sup>(1)</sup> | 564732 | 171377 |
| Bank of East Asia Ltd. | 357840 | 695431 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 5984000 | 6552797 |
| Cafe de Coral Holdings Ltd.<sup>(2)</sup> | 5758000 | 3404082 |
| Chia Tai Enterprises International Ltd.<sup>(1)</sup> | 19000 | 14428 |
| Chow Sang Sang Holdings International Ltd. | 1235000 | 2195430 |
| Citychamp Watch & Jewellery Group Ltd.<sup>(1)</sup> | 2696000 | 45440 |
| Comba Telecom Systems Holdings Ltd. | 258000 | 69411 |
| Crystal International Group Ltd. | 34500 | 32783 |
| Dah Sing Banking Group Ltd. | 807600 | 1350720 |
| Dah Sing Financial Holdings Ltd. | 2450000 | 13298897 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 17910000 | 1993522 |
| Dream International Ltd. | 655500 | 767437 |
| E-Commodities Holdings Ltd.<sup>(2)</sup> | 23176000 | 2513346 |
| Emperor Watch & Jewellery Ltd. | 4240000 | 188754 |
| FSE Lifestyle Services Ltd. | 19000 | 14148 |
| Giordano International Ltd. | 108000 | 21138 |
| Great Eagle Holdings Ltd. | 224000 | 511121 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| G-Resources Group Ltd. | 377000 | $532998 |
| Hang Lung Group Ltd. | 9341000 | 20024278 |
| Hong Kong Technology Venture Co. Ltd. | 580000 | 108051 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 278000 | 41912 |
| IGG, Inc. | 7104000 | 2858447 |
| Impro Precision Industries Ltd.<sup>(2)</sup> | 1048000 | 1164835 |
| Johnson Electric Holdings Ltd. | 8196820 | 32384464 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 9766000 | 2259851 |
| Kerry Properties Ltd. | 1840500 | 5926612 |
| Man Wah Holdings Ltd. | 5125600 | 3338259 |
| Midland Holdings Ltd.<sup>(1)</sup> | 4162000 | 1781140 |
| Oriental Watch Holdings | 1104000 | 482632 |
| Pacific Basin Shipping Ltd. | 142744000 | 63100387 |
| Pacific Textiles Holdings Ltd. | 65000 | 11040 |
| PAX Global Technology Ltd. | 2042000 | 1267248 |
| Regina Miracle International Holdings Ltd. | 194000 | 58762 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 4052000 | 351936 |
| Singamas Container Holdings Ltd. | 3582000 | 311293 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 49982000 | 15379518 |
| SmarTone Telecommunications Holdings Ltd. | 218000 | 146779 |
| Soundwill Holdings Ltd.<sup>(1)</sup> | 500 | 447 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 44500 | 85816 |
| Sun Hung Kai & Co. Ltd. | 406000 | 229189 |
| SUNeVision Holdings Ltd.<sup>(2)</sup> | 95000 | 81759 |
| Tai Hing Group Holdings Ltd. | 133000 | 18840 |
| Ten Pao Group Holdings Ltd. | 304000 | 108665 |
| Texhong International Group Ltd. | 1036000 | 886640 |
| Texwinca Holdings Ltd. | 440000 | 66792 |
| TradeGo Fintech Ltd.<sup>(1)</sup> | 16000 | 2960 |
| Truly International Holdings Ltd. | 718000 | 90590 |
| United Energy Group Ltd. | 266166000 | 22209793 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 16546000 | 27512853 |
| VSTECS Holdings Ltd. | 13280000 | 13452349 |
| Yue Yuen Industrial Holdings Ltd. | 5246500 | 12452371 |
|  |  | 262569768 |
| **Ireland — 0.1%** |  |  |
| Glenveagh Properties PLC<sup>(1)</sup> | 9537975 | 25371063 |
| **Israel — 4.2%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 1910 | 2614 |
| AFI Properties Ltd.<sup>(1)</sup> | 293 | 21130 |
| Airport City Ltd.<sup>(1)</sup> | 57014 | 1001335 |
| Alony Hetz Properties & Investments Ltd. | 553697 | 6506689 |
| Analyst IMS Investment Management Services Ltd. | 1014 | 43721 |
| Ayalon Holdings Ltd. | 80578 | 3355269 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 1481134 | 3905638 |
| Big Shopping Centers Ltd. | 34056 | 8206605 |
| Blue Square Real Estate Ltd. | 21915 | 2948337 |
| Carasso Real Estate Ltd. | 23270 | 297214 |
| Cellcom Israel Ltd. | 2556 | 29794 |
| Ceragon Networks Ltd.<sup>(1)</sup> | 61022 | 138520 |
| Clal Insurance Enterprises Holdings Ltd. | 1491564 | 111566914 |
| Delek Group Ltd. | 211154 | 64783219 |
| Delta Galil Ltd. | 32457 | 1574200 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Delta Israel Brands Ltd. | 5330 | $179905 |
| Direct Finance of Direct Group 2006 Ltd. | 539 | 84215 |
| El Al Israel Airlines | 3169259 | 15803628 |
| Energix-Renewable Energies Ltd. | 67094 | 427540 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 568560 | 39000069 |
| Equital Ltd.<sup>(1)</sup> | 106696 | 4910487 |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 35376 | 1084982 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 77164 | 15133763 |
| FIBI Holdings Ltd. | 396176 | 41406023 |
| Fox Wizel Ltd. | 12690 | 1147243 |
| G City Ltd. | 628228 | 1574891 |
| Harel Insurance Investments & Financial Services Ltd. | 1773556 | 93318729 |
| IDI Insurance Co. Ltd. | 73961 | 5399035 |
| Ilex Medical Ltd. | 657 | 12581 |
| Inmode Ltd.<sup>(1)</sup> | 100720 | 1384900 |
| Isracard Ltd. | 1982891 | 9440903 |
| Israel Canada TR Ltd. | 1010844 | 6333604 |
| Israel Corp. Ltd. | 53361 | 13789477 |
| Isras Holdings Ltd.<sup>(1)</sup> | 2290 | 238051 |
| Isras Investment Co. Ltd. | 9130 | 2448075 |
| Ituran Location & Control Ltd. | 25 | 1200 |
| Libra Insurance Co. Ltd. | 4455 | 24189 |
| M Yochananof & Sons Ltd. | 21702 | 2505881 |
| Menora Mivtachim Holdings Ltd. | 365479 | 52287315 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(1)</sup> | 8594099 | 46551477 |
| Naphtha Israel Petroleum Corp. Ltd.<sup>(1)</sup> | 10408 | 83435 |
| Nexxen International Ltd.<sup>(1)</sup> | 31104 | 200310 |
| Norstar Holdings, Inc. | 35461 | 81418 |
| Oil Refineries Ltd. | 62527375 | 20383353 |
| Orion Retail Properties Ltd.<sup>(1)</sup> | 69619 | 58894 |
| Palram Industries 1990 Ltd. | 8143 | 140295 |
| Partner Communications Co. Ltd. | 2895817 | 35432016 |
| Paz Retail & Energy Ltd. | 15520 | 3813113 |
| Phoenix Financial Ltd. | 317013 | 16208300 |
| Plasson Industries Ltd. | 70 | 3661 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 9892 | 1271674 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 3351127 | 17664741 |
| Shufersal Ltd. | 2329939 | 32668847 |
| Sisram Medical Ltd. | 19200 | 9933 |
| Summit Real Estate Holdings Ltd. | 170782 | 3089261 |
| Tera Light Ltd.<sup>(1)</sup> | 19433 | 102082 |
| Tiv Taam Holdings 1 Ltd. | 37883 | 133845 |
| Victory Supermarket Chain Ltd. | 1418 | 24608 |
| ZIM Integrated Shipping Services Ltd. | 3210460 | 92557562 |
|  |  | 782796710 |
| **Italy — 2.6%** |  |  |
| Aquafil SpA<sup>(1)(2)</sup> | 111267 | 191389 |
| Arnoldo Mondadori Editore SpA | 289451 | 705401 |
| Azimut Holding SpA | 605691 | 24961109 |
| Banca IFIS SpA | 288147 | 8357197 |
| Banca Sistema SpA<sup>(1)</sup> | 75210 | 140888 |
| Banco di Desio e della Brianza SpA<sup>(2)</sup> | 58626 | 630356 |
| BFF Bank SpA<sup>(1)</sup> | 1870798 | 8329148 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Brembo NV | 1143800 | $13558802 |
| Credito Emiliano SpA | 313275 | 5757181 |
| d'Amico International Shipping SA | 2319340 | 21311696 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 104989 | 5840806 |
| Digital Bros SpA<sup>(1)(2)</sup> | 96473 | 1317866 |
| Digital Value SpA<sup>(2)</sup> | 369 | 12536 |
| Enav SpA | 769 | 5008 |
| ERG SpA<sup>(2)</sup> | 764142 | 22516105 |
| Esprinet SpA | 138754 | 991668 |
| Ferretti SpA<sup>(2)</sup> | 193967 | 886330 |
| Fiera Milano SpA | 41037 | 406284 |
| Fila SpA<sup>(2)</sup> | 70082 | 780947 |
| Fincantieri SpA<sup>(1)(2)</sup> | 1636921 | 27723555 |
| Fine Foods & Pharmaceuticals NTM | 4418 | 60174 |
| FNM SpA | 63993 | 38574 |
| Gas Plus SpA | 124388 | 903155 |
| Geox SpA<sup>(1)(2)</sup> | 92709 | 32518 |
| Iveco Group NV | 4216023 | 95504072 |
| MFE-MediaForEurope NV, Class A | 3419449 | 12485585 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 1138375 | 5387174 |
| NewPrinces SpA<sup>(1)</sup> | 115528 | 2882128 |
| Orsero SpA | 855 | 19761 |
| OVS SpA | 9293492 | 54373533 |
| RAI Way SpA | 166689 | 1213906 |
| Safilo Group SpA<sup>(1)</sup> | 2890427 | 6421115 |
| Saipem SpA<sup>(2)</sup> | 25368195 | 106662542 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 444040 | 3527273 |
| Sesa SpA<sup>(2)</sup> | 6346 | 577155 |
| Sogefi SpA | 212812 | 770152 |
| Technogym SpA | 42612 | 934471 |
| Tesmec SpA<sup>(1)</sup> | 1512760 | 350490 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 3761469 | 3564526 |
| Webuild SpA<sup>(2)</sup> | 12646453 | 49189892 |
| Zignago Vetro SpA<sup>(2)</sup> | 7570 | 69421 |
|  |  | 489391889 |
| **Japan — 34.0%** |  |  |
| & ST HD Co. Ltd. | 197900 | 3795430 |
| 77 Bank Ltd. | 606900 | 38145557 |
| A&D HOLON Holdings Co. Ltd. | 9400 | 169655 |
| Abalance Corp. | 179300 | 713669 |
| Access Co. Ltd.<sup>(1)</sup> | 3100 | 12549 |
| AD Works Group Co. Ltd.<sup>(2)</sup> | 877500 | 2611147 |
| ADEKA Corp.<sup>(2)</sup> | 482300 | 14800511 |
| AEON Financial Service Co. Ltd. | 2899200 | 32747823 |
| Aeon Hokkaido Corp. | 1700 | 9932 |
| Aeon Kyushu Co. Ltd. | 10600 | 195813 |
| AFC-HD AMS Life Science Co. Ltd. | 15500 | 90026 |
| Ahresty Corp. | 282400 | 1702577 |
| Aichi Corp. | 129900 | 1218332 |
| Aichi Steel Corp. | 647100 | 14496373 |
| Aiful Corp. | 1815000 | 6011218 |
| AIMECHATEC Ltd. | 5500 | 640867 |
| Aiphone Co. Ltd. | 500 | 9463 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Air Water, Inc. | 317400 | $4407327 |
| Airman Corp. | 27900 | 403347 |
| Airport Facilities Co. Ltd.<sup>(2)</sup> | 51500 | 345973 |
| Airtrip Corp. | 4900 | 23576 |
| Aisan Industry Co. Ltd. | 1055500 | 15493071 |
| Akebono Brake Industry Co. Ltd.<sup>(1)(2)</sup> | 1036500 | 985925 |
| Akita Bank Ltd. | 28300 | 1015418 |
| Alconix Corp.<sup>(2)</sup> | 575600 | 12162620 |
| Alfresa Holdings Corp. | 974900 | 16756237 |
| Alleanza Holdings Co. Ltd. | 4700 | 43867 |
| Allied Telesis Holdings KK<sup>(2)</sup> | 622100 | 1180287 |
| Alpen Co. Ltd. | 2500 | 35583 |
| Alps Alpine Co. Ltd. | 4808400 | 71985141 |
| Amuse, Inc. | 20200 | 272112 |
| Amvis Holdings, Inc. | 637900 | 2130365 |
| AOKI Holdings, Inc. | 696300 | 8070451 |
| Aoyama Trading Co. Ltd. | 354800 | 5979767 |
| Arata Corp. | 483500 | 9532440 |
| ARCLANDS Corp. | 1060000 | 13288808 |
| Arcs Co. Ltd. | 705800 | 17625887 |
| ARE Holdings, Inc. | 1330200 | 38713856 |
| Arisawa Manufacturing Co. Ltd. | 83900 | 1419620 |
| Artience Co. Ltd. | 368200 | 10370543 |
| Asahi Co. Ltd. | 12400 | 104142 |
| Asahi Kogyosha Co. Ltd. | 50100 | 1528769 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 65900 | 2140279 |
| Asanuma Corp. | 1052500 | 7739227 |
| Asia Pile Holdings Corp.<sup>(2)</sup> | 454400 | 4593901 |
| Astena Holdings Co. Ltd. | 28800 | 94002 |
| Autobacs Seven Co. Ltd. | 28000 | 318820 |
| Awa Bank Ltd. | 255400 | 9776202 |
| Axial Retailing, Inc. | 914300 | 7635737 |
| Bando Chemical Industries Ltd. | 376200 | 5748619 |
| Bank of Nagoya Ltd. | 489800 | 18539974 |
| Bank of Saga Ltd. | 182400 | 6043192 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 625400 | 9801835 |
| Belc Co. Ltd. | 113900 | 5880894 |
| Belluna Co. Ltd. | 105400 | 667325 |
| Blue Zones Holdings Co. Ltd. | 34300 | 2115016 |
| BML, Inc. | 111800 | 3116791 |
| Bookoff Group Holdings Ltd. | 29500 | 360379 |
| Buffalo, Inc. | 92900 | 3135932 |
| Bunka Shutter Co. Ltd. | 412000 | 5684384 |
| Carlit Co. Ltd.<sup>(2)</sup> | 113200 | 2194063 |
| Cawachi Ltd. | 53000 | 1123994 |
| CCI Group, Inc. | 1241500 | 8364490 |
| CE Holdings Co. Ltd. | 13000 | 109981 |
| Central Glass Co. Ltd. | 397600 | 11226859 |
| Charm Care Corp. KK | 31100 | 290343 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 539900 | 8467567 |
| Chori Co. Ltd. | 22200 | 661399 |
| Chubu Shiryo Co. Ltd. | 46500 | 591376 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 45200 | 690500 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chuetsu Pulp & Paper Co. Ltd. | 10800 | $140757 |
| Chugai Ro Co. Ltd. | 60100 | 1986806 |
| Chugoku Marine Paints Ltd. | 18200 | 546962 |
| Chuo Spring Co. Ltd.<sup>(2)</sup> | 66800 | 1447343 |
| Citizen Watch Co. Ltd. | 2273800 | 27825302 |
| CKD Corp. | 479100 | 16956201 |
| CMK Corp. | 726100 | 2909842 |
| Cosmo Energy Holdings Co. Ltd. | 509500 | 15745384 |
| CREAL, Inc. | 4700 | 24974 |
| Create SD Holdings Co. Ltd. | 1200 | 26118 |
| Credit Saison Co. Ltd. | 545400 | 16606621 |
| Cresco Ltd. | 16200 | 159446 |
| CTI Engineering Co. Ltd. | 98200 | 2193926 |
| CUC, Inc.<sup>(1)</sup> | 11600 | 74226 |
| Dai Nippon Toryo Co. Ltd. | 17500 | 167330 |
| Daicel Corp. | 4141100 | 43470298 |
| Dai-Dan Co. Ltd. | 44100 | 1031930 |
| Daido Metal Co. Ltd. | 401200 | 3146620 |
| Daido Steel Co. Ltd. | 2857500 | 43550477 |
| Daihatsu Infinearth Mfg Co. Ltd. | 158700 | 2604817 |
| Daiichi Jitsugyo Co. Ltd. | 76100 | 1739268 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.<sup>(2)</sup> | 87400 | 1571331 |
| Daiichikosho Co. Ltd. | 462100 | 5140533 |
| Daiki Aluminium Industry Co. Ltd. | 89400 | 852934 |
| Daikoku Denki Co. Ltd. | 142900 | 2459179 |
| Daikokutenbussan Co. Ltd. | 2200 | 78344 |
| Daikyonishikawa Corp. | 108100 | 652916 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 45000 | 1453018 |
| Daio Paper Corp. | 1301500 | 9768501 |
| Daishi Hokuetsu Financial Group, Inc. | 2015800 | 26297174 |
| Daisue Construction Co. Ltd. | 4700 | 134010 |
| Daito Pharmaceutical Co. Ltd. | 73200 | 688941 |
| Daitron Co. Ltd. | 221800 | 4272856 |
| Daiwabo Holdings Co. Ltd. | 1591500 | 32561830 |
| DCM Holdings Co. Ltd. | 214200 | 2336954 |
| Dear Life Co. Ltd. | 2500 | 18079 |
| DeNA Co. Ltd.<sup>(2)</sup> | 426700 | 7263937 |
| Denka Co. Ltd.<sup>(2)</sup> | 1249000 | 29403276 |
| Densan System Holdings Co. Ltd. | 71200 | 1415778 |
| DIC Corp. | 1875200 | 53211638 |
| Digital Holdings, Inc. | 71100 | 911461 |
| DKS Co. Ltd. | 76300 | 6034302 |
| Doshisha Co. Ltd. | 240000 | 5704227 |
| Dowa Holdings Co. Ltd. | 613900 | 45345026 |
| Eagle Industry Co. Ltd. | 348800 | 7640104 |
| Ebara Jitsugyo Co. Ltd. | 400 | 7576 |
| Eco's Co. Ltd. | 14100 | 277670 |
| EDION Corp. | 661800 | 9510588 |
| Ehime Bank Ltd. | 56800 | 687226 |
| Eizo Corp. | 11400 | 167948 |
| EJ Holdings, Inc. | 20000 | 247773 |
| Elecom Co. Ltd. | 124400 | 1427133 |
| Electric Power Development Co. Ltd. | 1590300 | 37980013 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Endo Lighting Corp. | 94300 | $1798794 |
| Enplas Corp. | 41100 | 3734567 |
| Envipro Holdings, Inc. | 24700 | 159550 |
| eRex Co. Ltd. | 231500 | 1091090 |
| ERI Holdings Co. Ltd. | 1400 | 42727 |
| Exedy Corp. | 553000 | 21905343 |
| EXEO Group, Inc. | 65000 | 1245518 |
| FaithNetwork Co. Ltd. | 1900 | 11661 |
| FCC Co. Ltd. | 864800 | 21348565 |
| Feed One Co. Ltd. | 50600 | 431667 |
| Ferrotec Corp. | 1195300 | 48508947 |
| FIDEA Holdings Co. Ltd. | 37710 | 528277 |
| Financial Partners Group Co. Ltd. | 23400 | 313211 |
| Fintech Global, Inc. | 316000 | 313280 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 835100 | 14534356 |
| Foster Electric Co. Ltd.<sup>(2)</sup> | 482200 | 9643561 |
| FP Corp. | 100600 | 1818050 |
| France Bed Holdings Co. Ltd. | 18000 | 157668 |
| Fudo Tetra Corp. | 55100 | 1403935 |
| Fuji Co. Ltd. | 451800 | 6072363 |
| Fuji Pharma Co. Ltd.<sup>(2)</sup> | 171800 | 2641961 |
| Fuji Seal International, Inc. | 598700 | 11031374 |
| Fujibo Holdings, Inc. | 53800 | 3769125 |
| Fujikura Composites, Inc. | 233000 | 4048714 |
| FuKoKu Co. Ltd. | 102900 | 1326775 |
| Fukuda Denshi Co. Ltd. | 9100 | 585470 |
| Fukui Bank Ltd.<sup>(2)</sup> | 20800 | 469450 |
| Fukuyama Transporting Co. Ltd. | 172900 | 6202899 |
| Furukawa Co. Ltd. | 571100 | 21296056 |
| Furukawa Electric Co. Ltd. | 90300 | 16179092 |
| Furuno Electric Co. Ltd. | 562700 | 28516519 |
| Furuya Metal Co. Ltd. | 9400 | 460034 |
| Fuso Chemical Co. Ltd. | 163500 | 10013780 |
| Futaba Industrial Co. Ltd. | 1310900 | 9822126 |
| Fuyo General Lease Co. Ltd. | 1005200 | 29876937 |
| G-7 Holdings, Inc. | 1400 | 13549 |
| Gakken Holdings Co. Ltd. | 36500 | 249360 |
| Gamecard Holdings, Inc. | 1900 | 35847 |
| Gecoss Corp. | 1000 | 12351 |
| Genky DrugStores Co. Ltd. | 34300 | 986242 |
| Geo Holdings Corp. | 461800 | 5308708 |
| GLOBERIDE, Inc. | 28200 | 427003 |
| Glory Ltd. | 1082800 | 28819653 |
| GMO Financial Holdings, Inc. | 1600 | 9771 |
| Godo Steel Ltd.<sup>(2)</sup> | 201700 | 5238540 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 4200 | 41842 |
| Greens Co. Ltd. | 35300 | 539384 |
| GS Yuasa Corp. | 1645800 | 58459846 |
| GSI Creos Corp. | 86600 | 1551242 |
| G-Tekt Corp. | 662600 | 8755124 |
| Gunma Bank Ltd. | 1707800 | 24687685 |
| Gunze Ltd. | 58900 | 1787730 |
| H.U. Group Holdings, Inc. | 68200 | 1466904 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| H2O Retailing Corp. | 2242400 | $35106113 |
| Hagihara Industries, Inc. | 2300 | 27311 |
| Hagiwara Electric Holdings Co. Ltd. | 65400 | 1665292 |
| Hakuhodo DY Holdings, Inc. | 61100 | 458180 |
| Hakuto Co. Ltd.<sup>(2)</sup> | 23900 | 677461 |
| Halows Co. Ltd. | 117000 | 3677741 |
| Hamakyorex Co. Ltd. | 715800 | 8986857 |
| Hanwa Co. Ltd. | 352500 | 20220284 |
| Happinet Corp.<sup>(2)</sup> | 215000 | 4376912 |
| Hazama Ando Corp. | 2068300 | 28326326 |
| Heiwa Real Estate Co. Ltd. | 69000 | 1120651 |
| Heiwado Co. Ltd. | 718100 | 13836905 |
| HI-LEX Corp. | 155200 | 3968554 |
| Hino Motors Ltd.<sup>(1)</sup> | 2310300 | 6762446 |
| Hirano Tecseed Co. Ltd. | 100 | 1225 |
| Hirata Corp. | 81800 | 1596126 |
| Hirogin Holdings, Inc. | 1330000 | 16448178 |
| HIS Co. Ltd. | 23900 | 195761 |
| Hochiki Corp.<sup>(2)</sup> | 123900 | 5092040 |
| Hodogaya Chemical Co. Ltd. | 16300 | 249367 |
| Hokko Chemical Industry Co. Ltd. | 71700 | 861618 |
| Hokuhoku Financial Group, Inc. | 1402700 | 56029219 |
| Hokuriku Electric Industry Co. Ltd. | 3700 | 70367 |
| Hokuryo Co. Ltd. | 10000 | 205201 |
| Hokuto Corp. | 181700 | 2340614 |
| H-One Co. Ltd. | 213700 | 2025857 |
| Horiba Ltd. | 17400 | 2336879 |
| Hosiden Corp. | 296100 | 5564414 |
| Hosokawa Micron Corp. | 7000 | 303767 |
| Howa Machinery Ltd. | 73900 | 875272 |
| HS Holdings Co. Ltd. | 9800 | 81718 |
| Hyakugo Bank Ltd. | 1241000 | 13476790 |
| Hyakujushi Bank Ltd. | 113300 | 7067510 |
| Ichinen Holdings Co. Ltd. | 40300 | 563381 |
| IDEA Consultants, Inc. | 200 | 5847 |
| IDOM, Inc. | 199900 | 1967649 |
| Iino Kaiun Kaisha Ltd. | 2022100 | 21529601 |
| i-mobile Co. Ltd. | 306100 | 1051884 |
| Inaba Denki Sangyo Co. Ltd. | 57000 | 1047944 |
| Inabata & Co. Ltd. | 488400 | 13624044 |
| I-NE Co. Ltd. | 2700 | 19454 |
| Ines Corp. | 200 | 2719 |
| INFRONEER Holdings, Inc. | 2806700 | 46977048 |
| Innotech Corp. | 40200 | 749624 |
| Integral Corp. | 74000 | 1550379 |
| Inui Global Logistics Co. Ltd.<sup>(2)</sup> | 119800 | 1263721 |
| IPS, Inc. | 5800 | 120762 |
| Iriso Electronics Co. Ltd. | 283100 | 6947706 |
| Iseki & Co. Ltd.<sup>(2)</sup> | 370400 | 5052527 |
| Ishihara Sangyo Kaisha Ltd. | 721500 | 18063629 |
| Ito En Ltd. | 881300 | 17151213 |
| Ito En Ltd., Preference Shares | 228800 | 2663492 |
| Itochu Enex Co. Ltd. | 660700 | 8826340 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Itochu-Shokuhin Co. Ltd. | 3900 | $327590 |
| IwaiCosmo Holdings, Inc. | 346400 | 8726183 |
| Iwatani Corp. | 2754400 | 36307748 |
| Izumi Co. Ltd. | 2350800 | 15628804 |
| J Front Retailing Co. Ltd. | 1321900 | 21787859 |
| J Trust Co. Ltd. | 1536000 | 5295500 |
| Jaccs Co. Ltd. | 516000 | 14618917 |
| JAFCO Group Co. Ltd.<sup>(2)</sup> | 209700 | 3324014 |
| JANOME Corp. | 11500 | 109031 |
| Japan Aviation Electronics Industry Ltd. | 598100 | 10319767 |
| Japan Business Systems, Inc. | 40600 | 430430 |
| Japan Cash Machine Co. Ltd. | 99300 | 797827 |
| Japan Electronic Materials Corp. | 328300 | 16819818 |
| Japan Lifeline Co. Ltd. | 94600 | 967291 |
| Japan Petroleum Exploration Co. Ltd. | 4291200 | 65687525 |
| Japan Pulp & Paper Co. Ltd. | 917500 | 6784365 |
| Japan Transcity Corp. | 206700 | 1795317 |
| JCR Pharmaceuticals Co. Ltd. | 275300 | 1226936 |
| JGC Holdings Corp. | 217300 | 3442732 |
| JK Holdings Co. Ltd. | 600 | 5996 |
| JM Holdings Co. Ltd. | 76100 | 843447 |
| J-Oil Mills, Inc. | 112200 | 1506501 |
| Joshin Denki Co. Ltd. | 305000 | 5555732 |
| JSB Co. Ltd. | 19900 | 446085 |
| JSP Corp. | 102400 | 1911359 |
| JTEKT Corp. | 5146300 | 70633486 |
| Juki Corp. | 9400 | 46287 |
| Juroku Financial Group, Inc. | 394500 | 25962352 |
| JVCKenwood Corp. | 4396100 | 36506699 |
| Kaga Electronics Co. Ltd. | 827500 | 23062744 |
| Kamei Corp. | 399100 | 8672278 |
| Kanadevia Corp. | 3746100 | 26050549 |
| Kanamoto Co. Ltd. | 1000800 | 27896202 |
| Kaneka Corp. | 1034600 | 34969830 |
| Kanematsu Corp. | 2770000 | 43544823 |
| Kanto Denka Kogyo Co. Ltd. | 1338200 | 15097946 |
| Kato Sangyo Co. Ltd. | 243800 | 10675023 |
| Kawada Technologies, Inc. | 228900 | 8084605 |
| Keihan Holdings Co. Ltd. | 93500 | 2074595 |
| Keikyu Corp. | 51700 | 517867 |
| KEIWA, Inc. | 99500 | 873557 |
| Keiyo Bank Ltd. | 632300 | 9096062 |
| Kenko Mayonnaise Co. Ltd. | 2900 | 42963 |
| KH Neochem Co. Ltd. | 252100 | 5024096 |
| Kibun Foods, Inc. | 4600 | 32105 |
| Kimura Chemical Plants Co. Ltd.<sup>(2)</sup> | 6400 | 60628 |
| Kintetsu Group Holdings Co. Ltd.<sup>(2)</sup> | 438800 | 9287332 |
| Kitoku Shinryo Co. Ltd. | 9900 | 138168 |
| Kitz Corp. | 1162800 | 16033699 |
| Kiyo Bank Ltd. | 619500 | 16956038 |
| Koa Corp. | 342800 | 4358916 |
| Koa Shoji Holdings Co. Ltd. | 12800 | 74237 |
| Kobe Steel Ltd. | 440200 | 6405753 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kodensha Co. Ltd. | 3900 | $171899 |
| Kohnan Shoji Co. Ltd. | 402500 | 11161912 |
| Kojima Co. Ltd. | 31500 | 266946 |
| Komeri Co. Ltd. | 461400 | 10823746 |
| Komori Corp. | 278000 | 3235731 |
| Konica Minolta, Inc. | 3825600 | 14597000 |
| Konishi Co. Ltd. | 26000 | 230311 |
| Konoike Transport Co. Ltd. | 689400 | 15432053 |
| Konoshima Chemical Co. Ltd. | 10400 | 132019 |
| Kosaido Holdings Co. Ltd. | 145100 | 459059 |
| Koshidaka Holdings Co. Ltd. | 30900 | 231405 |
| KPP Group Holdings Co. Ltd. | 515400 | 3082179 |
| Kraftia Corp. | 59300 | 4011883 |
| Krosaki Harima Corp. | 32000 | 860503 |
| KRS Corp. | 14600 | 305094 |
| K's Holdings Corp. | 760300 | 8329270 |
| Kumagai Gumi Co. Ltd. | 1092300 | 14090453 |
| Kumiai Chemical Industry Co. Ltd.<sup>(2)</sup> | 470300 | 2211178 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 79300 | 5098871 |
| Kuraray Co. Ltd. | 1466600 | 17356813 |
| Kureha Corp. | 365600 | 11464203 |
| KYB Corp.<sup>(2)</sup> | 916400 | 30970010 |
| Kyodo Printing Co. Ltd. | 10800 | 121548 |
| Kyoei Steel Ltd. | 509600 | 8657780 |
| Kyokuto Securities Co. Ltd. | 28800 | 349942 |
| Kyokuyo Co. Ltd. | 23200 | 807548 |
| Kyushu Leasing Service Co. Ltd. | 5000 | 48545 |
| Lacto Japan Co. Ltd. | 32100 | 784538 |
| Life Corp. | 1057200 | 18378841 |
| LIFULL Co. Ltd. | 9400 | 13014 |
| Lintec Corp. | 84700 | 2955495 |
| Lixil Corp. | 214000 | 2514443 |
| Luckland Co. Ltd. | 41300 | 469768 |
| Mabuchi Motor Co. Ltd. | 970000 | 11416274 |
| Macnica Holdings, Inc. | 1815300 | 32082824 |
| Maezawa Industries, Inc. | 8100 | 115949 |
| Mamiya-Op Co. Ltd. | 2000 | 19238 |
| Mars Group Holdings Corp. | 10400 | 210666 |
| Marubun Corp. | 272800 | 2222794 |
| Marudai Food Co. Ltd.<sup>(2)</sup> | 42900 | 659541 |
| Maruha Nichiro Corp. | 3064500 | 31108633 |
| Marui Group Co. Ltd. | 74100 | 1506860 |
| Maruzen Showa Unyu Co. Ltd. | 98700 | 5793560 |
| Marvelous, Inc. | 59800 | 195106 |
| Matsuda Sangyo Co. Ltd.<sup>(2)</sup> | 135600 | 7606683 |
| Maxell Ltd. | 23100 | 338268 |
| MCJ Co. Ltd. | 558000 | 8184085 |
| Mebuki Financial Group, Inc. | 272000 | 2332973 |
| Megachips Corp. | 12500 | 729934 |
| Megmilk Snow Brand Co. Ltd. | 805600 | 18070302 |
| Meidensha Corp. | 32600 | 1624650 |
| Meiji Shipping Group Co. Ltd. | 35500 | 174868 |
| Meiko Electronics Co. Ltd. | 166400 | 23324373 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Meisei Industrial Co. Ltd. | 186500 | $2419411 |
| Menicon Co. Ltd.<sup>(2)</sup> | 269600 | 3290128 |
| MERF, Inc. | 4700 | 50290 |
| METAWATER Co. Ltd. | 414900 | 11163403 |
| Mie Kotsu Group Holdings, Inc. | 1700 | 6622 |
| Mikuni Corp. | 22300 | 62018 |
| MIMAKI ENGINEERING Co. Ltd. | 167700 | 1995768 |
| Ministop Co. Ltd. | 10100 | 122541 |
| Mirait One Corp. | 754100 | 19596400 |
| Mitachi Co. Ltd. | 13100 | 204761 |
| Mitsuba Corp. | 857300 | 8027405 |
| Mitsubishi Kakoki Kaisha Ltd.<sup>(2)</sup> | 271800 | 6610327 |
| Mitsubishi Materials Corp. | 2628700 | 100868123 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 226700 | 1240092 |
| Mitsubishi Research Institute, Inc. | 26000 | 837615 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 169700 | 2305022 |
| Mitsui DM Sugar Co. Ltd. | 30900 | 702184 |
| Mitsui E&S Co. Ltd. | 1268900 | 63601474 |
| Mitsui High-Tec, Inc. | 1940400 | 10847151 |
| Mitsui Kinzoku Co. Ltd. | 1260500 | 296199834 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(2)</sup> | 1064300 | 10282129 |
| Mitsui-Soko Holdings Co. Ltd. | 687500 | 16456357 |
| Mitsuuroko Group Holdings Co. Ltd. | 49700 | 746509 |
| Miyaji Engineering Group, Inc. | 470900 | 5845431 |
| Miyazaki Bank Ltd. | 274500 | 17061898 |
| Miyoshi Oil & Fat Co. Ltd. | 4300 | 65487 |
| Mizuho Leasing Co. Ltd. | 2764100 | 27042775 |
| Mizuho Medy Co. Ltd. | 78800 | 972695 |
| Modec, Inc. | 627100 | 53901470 |
| Morinaga Milk Industry Co. Ltd. | 887100 | 28202866 |
| Moriroku Co. Ltd. | 6600 | 112442 |
| Morita Holdings Corp. | 225800 | 4319867 |
| Musashi Seimitsu Industry Co. Ltd. | 904000 | 18033364 |
| Musashino Bank Ltd. | 567800 | 23666584 |
| Muto Seiko Co. | 2300 | 36501 |
| Nachi-Fujikoshi Corp. | 362000 | 12442498 |
| Nagano Keiki Co. Ltd. | 202500 | 4037533 |
| Nagase & Co. Ltd. | 483800 | 15321857 |
| Nagase Brothers, Inc. | 14800 | 265632 |
| Nagoya Railroad Co. Ltd.<sup>(2)</sup> | 2434600 | 28755116 |
| Nakayama Steel Works Ltd. | 402100 | 1630823 |
| Namura Shipbuilding Co. Ltd. | 1595300 | 56588964 |
| Nankai Electric Railway Co. Ltd. | 826400 | 16490589 |
| Nankai Tatsumura Construction Co. Ltd.<sup>(2)</sup> | 40100 | 147435 |
| Nanto Bank Ltd. | 331900 | 16226216 |
| NEC Capital Solutions Ltd. | 80200 | 2249656 |
| Netstars Co. Ltd.<sup>(1)</sup> | 13400 | 70967 |
| NHK Spring Co. Ltd. | 518400 | 9947879 |
| Nichicon Corp. | 520500 | 7159237 |
| Nichimo Co. Ltd. | 900 | 15719 |
| Nichireki Group Co. Ltd. | 13000 | 203324 |
| Nichirin Co. Ltd. | 6300 | 176357 |
| Nifco, Inc. | 51100 | 1810909 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nihon Dempa Kogyo Co. Ltd.<sup>(2)</sup> | 916000 | $7791342 |
| Nihon House Holdings Co. Ltd. | 6000 | 12483 |
| Nihon Nohyaku Co. Ltd.<sup>(2)</sup> | 387000 | 2702679 |
| Nihon Yamamura Glass Co. Ltd. | 55000 | 1227315 |
| Nikkiso Co. Ltd. | 985500 | 15439491 |
| Nikkon Holdings Co. Ltd.<sup>(2)</sup> | 972400 | 24576467 |
| Nippn Corp. | 300200 | 5511622 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 9800 | 283530 |
| Nippon Carbide Industries Co., Inc. | 39200 | 792931 |
| Nippon Chemical Industrial Co. Ltd. | 63700 | 1464815 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 210900 | 2541190 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 3185900 | 2833734 |
| Nippon Concrete Industries Co. Ltd. | 4500 | 10380 |
| Nippon Denko Co. Ltd. | 1374400 | 4126192 |
| Nippon Densetsu Kogyo Co. Ltd. | 54500 | 1840115 |
| Nippon Dry-Chemical Co. Ltd.<sup>(2)</sup> | 21900 | 1755210 |
| Nippon Electric Glass Co. Ltd. | 126900 | 5575876 |
| Nippon Kayaku Co. Ltd. | 82000 | 1052305 |
| Nippon Kodoshi Corp.<sup>(2)</sup> | 45600 | 1247598 |
| Nippon Light Metal Holdings Co. Ltd. | 1448410 | 28888833 |
| Nippon Paper Industries Co. Ltd. | 2448300 | 20651652 |
| Nippon Rietec Co. Ltd. | 4700 | 96734 |
| Nippon Seiki Co. Ltd. | 520500 | 9505397 |
| Nippon Seisen Co. Ltd. | 1800 | 15782 |
| Nippon Sharyo Ltd. | 92100 | 2505624 |
| Nippon Shinyaku Co. Ltd. | 559800 | 18479520 |
| Nippon Shokubai Co. Ltd. | 1888100 | 30753976 |
| Nippon Signal Co. Ltd. | 182100 | 2098218 |
| Nippon Soda Co. Ltd. | 65800 | 1762646 |
| Nippon Thompson Co. Ltd. | 570900 | 3917004 |
| Nippon Yakin Kogyo Co. Ltd. | 333700 | 11328184 |
| Nipro Corp. | 3493300 | 35611976 |
| Nishikawa Rubber Co. Ltd. | 32900 | 955729 |
| Nishimatsu Construction Co. Ltd. | 100000 | 4396965 |
| Nishi-Nippon Financial Holdings, Inc. | 1254900 | 35724218 |
| Nishi-Nippon Railroad Co. Ltd. | 590600 | 12306294 |
| Nishio Holdings Co. Ltd. | 523200 | 15560913 |
| Nissan Shatai Co. Ltd. | 531200 | 3755532 |
| Nissan Tokyo Sales Holdings Co. Ltd. | 66200 | 231782 |
| Nissei ASB Machine Co. Ltd. | 44000 | 2604670 |
| Nissha Co. Ltd. | 800 | 6970 |
| Nisshin Oillio Group Ltd. | 224900 | 8788714 |
| Nisshinbo Holdings, Inc. | 670200 | 7513807 |
| Nissui Corp. | 5447400 | 54071534 |
| NITTAN Corp.<sup>(2)</sup> | 251900 | 1213561 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 1377800 | 36871537 |
| Nitto Kogyo Corp. | 258700 | 8041726 |
| Nittoc Construction Co. Ltd. | 63800 | 597294 |
| Nittoku Co. Ltd. | 4700 | 80436 |
| Nojima Corp. | 3819700 | 28525826 |
| NOK Corp. | 1391200 | 29592282 |
| Nomura Co. Ltd. | 135800 | 1273978 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 368500 | 8302125 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Noritsu Koki Co. Ltd. | 267000 | $3870783 |
| Noritz Corp. | 1400 | 21804 |
| North Pacific Bank Ltd. | 3992600 | 27995265 |
| NPC, Inc. | 11400 | 60243 |
| NPR-RIKEN Corp. | 213100 | 6216997 |
| NS United Kaiun Kaisha Ltd. | 329600 | 16129304 |
| NSK Ltd. | 3645100 | 32792209 |
| NTN Corp. | 13154200 | 35566726 |
| Ogaki Kyoritsu Bank Ltd. | 377900 | 16509466 |
| Okasan Securities Group, Inc. | 100900 | 642791 |
| Oki Electric Industry Co. Ltd. | 2729900 | 56225725 |
| Okinawa Cellular Telephone Co. | 237100 | 5090201 |
| Okinawa Financial Group, Inc. | 187400 | 7204699 |
| Okura Industrial Co. Ltd. | 65700 | 2202228 |
| Okuwa Co. Ltd. | 48600 | 275073 |
| Onward Holdings Co. Ltd. | 54000 | 282273 |
| Optex Group Co. Ltd. | 124700 | 2551015 |
| Optorun Co. Ltd. | 11400 | 247114 |
| Orient Corp. | 1591940 | 11716327 |
| Oriental Shiraishi Corp. | 522700 | 1455402 |
| Osaka Organic Chemical Industry Ltd. | 19800 | 597904 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 212000 | 3538459 |
| Osaki Electric Co. Ltd. | 342400 | 3812612 |
| OSG Corp. | 896800 | 16799092 |
| Pacific Industrial Co. Ltd. | 1233200 | 23726820 |
| Pack Corp. | 7500 | 64310 |
| Pegasus Co. Ltd. | 24500 | 133228 |
| Penta-Ocean Construction Co. Ltd. | 7059200 | 95941555 |
| PILLAR Corp.<sup>(2)</sup> | 37200 | 2016377 |
| Press Kogyo Co. Ltd. | 2817000 | 18116775 |
| Prestige International, Inc. | 51300 | 230751 |
| Prima Meat Packers Ltd. | 296300 | 5512062 |
| PS Construction Co. Ltd. | 351300 | 7693654 |
| Raito Kogyo Co. Ltd. | 44900 | 1252531 |
| Raiznext Corp. | 79300 | 1334776 |
| Rasa Corp. | 10400 | 157573 |
| Rasa Industries Ltd.<sup>(2)</sup> | 101200 | 6682606 |
| Rengo Co. Ltd. | 5444200 | 54367146 |
| RENOVA, Inc.<sup>(1)</sup> | 1151300 | 5433310 |
| Resorttrust, Inc. | 1584000 | 19653763 |
| Restar Corp. | 422100 | 8502137 |
| Retail Partners Co. Ltd. | 49700 | 437334 |
| Rheon Automatic Machinery Co. Ltd. | 20800 | 215543 |
| Ricoh Leasing Co. Ltd. | 381100 | 15643835 |
| Riken Technos Corp. | 216900 | 2559480 |
| Riken Vitamin Co. Ltd. | 18900 | 375215 |
| Round One Corp. | 1498200 | 10306703 |
| Ryobi Ltd. | 644900 | 12466701 |
| RYODEN Corp. | 6400 | 152255 |
| Ryoyu Systems Co. Ltd. | 4700 | 110472 |
| Sakai Chemical Industry Co. Ltd. | 265300 | 7050408 |
| Sakata INX Corp. | 502800 | 8623508 |
| Sala Corp. | 177900 | 1392309 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| San ju San Financial Group, Inc. | 256600 | $10346930 |
| San-A Co. Ltd. | 23400 | 465749 |
| San-Ai Obbli Co. Ltd. | 469500 | 7716764 |
| Sangetsu Corp. | 324400 | 6963677 |
| San-In Godo Bank Ltd. | 805900 | 9110136 |
| Sanki Engineering Co. Ltd. | 482500 | 24308996 |
| Sanko Gosei Ltd. | 208100 | 1430522 |
| Sanko Metal Industrial Co. Ltd. | 25000 | 238866 |
| Sankyo Tateyama, Inc. | 900 | 4177 |
| Sankyu, Inc. | 347000 | 22319967 |
| Sanoh Industrial Co. Ltd. | 369400 | 2095480 |
| Sansei Technologies, Inc. | 15400 | 261773 |
| Sanshin Electronics Co. Ltd. | 204100 | 4227746 |
| Sanyo Chemical Industries Ltd.<sup>(2)</sup> | 75600 | 2882956 |
| Sanyo Denki Co. Ltd. | 51300 | 1675541 |
| Sanyo Electric Railway Co. Ltd. | 18300 | 244508 |
| Sanyo Shokai Ltd. | 31200 | 866033 |
| Sanyo Trading Co. Ltd. | 6600 | 79591 |
| Sato Corp. | 593900 | 9499367 |
| Satori Electric Co. Ltd. | 14000 | 180644 |
| SAXA, Inc. | 2900 | 152313 |
| SBS Holdings, Inc. | 130100 | 3558510 |
| Scroll Corp. | 489000 | 4334214 |
| SEC Carbon Ltd. | 1000 | 19196 |
| Seed Co. Ltd. | 5000 | 18157 |
| Seibu Giken Co. Ltd. | 9400 | 152611 |
| Seika Corp. | 262600 | 4813128 |
| Seikitokyu Kogyo Co. Ltd. | 22600 | 249590 |
| Seiko Group Corp. | 523500 | 44246268 |
| Seino Holdings Co. Ltd. | 80800 | 1378181 |
| Seiren Co. Ltd. | 176600 | 4109166 |
| Senko Group Holdings Co. Ltd.<sup>(2)</sup> | 2317900 | 29233184 |
| Senshu Electric Co. Ltd. | 14800 | 609828 |
| Senshu Ikeda Holdings, Inc. | 4541600 | 26787016 |
| SERENDIP HOLDINGS Co. Ltd.<sup>(1)</sup> | 19400 | 214494 |
| Seven Bank Ltd.<sup>(2)</sup> | 5983100 | 11518245 |
| Shibaura Machine Co. Ltd. | 282000 | 8326037 |
| Shibuya Corp. | 10600 | 252614 |
| Shikoku Bank Ltd. | 277600 | 4350192 |
| Shikoku Kasei Holdings Corp.<sup>(2)</sup> | 190800 | 6398374 |
| Shin Nippon Air Technologies Co. Ltd. | 27600 | 737836 |
| Shin Nippon Biomedical Laboratories Ltd. | 17200 | 188214 |
| Shinagawa Refra Co. Ltd. | 219000 | 3504849 |
| Shindengen Electric Manufacturing Co. Ltd. | 66200 | 1763150 |
| Shinko Shoji Co. Ltd. | 101400 | 701618 |
| Shinmaywa Industries Ltd. | 1059100 | 18461192 |
| Shinnihon Corp. | 292000 | 4112480 |
| Shinsho Corp. | 44300 | 785529 |
| Shinwa Co. Ltd. | 11100 | 239977 |
| Ship Healthcare Holdings, Inc. | 1187600 | 20928701 |
| Shizuki Electric Co., Inc.<sup>(2)</sup> | 40200 | 276116 |
| Showa Sangyo Co. Ltd. | 148100 | 3246888 |
| Siix Corp. | 1066700 | 9712302 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sintokogio Ltd. | 74700 | $578210 |
| SK-Electronics Co. Ltd. | 157100 | 3622332 |
| SKY Perfect JSAT Holdings, Inc. | 1569600 | 28857830 |
| Sodick Co. Ltd. | 701700 | 6832761 |
| Soken Chemical & Engineering Co. Ltd. | 123300 | 2598628 |
| Sotetsu Holdings, Inc. | 165700 | 3119315 |
| Sparx Group Co. Ltd. | 20800 | 282572 |
| S-Pool, Inc. | 390900 | 661787 |
| SRA Holdings | 12800 | 414761 |
| Stanley Electric Co. Ltd. | 775700 | 16357754 |
| Starts Corp., Inc. | 409900 | 14018918 |
| Studio Alice Co. Ltd. | 11800 | 151090 |
| SUMCO Corp. | 141000 | 1640779 |
| Sumida Corp. | 1163300 | 9316012 |
| Sumitomo Heavy Industries Ltd. | 1460800 | 57606043 |
| Sumitomo Osaka Cement Co. Ltd. | 758500 | 22524272 |
| Sumitomo Rubber Industries Ltd. | 1246100 | 22119186 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 110800 | 5068544 |
| Sumitomo Warehouse Co. Ltd. | 118500 | 3068854 |
| Suncall Corp.<sup>(2)</sup> | 448600 | 3470543 |
| Sun-Wa Technos Corp.<sup>(2)</sup> | 6900 | 153490 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 23300 | 40019 |
| Suzuken Co. Ltd. | 263300 | 11106742 |
| Suzuki Co. Ltd. | 186200 | 3671248 |
| T RAD Co. Ltd. | 7500 | 517252 |
| Tachi-S Co. Ltd. | 515800 | 7751258 |
| Taihei Dengyo Kaisha Ltd. | 1500 | 30080 |
| Taiheiyo Cement Corp. | 1481600 | 42594326 |
| Taiho Kogyo Co. Ltd. | 22800 | 161644 |
| Taikisha Ltd. | 418200 | 10506246 |
| Taisei Oncho Co. Ltd. | 200 | 6637 |
| Taiyo Yuden Co. Ltd.<sup>(2)</sup> | 215700 | 6584255 |
| Takamiya Co. Ltd. | 1600 | 4447 |
| Takaoka Toko Co. Ltd. | 66800 | 2498279 |
| Takara Holdings, Inc. | 496900 | 5182926 |
| Takara Standard Co. Ltd. | 906200 | 17623971 |
| Takasago International Corp. | 628900 | 5564358 |
| Takashimaya Co. Ltd. | 4513400 | 57309225 |
| Take & Give Needs Co. Ltd. | 14700 | 70237 |
| Takeuchi Manufacturing Co. Ltd. | 232300 | 11156436 |
| Tamura Corp. | 862800 | 4017730 |
| Tanseisha Co. Ltd. | 249900 | 2596976 |
| Taoka Chemical Co. Ltd. | 4700 | 34035 |
| Tayca Corp. | 500 | 5834 |
| Tazmo Co. Ltd. | 223200 | 3663810 |
| Techno Horizon Co. Ltd. | 87800 | 594737 |
| Techno Ryowa Ltd. | 145900 | 7217229 |
| Technoflex Corp. | 35200 | 571709 |
| Teijin Ltd. | 4627200 | 51390864 |
| Tekken Corp. | 12100 | 393837 |
| Tera Probe, Inc. | 62600 | 3904045 |
| Terasaki Electric Co. Ltd.<sup>(2)</sup> | 26800 | 746432 |
| Tess Holdings Co. Ltd. | 519800 | 2018631 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TKP Corp.<sup>(1)(2)</sup> | 17300 | $228407 |
| Toa Corp. | 19400 | 227753 |
| Toa Corp. | 1355600 | 36632489 |
| Toagosei Co. Ltd. | 97700 | 1202915 |
| TOBISHIMA HOLDINGS, Inc. | 189200 | 3128797 |
| Tobu Railway Co. Ltd. | 1561300 | 31461441 |
| Toda Corp. | 1093800 | 11411761 |
| Toenec Corp. | 807100 | 12359632 |
| Toho Bank Ltd. | 302400 | 1404954 |
| Toho Co. Ltd. | 230000 | 1997721 |
| Toho Holdings Co. Ltd.<sup>(2)</sup> | 287700 | 8913313 |
| Toho Titanium Co. Ltd. | 153900 | 2746930 |
| Tokai Carbon Co. Ltd. | 5104700 | 36446235 |
| Tokai Corp. | 17100 | 285592 |
| TOKAI Holdings Corp. | 2114100 | 16406609 |
| Tokai Rika Co. Ltd. | 1417200 | 30458523 |
| Tokushu Tokai Paper Co. Ltd. | 23800 | 257846 |
| Tokuyama Corp. | 1807000 | 51769276 |
| Tokyo Electron Device Ltd. | 162400 | 3807747 |
| Tokyo Energy & Systems, Inc. | 14100 | 174221 |
| Tokyo Kiraboshi Financial Group, Inc. | 671300 | 50133664 |
| Tokyo Rope Manufacturing Co. Ltd. | 14800 | 197387 |
| Tokyo Steel Manufacturing Co. Ltd. | 422100 | 4375453 |
| Tokyo Tekko Co. Ltd. | 205200 | 8414882 |
| Tokyotokeiba Co. Ltd. | 118300 | 4520879 |
| Tokyu Construction Co. Ltd. | 1983600 | 20273054 |
| Toli Corp. | 158000 | 796408 |
| Tomen Devices Corp. | 1700 | 152179 |
| Tomoku Co. Ltd. | 90800 | 2150189 |
| TOMONY Holdings, Inc. | 3594800 | 22578292 |
| Topre Corp. | 1022100 | 19686823 |
| Topy Industries Ltd. | 198400 | 4610064 |
| Totech Corp. | 70000 | 2046618 |
| Totetsu Kogyo Co. Ltd. | 3600 | 133951 |
| Towa Bank Ltd. | 348500 | 2743642 |
| Towa Pharmaceutical Co. Ltd. | 320200 | 9087075 |
| Toyo Gosei Co. Ltd.<sup>(2)</sup> | 1200 | 88326 |
| Toyo Kanetsu KK | 76600 | 1512371 |
| Toyo Seikan Group Holdings Ltd. | 508500 | 13283479 |
| Toyo Tanso Co. Ltd.<sup>(2)</sup> | 58000 | 2354072 |
| Toyo Tire Corp. | 1362800 | 41996073 |
| Toyobo Co. Ltd. | 1675400 | 19800421 |
| Toyoda Gosei Co. Ltd. | 1896000 | 61612187 |
| Toyota Boshoku Corp. | 1691200 | 34585831 |
| TPR Co. Ltd. | 1146600 | 10335613 |
| Traders Holdings Co. Ltd. | 161200 | 1184622 |
| Transaction Media Networks, Inc.<sup>(1)</sup> | 1200 | 2571 |
| Transcosmos, Inc. | 74700 | 1961158 |
| TRE Holdings Corp. | 1033640 | 11875638 |
| Trusco Nakayama Corp. | 443600 | 7170509 |
| TS Tech Co. Ltd. | 116800 | 1504543 |
| Tsubaki Nakashima Co. Ltd.<sup>(1)</sup> | 35300 | 80806 |
| Tsubakimoto Chain Co. | 734200 | 12568448 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tsuburaya Fields Holdings, Inc. | 37400 | $371468 |
| Tsugami Corp. | 754200 | 19037351 |
| Tsukada Global Holdings, Inc. | 33600 | 149676 |
| Tsukishima Holdings Co. Ltd. | 9400 | 209634 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 1026000 | 4641729 |
| Tsuzuki Denki Co. Ltd. | 12500 | 334623 |
| UACJ Corp. | 3271900 | 57821683 |
| Uchida Yoko Co. Ltd. | 742600 | 10222572 |
| Unipres Corp. | 1159800 | 10953152 |
| United Arrows Ltd. | 25500 | 437963 |
| United Super Markets Holdings, Inc. | 116800 | 680119 |
| UNITED, Inc. | 3900 | 13813 |
| Unitika Ltd.<sup>(1)(2)</sup> | 254600 | 3122911 |
| Ushio, Inc. | 454500 | 9340212 |
| Valor Holdings Co. Ltd. | 1122400 | 27000667 |
| Vital KSK Holdings, Inc. | 33400 | 318155 |
| VT Holdings Co. Ltd. | 950600 | 3490517 |
| Wacom Co. Ltd. | 147000 | 822752 |
| Wakita & Co. Ltd. | 183400 | 2404955 |
| Warabeya Nichiyo Holdings Co. Ltd. | 176800 | 3892285 |
| Wellnet Corp. | 900 | 3911 |
| West Holdings Corp. | 3700 | 41123 |
| World Holdings Co. Ltd. | 51600 | 942657 |
| Xebio Holdings Co. Ltd. | 36000 | 258377 |
| Yahagi Construction Co. Ltd. | 373100 | 6039633 |
| YAMABIKO Corp. | 524900 | 12890069 |
| Yamae Group Holdings Co. Ltd. | 345700 | 6749002 |
| Yamagata Bank Ltd. | 900 | 15711 |
| Yamaichi Electronics Co. Ltd. | 476800 | 25606999 |
| Yashima Denki Co. Ltd. | 227600 | 5170456 |
| YE DIGITAL Corp. | 2500 | 13255 |
| Yellow Hat Ltd. | 241300 | 2715793 |
| Yokogawa Bridge Holdings Corp. | 596200 | 12250968 |
| Yokorei Co. Ltd. | 569300 | 5210588 |
| Yokowo Co. Ltd. | 158800 | 3377803 |
| Yondenko Corp. | 83600 | 1127609 |
| Yorozu Corp. | 600 | 4255 |
| Yuasa Trading Co. Ltd. | 312400 | 12939870 |
| Yurtec Corp. | 595700 | 12317997 |
| Yushiro, Inc. | 10200 | 210342 |
| Zacros Corp. | 568600 | 5597998 |
| Zenhoren Co. Ltd. | 7100 | 48089 |
| Zenrin Co. Ltd. | 201700 | 1331919 |
| Zeon Corp. | 1145900 | 15687347 |
| Zero Co. Ltd. | 6300 | 152988 |
|  |  | 6405949750 |
| **Netherlands — 1.2%** |  |  |
| Aalberts NV<sup>(2)</sup> | 41604 | 1728989 |
| Alfen NV<sup>(1)(2)</sup> | 294568 | 3149916 |
| AMG Critical Materials NV | 249416 | 9854633 |
| ASR Nederland NV | 185391 | 13471025 |
| Basic-Fit NV<sup>(1)(2)</sup> | 613830 | 22810368 |
| Brunel International NV<sup>(2)</sup> | 101380 | 831211 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CM.com NV<sup>(1)(2)</sup> | 672 | $3928 |
| Constellium SE<sup>(1)</sup> | 1420058 | 35345244 |
| Corbion NV | 258721 | 5956149 |
| Ferrari Group PLC | 3572 | 43385 |
| Flow Traders Ltd.<sup>(1)(2)</sup> | 279 | 8709 |
| ForFarmers NV | 110626 | 840055 |
| Fugro NV<sup>(2)</sup> | 1590983 | 20178712 |
| InPost SA<sup>(1)(2)</sup> | 175474 | 3149742 |
| Kendrion NV | 13477 | 254863 |
| Koninklijke BAM Groep NV | 1561544 | 17621783 |
| Koninklijke Heijmans NV, CVA | 434773 | 45830310 |
| Koninklijke Vopak NV | 364065 | 20011546 |
| Nedap NV | 17038 | 1712079 |
| PostNL NV<sup>(2)</sup> | 117854 | 159194 |
| SBM Offshore NV | 368525 | 14237510 |
| SIF Holding NV<sup>(1)(2)</sup> | 13519 | 115810 |
| Sligro Food Group NV | 92164 | 1573645 |
| TKH Group NV, CVA | 6532 | 301794 |
|  |  | 219190600 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 52091787 | 17320391 |
| Eroad Ltd.<sup>(1)(2)</sup> | 4034646 | 2151279 |
| Fletcher Building Ltd.<sup>(1)(2)</sup> | 3169549 | 6671167 |
| KMD Brands Ltd.<sup>(1)</sup> | 431191 | 62933 |
| Oceania Healthcare Ltd.<sup>(1)(2)</sup> | 3282020 | 1632172 |
| SKYCITY Entertainment Group Ltd.<sup>(1)(2)</sup> | 14419415 | 7215005 |
| Warehouse Group Ltd.<sup>(1)</sup> | 8816 | 3807 |
|  |  | 35056754 |
| **Norway — 1.9%** |  |  |
| 2020 Bulkers Ltd. | 178423 | 2527103 |
| ABG Sundal Collier Holding ASA | 66471 | 57685 |
| Aker Solutions ASA | 607791 | 2635986 |
| Bluenord ASA<sup>(1)</sup> | 105749 | 5733021 |
| BW LPG Ltd. | 2191482 | 39888149 |
| BW Offshore Ltd. | 2262757 | 12192427 |
| Cadeler AS<sup>(1)</sup> | 153518 | 986329 |
| DNO ASA | 12737224 | 22165813 |
| DOF Group ASA | 394110 | 5243897 |
| Grieg Seafood ASA<sup>(1)</sup> | 873218 | 6913469 |
| Hoegh Autoliners ASA | 2879983 | 40118672 |
| Kid ASA | 138925 | 1814312 |
| Kitron ASA | 53799 | 601803 |
| Klaveness Combination Carriers ASA | 33900 | 327189 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 2945455 | 661504 |
| MPC Container Ships ASA | 11179011 | 26209621 |
| Nordic Mining ASA<sup>(1)</sup> | 9851 | 11780 |
| Norske Skog ASA<sup>(1)</sup> | 1457995 | 4613567 |
| Norwegian Air Shuttle ASA | 17614324 | 30788252 |
| Odfjell Drilling Ltd. | 1539280 | 17264723 |
| Odfjell SE, Class A | 208449 | 2777931 |
| Odfjell Technology Ltd. | 45 | 320 |
| Panoro Energy ASA<sup>(1)</sup> | 805725 | 2238652 |
| Petronor E&P ASA<sup>(1)</sup> | 26297 | 27583 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rana Gruber ASA | 153851 | $1258849 |
| Scatec ASA<sup>(1)</sup> | 1617633 | 20848204 |
| Sea1 offshore, Inc.<sup>(1)</sup> | 223899 | 637791 |
| Solstad Offshore ASA | 111828 | 659628 |
| SpareBank 1 Nord Norge | 2288754 | 38381895 |
| SpareBank 1 SMN | 352110 | 7902910 |
| Sparebanken Norge | 50781 | 1098243 |
| Stolt-Nielsen Ltd. | 465117 | 16477725 |
| TGS ASA | 3427132 | 40972198 |
| Wallenius Wilhelmsen ASA | 881029 | 12255309 |
| Zaptec ASA<sup>(1)</sup> | 297560 | 973637 |
|  |  | 367266177 |
| **Portugal — 0.2%** |  |  |
| CTT-Correios de Portugal SA | 2951219 | 24907513 |
| Mota-Engil SGPS SA<sup>(2)</sup> | 793265 | 4872091 |
| Navigator Co. SA<sup>(2)</sup> | 455868 | 1852419 |
| NOS SGPS SA | 651221 | 3964275 |
| Semapa-Sociedade de Investimento e Gestao | 133268 | 3743965 |
| Teixeira Duarte SA<sup>(1)(2)</sup> | 4431550 | 2619919 |
|  |  | 41960182 |
| **Singapore — 1.7%** |  |  |
| Aztech Global Ltd. | 1110200 | 660629 |
| Banyan Tree Holdings Ltd. | 39500 | 20406 |
| Boustead Singapore Ltd. | 564100 | 978965 |
| BRC Asia Ltd. | 3800 | 13827 |
| Bumitama Agri Ltd. | 7650300 | 7976168 |
| China Aviation Oil Singapore Corp. Ltd. | 6609400 | 10530641 |
| China Sunsine Chemical Holdings Ltd. | 3099900 | 1859965 |
| CNMC Goldmine Holdings Ltd. | 2287300 | 3141697 |
| CSE Global Ltd. | 4141250 | 4319367 |
| Delfi Ltd. | 478400 | 400943 |
| First Resources Ltd. | 14171300 | 26480501 |
| Food Empire Holdings Ltd. | 214400 | 549652 |
| Geo Energy Resources Ltd.<sup>(2)</sup> | 42239600 | 13842961 |
| Global Resource Construction Ltd. | 9988600 | 947610 |
| Golden Agri-Resources Ltd. | 117597200 | 26467598 |
| Hafnia Ltd. | 6956715 | 51943791 |
| Hong Fok Corp. Ltd. | 100 | 65 |
| Hong Leong Asia Ltd. | 2793800 | 7150613 |
| Hour Glass Ltd. | 112800 | 219109 |
| Hutchison Port Holdings Trust, U Shares | 91063600 | 20499327 |
| Indofood Agri Resources Ltd. | 178900 | 53106 |
| InnoTek Ltd. | 458500 | 266386 |
| ISDN Holdings Ltd. | 1490164 | 489436 |
| Keppel Infrastructure Trust | 6844600 | 2977171 |
| LHN Ltd.<sup>(2)</sup> | 5400789 | 2707209 |
| Marco Polo Marine Ltd.<sup>(2)</sup> | 69477900 | 8509436 |
| Olam Group Ltd.<sup>(2)</sup> | 12071100 | 8740692 |
| Pan-United Corp. Ltd. | 133900 | 142473 |
| QAF Ltd. | 42700 | 34077 |
| Raffles Medical Group Ltd. | 1160700 | 973261 |
| Rex International Holding Ltd.<sup>(1)(2)(3)</sup> | 72053200 | 8302723 |
| RH PetroGas Ltd.<sup>(1)(2)</sup> | 10651100 | 1393897 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Riverstone Holdings Ltd. | 19900 | $12100 |
| Samudera Shipping Line Ltd. | 14365300 | 12366469 |
| Tuan Sing Holdings Ltd. | 53716 | 15513 |
| Wee Hur Holdings Ltd. | 21841800 | 13656038 |
| Yangzijiang Financial Holding Ltd. | 91550800 | 22360355 |
| Yangzijiang Maritime Development Ltd.<sup>(1)</sup> | 87268200 | 42988540 |
| Yanlord Land Group Ltd.<sup>(1)(2)</sup> | 20055700 | 12264673 |
|  |  | 316257390 |
| **South Africa — 0.0%** |  |  |
| Anglogold Ashanti PLC (New York) | 4384 | 560144 |
| **Spain — 1.4%** |  |  |
| Acerinox SA | 2404026 | 38231890 |
| Aedas Homes SA | 27568 | 777468 |
| Amper SA<sup>(1)</sup> | 97950 | 19574 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 713733 | 4365610 |
| Audax Renovables SA<sup>(1)(2)</sup> | 10379 | 16602 |
| Bankinter SA | 2293643 | 38059213 |
| Construcciones y Auxiliar de Ferrocarriles SA | 186708 | 13012509 |
| Elecnor SA | 62312 | 2125033 |
| Ence Energia y Celulosa SA<sup>(1)(2)</sup> | 513712 | 1522047 |
| Ercros SA<sup>(1)</sup> | 100250 | 382858 |
| Gestamp Automocion SA | 3961788 | 14900154 |
| Grenergy Renovables SA<sup>(1)</sup> | 93230 | 12076618 |
| Grupo Empresarial San Jose SA | 14373 | 157816 |
| Melia Hotels International SA | 1454629 | 14300060 |
| Miquel y Costas & Miquel SA | 215 | 3589 |
| Obrascon Huarte Lain SA<sup>(1)(2)</sup> | 8000593 | 3782148 |
| Prosegur Cia de Seguridad SA | 65231 | 223875 |
| Sacyr SA | 8045974 | 43050139 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 1439666 | 37322921 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 382303 | 16645893 |
| Tubacex SA<sup>(2)</sup> | 77329 | 306236 |
| Tubos Reunidos SA<sup>(1)</sup> | 29396 | 10200 |
| Unicaja Banco SA | 8528619 | 26988875 |
| Vidrala SA | 31245 | 3021953 |
| Viscofan SA | 236 | 16553 |
|  |  | 271319834 |
| **Sweden — 4.1%** |  |  |
| AcadeMedia AB | 475927 | 5259233 |
| Alleima AB | 3145529 | 28645004 |
| Alligo AB, Class B | 13569 | 205031 |
| Apotea AB<sup>(1)</sup> | 273591 | 1837808 |
| AQ Group AB | 852686 | 17851429 |
| Arjo AB, B Shares<sup>(2)</sup> | 24615 | 73537 |
| Avanza Bank Holding AB<sup>(2)</sup> | 50126 | 1826669 |
| Bahnhof AB, B Shares | 18870 | 115459 |
| Beijer Alma AB | 66559 | 1826845 |
| BICO Group AB<sup>(1)</sup> | 762 | 1532 |
| Bilia AB, A Shares | 1880246 | 28789754 |
| Billerud Aktiebolag | 3765878 | 34340410 |
| BioArctic AB<sup>(1)</sup> | 102741 | 3514412 |
| Bonava AB, B Shares<sup>(1)</sup> | 1297278 | 1597781 |
| Boozt AB<sup>(1)(2)</sup> | 902548 | 9114706 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bufab AB | 853032 | $11021963 |
| Bulten AB | 2600 | 12412 |
| Bure Equity AB | 204676 | 4835532 |
| Byggmax Group AB | 390487 | 2785180 |
| Cantargia AB<sup>(1)</sup> | 5294426 | 2787934 |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 219145 | 3710922 |
| Cint Group AB<sup>(1)(2)</sup> | 1474122 | 560706 |
| Clas Ohlson AB, B Shares | 1533407 | 63388026 |
| Cloetta AB, B Shares | 1206312 | 6998989 |
| Corem Property Group AB, B Shares | 20260024 | 8563496 |
| CTT Systems AB | 713 | 10876 |
| Dios Fastigheter AB | 2603729 | 20250252 |
| Dynavox Group AB<sup>(1)</sup> | 2014528 | 18583516 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 1805814 | 15158872 |
| Elekta AB, B Shares | 178572 | 1143228 |
| Embracer Group AB<sup>(1)(2)</sup> | 2255882 | 13179230 |
| Engcon AB | 19737 | 145722 |
| G5 Entertainment AB | 33668 | 186850 |
| GomSpace Group AB<sup>(1)(2)</sup> | 301047 | 619132 |
| Granges AB | 1507297 | 26691359 |
| Gruvaktiebolaget Viscaria<sup>(1)</sup> | 1670843 | 3360293 |
| Hacksaw AB<sup>(1)(2)</sup> | 680345 | 4382906 |
| Hanza AB | 560226 | 9629093 |
| Haypp Group AB<sup>(1)(2)</sup> | 15083 | 220141 |
| Hemnet Group AB | 382724 | 4938724 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 3512255 | 10730196 |
| Hoist Finance AB | 255475 | 4089492 |
| Intellego Technologies AB<sup>(1)(2)</sup> | 338292 | 1308279 |
| INVISIO AB | 15948 | 550027 |
| JM AB | 1769959 | 26261040 |
| Kopparbergs Bryggeri AB, B Shares | 11841 | 151532 |
| Lime Technologies AB | 69660 | 1416823 |
| Loomis AB | 1162093 | 58696412 |
| Maha Capital AB<sup>(1)(2)</sup> | 217365 | 270171 |
| Medcap AB<sup>(1)</sup> | 49148 | 2665852 |
| MEKO AB | 148578 | 1090895 |
| MIPS AB | 21129 | 593236 |
| Morrow Bank AB<sup>(1)</sup> | 16501 | 24054 |
| NCC AB, B Shares | 2709784 | 66043524 |
| Nelly Group AB<sup>(1)(2)</sup> | 348378 | 2312847 |
| Net Insight AB, B Shares<sup>(1)</sup> | 22544 | 5644 |
| New Wave Group AB, B Shares | 864840 | 9824065 |
| Nobia AB<sup>(1)(2)</sup> | 5543454 | 1507642 |
| Norion Bank AB<sup>(1)</sup> | 264610 | 1673794 |
| Note AB | 407765 | 8869109 |
| NP3 Fastigheter AB | 158599 | 4757323 |
| Nyfosa AB | 2528406 | 20767394 |
| Ovzon AB<sup>(1)</sup> | 600103 | 3988818 |
| Pandox AB | 670836 | 15008888 |
| Paradox Interactive AB | 943647 | 12922616 |
| Peab AB, Class B | 4879641 | 57313142 |
| Platzer Fastigheter Holding AB, B Shares | 876119 | 7728456 |
| Plejd AB<sup>(1)</sup> | 27439 | 2556183 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| RaySearch Laboratories AB | 475516 | $10074132 |
| Rottneros AB<sup>(1)</sup> | 12445 | 3140 |
| Rusta AB | 826907 | 7539905 |
| Rvrc Holding AB | 1044157 | 7849596 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)(2)</sup> | 14624 | 14757 |
| Saniona AB<sup>(1)</sup> | 3922383 | 8046114 |
| Scandi Standard AB | 758861 | 10909496 |
| SkiStar AB | 1219278 | 23615821 |
| Storytel AB | 1943 | 17099 |
| TF Bank AB | 130316 | 2271814 |
| Tobii AB<sup>(1)</sup> | 2188 | 406 |
| Troax Group AB | 240817 | 2691115 |
| Truecaller AB, B Shares | 3326569 | 4065103 |
| VBG Group AB, B Shares | 2146 | 88510 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 2544462 | 379592 |
| Wihlborgs Fastigheter AB | 342216 | 3625181 |
| Zinzino AB, Class B<sup>(2)</sup> | 335982 | 5726976 |
|  |  | 768211175 |
| **Switzerland — 3.7%** |  |  |
| ALSO Holding AG | 31924 | 6798216 |
| Arbonia AG<sup>(1)(2)</sup> | 2166 | 13873 |
| Ascom Holding AG | 79357 | 519786 |
| Autoneum Holding AG<sup>(2)</sup> | 126188 | 20852753 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 176450 | 12681460 |
| Bell Food Group AG | 12597 | 3527428 |
| Bossard Holding AG, Class A<sup>(2)</sup> | 6196 | 1331180 |
| Bucher Industries AG<sup>(2)</sup> | 132380 | 65827188 |
| Burckhardt Compression Holding AG | 36867 | 27542725 |
| Burkhalter Holding AG | 13155 | 2782804 |
| Bystronic AG<sup>(2)</sup> | 573 | 190141 |
| Cembra Money Bank AG | 124528 | 16107479 |
| Cicor Technologies Ltd.<sup>(1)(2)</sup> | 30028 | 6488363 |
| Cie Financiere Tradition SA, Class BR | 1804 | 633932 |
| COSMO Pharmaceuticals NV | 134311 | 19790251 |
| Daetwyler Holding AG, Bearer Shares | 95818 | 20825944 |
| DKSH Holding AG | 392733 | 31710416 |
| dormakaba Holding AG | 320255 | 23929265 |
| EFG International AG<sup>(1)</sup> | 1643748 | 40294140 |
| Emmi AG | 26252 | 27670626 |
| Forbo Holding AG<sup>(2)</sup> | 10703 | 12486194 |
| Georg Fischer AG<sup>(2)</sup> | 646176 | 40835083 |
| Huber & Suhner AG | 1532 | 368254 |
| Implenia AG | 284869 | 26697303 |
| Komax Holding AG<sup>(1)(2)</sup> | 1431 | 126191 |
| Leonteq AG<sup>(2)</sup> | 131817 | 1960353 |
| Medmix AG<sup>(2)</sup> | 5837 | 71586 |
| Metall Zug AG, B Shares<sup>(2)</sup> | 13 | 13560 |
| Mobimo Holding AG | 2023 | 1053218 |
| Montana Aerospace AG<sup>(1)(2)</sup> | 12995 | 526481 |
| Newron Pharmaceuticals SpA<sup>(1)(2)</sup> | 70932 | 1708720 |
| PolyPeptide Group AG<sup>(1)(2)</sup> | 200155 | 6667897 |
| Schweiter Technologies AG<sup>(2)</sup> | 3213 | 1082329 |
| SFS Group AG | 232097 | 36867277 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Siegfried Holding AG | 264394 | $29401290 |
| SKAN Group AG<sup>(2)</sup> | 5034 | 340914 |
| Stadler Rail AG<sup>(2)</sup> | 551868 | 14680610 |
| Swiss Steel Holding AG<sup>(1)(2)</sup> | 9470 | 11701 |
| Swissquote Group Holding SA | 145889 | 77839468 |
| Valiant Holding AG | 280121 | 60690512 |
| Vetropack Holding AG<sup>(2)</sup> | 74703 | 2202982 |
| Vontobel Holding AG | 213905 | 19531126 |
| V-ZUG Holding AG<sup>(2)</sup> | 347 | 18265 |
| Ypsomed Holding AG<sup>(2)</sup> | 20578 | 7125702 |
| Zehnder Group AG<sup>(2)</sup> | 146767 | 15549964 |
|  |  | 687374950 |
| **United Kingdom — 10.4%** |  |  |
| 4imprint Group PLC | 159717 | 8482181 |
| Aberdeen Group PLC | 196090 | 581044 |
| AEP Plantations PLC | 11737 | 249281 |
| AltynGold PLC<sup>(1)</sup> | 38044 | 828731 |
| Anglo Asian Mining PLC<sup>(1)(2)</sup> | 672042 | 2715795 |
| ASOS PLC<sup>(1)(2)</sup> | 377458 | 1442714 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 1788 | 1117 |
| Atalaya Mining Copper SA | 1945214 | 26808407 |
| Aviva PLC | 433693 | 3996668 |
| Barratt Redrow PLC | 1678641 | 8218380 |
| Bellway PLC | 450683 | 16849124 |
| Berkeley Group Holdings PLC | 682180 | 39668322 |
| Big Technologies PLC<sup>(1)</sup> | 29834 | 44218 |
| Bodycote PLC | 101608 | 1068267 |
| boohoo Group PLC<sup>(1)(2)</sup> | 5344208 | 1585246 |
| Burberry Group PLC<sup>(1)</sup> | 2776880 | 43413206 |
| Burford Capital Ltd. (London) | 780 | 6548 |
| Central Asia Metals PLC | 3766037 | 12054214 |
| Clarkson PLC | 15136 | 865344 |
| Close Brothers Group PLC<sup>(1)</sup> | 2378494 | 15893078 |
| CMC Markets PLC | 1942490 | 8532142 |
| Coats Group PLC | 24008357 | 30153940 |
| Computacenter PLC | 1237543 | 52763481 |
| Conduit Holdings Ltd. | 1580 | 9267 |
| Costain Group PLC | 8792 | 22000 |
| Crest Nicholson Holdings PLC | 203856 | 418401 |
| DFS Furniture PLC<sup>(1)</sup> | 211053 | 537417 |
| Diversified Energy Co. | 1054152 | 14804891 |
| Dr. Martens PLC | 684 | 635 |
| Drax Group PLC | 9353336 | 111755406 |
| Dunelm Group PLC | 805947 | 10961083 |
| easyJet PLC | 5501200 | 34391085 |
| Ecora Royalties PLC | 928253 | 1791372 |
| Endeavour Mining PLC | 959 | 69005 |
| Energean PLC | 426784 | 5120455 |
| EnQuest PLC | 29866540 | 6854599 |
| FDM Group Holdings PLC | 144188 | 274521 |
| Ferrexpo PLC<sup>(1)</sup> | 2961536 | 2239822 |
| Firstgroup PLC | 17202829 | 42656678 |
| Foresight Group Holdings Ltd. | 478173 | 2640572 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Forterra PLC | 1527761 | $3895198 |
| Foxtons Group PLC | 426737 | 281680 |
| Frasers Group PLC<sup>(1)(2)</sup> | 1832370 | 17332371 |
| Frontier Developments PLC<sup>(1)</sup> | 250101 | 1330011 |
| Funding Circle Holdings PLC<sup>(1)(2)</sup> | 124769 | 243387 |
| Genel Energy PLC<sup>(1)</sup> | 76203 | 66113 |
| Georgia Capital PLC<sup>(1)</sup> | 113811 | 5711986 |
| Goodwin PLC | 2780 | 898544 |
| Grafton Group PLC | 1162707 | 15524385 |
| Greggs PLC<sup>(2)</sup> | 2080066 | 44503389 |
| Gulf Keystone Petroleum Ltd. | 2591180 | 7301393 |
| Gulf Marine Services PLC<sup>(1)</sup> | 656327 | 201815 |
| Gym Group PLC<sup>(1)</sup> | 414955 | 996483 |
| Halfords Group PLC | 3008666 | 6016716 |
| Hays PLC | 7360 | 3999 |
| Hikma Pharmaceuticals PLC | 339103 | 6014007 |
| Hill & Smith PLC | 78194 | 2512162 |
| Hilton Food Group PLC | 700534 | 5003616 |
| Hiscox Ltd. | 259718 | 5411141 |
| Hochschild Mining PLC | 8207996 | 89271436 |
| Hollywood Bowl Group PLC | 98649 | 352997 |
| Howden Joinery Group PLC | 5485590 | 71480476 |
| Hunting PLC | 1207486 | 8408713 |
| Ibstock PLC | 4920105 | 8796815 |
| ICG PLC | 734798 | 16540491 |
| IG Group Holdings PLC | 1829408 | 32088590 |
| Impax Asset Management Group PLC | 245463 | 483826 |
| Inchcape PLC | 1777795 | 21331417 |
| IntegraFin Holdings PLC | 2379 | 10172 |
| International Personal Finance PLC | 391686 | 1308154 |
| Investec PLC | 3503969 | 30274819 |
| IP Group PLC<sup>(1)</sup> | 416 | 315 |
| IQE PLC<sup>(1)</sup> | 246889 | 62347 |
| J D Wetherspoon PLC<sup>(2)</sup> | 1604359 | 15599513 |
| J Sainsbury PLC | 378616 | 1779326 |
| JD Sports Fashion PLC | 20385133 | 22456772 |
| JET2 PLC | 2633479 | 44499340 |
| Johnson Matthey PLC | 3419328 | 92811421 |
| Johnson Service Group PLC | 6997490 | 13779491 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 3403665 | 201078 |
| Just Group PLC | 368169 | 1076085 |
| Keller Group PLC | 1468996 | 40033594 |
| Lancashire Holdings Ltd. | 623353 | 5621234 |
| Lion Finance Group PLC | 689322 | 107632765 |
| Liontrust Asset Management PLC | 264 | 961 |
| Luceco PLC | 12243 | 29177 |
| Man Group PLC | 8603212 | 30996709 |
| Marex Group PLC | 503619 | 21887282 |
| Marks & Spencer Group PLC | 115331 | 616571 |
| Marston's PLC<sup>(1)</sup> | 5028374 | 4077334 |
| McBride PLC | 571788 | 1199509 |
| Mears Group PLC | 990668 | 4752657 |
| Metals Exploration PLC<sup>(1)</sup> | 815743 | 173573 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mitchells & Butlers PLC<sup>(1)</sup> | 2935772 | $11891920 |
| Mitie Group PLC | 4685041 | 11378041 |
| Molten Ventures PLC<sup>(1)</sup> | 3117 | 19514 |
| Morgan Advanced Materials PLC | 2193584 | 7128376 |
| Morgan Sindall Group PLC | 136652 | 9119872 |
| MP Evans Group PLC | 48591 | 943550 |
| Ninety One PLC | 4120341 | 13940406 |
| On the Beach Group PLC | 259270 | 705247 |
| OSB Group PLC | 6218640 | 51093344 |
| Pagegroup PLC | 5403066 | 13737955 |
| Pan African Resources PLC | 27521029 | 66491165 |
| Paragon Banking Group PLC | 3568910 | 41094621 |
| Plus500 Ltd. | 1110625 | 59806277 |
| Polar Capital Holdings PLC | 200815 | 1721016 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 1669848 | 54549 |
| PZ Cussons PLC | 48235 | 53332 |
| QinetiQ Group PLC | 1492149 | 10201674 |
| Quilter PLC | 19673286 | 52065042 |
| Rathbones Group PLC | 85353 | 2596849 |
| Reach PLC | 5957223 | 5805031 |
| RHI Magnesita NV | 153783 | 6894486 |
| RWS Holdings PLC | 1772036 | 1818145 |
| S4 Capital PLC<sup>(2)</sup> | 6408304 | 1779722 |
| Savills PLC | 163245 | 2225095 |
| Secure Trust Bank PLC | 3572 | 73172 |
| Senior PLC | 3575409 | 14795089 |
| Serabi Gold PLC<sup>(1)</sup> | 290702 | 1337697 |
| Serica Energy PLC | 6327476 | 20580959 |
| SIG PLC<sup>(1)</sup> | 169970 | 23106 |
| SigmaRoc PLC<sup>(1)</sup> | 1535140 | 3070288 |
| Smiths News PLC | 172265 | 153809 |
| Speedy Hire PLC | 5791319 | 1984807 |
| Spire Healthcare Group PLC | 2177495 | 5973357 |
| St. James's Place PLC | 1158462 | 20976666 |
| SThree PLC | 1687763 | 3957468 |
| Synthomer PLC<sup>(1)(2)</sup> | 1692 | 450 |
| TBC Bank Group PLC | 647421 | 41872867 |
| TP ICAP Group PLC | 1329694 | 4539401 |
| Travis Perkins PLC | 57626 | 540174 |
| Treatt PLC | 260902 | 739524 |
| TT Electronics PLC<sup>(1)</sup> | 262380 | 427676 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 2682396 | 4323756 |
| Vertu Motors PLC | 2398396 | 1936511 |
| Vesuvius PLC | 2997222 | 20173136 |
| Victrex PLC | 451915 | 4299609 |
| Volex PLC | 331556 | 2163887 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 2524796 | 17369817 |
| Whitbread PLC | 1436798 | 50304683 |
| Wickes Group PLC | 4550007 | 15482209 |
| XP Power Ltd.<sup>(1)</sup> | 19102 | 356566 |
| Yellow Cake PLC<sup>(1)</sup> | 237318 | 2030885 |
| Yu Group PLC<sup>(2)</sup> | 32781 | 786853 |
| Zigup PLC | 5402339 | 29896026 |
|  |  | 1966387690 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **United States — 0.2%** | | |
| Dauch Corp.<sup>(1)</sup> | 61404 | $385620 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 119547 | 3911578 |
| Ovintiv, Inc. | 620123 | 31295970 |
|  |  | 35593168 |
| **TOTAL COMMON STOCKS**<br>(Cost $12,530,341,585) |  | **18775703667** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 7122 | 71 |
| **Hong Kong — 0.0%** |  |  |
| CSI Properties Ltd.<sup>(1)</sup> | 4000 | 14 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup> | 637623 | 1190246 |
| Geox SpA<sup>(1)(2)</sup> | 27265 | 1417 |
| Webuild SpA<sup>(1)(2)</sup> | 35053 | 137468 |
|  |  | 1329131 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **1329216** |
| **RIGHTS — 0.0%** |  |  |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(1)</sup> | 475927 | 29576 |
| Nobia AB<sup>(1)(2)</sup> | 5502089 | 517748 |
|  |  | 547324 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 212429 | 228458 |
| **TOTAL RIGHTS**<br>(Cost $1,311,244) |  | **775782** |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 13197844 | 13197844 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 208082462 | 208082462 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $221,280,306) |  | **221280306** |
| **TOTAL INVESTMENT SECURITIES — 100.9%**<br>(Cost $12,752,933,135) |  | **18999088971** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(176494770)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**18822594201** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Materials | 25.4% |
| Industrials | 22.6% |
| Financials | 13.9% |
| Consumer Discretionary | 12.7% |
| Energy | 10.1% |
| Information Technology | 5.1% |
| Consumer Staples | 3.3% |
| Health Care | 1.9% |
| Utilities | 1.8% |
| Communication Services | 1.7% |
| Real Estate | 1.2% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (0.9)% |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $488,811,069. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Affiliated Company: the fund's holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $517,746,414, which includes securities collateral of $309,663,952.

**AFFILIATED COMPANY TRANSACTIONS** 

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended February 28, 2026 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Beginning Value** | **Purchase Cost** | **Sales<br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending**<br>**Value** | **Ending**<br>**Shares** | **Net**<br>**Realized**<br>**Gain**<br>**(Loss)** | **Income** |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | $42006 | $12806 | $3424 | $76626 | $128014 | 2115 | $(547) |  |
| Rex International Holding Ltd.<sup>(1)(2)</sup> | 10229 | 2 | 121 | (1807) | 8303 | 72053 | 30 |  |
|  | $52235 | $12808 | $3545 | $74819 | $136317 | 74168 | $(517) |  |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $157077498 | $18618626169 |  |
| Warrants |  | 1329216 |  |
| Rights | 228458 | 547324 |  |
| Short-Term Investments | 221280306 |  |  |
|  | $378586262 | $18620502709 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.1%** | **Shares** | **Value** |
| **Brazil — 4.6%** | | |
| Allos SA | 20404 | $129911 |
| Alpargatas SA, Preference Shares | 8100 | 24016 |
| Ambev SA, ADR<sup>(1)</sup> | 102551 | 324061 |
| Americanas SA<sup>(2)</sup> | 92 | 101 |
| Anima Holding SA | 500 | 495 |
| Armac Locacao Logistica E Servicos SA | 100 | 115 |
| Auren Energia SA | 11500 | 26717 |
| Automob Participacoes SA<sup>(2)</sup> | 299 | 762 |
| Axia Energia, ADR | 20004 | 241648 |
| Axia Energia, Class B Preference Shares | 4600 | 60200 |
| Axia Energia, Class C, ADR<sup>(2)</sup> | 5257 | 61665 |
| Axia Energia, Class C Preference Shares<sup>(2)</sup> | 1209 | 14011 |
| Azzas 2154 SA | 3228 | 16447 |
| B3 SA - Brasil Bolsa Balcao | 38700 | 135278 |
| Banco ABC Brasil SA<sup>(2)</sup> | 563 | 2955 |
| Banco ABC Brasil SA, Preference Shares | 8526 | 45204 |
| Banco BMG SA, Preference Shares | 11600 | 11450 |
| Banco BMG SA, Preference Shares | 957 | 932 |
| Banco Bradesco SA | 47170 | 169394 |
| Banco Bradesco SA, ADR | 167790 | 686261 |
| Banco BTG Pactual SA | 24108 | 289070 |
| Banco do Brasil SA | 84000 | 442899 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 10200 | 36968 |
| Banco Santander Brasil SA, ADR<sup>(1)</sup> | 10639 | 69260 |
| BB Seguridade Participacoes SA | 22400 | 152101 |
| Bemobi Mobile Tech SA | 2600 | 12187 |
| Blau Farmaceutica SA | 650 | 1373 |
| BR Advisory Partners Participacoes SA | 6500 | 24585 |
| C&A Modas SA | 12000 | 30290 |
| Caixa Seguridade Participacoes SA | 4000 | 13982 |
| Cia Brasileira de Distribuicao<sup>(2)</sup> | 21500 | 13085 |
| Cia de Saneamento de Minas Gerais Copasa MG | 7200 | 76614 |
| Cia De Sanena Do Parana | 4300 | 37779 |
| Cia De Sanena Do Parana, Preference Shares | 45400 | 76073 |
| Cia Energetica de Minas Gerais, ADR | 105394 | 249784 |
| Cia Paranaense de Energia - Copel | 39100 | 112270 |
| Cia Paranaense de Energia - Copel, ADR<sup>(1)</sup> | 9318 | 107996 |
| Construtora Tenda SA | 5200 | 30663 |
| CPFL Energia SA | 1800 | 17630 |
| Cruzeiro do Sul Educacional SA | 200 | 261 |
| Cury Construtora e Incorporadora SA | 14900 | 113062 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 15400 | 92673 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes, Preference Shares<sup>(2)</sup> | 2919 | 16598 |
| Desktop SA | 100 | 260 |
| Dexco SA | 22052 | 23444 |
| Dexxos Participacoes SA | 112 | 165 |
| Dimed SA Distribuidora da Medicamentos | 800 | 2512 |
| Direcional Engenharia SA | 15600 | 49875 |
| EcoRodovias Infraestrutura e Logistica SA | 49100 | 102577 |
| Empreendimentos Pague Menos SA | 3200 | 4344 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Energisa SA | 7150 | $75607 |
| Equatorial SA | 19696 | 161133 |
| Even Construtora e Incorporadora SA | 3600 | 5885 |
| Ez Tec Empreendimentos e Participacoes SA | 11316 | 34655 |
| Fras-Le SA | 4700 | 22315 |
| Gerdau SA, ADR | 36288 | 146604 |
| GPS Participacoes e Empreendimentos SA | 2657 | 9588 |
| Grendene SA | 22000 | 21843 |
| Grupo Mateus SA | 5600 | 6248 |
| Grupo Multi SA | 4500 | 1176 |
| Grupo SBF SA | 7700 | 18895 |
| Guararapes Confeccoes SA | 2400 | 4710 |
| Hapvida Participacoes e Investimentos SA<sup>(2)</sup> | 900 | 1849 |
| Hidrovias do Brasil SA<sup>(2)</sup> | 34529 | 27615 |
| Hospital Mater Dei SA | 100 | 117 |
| Iguatemi SA | 12400 | 70484 |
| Inter & Co., Inc., Class A | 12646 | 110147 |
| Iochpe Maxion SA | 15100 | 30928 |
| Irani Papel e Embalagem SA | 16000 | 30555 |
| Isa Energia Brasil SA, Preference Shares | 15200 | 84680 |
| Itau Unibanco Holding SA, ADR | 53213 | 481578 |
| JHSF Participacoes SA | 30400 | 58944 |
| Klabin SA | 36582 | 146927 |
| Lavvi Empreendimentos Imobiliarios SA | 3700 | 13280 |
| Light SA<sup>(2)</sup> | 10400 | 9981 |
| Localiza Rent a Car SA | 9196 | 91144 |
| Localiza Rent a Car SA, Preference Shares<sup>(2)</sup> | 353 | 3393 |
| LOG Commercial Properties e Participacoes SA | 1100 | 6098 |
| Log-in Logistica Intermodal SA<sup>(2)</sup> | 1000 | 6248 |
| Lojas Quero-Quero SA<sup>(2)</sup> | 1900 | 801 |
| Lojas Renner SA | 55470 | 169661 |
| M Dias Branco SA | 3500 | 15887 |
| Magazine Luiza SA | 25231 | 46264 |
| Mahle Metal Leve SA | 5600 | 39445 |
| Marcopolo SA | 6666 | 8504 |
| Marcopolo SA, Preference Shares | 44836 | 60522 |
| Marisa Lojas SA<sup>(2)</sup> | 8286 | 1422 |
| Mills Locacao Servicos e Logistica SA | 14800 | 43564 |
| Motiva Infraestrutura de Mobilidade SA | 34200 | 110676 |
| Moura Dubeux Engenharia SA | 8600 | 55393 |
| Movida Participacoes SA | 26100 | 75095 |
| MRV Engenharia e Participacoes SA<sup>(2)</sup> | 38300 | 76503 |
| Multiplan Empreendimentos Imobiliarios SA | 2900 | 19867 |
| Natura Cosmeticos SA<sup>(2)</sup> | 6200 | 11030 |
| Oceanpact Servicos Maritimos SA<sup>(2)</sup> | 200 | 374 |
| Odontoprev SA | 17320 | 49360 |
| Orizon Valorizacao de Residuos SA<sup>(2)</sup> | 100 | 1460 |
| Pagseguro Digital Ltd., Class A | 12894 | 136805 |
| PBG SA<sup>(2)</sup> | 2400 | 1512 |
| Plano & Plano Desenvolvimento Imobiliario SA | 7400 | 22114 |
| Positivo Tecnologia SA | 2300 | 1817 |
| Raia Drogasil SA | 40522 | 198243 |
| Randoncorp SA, Preference Shares | 11400 | 14832 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rede D'Or Sao Luiz SA | 4655 | $36821 |
| Romi SA | 1282 | 2051 |
| Rumo SA | 27400 | 85410 |
| Sao Martinho SA | 12300 | 43115 |
| Sendas Distribuidora SA, ADR<sup>(1)</sup> | 6172 | 56474 |
| Ser Educacional SA | 1100 | 2654 |
| Simpar SA | 2150 | 5330 |
| Smartfit Escola de Ginastica e Danca SA | 10316 | 40749 |
| StoneCo Ltd., A Shares<sup>(2)</sup> | 3265 | 54852 |
| Suzano SA, ADR<sup>(1)</sup> | 29566 | 334983 |
| SYN prop e tech SA | 500 | 468 |
| Tegma Gestao Logistica SA | 3600 | 27696 |
| Telefonica Brasil SA, ADR | 10163 | 171856 |
| TIM SA, ADR | 8703 | 239158 |
| TOTVS SA | 2300 | 16986 |
| Transmissora Alianca de Energia Eletrica SA | 7100 | 60869 |
| Trisul SA | 4160 | 6054 |
| Tupy SA<sup>(2)</sup> | 5300 | 14009 |
| Uniao Pet Participacoes SA<sup>(2)</sup> | 38200 | 22578 |
| Unifique Telecomunicacoes SA | 220 | 228 |
| Vale SA, ADR | 15567 | 267441 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 4200 | 17762 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 54100 | 46855 |
| Vivara Participacoes SA | 900 | 5521 |
| VTEX, Class A<sup>(2)</sup> | 957 | 3283 |
| Vulcabras SA | 1972 | 7339 |
| WEG SA | 15700 | 152207 |
| Wiz Co. | 900 | 1626 |
| XP, Inc., Class A | 17206 | 370445 |
| YDUQS Participacoes SA | 14000 | 36403 |
| Zamp SA<sup>(2)</sup> | 5219 | 3563 |
|  |  | 9130567 |
| **Chile — 0.6%** |  |  |
| Aguas Andinas SA, A Shares | 36888 | 15599 |
| Banco de Chile | 630440 | 130025 |
| Banco de Credito e Inversiones SA | 1582 | 108387 |
| Banco Santander Chile, ADR | 3281 | 111259 |
| CAP SA<sup>(2)</sup> | 2791 | 22736 |
| Cencosud SA | 13128 | 41041 |
| Cencosud Shopping SA | 5339 | 15478 |
| Cia Cervecerias Unidas SA, ADR<sup>(1)</sup> | 4819 | 64286 |
| Embotelladora Andina SA, Class B Preference Shares | 12263 | 59070 |
| Empresa Nacional de Telecomunicaciones SA | 8237 | 36771 |
| Empresas CMPC SA | 30298 | 44903 |
| Enel Americas SA | 260974 | 23475 |
| Falabella SA | 15473 | 114946 |
| Parque Arauco SA | 21404 | 101617 |
| Ripley Corp. SA | 90223 | 45298 |
| SMU SA | 56251 | 9927 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(2)</sup> | 2104 | 160535 |
| Vina Concha y Toro SA | 33369 | 35744 |
|  |  | 1141097 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **China — 21.8%** | | |
| 361 Degrees International Ltd. | 69000 | $49746 |
| 3SBio, Inc.<sup>(2)</sup> | 192000 | 541242 |
| AAC Technologies Holdings, Inc. | 77000 | 366010 |
| Agile Group Holdings Ltd.<sup>(2)</sup> | 160000 | 5912 |
| Agora, Inc., ADR<sup>(2)</sup> | 6473 | 30229 |
| AK Medical Holdings Ltd. | 2000 | 1644 |
| Alibaba Group Holding Ltd., ADR | 19256 | 2774982 |
| Alibaba Health Information Technology Ltd.<sup>(2)</sup> | 20000 | 14216 |
| A-Living Smart City Services Co. Ltd. | 75750 | 21175 |
| Anhui Expressway Co. Ltd., H Shares | 28000 | 49463 |
| ANTA Sports Products Ltd. | 58000 | 627613 |
| Anton Oilfield Services Group | 206000 | 32637 |
| Art Group Holdings Ltd.<sup>(2)</sup> | 115000 | 29486 |
| Ascletis Pharma, Inc.<sup>(1)(2)</sup> | 43000 | 86700 |
| AsiaInfo Technologies Ltd.<sup>(1)</sup> | 30000 | 27781 |
| ATRenew, Inc., ADR<sup>(2)</sup> | 4402 | 25488 |
| Autohome, Inc., ADR | 2376 | 45572 |
| BAIC Motor Corp. Ltd., H Shares<sup>(2)</sup> | 154000 | 35735 |
| Baidu, Inc., ADR<sup>(2)</sup> | 640 | 79642 |
| Bairong, Inc.<sup>(2)</sup> | 20500 | 25077 |
| Bank of China Ltd., H Shares | 590000 | 349132 |
| Bank of Chongqing Co. Ltd., H Shares | 38500 | 37619 |
| Bank of Communications Co. Ltd., H Shares | 200000 | 175034 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(2)</sup> | 56000 | 16720 |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 250 | 436 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 8000 | 8857 |
| BeOne Medicines Ltd., ADR<sup>(2)</sup> | 194 | 61496 |
| BeOne Medicines Ltd., Class H<sup>(2)</sup> | 2900 | 71591 |
| Bilibili, Inc., ADR<sup>(2)</sup> | 51 | 1423 |
| Blue Moon Group Holdings Ltd.<sup>(2)</sup> | 61000 | 22345 |
| BOC Aviation Ltd. | 18200 | 202123 |
| BOE Varitronix Ltd. | 35000 | 20531 |
| Bosideng International Holdings Ltd. | 430000 | 266561 |
| Brilliance China Automotive Holdings Ltd.<sup>(1)</sup> | 266000 | 141420 |
| BYD Co. Ltd., H Shares | 28000 | 337543 |
| BYD Electronic International Co. Ltd. | 4500 | 18464 |
| C&D International Investment Group Ltd. | 52339 | 101206 |
| Cathay Group Holdings, Inc. | 1000 | 112 |
| Central China New Life Ltd.<sup>(2)</sup> | 13000 | 830 |
| CGN Mining Co. Ltd. | 75000 | 47026 |
| Cheerwin Group Ltd. | 500 | 151 |
| China Automotive Systems, Inc.<sup>(2)</sup> | 1135 | 5039 |
| China Bohai Bank Co. Ltd., H Shares<sup>(2)</sup> | 8500 | 988 |
| China Chunlai Education Group Co. Ltd.<sup>(1)(2)</sup> | 26000 | 9182 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(1)</sup> | 414000 | 66482 |
| China CITIC Bank Corp. Ltd., H Shares | 257000 | 236465 |
| China Communications Services Corp. Ltd., H Shares | 212000 | 120347 |
| China Conch Environment Protection Holdings Ltd.<sup>(2)</sup> | 4500 | 321 |
| China Conch Venture Holdings Ltd. | 56500 | 95802 |
| China Construction Bank Corp., H Shares | 1899000 | 1932031 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 201000 | 48992 |
| China Dongxiang Group Co. Ltd.<sup>(2)</sup> | 16000 | 969 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China East Education Holdings Ltd.<sup>(2)</sup> | 60500 | $50192 |
| China Education Group Holdings Ltd.<sup>(2)</sup> | 74088 | 27320 |
| China Everbright Bank Co. Ltd., H Shares | 93000 | 39063 |
| China Everbright Ltd.<sup>(1)</sup> | 4000 | 4490 |
| China Foods Ltd. | 2000 | 1029 |
| China Galaxy Securities Co. Ltd., H Shares | 160000 | 202052 |
| China Glass Holdings Ltd.<sup>(1)(2)</sup> | 2000 | 143 |
| China Hanking Holdings Ltd. | 79000 | 41289 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 10000 | 2626 |
| China International Capital Corp. Ltd., H Shares | 5600 | 14432 |
| China Kepei Education Group Ltd. | 18000 | 3077 |
| China Lesso Group Holdings Ltd. | 68000 | 59341 |
| China Life Insurance Co. Ltd., Class H | 229555 | 920888 |
| China Literature Ltd.<sup>(2)</sup> | 3600 | 14504 |
| China Medical System Holdings Ltd. | 86000 | 159843 |
| China Meidong Auto Holdings Ltd.<sup>(1)</sup> | 76000 | 16028 |
| China Merchants Bank Co. Ltd., H Shares | 101000 | 628290 |
| China Merchants Port Holdings Co. Ltd. | 62000 | 138384 |
| China Minsheng Banking Corp. Ltd., H Shares | 244500 | 126341 |
| China New Higher Education Group Ltd.<sup>(2)</sup> | 65354 | 7345 |
| China Pacific Insurance Group Co. Ltd., H Shares | 68800 | 314895 |
| China Resources Beer Holdings Co. Ltd. | 18000 | 63256 |
| China Resources Beverage Holdings Co. Ltd.<sup>(1)</sup> | 28800 | 36956 |
| China Resources Land Ltd. | 124500 | 503188 |
| China Resources Medical Holdings Co. Ltd.<sup>(1)</sup> | 21000 | 8228 |
| China Resources Mixc Lifestyle Services Ltd. | 30800 | 186720 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(2)</sup> | 71000 | 44182 |
| China Shineway Pharmaceutical Group Ltd. | 28000 | 33527 |
| China Starch Holdings Ltd. | 35000 | 791 |
| China Taiping Insurance Holdings Co. Ltd. | 114000 | 331960 |
| China Tower Corp. Ltd., H Shares | 253000 | 360000 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 109800 | 52703 |
| China Yongda Automobiles Services Holdings Ltd. | 87000 | 16896 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 88000 | 66225 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(1)</sup> | 94400 | 157683 |
| CITIC Securities Co. Ltd., H Shares | 43500 | 155707 |
| CMGE Technology Group Ltd.<sup>(2)</sup> | 14000 | 616 |
| CMOC Group Ltd., H Shares | 36000 | 110752 |
| Concord New Energy Group Ltd. | 660000 | 24934 |
| Consun Pharmaceutical Group Ltd. | 28000 | 64376 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(1)</sup> | 500 | 31595 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 36500 | 70829 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 16000 | 15872 |
| COSCO SHIPPING Ports Ltd. | 94446 | 78267 |
| Country Garden Services Holdings Co. Ltd. | 92000 | 74131 |
| CSPC Pharmaceutical Group Ltd. | 468000 | 589122 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 840000 | 87571 |
| Digital China Holdings Ltd.<sup>(1)</sup> | 25000 | 8482 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(2)</sup> | 72000 | 90072 |
| DPC Dash Ltd.<sup>(2)</sup> | 3300 | 26989 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 1000 | 710 |
| East Buy Holding Ltd.<sup>(1)(2)</sup> | 6000 | 19476 |
| Edvantage Group Holdings Ltd. | 20725 | 4049 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ever Sunshine Services Group Ltd. | 84000 | $19086 |
| Evergrande Property Services Group Ltd.<sup>(2)</sup> | 410000 | 60637 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 13000 | 1311 |
| FIH Mobile Ltd.<sup>(2)</sup> | 35500 | 100057 |
| FinVolution Group, ADR | 13697 | 76977 |
| First Tractor Co. Ltd., H Shares | 14000 | 17806 |
| Fu Shou Yuan International Group Ltd.<sup>(1)</sup> | 84000 | 28427 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 15600 | 129453 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(1)</sup> | 5080 | 44528 |
| Geely Automobile Holdings Ltd. | 360000 | 740140 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(2)</sup> | 696000 | 13858 |
| Genertec Universal Medical Group Co. Ltd. | 76500 | 59754 |
| Genscript Biotech Corp.<sup>(2)</sup> | 44000 | 67053 |
| GF Securities Co. Ltd., H Shares<sup>(1)</sup> | 38000 | 83450 |
| Goldpac Group Ltd. | 1000 | 108 |
| Goldwind Science & Technology Co. Ltd., H Shares | 6800 | 13426 |
| Grand Pharmaceutical Group Ltd. | 4000 | 4006 |
| Great Wall Motor Co. Ltd., H Shares | 42000 | 68820 |
| Greentown China Holdings Ltd.<sup>(1)</sup> | 94000 | 125496 |
| Greentown Management Holdings Co. Ltd. | 89000 | 32109 |
| Guangdong Investment Ltd. | 54000 | 52600 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 202800 | 14205 |
| Guoquan Food Shanghai Co. Ltd. | 90400 | 47186 |
| Guotai Haitong Securities Co. Ltd., H Shares | 59616 | 121404 |
| H World Group Ltd., ADR | 9389 | 514517 |
| Haidilao International Holding Ltd.<sup>(1)</sup> | 13000 | 29181 |
| Haier Smart Home Co. Ltd., H Shares | 25600 | 86930 |
| Haitian International Holdings Ltd. | 34000 | 109872 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 500 | 3005 |
| Hansoh Pharmaceutical Group Co. Ltd. | 10000 | 44520 |
| Harbin Electric Co. Ltd., H Shares | 16000 | 57419 |
| Hello Group, Inc., ADR | 6364 | 41175 |
| Hengan International Group Co. Ltd. | 53000 | 197176 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 4000 | 12238 |
| Huatai Securities Co. Ltd., H Shares | 33600 | 71859 |
| Industrial & Commercial Bank of China Ltd., H Shares | 1457000 | 1198321 |
| Ingdan, Inc.<sup>(2)</sup> | 73000 | 29300 |
| Inkeverse Group Ltd.<sup>(2)</sup> | 136000 | 12640 |
| Innovent Biologics, Inc.<sup>(2)</sup> | 36000 | 391675 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 31916 | 51066 |
| J&T Global Express Ltd.<sup>(2)</sup> | 108000 | 141576 |
| JD Health International, Inc.<sup>(2)</sup> | 47950 | 347041 |
| JD Logistics, Inc.<sup>(2)</sup> | 109900 | 156222 |
| JD.com, Inc., ADR | 11765 | 312125 |
| Jiangsu Expressway Co. Ltd., H Shares | 20000 | 26020 |
| Jiayin Group, Inc., ADR | 1143 | 7407 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 81000 | 25790 |
| Jiumaojiu International Holdings Ltd. | 92000 | 24071 |
| JNBY Design Ltd. | 25500 | 70090 |
| JOYY, Inc., ADR | 1382 | 82464 |
| Kanzhun Ltd., ADR | 3075 | 49446 |
| KE Holdings, Inc., ADR<sup>(1)</sup> | 8894 | 146306 |
| Kingboard Laminates Holdings Ltd. | 8000 | 24146 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kingdee International Software Group Co. Ltd.<sup>(2)</sup> | 22000 | $28230 |
| Kingsoft Corp. Ltd. | 87800 | 291594 |
| Kuaishou Technology | 129200 | 1024496 |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 34000 | 917 |
| Lenovo Group Ltd. | 154000 | 190086 |
| Leoch Energy, Inc.<sup>(2)</sup> | 580 | 4930 |
| Leoch International Technology Ltd. | 29000 | 2548 |
| LexinFintech Holdings Ltd., ADR | 12976 | 37501 |
| Li Auto, Inc., ADR<sup>(2)</sup> | 14306 | 251643 |
| Li Ning Co. Ltd. | 221500 | 634665 |
| Lingbao Gold Group Co. Ltd., Class H | 47000 | 161609 |
| Linklogis, Inc., Class B | 21500 | 5945 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 72000 | 11837 |
| Longfor Group Holdings Ltd.<sup>(1)</sup> | 141963 | 179739 |
| Lonking Holdings Ltd. | 7000 | 3055 |
| Lufax Holding Ltd., ADR<sup>(2)</sup> | 1852 | 4815 |
| Luye Pharma Group Ltd.<sup>(2)</sup> | 24000 | 7938 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(2)</sup> | 30000 | 1086 |
| Maoyan Entertainment | 24200 | 19693 |
| Meitu, Inc.<sup>(2)</sup> | 35500 | 25571 |
| Meituan, Class B<sup>(2)</sup> | 51450 | 529780 |
| Midea Group Co. Ltd. | 1800 | 20835 |
| Midea Real Estate Holding Ltd.<sup>(2)</sup> | 57400 | 30939 |
| MINISO Group Holding Ltd., ADR<sup>(1)</sup> | 3783 | 68170 |
| Minth Group Ltd. | 76000 | 424822 |
| NetDragon Websoft Holdings Ltd. | 15000 | 17264 |
| NetEase Cloud Music, Inc.<sup>(2)</sup> | 3400 | 67041 |
| NetEase, Inc., ADR | 8513 | 978740 |
| New China Life Insurance Co. Ltd., H Shares | 69600 | 489790 |
| Newborn Town, Inc.<sup>(2)</sup> | 48000 | 57850 |
| Nexteer Automotive Group Ltd. | 87000 | 82889 |
| NIO, Inc., ADR<sup>(2)</sup> | 17936 | 87348 |
| Niu Technologies, ADR<sup>(2)</sup> | 33 | 119 |
| Noah Holdings Ltd., ADR | 4557 | 53864 |
| Nongfu Spring Co. Ltd., H Shares | 50800 | 306488 |
| Onewo, Inc., Class H | 21000 | 51063 |
| Orient Overseas International Ltd.<sup>(1)</sup> | 9000 | 171885 |
| PDD Holdings, Inc., ADR<sup>(2)</sup> | 9768 | 1013235 |
| People's Insurance Co. Group of China Ltd., H Shares | 272000 | 222190 |
| Perennial Energy Holdings Ltd.<sup>(1)(2)</sup> | 15000 | 2196 |
| Pharmaron Beijing Co. Ltd., H Shares | 375 | 945 |
| PICC Property & Casualty Co. Ltd., H Shares | 244000 | 503456 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(1)(2)</sup> | 74535 | 125184 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 150000 | 1297596 |
| Poly Property Group Co. Ltd. | 244000 | 65717 |
| Poly Property Services Co. Ltd., Class H | 29200 | 119335 |
| Pop Mart International Group Ltd.<sup>(1)</sup> | 19600 | 576690 |
| Postal Savings Bank of China Co. Ltd., H Shares | 271000 | 170529 |
| Precision Tsugami China Corp. Ltd. | 14000 | 79470 |
| Q Technology Group Co. Ltd. | 16000 | 18095 |
| Qfin Holdings, Inc., ADR | 11115 | 161834 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 31000 | 6518 |
| Seazen Group Ltd.<sup>(2)</sup> | 184000 | 53949 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 109600 | $71312 |
| Shanghai Chicmax Cosmetic Co. Ltd. | 5000 | 38455 |
| Shanghai Conant Optical Co. Ltd., Class H | 20000 | 157647 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 500 | 1277 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 9500 | 14121 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(1)</sup> | 12000 | 11007 |
| Shenzhen International Holdings Ltd. | 110298 | 128493 |
| Shenzhen Investment Ltd<sup>.(1)(2)</sup> | 254000 | 27248 |
| Shenzhou International Group Holdings Ltd. | 45600 | 366718 |
| Shimao Services Holdings Ltd.<sup>(2)</sup> | 28000 | 2254 |
| Shoucheng Holdings Ltd.<sup>(1)</sup> | 70000 | 19639 |
| Shui On Land Ltd. | 358500 | 30170 |
| Sichuan Expressway Co. Ltd., Class H | 62000 | 44330 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(1)</sup> | 419000 | 83150 |
| Sino Biopharmaceutical Ltd. | 384000 | 296115 |
| Sino-Ocean Group Holding Ltd.<sup>(1)(2)</sup> | 338500 | 3924 |
| Sinopharm Group Co. Ltd., H Shares | 62400 | 168233 |
| Sinotruk Hong Kong Ltd. | 23500 | 123710 |
| Skyworth Group Ltd.<sup>(2)</sup> | 61013 | 54629 |
| SOHO China Ltd.<sup>(2)</sup> | 60000 | 3903 |
| Sohu.com Ltd., ADR<sup>(2)</sup> | 2151 | 35535 |
| Sun Art Retail Group Ltd. | 243000 | 50925 |
| Sun King Technology Group Ltd. | 2000 | 484 |
| Sunac Services Holdings Ltd.<sup>(1)</sup> | 187000 | 31699 |
| Sunny Optical Technology Group Co. Ltd. | 12500 | 92436 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 52 | 286 |
| SY Holdings Group Ltd.<sup>(1)</sup> | 52500 | 71253 |
| TAL Education Group, ADR<sup>(2)</sup> | 421 | 4433 |
| TCL Electronics Holdings Ltd. | 2000 | 3130 |
| Tencent Holdings Ltd. | 68500 | 4506877 |
| Tencent Music Entertainment Group, ADR | 8104 | 118318 |
| Tianli International Holdings Ltd.<sup>(1)</sup> | 112000 | 35759 |
| Tianneng Power International Ltd. | 20000 | 19039 |
| Tomson Group Ltd. | 48000 | 16450 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 2000 | 1119 |
| Tongcheng Travel Holdings Ltd. | 115600 | 304530 |
| Topsports International Holdings Ltd. | 216000 | 86633 |
| TravelSky Technology Ltd., H Shares | 17000 | 23263 |
| Trip.com Group Ltd., ADR | 4592 | 241631 |
| Tsaker New Energy Tech Co. Ltd. | 4000 | 413 |
| Tsingtao Brewery Co. Ltd., H Shares | 32000 | 216495 |
| Tuya, Inc., ADR | 1390 | 3544 |
| Up Fintech Holding Ltd., ADR<sup>(2)</sup> | 126 | 985 |
| Vipshop Holdings Ltd., ADR | 24678 | 429891 |
| Viva Biotech Holdings<sup>(2)</sup> | 54500 | 15231 |
| Vnet Group, Inc., ADR<sup>(1)(2)</sup> | 4945 | 53307 |
| Wasion Holdings Ltd. | 50000 | 177209 |
| Weibo Corp., ADR | 8965 | 89022 |
| Weichai Power Co. Ltd., H Shares | 33000 | 137323 |
| Wuling Motors Holdings Ltd. | 10000 | 637 |
| WuXi AppTec Co. Ltd., H Shares | 5100 | 77399 |
| Wuxi Biologics Cayman, Inc.<sup>(2)</sup> | 45500 | 233607 |
| XD, Inc. | 22200 | 208893 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 18000 | $23582 |
| Xinyi Energy Holdings Ltd. | 181335 | 29371 |
| XJ International Holdings Co. Ltd.<sup>(2)</sup> | 212000 | 4876 |
| XPeng, Inc., Class A, ADR<sup>(1)(2)</sup> | 902 | 15839 |
| Xtep International Holdings Ltd. | 149907 | 101912 |
| Yadea Group Holdings Ltd. | 38000 | 55304 |
| Yeahka Ltd.<sup>(2)</sup> | 2800 | 2894 |
| Yidu Tech, Inc.<sup>(1)(2)</sup> | 12800 | 9719 |
| Yihai International Holding Ltd. | 48000 | 99899 |
| Yixin Group Ltd.<sup>(1)</sup> | 184500 | 64954 |
| Youdao, Inc., ADR<sup>(1)(2)</sup> | 38 | 407 |
| Yuexiu Property Co. Ltd.<sup>(1)</sup> | 71000 | 41593 |
| Yuexiu Services Group Ltd. | 16000 | 3943 |
| Yuexiu Transport Infrastructure Ltd. | 80000 | 46986 |
| Yum China Holdings, Inc. | 20552 | 1128510 |
| Zengame Technology Holding Ltd. | 28000 | 8469 |
| Zhejiang Expressway Co. Ltd., H Shares | 97880 | 85645 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(2)</sup> | 29600 | 154375 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(2)</sup> | 48900 | 95495 |
| Zhongsheng Group Holdings Ltd. | 80500 | 106398 |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 2000 | 10 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 12000 | 1578 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H<sup>(1)</sup> | 7800 | 10400 |
| ZTO Express Cayman, Inc., ADR | 10428 | 254235 |
|  |  | 43564729 |
| **Colombia — 0.2%** |  |  |
| Cementos Argos SA | 11376 | 35899 |
| Grupo Cibest SA | 2627 | 59066 |
| Grupo Cibest SA, ADR | 1381 | 93742 |
| Grupo de Inversiones Suramericana SA | 250 | 3611 |
| Interconexion Electrica SA ESP | 17794 | 132886 |
| Mineros SA | 3056 | 16241 |
|  |  | 341445 |
| **Czech Republic — 0.1%** |  |  |
| Komercni Banka AS | 2547 | 145999 |
| Moneta Money Bank AS | 17013 | 163673 |
|  |  | 309672 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 93059 | 248145 |
| **Greece — 0.6%** |  |  |
| Aegean Airlines SA | 4354 | 70683 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(2)</sup> | 2451 | 30442 |
| Alpha Bank SA | 79849 | 351210 |
| Athens International Airport SA | 2481 | 33537 |
| Eurobank SA | 28556 | 132313 |
| GEK TERNA SA | 1399 | 59604 |
| Hellenic Telecommunications Organization SA | 2656 | 55171 |
| Jumbo SA | 2572 | 75356 |
| LAMDA Development SA<sup>(2)</sup> | 4548 | 37585 |
| National Bank of Greece SA | 11080 | 180235 |
| Piraeus Bank SA<sup>(2)</sup> | 27530 | 264139 |
|  |  | 1290275 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hong Kong — 0.0%** | | |
| Brii Biosciences Ltd.<sup>(2)</sup> | 50500 | $10073 |
| China Dili Group<sup>(2)</sup> | 6000 | 8 |
| China General Education Group Ltd.<sup>(2)</sup> | 1000 | 360 |
| China Rare Earth Holdings Ltd.<sup>(2)</sup> | 2000 | 89 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 122000 | 834 |
| China Sunshine Paper Holdings Co. Ltd. | 2000 | 345 |
| EVA Precision Industrial Holdings Ltd. | 10000 | 1136 |
| Jiayuan International Group Ltd.<sup>(2)</sup> | 18000 | 23 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 203000 | 4152 |
| Mobvista, Inc.<sup>(2)</sup> | 3000 | 4537 |
| NH Health<sup>(1)(2)</sup> | 7500 | 9 |
| Redco Properties Group Ltd.<sup>(2)</sup> | 10000 | 215 |
|  |  | 21781 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 19539 | 132495 |
| OTP Bank Nyrt | 3998 | 492923 |
| Richter Gedeon Nyrt | 2255 | 84591 |
|  |  | 710009 |
| **India — 14.9%** |  |  |
| 360 ONE WAM Ltd. | 2310 | 28059 |
| 3M India Ltd. | 99 | 40829 |
| 63 Moons Technologies Ltd. | 2692 | 17912 |
| Aarti Pharmalabs Ltd. | 98 | 781 |
| Aavas Financiers Ltd.<sup>(2)</sup> | 2382 | 33697 |
| ABB India Ltd. | 811 | 54174 |
| Accelya Solutions India Ltd. | 256 | 3374 |
| Action Construction Equipment Ltd. | 844 | 8229 |
| Adani Green Energy Ltd.<sup>(2)</sup> | 1456 | 15186 |
| Aditya Birla Capital Ltd.<sup>(2)</sup> | 15565 | 58961 |
| Aditya Birla Fashion & Retail Ltd.<sup>(2)</sup> | 168 | 124 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(2)</sup> | 32799 | 36868 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 3433 | 33769 |
| Advent Hotels International Pvt Ltd.<sup>(2)</sup> | 718 | 1528 |
| Affle 3i Ltd.<sup>(2)</sup> | 8 | 121 |
| AIA Engineering Ltd. | 190 | 8046 |
| Ajanta Pharma Ltd. | 1835 | 60480 |
| Alivus Life Sciences Ltd. | 1731 | 17406 |
| Allcargo Global Ltd.<sup>(2)</sup> | 12708 | 2999 |
| Allcargo Logistics Ltd.<sup>(2)</sup> | 12708 | 1183 |
| Allcargo Terminals Ltd.<sup>(2)</sup> | 3177 | 872 |
| Alok Industries Ltd.<sup>(2)</sup> | 2218 | 350 |
| Amara Raja Energy & Mobility Ltd. | 7413 | 68893 |
| Amber Enterprises India Ltd.<sup>(2)</sup> | 859 | 75354 |
| Ambika Cotton Mills Ltd. | 30 | 446 |
| Anand Rathi Wealth Ltd. | 1106 | 37399 |
| Anant Raj Ltd. | 6542 | 38165 |
| Andhra Paper Ltd. | 1875 | 1420 |
| Andhra Sugars Ltd. | 371 | 302 |
| Apcotex Industries Ltd. | 9 | 36 |
| Apex Frozen Foods Ltd. | 40 | 172 |
| APL Apollo Tubes Ltd. | 2941 | 72320 |
| Apollo Hospitals Enterprise Ltd. | 1556 | 134013 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Apollo Pipes Ltd. | 3771 | $14842 |
| Apollo Tyres Ltd. | 15692 | 78355 |
| Aptech Ltd. | 2258 | 2170 |
| Aptus Value Housing Finance India Ltd. | 8172 | 21944 |
| Arman Financial Services Ltd.<sup>(2)</sup> | 924 | 15935 |
| Arvind Fashions Ltd. | 6767 | 32925 |
| Arvind Ltd. | 10599 | 41089 |
| Asahi India Glass Ltd. | 3701 | 36673 |
| Ashapura Minechem Ltd. | 143 | 832 |
| Ashok Leyland Ltd. | 173626 | 403183 |
| Asian Granito India Ltd.<sup>(2)</sup> | 544 | 426 |
| Asian Paints Ltd. | 8368 | 218976 |
| Associated Alcohols & Breweries Ltd. | 285 | 2534 |
| Aster DM Healthcare Ltd. | 21920 | 157935 |
| Astra Microwave Products Ltd. | 1301 | 13853 |
| Astral Ltd. | 914 | 16774 |
| AstraZeneca Pharma India Ltd. | 209 | 20403 |
| AU Small Finance Bank Ltd. | 15587 | 164121 |
| AurionPro Solutions Ltd. | 1212 | 11869 |
| Aurobindo Pharma Ltd. | 9075 | 122124 |
| Avadh Sugar & Energy Ltd. | 127 | 521 |
| Avenue Supermarts Ltd.<sup>(2)</sup> | 585 | 24809 |
| AvenuesAI Ltd.<sup>(2)</sup> | 13216 | 2418 |
| Awfis Space Solutions Ltd.<sup>(2)</sup> | 3413 | 10975 |
| Axis Bank Ltd., GDR | 10066 | 758056 |
| Bajaj Auto Ltd. | 1338 | 146795 |
| Bajaj Consumer Care Ltd.<sup>(2)</sup> | 4128 | 17937 |
| Bajaj Finance Ltd. | 52348 | 574107 |
| Bajaj Finserv Ltd. | 4449 | 97568 |
| Bajaj Healthcare Ltd. | 2301 | 8348 |
| Bajaj Hindusthan Sugar Ltd.<sup>(2)</sup> | 81563 | 14504 |
| Bajel Projects Ltd.<sup>(2)</sup> | 1643 | 2914 |
| Balaji Amines Ltd. | 542 | 6475 |
| Balaji Telefilms Ltd.<sup>(2)</sup> | 116 | 138 |
| Balkrishna Industries Ltd. | 2857 | 74971 |
| Balrampur Chini Mills Ltd. | 8145 | 42191 |
| Banco Products India Ltd. | 3496 | 23981 |
| Bandhan Bank Ltd. | 46631 | 93376 |
| Bank of Baroda | 30126 | 106725 |
| BASF India Ltd. | 271 | 10293 |
| Bata India Ltd. | 2119 | 18386 |
| Bayer CropScience Ltd. | 1136 | 58332 |
| BEML Ltd. | 2660 | 49194 |
| Berger Paints India Ltd. | 1530 | 7666 |
| Best Agrolife Ltd. | 6285 | 1118 |
| BF Utilities Ltd.<sup>(2)</sup> | 24 | 133 |
| Bhansali Engineering Polymers Ltd. | 10475 | 9379 |
| Bharat Bijlee Ltd. | 1028 | 27689 |
| Bharat Electronics Ltd. | 111263 | 544793 |
| Bharat Forge Ltd. | 6564 | 138192 |
| Bharat Heavy Electricals Ltd. | 28271 | 82380 |
| Bharat Rasayan Ltd. | 36 | 598 |
| Biocon Ltd. | 5650 | 24262 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BirlaNu Ltd. | 34 | $564 |
| Birlasoft Ltd. | 10359 | 44513 |
| BLS International Services Ltd. | 2730 | 8384 |
| Blue Dart Express Ltd. | 381 | 23807 |
| Blue Star Ltd. | 620 | 13214 |
| Bluspring Enterprises Ltd.<sup>(2)</sup> | 2161 | 1213 |
| Bodal Chemicals Ltd.<sup>(2)</sup> | 231 | 119 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 8414 | 10506 |
| Brigade Enterprises Ltd. | 4742 | 36194 |
| Brightcom Group Ltd.<sup>(2)</sup> | 76861 | 9043 |
| Britannia Industries Ltd. | 2078 | 137153 |
| BSE Ltd. | 12721 | 379533 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(2)</sup> | 2 | 13 |
| Camlin Fine Sciences Ltd.<sup>(2)</sup> | 1734 | 2817 |
| Can Fin Homes Ltd. | 4574 | 42478 |
| Canara Bank | 71303 | 123441 |
| Cantabil Retail India Ltd. | 55 | 161 |
| Capacit'e Infraprojects Ltd.<sup>(2)</sup> | 1314 | 3511 |
| Caplin Point Laboratories Ltd. | 162 | 3038 |
| Carborundum Universal Ltd. | 2547 | 23097 |
| Care Ratings Ltd. | 319 | 5649 |
| Cartrade Tech Ltd.<sup>(2)</sup> | 1321 | 26162 |
| Carysil Ltd. | 145 | 1428 |
| Ceat Ltd. | 2512 | 97548 |
| Cemindia Projects Ltd. | 8363 | 53021 |
| Central Depository Services India Ltd. | 2642 | 37013 |
| Centum Electronics Ltd. | 769 | 22504 |
| Century Enka Ltd. | 40 | 191 |
| Century Plyboards India Ltd. | 2473 | 20001 |
| Cera Sanitaryware Ltd. | 121 | 6507 |
| CG Power & Industrial Solutions Ltd. | 1647 | 13131 |
| Chalet Hotels Ltd. | 3447 | 30630 |
| Chemcon Speciality Chemicals Ltd.<sup>(2)</sup> | 474 | 857 |
| Cholamandalam Financial Holdings Ltd. | 1312 | 23591 |
| Cholamandalam Investment & Finance Co. Ltd. | 14136 | 269333 |
| CIE Automotive India Ltd. | 6470 | 33594 |
| Cigniti Technologies Ltd.<sup>(2)</sup> | 1795 | 23258 |
| Cipla Ltd. | 7890 | 117166 |
| City Union Bank Ltd. | 28874 | 89877 |
| CMS Info Systems Ltd. | 18984 | 63383 |
| Cochin Shipyard Ltd. | 9019 | 147934 |
| Coffee Day Enterprises Ltd.<sup>(2)</sup> | 3695 | 1232 |
| Coforge Ltd. | 3468 | 45401 |
| Cohance Lifesciences Ltd.<sup>(2)</sup> | 2202 | 7502 |
| Colgate-Palmolive India Ltd. | 2675 | 66335 |
| Computer Age Management Services Ltd. | 10580 | 78949 |
| Confidence Petroleum India Ltd. | 5136 | 1793 |
| Coromandel International Ltd. | 3801 | 92828 |
| Cosmo First Ltd. | 1971 | 15407 |
| Craftsman Automation Ltd. | 421 | 34854 |
| CreditAccess Grameen Ltd.<sup>(2)</sup> | 6855 | 95468 |
| CRISIL Ltd. | 423 | 20355 |
| Crompton Greaves Consumer Electricals Ltd. | 11144 | 31638 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CSB Bank Ltd.<sup>(2)</sup> | 5637 | $24633 |
| Cummins India Ltd. | 958 | 51662 |
| Cyient Ltd. | 4174 | 42083 |
| Dabur India Ltd. | 6440 | 36726 |
| Dalmia Bharat Refractories Ltd.<sup>(2)</sup> | 3 |  |
| Dalmia Bharat Sugar & Industries Ltd. | 176 | 585 |
| Datamatics Global Services Ltd. | 138 | 1171 |
| DB Corp. Ltd. | 3495 | 8656 |
| DCB Bank Ltd. | 4946 | 10106 |
| DCM Shriram Ltd. | 2490 | 28385 |
| DCW Ltd. | 23865 | 12477 |
| Deepak Nitrite Ltd. | 2121 | 36839 |
| DEN Networks Ltd.<sup>(2)</sup> | 481 | 148 |
| Devyani International Ltd.<sup>(2)</sup> | 13765 | 19309 |
| Digitide Solutions Ltd.<sup>(2)</sup> | 2161 | 2339 |
| Dish TV India Ltd.<sup>(2)</sup> | 43324 | 1377 |
| Dishman Carbogen Amcis Ltd.<sup>(2)</sup> | 1053 | 2027 |
| Divi's Laboratories Ltd. | 1034 | 72982 |
| Dixon Technologies India Ltd. | 325 | 37675 |
| DLF Ltd. | 6193 | 41150 |
| D-Link India Ltd. | 647 | 3010 |
| Dollar Industries Ltd. | 80 | 258 |
| Dr. Lal PathLabs Ltd. | 2944 | 45445 |
| Dr. Reddy's Laboratories Ltd., ADR | 6851 | 98517 |
| Dredging Corp. of India Ltd.<sup>(2)</sup> | 199 | 2082 |
| eClerx Services Ltd. | 1747 | 61022 |
| Edelweiss Financial Services Ltd. | 21459 | 27005 |
| Eicher Motors Ltd. | 1446 | 127418 |
| EIH Ltd. | 281 | 968 |
| Elecon Engineering Co. Ltd. | 7044 | 32265 |
| Elgi Equipments Ltd. | 12817 | 75440 |
| Emami Ltd. | 11541 | 58742 |
| Embassy Developments Ltd.<sup>(2)</sup> | 10505 | 6983 |
| Endurance Technologies Ltd. | 1979 | 58027 |
| Engineers India Ltd. | 8267 | 20166 |
| Epack Durable Ltd.<sup>(2)</sup> | 5005 | 13651 |
| Epigral Ltd. | 1093 | 10716 |
| EPL Ltd. | 17228 | 41206 |
| Equitas Small Finance Bank Ltd.<sup>(2)</sup> | 10360 | 7336 |
| Escorts Kubota Ltd. | 625 | 24184 |
| Eternal Ltd.<sup>(2)</sup> | 40253 | 108930 |
| Eveready Industries India Ltd. | 4637 | 16917 |
| Everest Industries Ltd. | 196 | 839 |
| Everest Kanto Cylinder Ltd. | 75 | 93 |
| Excel Industries Ltd. | 24 | 252 |
| Exide Industries Ltd. | 15288 | 56234 |
| Fairchem Organics Ltd. | 46 | 300 |
| FDC Ltd. | 1017 | 3995 |
| Federal Bank Ltd. | 59695 | 196972 |
| FIEM Industries Ltd. | 1062 | 25468 |
| Filatex India Ltd. | 32934 | 15736 |
| Fine Organic Industries Ltd. | 763 | 39510 |
| Finolex Cables Ltd. | 6440 | 64670 |
| Finolex Industries Ltd. | 13028 | 26541 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Firstsource Solutions Ltd. | 332 | $780 |
| Five-Star Business Finance Ltd. | 10293 | 47252 |
| Force Motors Ltd. | 544 | 145813 |
| Fortis Healthcare Ltd. | 3119 | 32382 |
| Fusion Finance Ltd.<sup>(2)</sup> | 8891 | 18443 |
| Gabriel India Ltd. | 5665 | 62253 |
| Galaxy Surfactants Ltd. | 65 | 1406 |
| Ganesh Housing Ltd. | 109 | 806 |
| Ganesha Ecosphere Ltd. | 327 | 2776 |
| Garden Reach Shipbuilders & Engineers Ltd. | 1194 | 31944 |
| Garware Hi-Tech Films Ltd. | 1181 | 55132 |
| Gateway Distriparks Ltd. | 19885 | 12868 |
| Genus Power Infrastructures Ltd. | 942 | 2722 |
| Geojit Financial Services Ltd. | 339 | 236 |
| GHCL Textiles Ltd. | 2488 | 2092 |
| GIC Housing Finance Ltd. | 2493 | 4234 |
| Gillette India Ltd. | 248 | 22754 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 848 | 24012 |
| Glenmark Pharmaceuticals Ltd. | 10695 | 251321 |
| Global Health Ltd. | 1771 | 22172 |
| Globus Spirits Ltd. | 434 | 4271 |
| GMM Pfaudler Ltd. | 3289 | 33739 |
| GMR Airports Ltd.<sup>(2)</sup> | 33366 | 36969 |
| GNA Axles Ltd. | 138 | 635 |
| Godrej Consumer Products Ltd. | 1996 | 26735 |
| Godrej Properties Ltd.<sup>(2)</sup> | 1043 | 19863 |
| Gokaldas Exports Ltd.<sup>(2)</sup> | 3229 | 22850 |
| Gokul Agro Resources Ltd.<sup>(2)</sup> | 11294 | 21076 |
| Goodluck India Ltd. | 231 | 2990 |
| Greenply Industries Ltd. | 546 | 1326 |
| GTL Infrastructure Ltd.<sup>(2)</sup> | 37531 | 454 |
| Gufic Biosciences Ltd. | 77 | 240 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4509 | 22615 |
| Gujarat Pipavav Port Ltd. | 16587 | 32241 |
| Gulshan Chemfill Ltd.<sup>(2)</sup> | 157 | 44 |
| Hathway Cable & Datacom Ltd.<sup>(2)</sup> | 5258 | 621 |
| Havells India Ltd. | 2428 | 37301 |
| HBL Engineering Ltd. | 6132 | 46210 |
| HCL Technologies Ltd. | 17511 | 268032 |
| HDFC Asset Management Co. Ltd. | 6256 | 185681 |
| HDFC Bank Ltd. | 116382 | 1137634 |
| HDFC Life Insurance Co. Ltd. | 6057 | 47655 |
| HealthCare Global Enterprises Ltd.<sup>(2)</sup> | 1599 | 10118 |
| HEG Ltd. | 4849 | 30792 |
| Hero MotoCorp Ltd. | 6570 | 412821 |
| HFCL Ltd. | 11203 | 8447 |
| HG Infra Engineering Ltd. | 1134 | 6752 |
| Himadri Speciality Chemical Ltd., ADR | 10859 | 57991 |
| Himatsingka Seide Ltd. | 231 | 254 |
| Hinduja Global Solutions Ltd.<sup>(2)</sup> | 241 | 999 |
| Hindustan Aeronautics Ltd. | 4733 | 203780 |
| Hindustan Oil Exploration Co. Ltd.<sup>(2)</sup> | 687 | 990 |
| Hindustan Unilever Ltd. | 10150 | 260966 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hindware Home Innovation Ltd.<sup>(2)</sup> | 2181 | $5472 |
| Hitachi Energy India Ltd. | 14 | 3938 |
| Honda India Power Products Ltd. | 209 | 4884 |
| Hubtown Ltd.<sup>(2)</sup> | 5143 | 12138 |
| ICICI Bank Ltd. | 15305 | 232739 |
| ICICI Bank Ltd., ADR | 44012 | 1342806 |
| ICICI Lombard General Insurance Co. Ltd. | 2755 | 57659 |
| ICICI Prudential Life Insurance Co. Ltd. | 1582 | 11390 |
| IDFC First Bank Ltd. | 143650 | 116121 |
| IFCI Ltd.<sup>(2)</sup> | 33486 | 22129 |
| IIFL Capital Services Ltd. | 17671 | 56165 |
| IIFL Finance Ltd. | 22490 | 122874 |
| India Glycols Ltd. | 3106 | 32869 |
| IndiaMart InterMesh Ltd. | 2741 | 64398 |
| Indian Energy Exchange Ltd. | 22813 | 31542 |
| Indian Hotels Co. Ltd. | 9956 | 73110 |
| Indian Metals & Ferro Alloys Ltd. | 35 | 488 |
| Indian Railway Catering & Tourism Corp. Ltd. | 1720 | 10786 |
| Indo Count Industries Ltd. | 6323 | 18558 |
| Indo Rama Synthetics India Ltd. | 481 | 188 |
| IndoStar Capital Finance Ltd.<sup>(2)</sup> | 5181 | 12783 |
| Indraprastha Medical Corp. Ltd. | 1432 | 6352 |
| IndusInd Bank Ltd.<sup>(2)</sup> | 26775 | 281739 |
| Info Edge India Ltd. | 5195 | 58844 |
| Infosys Ltd., ADR<sup>(1)</sup> | 45318 | 654392 |
| Ingersoll Rand India Ltd. | 118 | 5202 |
| Inox Wind Ltd.<sup>(2)</sup> | 5270 | 5349 |
| Insecticides India Ltd. | 135 | 923 |
| Intellect Design Arena Ltd. | 3093 | 23776 |
| IOL Chemicals & Pharmaceuticals Ltd. | 1290 | 1039 |
| ION Exchange India Ltd. | 1470 | 5893 |
| Ipca Laboratories Ltd. | 3566 | 60025 |
| IRB Infrastructure Developers Ltd. | 31598 | 14501 |
| ISGEC Heavy Engineering Ltd. | 33 | 322 |
| Jai Corp. Ltd. | 1548 | 1885 |
| Jain Irrigation Systems Ltd.<sup>(2)</sup> | 8727 | 3375 |
| Jammu & Kashmir Bank Ltd. | 41038 | 54802 |
| Jamna Auto Industries Ltd. | 29537 | 47936 |
| Jana Small Finance Bank Ltd.<sup>(2)</sup> | 3707 | 15118 |
| JB Chemicals & Pharmaceuticals Ltd. | 2513 | 56692 |
| Jindal Poly Films Ltd. | 165 | 1119 |
| Jio Financial Services Ltd. | 44244 | 124409 |
| JK Tyre & Industries Ltd. | 10760 | 59342 |
| JM Financial Ltd. | 23843 | 33503 |
| Jubilant Foodworks Ltd. | 5680 | 32485 |
| Jubilant Pharmova Ltd. | 2883 | 27473 |
| Just Dial Ltd.<sup>(2)</sup> | 2151 | 13003 |
| Jyothy Labs Ltd. | 831 | 2322 |
| Kansai Nerolac Paints Ltd. | 8884 | 19877 |
| Karnataka Bank Ltd. | 13192 | 29443 |
| Karur Vysya Bank Ltd. | 43513 | 156110 |
| KCP Ltd. | 7300 | 12717 |
| KEC International Ltd. | 6780 | 43578 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KEI Industries Ltd. | 970 | $54222 |
| Kellton Tech Solutions Ltd.<sup>(2)</sup> | 595 | 126 |
| Kennametal India Ltd. | 93 | 2474 |
| Kiri Industries Ltd.<sup>(2)</sup> | 1143 | 5702 |
| Kirloskar Brothers Ltd. | 1810 | 31533 |
| Kirloskar Oil Engines Ltd. | 5917 | 90692 |
| Kitex Garments Ltd. | 903 | 1822 |
| Kolte-Patil Developers Ltd.<sup>(2)</sup> | 1063 | 4146 |
| Kotak Mahindra Bank Ltd. | 128166 | 585740 |
| KPI Green Energy Ltd. | 5979 | 25425 |
| KPIT Technologies Ltd. | 3906 | 33198 |
| KPR Mill Ltd. | 1319 | 13059 |
| KRBL Ltd. | 4113 | 15380 |
| Krishna Institute of Medical Sciences Ltd.<sup>(2)</sup> | 8317 | 68259 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(2)</sup> | 2005 | 22040 |
| KSB Ltd. | 825 | 7003 |
| Kwality Wall's India Ltd.<sup>(2)</sup> | 9774 | 2806 |
| LA Opala RG Ltd. | 598 | 1358 |
| Lemon Tree Hotels Ltd.<sup>(2)</sup> | 409 | 512 |
| LG Balakrishnan & Bros Ltd. | 1041 | 22296 |
| LIC Housing Finance Ltd. | 22960 | 135894 |
| Lodha Developers Ltd. | 2446 | 26618 |
| Lumax Auto Technologies Ltd. | 732 | 14153 |
| Lupin Ltd. | 6741 | 171337 |
| LUX Industries Ltd. | 48 | 476 |
| Maharashtra Scooters Ltd. | 188 | 27425 |
| Mahindra & Mahindra Financial Services Ltd. | 30925 | 127359 |
| Mahindra & Mahindra Ltd. | 18759 | 701144 |
| Mahindra Holidays & Resorts India Ltd.<sup>(2)</sup> | 1372 | 4291 |
| Mahindra Lifespace Developers Ltd. | 302 | 1190 |
| Mahindra Logistics Ltd. | 6930 | 31573 |
| Maithan Alloys Ltd. | 69 | 762 |
| Man Industries India Ltd.<sup>(2)</sup> | 316 | 1606 |
| Manali Petrochemicals Ltd. | 1472 | 898 |
| Manappuram Finance Ltd. | 54375 | 169167 |
| Marico Ltd. | 5018 | 43512 |
| Maruti Suzuki India Ltd. | 2577 | 421274 |
| MAS Financial Services Ltd. | 6505 | 23223 |
| Mastek Ltd. | 113 | 1972 |
| Max Financial Services Ltd.<sup>(2)</sup> | 7072 | 141028 |
| Max Healthcare Institute Ltd. | 3221 | 38771 |
| Mayur Uniquoters Ltd. | 1297 | 7590 |
| Mazagon Dock Shipbuilders Ltd. | 1722 | 42123 |
| Meghmani Organics Ltd.<sup>(2)</sup> | 1526 | 886 |
| Metropolis Healthcare Ltd. | 468 | 9832 |
| Minda Corp. Ltd. | 5462 | 33404 |
| Mirza International Ltd.<sup>(2)</sup> | 663 | 251 |
| Mishra Dhatu Nigam Ltd. | 621 | 2369 |
| Mold-Tek Packaging Ltd. | 61 | 387 |
| Monte Carlo Fashions Ltd. | 87 | 531 |
| Motherson Sumi Wiring India Ltd. | 154119 | 73324 |
| Motilal Oswal Financial Services Ltd. | 3728 | 29758 |
| Mphasis Ltd. | 5412 | 136809 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MRF Ltd. | 92 | $142661 |
| MSTC Ltd. | 182 | 916 |
| Multi Commodity Exchange of India Ltd. | 5595 | 150549 |
| Muthoot Finance Ltd. | 5696 | 210220 |
| Narayana Hrudayalaya Ltd. | 4268 | 85870 |
| Natco Pharma Ltd. | 3355 | 36498 |
| National Fertilizers Ltd. | 712 | 606 |
| Navkar Corp. Ltd.<sup>(2)</sup> | 1587 | 1645 |
| Navneet Education Ltd. | 1113 | 1797 |
| NELCO Ltd. | 265 | 1813 |
| NESCO Ltd. | 1967 | 24314 |
| Nestle India Ltd. | 8622 | 122516 |
| Network18 Media & Investments Ltd.<sup>(2)</sup> | 68622 | 25170 |
| Neuland Laboratories Ltd. | 563 | 79527 |
| Newgen Software Technologies Ltd. | 262 | 1467 |
| NHPC Ltd. | 54561 | 45199 |
| NIIT Learning Systems Ltd. | 4357 | 16167 |
| NIIT Ltd. | 525 | 413 |
| Nippon Life India Asset Management Ltd. | 5288 | 54166 |
| Nuvama Wealth Management Ltd. | 6050 | 82853 |
| Oberoi Realty Ltd. | 2503 | 41951 |
| Olectra Greentech Ltd. | 242 | 2656 |
| Omaxe Ltd.<sup>(2)</sup> | 298 | 259 |
| One 97 Communications Ltd.<sup>(2)</sup> | 6461 | 78125 |
| Onesource Specialty Pharma Ltd.<sup>(2)</sup> | 1979 | 29299 |
| OnMobile Global Ltd.<sup>(2)</sup> | 473 | 265 |
| Optiemus Infracom Ltd.<sup>(2)</sup> | 173 | 788 |
| Oracle Financial Services Software Ltd. | 776 | 59386 |
| Orient Electric Ltd. | 8140 | 16578 |
| Orient Paper & Industries Ltd.<sup>(2)</sup> | 2680 | 552 |
| Page Industries Ltd. | 230 | 81267 |
| Paisalo Digital Ltd. | 31562 | 12366 |
| Panama Petrochem Ltd. | 251 | 778 |
| Patel Engineering Ltd.<sup>(2)</sup> | 22887 | 6946 |
| PB Fintech Ltd.<sup>(2)</sup> | 1499 | 24426 |
| PC Jeweller Ltd.<sup>(2)</sup> | 30550 | 3337 |
| PDS Ltd. | 771 | 2584 |
| Pearl Global Industries Ltd. | 1683 | 28614 |
| Pennar Industries Ltd.<sup>(2)</sup> | 6819 | 11219 |
| Persistent Systems Ltd. | 3021 | 157656 |
| PG Electroplast Ltd. | 560 | 3869 |
| Phoenix Mills Ltd. | 2421 | 44200 |
| PI Industries Ltd. | 2794 | 95876 |
| Pidilite Industries Ltd. | 1606 | 26362 |
| Piramal Finance Ltd.<sup>(2)</sup> | 4812 | 92181 |
| Piramal Pharma Ltd. | 13297 | 22855 |
| Pitti Engineering Ltd. | 2368 | 23738 |
| PNB Housing Finance Ltd. | 4528 | 41111 |
| Pokarna Ltd. | 1018 | 10207 |
| Polycab India Ltd. | 286 | 27098 |
| Polyplex Corp. Ltd. | 991 | 9245 |
| Pondy Oxides & Chemicals Ltd. | 1854 | 23408 |
| Poonawalla Fincorp Ltd.<sup>(2)</sup> | 10214 | 51108 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Power Finance Corp. Ltd. | 56655 | $258011 |
| Power Grid Corp. of India Ltd. | 111307 | 366003 |
| Power Mech Projects Ltd. | 616 | 14119 |
| Praj Industries Ltd. | 5232 | 18304 |
| Prakash Industries Ltd. | 8059 | 11632 |
| Prestige Estates Projects Ltd. | 1708 | 26168 |
| Pricol Ltd. | 4251 | 28193 |
| Prince Pipes & Fittings Ltd. | 312 | 867 |
| Procter & Gamble Health Ltd. | 253 | 13639 |
| PSP Projects Ltd.<sup>(2)</sup> | 400 | 3185 |
| PVR Inox Ltd.<sup>(2)</sup> | 2961 | 33300 |
| Quess Corp. Ltd. | 7678 | 16529 |
| Radico Khaitan Ltd. | 866 | 25224 |
| Railtel Corp. of India Ltd. | 9487 | 32764 |
| Rainbow Children's Medicare Ltd. | 2449 | 32091 |
| Rajesh Exports Ltd.<sup>(2)</sup> | 1830 | 2900 |
| Rallis India Ltd. | 2626 | 7997 |
| Ramco Systems Ltd.<sup>(2)</sup> | 27 | 132 |
| Ramky Infrastructure Ltd.<sup>(2)</sup> | 3862 | 19393 |
| Raymond Lifestyle Ltd.<sup>(2)</sup> | 1248 | 12095 |
| Raymond Ltd.<sup>(2)</sup> | 1561 | 6891 |
| Raymond Realty Ltd.<sup>(2)</sup> | 1561 | 7223 |
| RBL Bank Ltd. | 38825 | 136656 |
| REC Ltd. | 64363 | 247887 |
| Redington Ltd. | 25460 | 78608 |
| Redtape Ltd. | 2652 | 3427 |
| Relaxo Footwears Ltd. | 4554 | 17454 |
| Reliance Industrial Infrastructure Ltd. | 30 | 232 |
| Religare Enterprises Ltd.<sup>(2)</sup> | 7629 | 17768 |
| Repco Home Finance Ltd. | 6156 | 25798 |
| Restaurant Brands Asia Ltd.<sup>(2)</sup> | 5972 | 4176 |
| Rico Auto Industries Ltd. | 5876 | 8561 |
| RITES Ltd. | 5048 | 11889 |
| RPG Life Sciences Ltd. | 383 | 7900 |
| RSWM Ltd.<sup>(2)</sup> | 288 | 476 |
| Rupa & Co. Ltd. | 235 | 358 |
| Safari Industries India Ltd. | 472 | 9331 |
| Saksoft Ltd. | 653 | 1021 |
| SAMHI Hotels Ltd.<sup>(2)</sup> | 17613 | 31446 |
| Sammaan Capital Ltd.<sup>(2)</sup> | 33385 | 55090 |
| Samvardhana Motherson International Ltd. | 185695 | 272529 |
| Sandhar Technologies Ltd. | 2807 | 15663 |
| Sanghvi Movers Ltd. | 3320 | 9542 |
| Sanofi India Ltd. | 283 | 12351 |
| Sansera Engineering Ltd. | 2407 | 62064 |
| Sapphire Foods India Ltd.<sup>(2)</sup> | 8456 | 19021 |
| Satia Industries Ltd. | 1711 | 1246 |
| Satin Creditcare Network Ltd.<sup>(2)</sup> | 3993 | 6785 |
| SBFC Finance Ltd.<sup>(2)</sup> | 40389 | 41382 |
| SBI Cards & Payment Services Ltd.<sup>(2)</sup> | 9479 | 80845 |
| SBI Life Insurance Co. Ltd. | 2373 | 53176 |
| Schaeffler India Ltd. | 307 | 14732 |
| Schneider Electric Infrastructure Ltd.<sup>(2)</sup> | 2097 | 20914 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEAMEC Ltd.<sup>(2)</sup> | 1176 | $17035 |
| Servotech Renewable Power System Ltd. | 14134 | 11750 |
| Seshasayee Paper & Boards Ltd. | 951 | 2843 |
| Shakti Pumps India Ltd. | 294 | 1666 |
| Shankara Building Products Ltd. | 97 | 115 |
| Shankara Buildpro Ltd.<sup>(2)</sup> | 97 | 1033 |
| Shanthi Gears Ltd. | 393 | 1945 |
| Shipping Corp. of India Land & Assets Ltd. | 3065 | 1544 |
| Shoppers Stop Ltd.<sup>(2)</sup> | 706 | 2367 |
| Shriram Finance Ltd. | 65497 | 778738 |
| Shriram Pistons & Rings Ltd. | 1443 | 49470 |
| Siemens Energy India Ltd. | 499 | 16097 |
| Siemens Ltd.<sup>(2)</sup> | 1557 | 58562 |
| Siyaram Silk Mills Ltd. | 139 | 814 |
| SJS Enterprises Ltd. | 1363 | 26441 |
| SKF India Industrial Ltd.<sup>(2)</sup> | 1559 | 43912 |
| SKF India Ltd. | 1559 | 29826 |
| Sobha Ltd. | 3603 | 55345 |
| Som Distilleries & Breweries Ltd.<sup>(2)</sup> | 1480 | 1309 |
| Sona Blw Precision Forgings Ltd. | 5599 | 32984 |
| Sonata Software Ltd. | 8056 | 23777 |
| South Indian Bank Ltd. | 16624 | 7526 |
| Southern Petrochemical Industries Corp. Ltd. | 22193 | 16994 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 269 | 750 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 65 | 91 |
| Speciality Restaurants Ltd. | 716 | 799 |
| SRF Ltd. | 893 | 25195 |
| State Bank of India, GDR | 2973 | 391637 |
| Steel Strips Wheels Ltd. | 1280 | 3028 |
| Sterlite Technologies Ltd.<sup>(2)</sup> | 1461 | 2559 |
| STL Networks Ltd.<sup>(2)</sup> | 1461 | 332 |
| Stove Kraft Ltd. | 129 | 692 |
| Strides Pharma Science Ltd. | 3755 | 35249 |
| Sudarshan Chemical Industries Ltd. | 2315 | 22344 |
| Sumitomo Chemical India Ltd. | 255 | 1125 |
| Sun Pharmaceutical Industries Ltd. | 12205 | 233983 |
| Sun TV Network Ltd. | 8765 | 62516 |
| Sundaram Finance Ltd. | 138 | 8371 |
| Sundram Fasteners Ltd. | 1507 | 14485 |
| Sunflag Iron & Steel Co. Ltd. | 4345 | 11766 |
| Sunteck Realty Ltd. | 4389 | 19377 |
| Suprajit Engineering Ltd. | 837 | 4019 |
| Supreme Industries Ltd. | 1952 | 85434 |
| Supreme Petrochem Ltd. | 3650 | 28784 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 69387 | 32606 |
| Swaraj Engines Ltd. | 636 | 25168 |
| Syngene International Ltd. | 6604 | 30698 |
| Tamil Nadu Newsprint & Papers Ltd. | 2474 | 3725 |
| Tamilnad Mercantile Bank Ltd. | 3283 | 24157 |
| Tamilnadu Petroproducts Ltd. | 713 | 739 |
| Tanla Platforms Ltd. | 5493 | 27505 |
| Tata Communications Ltd. | 3532 | 62048 |
| Tata Consultancy Services Ltd. | 10209 | 296707 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tata Consumer Products Ltd. | 1997 | $25058 |
| Tata Elxsi Ltd. | 1195 | 59421 |
| Tata Investment Corp. Ltd. | 4290 | 31055 |
| Tata Motors Ltd./new<sup>(2)</sup> | 7541 | 41977 |
| Tata Motors Passenger Vehicles Ltd. | 7541 | 31760 |
| Tata Technologies Ltd. | 3192 | 20593 |
| Tata Teleservices Maharashtra Ltd.<sup>(2)</sup> | 1227 | 561 |
| TCI Express Ltd. | 160 | 960 |
| TeamLease Services Ltd.<sup>(2)</sup> | 66 | 886 |
| Tech Mahindra Ltd. | 12674 | 189662 |
| Technocraft Industries India Ltd. | 45 | 1133 |
| Tega Industries Ltd. | 962 | 19221 |
| Tejas Networks Ltd. | 62 | 297 |
| Texmaco Rail & Engineering Ltd. | 4065 | 4685 |
| Thanga Mayil Jewellery Ltd. | 698 | 30410 |
| Thermax Ltd. | 827 | 28366 |
| Thirumalai Chemicals Ltd.<sup>(2)</sup> | 663 | 1395 |
| Thomas Cook India Ltd. | 9872 | 11191 |
| Thyrocare Technologies Ltd. | 951 | 4129 |
| Time Technoplast Ltd. | 8010 | 16178 |
| Timken India Ltd. | 1005 | 38369 |
| Tips Music Ltd. | 2733 | 16165 |
| Titagarh Rail System Ltd. | 4401 | 33966 |
| Titan Co. Ltd. | 1912 | 91081 |
| Torrent Pharmaceuticals Ltd. | 1521 | 72548 |
| Tourism Finance Corp. of India Ltd. | 44800 | 34898 |
| TransIndia Real Estate Ltd.<sup>(2)</sup> | 3177 | 852 |
| Transport Corp. of India Ltd. | 729 | 8043 |
| Transrail Lighting Ltd. | 2589 | 16110 |
| Trent Ltd. | 1857 | 79792 |
| Triveni Turbine Ltd. | 2044 | 10989 |
| TSF Investments Ltd. | 5580 | 24658 |
| TTK Prestige Ltd. | 440 | 2531 |
| Tube Investments of India Ltd. | 908 | 27473 |
| TV Today Network Ltd. | 140 | 192 |
| TVS Motor Co. Ltd. | 1206 | 51365 |
| TVS Motor Co. Ltd., Preference Shares<sup>(2)</sup> | 4824 | 530 |
| TVS Srichakra Ltd. | 149 | 6454 |
| TVS Supply Chain Solutions Ltd.<sup>(2)</sup> | 13217 | 16722 |
| Uflex Ltd. | 2752 | 14584 |
| Ugar Sugar Works Ltd.<sup>(2)</sup> | 5572 | 2243 |
| Ujjivan Small Finance Bank Ltd.<sup>(2)</sup> | 103405 | 66020 |
| Unichem Laboratories Ltd.<sup>(2)</sup> | 1194 | 4553 |
| Union Bank of India Ltd. | 50445 | 112288 |
| United Spirits Ltd. | 4049 | 61485 |
| UNO Minda Ltd. | 1849 | 24170 |
| UPL Ltd. | 19864 | 139358 |
| UTI Asset Management Co. Ltd. | 2244 | 24396 |
| VA Tech Wabag Ltd. | 485 | 6745 |
| Vadilal Industries Ltd. | 384 | 20890 |
| Vaibhav Global Ltd. | 295 | 733 |
| Valiant Organics Ltd.<sup>(2)</sup> | 107 | 271 |
| Valor Estate Ltd.<sup>(2)</sup> | 7177 | 8997 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vardhman Textiles Ltd. | 4955 | $29679 |
| Varroc Engineering Ltd. | 1311 | 7804 |
| Varun Beverages Ltd. | 13850 | 68833 |
| Vedant Fashions Ltd. | 1119 | 4802 |
| Venky's India Ltd. | 65 | 964 |
| Vijaya Diagnostic Centre Ltd. | 1751 | 19392 |
| Vinati Organics Ltd. | 1041 | 16905 |
| VIP Industries Ltd.<sup>(2)</sup> | 2951 | 11620 |
| Visaka Industries Ltd. | 1090 | 734 |
| Vishnu Chemicals Ltd. | 520 | 2876 |
| Viyash Scientific Ltd.<sup>(2)</sup> | 193 | 453 |
| VL E-Governance & IT Solutions Ltd.<sup>(2)</sup> | 1063 | 182 |
| V-Mart Retail Ltd.<sup>(2)</sup> | 2608 | 15924 |
| Voltamp Transformers Ltd. | 388 | 38887 |
| Voltas Ltd. | 1511 | 25936 |
| VRL Logistics Ltd. | 8992 | 27432 |
| Welspun Corp. Ltd. | 5887 | 53554 |
| Welspun Enterprises Ltd. | 4869 | 26007 |
| Welspun Living Ltd. | 11785 | 16314 |
| Westlife Foodworld Ltd. | 3391 | 18449 |
| Whirlpool of India Ltd. | 1811 | 18386 |
| Windlas Biotech Ltd. | 436 | 3626 |
| Wipro Ltd., ADR<sup>(1)</sup> | 28903 | 64165 |
| Wonderla Holidays Ltd. | 85 | 446 |
| Yes Bank Ltd.<sup>(2)</sup> | 360729 | 82228 |
| Zee Entertainment Enterprises Ltd. | 46637 | 44887 |
| Zee Media Corp. Ltd.<sup>(2)</sup> | 1302 | 122 |
| Zen Technologies Ltd. | 88 | 1321 |
| Zensar Technologies Ltd. | 7355 | 45816 |
| Zydus Lifesciences Ltd. | 10316 | 104985 |
|  |  | 29776810 |
| **Indonesia — 1.2%** |  |  |
| Adaro Andalan Indonesia PT | 98700 | 54387 |
| Adi Sarana Armada Tbk. PT | 33000 | 2339 |
| Aspirasi Hidup Indonesia Tbk. PT | 364800 | 8715 |
| Astra Otoparts Tbk. PT | 63600 | 10997 |
| Bank BTPN Syariah Tbk. PT | 193400 | 13252 |
| Bank Central Asia Tbk. PT | 604500 | 258115 |
| Bank Jago Tbk. PT<sup>(2)</sup> | 5600 | 530 |
| Bank KB Indonesia Tbk. PT<sup>(2)</sup> | 53500 | 230 |
| Bank Mandiri Persero Tbk. PT | 840900 | 263935 |
| Bank Negara Indonesia Persero Tbk. PT | 359800 | 94305 |
| Bank Pan Indonesia Tbk. PT | 102300 | 6557 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 54800 | 1929 |
| Bank Rakyat Indonesia Persero Tbk. PT | 1324600 | 308260 |
| Bank Tabungan Negara Persero Tbk. PT | 538978 | 44612 |
| BFI Finance Indonesia Tbk. PT | 506400 | 23695 |
| Blue Bird Tbk. PT | 36200 | 3780 |
| Buana Lintas Lautan Tbk. PT<sup>(2)</sup> | 267700 | 7959 |
| Bukalapak.com Tbk. PT<sup>(2)</sup> | 3892100 | 33873 |
| Bumi Serpong Damai Tbk. PT<sup>(2)</sup> | 256000 | 12650 |
| Chandra Asri Pacific Tbk. PT | 20000 | 7996 |
| Ciputra Development Tbk. PT | 502100 | 23048 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cisarua Mountain Dairy Tbk. PT | 70800 | $21861 |
| Clipan Finance Indonesia Tbk. PT | 285800 | 5828 |
| Darma Henwa Tbk. PT<sup>(2)</sup> | 2831900 | 88456 |
| Dharma Polimetal Tbk. PT | 126400 | 8065 |
| Elang Mahkota Teknologi Tbk. PT | 682300 | 36214 |
| Erajaya Swasembada Tbk. PT | 978300 | 25633 |
| Gajah Tunggal Tbk. PT | 189300 | 12589 |
| Global Mediacom Tbk. PT<sup>(2)</sup> | 409300 | 3419 |
| GoTo Gojek Tokopedia Tbk. PT<sup>(2)</sup> | 1362400 | 4956 |
| Indosat Tbk. PT | 105700 | 14548 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 399800 | 12874 |
| Jasa Marga Persero Tbk. PT | 133600 | 29478 |
| Kalbe Farma Tbk. PT | 502900 | 33018 |
| Kawasan Industri Jababeka Tbk. PT | 1880200 | 23076 |
| Kencana Energi Lestari Tbk. PT | 67700 | 4294 |
| Kino Indonesia Tbk. PT | 3900 | 278 |
| Lippo Cikarang Tbk. PT<sup>(2)</sup> | 19400 | 959 |
| Lippo Karawaci Tbk. PT<sup>(2)</sup> | 214300 | 1354 |
| Map Aktif Adiperkasa PT | 1041800 | 43714 |
| Mark Dynamics Indonesia Tbk. PT | 12800 | 615 |
| Matahari Department Store Tbk. PT | 222300 | 25347 |
| MD Entertainment Tbk. PT<sup>(2)</sup> | 19140 | 9584 |
| Media Nusantara Citra Tbk. PT<sup>(2)</sup> | 802900 | 11190 |
| Medikaloka Hermina Tbk. PT | 479200 | 36708 |
| Mitra Adiperkasa Tbk. PT | 724800 | 58020 |
| Mitra Keluarga Karyasehat Tbk. PT | 60400 | 7938 |
| Mitra Pinasthika Mustika Tbk. PT | 33100 | 2024 |
| Pakuwon Jati Tbk. PT | 294400 | 6422 |
| Panin Financial Tbk. PT<sup>(2)</sup> | 465400 | 7487 |
| Petrosea Tbk. PT | 200200 | 72998 |
| Puradelta Lestari Tbk. PT | 105400 | 861 |
| Samator Indo Gas Tbk. PT | 20100 | 3947 |
| Samudera Indonesia Tbk. PT | 335100 | 7989 |
| Sarana Menara Nusantara Tbk. PT | 782700 | 23553 |
| Sariguna Primatirta Tbk. PT | 200800 | 4858 |
| Steel Pipe Industry of Indonesia PT | 19100 | 591 |
| Sumber Alfaria Trijaya Tbk. PT | 113300 | 11268 |
| Summarecon Agung Tbk. PT | 593500 | 13297 |
| Surya Citra Media Tbk. PT | 1422600 | 23327 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(1)</sup> | 18784 | 399536 |
| Temas Tbk. PT | 308500 | 2537 |
| Tower Bersama Infrastructure Tbk. PT | 38900 | 3874 |
| Unilever Indonesia Tbk. PT | 130800 | 18553 |
| Wijaya Karya Persero Tbk. PT<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 131100 |  |
| XLSMART Telecom Sejahtera Tbk. PT | 402700 | 76027 |
|  |  | 2380329 |
| **Kuwait — 0.0%** |  |  |
| National Bank of Kuwait SAKP | 5865 | 18012 |
| **Malaysia — 1.4%** |  |  |
| Aeon Co. M Bhd. | 42800 | 13849 |
| AEON Credit Service M Bhd. | 1000 | 1490 |
| AFFIN Bank Bhd. | 30083 | 20627 |
| Alliance Bank Malaysia Bhd. | 40682 | 52683 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AMMB Holdings Bhd. | 107200 | $177063 |
| Ann Joo Resources Bhd.<sup>(2)</sup> | 300 | 38 |
| Astro Malaysia Holdings Bhd.<sup>(2)</sup> | 35300 | 723 |
| Axiata Group Bhd. | 130800 | 76579 |
| Bank Islam Malaysia Bhd. | 22800 | 14469 |
| Berjaya Food Bhd.<sup>(2)</sup> | 31108 | 1679 |
| Bermaz Auto Bhd. | 45500 | 9885 |
| Bursa Malaysia Bhd. | 18600 | 42964 |
| Carlsberg Brewery Malaysia Bhd. | 2500 | 11328 |
| CELCOMDIGI Bhd. | 91200 | 74745 |
| CIMB Group Holdings Bhd. | 150931 | 311658 |
| Cypark Resources Bhd.<sup>(2)</sup> | 24100 | 4054 |
| D&O Green Technologies Bhd.<sup>(2)</sup> | 100 | 12 |
| Dayang Enterprise Holdings Bhd. | 5400 | 2489 |
| DRB-Hicom Bhd. | 1700 | 533 |
| Dufu Technology Corp. Bhd. | 2100 | 869 |
| Eco World Development Group Bhd. | 7800 | 4508 |
| Ekovest Bhd.<sup>(2)</sup> | 137000 | 8798 |
| Fraser & Neave Holdings Bhd. | 1000 | 8974 |
| Frontken Corp. Bhd. | 13400 | 12900 |
| Gamuda Bhd. | 114657 | 123340 |
| Greatech Technology Bhd.<sup>(2)</sup> | 2200 | 1190 |
| Hartalega Holdings Bhd.<sup>(2)</sup> | 61400 | 13951 |
| Heineken Malaysia Bhd. | 6500 | 41121 |
| Hengyuan Refining Co. Bhd.<sup>(2)</sup> | 10600 | 2489 |
| Hiap Teck Venture Bhd. | 7600 | 526 |
| Hong Leong Bank Bhd. | 11100 | 66393 |
| Hong Leong Capital Bhd. | 600 | 536 |
| Hong Leong Financial Group Bhd. | 2000 | 10948 |
| IHH Healthcare Bhd. | 23300 | 54478 |
| Inari Amertron Bhd. | 24900 | 9058 |
| IOI Properties Group Bhd. | 54400 | 48220 |
| Iskandar Waterfront City Bhd.<sup>(2)</sup> | 76500 | 5104 |
| Johor Plantations Group Bhd. | 85500 | 34056 |
| Kelington Group Bhd. | 38100 | 53453 |
| Kossan Rubber Industries Bhd. | 59000 | 15289 |
| KPJ Healthcare Bhd. | 83600 | 62843 |
| KSL Holdings Bhd. | 26375 | 20924 |
| Lingkaran Trans Kota Holdings Bhd.<sup>(2)</sup> | 10400 | 11 |
| Lotte Chemical Titan Holding Bhd.<sup>(2)</sup> | 2000 | 151 |
| Mah Sing Group Bhd. | 108000 | 32456 |
| Malayan Banking Bhd. | 76000 | 233518 |
| Malaysian Pacific Industries Bhd. | 7300 | 59756 |
| Malaysian Resources Corp. Bhd. | 70200 | 5592 |
| Maxis Bhd. | 32200 | 32101 |
| MBSB Bhd. | 55700 | 10226 |
| Mieco Chipboard Bhd.<sup>(2)</sup> | 700 | 116 |
| Mr. DIY Group M Bhd. | 140800 | 64772 |
| Nationgate Holdings Bhd. | 22800 | 5058 |
| Nestle Malaysia Bhd. | 1800 | 50824 |
| NEXG Bhd.<sup>(2)</sup> | 150000 | 10790 |
| Pecca Group Bhd. | 32400 | 13988 |
| Pentamaster Corp. Bhd.<sup>(2)</sup> | 1100 | 930 |
| Perak Transit Bhd. | 11250 | 765 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Petron Malaysia Refining & Marketing Bhd. | 500 | $534 |
| Press Metal Aluminium Holdings Bhd. | 16800 | 30764 |
| Public Bank Bhd. | 151600 | 191960 |
| Ranhill Utilities Bhd.<sup>(2)</sup> | 90125 | 40227 |
| RHB Bank Bhd. | 62914 | 135762 |
| Scientex Bhd. | 3300 | 3203 |
| Shin Yang Group Bhd. | 22500 | 4741 |
| Signature International Bhd. | 3300 | 1161 |
| Sime Darby Bhd. | 143700 | 90204 |
| Sime Darby Property Bhd. | 170100 | 63325 |
| Southern Cable Group Bhd. | 38200 | 20481 |
| SP Setia Bhd. Group | 119500 | 28062 |
| Sunway Bhd. | 23500 | 35334 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 79360 | 5704 |
| Swift Haulage Bhd. | 2100 | 224 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 500 | 412 |
| Telekom Malaysia Bhd. | 21300 | 40775 |
| TIME dotCom Bhd. | 47300 | 73886 |
| Top Glove Corp. Bhd. | 32000 | 4765 |
| UEM Sunrise Bhd. | 56400 | 8324 |
| Unisem M Bhd. | 5800 | 4667 |
| UWC Bhd.<sup>(2)</sup> | 5800 | 6685 |
| Velesto Energy Bhd. | 700600 | 54973 |
| ViTrox Corp. Bhd. | 3600 | 4248 |
| VS Industry Bhd. | 163296 | 14476 |
| Westports Holdings Bhd. | 2000 | 3163 |
| Zetrix Ai Bhd. | 187276 | 39482 |
|  |  | 2845432 |
| **Mexico — 2.0%** |  |  |
| Alsea SAB de CV | 15742 | 55602 |
| America Movil SAB de CV, ADR | 11633 | 302691 |
| Arca Continental SAB de CV<sup>(1)</sup> | 3906 | 47152 |
| Banco del Bajio SA | 87477 | 291709 |
| Becle SAB de CV<sup>(1)</sup> | 2371 | 2408 |
| Bolsa Mexicana de Valores SAB de CV | 9554 | 21036 |
| Coca-Cola Femsa SAB de CV | 4880 | 54266 |
| Corp. Inmobiliaria Vesta SAB de CV | 35507 | 130425 |
| Fomento Economico Mexicano SAB de CV, ADR | 1426 | 160168 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(1)</sup> | 39113 | 41516 |
| Gentera SAB de CV | 116449 | 338015 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1532 | 187149 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 993 | 258935 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 303 | 108980 |
| Grupo Bimbo SAB de CV, Series A<sup>(1)</sup> | 23572 | 85682 |
| Grupo Comercial Chedraui SA de CV | 3517 | 22521 |
| Grupo Financiero Banorte SAB de CV, Class O | 60394 | 686735 |
| Grupo Financiero Inbursa SAB de CV, Class O | 24092 | 61356 |
| Grupo Mexico SAB de CV, Series B | 19715 | 249855 |
| Grupo Televisa SAB, ADR | 25834 | 76210 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 23646 | 18261 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 50062 | 125547 |
| La Comer SAB de CV<sup>(1)</sup> | 37389 | 84582 |
| Megacable Holdings SAB de CV | 25120 | 97420 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nemak SAB de CV<sup>(2)</sup> | 157215 | $29577 |
| Orbia Advance Corp. SAB de CV<sup>(2)</sup> | 44850 | 52918 |
| Promotora y Operadora de Infraestructura SAB de CV | 9443 | 155561 |
| Qualitas Controladora SAB de CV<sup>(1)</sup> | 8469 | 82615 |
| Regional SAB de CV | 212 | 1981 |
| Wal-Mart de Mexico SAB de CV | 44451 | 144281 |
|  |  | 3975154 |
| **Peru — 0.4%** |  |  |
| Credicorp Ltd. | 1364 | 472462 |
| Intercorp Financial Services, Inc. | 169 | 8176 |
| Southern Copper Corp.<sup>(1)</sup> | 1359 | 296770 |
|  |  | 777408 |
| **Philippines — 0.5%** |  |  |
| Apex Mining Co., Inc. | 193900 | 58895 |
| Ayala Land, Inc. | 125100 | 45333 |
| Bank of the Philippine Islands | 31178 | 62711 |
| BDO Unibank, Inc. | 47346 | 112596 |
| Century Pacific Food, Inc. | 32600 | 22575 |
| Converge Information & Communications Technology Solutions, Inc. | 78600 | 19625 |
| Globe Telecom, Inc. | 516 | 15577 |
| GT Capital Holdings, Inc. | 3500 | 40665 |
| International Container Terminal Services, Inc. | 16680 | 207932 |
| JG Summit Holdings, Inc. | 67500 | 35121 |
| Jollibee Foods Corp. | 10640 | 39518 |
| LT Group, Inc. | 24300 | 6582 |
| Manila Water Co., Inc. | 65100 | 45502 |
| Megaworld Corp. | 460000 | 18028 |
| Metropolitan Bank & Trust Co. | 65250 | 87136 |
| Monde Nissin Corp. | 25900 | 2960 |
| PLDT, Inc., ADR | 1240 | 29673 |
| Puregold Price Club, Inc. | 40300 | 29342 |
| Robinsons Land Corp. | 54000 | 17327 |
| Robinsons Retail Holdings, Inc. | 840 | 555 |
| Security Bank Corp. | 3640 | 4660 |
| SM Investments Corp. | 1410 | 17234 |
| SM Prime Holdings, Inc. | 75800 | 28239 |
| Wilcon Depot, Inc. | 23900 | 2830 |
|  |  | 950616 |
| **Poland — 1.2%** |  |  |
| Alior Bank SA | 7883 | 264341 |
| Allegro.eu SA<sup>(2)</sup> | 4854 | 37774 |
| AmRest Holdings SE | 2608 | 9064 |
| Asseco Poland SA | 631 | 31179 |
| Bank Handlowy w Warszawie SA | 1444 | 48185 |
| Bank Millennium SA<sup>(2)</sup> | 39621 | 192690 |
| Bank Polska Kasa Opieki SA | 4867 | 308377 |
| Benefit Systems SA<sup>(2)</sup> | 139 | 150376 |
| Budimex SA | 250 | 56383 |
| CD Projekt SA | 799 | 54261 |
| Cyfrowy Polsat SA<sup>(2)</sup> | 883 | 3134 |
| Diagnostyka SA | 686 | 36316 |
| Dino Polska SA<sup>(2)</sup> | 7426 | 83499 |
| KRUK SA | 234 | 30352 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LPP SA | 21 | $121518 |
| mBank SA<sup>(2)</sup> | 249 | 72368 |
| Modivo SA<sup>(1)(2)</sup> | 2151 | 66745 |
| Orange Polska SA | 59523 | 233653 |
| Pepco Group NV | 9280 | 76630 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 9291 | 240717 |
| Powszechny Zaklad Ubezpieczen SA | 9501 | 180004 |
| Santander Bank Polska SA | 201 | 33383 |
| TEN Square Games SA | 36 | 1051 |
| Text SA | 490 | 5214 |
| Warsaw Stock Exchange | 153 | 3477 |
| XTB SA | 284 | 7073 |
|  |  | 2347764 |
| **Qatar — 0.0%** |  |  |
| Qatar National Bank QPSC | 3928 | 20854 |
| **Saudi Arabia — 0.4%** |  |  |
| Al Rajhi Bank | 2755 | 73884 |
| Alinma Bank | 12267 | 91116 |
| Arab National Bank | 14039 | 77015 |
| Bank AlBilad | 12033 | 81788 |
| Banque Saudi Fransi | 15986 | 84433 |
| Riyad Bank | 25139 | 185503 |
| Saudi National Bank | 8087 | 89603 |
| Saudi Telecom Co. | 7138 | 79517 |
|  |  | 762859 |
| **South Africa — 4.2%** |  |  |
| Absa Group Ltd. | 23188 | 396277 |
| AECI Ltd. | 10571 | 73076 |
| Aspen Pharmacare Holdings Ltd. | 12162 | 103467 |
| Astral Foods Ltd. | 159 | 2783 |
| AVI Ltd. | 13618 | 96060 |
| Bid Corp. Ltd. | 3540 | 93632 |
| Capitec Bank Holdings Ltd. | 930 | 277121 |
| Clicks Group Ltd. | 5993 | 119915 |
| Coronation Fund Managers Ltd. | 15963 | 50402 |
| DataTec Ltd. | 16921 | 81931 |
| Dis-Chem Pharmacies Ltd.<sup>(1)</sup> | 21561 | 50112 |
| Discovery Ltd. | 7063 | 115730 |
| E Media Holdings Ltd. | 7648 | 1076 |
| FirstRand Ltd. | 46296 | 288498 |
| Fortress Real Estate Investments Ltd., Class B | 38031 | 62693 |
| Foschini Group Ltd. | 16198 | 88211 |
| Gold Fields Ltd., ADR | 15182 | 893309 |
| Grindrod Ltd.<sup>(1)</sup> | 40454 | 47385 |
| Impala Platinum Holdings Ltd. | 25667 | 570210 |
| Investec Ltd. | 4720 | 40585 |
| JSE Ltd. | 2986 | 31323 |
| Kumba Iron Ore Ltd. | 2049 | 47361 |
| Life Healthcare Group Holdings Ltd. | 32928 | 25041 |
| Merafe Resources Ltd. | 32945 | 2440 |
| Momentum Group Ltd. | 85018 | 216027 |
| Motus Holdings Ltd. | 8735 | 73880 |
| Mr. Price Group Ltd. | 3201 | 36884 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MTN Group Ltd. | 43702 | $568437 |
| Naspers Ltd., N Shares | 3916 | 217928 |
| Nedbank Group Ltd. | 11232 | 222196 |
| NEPI Rockcastle NV<sup>(2)</sup> | 18558 | 172568 |
| Netcare Ltd. | 81861 | 88273 |
| Ninety One Ltd. | 11237 | 38433 |
| Northam Platinum Holdings Ltd. | 10767 | 294734 |
| Nutun Ltd.<sup>(2)</sup> | 2107 | 173 |
| Oceana Group Ltd. | 71 | 239 |
| Old Mutual Ltd. | 226087 | 234007 |
| Omnia Holdings Ltd. | 9317 | 52298 |
| OUTsurance Group Ltd. | 20496 | 94622 |
| Pepkor Holdings Ltd. | 16083 | 26777 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 10029 | 12200 |
| PPC Ltd. | 125432 | 52117 |
| PSG Financial Services Ltd.<sup>(1)</sup> | 9043 | 16063 |
| Raubex Group Ltd. | 11616 | 41724 |
| Remgro Ltd. | 18929 | 230417 |
| Reunert Ltd. | 2829 | 11677 |
| Sanlam Ltd. | 22602 | 150962 |
| Santam Ltd. | 1596 | 43899 |
| Sappi Ltd.<sup>(1)(2)</sup> | 11060 | 11692 |
| Shoprite Holdings Ltd. | 8710 | 144898 |
| Sibanye Stillwater Ltd., ADR<sup>(2)</sup> | 40819 | 722904 |
| SPAR Group Ltd.<sup>(1)(2)</sup> | 10495 | 46262 |
| Standard Bank Group Ltd. | 19743 | 397614 |
| Super Group Ltd. | 37539 | 40472 |
| Telkom SA SOC Ltd. | 26678 | 107971 |
| Tiger Brands Ltd. | 4870 | 97416 |
| Truworths International Ltd.<sup>(1)</sup> | 12280 | 46389 |
| Valterra Platinum Ltd. | 2321 | 272513 |
| Vodacom Group Ltd. | 14018 | 143055 |
| Woolworths Holdings Ltd. | 4009 | 13745 |
| Zeda Ltd. | 6708 | 5779 |
|  |  | 8505883 |
| **South Korea — 19.1%** |  |  |
| Aekyung Chemical Co. Ltd.<sup>(2)</sup> | 845 | 6145 |
| Aekyung Industrial Co. Ltd. | 22 | 246 |
| Agabang & Co.<sup>(2)</sup> | 104 | 358 |
| Ahnlab, Inc. | 19 | 861 |
| Aju IB Investment Co. Ltd. | 40 | 161 |
| Alteogen, Inc. | 164 | 46459 |
| Amorepacific Corp. | 461 | 48470 |
| Amorepacific Holdings Corp. | 1312 | 28565 |
| APR Corp. | 448 | 97209 |
| BGF Co. Ltd. | 183 | 559 |
| BGF retail Co. Ltd. | 552 | 47805 |
| BH Co. Ltd. | 1386 | 18589 |
| Binggrae Co. Ltd. | 682 | 38792 |
| BNK Financial Group, Inc. | 12589 | 174310 |
| Byucksan Corp. | 247 | 343 |
| C&C International Co. Ltd.<sup>(2)</sup> | 137 | 2927 |
| Celltrion, Inc. | 973 | 161091 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cheil Worldwide, Inc. | 4766 | $72670 |
| Cheryong Electric Co. Ltd. | 359 | 13936 |
| CJ CGV Co. Ltd.<sup>(2)</sup> | 3809 | 14670 |
| CJ CheilJedang Corp. | 463 | 68811 |
| CJ ENM Co. Ltd.<sup>(2)</sup> | 1079 | 54455 |
| CJ Logistics Corp. | 755 | 69105 |
| Classys, Inc.<sup>(2)</sup> | 220 | 8921 |
| Com2uSCorp<sup>(2)</sup> | 75 | 1870 |
| Coreana Cosmetics Co. Ltd.<sup>(2)</sup> | 63 | 90 |
| Cosmax, Inc.<sup>(2)</sup> | 362 | 47817 |
| CosmoAM&T Co. Ltd.<sup>(2)</sup> | 66 | 2681 |
| Coway Co. Ltd.<sup>(2)</sup> | 3292 | 187037 |
| CS Wind Corp.<sup>(2)</sup> | 1304 | 48667 |
| Cuckoo Homesys Co. Ltd.<sup>(2)</sup> | 229 | 4150 |
| Daeduck Electronics Co. Ltd. | 1634 | 71309 |
| Daewoong Co. Ltd. | 334 | 6265 |
| Danal Co. Ltd.<sup>(2)</sup> | 122 | 718 |
| Daou Data Corp. | 1042 | 19212 |
| DB HiTek Co. Ltd. | 1837 | 122583 |
| DB Insurance Co. Ltd. | 2427 | 308339 |
| DI Dong Il Corp.<sup>(2)</sup> | 479 | 8003 |
| DL E&C Co. Ltd.<sup>(2)</sup> | 1079 | 38314 |
| DN Automotive Corp. | 430 | 8144 |
| Dong-A Socio Holdings Co. Ltd. | 158 | 12824 |
| DongKook Pharmaceutical Co. Ltd. | 41 | 581 |
| Dongwha Enterprise Co. Ltd.<sup>(2)</sup> | 1097 | 7768 |
| Dongwon Development Co. Ltd. | 33 | 72 |
| Doosan Bobcat, Inc. | 1157 | 52172 |
| Doosan Co. Ltd. | 6 | 5339 |
| Doosan Enerbility Co. Ltd.<sup>(2)</sup> | 2829 | 209078 |
| Doosan Fuel Cell Co. Ltd.<sup>(2)</sup> | 1131 | 31294 |
| DoubleUGames Co. Ltd.<sup>(2)</sup> | 272 | 10014 |
| Douzone Bizon Co. Ltd. | 413 | 33949 |
| Dreamtech Co. Ltd. | 427 | 2313 |
| Ecopro BM Co. Ltd.<sup>(2)</sup> | 38 | 5853 |
| Ecopro HN Co. Ltd. | 72 | 1911 |
| E-MART, Inc. | 1183 | 86313 |
| Eo Technics Co. Ltd.<sup>(2)</sup> | 220 | 64138 |
| Eugene Technology Co. Ltd. | 90 | 8399 |
| F&F Co. Ltd. | 776 | 38047 |
| FutureCore Co. Ltd.<sup>(2)</sup> | 436 | 3 |
| Genexine, Inc.<sup>(2)</sup> | 113 | 343 |
| GOLFZON Co. Ltd.<sup>(2)</sup> | 202 | 7698 |
| GS P&L Co. Ltd. | 232 | 8273 |
| GS Retail Co. Ltd. | 1031 | 15758 |
| Hana Financial Group, Inc. | 8752 | 740307 |
| Hana Tour Service, Inc. | 324 | 10826 |
| Handsome Co. Ltd. | 153 | 2526 |
| Hanjin Logistics Corp.<sup>(2)</sup> | 134 | 1975 |
| Hankook & Co. Co. Ltd. | 1873 | 40752 |
| Hankook Tire & Technology Co. Ltd. | 3929 | 199012 |
| Hanmi Semiconductor Co. Ltd. | 839 | 189080 |
| Hanon Systems<sup>(2)</sup> | 12640 | 40761 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hansae Co. Ltd. | 851 | $8455 |
| Hansol Chemical Co. Ltd. | 404 | 94798 |
| Hansol Technics Co. Ltd. | 4044 | 17428 |
| Hanssem Co. Ltd.<sup>(2)</sup> | 358 | 12359 |
| Hanwha Engine<sup>(2)</sup> | 2569 | 96383 |
| Hanwha Galleria Corp.<sup>(2)</sup> | 853 | 1865 |
| Hanwha General Insurance Co. Ltd.<sup>(2)</sup> | 3225 | 17112 |
| Hanwha Investment & Securities Co. Ltd.<sup>(2)</sup> | 5448 | 31653 |
| Hanwha Life Insurance Co. Ltd.<sup>(2)</sup> | 13083 | 45060 |
| Hanwha Solutions Corp.<sup>(2)</sup> | 3337 | 122655 |
| Hanwha Systems Co. Ltd.<sup>(2)</sup> | 548 | 43208 |
| Hanwha Vision Co. Ltd.<sup>(2)</sup> | 466 | 27626 |
| HD Construction Equipment Co. Ltd. | 670 | 65368 |
| HD Hyundai Electric Co. Ltd. | 648 | 473076 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 2503 | 40271 |
| HD-Hyundai Marine Engine<sup>(2)</sup> | 1221 | 74144 |
| Helixmith Co. Ltd.<sup>(2)</sup> | 119 | 530 |
| Hite Jinro Co. Ltd. | 2565 | 31682 |
| HL Holdings Corp. | 51 | 1759 |
| HL Mando Co. Ltd. | 1606 | 70013 |
| HLB, Inc.<sup>(2)</sup> | 471 | 16932 |
| HMM Co. Ltd. | 4863 | 72080 |
| Hotel Shilla Co. Ltd.<sup>(2)</sup> | 863 | 28744 |
| HPSP Co. Ltd. | 1143 | 35661 |
| HS Hyosung Advanced Materials Corp.<sup>(2)</sup> | 280 | 48838 |
| HS Hyosung Corp.<sup>(2)</sup> | 15 | 694 |
| Hugel, Inc.<sup>(2)</sup> | 52 | 9762 |
| Humedix Co. Ltd. | 72 | 2133 |
| Hwaseung Enterprise Co. Ltd. | 36 | 140 |
| HYBE Co. Ltd. | 148 | 39790 |
| Hyosung Chemical Corp.<sup>(2)</sup> | 3 |  |
| Hyosung Corp. | 918 | 107895 |
| Hyosung Heavy Industries Corp. | 87 | 170537 |
| Hyosung TNC Corp. | 348 | 103046 |
| Hyundai Autoever Corp. | 262 | 91417 |
| HYUNDAI Corp. | 447 | 8584 |
| Hyundai Department Store Co. Ltd. | 1415 | 108140 |
| Hyundai Elevator Co. Ltd. | 416 | 28510 |
| Hyundai Engineering & Construction Co. Ltd. | 1996 | 228601 |
| Hyundai Futurenet Co. Ltd. | 86 | 207 |
| Hyundai GF Holdings | 506 | 5634 |
| Hyundai Glovis Co. Ltd. | 2077 | 418204 |
| Hyundai Green Food | 269 | 2981 |
| Hyundai Home Shopping Network Corp. | 59 | 3488 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(2)</sup> | 2817 | 67268 |
| Hyundai Motor Co. | 2661 | 1247541 |
| Hyundai Rotem Co. Ltd. | 2210 | 353341 |
| Hyundai Wia Corp. | 1815 | 127631 |
| Iljin Electric Co. Ltd. | 1031 | 64093 |
| iM Financial Group Co. Ltd. | 8428 | 107712 |
| iMarketKorea, Inc. | 319 | 1752 |
| Industrial Bank of Korea | 7623 | 136520 |
| Innocean Worldwide, Inc. | 1147 | 15980 |
| Innox Advanced Materials Co. Ltd.<sup>(2)</sup> | 492 | 11969 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Insun ENT Co. Ltd.<sup>(2)</sup> | 304 | $909 |
| Interflex Co. Ltd.<sup>(2)</sup> | 83 | 688 |
| INTOPS Co. Ltd. | 605 | 8282 |
| iNtRON Biotechnology, Inc.<sup>(2)</sup> | 184 | 532 |
| IS Dongseo Co. Ltd.<sup>(2)</sup> | 786 | 16984 |
| ISU Chemical Co. Ltd.<sup>(2)</sup> | 305 | 2001 |
| ISU Specialty Chemical<sup>(2)</sup> | 1190 | 95213 |
| IsuPetasys Co. Ltd. | 1936 | 172389 |
| JB Financial Group Co. Ltd. | 5346 | 117883 |
| Jusung Engineering Co. Ltd. | 1633 | 63792 |
| JYP Entertainment Corp.<sup>(2)</sup> | 1061 | 51407 |
| K Car Co. Ltd. | 629 | 6514 |
| Kakao Corp. | 2307 | 99823 |
| Kakao Games Corp.<sup>(2)</sup> | 78 | 793 |
| KakaoBank Corp. | 1971 | 37141 |
| Kakaopay Corp.<sup>(2)</sup> | 951 | 44079 |
| KB Financial Group, Inc., ADR | 7934 | 872740 |
| KC Co. Ltd. | 71 | 1728 |
| KC Tech Co. Ltd. | 77 | 2633 |
| KCC Corp. | 202 | 91445 |
| KCC Glass Corp. | 147 | 2964 |
| KEPCO Engineering & Construction Co., Inc.<sup>(2)</sup> | 21 | 2553 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(2)</sup> | 643 | 27706 |
| KG Eco Solution Co. Ltd.<sup>(2)</sup> | 1102 | 5014 |
| KH Vatec Co. Ltd. | 267 | 3264 |
| Kia Corp. | 6152 | 878429 |
| KIWOOM Securities Co. Ltd. | 427 | 138071 |
| Koh Young Technology, Inc. | 681 | 15066 |
| Kolmar Korea Co. Ltd.<sup>(2)</sup> | 335 | 17741 |
| Kolon Industries, Inc. | 850 | 39984 |
| KONA I Co. Ltd.<sup>(2)</sup> | 820 | 38029 |
| Korea Investment Holdings Co. Ltd. | 1967 | 353693 |
| Korea Petrochemical Ind Co. Ltd. | 256 | 33765 |
| Korea Real Estate Investment & Trust Co. Ltd. | 1631 | 1825 |
| Korean Air Lines Co. Ltd.<sup>(2)</sup> | 4073 | 79372 |
| Korean Reinsurance Co. | 8007 | 77557 |
| Krafton, Inc. | 469 | 80991 |
| KT Corp. | 1216 | 54112 |
| KT Skylife Co. Ltd.<sup>(2)</sup> | 319 | 1131 |
| Kum Yang Co. Ltd.<sup>(2)</sup> | 480 | 826 |
| Kumho Petrochemical Co. Ltd.<sup>(2)</sup> | 518 | 55187 |
| Kumho Tire Co., Inc.<sup>(2)</sup> | 8646 | 41904 |
| LEENO Industrial, Inc. | 1668 | 123568 |
| LF Corp. | 203 | 3183 |
| LG Display Co. Ltd., ADR<sup>(2)</sup> | 28860 | 146032 |
| LG Electronics, Inc. | 3252 | 328989 |
| LG Energy Solution Ltd.<sup>(2)</sup> | 278 | 82620 |
| LG H&H Co. Ltd. | 227 | 42123 |
| LG Innotek Co. Ltd. | 826 | 183005 |
| LG Uplus Corp. | 15453 | 177782 |
| LOGEN Co. Ltd.<sup>(2)</sup> | 408 | 596 |
| Lotte Chemical Corp. | 377 | 25140 |
| Lotte Chilsung Beverage Co. Ltd. | 304 | 29379 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LOTTE Fine Chemical Co. Ltd. | 1282 | $45543 |
| LOTTE Himart Co. Ltd.<sup>(2)</sup> | 6 | 36 |
| Lotte Innovate Co. Ltd. | 27 | 446 |
| Lotte Rental Co. Ltd. | 1523 | 35753 |
| Lotte Shopping Co. Ltd. | 544 | 40655 |
| Lotte Wellfood Co. Ltd. | 117 | 10321 |
| LS Corp.<sup>(2)</sup> | 194 | 38435 |
| LS Electric Co. Ltd. | 171 | 93643 |
| LVMC Holdings<sup>(2)</sup> | 3944 | 4330 |
| LX Hausys Ltd.<sup>(2)</sup> | 49 | 1082 |
| LX Semicon Co. Ltd. | 824 | 33504 |
| Maeil Dairies Co. Ltd.<sup>(2)</sup> | 36 | 1001 |
| Mcnex Co. Ltd. | 268 | 5089 |
| MegaStudyEdu Co. Ltd.<sup>(2)</sup> | 330 | 11014 |
| Meritz Financial Group, Inc.<sup>(2)</sup> | 3251 | 286784 |
| Mirae Asset Securities Co. Ltd. | 6681 | 334900 |
| Misto Holdings Corp. | 1310 | 44544 |
| NAVER Corp. | 1332 | 235304 |
| NCSoft Corp. | 188 | 30153 |
| Neowiz<sup>(2)</sup> | 704 | 12811 |
| Netmarble Corp. | 676 | 24667 |
| Nexen Tire Corp. | 499 | 3115 |
| NEXTIN, Inc. | 149 | 8529 |
| NH Investment & Securities Co. Ltd. | 5514 | 136268 |
| NHN Corp.<sup>(2)</sup> | 602 | 15865 |
| NHN KCP Corp. | 879 | 13064 |
| NICE Information Service Co. Ltd. | 459 | 5464 |
| OCI Holdings Co. Ltd. | 1205 | 127068 |
| Otoki Corp. | 114 | 31468 |
| Pan Ocean Co. Ltd. | 10419 | 38223 |
| Partron Co. Ltd. | 1043 | 6233 |
| Pearl Abyss Corp.<sup>(2)</sup> | 43 | 1603 |
| PharmaResearch Co. Ltd. | 43 | 10443 |
| PI Advanced Materials Co. Ltd.<sup>(2)</sup> | 615 | 8567 |
| Pond Group Co. Ltd. | 418 | 1804 |
| PSK, Inc. | 981 | 43786 |
| Pulmuone Co. Ltd. | 21 | 189 |
| RFHIC Corp.<sup>(2)</sup> | 31 | 1224 |
| S&S Tech Corp. | 167 | 11481 |
| S-1 Corp. | 658 | 40090 |
| Sam Young Electronics Co. Ltd. | 51 | 437 |
| Samsung Biologics Co. Ltd.<sup>(2)</sup> | 84 | 103638 |
| Samsung C&T Corp. | 812 | 197879 |
| Samsung Electro-Mechanics Co. Ltd. | 1188 | 371297 |
| Samsung Electronics Co. Ltd., GDR | 2703 | 9804063 |
| Samsung Episholdings Co. Ltd.<sup>(2)</sup> | 45 | 21116 |
| Samsung Fire & Marine Insurance Co. Ltd. | 978 | 360422 |
| Samsung Heavy Industries Co. Ltd.<sup>(2)</sup> | 33947 | 683292 |
| Samsung Life Insurance Co. Ltd. | 836 | 133830 |
| Samsung SDI Co. Ltd.<sup>(2)</sup> | 520 | 168581 |
| Samsung SDS Co. Ltd. | 634 | 85919 |
| Samsung Securities Co. Ltd. | 3523 | 261770 |
| Samwha Capacitor Co. Ltd. | 47 | 1764 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SD Biosensor, Inc.<sup>(2)</sup> | 1269 | $7449 |
| SeAH Steel Corp. | 248 | 22882 |
| Sebang Co. Ltd. | 290 | 3186 |
| Sebang Global Battery Co. Ltd. | 282 | 13504 |
| Seegene, Inc. | 882 | 16091 |
| Seobu T&D<sup>(2)</sup> | 1016 | 11071 |
| Seojin System Co. Ltd.<sup>(2)</sup> | 300 | 9924 |
| SFA Engineering Corp. | 338 | 7952 |
| SFA Semicon Co. Ltd.<sup>(2)</sup> | 644 | 3539 |
| Shinhan Financial Group Co. Ltd., ADR | 10356 | 691884 |
| Shinsegae International, Inc. | 226 | 2089 |
| Shinsegae, Inc. | 625 | 159835 |
| SK Biopharmaceuticals Co. Ltd.<sup>(2)</sup> | 313 | 26058 |
| SK Bioscience Co. Ltd.<sup>(2)</sup> | 159 | 5411 |
| SK Chemicals Co. Ltd. | 548 | 26191 |
| SK Eternix Co. Ltd.<sup>(2)</sup> | 568 | 11354 |
| SK Hynix, Inc. | 11579 | 8561420 |
| SK IE Technology Co. Ltd.<sup>(2)</sup> | 301 | 5670 |
| SK Networks Co. Ltd. | 4954 | 19801 |
| SK Telecom Co. Ltd., ADR | 3511 | 106524 |
| SKC Co. Ltd.<sup>(2)</sup> | 118 | 9317 |
| SL Corp.<sup>(2)</sup> | 1197 | 61079 |
| SM Entertainment Co. Ltd. | 416 | 33369 |
| SNT Dynamics Co. Ltd. | 1015 | 39462 |
| Soop Co. Ltd. | 354 | 17463 |
| ST Pharm Co. Ltd.<sup>(2)</sup> | 36 | 3806 |
| STIC Investments, Inc.<sup>(2)</sup> | 42 | 347 |
| Studio Dragon Corp.<sup>(2)</sup> | 518 | 16071 |
| Sun Kwang Co. Ltd. | 52 | 810 |
| Sungwoo Hitech Co. Ltd. | 1622 | 10024 |
| Taewoong Co. Ltd.<sup>(2)</sup> | 105 | 2588 |
| Taihan Cable & Solution Co. Ltd.<sup>(2)</sup> | 304 | 7597 |
| TES Co. Ltd. | 1545 | 79269 |
| TKG Huchems Co. Ltd. | 432 | 5699 |
| Tongyang Life Insurance Co. Ltd.<sup>(2)</sup> | 1401 | 7382 |
| Value Added Technology Co. Ltd.<sup>(2)</sup> | 33 | 627 |
| Vidente Co. Ltd.<sup>(2)</sup> | 312 |  |
| VT Co. Ltd.<sup>(2)</sup> | 910 | 10964 |
| Webzen, Inc. | 98 | 894 |
| WONIK IPS Co. Ltd. | 501 | 43748 |
| Wonik QnC Corp.<sup>(2)</sup> | 562 | 12205 |
| Woongjin Thinkbig Co. Ltd. | 2718 | 2141 |
| Woori Financial Group, Inc. | 21894 | 547888 |
| Woori Technology Investment Co. Ltd.<sup>(2)</sup> | 1267 | 6935 |
| W-Scope Chungju Plant Co. Ltd.<sup>(2)</sup> | 317 | 2208 |
| YG Entertainment, Inc. | 232 | 11926 |
| Youngone Corp. | 1572 | 105543 |
| Youngone Holdings Co. Ltd. | 418 | 72397 |
| Yuhan Corp. | 452 | 34596 |
| Zinus, Inc. | 262 | 2273 |
|  |  | 38246853 |
| **Taiwan — 23.0%** |  |  |
| Abico Avy Co. Ltd. | 10450 | 14788 |
| Ability Enterprise Co. Ltd. | 1119 | 2856 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AcBel Polytech, Inc. | 1299 | $2130 |
| Accton Technology Corp. | 10000 | 440053 |
| Acer, Inc. | 51000 | 44543 |
| ACES Electronic Co. Ltd. | 13000 | 26421 |
| Acon Holding, Inc.<sup>(2)</sup> | 5000 | 1048 |
| Acter Group Corp. Ltd. | 4000 | 91167 |
| Advanced International Multitech Co. Ltd. | 4000 | 8782 |
| Advanced Wireless Semiconductor Co. | 5000 | 19393 |
| Advancetek Enterprise Co. Ltd. | 19000 | 17414 |
| Advantech Co. Ltd. | 1099 | 11655 |
| AIC, Inc. | 1000 | 14340 |
| Allied Supreme Corp. | 1000 | 7801 |
| Alltek Technology Corp. | 21080 | 24613 |
| Alltop Technology Co. Ltd. | 1000 | 9410 |
| Alpha Networks, Inc.<sup>(2)</sup> | 8000 | 7870 |
| Altek Corp. | 23561 | 29644 |
| Amazing Microelectronic Corp. | 3040 | 8522 |
| Ambassador Hotel | 6000 | 8428 |
| Ampak Technology, Inc. | 2000 | 4884 |
| Ampire Co. Ltd. | 1000 | 857 |
| AMPOC Far-East Co. Ltd. | 5540 | 21818 |
| AmTRAN Technology Co. Ltd. | 24629 | 30846 |
| Anpec Electronics Corp. | 1000 | 7504 |
| Aopen, Inc. | 1000 | 1568 |
| Apacer Technology, Inc. | 1000 | 3832 |
| Apex International Co. Ltd.<sup>(2)</sup> | 9467 | 14103 |
| Arcadyan Technology Corp. | 9000 | 56343 |
| Ardentec Corp. | 36000 | 179862 |
| Argosy Research, Inc. | 1000 | 4942 |
| ASE Technology Holding Co. Ltd., ADR | 25110 | 609922 |
| Asia Optical Co., Inc. | 10000 | 47871 |
| Asia Polymer Corp. | 9000 | 4001 |
| Asia Tech Image, Inc. | 3000 | 7364 |
| Asia Vital Components Co. Ltd. | 6382 | 350923 |
| ASROCK, Inc. | 2000 | 14516 |
| Asustek Computer, Inc. | 10000 | 168981 |
| AUO Corp. | 137600 | 72416 |
| AURAS Technology Co. Ltd. | 1000 | 36114 |
| Avermedia Technologies | 1000 | 1184 |
| Axiomtek Co. Ltd. | 4000 | 10296 |
| Azurewave Technologies, Inc. | 12000 | 23504 |
| Bafang Yunji International Co. Ltd. | 1000 | 5896 |
| Bank of Kaohsiung Co. Ltd. | 64719 | 26667 |
| BenQ Materials Corp. | 3000 | 1967 |
| Bin Chuan Enterprise Co. Ltd.<sup>(2)</sup> | 5000 | 8924 |
| Bioteque Corp. | 1000 | 3957 |
| Bizlink Holding, Inc. | 3029 | 133849 |
| Brillian Network & Automation Integrated System Co. Ltd. | 2000 | 22315 |
| Capital Securities Corp. | 56000 | 57127 |
| Career Technology MFG. Co. Ltd.<sup>(2)</sup> | 10000 | 5225 |
| Caswell, Inc. | 3000 | 7793 |
| Catcher Technology Co. Ltd. | 14000 | 85496 |
| Cathay Financial Holding Co. Ltd. | 207611 | 526499 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cenra, Inc. | 1000 | $1091 |
| Center Laboratories, Inc.<sup>(2)</sup> | 2309 | 3228 |
| Central Reinsurance Co. Ltd. | 13000 | 11502 |
| Chailease Holding Co. Ltd.<sup>(1)</sup> | 53174 | 176143 |
| Chang Hwa Commercial Bank Ltd. | 131036 | 90491 |
| Chang Wah Electromaterials, Inc. | 3000 | 4136 |
| Chang Wah Technology Co. Ltd. | 1000 | 1577 |
| Channel Well Technology Co. Ltd. | 17000 | 32303 |
| CHC Healthcare Group | 7000 | 7388 |
| CHC Resources Corp. | 5000 | 11506 |
| Chenbro Micom Co. Ltd. | 3000 | 86472 |
| Cheng Mei Materials Technology Corp.<sup>(2)</sup> | 30892 | 13875 |
| Cheng Shin Rubber Industry Co. Ltd. | 57000 | 57084 |
| Cheng Uei Precision Industry Co. Ltd. | 6000 | 7583 |
| Chenming Electronic Technology Corp. | 6000 | 21377 |
| Chicony Electronics Co. Ltd. | 28000 | 111855 |
| Chicony Power Technology Co. Ltd. | 7000 | 20248 |
| China Bills Finance Corp. | 11000 | 6041 |
| China Container Terminal Corp. | 1000 | 793 |
| China General Plastics Corp. | 3000 | 1186 |
| China Man-Made Fiber Corp.<sup>(2)</sup> | 47000 | 10714 |
| China Metal Products | 10000 | 7794 |
| China Motor Corp. | 4000 | 7622 |
| China Steel Chemical Corp. | 1000 | 2304 |
| China Wire & Cable Co. Ltd. | 1000 | 1233 |
| Chinese Maritime Transport Ltd. | 2000 | 4210 |
| Chin-Poon Industrial Co. Ltd. | 13000 | 17305 |
| Chipbond Technology Corp. | 13000 | 23394 |
| ChipMOS Technologies, Inc.<sup>(2)</sup> | 23000 | 51708 |
| Chlitina Holding Ltd.<sup>(2)</sup> | 1000 | 3496 |
| Chong Hong Construction Co. Ltd. | 6000 | 14470 |
| Chroma ATE, Inc. | 9000 | 391086 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 1000 | 866 |
| Chunghwa Precision Test Tech Co. Ltd. | 1000 | 117701 |
| Chunghwa Telecom Co. Ltd., ADR | 1765 | 76319 |
| Cleanaway Co. Ltd. | 20000 | 22407 |
| Clevo Co. | 23000 | 28906 |
| CMC Magnetics Corp.<sup>(2)</sup> | 42400 | 15173 |
| Collins Co. Ltd. | 1000 | 405 |
| Compal Electronics, Inc.<sup>(1)</sup> | 219000 | 219704 |
| Compeq Manufacturing Co. Ltd. | 34000 | 219841 |
| Compucase Enterprise | 7000 | 15966 |
| Concord International Securities Co. Ltd. | 16963 | 14754 |
| Concord Securities Co. Ltd. | 48400 | 27787 |
| Contrel Technology Co. Ltd. | 6000 | 9262 |
| Coremax Corp. | 2000 | 4940 |
| Coretronic Corp. | 10000 | 28247 |
| Co-Tech Development Corp. | 6000 | 54461 |
| Creative Sensor, Inc. | 5400 | 10289 |
| CSBC Corp. Taiwan<sup>(2)</sup> | 1000 | 772 |
| CTBC Financial Holding Co. Ltd. | 388000 | 690197 |
| CyberPower Systems, Inc. | 2000 | 12358 |
| Da-Li Development Co. Ltd. | 7188 | 10860 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Darfon Electronics Corp. | 6000 | $5968 |
| Darwin Precisions Corp.<sup>(2)</sup> | 900 | 396 |
| Daxin Materials Corp. | 3000 | 40369 |
| Delpha Construction Co. Ltd. | 1000 | 853 |
| Delta Electronics, Inc. | 6000 | 270563 |
| Depo Auto Parts Ind Co. Ltd. | 6000 | 26950 |
| Dimerco Data System Corp. | 4000 | 14074 |
| Dimerco Express Corp. | 6300 | 15855 |
| D-Link Corp.<sup>(2)</sup> | 3000 | 1492 |
| Dynamic Holding Co. Ltd. | 13220 | 65449 |
| Dynapack International Technology Corp. | 7000 | 68170 |
| E Ink Holdings, Inc. | 1000 | 5919 |
| E.Sun Financial Holding Co. Ltd. | 302410 | 339140 |
| Eastech Holding Ltd. | 6000 | 18904 |
| Eclat Textile Co. Ltd. | 4000 | 53853 |
| Edom Technology Co. Ltd.<sup>(2)</sup> | 11000 | 13963 |
| Elan Microelectronics Corp. | 4000 | 15476 |
| Elite Advanced Laser Corp. | 2000 | 19404 |
| Elite Material Co. Ltd. | 5000 | 382913 |
| Elitegroup Computer Systems Co. Ltd. | 11000 | 9599 |
| eMemory Technology, Inc. | 1000 | 79528 |
| Emerging Display Technologies Corp. | 1000 | 742 |
| Ennostar, Inc.<sup>(2)</sup> | 28000 | 33927 |
| Eson Precision Ind Co. Ltd. | 5000 | 13510 |
| Eternal Materials Co. Ltd. | 24850 | 54365 |
| Evergreen International Storage & Transport Corp. | 14000 | 24941 |
| Evergreen Marine Corp. Taiwan Ltd. | 30800 | 193293 |
| EVERGREEN Steel Corp. | 7000 | 23012 |
| Everlight Chemical Industrial Corp. | 18000 | 15512 |
| Everlight Electronics Co. Ltd. | 15000 | 28070 |
| Excelsior Medical Co. Ltd. | 6274 | 15673 |
| Far Eastern Department Stores Ltd. | 45000 | 32693 |
| Far Eastern International Bank | 97835 | 40441 |
| Far Eastern New Century Corp. | 85000 | 78187 |
| Far EasTone Telecommunications Co. Ltd. | 24934 | 73278 |
| Faraday Technology Corp. | 3000 | 15977 |
| Farglory F T Z Investment Holding Co. Ltd. | 2423 | 4311 |
| Farglory Land Development Co. Ltd. | 11000 | 23877 |
| Favite, Inc. | 5000 | 20052 |
| Feedback Technology Corp. | 1080 | 4978 |
| Feng TAY Enterprise Co. Ltd. | 6120 | 18311 |
| First Financial Holding Co. Ltd. | 329169 | 313794 |
| First Hi-Tec Enterprise Co. Ltd. | 3000 | 27563 |
| First Steamship Co. Ltd.<sup>(2)</sup> | 16000 | 2758 |
| FIT Holding Co. Ltd. | 9000 | 7219 |
| Fitipower Integrated Technology, Inc. | 1950 | 9210 |
| FLEXium Interconnect, Inc.<sup>(2)</sup> | 12000 | 24585 |
| Flytech Technology Co. Ltd. | 5000 | 14872 |
| FocalTech Systems Co. Ltd.<sup>(2)</sup> | 11000 | 18538 |
| Forcecon Tech Co. Ltd. | 3547 | 10407 |
| Formosa Advanced Technologies Co. Ltd. | 8000 | 18018 |
| Formosa Chemicals & Fibre Corp. | 41000 | 66289 |
| Formosa International Hotels Corp. | 2000 | 12061 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Formosa Laboratories, Inc. | 2000 | $3616 |
| Formosan Union Chemical Corp. | 13000 | 6927 |
| Foxconn Technology Co. Ltd. | 47000 | 88563 |
| Foxsemicon Integrated Technology, Inc. | 2000 | 19895 |
| Franbo Lines Corp. | 1000 | 642 |
| Froch Enterprise Co. Ltd. | 4000 | 2103 |
| FSP Technology, Inc. | 7000 | 12330 |
| Fu Hua Innovation Co. Ltd. | 41850 | 22806 |
| Fubon Financial Holding Co. Ltd. | 153747 | 461114 |
| Fulgent Sun International Holding Co. Ltd. | 3118 | 9309 |
| Fulltech Fiber Glass Corp.<sup>(2)</sup> | 9706 | 33647 |
| Fusheng Precision Co. Ltd. | 5000 | 42260 |
| G Shank Enterprise Co. Ltd. | 3176 | 8510 |
| Gamania Digital Entertainment Co. Ltd. | 3000 | 5050 |
| Gemtek Technology Corp. | 15000 | 12950 |
| General Interface Solution GIS Holding Ltd.<sup>(2)</sup> | 7000 | 10605 |
| Genius Electronic Optical Co. Ltd. | 2000 | 28061 |
| GeoVision, Inc. | 4450 | 6694 |
| Getac Holdings Corp. | 10000 | 36022 |
| Giant Manufacturing Co. Ltd. | 7000 | 18248 |
| Gigabyte Technology Co. Ltd. | 13000 | 98507 |
| Global Brands Manufacture Ltd. | 26057 | 89533 |
| Global Mixed Mode Technology, Inc. | 2000 | 15775 |
| Global Unichip Corp. | 2000 | 175136 |
| Globaltek Fabrication Co. Ltd. | 4000 | 7545 |
| Globalwafers Co. Ltd.<sup>(2)</sup> | 7000 | 100815 |
| Gloria Material Technology Corp. | 13000 | 14520 |
| Gold Circuit Electronics Ltd. | 8800 | 228599 |
| Golden Long Teng Development Co. Ltd. | 8000 | 8205 |
| Gordon Auto Body Parts | 1000 | 984 |
| Gourmet Master Co. Ltd. | 2000 | 4561 |
| Grand Fortune Securities Co. Ltd. | 2200 | 1040 |
| Grand Pacific Petrochemical<sup>(2)</sup> | 38352 | 16745 |
| Grand Process Technology Corp. | 1000 | 55895 |
| Grape King Bio Ltd. | 4000 | 15860 |
| Greatek Electronics, Inc. | 26000 | 79193 |
| Group Up Industrial Co. Ltd. | 4000 | 38340 |
| GTM Holdings Corp. | 1000 | 1065 |
| Hai Kwang Enterprise Corp.<sup>(2)</sup> | 1071 | 512 |
| Hannstar Board Corp. | 25120 | 74464 |
| HannStar Display Corp.<sup>(2)</sup> | 43000 | 12686 |
| HannsTouch Holdings Co.<sup>(2)</sup> | 12000 | 3972 |
| HD Renewable Energy Co. Ltd. | 2284 | 7878 |
| Highwealth Construction Corp. | 36068 | 43632 |
| Hiroca Holdings Ltd. | 1000 | 592 |
| Hitron Technology, Inc.<sup>(2)</sup> | 5000 | 4719 |
| Hiwin Technologies Corp. | 2030 | 14729 |
| Hiyes International Co. Ltd. | 3000 | 7015 |
| Ho Tung Chemical Corp. | 43000 | 13724 |
| Hocheng Corp. | 8000 | 4839 |
| Holy Stone Enterprise Co. Ltd. | 5050 | 19069 |
| Hon Hai Precision Industry Co. Ltd. | 209000 | 1598597 |
| Hong Pu Real Estate Development Co. Ltd. | 10000 | 7514 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hong TAI Electric Industrial | 1000 | $1151 |
| Horizon Securities Co. Ltd. | 1060 | 516 |
| Hotai Finance Co. Ltd. | 7920 | 15143 |
| Hotai Motor Co. Ltd. | 6020 | 112462 |
| HTC Corp.<sup>(2)</sup> | 49000 | 70501 |
| Hu Lane Associate, Inc. | 5381 | 20101 |
| Hua Nan Financial Holdings Co. Ltd. | 136716 | 166030 |
| Huaku Development Co. Ltd. | 5775 | 19942 |
| Huang Hsiang Construction Corp. | 1000 | 1203 |
| Hung Sheng Construction Ltd. | 10000 | 6390 |
| Hwang Chang General Contractor Co. Ltd. | 32003 | 62421 |
| Ibase Technology, Inc. | 1000 | 1362 |
| IBF Financial Holdings Co. Ltd. | 38601 | 20907 |
| Ichia Technologies, Inc. | 7000 | 12568 |
| I-Chiun Precision Industry Co. Ltd. | 8324 | 36750 |
| IEI Integration Corp. | 3000 | 5727 |
| Infortrend Technology, Inc. | 6000 | 6129 |
| Innodisk Corp. | 2120 | 52145 |
| Innolux Corp. | 221248 | 187761 |
| Inpaq Technology Co. Ltd. | 5000 | 13799 |
| Insyde Software Corp. | 2400 | 14689 |
| Integrated Service Technology, Inc. | 2257 | 9504 |
| International Games System Co. Ltd. | 5000 | 110626 |
| Inventec Corp. | 39000 | 57126 |
| Iron Force Industrial Co. Ltd. | 4148 | 12744 |
| ITE Technology, Inc.<sup>(2)</sup> | 12000 | 46849 |
| ITEQ Corp. | 16000 | 71533 |
| Jarllytec Co. Ltd. | 1025 | 2795 |
| Jetwell Computer Co. Ltd. | 2240 | 12955 |
| Johnson Health Tech Co. Ltd. | 3000 | 12946 |
| JPC connectivity, Inc. | 3000 | 14550 |
| JPP Holding Co. Ltd. | 3000 | 25347 |
| Kaimei Electronic Corp. | 5800 | 17366 |
| Kaori Heat Treatment Co. Ltd. | 1000 | 27523 |
| KEE TAI Properties Co. Ltd. | 9135 | 3138 |
| Kenda Rubber Industrial Co. Ltd. | 2100 | 1357 |
| Kenmec Mechanical Engineering Co. Ltd.<sup>(2)</sup> | 5160 | 10512 |
| Kerry TJ Logistics Co. Ltd. | 1000 | 1013 |
| Keystone Microtech Corp. | 1000 | 28895 |
| Kindom Development Co. Ltd. | 29700 | 29701 |
| King Yuan Electronics Co. Ltd. | 50000 | 514477 |
| Kinik Co.<sup>(2)</sup> | 1000 | 16505 |
| Kinpo Electronics | 57000 | 46289 |
| Kinsus Interconnect Technology Corp. | 6000 | 59289 |
| KMC Kuei Meng International, Inc. | 1000 | 2971 |
| KNH Enterprise Co. Ltd. | 2000 | 1060 |
| Ko Ja Cayman Co. Ltd. | 1000 | 1277 |
| KS Terminals, Inc. | 4000 | 6426 |
| Kwong Lung Enterprise Co. Ltd. | 1000 | 1516 |
| Lanner Electronics, Inc. | 3180 | 6218 |
| Largan Precision Co. Ltd. | 1000 | 80149 |
| Lealea Enterprise Co. Ltd.<sup>(2)</sup> | 8320 | 1700 |
| LEE CHI Enterprises Co. Ltd. | 1000 | 396 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lelon Electronics Corp. | 4000 | $16049 |
| Lien Hwa Industrial Holdings Corp. | 2486 | 3564 |
| Lingsen Precision Industries Ltd. | 22000 | 19910 |
| Lintes Technology Co. Ltd. | 2000 | 11029 |
| Lite-On Technology Corp. | 46000 | 251089 |
| Long Bon International Co. Ltd.<sup>(2)</sup> | 17000 | 8157 |
| Longchen Paper & Packaging Co. Ltd.<sup>(2)</sup> | 11000 | 3467 |
| Longwell Co. | 5000 | 35706 |
| Lotes Co. Ltd. | 1025 | 57570 |
| Lotus Pharmaceutical Co. Ltd. | 3000 | 26688 |
| Lumax International Corp. Ltd. | 7000 | 29450 |
| Lung Yen Life Service Corp.<sup>(2)</sup> | 7000 | 11817 |
| Macroblock, Inc. | 1000 | 1877 |
| Macronix International Co. Ltd.<sup>(2)</sup> | 39000 | 133470 |
| Makalot Industrial Co. Ltd. | 8160 | 83206 |
| Marketech International Corp. | 7000 | 67449 |
| Materials Analysis Technology, Inc. | 1051 | 7275 |
| MediaTek, Inc. | 31000 | 1909586 |
| Mega Financial Holding Co. Ltd. | 215967 | 277830 |
| Mercuries Life Insurance Co. Ltd.<sup>(2)</sup> | 89442 | 23663 |
| Merida Industry Co. Ltd. | 5000 | 11950 |
| Merry Electronics Co. Ltd. | 5075 | 15259 |
| Micro-Star International Co. Ltd. | 18000 | 53777 |
| Mildef Crete, Inc. | 4000 | 12840 |
| MIN AIK Technology Co. Ltd. | 12000 | 12866 |
| Mitac Holdings Corp. | 31900 | 80176 |
| momo.com, Inc. | 1050 | 6437 |
| MOSA Industrial Corp.<sup>(2)</sup> | 13331 | 8294 |
| Mosel Vitelic, Inc. | 2000 | 2110 |
| MPI Corp. | 3000 | 277665 |
| MSSCORPS Co. Ltd. | 3000 | 27086 |
| My Humble House Hospitality Management Consulting | 3000 | 3229 |
| Myson Century, Inc. | 40000 | 115216 |
| Namchow Holdings Co. Ltd. | 12000 | 14660 |
| Nan Pao Resins Chemical Co. Ltd. | 2000 | 20909 |
| Nan Ya Printed Circuit Board Corp. | 4000 | 69410 |
| Nanya Technology Corp.<sup>(2)</sup> | 17000 | 150908 |
| Netronix, Inc. | 3000 | 10126 |
| Nexcom International Co. Ltd. | 8000 | 17784 |
| Nichidenbo Corp. | 6000 | 19032 |
| Nidec Chaun-Choung Technology Corp. | 1000 | 4947 |
| Nien Hsing Textile Co. Ltd. | 2000 | 1176 |
| Nien Made Enterprise Co. Ltd. | 4000 | 51216 |
| Nova Technology Corp. | 4000 | 26076 |
| Novatek Microelectronics Corp. | 9000 | 112379 |
| Nuvoton Technology Corp. | 8000 | 18392 |
| O-Bank Co. Ltd. | 22000 | 6890 |
| Oneness Biotech Co. Ltd.<sup>(2)</sup> | 143 | 270 |
| Optimax Technology Corp. | 8000 | 5897 |
| Orient Semiconductor Electronics Ltd. | 23000 | 41971 |
| Oriental Union Chemical Corp.<sup>(2)</sup> | 3000 | 1259 |
| O-TA Precision Industry Co. Ltd. | 3000 | 6677 |
| Pan Jit International, Inc. | 15000 | 43028 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pan-International Industrial Corp. | 17000 | $27504 |
| PCL Technologies, Inc. | 3000 | 16372 |
| Pegatron Corp. | 80000 | 187245 |
| Pegavision Corp. | 2000 | 18926 |
| Phison Electronics Corp. | 3000 | 177232 |
| Phoenix Silicon International Corp. | 6275 | 37111 |
| Pixart Imaging, Inc. | 2000 | 12992 |
| Planet Technology Corp. | 2000 | 7730 |
| Pou Chen Corp. | 85000 | 84123 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(2)</sup> | 63000 | 150546 |
| Powertech Technology, Inc. | 29000 | 235502 |
| Poya International Co. Ltd. | 1030 | 16596 |
| President Chain Store Corp. | 20000 | 143237 |
| President Securities Corp. | 35200 | 36067 |
| Primax Electronics Ltd. | 18000 | 46806 |
| Prince Housing & Development Corp. | 33000 | 8728 |
| Promate Electronic Co. Ltd. | 19199 | 28503 |
| Prosperity Dielectrics Co. Ltd. | 7000 | 16280 |
| Qisda Corp. | 12300 | 10120 |
| Quanta Computer, Inc. | 30000 | 275316 |
| Quanta Storage, Inc. | 9000 | 28533 |
| Quintain Steel Co. Ltd.<sup>(2)</sup> | 23327 | 7252 |
| Radiant Opto-Electronics Corp. | 15000 | 58316 |
| Radium Life Tech Co. Ltd.<sup>(2)</sup> | 34947 | 12253 |
| Realtek Semiconductor Corp. | 14000 | 214269 |
| Rechi Precision Co. Ltd. | 13000 | 10766 |
| Rich Development Co. Ltd. | 33990 | 8722 |
| Ritek Corp.<sup>(2)</sup> | 29000 | 13376 |
| Rodex Fasteners Corp. | 1000 | 891 |
| Roo Hsing Co. Ltd.<sup>(2)</sup> | 263 | 87 |
| Ruentex Development Co. Ltd. | 4050 | 3816 |
| Ruentex Industries Ltd. | 18000 | 30575 |
| San Fang Chemical Industry Co. Ltd. | 14000 | 15729 |
| San Far Property Ltd. | 8000 | 4291 |
| Sanyang Motor Co. Ltd. | 10000 | 19124 |
| Savior Lifetec Corp. | 5000 | 3027 |
| Scientech Corp. | 1000 | 11694 |
| ScinoPharm Taiwan Ltd. | 1000 | 682 |
| SDI Corp. | 1000 | 2730 |
| Senao Networks, Inc. | 3000 | 13562 |
| Sercomm Corp. | 13000 | 34228 |
| Shanghai Commercial & Savings Bank Ltd. | 161905 | 206840 |
| Sharehope Medicine Co. Ltd. | 1146 | 863 |
| Sheng Yu Steel Co. Ltd. | 1000 | 695 |
| ShenMao Technology, Inc. | 4000 | 15169 |
| Shih Her Technologies, Inc. | 3220 | 19678 |
| Shih Wei Navigation Co. Ltd.<sup>(2)</sup> | 8000 | 4482 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 1000 | 1074 |
| Shin Ruenn Development Co. Ltd. | 14690 | 20787 |
| Shin Zu Shing Co. Ltd. | 4127 | 26902 |
| Shinkong Insurance Co. Ltd. | 12000 | 44337 |
| Shinkong Synthetic Fibers Corp. | 27000 | 13359 |
| Shiny Chemical Industrial Co. Ltd. | 3600 | 18227 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sigurd Microelectronics Corp.<sup>(2)</sup> | 37000 | $176464 |
| Simplo Technology Co. Ltd. | 8000 | 84886 |
| Sinbon Electronics Co. Ltd. | 4000 | 30934 |
| Sino-American Silicon Products, Inc.<sup>(2)</sup> | 1000 | 3735 |
| Sinon Corp. | 11000 | 15933 |
| SinoPac Financial Holdings Co. Ltd. | 343991 | 362862 |
| Sinphar Pharmaceutical Co. Ltd. | 1134 | 1118 |
| Sitronix Technology Corp. | 3000 | 18938 |
| Siward Crystal Technology Co. Ltd. | 3000 | 2869 |
| Soft-World International Corp. | 4000 | 13076 |
| Solar Applied Materials Technology Corp. | 1000 | 1969 |
| Solomon Technology Corp. | 2000 | 8365 |
| Sonix Technology Co. Ltd. | 1000 | 1399 |
| Sporton International, Inc. | 1050 | 6495 |
| Sports Gear Co. Ltd. | 1000 | 3184 |
| St. Shine Optical Co. Ltd. | 3000 | 10768 |
| Standard Foods Corp. | 21000 | 20140 |
| Stark Technology, Inc. | 4000 | 18812 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 5000 | 24152 |
| Sunplus Innovation Technology, Inc. | 2053 | 8365 |
| Sunrex Technology Corp. | 2000 | 2790 |
| Supreme Electronics Co. Ltd. | 28843 | 66687 |
| Symtek Automation Asia Co. Ltd. | 2080 | 9931 |
| Syncmold Enterprise Corp. | 5000 | 11525 |
| Synnex Technology International Corp. | 45000 | 103384 |
| Systex Corp. | 4000 | 14636 |
| T3EX Global Holdings Corp. | 1000 | 2059 |
| TAI Roun Products Co. Ltd. | 1000 | 423 |
| Taichung Commercial Bank Co. Ltd. | 125359 | 84616 |
| TaiDoc Technology Corp.<sup>(2)</sup> | 2000 | 7945 |
| Taiflex Scientific Co. Ltd. | 7000 | 21478 |
| Tainan Spinning Co. Ltd. | 31000 | 13306 |
| Tai-Saw Technology Co. Ltd. | 1000 | 1005 |
| Taisun Enterprise Co. Ltd. | 1000 | 585 |
| Taita Chemical Co. Ltd. | 1050 | 417 |
| TAI-TECH Advanced Electronics Co. Ltd. | 3000 | 17463 |
| Taiwan Acceptance Corp. | 7850 | 18531 |
| Taiwan Business Bank | 190931 | 100043 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 38482 | 29377 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 13300 | 21075 |
| Taiwan FU Hsing Industrial Co. Ltd. | 9600 | 14775 |
| Taiwan Glass Industry Corp.<sup>(2)</sup> | 5000 | 9622 |
| Taiwan High Speed Rail Corp. | 43000 | 37214 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 10222 | 39722 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 9000 | 11255 |
| Taiwan Mask Corp.<sup>(2)</sup> | 7000 | 10831 |
| Taiwan Mobile Co. Ltd.<sup>(2)</sup> | 3000 | 10312 |
| Taiwan Navigation Co. Ltd. | 4000 | 3984 |
| Taiwan Paiho Ltd. | 6000 | 9822 |
| Taiwan PCB Techvest Co. Ltd. | 6000 | 7391 |
| Taiwan Sakura Corp. | 4000 | 11050 |
| Taiwan Secom Co. Ltd. | 1000 | 3388 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 20000 | 1247963 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 43848 | $16424585 |
| Taiwan Steel Union Co. Ltd. | 1000 | 3539 |
| Taiwan Styrene Monomer<sup>(2)</sup> | 1000 | 297 |
| Taiwan Surface Mounting Technology Corp. | 7000 | 22607 |
| Taiwan TEA Corp.<sup>(2)</sup> | 9000 | 3752 |
| Taiwan Union Technology Corp. | 6000 | 102658 |
| Tatung Co. Ltd. | 16150 | 19242 |
| Tatung System Technologies, Inc. | 4520 | 9234 |
| TBI Motion Technology Co. Ltd.<sup>(2)</sup> | 14000 | 22952 |
| TCI Co. Ltd.<sup>(2)</sup> | 3000 | 12593 |
| Team Group, Inc. | 3000 | 19305 |
| Teco Electric & Machinery Co. Ltd. | 30000 | 78328 |
| Test Research, Inc. | 5000 | 35369 |
| Tex-Ray Industrial Co. Ltd.<sup>(2)</sup> | 1000 | 242 |
| Thinking Electronic Industrial Co. Ltd. | 1000 | 5996 |
| Thye Ming Industrial Co. Ltd. | 4303 | 9588 |
| Ton Yi Industrial Corp. | 17000 | 10300 |
| Tong Hsing Electronic Industries Ltd.<sup>(2)</sup> | 3770 | 21157 |
| Tong Yang Industry Co. Ltd. | 7000 | 22214 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(2)</sup> | 15000 | 15918 |
| Topco Scientific Co. Ltd. | 6086 | 67328 |
| Topkey Corp. | 6000 | 32514 |
| Topoint Technology Co. Ltd. | 9142 | 73386 |
| TPK Holding Co. Ltd. | 14000 | 19041 |
| Transcend Information, Inc. | 6000 | 39787 |
| Tripod Technology Corp. | 25000 | 308806 |
| TS Financial Holding Co. Ltd. | 851553 | 693221 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(2)</sup> | 97335 | 28989 |
| Tsann Kuen Enterprise Co. Ltd. | 4000 | 2979 |
| TSRC Corp. | 13000 | 8472 |
| TTY Biopharm Co. Ltd. | 7000 | 18826 |
| Tung Ho Steel Enterprise Corp. | 12000 | 28180 |
| Tung Thih Electronic Co. Ltd. | 1144 | 1873 |
| TXC Corp. | 6000 | 17531 |
| TYC Brother Industrial Co. Ltd. | 7000 | 9792 |
| Tycoons Group Enterprise<sup>(2)</sup> | 702 | 204 |
| Tyntek Corp. | 1000 | 616 |
| TZE Shin International Co. Ltd. | 1100 | 513 |
| UDE Corp. | 4000 | 14945 |
| Unimicron Technology Corp. | 30631 | 463339 |
| Union Bank of Taiwan | 37957 | 24494 |
| Uni-President Enterprises Corp. | 108000 | 249712 |
| Unitech Printed Circuit Board Corp. | 21000 | 42724 |
| United Microelectronics Corp. | 183000 | 378601 |
| United Orthopedic Corp. | 3000 | 10350 |
| United Renewable Energy Co. Ltd.<sup>(2)</sup> | 3000 | 2096 |
| Univacco Technology, Inc. | 6000 | 9192 |
| Universal Cement Corp. | 10200 | 9760 |
| UPC Technology Corp.<sup>(2)</sup> | 28000 | 9934 |
| USI Corp. | 15000 | 5884 |
| Utechzone Co. Ltd. | 1000 | 3750 |
| UVAT Technology Co. Ltd. | 3000 | 6559 |
| Vanguard International Semiconductor Corp. | 32464 | 137628 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ventec International Group Co. Ltd. | 2000 | $6487 |
| VIA Labs, Inc. | 2000 | 5151 |
| Visco Vision, Inc. | 2000 | 12079 |
| VisEra Technologies Co. Ltd. | 3000 | 32323 |
| Vizionfocus, Inc. | 2000 | 11611 |
| Voltronic Power Technology Corp. | 1000 | 29411 |
| Wafer Works Corp.<sup>(2)</sup> | 14000 | 16087 |
| Wah Lee Industrial Corp. | 1000 | 4111 |
| Walsin Lihwa Corp. | 43627 | 50695 |
| Walsin Technology Corp. | 5000 | 24589 |
| Walton Advanced Engineering, Inc. | 1000 | 2035 |
| Wan Hai Lines Ltd. | 25150 | 61470 |
| We & Win Development Co. Ltd.<sup>(2)</sup> | 1000 | 333 |
| Weikeng Industrial Co. Ltd. | 14000 | 14186 |
| Win Semiconductors Corp. | 8000 | 84755 |
| Winbond Electronics Corp.<sup>(2)</sup> | 75228 | 286205 |
| Winmate, Inc. | 2000 | 9583 |
| Winstek Semiconductor Co. Ltd. | 2000 | 9522 |
| Wisdom Marine Lines Co. Ltd. | 10000 | 23155 |
| Wistron Corp. | 92000 | 393035 |
| WITS Corp. | 2131 | 7939 |
| Wiwynn Corp. | 2000 | 251342 |
| WNC Corp. | 15071 | 89236 |
| Wowprime Corp. | 7398 | 51753 |
| WPG Holdings Ltd. | 7000 | 15617 |
| WT Microelectronics Co. Ltd. | 13395 | 78067 |
| WUS Printed Circuit Co. Ltd. | 7000 | 24778 |
| XinTec, Inc. | 4000 | 24418 |
| Xxentria Technology Materials Corp. | 5450 | 6489 |
| Yageo Corp. | 3796 | 35558 |
| Yang Ming Marine Transport Corp. | 53000 | 97075 |
| Yem Chio Co. Ltd. | 2040 | 889 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(2)</sup> | 1135 | 455 |
| YFY, Inc. | 26000 | 21387 |
| Young Fast Optoelectronics Co. Ltd.<sup>(2)</sup> | 6000 | 11692 |
| Youngtek Electronics Corp. | 6000 | 14425 |
| Yuanta Financial Holding Co. Ltd. | 302545 | 471472 |
| Yulon Motor Co. Ltd. | 17952 | 17598 |
| Zenitron Corp. | 11000 | 19374 |
| Zhen Ding Technology Holding Ltd. | 23000 | 152061 |
| Zippy Technology Corp. | 12000 | 20037 |
| Zyxel Group Corp. | 6898 | 7474 |
|  |  | 45928004 |
| **Thailand — 1.4%** |  |  |
| AAPICO Hitech PCL, NVDR | 10800 | 5174 |
| Advanced Info Service PCL, NVDR | 20500 | 250504 |
| Advanced Information Technology PCL, NVDR | 17600 | 2822 |
| AEON Thana Sinsap Thailand PCL, NVDR | 4400 | 13868 |
| Airports of Thailand PCL, NVDR | 50500 | 88493 |
| Amata Corp. PCL, NVDR | 52800 | 33130 |
| AP Thailand PCL, NVDR | 175700 | 51984 |
| Asia Plus Group Holdings PCL, NVDR | 12800 | 955 |
| Asset World Corp. PCL, NVDR | 53900 | 4329 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bangkok Aviation Fuel Services PCL, NVDR | 4200 | $1302 |
| Bangkok Chain Hospital PCL, NVDR | 51100 | 18006 |
| Bangkok Dusit Medical Services PCL, NVDR | 129800 | 90389 |
| Bangkok Expressway & Metro PCL, NVDR | 129700 | 26274 |
| Bangkok Life Assurance PCL, NVDR | 9100 | 6265 |
| BCPG PCL, NVDR | 61500 | 15990 |
| BEC World PCL, NVDR | 22100 | 1579 |
| Berli Jucker PCL, NVDR | 5800 | 2994 |
| BTS Group Holdings PCL, NVDR<sup>(2)</sup> | 100100 | 7660 |
| Bumrungrad Hospital PCL, NVDR | 16700 | 114159 |
| Cal-Comp Electronics Thailand PCL, NVDR | 386700 | 69416 |
| Carabao Group PCL, NVDR | 16500 | 24126 |
| Central Pattana PCL, NVDR | 49300 | 110861 |
| Central Plaza Hotel PCL, NVDR | 41100 | 53134 |
| Central Retail Corp. PCL, NVDR | 45200 | 30039 |
| Charoen Pokphand Foods PCL, NVDR | 38900 | 26252 |
| Chularat Hospital PCL, NVDR | 167900 | 8892 |
| Com7 PCL, NVDR | 40000 | 31020 |
| Country Group Holdings PCL, NVDR<sup>(2)</sup> | 34000 | 470 |
| CP ALL PCL, NVDR | 27700 | 46119 |
| CP Axtra PCL, NVDR | 29462 | 15926 |
| Delta Electronics Thailand PCL, NVDR | 29900 | 267779 |
| Ditto Thailand PCL, NVDR | 3780 | 1529 |
| Dohome PCL, NVDR | 1492 | 187 |
| Eastern Water Resources Development & Management PCL, NVDR | 1400 | 129 |
| Erawan Group PCL, NVDR | 176000 | 18090 |
| Forth Corp. PCL, NVDR<sup>(2)</sup> | 1500 | 410 |
| G J Steel PCL, NVDR<sup>(2)</sup> | 247700 | 798 |
| Gulf Development PCL, NVDR<sup>(2)</sup> | 22860 | 45577 |
| Gunkul Engineering PCL, NVDR | 406800 | 32443 |
| Hana Microelectronics PCL, NVDR | 16000 | 9346 |
| Home Product Center PCL, NVDR | 262900 | 62529 |
| Humanica PCL, NVDR | 1500 | 266 |
| Indorama Ventures PCL, NVDR | 29000 | 21363 |
| Interlink Communication PCL, NVDR | 7100 | 1123 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 4424 | 188 |
| Jaymart Group Holdings PCL, NVDR | 30100 | 7610 |
| JMT Network Services PCL, NVDR | 4900 | 1748 |
| Kasikornbank PCL, NVDR | 14100 | 91148 |
| KCE Electronics PCL, NVDR | 31100 | 19454 |
| KGI Securities Thailand PCL, NVDR | 22000 | 3170 |
| Kiatnakin Phatra Bank PCL, NVDR | 15600 | 38995 |
| Krung Thai Bank PCL, NVDR | 69800 | 76863 |
| Krungthai Card PCL, NVDR | 20600 | 22010 |
| Land & Houses PCL, NVDR | 239300 | 33529 |
| LPN Development PCL, NVDR | 5100 | 268 |
| Major Cineplex Group PCL, NVDR | 59200 | 15246 |
| MBK PCL, NVDR | 21900 | 14439 |
| MC Group PCL, NVDR | 19200 | 7348 |
| MCS Steel PCL, NVDR | 10700 | 3268 |
| Mega Lifesciences PCL, NVDR | 22900 | 28016 |
| Minor International PCL, NVDR | 143900 | 120331 |
| MK Restaurants Group PCL, NVDR | 12900 | 9232 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Muangthai Capital PCL, NVDR | 24400 | $28995 |
| Origin Property PCL, NVDR | 5000 | 344 |
| Osotspa PCL, NVDR | 60800 | 33583 |
| Plan B Media PCL, NVDR | 116900 | 17916 |
| Polyplex Thailand PCL, NVDR | 6100 | 1718 |
| POSCO-Thainox PCL, NVDR<sup>(2)</sup> | 15200 | 196 |
| Praram 9 Hospital PCL, NVDR | 20400 | 12720 |
| PRG Corp. PCL, NVDR | 1810 | 547 |
| Pruksa Holding PCL, NVDR | 32700 | 4187 |
| Quality Houses PCL, NVDR | 265900 | 13086 |
| Rajthanee Hospital PCL, NVDR | 6100 | 2764 |
| Ramkhamhaeng Hospital PCL, NVDR<sup>(2)</sup> | 4400 | 2624 |
| Ratchthani Leasing PCL, NVDR | 70870 | 4400 |
| S Hotels & Resorts PCL, NVDR | 25300 | 1593 |
| S Kijchai Enterprise PCL, R Shares, NVDR | 11400 | 2509 |
| Sabina PCL, NVDR | 14200 | 7763 |
| Samart Corp. PCL, NVDR | 111700 | 23543 |
| Sansiri PCL, NVDR | 367500 | 18438 |
| Sappe PCL, NVDR | 4000 | 4404 |
| SC Asset Corp. PCL, NVDR | 46300 | 3038 |
| SCB X PCL, NVDR | 5200 | 24828 |
| Sena Development PCL, NVDR | 1800 | 110 |
| Sermsang Power Corp. Co. Ltd., NVDR | 41097 | 4471 |
| Siam Global House PCL, NVDR | 53082 | 13247 |
| SISB PCL, NVDR | 9800 | 4001 |
| Somboon Advance Technology PCL, NVDR | 11700 | 6206 |
| Sri Trang Agro-Industry PCL, NVDR | 43800 | 20679 |
| Srisawad Corp. PCL, NVDR | 19682 | 18188 |
| Srithai Superware PCL, NVDR | 93300 | 3150 |
| Stecon Group PCL, NVDR<sup>(2)</sup> | 106300 | 44429 |
| Stella X PCL, NVDR<sup>(2)</sup> | 17100 | 88 |
| STP & I PCL, NVDR<sup>(2)</sup> | 27900 | 5379 |
| Supalai PCL, NVDR | 64900 | 37155 |
| Super Energy Corp. PCL, NVDR<sup>(2)</sup> | 530200 | 2048 |
| Tata Steel Thailand PCL, NVDR<sup>(2)</sup> | 6300 | 150 |
| Thai Vegetable Oil PCL, NVDR | 1240 | 985 |
| Thai Wah PCL, NVDR | 18500 | 1737 |
| Thaicom PCL, NVDR<sup>(2)</sup> | 43500 | 16492 |
| Thanachart Capital PCL, NVDR | 5400 | 10554 |
| TIDLOR Holdings PCL, NVDR | 57044 | 36515 |
| Tisco Financial Group PCL, NVDR | 5300 | 19518 |
| TKS Technologies PCL, NVDR | 8300 | 1855 |
| TMBThanachart Bank PCL, NVDR | 573500 | 43512 |
| TOA Paint Thailand PCL, NVDR | 9100 | 4632 |
| True Corp. PCL, NVDR | 165291 | 77032 |
| TTW PCL, NVDR | 9200 | 2781 |
| VGI PCL, NVDR | 144153 | 5434 |
| WHA Corp. PCL, NVDR | 115800 | 16226 |
| Workpoint Entertainment PCL, NVDR<sup>(2)</sup> | 200 | 25 |
| Xspring Capital PCL, NVDR<sup>(2)</sup> | 20100 | 330 |
|  |  | 2712689 |
| **Turkey — 0.7%** |  |  |
| Akbank TAS | 54011 | 111055 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Akfen Yenilenebilir Enerji AS<sup>(2)</sup> | 41812 | $17017 |
| Aksigorta AS<sup>(2)</sup> | 7362 | 1262 |
| Alarko Holding AS<sup>(1)</sup> | 3850 | 8990 |
| Albaraka Turk Katilim Bankasi AS | 127302 | 26554 |
| Alkim Alkali Kimya AS<sup>(2)</sup> | 2294 | 915 |
| Anadolu Anonim Turk Sigorta Sirketi | 45336 | 26823 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 42214 | 18253 |
| Anadolu Hayat Emeklilik AS | 2010 | 5138 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 9058 | 66435 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 8625 | 36907 |
| BIM Birlesik Magazalar AS | 6608 | 100647 |
| Bogazici Beton Sanayi Ve Ticaret AS | 618 | 289 |
| Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 494 | 1019 |
| Bursa Cimento Fabrikasi AS | 30541 | 4406 |
| Cemas Dokum Sanayi AS<sup>(2)</sup> | 39306 | 4459 |
| Coca-Cola Icecek AS | 11548 | 18751 |
| Destek Finans Faktoring AS<sup>(1)(2)</sup> | 1584 | 54119 |
| Dogus Otomotiv Servis ve Ticaret AS | 2506 | 12462 |
| EGE Gubre Sanayii AS | 391 | 808 |
| EGE Seramik Sanayi ve Ticaret AS<sup>(2)</sup> | 2218 | 155 |
| Enerjisa Enerji AS | 2384 | 5831 |
| Enerya Enerji AS | 25826 | 5894 |
| Esenboga Elektrik Uretim AS<sup>(2)</sup> | 12831 | 1125 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 2053 | 701 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(2)</sup> | 138390 | 15838 |
| Fenerbahce Futbol AS<sup>(2)</sup> | 4055 | 291 |
| Ford Otomotiv Sanayi AS | 8131 | 21487 |
| Galata Wind Enerji AS | 2846 | 1676 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 7990 | 10207 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 960 | 7654 |
| Goodyear Lastikleri TAS<sup>(2)</sup> | 1190 | 414 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(2)</sup> | 18260 | 10561 |
| GSD Holding AS<sup>(2)</sup> | 17144 | 1789 |
| Hektas Ticaret TAS<sup>(2</sup>) | 1 |  |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(2)</sup> | 20857 | 3759 |
| Is Finansal Kiralama AS<sup>(2)</sup> | 9863 | 4802 |
| Is Yatirim Menkul Degerler AS | 24064 | 26417 |
| Isiklar Enerji ve Yapi Holding AS<sup>(2)</sup> | 40535 | 76799 |
| Jantsa Jant Sanayi Ve Ticaret AS | 1061 | 448 |
| Karsan Otomotiv Sanayii Ve Ticaret AS<sup>(2)</sup> | 1448 | 351 |
| Konya Kagit Sanayi VE Ticaret AS<sup>(2)</sup> | 1770 | 579 |
| Kordsa Teknik Tekstil AS<sup>(2)</sup> | 362 | 430 |
| Logo Yazilim Sanayi Ve Ticaret AS | 5586 | 17601 |
| Marmara Holding AS<sup>(2)</sup> | 152770 | 8740 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 21922 | 22678 |
| MLP Saglik Hizmetleri AS<sup>(2)</sup> | 2359 | 23556 |
| Naturel Yenilenebilir Enerji Ticaret AS | 5795 | 1057 |
| Netas Telekomunikasyon AS<sup>(2)</sup> | 611 | 807 |
| Parsan Makina Parcalari Sanayii AS<sup>(2)</sup> | 100 | 199 |
| Penta Teknoloji Urunleri Dagitim Ticaret AS<sup>(2)</sup> | 734 | 235 |
| Polisan Holding AS | 39894 | 14612 |
| Qua Granite Hayal<sup>(2)</sup> | 13408 | 853 |
| Ral Yatirim Holding AS<sup>(2)</sup> | 4690 | 16698 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 302046 | 16966 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 6131 | $6632 |
| Sekerbank Turk AS | 217375 | 60482 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 6494 | 12570 |
| Sok Marketler Ticaret AS<sup>(2)</sup> | 9371 | 13631 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 2207 | 13085 |
| TAV Havalimanlari Holding AS<sup>(1)(2)</sup> | 9848 | 69323 |
| Tekfen Holding AS | 6942 | 11357 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(2)</sup> | 554 | 285 |
| Tofas Turk Otomobil Fabrikasi AS | 1939 | 14063 |
| Turcas Holding AS | 978 | 1058 |
| Turk Traktor ve Ziraat Makineleri AS | 1061 | 12343 |
| Turkcell Iletisim Hizmetleri AS, ADR | 9560 | 64434 |
| Turkiye Halk Bankasi AS<sup>(2)</sup> | 13749 | 15365 |
| Turkiye Is Bankasi AS, C Shares | 176323 | 68011 |
| Turkiye Sigorta AS | 55020 | 15292 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(2)</sup> | 66623 | 19711 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(2)</sup> | 52454 | 49151 |
| Ulker Biskuvi Sanayi AS | 7771 | 21861 |
| Usak Seramik Sanayii AS<sup>(2)</sup> | 484928 | 18246 |
| Vakif Finansal Kiralama AS<sup>(2)</sup> | 129370 | 5807 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 7172 | 12797 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 23385 | 4288 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(2)</sup> | 8088 | 5564 |
| Yapi ve Kredi Bankasi AS<sup>(2)</sup> | 88045 | 86963 |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(2)</sup> | 3211 | 1741 |
| Yunsa Yunlu Sanayi VE Ticare AS | 14664 | 3008 |
|  |  | 1444587 |
| **United Arab Emirates — 1.3%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 39792 | 164213 |
| Abu Dhabi Islamic Bank PJSC | 29791 | 206870 |
| Abu Dhabi National Hotels | 246043 | 34846 |
| Aldar Properties PJSC | 52308 | 153808 |
| Deyaar Development PJSC | 84352 | 23623 |
| Dubai Islamic Bank PJSC | 62831 | 141908 |
| Emaar Development PJSC | 51993 | 273896 |
| Emaar Properties PJSC | 157542 | 695298 |
| Emirates NBD Bank PJSC | 41343 | 371480 |
| Emirates Telecommunications Group Co. PJSC | 51357 | 283660 |
| First Abu Dhabi Bank PJSC | 38087 | 203382 |
| RAK Properties PJSC<sup>(2)</sup> | 112935 | 43040 |
| Space42 PLC<sup>(2)</sup> | 92379 | 39156 |
|  |  | 2635180 |
| **United States — 0.1%** |  |  |
| Coupang, Inc.<sup>(2)</sup> | 9265 | 176776 |
| **TOTAL COMMON STOCKS**<br>(Cost $132,915,724) |  | **200262930** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| Berjaya Food Bhd.<sup>(2)</sup> | 15554 | 180 |
| Eco World Development Group Bhd.<sup>(2)</sup> | 360 | 98 |
| Hengyuan Refining Co. Bhd.<sup>(2)</sup> | 2650 | 255 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 3768 | 68 |
| Top Glove Corp. Bhd.<sup>(2)</sup> | 1600 | 57 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| VS Industry Bhd.<sup>(2)</sup> | 15360 | $20 |
|  |  | 678 |
| **Thailand — 0.0%** |  |  |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 2212 | 23 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(2)</sup> | 450 | 4 |
| Origin Property PCL, NVDR<sup>(2)</sup> | 1025 | 12 |
| Roctec Global PCL, NVDR<sup>(2)</sup> | 5800 | 2 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(2)</sup> | 3120 | 14 |
|  |  | 55 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **733** |
| **SHORT-TERM INVESTMENTS — 1.3%** |  |  |
| **Money Market Funds — 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 474995 | 474995 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2008782 | 2008782 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,483,777) |  | **2483777** |
| **TOTAL INVESTMENT SECURITIES — 101.4%**<br>(Cost $135,399,501) |  | **202747440** |
| **OTHER ASSETS AND LIABILITIES — (1.4)%** |  | **(2743402)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**200004038** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 30.6% |
| Financials | 25.6% |
| Consumer Discretionary | 13.4% |
| Industrials | 7.8% |
| Communication Services | 7.1% |
| Materials | 4.3% |
| Health Care | 3.8% |
| Consumer Staples | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Energy | 0.1% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities | (1.4)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,622,147. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,893,705, which includes securities collateral of $2,884,923.

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $4114301 | $5016266 |  |
| &nbsp;&nbsp;&nbsp;Chile | 336080 | 805017 |  |
| &nbsp;&nbsp;&nbsp;China | 9343210 | 34221519 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 93742 | 247703 |  |
| &nbsp;&nbsp;&nbsp;India | 2159880 | 27616930 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 399536 | 1980793 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 1094133 | 2881021 |  |
| &nbsp;&nbsp;&nbsp;Peru | 777408 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 29673 | 920943 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 1616213 | 6889670 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 1817180 | 36429673 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 17110826 | 28817178 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 64434 | 1380153 |  |
| &nbsp;&nbsp;&nbsp;United States | 176776 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 13922672 |  |
| Warrants |  | 733 |  |
| Short-Term Investments | 2483777 |  |  |
|  | $41617169 | $161130271 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible International Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Australia — 6.2%** | | |
| Accent Group Ltd. | 27254 | $22430 |
| Acrow Ltd. | 39475 | 26961 |
| Adairs Ltd.<sup>(1)</sup> | 15209 | 20435 |
| Aeris Resources Ltd.<sup>(2)</sup> | 13061 | 4866 |
| ALS Ltd. | 8590 | 156261 |
| Amotiv Ltd. | 9178 | 51535 |
| AMP Ltd. | 169118 | 156229 |
| Ansell Ltd. | 2218 | 51376 |
| ANZ Group Holdings Ltd. | 70472 | 2005683 |
| ARB Corp. Ltd.<sup>(1)</sup> | 7288 | 133087 |
| ASX Ltd. | 975 | 36742 |
| Atlas Arteria Ltd. | 32413 | 110658 |
| Aurizon Holdings Ltd. | 140869 | 415946 |
| Australian Clinical Labs Ltd.<sup>(1)</sup> | 5596 | 8999 |
| Australian Ethical Investment Ltd. | 5274 | 19488 |
| Australian Finance Group Ltd. | 24184 | 31148 |
| Baby Bunting Group Ltd.<sup>(2)</sup> | 18577 | 26458 |
| Bank of Queensland Ltd. | 30103 | 149840 |
| Bapcor Ltd. | 12325 | 7622 |
| Bapcor Ltd.<sup>(2)</sup> | 9062 | 5611 |
| Bega Cheese Ltd. | 19663 | 87787 |
| Bendigo & Adelaide Bank Ltd. | 31986 | 243594 |
| Black Cat Syndicate Ltd.<sup>(1)(2)</sup> | 16024 | 17773 |
| Brambles Ltd. | 64582 | 1151763 |
| Bravura Solutions Ltd. | 27801 | 41098 |
| Breville Group Ltd.<sup>(1)</sup> | 3761 | 85222 |
| CAR Group Ltd. | 5356 | 101114 |
| Catalyst Metals Ltd.<sup>(2)</sup> | 29474 | 179373 |
| Cedar Woods Properties Ltd. | 1555 | 10031 |
| Cettire Ltd.<sup>(2)</sup> | 2092 | 481 |
| Challenger Ltd. | 50288 | 319379 |
| Cleanaway Waste Management Ltd. | 7047 | 12779 |
| Cochlear Ltd.<sup>(1)</sup> | 791 | 112009 |
| Codan Ltd. | 3543 | 89387 |
| Coles Group Ltd. | 60397 | 885746 |
| Commonwealth Bank of Australia | 19045 | 2362942 |
| Computershare Ltd. | 5582 | 123077 |
| Credit Corp. Group Ltd.<sup>(1)</sup> | 6907 | 59768 |
| CSL Ltd. | 2316 | 242454 |
| Data#3 Ltd.<sup>(1)</sup> | 15294 | 75702 |
| Deterra Royalties Ltd. | 12761 | 39185 |
| Develop Global Ltd.<sup>(1)(2)</sup> | 6277 | 25892 |
| Dicker Data Ltd. | 9102 | 65012 |
| Domino's Pizza Enterprises Ltd. | 673 | 9732 |
| DroneShield Ltd.<sup>(1)(2)</sup> | 1880 | 4852 |
| Eagers Automotive Ltd. | 5619 | 96035 |
| Elders Ltd. | 7771 | 40121 |
| Emeco Holdings Ltd.<sup>(2)</sup> | 24742 | 23753 |
| EML Payments Ltd.<sup>(2)</sup> | 26481 | 12149 |
| Endeavour Group Ltd. | 135025 | 375126 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EQT Holdings Ltd. | 6 | $93 |
| Evolution Mining Ltd. | 1962 | 23277 |
| EVT Ltd. | 9013 | 85266 |
| Firefinch Ltd.<sup>(1)(2)</sup> | 1565 | 11 |
| FleetPartners Group Ltd. | 12996 | 24494 |
| Flight Centre Travel Group Ltd.<sup>(1)</sup> | 4538 | 41627 |
| Fortescue Ltd. | 77539 | 1164730 |
| GenusPlus Group Ltd. | 6487 | 35871 |
| Greatland Resources Ltd.<sup>(2)</sup> | 50403 | 505704 |
| Guzman y Gomez Ltd.<sup>(1)</sup> | 69 | 947 |
| Hansen Technologies Ltd. | 7586 | 28629 |
| Harvey Norman Holdings Ltd. | 36864 | 150910 |
| Healius Ltd. | 57929 | 28283 |
| Helia Group Ltd. | 31555 | 135193 |
| HUB24 Ltd. | 1863 | 129435 |
| Humm Group Ltd. | 13637 | 6782 |
| IDP Education Ltd. | 11755 | 38899 |
| Imdex Ltd. | 23432 | 70788 |
| Insurance Australia Group Ltd. | 112470 | 532894 |
| Invictus Energy Ltd.<sup>(2)</sup> | 107537 | 3991 |
| IPH Ltd. | 5174 | 13167 |
| IRESS Ltd. | 3072 | 16317 |
| James Hardie Industries PLC<sup>(2)</sup> | 8934 | 218390 |
| James Hardie Industries PLC<sup>(2)</sup> | 1823 | 44390 |
| JB Hi-Fi Ltd. | 7476 | 437006 |
| Kelsian Group Ltd. | 22114 | 71252 |
| Kingsgate Consolidated Ltd.<sup>(2)</sup> | 22358 | 112468 |
| Kogan.com Ltd.<sup>(1)</sup> | 6255 | 18695 |
| L1 Group Ltd. | 29684 | 26199 |
| Lendlease Corp. Ltd. | 13191 | 39380 |
| Lifestyle Communities Ltd.<sup>(2)</sup> | 2750 | 9709 |
| Lovisa Holdings Ltd. | 3852 | 65476 |
| Lycopodium Ltd. | 3218 | 32748 |
| Lynas Rare Earths Ltd.<sup>(1)(2)</sup> | 18493 | 245111 |
| Maas Group Holdings Ltd. | 12736 | 43146 |
| Macquarie Group Ltd.<sup>(1)</sup> | 4178 | 634055 |
| Magellan Financial Group Ltd. | 21414 | 128754 |
| Mayne Pharma Group Ltd.<sup>(2)</sup> | 7599 | 13615 |
| McMillan Shakespeare Ltd.<sup>(1)</sup> | 6252 | 71494 |
| Medibank Pvt Ltd. | 124508 | 388040 |
| Megaport Ltd.<sup>(2)</sup> | 5844 | 36567 |
| Metals X Ltd.<sup>(2)</sup> | 56547 | 57484 |
| Metro Mining Ltd.<sup>(2)</sup> | 640940 | 32407 |
| Mineral Resources Ltd.<sup>(1)(2)</sup> | 12982 | 561090 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 99066 | 26361 |
| National Australia Bank Ltd. | 49848 | 1737331 |
| Netwealth Group Ltd. | 4052 | 74211 |
| nib holdings Ltd. | 80074 | 365071 |
| Nick Scali Ltd. | 6268 | 83032 |
| Nine Entertainment Co. Holdings Ltd. | 142368 | 106864 |
| Nuix Ltd.<sup>(2)</sup> | 12858 | 17453 |
| OFX Group Ltd.<sup>(2)</sup> | 12426 | 5881 |
| Omni Bridgeway Ltd.<sup>(2)</sup> | 9598 | 10819 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| oOh!media Ltd. | 37530 | $27333 |
| Ora Banda Mining Ltd.<sup>(2)</sup> | 2738 | 2531 |
| Orora Ltd. | 132983 | 202784 |
| Pantoro Gold Ltd.<sup>(2)</sup> | 77 | 317 |
| Peninsula Energy Ltd.<sup>(1)(2)</sup> | 72165 | 38497 |
| Pepper Money Ltd. | 3761 | 6474 |
| Perpetual Ltd. | 3980 | 52458 |
| Praemium Ltd. | 28285 | 15366 |
| Premier Investments Ltd. | 7786 | 74469 |
| Pro Medicus Ltd. | 1346 | 124219 |
| PWR Holdings Ltd. | 5041 | 35942 |
| QBE Insurance Group Ltd. | 52455 | 814594 |
| Qube Holdings Ltd. | 20750 | 73903 |
| Ramsay Health Care Ltd. | 2503 | 76837 |
| REA Group Ltd. | 994 | 117598 |
| Reece Ltd. | 3420 | 38056 |
| Regal Partners Ltd. | 35639 | 82160 |
| Reliance Worldwide Corp. Ltd. | 32756 | 77652 |
| Renascor Resources Ltd.<sup>(1)(2)</sup> | 1549 | 94 |
| Resolute Mining Ltd.<sup>(2)</sup> | 220775 | 234669 |
| Ricegrowers Ltd. | 6907 | 64992 |
| Sandfire Resources Ltd.<sup>(2)</sup> | 52 | 746 |
| SEEK Ltd. | 3989 | 47080 |
| SGH Ltd. | 8831 | 293050 |
| Sigma Healthcare Ltd.<sup>(1)</sup> | 88170 | 177721 |
| Silver Mines Ltd.<sup>(1)(2)</sup> | 117130 | 19596 |
| Sims Ltd. | 14390 | 224760 |
| SiteMinder Ltd.<sup>(1)(2)</sup> | 15314 | 39252 |
| SmartGroup Corp. Ltd. | 5500 | 34472 |
| Solvar Ltd. | 2623 | 3480 |
| Sonic Healthcare Ltd. | 1654 | 28069 |
| Southern Cross Electrical Engineering Ltd. | 19440 | 41352 |
| Southern Cross Media Group Ltd.<sup>(1)</sup> | 15649 | 6794 |
| SRG Global Ltd. | 56723 | 117144 |
| Steadfast Group Ltd. | 19325 | 60522 |
| Suncorp Group Ltd. | 54347 | 565668 |
| Super Retail Group Ltd. | 15200 | 167837 |
| Technology One Ltd. | 7618 | 141098 |
| Telix Pharmaceuticals Ltd.<sup>(1)(2)</sup> | 134 | 968 |
| Telstra Group Ltd. | 138328 | 509917 |
| Transurban Group | 16685 | 170099 |
| Treasury Wine Estates Ltd.<sup>(1)</sup> | 38841 | 125423 |
| Tyro Payments Ltd.<sup>(1)(2)</sup> | 59946 | 37303 |
| Universal Store Holdings Ltd. | 6056 | 40365 |
| Vulcan Energy Resources Ltd.<sup>(2)</sup> | 7644 | 20330 |
| Webjet Group Ltd. | 6588 | 2604 |
| Wesfarmers Ltd. | 14867 | 842262 |
| Westpac Banking Corp. | 64077 | 1936988 |
| WiseTech Global Ltd.<sup>(1)</sup> | 1522 | 51525 |
| Woolworths Group Ltd. | 46851 | 1201083 |
| Xero Ltd.<sup>(2)</sup> | 2074 | 122430 |
| Zip Co. Ltd.<sup>(2)</sup> | 3731 | 5069 |
|  |  | 28282470 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Austria — 0.4%** | | |
| ANDRITZ AG | 1009 | $87597 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(2)</sup> | 2412 | 145996 |
| BAWAG Group AG | 1671 | 258809 |
| CA Immobilien Anlagen AG | 956 | 29847 |
| DO & Co. AG | 225 | 57510 |
| Erste Group Bank AG | 3515 | 417210 |
| Eurotelesites AG<sup>(2)</sup> | 448 | 2556 |
| Oesterreichische Post AG | 1947 | 80624 |
| Porr AG | 353 | 16268 |
| Raiffeisen Bank International AG | 5035 | 250138 |
| Semperit AG Holding | 78 | 1243 |
| Telekom Austria AG | 1903 | 21461 |
| UNIQA Insurance Group AG | 4745 | 93779 |
| Verbund AG | 987 | 70278 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 803 | 62637 |
| Wienerberger AG | 351 | 11521 |
|  |  | 1607474 |
| **Belgium — 1.1%** |  |  |
| Ackermans & van Haaren NV | 1008 | 345651 |
| Ageas SA | 4843 | 359480 |
| AGFA-Gevaert NV<sup>(2)</sup> | 4158 | 2346 |
| Anheuser-Busch InBev SA, ADR | 5836 | 472424 |
| Argenx SE, ADR<sup>(2)</sup> | 544 | 417204 |
| Azelis Group NV | 2 | 20 |
| Barco NV | 5733 | 73435 |
| Bekaert SA | 2114 | 109105 |
| bpost SA<sup>(1)(2)</sup> | 5911 | 14955 |
| Cie d'Entreprises CFE | 308 | 4427 |
| Colruyt Group NV<sup>(1)</sup> | 2077 | 84307 |
| Deceuninck NV | 11 | 30 |
| D'ieteren Group | 1198 | 259033 |
| Elia Group SA<sup>(1)</sup> | 1224 | 194474 |
| Fagron<sup>(1)</sup> | 4145 | 111481 |
| Financiere de Tubize SA<sup>(1)</sup> | 369 | 99126 |
| Gimv NV | 2201 | 121720 |
| KBC Group NV | 7135 | 966314 |
| Kinepolis Group NV<sup>(1)</sup> | 849 | 27279 |
| Lotus Bakeries NV<sup>(1)</sup> | 6 | 74623 |
| Melexis NV<sup>(1)</sup> | 1775 | 119030 |
| Ontex Group NV<sup>(1)(2)</sup> | 4958 | 27156 |
| Proximus SADP | 4834 | 39865 |
| Syensqo SA | 145 | 8267 |
| UCB SA | 1971 | 592056 |
| Umicore SA | 8258 | 175994 |
| VGP NV<sup>(1)</sup> | 675 | 87606 |
|  |  | 4787408 |
| **Canada — 11.8%** |  |  |
| ADENTRA, Inc. | 2502 | 69169 |
| ADF Group, Inc. | 3181 | 24463 |
| AGF Management Ltd., Class B | 5737 | 86304 |
| Agnico Eagle Mines Ltd. | 11050 | 2775603 |
| Aimia, Inc.<sup>(1)(2)</sup> | 1856 | 4096 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Altus Group Ltd.<sup>(1)</sup> | 810 | $27737 |
| Amerigo Resources Ltd. | 6742 | 30644 |
| Aritzia, Inc.<sup>(2)</sup> | 6148 | 544376 |
| Atrium Mortgage Investment Corp. | 1008 | 8772 |
| AutoCanada, Inc.<sup>(2)</sup> | 3156 | 61035 |
| Avino Silver & Gold Mines Ltd.<sup>(1)(2)</sup> | 5143 | 49467 |
| B2Gold Corp. | 82601 | 507457 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 4592 | 9864 |
| Bank of Montreal | 11873 | 1708727 |
| Bank of Nova Scotia | 25868 | 1962407 |
| BCE, Inc. | 1008 | 26492 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 11815 | 25985 |
| Black Diamond Group Ltd. | 5162 | 65242 |
| Bonterra Energy Corp.<sup>(2)</sup> | 1637 | 6349 |
| Boralex, Inc., A Shares | 5192 | 105663 |
| Boston Pizza Royalties Income Fund | 432 | 8082 |
| Boyd Group, Inc. | 999 | 174372 |
| Brookfield Asset Management Ltd., Class A | 2444 | 114115 |
| Brookfield Asset Management Ltd., Class A | 1419 | 66338 |
| Brookfield Corp. | 7626 | 334436 |
| Brookfield Renewable Corp. | 4126 | 176075 |
| Brookfield Renewable Corp. (New York) | 2904 | 124088 |
| Brookfield Wealth Solutions Ltd. | 1326 | 58958 |
| BRP, Inc. | 1568 | 114963 |
| CAE, Inc.<sup>(2)</sup> | 8153 | 241772 |
| Cambria Gold Mines, Inc.<sup>(2)</sup> | 102 | 112 |
| Cameco Corp. | 6903 | 816690 |
| Canaccord Genuity Group, Inc. | 26 | 255 |
| Canada Goose Holdings, Inc.<sup>(1)(2)</sup> | 5284 | 65079 |
| Canadian Imperial Bank of Commerce | 24938 | 2519121 |
| Canadian National Railway Co. | 5506 | 617868 |
| Canadian Pacific Kansas City Ltd. | 9105 | 797259 |
| Canadian Tire Corp. Ltd., Class A | 3852 | 540305 |
| Canfor Corp.<sup>(2)</sup> | 2423 | 24425 |
| Cascades, Inc. | 6719 | 59257 |
| CCL Industries, Inc., Class B | 4381 | 304732 |
| Celestica, Inc. (Toronto)<sup>(2)</sup> | 8464 | 2350349 |
| Centerra Gold, Inc. | 15516 | 326120 |
| CGI, Inc. | 2935 | 214652 |
| Cineplex, Inc.<sup>(1)(2)</sup> | 1008 | 7855 |
| Cogeco Communications, Inc. | 1546 | 82012 |
| Colliers International Group, Inc. | 634 | 75199 |
| Computer Modelling Group Ltd. | 5693 | 16987 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 93802 | 65329 |
| Definity Financial Corp. | 2910 | 145665 |
| Descartes Systems Group, Inc.<sup>(2)</sup> | 1544 | 102122 |
| Docebo, Inc.<sup>(2)</sup> | 648 | 11192 |
| Dollarama, Inc. | 6392 | 941052 |
| Dorel Industries, Inc., Class B<sup>(1)(2)</sup> | 2062 | 2661 |
| DPM Metals, Inc. | 759 | 32863 |
| DREAM Unlimited Corp., Class A | 634 | 10328 |
| Eldorado Gold Corp. | 10466 | 486068 |
| Element Fleet Management Corp. | 15727 | 374598 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Empire Co. Ltd., Class A | 9035 | $320453 |
| Enghouse Systems Ltd. | 898 | 11653 |
| EQB, Inc. | 2521 | 213131 |
| Exchange Income Corp. | 1315 | 104772 |
| Fairfax Financial Holdings Ltd. | 757 | 1302919 |
| Fiera Capital Corp. | 737 | 3155 |
| Finning International, Inc. | 12555 | 846419 |
| Firm Capital Mortgage Investment Corp. | 2058 | 18573 |
| First Mining Gold Corp.<sup>(2)</sup> | 122908 | 57667 |
| FirstService Corp. (Toronto) | 673 | 106048 |
| Fortuna Mining Corp.<sup>(2)</sup> | 29931 | 409013 |
| George Weston Ltd. | 4055 | 297633 |
| Gildan Activewear, Inc. | 7182 | 489506 |
| goeasy Ltd. | 1398 | 110053 |
| Great-West Lifeco, Inc. | 6268 | 302820 |
| Hudbay Minerals, Inc. | 32410 | 918329 |
| Hydro One Ltd. | 14853 | 638307 |
| iA Financial Corp., Inc. | 6067 | 689985 |
| IAMGOLD Corp.<sup>(2)</sup> | 27400 | 674128 |
| InPlay Oil Corp. | 2083 | 23593 |
| Intact Financial Corp. | 4144 | 800060 |
| Interfor Corp.<sup>(2)</sup> | 2657 | 19401 |
| IsoEnergy Ltd.<sup>(2)</sup> | 2598 | 30645 |
| Journey Energy, Inc.<sup>(2)</sup> | 2604 | 7846 |
| K-Bro Linen, Inc. | 554 | 15023 |
| Kinaxis, Inc.<sup>(2)</sup> | 959 | 91052 |
| Kinross Gold Corp. | 35907 | 1327247 |
| Labrador Iron Ore Royalty Corp. | 3934 | 90040 |
| Laurentian Bank of Canada | 1773 | 52239 |
| Leon's Furniture Ltd. | 2340 | 48874 |
| Linamar Corp. | 4321 | 297802 |
| Loblaw Cos. Ltd. | 17292 | 801437 |
| Magna International, Inc. | 21197 | 1336574 |
| Manulife Financial Corp. | 45594 | 1623475 |
| MDA Space Ltd.<sup>(2)</sup> | 12013 | 348311 |
| Metro, Inc. | 5293 | 377132 |
| Mullen Group Ltd. | 8028 | 101523 |
| National Bank of Canada | 11798 | 1646556 |
| Neo Performance Materials, Inc. | 634 | 12889 |
| OceanaGold Corp. | 14 | 595 |
| Open Text Corp. | 8329 | 206324 |
| OR Royalties, Inc. | 3200 | 151619 |
| Pan American Silver Corp. | 24209 | 1660847 |
| Pason Systems, Inc. | 8595 | 77818 |
| Pet Valu Holdings Ltd. | 4078 | 85174 |
| PHX Energy Services Corp. | 3387 | 29921 |
| Pizza Pizza Royalty Corp. | 1008 | 12363 |
| Polaris Renewable Energy, Inc. | 965 | 8482 |
| Power Corp. of Canada | 7826 | 393122 |
| Propel Holdings, Inc.<sup>(1)</sup> | 1990 | 30651 |
| Quipt Home Medical Corp.<sup>(2)</sup> | 6138 | 22184 |
| RB Global, Inc.<sup>(1)</sup> | 2515 | 253353 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 5721 | 26213 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Restaurant Brands International, Inc. | 4486 | $321836 |
| Restaurant Brands International, Inc. | 4398 | 315381 |
| Richelieu Hardware Ltd. | 4496 | 143511 |
| Rogers Communications, Inc., Class B | 7462 | 297813 |
| Royal Bank of Canada | 18788 | 3141365 |
| Russel Metals, Inc. | 5041 | 177537 |
| Shopify, Inc., Class A<sup>(2)</sup> | 7003 | 845412 |
| Silvercorp Metals, Inc. | 17402 | 241884 |
| Spin Master Corp., VTG Shares | 1437 | 20279 |
| Sprott, Inc. | 900 | 145961 |
| Stantec, Inc. | 2527 | 233980 |
| Stella-Jones, Inc. | 2231 | 153106 |
| StorageVault Canada, Inc. | 6942 | 25192 |
| Sun Life Financial, Inc. | 13667 | 895737 |
| Talon Metals Corp.<sup>(2)</sup> | 7632 | 46999 |
| Teck Resources Ltd., Class B | 10485 | 615779 |
| TELUS Corp. | 14273 | 195671 |
| TELUS Corp.<sup>(2)</sup> | 106 | 1446 |
| Tenaz Energy Corp.<sup>(2)</sup> | 1425 | 49017 |
| TFI International, Inc. | 2219 | 265115 |
| Thomson Reuters Corp. | 1202 | 115728 |
| TMX Group Ltd. | 9040 | 304923 |
| Torex Gold Resources, Inc. | 8999 | 548299 |
| Toromont Industries Ltd. | 2988 | 463736 |
| Toronto-Dominion Bank | 21624 | 2106519 |
| Total Energy Services, Inc. | 4194 | 55651 |
| TransAlta Corp. | 10500 | 144331 |
| Transcontinental, Inc., Class A | 7807 | 133126 |
| Triple Flag Precious Metals Corp. | 1514 | 62600 |
| Trisura Group Ltd.<sup>(1)(2)</sup> | 18 | 616 |
| Uranium Royalty Corp.<sup>(1)(2)</sup> | 6348 | 27225 |
| Valeura Energy, Inc.<sup>(2)</sup> | 11029 | 89021 |
| Wajax Corp. | 2062 | 47497 |
| West Fraser Timber Co. Ltd. | 2657 | 176400 |
| Western Copper & Gold Corp.<sup>(2)</sup> | 12171 | 41847 |
| Western Forest Products, Inc.<sup>(2)</sup> | 560 | 5764 |
| Westshore Terminals Investment Corp. | 3442 | 80748 |
| Wheaton Precious Metals Corp. | 2959 | 482165 |
| Winpak Ltd. | 2101 | 74210 |
| WSP Global, Inc. | 1637 | 277308 |
|  |  | 53398890 |
| **China — 0.0%** |  |  |
| Chow Tai Fook Jewellery Group Ltd.<sup>(1)</sup> | 7200 | 12027 |
| K Wah International Holdings Ltd. | 7000 | 2527 |
|  |  | 14554 |
| **Denmark — 1.5%** |  |  |
| AL Sydbank | 4757 | 426516 |
| Alm Brand AS | 38741 | 100658 |
| Bavarian Nordic AS<sup>(2)</sup> | 1110 | 34587 |
| Carlsberg AS, B Shares | 319 | 49626 |
| cBrain AS | 4 | 42 |
| Chemometec AS | 735 | 48663 |
| Coloplast AS, B Shares | 241 | 18673 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Danske Bank AS | 18375 | $958706 |
| Demant AS<sup>(2)</sup> | 526 | 16405 |
| DSV AS | 781 | 201593 |
| FLSmidth & Co. AS | 529 | 46830 |
| Genmab AS, ADR<sup>(2)</sup> | 8571 | 252330 |
| H Lundbeck AS | 11793 | 72448 |
| H Lundbeck AS, A Shares | 1174 | 6438 |
| ISS AS | 1286 | 45733 |
| Jyske Bank AS | 2524 | 378284 |
| Nilfisk Holding AS<sup>(2)</sup> | 1424 | 31340 |
| NKT AS<sup>(2)</sup> | 2773 | 358427 |
| Novo Nordisk AS, ADR | 30678 | 1148891 |
| Novonesis Novozymes B, B Shares | 6852 | 407514 |
| Orsted AS<sup>(2)</sup> | 16564 | 390227 |
| Pandora AS | 2991 | 236440 |
| Ringkjoebing Landbobank AS | 1423 | 371110 |
| Rockwool AS, B Shares | 3840 | 127325 |
| Royal Unibrew AS | 1011 | 99653 |
| Solar AS, B Shares | 305 | 9600 |
| SP Group AS | 634 | 39070 |
| Sparekassen Sjaelland-Fyn AS | 426 | 24377 |
| Tryg AS | 2958 | 73245 |
| Vestas Wind Systems AS | 37487 | 958329 |
|  |  | 6933080 |
| **Finland — 1.0%** |  |  |
| Anora Group OYJ | 306 | 1499 |
| Bittium OYJ | 2985 | 94531 |
| Citycon OYJ<sup>(2)</sup> | 7598 | 34143 |
| Elisa OYJ | 2093 | 107505 |
| Hiab OYJ, B Shares | 3314 | 190413 |
| Huhtamaki OYJ | 2119 | 79144 |
| Kalmar OYJ, B Shares | 2876 | 165131 |
| Kemira OYJ | 6711 | 162627 |
| Kesko OYJ, B Shares | 8280 | 204035 |
| Kojamo OYJ<sup>(2)</sup> | 4520 | 52599 |
| Kone OYJ, B Shares | 3502 | 264027 |
| Konecranes OYJ<sup>(1)</sup> | 1203 | 142021 |
| Lassila & Tikanoja OYJ<sup>(2)</sup> | 414 | 3715 |
| Luotea PLC | 422 | 1228 |
| Mandatum OYJ<sup>(1)</sup> | 16213 | 130738 |
| Marimekko OYJ | 1197 | 15841 |
| Metso OYJ | 11968 | 248811 |
| Nokia OYJ, ADR<sup>(1)</sup> | 22318 | 172295 |
| Nokian Renkaat OYJ<sup>(1)</sup> | 8901 | 111979 |
| Nordea Bank Abp | 33995 | 658347 |
| Orion OYJ, Class B | 1538 | 123205 |
| Outokumpu OYJ | 16828 | 113624 |
| Puuilo OYJ<sup>(1)</sup> | 8143 | 116367 |
| Raisio OYJ, V Shares | 803 | 2654 |
| Sampo OYJ, A Shares | 21767 | 241246 |
| Sampo OYJ (XCSE), A Shares | 14603 | 161692 |
| Sanoma OYJ | 627 | 6773 |
| Stora Enso OYJ, R Shares | 21136 | 286703 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taaleri PLC | 408 | $3493 |
| TietoEVRY OYJ | 143 | 3192 |
| Tokmanni Group Corp.<sup>(1)</sup> | 3387 | 32051 |
| UPM-Kymmene OYJ | 11733 | 373640 |
| Valmet OYJ | 899 | 30102 |
| Wartsila OYJ Abp | 6591 | 286211 |
| YIT OYJ<sup>(1)(2)</sup> | 979 | 3295 |
|  |  | 4624877 |
| **France — 8.4%** |  |  |
| Aeroports de Paris SA<sup>(1)</sup> | 2957 | 412602 |
| Airbus SE | 6166 | 1338965 |
| Alstom SA<sup>(2)</sup> | 6500 | 216235 |
| Alten SA | 2127 | 159174 |
| Amundi SA | 2410 | 229897 |
| Antin Infrastructure Partners SA | 4 | 45 |
| Aperam SA | 2657 | 139532 |
| Arkema SA | 2626 | 191239 |
| Aubay | 68 | 3658 |
| AXA SA | 31882 | 1559096 |
| Ayvens SA | 6608 | 83884 |
| Beneteau SACA | 1224 | 11585 |
| BioMerieux | 1506 | 177997 |
| BNP Paribas SA | 16369 | 1837938 |
| Bollore SE | 5542 | 32373 |
| Bureau Veritas SA | 11758 | 408608 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 784 | 25313 |
| Capgemini SE | 881 | 111338 |
| Carrefour SA | 34585 | 655916 |
| Cie de Saint-Gobain SA | 18801 | 1905326 |
| Cie des Alpes | 1229 | 42134 |
| Cie Generale des Etablissements Michelin SCA | 30660 | 1239927 |
| Coface SA | 8186 | 151421 |
| Credit Agricole SA | 21272 | 469962 |
| Danone SA | 2624 | 225661 |
| Dassault Systemes SE | 4949 | 108377 |
| Derichebourg SA | 7935 | 88024 |
| Edenred SE | 1746 | 40355 |
| Elior Group SA | 6063 | 19886 |
| Elis SA | 5909 | 189579 |
| Equasens | 143 | 5990 |
| EssilorLuxottica SA | 1460 | 386443 |
| Eurazeo SE | 743 | 43660 |
| Euroapi SA<sup>(1)(2)</sup> | 999 | 2523 |
| Eurofins Scientific SE | 2206 | 177760 |
| Euronext NV | 547 | 90374 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 24332 | 64545 |
| Forvia SE<sup>(2)</sup> | 8353 | 118525 |
| Genfit SA<sup>(2)</sup> | 434 | 4608 |
| Getlink SE | 17275 | 375080 |
| GL Events SACA | 459 | 18379 |
| Groupe LDLC<sup>(2)</sup> | 62 | 1090 |
| Guerbet<sup>(1)(2)</sup> | 99 | 1563 |
| Hermes International SCA | 335 | 805160 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ID Logistics Group SACA<sup>(2)</sup> | 222 | $104395 |
| Interparfums SA | 25 | 729 |
| Ipsen SA | 2547 | 497181 |
| IPSOS SA | 235 | 9525 |
| Jacquet Metals SACA | 195 | 5314 |
| JCDecaux SE | 6615 | 136379 |
| Kaufman & Broad SA | 1080 | 41387 |
| Kering SA | 2331 | 781674 |
| Legrand SA | 3733 | 676148 |
| LISI SA | 1523 | 100888 |
| L'Oreal SA | 2531 | 1185890 |
| Louis Hachette Group | 15828 | 32047 |
| Lumibird<sup>(2)</sup> | 856 | 22807 |
| LVMH Moet Hennessy Louis Vuitton SE | 3855 | 2463423 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 1284 | 2056 |
| Manitou BF SA | 192 | 5332 |
| Mersen SA | 2123 | 69627 |
| Metropole Television SA | 2290 | 31292 |
| Nacon SA<sup>(2)</sup> | 13 | 4 |
| Nexans SA | 3622 | 520308 |
| Nexity SA<sup>(1)(2)</sup> | 1865 | 20951 |
| Opmobility | 4975 | 99554 |
| Orange SA | 86529 | 1864055 |
| Pernod Ricard SA | 4268 | 393853 |
| Planisware SA | 1430 | 27157 |
| Pluxee NV<sup>(1)</sup> | 1320 | 17618 |
| Publicis Groupe SA | 2012 | 179159 |
| Pullup Entertainment<sup>(1)</sup> | 647 | 9410 |
| Remy Cointreau SA<sup>(1)</sup> | 865 | 42485 |
| Renault SA | 10546 | 398830 |
| ReWorld Media SA | 239 | 470 |
| Rexel SA | 10478 | 453780 |
| Safran SA | 7593 | 3057995 |
| Sanofi SA, ADR | 30538 | 1485979 |
| Sartorius Stedim Biotech | 429 | 92708 |
| Schneider Electric SE | 2399 | 784017 |
| SCOR SE | 6690 | 243828 |
| SEB SA | 741 | 45481 |
| SES SA | 40927 | 304697 |
| SMCP SA<sup>(1)(2)</sup> | 2110 | 17045 |
| Societe BIC SA | 1297 | 83402 |
| Societe Generale SA | 26518 | 2298066 |
| SOITEC<sup>(2)</sup> | 1530 | 73779 |
| Solutions 30 SE<sup>(1)(2)</sup> | 10458 | 10853 |
| Sopra Steria Group | 107 | 16546 |
| SPIE SA | 4565 | 282607 |
| STIF SA<sup>(1)</sup> | 138 | 9955 |
| STMicroelectronics NV, NY Shares | 13074 | 439417 |
| Sword Group<sup>(1)</sup> | 439 | 16205 |
| Teleperformance SE | 1330 | 80418 |
| Television Francaise 1 SA | 3853 | 32992 |
| Thales SA | 2281 | 692323 |
| Ubisoft Entertainment SA<sup>(1)(2)</sup> | 7358 | 36099 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Valeo SE | 18933 | $273033 |
| Valneva SE<sup>(2)</sup> | 6494 | 36486 |
| Vinci SA | 19103 | 3170832 |
| Virbac SACA | 310 | 135209 |
| Vivendi SE | 17734 | 46067 |
| Voltalia SA<sup>(2)</sup> | 3868 | 32189 |
| Vusion<sup>(1)</sup> | 742 | 104311 |
| X-Fab Silicon Foundries SE<sup>(2)</sup> | 5741 | 31643 |
|  |  | 38299657 |
| **Germany — 7.5%** |  |  |
| Adesso SE | 248 | 18244 |
| adidas AG | 2337 | 433595 |
| Allianz SE | 4386 | 1969653 |
| Amadeus Fire AG | 126 | 4325 |
| Aroundtown SA<sup>(2)</sup> | 3423 | 12355 |
| Atoss Software SE | 448 | 46514 |
| Aumovio SE<sup>(2)</sup> | 1616 | 80157 |
| Aurubis AG | 1523 | 308585 |
| Auto1 Group SE<sup>(2)</sup> | 5627 | 113015 |
| BASF SE | 8566 | 490662 |
| Bayer AG | 35386 | 1750928 |
| Bayerische Motoren Werke AG | 5310 | 556506 |
| Bayerische Motoren Werke AG, Preference Shares | 792 | 82653 |
| BayWa AG<sup>(2)</sup> | 393 | 1473 |
| Bechtle AG | 4527 | 181895 |
| Beiersdorf AG | 1143 | 144585 |
| Bertrandt AG<sup>(2)</sup> | 87 | 1976 |
| Bijou Brigitte AG | 355 | 19344 |
| Borussia Dortmund GmbH & Co. KGaA | 4619 | 17123 |
| Brenntag SE | 4488 | 276036 |
| CANCOM SE | 978 | 27473 |
| Ceconomy AG<sup>(2)</sup> | 4265 | 22757 |
| Cewe Stiftung & Co. KGaA | 438 | 51875 |
| Commerzbank AG | 25104 | 1018460 |
| Continental AG | 5634 | 485504 |
| CTS Eventim AG & Co. KGaA | 2225 | 180181 |
| Daimler Truck Holding AG | 14754 | 744400 |
| Datagroup SE | 20 | 1717 |
| Delivery Hero SE<sup>(2)</sup> | 2113 | 48599 |
| Dermapharm Holding SE | 469 | 22178 |
| Deutsche Bank AG | 34341 | 1216358 |
| Deutsche Boerse AG | 2001 | 546859 |
| Deutsche Pfandbriefbank AG | 6053 | 25544 |
| Deutsche Post AG | 20345 | 1198018 |
| Deutsche Telekom AG | 52559 | 2110777 |
| Deutz AG | 6958 | 102273 |
| Dr. Ing hc F Porsche AG, Preference Shares | 1177 | 57381 |
| Duerr AG | 3530 | 101486 |
| E.ON SE | 38894 | 904705 |
| ElringKlinger AG | 742 | 3822 |
| Evonik Industries AG | 10466 | 181974 |
| Fielmann Group AG | 1318 | 71835 |
| flatexDEGIRO SE | 5379 | 194893 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(2)</sup> | 1182 | $115656 |
| Freenet AG | 2553 | 83439 |
| Fresenius Medical Care AG, ADR | 5160 | 121054 |
| Fresenius SE & Co. KGaA | 4514 | 270599 |
| GEA Group AG | 5399 | 418604 |
| GFT Technologies SE | 306 | 5684 |
| Grand City Properties SA | 1630 | 21348 |
| Grenke AG | 1514 | 26086 |
| Hannover Rueck SE | 1413 | 428170 |
| Heidelberger Druckmaschinen AG<sup>(2)</sup> | 1974 | 3310 |
| HelloFresh SE<sup>(2)</sup> | 8118 | 46055 |
| Henkel AG & Co. KGaA | 983 | 89028 |
| Henkel AG & Co. KGaA, Preference Shares | 1550 | 152037 |
| Hensoldt AG | 1990 | 174572 |
| HOCHTIEF AG | 427 | 205968 |
| Hornbach Holding AG & Co. KGaA | 739 | 74747 |
| HUGO BOSS AG | 2619 | 115170 |
| Infineon Technologies AG | 31135 | 1678015 |
| Instone Real Estate Group SE | 1521 | 16881 |
| Jenoptik AG | 1679 | 55461 |
| JOST Werke SE | 636 | 50415 |
| Jungheinrich AG, Preference Shares | 3716 | 140093 |
| KION Group AG | 4961 | 336697 |
| Kloeckner & Co. SE | 3176 | 41116 |
| Knorr-Bremse AG | 2879 | 376822 |
| Koenig & Bauer AG<sup>(2)</sup> | 226 | 2420 |
| Kontron AG | 3044 | 83892 |
| Krones AG | 882 | 138101 |
| Lang & Schwarz AG | 752 | 21403 |
| Lanxess AG | 2092 | 47030 |
| LEG Immobilien SE | 1738 | 145396 |
| Mercedes-Benz Group AG | 8154 | 564164 |
| Merck KGaA | 1373 | 208031 |
| MTU Aero Engines AG | 2333 | 1005609 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2097 | 1368551 |
| Mutares SE & Co. KGaA | 671 | 24581 |
| Nagarro SE | 189 | 12459 |
| Nemetschek SE | 1318 | 105002 |
| Nordex SE<sup>(2)</sup> | 6620 | 334091 |
| Norma Group SE | 1765 | 32852 |
| Patrizia SE | 524 | 5046 |
| Pfeiffer Vacuum Technology AG | 315 | 61421 |
| Porsche Automobil Holding SE, Preference Shares | 5078 | 214709 |
| ProCredit Holding AG | 1760 | 17526 |
| Puma SE | 2446 | 68005 |
| PVA TePla AG<sup>(2)</sup> | 397 | 12798 |
| Qiagen NV | 8651 | 430820 |
| RENK Group AG | 219 | 14757 |
| Rheinmetall AG | 911 | 1802116 |
| RTL Group SA | 1295 | 56631 |
| SAF-Holland SE | 3491 | 81890 |
| SAP SE, ADR | 4728 | 952834 |
| Sartorius AG, Preference Shares | 235 | 66517 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Schaeffler AG | 4965 | $60484 |
| Schott Pharma AG & Co. KGaA | 315 | 5451 |
| Scout24 SE | 2112 | 179508 |
| Secunet Security Networks AG | 114 | 25416 |
| SGL Carbon SE<sup>(2)</sup> | 1327 | 6100 |
| Siemens AG | 2857 | 826084 |
| Siemens Energy AG | 8467 | 1639868 |
| Siemens Healthineers AG | 1651 | 81889 |
| Siltronic AG | 978 | 65916 |
| Sixt SE | 880 | 68220 |
| Sixt SE, Preference Shares | 1089 | 70332 |
| SMA Solar Technology AG<sup>(2)</sup> | 744 | 28022 |
| Stroeer SE & Co. KGaA | 988 | 40348 |
| Symrise AG | 3094 | 282635 |
| TAG Immobilien AG | 11897 | 232055 |
| Talanx AG | 2982 | 375077 |
| TeamViewer SE<sup>(2)</sup> | 4703 | 25608 |
| Tkms AG& Co. KGaA<sup>(2)</sup> | 530 | 60137 |
| United Internet AG | 4968 | 163817 |
| Verbio SE<sup>(2)</sup> | 526 | 16960 |
| Volkswagen AG | 325 | 38835 |
| Volkswagen AG, Preference Shares | 2185 | 259798 |
| Vonovia SE | 12989 | 440424 |
| Vossloh AG | 382 | 36875 |
| Wacker Neuson SE | 2194 | 53855 |
| Wuestenrot & Wuerttembergische AG | 1319 | 25768 |
| Zalando SE<sup>(2)</sup> | 9992 | 242903 |
|  |  | 34106757 |
| **Hong Kong — 1.6%** |  |  |
| AIA Group Ltd. | 106200 | 1171548 |
| ASMPT Ltd. | 9700 | 138278 |
| Bank of East Asia Ltd. | 81917 | 159199 |
| BOC Hong Kong Holdings Ltd. | 69500 | 397523 |
| Budweiser Brewing Co. APAC Ltd.<sup>(1)</sup> | 2100 | 2086 |
| Chow Sang Sang Holdings International Ltd. | 17000 | 30220 |
| CK Asset Holdings Ltd. | 59500 | 377514 |
| CK Hutchison Holdings Ltd. | 1000 | 8234 |
| Comba Telecom Systems Holdings Ltd. | 218000 | 58650 |
| Cowell e Holdings, Inc.<sup>(2)</sup> | 8000 | 28602 |
| Deep Source Holdings Ltd.<sup>(2)</sup> | 30000 | 3339 |
| DFI Retail Group Holdings Ltd. | 23600 | 98720 |
| Dream International Ltd. | 8000 | 9366 |
| EC Healthcare<sup>(2)</sup> | 3000 | 219 |
| Futu Holdings Ltd., ADR<sup>(2)</sup> | 187 | 27833 |
| Giordano International Ltd. | 160000 | 31315 |
| Hang Lung Group Ltd. | 82000 | 175783 |
| Hang Lung Properties Ltd. | 97852 | 128170 |
| HBM Holdings Ltd.<sup>(1)(2)</sup> | 10000 | 15561 |
| HKT Trust & HKT Ltd. | 126000 | 198621 |
| Hong Kong Exchanges & Clearing Ltd. | 10900 | 582332 |
| Hongkong Land Holdings Ltd. | 44700 | 387003 |
| Hysan Development Co. Ltd. | 81000 | 225754 |
| IGG, Inc. | 90000 | 36213 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Johnson Electric Holdings Ltd. | 44000 | $173838 |
| JS Global Lifestyle Co. Ltd.<sup>(2)</sup> | 91000 | 21057 |
| Kerry Properties Ltd. | 42000 | 135245 |
| Luk Fook Holdings International Ltd. | 5000 | 18799 |
| Man Wah Holdings Ltd. | 137600 | 89618 |
| Modern Dental Group Ltd. | 15000 | 11264 |
| MTR Corp. Ltd.<sup>(1)</sup> | 5000 | 23812 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 95000 | 131540 |
| Oriental Watch Holdings | 8000 | 3497 |
| PAX Global Technology Ltd. | 80000 | 49647 |
| Perfect Medical Health Management Ltd. | 1000 | 154 |
| Sino Land Co. Ltd. | 13988 | 22801 |
| Stella International Holdings Ltd. | 53500 | 103172 |
| Sun Hung Kai Properties Ltd. | 40500 | 752921 |
| Swire Properties Ltd. | 25200 | 86725 |
| Techtronic Industries Co. Ltd. | 47500 | 769295 |
| Television Broadcasts Ltd.<sup>(2)</sup> | 10600 | 4115 |
| Texhong International Group Ltd. | 3500 | 2995 |
| VSTECS Holdings Ltd. | 44000 | 44571 |
| VTech Holdings Ltd. | 10000 | 82365 |
| Wharf Real Estate Investment Co. Ltd. | 107000 | 393901 |
| Yue Yuen Industrial Holdings Ltd. | 80000 | 189877 |
|  |  | 7403292 |
| **Ireland — 0.4%** |  |  |
| AIB Group PLC | 48057 | 498822 |
| Bank of Ireland Group PLC | 36718 | 714947 |
| Cairn Homes PLC | 33427 | 94031 |
| Glanbia PLC | 2534 | 52422 |
| Glenveagh Properties PLC<sup>(2)</sup> | 32407 | 86203 |
| Kerry Group PLC, A Shares | 1001 | 88944 |
| Kingspan Group PLC | 3174 | 314237 |
| Origin Enterprises PLC | 8226 | 41114 |
| Uniphar PLC | 7618 | 36614 |
|  |  | 1927334 |
| **Israel — 1.3%** |  |  |
| AFI Properties Ltd.<sup>(2)</sup> | 23 | 1659 |
| Africa Israel Residences Ltd. | 2 | 177 |
| Airport City Ltd.<sup>(2)</sup> | 2769 | 48632 |
| Alony Hetz Properties & Investments Ltd. | 7041 | 82741 |
| Amos Luzon Development & Energy Group Ltd. | 5705 | 8617 |
| Amot Investments Ltd. | 10180 | 67576 |
| Analyst IMS Investment Management Services Ltd. | 470 | 20265 |
| Argo Properties NV<sup>(2)</sup> | 94 | 3684 |
| Aura Investments Ltd. | 1951 | 12903 |
| Ayalon Holdings Ltd. | 2410 | 100352 |
| Azrieli Group Ltd. | 668 | 95994 |
| Bank Hapoalim BM | 21532 | 543427 |
| Bank Leumi Le-Israel BM | 22101 | 535054 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(2)</sup> | 174 | 44638 |
| Big Shopping Centers Ltd. | 408 | 98317 |
| Blue Square Real Estate Ltd. | 210 | 28252 |
| Camtek Ltd.<sup>(2)</sup> | 424 | 70642 |
| Ceragon Networks Ltd.<sup>(2)</sup> | 9958 | 22605 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Check Point Software Technologies Ltd.<sup>(2)</sup> | 1103 | $167733 |
| CyberArk Software Ltd.<sup>(2)</sup> | 198 | 8910 |
| Danel Adir Yeoshua Ltd. | 566 | 79829 |
| Delek Automotive Systems Ltd. | 2776 | 17337 |
| Delta Galil Ltd. | 657 | 31865 |
| Direct Finance of Direct Group 2006 Ltd. | 202 | 31561 |
| Electra Consumer Products 1970 Ltd. | 189 | 5114 |
| Energix-Renewable Energies Ltd. | 10989 | 70025 |
| Enlight Renewable Energy Ltd.<sup>(2)</sup> | 5475 | 375555 |
| First International Bank Of Israel Ltd. | 425 | 36570 |
| G City Ltd. | 7379 | 18498 |
| Gilat Satellite Networks Ltd.<sup>(2)</sup> | 574 | 8837 |
| Global-e Online Ltd.<sup>(2)</sup> | 1326 | 46370 |
| Hilan Ltd. | 584 | 37395 |
| ICL Group Ltd. | 16391 | 77685 |
| Isracard Ltd. | 13191 | 62805 |
| Israel Discount Bank Ltd., A Shares | 36750 | 444784 |
| Isras Holdings Ltd.<sup>(2)</sup> | 4 | 416 |
| Isras Investment Co. Ltd. | 2 | 536 |
| Ituran Location & Control Ltd. | 956 | 45888 |
| Land Development Nimrodi Group Ltd. | 1120 | 13888 |
| Libra Insurance Co. Ltd. | 3065 | 16642 |
| Matrix IT Ltd. | 873 | 26348 |
| Max Stock Ltd. | 8147 | 71671 |
| Melisron Ltd. | 446 | 60434 |
| Mivtach Shamir Holdings Ltd. | 313 | 42980 |
| Mizrahi Tefahot Bank Ltd. | 9071 | 679622 |
| Monday.com Ltd.<sup>(2)</sup> | 306 | 22228 |
| Nano Dimension Ltd., ADR<sup>(2)</sup> | 10929 | 20547 |
| Neto Malinda Trading Ltd. | 130 | 7547 |
| Nexxen International Ltd.<sup>(2)</sup> | 2654 | 17092 |
| Nice Ltd., ADR<sup>(2)</sup> | 1008 | 117180 |
| Norstar Holdings, Inc. | 334 | 767 |
| Nova Ltd.<sup>(2)</sup> | 561 | 246389 |
| Orion Retail Properties Ltd.<sup>(2)</sup> | 923 | 781 |
| OY Nofar Energy Ltd.<sup>(2)</sup> | 8 | 424 |
| Perion Network Ltd.<sup>(2)</sup> | 1323 | 10965 |
| Phoenix Financial Ltd. | 7266 | 371497 |
| Priortech Ltd.<sup>(2)</sup> | 308 | 27122 |
| Qualitau Ltd. | 247 | 53751 |
| Retailors Ltd. | 1516 | 16720 |
| Summit Real Estate Holdings Ltd. | 219 | 3961 |
| Tamar Petroleum Ltd. | 637 | 6655 |
| Tel Aviv Stock Exchange Ltd. | 2874 | 140177 |
| Telsys Ltd. | 310 | 22270 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(2)</sup> | 12736 | 431241 |
| Wix.com Ltd.<sup>(2)</sup> | 313 | 22054 |
| YD More Investments Ltd. | 3411 | 43341 |
| ZIM Integrated Shipping Services Ltd. | 386 | 11128 |
|  |  | 5858670 |
| **Italy — 2.7%** |  |  |
| A2A SpA | 1640 | 4784 |
| ACEA SpA | 4044 | 125393 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amplifon SpA | 1199 | $18597 |
| Arnoldo Mondadori Editore SpA | 12126 | 29551 |
| Azimut Holding SpA | 7705 | 317530 |
| Banca Generali SpA | 2617 | 168689 |
| Banca IFIS SpA | 1646 | 47739 |
| Banca Mediolanum SpA | 6239 | 133818 |
| Banca Monte dei Paschi di Siena SpA<sup>(1)</sup> | 25532 | 249167 |
| Banco BPM SpA | 15253 | 224679 |
| BFF Bank SpA<sup>(1)(2)</sup> | 16195 | 72103 |
| BPER Banca SpA | 57605 | 811305 |
| Brembo NV | 14401 | 170712 |
| Brunello Cucinelli SpA<sup>(1)</sup> | 1213 | 117376 |
| Cairo Communication SpA<sup>(2)</sup> | 4982 | 16169 |
| Cembre SpA | 310 | 27416 |
| Credito Emiliano SpA | 3493 | 64192 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 14 | 779 |
| Davide Campari-Milano NV<sup>(1)</sup> | 1790 | 13484 |
| De' Longhi SpA | 3064 | 140477 |
| DiaSorin SpA<sup>(1)</sup> | 24 | 2014 |
| Digital Bros SpA<sup>(1)(2)</sup> | 329 | 4494 |
| doValue SpA<sup>(2)</sup> | 1715 | 4985 |
| Enav SpA | 2990 | 19472 |
| Enel SpA | 78285 | 941373 |
| ERG SpA<sup>(1)</sup> | 1538 | 45319 |
| Esprinet SpA | 93 | 665 |
| Ferrari NV | 1128 | 426184 |
| Fiera Milano SpA | 2121 | 20999 |
| Fila SpA | 4057 | 45209 |
| Fincantieri SpA<sup>(1)(2)</sup> | 14053 | 238007 |
| FinecoBank Banca Fineco SpA | 20096 | 472941 |
| Generali<sup>(1)</sup> | 8111 | 345375 |
| Geox SpA<sup>(2)</sup> | 2428 | 852 |
| Haiki Cobat SpA Societa' Benefit<sup>(2)</sup> | 1200 | 826 |
| Infrastrutture Wireless Italiane SpA | 762 | 8085 |
| Intesa Sanpaolo SpA | 139216 | 955237 |
| Iveco Group NV<sup>(1)</sup> | 13447 | 304610 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 9663 | 26707 |
| Leonardo SpA | 1971 | 132788 |
| Maire SpA | 4897 | 88631 |
| MARR SpA | 1662 | 18539 |
| MFE-MediaForEurope NV, Class A | 14630 | 53419 |
| MFE-MediaForEurope NV, Class B | 5389 | 25503 |
| Moncler SpA | 4191 | 289109 |
| Nexi SpA<sup>(1)</sup> | 684 | 2794 |
| Orsero SpA | 416 | 9615 |
| OVS SpA | 14740 | 86239 |
| Piaggio & C SpA<sup>(1)</sup> | 4758 | 10160 |
| Poste Italiane SpA | 16043 | 429791 |
| Prysmian SpA | 5079 | 611770 |
| RAI Way SpA | 4493 | 32720 |
| Recordati Industria Chimica e Farmaceutica SpA | 2054 | 117353 |
| Safilo Group SpA<sup>(2)</sup> | 23838 | 52956 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 2337 | 18564 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sanlorenzo SpA<sup>(1)</sup> | 34 | $1338 |
| Sesa SpA<sup>(1)</sup> | 686 | 62390 |
| SOL SpA | 1260 | 76819 |
| Stellantis NV | 26197 | 212559 |
| Technogym SpA | 4807 | 105416 |
| Terna - Rete Elettrica Nazionale<sup>(1)</sup> | 22177 | 266863 |
| UniCredit SpA | 31980 | 2723012 |
| Unipol Assicurazioni SpA | 6392 | 159023 |
| Webuild SpA<sup>(1)</sup> | 33313 | 129575 |
| Wiit SpA<sup>(1)</sup> | 497 | 15611 |
|  |  | 12349871 |
| **Japan — 21.7%** |  |  |
| & ST HD Co. Ltd. | 1200 | 23014 |
| A&D HOLON Holdings Co. Ltd.<sup>(1)</sup> | 1200 | 21658 |
| AD Works Group Co. Ltd. | 9800 | 29162 |
| Advantest Corp. | 11800 | 2043399 |
| Aeon Co. Ltd. | 46675 | 664485 |
| Aeon Hokkaido Corp. | 1700 | 9932 |
| Aichi Financial Group, Inc. | 700 | 29537 |
| AIMECHATEC Ltd. | 200 | 23304 |
| Ain Holdings, Inc. | 700 | 27513 |
| Aiphone Co. Ltd. | 1100 | 20819 |
| Air Water, Inc. | 10900 | 151354 |
| Airport Facilities Co. Ltd.<sup>(1)</sup> | 1800 | 12092 |
| Aisan Industry Co. Ltd. | 200 | 2936 |
| Aisin Corp. | 33000 | 585768 |
| Ajinomoto Co., Inc.<sup>(1)</sup> | 11700 | 372132 |
| Akatsuki, Inc. | 100 | 1970 |
| Akebono Brake Industry Co. Ltd.<sup>(2)</sup> | 8100 | 7705 |
| Alfresa Holdings Corp. | 14000 | 240627 |
| Alpen Co. Ltd. | 100 | 1423 |
| Alps Alpine Co. Ltd. | 17800 | 266479 |
| ALSOK Co. Ltd. | 10200 | 83798 |
| Altech Corp. | 700 | 11847 |
| Amano Corp. | 500 | 13101 |
| Amvis Holdings, Inc.<sup>(1)</sup> | 4200 | 14027 |
| Anritsu Corp. | 6800 | 130902 |
| Anycolor, Inc. | 800 | 19815 |
| AOKI Holdings, Inc. | 1700 | 19704 |
| Aoyama Trading Co. Ltd. | 8000 | 134831 |
| Aozora Bank Ltd. | 3500 | 63254 |
| Arata Corp. | 2100 | 41403 |
| ARCLANDS Corp. | 7900 | 99039 |
| ARE Holdings, Inc. | 9200 | 267755 |
| Arealink Co. Ltd. | 1600 | 13123 |
| Arisawa Manufacturing Co. Ltd. | 300 | 5076 |
| Asahi Co. Ltd. | 1300 | 10918 |
| Asahi Group Holdings Ltd. | 900 | 9799 |
| Asahi Intecc Co. Ltd. | 10100 | 217695 |
| Asahi Kasei Corp. | 69700 | 821444 |
| Asia Pile Holdings Corp.<sup>(1)</sup> | 4600 | 46505 |
| Asics Corp. | 22200 | 680335 |
| ASKUL Corp. | 1100 | 9171 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Astellas Pharma, Inc. | 87600 | $1457796 |
| Atrae, Inc. | 100 | 474 |
| Aucnet, Inc. | 1000 | 15635 |
| Autobacs Seven Co. Ltd. | 8100 | 92230 |
| Avant Group Corp. | 400 | 3647 |
| Azbil Corp.<sup>(1)</sup> | 400 | 3715 |
| AZ-COM MARUWA Holdings, Inc. | 1500 | 9501 |
| Bandai Namco Holdings, Inc. | 8700 | 235874 |
| Bando Chemical Industries Ltd. | 500 | 7640 |
| Base Co. Ltd. | 100 | 2143 |
| BayCurrent, Inc. | 2400 | 69690 |
| Bell System24 Holdings, Inc. | 2000 | 19051 |
| Belluna Co. Ltd. | 1700 | 10763 |
| Bic Camera, Inc. | 6500 | 75290 |
| BIPROGY, Inc. | 1900 | 57692 |
| B-Lot Co. Ltd. | 1100 | 11605 |
| BML, Inc. | 400 | 11151 |
| Bookoff Group Holdings Ltd. | 1000 | 12216 |
| Bridgestone Corp. | 22000 | 531082 |
| Broadleaf Co. Ltd. | 3900 | 17960 |
| Brother Industries Ltd. | 11700 | 241676 |
| Business Engineering Corp. | 1500 | 13594 |
| Canon Marketing Japan, Inc. | 1500 | 67195 |
| Capcom Co. Ltd. | 4600 | 104468 |
| Cawachi Ltd. | 100 | 2121 |
| Celsys, Inc.<sup>(1)</sup> | 300 | 2589 |
| Central Automotive Products Ltd. | 2100 | 30506 |
| Charm Care Corp. KK | 1400 | 13070 |
| Chiba Bank Ltd. | 9100 | 135352 |
| Chori Co. Ltd. | 700 | 20855 |
| Chugai Pharmaceutical Co. Ltd. | 8800 | 593387 |
| Chugai Ro Co. Ltd. | 400 | 13223 |
| Citizen Watch Co. Ltd. | 18200 | 222720 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 7600 | 200919 |
| Computer Engineering & Consulting Ltd. | 1700 | 21723 |
| Comture Corp. | 100 | 960 |
| Cover Corp.<sup>(1)(2)</sup> | 1100 | 12275 |
| Credit Saison Co. Ltd. | 8800 | 267947 |
| Creek & River Co. Ltd. | 100 | 952 |
| Cresco Ltd. | 2300 | 22637 |
| Cross Cat Co. Ltd. | 100 | 650 |
| CyberAgent, Inc. | 10000 | 88173 |
| Cybozu, Inc.<sup>(1)</sup> | 600 | 8607 |
| Daifuku Co. Ltd. | 8700 | 359114 |
| Daihatsu Infinearth Mfg Co. Ltd. | 800 | 13131 |
| Daiichi Jitsugyo Co. Ltd. | 300 | 6857 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.<sup>(1)</sup> | 2500 | 44947 |
| Dai-ichi Life Holdings, Inc. | 138400 | 1420170 |
| Daiichi Sankyo Co. Ltd. | 21800 | 429351 |
| Daiichikosho Co. Ltd. | 8000 | 88994 |
| Daikin Industries Ltd. | 1700 | 215993 |
| Daiseki Co. Ltd. | 1000 | 25363 |
| Daishinku Corp. | 8100 | 35616 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daito Trust Construction Co. Ltd. | 6500 | $149680 |
| Daitron Co. Ltd. | 1800 | 34676 |
| Daiwa House Industry Co. Ltd. | 17400 | 627905 |
| Daiwa Securities Group, Inc. | 30700 | 322635 |
| Daiwabo Holdings Co. Ltd. | 8100 | 165725 |
| DCM Holdings Co. Ltd. | 8100 | 88372 |
| DeNA Co. Ltd.<sup>(1)</sup> | 6800 | 115760 |
| Densan System Holdings Co. Ltd. | 800 | 15908 |
| Denso Corp. | 21900 | 314219 |
| Dentsu Group, Inc.<sup>(1)</sup> | 200 | 3774 |
| Dentsu Soken, Inc. | 600 | 7584 |
| Dexerials Corp. | 19200 | 316683 |
| Digital Arts, Inc. | 400 | 14420 |
| Digital Hearts Holdings Co. Ltd. | 100 | 574 |
| Digital Holdings, Inc. | 100 | 1282 |
| Digital Information Technologies Corp. | 200 | 1350 |
| Dip Corp. | 1700 | 22027 |
| Disco Corp. | 600 | 288483 |
| Doshisha Co. Ltd. | 2500 | 59419 |
| Double Standard, Inc. | 100 | 971 |
| DTS Corp. | 9400 | 68726 |
| Duskin Co. Ltd. | 300 | 8301 |
| Ebara Corp. | 30300 | 1064239 |
| EDION Corp. | 8100 | 116403 |
| Eisai Co. Ltd.<sup>(1)</sup> | 1100 | 37033 |
| Eizo Corp.<sup>(1)</sup> | 2700 | 39777 |
| Elan Corp. | 100 | 493 |
| Elecom Co. Ltd. | 3900 | 44741 |
| Endo Lighting Corp. | 700 | 13353 |
| Enplas Corp. | 600 | 54519 |
| Envipro Holdings, Inc. | 100 | 646 |
| ESPEC Corp. | 700 | 17299 |
| F&M Co. Ltd. | 100 | 1497 |
| FANUC Corp. | 1000 | 45280 |
| Fast Retailing Co. Ltd. | 1700 | 745386 |
| FCC Co. Ltd. | 2600 | 64184 |
| FFRI Security, Inc.<sup>(1)</sup> | 300 | 15758 |
| Fintech Global, Inc. | 18800 | 18638 |
| First Bank of Toyama Ltd. | 4700 | 81800 |
| Fixstars Corp.<sup>(1)</sup> | 900 | 8919 |
| Foster Electric Co. Ltd.<sup>(1)</sup> | 2300 | 45998 |
| FP Corp. | 2800 | 50602 |
| Freebit Co. Ltd. | 1000 | 10235 |
| Fuji Electric Co. Ltd. | 8100 | 717942 |
| Fuji Media Holdings, Inc. | 1600 | 36730 |
| Fuji Seal International, Inc. | 4000 | 73702 |
| Fujibo Holdings, Inc. | 900 | 63052 |
| FUJIFILM Holdings Corp. | 8700 | 178907 |
| Fujikura Composites, Inc. | 900 | 15639 |
| Fujitsu Ltd. | 22300 | 497132 |
| Fukui Computer Holdings, Inc. | 200 | 4402 |
| Fukuyama Transporting Co. Ltd. | 700 | 25113 |
| FULLCAST Holdings Co. Ltd. | 300 | 3244 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Funai Soken Holdings, Inc. | 2000 | $14831 |
| Furuno Electric Co. Ltd. | 1400 | 70949 |
| Futaba Industrial Co. Ltd. | 8200 | 61440 |
| Future Corp. | 1600 | 18638 |
| Fuyo General Lease Co. Ltd. | 4000 | 118890 |
| G-7 Holdings, Inc. | 300 | 2903 |
| GA Technologies Co. Ltd. | 1100 | 11831 |
| Gakken Holdings Co. Ltd. | 600 | 4099 |
| Gakujo Co. Ltd. | 100 | 1219 |
| Genky DrugStores Co. Ltd. | 1700 | 48881 |
| Geo Holdings Corp. | 800 | 9197 |
| giftee, Inc. | 900 | 5963 |
| GLOBERIDE, Inc. | 1400 | 21199 |
| Glory Ltd.<sup>(1)</sup> | 7900 | 210265 |
| GMO Payment Gateway, Inc. | 1000 | 51858 |
| Goldwin, Inc. | 1200 | 18924 |
| Greens Co. Ltd. | 700 | 10696 |
| grems, Inc. | 600 | 10401 |
| GS Yuasa Corp.<sup>(1)</sup> | 7000 | 248644 |
| G-Tekt Corp. | 1000 | 13213 |
| Gunze Ltd. | 2100 | 63739 |
| H.U. Group Holdings, Inc. | 8100 | 174222 |
| H2O Retailing Corp. | 9500 | 148728 |
| Hachijuni Nagano Bank Ltd.<sup>(1)</sup> | 18100 | 240468 |
| Hagiwara Electric Holdings Co. Ltd. | 600 | 15278 |
| Hakuhodo DY Holdings, Inc.<sup>(1)</sup> | 400 | 3000 |
| Hamakyorex Co. Ltd. | 2300 | 28876 |
| Hanwa Co. Ltd. | 700 | 40154 |
| Happinet Corp.<sup>(1)</sup> | 2800 | 57002 |
| Haseko Corp. | 10100 | 220655 |
| Hioki EE Corp. | 900 | 44653 |
| Hirose Electric Co. Ltd.<sup>(1)</sup> | 500 | 74469 |
| Hitachi Construction Machinery Co. Ltd. | 8100 | 363925 |
| Hitachi Ltd. | 3800 | 124402 |
| Hochiki Corp.<sup>(1)</sup> | 1700 | 69867 |
| Hogy Medical Co. Ltd. | 100 | 4297 |
| Hokko Chemical Industry Co. Ltd. | 100 | 1202 |
| Honda Motor Co. Ltd., ADR<sup>(1)</sup> | 24824 | 748692 |
| H-One Co. Ltd. | 1400 | 13272 |
| Honeys Holdings Co. Ltd. | 100 | 988 |
| Horiba Ltd. | 1000 | 134303 |
| Hosiden Corp. | 4800 | 90203 |
| Hotland Holdings Co. Ltd. | 100 | 1250 |
| Hoya Corp. | 1400 | 252879 |
| HS Holdings Co. Ltd. | 8100 | 67542 |
| Hulic Co. Ltd. | 11700 | 155052 |
| Ibiden Co. Ltd. | 15200 | 924297 |
| Ichigo, Inc. | 9000 | 25533 |
| Idec Corp. | 500 | 10572 |
| IHI Corp. | 7000 | 191503 |
| Iida Group Holdings Co. Ltd. | 5900 | 104842 |
| I'll, Inc. | 100 | 1508 |
| i-mobile Co. Ltd. | 300 | 1031 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inaba Denki Sangyo Co. Ltd. | 2400 | $44124 |
| Inabata & Co. Ltd. | 1500 | 41843 |
| Ines Corp. | 200 | 2719 |
| Insource Co. Ltd. | 400 | 1861 |
| Internet Initiative Japan, Inc. | 4400 | 64146 |
| Inui Global Logistics Co. Ltd. | 200 | 2110 |
| IPS, Inc. | 700 | 14575 |
| Iriso Electronics Co. Ltd. | 1500 | 36812 |
| Isetan Mitsukoshi Holdings Ltd. | 10900 | 213969 |
| ITmedia, Inc. | 100 | 1221 |
| Itoki Corp. | 1800 | 41470 |
| IwaiCosmo Holdings, Inc. | 2200 | 55420 |
| Izumi Co. Ltd. | 2700 | 17950 |
| J Front Retailing Co. Ltd. | 19400 | 319755 |
| JAC Recruitment Co. Ltd. | 800 | 4592 |
| Jaccs Co. Ltd. | 1200 | 33997 |
| Japan Airport Terminal Co. Ltd. | 2400 | 81861 |
| Japan Aviation Electronics Industry Ltd. | 8100 | 139759 |
| Japan Electronic Materials Corp. | 1400 | 71726 |
| Japan Engine Corp. | 200 | 19241 |
| Japan Exchange Group, Inc. | 24000 | 326614 |
| Japan Lifeline Co. Ltd. | 8900 | 91003 |
| Japan Material Co. Ltd. | 1800 | 24993 |
| Japan Post Bank Co. Ltd. | 23900 | 467892 |
| Japan Post Holdings Co. Ltd. | 51700 | 673271 |
| Japan Post Insurance Co. Ltd. | 8800 | 287240 |
| Japan Pulp & Paper Co. Ltd. | 8300 | 61374 |
| Japan System Techniques Co. Ltd. | 1100 | 14714 |
| Japan Wool Textile Co. Ltd. | 3500 | 46927 |
| JBCC Holdings, Inc. | 2400 | 20783 |
| Jeol Ltd.<sup>(1)</sup> | 3500 | 153861 |
| JINS Holdings, Inc. | 500 | 16997 |
| JINUSHI Co. Ltd. | 100 | 2185 |
| J-Lease Co. Ltd. | 200 | 1848 |
| J-Oil Mills, Inc. | 800 | 10742 |
| Joshin Denki Co. Ltd. | 1800 | 32788 |
| Joyful Honda Co. Ltd. | 1100 | 15540 |
| JP-Holdings, Inc. | 5700 | 28645 |
| JSB Co. Ltd. | 600 | 13450 |
| JTEKT Corp. | 20600 | 282737 |
| Justsystems Corp. | 700 | 17595 |
| JVCKenwood Corp. | 18300 | 151969 |
| Kaga Electronics Co. Ltd. | 3200 | 89185 |
| Kakaku.com, Inc. | 8200 | 90405 |
| Kamigumi Co. Ltd. | 900 | 33517 |
| Kanamoto Co. Ltd. | 2000 | 55748 |
| Kanematsu Corp. | 16000 | 251522 |
| Kanro, Inc. | 1500 | 13677 |
| Kao Corp. | 8100 | 345881 |
| KDDI Corp. | 65800 | 1130280 |
| Keihanshin Building Co. Ltd. | 2100 | 29219 |
| KEIWA, Inc. | 1300 | 11413 |
| Keyence Corp. | 200 | 84290 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KH Neochem Co. Ltd. | 2000 | $39858 |
| Kibun Foods, Inc. | 1500 | 10469 |
| Kirin Holdings Co. Ltd. | 14400 | 249951 |
| Kitz Corp. | 8200 | 113069 |
| Koa Corp. | 1500 | 19073 |
| Kohnan Shoji Co. Ltd. | 1600 | 44370 |
| Kohoku Kogyo Co. Ltd. | 500 | 13914 |
| Koito Manufacturing Co. Ltd. | 8600 | 155026 |
| Kojima Co. Ltd. | 200 | 1695 |
| Komatsu Ltd. | 23900 | 1147208 |
| Komatsu Wall Industry Co. Ltd. | 700 | 13686 |
| KOMEDA Holdings Co. Ltd. | 200 | 3755 |
| Komeri Co. Ltd. | 1900 | 44571 |
| Konica Minolta, Inc. | 42100 | 160637 |
| Konoike Transport Co. Ltd. | 1700 | 38054 |
| KRS Corp. | 700 | 14628 |
| K's Holdings Corp. | 8500 | 93120 |
| Kubota Corp. | 29900 | 607783 |
| Kureha Corp. | 1100 | 34493 |
| Kurita Water Industries Ltd. | 4400 | 244578 |
| Kusuri No. Aoki Holdings Co. Ltd. | 1200 | 31167 |
| Kyocera Corp. | 35900 | 634053 |
| Kyowa Kirin Co. Ltd. | 1300 | 24165 |
| Kyushu Railway Co. | 400 | 10162 |
| Lasertec Corp.<sup>(1)</sup> | 3000 | 646809 |
| Leopalace21 Corp. | 10700 | 50964 |
| Link & Motivation, Inc. | 100 | 359 |
| Lintec Corp. | 300 | 10468 |
| Lion Corp. | 8200 | 96427 |
| Lixil Corp. | 12500 | 146872 |
| LY Corp.<sup>(1)</sup> | 8300 | 20515 |
| M3, Inc.<sup>(1)</sup> | 1000 | 10948 |
| Mabuchi Motor Co. Ltd. | 16000 | 188310 |
| Macbee Planet, Inc. | 400 | 3753 |
| Macnica Holdings, Inc. | 12000 | 212083 |
| Maeda Kosen Co. Ltd. | 1000 | 13701 |
| Maezawa Industries, Inc. | 800 | 11452 |
| Mani, Inc. | 2400 | 25787 |
| MarkLines Co. Ltd. | 100 | 1093 |
| Marubun Corp. | 2200 | 17926 |
| Marui Group Co. Ltd. | 13300 | 270462 |
| Maruwa Co. Ltd. | 200 | 78250 |
| Maruzen Showa Unyu Co. Ltd. | 500 | 29349 |
| Matsuda Sangyo Co. Ltd.<sup>(1)</sup> | 600 | 33658 |
| MatsukiyoCocokara & Co. | 10000 | 165386 |
| Maxell Ltd. | 8100 | 118613 |
| MCJ Co. Ltd. | 8300 | 121735 |
| Medical Data Vision Co. Ltd. | 900 | 9667 |
| Medipal Holdings Corp. | 8900 | 174410 |
| Meidensha Corp. | 1100 | 54819 |
| MEIJI Holdings Co. Ltd.<sup>(1)</sup> | 10900 | 281201 |
| Meiko Electronics Co. Ltd. | 2100 | 294358 |
| MEITEC Group Holdings, Inc. | 2300 | 50661 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Meiwa Corp. | 300 | $1824 |
| Menicon Co. Ltd.<sup>(1)</sup> | 6500 | 79324 |
| Mercari, Inc.<sup>(2)</sup> | 2700 | 63898 |
| Micronics Japan Co. Ltd. | 8100 | 628570 |
| MIMAKI ENGINEERING Co. Ltd. | 900 | 10711 |
| Minebea Mitsumi, Inc. | 9600 | 205821 |
| Mirarth Holdings, Inc. | 11400 | 30890 |
| Miroku Jyoho Service Co. Ltd. | 200 | 2308 |
| Mitsuba Corp. | 2700 | 25282 |
| Mitsubishi Electric Corp. | 19400 | 738422 |
| Mitsubishi Estate Co. Ltd. | 21000 | 708189 |
| Mitsubishi Gas Chemical Co., Inc. | 3000 | 83790 |
| Mitsubishi HC Capital, Inc. | 52600 | 509788 |
| Mitsubishi Heavy Industries Ltd. | 58800 | 1874420 |
| Mitsubishi Logistics Corp. | 10600 | 97163 |
| Mitsubishi Motors Corp. | 7100 | 19459 |
| Mitsubishi Research Institute, Inc. | 500 | 16108 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 1200 | 16300 |
| Mitsubishi UFJ Financial Group, Inc., ADR<sup>(1)</sup> | 107503 | 2003856 |
| Mitsui Chemicals, Inc. | 22400 | 341058 |
| Mitsui Fudosan Co. Ltd. | 35300 | 475838 |
| Mitsui-Soko Holdings Co. Ltd.<sup>(1)</sup> | 8700 | 208248 |
| MIXI, Inc. | 100 | 1718 |
| Miyaji Engineering Group, Inc.<sup>(1)</sup> | 1100 | 13655 |
| Mizuho Financial Group, Inc., ADR<sup>(1)</sup> | 190245 | 1687473 |
| Mizuno Corp. | 900 | 23378 |
| MonotaRO Co. Ltd.<sup>(1)</sup> | 8000 | 106361 |
| Morinaga & Co. Ltd. | 1600 | 29620 |
| Morinaga Milk Industry Co. Ltd. | 5200 | 165319 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 300 | 12123 |
| MS&AD Insurance Group Holdings, Inc. | 31200 | 869432 |
| m-up Holdings, Inc. | 200 | 873 |
| Murata Manufacturing Co. Ltd. | 19100 | 499463 |
| Musashi Seimitsu Industry Co. Ltd. | 1300 | 25933 |
| Nagano Keiki Co. Ltd. | 1200 | 23926 |
| Nagase & Co. Ltd. | 8100 | 256526 |
| Nakanishi, Inc. | 1700 | 29676 |
| NEC Capital Solutions Ltd. | 600 | 16830 |
| NEC Corp. | 38800 | 1075663 |
| Net Protections Holdings, Inc.<sup>(2)</sup> | 5800 | 20009 |
| Nexon Co. Ltd. | 500 | 10621 |
| NGK Insulators Ltd. | 12800 | 374927 |
| NHK Spring Co. Ltd. | 9300 | 178463 |
| Nichicon Corp. | 7900 | 108661 |
| NIDEC Corp. | 800 | 12581 |
| Nifco, Inc. | 8100 | 287052 |
| Nihon Dempa Kogyo Co. Ltd.<sup>(1)</sup> | 2300 | 19563 |
| Nihon Dengi Co. Ltd.<sup>(1)</sup> | 500 | 38996 |
| Nihon House Holdings Co. Ltd. | 200 | 416 |
| Nihon M&A Center Holdings, Inc. | 7400 | 34175 |
| Nihon Seiko Co. Ltd. | 200 | 15473 |
| Nikon Corp.<sup>(1)</sup> | 8100 | 103326 |
| Nintendo Co. Ltd. | 1800 | 101807 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NIPPON EXPRESS HOLDINGS, Inc. | 12800 | $315514 |
| Nippon Parking Development Co. Ltd. | 13300 | 24444 |
| Nippon Seiki Co. Ltd. | 4000 | 73048 |
| Nippon Shinyaku Co. Ltd. | 6100 | 201367 |
| Nippon Soda Co. Ltd.<sup>(1)</sup> | 1500 | 40182 |
| Nippon Television Holdings, Inc. | 2100 | 45711 |
| Nipro Corp. | 13400 | 136604 |
| Nishikawa Rubber Co. Ltd. | 900 | 26145 |
| Nishio Holdings Co. Ltd. | 1000 | 29742 |
| Nissan Chemical Corp.<sup>(1)</sup> | 6600 | 300208 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 140900 | 388173 |
| Nissha Co. Ltd. | 8100 | 70566 |
| Nissin Foods Holdings Co. Ltd.<sup>(1)</sup> | 4200 | 88674 |
| Niterra Co. Ltd.<sup>(1)</sup> | 9700 | 489142 |
| Nitori Holdings Co. Ltd.<sup>(1)</sup> | 9300 | 186302 |
| Nitta Corp. | 600 | 18194 |
| Nitto Boseki Co. Ltd. | 700 | 112394 |
| Nitto Denko Corp.<sup>(1)</sup> | 22400 | 519466 |
| Nohmi Bosai Ltd. | 200 | 5760 |
| Nojima Corp. | 22900 | 171019 |
| NOK Corp. | 1800 | 38288 |
| Noritsu Koki Co. Ltd. | 2900 | 42042 |
| Noritz Corp. | 1800 | 28034 |
| NPR-RIKEN Corp. | 1600 | 46679 |
| NS Solutions Corp.<sup>(1)</sup> | 1000 | 25769 |
| NSD Co. Ltd. | 1200 | 21906 |
| NSK Ltd. | 19800 | 178126 |
| NTT, Inc. | 569400 | 557063 |
| Oat Agrio Co. Ltd. | 100 | 1537 |
| Obic Co. Ltd. | 500 | 13466 |
| Oji Holdings Corp. | 18900 | 119068 |
| Okamoto Machine Tool Works Ltd. | 100 | 3161 |
| Oki Electric Industry Co. Ltd. | 9700 | 199784 |
| Olympus Corp.<sup>(1)</sup> | 37700 | 369413 |
| Omron Corp. | 400 | 14172 |
| Ono Pharmaceutical Co. Ltd. | 9000 | 154725 |
| Onward Holdings Co. Ltd. | 3500 | 18295 |
| Open House Group Co. Ltd. | 2500 | 185026 |
| Open Up Group, Inc. | 100 | 1227 |
| Optex Group Co. Ltd. | 2800 | 57280 |
| Oracle Corp. | 500 | 30184 |
| Orient Corp. | 8300 | 61086 |
| Oriental Land Co. Ltd.<sup>(1)</sup> | 500 | 9008 |
| ORIX Corp., ADR | 40959 | 1456092 |
| Osaki Electric Co. Ltd. | 2900 | 32291 |
| Otsuka Corp. | 8300 | 167394 |
| Otsuka Holdings Co. Ltd. | 7900 | 544391 |
| Oyo Corp. | 100 | 1992 |
| Pacific Industrial Co. Ltd. | 8100 | 155844 |
| Pack Corp. | 2600 | 22294 |
| PAL GROUP Holdings Co. Ltd. | 2400 | 25206 |
| PALTAC Corp. | 200 | 6470 |
| Pan Pacific International Holdings Corp. | 34800 | 232566 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Park24 Co. Ltd. | 8100 | $116466 |
| Pasona Group, Inc. | 200 | 2621 |
| Persol Holdings Co. Ltd. | 53900 | 86131 |
| PIA Corp.<sup>(2)</sup> | 1000 | 19384 |
| Pigeon Corp. | 1100 | 12135 |
| Pilot Corp. | 1300 | 40578 |
| Piolax, Inc. | 200 | 2303 |
| Plus Alpha Consulting Co. Ltd. | 1800 | 25805 |
| Premium Group Co. Ltd. | 1900 | 22433 |
| Prestige International, Inc. | 8100 | 36434 |
| Pro-Ship, Inc. | 1000 | 9533 |
| PS Construction Co. Ltd. | 1100 | 24091 |
| Qol Holdings Co. Ltd. | 1000 | 12594 |
| Quick Co. Ltd. | 300 | 1808 |
| Raccoon Holdings, Inc. | 100 | 420 |
| Rakus Co. Ltd. | 600 | 3354 |
| Rakuten Group, Inc.<sup>(2)</sup> | 10300 | 54681 |
| Rasa Industries Ltd. | 700 | 46224 |
| Recruit Holdings Co. Ltd. | 11500 | 500426 |
| Relo Group, Inc. | 2300 | 28390 |
| Renesas Electronics Corp. | 8100 | 152756 |
| Rengo Co. Ltd. | 18700 | 186743 |
| Resona Holdings, Inc. | 43300 | 528339 |
| Ricoh Co. Ltd. | 22000 | 206691 |
| Ricoh Leasing Co. Ltd. | 1400 | 57469 |
| Rinnai Corp. | 3400 | 88551 |
| Rion Co. Ltd. | 100 | 1949 |
| Riso Kyoiku Group Corp. | 8100 | 10465 |
| Rohm Co. Ltd. | 200 | 3668 |
| RYODEN Corp. | 100 | 2379 |
| Ryohin Keikaku Co. Ltd. | 22100 | 504333 |
| Ryoyo Ryosan Holdings, Inc. | 600 | 13241 |
| Sakai Moving Service Co. Ltd. | 800 | 14995 |
| Sakura Internet, Inc. | 500 | 9662 |
| Samco, Inc. | 300 | 12080 |
| Sangetsu Corp. | 1700 | 36493 |
| Sanko Gosei Ltd. | 1800 | 12374 |
| Sankyu, Inc. | 1800 | 115781 |
| Sanrio Co. Ltd.<sup>(1)</sup> | 4100 | 150320 |
| Sansan, Inc.<sup>(2)</sup> | 1400 | 10533 |
| Sansei Technologies, Inc. | 700 | 11899 |
| Sanshin Electronics Co. Ltd. | 600 | 12428 |
| Santec Holdings Corp. | 700 | 88280 |
| Santen Pharmaceutical Co. Ltd. | 13900 | 156214 |
| Sanwa Holdings Corp. | 9200 | 243473 |
| Sato Corp.<sup>(1)</sup> | 1500 | 23992 |
| SBI Holdings, Inc.<sup>(1)</sup> | 27000 | 577495 |
| SBS Holdings, Inc. | 500 | 13676 |
| SCREEN Holdings Co. Ltd.<sup>(1)</sup> | 1000 | 145777 |
| Scroll Corp. | 8100 | 71794 |
| Secom Co. Ltd. | 1400 | 54316 |
| Seika Corp. | 1200 | 21994 |
| Seiko Epson Corp. | 9500 | 128651 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seiko Group Corp. | 2800 | $236656 |
| Seino Holdings Co. Ltd. | 8600 | 146688 |
| Seiren Co. Ltd. | 1300 | 30249 |
| Sekisui Chemical Co. Ltd. | 9700 | 188897 |
| Sekisui House Ltd. | 8100 | 197884 |
| Senko Group Holdings Co. Ltd.<sup>(1)</sup> | 10300 | 129903 |
| Seria Co. Ltd. | 500 | 13938 |
| SG Holdings Co. Ltd.<sup>(1)</sup> | 9900 | 100411 |
| Sharingtechnology, Inc. | 1400 | 11038 |
| Sharp Corp.<sup>(1)(2)</sup> | 4600 | 18923 |
| Shibaura Mechatronics Corp.<sup>(1)</sup> | 4500 | 165608 |
| SHIFT, Inc.<sup>(1)(2)</sup> | 5100 | 22958 |
| Shimadzu Corp.<sup>(1)</sup> | 700 | 19484 |
| Shimamura Co. Ltd. | 2400 | 55198 |
| Shimano, Inc. | 200 | 21351 |
| Shin Nippon Air Technologies Co. Ltd. | 1100 | 29407 |
| Shindengen Electric Manufacturing Co. Ltd. | 1000 | 26634 |
| Shinsho Corp. | 300 | 5320 |
| Shionogi & Co. Ltd. | 9700 | 229039 |
| Ship Healthcare Holdings, Inc. | 8100 | 142744 |
| Shiseido Co. Ltd. | 600 | 12669 |
| Shizuoka Financial Group, Inc. | 5100 | 102524 |
| SIGMAXYZ Holdings, Inc. | 2400 | 11274 |
| Siix Corp. | 4200 | 38241 |
| SK-Electronics Co. Ltd. | 600 | 13834 |
| SKY Perfect JSAT Holdings, Inc.<sup>(1)</sup> | 11300 | 207756 |
| Skylark Holdings Co. Ltd. | 8100 | 186379 |
| Socionext, Inc.<sup>(1)</sup> | 1500 | 19296 |
| SoftBank Corp.<sup>(1)</sup> | 167600 | 229244 |
| SoftBank Group Corp. | 77400 | 1981900 |
| Softcreate Holdings Corp. | 200 | 2646 |
| Solasto Corp. | 400 | 2440 |
| Sompo Holdings, Inc.<sup>(1)</sup> | 31300 | 1241815 |
| Sony Financial Group, Inc., ADR<sup>(1)(2)</sup> | 10546 | 53363 |
| Sony Group Corp., ADR<sup>(1)</sup> | 42370 | 977052 |
| Sparx Group Co. Ltd. | 1600 | 21736 |
| S-Pool, Inc. | 8100 | 13713 |
| Square Enix Holdings Co. Ltd. | 5000 | 82383 |
| Stanley Electric Co. Ltd.<sup>(1)</sup> | 8800 | 185572 |
| Studio Alice Co. Ltd. | 100 | 1280 |
| Subaru Corp.<sup>(1)</sup> | 30800 | 577719 |
| Sugi Holdings Co. Ltd. | 5900 | 135331 |
| Sumida Corp. | 3200 | 25626 |
| Sumitomo Chemical Co. Ltd. | 79100 | 288953 |
| Sumitomo Electric Industries Ltd. | 31600 | 2088102 |
| Sumitomo Forestry Co. Ltd. | 12800 | 138409 |
| Sumitomo Mitsui Financial Group, Inc., ADR<sup>(1)</sup> | 73102 | 1640409 |
| Sumitomo Mitsui Trust Group, Inc. | 18700 | 652048 |
| Sumitomo Realty & Development Co. Ltd. | 18600 | 628798 |
| Sumitomo Rubber Industries Ltd. | 12700 | 225434 |
| Sumitomo Warehouse Co. Ltd. | 700 | 18128 |
| Suncall Corp.<sup>(1)</sup> | 2200 | 17020 |
| Sundrug Co. Ltd. | 1000 | 27038 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Suntory Beverage & Food Ltd. | 5200 | $163528 |
| Suzuken Co. Ltd. | 1800 | 75929 |
| Suzuki Co. Ltd. | 1300 | 25632 |
| Suzuki Motor Corp. | 44000 | 665428 |
| Sysmex Corp.<sup>(1)</sup> | 8700 | 82136 |
| System Support Holdings, Inc. | 1000 | 8334 |
| Systena Corp. | 9300 | 26344 |
| Syuppin Co. Ltd.<sup>(1)</sup> | 2600 | 22687 |
| T RAD Co. Ltd.<sup>(1)</sup> | 300 | 20690 |
| T&D Holdings, Inc.<sup>(1)</sup> | 8100 | 218153 |
| Tachibana Eletech Co. Ltd. | 700 | 15265 |
| Taiyo Yuden Co. Ltd.<sup>(1)</sup> | 8700 | 265568 |
| Takara & Co. Ltd. | 200 | 5534 |
| Takashimaya Co. Ltd. | 22800 | 289505 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(1)</sup> | 15478 | 290213 |
| Tamron Co. Ltd. | 19000 | 127734 |
| Tazmo Co. Ltd. | 800 | 13132 |
| TBS Holdings, Inc. | 1200 | 45407 |
| TDK Corp. | 52500 | 811041 |
| TechMatrix Corp. | 2600 | 31952 |
| Techno Ryowa Ltd. | 500 | 24733 |
| Teijin Ltd. | 13900 | 154377 |
| Tera Probe, Inc. | 400 | 24946 |
| Terasaki Electric Co. Ltd.<sup>(1)</sup> | 400 | 11141 |
| Terumo Corp. | 1000 | 13530 |
| Tess Holdings Co. Ltd. | 4100 | 15922 |
| TIS, Inc. | 8200 | 169474 |
| TKC Corp. | 200 | 5165 |
| TOA ROAD Corp. | 2000 | 24996 |
| TOBISHIMA HOLDINGS, Inc. | 900 | 14883 |
| Tocalo Co. Ltd. | 1900 | 37889 |
| Toho Co. Ltd. | 1500 | 15031 |
| Toho Co. Ltd. | 2400 | 20846 |
| Tokai Corp. | 100 | 1670 |
| Tokio Marine Holdings, Inc. | 49100 | 2039204 |
| Tokyo Century Corp. | 10000 | 145971 |
| Tokyo Electron Device Ltd. | 1400 | 32825 |
| Tokyo Electron Ltd. | 7700 | 2166584 |
| Tokyo Metro Co. Ltd. | 1900 | 20333 |
| Tokyo Rope Manufacturing Co. Ltd. | 1300 | 17338 |
| Tokyo Seimitsu Co. Ltd. | 1400 | 154087 |
| Tokyo Tatemono Co. Ltd. | 11200 | 313364 |
| Tokyo Tekko Co. Ltd. | 700 | 28706 |
| Tokyu Fudosan Holdings Corp. | 34000 | 341972 |
| Toli Corp. | 2600 | 13105 |
| Tomy Co. Ltd.<sup>(1)</sup> | 8400 | 154363 |
| TOPPAN Holdings, Inc.<sup>(1)</sup> | 900 | 30829 |
| Toray Industries, Inc.<sup>(1)</sup> | 41000 | 351092 |
| Torex Semiconductor Ltd. | 100 | 1124 |
| Toshiba TEC Corp. | 1100 | 23146 |
| Totech Corp. | 1200 | 35085 |
| TOTO Ltd. | 7800 | 303970 |
| Towa Bank Ltd. | 2000 | 15745 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Towa Corp. | 2700 | $51671 |
| Toyo Seikan Group Holdings Ltd. | 9000 | 235106 |
| Toyo Tanso Co. Ltd.<sup>(1)</sup> | 700 | 28411 |
| Toyo Tire Corp. | 10200 | 314323 |
| Toyobo Co. Ltd. | 8100 | 95728 |
| Toyoda Gosei Co. Ltd. | 8100 | 263217 |
| Toyota Boshoku Corp. | 6600 | 134973 |
| Toyota Motor Corp., ADR<sup>(1)</sup> | 13171 | 3192387 |
| Transaction Co. Ltd. | 1200 | 10406 |
| Transcosmos, Inc. | 600 | 15752 |
| TRE Holdings Corp. | 1800 | 20680 |
| Treasure Factory Co. Ltd. | 800 | 9728 |
| Trend Micro, Inc. | 2000 | 66551 |
| Tri Chemical Laboratories, Inc.<sup>(1)</sup> | 2300 | 55636 |
| Trusco Nakayama Corp. | 1700 | 27479 |
| TS Tech Co. Ltd. | 8100 | 104339 |
| TSI Holdings Co. Ltd. | 7600 | 55898 |
| Tsukuba Bank Ltd.<sup>(1)</sup> | 8100 | 36645 |
| Tsuruha Holdings, Inc. | 18075 | 304713 |
| Tsuzuki Denki Co. Ltd. | 700 | 18739 |
| TV Asahi Holdings Corp. | 400 | 8659 |
| Tv Tokyo Holdings Corp. | 100 | 2851 |
| Uchida Yoko Co. Ltd. | 4000 | 55064 |
| Ulvac, Inc. | 700 | 46737 |
| Unicharm Corp. | 30100 | 205965 |
| Unipres Corp. | 8100 | 76496 |
| United Arrows Ltd. | 600 | 10305 |
| Unitika Ltd.<sup>(2)</sup> | 7800 | 95674 |
| Ushio, Inc. | 1300 | 26716 |
| USS Co. Ltd. | 19200 | 233206 |
| UT Group Co. Ltd. | 10700 | 14723 |
| V Technology Co. Ltd. | 500 | 14897 |
| Valqua Ltd.<sup>(1)</sup> | 300 | 10307 |
| Vector, Inc. | 2100 | 19395 |
| Vital KSK Holdings, Inc. | 2400 | 22861 |
| VT Holdings Co. Ltd. | 7500 | 27539 |
| Wacom Co. Ltd. | 10500 | 58768 |
| Wakachiku Construction Co. Ltd. | 400 | 12717 |
| Wakita & Co. Ltd. | 1100 | 14424 |
| West Japan Railway Co. | 10800 | 232325 |
| Will Group, Inc. | 100 | 829 |
| Workman Co. Ltd. | 600 | 29821 |
| World Co. Ltd. | 6000 | 63470 |
| Xebio Holdings Co. Ltd. | 100 | 718 |
| YAMABIKO Corp. | 1200 | 29469 |
| Yamada Holdings Co. Ltd. | 30600 | 113557 |
| Yamae Group Holdings Co. Ltd. | 1500 | 29284 |
| Yamaguchi Financial Group, Inc.<sup>(1)</sup> | 8500 | 149398 |
| Yamaha Corp. | 300 | 2325 |
| Yamaha Motor Co. Ltd.<sup>(1)</sup> | 49000 | 389646 |
| Yamaichi Electronics Co. Ltd. | 2300 | 123524 |
| Yamami Co. | 300 | 9801 |
| Yamatane Corp. | 1000 | 14869 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yamato Holdings Co. Ltd. | 2900 | $35522 |
| Yashima Denki Co. Ltd. | 2000 | 45435 |
| Yaskawa Electric Corp. | 1900 | 66852 |
| Yellow Hat Ltd. | 2100 | 23635 |
| Yokogawa Electric Corp. | 1000 | 39887 |
| Yokohama Financial Group, Inc. | 13100 | 141443 |
| Yokohama Rubber Co. Ltd. | 9500 | 477847 |
| Yokorei Co. Ltd. | 4800 | 43933 |
| Yokowo Co. Ltd. | 1800 | 38287 |
| Yonex Co. Ltd. | 2200 | 52244 |
| Yuasa Trading Co. Ltd. | 400 | 16568 |
| Zenkoku Hosho Co. Ltd. | 2900 | 59718 |
| Zenrin Co. Ltd. | 1800 | 11886 |
| ZIGExN Co. Ltd. | 600 | 1711 |
| ZOZO, Inc.<sup>(1)</sup> | 2700 | 19624 |
|  |  | 98563596 |
| **Netherlands — 4.0%** |  |  |
| Aalberts NV | 4156 | 172716 |
| ABN AMRO Bank NV, CVA | 25431 | 851754 |
| Acomo NV | 990 | 31587 |
| Adyen NV<sup>(2)</sup> | 469 | 550760 |
| Aegon Ltd. | 48560 | 364200 |
| AerCap Holdings NV | 6280 | 938483 |
| Akzo Nobel NV | 5814 | 408427 |
| Alfen NV<sup>(1)(2)</sup> | 1984 | 21216 |
| Allfunds Group PLC | 3083 | 30678 |
| Arcadis NV | 1082 | 38267 |
| ASM International NV | 869 | 732904 |
| ASML Holding NV, NY Shares | 2858 | 4145701 |
| ASR Nederland NV | 9373 | 681068 |
| BE Semiconductor Industries NV | 887 | 198766 |
| Brunel International NV | 126 | 1033 |
| Coca-Cola Europacific Partners PLC | 4960 | 547733 |
| Constellium SE<sup>(2)</sup> | 10753 | 267642 |
| Corbion NV | 4070 | 93698 |
| DSM-Firmenich AG | 1840 | 131412 |
| Ferrari Group PLC<sup>(1)</sup> | 1896 | 23029 |
| Flow Traders Ltd.<sup>(1)(2)</sup> | 1229 | 38363 |
| ForFarmers NV | 4095 | 31096 |
| Heineken Holding NV | 224 | 19404 |
| Heineken NV | 2176 | 201539 |
| IMCD NV | 240 | 23122 |
| ING Groep NV, ADR | 70077 | 2016115 |
| InPost SA<sup>(1)(2)</sup> | 11010 | 197628 |
| Kendrion NV | 1233 | 23317 |
| Koninklijke Ahold Delhaize NV | 25079 | 1239248 |
| Koninklijke BAM Groep NV | 14846 | 167535 |
| Koninklijke Heijmans NV, CVA | 2116 | 223052 |
| Koninklijke KPN NV | 139654 | 793879 |
| Koninklijke Philips NV, NY Shares<sup>(1)</sup> | 10428 | 333696 |
| Magnum Ice Cream Co. NV<sup>(2)</sup> | 3089 | 49022 |
| NN Group NV | 13633 | 1118145 |
| Pharming Group NV<sup>(1)(2)</sup> | 15007 | 24794 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PostNL NV<sup>(1)</sup> | 16740 | $22612 |
| Prosus NV | 5781 | 297146 |
| Randstad NV | 1325 | 43688 |
| SIF Holding NV<sup>(1)(2)</sup> | 1430 | 12250 |
| Signify NV | 34 | 792 |
| TKH Group NV, CVA | 1943 | 89771 |
| Universal Music Group NV<sup>(1)</sup> | 8121 | 182864 |
| Van Lanschot Kempen NV<sup>(1)</sup> | 1325 | 88411 |
| Wolters Kluwer NV | 5289 | 427275 |
|  |  | 17895838 |
| **New Zealand — 0.2%** |  |  |
| Auckland International Airport Ltd. | 19007 | 104551 |
| Chorus Ltd.<sup>(1)</sup> | 17267 | 99146 |
| EBOS Group Ltd. | 1534 | 22027 |
| Eroad Ltd.<sup>(2)</sup> | 15055 | 8027 |
| Fisher & Paykel Healthcare Corp. Ltd. | 6804 | 166339 |
| Fletcher Building Ltd.<sup>(2)</sup> | 66328 | 139605 |
| Freightways Group Ltd. | 3433 | 29520 |
| Infratil Ltd.<sup>(1)</sup> | 7226 | 48579 |
| KMD Brands Ltd.<sup>(2)</sup> | 13647 | 1992 |
| Mercury NZ Ltd. | 15919 | 61020 |
| Meridian Energy Ltd. | 19993 | 67783 |
| Spark New Zealand Ltd. | 54232 | 74155 |
| TOWER Ltd. | 9982 | 11110 |
|  |  | 833854 |
| **Norway — 0.7%** |  |  |
| 2020 Bulkers Ltd. | 1089 | 15424 |
| Aker ASA, A Shares | 133 | 12912 |
| Atea ASA<sup>(2)</sup> | 1414 | 21489 |
| B2 Impact ASA | 16108 | 41292 |
| Bakkafrost P | 112 | 5370 |
| Borregaard ASA | 2422 | 45074 |
| DNB Bank ASA | 12764 | 404037 |
| Elopak ASA | 11868 | 67216 |
| Europris ASA | 5066 | 48440 |
| Gjensidige Forsikring ASA | 1547 | 43709 |
| Kid ASA | 2748 | 35888 |
| Kitron ASA | 10777 | 120553 |
| Kongsberg Automotive ASA<sup>(2)</sup> | 118364 | 26583 |
| Kongsberg Gruppen ASA | 4857 | 196958 |
| Leroy Seafood Group ASA | 1074 | 5605 |
| Mowi ASA | 5966 | 140937 |
| Nordic Semiconductor ASA<sup>(2)</sup> | 3330 | 50181 |
| Norsk Hydro ASA | 45857 | 425481 |
| OKEA ASA<sup>(2)</sup> | 1973 | 6036 |
| Orkla ASA | 5366 | 73461 |
| Petronor E&P ASA<sup>(2)</sup> | 214 | 224 |
| Protector Forsikring ASA | 34 | 1851 |
| Public Property Invest AS | 4988 | 12219 |
| Rana Gruber ASA | 14 | 114 |
| Salmar ASA | 1199 | 71910 |
| SATS ASA<sup>(2)</sup> | 9021 | 41625 |
| Scatec ASA<sup>(2)</sup> | 9125 | 117604 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sea1 offshore, Inc.<sup>(2)</sup> | 40 | $114 |
| Solstad Offshore ASA | 787 | 4642 |
| SpareBank 1 Nord Norge | 9427 | 158089 |
| Sparebank 1 Oestlandet | 651 | 14672 |
| SpareBank 1 SMN | 5194 | 116576 |
| SpareBank 1 Sor-Norge ASA | 8829 | 196160 |
| Storebrand ASA | 19708 | 373599 |
| Telenor ASA | 9766 | 181154 |
| TGS ASA | 4944 | 59107 |
| TOMRA Systems ASA | 212 | 2628 |
| Veidekke ASA | 29 | 599 |
| Vend Marketplaces ASA, B Shares | 3559 | 89683 |
| Wilh Wilhelmsen Holding ASA, Class A | 338 | 27528 |
|  |  | 3256744 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 490955 | 515671 |
| Corticeira Amorim SGPS SA | 3319 | 26812 |
| CTT-Correios de Portugal SA | 662 | 5587 |
| EDP Renovaveis SA<sup>(1)</sup> | 3205 | 50633 |
| Jeronimo Martins SGPS SA | 4519 | 118764 |
| Navigator Co. SA<sup>(1)</sup> | 14087 | 57243 |
| NOS SGPS SA | 6784 | 41297 |
| Sonae SGPS SA | 46094 | 109768 |
|  |  | 925775 |
| **Singapore — 1.5%** |  |  |
| Aztech Global Ltd. | 11800 | 7022 |
| Capitaland India Trust<sup>(1)</sup> | 30192 | 28858 |
| CapitaLand Investment Ltd.<sup>(1)</sup> | 68100 | 164567 |
| Centurion Corp. Ltd. | 24800 | 30575 |
| China Sunsine Chemical Holdings Ltd. | 32900 | 19740 |
| City Developments Ltd. | 11800 | 91395 |
| ComfortDelGro Corp. Ltd. | 216700 | 265291 |
| CSE Global Ltd. | 82800 | 86361 |
| DBS Group Holdings Ltd. | 42410 | 1910366 |
| Grab Holdings Ltd., Class A<sup>(2)</sup> | 35208 | 148578 |
| Hafnia Ltd. | 6457 | 48213 |
| Hong Fok Corp. Ltd. | 32400 | 21220 |
| Hutchison Port Holdings Trust, U Shares | 355100 | 79937 |
| iFAST Corp. Ltd. | 9200 | 67446 |
| Netlink NBN Trust | 86000 | 67273 |
| Oversea-Chinese Banking Corp. Ltd. | 64600 | 1093237 |
| Pan-United Corp. Ltd. | 35600 | 37879 |
| Propnex Ltd. | 11300 | 18237 |
| Samudera Shipping Line Ltd. | 32600 | 28064 |
| SATS Ltd. | 45080 | 139452 |
| Sea Ltd., ADR<sup>(2)</sup> | 1932 | 209526 |
| Sheng Siong Group Ltd. | 54800 | 113889 |
| Singapore Exchange Ltd. | 31600 | 453796 |
| Singapore Telecommunications Ltd. | 73500 | 292424 |
| Stamford Land Corp. Ltd. | 9400 | 3607 |
| StarHub Ltd.<sup>(1)</sup> | 31400 | 25548 |
| UMS Integration Ltd.<sup>(1)</sup> | 17274 | 19741 |
| United Overseas Bank Ltd. | 33100 | 965774 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| UOL Group Ltd. | 20100 | $179124 |
| Venture Corp. Ltd. | 11100 | 137059 |
| Wee Hur Holdings Ltd. | 53600 | 33512 |
| Yanlord Land Group Ltd.<sup>(1)(2)</sup> | 31200 | 19080 |
| Yoma Strategic Holdings Ltd.<sup>(2)</sup> | 63400 | 4006 |
|  |  | 6810797 |
| **South Africa — 0.0%** |  |  |
| Valterra Platinum Ltd. | 1494 | 173072 |
| **Spain — 3.1%** |  |  |
| Acciona SA<sup>(1)</sup> | 1547 | 448966 |
| Acerinox SA<sup>(1)</sup> | 8874 | 141126 |
| ACS Actividades de Construccion y Servicios SA | 521 | 67227 |
| Aena SME SA | 19041 | 600138 |
| Amadeus IT Group SA<sup>(1)</sup> | 2144 | 132611 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(1)</sup> | 3772 | 23072 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 116366 | 2691546 |
| Banco de Sabadell SA<sup>(1)</sup> | 212928 | 801680 |
| Banco Santander SA, ADR | 159451 | 1970814 |
| Bankinter SA | 31983 | 530705 |
| CaixaBank SA | 33322 | 410703 |
| Cellnex Telecom SA | 2087 | 79318 |
| CIE Automotive SA<sup>(1)</sup> | 112 | 4197 |
| Construcciones y Auxiliar de Ferrocarriles SA | 1080 | 75270 |
| Corp. ACCIONA Energias Renovables SA | 787 | 20454 |
| Distribuidora Internacional de Alimentacion SA<sup>(2)</sup> | 219 | 9886 |
| eDreams ODIGEO SA<sup>(2)</sup> | 417 | 1548 |
| Ence Energia y Celulosa SA<sup>(1)(2)</sup> | 4703 | 13934 |
| Endesa SA | 14733 | 601050 |
| Ercros SA<sup>(2)</sup> | 2210 | 8440 |
| Ferrovial SE<sup>(1)</sup> | 12550 | 935336 |
| Fluidra SA<sup>(1)</sup> | 450 | 12053 |
| Gestamp Automocion SA | 11580 | 43552 |
| Grenergy Renovables SA<sup>(2)</sup> | 997 | 129147 |
| Grifols SA | 3380 | 42405 |
| Iberdrola SA | 74514 | 1758773 |
| Industria de Diseno Textil SA | 16384 | 1094081 |
| Laboratorios Farmaceuticos Rovi SA<sup>(1)</sup> | 422 | 42206 |
| Mapfre SA | 47992 | 223071 |
| Melia Hotels International SA | 7909 | 77751 |
| Neinor Homes SA<sup>(2)</sup> | 1790 | 40216 |
| Prosegur Cash SA | 7154 | 5421 |
| Prosegur Cia de Seguridad SA<sup>(1)</sup> | 4407 | 15125 |
| Redeia Corp. SA | 21562 | 400849 |
| Sacyr SA | 39755 | 212710 |
| Solaria Energia y Medio Ambiente SA<sup>(2)</sup> | 9146 | 237107 |
| Viscofan SA | 1332 | 93428 |
|  |  | 13995916 |
| **Sweden — 3.4%** |  |  |
| AcadeMedia AB | 1894 | 20930 |
| AddLife AB, B Shares<sup>(1)</sup> | 533 | 9088 |
| Addnode Group AB | 1571 | 12114 |
| AddTech AB, B Shares | 4954 | 183120 |
| Alfa Laval AB | 4096 | 241752 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ambea AB | 1109 | $15951 |
| AQ Group AB | 4188 | 87678 |
| Arjo AB, B Shares | 8773 | 26209 |
| Asmodee Group AB, Class B<sup>(2)</sup> | 8338 | 101884 |
| Assa Abloy AB, Class B | 5379 | 228958 |
| Atlas Copco AB, A Shares | 26249 | 564727 |
| Atlas Copco AB, B Shares | 15252 | 285924 |
| Atrium Ljungberg AB, B Shares<sup>(1)</sup> | 4592 | 17976 |
| Avanza Bank Holding AB<sup>(1)</sup> | 7560 | 275498 |
| Axfood AB | 5736 | 209260 |
| Beijer Ref AB | 1794 | 27991 |
| Bilia AB, A Shares | 5081 | 77799 |
| Billerud Aktiebolag | 13656 | 124527 |
| BioArctic AB<sup>(2)</sup> | 3683 | 125983 |
| BioGaia AB, B Shares | 1957 | 24242 |
| Boliden AB<sup>(2)</sup> | 13029 | 1032779 |
| Bonava AB, B Shares<sup>(2)</sup> | 4071 | 5014 |
| Boozt AB<sup>(1)(2)</sup> | 4492 | 45364 |
| Bufab AB | 7368 | 95201 |
| Byggmax Group AB | 6128 | 43708 |
| Camurus AB<sup>(1)(2)</sup> | 545 | 30376 |
| Castellum AB | 7565 | 100620 |
| Catena AB | 1077 | 59360 |
| Cibus Nordic Real Estate AB publ<sup>(1)</sup> | 2286 | 38710 |
| Cint Group AB<sup>(1)(2)</sup> | 100 | 38 |
| Clas Ohlson AB, B Shares | 4299 | 177712 |
| Cloetta AB, B Shares | 10624 | 61640 |
| Coffee Stain Group AB, Class B<sup>(1)(2)</sup> | 8190 | 15076 |
| Coor Service Management Holding AB | 3861 | 25384 |
| Corem Property Group AB, B Shares | 9986 | 4221 |
| Dios Fastigheter AB | 2733 | 21256 |
| Dynavox Group AB<sup>(1)(2)</sup> | 7911 | 72977 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 5500 | 46170 |
| Electrolux Professional AB, B Shares | 1630 | 10702 |
| Elekta AB, B Shares | 10852 | 69475 |
| Embracer Group AB<sup>(1)(2)</sup> | 8338 | 48712 |
| Engcon AB | 1962 | 14486 |
| Epiroc AB, A Shares | 15197 | 456525 |
| Epiroc AB, B Shares | 8036 | 208935 |
| EQT AB | 3929 | 121097 |
| Essity AB, B Shares | 17331 | 550510 |
| Fabege AB | 8125 | 75679 |
| Fastighets AB Balder, B Shares<sup>(1)(2)</sup> | 16277 | 122310 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(2)</sup> | 201 | 1224 |
| G5 Entertainment AB | 336 | 1865 |
| Getinge AB, B Shares | 6815 | 152544 |
| GomSpace Group AB<sup>(2)</sup> | 15626 | 32136 |
| Granges AB | 7915 | 140160 |
| H & M Hennes & Mauritz AB, B Shares | 20106 | 428655 |
| Hanza AB | 2273 | 39068 |
| Haypp Group AB<sup>(1)(2)</sup> | 1184 | 17281 |
| Hemnet Group AB | 2926 | 37758 |
| Hexagon AB, B Shares | 7817 | 88928 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hexatronic Group AB<sup>(2)</sup> | 10760 | $32873 |
| Hoist Finance AB | 2354 | 37681 |
| Holmen AB, B Shares<sup>(1)</sup> | 1755 | 69082 |
| Hufvudstaden AB, A Shares | 2056 | 29708 |
| Husqvarna AB, B Shares | 2476 | 11906 |
| Industrivarden AB, A Shares | 5835 | 331165 |
| Indutrade AB | 5732 | 148612 |
| Instalco AB | 440 | 1709 |
| Investment AB Latour, B Shares | 956 | 24306 |
| INVISIO AB<sup>(1)</sup> | 1901 | 65563 |
| Inwido AB | 2214 | 41281 |
| JM AB | 5716 | 84809 |
| Loomis AB | 5034 | 254263 |
| Medcap AB<sup>(1)(2)</sup> | 765 | 41495 |
| Medicover AB, B Shares<sup>(1)</sup> | 1151 | 27755 |
| MEKO AB | 1009 | 7408 |
| Millicom International Cellular SA | 3276 | 238788 |
| MIPS AB | 679 | 19064 |
| Modern Times Group MTG AB, B Shares<sup>(2)</sup> | 322 | 3160 |
| Mycronic AB<sup>(1)</sup> | 5510 | 124887 |
| NCAB Group AB<sup>(1)(2)</sup> | 2755 | 16704 |
| NCC AB, B Shares | 3275 | 79819 |
| Neobo Fastigheter AB<sup>(2)</sup> | 1435 | 3331 |
| New Wave Group AB, B Shares | 4620 | 52480 |
| Nobia AB<sup>(1)(2)</sup> | 53783 | 14627 |
| Nordnet AB publ<sup>(1)</sup> | 8027 | 253328 |
| Note AB | 1984 | 43153 |
| NP3 Fastigheter AB | 1506 | 45174 |
| Nyfosa AB | 6824 | 56050 |
| Pandox AB | 3487 | 78016 |
| Paradox Interactive AB | 2829 | 38741 |
| Platzer Fastigheter Holding AB, B Shares | 1346 | 11873 |
| Plejd AB<sup>(1)(2)</sup> | 523 | 48722 |
| RaySearch Laboratories AB | 2860 | 60591 |
| Rusta AB<sup>(1)</sup> | 2890 | 26352 |
| Rvrc Holding AB | 6518 | 49000 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 33128 | 14456 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(2)</sup> | 2114 | 2133 |
| Sandvik AB | 18250 | 804299 |
| Scandic Hotels Group AB | 7987 | 75673 |
| Sdiptech AB, Class B<sup>(2)</sup> | 589 | 12692 |
| Sectra AB, B Shares<sup>(1)</sup> | 3161 | 67732 |
| Securitas AB, B Shares | 4710 | 83817 |
| Sinch AB<sup>(1)(2)</sup> | 21206 | 53529 |
| Skandinaviska Enskilda Banken AB, A Shares | 24384 | 518433 |
| Skanska AB, B Shares | 62 | 1901 |
| SKF AB, B Shares | 14602 | 417394 |
| SkiStar AB | 4162 | 80613 |
| Spotify Technology SA<sup>(2)</sup> | 942 | 485073 |
| Storytel AB | 3660 | 32209 |
| Svenska Cellulosa AB SCA, B Shares | 17267 | 234414 |
| Svenska Handelsbanken AB, A Shares | 36804 | 588396 |
| Sweco AB, B Shares | 1180 | 18840 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Swedbank AB, A Shares | 23896 | $917919 |
| Synsam AB | 1065 | 8164 |
| Tele2 AB, B Shares | 5133 | 108328 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>(1)</sup> | 57761 | 670028 |
| Telia Co. AB | 83014 | 426178 |
| Thule Group AB | 1746 | 45066 |
| Truecaller AB, B Shares | 10916 | 13339 |
| VBG Group AB, B Shares | 665 | 27427 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 566 | 84 |
| Vitec Software Group AB, B Shares<sup>(1)</sup> | 960 | 25423 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 22534 | 61551 |
| Wallenstam AB, B Shares | 4601 | 23279 |
| Wihlborgs Fastigheter AB | 9244 | 97924 |
| Zinzino AB, Class B<sup>(1)</sup> | 2306 | 39307 |
|  |  | 15584364 |
| **Switzerland — 7.9%** |  |  |
| ABB Ltd. | 11903 | 1108600 |
| Accelleron Industries AG | 4772 | 450136 |
| Adecco Group AG | 257 | 7225 |
| Alcon AG | 7556 | 655017 |
| Allreal Holding AG | 424 | 129998 |
| ams-OSRAM AG<sup>(2)</sup> | 228 | 2539 |
| Ascom Holding AG | 2302 | 15078 |
| Autoneum Holding AG<sup>(1)</sup> | 307 | 50732 |
| Bachem Holding AG, Class B<sup>(1)(2)</sup> | 999 | 77080 |
| Banque Cantonale Vaudoise | 782 | 119635 |
| Basler Kantonalbank | 257 | 37619 |
| Belimo Holding AG | 227 | 226247 |
| Bossard Holding AG, Class A | 297 | 63809 |
| Bucher Industries AG | 441 | 219291 |
| Calida Holding AG | 131 | 2196 |
| Cembra Money Bank AG | 2550 | 329838 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 164725 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate<sup>(1)</sup> | 9 | 148587 |
| Cicor Technologies Ltd.<sup>(2)</sup> | 197 | 42567 |
| Cie Financiere Richemont SA, Class A | 7242 | 1476337 |
| Clariant AG<sup>(2)</sup> | 11084 | 121640 |
| Daetwyler Holding AG, Bearer Shares | 352 | 76507 |
| DKSH Holding AG | 1675 | 135244 |
| dormakaba Holding AG | 2315 | 172975 |
| EFG International AG<sup>(2)</sup> | 7818 | 191647 |
| Flughafen Zurich AG | 849 | 290890 |
| Forbo Holding AG<sup>(1)</sup> | 92 | 107328 |
| Galderma Group AG | 326 | 61519 |
| Galenica AG | 1329 | 165934 |
| Geberit AG | 818 | 687821 |
| Georg Fischer AG | 2329 | 147181 |
| Givaudan SA | 16 | 64262 |
| Helvetia Baloise Holding AG | 2610 | 677764 |
| Hiag Immobilien Holding AG<sup>(1)</sup> | 229 | 40414 |
| Huber & Suhner AG | 874 | 210088 |
| Idorsia Ltd.<sup>(2)</sup> | 516 | 2630 |
| Implenia AG | 467 | 43766 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inficon Holding AG<sup>(1)</sup> | 959 | $148239 |
| Interroll Holding AG | 31 | 77913 |
| Intershop Holding AG | 81 | 17967 |
| Julius Baer Group Ltd. | 8908 | 757447 |
| Kardex Holding AG | 128 | 43312 |
| Kuehne & Nagel International AG | 1401 | 325981 |
| LEM Holding SA<sup>(2)</sup> | 15 | 6193 |
| Leonteq AG<sup>(1)</sup> | 422 | 6276 |
| Logitech International SA | 3810 | 349542 |
| Lonza Group AG | 896 | 623206 |
| Medacta Group SA | 2 | 413 |
| Medmix AG | 1443 | 17697 |
| Mobilezone Holding AG<sup>(1)</sup> | 1746 | 35180 |
| Mobimo Holding AG | 327 | 170243 |
| Montana Aerospace AG<sup>(2)</sup> | 2 | 81 |
| Nestle SA | 12550 | 1371218 |
| Newron Pharmaceuticals SpA<sup>(2)</sup> | 1695 | 40832 |
| Novartis AG, ADR | 25526 | 4304194 |
| OC Oerlikon Corp. AG Pfaeffikon | 5384 | 29494 |
| On Holding AG, Class A<sup>(2)</sup> | 5897 | 274093 |
| Partners Group Holding AG<sup>(1)</sup> | 918 | 1020128 |
| Peach Property Group AG<sup>(2)</sup> | 341 | 2569 |
| PolyPeptide Group AG<sup>(2)</sup> | 1535 | 51136 |
| PSP Swiss Property AG | 1897 | 408561 |
| Roche Holding AG | 11603 | 5521884 |
| Roche Holding AG, Bearer Shares | 528 | 261709 |
| Sandoz Group AG | 2383 | 209924 |
| Schindler Holding AG | 436 | 158942 |
| Schindler Holding AG, Bearer Participation Certificate | 747 | 284406 |
| SGS SA | 2341 | 295728 |
| Siegfried Holding AG | 1659 | 184485 |
| SIG Group AG<sup>(1)(2)</sup> | 47 | 765 |
| Sika AG | 3478 | 718391 |
| SKAN Group AG | 2 | 135 |
| Softwareone Holding AG | 2722 | 23905 |
| Sonova Holding AG | 233 | 60744 |
| St. Galler Kantonalbank AG | 2 | 1664 |
| Straumann Holding AG | 2050 | 245438 |
| Sulzer AG | 2 | 442 |
| Swatch Group AG | 1354 | 67395 |
| Swatch Group AG, Bearer Shares | 760 | 194440 |
| Swiss Life Holding AG | 955 | 1093625 |
| Swiss Prime Site AG | 2947 | 562346 |
| Swiss Re AG | 8254 | 1453028 |
| Swisscom AG | 864 | 810432 |
| Swissquote Group Holding SA | 516 | 275313 |
| Tecan Group AG | 362 | 64140 |
| Temenos AG | 1439 | 133497 |
| TX Group AG | 193 | 40380 |
| UBS Group AG | 46313 | 1918748 |
| Vontobel Holding AG | 2418 | 220781 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zehnder Group AG | 855 | $90587 |
| Zurich Insurance Group AG | 2860 | 2157368 |
|  |  | 35657423 |
| **United Kingdom — 12.6%** |  |  |
| 3i Group PLC | 31001 | 1384997 |
| 4imprint Group PLC | 2700 | 143390 |
| Aberdeen Group PLC | 159077 | 471369 |
| Admiral Group PLC | 11312 | 451909 |
| Advanced Medical Solutions Group PLC | 222 | 641 |
| AG Barr PLC | 2960 | 27725 |
| Airtel Africa PLC | 14547 | 68250 |
| AJ Bell PLC | 23112 | 134494 |
| Antofagasta PLC | 8002 | 459737 |
| AO World PLC<sup>(2)</sup> | 16949 | 22629 |
| Ashmore Group PLC | 11564 | 37084 |
| Ashtead Group PLC | 12995 | 930790 |
| ASOS PLC<sup>(1)(2)</sup> | 881 | 3367 |
| AstraZeneca PLC | 12093 | 2520786 |
| Autotrader Group PLC | 34640 | 229454 |
| Aviva PLC | 25893 | 238615 |
| B&M European Value Retail SA | 28928 | 74346 |
| BAE Systems PLC | 22404 | 639758 |
| Barclays PLC, ADR | 93676 | 2274453 |
| Barratt Redrow PLC | 49083 | 240303 |
| Beazley PLC | 27614 | 470509 |
| Bellway PLC | 5036 | 188275 |
| Berkeley Group Holdings PLC | 3403 | 197882 |
| Bloomsbury Publishing PLC<sup>(1)</sup> | 5276 | 32792 |
| Bodycote PLC | 5359 | 56342 |
| BT Group PLC | 302273 | 881004 |
| Bunzl PLC | 2221 | 65532 |
| Burberry Group PLC<sup>(2)</sup> | 27899 | 436168 |
| Bytes Technology Group PLC | 9972 | 40593 |
| Canal & SA | 9479 | 39368 |
| Central Asia Metals PLC | 14742 | 47186 |
| Centrica PLC | 223266 | 598742 |
| Chemring Group PLC | 12997 | 93407 |
| Clarkson PLC | 977 | 55856 |
| Close Brothers Group PLC<sup>(2)</sup> | 9598 | 64134 |
| CMC Markets PLC | 12425 | 54575 |
| Coats Group PLC | 163082 | 204827 |
| Coca-Cola HBC AG<sup>(2)</sup> | 7714 | 500726 |
| Cohort PLC<sup>(1)</sup> | 80 | 1406 |
| Compass Group PLC | 18229 | 558235 |
| Computacenter PLC | 4756 | 202775 |
| Conduit Holdings Ltd. | 6180 | 36245 |
| Convatec Group PLC | 17120 | 59067 |
| Crest Nicholson Holdings PLC | 11658 | 23927 |
| Croda International PLC | 589 | 24587 |
| DFS Furniture PLC<sup>(2)</sup> | 20233 | 51521 |
| Diageo PLC, ADR | 8997 | 805232 |
| Domino's Pizza Group PLC | 2835 | 7657 |
| dotdigital group PLC | 2390 | 1848 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dr. Martens PLC | 48804 | $45311 |
| Drax Group PLC | 28057 | 335230 |
| Dunelm Group PLC | 8067 | 109713 |
| Ecora Royalties PLC | 13088 | 25258 |
| Elementis PLC | 22305 | 49930 |
| Experian PLC | 9821 | 369654 |
| FDM Group Holdings PLC | 10575 | 20134 |
| Firstgroup PLC | 57766 | 143238 |
| Foresight Group Holdings Ltd. | 6507 | 35933 |
| Forterra PLC | 11513 | 29354 |
| Foxtons Group PLC | 22569 | 14897 |
| Frasers Group PLC<sup>(1)(2)</sup> | 8382 | 79285 |
| Frontier Developments PLC<sup>(2)</sup> | 300 | 1595 |
| Funding Circle Holdings PLC<sup>(1)(2)</sup> | 41099 | 80172 |
| Games Workshop Group PLC | 2207 | 530861 |
| Gamma Communications PLC | 5203 | 62821 |
| Genus PLC | 48 | 1880 |
| Georgia Capital PLC<sup>(2)</sup> | 3245 | 162861 |
| Grafton Group PLC | 10517 | 140422 |
| Greggs PLC<sup>(1)</sup> | 9634 | 206121 |
| GSK PLC, ADR | 48238 | 2852313 |
| Gym Group PLC<sup>(2)</sup> | 2606 | 6258 |
| Haleon PLC, ADR<sup>(1)</sup> | 31663 | 350509 |
| Halfords Group PLC | 16945 | 33887 |
| Halma PLC | 310 | 17444 |
| Hays PLC | 72248 | 39260 |
| Helios Towers PLC<sup>(2)</sup> | 32582 | 87646 |
| Hikma Pharmaceuticals PLC | 9428 | 167206 |
| Hilton Food Group PLC | 3690 | 26356 |
| Hiscox Ltd. | 14401 | 300040 |
| Hochschild Mining PLC | 33463 | 363949 |
| Hollywood Bowl Group PLC | 12737 | 45577 |
| Howden Joinery Group PLC | 33856 | 441164 |
| HSBC Holdings PLC, ADR | 52146 | 4857921 |
| Ibstock PLC<sup>(1)</sup> | 11099 | 19844 |
| ICG PLC | 10994 | 247478 |
| IG Group Holdings PLC | 14598 | 256055 |
| IMI PLC | 5306 | 205871 |
| Impax Asset Management Group PLC | 6293 | 12404 |
| Inchcape PLC | 13364 | 160352 |
| Informa PLC | 1674 | 18907 |
| IntegraFin Holdings PLC | 12667 | 54162 |
| InterContinental Hotels Group PLC | 1179 | 162018 |
| International Personal Finance PLC | 14643 | 48905 |
| International Workplace Group PLC | 25861 | 77625 |
| Intertek Group PLC | 3319 | 211487 |
| Investec PLC | 27080 | 233975 |
| IP Group PLC<sup>(2)</sup> | 61223 | 46315 |
| ITV PLC | 142843 | 152905 |
| J D Wetherspoon PLC<sup>(1)</sup> | 5275 | 51290 |
| J Sainsbury PLC | 62195 | 292289 |
| JD Sports Fashion PLC | 138694 | 152789 |
| Johnson Matthey PLC | 15127 | 410595 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Johnson Service Group PLC | 42321 | $83339 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 14831 | 876 |
| Jupiter Fund Management PLC | 6921 | 17482 |
| Just Group PLC | 30681 | 89674 |
| Kainos Group PLC | 4967 | 50223 |
| Kingfisher PLC | 74240 | 373429 |
| Lancashire Holdings Ltd. | 17817 | 160669 |
| Legal & General Group PLC | 201485 | 735975 |
| Lion Finance Group PLC | 2205 | 344295 |
| Liontrust Asset Management PLC | 5027 | 18300 |
| Lloyds Banking Group PLC, ADR<sup>(1)</sup> | 331659 | 1840707 |
| London Stock Exchange Group PLC | 1618 | 192774 |
| M&G PLC | 83652 | 357189 |
| Man Group PLC | 60163 | 216763 |
| Marks & Spencer Group PLC | 111299 | 595015 |
| Marshalls PLC | 2287 | 5525 |
| Marston's PLC<sup>(2)</sup> | 67602 | 54816 |
| Me Group International PLC | 9574 | 17652 |
| Mears Group PLC | 7164 | 34369 |
| Metals Exploration PLC<sup>(2)</sup> | 99193 | 21106 |
| Metro Bank Holdings PLC<sup>(2)</sup> | 1080 | 1812 |
| Mitchells & Butlers PLC<sup>(2)</sup> | 10822 | 43837 |
| Molten Ventures PLC<sup>(2)</sup> | 9580 | 59975 |
| Mondi PLC | 10874 | 129993 |
| MONY Group PLC | 18451 | 42777 |
| Morgan Advanced Materials PLC | 641 | 2083 |
| Morgan Sindall Group PLC | 1907 | 127269 |
| NatWest Group PLC, ADR<sup>(1)</sup> | 71228 | 1182385 |
| Next 15 Group PLC<sup>(1)</sup> | 4316 | 17629 |
| Next PLC | 4952 | 902450 |
| Ninety One PLC | 9559 | 32341 |
| Ocado Group PLC<sup>(1)(2)</sup> | 10987 | 31237 |
| OSB Group PLC | 18618 | 152968 |
| Oxford Nanopore Technologies PLC<sup>(1)(2)</sup> | 1980 | 3549 |
| Pagegroup PLC | 20242 | 51468 |
| Paragon Banking Group PLC | 10143 | 116793 |
| PayPoint PLC | 4091 | 32395 |
| Pearson PLC, ADR | 11420 | 147318 |
| Pennon Group PLC | 13520 | 109238 |
| Persimmon PLC | 5705 | 115710 |
| Phoenix Group Holdings PLC | 22916 | 236694 |
| Pinewood Technologies Group PLC<sup>(1)(2)</sup> | 335 | 1310 |
| Plus500 Ltd. | 5951 | 320457 |
| Polar Capital Holdings PLC | 4397 | 37683 |
| Pollen Street Group Ltd. | 2003 | 21807 |
| Prax Exploration & Production PLC<sup>(2)</sup> | 44885 | 1466 |
| Premier Foods PLC | 15489 | 41164 |
| Prudential PLC, ADR<sup>(1)</sup> | 38633 | 1187965 |
| QinetiQ Group PLC | 39003 | 266660 |
| Quilter PLC | 122601 | 324462 |
| Rathbones Group PLC | 5254 | 159852 |
| Reach PLC | 35947 | 35029 |
| Reckitt Benckiser Group PLC | 16479 | 1451782 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| RELX PLC, ADR | 17057 | $593413 |
| Renishaw PLC | 341 | 19725 |
| Rentokil Initial PLC | 7483 | 46232 |
| Rightmove PLC | 50688 | 305425 |
| Rockhopper Exploration PLC<sup>(1)(2)</sup> | 25473 | 24106 |
| Rolls-Royce Holdings PLC | 98414 | 1769689 |
| RS Group PLC | 7258 | 68190 |
| RWS Holdings PLC | 3760 | 3858 |
| Sage Group PLC | 9545 | 105031 |
| Schroders PLC | 18669 | 147007 |
| Senior PLC | 1592 | 6588 |
| Severn Trent PLC | 12765 | 563439 |
| SIG PLC<sup>(2)</sup> | 58593 | 7965 |
| Smith & Nephew PLC, ADR<sup>(1)</sup> | 12184 | 449590 |
| Smiths Group PLC | 2321 | 85808 |
| Softcat PLC | 7449 | 114633 |
| Speedy Hire PLC | 14429 | 4945 |
| Spirax Group PLC | 523 | 55729 |
| Spire Healthcare Group PLC | 174 | 477 |
| SSE PLC | 21575 | 779837 |
| SSP Group PLC | 30580 | 84735 |
| St. James's Place PLC | 31572 | 571685 |
| Standard Chartered PLC | 62028 | 1530070 |
| SThree PLC | 4263 | 9996 |
| Strix Group PLC<sup>(2)</sup> | 2386 | 1562 |
| Synthomer PLC<sup>(2)</sup> | 1708 | 454 |
| Tatton Asset Management PLC | 1856 | 15574 |
| Taylor Wimpey PLC | 142044 | 215618 |
| TBC Bank Group PLC | 2607 | 168611 |
| Tesco PLC | 170269 | 1102242 |
| THG PLC<sup>(1)(2)</sup> | 14604 | 6848 |
| TP ICAP Group PLC | 14731 | 50290 |
| Travis Perkins PLC | 7160 | 67116 |
| Trustpilot Group PLC<sup>(2)</sup> | 14981 | 29646 |
| TUI AG | 17266 | 163804 |
| Unilever PLC, ADR | 13982 | 1031173 |
| United Utilities Group PLC | 27714 | 519483 |
| Vanquis Banking Group PLC<sup>(2)</sup> | 18235 | 29393 |
| Vertu Motors PLC | 18129 | 14638 |
| Vesuvius PLC | 10226 | 68827 |
| Victrex PLC | 4681 | 44536 |
| Vistry Group PLC<sup>(2)</sup> | 14022 | 131412 |
| Vodafone Group PLC, ADR | 80904 | 1242685 |
| Volex PLC | 2058 | 13431 |
| Watches of Switzerland Group PLC<sup>(2)</sup> | 18966 | 130480 |
| Watkin Jones PLC<sup>(2)</sup> | 2654 | 1229 |
| Weir Group PLC | 10334 | 490145 |
| WH Smith PLC | 3055 | 28444 |
| Whitbread PLC | 3865 | 135320 |
| Wickes Group PLC | 28686 | 97609 |
| Wise PLC, Class A<sup>(2)</sup> | 31787 | 368312 |
| WPP PLC, ADR<sup>(1)</sup> | 70 | 1302 |
| XP Power Ltd.<sup>(2)</sup> | 1197 | 22344 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yellow Cake PLC<sup>(2)</sup> | 9994 | $85525 |
| Zigup PLC | 20528 | 113600 |
|  |  | 57343543 |
| **United States — 0.3%** |  |  |
| Amrize Ltd.<sup>(2)</sup> | 3384 | 217074 |
| Atlassian Corp., Class A<sup>(2)</sup> | 568 | 42674 |
| Dauch Corp.<sup>(2)</sup> | 1692 | 10626 |
| Gen Digital, Inc. | 2 | 45 |
| Golar LNG Ltd. | 3038 | 135069 |
| Newmont Corp. | 4220 | 536183 |
| Palo Alto Networks, Inc.<sup>(2)</sup> | 435 | 64780 |
| Primo Brands Corp., Class A | 2500 | 56700 |
| Quanex Building Products Corp. | 32 | 657 |
| Royal Gold, Inc. | 627 | 187893 |
| Smurfit Westrock PLC | 4081 | 191848 |
| Trilogy Metals, Inc.<sup>(1)(2)</sup> | 4000 | 17536 |
|  |  | 1461085 |
| **TOTAL COMMON STOCKS**<br>(Cost $341,224,648) |  | **452096341** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup>  | 4 |  |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(2)</sup> | 144 | 1 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(2)</sup> | 3546 | 6619 |
| Haiki Cobat SpA Societa' Benefit<sup>(2)</sup> | 18 | 1 |
| Innovatec SpA<sup>(2)</sup>  | 18 |  |
|  |  | 6620 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **6621** |
| **RIGHTS — 0.0%** |  |  |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(2)</sup> | 1894 | 118 |
| Nobia AB<sup>(1)(2)</sup> | 53783 | 5061 |
|  |  | 5179 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(2)</sup> | 1220 | 1312 |
| **TOTAL RIGHTS**<br>(Cost $11,170) |  | **6491** |
| **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| **Money Market Funds — 3.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 347260 | 347260 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 14151846 | 14151846 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $14,499,106) |  | **14499106** |
| **TOTAL INVESTMENT SECURITIES — 102.7%**<br>(Cost $355,734,924) |  | **466608559** |
| **OTHER ASSETS AND LIABILITIES — (2.7)%** |  | **(12371138)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**454237421** |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 31.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 12.4% |
| Information Technology | 8.2% |
| Health Care | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.3% |
| Communication Services | 4.5% |
| Utilities | 2.5% |
| Real Estate | 2.5% |
| Energy | 0.4% |
| Short-Term Investments | 3.2% |
| Other Assets and Liabilities | (2.7)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $24,625,430. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $25,808,651, which includes securities collateral of $11,656,805.

------

Schedule of Investments - Avantis Responsible International Equity ETF

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $44390 | $28238080 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 889628 | 3897780 |  |
| &nbsp;&nbsp;&nbsp;Canada | 505807 | 52893083 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 1401221 | 5531859 |  |
| &nbsp;&nbsp;&nbsp;Finland | 172295 | 4452582 |  |
| &nbsp;&nbsp;&nbsp;France | 1925396 | 36374261 |  |
| &nbsp;&nbsp;&nbsp;Germany | 2721066 | 31385691 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 27833 | 7375459 |  |
| &nbsp;&nbsp;&nbsp;Israel | 932976 | 4925694 |  |
| &nbsp;&nbsp;&nbsp;Japan | 12049537 | 86514059 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 8662592 | 9233246 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 358104 | 6452693 |  |
| &nbsp;&nbsp;&nbsp;Spain | 4662360 | 9333556 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 1393889 | 14190475 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 6497035 | 29160388 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 21337752 | 36005791 |  |
| &nbsp;&nbsp;&nbsp;United States | 679621 | 781464 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 21088678 |  |
| Warrants |  | 6621 |  |
| Rights | 1312 | 5179 |  |
| Short-Term Investments | 14499106 |  |  |
|  | $78761920 | $387846639 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $21991743596 | $306341591 |
| Investment made with cash collateral received for securities on loan, at value | 195561182 | 3194321 |
| Cash | 9405086 | 18950 |
| Foreign currency holdings, at value | 26113023 | 184622 |
| Receivable for investments sold | 15139 |  |
| Dividends and interest receivable | 27025508 | 550441 |
| Securities lending receivable | 1737405 | 5666 |
| Other assets | 8547 | 111 |
|  | 22251609486 | 310295702 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 195561182 | 3194321 |
| Payable for investments purchased | 63583530 | 4393120 |
| Payable for capital shares redeemed | 86937 |  |
| Accrued management fees | 5021533 | 71078 |
| Accrued foreign taxes | 73559124 | 255852 |
|  | 337812306 | 7914371 |
| **Net Assets** | $21913797180 | $302381331 |
| Shares outstanding (unlimited number of shares authorized) | 247400000 | 4020000 |
| **Net Asset Value Per Share** | $88.58 | $75.22 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $16167180383 | $229674257 |
| Distributable earnings (loss) | 5746616797 | 72707074 |
|  | $21913797180 | $302381331 |
| Investment securities, at cost | $15911728896 | $232427916 |
| Investment securities on loan, at value | $1153053524 | $3788343 |
| Investment made with cash collateral received for securities on loan, at cost | $195561182 | $3194321 |
| Foreign currency holdings, at cost | $26109385 | $184582 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** |
| **Assets** | **Assets** | **Assets** |
| Investment securities, at value | $109561092 | $1475947890 |
| Investment made with cash collateral received for securities on loan, at value | 1574268 | 10418647 |
| Cash |  | 17862 |
| Foreign currency holdings, at value | 6905 | 101890 |
| Receivable for investments sold | 6048 |  |
| Dividends and interest receivable | 149861 | 2763694 |
| Securities lending receivable | 8317 | 123493 |
| Other assets | 37 |  |
|  | 111306528 | 1489373476 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 1574268 | 10418647 |
| Payable for investments purchased | 6036 | 77365714 |
| Accrued management fees | 33467 | 333088 |
| Accrued foreign taxes |  | 8452294 |
|  | 1613771 | 96569743 |
| **Net Assets** | $109692757 | $1392803733 |
| Shares outstanding (unlimited number of shares authorized) | 1600000 | 21080000 |
| **Net Asset Value Per Share** | $68.56 | $66.07 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $98049439 | $1134443334 |
| Distributable earnings (loss) | 11643318 | 258360399 |
|  | $109692757 | $1392803733 |
| Investment securities, at cost | $97172803 | $1170839271 |
| Investment securities on loan, at value | $4258934 | $81505734 |
| Investment made with cash collateral received for securities on loan, at cost | $1574268 | $10418647 |
| Foreign currency holdings, at cost | $6905 | $101520 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis International Equity ETF** | **Avantis International Large Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $15012677001 | $1217843882 |
| Investment made with cash collateral received for securities on loan, at value | 235903250 | 38387992 |
| Foreign currency holdings, at value | 313654 | 28 |
| Receivable for investments sold | 42543398 |  |
| Dividends and interest receivable | 25433104 | 2345334 |
| Securities lending receivable | 180794 | 16712 |
|  | 15317051201 | 1258593948 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 235903250 | 38387992 |
| Payable for investments purchased | 55133442 |  |
| Accrued management fees | 2494501 | 224525 |
|  | 293531193 | 38612517 |
| **Net Assets** | $15023520008 | $1219981431 |
| Shares outstanding (unlimited number of shares authorized) | 162800000 | 15150000 |
| **Net Asset Value Per Share** | $92.28 | $80.53 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $11076077580 | $911157025 |
| Distributable earnings (loss) | 3947442428 | 308824406 |
|  | $15023520008 | $1219981431 |
| Investment securities, at cost | $10875969286 | $885916054 |
| Investment securities on loan, at value | $435633108 | $53339801 |
| Investment made with cash collateral received for securities on loan, at cost | $235903250 | $38387992 |
| Foreign currency holdings, at cost | $313761 | $28 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $257306022 | $18654689935 |
| Investment securities - affiliated, at value |  | 136316574 |
| Investment made with cash collateral received for securities on loan, at value | 6864366 | 208082462 |
| Foreign currency holdings, at value | 13147 | 4711166 |
| Receivable for investments sold | 66403 | 13395983 |
| Receivable for capital shares sold |  | 9838147 |
| Dividends and interest receivable | 290260 | 30098842 |
| Securities lending receivable | 12216 | 398174 |
|  | 264552414 | 19057531283 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 6864366 | 208082462 |
| Payable for investments purchased | 10373 | 21924773 |
| Accrued management fees | 55750 | 4929847 |
|  | 6930489 | 234937082 |
| **Net Assets** | $257621925 | $18822594201 |
| Shares outstanding (unlimited number of shares authorized) | 3240000 | 170730000 |
| **Net Asset Value Per Share** | $79.51 | $110.25 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $203495881 | $12713560933 |
| Distributable earnings (loss) | 54126044 | 6109033268 |
|  | $257621925 | $18822594201 |
| Investment securities, at cost | $203403585 | $12479123849 |
| Investment securities on loan, at value | $14619349 | $483574532 |
| Investment securities - affiliated, at cost |  | $65726824 |
| Investment securities on loan - affiliated, at value |  | $5236537 |
| Investment made with cash collateral received for securities on loan, at cost | $6864366 | $208082462 |
| Foreign currency holdings, at cost | $13153 | $4712348 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $200738658 | $452456713 |
| Investment made with cash collateral received for securities on loan, at value | 2008782 | 14151846 |
| Foreign currency holdings, at value | 45298 | 4251 |
| Receivable for investments sold | 7559 | 1136235 |
| Dividends and interest receivable | 298357 | 714129 |
| Securities lending receivable | 8253 | 10911 |
| Other assets | 4191 |  |
|  | 203111098 | 468474085 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 2008782 | 14151846 |
| Payable for investments purchased | 15347 | 6146 |
| Accrued management fees | 49101 | 78672 |
| Accrued foreign taxes | 1033830 |  |
|  | 3107060 | 14236664 |
| **Net Assets** | $200004038 | $454237421 |
| Shares outstanding (unlimited number of shares authorized) | 2700000 | 5600000 |
| **Net Asset Value Per Share** | $74.08 | $81.11 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $136722175 | $343019117 |
| Distributable earnings (loss) | 63281863 | 111218304 |
|  | $200004038 | $454237421 |
| Investment securities, at cost | $133390719 | $341583078 |
| Investment securities on loan, at value | $4622147 | $24625430 |
| Investment made with cash collateral received for securities on loan, at cost | $2008782 | $14151846 |
| Foreign currency holdings, at cost | $45289 | $4242 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $134569798 | $1952099 |
| Securities lending, net | 10620654 | 36337 |
| Interest | 678343 | 11135 |
| Less foreign taxes withheld | (15143746) | (237790) |
|  | 130725049 | 1761781 |
| **Expenses:** |  |  |
| Management fees | 25583959 | 340065 |
| Trustees' fees and expenses |  | 1363 |
| Other expenses | 12607 |  |
|  | 25596566 | 341428 |
| **Net investment income (loss)** | 105128483 | 1420353 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | (43162763) | (249382) |
| Foreign currency translation transactions | (3771406) | (21444) |
|  | (46934169) | (270826) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 3815685188 | 64102227 |
| Translation of assets and liabilities in foreign currencies | 209988 | 8109 |
|  | 3815895176 | 64110336 |
| **Net realized and unrealized gain (loss)** | 3768961007 | 63839510 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3874089490 | $65259863 |
| \*Net of foreign tax expenses paid (refunded) | $755526 | $(114) |
| \*\*Includes (increase) decrease in accrued foreign taxes | $(22976482) | $(255852) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $643116 | $9432183 |
| Securities lending, net | 44014 | 587273 |
| Interest | 6562 | 78376 |
| Less foreign taxes withheld | (63994) | (1015664) |
|  | 629698 | 9082168 |
| **Expenses:** |  |  |
| Management fees | 145334 | 1630219 |
| Trustees' fees and expenses | 457 |  |
| Other expenses |  | 3083 |
|  | 145791 | 1633302 |
| **Net investment income (loss)** | 483907 | 7448866 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 49240 | 18371682 |
| Foreign currency translation transactions | (15531) | (311456) |
|  | 33709 | 18060226 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 8138752 | 163302761 |
| Translation of assets and liabilities in foreign currencies | 1733 | 114016 |
|  | 8140485 | 163416777 |
| **Net realized and unrealized gain (loss)** | 8174194 | 181477003 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8658101 | $188925869 |
| \*Net of foreign tax expenses paid (refunded) | $(262) | $3937 |
| \*\*Includes (increase) decrease in accrued foreign taxes | $76149 | $(2856279) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis International Equity ETF** | **Avantis International Large Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $101531806 | $10791446 |
| Securities lending, net | 1203344 | 103982 |
| Interest | 135947 | 25817 |
| Less foreign taxes withheld | (8631140) | (921406) |
|  | 94239957 | 9999839 |
| **Expenses:** |  |  |
| Management fees | 12837959 | 1210372 |
| Other expenses | 6407 | (33) |
|  | 12844366 | 1210339 |
| **Net investment income (loss)** | 81395591 | 8789500 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (58355633) | 9981836 |
| Foreign currency translation transactions | (523158) | (21675) |
|  | (58878791) | 9960161 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 2326395477 | 204993065 |
| Translation of assets and liabilities in foreign currencies | 122501 | 24723 |
|  | 2326517978 | 205017788 |
| **Net realized and unrealized gain (loss)** | 2267639187 | 214977949 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2349034778 | $223767449 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $1569728 | $157828199 |
| Securities lending, net | 59974 | 2376480 |
| Interest | 9220 | 457975 |
| Less foreign taxes withheld | (129531) | (13440250) |
|  | 1509391 | 147222404 |
| **Expenses:** |  |  |
| Management fees | 251577 | 26043625 |
| Trustees' fees and expenses | 1109 |  |
| Other expenses | 325 | 46889 |
|  | 253011 | 26090514 |
| **Net investment income (loss)** | 1256380 | 121131890 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 1033768 | 319891786 |
| Investments transactions - affiliated |  | (517118) |
| Foreign currency translation transactions | 42902 | (2547938) |
|  | 1076670 | 316826730 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 36120828 | 3679856827 |
| Investments - affiliated |  | 74819123 |
| Translation of assets and liabilities in foreign currencies | 472 | 178270 |
|  | 36121300 | 3754854220 |
| **Net realized and unrealized gain (loss)** | 37197970 | 4071680950 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $38454350 | $4192812840 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $1472177 | $2891323 |
| Securities lending, net | 49323 | 60188 |
| Interest | 4944 | 16116 |
| Less foreign taxes withheld | (166276) | (243745) |
|  | 1360168 | 2723882 |
| **Expenses:** |  |  |
| Management fees | 276646 | 412821 |
| Trustees' fees and expenses | 698 | 1645 |
|  | 277344 | 414466 |
| **Net investment income (loss)** | 1082824 | 2309416 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 159484 | 3082129 |
| Foreign currency translation transactions | (7403) | 3866 |
|  | 152081 | 3085995 |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |
| Investments\*\* | 37780701 | 57389140 |
| Translation of assets and liabilities in foreign currencies | 3425 | 3169 |
|  | 37784126 | 57392309 |
| **Net realized and unrealized gain (loss)** | 37936207 | 60478304 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $39019031 | $62787720 |
| \*Net of foreign tax expenses paid (refunded) | $3700 |  |
| \*\*Includes (increase) decrease in accrued foreign taxes | $(161453) |  |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $105128483 | $233546141 | $1420353 | $2420324 |
| Net realized gain (loss) | (46934169) | 35528896 | (270826) | 866872 |
| Change in net unrealized appreciation (depreciation) | 3815895176 | 1450372858 | 64110336 | 8808106 |
| Net increase (decrease) in net assets resulting from operations | 3874089490 | 1719447895 | 65259863 | 12095302 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (233504205) | (262858235) | (2946720) | (1398594) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 6284258168 | 4378385613 | 80162575 | 126879263 |
| Payments for shares redeemed | (22513660) | (106768560) |  | (3440964) |
| Other capital | 120686 | 108903 |  | 43788 |
| Net increase (decrease) in net assets from capital share transactions | 6261865194 | 4271725956 | 80162575 | 123482087 |
| **Net increase (decrease) in net assets** | 9902450479 | 5728315616 | 142475718 | 134178795 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 12011346701 | 6283031085 | 159905613 | 25726818 |
| End of period | $21913797180 | $12011346701 | $302381331 | $159905613 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 78450000 | 68600000 | 1200000 | 2400000 |
| Redeemed | (300000) | (1550000) |  | (60000) |
| Net increase (decrease) in shares of the funds | 78150000 | 67050000 | 1200000 | 2340000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $483907 | $923583 | $7448866 | $20586597 |
| Net realized gain (loss) | 33709 | 1994574 | 18060226 | 6930591 |
| Change in net unrealized appreciation (depreciation) | 8140485 | 3546140 | 163416777 | 83928008 |
| Net increase (decrease) in net assets resulting from operations | 8658101 | 6464297 | 188925869 | 111445196 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1089270) | (924500) | (16378908) | (25106776) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 48807484 | 31263274 | 503944690 | 282419162 |
| Payments for shares redeemed |  | (5907075) | (60186352) | (93077868) |
| Other capital | 20969 | 25341 | 36773 | 151171 |
| Net increase (decrease) in net assets from capital share transactions | 48828453 | 25381540 | 443795111 | 189492465 |
| **Net increase (decrease) in net assets** | 56397284 | 30921337 | 616342072 | 275830885 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 53295473 | 22374136 | 776461661 | 500630776 |
| End of period | $109692757 | $53295473 | $1392803733 | $776461661 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 750000 | 550000 | 8120000 | 5680000 |
| Redeemed |  | (100000) | (1040000) | (1800000) |
| Net increase (decrease) in shares of the funds | 750000 | 450000 | 7080000 | 3880000 |

---

See Notes to Financial Statements.

500

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $81395591 | $187770253 | $8789500 | $19387213 |
| Net realized gain (loss) | (58878791) | 66534434 | 9960161 | 43676094 |
| Change in net unrealized appreciation (depreciation) | 2326517978 | 1010590285 | 205017788 | 86365541 |
| Net increase (decrease) in net assets resulting from operations | 2349034778 | 1264894972 | 223767449 | 149428848 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (130599885) | (195347485) | (14063040) | (19163223) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 4080218089 | 2670405509 | 229385319 | 516780943 |
| Payments for shares redeemed | (31393910) | (210743977) | (50678004) | (237226296) |
| Other capital | 19142 | 11042 | 45257 | 73692 |
| Net increase (decrease) in net assets from capital share transactions | 4048843321 | 2459672574 | 178752572 | 279628339 |
| **Net increase (decrease) in net assets** | 6267278214 | 3529220061 | 388456981 | 409893964 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 8756241794 | 5227021733 | 831524450 | 421630486 |
| End of period | $15023520008 | $8756241794 | $1219981431 | $831524450 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 49150000 | 38250000 | 3240000 | 8970000 |
| Redeemed | (400000) | (3200000) | (750000) | (3930000) |
| Net increase (decrease) in shares of the funds | 48750000 | 35050000 | 2490000 | 5040000 |

---

See Notes to Financial Statements.

501

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $1256380 | $1991278 | $121131890 | $281710662 |
| Net realized gain (loss) | 1076670 | 2580895 | 316826730 | 479926396 |
| Change in net unrealized appreciation (depreciation) | 36121300 | 15316672 | 3754854220 | 1599115603 |
| Net increase (decrease) in net assets resulting from operations | 38454350 | 19888845 | 4192812840 | 2360752661 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1992948) | (1870028) | (226262850) | (326691165) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 97874882 | 80076442 | 3715768930 | 4334297880 |
| Payments for shares redeemed | (2682660) | (9661768) | (617638578) | (1218375153) |
| Other capital | 37760 | 23436 |  | 8912 |
| Net increase (decrease) in net assets from capital share transactions | 95229982 | 70438110 | 3098130352 | 3115931639 |
| **Net increase (decrease) in net assets** | 131691384 | 88456927 | 7064680342 | 5149993135 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 125930541 | 37473614 | 11757913859 | 6607920724 |
| End of period | $257621925 | $125930541 | $18822594201 | $11757913859 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1360000 | 1400000 | 39930000 | 59190000 |
| Redeemed | (40000) | (160000) | (6600000) | (17280000) |
| Net increase (decrease) in shares of the funds | 1320000 | 1240000 | 33330000 | 41910000 |

---

See Notes to Financial Statements.

502

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $1082824 | $2646058 | $2309416 | $4648411 |
| Net realized gain (loss) | 152081 | 1546659 | 3085995 | 4281197 |
| Change in net unrealized appreciation (depreciation) | 37784126 | 16303389 | 57392309 | 24579655 |
| Net increase (decrease) in net assets resulting from operations | 39019031 | 20496106 | 62787720 | 33509263 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (2800000) | (3257760) | (4024080) | (5101190) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 16153839 | 54669855 | 191163181 | 51471481 |
| Payments for shares redeemed |  | (5783385) | (11582215) | (13098875) |
| Other capital | 11132 | 28549 | 11368 | 24048 |
| Net increase (decrease) in net assets from capital share transactions | 16164971 | 48915019 | 179592334 | 38396654 |
| **Net increase (decrease) in net assets** | 52384002 | 66153365 | 238355974 | 66804727 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 147620036 | 81466671 | 215881447 | 149076720 |
| End of period | $200004038 | $147620036 | $454237421 | $215881447 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 250000 | 1000000 | 2650000 | 800000 |
| Redeemed |  | (100000) | (150000) | (200000) |
| Net increase (decrease) in shares of the funds | 250000 | 900000 | 2500000 | 600000 |

---

See Notes to Financial Statements.

503

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Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker** | **Exchange** |
| Avantis Emerging Markets Equity ETF | AVEM | NYSE Arca, Inc. |
| Avantis Emerging Markets ex-China Equity ETF | AVXC | The Nasdaq Stock Market LLC |
| Avantis Emerging Markets Small Cap Equity ETF | AVEE | NYSE Arca, Inc. |
| Avantis Emerging Markets Value ETF | AVES | NYSE Arca, Inc. |
| Avantis International Equity ETF | AVDE | NYSE Arca, Inc. |
| Avantis International Large Cap Value ETF | AVIV | NYSE Arca, Inc. |
| Avantis International Small Cap Equity ETF | AVDS | NYSE Arca, Inc |
| Avantis International Small Cap Value ETF | AVDV | NYSE Arca, Inc |
| Avantis Responsible Emerging Markets Equity ETF | AVSE | NYSE Arca, Inc |
| Avantis Responsible International Equity ETF | AVSD | NYSE Arca, Inc |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or

504

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such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. A fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Prior to January 1, 2026, distributions from net investment income were declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

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if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee is as follows:

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| | |
|:---|:---|
| | **Annual Management Fee** |
| Avantis Emerging Markets Equity ETF | 0.33% |
| Avantis Emerging Markets ex-China Equity ETF | 0.33% |
| Avantis Emerging Markets Small Cap Equity ETF | 0.42% |
| Avantis Emerging Markets Value ETF | 0.36% |
| Avantis International Equity ETF | 0.23% |
| Avantis International Large Cap Value ETF | 0.25% |
| Avantis International Small Cap Equity ETF | 0.30% |
| Avantis International Small Cap Value ETF | 0.36% |
| Avantis Responsible Emerging Markets Equity ETF | 0.33% |
| Avantis Responsible International Equity ETF | 0.23% |

---

**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis Emerging Markets Small Cap Equity ETF | American Century ETF Trust | 16% |
| Avantis Emerging Markets Value ETF | American Century ETF Trust | 10% |
| Avantis International Large Cap Value ETF | American Century ETF Trust | 20% |
| Avantis International Small Cap Equity ETF | American Century ETF Trust | 7% |

---

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

506

------

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** | **Avantis International Equity ETF** |
| Purchases | $4691083778 | $49313954 | $43218466 | $435177589 | $812593524 |
| Sales | $254683840 | $2708660 | $486435 | $22612245 | $506861798 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis International Large Cap Value ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| Purchases | $150582524 | $47133796 | $1679555443 | $12649847 | $45218363 |
| Sales | $53301296 | $6374178 | $889472463 | $632238 | $15074247 |

---

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In kind Subscriptions** | **In kind Redemptions** | **In kind Net Realized<br>Gain/(Loss)\*** |
| Avantis Emerging Markets Equity ETF | $1719350551 | $22209497 | $10104634 |
| Avantis Emerging Markets ex-China Equity ETF | $31628936 |  |  |
| Avantis Emerging Markets Small Cap Equity ETF | $5578602 |  |  |
| Avantis Emerging Markets Value ETF | $82867136 | $60256405 | $23502790 |
| Avantis International Equity ETF | $3738756945 | $31131804 | $9030295 |
| Avantis International Large Cap Value ETF | $127782221 | $50939695 | $15784215 |
| Avantis International Small Cap Equity ETF | $57035481 | $2750937 | $1317131 |
| Avantis International Small Cap Value ETF | $2880522554 | $619745198 | $378115343 |
| Avantis Responsible Emerging Markets Equity ETF | $2276206 |  |  |
| Avantis Responsible International Equity ETF | $159078874 | $11650198 | $4557482 |

---

\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

**5. Capital Share Transactions**

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

**6. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**7. Federal Tax Information**

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

507

------

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** | **Avantis International Equity ETF** |
| Federal tax cost of investments | $16128261904 | $235650949 | $98748857 | $1182002758 | $11114292971 |
| Gross tax appreciation of investments | $6673673155 | $82764893 | $19353973 | $338274180 | $4393127680 |
| Gross tax depreciation of investments | (614630281) | (8879930) | (6967470) | (33910401) | (258840400) |
| Net tax appreciation (depreciation) of investments | $6059042874 | $73884963 | $12386503 | $304363779 | $4134287280 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis International Large Cap Value ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| Federal tax cost of investments | $924477487 | $210270002 | $12761223701 | $137491513 | $355790254 |
| Gross tax appreciation of investments | $343189608 | $59781589 | $6551321917 | $72761258 | $120341476 |
| Gross tax depreciation of investments | (11435221) | (5881203) | (313456647) | (7505331) | (9523171) |
| Net tax appreciation (depreciation) of investments | $331754387 | $53900386 | $6237865270 | $65255927 | $110818305 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales and the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

---

| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital<br>gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any<br>given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Avantis Emerging Markets Equity ETF | $(20024856) | $(54383979) |
| Avantis Emerging Markets ex-China Equity ETF | $(76627) |  |
| Avantis Emerging Markets Small Cap Equity ETF | $(191607) | $(67541) |
| Avantis Emerging Markets Value ETF | $(20978024) | $(24252998) |
| Avantis International Equity ETF | $(36820084) | $(48043088) |
| Avantis International Large Cap Value ETF | $(15634177) | $(8937620) |
| Avantis International Small Cap Equity ETF | $(125173) | $(90082) |
| Avantis International Small Cap Value ETF | $(143628061) | $(178977337) |
| Avantis Responsible Emerging Markets Equity ETF | $(338551) | $(646713) |
| Avantis Responsible International Equity ETF | $(99256) | $(571433) |

---

508

------

Financial Highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets Equity ETF** |
| 2026<sup>(4)</sup> | $70.97 | 0.53 | 18.24 | 18.77 | (1.16) | 0.00<sup>(5)</sup> | $88.58 | 26.77% | 0.33% | 1.36% | 2% | $21913797 |
| 2025 | $61.48 | 1.77 | 9.74 | 11.51 | (2.02) | 0.00<sup>(5)</sup> | $70.97 | 19.19% | 0.33% | 2.79% | 0% | $12011347 |
| 2024 | $53.98 | 1.63 | 7.58 | 9.21 | (1.71) | 0.00<sup>(5)</sup> | $61.48 | 17.35% | 0.33% | 2.84% | 2% | $6283031 |
| 2023 | $51.66 | 1.90 | 1.88 | 3.78 | (1.46) | 0.00<sup>(5)</sup> | $53.98 | 7.45% | 0.33% | 3.62% | 1% | $3810805 |
| 2022 | $66.78 | 2.21 | (15.63) | (13.42) | (1.73) | 0.03 | $51.66 | (20.36)% | 0.33% | 3.80% | 3% | $1322396 |
| 2021 | $52.22 | 1.51 | 14.10 | 15.61 | (1.09) | 0.04 | $66.78 | 30.08% | 0.33% | 2.34% | 5% | $864827 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions <br>From <br>Net <br>Investment <br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net <br>Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| 2026<sup>(4)</sup> | $56.70 | 0.44 | 18.96 | 19.40 | (0.88) |  | $75.22 | 34.56% | 0.33% | 1.38% | 1% | $302381 |
| 2025 | $53.60 | 1.50 | 2.34 | 3.84 | (0.77) | 0.03 | $56.70 | 7.33% | 0.33% | 2.83% | 1% | $159906 |
| 2024<sup>(5)</sup> | $49.65 | 0.71 | 3.47 | 4.18 | (0.28) | 0.05 | $53.60 | 8.52% | 0.33% | 3.00% | 4% | $25727 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)March 19, 2024 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions <br>From <br>Net <br>Investment <br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net <br>Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** |
| 2026<sup>(4)</sup> | $62.70 | 0.45 | 6.43 | 6.88 | (1.04) | 0.02 | $68.56 | 11.20% | 0.42% | 1.40% | 1% | $109693 |
| 2025 | $55.94 | 1.57 | 6.81 | 8.38 | (1.66) | 0.04 | $62.70 | 15.51% | 0.42% | 2.77% | 3% | $53295 |
| 2024<sup>(5)</sup> | $50.52 | 1.58 | 4.41 | 5.99 | (0.65) | 0.08 | $55.94 | 12.02% | 0.42% | 3.59% | 2% | $22374 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)November 7, 2023 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** | **Avantis Emerging Markets Value ETF** |
| 2026<sup>(4)</sup> | $55.46 | 0.48 | 11.23 | 11.71 | (1.10) | 0.00<sup>(5)</sup> | $66.07 | 21.49% | 0.36% | 1.64% | 2% | $1392804 |
| 2025 | $49.47 | 1.72 | 6.42 | 8.14 | (2.16) | 0.01 | $55.46 | 17.09% | 0.36% | 3.45% | 12% | $776462 |
| 2024 | $43.83 | 1.62 | 5.80 | 7.42 | (1.80) | 0.02 | $49.47 | 17.36% | 0.36% | 3.48% | 17% | $500631 |
| 2023 | $42.06 | 1.79 | 1.47 | 3.26 | (1.52) | 0.03 | $43.83 | 8.03% | 0.36% | 4.22% | 23% | $289260 |
| 2022<sup>(6)</sup> | $50.00 | 2.23 | (9.45) | (7.22) | (0.80) | 0.08 | $42.06 | (14.38)% | 0.36% | 5.26% | 8% | $129556 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)September 28, 2021 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** | **Avantis International Equity ETF** |
| 2026<sup>(4)</sup> | $76.78 | 0.60 | 15.84 | 16.44 | (0.94) | 0.00<sup>(5)</sup> | $92.28 | 21.60% | 0.23% | 1.46% | 4% | $15023520 |
| 2025 | $66.16 | 2.06 | 10.66 | 12.72 | (2.10) | 0.00<sup>(5)</sup> | $76.78 | 19.64% | 0.23% | 3.03% | 3% | $8756242 |
| 2024 | $57.40 | 1.84 | 8.86 | 10.70 | (1.94) | 0.00<sup>(5)</sup> | $66.16 | 18.98% | 0.23% | 3.02% | 3% | $5227022 |
| 2023 | $50.57 | 1.89 | 6.52 | 8.41 | (1.58) | 0.00<sup>(5)</sup> | $57.40 | 16.73% | 0.23% | 3.41% | 3% | $3205671 |
| 2022 | $64.36 | 1.92 | (13.92) | (12.00) | (1.81) | 0.02 | $50.57 | (18.85)% | 0.23% | 3.30% | 7% | $1504601 |
| 2021 | $50.20 | 1.50 | 13.86 | 15.36 | (1.24) | 0.04 | $64.36 | 30.86% | 0.23% | 2.51% | 7% | $997544 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** | **Avantis International Large Cap Value ETF** |
| 2026<sup>(4)</sup> | $65.68 | 0.64 | 15.24 | 15.88 | (1.03) | 0.00<sup>(5)</sup> | $80.53 | 24.40% | 0.25% | 1.82% | 5% | $1219981 |
| 2025 | $55.33 | 1.87 | 10.23 | 12.10 | (1.76) | 0.01 | $65.68 | 22.37% | 0.25% | 3.24% | 11% | $831524 |
| 2024 | $48.81 | 1.80 | 6.66 | 8.46 | (1.94) | 0.00<sup>(5)</sup> | $55.33 | 17.68% | 0.25% | 3.49% | 16% | $421630 |
| 2023 | $41.94 | 1.96 | 6.36 | 8.32 | (1.47) | 0.02 | $48.81 | 20.03% | 0.25% | 4.15% | 21% | $251856 |
| 2022<sup>(6)</sup> | $50.00 | 1.98 | (8.93) | (6.95) | (1.17) | 0.06 | $41.94 | (13.93)% | 0.25% | 4.61% | 47% | $60392 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)September 28, 2021 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Equity ETF** |
| 2026<sup>(4)</sup> | $65.59 | 0.52 | 14.25 | 14.77 | (0.87) | 0.02 | $79.51 | 22.78% | 0.30% | 1.50% | 4% | $257622 |
| 2025 | $55.11 | 1.71 | 10.31 | 12.02 | (1.56) | 0.02 | $65.59 | 22.34% | 0.30% | 2.97% | 6% | $125931 |
| 2024 | $48.71 | 1.48 | 6.08 | 7.56 | (1.19) | 0.03 | $55.11 | 15.78% | 0.30% | 2.85% | 7% | $37474 |
| 2023<sup>(5)</sup> | $50.27 | 0.10 | (1.72) | (1.62) |  | 0.06 | $48.71 | (3.11)% | 0.30% | 1.65% | 0% | $3896 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)July 18, 2023 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net<br>Asset Value, <br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From <br>Net <br>Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset <br>Value, <br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** | **Avantis International Small Cap Value ETF** |
| 2026<sup>(4)</sup> | $85.57 | 0.78 | 25.32 | 26.10 | (1.42) |  | $110.25 | 30.83% | 0.36% | 1.67% | 6% | $18822594 |
| 2025 | $69.20 | 2.58 | 16.86 | 19.44 | (3.07) | 0.00<sup>(5)</sup> | $85.57 | 29.11% | 0.36% | 3.57% | 4% | $11757914 |
| 2024 | $59.04 | 1.99 | 10.24 | 12.23 | (2.07) | 0.00<sup>(5)</sup> | $69.20 | 21.09% | 0.36% | 3.16% | 8% | $6607921 |
| 2023 | $53.12 | 2.22 | 5.62 | 7.84 | (1.92) | 0.00<sup>(5)</sup> | $59.04 | 14.97% | 0.36% | 3.90% | 14% | $3452077 |
| 2022 | $66.09 | 2.12 | (13.19) | (11.07) | (1.92) | 0.02 | $53.12 | (16.92)% | 0.36% | 3.52% | 21% | $1668508 |
| 2021 | $48.21 | 1.45 | 17.69 | 19.14 | (1.28) | 0.02 | $66.09 | 39.98% | 0.36% | 2.37% | 21% | $1056703 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible Emerging Markets Equity ETF** |
| 2026<sup>(4)</sup> | $60.25 | 0.42 | 14.53 | 14.95 | (1.12) | 0.00<sup>(5)</sup> | $74.08 | 25.14% | 0.33% | 1.29% | 0% | $200004 |
| 2025 | $52.56 | 1.39 | 8.00 | 9.39 | (1.72) | 0.02 | $60.25 | 18.36% | 0.33% | 2.56% | 2% | $147620 |
| 2024 | $45.92 | 1.25 | 6.95 | 8.20 | (1.58) | 0.02 | $52.56 | 18.23% | 0.33% | 2.57% | 5% | $81467 |
| 2023 | $43.38 | 1.31 | 1.97 | 3.28 | (0.78) | 0.04 | $45.92 | 7.75% | 0.33% | 2.96% | 7% | $57404 |
| 2022<sup>(6)</sup> | $49.47 | 0.93 | (7.00) | (6.07) | (0.14) | 0.12 | $43.38 | (12.04)% | 0.33% | 4.89% | 2% | $13014 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)March 28, 2022 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value, Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions From Net Investment Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** | **Avantis Responsible International Equity ETF** |
| 2026<sup>(4)</sup> | $69.64 | 0.47 | 11.75 | 12.22 | (0.75) | 0.00<sup>(5)</sup> | $81.11 | 17.65% | 0.23% | 1.29% | 4% | $454237 |
| 2025 | $59.63 | 1.74 | 10.17 | 11.91 | (1.91) | 0.01 | $69.64 | 20.42% | 0.23% | 2.82% | 3% | $215881 |
| 2024 | $50.78 | 1.54 | 8.92 | 10.46 | (1.61) | 0.00<sup>(5)</sup> | $59.63 | 20.94% | 0.23% | 2.86% | 5% | $149077 |
| 2023 | $44.83 | 1.55 | 5.49 | 7.04 | (1.12) | 0.03 | $50.78 | 15.83% | 0.23% | 3.14% | 8% | $101551 |
| 2022<sup>(6)</sup> | $50.51 | 0.66 | (6.10) | (5.44) | (0.30) | 0.06 | $44.83 | (10.66)% | 0.23% | 3.01% | 3% | $26898 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)March 15, 2022 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97507 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97507 2604** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> Core Fixed Income ETF (AVIG) |
| Avantis<sup>®</sup> Core Municipal Fixed Income ETF (AVMU) |
| Avantis<sup>®</sup> Credit ETF (AVGB) |
| Avantis<sup>®</sup> Short-Term Fixed Income ETF (AVSF) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_589) |
| Statements of Assets and Liabilities | [53](#iba273e868b7e4566bd70f1811bd23032_598) |
| Statements of Operations | [55](#iba273e868b7e4566bd70f1811bd23032_601) |
| Statements of Changes in Net Assets | [57](#iba273e868b7e4566bd70f1811bd23032_604) |
| Notes to Financial Statements | [59](#iba273e868b7e4566bd70f1811bd23032_607) |
| Financial Highlights | [64](#iba273e868b7e4566bd70f1811bd23032_610) |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS — 62.8%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.1%** |  |  |
| General Dynamics Corp., 4.25%, 4/1/40 | $2056000 | $1918276 |
| Lockheed Martin Corp., 4.70%, 12/15/31 | 2713000 | 2812974 |
| Lockheed Martin Corp., 3.90%, 6/15/32 | 1173000 | 1165860 |
| Lockheed Martin Corp., 5.25%, 1/15/33 | 2345000 | 2496873 |
| Lockheed Martin Corp., 4.75%, 2/15/34 | 1176000 | 1208891 |
| Lockheed Martin Corp., 4.80%, 8/15/34 | 1339000 | 1371121 |
| Lockheed Martin Corp., 4.50%, 5/15/36 | 2090000 | 2085347 |
| RTX Corp., 5.15%, 2/27/33 | 315000 | 329744 |
| RTX Corp., 6.10%, 3/15/34 | 181000 | 200184 |
| RTX Corp., 6.05%, 6/1/36 | 1041000 | 1156994 |
| RTX Corp., 4.45%, 11/16/38 | 516000 | 493118 |
| Textron, Inc., 3.90%, 9/17/29 | 1295000 | 1288514 |
| Textron, Inc., 2.45%, 3/15/31 | 926000 | 850848 |
|  |  | 17378744 |
| **Air Freight and Logistics — 0.4%** |  |  |
| United Parcel Service, Inc., 4.875%, 3/3/33<sup>(1)</sup> | 2077000 | 2166736 |
| United Parcel Service, Inc., 5.15%, 5/22/34 | 650000 | 684643 |
| United Parcel Service, Inc., 5.25%, 5/14/35<sup>(1)</sup> | 960000 | 1009289 |
| United Parcel Service, Inc., 6.20%, 1/15/38 | 2859000 | 3214446 |
|  |  | 7075114 |
| **Automobiles — 0.7%** |  |  |
| American Honda Finance Corp., 4.80%, 3/5/30 | 2094000 | 2145043 |
| American Honda Finance Corp., 5.05%, 7/10/31 | 4628000 | 4800317 |
| American Honda Finance Corp., 4.90%, 1/10/34 | 440000 | 447127 |
| Toyota Motor Credit Corp., 4.80%, 1/5/34 | 712000 | 730573 |
| Toyota Motor Credit Corp., 5.35%, 1/9/35 | 3215000 | 3404441 |
| Toyota Motor Credit Corp., 4.80%, 1/11/36 | 265000 | 267473 |
|  |  | 11794974 |
| **Banks — 6.2%** |  |  |
| African Development Bank, 0.875%, 3/23/26 | 24000 | 23956 |
| African Development Bank, 4.375%, 11/3/27 | 1040000 | 1055601 |
| African Development Bank, 3.50%, 9/18/29 | 1205000 | 1205859 |
| Asian Development Bank, 1.00%, 4/14/26 | 496000 | 494368 |
| Asian Development Bank, 2.00%, 4/24/26 | 600000 | 598401 |
| Asian Development Bank, 3.625%, 8/28/29 | 1833000 | 1843482 |
| Asian Development Bank, 0.75%, 10/8/30 | 785000 | 693593 |
| Asian Development Bank, 3.875%, 9/28/32 | 1000000 | 1009300 |
| Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 1076000 | 1080802 |
| Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 1099000 | 1110364 |
| Asian Infrastructure Investment Bank, 4.50%, 1/16/30 | 2012000 | 2085366 |
| Banco Santander SA, 3.80%, 2/23/28 | 400000 | 398548 |
| Bank of America Corp., 5.875%, 2/7/42 | 2687000 | 2883869 |
| Bank of America Corp., VRN, 3.59%, 7/21/28 | 800000 | 795523 |
| Bank of America Corp., VRN, 5.20%, 4/25/29 | 996000 | 1020551 |
| Bank of America Corp., VRN, 4.27%, 7/23/29 | 415000 | 417394 |
| Bank of Montreal, 5.51%, 6/4/31 | 3803000 | 4031612 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 2367000 | 2478977 |
| Bank of Nova Scotia, 2.15%, 8/1/31 | 1928000 | 1744963 |
| Bank of Nova Scotia, 5.65%, 2/1/34 | 1249000 | 1338769 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Bank of Nova Scotia, VRN, 4.81%, 2/2/34 | $1000000 | $1011837 |
| Barclays PLC, VRN, 5.37%, 2/25/31 | 500000 | 519107 |
| Canadian Imperial Bank of Commerce, 3.60%, 4/7/32 | 3128000 | 3017093 |
| Canadian Imperial Bank of Commerce, 6.09%, 10/3/33 | 1628000 | 1787286 |
| Citibank NA, 5.57%, 4/30/34 | 1859000 | 1977385 |
| Citigroup, Inc., 8.125%, 7/15/39 | 1447000 | 1860601 |
| Citigroup, Inc., 5.875%, 1/30/42 | 1458000 | 1544091 |
| Citigroup, Inc., VRN, 4.79%, 3/4/29 | 260000 | 263933 |
| Citigroup, Inc., VRN, 4.91%, 5/24/33 | 600000 | 612527 |
| Citizens Financial Group, Inc., 3.25%, 4/30/30 | 2174000 | 2091645 |
| Cooperatieve Rabobank UA, 5.25%, 5/24/41 | 3490000 | 3536742 |
| Council of Europe Development Bank, 0.875%, 9/22/26 | 1023000 | 1007189 |
| Council of Europe Development Bank, 4.125%, 1/24/29 | 1303000 | 1327698 |
| Council of Europe Development Bank, 4.50%, 1/15/30 | 1121000 | 1160502 |
| European Bank for Reconstruction & Development, 4.125%, 1/25/29 | 800000 | 815165 |
| European Investment Bank, 4.375%, 3/19/27 | 695000 | 701368 |
| European Investment Bank, 3.25%, 11/15/27 | 1000000 | 997387 |
| European Investment Bank, 4.75%, 6/15/29 | 1475000 | 1535008 |
| European Investment Bank, 0.75%, 9/23/30 | 1125000 | 995715 |
| European Investment Bank, 4.625%, 2/12/35 | 753000 | 792858 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 900000 | 946520 |
| HSBC Holdings PLC, VRN, 6.16%, 3/9/29 | 1300000 | 1351848 |
| ING Groep NV, 4.05%, 4/9/29 | 1000000 | 1001603 |
| ING Groep NV, VRN, 5.07%, 3/25/31 | 569000 | 586788 |
| Inter-American Development Bank, 4.00%, 1/12/28 | 770000 | 777896 |
| Inter-American Development Bank, 1.125%, 7/20/28 | 369000 | 349926 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 1200000 | 1191853 |
| Inter-American Development Bank, 1.125%, 1/13/31 | 1678000 | 1497839 |
| Inter-American Investment Corp., 4.75%, 9/19/28 | 515000 | 530852 |
| International Bank for Reconstruction & Development, 1.75%, 10/23/29 | 1946000 | 1832803 |
| International Bank for Reconstruction & Development, 0.875%, 5/14/30 | 2319000 | 2082485 |
| International Finance Corp., 0.75%, 10/8/26 | 320000 | 314454 |
| JPMorgan Chase & Co., 5.50%, 10/15/40 | 3469000 | 3665716 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 1018000 | 1018048 |
| Kreditanstalt fuer Wiederaufbau, 3.625%, 4/1/26 | 597000 | 596860 |
| Kreditanstalt fuer Wiederaufbau, 3.875%, 6/15/28 | 1120000 | 1131749 |
| Kreditanstalt fuer Wiederaufbau, 4.75%, 10/29/30 | 1425000 | 1501362 |
| Kreditanstalt fuer Wiederaufbau, 4.375%, 2/28/34 | 835000 | 867075 |
| Landwirtschaftliche Rentenbank, Series 44, 3.875%, 6/14/28 | 1390000 | 1403844 |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | 1000000 | 1014474 |
| Lloyds Banking Group PLC, VRN, 5.46%, 1/5/28 | 615000 | 622642 |
| Nordic Investment Bank, 3.75%, 5/9/30 | 850000 | 857292 |
| Oesterreichische Kontrollbank AG, 4.75%, 5/21/27 | 980000 | 995246 |
| Oesterreichische Kontrollbank AG, 4.50%, 1/24/30 | 1430000 | 1481622 |
| PNC Financial Services Group, Inc., VRN, 5.07%, 1/24/34 | 1000000 | 1033712 |
| Royal Bank of Canada, 3.875%, 5/4/32 | 1208000 | 1189059 |
| Royal Bank of Canada, 5.00%, 2/1/33 | 1536000 | 1594117 |
| Royal Bank of Canada, 5.00%, 5/2/33 | 1297000 | 1345558 |
| Royal Bank of Canada, 5.15%, 2/1/34<sup>(1)</sup> | 2211000 | 2328766 |
| Royal Bank of Canada, VRN, 4.97%, 5/2/31 | 1000000 | 1033073 |
| Santander Holdings USA, Inc., VRN, 6.50%, 3/9/29 | 414000 | 431044 |
| Sumitomo Mitsui Financial Group, Inc., 5.85%, 7/13/30 | 270000 | 288638 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Toronto-Dominion Bank, 4.99%, 4/5/29 | $503000 | $518493 |
| Toronto-Dominion Bank, 3.20%, 3/10/32 | 2048000 | 1932345 |
| Toronto-Dominion Bank, 4.46%, 6/8/32 | 1604000 | 1619414 |
| Truist Financial Corp., VRN, 4.87%, 1/26/29 | 1099000 | 1117190 |
| Truist Financial Corp., VRN, 5.07%, 5/20/31 | 1463000 | 1510261 |
| Truist Financial Corp., VRN, 4.96%, 10/23/36 | 200000 | 199790 |
| U.S. Bancorp, 1.375%, 7/22/30 | 1609000 | 1441005 |
| U.S. Bancorp, VRN, 5.08%, 5/15/31 | 1463000 | 1513787 |
| U.S. Bancorp, VRN, 4.84%, 2/1/34 | 1000000 | 1015036 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 1112000 | 1133816 |
| Wells Fargo & Co., VRN, 5.15%, 4/23/31 | 500000 | 517714 |
|  |  | 103250050 |
| **Beverages — 0.7%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 2543000 | 2550528 |
| Anheuser-Busch InBev Finance, Inc., 4.70%, 2/1/36 | 1582000 | 1586683 |
| Anheuser-Busch InBev Worldwide, Inc., 4.90%, 1/23/31 | 480000 | 500389 |
| Anheuser-Busch InBev Worldwide, Inc., 5.00%, 6/15/34 | 338000 | 352095 |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/38 | 986000 | 948988 |
| Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 | 1128000 | 1473328 |
| Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 811000 | 851489 |
| Brown-Forman Corp., 4.75%, 4/15/33 | 1920000 | 1968988 |
| Coca-Cola Co., 5.00%, 5/13/34 | 68000 | 71672 |
| Constellation Brands, Inc., 4.80%, 5/1/30<sup>(1)</sup> | 85000 | 87182 |
| Constellation Brands, Inc., 2.25%, 8/1/31 | 335000 | 301378 |
| Keurig Dr. Pepper, Inc., 3.20%, 5/1/30 | 649000 | 622503 |
| PepsiCo, Inc., 5.00%, 2/7/35 | 985000 | 1020456 |
|  |  | 12335679 |
| **Biotechnology — 0.8%** |  |  |
| AbbVie, Inc., 4.875%, 3/15/30 | 1369000 | 1415851 |
| AbbVie, Inc., 4.55%, 3/15/35 | 2080000 | 2071664 |
| AbbVie, Inc., 5.20%, 3/15/35 | 1796000 | 1874723 |
| AbbVie, Inc., 4.50%, 5/14/35 | 2855000 | 2829282 |
| AbbVie, Inc., 4.30%, 5/14/36 | 1368000 | 1327457 |
| Amgen, Inc., 5.15%, 11/15/41 | 680000 | 668764 |
| Biogen, Inc., 5.05%, 1/15/31 | 1731000 | 1797082 |
| Gilead Sciences, Inc., 5.65%, 12/1/41 | 985000 | 1033070 |
|  |  | 13017893 |
| **Broadline Retail — 0.1%** |  |  |
| Amazon.com, Inc., 2.10%, 5/12/31 | 500000 | 455525 |
| eBay, Inc., 6.30%, 11/22/32 | 1566000 | 1722149 |
|  |  | 2177674 |
| **Building Products — 0.1%** |  |  |
| Carrier Global Corp., 5.90%, 3/15/34 | 456000 | 493505 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 921000 | 835553 |
|  |  | 1329058 |
| **Capital Markets — 3.9%** |  |  |
| Affiliated Managers Group, Inc., 5.50%, 8/20/34 | 5174000 | 5303118 |
| Ameriprise Financial, Inc., 4.50%, 5/13/32 | 2650000 | 2680031 |
| Ameriprise Financial, Inc., 5.15%, 5/15/33 | 2225000 | 2311579 |
| BlackRock Funding, Inc., 5.00%, 3/14/34 | 2889000 | 3006089 |
| Brookfield Finance, Inc., 4.35%, 4/15/30 | 1623000 | 1626747 |
| Brookfield Finance, Inc., 2.72%, 4/15/31 | 5050000 | 4658605 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Brookfield Finance, Inc., 5.33%, 1/15/36 | $215000 | $214701 |
| Cboe Global Markets, Inc., 1.625%, 12/15/30 | 2745000 | 2453949 |
| Cboe Global Markets, Inc., 3.00%, 3/16/32 | 3394000 | 3177110 |
| Charles Schwab Corp., 3.20%, 1/25/28 | 730000 | 724112 |
| Charles Schwab Corp., 2.75%, 10/1/29 | 832000 | 800419 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 1150000 | 1202973 |
| Franklin Resources, Inc., 1.60%, 10/30/30 | 597000 | 537144 |
| Goldman Sachs Group, Inc., 2.60%, 2/7/30 | 1359000 | 1285575 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 1424000 | 1410597 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 531000 | 554863 |
| Goldman Sachs Group, Inc., VRN, 5.22%, 4/23/31 | 250000 | 258850 |
| Goldman Sachs Group, Inc., VRN, 4.37%, 10/21/31 | 1200000 | 1201025 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 656000 | 664538 |
| Intercontinental Exchange, Inc., 2.10%, 6/15/30 | 1645000 | 1520636 |
| Intercontinental Exchange, Inc., 5.25%, 6/15/31 | 4382000 | 4606628 |
| Intercontinental Exchange, Inc., 4.60%, 3/15/33 | 1373000 | 1390967 |
| Intercontinental Exchange, Inc., 2.65%, 9/15/40 | 25000 | 18722 |
| Lazard Group LLC, 6.00%, 3/15/31 | 1621000 | 1732978 |
| LPL Holdings, Inc., 6.75%, 11/17/28 | 703000 | 745782 |
| LPL Holdings, Inc., 5.75%, 6/15/35 | 2513000 | 2568399 |
| Morgan Stanley, 3.125%, 7/27/26 | 279000 | 278090 |
| Morgan Stanley, 7.25%, 4/1/32 | 4308000 | 4984524 |
| Morgan Stanley, VRN, 1.51%, 7/20/27 | 632000 | 626186 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 665000 | 680164 |
| Morgan Stanley, VRN, 3.62%, 4/1/31 | 550000 | 537887 |
| Morgan Stanley, VRN, 5.19%, 4/17/31 | 445000 | 461067 |
| Nasdaq, Inc., 5.55%, 2/15/34 | 2892000 | 3048964 |
| Northern Trust Corp., 1.95%, 5/1/30 | 1387000 | 1281606 |
| State Street Corp., 4.83%, 4/24/30 | 1541000 | 1587721 |
| TPG Operating Group II LP, 5.875%, 3/5/34 | 1220000 | 1264032 |
| UBS Americas, Inc., 7.125%, 7/15/32 | 2443000 | 2819555 |
|  |  | 64225933 |
| **Chemicals — 0.5%** |  |  |
| CF Industries, Inc., 5.15%, 3/15/34 | 2145000 | 2186279 |
| Eastman Chemical Co., 5.625%, 2/20/34 | 472000 | 493032 |
| EIDP, Inc., 5.125%, 5/15/32 | 1731000 | 1799311 |
| Mosaic Co., 5.375%, 11/15/28 | 485000 | 501076 |
| Mosaic Co., 5.45%, 11/15/33<sup>(1)</sup> | 2018000 | 2096127 |
| Nutrien Ltd., 2.95%, 5/13/30 | 672000 | 641834 |
| RPM International, Inc., 4.55%, 3/1/29 | 1234000 | 1253096 |
|  |  | 8970755 |
| **Commercial Services and Supplies — 0.6%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 2350000 | 2389828 |
| Republic Services, Inc., 4.75%, 7/15/30 | 1686000 | 1733938 |
| Republic Services, Inc., 5.00%, 4/1/34 | 1637000 | 1698521 |
| Waste Management, Inc., 4.80%, 3/15/32 | 2487000 | 2575161 |
| Waste Management, Inc., 4.625%, 2/15/33 | 215000 | 220482 |
| Waste Management, Inc., 4.875%, 2/15/34 | 1626000 | 1684469 |
|  |  | 10302399 |
| **Communications Equipment — 0.3%** |  |  |
| Cisco Systems, Inc., 4.95%, 2/24/32 | 550000 | 573001 |
| Cisco Systems, Inc., 5.90%, 2/15/39 | 909000 | 994490 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Cisco Systems, Inc., 5.50%, 1/15/40 | $3273000 | $3437920 |
| Motorola Solutions, Inc., 5.55%, 8/15/35 | 425000 | 447721 |
|  |  | 5453132 |
| **Construction and Engineering — 0.2%** |  |  |
| Quanta Services, Inc., 2.90%, 10/1/30 | 2731000 | 2584355 |
| Quanta Services, Inc., 2.35%, 1/15/32 | 959000 | 857539 |
|  |  | 3441894 |
| **Consumer Finance — 0.9%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 250000 | 247620 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.15%, 9/30/30 | 4885000 | 5245109 |
| American Express Co., 4.05%, 5/3/29 | 1000000 | 1008748 |
| American Express Co., VRN, 5.02%, 4/25/31 | 610000 | 630385 |
| American Express Co., VRN, 4.80%, 10/24/36 | 960000 | 951133 |
| Capital One Financial Corp., 6.70%, 11/29/32 | 4975000 | 5538135 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 900000 | 942132 |
| Capital One Financial Corp., VRN, 5.27%, 5/10/33 | 900000 | 924553 |
|  |  | 15487815 |
| **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| Kroger Co., 7.50%, 4/1/31 | 2259000 | 2595836 |
| Sysco Corp., 5.375%, 9/21/35 | 6654000 | 6951496 |
| Target Corp., 4.50%, 9/15/32<sup>(1)</sup> | 1601000 | 1638624 |
| Target Corp., 6.50%, 10/15/37 | 5745000 | 6618905 |
| Walmart, Inc., 5.25%, 9/1/35 | 1633000 | 1747041 |
| Walmart, Inc., 4.30%, 4/22/44 | 780000 | 721121 |
|  |  | 20273023 |
| **Containers and Packaging — 0.1%** |  |  |
| Packaging Corp. of America, 3.00%, 12/15/29 | 830000 | 800832 |
| Sonoco Products Co., 2.85%, 2/1/32 | 494000 | 453911 |
|  |  | 1254743 |
| **Diversified Consumer Services — 0.2%** |  |  |
| Novant Health, Inc., 2.64%, 11/1/36 | 1558000 | 1284782 |
| Trustees of Princeton University, 5.70%, 3/1/39 | 1810000 | 1989925 |
|  |  | 3274707 |
| **Diversified REITs — 1.8%** |  |  |
| Boston Properties LP, 2.75%, 10/1/26 | 373000 | 370132 |
| Brixmor Operating Partnership LP, 5.20%, 4/1/32 | 2480000 | 2562598 |
| ERP Operating LP, 2.50%, 2/15/30<sup>(1)</sup> | 1522000 | 1443517 |
| Essex Portfolio LP, 5.375%, 4/1/35 | 4253000 | 4404264 |
| Extra Space Storage LP, 2.35%, 3/15/32 | 566000 | 500329 |
| Invitation Homes Operating Partnership LP, 2.70%, 1/15/34 | 1589000 | 1365040 |
| Prologis LP, 2.25%, 4/15/30 | 2162000 | 2025698 |
| Prologis LP, 4.75%, 1/15/31 | 3000000 | 3096050 |
| Prologis LP, 1.625%, 3/15/31 | 2130000 | 1897184 |
| Prologis LP, 4.625%, 1/15/33 | 34000 | 34516 |
| Prologis LP, 5.25%, 5/15/35 | 3775000 | 3934627 |
| Simon Property Group LP, 4.375%, 10/1/30 | 340000 | 344443 |
| Simon Property Group LP, 5.50%, 3/8/33 | 2171000 | 2305835 |
| Simon Property Group LP, 6.25%, 1/15/34 | 1151000 | 1274638 |
| Simon Property Group LP, 6.75%, 2/1/40 | 3242000 | 3782615 |
|  |  | 29341486 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 200000 | 178672 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| AT&T, Inc., 4.90%, 8/15/37 | $200000 | $197570 |
| Comcast Corp., 2.65%, 2/1/30 | 1069000 | 1017837 |
| Comcast Corp., 3.40%, 4/1/30 | 201000 | 196659 |
| Comcast Corp., 4.25%, 10/15/30 | 539000 | 543884 |
| Comcast Corp., 5.50%, 11/15/32 | 300000 | 320285 |
| Comcast Corp., 7.05%, 3/15/33 | 280000 | 323603 |
| Comcast Corp., 5.17%, 1/15/37<sup>(2)</sup> | 271000 | 272971 |
| Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 832000 | 976452 |
| Sprint Capital Corp., 8.75%, 3/15/32 | 666000 | 814291 |
| Telefonica Emisiones SA, 7.05%, 6/20/36 | 485000 | 549077 |
| Telefonica Europe BV, 8.25%, 9/15/30 | 484000 | 559583 |
| Verizon Communications, Inc., 2.55%, 3/21/31 | 1042000 | 964344 |
| Verizon Communications, Inc., 2.36%, 3/15/32 | 128000 | 114334 |
| Verizon Communications, Inc., 4.75%, 1/15/33 | 800000 | 811556 |
| Verizon Communications, Inc., 5.05%, 5/9/33 | 290000 | 300901 |
| Verizon Communications, Inc., 4.50%, 8/10/33 | 464000 | 462970 |
| Verizon Communications, Inc., 6.40%, 9/15/33 | 1681000 | 1880217 |
| Verizon Communications, Inc., 4.40%, 11/1/34 | 1295000 | 1269778 |
|  |  | 11754984 |
| **Electric Utilities — 4.8%** |  |  |
| AEP Texas, Inc., 5.40%, 6/1/33 | 2031000 | 2117442 |
| AEP Texas, Inc., 5.70%, 5/15/34 | 385000 | 408161 |
| Alabama Power Co., 5.85%, 11/15/33 | 1155000 | 1250602 |
| Alabama Power Co., 6.00%, 3/1/39 | 2643000 | 2890886 |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | 829000 | 774296 |
| American Electric Power Co., Inc., 5.95%, 11/1/32 | 1004000 | 1085743 |
| Berkshire Hathaway Energy Co., 5.95%, 5/15/37 | 970000 | 1057614 |
| CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33 | 2111000 | 2412530 |
| Commonwealth Edison Co., 5.90%, 3/15/36 | 2794000 | 3047844 |
| Connecticut Light & Power Co., 4.95%, 8/15/34 | 2021000 | 2058697 |
| Constellation Energy Generation LLC, 6.125%, 1/15/34 | 568000 | 622335 |
| DTE Electric Co., 3.00%, 3/1/32 | 1123000 | 1053294 |
| DTE Electric Co., 5.20%, 3/1/34 | 1513000 | 1581709 |
| DTE Electric Co., Series C, 2.625%, 3/1/31 | 1047000 | 982627 |
| Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 395000 | 365869 |
| Duke Energy Ohio, Inc., 5.25%, 4/1/33 | 720000 | 756126 |
| Entergy Louisiana LLC, 5.15%, 9/15/34 | 477000 | 493488 |
| Eversource Energy, 5.50%, 1/1/34 | 285000 | 295927 |
| Eversource Energy, 5.95%, 7/15/34 | 1294000 | 1383375 |
| Exelon Corp., 5.125%, 3/15/31 | 1876000 | 1955394 |
| Exelon Corp., 4.95%, 6/15/35 | 1420000 | 1426100 |
| Florida Power & Light Co., 2.45%, 2/3/32 | 545000 | 497892 |
| Florida Power & Light Co., 5.10%, 4/1/33 | 1310000 | 1365870 |
| Florida Power & Light Co., 5.30%, 6/15/34 | 1807000 | 1905625 |
| Florida Power & Light Co., 5.00%, 8/1/34 | 1552000 | 1607595 |
| Georgia Power Co., 4.70%, 5/15/32 | 1558000 | 1597142 |
| Georgia Power Co., 5.20%, 3/15/35 | 70000 | 72745 |
| Georgia Power Co., 4.30%, 3/15/42 | 440000 | 395084 |
| Louisville Gas & Electric Co., 5.45%, 4/15/33 | 400000 | 422889 |
| MidAmerican Energy Co., 6.75%, 12/30/31 | 2465000 | 2802087 |
| MidAmerican Energy Co., 5.35%, 1/15/34 | 420000 | 442532 |
| Nevada Power Co., Series N, 6.65%, 4/1/36 | 3181000 | 3619769 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30 | $1730000 | $1605970 |
| NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32 | 235000 | 242606 |
| Northern States Power Co., 6.25%, 6/1/36 | 4223000 | 4731343 |
| NSTAR Electric Co., 4.85%, 3/1/30 | 380000 | 391202 |
| Ohio Power Co., 2.60%, 4/1/30 | 400000 | 377997 |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | 992000 | 1031524 |
| PacifiCorp, 2.70%, 9/15/30 | 1025000 | 956453 |
| PacifiCorp, 7.70%, 11/15/31 | 2189000 | 2534691 |
| PPL Electric Utilities Corp., 5.00%, 5/15/33 | 1560000 | 1613719 |
| PPL Electric Utilities Corp., 6.25%, 5/15/39 | 3994000 | 4451145 |
| Public Service Co. of Colorado, 5.35%, 5/15/34 | 1070000 | 1117402 |
| Public Service Co. of Colorado, 6.25%, 9/1/37 | 1282000 | 1417369 |
| Public Service Electric & Gas Co., 4.90%, 12/15/32 | 1790000 | 1853004 |
| Public Service Electric & Gas Co., 5.80%, 5/1/37 | 2035000 | 2211616 |
| Puget Energy, Inc., 4.10%, 6/15/30 | 210000 | 207379 |
| Southern Co., 5.70%, 3/15/34 | 1170000 | 1244848 |
| Southern Co. Gas Capital Corp., 5.15%, 9/15/32 | 705000 | 731924 |
| Virginia Electric & Power Co., 5.30%, 8/15/33 | 390000 | 408064 |
| Virginia Electric & Power Co., 5.15%, 3/15/35 | 300000 | 307562 |
| Virginia Electric & Power Co., Series B, 6.00%, 1/15/36 | 1527000 | 1650193 |
| Wisconsin Electric Power Co., 5.00%, 5/15/29 | 390000 | 402692 |
| Wisconsin Electric Power Co., 4.60%, 10/1/34 | 5588000 | 5643735 |
| Xcel Energy, Inc., 5.45%, 8/15/33 | 1050000 | 1096459 |
|  |  | 78978186 |
| **Electrical Equipment — 0.1%** |  |  |
| Emerson Electric Co., 5.00%, 3/15/35 | 2103000 | 2179270 |
| **Electronic Equipment, Instruments and Components — 0.1%** |  |  |
| Keysight Technologies, Inc., 3.00%, 10/30/29 | 300000 | 290133 |
| Tyco Electronics Group SA, 5.00%, 5/9/35 | 659000 | 675670 |
|  |  | 965803 |
| **Energy Equipment and Services — 0.4%** |  |  |
| Halliburton Co., 7.45%, 9/15/39 | 2153000 | 2607298 |
| Schlumberger Holdings Corp., 4.85%, 5/15/33<sup>(1)(2)</sup> | 485000 | 494769 |
| Schlumberger Holdings Corp., 5.00%, 6/1/34<sup>(2)</sup> | 3685000 | 3785397 |
|  |  | 6887464 |
| **Entertainment — 0.5%** |  |  |
| TWDC Enterprises 18 Corp., Series B, 7.00%, 3/1/32 | 2410000 | 2765055 |
| Walt Disney Co., 6.55%, 3/15/33 | 2066000 | 2362044 |
| Walt Disney Co., 6.40%, 12/15/35 | 2688000 | 3061819 |
|  |  | 8188918 |
| **Financial Services — 1.8%** |  |  |
| Apollo Global Management, Inc., 6.375%, 11/15/33 | 4152000 | 4543742 |
| Corebridge Financial, Inc., 3.90%, 4/5/32 | 2274000 | 2160815 |
| Corebridge Financial, Inc., 6.05%, 9/15/33 | 3277000 | 3497402 |
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 1870000 | 1935537 |
| Equitable Holdings, Inc., 5.59%, 1/11/33 | 1315000 | 1370576 |
| Fidelity National Information Services, Inc., 5.10%, 7/15/32 | 435000 | 442846 |
| Mastercard, Inc., 2.00%, 11/18/31 | 1375000 | 1238870 |
| National Rural Utilities Cooperative Finance Corp., 5.00%, 2/7/31 | 440000 | 457382 |
| National Rural Utilities Cooperative Finance Corp., 8.00%, 3/1/32 | 2329000 | 2800781 |
| National Rural Utilities Cooperative Finance Corp., 5.80%, 1/15/33 | 3987000 | 4313003 |
| PayPal Holdings, Inc., 4.40%, 6/1/32 | 498000 | 498772 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Visa, Inc., 4.15%, 12/14/35<sup>(1)</sup> | $6126000 | $5996717 |
|  |  | 29256443 |
| **Food Products — 1.3%** |  |  |
| Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 2936000 | 2859671 |
| Archer-Daniels-Midland Co., 2.90%, 3/1/32 | 975000 | 907213 |
| Archer-Daniels-Midland Co., 5.94%, 10/1/32 | 1795000 | 1966906 |
| Archer-Daniels-Midland Co., 4.50%, 8/15/33 | 1057000 | 1070758 |
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31 | 265000 | 246660 |
| Conagra Brands, Inc., 8.25%, 9/15/30 | 1102000 | 1268134 |
| General Mills, Inc., 2.25%, 10/14/31 | 1105000 | 992691 |
| General Mills, Inc., 4.95%, 3/29/33 | 100000 | 102287 |
| Hershey Co., 4.50%, 5/4/33 | 2324000 | 2369283 |
| Ingredion, Inc., 2.90%, 6/1/30 | 1147000 | 1095807 |
| J.M. Smucker Co., 4.25%, 3/15/35 | 1144000 | 1098064 |
| Kraft Heinz Foods Co., 4.25%, 3/1/31<sup>(1)</sup> | 960000 | 959555 |
| Kraft Heinz Foods Co., 5.20%, 3/15/32 | 1806000 | 1872856 |
| Mars, Inc., 5.00%, 3/1/32<sup>(2)</sup> | 2507000 | 2597565 |
| Mondelez International, Inc., 1.50%, 2/4/31 | 1494000 | 1316990 |
|  |  | 20724440 |
| **Gas Utilities — 0.1%** |  |  |
| Southern California Gas Co., 2.55%, 2/1/30 | 1104000 | 1048565 |
| Southern California Gas Co., 5.20%, 6/1/33 | 405000 | 422246 |
|  |  | 1470811 |
| **Ground Transportation — 1.6%** |  |  |
| Burlington Northern Santa Fe LLC, 5.75%, 5/1/40 | 1871000 | 2005031 |
| Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 855000 | 843490 |
| Canadian National Railway Co., 3.85%, 8/5/32 | 2481000 | 2433880 |
| Canadian National Railway Co., 6.25%, 8/1/34 | 6632000 | 7430512 |
| Canadian Pacific Railway Co., 4.80%, 3/30/30 | 1571000 | 1618010 |
| Canadian Pacific Railway Co., 5.20%, 3/30/35 | 1736000 | 1821388 |
| CSX Corp., 4.10%, 11/15/32 | 741000 | 739075 |
| CSX Corp., 5.20%, 11/15/33 | 405000 | 426398 |
| CSX Corp., 4.75%, 5/30/42 | 355000 | 335638 |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 2123000 | 2182769 |
| Uber Technologies, Inc., 4.80%, 9/15/34 | 2986000 | 2996239 |
| Union Pacific Corp., 3.70%, 3/1/29 | 595000 | 593845 |
| Union Pacific Corp., 2.80%, 2/14/32 | 1360000 | 1266121 |
| Union Pacific Corp., 4.50%, 1/20/33 | 1809000 | 1846978 |
|  |  | 26539374 |
| **Health Care Equipment and Supplies — 0.8%** |  |  |
| Abbott Laboratories, 6.00%, 4/1/39 | 2920000 | 3249365 |
| Boston Scientific Corp., 6.25%, 11/15/35 | 814000 | 923563 |
| GE HealthCare Technologies, Inc., 5.86%, 3/15/30 | 1185000 | 1259758 |
| Medtronic Global Holdings SCA, 4.50%, 3/30/33 | 750000 | 757961 |
| Medtronic, Inc., 4.375%, 3/15/35 | 3051000 | 3021857 |
| Smith & Nephew PLC, 2.03%, 10/14/30 | 744000 | 675913 |
| Solventum Corp., 5.45%, 3/13/31 | 193000 | 202493 |
| Zimmer Biomet Holdings, Inc., 5.50%, 2/19/35 | 2582000 | 2703105 |
|  |  | 12794015 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Bon Secours Mercy Health, Inc., 3.46%, 6/1/30 | 480000 | 469877 |
| Cigna Group, 5.40%, 3/15/33 | 1043000 | 1097915 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Cigna Group, 5.25%, 2/15/34 | $615000 | $638252 |
| Cigna Group, 4.80%, 8/15/38 | 5366000 | 5204325 |
| CommonSpirit Health, 2.78%, 10/1/30 | 685000 | 643715 |
| Elevance Health, Inc., 4.10%, 5/15/32 | 2476000 | 2432140 |
| HCA, Inc., 4.125%, 6/15/29 | 1194000 | 1195487 |
| HCA, Inc., 5.45%, 4/1/31 | 543000 | 568748 |
| HCA, Inc., 3.625%, 3/15/32 | 1717000 | 1636517 |
| HCA, Inc., 5.60%, 4/1/34 | 290000 | 304848 |
| Humana, Inc., 2.15%, 2/3/32<sup>(1)</sup> | 50000 | 43661 |
| Humana, Inc., 5.875%, 3/1/33 | 767000 | 803192 |
| Humana, Inc., 5.95%, 3/15/34 | 814000 | 854573 |
| McKesson Corp., 4.95%, 5/30/32 | 165000 | 172132 |
| UnitedHealth Group, Inc., 4.95%, 1/15/32 | 1136000 | 1173228 |
| UnitedHealth Group, Inc., 4.50%, 4/15/33 | 320000 | 319699 |
|  |  | 17558309 |
| **Health Care REITs — 0.9%** |  |  |
| Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30 | 1045000 | 1066681 |
| Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31 | 1938000 | 1825819 |
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32 | 1000000 | 860185 |
| Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34 | 1064000 | 926342 |
| Alexandria Real Estate Equities, Inc., 5.25%, 5/15/36 | 1595000 | 1603701 |
| Healthpeak OP LLC, 5.25%, 12/15/32 | 620000 | 641253 |
| Healthpeak OP LLC, 5.375%, 2/15/35 | 290000 | 299290 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 2800000 | 2643787 |
| Welltower OP LLC, 4.50%, 7/1/30 | 3387000 | 3450236 |
| Welltower OP LLC, 5.125%, 7/1/35 | 670000 | 691192 |
|  |  | 14008486 |
| **Hotels, Restaurants and Leisure — 0.7%** |  |  |
| Darden Restaurants, Inc., 6.30%, 10/10/33 | 492000 | 541332 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 1061000 | 1018445 |
| Expedia Group, Inc., 2.95%, 3/15/31 | 595000 | 553109 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 1919000 | 2027605 |
| Marriott International, Inc., 5.55%, 10/15/28 | 1975000 | 2052747 |
| Marriott International, Inc., 5.10%, 4/15/32 | 2665000 | 2777157 |
| McDonald's Corp., 4.70%, 12/9/35 | 1421000 | 1437723 |
| McDonald's Corp., 6.30%, 3/1/38 | 1560000 | 1752389 |
|  |  | 12160507 |
| **Household Durables — 0.4%** |  |  |
| PulteGroup, Inc., 6.375%, 5/15/33 | 5834000 | 6511123 |
| **Household Products — 0.1%** |  |  |
| Procter & Gamble Co., 5.55%, 3/5/37 | 1791000 | 1964509 |
| **Industrial Conglomerates — 1.2%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 2029000 | 2086838 |
| 3M Co., 5.70%, 3/15/37 | 1537000 | 1645116 |
| Eaton Corp., 4.15%, 3/15/33 | 2664000 | 2659610 |
| Honeywell International, Inc., 5.00%, 2/15/33 | 1416000 | 1477555 |
| Honeywell International, Inc., 4.50%, 1/15/34 | 166000 | 166980 |
| Honeywell International, Inc., 5.00%, 3/1/35 | 3524000 | 3636704 |
| Honeywell International, Inc., 5.70%, 3/15/36 | 1500000 | 1623789 |
| Honeywell International, Inc., 5.70%, 3/15/37 | 4431000 | 4810817 |
| Siemens Funding BV, 4.60%, 5/28/30<sup>(2)</sup> | 1500000 | 1537564 |
|  |  | 19644973 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Insurance — 5.0%** |  |  |
| Allstate Corp., 5.25%, 3/30/33 | $2398000 | $2506119 |
| Allstate Corp., 5.95%, 4/1/36 | 3420000 | 3710208 |
| American International Group, Inc., 5.125%, 3/27/33 | 1503000 | 1549887 |
| Aon Corp., 2.80%, 5/15/30 | 2149000 | 2037675 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, 2/28/33 | 1484000 | 1553430 |
| Chubb INA Holdings LLC, 5.00%, 3/15/34 | 2229000 | 2295105 |
| Chubb INA Holdings LLC, Series 1, 6.50%, 5/15/38 | 8240000 | 9459638 |
| Cincinnati Financial Corp., 6.125%, 11/1/34 | 4750000 | 5143938 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(2)</sup> | 6342000 | 6502478 |
| Hartford Insurance Group, Inc., 2.80%, 8/19/29 | 1040000 | 1001609 |
| Hartford Insurance Group, Inc., 6.10%, 10/1/41 | 3171000 | 3465117 |
| Marsh & McLennan Cos., Inc., 4.375%, 3/15/29 | 355000 | 358856 |
| Marsh & McLennan Cos., Inc., 2.25%, 11/15/30 | 1637000 | 1502794 |
| Marsh & McLennan Cos., Inc., 4.75%, 3/15/39 | 4403000 | 4270902 |
| Principal Financial Group, Inc., 6.05%, 10/15/36 | 5626000 | 6139380 |
| Progressive Corp., 6.625%, 3/1/29 | 745000 | 802992 |
| Progressive Corp., 3.20%, 3/26/30 | 1291000 | 1254629 |
| Progressive Corp., 6.25%, 12/1/32 | 2654000 | 2952710 |
| Progressive Corp., 4.95%, 6/15/33 | 2878000 | 2971142 |
| Prudential Financial, Inc., 5.20%, 3/14/35 | 2637000 | 2703057 |
| Prudential Financial, Inc., 6.625%, 6/21/40 | 3770000 | 4270283 |
| Prudential Financial, Inc., Series D, 5.70%, 12/14/36 | 1673000 | 1769539 |
| Prudential Funding Asia PLC, 3.125%, 4/14/30 | 1827000 | 1765171 |
| RenaissanceRe Holdings Ltd., 5.75%, 6/5/33 | 775000 | 817143 |
| RenaissanceRe Holdings Ltd., 5.80%, 4/1/35 | 1115000 | 1171034 |
| Travelers Cos., Inc., 6.25%, 6/15/37 | 7989000 | 8955244 |
| Travelers Property Casualty Corp., 6.375%, 3/15/33 | 1975000 | 2239339 |
|  |  | 83169419 |
| **Interactive Media and Services — 0.2%** |  |  |
| Alphabet, Inc., 4.70%, 11/15/35 | 2857000 | 2893975 |
| **IT Services — 0.7%** |  |  |
| International Business Machines Corp., 1.95%, 5/15/30 | 1100000 | 1008973 |
| International Business Machines Corp., 5.00%, 2/10/32 | 245000 | 252446 |
| International Business Machines Corp., 4.40%, 7/27/32 | 2077000 | 2079937 |
| International Business Machines Corp., 5.60%, 11/30/39 | 2794000 | 2910050 |
| Leidos, Inc., 4.375%, 5/15/30 | 2137000 | 2145286 |
| Leidos, Inc., 5.75%, 3/15/33 | 145000 | 154021 |
| VeriSign, Inc., 2.70%, 6/15/31 | 590000 | 537280 |
| VeriSign, Inc., 5.25%, 6/1/32 | 2960000 | 3031217 |
|  |  | 12119210 |
| **Life Sciences Tools and Services — 0.6%** |  |  |
| Agilent Technologies, Inc., 2.75%, 9/15/29 | 560000 | 536856 |
| Revvity, Inc., 3.30%, 9/15/29 | 1369000 | 1328660 |
| Thermo Fisher Scientific, Inc., 4.98%, 8/10/30 | 2597000 | 2702800 |
| Thermo Fisher Scientific, Inc., 4.20%, 3/1/31 | 500000 | 503895 |
| Thermo Fisher Scientific, Inc., 4.95%, 11/21/32<sup>(1)</sup> | 1202000 | 1249268 |
| Thermo Fisher Scientific, Inc., 5.09%, 8/10/33 | 849000 | 886436 |
| Thermo Fisher Scientific, Inc., 5.20%, 1/31/34<sup>(1)</sup> | 527000 | 554067 |
| Thermo Fisher Scientific, Inc., 5.40%, 8/10/43 | 1999000 | 2047108 |
|  |  | 9809090 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Machinery — 1.7%** |  |  |
| Caterpillar, Inc., 5.20%, 5/15/35 | $3869000 | $4054641 |
| Caterpillar, Inc., 5.20%, 5/27/41 | 2501000 | 2563614 |
| Cummins, Inc., 4.70%, 2/15/31 | 6065000 | 6243026 |
| Cummins, Inc., 5.15%, 2/20/34 | 2408000 | 2512859 |
| Cummins, Inc., 5.30%, 5/9/35 | 1950000 | 2045916 |
| IDEX Corp., 3.00%, 5/1/30 | 422000 | 403923 |
| John Deere Capital Corp., 4.40%, 9/8/31 | 2054000 | 2095885 |
| John Deere Capital Corp., 3.90%, 6/7/32 | 1289000 | 1278212 |
| John Deere Capital Corp., 4.35%, 9/15/32 | 745000 | 755396 |
| John Deere Capital Corp., Series 1, 5.05%, 6/12/34 | 623000 | 649399 |
| John Deere Capital Corp., Series I, 5.15%, 9/8/33 | 1265000 | 1337881 |
| Nordson Corp., 5.80%, 9/15/33 | 185000 | 197884 |
| PACCAR Financial Corp., 5.00%, 3/22/34 | 2918000 | 3037534 |
| Parker-Hannifin Corp., 4.20%, 11/21/34 | 838000 | 827867 |
|  |  | 28004037 |
| **Media — 0.2%** |  |  |
| Fox Corp., 5.48%, 1/25/39 | 1942000 | 1932231 |
| Omnicom Group, Inc., 4.75%, 3/30/30 | 560000 | 571162 |
| Omnicom Group, Inc., 5.375%, 6/15/33 | 410000 | 424330 |
|  |  | 2927723 |
| **Metals and Mining — 0.9%** |  |  |
| Barrick North America Finance LLC, 5.70%, 5/30/41 | 1429000 | 1486449 |
| BHP Billiton Finance USA Ltd., 5.25%, 9/8/26 | 76000 | 76553 |
| BHP Billiton Finance USA Ltd., 4.90%, 2/28/33 | 2036000 | 2095837 |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 593000 | 600096 |
| Freeport-McMoRan, Inc., 5.45%, 3/15/43 | 500000 | 494980 |
| Kinross Gold Corp., 6.25%, 7/15/33 | 3089000 | 3398529 |
| Newmont Corp., 5.875%, 4/1/35 | 2472000 | 2691794 |
| Rio Tinto Finance USA PLC, 4.875%, 3/14/30 | 2232000 | 2306167 |
| Steel Dynamics, Inc., 3.25%, 1/15/31 | 1144000 | 1095740 |
|  |  | 14246145 |
| **Multi-Utilities — 0.7%** |  |  |
| Consolidated Edison Co. of New York, Inc., Series 2005-A, 5.30%, 3/1/35 | 1400000 | 1465106 |
| Consumers Energy Co., 4.625%, 5/15/33 | 3441000 | 3493715 |
| Dominion Energy, Inc., 5.375%, 11/15/32 | 525000 | 550101 |
| Dominion Energy, Inc., 5.95%, 6/15/35 | 1869000 | 2011146 |
| NiSource, Inc., 3.60%, 5/1/30 | 970000 | 951911 |
| San Diego Gas & Electric Co., 1.70%, 10/1/30 | 1387000 | 1249730 |
| San Diego Gas & Electric Co., 5.40%, 4/15/35 | 1717000 | 1789939 |
| Sempra, 6.00%, 10/15/39 | 640000 | 676358 |
|  |  | 12188006 |
| **Oil, Gas and Consumable Fuels — 4.7%** |  |  |
| Boardwalk Pipelines LP, 4.80%, 5/3/29 | 1058000 | 1079553 |
| BP Capital Markets America, Inc., 4.87%, 11/25/29 | 1961000 | 2026094 |
| BP Capital Markets America, Inc., 2.72%, 1/12/32 | 591000 | 546778 |
| BP Capital Markets America, Inc., 4.81%, 2/13/33 | 1061000 | 1087833 |
| BP Capital Markets America, Inc., 4.89%, 9/11/33 | 1756000 | 1805467 |
| BP Capital Markets America, Inc., 4.99%, 4/10/34 | 1205000 | 1241153 |
| BP Capital Markets America, Inc., 5.23%, 11/17/34 | 3656000 | 3828191 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 2833000 | 3033158 |
| Cheniere Energy Partners LP, 5.95%, 6/30/33 | 260000 | 278976 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Chevron USA, Inc., 4.85%, 10/15/35 | $1321000 | $1357510 |
| Chevron USA, Inc., 6.00%, 3/1/41 | 4074000 | 4542572 |
| ConocoPhillips, 6.50%, 2/1/39 | 2117000 | 2417210 |
| ConocoPhillips Co., 6.80%, 3/15/32 | 225000 | 251607 |
| ConocoPhillips Co., 6.60%, 10/1/37 | 992000 | 1136667 |
| DCP Midstream Operating LP, 8.125%, 8/16/30 | 3397000 | 3957786 |
| Diamondback Energy, Inc., 5.15%, 1/30/30 | 680000 | 706089 |
| Diamondback Energy, Inc., 5.40%, 4/18/34 | 541000 | 562757 |
| Diamondback Energy, Inc., 5.55%, 4/1/35 | 1821000 | 1906149 |
| Enbridge Energy Partners LP, Series B, 7.50%, 4/15/38 | 2246000 | 2696561 |
| Enbridge, Inc., 5.70%, 3/8/33 | 430000 | 457146 |
| Energy Transfer LP, 6.10%, 12/1/28 | 435000 | 458001 |
| Energy Transfer LP, 5.25%, 4/15/29 | 185000 | 191112 |
| Energy Transfer LP, 7.50%, 7/1/38 | 2024000 | 2385297 |
| EOG Resources, Inc., 5.00%, 7/15/32 | 305000 | 316634 |
| EQT Corp., 5.00%, 1/15/29 | 125000 | 127497 |
| EQT Corp., 7.00%, 2/1/30 | 1186000 | 1299224 |
| EQT Corp., 5.75%, 2/1/34 | 757000 | 802191 |
| Equinor ASA, 7.25%, 9/23/27 | 1205000 | 1269925 |
| Equinor ASA, 3.125%, 4/6/30 | 1331000 | 1290742 |
| Exxon Mobil Corp., 4.23%, 3/19/40 | 850000 | 793181 |
| Hess Corp., 7.30%, 8/15/31 | 950000 | 1099317 |
| Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | 790000 | 879811 |
| Kinder Morgan, Inc., 7.80%, 8/1/31 | 228000 | 267195 |
| Kinder Morgan, Inc., 5.20%, 6/1/33 | 281000 | 293314 |
| Kinder Morgan, Inc., 5.30%, 12/1/34 | 2759000 | 2863249 |
| MPLX LP, 5.00%, 3/1/33 | 601000 | 611070 |
| MPLX LP, 5.40%, 9/15/35 | 480000 | 490395 |
| ONEOK, Inc., 3.40%, 9/1/29 | 219000 | 214218 |
| ONEOK, Inc., 4.75%, 10/15/31 | 179000 | 181634 |
| Phillips 66 Co., 5.30%, 6/30/33 | 1005000 | 1044911 |
| Plains All American Pipeline LP/PAA Finance Corp., 6.65%, 1/15/37 | 3893000 | 4315433 |
| Sabine Pass Liquefaction LLC, 5.90%, 9/15/37 | 1385656 | 1476410 |
| Shell Finance U.S., Inc., 2.75%, 4/6/30 | 217000 | 207623 |
| Shell Finance U.S., Inc., 4.75%, 1/6/36 | 4300000 | 4334877 |
| Shell Finance U.S., Inc., 6.375%, 12/15/38<sup>(2)</sup> | 991000 | 1124623 |
| Shell Finance U.S., Inc., 5.50%, 3/25/40<sup>(2)</sup> | 805000 | 840702 |
| Shell International Finance BV, 2.75%, 4/6/30 | 537000 | 514464 |
| Shell International Finance BV, 5.50%, 3/25/40 | 400000 | 421536 |
| Suncor Energy, Inc., 6.85%, 6/1/39 | 1220000 | 1378539 |
| Targa Resources Corp., 4.90%, 9/15/30 | 300000 | 308173 |
| Targa Resources Corp., 6.125%, 3/15/33 | 1087000 | 1176511 |
| Targa Resources Corp., 6.50%, 3/30/34 | 860000 | 952854 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30 | 142000 | 144596 |
| TransCanada PipeLines Ltd., 6.20%, 10/15/37 | 1000000 | 1090481 |
| TransCanada PipeLines Ltd., 7.625%, 1/15/39 | 2073000 | 2521738 |
| Valero Energy Corp., 5.15%, 2/15/30 | 2497000 | 2588633 |
| Valero Energy Corp., 6.625%, 6/15/37 | 1760000 | 1980183 |
| Williams Cos., Inc., 4.90%, 3/15/29 | 350000 | 359170 |
| Williams Cos., Inc., 5.65%, 3/15/33 | 350000 | 370463 |
|  |  | 77905184 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Paper and Forest Products — 0.2%** |  |  |
| Georgia-Pacific LLC, 8.875%, 5/15/31 | $2446000 | $2982631 |
| **Passenger Airlines — 0.0%** |  |  |
| Southwest Airlines Co., 2.625%, 2/10/30<sup>(1)</sup> | 526000 | 493818 |
| United Airlines Pass-Through Trust, Class AA, 5.45%, 8/15/38 | 131564 | 138036 |
|  |  | 631854 |
| **Personal Care Products — 0.8%** |  |  |
| Estee Lauder Cos., Inc., 4.65%, 5/15/33 | 473000 | 480711 |
| Estee Lauder Cos., Inc., 5.00%, 2/14/34 | 2150000 | 2221307 |
| Estee Lauder Cos., Inc., 6.00%, 5/15/37 | 2982000 | 3295220 |
| Kenvue, Inc., 4.90%, 3/22/33 | 655000 | 676798 |
| Unilever Capital Corp., 5.90%, 11/15/32 | 4107000 | 4538235 |
| Unilever Capital Corp., 5.00%, 12/8/33 | 1410000 | 1478586 |
| Unilever Capital Corp., 4.625%, 8/12/34 | 1025000 | 1043011 |
|  |  | 13733868 |
| **Pharmaceuticals — 3.0%** |  |  |
| Astrazeneca Finance LLC, 2.25%, 5/28/31 | 1181000 | 1082882 |
| Astrazeneca Finance LLC, 4.875%, 3/3/33 | 1365000 | 1420685 |
| Astrazeneca Finance LLC, 5.00%, 2/26/34 | 345000 | 359241 |
| AstraZeneca PLC, 1.375%, 8/6/30 | 295000 | 264780 |
| AstraZeneca PLC, 6.45%, 9/15/37 | 1262000 | 1448144 |
| Bristol-Myers Squibb Co., 5.75%, 2/1/31 | 591000 | 635397 |
| Bristol-Myers Squibb Co., 5.10%, 2/22/31 | 2242000 | 2345487 |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 1022000 | 956328 |
| Bristol-Myers Squibb Co., 5.90%, 11/15/33 | 782000 | 859167 |
| Bristol-Myers Squibb Co., 5.20%, 2/22/34 | 4009000 | 4197380 |
| Eli Lilly & Co., 4.70%, 2/27/33 | 650000 | 669048 |
| Eli Lilly & Co., 4.70%, 2/9/34 | 400000 | 409386 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 2522000 | 2579721 |
| GlaxoSmithKline Capital, Inc., 5.375%, 4/15/34 | 1747000 | 1873307 |
| GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 5915000 | 6747566 |
| Johnson & Johnson, 3.625%, 3/3/37 | 1105000 | 1018784 |
| Johnson & Johnson, 5.85%, 7/15/38 | 3349000 | 3739692 |
| Merck & Co., Inc., 4.15%, 3/15/31 | 250000 | 251758 |
| Merck & Co., Inc., 4.50%, 5/17/33 | 781000 | 796157 |
| Merck & Co., Inc., 6.50%, 12/1/33 | 4211000 | 4810498 |
| Merck & Co., Inc., 2.35%, 6/24/40 | 905000 | 665927 |
| Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 2509000 | 2769427 |
| Novartis Capital Corp., 4.20%, 9/18/34 | 1310000 | 1300426 |
| Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | 175000 | 178691 |
| Pfizer, Inc., 4.00%, 12/15/36<sup>(1)</sup> | 450000 | 426915 |
| Pfizer, Inc., 7.20%, 3/15/39 | 1020000 | 1232731 |
| Royalty Pharma PLC, 2.20%, 9/2/30 | 2378000 | 2185657 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 485000 | 433639 |
| Wyeth LLC, 6.50%, 2/1/34 | 1573000 | 1782643 |
| Wyeth LLC, 5.95%, 4/1/37 | 1760000 | 1925777 |
|  |  | 49367241 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc., 4.45%, 9/9/34 | 795000 | 794858 |
| Paychex, Inc., 5.35%, 4/15/32 | 2488000 | 2552746 |
| Paychex, Inc., 1, 5.60%, 4/15/35 | 1947000 | 1996854 |
| Verisk Analytics, Inc., 5.25%, 3/15/35 | 2793000 | 2839526 |
|  |  | 8183984 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Real Estate Management and Development — 0.3%** |  |  |
| CBRE Services, Inc., 2.50%, 4/1/31 | $3327000 | $3039737 |
| CBRE Services, Inc., 5.95%, 8/15/34 | 1793000 | 1918255 |
|  |  | 4957992 |
| **Residential REITs — 1.1%** |  |  |
| AvalonBay Communities, Inc., 3.30%, 6/1/29 | 195000 | 191514 |
| AvalonBay Communities, Inc., 4.35%, 12/1/30 | 1755000 | 1772799 |
| AvalonBay Communities, Inc., 5.00%, 2/15/33 | 4058000 | 4206274 |
| AvalonBay Communities, Inc., 5.35%, 6/1/34 | 3113000 | 3274161 |
| Camden Property Trust, 2.80%, 5/15/30 | 2053000 | 1954781 |
| UDR, Inc., 3.00%, 8/15/31 | 2435000 | 2283738 |
| UDR, Inc., 2.10%, 8/1/32 | 2736000 | 2385194 |
| UDR, Inc., 1.90%, 3/15/33 | 2159000 | 1814541 |
|  |  | 17883002 |
| **Retail REITs — 0.4%** |  |  |
| Kimco Realty OP LLC, 2.80%, 10/1/26 | 280000 | 278243 |
| Kimco Realty OP LLC, 6.40%, 3/1/34 | 465000 | 518342 |
| Realty Income Corp., 4.00%, 7/15/29 | 490000 | 490769 |
| Realty Income Corp., 3.25%, 1/15/31 | 1379000 | 1324839 |
| Realty Income Corp., 5.625%, 10/13/32 | 1507000 | 1611585 |
| Realty Income Corp., 5.125%, 4/15/35 | 2203000 | 2267564 |
|  |  | 6491342 |
| **Semiconductors and Semiconductor Equipment — 1.4%** |  |  |
| Advanced Micro Devices, Inc., 3.92%, 6/1/32<sup>(1)</sup> | 886000 | 878848 |
| Analog Devices, Inc., 5.05%, 4/1/34 | 1065000 | 1113857 |
| Applied Materials, Inc., 5.85%, 6/15/41 | 3861000 | 4190589 |
| Broadcom, Inc., 4.30%, 11/15/32 | 3072000 | 3062516 |
| Broadcom, Inc., 2.60%, 2/15/33 | 776000 | 691031 |
| Broadcom, Inc., 4.93%, 5/15/37<sup>(2)</sup> | 1879000 | 1880270 |
| KLA Corp., 4.65%, 7/15/32 | 2323000 | 2382986 |
| KLA Corp., 4.70%, 2/1/34 | 530000 | 538255 |
| Marvell Technology, Inc., 2.95%, 4/15/31 | 2098000 | 1961743 |
| Marvell Technology, Inc., 5.45%, 7/15/35 | 465000 | 484286 |
| Micron Technology, Inc., 5.875%, 2/9/33 | 550000 | 592516 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, 1/15/33 | 280000 | 286642 |
| QUALCOMM, Inc., 2.15%, 5/20/30 | 190000 | 176792 |
| QUALCOMM, Inc., 4.25%, 5/20/32 | 654000 | 658617 |
| QUALCOMM, Inc., 4.75%, 5/20/32 | 285000 | 293050 |
| QUALCOMM, Inc., 4.65%, 5/20/35 | 2128000 | 2153532 |
| Texas Instruments, Inc., 4.90%, 3/14/33 | 835000 | 867745 |
| Texas Instruments, Inc., 4.85%, 2/8/34 | 771000 | 796467 |
|  |  | 23009742 |
| **Software — 0.5%** |  |  |
| Atlassian Corp., 5.50%, 5/15/34 | 180000 | 179720 |
| Autodesk, Inc., 2.85%, 1/15/30 | 2016000 | 1921001 |
| Intuit, Inc., 5.20%, 9/15/33 | 560000 | 580938 |
| Microsoft Corp., 3.50%, 2/12/35<sup>(1)</sup> | 1148000 | 1091470 |
| Microsoft Corp., 3.45%, 8/8/36 | 2058000 | 1901425 |
| Oracle Corp., 3.85%, 7/15/36 | 1352000 | 1153563 |
| Oracle Corp., 6.50%, 4/15/38 | 1000000 | 1037096 |
|  |  | 7865213 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Specialized REITs — 0.8%** |  |  |
| American Tower Corp., 2.90%, 1/15/30 | $1282000 | $1225411 |
| American Tower Corp., 4.90%, 3/15/30 | 940000 | 966197 |
| American Tower Corp., 2.10%, 6/15/30 | 171000 | 157064 |
| American Tower Corp., 5.65%, 3/15/33 | 260000 | 276398 |
| American Tower Corp., 5.55%, 7/15/33 | 1091000 | 1152388 |
| American Tower Corp., 5.35%, 3/15/35 | 2615000 | 2716294 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 700000 | 729327 |
| Crown Castle, Inc., 3.10%, 11/15/29 | 355000 | 341104 |
| Crown Castle, Inc., 2.10%, 4/1/31 | 1855000 | 1655460 |
| Crown Castle, Inc., 5.10%, 5/1/33 | 343000 | 349680 |
| Public Storage Operating Co., 2.30%, 5/1/31 | 1154000 | 1059685 |
| Public Storage Operating Co., 2.25%, 11/9/31 | 554000 | 502039 |
| VICI Properties LP, 5.625%, 4/1/35 | 1703000 | 1753281 |
| Weyerhaeuser Co., 4.00%, 11/15/29 | 540000 | 537663 |
|  |  | 13421991 |
| **Specialty Retail — 1.0%** |  |  |
| AutoZone, Inc., 4.75%, 2/1/33 | 735000 | 744092 |
| AutoZone, Inc., 5.20%, 8/1/33 | 2651000 | 2754228 |
| Home Depot, Inc., 4.75%, 6/25/29 | 294000 | 302841 |
| Home Depot, Inc., 1.375%, 3/15/31 | 500000 | 440487 |
| Home Depot, Inc., 4.85%, 6/25/31 | 1300000 | 1355156 |
| Home Depot, Inc., 4.95%, 6/25/34 | 2438000 | 2520661 |
| Home Depot, Inc., 5.875%, 12/16/36 | 4259000 | 4662864 |
| Home Depot, Inc., 5.95%, 4/1/41 | 1916000 | 2090314 |
| Lowe's Cos., Inc., 5.50%, 10/15/35 | 2254000 | 2384693 |
|  |  | 17255336 |
| **Technology Hardware, Storage and Peripherals — 0.7%** |  |  |
| Apple, Inc., 4.50%, 2/23/36<sup>(1)</sup> | 775000 | 793577 |
| Dell International LLC/EMC Corp., 6.20%, 7/15/30 | 125000 | 134336 |
| Dell International LLC/EMC Corp., 5.75%, 2/1/33 | 1988000 | 2111663 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 781000 | 792254 |
| Hewlett Packard Enterprise Co., 6.20%, 10/15/35<sup>(1)</sup> | 2074000 | 2249160 |
| HP, Inc., 2.65%, 6/17/31 | 365000 | 330773 |
| HP, Inc., 4.20%, 4/15/32<sup>(1)</sup> | 726000 | 705517 |
| HP, Inc., 5.50%, 1/15/33<sup>(1)</sup> | 822000 | 844914 |
| NetApp, Inc., 5.50%, 3/17/32 | 2915000 | 3039477 |
|  |  | 11001671 |
| **Transportation Infrastructure — 0.1%** |  |  |
| Aon North America, Inc., 5.15%, 3/1/29 | 1000000 | 1031476 |
| Federal Express Corp. Pass-Through Trusts, Series 2020-1, Class AA, 1.875%, 8/20/35 | 713666 | 636013 |
|  |  | 1667489 |
| **Water Utilities — 0.3%** |  |  |
| American Water Capital Corp., 2.30%, 6/1/31 | 2054000 | 1881029 |
| American Water Capital Corp., 5.25%, 3/1/35 | 2295000 | 2387282 |
|  |  | 4268311 |
| **Wireless Telecommunication Services — 0.6%** |  |  |
| Rogers Communications, Inc., 5.30%, 2/15/34 | 850000 | 868929 |
| T-Mobile USA, Inc., 2.55%, 2/15/31 | 1308000 | 1211076 |
| T-Mobile USA, Inc., 2.25%, 11/15/31 | 1341000 | 1204615 |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 1679000 | 1744562 |
| Vodafone Group PLC, 6.25%, 11/30/32 | 800000 | 881423 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Vodafone Group PLC, 6.15%, 2/27/37 | $2882000 | $3178955 |
| Vodafone Group PLC, 5.00%, 5/30/38<sup>(1)</sup> | 1312000 | 1318263 |
|  |  | 10407823 |
| **TOTAL CORPORATE BONDS**<br>(Cost $1,020,909,922) |  | **1038364967** |
| **U.S. TREASURY SECURITIES — 24.0%** |  |  |
| U.S. Treasury Bonds, 4.50%, 8/15/39 | 3575700 | 3671099 |
| U.S. Treasury Bonds, 1.125%, 8/15/40 | 7644700 | 4972191 |
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 7240000 | 4864799 |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | 7845000 | 5663875 |
| U.S. Treasury Bonds, 2.75%, 8/15/42 | 7240000 | 5777576 |
| U.S. Treasury Bonds, 3.125%, 2/15/43 | 5560000 | 4645641 |
| U.S. Treasury Bonds, 2.875%, 5/15/43 | 6030000 | 4837426 |
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 9000000 | 7374726 |
| U.S. Treasury Bonds, 3.00%, 11/15/44 | 8750000 | 7008545 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 9330000 | 6850990 |
| U.S. Treasury Bonds, 2.875%, 8/15/45 | 8350000 | 6493756 |
| U.S. Treasury Notes, 4.50%, 3/31/26 | 13700000 | 13707848 |
| U.S. Treasury Notes, 0.75%, 4/30/26 | 14860000 | 14788158 |
| U.S. Treasury Notes, 4.875%, 4/30/26 | 10040000 | 10058847 |
| U.S. Treasury Notes, 0.75%, 5/31/26 | 7100000 | 7048736 |
| U.S. Treasury Notes, 0.875%, 6/30/26 | 5050000 | 5003787 |
| U.S. Treasury Notes, 3.875%, 5/31/27 | 8310000 | 8350252 |
| U.S. Treasury Notes, 3.875%, 7/15/28 | 14010000 | 14165697 |
| U.S. Treasury Notes, 1.125%, 8/31/28 | 15290000 | 14471149 |
| U.S. Treasury Notes, 1.25%, 9/30/28 | 17090000 | 16195779 |
| U.S. Treasury Notes, 1.375%, 10/31/28 | 16740000 | 15890903 |
| U.S. Treasury Notes, 1.50%, 11/30/28 | 16510000 | 15699978 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 12650000 | 11969815 |
| U.S. Treasury Notes, 3.50%, 1/15/29 | 16000000 | 16050625 |
| U.S. Treasury Notes, 4.00%, 1/31/29 | 14590000 | 14835921 |
| U.S. Treasury Notes, 2.625%, 2/15/29 | 12340000 | 12075606 |
| U.S. Treasury Notes, 2.375%, 3/31/29 | 11760000 | 11409956 |
| U.S. Treasury Notes, 4.50%, 5/31/29 | 10720000 | 11076984 |
| U.S. Treasury Notes, 1.50%, 2/15/30 | 9400000 | 8729883 |
| U.S. Treasury Notes, 0.625%, 5/15/30 | 11220000 | 9980321 |
| U.S. Treasury Notes, 4.125%, 8/31/30<sup>(3)</sup> | 10210000 | 10473227 |
| U.S. Treasury Notes, 3.75%, 12/31/30 | 13060000 | 13192130 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 11645000 | 12025055 |
| U.S. Treasury Notes, 1.875%, 2/15/32 | 10000000 | 9063672 |
| U.S. Treasury Notes, 2.875%, 5/15/32 | 12270000 | 11738460 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 15760000 | 14921827 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | 10560000 | 10416450 |
| U.S. Treasury Notes, 4.25%, 5/15/35 | 8254400 | 8467531 |
| U.S. Treasury Notes, 4.25%, 8/15/35 | 7500000 | 7687500 |
| U.S. Treasury Notes, 4.125%, 2/15/36 | 4350000 | 4408113 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $391,284,024) |  | **396064834** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.5%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.5%** |  |  |
| GNMA, 3.50%, TBA<sup>(4)</sup> | 17500000 | 16373221 |
| GNMA, 3.50%, TBA | 6000000 | 5632426 |
| GNMA, 3.50%, TBA | 6000000 | 5612270 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| GNMA, 4.50%, TBA | $7500000 | $7403906 |
| GNMA, 4.50%, TBA<sup>(4)</sup> | 2500000 | 2471289 |
| GNMA, 4.50%, TBA<sup>(4)</sup> | 2000000 | 1972812 |
| GNMA, 5.00%, TBA<sup>(4)</sup> | 21000000 | 21045819 |
| GNMA, 5.00%, TBA<sup>(4)</sup> | 14000000 | 14050780 |
| GNMA, 5.00%, TBA<sup>(4)</sup> | 12500000 | 12509695 |
| GNMA, 5.50%, TBA<sup>(4)</sup> | 20000000 | 20238041 |
| GNMA, 5.50%, TBA | 10000000 | 10129177 |
| UMBS, 2.00%, TBA<sup>(4)</sup> | 6000000 | 5592698 |
| UMBS, 2.00%, TBA | 3500000 | 3262270 |
| UMBS, 3.50%, TBA<sup>(4)</sup> | 14000000 | 13189192 |
| UMBS, 3.50%, TBA<sup>(4)</sup> | 12000000 | 11310178 |
| UMBS, 3.50%, TBA | 5000000 | 4890756 |
| UMBS, 4.00%, TBA<sup>(4)</sup> | 40000000 | 38764721 |
| UMBS, 4.00%, TBA | 10000000 | 9720477 |
| UMBS, 4.00%, TBA | 6000000 | 5949585 |
| UMBS, 4.00%, TBA | 5000000 | 4954667 |
| UMBS, 4.00%, TBA<sup>(4)</sup> | 1000000 | 968337 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 24000000 | 23738030 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 15000000 | 14822206 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 9000000 | 9039065 |
| UMBS, 5.00%, TBA<sup>(4)</sup> | 14000000 | 14066077 |
| UMBS, 5.00%, TBA<sup>(4)</sup> | 10000000 | 10035870 |
| UMBS, 5.00%, TBA<sup>(4)</sup> | 5000000 | 5012076 |
| UMBS, 5.50%, TBA<sup>(4)</sup> | 15000000 | 15242836 |
| UMBS, 5.50%, TBA<sup>(4)</sup> | 15000000 | 15230531 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $320,405,537) |  | **323229008** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 1.1%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.375%, 6/23/26 | 750000 | 751472 |
| Federal Farm Credit Banks Funding Corp., 3.625%, 9/15/26 | 1000000 | 999815 |
| FHLB, 1.05%, 8/13/26 | 500000 | 494427 |
| FHLB, 4.00%, 10/9/26 | 450000 | 451096 |
| FHLB, 4.625%, 11/17/26 | 1450000 | 1460015 |
| FHLB, 1.25%, 12/21/26 | 1250000 | 1227920 |
| FHLB, 3.25%, 6/9/28 | 500000 | 499061 |
| FHLB, 3.25%, 11/16/28 | 820000 | 818268 |
| FHLMC, 0.80%, 10/27/26 | 1000000 | 981961 |
| FHLMC, 6.75%, 9/15/29 | 260000 | 288799 |
| FHLMC, 6.75%, 3/15/31 | 1241000 | 1423980 |
| FHLMC, 6.25%, 7/15/32 | 949000 | 1084491 |
| FNMA, 2.125%, 4/24/26 | 957000 | 954716 |
| FNMA, 1.875%, 9/24/26 | 1457000 | 1442547 |
| FNMA, 6.25%, 5/15/29 | 485000 | 526527 |
| FNMA, 7.25%, 5/15/30 | 610000 | 699491 |
| FNMA, 6.625%, 11/15/30 | 597000 | 677011 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 1218000 | 1231171 |
| Tennessee Valley Authority, 7.125%, 5/1/30 | 1092000 | 1242271 |
| Tennessee Valley Authority, 1.50%, 9/15/31 | 500000 | 446614 |
| Tennessee Valley Authority, 4.875%, 5/15/35 | 650000 | 686129 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $18,209,457) |  | **18387782** |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
| <br>**SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Canada — 0.1%** |  |  |
| Export Development Canada, 3.875%, 2/14/28 | $1045000 | $1053603 |
| Export Development Canada, 4.125%, 2/13/29 | 665000 | 678113 |
|  |  | 1731716 |
| **Sweden — 0.0%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 450000 | 444034 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $2,159,404) |  | **2175750** |
| **SHORT-TERM INVESTMENTS — 11.0%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<sup>(5)</sup> | 1437215 | 1437215 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 17312698 | 17312698 |
|  |  | 18749913 |
| **Treasury Bills**<sup>(7)</sup> **— 9.9%** |  |  |
| U.S. Treasury Bills, 3.71%, 3/5/26 | $10000000 | 9996963 |
| U.S. Treasury Bills, 3.69%, 3/10/26 | 25000000 | 24978751 |
| U.S. Treasury Bills, 3.72%, 3/26/26 | 11000000 | 10973406 |
| U.S. Treasury Bills, 3.71%, 3/31/26 | 25000000 | 24927114 |
| U.S. Treasury Bills, 3.72%, 4/2/26 | 20000000 | 19937656 |
| U.S. Treasury Bills, 3.71%, 4/7/26 | 25000000 | 24909406 |
| U.S. Treasury Bills, 3.70%, 4/9/26 | 10000000 | 9961815 |
| U.S. Treasury Bills, 3.71%, 4/14/26 | 25000000 | 24891753 |
| U.S. Treasury Bills, 3.72%, 4/16/26 | 11000000 | 10950266 |
| U.S. Treasury Bills, 3.70%, 4/21/26 | 2000000 | 1989958 |
|  |  | 163517088 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $182,249,689) |  | **182267001** |
| **TOTAL INVESTMENT SECURITIES — 118.5%**<br>(Cost $1,935,218,033) |  | **1960489342** |
| **OTHER ASSETS AND LIABILITIES — (18.5)%** |  | **(306636871)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1653852471** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional Amount** | **Unrealized Appreciation (Depreciation)^** |
| U.S. Treasury Long Bonds | 15 | June 2026 | $1777031 | $15908 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type**<sup>‡</sup> | **Fixed<br>Rate<br>Received<br>(Paid)<br>Quarterly** | **Termination<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value**<sup>^</sup> |
| Markit CDX North America Investment Grade Index Series 45 | Sell | 1.00% | 12/20/30 | $30000000 | $612173 | $28886 | $641059 |

---

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CDX | – | Credit Derivatives Indexes |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GNMA | – | Government National Mortgage Association |
| TBA | – | To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement. |
| UMBS | – | Uniform Mortgage-Backed Securities |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $16,787,859. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $19,036,339, which represented 1.2% of total net assets.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $883,159.

(4)Collateral has been received at the custodian bank for collateral requirements on forward commitments. At the period end, the aggregate value of securities received was $1,176,613.

(5)Includes securities purchased with cash collateral received at the custodian bank for collateral requirements on forward commitments. At the period end, the aggregate value of cash deposits received was $943,221.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $17,312,698.

(7)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $1038364967 |  |
| U.S. Treasury Securities |  | 396064834 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 323229008 |  |
| U.S. Government Agency Securities |  | 18387782 |  |
| Sovereign Governments and Agencies |  | 2175750 |  |
| Short-Term Investments | $18749913 | 163517088 |  |
|  | $18749913 | $1941739429 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $15908 |  |  |
| Swap Agreements |  | $641059 |  |
|  | $15908 | $641059 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Interest Rate** | **Total** |
| **Asset Derivatives:** | | | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* |  | $8906 | $8906 |
| **Liability Derivatives:** |  |  |  |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* | $30631 |  | $30631 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

------

Schedule of Investments - Avantis Core Fixed Income ETF

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Interest Rate** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $100298 | $100298 |
| &nbsp;&nbsp;Swap agreement transactions | $197466 |  | 197466 |
|  |  |  | $297764 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $4799 | $4799 |
| &nbsp;&nbsp;Swap agreements | $(120425) |  | (120425) |
|  |  |  | $(115626) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 98.6%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Alabama — 1.4%** |  |  |
| Alabama Public School & College Authority Rev., 5.00%, 11/1/37 | $200000 | $219104 |
| Alabama Public School & College Authority Rev., 4.00%, 11/1/38 | 150000 | 154831 |
| Alabama Public School & College Authority Rev., 5.00%, 11/1/39 | 250000 | 271705 |
| Alabama Public School & College Authority Rev., 4.00%, 11/1/40 | 700000 | 715913 |
| Birmingham Regional Water Works Rev., 4.00%, 1/1/41 | 300000 | 301001 |
| Jefferson County Sewer Rev., 5.00%, 10/1/31 | 200000 | 225182 |
| Jefferson County Sewer Rev., 5.00%, 10/1/32 | 240000 | 274068 |
| Jefferson County Sewer Rev., 5.00%, 10/1/33 | 45000 | 51981 |
|  |  | 2213785 |
| **Arizona — 0.2%** |  |  |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 70000 | 73238 |
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/39 | 200000 | 205486 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 | 65000 | 67503 |
|  |  | 346227 |
| **California — 11.1%** |  |  |
| California Educational Facilities Authority Rev., (Chapman University), 4.00%, 4/1/47 (GA: Brandman University) | 445000 | 429849 |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/42 | 500000 | 505801 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42 | 160000 | 166071 |
| California State Public Works Board Rev., (State of California), 5.00%, 4/1/45 | 475000 | 522406 |
| California State University Rev., 5.00%, 11/1/36 | 200000 | 200815 |
| Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AG)<sup>(1)</sup> | 50000 | 48468 |
| Eastern Municipal Water District Financing Authority Rev., (Eastern Municipal Water District), 4.00%, 7/1/38 | 60000 | 62878 |
| Fresno Unified School District GO, 4.00%, 8/1/41 | 300000 | 300347 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 4.00%, 12/1/40 | 210000 | 210071 |
| Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 20), 4.00%, 10/1/42 | 300000 | 300623 |
| Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | 75000 | 77355 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/40 | 65000 | 70579 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/28 | 275000 | 292095 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/31 | 205000 | 231953 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/31 | 1130000 | 1278571 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/32 | 915000 | 1052792 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/33 | 120000 | 126475 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/34 | 270000 | 318364 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/34 | 535000 | 630832 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/46 | 385000 | 402570 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/31 | 150000 | 169722 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/32 | 750000 | 862944 |
| Los Angeles Department of Water & Power System Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/40 | 75000 | 80262 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/32 | 1005000 | 1156346 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/39 | 400000 | 459032 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/40 | 125000 | 137427 |
| Los Angeles Unified School District GO, 3.00%, 7/1/35 | 45000 | 45246 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Los Angeles Unified School District GO, 4.00%, 7/1/40 | $70000 | $72363 |
| Los Angeles Unified School District GO, 3.00%, 7/1/45 | 150000 | 125050 |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 5.00%, 11/1/31 | 180000 | 183068 |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 4.00%, 11/1/33 | 225000 | 226656 |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 4.00%, 11/1/35 | 100000 | 100500 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/40 | 150000 | 152482 |
| Riverside Unified School District GO, 4.00%, 8/1/42 | 675000 | 677561 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 | 50000 | 54038 |
| San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42 | 250000 | 251051 |
| Silicon Valley Clean Water Rev., 0.50%, 3/1/26 | 1000000 | 1000000 |
| State of California GO, 5.00%, 4/1/26 | 120000 | 120287 |
| State of California GO, 5.00%, 4/1/27 | 265000 | 273708 |
| State of California GO, 3.00%, 9/1/29 | 260000 | 260093 |
| State of California GO, 5.00%, 4/1/31 | 90000 | 103037 |
| State of California GO, 5.00%, 9/1/31 | 50000 | 50728 |
| State of California GO, 4.00%, 9/1/32 | 110000 | 110792 |
| State of California GO, 4.00%, 9/1/33 | 60000 | 60404 |
| State of California GO, 4.00%, 9/1/33 | 300000 | 302018 |
| State of California GO, 4.00%, 9/1/33 | 455000 | 458061 |
| State of California GO, 5.00%, 8/1/34 | 20000 | 20042 |
| State of California GO, 3.00%, 10/1/35 | 300000 | 302095 |
| State of California GO, 4.00%, 10/1/35 | 200000 | 214392 |
| State of California GO, 4.00%, 3/1/36 | 140000 | 147658 |
| State of California GO, 4.00%, 10/1/36 | 50000 | 52004 |
| State of California GO, 4.00%, 8/1/37 | 100000 | 101368 |
| State of California GO, 4.00%, 10/1/39 | 200000 | 205550 |
| State of California GO, 4.00%, 9/1/43 | 210000 | 216037 |
| Sweetwater Union High School District GO, 4.00%, 8/1/42 | 505000 | 505065 |
| University of California Rev., 5.00%, 5/15/36 | 65000 | 66999 |
| University of California Rev., 4.00%, 5/15/40 | 310000 | 320963 |
| Vernon Electric System Rev., 5.00%, 4/1/28 | 575000 | 603742 |
|  |  | 17477706 |
| **Colorado — 1.2%** |  |  |
| E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NPFG)<sup>(1)</sup> | 80000 | 71575 |
| State of Colorado COP, 5.00%, 3/15/32 | 130000 | 133530 |
| State of Colorado COP, 4.00%, 12/15/35 | 50000 | 52418 |
| State of Colorado COP, 4.00%, 12/15/40 | 1500000 | 1549795 |
| University of Colorado Rev., 4.00%, 6/1/43 | 80000 | 80173 |
|  |  | 1887491 |
| **Connecticut — 2.3%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 | 275000 | 275090 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/42 | 400000 | 407045 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 4.00%, 7/1/45 | 350000 | 340484 |
| State of Connecticut GO, 4.00%, 1/15/32 | 125000 | 136633 |
| State of Connecticut GO, 5.00%, 10/15/34 | 50000 | 50776 |
| State of Connecticut GO, 4.00%, 1/15/37 | 75000 | 79104 |
| State of Connecticut GO, 4.00%, 1/15/38 | 170000 | 178060 |
| State of Connecticut GO, 5.00%, 3/15/38 | 100000 | 116929 |
| State of Connecticut GO, 4.00%, 4/15/38 | 225000 | 230693 |
| State of Connecticut, Special Tax Rev., 5.00%, 9/1/28 | 55000 | 55764 |
| State of Connecticut, Special Tax Rev., 4.00%, 5/1/36 | 665000 | 695076 |
| State of Connecticut, Special Tax Rev., 4.00%, 11/1/39 | 70000 | 72629 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| State of Connecticut, Special Tax Rev., 3.125%, 5/1/40 | $75000 | $71268 |
| State of Connecticut, Special Tax Rev., 4.00%, 5/1/40 | 500000 | 515272 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/41 | 210000 | 228231 |
| University of Connecticut Rev., 4.00%, 4/15/38 | 95000 | 96479 |
|  |  | 3549533 |
| **District of Columbia — 3.2%** |  |  |
| District of Columbia GO, 5.00%, 6/1/35 | 265000 | 272830 |
| District of Columbia GO, 5.00%, 6/1/36 | 100000 | 102822 |
| District of Columbia GO, 4.00%, 6/1/37 | 100000 | 101007 |
| District of Columbia GO, 5.00%, 6/1/37 | 100000 | 102668 |
| District of Columbia Rev., 4.00%, 3/1/37 | 360000 | 373725 |
| District of Columbia Rev., 5.00%, 3/1/38 | 100000 | 107807 |
| District of Columbia Rev., 4.00%, 3/1/40 | 1315000 | 1345111 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32 | 150000 | 154048 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 450000 | 461207 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/36 | 200000 | 205584 |
| Washington Metropolitan Area Transit Authority Rev., 3.00%, 7/15/36 | 125000 | 122888 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 | 85000 | 92222 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/38 | 480000 | 496407 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/39 | 165000 | 169749 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/40 | 390000 | 397766 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/42 | 585000 | 595888 |
|  |  | 5101729 |
| **Florida — 7.5%** |  |  |
| Broward County Airport System Rev., 4.00%, 10/1/42 | 910000 | 910103 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/42 | 480000 | 484180 |
| Cape Coral Water & Sewer Rev., 5.00%, 10/1/39 | 105000 | 107794 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 100000 | 100442 |
| Central Florida Expressway Authority Rev., 3.25%, 7/1/36 | 60000 | 60015 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 150000 | 150375 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/38 | 65000 | 65119 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/39 | 250000 | 250452 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/41 | 135000 | 135195 |
| Florida Department of Management Services COP, 5.00%, 11/1/26 | 75000 | 76411 |
| Florida Municipal Power Agency Rev., (Florida Municipal Power Agency All-Requirements Power Supply Project), 5.00%, 10/1/28 | 160000 | 162528 |
| Fort Lauderdale Water & Sewer Rev., 4.00%, 9/1/43 | 275000 | 275788 |
| Gainesville Utilities System Rev., 5.00%, 10/1/37 | 55000 | 56826 |
| JEA Water & Sewer System Rev., 4.00%, 10/1/39 | 300000 | 301274 |
| Lakeland Department of Electric Utilities Rev., 5.25%, 10/1/36 | 110000 | 128943 |
| Miami Beach Rev., 5.00%, 9/1/40 | 2500000 | 2503139 |
| Miami-Dade County GO, 5.00%, 7/1/38 | 100000 | 100656 |
| Miami-Dade County GO, 4.00%, 7/1/42 | 500000 | 500110 |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/28 | 135000 | 137139 |
| Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 4.00%, 4/1/45 | 485000 | 473036 |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/39 | 250000 | 250110 |
| Miami-Dade County Transit System Rev., 4.00%, 7/1/38 | 295000 | 295694 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/27 | 100000 | 104581 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 920000 | 935607 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/36 | 500000 | 507508 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/38 | 140000 | 141703 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/46 | 650000 | 621318 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/34 | $115000 | $115689 |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/36 | 50000 | 50234 |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/36 | 150000 | 150703 |
| Orange County School Board COP, 5.00%, 8/1/34 | 55000 | 65135 |
| Palm Beach County School District COP, 5.00%, 8/1/27 | 220000 | 228776 |
| Port State Lucie Utility System Rev., 4.00%, 9/1/36 | 130000 | 130522 |
| School Board of Miami-Dade County COP, 5.00%, 2/1/27 | 80000 | 80168 |
| School Board of Miami-Dade County COP, 5.00%, 2/1/29 | 60000 | 60128 |
| School Board of Miami-Dade County COP, 5.00%, 5/1/29 | 200000 | 217239 |
| School Board of Miami-Dade County COP, 5.00%, 5/1/32 | 30000 | 34656 |
| School District of Broward County COP, 5.00%, 7/1/27 | 235000 | 243134 |
| Tampa-Hillsborough County Expressway Authority Rev., 4.00%, 7/1/42 | 650000 | 653260 |
|  |  | 11865690 |
| **Georgia — 2.3%** |  |  |
| Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 | 1150000 | 1153559 |
| DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AG) | 75000 | 76293 |
| Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 | 150000 | 140445 |
| Gwinnett County School District GO, 4.00%, 2/1/37 | 200000 | 209943 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 45000 | 44479 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 | 260000 | 250405 |
| Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/33 | 85000 | 100151 |
| Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/33 | 120000 | 141389 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 | 250000 | 256586 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 10/1/38 | 110000 | 110217 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 | 50000 | 50988 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/41 | 235000 | 237427 |
| State of Georgia GO, 4.00%, 7/1/36 | 855000 | 881021 |
|  |  | 3652903 |
| **Hawaii — 0.2%** |  |  |
| City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 | 90000 | 83399 |
| City & County Honolulu Wastewater System Rev., 4.00%, 7/1/42 | 160000 | 161048 |
| State of Hawaii GO, 5.00%, 1/1/38 | 75000 | 78017 |
|  |  | 322464 |
| **Idaho — 0.3%** |  |  |
| Idaho Housing & Finance Association Rev., 5.00%, 7/15/29 | 110000 | 119730 |
| Idaho Housing & Finance Association Rev., 4.00%, 7/15/38 | 160000 | 164151 |
| Idaho State Building Authority Rev., (State of Idaho Sales Tax), 5.00%, 6/1/34 | 110000 | 131215 |
|  |  | 415096 |
| **Illinois — 4.0%** |  |  |
| Chicago O'Hare International Airport Rev., 4.00%, 1/1/37 | 100000 | 102619 |
| Cook County Sales Tax Rev., 4.00%, 11/15/39 | 1000000 | 1013029 |
| Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 135000 | 135084 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/37 | 225000 | 233225 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38 | 90000 | 92864 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/38 | 655000 | 656037 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40 | 135000 | 135336 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 75000 | 75508 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 135000 | 136040 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/43 | 190000 | 204942 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/46 | 845000 | 797091 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 | 575000 | 606210 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 4.00%, 12/15/42 | $570000 | $563238 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 4.00%, 12/15/47 | 255000 | 228171 |
| Northern Illinois Municipal Power Agency Rev., 4.00%, 12/1/41 | 100000 | 100233 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/27 | 55000 | 56237 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/35 | 215000 | 251392 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM) | 150000 | 160832 |
| Sales Tax Securitization Corp. Rev., 4.00%, 1/1/40 (BAM) | 355000 | 358054 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/43 | 220000 | 226069 |
| State of Illinois GO, 5.00%, 3/1/27 | 100000 | 102599 |
|  |  | 6234810 |
| **Indiana — 0.5%** |  |  |
| Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36 | 390000 | 410045 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/33 | 110000 | 126101 |
| Indiana Municipal Power Agency Rev., 5.00%, 1/1/33 | 50000 | 50445 |
| Indiana Municipal Power Agency Rev., 4.00%, 1/1/42 | 200000 | 200302 |
|  |  | 786893 |
| **Kentucky — 0.3%** |  |  |
| Kentucky Asset Liability Commission Rev., 5.00%, 9/1/26 | 135000 | 136863 |
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 5.00%, 4/1/35 | 265000 | 316261 |
|  |  | 453124 |
| **Louisiana — 0.7%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/28 | 560000 | 580007 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/29 | 115000 | 119036 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/30 | 120000 | 124126 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/31 | 145000 | 149865 |
| State of Louisiana GO, 5.00%, 8/1/27 | 75000 | 75877 |
|  |  | 1048911 |
| **Maryland — 0.4%** |  |  |
| State of Maryland GO, 5.00%, 3/15/27 | 305000 | 314361 |
| State of Maryland Department of Transportation Rev., 2.125%, 10/1/31 | 270000 | 260272 |
|  |  | 574633 |
| **Massachusetts — 3.2%** |  |  |
| Massachusetts GO, 5.00%, 2/1/35 | 50000 | 51246 |
| Massachusetts GO, 3.00%, 7/1/35 | 100000 | 100507 |
| Massachusetts GO, 4.00%, 12/1/39 | 50000 | 50145 |
| Massachusetts GO, 4.00%, 11/1/40 | 275000 | 282805 |
| Massachusetts GO, 3.00%, 4/1/41 | 710000 | 647566 |
| Massachusetts GO, 5.00%, 11/1/41 | 55000 | 56876 |
| Massachusetts GO, 4.00%, 4/1/42 | 645000 | 645007 |
| Massachusetts GO, 5.00%, 11/1/45 | 75000 | 79378 |
| Massachusetts GO, 5.00%, 1/1/49 | 445000 | 470383 |
| Massachusetts GO, 5.00%, 11/1/50 | 75000 | 77559 |
| Massachusetts Bay Transportation Authority Rev., Capital Appreciation, 0.00%, 7/1/31<sup>(1)</sup> | 500000 | 431122 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/47 | 225000 | 223664 |
| Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 10/1/41 | 135000 | 150103 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 2/15/33 | 500000 | 588709 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 4.00%, 7/1/39 | 105000 | 102651 |
| Massachusetts Development Finance Agency Rev., (Trustees of Boston University), 5.00%, 10/1/48 | 115000 | 122542 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Massachusetts Water Resources Authority Rev., 4.00%, 8/1/40 | $1000000 | $1001873 |
|  |  | 5082136 |
| **Michigan — 3.6%** |  |  |
| Michigan State University Rev., 4.00%, 2/15/44 | 1280000 | 1285914 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/36 | 910000 | 962763 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/37 | 50000 | 52504 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/39 | 500000 | 517465 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/40 | 100000 | 102214 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/41 | 945000 | 967494 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/46 | 475000 | 461601 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/46 | 525000 | 548349 |
| Wayne State University Rev., 4.00%, 11/15/48 | 900000 | 840935 |
|  |  | 5739239 |
| **Minnesota — 0.3%** |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 | 100000 | 102217 |
| State of Minnesota Rev., 5.00%, 3/1/27 | 100000 | 102876 |
| State of Minnesota Rev., 5.00%, 3/1/29 | 215000 | 233127 |
|  |  | 438220 |
| **Mississippi — 0.8%** |  |  |
| State of Mississippi GO, 5.00%, 10/1/29  | 1180000 | 1233084 |
| **Nebraska — 0.5%** |  |  |
| Omaha Public Power District Rev., 4.00%, 2/1/42 | 295000 | 296665 |
| Omaha Public Power District Rev., 4.00%, 2/1/49 | 500000 | 475704 |
|  |  | 772369 |
| **Nevada — 0.7%** |  |  |
| Clark County GO, 5.00%, 6/1/43 | 180000 | 186828 |
| Clark County School District GO, 5.00%, 6/15/27 | 240000 | 248653 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/43 | 500000 | 517664 |
| State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 50000 | 50352 |
| State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 105000 | 108738 |
|  |  | 1112235 |
| **New Jersey — 3.1%** |  |  |
| Hudson County Improvement Authority Rev., (County of Hudson NJ), 4.00%, 10/1/46 | 100000 | 99142 |
| New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26 | 50000 | 50924 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 95000 | 95072 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/42 | 645000 | 661872 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 4.00%, 6/15/46 | 950000 | 915417 |
| New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 55000 | 55550 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 680000 | 684832 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/27 | 35000 | 36733 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 4.25%, 6/15/40 | 850000 | 888039 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 470000 | 481235 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 130000 | 151704 |
| New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 | 95000 | 97182 |
| New Jersey Turnpike Authority Rev., 4.00%, 1/1/43 | 200000 | 200729 |
| South Jersey Transportation Authority Rev., 4.625%, 11/1/47 | 250000 | 254115 |
| State of New Jersey GO, 4.00%, 6/1/30 | 100000 | 107562 |
| State of New Jersey GO, 3.00%, 6/1/32 | 110000 | 113465 |
|  |  | 4893573 |
| **New Mexico — 0.0%** |  |  |
| State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31  | 45000 | 51207 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **New York — 18.8%** |  |  |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/31 | $50000 | $50105 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/34 | 150000 | 157935 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 65000 | 67096 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 85000 | 85038 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/38 | 200000 | 219688 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/39 | 60000 | 63474 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 100000 | 101199 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/41 | 400000 | 434924 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/47 | 170000 | 162101 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/38 | 140000 | 150835 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/39 | 1390000 | 1427877 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/39 | 70000 | 75262 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/41 | 110000 | 117632 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 75000 | 75105 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 900000 | 902789 |
| Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/35 | 100000 | 102432 |
| Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 160000 | 163570 |
| Hudson Yards Infrastructure Corp. Rev., 4.00%, 2/15/44 | 610000 | 597330 |
| Long Island Power Authority Rev., 5.00%, 9/1/33 | 55000 | 58675 |
| Long Island Power Authority Rev., 5.00%, 9/1/34 | 195000 | 234764 |
| Long Island Power Authority Rev., 5.00%, 9/1/38 | 100000 | 105533 |
| Long Island Power Authority Rev., 5.00%, 9/1/41 | 325000 | 327940 |
| Long Island Power Authority Rev., 5.00%, 9/1/42 | 195000 | 200202 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/27 | 110000 | 115232 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 200000 | 210187 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/35 | 365000 | 370003 |
| Metropolitan Transportation Authority Rev., 3.375%, 11/15/37 | 130000 | 120860 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/41 (AG) | 220000 | 221228 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/41 | 100000 | 100229 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/42 | 100000 | 99391 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., 5.00%, 11/15/35 | 510000 | 524703 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., 5.00%, 11/15/42 | 810000 | 825394 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., 5.00%, 11/15/47 | 600000 | 608108 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., Capital Appreciation, 0.00%, 11/15/30<sup>(1)</sup> | 615000 | 547692 |
| New York City GO, 5.00%, 8/1/32 | 1630000 | 1885096 |
| New York City GO, 5.00%, 8/1/33 | 230000 | 268971 |
| New York City GO, 4.00%, 8/1/35 | 250000 | 250107 |
| New York City GO, 5.00%, 8/1/37 | 105000 | 105944 |
| New York City GO, 4.00%, 8/1/39 | 360000 | 360395 |
| New York City GO, 4.00%, 8/1/40 | 650000 | 661342 |
| New York City GO, 4.00%, 8/1/41 | 400000 | 406149 |
| New York City GO, 5.00%, 12/1/41 | 80000 | 81074 |
| New York City GO, 5.00%, 9/1/42 | 185000 | 200777 |
| New York City GO, 4.00%, 3/1/44 | 465000 | 462670 |
| New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AG) | 100000 | 98320 |
| New York City Transitional Finance Authority Building Aid Rev., (State of New York), 4.00%, 7/15/36 (ST AID WITHHLDG) | 330000 | 333261 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/36 | 155000 | 163189 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/37 | 130000 | 136052 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/38 | 615000 | 634184 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/41 | 75000 | 75406 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee), 5.00%, 11/15/40 | $75000 | $75065 |
| New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/41 | 1285000 | 1290151 |
| New York State Dormitory Authority Rev., (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/40 | 115000 | 115120 |
| New York State Dormitory Authority Rev., (New School), 4.00%, 7/1/43 | 425000 | 407285 |
| New York State Dormitory Authority Rev., (New School), 4.00%, 7/1/47 | 1075000 | 980285 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36 | 50000 | 50543 |
| New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/36 | 100000 | 100732 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/40 | 285000 | 290347 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/41 | 1420000 | 1421132 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/43 | 400000 | 399593 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/45 | 500000 | 495987 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/37 | 75000 | 76983 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 145000 | 149722 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/38 | 65000 | 66426 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/39 | 200000 | 203760 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/39 | 145000 | 148355 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/40 | 560000 | 576042 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/40 | 100000 | 101615 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/41 | 125000 | 134057 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 3.00%, 3/15/41 | 530000 | 481759 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/42 | 100000 | 100691 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/42 | 550000 | 613872 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/43 | 160000 | 160348 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/43 | 250000 | 250697 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/47 | 225000 | 215027 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/33 | 60000 | 60838 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/36 | 50000 | 52581 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/40 | 105000 | 110733 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 235000 | 237174 |
| New York State Dormitory Authority Rev., (Trustees of Columbia University in the City of New York), 5.00%, 10/1/38 | 70000 | 73203 |
| New York State Thruway Authority Rev., 4.00%, 1/1/38 | 100000 | 104360 |
| New York State Thruway Authority Rev., 4.00%, 1/1/39 | 100000 | 103673 |
| New York State Thruway Authority Rev., 4.00%, 1/1/40 | 35000 | 36024 |
| New York State Thruway Authority Rev., 4.00%, 1/1/42 | 700000 | 707950 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 100000 | 103256 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/40 | 120000 | 133422 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/44 | 225000 | 225751 |
| Port Authority of New York & New Jersey Rev., 5.375%, 3/1/28 | 30000 | 31209 |
| Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34 | 425000 | 451460 |
| Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 100000 | 103609 |
| Port Authority of New York & New Jersey Rev., 4.00%, 7/15/41 | 1000000 | 1024628 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 150000 | 155185 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/33 | 105000 | 108485 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/34 | 95000 | 98090 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37 | 200000 | 205942 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 | 50000 | 51402 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41 | 100000 | 100263 |
| Triborough Bridge & Tunnel Authority Rev., 3.00%, 11/15/47 | 100000 | 78200 |
| Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax), 4.00%, 11/15/31 | 125000 | 137361 |
| Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax), 5.00%, 11/15/34 | 145000 | 175097 |
| Triborough Bridge & Tunnel Authority Rev., Capital Appreciation, 0.00%, 11/15/32<sup>(1)</sup> | 255000 | 211777 |
|  |  | 29534737 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **North Carolina — 0.2%** |  |  |
| North Carolina Turnpike Authority Rev., Capital Appreciation, 0.00%, 1/1/41<sup>(1)</sup> | $500000 | $276941 |
| State of North Carolina Rev., 5.00%, 3/1/33 | 115000 | 123687 |
|  |  | 400628 |
| **Ohio — 3.9%** |  |  |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/36 | 175000 | 182779 |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/37 | 435000 | 451389 |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/38 | 50000 | 51581 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 5.00%, 2/15/33 | 90000 | 98275 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 5.00%, 2/15/35 | 100000 | 108330 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 4.00%, 2/15/36 | 325000 | 336699 |
| Cincinnati City School District GO, 5.25%, 12/1/30 (NPFG) | 30000 | 34056 |
| Franklin Sales Tax Rev., 5.00%, 6/1/43 | 100000 | 104235 |
| Hamilton County Sales Tax Rev., 4.00%, 12/1/31 | 200000 | 202350 |
| Hamilton County Sales Tax Rev., 4.00%, 12/1/32 | 505000 | 510646 |
| JobsOhio Beverage System Rev., 5.00%, 1/1/36 | 2505000 | 3013273 |
| Ohio State University Rev., 4.00%, 12/1/43 | 700000 | 708085 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/36 | 75000 | 81222 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 | 100000 | 108047 |
| Rickenbacker Port Authority Rev., 5.375%, 1/1/32 | 40000 | 44968 |
| State of Ohio GO, 5.00%, 5/1/26 | 150000 | 150716 |
|  |  | 6186651 |
| **Oklahoma — 0.9%** |  |  |
| Canadian County Educational Facilities Authority Rev., (Canadian County Independent School District No. 69 Mustang), 3.00%, 9/1/29 | 105000 | 105141 |
| Cleveland County Educational Facilities Authority Rev., (Cleveland County Independent School District No. 2 Moore), 4.00%, 6/1/31 | 230000 | 242845 |
| Oklahoma County Independent School District No. 89 Oklahoma City GO, 3.00%, 7/1/26 | 150000 | 150372 |
| Oklahoma Industries Authority Rev., (Oklahoma County Independent School District No. 89 Oklahoma City), 5.00%, 4/1/32 | 105000 | 120621 |
| Oklahoma Industries Authority Rev., (Oklahoma County Independent School District No. 89 Oklahoma City), 5.00%, 4/1/33 | 485000 | 564257 |
| Tulsa County Industrial Authority Rev., (Tulsa County Independent School District No. 11 Owasso), 5.00%, 9/1/32 | 205000 | 234329 |
|  |  | 1417565 |
| **Oregon — 0.1%** |  |  |
| Deschutes Public Library District GO, 3.00%, 12/1/41  | 100000 | 91714 |
| **Pennsylvania — 4.3%** |  |  |
| Commonwealth Financing Authority Rev., (Commonwealth of Pennsylvania), 5.00%, 6/1/35 | 210000 | 210981 |
| Delaware River Port Authority Rev., 5.00%, 1/1/40 | 715000 | 756006 |
| Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 | 570000 | 676740 |
| Northampton County General Purpose Authority Rev., (Lafayette College), 5.00%, 11/1/34 | 265000 | 274953 |
| Pennsylvania COP, 5.00%, 7/1/43 | 100000 | 102719 |
| Pennsylvania COP, 4.00%, 7/1/46 | 850000 | 809281 |
| Pennsylvania GO, 5.00%, 8/15/26 | 60000 | 60802 |
| Pennsylvania GO, 5.00%, 8/15/26 | 200000 | 202674 |
| Pennsylvania GO, 5.00%, 1/1/27 | 135000 | 138261 |
| Pennsylvania GO, 4.00%, 9/15/32 | 330000 | 332735 |
| Pennsylvania GO, 3.00%, 9/15/36 | 80000 | 79248 |
| Pennsylvania GO, 5.00%, 4/1/38 | 130000 | 152785 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 8/15/41 | 1000000 | 1000469 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 2/15/43 | 210000 | 209325 |
| Philadelphia GO, 5.00%, 8/1/27 | 165000 | 171347 |
| Philadelphia Authority for Industrial Development Rev., (St. Joseph's University), 4.00%, 11/1/45 | 795000 | 723594 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Philadelphia Gas Works Co. Rev., 5.00%, 8/1/50 (AG) | $100000 | $103147 |
| Philadelphia Water & Wastewater Rev., 5.00%, 10/1/42 | 690000 | 706690 |
|  |  | 6711757 |
| **Rhode Island — 0.8%** |  |  |
| Rhode Island Commerce Corp. Rev., (State of Rhode Island), 5.00%, 6/15/26 | 75000 | 75554 |
| Rhode Island Health & Educational Building Corp. Rev., (Brown University), 4.00%, 9/1/37 | 1000000 | 1009456 |
| Rhode Island Health & Educational Building Corp. Rev., (University of Rhode Island), 4.00%, 9/15/47 | 215000 | 198088 |
|  |  | 1283098 |
| **South Carolina — 0.6%** |  |  |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 120000 | 120775 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/34 | 445000 | 447552 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/37 | 100000 | 101463 |
| South Carolina Public Service Authority Rev., 3.00%, 12/1/41 | 50000 | 42581 |
| South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 60000 | 60462 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/46 | 235000 | 236316 |
|  |  | 1009149 |
| **Texas — 15.5%** |  |  |
| Austin Community College District GO, 4.00%, 8/1/45 | 425000 | 415599 |
| Bexar County GO, 4.00%, 6/15/41 | 75000 | 75071 |
| Bexar County GO, 5.00%, 6/15/42 | 400000 | 407273 |
| Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26 | 115000 | 116516 |
| Board of Regents of the University of Texas System Rev., 5.00%, 8/15/35 | 190000 | 228906 |
| Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38 | 445000 | 475795 |
| Central Texas Turnpike System Rev., 5.00%, 8/15/32 | 150000 | 172287 |
| Central Texas Turnpike System Rev., 5.00%, 8/15/39 | 90000 | 96619 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/47 (PSF-GTD) | 850000 | 807156 |
| Dallas GO, 5.00%, 2/15/29 | 100000 | 108196 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/26 | 145000 | 147738 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 300000 | 352670 |
| Dallas Fort Worth International Airport Rev., 4.00%, 11/1/41 | 330000 | 339251 |
| Dallas Fort Worth International Airport Rev., 4.00%, 11/1/45 | 535000 | 527301 |
| Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 80000 | 80169 |
| Dallas Waterworks & Sewer System Rev., 4.00%, 10/1/41 | 100000 | 100208 |
| El Paso GO, 4.00%, 8/15/26, Prerefunded at 100% of Par<sup>(2)</sup> | 10000 | 10082 |
| El Paso GO, 4.00%, 8/15/41 | 40000 | 39999 |
| El Paso GO, 4.00%, 8/15/42 | 590000 | 585497 |
| El Paso GO, 4.00%, 8/15/47 | 300000 | 285800 |
| El Paso GO, 4.00%, 8/15/47 | 400000 | 381067 |
| Grand Parkway Transportation Corp. Rev., 4.00%, 10/1/45 | 1730000 | 1687345 |
| Harris Toll Road Rev., 4.00%, 8/15/48 | 410000 | 393560 |
| Hidalgo County GO, 4.00%, 8/15/43 | 500000 | 502088 |
| Houston GO, 5.00%, 3/1/35 | 360000 | 427203 |
| Houston Higher Education Finance Corp. Rev., (William Marsh Rice University), 5.00%, 5/15/34 | 120000 | 142873 |
| Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/44 | 1000000 | 1015299 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/34 | 170000 | 200289 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/35 | 185000 | 220183 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/43 | 400000 | 413331 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/37 | 50000 | 51108 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/44 | 500000 | 500412 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AG)<sup>(1)</sup> | 100000 | 90876 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/29 | 130000 | 131429 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/30 | 230000 | 232474 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| San Antonio Electric & Gas Systems Rev., 4.00%, 2/1/34 | $1050000 | $1054490 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/36 | 140000 | 167596 |
| San Antonio Public Facilities Corp. Rev., (City of San Antonio TX), 4.00%, 9/15/42 | 3845000 | 3844841 |
| San Jacinto Community College District GO, 4.00%, 2/15/41 | 2850000 | 2850629 |
| State of Texas GO, 5.00%, 10/1/30 | 55000 | 57524 |
| State of Texas GO, 5.00%, 10/1/33 | 100000 | 104285 |
| Tarrant Regional Water District Water Supply System Rev., 5.00%, 3/1/34 | 110000 | 129056 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/29 | 45000 | 45087 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/34 | 105000 | 105062 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/35 | 125000 | 128224 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 4/15/38 | 220000 | 222929 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/38 | 400000 | 410908 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/38 | 285000 | 299870 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/40 | 500000 | 499865 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/41 | 650000 | 650002 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.75%, 10/15/43 | 500000 | 534572 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/45 | 450000 | 449556 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.125%, 10/15/47 | 900000 | 884679 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 3.00%, 10/15/39 | 150000 | 137930 |
| Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 4.50%, 10/15/45 | 115000 | 119484 |
|  |  | 24458259 |
| **Utah — 0.9%** |  |  |
| Intermountain Power Agency Rev., 5.00%, 7/1/29 | 105000 | 114327 |
| Intermountain Power Agency Rev., 5.00%, 7/1/29 | 110000 | 119771 |
| Intermountain Power Agency Rev., 5.00%, 7/1/30 | 175000 | 194732 |
| Intermountain Power Agency Rev., 5.00%, 7/1/31 | 475000 | 538981 |
| Intermountain Power Agency Rev., 5.00%, 7/1/32 | 45000 | 51948 |
| Salt Lake City Airport Rev., 5.00%, 7/1/42 | 150000 | 153148 |
| State of Utah GO, 5.00%, 7/1/26 | 135000 | 136281 |
| Utah Transit Authority Rev., 5.25%, 6/15/32 (AG) | 40000 | 45433 |
|  |  | 1354621 |
| **Vermont — 0.5%** |  |  |
| University of Vermont & State Agricultural College Rev., 4.00%, 10/1/40  | 825000 | 825052 |
| **Virginia — 0.4%** |  |  |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 5.00%, 2/1/31 | 70000 | 71717 |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 3.00%, 2/1/35 | 80000 | 80276 |
| Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/26 | 95000 | 95098 |
| Virginia Commonwealth Transportation Board Rev., (Commonwealth of Virginia), 5.00%, 5/15/33 | 50000 | 52222 |
| Virginia Public Building Authority Rev., (Commonwealth of Virginia), 5.00%, 8/1/27 | 110000 | 114514 |
| Virginia Resources Authority Rev., 4.00%, 11/1/41 | 150000 | 150368 |
|  |  | 564195 |
| **Washington — 3.6%** |  |  |
| Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax), 5.00%, 11/1/36 | 50000 | 55977 |
| Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax), 4.00%, 11/1/40 | 150000 | 154254 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 510000 | 592325 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/38 | 125000 | 133814 |
| Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/42 | 1105000 | 1130275 |
| King County Sewer Rev., 4.00%, 7/1/31 | 125000 | 125664 |
| Seattle Municipal Light & Power Rev., 4.00%, 7/1/41 | 640000 | 656755 |
| Seattle Municipal Light & Power Rev., 4.00%, 7/1/43 | 1000000 | 1014457 |
| State of Washington GO, 5.00%, 8/1/27 | 135000 | 140539 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| State of Washington GO, 5.00%, 8/1/28 | $50000 | $50616 |
| State of Washington GO, 5.00%, 8/1/32 | 255000 | 265209 |
| State of Washington GO, 5.00%, 8/1/36 | 55000 | 55563 |
| State of Washington GO, 5.00%, 2/1/40 | 40000 | 43080 |
| State of Washington GO, 5.00%, 2/1/40 | 100000 | 101922 |
| State of Washington GO, 5.00%, 8/1/40 | 265000 | 282792 |
| University of Washington Rev., 4.00%, 12/1/41 | 875000 | 875740 |
|  |  | 5678982 |
| **West Virginia — 0.2%** |  |  |
| State of West Virginia GO, 5.00%, 12/1/41 | 70000 | 72746 |
| State of West Virginia GO, 4.00%, 12/1/42 | 210000 | 211208 |
|  |  | 283954 |
| **Wisconsin — 0.1%** |  |  |
| Wisconsin Health & Educational Facilities Authority Rev., (Medical College of Wisconsin, Inc.), 5.00%, 12/1/41  | 135000 | 136262 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $153,185,092) |  | **155189682** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $556,855) | **556801** | **556856** |
| **TOTAL INVESTMENT SECURITIES — 98.9%**<br>(Cost $153,741,947) |  | **155746538** |
| **OTHER ASSETS AND LIABILITIES — 1.1%** |  | **1671942** |
| **TOTAL NET ASSETS — 100.0%** |  | $**157418480** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | – | Assured Guaranty, Inc. |
| BAM | – | Build America Mutual Assurance Corp. |
| COP | – | Certificates of Participation |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| NPFG | – | National Public Finance Guarantee Corp. |
| PSF-GTD | – | Permanent School Fund |
| ST AID WITHHLDG | – | State Aid Withholding |

---

(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(2)Escrowed to maturity in U.S. government securities or state and local government securities.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $155189682 |  |
| Short-Term Investments | $556856 |  |  |
|  | $556856 | $155189682 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Credit ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**CORPORATE BONDS — 94.4%** | | **Principal Amount**<br> | **Value**<br> |
| **Aerospace and Defense — 1.7%** | |  |  |
| Airbus SE, 1.375%, 5/13/31 | EUR | 100000 | $110227 |
| General Electric Co., 6.75%, 3/15/32 |  | $100000 | 114328 |
|  |  |  | 224555 |
| **Automobiles — 3.4%** |  |  |  |
| American Honda Finance Corp., 4.80%, 3/5/30 |  | 100000 | 102437 |
| BMW U.S. Capital LLC, 3.375%, 2/2/34 | EUR | 90000 | 106584 |
| Mercedes-Benz International Finance BV, 3.25%, 11/15/30 | EUR | 100000 | 120406 |
| Toyota Motor Credit Corp., 5.10%, 3/21/31 |  | $100000 | 104666 |
|  |  |  | 434093 |
| **Banks — 12.5%** |  |  |  |
| Bank of Montreal, 2.65%, 3/8/27 |  | 150000 | 148447 |
| Bank of Montreal, 4.42%, 7/17/29 | CAD | 100000 | 76192 |
| BNP Paribas SA, 1.25%, 7/13/31 | GBP | 100000 | 112629 |
| BPCE SA, 4.375%, 7/13/28 | EUR | 100000 | 122688 |
| Canadian Imperial Bank of Commerce, 3.45%, 4/7/27 |  | $150000 | 149593 |
| Credit Agricole SA, VRN, 3.125%, 1/26/29 | EUR | 100000 | 119313 |
| HSBC Holdings PLC, VRN, 3.02%, 6/15/27 | EUR | 100000 | 118395 |
| ING Bank NV, 4.125%, 10/2/26 | EUR | 100000 | 119461 |
| Lloyds Banking Group PLC, VRN, 3.875%, 5/14/32 | EUR | 100000 | 122278 |
| Royal Bank of Canada, 5.15%, 2/1/34 |  | $100000 | 105326 |
| Sumitomo Mitsui Financial Group, Inc., 3.45%, 1/11/27 |  | 150000 | 149578 |
| Toronto-Dominion Bank, 5.30%, 1/30/32 |  | 100000 | 105292 |
| Truist Financial Corp., VRN, 4.96%, 10/23/36 |  | 30000 | 29968 |
| UniCredit SpA, 4.00%, 3/5/34 | EUR | 100000 | 123086 |
|  |  |  | 1602246 |
| **Beverages — 0.8%** |  |  |  |
| Coca-Cola Co., 3.45%, 3/25/30 |  | $110000 | 108785 |
| **Biotechnology — 2.4%** |  |  |  |
| AbbVie, Inc., 4.95%, 3/15/31 |  | 200000 | 208268 |
| Amgen, Inc., 5.25%, 3/2/33 |  | 100000 | 104737 |
|  |  |  | 313005 |
| **Broadline Retail — 0.8%** |  |  |  |
| eBay, Inc., 1.40%, 5/10/26 |  | 100000 | 99508 |
| **Capital Markets — 6.2%** |  |  |  |
| Brookfield Finance, Inc., 5.33%, 1/15/36 |  | 30000 | 29958 |
| Charles Schwab Corp., 3.30%, 4/1/27 |  | 150000 | 149199 |
| Goldman Sachs Group, Inc., 0.75%, 3/23/32 | EUR | 50000 | 51334 |
| Goldman Sachs Group, Inc., VRN, 3.50%, 1/23/33 | EUR | 90000 | 107282 |
| Intercontinental Exchange, Inc., 3.625%, 9/1/28 |  | $150000 | 149101 |
| LPL Holdings, Inc., 5.75%, 6/15/35 |  | 100000 | 102204 |
| Morgan Stanley, VRN, 0.50%, 2/7/31 | EUR | 100000 | 107154 |
| Nasdaq, Inc., 5.55%, 2/15/34 |  | $100000 | 105428 |
|  |  |  | 801660 |
| **Chemicals — 1.9%** |  |  |  |
| BASF SE, 3.125%, 6/29/28 | EUR | 200000 | 239755 |
| **Commercial Services and Supplies — 0.7%** |  |  |  |
| Waste Management, Inc., 1.15%, 3/15/28 |  | $100000 | 95055 |
| **Communications Equipment — 1.6%** |  |  |  |
| Cisco Systems, Inc., 5.05%, 2/26/34 |  | 200000 | 207651 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal Amount** | **Value** |
| **Construction and Engineering — 1.8%** |  |  |  |
| Bouygues SA, 1.125%, 7/24/28 | EUR | 100000 | $114838 |
| Vinci SA, 1.75%, 9/26/30 | EUR | 100000 | 113131 |
|  |  |  | 227969 |
| **Consumer Finance — 1.4%** |  |  |  |
| American Express Co., VRN, 4.80%, 10/24/36 |  | $40000 | 39631 |
| Andrew W Mellon Foundation, 0.95%, 8/1/27 |  | 150000 | 144403 |
|  |  |  | 184034 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |  |
| Tesco Corporate Treasury Services PLC, 0.375%, 7/27/29 | EUR | 100000 | 109400 |
| **Diversified REITs — 4.8%** |  |  |  |
| Boston Properties LP, 4.50%, 12/1/28 |  | $100000 | 100918 |
| Host Hotels & Resorts LP, 5.50%, 4/15/35 |  | 50000 | 51022 |
| Mid-America Apartments LP, 1.10%, 9/15/26 |  | 110000 | 108298 |
| Prologis LP, 5.00%, 3/15/34 |  | 100000 | 102897 |
| Simon Property Group LP, 4.75%, 9/26/34 |  | 110000 | 110803 |
| Ventas Realty LP, 4.00%, 3/1/28 |  | 150000 | 149985 |
|  |  |  | 623923 |
| **Diversified Telecommunication Services — 2.3%** |  |  |  |
| AT&T, Inc., 2.60%, 12/17/29 | EUR | 100000 | 117165 |
| Bell Telephone Co. of Canada or Bell Canada, 4.55%, 2/9/30 | CAD | 140000 | 106904 |
| British Telecommunications PLC, 5.75%, 12/7/28 | GBP | 50000 | 70312 |
|  |  |  | 294381 |
| **Electric Utilities — 1.7%** |  |  |  |
| Enel Finance International NV, 3.875%, 3/9/29 | EUR | 100000 | 122193 |
| Southern Co., 3.70%, 4/30/30 |  | $100000 | 98518 |
|  |  |  | 220711 |
| **Electrical Equipment — 0.7%** |  |  |  |
| Emerson Electric Co., 1.80%, 10/15/27 |  | 100000 | 97167 |
| **Financial Services — 1.9%** |  |  |  |
| Berkshire Hathaway, Inc., 1.125%, 3/16/27 | EUR | 100000 | 116788 |
| Nykredit Realkredit AS, 4.00%, 7/17/28 | EUR | 100000 | 121896 |
|  |  |  | 238684 |
| **Food Products — 3.2%** |  |  |  |
| Conagra Brands, Inc., 5.30%, 10/1/26 |  | $100000 | 100623 |
| Hershey Co., 4.95%, 2/24/32 |  | 100000 | 104500 |
| Kraft Heinz Foods Co., 3.75%, 4/1/30 |  | 110000 | 108353 |
| Mars, Inc., 4.55%, 4/20/28<sup>(1)</sup> |  | 100000 | 101409 |
|  |  |  | 414885 |
| **Health Care Equipment and Supplies — 1.9%** |  |  |  |
| Becton Dickinson Euro Finance SARL, 3.55%, 9/13/29 | EUR | 100000 | 121083 |
| Medtronic Global Holdings SCA, 3.00%, 10/15/28 | EUR | 100000 | 119398 |
|  |  |  | 240481 |
| **Health Care Providers and Services — 3.4%** |  |  |  |
| Elevance Health, Inc., 4.75%, 2/15/30 |  | $100000 | 102410 |
| Humana, Inc., 5.375%, 4/15/31 |  | 125000 | 128859 |
| UnitedHealth Group, Inc., 4.90%, 4/15/31 |  | 100000 | 103408 |
| Universal Health Services, Inc., 4.625%, 10/15/29 |  | 100000 | 101180 |
|  |  |  | 435857 |
| **Health Care REITs — 0.6%** |  |  |  |
| Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 |  | 75000 | 73121 |
| **Industrial Conglomerates — 1.9%** |  |  |  |
| Siemens Financieringsmaatschappij NV, 3.00%, 11/22/28 | EUR | 200000 | 240357 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal Amount** | **Value** |
| **Insurance — 4.7%** |  |  |  |
| Athene Global Funding, 5.58%, 1/9/29<sup>(1)</sup> |  | $100000 | $102275 |
| Chubb INA Holdings LLC, 4.65%, 8/15/29 |  | 200000 | 205392 |
| Fairfax Financial Holdings Ltd., 3.95%, 3/3/31 | CAD | 150000 | 111441 |
| MetLife, Inc., 5.70%, 6/15/35 |  | $55000 | 58799 |
| Prudential Financial, Inc., 5.20%, 3/14/35 |  | 125000 | 128131 |
|  |  |  | 606038 |
| **Interactive Media and Services — 1.2%** |  |  |  |
| Alphabet, Inc., 4.375%, 11/15/32 |  | 75000 | 76045 |
| Alphabet, Inc., 4.70%, 11/15/35 |  | 75000 | 75971 |
|  |  |  | 152016 |
| **Machinery — 1.2%** |  |  |  |
| Caterpillar Financial Services Corp., 4.40%, 10/15/27 |  | 50000 | 50583 |
| Caterpillar Financial Services Corp., 4.70%, 11/15/29 |  | 100000 | 102956 |
|  |  |  | 153539 |
| **Media — 0.7%** |  |  |  |
| Videotron Ltd., 3.125%, 1/15/31 | CAD | 120000 | 86545 |
| **Metals and Mining — 0.8%** |  |  |  |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 |  | $100000 | 101197 |
| **Multi-Utilities — 0.9%** |  |  |  |
| Engie SA, 1.375%, 2/28/29 | EUR | 100000 | 114098 |
| **Oil, Gas and Consumable Fuels — 8.3%** |  |  |  |
| BP Capital Markets America, Inc., 4.70%, 4/10/29 |  | $100000 | 102559 |
| Chevron USA, Inc., 4.69%, 4/15/30 |  | 100000 | 103094 |
| ConocoPhillips Co., 5.00%, 1/15/35 |  | 100000 | 102943 |
| Enbridge, Inc., 5.30%, 4/5/29 |  | 100000 | 103665 |
| Energy Transfer LP, 5.25%, 4/15/29 |  | 100000 | 103304 |
| Exxon Mobil Corp., 2.61%, 10/15/30 |  | 150000 | 142499 |
| Inter Pipeline Ltd./AB, 5.76%, 2/17/28 | CAD | 130000 | 99696 |
| Kinder Morgan, Inc., 5.40%, 2/1/34 |  | $100000 | 105053 |
| TotalEnergies Capital International SA, 0.75%, 7/12/28 | EUR | 100000 | 113521 |
| Williams Cos., Inc., 2.60%, 3/15/31 |  | $100000 | 92565 |
|  |  |  | 1068899 |
| **Personal Care Products — 0.8%** |  |  |  |
| Unilever Finance Netherlands BV, 1.625%, 2/12/33 | EUR | 100000 | 107759 |
| **Pharmaceuticals — 5.1%** |  |  |  |
| AstraZeneca PLC, 3.75%, 3/3/32 | EUR | 100000 | 123296 |
| Bayer AG, 4.625%, 5/26/33 | EUR | 75000 | 95139 |
| GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28 |  | $200000 | 200877 |
| Novo Nordisk Finance Netherlands BV, 3.375%, 5/21/34 | EUR | 200000 | 237190 |
|  |  |  | 656502 |
| **Semiconductors and Semiconductor Equipment — 0.9%** |  |  |  |
| Infineon Technologies AG, 1.625%, 6/24/29 | EUR | 100000 | 114161 |
| **Software — 1.6%** |  |  |  |
| Microsoft Corp., 3.30%, 2/6/27 |  | $150000 | 149554 |
| Oracle Corp., 5.20%, 9/26/35 |  | 55000 | 53169 |
|  |  |  | 202723 |
| **Specialized REITs — 3.3%** |  |  |  |
| American Tower Corp., 3.80%, 8/15/29 |  | 100000 | 99222 |
| Equinix, Inc., 3.20%, 11/18/29 |  | 110000 | 106354 |
| VICI Properties LP, 5.125%, 5/15/32 |  | 100000 | 101471 |
| Weyerhaeuser Co., 7.375%, 3/15/32 |  | 100000 | 114634 |
|  |  |  | 421681 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal Amount** | **Value** |
| **Specialty Retail — 1.8%** |  |  |  |
| AutoZone, Inc., 4.00%, 4/15/30 |  | $125000 | $124509 |
| Richemont International Holding SA, 1.50%, 3/26/30 | EUR | 100000 | 112691 |
|  |  |  | 237200 |
| **Technology Hardware, Storage and Peripherals — 1.0%** |  |  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/29 |  | $125000 | 126523 |
| **Textiles, Apparel and Luxury Goods — 1.8%** |  |  |  |
| LVMH Moet Hennessy Louis Vuitton SE, 3.50%, 9/7/33 | EUR | 100000 | 121574 |
| NIKE, Inc., 2.85%, 3/27/30 |  | $110000 | 105829 |
|  |  |  | 227403 |
| **Water Utilities — 1.0%** |  |  |  |
| American Water Capital Corp., 4.45%, 6/1/32 |  | 125000 | 126251 |
| **Wireless Telecommunication Services — 0.9%** |  |  |  |
| Vodafone Group PLC, 1.625%, 11/24/30 | EUR | 100000 | 111964 |
| **TOTAL CORPORATE BONDS**<br>(Cost $11,820,960) |  |  | **12141782** |
| **SHORT-TERM INVESTMENTS — 4.3%** |  |  |  |
| **Treasury Bills**<sup>(2)</sup> **— 4.3%** |  |  |  |
| U.S. Treasury Bills, 3.97%, 3/5/26 |  | $200000 | 199939 |
| U.S. Treasury Bills, 3.67%, 4/16/26<sup>(3)</sup> |  | 200000 | 199096 |
| U.S. Treasury Bills, 3.70%, 5/14/26 |  | 150000 | 148910 |
|  |  |  | 547945 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $547,950) |  |  | **547945** |
| **TOTAL INVESTMENT SECURITIES — 98.7%**<br>(Cost $12,368,910) |  |  | **12689727** |
| **OTHER ASSETS AND LIABILITIES — 1.3%** |  |  | **164921** |
| **TOTAL NET ASSETS — 100.0%** |  |  | $**12854648** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 487844 | CAD | 664760 | Morgan Stanley | 5/29/26 | $(1297) |
| USD | 4184770 | EUR | 3528491 | Morgan Stanley | 5/29/26 | (1729) |
| USD | 186985 | GBP | 137889 | Morgan Stanley | 5/29/26 | 1105 |
|  |  |  |  |  |  | $(1921) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional Amount** | **Unrealized Appreciation (Depreciation)^** |
| U.S. Treasury 10-Year Ultra Notes | 2 | June 2026 | $233469 | $1027 |
| U.S. Treasury 5-Year Notes | 4 | June 2026 | 440562 | 1430 |
|  |  |  | $674031 | $2457 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Avantis Credit ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type**<sup>‡</sup> | **Fixed<br>Rate<br>Received<br>(Paid)<br>Quarterly** | **Termination<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value**<sup>^</sup> |
| Markit CDX North America High Yield Index Series 45 | Sell | 5.00% | 12/20/30 | $643500 | $45530 | $4427 | $49957 |

---

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CAD | – | Canadian Dollar |
| CDX | – | Credit Derivatives Indexes |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $203,684, which represented 1.6% of total net assets.

(2)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $187,092.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $12141782 |  |
| Short-Term Investments |  | 547945 |  |
|  |  | $12689727 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $2457 |  |  |
| Swap Agreements |  | $49957 |  |
| Forward Foreign Currency Exchange Contracts |  | 1105 |  |
|  | $2457 | $51062 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $3026 |  |

---

------

Schedule of Investments - Avantis Credit ETF

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Foreign Currency** | **Interest Rate** | **Total** |
| **Asset Derivatives:** | | | | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* |  |  | $2344 | $2344 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts |  | $1105 |  | 1105 |
|  |  |  |  | $3449 |
| **Liability Derivatives:** |  |  |  |  |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* | $3019 |  |  | $3019 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts |  | $3026 |  | 3026 |
|  |  |  |  | $6045 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Foreign Currency** | **Interest Rate** | **Total** |
| **Net realized gain (loss) on:** | | | | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions |  | $(11031) |  | $(11031) |
| &nbsp;&nbsp;Futures contract transactions |  |  | $3303 | 3303 |
| &nbsp;&nbsp;Swap agreement transactions | $24325 |  |  | 24325 |
|  |  |  |  | $16597 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts |  | $12355 |  | $12355 |
| &nbsp;&nbsp;Futures contracts |  |  | $850 | 850 |
| &nbsp;&nbsp;Swap agreements | $(16707) |  |  | (16707) |
|  |  |  |  | $(3502) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 77.2%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.0%** |  |  |
| General Dynamics Corp., 3.625%, 4/1/30 | $202000 | $199949 |
| Howmet Aerospace, Inc., 3.00%, 1/15/29 | 527000 | 514519 |
| L3Harris Technologies, Inc., 4.40%, 6/15/28 | 701000 | 706507 |
| L3Harris Technologies, Inc., 5.05%, 6/1/29 | 2092000 | 2159023 |
| Lockheed Martin Corp., 4.50%, 2/15/29 | 2684000 | 2738229 |
| Northrop Grumman Corp., 4.60%, 2/1/29 | 100000 | 102035 |
| RTX Corp., 4.125%, 11/16/28 | 382000 | 384432 |
| RTX Corp., 5.75%, 1/15/29 | 396000 | 416386 |
|  |  | 7221080 |
| **Air Freight and Logistics — 0.0%** |  |  |
| FedEx Corp., 3.10%, 8/5/29 | 125000 | 121410 |
| United Parcel Service, Inc., 3.40%, 3/15/29 | 195000 | 193455 |
|  |  | 314865 |
| **Automobiles — 1.7%** |  |  |
| American Honda Finance Corp., 4.55%, 3/3/28 | 1888000 | 1912800 |
| American Honda Finance Corp., 4.90%, 3/13/29 | 943000 | 967524 |
| American Honda Finance Corp., 4.80%, 3/5/30 | 1839000 | 1883827 |
| General Motors Co., 5.35%, 4/15/28 | 105000 | 107613 |
| General Motors Co., 5.00%, 10/1/28 | 900000 | 918610 |
| General Motors Financial Co., Inc., 5.00%, 4/9/27 | 400000 | 404174 |
| General Motors Financial Co., Inc., 2.70%, 8/20/27 | 942000 | 925125 |
| General Motors Financial Co., Inc., 5.45%, 7/15/30 | 525000 | 548817 |
| Toyota Motor Corp., 2.76%, 7/2/29 | 1263000 | 1221728 |
| Toyota Motor Credit Corp., 5.25%, 9/11/28 | 492000 | 509839 |
| Toyota Motor Credit Corp., 5.05%, 5/16/29 | 1278000 | 1324438 |
| Toyota Motor Credit Corp., 4.55%, 8/9/29 | 2043000 | 2089655 |
|  |  | 12814150 |
| **Banks — 11.1%** |  |  |
| African Development Bank, 0.875%, 7/22/26 | 796000 | 787426 |
| Asian Development Bank, 4.375%, 1/14/28 | 320000 | 325537 |
| Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 1223000 | 1228458 |
| Banco Bilbao Vizcaya Argentaria SA, 5.38%, 3/13/29 | 460000 | 478745 |
| Banco Santander SA, 3.49%, 5/28/30 | 1400000 | 1360962 |
| Bank of America Corp., VRN, 5.20%, 4/25/29 | 1583000 | 1622021 |
| Bank of America Corp., VRN, 4.62%, 5/9/29 | 995000 | 1009226 |
| Bank of America NA, 5.53%, 8/18/26 | 1000000 | 1006181 |
| Bank of Montreal, 5.30%, 6/5/26 | 408000 | 409410 |
| Bank of Montreal, 5.72%, 9/25/28 | 3550000 | 3704069 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 4140000 | 4335854 |
| Bank of Nova Scotia, 4.85%, 2/1/30 | 225000 | 231707 |
| Barclays PLC, VRN, 4.94%, 9/10/30 | 500000 | 511713 |
| Barclays PLC, VRN, 5.37%, 2/25/31 | 300000 | 311464 |
| Canadian Imperial Bank of Commerce, 5.26%, 4/8/29 | 3615000 | 3752759 |
| Citibank NA, 4.84%, 8/6/29 | 1300000 | 1335668 |
| Citigroup, Inc., 3.40%, 5/1/26 | 401000 | 400626 |
| Citigroup, Inc., VRN, 4.54%, 9/19/30 | 1318000 | 1333769 |
| Citizens Financial Group, Inc., 3.25%, 4/30/30 | 2103000 | 2023334 |
| Citizens Financial Group, Inc., VRN, 5.25%, 3/5/31 | 1937000 | 1998560 |
| Commonwealth Bank of Australia, 5.32%, 3/13/26 | 3000000 | 2999757 |
| Cooperatieve Rabobank UA, 4.80%, 1/9/29 | 2717000 | 2794269 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| European Bank for Reconstruction & Development, 4.125%, 1/25/29 | $100000 | $101896 |
| European Investment Bank, 1.375%, 3/15/27 | 179000 | 175149 |
| European Investment Bank, 4.375%, 3/19/27 | 1570000 | 1584385 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 922000 | 969657 |
| HSBC Holdings PLC, 4.95%, 3/31/30 | 2150000 | 2216784 |
| HSBC Holdings PLC, VRN, 4.76%, 6/9/28 | 225000 | 226925 |
| HSBC Holdings PLC, VRN, 2.21%, 8/17/29 | 580000 | 554657 |
| HSBC Holdings PLC, VRN, 2.85%, 6/4/31 | 300000 | 283359 |
| Huntington National Bank, 5.65%, 1/10/30 | 1500000 | 1580311 |
| ING Groep NV, VRN, 5.07%, 3/25/31 | 750000 | 773447 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 224000 | 222479 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 1017000 | 1017048 |
| JPMorgan Chase & Co., VRN, 4.20%, 7/23/29 | 673000 | 675989 |
| JPMorgan Chase & Co., VRN, 5.58%, 4/22/30 | 613000 | 640315 |
| JPMorgan Chase & Co., VRN, 3.70%, 5/6/30 | 571000 | 565715 |
| JPMorgan Chase & Co., VRN, 4.60%, 10/22/30 | 748000 | 761959 |
| KeyCorp, 4.10%, 4/30/28 | 426000 | 427380 |
| KeyCorp, 2.55%, 10/1/29 | 2172000 | 2066450 |
| Kreditanstalt fuer Wiederaufbau, 3.50%, 8/27/27 | 994000 | 995562 |
| Kreditanstalt fuer Wiederaufbau, 3.875%, 6/15/28 | 1270000 | 1283323 |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | 1500000 | 1521711 |
| Mitsubishi UFJ Financial Group, Inc., 2.56%, 2/25/30 | 2255000 | 2129211 |
| Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30 | 640000 | 588228 |
| National Bank of Canada, 4.50%, 10/10/29 | 2055000 | 2089307 |
| NatWest Group PLC, VRN, 4.89%, 5/18/29 | 1000000 | 1018388 |
| Nordic Investment Bank, 3.75%, 5/9/30 | 200000 | 201716 |
| Oesterreichische Kontrollbank AG, 4.00%, 5/28/28 | 976000 | 987978 |
| PNC Financial Services Group, Inc., 3.45%, 4/23/29 | 2106000 | 2085491 |
| PNC Financial Services Group, Inc., 2.55%, 1/22/30 | 1580000 | 1498971 |
| PNC Financial Services Group, Inc., VRN, 5.22%, 1/29/31 | 445000 | 462900 |
| Royal Bank of Canada, VRN, 4.97%, 5/2/31<sup>(1)</sup> | 973000 | 1005180 |
| Royal Bank of Canada, VRN, 4.70%, 8/6/31 | 1000000 | 1022100 |
| Santander Holdings USA, Inc., VRN, 6.50%, 3/9/29 | 300000 | 312351 |
| Santander Holdings USA, Inc., VRN, 6.17%, 1/9/30 | 290000 | 302925 |
| Santander Holdings USA, Inc., VRN, 5.35%, 9/6/30 | 360000 | 370464 |
| Sumitomo Mitsui Financial Group, Inc., 2.63%, 7/14/26 | 1091000 | 1086187 |
| Sumitomo Mitsui Financial Group, Inc., 5.72%, 9/14/28 | 1190000 | 1240983 |
| Sumitomo Mitsui Financial Group, Inc., 4.31%, 10/16/28 | 539000 | 544551 |
| Sumitomo Mitsui Financial Group, Inc., 2.47%, 1/14/29 | 500000 | 481140 |
| Toronto-Dominion Bank, 5.53%, 7/17/26 | 465000 | 467790 |
| Toronto-Dominion Bank, 5.52%, 7/17/28 | 250000 | 259098 |
| Toronto-Dominion Bank, 4.99%, 4/5/29 | 2745000 | 2829550 |
| Truist Financial Corp., VRN, 4.87%, 1/26/29 | 967000 | 983005 |
| Truist Financial Corp., VRN, 5.07%, 5/20/31 | 1746000 | 1802403 |
| U.S. Bancorp, 1.375%, 7/22/30 | 1473000 | 1319205 |
| U.S. Bancorp, VRN, 5.38%, 1/23/30 | 367000 | 380783 |
| U.S. Bancorp, VRN, 5.08%, 5/15/31 | 973000 | 1006777 |
| Wells Fargo & Co., 4.15%, 1/24/29 | 3119000 | 3138928 |
| Wells Fargo & Co., VRN, 5.15%, 4/23/31 | 300000 | 310628 |
| Wells Fargo Bank NA, 5.45%, 8/7/26 | 315000 | 316753 |
| Westpac Banking Corp., 3.35%, 3/8/27 | 211000 | 210407 |
| Westpac Banking Corp., 4.35%, 7/1/30 | 145000 | 147819 |
|  |  | 83207233 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Beverages — 0.4%** |  |  |
| Constellation Brands, Inc., 4.35%, 5/9/27 | $210000 | $211054 |
| Constellation Brands, Inc., 4.65%, 11/15/28 | 861000 | 874916 |
| Constellation Brands, Inc., 3.15%, 8/1/29 | 633000 | 615450 |
| Keurig Dr. Pepper, Inc., 3.95%, 4/15/29 | 406000 | 403814 |
| Pepsico Singapore Financing I Pte. Ltd., 4.55%, 2/16/29 | 433000 | 442690 |
| PepsiCo, Inc., 4.50%, 7/17/29 | 190000 | 194505 |
|  |  | 2742429 |
| **Biotechnology — 0.5%** |  |  |
| AbbVie, Inc., 4.65%, 3/15/28 | 1656000 | 1685829 |
| AbbVie, Inc., 4.80%, 3/15/29 | 409000 | 420285 |
| AbbVie, Inc., 4.875%, 3/15/30 | 1818000 | 1880217 |
|  |  | 3986331 |
| **Building Products — 0.6%** |  |  |
| Owens Corning, 3.95%, 8/15/29 | 2844000 | 2835772 |
| Trane Technologies Financing Ltd., 3.80%, 3/21/29 | 1918000 | 1920136 |
|  |  | 4755908 |
| **Capital Markets — 7.7%** |  |  |
| Affiliated Managers Group, Inc., 3.30%, 6/15/30 | 3480000 | 3342881 |
| Ameriprise Financial, Inc., 5.70%, 12/15/28 | 4625000 | 4842037 |
| Ares Management Corp., 6.375%, 11/10/28 | 2148000 | 2254286 |
| Blackrock, Inc., 3.25%, 4/30/29 | 2698000 | 2657344 |
| Blackstone Reg Finance Co. LLC, 4.30%, 11/3/30 | 3560000 | 3553999 |
| Brookfield Finance, Inc., 3.90%, 1/25/28 | 2986000 | 2980791 |
| Cboe Global Markets, Inc., 1.625%, 12/15/30 | 3500000 | 3128897 |
| Charles Schwab Corp., 5.875%, 8/24/26 | 1130000 | 1139120 |
| Charles Schwab Corp., 3.25%, 5/22/29 | 2403000 | 2362677 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 1050000 | 1098367 |
| Deutsche Bank AG, VRN, 4.47%, 12/10/31 | 1000000 | 1005948 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 525000 | 520059 |
| Goldman Sachs Group, Inc., VRN, 5.05%, 7/23/30 | 764000 | 783898 |
| Goldman Sachs Group, Inc., VRN, 4.37%, 10/21/31 | 973000 | 973831 |
| Intercontinental Exchange, Inc., 3.625%, 9/1/28 | 402000 | 399591 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 776000 | 786099 |
| Intercontinental Exchange, Inc., 2.10%, 6/15/30 | 4085000 | 3776168 |
| Lazard Group LLC, 4.50%, 9/19/28 | 3225000 | 3248001 |
| LPL Holdings, Inc., 5.70%, 5/20/27 | 2123000 | 2158647 |
| LPL Holdings, Inc., 5.20%, 3/15/30 | 1624000 | 1659210 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 1017000 | 1040191 |
| Morgan Stanley, VRN, 2.70%, 1/22/31 | 495000 | 468463 |
| Morgan Stanley, VRN, 3.62%, 4/1/31 | 1023000 | 1000470 |
| Nasdaq, Inc., 3.85%, 6/30/26<sup>(1)</sup> | 2399000 | 2398664 |
| Northern Trust Corp., 4.15%, 11/19/30 | 3337000 | 3367949 |
| S&P Global, Inc., 2.50%, 12/1/29<sup>(1)</sup> | 2300000 | 2187391 |
| State Street Corp., 4.83%, 4/24/30 | 2134000 | 2198701 |
| UBS Group AG, 4.55%, 4/17/26 | 2000000 | 2001302 |
|  |  | 57334982 |
| **Chemicals — 1.1%** |  |  |
| Air Products & Chemicals, Inc., 4.60%, 2/8/29 | 280000 | 286506 |
| Eastman Chemical Co., 5.00%, 8/1/29 | 1685000 | 1730193 |
| Ecolab, Inc., 1.30%, 1/30/31 | 1000000 | 881228 |
| Mosaic Co., 5.375%, 11/15/28 | 1988000 | 2053896 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Mosaic Co., 4.35%, 1/15/29 | $2410000 | $2431135 |
| Nutrien Ltd., 4.90%, 3/27/28 | 294000 | 299400 |
| Nutrien Ltd., 4.20%, 4/1/29 | 379000 | 380755 |
| RPM International, Inc., 4.55%, 3/1/29 | 430000 | 436654 |
|  |  | 8499767 |
| **Commercial Services and Supplies — 0.8%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 1125000 | 1144066 |
| Republic Services, Inc., 4.875%, 4/1/29 | 219000 | 225213 |
| Republic Services, Inc., 4.75%, 7/15/30 | 1657000 | 1704114 |
| Veralto Corp., 5.35%, 9/18/28 | 235000 | 242743 |
| Waste Connections, Inc., 3.50%, 5/1/29 | 291000 | 289069 |
| Waste Management, Inc., 4.875%, 2/15/29 | 1900000 | 1956364 |
| Waste Management, Inc., 4.65%, 3/15/30 | 462000 | 474378 |
|  |  | 6035947 |
| **Communications Equipment — 0.5%** |  |  |
| Cisco Systems, Inc., 4.85%, 2/26/29 | 2972000 | 3061054 |
| Motorola Solutions, Inc., 5.00%, 4/15/29 | 753000 | 774734 |
|  |  | 3835788 |
| **Construction Materials — 0.4%** |  |  |
| Vulcan Materials Co., 4.95%, 12/1/29 | 2910000 | 3000907 |
| **Consumer Finance — 0.8%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/6/28 | 1400000 | 1450133 |
| American Express Co., 4.05%, 5/3/29 | 1787000 | 1802632 |
| American Express Co., VRN, 5.28%, 7/27/29 | 190000 | 195783 |
| Capital One Financial Corp., 3.75%, 3/9/27 | 303000 | 302671 |
| Capital One Financial Corp., 3.80%, 1/31/28 | 132000 | 131671 |
| Capital One Financial Corp., VRN, 5.47%, 2/1/29 | 399000 | 409179 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 1466000 | 1534628 |
| Capital One Financial Corp., VRN, 5.25%, 7/26/30 | 320000 | 330751 |
|  |  | 6157448 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| Dollar Tree, Inc., 4.20%, 5/15/28 | 421000 | 422791 |
| Kroger Co., 4.50%, 1/15/29 | 466000 | 474195 |
| Sysco Corp., 5.75%, 1/17/29 | 151000 | 158419 |
| Target Corp., 3.375%, 4/15/29 | 5072000 | 5018872 |
|  |  | 6074277 |
| **Containers and Packaging — 0.3%** |  |  |
| Amcor Flexibles North America, Inc., 4.80%, 3/17/28 | 1869000 | 1903875 |
| WRKCo, Inc., 4.90%, 3/15/29 | 181000 | 185388 |
|  |  | 2089263 |
| **Diversified REITs — 6.4%** |  |  |
| Boston Properties LP, 2.75%, 10/1/26 | 1206000 | 1196729 |
| Boston Properties LP, 4.50%, 12/1/28 | 2174000 | 2193958 |
| Brixmor Operating Partnership LP, 3.90%, 3/15/27 | 350000 | 349675 |
| Brixmor Operating Partnership LP, 4.125%, 5/15/29 | 2912000 | 2917961 |
| Digital Realty Trust LP, 4.45%, 7/15/28 | 1894000 | 1914033 |
| Digital Realty Trust LP, 3.60%, 7/1/29 | 2167000 | 2140138 |
| ERP Operating LP, 2.50%, 2/15/30<sup>(1)</sup> | 1410000 | 1337292 |
| Essex Portfolio LP, 3.375%, 4/15/26 | 671000 | 670256 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 3443000 | 3299891 |
| Federal Realty OP LP, 3.25%, 7/15/27 | 1624000 | 1610480 |
| Federal Realty OP LP, 5.375%, 5/1/28 | 155000 | 159330 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Host Hotels & Resorts LP, 3.375%, 12/15/29 | $973000 | $943088 |
| Host Hotels & Resorts LP, 3.50%, 9/15/30 | 2087000 | 2000004 |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 2956000 | 2815135 |
| Invitation Homes Operating Partnership LP, 5.45%, 8/15/30 | 1455000 | 1516312 |
| Mid-America Apartments LP, 2.75%, 3/15/30 | 4043000 | 3864008 |
| Prologis LP, 4.00%, 9/15/28 | 727000 | 729790 |
| Prologis LP, 4.375%, 2/1/29 | 3540000 | 3587134 |
| Rexford Industrial Realty LP, 5.00%, 6/15/28 | 994000 | 1011062 |
| Simon Property Group LP, 2.45%, 9/13/29 | 4744000 | 4511439 |
| Simon Property Group LP, 4.375%, 10/1/30 | 1455000 | 1474012 |
| Ventas Realty LP, 3.25%, 10/15/26 | 1445000 | 1438281 |
| Ventas Realty LP, 3.85%, 4/1/27 | 803000 | 801809 |
| Ventas Realty LP, 4.40%, 1/15/29 | 1740000 | 1757589 |
| WP Carey, Inc., 4.25%, 10/1/26 | 1098000 | 1098529 |
| WP Carey, Inc., 4.65%, 7/15/30 | 2137000 | 2171648 |
|  |  | 47509583 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| AT&T, Inc., 4.10%, 2/15/28 | 165000 | 165571 |
| AT&T, Inc., 4.35%, 3/1/29 | 254000 | 256894 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 1541000 | 1653402 |
| Verizon Communications, Inc., 7.75%, 12/1/30 | 245000 | 282941 |
|  |  | 2358808 |
| **Electric Utilities — 3.4%** |  |  |
| AEP Texas, Inc., 5.45%, 5/15/29 | 1722000 | 1796153 |
| American Electric Power Co., Inc., 5.20%, 1/15/29 | 770000 | 796841 |
| American Electric Power Co., Inc., Series J, 4.30%, 12/1/28 | 205000 | 207057 |
| CenterPoint Energy Houston Electric LLC, 5.20%, 10/1/28 | 140000 | 144721 |
| Commonwealth Edison Co., 2.95%, 8/15/27 | 2350000 | 2326411 |
| Constellation Energy Generation LLC, 5.60%, 3/1/28 | 511000 | 527209 |
| Duke Energy Carolinas LLC, 3.95%, 11/15/28 | 806000 | 809969 |
| Emera U.S. Finance LP, 3.55%, 6/15/26 | 2850000 | 2844498 |
| Entergy Texas, Inc., 4.00%, 3/30/29 | 492000 | 493611 |
| Florida Power & Light Co., 5.15%, 6/15/29 | 255000 | 265619 |
| Interstate Power & Light Co., 4.10%, 9/26/28 | 150000 | 150694 |
| Interstate Power & Light Co., 3.60%, 4/1/29 | 465000 | 461400 |
| Nevada Power Co., 3.70%, 5/1/29 | 1988000 | 1975903 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 165000 | 157976 |
| NextEra Energy Capital Holdings, Inc., 3.50%, 4/1/29 | 944000 | 931502 |
| NSTAR Electric Co., 4.85%, 3/1/30 | 2104000 | 2166025 |
| Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29 | 1855000 | 1948508 |
| Pacific Gas & Electric Co., 6.10%, 1/15/29 | 82000 | 86137 |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | 1101000 | 1144866 |
| PacifiCorp, 5.10%, 2/15/29 | 295000 | 303470 |
| Public Service Electric & Gas Co., 3.20%, 5/15/29 | 2010000 | 1973626 |
| Southern California Edison Co., 5.25%, 3/15/30 | 755000 | 780519 |
| Southern Co., 5.50%, 3/15/29 | 105000 | 109468 |
| Wisconsin Electric Power Co., 5.00%, 5/15/29 | 995000 | 1027381 |
| Wisconsin Public Service Corp., 4.55%, 12/1/29 | 2300000 | 2348259 |
|  |  | 25777823 |
| **Electronic Equipment, Instruments and Components — 0.9%** |  |  |
| Amphenol Corp., 4.125%, 11/15/30 | 3990000 | 4011692 |
| Avnet, Inc., 4.625%, 4/15/26 | 693000 | 692984 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Jabil, Inc., 1.70%, 4/15/26 | $1174000 | $1170294 |
| Jabil, Inc., 3.95%, 1/12/28 | 200000 | 199691 |
| Jabil, Inc., 5.45%, 2/1/29 | 335000 | 347140 |
|  |  | 6421801 |
| **Energy Equipment and Services — 0.0%** |  |  |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29 | 185000 | 180489 |
| **Entertainment — 0.1%** |  |  |
| Netflix, Inc., 5.875%, 11/15/28 | 728000 | 766034 |
| **Financial Services — 1.7%** |  |  |
| Block Financial LLC, 2.50%, 7/15/28 | 109000 | 103912 |
| Corebridge Financial, Inc., 3.85%, 4/5/29 | 2410000 | 2383729 |
| Equitable Holdings, Inc., 4.35%, 4/20/28 | 785000 | 789369 |
| Fiserv, Inc., 4.20%, 10/1/28 | 186000 | 186118 |
| Global Payments, Inc., 4.95%, 8/15/27 | 488000 | 492134 |
| Mastercard, Inc., 2.95%, 6/1/29 | 3941000 | 3842789 |
| National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 | 1558000 | 1551643 |
| National Rural Utilities Cooperative Finance Corp., 5.15%, 6/15/29 | 1983000 | 2056673 |
| UBS AG, 5.65%, 9/11/28 | 1200000 | 1252271 |
| Voya Financial, Inc., 3.65%, 6/15/26 | 359000 | 358661 |
|  |  | 13017299 |
| **Food Products — 1.3%** |  |  |
| Conagra Brands, Inc., 7.00%, 10/1/28 | 1222000 | 1307297 |
| Conagra Brands, Inc., 4.85%, 11/1/28 | 287000 | 291131 |
| General Mills, Inc., 5.50%, 10/17/28 | 200000 | 207511 |
| J.M. Smucker Co., 5.90%, 11/15/28 | 150000 | 157351 |
| Kellanova, 2.10%, 6/1/30 | 3590000 | 3329365 |
| Kraft Heinz Foods Co., 4.625%, 1/30/29 | 644000 | 655153 |
| Mars, Inc., 4.80%, 3/1/30<sup>(2)</sup> | 1920000 | 1974128 |
| Tyson Foods, Inc., 4.35%, 3/1/29 | 717000 | 723962 |
| Tyson Foods, Inc., 5.40%, 3/15/29 | 819000 | 849689 |
|  |  | 9495587 |
| **Gas Utilities — 0.0%** |  |  |
| Spire, Inc., 5.30%, 3/1/26 | 100000 | 100000 |
| **Ground Transportation — 0.4%** |  |  |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 2325000 | 2390456 |
| Union Pacific Corp., 3.70%, 3/1/29 | 387000 | 386248 |
| Union Pacific Corp., 2.40%, 2/5/30 | 569000 | 538405 |
|  |  | 3315109 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |
| Baxter International, Inc., 2.27%, 12/1/28 | 1937000 | 1831876 |
| Baxter International, Inc., 4.45%, 2/15/29 | 973000 | 977348 |
| Baxter International, Inc., 4.90%, 12/15/30 | 973000 | 979528 |
| Solventum Corp., 5.45%, 2/25/27 | 97000 | 98321 |
| Solventum Corp., 5.40%, 3/1/29 | 412000 | 427308 |
| Zimmer Biomet Holdings, Inc., 5.05%, 2/19/30 | 2735000 | 2830563 |
|  |  | 7144944 |
| **Health Care Providers and Services — 1.6%** |  |  |
| Cardinal Health, Inc., 5.125%, 2/15/29 | 1287000 | 1327640 |
| Cigna Group, 4.375%, 10/15/28 | 778000 | 786240 |
| Cigna Group, 5.00%, 5/15/29 | 279000 | 287541 |
| CVS Health Corp., 5.00%, 1/30/29 | 408000 | 418927 |
| Elevance Health, Inc., 4.10%, 3/1/28 | 965000 | 968218 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Elevance Health, Inc., 5.15%, 6/15/29 | $2152000 | $2226032 |
| HCA, Inc., 5.20%, 6/1/28 | 523000 | 536170 |
| Humana, Inc., 5.75%, 3/1/28 | 100000 | 102766 |
| Humana, Inc., 3.70%, 3/23/29 | 879000 | 864749 |
| Humana, Inc., 4.875%, 4/1/30 | 1488000 | 1509374 |
| IQVIA, Inc., 6.25%, 2/1/29 | 2109000 | 2217831 |
| UnitedHealth Group, Inc., 4.60%, 4/15/27 | 402000 | 405251 |
|  |  | 11650739 |
| **Health Care REITs — 1.2%** |  |  |
| Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 | 150000 | 149787 |
| Alexandria Real Estate Equities, Inc., 4.70%, 7/1/30 | 1156000 | 1174600 |
| Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30 | 1937000 | 1977188 |
| Omega Healthcare Investors, Inc., 4.75%, 1/15/28 | 588000 | 594060 |
| Omega Healthcare Investors, Inc., 5.20%, 7/1/30 | 500000 | 512947 |
| Welltower OP LLC, 4.50%, 7/1/30 | 4130000 | 4207107 |
|  |  | 8615689 |
| **Hotels, Restaurants and Leisure — 0.9%** |  |  |
| Booking Holdings, Inc., 3.60%, 6/1/26 | 1949000 | 1947256 |
| Expedia Group, Inc., 3.80%, 2/15/28 | 1393000 | 1386693 |
| Hyatt Hotels Corp., 4.375%, 9/15/28 | 250000 | 251666 |
| Hyatt Hotels Corp., 5.25%, 6/30/29 | 177000 | 182953 |
| Marriott International, Inc., 5.45%, 9/15/26 | 150000 | 150976 |
| Marriott International, Inc., 5.55%, 10/15/28 | 350000 | 363778 |
| McDonald's Corp., 4.60%, 5/15/30 | 1656000 | 1694779 |
| Starbucks Corp., 3.55%, 8/15/29 | 512000 | 506624 |
|  |  | 6484725 |
| **Household Durables — 0.3%** |  |  |
| Mohawk Industries, Inc., 5.85%, 9/18/28 | 734000 | 765348 |
| PulteGroup, Inc., 5.00%, 1/15/27 | 1234000 | 1240320 |
|  |  | 2005668 |
| **Industrial Conglomerates — 0.9%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 927000 | 953424 |
| Honeywell International, Inc., 2.70%, 8/15/29 | 542000 | 522015 |
| Pentair Finance SARL, 4.50%, 7/1/29 | 2056000 | 2076547 |
| Siemens Funding BV, 4.60%, 5/28/30<sup>(2)</sup> | 3275000 | 3357014 |
|  |  | 6909000 |
| **Insurance — 4.9%** |  |  |
| Aon Corp., 3.75%, 5/2/29 | 1164000 | 1154513 |
| Assurant, Inc., 4.90%, 3/27/28 | 2793000 | 2829888 |
| Athene Holding Ltd., 6.15%, 4/3/30 | 1455000 | 1525718 |
| AXIS Specialty Finance LLC, 3.90%, 7/15/29 | 1981000 | 1972691 |
| Berkshire Hathaway Finance Corp., 1.85%, 3/12/30 | 325000 | 301793 |
| Chubb INA Holdings LLC, 4.65%, 8/15/29 | 2387000 | 2451357 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(2)</sup> | 2174000 | 2229011 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/28 | 1769000 | 1796298 |
| Fairfax Financial Holdings Ltd., 4.625%, 4/29/30 | 500000 | 506318 |
| Fidelity National Financial, Inc., 3.40%, 6/15/30 | 3780000 | 3601285 |
| Lincoln National Corp., 3.80%, 3/1/28 | 1440000 | 1427312 |
| Marsh & McLennan Cos., Inc., 3.75%, 3/14/26 | 4240000 | 4238510 |
| Marsh & McLennan Cos., Inc., 4.375%, 3/15/29 | 265000 | 267879 |
| Pacific Life Global Funding II, 4.45%, 5/1/28<sup>(2)</sup> | 1923000 | 1944248 |
| Principal Financial Group, Inc., 3.70%, 5/15/29 | 1689000 | 1673717 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Progressive Corp., 4.00%, 3/1/29 | $1298000 | $1304685 |
| Progressive Corp., 6.625%, 3/1/29 | 3612000 | 3893162 |
| Prudential Funding Asia PLC, 3.125%, 4/14/30 | 1500000 | 1449237 |
| Reinsurance Group of America, Inc., 3.90%, 5/15/29 | 125000 | 124385 |
| RenaissanceRe Finance, Inc., 3.45%, 7/1/27 | 1876000 | 1865605 |
|  |  | 36557612 |
| **Interactive Media and Services — 1.0%** |  |  |
| Alphabet, Inc., 4.10%, 11/15/30 | 3137000 | 3166117 |
| Meta Platforms, Inc., 4.80%, 5/15/30 | 135000 | 139666 |
| Meta Platforms, Inc., 4.20%, 11/15/30 | 4110000 | 4147139 |
|  |  | 7452922 |
| **IT Services — 0.4%** |  |  |
| CDW LLC/CDW Finance Corp., 4.25%, 4/1/28 | 496000 | 494010 |
| IBM International Capital Pte. Ltd., 4.60%, 2/5/29 | 1100000 | 1120835 |
| International Business Machines Corp., 3.50%, 5/15/29 | 1650000 | 1627149 |
|  |  | 3241994 |
| **Life Sciences Tools and Services — 0.8%** |  |  |
| Illumina, Inc., 4.75%, 12/12/30 | 1937000 | 1968293 |
| Thermo Fisher Scientific, Inc., 5.00%, 1/31/29 | 3585000 | 3704136 |
|  |  | 5672429 |
| **Machinery — 2.6%** |  |  |
| CNH Industrial Capital LLC, 5.50%, 1/12/29 | 2209000 | 2293162 |
| Cummins, Inc., 4.90%, 2/20/29 | 4232000 | 4366542 |
| Cummins, Inc., 1.50%, 9/1/30 | 1214000 | 1096704 |
| Deere & Co., 5.375%, 10/16/29 | 519000 | 547931 |
| IDEX Corp., 4.95%, 9/1/29 | 622000 | 638992 |
| Ingersoll Rand, Inc., 5.18%, 6/15/29 | 1658000 | 1720497 |
| John Deere Capital Corp., 4.50%, 1/16/29 | 355000 | 362821 |
| John Deere Capital Corp., 2.80%, 7/18/29 | 338000 | 327681 |
| John Deere Capital Corp., 4.375%, 10/15/30 | 3020000 | 3074254 |
| Otis Worldwide Corp., 5.25%, 8/16/28 | 143000 | 147587 |
| PACCAR Financial Corp., 4.60%, 1/31/29 | 816000 | 837277 |
| PACCAR Financial Corp., 4.00%, 9/26/29 | 2770000 | 2791388 |
| PACCAR Financial Corp., 4.55%, 5/8/30 | 1465000 | 1501128 |
|  |  | 19705964 |
| **Media — 0.1%** |  |  |
| Fox Corp., 4.71%, 1/25/29 | 446000 | 452911 |
| **Metals and Mining — 0.6%** |  |  |
| ArcelorMittal SA, 4.25%, 7/16/29 | 177000 | 178094 |
| BHP Billiton Finance USA Ltd., 5.10%, 9/8/28 | 345000 | 355719 |
| BHP Billiton Finance USA Ltd., 5.25%, 9/8/30 | 973000 | 1021804 |
| Freeport-McMoRan, Inc., 4.25%, 3/1/30 | 2350000 | 2354967 |
| Rio Tinto Finance USA Ltd., 7.125%, 7/15/28 | 292000 | 313889 |
|  |  | 4224473 |
| **Multi-Utilities — 1.2%** |  |  |
| Ameren Corp., 5.00%, 1/15/29 | 1462000 | 1503565 |
| CenterPoint Energy, Inc., 5.40%, 6/1/29 | 2369000 | 2466102 |
| Consumers Energy Co., 4.60%, 5/30/29 | 1775000 | 1816563 |
| Consumers Energy Co., 4.70%, 1/15/30 | 1421000 | 1460071 |
| National Grid PLC, 5.60%, 6/12/28 | 320000 | 331337 |
| Sempra, 5.40%, 8/1/26 | 1433000 | 1439661 |
|  |  | 9017299 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Oil, Gas and Consumable Fuels — 5.3%** |  |  |
| Boardwalk Pipelines LP, 4.45%, 7/15/27 | $867000 | $871047 |
| BP Capital Markets America, Inc., 3.94%, 9/21/28 | 624000 | 626736 |
| BP Capital Markets America, Inc., 4.70%, 4/10/29 | 1707000 | 1750684 |
| BP Capital Markets America, Inc., 4.87%, 11/25/29 | 1876000 | 1938273 |
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 678000 | 677984 |
| Chevron USA, Inc., 4.69%, 4/15/30 | 2550000 | 2628909 |
| ConocoPhillips Co., 6.95%, 4/15/29 | 160000 | 174557 |
| ConocoPhillips Co., 4.70%, 1/15/30 | 4170000 | 4272809 |
| DCP Midstream Operating LP, 5.625%, 7/15/27 | 568000 | 579190 |
| DCP Midstream Operating LP, 5.125%, 5/15/29 | 1310000 | 1348149 |
| Devon Energy Corp., 5.25%, 10/15/27 | 430000 | 430012 |
| Devon Energy Corp., 4.50%, 1/15/30 | 224000 | 226197 |
| Enbridge, Inc., 4.25%, 12/1/26 | 971000 | 972371 |
| Enbridge, Inc., 6.00%, 11/15/28 | 170000 | 179117 |
| Enbridge, Inc., 4.20%, 11/20/28 | 1937000 | 1949318 |
| Enbridge, Inc., 5.30%, 4/5/29 | 495000 | 513143 |
| Energy Transfer LP, 6.05%, 12/1/26 | 403000 | 408422 |
| Energy Transfer LP, 5.50%, 6/1/27 | 906000 | 919963 |
| Energy Transfer LP, 4.00%, 10/1/27 | 195000 | 195306 |
| Energy Transfer LP, 5.55%, 2/15/28 | 819000 | 843320 |
| Energy Transfer LP, 4.95%, 5/15/28 | 431000 | 439347 |
| Enterprise Products Operating LLC, 3.125%, 7/31/29 | 300000 | 293129 |
| Equinor ASA, 7.25%, 9/23/27 | 956000 | 1007509 |
| Kinder Morgan, Inc., 5.00%, 2/1/29 | 948000 | 976810 |
| Kinder Morgan, Inc., 5.15%, 6/1/30 | 589000 | 613104 |
| MPLX LP, 1.75%, 3/1/26 | 150000 | 150000 |
| MPLX LP, 4.25%, 12/1/27 | 213000 | 214054 |
| MPLX LP, 4.80%, 2/15/29 | 1262000 | 1286720 |
| ONEOK, Inc., 4.55%, 7/15/28 | 553000 | 559176 |
| ONEOK, Inc., 5.65%, 11/1/28 | 991000 | 1031387 |
| Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 | 1291000 | 1266399 |
| Plains All American Pipeline LP/PAA Finance Corp., 4.70%, 1/15/31 | 1937000 | 1968023 |
| Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | 1028000 | 1032633 |
| Targa Resources Corp., 5.20%, 7/1/27 | 783000 | 795770 |
| Targa Resources Corp., 6.15%, 3/1/29 | 803000 | 850140 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 486000 | 486284 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 | 201000 | 216286 |
| TotalEnergies Capital International SA, 3.46%, 2/19/29 | 606000 | 601125 |
| Valero Energy Corp., 5.15%, 2/15/30 | 2353000 | 2439349 |
| Williams Cos., Inc., 5.30%, 8/15/28 | 300000 | 309792 |
| Woodside Finance Ltd., 4.90%, 5/19/28 | 1445000 | 1471627 |
|  |  | 39514171 |
| **Paper and Forest Products — 0.3%** |  |  |
| Georgia-Pacific LLC, 7.75%, 11/15/29 | 1887000 | 2132760 |
| **Passenger Airlines — 0.0%** |  |  |
| American Airlines Pass-Through Trust, Class AA, 3.58%, 7/15/29 | 183647 | 182058 |
| United Airlines Pass-Through Trust, Class A, 5.875%, 4/15/29 | 35817 | 36702 |
|  |  | 218760 |
| **Personal Care Products — 0.0%** |  |  |
| Estee Lauder Cos., Inc., 4.375%, 5/15/28 | 150000 | 151702 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Pharmaceuticals — 1.8%** |  |  |
| Astrazeneca Finance LLC, 4.85%, 2/26/29 | $1887000 | $1944680 |
| Bristol-Myers Squibb Co., 3.40%, 7/26/29 | 459000 | 452672 |
| Eli Lilly & Co., 3.375%, 3/15/29 | 280000 | 277471 |
| Eli Lilly & Co., 4.20%, 8/14/29 | 2613000 | 2649472 |
| GlaxoSmithKline Capital PLC, 3.375%, 6/1/29 | 1579000 | 1558747 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 1618000 | 1655031 |
| Merck & Co., Inc., 3.40%, 3/7/29 | 473000 | 468725 |
| Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28 | 1191000 | 1208711 |
| Pharmacia LLC, 6.60%, 12/1/28 | 3000000 | 3216012 |
|  |  | 13431521 |
| **Professional Services — 0.3%** |  |  |
| Paychex, Inc., 5.10%, 4/15/30 | 1915000 | 1956157 |
| **Real Estate Management and Development — 0.4%** |  |  |
| CBRE Services, Inc., 5.50%, 4/1/29 | 2108000 | 2191294 |
| CBRE Services, Inc., 4.80%, 6/15/30 | 224000 | 228547 |
| Jones Lang LaSalle, Inc., 6.875%, 12/1/28 | 451000 | 482593 |
|  |  | 2902434 |
| **Residential REITs — 2.1%** |  |  |
| AvalonBay Communities, Inc., 2.95%, 5/11/26 | 1200000 | 1197739 |
| AvalonBay Communities, Inc., 3.30%, 6/1/29 | 1994000 | 1958350 |
| AvalonBay Communities, Inc., 2.30%, 3/1/30 | 1734000 | 1625189 |
| AvalonBay Communities, Inc., 4.35%, 12/1/30 | 973000 | 982868 |
| Camden Property Trust, 4.10%, 10/15/28 | 1345000 | 1353047 |
| Camden Property Trust, 3.15%, 7/1/29 | 973000 | 947463 |
| Camden Property Trust, 2.80%, 5/15/30 | 3280000 | 3123079 |
| UDR, Inc., 3.50%, 7/1/27 | 787000 | 783117 |
| UDR, Inc., 4.40%, 1/26/29 | 1958000 | 1978758 |
| UDR, Inc., 3.20%, 1/15/30 | 1656000 | 1608108 |
|  |  | 15557718 |
| **Retail REITs — 0.4%** |  |  |
| NNN REIT, Inc., 3.50%, 10/15/27 | 766000 | 762152 |
| Realty Income Corp., 3.25%, 6/15/29 | 591000 | 579110 |
| Realty Income Corp., 3.20%, 2/15/31 | 1500000 | 1434370 |
|  |  | 2775632 |
| **Semiconductors and Semiconductor Equipment — 1.5%** |  |  |
| Broadcom, Inc., 5.05%, 7/12/29 | 1316000 | 1361851 |
| Broadcom, Inc., 4.35%, 2/15/30 | 1290000 | 1306383 |
| Broadcom, Inc., 5.05%, 4/15/30 | 2057000 | 2132752 |
| Intel Corp., 5.125%, 2/10/30 | 601000 | 620516 |
| KLA Corp., 4.10%, 3/15/29 | 2099000 | 2112042 |
| Marvell Technology, Inc., 1.65%, 4/15/26 | 363000 | 361961 |
| Marvell Technology, Inc., 4.875%, 6/22/28 | 165000 | 168265 |
| Marvell Technology, Inc., 5.75%, 2/15/29 | 2283000 | 2386881 |
| QUALCOMM, Inc., 4.50%, 5/20/30 | 967000 | 986513 |
| Texas Instruments, Inc., 4.60%, 2/8/29 | 25000 | 25620 |
|  |  | 11462784 |
| **Software — 0.1%** |  |  |
| Atlassian Corp., 5.25%, 5/15/29 | 309000 | 314534 |
| Intuit, Inc., 5.125%, 9/15/28 | 325000 | 334600 |
| Trimble, Inc., 4.90%, 6/15/28 | 382000 | 385664 |
|  |  | 1034798 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Specialized REITs — 1.7%** |  |  |
| American Tower Corp., 3.55%, 7/15/27 | $920000 | $915790 |
| American Tower Corp., 5.50%, 3/15/28 | 323000 | 332428 |
| American Tower Corp., 5.25%, 7/15/28 | 100000 | 102921 |
| American Tower Corp., 5.80%, 11/15/28 | 320000 | 334481 |
| American Tower Corp., 3.95%, 3/15/29 | 582000 | 580408 |
| American Tower Corp., 5.00%, 1/31/30 | 105000 | 108200 |
| American Tower Corp., 4.90%, 3/15/30 | 1270000 | 1305394 |
| Crown Castle, Inc., 4.00%, 3/1/27 | 230000 | 230089 |
| Crown Castle, Inc., 5.00%, 1/11/28 | 115000 | 117054 |
| Crown Castle, Inc., 4.80%, 9/1/28 | 309000 | 314350 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 1950000 | 2031698 |
| Equinix, Inc., 1.45%, 5/15/26 | 749000 | 744967 |
| Public Storage Operating Co., 1.85%, 5/1/28 | 352000 | 337830 |
| Public Storage Operating Co., 5.125%, 1/15/29<sup>(1)</sup> | 1130000 | 1171384 |
| VICI Properties LP, 4.75%, 4/1/28 | 1433000 | 1447671 |
| Weyerhaeuser Co., 4.00%, 11/15/29 | 2850000 | 2837664 |
|  |  | 12912329 |
| **Specialty Retail — 1.3%** |  |  |
| AutoZone, Inc., 4.00%, 4/15/30 | 590000 | 587684 |
| Home Depot, Inc., 4.90%, 4/15/29 | 1473000 | 1519737 |
| Home Depot, Inc., 2.95%, 6/15/29 | 1566000 | 1527263 |
| Home Depot, Inc., 4.75%, 6/25/29 | 1397000 | 1439011 |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | 643000 | 609614 |
| Lowe's Cos., Inc., 3.65%, 4/5/29 | 398000 | 394886 |
| TJX Cos., Inc., 3.875%, 4/15/30 | 3510000 | 3514005 |
|  |  | 9592200 |
| **Technology Hardware, Storage and Peripherals — 0.9%** |  |  |
| Apple, Inc., 3.25%, 8/8/29 | 380000 | 375774 |
| Apple, Inc., 1.65%, 5/11/30 | 1813000 | 1665168 |
| Dell International LLC/EMC Corp., 6.02%, 6/15/26 | 164000 | 164116 |
| Dell International LLC/EMC Corp., 4.90%, 10/1/26 | 488000 | 489766 |
| Dell International LLC/EMC Corp., 4.75%, 4/1/28 | 959000 | 974485 |
| Dell International LLC/EMC Corp., 5.30%, 10/1/29 | 704000 | 730811 |
| HP, Inc., 3.00%, 6/17/27 | 325000 | 321039 |
| HP, Inc., 4.00%, 4/15/29 | 1935000 | 1924502 |
|  |  | 6645661 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Ralph Lauren Corp., 2.95%, 6/15/30 | 4894000 | 4689584 |
| **Trading Companies and Distributors — 0.3%** |  |  |
| Air Lease Corp., 1.875%, 8/15/26 | 2505000 | 2479847 |
| **Transportation Infrastructure — 0.3%** |  |  |
| Aon North America, Inc., 5.15%, 3/1/29 | 2510000 | 2589006 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile USA, Inc., 4.80%, 7/15/28 | 433000 | 441557 |
| T-Mobile USA, Inc., 2.40%, 3/15/29 | 746000 | 712868 |
|  |  | 1154425 |
| **TOTAL CORPORATE BONDS**<br>(Cost $569,058,033) |  | **577350766** |
| **U.S. TREASURY SECURITIES — 20.0%** |  |  |
| U.S. Treasury Notes, 4.50%, 3/31/26 | 10140000 | 10145809 |
| U.S. Treasury Notes, 4.875%, 4/30/26 | 5612900 | 5623437 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Notes, 3.625%, 5/15/26 | $5500000 | $5499143 |
| U.S. Treasury Notes, 0.75%, 5/31/26 | 5740000 | 5698555 |
| U.S. Treasury Notes, 4.625%, 6/30/26 | 3432000 | 3442875 |
| U.S. Treasury Notes, 3.75%, 8/31/26 | 4430000 | 4431842 |
| U.S. Treasury Notes, 3.875%, 7/31/27 | 3280000 | 3299283 |
| U.S. Treasury Notes, 0.625%, 11/30/27 | 4863700 | 4636854 |
| U.S. Treasury Notes, 0.75%, 1/31/28 | 5092000 | 4845257 |
| U.S. Treasury Notes, 1.125%, 2/29/28 | 5649800 | 5405490 |
| U.S. Treasury Notes, 1.25%, 4/30/28 | 5600000 | 5353031 |
| U.S. Treasury Notes, 1.25%, 6/30/28 | 4842800 | 4613997 |
| U.S. Treasury Notes, 1.00%, 7/31/28 | 4464200 | 4220413 |
| U.S. Treasury Notes, 1.25%, 9/30/28 | 5770000 | 5468089 |
| U.S. Treasury Notes, 3.125%, 11/15/28 | 6504700 | 6461505 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 7482000 | 7079696 |
| U.S. Treasury Notes, 3.50%, 1/15/29 | 7490000 | 7513699 |
| U.S. Treasury Notes, 1.75%, 1/31/29<sup>(3)</sup> | 7098300 | 6777490 |
| U.S. Treasury Notes, 1.875%, 2/28/29 | 6729800 | 6440498 |
| U.S. Treasury Notes, 2.375%, 3/31/29 | 6440000 | 6248309 |
| U.S. Treasury Notes, 2.75%, 5/31/29 | 7347000 | 7199056 |
| U.S. Treasury Notes, 4.25%, 6/30/29 | 3790000 | 3889117 |
| U.S. Treasury Notes, 2.625%, 7/31/29 | 6170000 | 6014304 |
| U.S. Treasury Notes, 3.875%, 9/30/29 | 5370000 | 5448767 |
| U.S. Treasury Notes, 4.00%, 3/31/30 | 4750000 | 4845742 |
| U.S. Treasury Notes, 0.625%, 8/15/30 | 5750000 | 5075947 |
| U.S. Treasury Notes, 4.375%, 11/30/30 | 3570000 | 3703248 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $148,026,539) |  | **149381453** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 1.5%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.50%, 3/2/26 | 197000 | 197000 |
| Federal Farm Credit Banks Funding Corp., 4.375%, 6/23/26 | 967000 | 968899 |
| Federal Farm Credit Banks Funding Corp., 3.625%, 9/15/26 | 1445000 | 1444733 |
| FHLB, 1.05%, 8/13/26 | 500000 | 494427 |
| FHLB, 4.625%, 11/17/26 | 1480000 | 1490222 |
| FHLB, 1.25%, 12/21/26 | 1000000 | 982336 |
| FHLB, 4.00%, 3/10/27 | 1500000 | 1507385 |
| FHLB, 3.25%, 6/9/28 | 500000 | 499061 |
| FHLB, 4.00%, 6/30/28 | 100000 | 101461 |
| FHLB, 3.25%, 11/16/28 | 150000 | 149683 |
| FHLMC, 0.80%, 10/27/26 | 723000 | 709958 |
| FNMA, 1.875%, 9/24/26 | 1445000 | 1430666 |
| Tennessee Valley Authority, Series A, 2.875%, 2/1/27 | 100000 | 99383 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 915000 | 924894 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $10,967,390) |  | **11000108** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%** |  |  |
| **Canada — 0.1%** |  |  |
| Export Development Canada, 3.75%, 9/7/27 | 490000 | 492274 |
| Export Development Canada, 3.875%, 2/14/28 | 300000 | 302470 |
|  |  | 794744 |
| **Sweden — 0.0%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 350000 | 345360 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,129,684) |  | **1140104** |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 0.4%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Money Market Funds — 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 818795 | $818795 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 2422965 | 2422965 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,241,760) |  | **3241760** |
| **TOTAL INVESTMENT SECURITIES — 99.2%**<br>(Cost $732,423,406) |  | **742114191** |
| **OTHER ASSETS AND LIABILITIES — 0.8%** |  | **6139876** |
| **TOTAL NET ASSETS — 100.0%** |  | $**748254067** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,359,809. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $9,504,401, which represented 1.3% of total net assets.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $169,646.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,422,965.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $577350766 |  |
| U.S. Treasury Securities |  | 149381453 |  |
| U.S. Government Agency Securities |  | 11000108 |  |
| Sovereign Governments and Agencies |  | 1140104 |  |
| Short-Term Investments | $3241760 |  |  |
|  | $3241760 | $738872431 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $1943176644 | $155746538 |
| Investment made with cash collateral received for securities on loan, at value | 17312698 |  |
| Cash | 14660000 |  |
| Receivable for investments sold | 76378183 |  |
| Receivable for variation margin on futures contracts | 8906 |  |
| Interest receivable | 17977527 | 1689564 |
| Securities lending receivable | 3950 |  |
|  | 2069517908 | 157436102 |
| **Liabilities** |  |  |
| Payable for collateral received for forward commitments | 943221 |  |
| Payable for collateral received for securities on loan | 17312698 |  |
| Payable for investments purchased | 397192043 |  |
| Payable for variation margin on swap agreements | 30631 |  |
| Accrued management fees | 186844 | 17622 |
|  | 415665437 | 17622 |
| **Net Assets** | $1653852471 | $157418480 |
| Shares outstanding (unlimited number of shares authorized) | 38900000 | 3350000 |
| **Net Asset Value Per Share** | $42.52 | $46.99 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $1642666802 | $155866619 |
| Distributable earnings (loss) | 11185669 | 1551861 |
|  | $1653852471 | $157418480 |
| Investment securities, at cost | $1917905335 | $153741947 |
| Investment securities on loan, at value | $16787859 |  |
| Investment made with cash collateral received for securities on loan, at cost | $17312698 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| **Assets** | | |
| Investment securities, at value | $12689727 | $739691226 |
| Investment made with cash collateral received for securities on loan, at value |  | 2422965 |
| Cash | 5081 | 11196635 |
| Receivable for investments sold |  | 3401853 |
| Receivable for variation margin on futures contracts | 2344 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 1105 |  |
| Interest receivable | 164267 | 8233655 |
| Securities lending receivable |  | 1572 |
|  | 12862524 | 764947906 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 2422965 |
| Payable for investments purchased |  | 14188287 |
| Payable for variation margin on swap agreements | 3019 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 3026 |  |
| Accrued management fees | 1831 | 82587 |
|  | 7876 | 16693839 |
| **Net Assets** | $12854648 | $748254067 |
| Shares outstanding (unlimited number of shares authorized) | 250000 | 15800000 |
| **Net Asset Value Per Share** | $51.42 | $47.36 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $12538966 | $738515820 |
| Distributable earnings (loss) | 315682 | 9738247 |
|  | $12854648 | $748254067 |
| Investment securities, at cost | $12368910 | $730000441 |
| Investment securities on loan, at value |  | $2359809 |
| Investment made with cash collateral received for securities on loan, at cost |  | $2422965 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Interest | $32477286 | $2761210 |
| Securities lending, net | 18592 |  |
|  | 32495878 | 2761210 |
| **Expenses:** |  |  |
| Management fees | 1085459 | 111082 |
| Interest expenses | 17302 |  |
|  | 1102761 | 111082 |
| **Net investment income (loss)** | 31393117 | 2650128 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 6871288 | (222877) |
| Futures contract transactions | 100298 |  |
| Swap agreement transactions | 197466 |  |
|  | 7169052 | (222877) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 17413475 | 7893169 |
| Futures contracts | 4799 |  |
| Swap agreements | (120425) |  |
|  | 17297849 | 7893169 |
| **Net realized and unrealized gain (loss)** | 24466901 | 7670292 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $55860018 | $10320420 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Interest | $258242 | $15030226 |
| Securities lending, net |  | 8548 |
|  | 258242 | 15038774 |
| **Expenses:** |  |  |
| Management fees | 11453 | 508112 |
| Interest expenses | 1051 |  |
| Trustees' fees and expenses | 90 |  |
|  | 12594 | 508112 |
| **Net investment income (loss)** | 245648 | 14530662 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 3878 | 1430477 |
| Forward foreign currency exchange contract transactions | (11031) |  |
| Futures contract transactions | 3303 |  |
| Swap agreement transactions | 24325 |  |
| Foreign currency translation transactions | 997 |  |
|  | 21472 | 1430477 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 108340 | 1319353 |
| Forward foreign currency exchange contracts | 12355 |  |
| Futures contracts | 850 |  |
| Swap agreements | (16707) |  |
| Translation of assets and liabilities in foreign currencies | 226 |  |
|  | 105064 | 1319353 |
| **Net realized and unrealized gain (loss)** | 126536 | 2749830 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $372184 | $17280492 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $31393117 | $46269718 | $2650128 | $5304020 |
| Net realized gain (loss) | 7169052 | (5296353) | (222877) | (183837) |
| Change in net unrealized appreciation (depreciation) | 17297849 | 2448546 | 7893169 | (6253846) |
| Net increase (decrease) in net assets resulting from operations | 55860018 | 43421911 | 10320420 | (1133663) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (30916935) | (44957870) | (2661645) | (5183560) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 530731816 | 521099100 | 9297895 | 11595570 |
| Payments for shares redeemed | (116347560) | (92680290) | (6915680) | (2237810) |
| Other capital | 7510 | 9845 | 47414 | 28786 |
| Net increase (decrease) in net assets from capital share transactions | 414391766 | 428428655 | 2429629 | 9386546 |
| **Net increase (decrease) in net assets** | 439334849 | 426892696 | 10088404 | 3069323 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1214517622 | 787624926 | 147330076 | 144260753 |
| End of period | $1653852471 | $1214517622 | $157418480 | $147330076 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 12600000 | 12550000 | 200000 | 250000 |
| Redeemed | (2750000) | (2250000) | (150000) | (50000) |
| Net increase (decrease) in shares of the funds | 9850000 | 10300000 | 50000 | 200000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025**<sup>(1)</sup> | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $245648 | $169367 | $14530662 | $25628374 |
| Net realized gain (loss) | 21472 | (23982) | 1430477 | 52739 |
| Change in net unrealized appreciation (depreciation) | 105064 | 221533 | 1319353 | 4846413 |
| Net increase (decrease) in net assets resulting from operations | 372184 | 366918 | 17280492 | 30527526 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (345900) | (77520) | (14784980) | (24656640) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold |  | 12538700 | 103764480 | 273045985 |
| Payments for shares redeemed |  |  | (25952315) | (18625150) |
| Other capital |  | 266 | 1058 | 4037 |
| Net increase (decrease) in net assets from capital share transactions |  | 12538966 | 77813223 | 254424872 |
| **Net increase (decrease) in net assets** | 26284 | 12828364 | 80308735 | 260295758 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 12828364 |  | 667945332 | 407649574 |
| End of period | $12854648 | $12828364 | $748254067 | $667945332 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold |  | 250000 | 2200000 | 5850000 |
| Redeemed |  |  | (550000) | (400000) |
| Net increase (decrease) in shares of the funds |  | 250000 | 1650000 | 5450000 |

---

(1)April 15, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds offered by the trust.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker** | **Exchange** |
| Avantis Core Fixed Income ETF | AVIG | NYSE Arca, Inc. |
| Avantis Core Municipal Fixed Income ETF | AVMU | NYSE Arca, Inc. |
| Avantis Credit ETF | AVGB | The Nasdaq Stock Market LLC |
| Avantis Short-Term Fixed Income ETF | AVSF | NYSE Arca, Inc. |

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Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net realized gains, if any, are generally declared and paid annually. Distributions from net investment income, if any, are generally declared and paid as follows:

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| | |
|:---|:---|
| Avantis Core Fixed Income ETF | Monthly |
| Avantis Core Municipal Fixed Income ETF | Monthly |
| Avantis Credit ETF | Quarterly |
| Avantis Short-Term Fixed Income ETF | Monthly |

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

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

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**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

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

The annual management fee is as follows:

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| | |
|:---|:---|
| | **Annual Management Fee** |
| Avantis Core Fixed Income ETF | 0.15% |
| Avantis Core Municipal Fixed Income ETF | 0.15% |
| Avantis Credit ETF | 0.18% |
| Avantis Short-Term Fixed Income ETF | 0.15% |

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**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis Credit ETF | American Century Investment Management, Inc. (ACIM) | 20% |

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

**4. Investment Transactions**

Investment transactions, including TBA transactions and excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| Purchases of U.S. Treasury and Government Agency obligations | $1904089957 |  |  | $46138435 |
| Purchases of other investment securities | $114921005 | $19870548 | $594650 | $96305067 |
| Total Purchases | $2019010962 | $19870548 | $594650 | $142443502 |
| Sales of U.S. Treasury and Government Agency obligations | $1738558636 |  |  | $29334869 |
| Sales of other investment securities | $60144627 | $18076659 | $760617 | $93914583 |
| Total Sales | $1798703263 | $18076659 | $760617 | $123249452 |

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Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind**<br>**Subscriptions** | **In kind**<br>**Redemptions** | **In kind Net Realized**<br>**Gain/(Loss)\*** |
| Avantis Core Fixed Income ETF | $422019121 | $109271851 | $2463051 |
| Avantis Short-Term Fixed Income ETF | $101602965 | $25337212 | $407685 |

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\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

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**5. Capital Share Transactions** 

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

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

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

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| | |
|:---|:---|
| Avantis Core Fixed Income ETF | $28666667 |
| Avantis Credit ETF | $647833 |

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**Foreign Currency Risk —** The funds may be subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was as follows:

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| | |
|:---|:---|
| Avantis Credit ETF | $4770665 |

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

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| | | |
|:---|:---|:---|
| | **Futures Contracts Purchased** | **Futures Contracts Sold** |
| Avantis Core Fixed Income ETF | $3206484 |  |
| Avantis Credit ETF | $859177 |  |

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**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| Federal tax cost of investments | $1935612500 | $153741947 | $12368910 | $732438915 |
| Gross tax appreciation of investments | $26139911 | $2747045 | $321027 | $9713526 |
| Gross tax depreciation of investments | (1263069) | (742454) | (210) | (38250) |
| Net tax appreciation (depreciation) of investments | $24876842 | $2004591 | $320817 | $9675276 |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Avantis Core Fixed Income ETF | $(12589150) | $(12736838) |
| Avantis Core Municipal Fixed Income ETF | $(2886) | $(688469) |
| Avantis Short-Term Fixed Income ETF | $(1471362) | $(2204856) |

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net Realized and Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions From Net Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Portfolio Turnover Rate (excluding TBA transactions)**<sup>(3)</sup> | **Net Assets,**<br>**End of Period (in**<br>**thousands)** |
| **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** | **Avantis Core Fixed Income ETF** |
| 2026<sup>(4)</sup> | $41.81 | 0.91 | 0.71 | 1.62 | (0.91) | 0.00<sup>(5)</sup> | $42.52 | 3.93% | 0.15% | 4.34% | 122% | 10% | $1653852 |
| 2025 | $42.01 | 1.88 | (0.22) | 1.66 | (1.86) | 0.00<sup>(5)</sup> | $41.81 | 4.10% | 0.15% | 4.57% | 332% | 49% | $1214518 |
| 2024 | $40.81 | 1.90 | 1.17 | 3.07 | (1.87) | 0.00<sup>(5)</sup> | $42.01 | 7.77% | 0.15% | 4.66% | 324% | 27% | $787625 |
| 2023 | $42.59 | 1.62 | (1.92) | (0.30) | (1.48) | 0.00<sup>(5)</sup> | $40.81 | (0.67)% | 0.15% | 3.91% | 346% | 27% | $514217 |
| 2022 | $49.67 | 0.94 | (7.28) | (6.34) | (0.74) | 0.00<sup>(5)</sup> | $42.59 | (12.86)% | 0.15% | 2.09% | 382% | 31% | $249132 |
| 2021<sup>(6)</sup> | $50.00 | 0.51 | (0.43) | 0.08 | (0.41) | 0.00<sup>(5)</sup> | $49.67 | 0.15% | 0.15% | 1.17% | 185% | 23% | $69534 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)October 13, 2020 (fund inception) through August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| 2026<sup>(4)</sup> | $44.65 | 0.82 | 2.34 | 3.16 | (0.83) | 0.01 | $46.99 | 7.16% | 0.15% | 3.58% | 12% | $157418 |
| 2025 | $46.54 | 1.63 | (1.93) | (0.30) | (1.60) | 0.01 | $44.65 | (0.66)% | 0.15% | 3.59% | 16% | $147330 |
| 2024 | $45.66 | 1.49 | 0.77 | 2.26 | (1.40) | 0.02 | $46.54 | 5.10% | 0.15% | 3.23% | 19% | $144261 |
| 2023 | $45.62 | 1.11 | (0.13) | 0.98 | (0.98) | 0.04 | $45.66 | 2.22% | 0.15% | 2.42% | 6% | $86746 |
| 2022 | $50.25 | 0.48 | (4.69) | (4.21) | (0.44) | 0.02 | $45.62 | (8.36)% | 0.15% | 1.01% | 2% | $36499 |
| 2021<sup>(5)</sup> | $50.00 | 0.26 | 0.17 | 0.43 | (0.21) | 0.03 | $50.25 | 0.93% | 0.15% | 0.70% | 14% | $27637 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)December 8, 2020 (fund inception) through August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** | **For a Share Outstanding Throughout the Periods Indicated** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** | **Avantis Credit ETF** |
| 2026<sup>(4)</sup> | $51.31 | 0.98 | 0.51 | 1.49 | (1.38) |  | $51.42 | 2.95% | 0.20% | 3.86% | 5% | $12855 |
| 2025<sup>(5)</sup> | $50.00 | 0.77 | 0.93 | 1.70 | (0.39) | 0.00<sup>(6)</sup> | $51.31 | 3.41% | 0.19% | 4.04% | 2% | $12828 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)April 15, 2025 (fund inception) through August 31, 2025.

(6)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Other**<br>**Capital**<sup>(1)</sup> | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(3)</sup> | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** |
| 2026<sup>(4)</sup> | $47.20 | 1.00 | 0.19 | 1.19 | (1.03) | 0.00<sup>(5)</sup> | $47.36 | 2.55% | 0.15% | 4.29% | 20% | $748254 |
| 2025 | $46.86 | 2.06 | 0.29 | 2.35 | (2.01) | 0.00<sup>(5)</sup> | $47.20 | 5.18% | 0.15% | 4.41% | 57% | $667945 |
| 2024 | $45.84 | 2.04 | 0.97 | 3.01 | (1.99) | 0.00<sup>(5)</sup> | $46.86 | 6.74% | 0.15% | 4.44% | 39% | $407650 |
| 2023 | $46.60 | 1.70 | (0.96) | 0.74 | (1.50) | 0.00<sup>(5)</sup> | $45.84 | 1.63% | 0.15% | 3.69% | 59% | $247554 |
| 2022 | $50.00 | 0.57 | (3.52) | (2.95) | (0.45) | 0.00<sup>(5)</sup> | $46.60 | (5.92)% | 0.15% | 1.18% | 38% | $86202 |
| 2021<sup>(6)</sup> | $50.00 | 0.18 | (0.02) | 0.16 | (0.16) | 0.00<sup>(5)</sup> | $50.00 | 0.33% | 0.15% | 0.40% | 49% | $32499 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2026 (unaudited).

(5)Per-share amount was less than $0.005.

(6)October 13, 2020 (fund inception) through August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96957 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96957 2604** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> U.S. Equity Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVUSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVUNX) |
| Avantis<sup>®</sup> U.S. Large Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVLVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ALCEX) |
| Avantis<sup>®</sup> U.S. Small Cap Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVSCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVSBX) |
| Avantis<sup>®</sup> U.S. Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVUVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVCNX) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_673) |
| Statements of Assets and Liabilities | [83](#iba273e868b7e4566bd70f1811bd23032_685) |
| Statements of Operations | [85](#iba273e868b7e4566bd70f1811bd23032_688) |
| Statements of Changes in Net Assets | [87](#iba273e868b7e4566bd70f1811bd23032_691) |
| Notes to Financial Statements | [89](#iba273e868b7e4566bd70f1811bd23032_694) |
| Financial Highlights | [95](#iba273e868b7e4566bd70f1811bd23032_697) |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.5%** | | |
| AerSale Corp.<sup>(1)</sup> | 423 | $3299 |
| Astronics Corp.<sup>(1)</sup> | 1788 | 144149 |
| ATI, Inc.<sup>(1)</sup> | 2483 | 406194 |
| Boeing Co.<sup>(1)</sup> | 3825 | 870302 |
| BWX Technologies, Inc. | 2456 | 505887 |
| Carpenter Technology Corp. | 708 | 281834 |
| Curtiss-Wright Corp. | 316 | 221304 |
| Ducommun, Inc.<sup>(1)</sup> | 60 | 7415 |
| General Dynamics Corp. | 1221 | 435958 |
| General Electric Co. | 5144 | 1760586 |
| Hexcel Corp. | 847 | 78508 |
| Howmet Aerospace, Inc. | 1832 | 480955 |
| Huntington Ingalls Industries, Inc. | 329 | 146247 |
| Lockheed Martin Corp. | 2042 | 1343799 |
| National Presto Industries, Inc. | 69 | 9104 |
| Northrop Grumman Corp. | 623 | 451289 |
| RTX Corp. | 6183 | 1252800 |
| Textron, Inc. | 2659 | 262310 |
| TransDigm Group, Inc. | 251 | 327000 |
| Woodward, Inc. | 723 | 279628 |
|  |  | 9268568 |
| **Air Freight and Logistics — 0.7%** |  |  |
| CH Robinson Worldwide, Inc. | 666 | 123376 |
| Expeditors International of Washington, Inc. | 5094 | 738783 |
| FedEx Corp. | 5105 | 1975635 |
| Hub Group, Inc., Class A | 1908 | 82178 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 2544 | 18876 |
| United Parcel Service, Inc., Class B | 10460 | 1212942 |
|  |  | 4151790 |
| **Automobile Components — 0.5%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 6597 | 485143 |
| Autoliv, Inc. | 3045 | 360893 |
| BorgWarner, Inc. | 9535 | 548930 |
| Dana, Inc. | 8036 | 275153 |
| Dauch Corp.<sup>(1)</sup> | 6871 | 45349 |
| Dorman Products, Inc.<sup>(1)</sup> | 885 | 104306 |
| Gentex Corp. | 6753 | 158020 |
| Gentherm, Inc.<sup>(1)</sup> | 666 | 21825 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 14708 | 121341 |
| LCI Industries | 686 | 91375 |
| Lear Corp. | 2446 | 321037 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 156 | 1613 |
| Patrick Industries, Inc.<sup>(2)</sup> | 1063 | 131589 |
| Phinia, Inc. | 1657 | 120348 |
| Standard Motor Products, Inc. | 592 | 23491 |
| Stoneridge, Inc.<sup>(1)</sup> | 725 | 5720 |
| Visteon Corp. | 1257 | 120257 |
| XPEL, Inc.<sup>(1)</sup> | 319 | 13596 |
|  |  | 2949986 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Automobiles — 1.4%** | | |
| Ford Motor Co. | 107839 | $1519452 |
| General Motors Co. | 24458 | 1925089 |
| Harley-Davidson, Inc. | 3120 | 56160 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 9165 | 140499 |
| Tesla, Inc.<sup>(1)</sup> | 11948 | 4809190 |
| Thor Industries, Inc. | 1279 | 122950 |
| Winnebago Industries, Inc. | 367 | 14640 |
|  |  | 8587980 |
| **Banks — 4.9%** |  |  |
| 1st Source Corp. | 469 | 31428 |
| ACNB Corp. | 183 | 9223 |
| Amalgamated Financial Corp. | 900 | 34641 |
| Amerant Bancorp, Inc. | 576 | 12298 |
| Ameris Bancorp | 1262 | 98007 |
| Arrow Financial Corp. | 423 | 14090 |
| Associated Banc-Corp. | 3584 | 94653 |
| Atlantic Union Bankshares Corp. | 3420 | 126745 |
| Axos Financial, Inc.<sup>(1)</sup> | 1655 | 143687 |
| Banc of California, Inc. | 2365 | 43682 |
| BancFirst Corp. | 538 | 59180 |
| Bancorp, Inc.<sup>(1)</sup> | 2579 | 135372 |
| Bank First Corp. | 230 | 30974 |
| Bank of America Corp. | 51067 | 2544669 |
| Bank of Hawaii Corp. | 925 | 70087 |
| Bank of Marin Bancorp | 216 | 5376 |
| Bank of NT Butterfield & Son Ltd. | 2378 | 120683 |
| Bank OZK | 3542 | 164916 |
| BankUnited, Inc. | 1765 | 82426 |
| Banner Corp. | 771 | 45373 |
| Bar Harbor Bankshares | 333 | 10743 |
| BayCom Corp. | 257 | 7556 |
| BCB Bancorp, Inc. | 395 | 3160 |
| Beacon Financial Corp. | 2051 | 60997 |
| Blue Foundry Bancorp<sup>(1)</sup> | 692 | 9121 |
| BOK Financial Corp. | 417 | 52425 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 539 | 9853 |
| Burke & Herbert Financial Services Corp. | 318 | 20492 |
| Business First Bancshares, Inc.<sup>(2)</sup> | 765 | 20885 |
| Byline Bancorp, Inc. | 798 | 24898 |
| California BanCorp | 849 | 15545 |
| Camden National Corp. | 301 | 13894 |
| Capital City Bank Group, Inc. | 250 | 10711 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 878 | 18298 |
| Cathay General Bancorp | 1576 | 78343 |
| Central Pacific Financial Corp. | 762 | 24270 |
| ChoiceOne Financial Services, Inc. | 293 | 8386 |
| Citigroup, Inc. | 17019 | 1875324 |
| Citizens & Northern Corp. | 141 | 3167 |
| Citizens Financial Group, Inc. | 6684 | 402310 |
| City Holding Co. | 333 | 39950 |
| Civista Bancshares, Inc. | 146 | 3476 |
| CNB Financial Corp. | 513 | 14369 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Columbia Banking System, Inc. | 7956 | $226348 |
| Columbia Financial, Inc.<sup>(1)</sup> | 641 | 11474 |
| Commerce Bancshares, Inc. | 2526 | 128801 |
| Community Financial System, Inc. | 578 | 34998 |
| Community Trust Bancorp, Inc. | 377 | 22635 |
| Community West Bancshares | 256 | 5947 |
| ConnectOne Bancorp, Inc. | 1347 | 35736 |
| Cullen/Frost Bankers, Inc. | 1331 | 183971 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 688 | 46399 |
| CVB Financial Corp. | 2572 | 49460 |
| Dime Community Bancshares, Inc. | 1198 | 38755 |
| Eagle Bancorp, Inc. | 617 | 15703 |
| East West Bancorp, Inc. | 4948 | 541559 |
| Eastern Bankshares, Inc. | 4108 | 80352 |
| Enterprise Financial Services Corp. | 988 | 56415 |
| Equity Bancshares, Inc., Class A | 395 | 17728 |
| Esquire Financial Holdings, Inc. | 235 | 23730 |
| Farmers & Merchants Bancorp, Inc. | 341 | 8818 |
| Farmers National Banc Corp. | 739 | 9555 |
| FB Financial Corp. | 998 | 54581 |
| Fifth Third Bancorp | 15481 | 765845 |
| Financial Institutions, Inc. | 432 | 13556 |
| First BanCorp | 8457 | 178696 |
| First Bancorp, Inc. | 46 | 1272 |
| First Bancorp/Southern Pines NC | 927 | 52644 |
| First Busey Corp. | 1779 | 45115 |
| First Business Financial Services, Inc. | 198 | 10821 |
| First Citizens BancShares, Inc., Class A | 185 | 351158 |
| First Commonwealth Financial Corp. | 2006 | 35165 |
| First Community Bankshares, Inc. | 379 | 14830 |
| First Financial Bancorp | 1723 | 48365 |
| First Financial Bankshares, Inc. | 1733 | 53602 |
| First Financial Corp. | 239 | 15143 |
| First Foundation, Inc.<sup>(1)</sup> | 801 | 4702 |
| First Hawaiian, Inc. | 2915 | 72175 |
| First Horizon Corp. | 9207 | 219035 |
| First Internet Bancorp | 180 | 3650 |
| First Interstate BancSystem, Inc., Class A | 1473 | 50981 |
| First Merchants Corp. | 1043 | 40760 |
| First Mid Bancshares, Inc. | 443 | 18167 |
| Five Star Bancorp | 198 | 7708 |
| Flushing Financial Corp. | 610 | 9412 |
| FNB Corp. | 8331 | 141544 |
| FS Bancorp, Inc. | 94 | 3714 |
| Fulton Financial Corp. | 4781 | 97771 |
| German American Bancorp, Inc. | 831 | 34354 |
| Glacier Bancorp, Inc. | 1152 | 52404 |
| Great Southern Bancorp, Inc. | 239 | 14706 |
| Hancock Whitney Corp. | 1625 | 106941 |
| Hanmi Financial Corp. | 896 | 23395 |
| HBT Financial, Inc. | 508 | 13696 |
| Heritage Commerce Corp. | 2242 | 27868 |
| Heritage Financial Corp. | 586 | 15476 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hilltop Holdings, Inc. | 1198 | $44841 |
| Hingham Institution For Savings | 20 | 5582 |
| Home Bancorp, Inc. | 154 | 9101 |
| Home BancShares, Inc. | 3486 | 95726 |
| HomeTrust Bancshares, Inc. | 131 | 5520 |
| Hope Bancorp, Inc. | 2169 | 24423 |
| Horizon Bancorp, Inc. | 721 | 12142 |
| Huntington Bancshares, Inc. | 39159 | 657871 |
| Independent Bank Corp. | 964 | 75259 |
| Independent Bank Corp. (Michigan) | 992 | 34472 |
| International Bancshares Corp. | 1722 | 115563 |
| JPMorgan Chase & Co. | 25682 | 7712305 |
| Kearny Financial Corp. | 1841 | 14084 |
| KeyCorp | 17284 | 358470 |
| Lakeland Financial Corp. | 554 | 32182 |
| Live Oak Bancshares, Inc. | 1070 | 38809 |
| M&T Bank Corp. | 2135 | 463252 |
| Mercantile Bank Corp. | 747 | 38590 |
| Metrocity Bankshares, Inc. | 574 | 16129 |
| Metropolitan Bank Holding Corp. | 265 | 22300 |
| Mid Penn Bancorp, Inc. | 208 | 6691 |
| Midland States Bancorp, Inc. | 701 | 15513 |
| MVB Financial Corp. | 97 | 2619 |
| National Bank Holdings Corp., Class A | 656 | 26233 |
| NBT Bancorp, Inc. | 817 | 34902 |
| Nicolet Bankshares, Inc. | 459 | 70117 |
| Northeast Bank | 375 | 41580 |
| Northfield Bancorp, Inc. | 845 | 11272 |
| Northrim BanCorp, Inc. | 341 | 8010 |
| Northwest Bancshares, Inc. | 2349 | 29245 |
| OceanFirst Financial Corp. | 929 | 16778 |
| OFG Bancorp | 2153 | 86292 |
| Old National Bancorp | 7308 | 168815 |
| Old Second Bancorp, Inc. | 2104 | 41302 |
| Orange County Bancorp, Inc. | 90 | 2989 |
| Origin Bancorp, Inc. | 833 | 34653 |
| Orrstown Financial Services, Inc. | 279 | 10027 |
| Park National Corp. | 299 | 49194 |
| Parke Bancorp, Inc. | 160 | 4458 |
| Pathward Financial, Inc. | 1279 | 116120 |
| PCB Bancorp | 413 | 9235 |
| Peapack-Gladstone Financial Corp. | 526 | 17616 |
| Peoples Bancorp, Inc. | 1224 | 39498 |
| Peoples Financial Services Corp. | 202 | 10827 |
| Pinnacle Financial Partners, Inc. | 2289 | 207750 |
| PNC Financial Services Group, Inc. | 4908 | 1042214 |
| Popular, Inc. | 1496 | 202499 |
| Preferred Bank | 609 | 53421 |
| Primis Financial Corp. | 210 | 2774 |
| Prosperity Bancshares, Inc. | 974 | 68540 |
| Provident Financial Services, Inc. | 3406 | 71662 |
| QCR Holdings, Inc. | 339 | 29324 |
| RBB Bancorp | 397 | 8536 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Red River Bancshares, Inc. | 138 | $12241 |
| Regions Financial Corp. | 16257 | 452432 |
| Renasant Corp. | 1972 | 74246 |
| Republic Bancorp, Inc., Class A | 275 | 18975 |
| S&T Bancorp, Inc. | 705 | 29476 |
| Seacoast Banking Corp. of Florida | 2022 | 62925 |
| ServisFirst Bancshares, Inc. | 1231 | 99723 |
| Shore Bancshares, Inc. | 294 | 5463 |
| Sierra Bancorp | 379 | 13636 |
| Simmons First National Corp., Class A | 3019 | 60108 |
| SmartFinancial, Inc. | 388 | 15213 |
| South Plains Financial, Inc. | 473 | 19374 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 148 | 8264 |
| Southern Missouri Bancorp, Inc. | 262 | 16220 |
| Southside Bancshares, Inc. | 893 | 27969 |
| Southstate Bank Corp. | 1711 | 168824 |
| Stellar Bancorp, Inc. | 793 | 29864 |
| Stock Yards Bancorp, Inc. | 473 | 30338 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 807 | 76907 |
| TFS Financial Corp. | 385 | 5398 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 271 | 10734 |
| Timberland Bancorp, Inc. | 209 | 7959 |
| Tompkins Financial Corp. | 201 | 15419 |
| Towne Bank | 1407 | 48204 |
| TriCo Bancshares | 791 | 37794 |
| Triumph Financial, Inc.<sup>(1)</sup> | 212 | 11842 |
| Truist Financial Corp. | 13478 | 664600 |
| TrustCo Bank Corp. | 684 | 29665 |
| Trustmark Corp. | 966 | 41142 |
| U.S. Bancorp | 19574 | 1069915 |
| UMB Financial Corp. | 1576 | 182627 |
| United Bankshares, Inc. | 1488 | 61454 |
| United Community Banks, Inc. | 2110 | 67879 |
| Unity Bancorp, Inc. | 222 | 11808 |
| Univest Financial Corp. | 642 | 21539 |
| Valley National Bancorp | 10171 | 128256 |
| WaFd, Inc. | 1852 | 57708 |
| Washington Trust Bancorp, Inc. | 329 | 11084 |
| Webster Financial Corp. | 3486 | 251445 |
| Wells Fargo & Co. | 30728 | 2502796 |
| WesBanco, Inc. | 1790 | 62417 |
| West BanCorp, Inc. | 333 | 8109 |
| Westamerica Bancorporation | 1186 | 60071 |
| Western Alliance Bancorp | 2846 | 228591 |
| Wintrust Financial Corp. | 1817 | 261757 |
| WSFS Financial Corp. | 1029 | 65352 |
| Zions Bancorp NA | 5418 | 310343 |
|  |  | 30508752 |
| **Beverages — 0.8%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 128 | 29028 |
| Brown-Forman Corp., Class A | 315 | 9248 |
| Brown-Forman Corp., Class B<sup>(2)</sup> | 1900 | 54834 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 1657 | 88832 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coca-Cola Co. | 15521 | $1265893 |
| Coca-Cola Consolidated, Inc. | 1894 | 383345 |
| Constellation Brands, Inc., Class A | 1494 | 235843 |
| Keurig Dr. Pepper, Inc. | 3634 | 110037 |
| Molson Coors Beverage Co., Class B | 4527 | 221778 |
| Monster Beverage Corp.<sup>(1)</sup> | 9056 | 772477 |
| National Beverage Corp.<sup>(1)</sup> | 1158 | 42093 |
| PepsiCo, Inc. | 11320 | 1921457 |
|  |  | 5134865 |
| **Biotechnology — 2.1%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 881 | 8510 |
| AbbVie, Inc. | 7737 | 1795603 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 805 | 24335 |
| Alkermes PLC<sup>(1)</sup> | 6213 | 187011 |
| Amgen, Inc. | 4588 | 1780878 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 12 | 172 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 358 | 22651 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 2858 | 40498 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 967 | 27521 |
| Biogen, Inc.<sup>(1)</sup> | 3556 | 682112 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 1683 | 103892 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 5519 | 127379 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 634 | 19077 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 775 | 46608 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 1389 | 21529 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 562 | 11903 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 873 | 7115 |
| Engene Holdings, Inc.<sup>(1)</sup> | 749 | 7572 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 1020 | 12169 |
| Erasca, Inc.<sup>(1)</sup> | 3583 | 48944 |
| Exelixis, Inc.<sup>(1)</sup> | 10998 | 484572 |
| Gilead Sciences, Inc. | 24954 | 3716898 |
| GRAIL, Inc.<sup>(1)</sup> | 1456 | 77503 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 2660 | 184950 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 1203 | 38737 |
| Incyte Corp.<sup>(1)</sup> | 1413 | 143095 |
| MiMedx Group, Inc.<sup>(1)</sup> | 2030 | 9927 |
| Moderna, Inc.<sup>(1)</sup> | 1871 | 100229 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 3352 | 59498 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 919 | 4237 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 968 | 128018 |
| Nkarta, Inc.<sup>(1)(2)</sup> | 523 | 1412 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 122 | 12438 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 1067 | 25821 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | 518 | 1663 |
| Oruka Therapeutics, Inc.<sup>(1)</sup> | 504 | 17343 |
| PDL BioPharma, Inc.<sup>(1)</sup> | 752 | 8 |
| Puma Biotechnology, Inc.<sup>(1)(2)</sup> | 2416 | 13771 |
| Regeneron Pharmaceuticals, Inc. | 983 | 768382 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 2575 | 26419 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 895 | 31092 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 3999 | 115731 |
| Solid Biosciences, Inc.<sup>(1)</sup> | 1052 | 6533 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| United Therapeutics Corp.<sup>(1)</sup> | 1196 | $602664 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 654 | 5827 |
| Vaxcyte, Inc.<sup>(1)</sup> | 1283 | 79212 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 2489 | 1236610 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 3699 | 33624 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 2070 | 8487 |
| Xencor, Inc.<sup>(1)</sup> | 799 | 10203 |
|  |  | 12920383 |
| **Broadline Retail — 3.6%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 101375 | 21288750 |
| Dillard's, Inc., Class A | 146 | 88007 |
| eBay, Inc. | 3602 | 327278 |
| Kohl's Corp. | 3888 | 63647 |
| Macy's, Inc. | 7186 | 142139 |
| MercadoLibre, Inc.<sup>(1)</sup> | 262 | 460486 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 933 | 99924 |
|  |  | 22470231 |
| **Building Products — 0.7%** |  |  |
| A.O. Smith Corp. | 3273 | 255294 |
| Advanced Drainage Systems, Inc. | 2319 | 397338 |
| American Woodmark Corp.<sup>(1)</sup> | 362 | 18136 |
| Apogee Enterprises, Inc. | 1203 | 47903 |
| Armstrong World Industries, Inc. | 1942 | 336937 |
| AZZ, Inc. | 513 | 69758 |
| Carlisle Cos., Inc. | 682 | 269233 |
| Fortune Brands Innovations, Inc. | 789 | 42874 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 1180 | 53666 |
| Griffon Corp. | 1178 | 100413 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 1496 | 23936 |
| Insteel Industries, Inc. | 877 | 32695 |
| Janus International Group, Inc.<sup>(1)</sup> | 1711 | 11909 |
| Johnson Controls International PLC | 2221 | 320490 |
| Lennox International, Inc. | 977 | 556831 |
| Owens Corning | 3153 | 384887 |
| Quanex Building Products Corp. | 1916 | 39336 |
| Simpson Manufacturing Co., Inc. | 1137 | 220089 |
| Tecnoglass, Inc. | 1308 | 59593 |
| Trane Technologies PLC | 1996 | 922791 |
| Trex Co., Inc.<sup>(1)</sup> | 2589 | 107236 |
| UFP Industries, Inc. | 1676 | 172477 |
| Zurn Elkay Water Solutions Corp. | 1831 | 93344 |
|  |  | 4537166 |
| **Capital Markets — 3.4%** |  |  |
| Affiliated Managers Group, Inc. | 82 | 25107 |
| Ameriprise Financial, Inc. | 2685 | 1262272 |
| Artisan Partners Asset Management, Inc., Class A | 3020 | 121646 |
| Bank of New York Mellon Corp. | 9280 | 1105248 |
| BGC Group, Inc., Class A | 3739 | 35595 |
| Blackrock, Inc. | 950 | 1010068 |
| Blackstone, Inc. | 3956 | 448492 |
| Carlyle Group, Inc. | 3817 | 198446 |
| Cboe Global Markets, Inc. | 599 | 179532 |
| Charles Schwab Corp. | 18670 | 1777384 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CME Group, Inc. | 3163 | $1010578 |
| Cohen & Steers, Inc. | 622 | 41593 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 1476 | 259555 |
| Diamond Hill Investment Group, Inc. | 119 | 20453 |
| Evercore, Inc., Class A | 495 | 152876 |
| FactSet Research Systems, Inc. | 406 | 88025 |
| Federated Hermes, Inc. | 1365 | 76454 |
| Franklin Resources, Inc. | 4192 | 111256 |
| Goldman Sachs Group, Inc. | 3247 | 2791024 |
| Hamilton Lane, Inc., Class A | 691 | 72514 |
| Houlihan Lokey, Inc. | 595 | 97443 |
| Interactive Brokers Group, Inc., Class A | 1795 | 127786 |
| Intercontinental Exchange, Inc. | 2048 | 336138 |
| Invesco Ltd. | 5178 | 135974 |
| Janus Henderson Group PLC | 2703 | 140826 |
| Jefferies Financial Group, Inc. | 2775 | 123210 |
| KKR & Co., Inc. | 5813 | 509684 |
| LPL Financial Holdings, Inc. | 2071 | 622087 |
| MarketAxess Holdings, Inc. | 781 | 149952 |
| Moody's Corp. | 1218 | 581705 |
| Morgan Stanley | 15116 | 2516965 |
| MSCI, Inc. | 190 | 108648 |
| Northern Trust Corp. | 5535 | 792003 |
| Oppenheimer Holdings, Inc., Class A | 272 | 23471 |
| Piper Sandler Cos. | 349 | 103147 |
| Raymond James Financial, Inc. | 3556 | 544352 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 5420 | 411107 |
| S&P Global, Inc. | 1150 | 508162 |
| SEI Investments Co. | 2648 | 215335 |
| State Street Corp. | 4178 | 537374 |
| Stifel Financial Corp. | 4687 | 347109 |
| StoneX Group, Inc.<sup>(1)</sup> | 1727 | 220192 |
| T. Rowe Price Group, Inc. | 5093 | 481951 |
| Tradeweb Markets, Inc., Class A | 926 | 114134 |
| Victory Capital Holdings, Inc., Class A | 622 | 43030 |
| Virtu Financial, Inc., Class A | 1801 | 74579 |
| Virtus Investment Partners, Inc. | 271 | 37496 |
| WisdomTree, Inc.<sup>(2)</sup> | 4981 | 85225 |
|  |  | 20777203 |
| **Chemicals — 1.3%** |  |  |
| AdvanSix, Inc. | 1022 | 18222 |
| Air Products & Chemicals, Inc. | 3154 | 869463 |
| Albemarle Corp. | 1416 | 252997 |
| American Vanguard Corp.<sup>(1)</sup> | 829 | 3822 |
| Ashland, Inc. | 672 | 41906 |
| Avient Corp. | 1324 | 54377 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 1767 | 59035 |
| Balchem Corp. | 170 | 30843 |
| Cabot Corp. | 2256 | 171772 |
| CF Industries Holdings, Inc. | 5778 | 575142 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 485 | 8851 |
| Corteva, Inc. | 8211 | 657865 |
| Dow, Inc. | 7267 | 223315 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DuPont de Nemours, Inc. | 4350 | $217674 |
| Eastman Chemical Co. | 1956 | 147698 |
| Ecolab, Inc. | 992 | 305883 |
| Ecovyst, Inc.<sup>(1)</sup> | 2683 | 30237 |
| FMC Corp. | 2787 | 41080 |
| Hawkins, Inc. | 495 | 73804 |
| HB Fuller Co. | 698 | 45873 |
| Huntsman Corp. | 4082 | 51637 |
| Ingevity Corp.<sup>(1)</sup> | 1768 | 127349 |
| Innospec, Inc. | 486 | 37218 |
| International Flavors & Fragrances, Inc. | 1640 | 134857 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 207 | 7653 |
| Koppers Holdings, Inc.<sup>(2)</sup> | 489 | 18484 |
| Kronos Worldwide, Inc. | 602 | 3498 |
| Linde PLC | 2935 | 1491215 |
| LSB Industries, Inc.<sup>(1)</sup> | 2683 | 31176 |
| LyondellBasell Industries NV, Class A | 6434 | 370084 |
| Mativ Holdings, Inc. | 1978 | 21442 |
| Minerals Technologies, Inc. | 680 | 48022 |
| Mosaic Co. | 7627 | 212336 |
| NewMarket Corp. | 445 | 278574 |
| Olin Corp. | 3196 | 81083 |
| Orion SA | 1743 | 9918 |
| PPG Industries, Inc. | 2242 | 276371 |
| Quaker Chemical Corp. | 236 | 34699 |
| RPM International, Inc. | 2346 | 267726 |
| Sherwin-Williams Co. | 2157 | 782107 |
| Stepan Co. | 387 | 19694 |
| Tronox Holdings PLC, Class A | 3398 | 25417 |
| Valhi, Inc.<sup>(2)</sup> | 155 | 2165 |
| Westlake Corp. | 1098 | 115707 |
|  |  | 8278291 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ACCO Brands Corp. | 4971 | 20232 |
| Brady Corp., Class A | 767 | 70825 |
| Brink's Co. | 668 | 78002 |
| Cintas Corp. | 3354 | 674590 |
| Civeo Corp.<sup>(1)</sup> | 690 | 19106 |
| Clean Harbors, Inc.<sup>(1)</sup> | 737 | 216088 |
| Copart, Inc.<sup>(1)</sup> | 9450 | 359950 |
| Ennis, Inc. | 941 | 19865 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 4288 | 93350 |
| HNI Corp. | 2764 | 124269 |
| Interface, Inc. | 2982 | 93903 |
| MSA Safety, Inc. | 471 | 92038 |
| Quad/Graphics, Inc. | 1134 | 7836 |
| Republic Services, Inc. | 813 | 186177 |
| Rollins, Inc. | 3077 | 187359 |
| UniFirst Corp. | 302 | 70916 |
| Veralto Corp. | 871 | 84862 |
| Waste Connections, Inc. | 624 | 107409 |
| Waste Management, Inc. | 3436 | 827526 |
|  |  | 3334303 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Communications Equipment — 0.7%** | | |
| Arista Networks, Inc.<sup>(1)</sup> | 8940 | $1193490 |
| Aviat Networks, Inc.<sup>(1)</sup> | 642 | 16076 |
| BK Technologies Corp.<sup>(1)</sup> | 132 | 11496 |
| Ciena Corp.<sup>(1)</sup> | 1461 | 509451 |
| Cisco Systems, Inc. | 13251 | 1052924 |
| F5, Inc.<sup>(1)</sup> | 486 | 131881 |
| Harmonic, Inc.<sup>(1)</sup> | 2755 | 29286 |
| Motorola Solutions, Inc. | 1627 | 784637 |
| NETGEAR, Inc.<sup>(1)</sup> | 1681 | 34662 |
| Ubiquiti, Inc. | 70 | 53689 |
| Viasat, Inc.<sup>(1)</sup> | 6005 | 274909 |
|  |  | 4092501 |
| **Construction and Engineering — 0.8%** |  |  |
| Argan, Inc. | 291 | 131314 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 1528 | 47368 |
| Comfort Systems USA, Inc. | 891 | 1273569 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1318 | 553586 |
| EMCOR Group, Inc. | 1389 | 1006497 |
| Fluor Corp.<sup>(1)</sup> | 1663 | 86992 |
| Granite Construction, Inc. | 1926 | 258970 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 3394 | 57528 |
| IES Holdings, Inc.<sup>(1)</sup> | 305 | 151082 |
| MasTec, Inc.<sup>(1)</sup> | 715 | 213084 |
| Matrix Service Co.<sup>(1)</sup> | 1438 | 15804 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 174 | 13502 |
| Primoris Services Corp. | 2094 | 315608 |
| Quanta Services, Inc. | 1030 | 579972 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 220 | 94189 |
| Tutor Perini Corp. | 682 | 51402 |
| Valmont Industries, Inc. | 748 | 344028 |
| WillScot Holdings Corp. | 2323 | 50200 |
|  |  | 5244695 |
| **Construction Materials — 0.4%** |  |  |
| CRH PLC | 7577 | 909089 |
| Eagle Materials, Inc. | 1479 | 331000 |
| Martin Marietta Materials, Inc. | 713 | 482394 |
| U.S. Lime & Minerals, Inc. | 463 | 52856 |
| Vulcan Materials Co. | 1617 | 501270 |
|  |  | 2276609 |
| **Consumer Finance — 1.0%** |  |  |
| Ally Financial, Inc. | 10750 | 423980 |
| American Express Co. | 7851 | 2425174 |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 298 | 15588 |
| Bread Financial Holdings, Inc. | 1218 | 86307 |
| Capital One Financial Corp. | 5903 | 1154863 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 528 | 4277 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 990 | 26265 |
| FirstCash Holdings, Inc. | 437 | 84249 |
| Green Dot Corp., Class A<sup>(1)</sup> | 2643 | 30553 |
| LendingClub Corp.<sup>(1)</sup> | 2037 | 30372 |
| Medallion Financial Corp. | 1634 | 16487 |
| Navient Corp. | 1608 | 14134 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nelnet, Inc., Class A | 324 | $41945 |
| OneMain Holdings, Inc. | 4834 | 265967 |
| PRA Group, Inc.<sup>(1)</sup> | 811 | 12773 |
| PROG Holdings, Inc. | 575 | 20246 |
| Regional Management Corp. | 269 | 8560 |
| SLM Corp. | 9192 | 172258 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 10817 | 192110 |
| Synchrony Financial | 12187 | 842244 |
| World Acceptance Corp.<sup>(1)</sup> | 123 | 16590 |
|  |  | 5884942 |
| **Consumer Staples Distribution & Retail — 2.8%** |  |  |
| Albertsons Cos., Inc., Class A | 1785 | 31952 |
| Andersons, Inc. | 1570 | 102505 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 5385 | 531984 |
| Casey's General Stores, Inc. | 734 | 503223 |
| Costco Wholesale Corp. | 5679 | 5740276 |
| Dollar General Corp. | 7379 | 1152895 |
| Dollar Tree, Inc.<sup>(1)</sup> | 7594 | 960489 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 1380 | 13634 |
| Ingles Markets, Inc., Class A | 615 | 52336 |
| Kroger Co. | 18514 | 1263395 |
| Natural Grocers by Vitamin Cottage, Inc. | 753 | 20354 |
| Performance Food Group Co.<sup>(1)</sup> | 1811 | 175776 |
| PriceSmart, Inc. | 1085 | 167763 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 3779 | 279155 |
| Sysco Corp. | 3083 | 281046 |
| Target Corp. | 11630 | 1323378 |
| United Natural Foods, Inc.<sup>(1)</sup> | 3151 | 120400 |
| Village Super Market, Inc., Class A | 471 | 18440 |
| Walmart, Inc. | 35859 | 4588159 |
| Weis Markets, Inc. | 694 | 47025 |
|  |  | 17374185 |
| **Containers and Packaging — 0.4%** |  |  |
| AptarGroup, Inc. | 1721 | 247325 |
| Avery Dennison Corp. | 931 | 182802 |
| Ball Corp. | 2510 | 168496 |
| Crown Holdings, Inc. | 591 | 67729 |
| Graphic Packaging Holding Co. | 11449 | 140021 |
| International Paper Co. | 7571 | 329717 |
| Packaging Corp. of America | 2890 | 670885 |
| Sealed Air Corp. | 1505 | 63029 |
| Smurfit Westrock PLC | 6972 | 327754 |
| TriMas Corp. | 560 | 21885 |
|  |  | 2219643 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 1479 | 176386 |
| Gold.com, Inc. | 755 | 43390 |
| LKQ Corp. | 1286 | 42579 |
| Pool Corp. | 717 | 162888 |
|  |  | 425243 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 952 | 7635 |
| American Public Education, Inc.<sup>(1)</sup> | 803 | 36793 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Covista, Inc.<sup>(1)</sup> | 851 | $83398 |
| Frontdoor, Inc.<sup>(1)</sup> | 1197 | 82078 |
| Graham Holdings Co., Class B | 56 | 58980 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1248 | 198519 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 3894 | 125932 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 1293 | 46858 |
| OneSpaWorld Holdings Ltd. | 1781 | 38345 |
| Perdoceo Education Corp. | 1890 | 63032 |
| Service Corp. International | 1120 | 94282 |
| Strategic Education, Inc. | 184 | 15140 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 3097 | 112111 |
|  |  | 963103 |
| **Diversified Telecommunication Services — 1.2%** |  |  |
| AT&T, Inc. | 68856 | 1928657 |
| ATN International, Inc. | 292 | 8415 |
| Comcast Corp., Class A | 54138 | 1676112 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 122 | 4848 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 1221 | 48046 |
| Globalstar, Inc.<sup>(1)</sup> | 2495 | 155364 |
| IDT Corp., Class B | 709 | 36124 |
| Iridium Communications, Inc. | 4792 | 114768 |
| Shenandoah Telecommunications Co.<sup>(2)</sup> | 1301 | 17733 |
| Verizon Communications, Inc. | 71671 | 3593584 |
|  |  | 7583651 |
| **Electric Utilities — 1.7%** |  |  |
| Alliant Energy Corp. | 1154 | 83480 |
| American Electric Power Co., Inc. | 8186 | 1095450 |
| Constellation Energy Corp. | 2546 | 839874 |
| Duke Energy Corp. | 5165 | 675840 |
| Edison International | 6228 | 465481 |
| Entergy Corp. | 7471 | 800219 |
| Evergy, Inc. | 4456 | 372789 |
| Eversource Energy | 7794 | 593981 |
| Exelon Corp. | 16268 | 804778 |
| FirstEnergy Corp. | 5099 | 260865 |
| IDACORP, Inc. | 980 | 141091 |
| NextEra Energy, Inc. | 6379 | 598159 |
| NRG Energy, Inc. | 2260 | 404450 |
| OGE Energy Corp. | 4920 | 241769 |
| Otter Tail Corp. | 984 | 83738 |
| PG&E Corp. | 35188 | 668572 |
| Pinnacle West Capital Corp. | 3197 | 320659 |
| Portland General Electric Co. | 2791 | 150602 |
| PPL Corp. | 10503 | 409407 |
| Southern Co. | 5324 | 518451 |
| Xcel Energy, Inc. | 8383 | 698807 |
|  |  | 10228462 |
| **Electrical Equipment — 1.1%** |  |  |
| Acuity, Inc. | 519 | 156525 |
| AMETEK, Inc. | 1596 | 381795 |
| Atkore, Inc. | 1646 | 106513 |
| Eaton Corp. PLC | 2190 | 823265 |
| Emerson Electric Co. | 2570 | 387427 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GE Vernova, Inc. | 2748 | $2400653 |
| Generac Holdings, Inc.<sup>(1)</sup> | 550 | 123954 |
| Hubbell, Inc. | 355 | 181629 |
| Nextpower, Inc., Class A<sup>(1)</sup> | 7254 | 762395 |
| nVent Electric PLC | 700 | 82852 |
| Powell Industries, Inc. | 236 | 123570 |
| Preformed Line Products Co. | 193 | 48954 |
| Rockwell Automation, Inc. | 286 | 116531 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 3432 | 20352 |
| Sunrun, Inc.<sup>(1)</sup> | 1452 | 19239 |
| Vertiv Holdings Co., Class A | 4941 | 1259411 |
|  |  | 6995065 |
| **Electronic Equipment, Instruments and Components — 1.4%** |  |  |
| Amphenol Corp., Class A | 5691 | 831227 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1934 | 294277 |
| Avnet, Inc. | 3684 | 242554 |
| Badger Meter, Inc. | 298 | 45424 |
| Belden, Inc. | 192 | 27514 |
| Benchmark Electronics, Inc. | 727 | 42028 |
| CDW Corp. | 1082 | 132696 |
| Cognex Corp. | 2008 | 109235 |
| Corning, Inc. | 9760 | 1467709 |
| CTS Corp. | 635 | 33439 |
| Daktronics, Inc.<sup>(1)</sup> | 2256 | 58160 |
| ePlus, Inc. | 1050 | 84693 |
| Fabrinet<sup>(1)</sup> | 381 | 207885 |
| Flex Ltd.<sup>(1)</sup> | 14510 | 914420 |
| Ingram Micro Holding Corp.<sup>(2)</sup> | 305 | 6310 |
| IPG Photonics Corp.<sup>(1)</sup> | 575 | 75653 |
| Itron, Inc.<sup>(1)</sup> | 84 | 7892 |
| Jabil, Inc. | 3637 | 963769 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 1567 | 481586 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 1233 | 30813 |
| Knowles Corp.<sup>(1)</sup> | 817 | 22198 |
| Littelfuse, Inc. | 570 | 200902 |
| Methode Electronics, Inc. | 787 | 6658 |
| Napco Security Technologies, Inc. | 978 | 45585 |
| PC Connection, Inc. | 485 | 29561 |
| Plexus Corp.<sup>(1)</sup> | 1144 | 222085 |
| Rogers Corp.<sup>(1)</sup> | 273 | 29438 |
| Sanmina Corp.<sup>(1)</sup> | 1595 | 247640 |
| ScanSource, Inc.<sup>(1)</sup> | 1030 | 37883 |
| TD SYNNEX Corp. | 1201 | 188329 |
| TE Connectivity PLC | 3452 | 794478 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 122 | 83094 |
| TTM Technologies, Inc.<sup>(1)</sup> | 2917 | 304068 |
| Vishay Intertechnology, Inc. | 2586 | 48410 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 355 | 16355 |
| Vontier Corp. | 1733 | 70914 |
|  |  | 8404882 |
| **Energy Equipment and Services — 1.0%** |  |  |
| Archrock, Inc. | 7897 | 279001 |
| Baker Hughes Co. | 11376 | 742398 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bristow Group, Inc.<sup>(1)</sup> | 1003 | $47843 |
| Cactus, Inc., Class A | 216 | 11664 |
| Core Laboratories, Inc. | 556 | 9780 |
| DMC Global, Inc.<sup>(1)</sup> | 704 | 4147 |
| Expro Group Holdings NV<sup>(1)</sup> | 2285 | 40810 |
| Halliburton Co. | 21935 | 789660 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 4214 | 38727 |
| Helmerich & Payne, Inc. | 4405 | 155144 |
| Innovex International, Inc.<sup>(1)</sup> | 644 | 16969 |
| Kodiak Gas Services, Inc. | 2034 | 110995 |
| Liberty Energy, Inc., Class A | 8813 | 247557 |
| Nabors Industries Ltd.<sup>(1)</sup> | 510 | 39841 |
| Noble Corp. PLC<sup>(2)</sup> | 1648 | 74869 |
| NOV, Inc. | 10078 | 204180 |
| Oceaneering International, Inc.<sup>(1)</sup> | 6003 | 213106 |
| Oil States International, Inc.<sup>(1)</sup> | 2239 | 29308 |
| Patterson-UTI Energy, Inc. | 14919 | 126961 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 1415 | 7004 |
| ProPetro Holding Corp.<sup>(1)</sup> | 5955 | 72234 |
| Ranger Energy Services, Inc. | 1148 | 19998 |
| RPC, Inc. | 5234 | 30410 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 200 | 1532 |
| Select Water Solutions, Inc., Class A | 2428 | 33191 |
| SLB Ltd. | 22147 | 1137027 |
| TechnipFMC PLC | 15844 | 1050616 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 5086 | 44045 |
| Tidewater, Inc.<sup>(1)</sup> | 2193 | 174168 |
| Transocean Ltd.<sup>(1)</sup> | 14545 | 94252 |
| Valaris Ltd.<sup>(1)</sup> | 1430 | 137065 |
| Weatherford International PLC | 3528 | 372063 |
|  |  | 6356565 |
| **Entertainment — 1.2%** |  |  |
| Cinemark Holdings, Inc. | 1746 | 49307 |
| Electronic Arts, Inc. | 346 | 69397 |
| IMAX Corp.<sup>(1)</sup> | 1815 | 77736 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 1562 | 253263 |
| Marcus Corp. | 1005 | 16914 |
| Netflix, Inc.<sup>(1)</sup> | 35836 | 3448857 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 68 | 4669 |
| Roku, Inc.<sup>(1)</sup> | 1452 | 142891 |
| Sphere Entertainment Co.<sup>(1)</sup> | 745 | 88663 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 1495 | 316163 |
| Walt Disney Co. | 14583 | 1546381 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 42102 | 1186013 |
|  |  | 7200254 |
| **Financial Services — 2.6%** |  |  |
| Acacia Research Corp.<sup>(1)(2)</sup> | 1723 | 7219 |
| Affirm Holdings, Inc.<sup>(1)</sup> | 1614 | 75826 |
| Alerus Financial Corp. | 301 | 7176 |
| Apollo Global Management, Inc. | 5279 | 552183 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 9220 | 4655639 |
| Block, Inc.<sup>(1)</sup> | 1994 | 127018 |
| Cannae Holdings, Inc. | 1879 | 22924 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cass Information Systems, Inc. | 488 | $21657 |
| Corebridge Financial, Inc. | 11982 | 309615 |
| Corpay, Inc.<sup>(1)</sup> | 496 | 161250 |
| Enact Holdings, Inc. | 1119 | 46819 |
| Essent Group Ltd. | 2364 | 143826 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 439 | 30532 |
| Federal Agricultural Mortgage Corp., Class C | 443 | 69843 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 464 | 8978 |
| International Money Express, Inc.<sup>(1)</sup> | 987 | 15575 |
| Jack Henry & Associates, Inc. | 1118 | 181630 |
| Jackson Financial, Inc., Class A | 3562 | 389968 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 3658 | 14047 |
| Mastercard, Inc., Class A | 6598 | 3412552 |
| Merchants Bancorp | 723 | 30568 |
| MGIC Investment Corp. | 10275 | 272596 |
| NewtekOne, Inc. | 1732 | 21269 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 3444 | 135384 |
| Onity Group, Inc.<sup>(1)</sup> | 281 | 11777 |
| Payoneer Global, Inc.<sup>(1)</sup> | 15669 | 67690 |
| PayPal Holdings, Inc. | 6458 | 298424 |
| PennyMac Financial Services, Inc. | 697 | 64075 |
| Radian Group, Inc. | 3458 | 119370 |
| Visa, Inc., Class A | 13464 | 4310365 |
| Voya Financial, Inc. | 1685 | 112693 |
| Waterstone Financial, Inc. | 705 | 12556 |
| Western Union Co. | 4907 | 47254 |
|  |  | 15758298 |
| **Food Products — 0.6%** |  |  |
| Archer-Daniels-Midland Co. | 10330 | 713183 |
| B&G Foods, Inc.<sup>(2)</sup> | 3081 | 16360 |
| Bunge Global SA | 1847 | 222841 |
| Calavo Growers, Inc. | 812 | 21794 |
| Cal-Maine Foods, Inc.<sup>(2)</sup> | 2172 | 189203 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 3015 | 160277 |
| Flowers Foods, Inc. | 5420 | 53550 |
| Fresh Del Monte Produce, Inc. | 519 | 22281 |
| Hershey Co. | 3680 | 869510 |
| Hormel Foods Corp. | 1492 | 38195 |
| Ingredion, Inc. | 2858 | 335701 |
| J&J Snack Foods Corp. | 261 | 22723 |
| J.M. Smucker Co. | 24 | 2783 |
| John B Sanfilippo & Son, Inc. | 353 | 29161 |
| Kraft Heinz Co. | 9295 | 228750 |
| Lamb Weston Holdings, Inc. | 2572 | 123945 |
| Marzetti Co. | 198 | 32539 |
| Mission Produce, Inc.<sup>(1)</sup> | 291 | 4129 |
| Mondelez International, Inc., Class A | 5614 | 345710 |
| Pilgrim's Pride Corp. | 1909 | 82392 |
| Seaboard Corp. | 4 | 20531 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 258 | 35857 |
| Tootsie Roll Industries, Inc. | 410 | 17314 |
| Tyson Foods, Inc., Class A | 3545 | 230389 |
| Vital Farms, Inc.<sup>(1)</sup> | 84 | 1772 |
|  |  | 3820890 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Gas Utilities — 0.2%** | | |
| Atmos Energy Corp. | 866 | $161760 |
| MDU Resources Group, Inc. | 8507 | 175925 |
| National Fuel Gas Co. | 2711 | 246782 |
| New Jersey Resources Corp. | 1751 | 94974 |
| Northwest Natural Holding Co. | 1195 | 63383 |
| ONE Gas, Inc. | 1448 | 126613 |
| Southwest Gas Holdings, Inc. | 1480 | 130492 |
| UGI Corp. | 3176 | 118814 |
|  |  | 1118743 |
| **Ground Transportation — 1.9%** |  |  |
| ArcBest Corp. | 1062 | 109025 |
| Covenant Logistics Group, Inc. | 867 | 25524 |
| CSX Corp. | 47601 | 2032087 |
| Heartland Express, Inc. | 1486 | 16391 |
| JB Hunt Transport Services, Inc. | 2832 | 661017 |
| Knight-Swift Transportation Holdings, Inc. | 2465 | 155098 |
| Landstar System, Inc. | 1554 | 253224 |
| Lyft, Inc., Class A<sup>(1)</sup> | 13204 | 182743 |
| Marten Transport Ltd. | 2561 | 34804 |
| Norfolk Southern Corp. | 5318 | 1673787 |
| Old Dominion Freight Line, Inc. | 5673 | 1151903 |
| PAMT Corp.<sup>(1)</sup> | 2 | 20 |
| Ryder System, Inc. | 2119 | 469486 |
| Saia, Inc.<sup>(1)</sup> | 731 | 296340 |
| Schneider National, Inc., Class B | 1571 | 44585 |
| Uber Technologies, Inc.<sup>(1)</sup> | 16524 | 1246240 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 182 | 9220 |
| U-Haul Holding Co. | 2432 | 114693 |
| Union Pacific Corp. | 11702 | 3100796 |
| Universal Logistics Holdings, Inc. | 301 | 5006 |
| Werner Enterprises, Inc. | 2812 | 98673 |
| XPO, Inc.<sup>(1)</sup> | 1082 | 227729 |
|  |  | 11908391 |
| **Health Care Equipment and Supplies — 1.4%** |  |  |
| Abbott Laboratories | 11438 | 1330811 |
| Align Technology, Inc.<sup>(1)</sup> | 790 | 150179 |
| AngioDynamics, Inc.<sup>(1)</sup> | 481 | 5503 |
| Avanos Medical, Inc.<sup>(1)</sup> | 438 | 6176 |
| Baxter International, Inc. | 6090 | 124053 |
| Becton Dickinson & Co. | 471 | 83122 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 2072 | 18192 |
| Boston Scientific Corp.<sup>(1)</sup> | 8064 | 619718 |
| CONMED Corp. | 147 | 6762 |
| Cooper Cos., Inc.<sup>(1)</sup> | 2245 | 187839 |
| Dentsply Sirona, Inc. | 1999 | 29345 |
| Dexcom, Inc.<sup>(1)</sup> | 5458 | 400781 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 4447 | 384532 |
| Electromed, Inc.<sup>(1)</sup> | 263 | 6233 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 2725 | 260128 |
| Haemonetics Corp.<sup>(1)</sup> | 1540 | 97513 |
| Hologic, Inc.<sup>(1)</sup> | 2225 | 167676 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 1115 | 732254 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inogen, Inc.<sup>(1)</sup> | 116 | $708 |
| Insulet Corp.<sup>(1)</sup> | 344 | 84834 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 3606 | 41036 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 2264 | 1139947 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 3091 | 231547 |
| LivaNova PLC<sup>(1)</sup> | 2833 | 200010 |
| Masimo Corp.<sup>(1)</sup> | 2045 | 358591 |
| Medtronic PLC | 6307 | 615942 |
| Omnicell, Inc.<sup>(1)</sup> | 626 | 25729 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 1165 | 3670 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 898 | 12150 |
| Penumbra, Inc.<sup>(1)</sup> | 132 | 45459 |
| QuidelOrtho Corp.<sup>(1)</sup> | 2870 | 65264 |
| ResMed, Inc. | 1278 | 327500 |
| Shoulder Innovations, Inc.<sup>(1)</sup> | 377 | 5112 |
| STERIS PLC | 1076 | 271528 |
| Stryker Corp. | 1558 | 603663 |
| Teleflex, Inc. | 534 | 65180 |
| Utah Medical Products, Inc. | 76 | 5062 |
| Varex Imaging Corp.<sup>(1)</sup> | 439 | 5782 |
| Zimmer Biomet Holdings, Inc. | 2291 | 225526 |
|  |  | 8945057 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 610 | 14298 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 2111 | 40574 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 1034 | 20142 |
| Cardinal Health, Inc. | 580 | 132953 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 259 | 7659 |
| Cencora, Inc. | 1751 | 651617 |
| Centene Corp.<sup>(1)</sup> | 19406 | 870941 |
| Chemed Corp. | 160 | 65602 |
| Cigna Group | 630 | 182587 |
| Concentra Group Holdings Parent, Inc. | 308 | 7380 |
| CorVel Corp.<sup>(1)</sup> | 883 | 45545 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 1719 | 14955 |
| CVS Health Corp. | 4492 | 358911 |
| Elevance Health, Inc. | 2992 | 957440 |
| Encompass Health Corp. | 2054 | 221586 |
| Ensign Group, Inc. | 1235 | 264500 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 630 | 9658 |
| HCA Healthcare, Inc. | 872 | 461898 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 3784 | 54944 |
| Humana, Inc. | 935 | 178155 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 186 | 1631 |
| Labcorp Holdings, Inc. | 724 | 209323 |
| McKesson Corp. | 652 | 643765 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 368 | 56690 |
| National HealthCare Corp. | 252 | 41202 |
| National Research Corp.<sup>(2)</sup> | 478 | 6410 |
| Nutex Health, Inc.<sup>(1)</sup> | 277 | 30597 |
| PACS Group, Inc.<sup>(1)</sup> | 972 | 35488 |
| UnitedHealth Group, Inc. | 3190 | 935531 |
| Universal Health Services, Inc., Class B | 2008 | 413849 |
|  |  | 6935831 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Technology — 0.0%** | | |
| Doximity, Inc., Class A<sup>(1)</sup> | 258 | $6329 |
| HealthStream, Inc. | 162 | 3439 |
| Teladoc Health, Inc.<sup>(1)</sup> | 1223 | 6433 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 1249 | 227331 |
|  |  | 243532 |
| **Hotels, Restaurants and Leisure — 1.8%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 2676 | 30399 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3834 | 518012 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 959 | 36433 |
| Bloomin' Brands, Inc. | 3593 | 21989 |
| Booking Holdings, Inc. | 158 | 669817 |
| Boyd Gaming Corp. | 2949 | 245445 |
| Brinker International, Inc.<sup>(1)</sup> | 470 | 69654 |
| Carnival Corp. | 32609 | 1028814 |
| Cheesecake Factory, Inc. | 2379 | 154112 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 21903 | 815230 |
| Churchill Downs, Inc. | 1032 | 94872 |
| Cracker Barrel Old Country Store, Inc. | 1349 | 44139 |
| Darden Restaurants, Inc. | 2218 | 474319 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 821 | 12085 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 1437 | 253588 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 793 | 42513 |
| Expedia Group, Inc. | 767 | 165434 |
| Golden Entertainment, Inc. | 1017 | 29391 |
| Hilton Worldwide Holdings, Inc. | 922 | 287461 |
| Las Vegas Sands Corp. | 8824 | 500497 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 3395 | 91665 |
| Marriott International, Inc., Class A | 983 | 335921 |
| McDonald's Corp. | 3346 | 1141187 |
| MGM Resorts International<sup>(1)</sup> | 691 | 25470 |
| Monarch Casino & Resort, Inc. | 383 | 36806 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 20896 | 518012 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 328 | 7259 |
| Red Rock Resorts, Inc., Class A | 1393 | 84346 |
| Royal Caribbean Cruises Ltd. | 5762 | 1791752 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 634 | 60870 |
| Starbucks Corp. | 5760 | 564595 |
| Super Group SGHC Ltd. | 7475 | 79983 |
| Target Hospitality Corp.<sup>(1)</sup> | 1351 | 10524 |
| Texas Roadhouse, Inc. | 2813 | 514413 |
| Vail Resorts, Inc. | 295 | 40064 |
| Viking Holdings Ltd.<sup>(1)</sup> | 2486 | 193958 |
| Wendy's Co.<sup>(2)</sup> | 2143 | 16415 |
| Wyndham Hotels & Resorts, Inc. | 576 | 47117 |
| Yum! Brands, Inc. | 808 | 135873 |
|  |  | 11190434 |
| **Household Durables — 0.8%** |  |  |
| Bassett Furniture Industries, Inc. | 153 | 2290 |
| Cavco Industries, Inc.<sup>(1)</sup> | 237 | 136811 |
| Century Communities, Inc. | 397 | 26690 |
| Cricut, Inc., Class A<sup>(2)</sup> | 1665 | 7160 |
| DR Horton, Inc. | 4243 | 680535 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ethan Allen Interiors, Inc. | 1097 | $24990 |
| Garmin Ltd. | 1568 | 396437 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 305 | 22466 |
| Helen of Troy Ltd.<sup>(1)</sup> | 741 | 13071 |
| Hooker Furnishings Corp.<sup>(2)</sup> | 98 | 1405 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 286 | 35927 |
| Installed Building Products, Inc. | 857 | 280890 |
| KB Home | 1358 | 86342 |
| La-Z-Boy, Inc. | 1321 | 47186 |
| Legacy Housing Corp.<sup>(1)</sup> | 651 | 14270 |
| Leggett & Platt, Inc. | 5783 | 67545 |
| Lennar Corp., B Shares | 148 | 15796 |
| Lennar Corp., Class A | 3663 | 418901 |
| LGI Homes, Inc.<sup>(1)</sup> | 305 | 15829 |
| Lifetime Brands, Inc. | 241 | 798 |
| M/I Homes, Inc.<sup>(1)</sup> | 627 | 89134 |
| Meritage Homes Corp. | 990 | 74666 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 1417 | 177508 |
| NVR, Inc.<sup>(1)</sup> | 102 | 766815 |
| PulteGroup, Inc. | 4041 | 554425 |
| SharkNinja, Inc.<sup>(1)</sup> | 1005 | 123484 |
| Sonos, Inc.<sup>(1)</sup> | 1548 | 23839 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 1303 | 85855 |
| Toll Brothers, Inc. | 2032 | 319512 |
| TopBuild Corp.<sup>(1)</sup> | 209 | 93695 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 1832 | 84822 |
| Universal Electronics, Inc.<sup>(1)</sup> | 58 | 219 |
|  |  | 4689313 |
| **Household Products — 0.7%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 407 | 15950 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 2229 | 76990 |
| Church & Dwight Co., Inc. | 2361 | 247575 |
| Colgate-Palmolive Co. | 10861 | 1076760 |
| Energizer Holdings, Inc. | 987 | 21309 |
| Kimberly-Clark Corp. | 3601 | 401295 |
| Oil-Dri Corp. of America | 536 | 36362 |
| Procter & Gamble Co. | 14009 | 2342305 |
| Reynolds Consumer Products, Inc. | 56 | 1389 |
| Spectrum Brands Holdings, Inc. | 321 | 25160 |
| WD-40 Co. | 301 | 71698 |
|  |  | 4316793 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| AES Corp. | 11152 | 192707 |
| Clearway Energy, Inc., Class A | 596 | 21468 |
| Clearway Energy, Inc., Class C | 1602 | 61373 |
| Hallador Energy Co.<sup>(1)</sup> | 1114 | 20252 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 1281 | 1973 |
| Ormat Technologies, Inc. | 736 | 76323 |
| Talen Energy Corp.<sup>(1)</sup> | 1978 | 733779 |
| Vistra Corp. | 5653 | 983000 |
| XPLR Infrastructure LP<sup>(1)</sup> | 921 | 9753 |
|  |  | 2100628 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Industrial Conglomerates — 0.2%** | | |
| 3M Co. | 1504 | $248641 |
| Honeywell International, Inc. | 4640 | 1130258 |
|  |  | 1378899 |
| **Insurance — 3.6%** |  |  |
| Aflac, Inc. | 8634 | 975038 |
| Allstate Corp. | 6547 | 1404462 |
| American Coastal Insurance Corp., Class C | 1172 | 13349 |
| American Financial Group, Inc. | 2530 | 336439 |
| American International Group, Inc. | 14425 | 1161068 |
| AMERISAFE, Inc. | 500 | 16265 |
| Aon PLC, Class A | 968 | 324735 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 7928 | 793989 |
| Arthur J Gallagher & Co. | 226 | 51573 |
| Assurant, Inc. | 2230 | 511986 |
| Assured Guaranty Ltd. | 1153 | 99400 |
| Axis Capital Holdings Ltd. | 3835 | 405436 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 3017 | 180960 |
| Chubb Ltd. | 3512 | 1197100 |
| Cincinnati Financial Corp. | 1782 | 292212 |
| CNA Financial Corp. | 247 | 11861 |
| CNO Financial Group, Inc. | 4744 | 198347 |
| Employers Holdings, Inc. | 801 | 33121 |
| Erie Indemnity Co., Class A<sup>(2)</sup> | 240 | 64666 |
| Everest Group Ltd. | 711 | 238533 |
| F&G Annuities & Life, Inc. | 1012 | 22922 |
| Fidelis Insurance Holdings Ltd. | 150 | 2859 |
| Fidelity National Financial, Inc. | 3299 | 174451 |
| First American Financial Corp. | 2195 | 153891 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 7687 | 64878 |
| Globe Life, Inc. | 3109 | 451613 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 534 | 7578 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 1293 | 40846 |
| Hanover Insurance Group, Inc. | 1093 | 197429 |
| Hartford Insurance Group, Inc. | 8969 | 1263104 |
| HCI Group, Inc. | 590 | 104088 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 1359 | 37875 |
| Horace Mann Educators Corp. | 751 | 32676 |
| Investors Title Co. | 32 | 7389 |
| James River Group Holdings, Inc. | 495 | 3465 |
| Kemper Corp. | 883 | 28539 |
| Kinsale Capital Group, Inc. | 431 | 167948 |
| Lincoln National Corp. | 2827 | 96966 |
| Loews Corp. | 3526 | 387931 |
| Markel Group, Inc.<sup>(1)</sup> | 188 | 389624 |
| Marsh & McLennan Cos., Inc. | 2271 | 424087 |
| Mercury General Corp. | 1285 | 116395 |
| MetLife, Inc. | 13746 | 990674 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 2030 | 10861 |
| Old Republic International Corp. | 5679 | 243459 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 11340 | 154678 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 1223 | 151297 |
| Primerica, Inc. | 1468 | 372373 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Principal Financial Group, Inc. | 6099 | $581967 |
| ProAssurance Corp.<sup>(1)</sup> | 893 | 21923 |
| Progressive Corp. | 11319 | 2418418 |
| Prudential Financial, Inc. | 8287 | 815275 |
| Reinsurance Group of America, Inc. | 1388 | 299433 |
| RenaissanceRe Holdings Ltd. | 1996 | 603710 |
| RLI Corp. | 1307 | 81452 |
| Safety Insurance Group, Inc. | 275 | 21348 |
| Selective Insurance Group, Inc. | 1059 | 88998 |
| SiriusPoint Ltd.<sup>(1)</sup> | 6447 | 136290 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 1134 | 52697 |
| Travelers Cos., Inc. | 5862 | 1809248 |
| United Fire Group, Inc. | 510 | 19819 |
| Universal Insurance Holdings, Inc. | 1088 | 38265 |
| Unum Group | 2980 | 213755 |
| W.R. Berkley Corp. | 5546 | 397648 |
| White Mountains Insurance Group Ltd. | 45 | 99923 |
|  |  | 22110605 |
| **Interactive Media and Services — 6.9%** |  |  |
| Alphabet, Inc., Class A | 49129 | 15316457 |
| Alphabet, Inc., Class C | 39362 | 12258508 |
| Cargurus, Inc.<sup>(1)</sup> | 2410 | 73987 |
| Cars.com, Inc.<sup>(1)</sup> | 2804 | 23946 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 1187 | 18754 |
| IAC, Inc.<sup>(1)</sup> | 1371 | 52537 |
| Match Group, Inc. | 1 | 32 |
| Meta Platforms, Inc., Class A | 23027 | 14925641 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 3818 | 65402 |
| Yelp, Inc.<sup>(1)</sup> | 2637 | 58779 |
| Ziff Davis, Inc.<sup>(1)</sup> | 444 | 12023 |
|  |  | 42806066 |
| **IT Services — 0.7%** |  |  |
| Accenture PLC, Class A | 3989 | 832584 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 1755 | 172674 |
| Amdocs Ltd. | 865 | 60377 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 950 | 163581 |
| Cognizant Technology Solutions Corp., Class A | 7328 | 472143 |
| DXC Technology Co.<sup>(1)</sup> | 9946 | 125220 |
| EPAM Systems, Inc.<sup>(1)</sup> | 573 | 80793 |
| Gartner, Inc.<sup>(1)</sup> | 793 | 124660 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 2064 | 179898 |
| International Business Machines Corp. | 5761 | 1383850 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 11329 | 139687 |
| Okta, Inc.<sup>(1)</sup> | 230 | 16675 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 796 | 134054 |
| Twilio, Inc., Class A<sup>(1)</sup> | 1283 | 155192 |
| VeriSign, Inc. | 165 | 37610 |
|  |  | 4078998 |
| **Leisure Products — 0.2%** |  |  |
| Acushnet Holdings Corp. | 1139 | 116554 |
| American Outdoor Brands, Inc.<sup>(1)(2)</sup> | 204 | 1856 |
| Brunswick Corp. | 1293 | 102949 |
| Callaway Golf Co.<sup>(1)</sup> | 5061 | 71158 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Clarus Corp. | 169 | $534 |
| Hasbro, Inc. | 992 | 98793 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 694 | 20168 |
| Marine Products Corp. | 660 | 5009 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 449 | 9746 |
| Mattel, Inc.<sup>(1)</sup> | 11924 | 202112 |
| Polaris, Inc. | 2229 | 135389 |
| Smith & Wesson Brands, Inc. | 1417 | 16862 |
| Sturm Ruger & Co., Inc. | 673 | 25197 |
| YETI Holdings, Inc.<sup>(1)</sup> | 3872 | 169245 |
|  |  | 975572 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 1233 | 28421 |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 6089 | 21981 |
| Agilent Technologies, Inc. | 1237 | 150147 |
| Azenta, Inc.<sup>(1)</sup> | 450 | 12141 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 221 | 61535 |
| Bio-Techne Corp. | 942 | 55578 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 289 | 51584 |
| CryoPort, Inc.<sup>(1)</sup> | 891 | 7502 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 1657 | 7423 |
| Danaher Corp. | 3058 | 644137 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | 635 | 4286 |
| Illumina, Inc.<sup>(1)</sup> | 3018 | 405800 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 552 | 98703 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 401 | 181156 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 46 | 62868 |
| OmniAb, Inc.<sup>(1)</sup> | 182 | 1 |
| OmniAb, Inc.<sup>(1)</sup> | 182 | 1 |
| Pacific Biosciences of California, Inc.<sup>(1)(2)</sup> | 990 | 1663 |
| Quanterix Corp.<sup>(1)</sup> | 909 | 5954 |
| Repligen Corp.<sup>(1)</sup> | 355 | 45699 |
| Seer, Inc.<sup>(1)</sup> | 1560 | 2683 |
| Sotera Health Co.<sup>(1)</sup> | 747 | 12139 |
| Thermo Fisher Scientific, Inc. | 1231 | 641487 |
| Waters Corp.<sup>(1)</sup> | 791 | 252630 |
| West Pharmaceutical Services, Inc. | 785 | 199657 |
|  |  | 2955176 |
| **Machinery — 3.0%** |  |  |
| AGCO Corp. | 1890 | 257985 |
| Alamo Group, Inc. | 93 | 19858 |
| Albany International Corp., Class A | 725 | 41796 |
| Allison Transmission Holdings, Inc. | 880 | 110264 |
| Astec Industries, Inc. | 1100 | 68299 |
| Atmus Filtration Technologies, Inc. | 3701 | 238826 |
| Blue Bird Corp.<sup>(1)</sup> | 1738 | 101273 |
| Caterpillar, Inc. | 7570 | 5623223 |
| Crane Co. | 474 | 95051 |
| Cummins, Inc. | 2018 | 1178250 |
| Deere & Co. | 3984 | 2508765 |
| Donaldson Co., Inc. | 2782 | 258058 |
| Douglas Dynamics, Inc. | 864 | 39675 |
| Dover Corp. | 658 | 148379 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Enerpac Tool Group Corp. | 1096 | $44717 |
| Enpro, Inc. | 323 | 83544 |
| ESCO Technologies, Inc. | 338 | 93724 |
| Flowserve Corp. | 1584 | 140216 |
| Franklin Electric Co., Inc. | 769 | 76608 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 1546 | 42623 |
| Gorman-Rupp Co. | 435 | 27940 |
| Graco, Inc. | 3448 | 323836 |
| Greenbrier Cos., Inc. | 1452 | 81922 |
| Hillman Solutions Corp.<sup>(1)</sup> | 3849 | 31562 |
| Hyster-Yale, Inc. | 373 | 13738 |
| Illinois Tool Works, Inc. | 2963 | 861137 |
| Ingersoll Rand, Inc. | 581 | 54695 |
| ITT, Inc. | 911 | 184396 |
| JBT Marel Corp. | 582 | 89628 |
| Kadant, Inc. | 160 | 54267 |
| Kennametal, Inc. | 3283 | 132239 |
| Lincoln Electric Holdings, Inc. | 1318 | 378332 |
| Lindsay Corp. | 365 | 49165 |
| Luxfer Holdings PLC | 1418 | 18250 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 1056 | 15576 |
| Middleby Corp.<sup>(1)</sup> | 232 | 39176 |
| Miller Industries, Inc. | 442 | 18577 |
| Mueller Industries, Inc. | 3260 | 384550 |
| Mueller Water Products, Inc., Class A | 7770 | 232556 |
| Omega Flex, Inc. | 52 | 1868 |
| Oshkosh Corp. | 1437 | 244319 |
| Otis Worldwide Corp. | 949 | 87839 |
| PACCAR, Inc. | 6970 | 878847 |
| Parker-Hannifin Corp. | 819 | 826518 |
| Park-Ohio Holdings Corp. | 802 | 20643 |
| Proto Labs, Inc.<sup>(1)</sup> | 269 | 16700 |
| RBC Bearings, Inc.<sup>(1)</sup> | 213 | 122671 |
| Snap-on, Inc. | 986 | 379827 |
| Tennant Co. | 792 | 48336 |
| Terex Corp. | 5171 | 355713 |
| Timken Co. | 1714 | 185763 |
| Titan International, Inc.<sup>(1)</sup> | 2683 | 26106 |
| Toro Co. | 4301 | 425197 |
| Trinity Industries, Inc. | 3896 | 133165 |
| Watts Water Technologies, Inc., Class A | 530 | 174232 |
| Westinghouse Air Brake Technologies Corp. | 461 | 121681 |
| Worthington Enterprises, Inc. | 1235 | 69172 |
| Xylem, Inc. | 1257 | 162857 |
|  |  | 18444130 |
| **Marine Transportation — 0.1%** |  |  |
| Genco Shipping & Trading Ltd. | 1310 | 31505 |
| Kirby Corp.<sup>(1)</sup> | 1735 | 225203 |
| Matson, Inc. | 1797 | 298536 |
| Pangaea Logistics Solutions Ltd. | 1346 | 12585 |
|  |  | 567829 |
| **Media — 0.3%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 1178 | 9624 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 186 | $2297 |
| Cable One, Inc.<sup>(1)</sup> | 218 | 20917 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 960 | 225245 |
| EchoStar Corp., Class A<sup>(1)</sup> | 1223 | 141293 |
| Entravision Communications Corp., Class A | 1583 | 4907 |
| Fox Corp., Class A | 4525 | 254939 |
| Fox Corp., Class B | 2828 | 146292 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 950 | 4142 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 302 | 16483 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 1851 | 101083 |
| New York Times Co., Class A | 4377 | 349241 |
| News Corp., Class A | 3986 | 96820 |
| News Corp., Class B | 1333 | 35698 |
| Nexstar Media Group, Inc., Class A | 337 | 84594 |
| Paramount Skydance Corp., Class B | 6342 | 85680 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 1472 | 11923 |
| Scholastic Corp.<sup>(2)</sup> | 706 | 24548 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 379 | 879 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 1819 | 43329 |
| USA TODAY Co., Inc.<sup>(1)</sup> | 2804 | 16684 |
|  |  | 1676618 |
| **Metals and Mining — 1.2%** |  |  |
| Alcoa Corp. | 2801 | 173886 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 650 | 105722 |
| Century Aluminum Co.<sup>(1)</sup> | 894 | 46095 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 12496 | 133207 |
| Coeur Mining, Inc.<sup>(1)</sup> | 3322 | 90192 |
| Commercial Metals Co. | 4945 | 362468 |
| Compass Minerals International, Inc.<sup>(1)(2)</sup> | 2795 | 70434 |
| Freeport-McMoRan, Inc. | 33949 | 2311248 |
| Hecla Mining Co. | 7606 | 189465 |
| Kaiser Aluminum Corp. | 840 | 109318 |
| Materion Corp. | 212 | 34569 |
| McEwen, Inc.<sup>(1)</sup> | 1930 | 54716 |
| Metallus, Inc.<sup>(1)</sup> | 1410 | 23970 |
| Newmont Corp. | 10940 | 1422200 |
| Nucor Corp. | 4075 | 720786 |
| Reliance, Inc. | 889 | 280604 |
| Royal Gold, Inc. | 1120 | 335765 |
| Ryerson Holding Corp. | 2413 | 63124 |
| Steel Dynamics, Inc. | 2630 | 507932 |
| SunCoke Energy, Inc. | 4132 | 23552 |
| Tredegar Corp.<sup>(1)</sup> | 786 | 7215 |
| Warrior Met Coal, Inc. | 1119 | 93146 |
| Worthington Steel, Inc. | 1285 | 53405 |
|  |  | 7213019 |
| **Multi-Utilities — 0.5%** |  |  |
| Ameren Corp. | 1293 | 146471 |
| Avista Corp. | 1575 | 63977 |
| CenterPoint Energy, Inc. | 10402 | 452487 |
| CMS Energy Corp. | 5646 | 440783 |
| Consolidated Edison, Inc. | 4877 | 548760 |
| Dominion Energy, Inc. | 2948 | 186137 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DTE Energy Co. | 3074 | $455690 |
| NiSource, Inc. | 1664 | 78707 |
| Northwestern Energy Group, Inc. | 1351 | 94516 |
| Public Service Enterprise Group, Inc. | 1466 | 126179 |
| Sempra | 4083 | 393070 |
| Unitil Corp. | 459 | 24010 |
|  |  | 3010787 |
| **Oil, Gas and Consumable Fuels — 6.0%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 1916 | 10998 |
| Antero Midstream Corp. | 12124 | 272547 |
| Antero Resources Corp.<sup>(1)</sup> | 5904 | 217326 |
| APA Corp. | 13771 | 418225 |
| Ardmore Shipping Corp. | 1988 | 32563 |
| BKV Corp.<sup>(1)</sup> | 344 | 10778 |
| California Resources Corp. | 3884 | 228535 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 919 | 186180 |
| Cheniere Energy, Inc. | 6096 | 1437010 |
| Chevron Corp. | 17386 | 3247009 |
| Chord Energy Corp. | 1616 | 175126 |
| Clean Energy Fuels Corp.<sup>(1)</sup> | 3155 | 7130 |
| CNX Resources Corp.<sup>(1)</sup> | 3279 | 136997 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 3461 | 67870 |
| ConocoPhillips | 26790 | 3039593 |
| Core Natural Resources, Inc. | 1508 | 123777 |
| Coterra Energy, Inc. | 23618 | 722475 |
| Crescent Energy Co., Class A | 5390 | 62847 |
| CVR Energy, Inc.<sup>(1)</sup> | 1926 | 46532 |
| Delek U.S. Holdings, Inc. | 624 | 23781 |
| Devon Energy Corp. | 23399 | 1018558 |
| Diamondback Energy, Inc. | 4151 | 722606 |
| Dorian LPG Ltd. | 1795 | 66397 |
| DT Midstream, Inc. | 2008 | 278791 |
| Encore Energy Corp.<sup>(1)(2)</sup> | 2273 | 6137 |
| EOG Resources, Inc. | 15273 | 1895074 |
| EQT Corp. | 12741 | 782552 |
| Evolution Petroleum Corp. | 2352 | 10513 |
| Expand Energy Corp. | 3275 | 353438 |
| Exxon Mobil Corp. | 47778 | 7286145 |
| FutureFuel Corp. | 1152 | 4977 |
| Granite Ridge Resources, Inc.<sup>(2)</sup> | 3870 | 19582 |
| Green Plains, Inc.<sup>(1)</sup> | 1029 | 14128 |
| Gulfport Energy Corp.<sup>(1)</sup> | 367 | 76578 |
| Hess Midstream LP, Class A | 6320 | 244458 |
| HF Sinclair Corp. | 3042 | 152130 |
| HighPeak Energy, Inc. | 538 | 2803 |
| International Seaways, Inc. | 2305 | 174097 |
| Kimbell Royalty Partners LP | 3938 | 56471 |
| Kinder Morgan, Inc. | 16318 | 542900 |
| Magnolia Oil & Gas Corp., Class A | 9118 | 253663 |
| Marathon Petroleum Corp. | 4324 | 857060 |
| Matador Resources Co. | 4496 | 231094 |
| Murphy Oil Corp. | 6475 | 214646 |
| Northern Oil & Gas, Inc. | 4818 | 132929 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Occidental Petroleum Corp. | 22174 | $1176996 |
| ONEOK, Inc. | 10440 | 864119 |
| Ovintiv, Inc. | 11486 | 581077 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 855 | 36483 |
| PBF Energy, Inc., Class A | 2605 | 92738 |
| Peabody Energy Corp. | 5195 | 163850 |
| Permian Resources Corp. | 28040 | 512852 |
| Phillips 66 | 7419 | 1144974 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 3577 | 80626 |
| Range Resources Corp. | 9656 | 398600 |
| REX American Resources Corp.<sup>(1)</sup> | 751 | 26706 |
| Riley Exploration Permian, Inc. | 392 | 11305 |
| SandRidge Energy, Inc. | 1377 | 24139 |
| SM Energy Co. | 11861 | 274345 |
| Talos Energy, Inc.<sup>(1)</sup> | 6275 | 76869 |
| Targa Resources Corp. | 7082 | 1669936 |
| Teekay Tankers Ltd., Class A | 1478 | 115683 |
| Texas Pacific Land Corp. | 1029 | 539494 |
| VAALCO Energy, Inc. | 4701 | 24210 |
| Valero Energy Corp. | 4503 | 921494 |
| Vitesse Energy, Inc. | 1119 | 21608 |
| Western Midstream Partners LP | 100 | 4159 |
| Williams Cos., Inc. | 28453 | 2126008 |
| World Kinect Corp. | 646 | 16118 |
|  |  | 36769415 |
| **Paper and Forest Products — 0.0%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 822 | 12322 |
| Louisiana-Pacific Corp. | 2566 | 217443 |
| Mercer International, Inc.<sup>(2)</sup> | 1682 | 3027 |
| Sylvamo Corp. | 1339 | 61996 |
|  |  | 294788 |
| **Passenger Airlines — 0.5%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 5272 | 272035 |
| Allegiant Travel Co.<sup>(1)</sup> | 770 | 78656 |
| Delta Air Lines, Inc. | 18597 | 1221823 |
| JetBlue Airways Corp.<sup>(1)</sup> | 5244 | 29052 |
| SkyWest, Inc.<sup>(1)</sup> | 2066 | 215029 |
| Southwest Airlines Co. | 7831 | 385755 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 2958 | 58213 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 10171 | 1081177 |
|  |  | 3341740 |
| **Personal Care Products — 0.1%** |  |  |
| Edgewell Personal Care Co. | 436 | 9915 |
| Estee Lauder Cos., Inc., Class A | 4008 | 438756 |
| Interparfums, Inc. | 532 | 53615 |
| Kenvue, Inc. | 8959 | 171296 |
| Lifevantage Corp.<sup>(2)</sup> | 546 | 2539 |
| Medifast, Inc.<sup>(1)(2)</sup> | 343 | 3612 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 765 | 21175 |
| Nu Skin Enterprises, Inc., Class A | 2671 | 22650 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 295 | 6348 |
|  |  | 729906 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Pharmaceuticals — 2.8%** | | |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 1114 | $22536 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 264 | 19510 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 2417 | 11311 |
| BioAge Labs, Inc.<sup>(1)</sup> | 1167 | 25989 |
| Bristol-Myers Squibb Co. | 19323 | 1205175 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 1540 | 64172 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 5029 | 132766 |
| Eli Lilly & Co. | 4412 | 4641380 |
| Enliven Therapeutics, Inc.<sup>(1)</sup> | 319 | 9471 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 750 | 6285 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 2054 | 58621 |
| Innoviva, Inc.<sup>(1)</sup> | 3151 | 72347 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 2731 | 518945 |
| Johnson & Johnson | 16378 | 4068786 |
| Merck & Co., Inc. | 22734 | 2814924 |
| Organon & Co. | 1008 | 7348 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 609 | 13343 |
| Perrigo Co. PLC | 1314 | 17371 |
| Pfizer, Inc. | 55339 | 1530123 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 789 | 54678 |
| Royalty Pharma PLC, Class A | 5902 | 272731 |
| Septerna, Inc.<sup>(1)</sup> | 531 | 15410 |
| SIGA Technologies, Inc. | 1483 | 9595 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 830 | 45426 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 59 | 1077 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 1213 | 16946 |
| Viatris, Inc. | 41326 | 616997 |
| Zoetis, Inc. | 7756 | 1016812 |
|  |  | 17290075 |
| **Professional Services — 0.4%** |  |  |
| Automatic Data Processing, Inc. | 1878 | 402568 |
| Booz Allen Hamilton Holding Corp. | 1507 | 118797 |
| Broadridge Financial Solutions, Inc. | 900 | 167283 |
| Clarivate PLC<sup>(1)(2)</sup> | 7114 | 16362 |
| Conduent, Inc.<sup>(1)</sup> | 9152 | 13362 |
| CRA International, Inc. | 295 | 50935 |
| CSG Systems International, Inc. | 541 | 43226 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 1119 | 34969 |
| Exponent, Inc. | 1581 | 115065 |
| Franklin Covey Co.<sup>(1)</sup> | 390 | 5078 |
| FTI Consulting, Inc.<sup>(1)</sup> | 132 | 21704 |
| Genpact Ltd. | 940 | 37337 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 544 | 15722 |
| Insperity, Inc. | 1025 | 22765 |
| KBR, Inc. | 841 | 35515 |
| Kelly Services, Inc., Class A<sup>(2)</sup> | 903 | 8768 |
| Kforce, Inc. | 610 | 16482 |
| Korn Ferry | 1339 | 83915 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 1742 | 12246 |
| ManpowerGroup, Inc. | 738 | 20642 |
| Paychex, Inc. | 2822 | 264280 |
| Paycom Software, Inc. | 1217 | 153135 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Paylocity Holding Corp.<sup>(1)</sup> | 504 | $53671 |
| Resources Connection, Inc. | 976 | 3670 |
| Robert Half, Inc. | 3996 | 97582 |
| TaskUS, Inc., Class A<sup>(1)(2)</sup> | 634 | 6733 |
| TriNet Group, Inc. | 467 | 17783 |
| TrueBlue, Inc.<sup>(1)</sup> | 829 | 3507 |
| Upwork, Inc.<sup>(1)</sup> | 4672 | 62698 |
| Verisk Analytics, Inc. | 2021 | 419499 |
| Verra Mobility Corp.<sup>(1)</sup> | 1779 | 29727 |
|  |  | 2355026 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 727 | 107349 |
| CoStar Group, Inc.<sup>(1)</sup> | 2835 | 126526 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 3450 | 7866 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 844 | 4659 |
| Forestar Group, Inc.<sup>(1)</sup> | 729 | 20937 |
| FRP Holdings, Inc.<sup>(1)</sup> | 27 | 646 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 1172 | 84818 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 395 | 124642 |
| Kennedy-Wilson Holdings, Inc. | 2571 | 27973 |
| Marcus & Millichap, Inc. | 909 | 24007 |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 13941 | 75560 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 432 | 2717 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 104 | 2429 |
| St. Joe Co. | 549 | 39621 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 243 | 10886 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 1001 | 44665 |
|  |  | 705301 |
| **Semiconductors and Semiconductor Equipment — 10.2%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 835 | 46493 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 9787 | 1959455 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 429 | 9013 |
| Amkor Technology, Inc. | 4007 | 191615 |
| Analog Devices, Inc. | 3245 | 1154539 |
| Applied Materials, Inc. | 11460 | 4266558 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 1203 | 99380 |
| Broadcom, Inc. | 18359 | 5866618 |
| CEVA, Inc.<sup>(1)</sup> | 247 | 5152 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 1367 | 192911 |
| Cohu, Inc.<sup>(1)</sup> | 1149 | 34700 |
| Diodes, Inc.<sup>(1)</sup> | 597 | 40733 |
| First Solar, Inc.<sup>(1)</sup> | 1603 | 316112 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 1283 | 61007 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 442 | 21017 |
| Intel Corp.<sup>(1)</sup> | 39057 | 1781390 |
| KLA Corp. | 1681 | 2562769 |
| Kulicke & Soffa Industries, Inc. | 421 | 29352 |
| Lam Research Corp. | 20022 | 4682946 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 168 | 41684 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 401 | 1103 |
| Marvell Technology, Inc. | 3157 | 257895 |
| Micron Technology, Inc. | 17628 | 7269258 |
| Monolithic Power Systems, Inc. | 269 | 307397 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NVE Corp.<sup>(2)</sup> | 173 | $11909 |
| NVIDIA Corp. | 149779 | 26539341 |
| NXP Semiconductors NV | 818 | 185694 |
| ON Semiconductor Corp.<sup>(1)</sup> | 11683 | 776686 |
| Onto Innovation, Inc.<sup>(1)</sup> | 487 | 105138 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 2801 | 58205 |
| Photronics, Inc.<sup>(1)</sup> | 3186 | 119252 |
| Qorvo, Inc.<sup>(1)</sup> | 1512 | 125345 |
| QUALCOMM, Inc. | 8650 | 1231414 |
| Rambus, Inc.<sup>(1)</sup> | 954 | 95076 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 664 | 19561 |
| Skyworks Solutions, Inc. | 4043 | 240882 |
| Synaptics, Inc.<sup>(1)</sup> | 339 | 27615 |
| Teradyne, Inc. | 2841 | 909205 |
| Texas Instruments, Inc. | 7068 | 1499194 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 393 | 23847 |
| Universal Display Corp. | 601 | 64121 |
|  |  | 63231582 |
| **Software — 5.5%** |  |  |
| A10 Networks, Inc. | 3546 | 68296 |
| Adeia, Inc. | 4778 | 98857 |
| Adobe, Inc.<sup>(1)</sup> | 2886 | 757315 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 181 | 32175 |
| AppLovin Corp., Class A<sup>(1)</sup> | 2969 | 1290832 |
| Autodesk, Inc.<sup>(1)</sup> | 1745 | 429043 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 1732 | 522025 |
| Cipher Digital, Inc.<sup>(1)(2)</sup> | 10809 | 168620 |
| Clear Secure, Inc., Class A | 2524 | 122767 |
| Commvault Systems, Inc.<sup>(1)</sup> | 626 | 53260 |
| Confluent, Inc., Class A<sup>(1)</sup> | 749 | 22972 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 1074 | 399506 |
| Datadog, Inc., Class A<sup>(1)</sup> | 879 | 98413 |
| Docusign, Inc.<sup>(1)</sup> | 1331 | 59988 |
| Dolby Laboratories, Inc., Class A | 1015 | 67569 |
| Dynatrace, Inc.<sup>(1)</sup> | 422 | 15158 |
| Fair Isaac Corp.<sup>(1)</sup> | 40 | 56374 |
| Fortinet, Inc.<sup>(1)</sup> | 11196 | 884820 |
| HubSpot, Inc.<sup>(1)</sup> | 14 | 3703 |
| InterDigital, Inc. | 960 | 351869 |
| Intuit, Inc. | 1259 | 514969 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 965 | 26219 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 913 | 123648 |
| Microsoft Corp. | 55310 | 21722449 |
| OneSpan, Inc. | 1405 | 15511 |
| Oracle Corp. | 11065 | 1608851 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 2556 | 28602 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 7800 | 1070082 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 4301 | 640505 |
| Pegasystems, Inc. | 3810 | 166611 |
| Progress Software Corp.<sup>(1)</sup> | 428 | 17925 |
| Qualys, Inc.<sup>(1)</sup> | 1559 | 144161 |
| Riot Platforms, Inc.<sup>(1)(2)</sup> | 4310 | 70210 |
| Salesforce, Inc. | 4009 | 780913 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ServiceNow, Inc.<sup>(1)</sup> | 6002 | $648276 |
| Strategy, Inc., Class A<sup>(1)</sup> | 2432 | 314944 |
| Synopsys, Inc.<sup>(1)</sup> | 933 | 386262 |
| UiPath, Inc., Class A<sup>(1)</sup> | 4039 | 43338 |
| Workday, Inc., Class A<sup>(1)</sup> | 968 | 129480 |
| Xperi, Inc.<sup>(1)</sup> | 702 | 4303 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 2287 | 169101 |
|  |  | 34129922 |
| **Specialty Retail — 2.8%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 566 | 1970 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 2404 | 235111 |
| Academy Sports & Outdoors, Inc. | 2533 | 152309 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 1271 | 67579 |
| American Eagle Outfitters, Inc. | 9327 | 229164 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 189 | 3772 |
| Arhaus, Inc.<sup>(1)</sup> | 1338 | 11039 |
| Arko Corp. | 2250 | 14468 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 582 | 124420 |
| AutoNation, Inc.<sup>(1)</sup> | 265 | 51717 |
| AutoZone, Inc.<sup>(1)</sup> | 64 | 240357 |
| Best Buy Co., Inc. | 5678 | 351866 |
| Buckle, Inc. | 1582 | 84716 |
| Build-A-Bear Workshop, Inc. | 742 | 36106 |
| Burlington Stores, Inc.<sup>(1)</sup> | 2362 | 724827 |
| Caleres, Inc. | 2002 | 23804 |
| CarMax, Inc.<sup>(1)</sup> | 4132 | 178378 |
| Carvana Co.<sup>(1)</sup> | 463 | 154716 |
| Cato Corp., Class A<sup>(1)</sup> | 405 | 1219 |
| Chewy, Inc., Class A<sup>(1)</sup> | 3171 | 86949 |
| Citi Trends, Inc.<sup>(1)</sup> | 207 | 9808 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 2379 | 16939 |
| Dick's Sporting Goods, Inc. | 484 | 98557 |
| Five Below, Inc.<sup>(1)</sup> | 2213 | 494672 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 2408 | 166369 |
| GameStop Corp., Class A<sup>(1)</sup> | 96 | 2307 |
| Gap, Inc. | 11235 | 315029 |
| Genesco, Inc.<sup>(1)</sup> | 446 | 12149 |
| Group 1 Automotive, Inc. | 381 | 124107 |
| Haverty Furniture Cos., Inc. | 368 | 8762 |
| Home Depot, Inc. | 7306 | 2781540 |
| Lands' End, Inc.<sup>(1)</sup> | 110 | 1768 |
| Lithia Motors, Inc. | 421 | 117703 |
| Lowe's Cos., Inc. | 2787 | 737357 |
| MarineMax, Inc.<sup>(1)</sup> | 573 | 17477 |
| Murphy USA, Inc. | 782 | 305559 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 390 | 10518 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 4509 | 423305 |
| Penske Automotive Group, Inc. | 311 | 48989 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 188 | 515 |
| Ross Stores, Inc. | 8449 | 1737452 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 5686 | 91374 |
| Shoe Carnival, Inc. | 328 | 6622 |
| Signet Jewelers Ltd. | 1900 | 182761 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sonic Automotive, Inc., Class A | 339 | $21262 |
| TJX Cos., Inc. | 19814 | 3203131 |
| Tractor Supply Co. | 17154 | 889263 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1543 | 1056631 |
| Upbound Group, Inc. | 2462 | 52810 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 2470 | 163514 |
| Valvoline, Inc.<sup>(1)</sup> | 2080 | 78624 |
| Victoria's Secret & Co.<sup>(1)</sup> | 4033 | 252869 |
| Williams-Sonoma, Inc. | 4414 | 907739 |
| Zumiez, Inc.<sup>(1)</sup> | 427 | 11196 |
|  |  | 17123165 |
| **Technology Hardware, Storage and Peripherals — 5.3%** |  |  |
| Apple, Inc. | 110629 | 29225969 |
| Dell Technologies, Inc., Class C | 1390 | 205831 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 1159 | 92720 |
| Eastman Kodak Co.<sup>(1)</sup> | 1343 | 9831 |
| Immersion Corp. | 1301 | 7949 |
| NetApp, Inc. | 2398 | 237474 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 2173 | 139550 |
| Sandisk Corp.<sup>(1)</sup> | 2052 | 1303759 |
| Seagate Technology Holdings PLC | 372 | 151717 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 6680 | 216365 |
| Western Digital Corp. | 5033 | 1407730 |
|  |  | 32998895 |
| **Textiles, Apparel and Luxury Goods — 0.7%** |  |  |
| Carter's, Inc. | 1722 | 57773 |
| Columbia Sportswear Co. | 1131 | 70054 |
| Crocs, Inc.<sup>(1)</sup> | 2639 | 239384 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 4787 | 561371 |
| G-III Apparel Group Ltd. | 1542 | 47170 |
| Lakeland Industries, Inc.<sup>(2)</sup> | 83 | 761 |
| Levi Strauss & Co., Class A | 4418 | 97903 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 3888 | 719941 |
| Movado Group, Inc. | 409 | 10205 |
| NIKE, Inc., Class B | 12990 | 807718 |
| Oxford Industries, Inc.<sup>(2)</sup> | 622 | 24625 |
| PVH Corp. | 1392 | 95491 |
| Ralph Lauren Corp. | 1287 | 466666 |
| Rocky Brands, Inc. | 74 | 3345 |
| Tapestry, Inc. | 3845 | 597782 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 8698 | 64539 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 5671 | 41001 |
| Unifi, Inc.<sup>(1)</sup> | 263 | 1034 |
| VF Corp. | 20440 | 396945 |
| Wolverine World Wide, Inc. | 696 | 12298 |
|  |  | 4316006 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Air Lease Corp. | 3014 | 195428 |
| Alta Equipment Group, Inc. | 451 | 3112 |
| Applied Industrial Technologies, Inc. | 784 | 221543 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 453 | 29862 |
| Boise Cascade Co. | 895 | 74052 |
| DNOW, Inc.<sup>(1)</sup> | 7017 | 82660 |
| Fastenal Co. | 18092 | 832956 |
| GATX Corp. | 1488 | 274045 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Global Industrial Co. | 435 | $14346 |
| Herc Holdings, Inc. | 437 | 61088 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 1762 | 12528 |
| Karat Packaging, Inc. | 423 | 10427 |
| McGrath RentCorp | 287 | 31843 |
| MSC Industrial Direct Co., Inc., Class A | 1032 | 96843 |
| NPK International, Inc.<sup>(1)</sup> | 3297 | 47576 |
| QXO, Inc.<sup>(1)</sup> | 4502 | 107823 |
| Rush Enterprises, Inc., Class A | 1827 | 129662 |
| Rush Enterprises, Inc., Class B | 15 | 970 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 670 | 95736 |
| Titan Machinery, Inc.<sup>(1)</sup> | 1323 | 25785 |
| United Rentals, Inc. | 1150 | 966000 |
| Watsco, Inc. | 393 | 164011 |
| WESCO International, Inc. | 704 | 203808 |
| WW Grainger, Inc. | 1231 | 1409162 |
|  |  | 5091266 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Sky Harbour Group Corp.<sup>(1)</sup> | 767 | 6734 |
| **Water Utilities — 0.0%** |  |  |
| Artesian Resources Corp., Class A | 130 | 4404 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| Array Digital Infrastructure, Inc. | 552 | 26899 |
| Gogo, Inc.<sup>(1)</sup> | 3352 | 14179 |
| Telephone & Data Systems, Inc. | 2199 | 98405 |
| T-Mobile U.S., Inc. | 6713 | 1457325 |
|  |  | 1596808 |
| **TOTAL COMMON STOCKS**<br>(Cost $438,167,930) |  | **614399960** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Chinook Therapeutics, Inc.<sup>(1)</sup> | 1501 | 15 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 1269 | 13 |
| Mirati Therapeutics, Inc.<sup>(1)</sup> | 667 | 467 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 1513 | 272 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 1431 | 901 |
|  |  | 1668 |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup> | 443 | 452 |
| **TOTAL RIGHTS**<br>(Cost $2,092) |  | **2120** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 465 | 391 |
| **Specialty Retail — 0.0%** |  |  |
| GameStop Corp.<sup>(1)</sup> | 14 | 60 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **451** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup><br>(Cost $1,235,993) | 1235993 | **1235993** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $439,406,015) |  | **615638524** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **1799478** |
| **TOTAL NET ASSETS — 100.0%** |  | $**617438002** |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized Appreciation <br>(Depreciation)^** |
| S&P 500 E-Mini | 4 | March 2026 | $1377800 | $(13706) |

---

^Amount represents value and unrealized appreciation (depreciation).

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,432,009. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,525,817, which includes securities collateral of $1,289,824.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities and other financial instruments were classified as Level 1.

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Liability Derivatives:** | **Liability Derivatives:** |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $6245 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $54325 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(13706) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.6%** | | |
| ATI, Inc.<sup>(1)</sup> | 24345 | $3982599 |
| **Air Freight and Logistics — 2.3%** |  |  |
| Expeditors International of Washington, Inc. | 15566 | 2257537 |
| FedEx Corp. | 23327 | 9027549 |
| United Parcel Service, Inc., Class B | 45786 | 5309344 |
|  |  | 16594430 |
| **Automobile Components — 0.9%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 31425 | 2310994 |
| Autoliv, Inc. | 12812 | 1518478 |
| BorgWarner, Inc. | 40859 | 2352253 |
| Lear Corp. | 2267 | 297544 |
|  |  | 6479269 |
| **Automobiles — 1.0%** |  |  |
| General Motors Co. | 94218 | 7415899 |
| **Banks — 2.2%** |  |  |
| East West Bancorp, Inc. | 17660 | 1932887 |
| First Citizens BancShares, Inc., Class A | 462 | 876945 |
| JPMorgan Chase & Co. | 38233 | 11481370 |
| Wintrust Financial Corp. | 3876 | 558377 |
| Zions Bancorp NA | 18787 | 1076119 |
|  |  | 15925698 |
| **Beverages — 0.7%** |  |  |
| Coca-Cola Consolidated, Inc. | 10672 | 2160013 |
| Constellation Brands, Inc., Class A | 12633 | 1994246 |
| Molson Coors Beverage Co., Class B | 11564 | 566520 |
|  |  | 4720779 |
| **Biotechnology — 2.4%** |  |  |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 22179 | 1403265 |
| Exelixis, Inc.<sup>(1)</sup> | 35224 | 1551969 |
| Gilead Sciences, Inc. | 84251 | 12549187 |
| United Therapeutics Corp.<sup>(1)</sup> | 2655 | 1337855 |
|  |  | 16842276 |
| **Broadline Retail — 2.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 76004 | 15960840 |
| Dillard's, Inc., Class A | 512 | 308628 |
| Macy's, Inc. | 18401 | 363972 |
|  |  | 16633440 |
| **Building Products — 0.9%** |  |  |
| A.O. Smith Corp. | 16747 | 1306266 |
| Advanced Drainage Systems, Inc. | 12841 | 2200177 |
| Armstrong World Industries, Inc. | 7655 | 1328143 |
| Lennox International, Inc. | 2011 | 1146149 |
| Owens Corning | 5518 | 673582 |
|  |  | 6654317 |
| **Capital Markets — 2.2%** |  |  |
| Ameriprise Financial, Inc. | 5856 | 2753023 |
| Galaxy Digital, Inc., Class A<sup>(1)(2)</sup> | 42820 | 881664 |
| LPL Financial Holdings, Inc. | 8958 | 2690804 |
| Morgan Stanley | 43367 | 7221039 |
| Northern Trust Corp. | 13838 | 1980079 |
|  |  | 15526609 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chemicals — 0.8%** | | |
| Cabot Corp. | 4495 | $342249 |
| CF Industries Holdings, Inc. | 16231 | 1615634 |
| LyondellBasell Industries NV, Class A | 15586 | 896507 |
| NewMarket Corp. | 1441 | 902080 |
| Solstice Advanced Materials, Inc. | 22101 | 1735150 |
|  |  | 5491620 |
| **Construction and Engineering — 1.4%** |  |  |
| Dycom Industries, Inc.<sup>(1)</sup> | 5472 | 2298349 |
| EMCOR Group, Inc. | 4806 | 3482524 |
| IES Holdings, Inc.<sup>(1)</sup> | 1550 | 767793 |
| Primoris Services Corp. | 10720 | 1615718 |
| Valmont Industries, Inc. | 3627 | 1668166 |
|  |  | 9832550 |
| **Construction Materials — 0.1%** |  |  |
| Eagle Materials, Inc. | 3125 | 699375 |
| **Consumer Finance — 2.1%** |  |  |
| Ally Financial, Inc. | 46866 | 1848395 |
| American Express Co. | 25706 | 7940583 |
| OneMain Holdings, Inc. | 21853 | 1202352 |
| SLM Corp. | 24588 | 460779 |
| Synchrony Financial | 54541 | 3769329 |
|  |  | 15221438 |
| **Consumer Staples Distribution & Retail — 5.7%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 13351 | 1318945 |
| Costco Wholesale Corp. | 16566 | 16744747 |
| Dollar General Corp. | 27486 | 4294413 |
| Dollar Tree, Inc.<sup>(1)</sup> | 29949 | 3787949 |
| Kroger Co. | 61019 | 4163937 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 9778 | 722301 |
| Target Corp. | 50158 | 5707479 |
| Walmart, Inc. | 29957 | 3832998 |
|  |  | 40572769 |
| **Containers and Packaging — 0.7%** |  |  |
| Graphic Packaging Holding Co. | 25765 | 315106 |
| Packaging Corp. of America | 11799 | 2739020 |
| Smurfit Westrock PLC | 44987 | 2114839 |
|  |  | 5168965 |
| **Diversified Telecommunication Services — 2.5%** |  |  |
| Comcast Corp., Class A | 136333 | 4220869 |
| Globalstar, Inc.<sup>(1)</sup> | 12240 | 762185 |
| Verizon Communications, Inc. | 260443 | 13058612 |
|  |  | 18041666 |
| **Electrical Equipment — 0.4%** |  |  |
| Nextpower, Inc., Class A<sup>(1)</sup> | 24885 | 2615413 |
| **Electronic Equipment, Instruments and Components — 0.6%** |  |  |
| Flex Ltd.<sup>(1)</sup> | 56759 | 3576952 |
| Sanmina Corp.<sup>(1)</sup> | 5210 | 808905 |
|  |  | 4385857 |
| **Energy Equipment and Services — 1.4%** |  |  |
| Halliburton Co. | 112694 | 4056984 |
| NOV, Inc. | 43364 | 878555 |
| TechnipFMC PLC | 63875 | 4235551 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Weatherford International PLC | 5643 | $595111 |
|  |  | 9766201 |
| **Entertainment — 1.6%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 119187 | 11470557 |
| **Financial Services — 2.0%** |  |  |
| Corebridge Financial, Inc. | 35878 | 927088 |
| Jackson Financial, Inc., Class A | 13913 | 1523195 |
| MGIC Investment Corp. | 18747 | 497358 |
| PayPal Holdings, Inc. | 19131 | 884043 |
| Visa, Inc., Class A | 33335 | 10671867 |
|  |  | 14503551 |
| **Food Products — 1.2%** |  |  |
| Archer-Daniels-Midland Co. | 60140 | 4152066 |
| Hershey Co. | 9505 | 2245841 |
| Ingredion, Inc. | 7548 | 886588 |
| Lamb Weston Holdings, Inc. | 27224 | 1311925 |
| Pilgrim's Pride Corp. | 5214 | 225036 |
|  |  | 8821456 |
| **Ground Transportation — 4.5%** |  |  |
| CSX Corp. | 199454 | 8514691 |
| JB Hunt Transport Services, Inc. | 11152 | 2602988 |
| Norfolk Southern Corp. | 13496 | 4247731 |
| Old Dominion Freight Line, Inc. | 11471 | 2329187 |
| Ryder System, Inc. | 7640 | 1692718 |
| U-Haul Holding Co. | 3462 | 163268 |
| Union Pacific Corp. | 46199 | 12241811 |
|  |  | 31792394 |
| **Health Care Equipment and Supplies — 0.1%** |  |  |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 5759 | 431407 |
| Masimo Corp.<sup>(1)</sup> | 3078 | 539727 |
|  |  | 971134 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Centene Corp.<sup>(1)</sup> | 42265 | 1896853 |
| Universal Health Services, Inc., Class B | 8423 | 1735980 |
|  |  | 3632833 |
| **Hotels, Restaurants and Leisure — 2.5%** |  |  |
| Boyd Gaming Corp. | 8495 | 707039 |
| Brinker International, Inc.<sup>(1)</sup> | 3024 | 448157 |
| Carnival Corp. | 77339 | 2440045 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 57676 | 2146701 |
| Las Vegas Sands Corp. | 39734 | 2253713 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 69841 | 1731358 |
| Royal Caribbean Cruises Ltd. | 22471 | 6987582 |
| Texas Roadhouse, Inc. | 6979 | 1276250 |
|  |  | 17990845 |
| **Household Durables — 1.4%** |  |  |
| Installed Building Products, Inc. | 1755 | 575219 |
| Lennar Corp., B Shares | 1443 | 154011 |
| Lennar Corp., Class A | 32761 | 3746548 |
| NVR, Inc.<sup>(1)</sup> | 345 | 2593638 |
| PulteGroup, Inc. | 19707 | 2703800 |
|  |  | 9773216 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers — 0.4%** | | |
| Talen Energy Corp.<sup>(1)</sup> | 8444 | $3132471 |
| **Insurance — 7.5%** |  |  |
| Allstate Corp. | 30075 | 6451689 |
| American Financial Group, Inc. | 5125 | 681523 |
| American International Group, Inc. | 26548 | 2136849 |
| Arch Capital Group Ltd.<sup>(1)</sup> | 33341 | 3339101 |
| Assurant, Inc. | 9310 | 2137483 |
| Axis Capital Holdings Ltd. | 10366 | 1095894 |
| Globe Life, Inc. | 13309 | 1933265 |
| Hanover Insurance Group, Inc. | 2750 | 496733 |
| Hartford Insurance Group, Inc. | 39750 | 5597992 |
| Lincoln National Corp. | 29841 | 1023546 |
| MetLife, Inc. | 45391 | 3271329 |
| Primerica, Inc. | 4220 | 1070445 |
| Principal Financial Group, Inc. | 33071 | 3155635 |
| Progressive Corp. | 31429 | 6715120 |
| Prudential Financial, Inc. | 37261 | 3665737 |
| RenaissanceRe Holdings Ltd. | 8361 | 2528868 |
| Travelers Cos., Inc. | 26537 | 8190380 |
|  |  | 53491589 |
| **Interactive Media and Services — 2.1%** |  |  |
| Meta Platforms, Inc., Class A | 22708 | 14718871 |
| **Leisure Products — 0.1%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 32174 | 545349 |
| **Machinery — 4.1%** |  |  |
| AGCO Corp. | 9955 | 1358857 |
| Caterpillar, Inc. | 26892 | 19976184 |
| Cummins, Inc. | 7794 | 4550683 |
| Mueller Industries, Inc. | 14055 | 1657928 |
| Toro Co. | 18460 | 1824956 |
|  |  | 29368608 |
| **Media — 0.5%** |  |  |
| Fox Corp., Class A | 24911 | 1403486 |
| Fox Corp., Class B | 18434 | 953591 |
| Paramount Skydance Corp., Class B | 110812 | 1497070 |
|  |  | 3854147 |
| **Metals and Mining — 1.2%** |  |  |
| Freeport-McMoRan, Inc. | 126956 | 8643164 |
| **Oil, Gas and Consumable Fuels — 12.5%** |  |  |
| Antero Midstream Corp. | 40729 | 915588 |
| APA Corp. | 71882 | 2183056 |
| Cheniere Energy, Inc. | 17492 | 4123389 |
| Chord Energy Corp. | 3203 | 347109 |
| Comstock Resources, Inc.<sup>(1)</sup> | 4995 | 97952 |
| ConocoPhillips | 100589 | 11412828 |
| Coterra Energy, Inc. | 121060 | 3703226 |
| Devon Energy Corp. | 87246 | 3797818 |
| Diamondback Energy, Inc. | 17254 | 3003576 |
| EOG Resources, Inc. | 42478 | 5270670 |
| EQT Corp. | 27593 | 1694762 |
| Expand Energy Corp. | 32815 | 3541395 |
| Exxon Mobil Corp. | 133122 | 20301105 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hess Midstream LP, Class A | 16733 | $647233 |
| HF Sinclair Corp. | 4702 | 235147 |
| Magnolia Oil & Gas Corp., Class A | 11204 | 311695 |
| Matador Resources Co. | 12970 | 666658 |
| Murphy Oil Corp. | 9577 | 317478 |
| Occidental Petroleum Corp. | 77344 | 4105420 |
| ONEOK, Inc. | 41730 | 3453992 |
| Ovintiv, Inc. | 37378 | 1890953 |
| Permian Resources Corp. | 88607 | 1620622 |
| Range Resources Corp. | 31868 | 1315511 |
| Targa Resources Corp. | 27584 | 6504307 |
| Williams Cos., Inc. | 106168 | 7932873 |
|  |  | 89394363 |
| **Passenger Airlines — 1.4%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 12478 | 643865 |
| Delta Air Lines, Inc. | 75336 | 4949575 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 41513 | 4412832 |
|  |  | 10006272 |
| **Personal Care Products — 0.3%** |  |  |
| Estee Lauder Cos., Inc., Class A | 21173 | 2317808 |
| **Pharmaceuticals — 3.3%** |  |  |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 10100 | 1919202 |
| Merck & Co., Inc. | 148861 | 18431969 |
| Viatris, Inc. | 205600 | 3069608 |
|  |  | 23420779 |
| **Professional Services — 0.0%** |  |  |
| Paycom Software, Inc. | 188 | 23656 |
| **Semiconductors and Semiconductor Equipment — 8.4%** |  |  |
| Amkor Technology, Inc. | 25684 | 1228209 |
| Applied Materials, Inc. | 30514 | 11360362 |
| KLA Corp. | 2617 | 3989747 |
| Lam Research Corp. | 72848 | 17038419 |
| Micron Technology, Inc. | 60629 | 25001581 |
| ON Semiconductor Corp.<sup>(1)</sup> | 25954 | 1725422 |
|  |  | 60343740 |
| **Software — 2.2%** |  |  |
| InterDigital, Inc.<sup>(2)</sup> | 5165 | 1893128 |
| Microsoft Corp. | 32685 | 12836707 |
| Pegasystems, Inc. | 14036 | 613794 |
| Qualys, Inc.<sup>(1)</sup> | 1860 | 171994 |
|  |  | 15515623 |
| **Specialty Retail — 6.3%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 4263 | 416921 |
| AutoNation, Inc.<sup>(1)</sup> | 7705 | 1503708 |
| Best Buy Co., Inc. | 33711 | 2089071 |
| Burlington Stores, Inc.<sup>(1)</sup> | 10841 | 3326778 |
| CarMax, Inc.<sup>(1)</sup> | 638 | 27542 |
| Five Below, Inc.<sup>(1)</sup> | 8475 | 1894417 |
| Gap, Inc. | 45013 | 1262164 |
| Lithia Motors, Inc. | 2463 | 688605 |
| Murphy USA, Inc. | 2031 | 793593 |
| Ross Stores, Inc. | 38235 | 7862645 |
| TJX Cos., Inc. | 82654 | 13361846 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tractor Supply Co. | 79981 | $4146215 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 6411 | 4390189 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 5299 | 350794 |
| Williams-Sonoma, Inc. | 14578 | 2997966 |
|  |  | 45112454 |
| **Technology Hardware, Storage and Peripherals — 2.3%** |  |  |
| Apple, Inc. | 61057 | 16130038 |
| **Textiles, Apparel and Luxury Goods — 0.9%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 10990 | 1288797 |
| Levi Strauss & Co., Class A<sup>(2)</sup> | 15936 | 353142 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 8096 | 1499137 |
| Ralph Lauren Corp. | 4720 | 1711472 |
| VF Corp. | 77984 | 1514449 |
|  |  | 6366997 |
| **Trading Companies and Distributors — 0.7%** |  |  |
| WW Grainger, Inc. | 4612 | 5279495 |
| **Wireless Telecommunication Services — 0.4%** |  |  |
| T-Mobile U.S., Inc. | 14601 | 3169731 |
| **TOTAL COMMON STOCKS**<br>(Cost $574,612,728) |  | **712362311** |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Money Market Funds — 0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3791821 | 3791821 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1304931 | 1304931 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $5,096,752) |  | **5096752** |
| **TOTAL INVESTMENT SECURITIES — 100.3%**<br>(Cost $579,709,480) |  | **717459063** |
| **OTHER ASSETS AND LIABILITIES — (0.3)%** |  | **(2116885)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**715342178** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| S&P 500 E-Mini | 3 | March 2026 | $1033350 | $1443 |

---

^Amount represents value and unrealized appreciation (depreciation).

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,158,411. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,264,153, which includes securities collateral of $959,222.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities and other financial instruments were classified as Level 1.

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $4684 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $185980 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(77751) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.3%** | | |
| AAR Corp.<sup>(1)</sup> | 3605 | $422398 |
| AerSale Corp.<sup>(1)</sup> | 2509 | 19570 |
| Astronics Corp.<sup>(1)</sup> | 2978 | 240086 |
| Cadre Holdings, Inc. | 2456 | 109022 |
| Ducommun, Inc.<sup>(1)</sup> | 1116 | 137926 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 1295 | 33592 |
| National Presto Industries, Inc. | 705 | 93018 |
| Park Aerospace Corp. | 2220 | 58652 |
| V2X, Inc.<sup>(1)</sup> | 2074 | 144662 |
| Virgin Galactic Holdings, Inc.<sup>(1)(2)</sup> | 2627 | 6699 |
| VSE Corp. | 1553 | 352640 |
|  |  | 1618265 |
| **Air Freight and Logistics — 0.3%** |  |  |
| Forward Air Corp.<sup>(1)</sup> | 2624 | 66361 |
| Hub Group, Inc., Class A | 5411 | 233052 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 4471 | 33175 |
|  |  | 332588 |
| **Automobile Components — 1.9%** |  |  |
| Adient PLC<sup>(1)</sup> | 7209 | 175323 |
| Dana, Inc. | 12495 | 427829 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 1916 | 32265 |
| Gentherm, Inc.<sup>(1)</sup> | 2821 | 92444 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 22008 | 181566 |
| Holley, Inc.<sup>(1)</sup> | 5181 | 21138 |
| LCI Industries | 2250 | 299700 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 2547 | 26336 |
| Patrick Industries, Inc. | 2881 | 356639 |
| Phinia, Inc. | 3076 | 223410 |
| Solid Power, Inc.<sup>(1)</sup> | 17549 | 62123 |
| Standard Motor Products, Inc. | 1995 | 79162 |
| Stoneridge, Inc.<sup>(1)</sup> | 554 | 4371 |
| Strattec Security Corp.<sup>(1)</sup> | 418 | 36784 |
| Visteon Corp. | 3101 | 296673 |
| XPEL, Inc.<sup>(1)</sup> | 2258 | 96236 |
|  |  | 2411999 |
| **Automobiles — 0.2%** |  |  |
| Harley-Davidson, Inc.<sup>(2)</sup> | 8989 | 161802 |
| Winnebago Industries, Inc. | 1711 | 68252 |
|  |  | 230054 |
| **Banks — 15.1%** |  |  |
| 1st Source Corp. | 1286 | 86175 |
| ACNB Corp. | 1021 | 51458 |
| Amalgamated Financial Corp. | 1306 | 50268 |
| Amerant Bancorp, Inc. | 3125 | 66719 |
| Arrow Financial Corp. | 1515 | 50465 |
| Associated Banc-Corp. | 7877 | 208032 |
| Banc of California, Inc. | 14813 | 273596 |
| BancFirst Corp. | 1678 | 184580 |
| Bancorp, Inc.<sup>(1)</sup> | 4673 | 245286 |
| Bank First Corp. | 737 | 99252 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bank of Hawaii Corp. | 4322 | $327478 |
| Bank of Marin Bancorp | 1815 | 45175 |
| Bank of NT Butterfield & Son Ltd. | 3769 | 191277 |
| Bank7 Corp. | 538 | 21886 |
| BankUnited, Inc. | 8055 | 376168 |
| Bankwell Financial Group, Inc. | 584 | 27273 |
| Banner Corp. | 2798 | 164662 |
| Bar Harbor Bankshares | 1832 | 59100 |
| BayCom Corp. | 118 | 3469 |
| Beacon Financial Corp. | 6370 | 189444 |
| Blue Ridge Bankshares, Inc. | 8878 | 36045 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 2209 | 40381 |
| Burke & Herbert Financial Services Corp. | 937 | 60380 |
| Business First Bancshares, Inc.<sup>(2)</sup> | 3092 | 84412 |
| Byline Bancorp, Inc. | 2073 | 64678 |
| C&F Financial Corp. | 459 | 33424 |
| California BanCorp | 2955 | 54106 |
| Camden National Corp. | 1250 | 57700 |
| Capital Bancorp, Inc. | 765 | 22499 |
| Capital City Bank Group, Inc. | 1005 | 43059 |
| Capitol Federal Financial, Inc. | 12213 | 87689 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 2227 | 46411 |
| Cathay General Bancorp | 5935 | 295029 |
| Central Pacific Financial Corp. | 2036 | 64847 |
| Chemung Financial Corp. | 547 | 30369 |
| ChoiceOne Financial Services, Inc. | 1741 | 49827 |
| Citizens & Northern Corp. | 1456 | 32702 |
| Citizens Financial Services, Inc. | 426 | 25586 |
| City Holding Co. | 1069 | 128248 |
| Civista Bancshares, Inc. | 1592 | 37906 |
| CNB Financial Corp. | 2671 | 74815 |
| Coastal Financial Corp.<sup>(1)</sup> | 957 | 71000 |
| Colony Bankcorp, Inc. | 2128 | 42198 |
| Columbia Financial, Inc.<sup>(1)</sup> | 3074 | 55025 |
| Community Financial System, Inc. | 4711 | 285251 |
| Community Trust Bancorp, Inc. | 1072 | 64363 |
| Community West Bancshares | 2074 | 48179 |
| ConnectOne Bancorp, Inc. | 4495 | 119252 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 2566 | 173051 |
| CVB Financial Corp. | 14375 | 276431 |
| Dime Community Bancshares, Inc. | 3841 | 124256 |
| Eagle Bancorp, Inc. | 2134 | 54310 |
| Eastern Bankshares, Inc. | 13884 | 271571 |
| Enterprise Financial Services Corp. | 3032 | 173127 |
| Equity Bancshares, Inc., Class A | 1250 | 56100 |
| Esquire Financial Holdings, Inc. | 492 | 49682 |
| Farmers National Banc Corp.<sup>(2)</sup> | 2721 | 35183 |
| FB Bancorp, Inc.<sup>(1)</sup> | 2178 | 28684 |
| FB Financial Corp. | 4321 | 236315 |
| Financial Institutions, Inc. | 1502 | 47133 |
| First BanCorp | 14323 | 302645 |
| First Bancorp, Inc. | 690 | 19079 |
| First Bancorp/Southern Pines NC | 3458 | 196380 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Bank | 2735 | $43541 |
| First Busey Corp. | 7219 | 183074 |
| First Business Financial Services, Inc. | 581 | 31752 |
| First Commonwealth Financial Corp. | 7726 | 135437 |
| First Community Bankshares, Inc. | 1374 | 53765 |
| First Community Corp. | 732 | 21096 |
| First Financial Bancorp | 10264 | 288110 |
| First Financial Bankshares, Inc. | 455 | 14073 |
| First Financial Corp. | 735 | 46570 |
| First Foundation, Inc.<sup>(1)</sup> | 8322 | 48850 |
| First Hawaiian, Inc. | 11509 | 284963 |
| First Internet Bancorp | 809 | 16407 |
| First Interstate BancSystem, Inc., Class A | 7718 | 267120 |
| First Merchants Corp. | 4730 | 184848 |
| First Mid Bancshares, Inc. | 1581 | 64837 |
| First United Corp. | 670 | 23765 |
| Firstsun Capital Bancorp<sup>(1)(2)</sup> | 1406 | 51277 |
| Five Star Bancorp | 1097 | 42706 |
| Flushing Financial Corp. | 3248 | 50117 |
| Franklin Financial Services Corp. | 383 | 19717 |
| FS Bancorp, Inc. | 102 | 4030 |
| Fulton Financial Corp. | 14372 | 293907 |
| GBank Financial Holdings, Inc.<sup>(1)(2)</sup> | 841 | 25407 |
| German American Bancorp, Inc. | 3219 | 133073 |
| Great Southern Bancorp, Inc. | 621 | 38210 |
| Greene County Bancorp, Inc. | 22 | 486 |
| Hanmi Financial Corp. | 2304 | 60157 |
| HBT Financial, Inc. | 949 | 25585 |
| Heritage Commerce Corp. | 4528 | 56283 |
| Heritage Financial Corp. | 3465 | 91511 |
| Hilltop Holdings, Inc. | 3079 | 115247 |
| Hingham Institution For Savings<sup>(2)</sup> | 165 | 46055 |
| Home Bancorp, Inc. | 460 | 27186 |
| HomeTrust Bancshares, Inc. | 1132 | 47702 |
| Hope Bancorp, Inc. | 9495 | 106914 |
| Horizon Bancorp, Inc. | 3804 | 64059 |
| Independent Bank Corp. | 3841 | 299867 |
| Independent Bank Corp. (Michigan) | 1577 | 54801 |
| International Bancshares Corp. | 4447 | 298438 |
| Investar Holding Corp. | 500 | 14115 |
| Kearny Financial Corp. | 5689 | 43521 |
| Lakeland Financial Corp. | 2269 | 131806 |
| Live Oak Bancshares, Inc. | 3172 | 115048 |
| Mercantile Bank Corp. | 1667 | 86117 |
| Meridian Corp. | 1436 | 27916 |
| Metrocity Bankshares, Inc. | 1425 | 40042 |
| Metropolitan Bank Holding Corp. | 680 | 57222 |
| Mid Penn Bancorp, Inc. | 2262 | 72769 |
| Midland States Bancorp, Inc. | 1411 | 31225 |
| MVB Financial Corp. | 898 | 24246 |
| National Bank Holdings Corp., Class A | 3395 | 135766 |
| NB Bancorp, Inc. | 2606 | 55612 |
| NBT Bancorp, Inc. | 4258 | 181902 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nicolet Bankshares, Inc. | 1363 | $208212 |
| Northeast Bank | 456 | 50561 |
| Northfield Bancorp, Inc. | 3767 | 50252 |
| Northpointe Bancshares, Inc. | 2205 | 39822 |
| Northrim BanCorp, Inc. | 2484 | 58349 |
| Northwest Bancshares, Inc. | 12129 | 151006 |
| OceanFirst Financial Corp. | 5250 | 94815 |
| OFG Bancorp | 3811 | 152745 |
| Old Second Bancorp, Inc. | 3884 | 76243 |
| Orange County Bancorp, Inc. | 200 | 6642 |
| Origin Bancorp, Inc. | 2738 | 113901 |
| Orrstown Financial Services, Inc. | 1421 | 51071 |
| Park National Corp. | 1645 | 270652 |
| Pathward Financial, Inc. | 1508 | 136911 |
| Peapack-Gladstone Financial Corp. | 1223 | 40958 |
| Peoples Bancorp, Inc. | 3270 | 105523 |
| Peoples Financial Services Corp.<sup>(2)</sup> | 1124 | 60246 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 1854 | 30127 |
| Preferred Bank | 979 | 85878 |
| Primis Financial Corp. | 2396 | 31651 |
| Provident Financial Services, Inc. | 14221 | 299210 |
| QCR Holdings, Inc. | 1244 | 107606 |
| RBB Bancorp | 1432 | 30788 |
| Red River Bancshares, Inc. | 442 | 39205 |
| Renasant Corp. | 7281 | 274130 |
| Republic Bancorp, Inc., Class A | 726 | 50094 |
| S&T Bancorp, Inc. | 3251 | 135924 |
| Seacoast Banking Corp. of Florida | 10028 | 312071 |
| ServisFirst Bancshares, Inc. | 4654 | 377021 |
| Shore Bancshares, Inc. | 2390 | 44406 |
| Sierra Bancorp | 839 | 30187 |
| Simmons First National Corp., Class A | 15259 | 303807 |
| SmartFinancial, Inc. | 1646 | 64540 |
| South Plains Financial, Inc. | 1498 | 61358 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 487 | 27194 |
| Southern Missouri Bancorp, Inc. | 1198 | 74168 |
| Southside Bancshares, Inc. | 2191 | 68622 |
| Stellar Bancorp, Inc. | 3435 | 129362 |
| Stock Yards Bancorp, Inc. | 2084 | 133668 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 4272 | 407122 |
| TFS Financial Corp. | 4110 | 57622 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 871 | 34500 |
| Tompkins Financial Corp. | 876 | 67198 |
| Towne Bank | 8277 | 283570 |
| TriCo Bancshares | 2522 | 120501 |
| Triumph Financial, Inc.<sup>(1)</sup> | 777 | 43403 |
| TrustCo Bank Corp. | 1456 | 63147 |
| Trustmark Corp. | 5346 | 227686 |
| United Community Banks, Inc. | 11007 | 354095 |
| Unity Bancorp, Inc. | 551 | 29308 |
| Univest Financial Corp. | 2148 | 72065 |
| WaFd, Inc. | 8130 | 253331 |
| Washington Trust Bancorp, Inc. | 1263 | 42550 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WesBanco, Inc. | 9767 | $340575 |
| West BanCorp, Inc. | 800 | 19480 |
| Westamerica Bancorporation | 1896 | 96032 |
| WSFS Financial Corp. | 5037 | 319900 |
|  |  | 18710352 |
| **Beverages — 0.4%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 764 | 173260 |
| MGP Ingredients, Inc. | 566 | 10754 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 4427 | 257032 |
| Zevia PBC, Class A<sup>(1)</sup> | 4368 | 5853 |
|  |  | 446899 |
| **Biotechnology — 4.5%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)(2)</sup> | 6116 | 59081 |
| Absci Corp.<sup>(1)(2)</sup> | 6018 | 16489 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 10884 | 267311 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 17190 | 267648 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 5379 | 162607 |
| Akebia Therapeutics, Inc.<sup>(1)</sup> | 22202 | 29085 |
| Aligos Therapeutics, Inc.<sup>(1)(2)</sup> | 332 | 2334 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 845 | 12134 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)(2)</sup> | 2285 | 18806 |
| ArriVent Biopharma, Inc.<sup>(1)</sup> | 3206 | 73642 |
| Assembly Biosciences, Inc.<sup>(1)</sup> | 1166 | 34793 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 10567 | 149734 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 8821 | 251046 |
| Bicara Therapeutics, Inc.<sup>(1)(2)</sup> | 3817 | 64049 |
| Black Diamond Therapeutics, Inc.<sup>(1)</sup> | 4591 | 11340 |
| C4 Therapeutics, Inc.<sup>(1)</sup> | 9345 | 25232 |
| Cabaletta Bio, Inc.<sup>(1)(2)</sup> | 9741 | 32340 |
| CareDx, Inc.<sup>(1)</sup> | 2981 | 55924 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 12998 | 299994 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 6190 | 186257 |
| Compass Therapeutics, Inc.<sup>(1)</sup> | 13584 | 76750 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 4345 | 261308 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 4935 | 76492 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 7689 | 81503 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 11253 | 238339 |
| Design Therapeutics, Inc.<sup>(1)</sup> | 2109 | 22018 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | 4001 | 220815 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 3910 | 31866 |
| Engene Holdings, Inc.<sup>(1)</sup> | 5902 | 59669 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 3003 | 35826 |
| Erasca, Inc.<sup>(1)</sup> | 24381 | 333044 |
| GRAIL, Inc.<sup>(1)</sup> | 2575 | 137067 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 8811 | 283714 |
| Instil Bio, Inc.<sup>(1)(2)</sup> | 404 | 3596 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 12275 | 169149 |
| Iovance Biotherapeutics, Inc.<sup>(1)</sup> | 32662 | 126075 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | 3642 | 49568 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | 970 | 13764 |
| Kura Oncology, Inc.<sup>(1)</sup> | 371 | 3239 |
| Kyverna Therapeutics, Inc.<sup>(1)(2)</sup> | 3361 | 27594 |
| Larimar Therapeutics, Inc.<sup>(1)</sup> | 1554 | 8252 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MiMedx Group, Inc.<sup>(1)</sup> | 8617 | $42137 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 7037 | 124907 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 9331 | 43016 |
| Neurogene, Inc.<sup>(1)</sup> | 1009 | 23701 |
| Nkarta, Inc.<sup>(1)</sup> | 404 | 1091 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | 8063 | 25882 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 7991 | 107479 |
| Oruka Therapeutics, Inc.<sup>(1)</sup> | 4675 | 160867 |
| Protara Therapeutics, Inc.<sup>(1)</sup> | 3240 | 20606 |
| Prothena Corp. PLC<sup>(1)</sup> | 5452 | 47269 |
| Puma Biotechnology, Inc.<sup>(1)(2)</sup> | 6469 | 36873 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 18208 | 186814 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 1854 | 64408 |
| Sagimet Biosciences, Inc., Class A<sup>(1)</sup> | 3012 | 17199 |
| Solid Biosciences, Inc.<sup>(1)</sup> | 6211 | 38570 |
| Tyra Biosciences, Inc.<sup>(1)(2)</sup> | 2647 | 88172 |
| Upstream Bio, Inc.<sup>(1)</sup> | 5295 | 40666 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 7009 | 62450 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 12219 | 111071 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 2141 | 8778 |
| Xencor, Inc.<sup>(1)</sup> | 7453 | 95175 |
| Zura Bio Ltd.<sup>(1)</sup> | 2102 | 13915 |
|  |  | 5640540 |
| **Broadline Retail — 0.2%** |  |  |
| 1stdibs.com, Inc.<sup>(1)</sup> | 113 | 544 |
| Contextlogic Holdings, Inc.<sup>(1)(2)</sup> | 2618 | 21180 |
| Kohl's Corp. | 12325 | 201760 |
| Savers Value Village, Inc.<sup>(1)</sup> | 2745 | 25885 |
|  |  | 249369 |
| **Building Products — 1.4%** |  |  |
| American Woodmark Corp.<sup>(1)</sup> | 1509 | 75601 |
| Apogee Enterprises, Inc. | 1994 | 79401 |
| AZZ, Inc. | 2149 | 292221 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 2248 | 102239 |
| Griffon Corp. | 3909 | 333203 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 18362 | 293792 |
| Insteel Industries, Inc. | 1531 | 57076 |
| Janus International Group, Inc.<sup>(1)</sup> | 9404 | 65452 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 1023 | 2005 |
| Masterbrand, Inc.<sup>(1)</sup> | 9299 | 94106 |
| Quanex Building Products Corp. | 2881 | 59147 |
| Tecnoglass, Inc. | 510 | 23235 |
| Trex Co., Inc.<sup>(1)</sup> | 5972 | 247360 |
|  |  | 1724838 |
| **Capital Markets — 1.1%** |  |  |
| Acadian Asset Management, Inc. | 2890 | 155655 |
| Artisan Partners Asset Management, Inc., Class A | 6246 | 251589 |
| Bullish<sup>(1)(2)</sup> | 1994 | 62592 |
| Diamond Hill Investment Group, Inc. | 170 | 29218 |
| DigitalBridge Group, Inc. | 14617 | 225832 |
| Federated Hermes, Inc. | 6886 | 385685 |
| Oppenheimer Holdings, Inc., Class A | 672 | 57987 |
| Virtus Investment Partners, Inc. | 489 | 67658 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WisdomTree, Inc.<sup>(2)</sup> | 9774 | $167233 |
|  |  | 1403449 |
| **Chemicals — 2.9%** |  |  |
| AdvanSix, Inc. | 2607 | 46483 |
| American Vanguard Corp.<sup>(1)</sup> | 2260 | 10419 |
| Arq, Inc.<sup>(1)</sup> | 3610 | 12671 |
| Ashland, Inc. | 3421 | 213334 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 1026 | 3201 |
| Avient Corp. | 3205 | 131629 |
| Cabot Corp. | 4119 | 313621 |
| Chemours Co. | 10341 | 188620 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 751 | 13706 |
| Ecovyst, Inc.<sup>(1)</sup> | 8671 | 97722 |
| Flotek Industries, Inc.<sup>(1)(2)</sup> | 2242 | 34415 |
| FMC Corp. | 4808 | 70870 |
| Hawkins, Inc. | 2018 | 300884 |
| HB Fuller Co. | 4516 | 296792 |
| Huntsman Corp. | 8544 | 108082 |
| Ingevity Corp.<sup>(1)</sup> | 3328 | 239716 |
| Innospec, Inc. | 1939 | 148489 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 1306 | 48283 |
| Koppers Holdings, Inc.<sup>(2)</sup> | 1426 | 53903 |
| Kronos Worldwide, Inc. | 1629 | 9464 |
| LSB Industries, Inc.<sup>(1)</sup> | 5241 | 60900 |
| Mativ Holdings, Inc. | 5945 | 64444 |
| Minerals Technologies, Inc. | 2358 | 166522 |
| Northern Technologies International Corp. | 28 | 249 |
| Olin Corp.<sup>(2)</sup> | 10312 | 261615 |
| Orion SA | 4868 | 27699 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | 10123 | 237688 |
| Quaker Chemical Corp. | 1217 | 178935 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 6698 | 63430 |
| Stepan Co. | 1515 | 77098 |
| Tronox Holdings PLC, Class A | 8357 | 62510 |
| Valhi, Inc. | 85 | 1187 |
|  |  | 3544581 |
| **Commercial Services and Supplies — 1.7%** |  |  |
| ACCO Brands Corp. | 9125 | 37139 |
| Brady Corp., Class A | 3771 | 348214 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 7176 | 98957 |
| Civeo Corp.<sup>(1)(2)</sup> | 1156 | 32010 |
| Deluxe Corp. | 5374 | 149129 |
| Ennis, Inc. | 3189 | 67320 |
| Enviri Corp.<sup>(1)</sup> | 7619 | 144228 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 6311 | 137390 |
| HNI Corp. | 5219 | 234646 |
| Interface, Inc. | 4516 | 142209 |
| Liquidity Services, Inc.<sup>(1)</sup> | 2410 | 76180 |
| MillerKnoll, Inc. | 5158 | 103882 |
| OPENLANE, Inc.<sup>(1)</sup> | 11591 | 330459 |
| Quad/Graphics, Inc. | 4346 | 30031 |
| UniFirst Corp. | 794 | 186447 |
| Virco Mfg. Corp.<sup>(2)</sup> | 583 | 3702 |
|  |  | 2121943 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Communications Equipment — 1.7%** | | |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 5312 | $54183 |
| Applied Optoelectronics, Inc.<sup>(1)</sup> | 6477 | 545558 |
| Aviat Networks, Inc.<sup>(1)</sup> | 1479 | 37034 |
| BK Technologies Corp.<sup>(1)</sup> | 411 | 35794 |
| Clearfield, Inc.<sup>(1)</sup> | 1221 | 38388 |
| Digi International, Inc.<sup>(1)</sup> | 2721 | 132839 |
| Extreme Networks, Inc.<sup>(1)</sup> | 12007 | 167858 |
| Harmonic, Inc.<sup>(1)</sup> | 10016 | 106470 |
| Lantronix, Inc.<sup>(1)</sup> | 3140 | 18777 |
| NETGEAR, Inc.<sup>(1)</sup> | 2034 | 41941 |
| NetScout Systems, Inc.<sup>(1)</sup> | 5222 | 152535 |
| Ribbon Communications, Inc.<sup>(1)</sup> | 8714 | 19432 |
| Viasat, Inc.<sup>(1)</sup> | 8514 | 389771 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 14365 | 426784 |
|  |  | 2167364 |
| **Construction and Engineering — 1.5%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 3185 | 97015 |
| Argan, Inc. | 729 | 328961 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 8211 | 254541 |
| Concrete Pumping Holdings, Inc.<sup>(1)</sup> | 2795 | 18838 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 6593 | 111751 |
| Limbach Holdings, Inc.<sup>(1)(2)</sup> | 695 | 63537 |
| Matrix Service Co.<sup>(1)</sup> | 3052 | 33542 |
| MYR Group, Inc.<sup>(1)</sup> | 1431 | 386313 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 1021 | 79230 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 3733 | 51254 |
| Tutor Perini Corp. | 5212 | 392828 |
| WillScot Holdings Corp.<sup>(2)</sup> | 4005 | 86548 |
|  |  | 1904358 |
| **Construction Materials — 0.1%** |  |  |
| Smith-Midland Corp.<sup>(1)(2)</sup> | 8 | 307 |
| U.S. Lime & Minerals, Inc. | 985 | 112448 |
|  |  | 112755 |
| **Consumer Finance — 1.3%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 376 | 19669 |
| Bread Financial Holdings, Inc. | 4883 | 346009 |
| Dave, Inc.<sup>(1)</sup> | 1051 | 203127 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 1447 | 98816 |
| Enova International, Inc.<sup>(1)</sup> | 2037 | 283245 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 4891 | 129758 |
| Green Dot Corp., Class A<sup>(1)</sup> | 5053 | 58413 |
| LendingClub Corp.<sup>(1)</sup> | 10388 | 154885 |
| LendingTree, Inc.<sup>(1)</sup> | 1011 | 37781 |
| Navient Corp. | 5218 | 45866 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 3748 | 40666 |
| Oportun Financial Corp.<sup>(1)</sup> | 4402 | 22802 |
| OppFi, Inc. | 3015 | 27678 |
| PRA Group, Inc.<sup>(1)</sup> | 2859 | 45029 |
| PROG Holdings, Inc. | 2935 | 103341 |
| Regional Management Corp. | 559 | 17787 |
| World Acceptance Corp.<sup>(1)</sup> | 178 | 24009 |
|  |  | 1658881 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Staples Distribution & Retail — 1.1%** | | |
| Andersons, Inc. | 3063 | $199983 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 2763 | 197251 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 7640 | 75483 |
| Ingles Markets, Inc., Class A | 1121 | 95397 |
| Natural Grocers by Vitamin Cottage, Inc. | 949 | 25651 |
| PriceSmart, Inc. | 2609 | 403404 |
| United Natural Foods, Inc.<sup>(1)</sup> | 5746 | 219555 |
| Village Super Market, Inc., Class A | 1208 | 47293 |
| Weis Markets, Inc. | 1056 | 71555 |
|  |  | 1335572 |
| **Containers and Packaging — 0.6%** |  |  |
| Greif, Inc., Class A | 2520 | 183128 |
| Greif, Inc., Class B | 266 | 23243 |
| Myers Industries, Inc. | 4032 | 90196 |
| O-I Glass, Inc.<sup>(1)</sup> | 11404 | 152814 |
| Sonoco Products Co. | 3329 | 187989 |
| TriMas Corp. | 3303 | 129081 |
|  |  | 766451 |
| **Distributors — 0.1%** |  |  |
| Gold.com, Inc. | 1031 | 59252 |
| **Diversified Consumer Services — 2.0%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 1135 | 52006 |
| Carriage Services, Inc. | 1449 | 66755 |
| Coursera, Inc.<sup>(1)</sup> | 13645 | 87464 |
| Covista, Inc.<sup>(1)</sup> | 3163 | 309974 |
| Driven Brands Holdings, Inc.<sup>(1)</sup> | 7104 | 78144 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 3069 | 17555 |
| Frontdoor, Inc.<sup>(1)</sup> | 6461 | 443031 |
| Graham Holdings Co., Class B | 82 | 86363 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1050 | 167023 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 7268 | 235047 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 2080 | 75379 |
| Matthews International Corp., Class A | 2984 | 78867 |
| McGraw Hill, Inc.<sup>(1)</sup> | 1233 | 17262 |
| Mister Car Wash, Inc.<sup>(1)</sup> | 13797 | 98235 |
| OneSpaWorld Holdings Ltd. | 8654 | 186321 |
| Perdoceo Education Corp. | 5419 | 180724 |
| Strategic Education, Inc. | 1879 | 154604 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 3838 | 138936 |
|  |  | 2473690 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| ATN International, Inc. | 219 | 6312 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 152 | 6040 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 1533 | 60323 |
| IDT Corp., Class B | 1553 | 79125 |
| Iridium Communications, Inc. | 7084 | 169662 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 15415 | 196387 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 13851 | 170367 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 1271 | 9965 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 5257 | 41741 |
| Shenandoah Telecommunications Co. | 4681 | 63802 |
|  |  | 803724 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electric Utilities — 0.6%** | | |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 15820 | $245052 |
| MGE Energy, Inc. | 2334 | 191435 |
| Otter Tail Corp. | 3795 | 322954 |
|  |  | 759441 |
| **Electrical Equipment — 1.4%** |  |  |
| Allient, Inc. | 1635 | 107648 |
| Atkore, Inc. | 2994 | 193742 |
| FuelCell Energy, Inc.<sup>(1)</sup> | 5190 | 42247 |
| LSI Industries, Inc. | 3830 | 82804 |
| Plug Power, Inc.<sup>(1)(2)</sup> | 152752 | 273426 |
| Powell Industries, Inc. | 498 | 260753 |
| Power Solutions International, Inc.<sup>(1)(2)</sup> | 529 | 44171 |
| Preformed Line Products Co. | 174 | 44135 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 17532 | 103965 |
| Sunrun, Inc.<sup>(1)</sup> | 8641 | 114493 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 2133 | 108314 |
| Ultralife Corp.<sup>(1)</sup> | 37 | 210 |
| Vicor Corp.<sup>(1)</sup> | 1780 | 358492 |
|  |  | 1734400 |
| **Electronic Equipment, Instruments and Components — 3.2%** |  |  |
| 908 Devices, Inc.<sup>(1)(2)</sup> | 623 | 4299 |
| Avnet, Inc. | 7453 | 490705 |
| Badger Meter, Inc. | 1554 | 236876 |
| Belden, Inc. | 2950 | 422735 |
| Benchmark Electronics, Inc. | 2751 | 159035 |
| Climb Global Solutions, Inc. | 441 | 41754 |
| Crane NXT Co.<sup>(2)</sup> | 4442 | 214504 |
| CTS Corp. | 2204 | 116063 |
| Daktronics, Inc.<sup>(1)</sup> | 3179 | 81955 |
| ePlus, Inc. | 2392 | 192939 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 1082 | 90412 |
| IPG Photonics Corp.<sup>(1)</sup> | 2345 | 308532 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 2611 | 65249 |
| Knowles Corp.<sup>(1)</sup> | 7026 | 190896 |
| Methode Electronics, Inc. | 4197 | 35507 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 298 | 18860 |
| Napco Security Technologies, Inc. | 3201 | 149199 |
| Novanta, Inc.<sup>(1)</sup> | 984 | 132279 |
| PC Connection, Inc. | 1252 | 76309 |
| Plexus Corp.<sup>(1)</sup> | 2468 | 479113 |
| Richardson Electronics Ltd. | 1498 | 18395 |
| Rogers Corp.<sup>(1)</sup> | 1452 | 156569 |
| ScanSource, Inc.<sup>(1)</sup> | 1634 | 60098 |
| Vishay Intertechnology, Inc. | 10261 | 192086 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 1425 | 65650 |
|  |  | 4000019 |
| **Energy Equipment and Services — 3.4%** |  |  |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 5672 | 54621 |
| Bristow Group, Inc.<sup>(1)</sup> | 1969 | 93921 |
| Cactus, Inc., Class A | 2044 | 110376 |
| Core Laboratories, Inc. | 2602 | 45769 |
| DMC Global, Inc.<sup>(1)</sup> | 266 | 1567 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Energy Services of America Corp. | 1327 | $20728 |
| Expro Group Holdings NV<sup>(1)</sup> | 10264 | 183315 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 1135 | 65864 |
| Geospace Technologies Corp.<sup>(1)(2)</sup> | 1287 | 11802 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 13846 | 127245 |
| Helmerich & Payne, Inc. | 9704 | 341775 |
| Innovex International, Inc.<sup>(1)</sup> | 3438 | 90591 |
| Kodiak Gas Services, Inc. | 6968 | 380244 |
| Liberty Energy, Inc., Class A | 15291 | 429524 |
| Nabors Industries Ltd.<sup>(1)</sup> | 1449 | 113196 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | 5848 | 146492 |
| Natural Gas Services Group, Inc. | 1632 | 62440 |
| Oceaneering International, Inc.<sup>(1)</sup> | 11169 | 396500 |
| Oil States International, Inc.<sup>(1)</sup> | 6004 | 78592 |
| Patterson-UTI Energy, Inc. | 29659 | 252398 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 1579 | 7816 |
| ProPetro Holding Corp.<sup>(1)</sup> | 10221 | 123981 |
| Ranger Energy Services, Inc. | 1811 | 31548 |
| RPC, Inc. | 12430 | 72218 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 810 | 6205 |
| Seadrill Ltd.<sup>(1)</sup> | 5204 | 228352 |
| Select Water Solutions, Inc., Class A | 7744 | 105860 |
| Solaris Energy Infrastructure, Inc., Class A | 2875 | 142686 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 13228 | 114554 |
| Tidewater, Inc.<sup>(1)</sup> | 3966 | 314980 |
|  |  | 4155160 |
| **Entertainment — 0.6%** |  |  |
| Cinemark Holdings, Inc. | 5438 | 153569 |
| IMAX Corp.<sup>(1)</sup> | 3922 | 167979 |
| Marcus Corp. | 2413 | 40611 |
| Skillz, Inc.<sup>(1)(2)</sup> | 213 | 716 |
| Sphere Entertainment Co.<sup>(1)</sup> | 3289 | 391424 |
|  |  | 754299 |
| **Financial Services — 2.1%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 1380 | 5782 |
| Alerus Financial Corp. | 1770 | 42197 |
| Cannae Holdings, Inc. | 3764 | 45921 |
| Cass Information Systems, Inc. | 1371 | 60845 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 1233 | 85755 |
| EVERTEC, Inc. | 5904 | 167142 |
| Federal Agricultural Mortgage Corp., Class C | 710 | 111938 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 871 | 16854 |
| Flywire Corp.<sup>(1)</sup> | 10486 | 129083 |
| HA Sustainable Infrastructure Capital, Inc. | 9808 | 358188 |
| International Money Express, Inc.<sup>(1)</sup> | 2887 | 45557 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 36242 | 139169 |
| Merchants Bancorp | 1635 | 69128 |
| NCR Atleos Corp.<sup>(1)</sup> | 7985 | 353576 |
| NewtekOne, Inc. | 3016 | 37036 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 8061 | 316878 |
| Onity Group, Inc.<sup>(1)</sup> | 789 | 33067 |
| Paymentus Holdings, Inc., Class A<sup>(1)</sup> | 2049 | 50139 |
| Payoneer Global, Inc.<sup>(1)</sup> | 22951 | 99148 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Radian Group, Inc. | 1098 | $37903 |
| Remitly Global, Inc.<sup>(1)</sup> | 4268 | 71276 |
| Repay Holdings Corp.<sup>(1)</sup> | 9129 | 25379 |
| Velocity Financial, Inc.<sup>(1)</sup> | 1080 | 20077 |
| Walker & Dunlop, Inc. | 2870 | 132049 |
| Waterstone Financial, Inc. | 1419 | 25272 |
| Western Union Co. | 16000 | 154080 |
|  |  | 2633439 |
| **Food Products — 1.0%** |  |  |
| Alico, Inc. | 694 | 28648 |
| B&G Foods, Inc. | 6070 | 32232 |
| Calavo Growers, Inc. | 1709 | 45869 |
| Flowers Foods, Inc. | 4745 | 46881 |
| Fresh Del Monte Produce, Inc. | 3070 | 131795 |
| Freshpet, Inc.<sup>(1)</sup> | 2882 | 243385 |
| J&J Snack Foods Corp. | 1067 | 92893 |
| John B Sanfilippo & Son, Inc. | 947 | 78232 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 604 | 13385 |
| Limoneira Co. | 1908 | 26884 |
| Marzetti Co. | 366 | 60148 |
| Mission Produce, Inc.<sup>(1)</sup> | 2803 | 39774 |
| Seaboard Corp. | 19 | 97521 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 339 | 47114 |
| Tootsie Roll Industries, Inc.<sup>(2)</sup> | 1964 | 82940 |
| Utz Brands, Inc. | 6223 | 57812 |
| Vital Farms, Inc.<sup>(1)</sup> | 3486 | 73520 |
|  |  | 1199033 |
| **Gas Utilities — 0.7%** |  |  |
| MDU Resources Group, Inc. | 10474 | 216603 |
| New Jersey Resources Corp. | 6751 | 366174 |
| Northwest Natural Holding Co. | 3470 | 184049 |
| ONE Gas, Inc. | 1300 | 113672 |
| Star Group LP | 45 | 578 |
|  |  | 881076 |
| **Ground Transportation — 0.6%** |  |  |
| ArcBest Corp. | 2046 | 210043 |
| Covenant Logistics Group, Inc. | 1609 | 47369 |
| Heartland Express, Inc. | 4804 | 52988 |
| Marten Transport Ltd. | 5390 | 73250 |
| RXO, Inc.<sup>(1)</sup> | 8823 | 140815 |
| Schneider National, Inc., Class B | 3135 | 88971 |
| Universal Logistics Holdings, Inc.<sup>(2)</sup> | 646 | 10743 |
| Werner Enterprises, Inc. | 4819 | 169099 |
|  |  | 793278 |
| **Health Care Equipment and Supplies — 3.7%** |  |  |
| Acme United Corp. | 9 | 405 |
| AngioDynamics, Inc.<sup>(1)</sup> | 4841 | 55381 |
| Avanos Medical, Inc.<sup>(1)</sup> | 1865 | 26296 |
| Beta Bionics, Inc.<sup>(1)(2)</sup> | 3919 | 49497 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 4466 | 39211 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | 5500 | 20845 |
| CONMED Corp. | 3018 | 138828 |
| Dentsply Sirona, Inc. | 17765 | 260790 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Electromed, Inc.<sup>(1)</sup> | 681 | $16140 |
| Enovis Corp.<sup>(1)</sup> | 4208 | 107178 |
| Envista Holdings Corp.<sup>(1)</sup> | 14456 | 422260 |
| Haemonetics Corp.<sup>(1)</sup> | 5000 | 316600 |
| ICU Medical, Inc.<sup>(1)</sup> | 1321 | 198916 |
| Inogen, Inc.<sup>(1)</sup> | 2116 | 12908 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 6531 | 74323 |
| iRadimed Corp. | 921 | 95351 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 340 | 14107 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 5092 | 381442 |
| LeMaitre Vascular, Inc. | 2091 | 226204 |
| LivaNova PLC<sup>(1)</sup> | 6049 | 427059 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 3491 | 269435 |
| Neogen Corp.<sup>(1)</sup> | 17813 | 200040 |
| Omnicell, Inc.<sup>(1)</sup> | 3360 | 138096 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 8199 | 25827 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 2554 | 34556 |
| OrthoPediatrics Corp.<sup>(1)</sup> | 1466 | 28103 |
| Pulmonx Corp.<sup>(1)</sup> | 35 | 55 |
| QuidelOrtho Corp.<sup>(1)</sup> | 5335 | 121318 |
| Sensus Healthcare, Inc.<sup>(1)(2)</sup> | 1242 | 5105 |
| SI-BONE, Inc.<sup>(1)</sup> | 3970 | 61614 |
| STAAR Surgical Co.<sup>(1)</sup> | 503 | 10010 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 2597 | 76066 |
| Teleflex, Inc. | 1599 | 195174 |
| TransMedics Group, Inc.<sup>(1)(2)</sup> | 2350 | 341361 |
| UFP Technologies, Inc.<sup>(1)</sup> | 485 | 102131 |
| Utah Medical Products, Inc. | 395 | 26311 |
| Varex Imaging Corp.<sup>(1)</sup> | 5274 | 69459 |
|  |  | 4588402 |
| **Health Care Providers and Services — 1.3%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)(2)</sup> | 8046 | 188598 |
| AdaptHealth Corp.<sup>(1)</sup> | 10854 | 99314 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 11108 | 213496 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 994 | 19363 |
| Ardent Health, Inc.<sup>(1)</sup> | 2330 | 21879 |
| Astrana Health, Inc.<sup>(1)</sup> | 3416 | 69447 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 2626 | 77651 |
| Concentra Group Holdings Parent, Inc. | 9992 | 239408 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 765 | 6655 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 1243 | 19055 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 2562 | 22469 |
| Joint Corp.<sup>(1)(2)</sup> | 41 | 361 |
| National HealthCare Corp. | 988 | 161538 |
| National Research Corp.<sup>(2)</sup> | 883 | 11841 |
| NeoGenomics, Inc.<sup>(1)</sup> | 11308 | 111158 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 231 | 25516 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 7040 | 139744 |
| Pennant Group, Inc.<sup>(1)</sup> | 1270 | 42812 |
| Progyny, Inc.<sup>(1)</sup> | 5998 | 106105 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 6337 | 27122 |
| Talkspace, Inc.<sup>(1)</sup> | 4173 | 20114 |
|  |  | 1623646 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Technology — 0.1%** | | |
| American Well Corp., Class A<sup>(1)</sup> | 1413 | $8054 |
| GoodRx Holdings, Inc., Class A<sup>(1)(2)</sup> | 937 | 1752 |
| Health Catalyst, Inc.<sup>(1)(2)</sup> | 5627 | 9116 |
| HealthStream, Inc. | 1544 | 32779 |
| Teladoc Health, Inc.<sup>(1)</sup> | 13490 | 70957 |
| TruBridge, Inc.<sup>(1)</sup> | 2185 | 42149 |
|  |  | 164807 |
| **Hotels, Restaurants and Leisure — 2.1%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 4450 | 50552 |
| Biglari Holdings, Inc., Class A<sup>(1)</sup> | 6 | 11935 |
| Biglari Holdings, Inc., Class B<sup>(1)</sup> | 75 | 29084 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 1667 | 63329 |
| Bloomin' Brands, Inc. | 5431 | 33238 |
| Caesars Entertainment, Inc.<sup>(1)</sup> | 8481 | 212449 |
| Cheesecake Factory, Inc. | 4301 | 278619 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 1790 | 58569 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 2523 | 37139 |
| El Pollo Loco Holdings, Inc.<sup>(1)</sup> | 2325 | 25715 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | 5521 | 68792 |
| Full House Resorts, Inc.<sup>(1)(2)</sup> | 3479 | 7810 |
| Global Business Travel Group I<sup>(1)(2)</sup> | 14995 | 82023 |
| Golden Entertainment, Inc. | 2067 | 59736 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 5820 | 261667 |
| Marriott Vacations Worldwide Corp. | 3006 | 195420 |
| Monarch Casino & Resort, Inc. | 1184 | 113782 |
| Penn Entertainment, Inc.<sup>(1)</sup> | 11537 | 180439 |
| Portillo's, Inc., Class A<sup>(1)(2)</sup> | 7395 | 39489 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 2351 | 81721 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 1019 | 22550 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 8317 | 164261 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 1211 | 116268 |
| Super Group SGHC Ltd. | 5749 | 61514 |
| Target Hospitality Corp.<sup>(1)</sup> | 3133 | 24406 |
| Vail Resorts, Inc. | 2000 | 271620 |
| Wendy's Co. | 11334 | 86818 |
|  |  | 2638945 |
| **Household Durables — 2.7%** |  |  |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 2124 | 54332 |
| Cavco Industries, Inc.<sup>(1)</sup> | 448 | 258612 |
| Century Communities, Inc. | 2211 | 148645 |
| Champion Homes, Inc.<sup>(1)</sup> | 4237 | 396075 |
| Cricut, Inc., Class A<sup>(2)</sup> | 5030 | 21629 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 1204 | 21756 |
| Ethan Allen Interiors, Inc. | 1837 | 41847 |
| Flexsteel Industries, Inc. | 423 | 21772 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 2847 | 209710 |
| Hamilton Beach Brands Holding Co., Class A | 575 | 10948 |
| Helen of Troy Ltd.<sup>(1)</sup> | 2851 | 50292 |
| Hooker Furnishings Corp. | 966 | 13852 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 438 | 55021 |
| KB Home | 5070 | 322351 |
| La-Z-Boy, Inc. | 3533 | 126199 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Legacy Housing Corp.<sup>(1)</sup> | 1101 | $24134 |
| Leggett & Platt, Inc. | 11954 | 139623 |
| LGI Homes, Inc.<sup>(1)</sup> | 1374 | 71311 |
| Lifetime Brands, Inc. | 51 | 169 |
| Lovesac Co.<sup>(1)</sup> | 1540 | 19681 |
| M/I Homes, Inc.<sup>(1)</sup> | 2310 | 328390 |
| Newell Brands, Inc. | 31333 | 142565 |
| Sonos, Inc.<sup>(1)</sup> | 10475 | 161315 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 7842 | 363084 |
| Universal Electronics, Inc.<sup>(1)</sup> | 491 | 1851 |
| Whirlpool Corp. | 4125 | 282274 |
|  |  | 3287438 |
| **Household Products — 0.5%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 613 | 24023 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 3879 | 133981 |
| Energizer Holdings, Inc. | 6100 | 131699 |
| Oil-Dri Corp. of America | 862 | 58478 |
| Reynolds Consumer Products, Inc. | 1631 | 40465 |
| Spectrum Brands Holdings, Inc. | 1768 | 138576 |
| WD-40 Co. | 583 | 138871 |
|  |  | 666093 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 3754 | 68248 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 2452 | 3776 |
| XPLR Infrastructure LP<sup>(1)</sup> | 6834 | 72372 |
|  |  | 144396 |
| **Insurance — 2.8%** |  |  |
| American Coastal Insurance Corp., Class C | 1541 | 17552 |
| AMERISAFE, Inc. | 1423 | 46290 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 1536 | 92129 |
| CNO Financial Group, Inc. | 7839 | 327749 |
| Donegal Group, Inc., Class A | 1180 | 20792 |
| eHealth, Inc.<sup>(1)(2)</sup> | 3328 | 4326 |
| Employers Holdings, Inc. | 1780 | 73603 |
| Fidelis Insurance Holdings Ltd. | 4615 | 87962 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 40101 | 338452 |
| GoHealth, Inc., Class A<sup>(1)(2)</sup> | 614 | 841 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 2521 | 35773 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 4114 | 129961 |
| HCI Group, Inc. | 890 | 157014 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 2086 | 58137 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 2400 | 69024 |
| Horace Mann Educators Corp. | 3414 | 148543 |
| Investors Title Co. | 134 | 30941 |
| James River Group Holdings, Inc. | 4185 | 29295 |
| Kingstone Cos., Inc.<sup>(2)</sup> | 1743 | 28725 |
| Mercury General Corp. | 1981 | 179439 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | 4664 | 24952 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 20098 | 274137 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 2434 | 301110 |
| ProAssurance Corp.<sup>(1)</sup> | 3837 | 94198 |
| Root, Inc., Class A<sup>(1)</sup> | 812 | 42127 |
| Safety Insurance Group, Inc. | 1095 | 85005 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SiriusPoint Ltd.<sup>(1)</sup> | 8230 | $173982 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 2753 | 127932 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 1986 | 37734 |
| Stewart Information Services Corp. | 2385 | 169311 |
| Tiptree, Inc. | 2781 | 47360 |
| Trupanion, Inc.<sup>(1)</sup> | 2549 | 67651 |
| United Fire Group, Inc. | 1431 | 55609 |
| Universal Insurance Holdings, Inc. | 1979 | 69601 |
|  |  | 3447257 |
| **Interactive Media and Services — 0.8%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 6155 | 188958 |
| Cars.com, Inc.<sup>(1)</sup> | 4522 | 38618 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 2660 | 42028 |
| IAC, Inc.<sup>(1)</sup> | 4890 | 187385 |
| Shutterstock, Inc. | 672 | 11290 |
| Taboola.com Ltd.<sup>(1)</sup> | 12879 | 40826 |
| TripAdvisor, Inc.<sup>(1)</sup> | 11368 | 114930 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | 5760 | 64800 |
| Yelp, Inc.<sup>(1)</sup> | 4733 | 105499 |
| Ziff Davis, Inc.<sup>(1)</sup> | 3048 | 82540 |
| ZoomInfo Technologies, Inc.<sup>(1)</sup> | 22876 | 142060 |
|  |  | 1018934 |
| **IT Services — 0.1%** |  |  |
| ASGN, Inc.<sup>(1)</sup> | 1419 | 60875 |
| CSP, Inc.<sup>(2)</sup> | 324 | 2919 |
| DXC Technology Co.<sup>(1)</sup> | 5823 | 73312 |
| Hackett Group, Inc. | 3261 | 44545 |
|  |  | 181651 |
| **Leisure Products — 0.9%** |  |  |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 1754 | 15961 |
| Callaway Golf Co.<sup>(1)</sup> | 11014 | 154857 |
| Clarus Corp. | 1628 | 5144 |
| Funko, Inc., Class A<sup>(1)</sup> | 3907 | 19535 |
| JAKKS Pacific, Inc. | 1079 | 23587 |
| Johnson Outdoors, Inc., Class A | 489 | 23712 |
| Latham Group, Inc.<sup>(1)</sup> | 4022 | 26988 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 1431 | 41585 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 2093 | 45429 |
| Polaris, Inc. | 5487 | 333280 |
| Smith & Wesson Brands, Inc. | 4134 | 49195 |
| Sturm Ruger & Co., Inc. | 1118 | 41858 |
| YETI Holdings, Inc.<sup>(1)</sup> | 7136 | 311914 |
|  |  | 1093045 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 10138 | 233681 |
| Azenta, Inc.<sup>(1)</sup> | 3046 | 82181 |
| CryoPort, Inc.<sup>(1)</sup> | 4331 | 36467 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 12847 | 57555 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)(2)</sup> | 3726 | 25150 |
| Mesa Laboratories, Inc. | 655 | 63253 |
| Personalis, Inc.<sup>(1)(2)</sup> | 3492 | 31638 |
| Quanterix Corp.<sup>(1)</sup> | 2354 | 15419 |
| Sotera Health Co.<sup>(1)</sup> | 16737 | 271976 |
|  |  | 817320 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Machinery — 3.6%** | | |
| Aebi Schmidt Holding AG | 3952 | $56988 |
| AirJoule Technologies Corp.<sup>(1)(2)</sup> | 1682 | 5433 |
| Alamo Group, Inc. | 712 | 152033 |
| Albany International Corp., Class A | 2250 | 129712 |
| Astec Industries, Inc. | 1832 | 113749 |
| Atmus Filtration Technologies, Inc. | 7614 | 491331 |
| Blue Bird Corp.<sup>(1)</sup> | 2403 | 140023 |
| CECO Environmental Corp.<sup>(1)</sup> | 2854 | 172524 |
| Columbus McKinnon Corp. | 3317 | 62957 |
| Douglas Dynamics, Inc. | 1717 | 78845 |
| Eastern Co.<sup>(2)</sup> | 3 | 56 |
| Enerpac Tool Group Corp. | 4015 | 163812 |
| Enpro, Inc. | 49 | 12674 |
| Franklin Electric Co., Inc. | 1166 | 116157 |
| Gorman-Rupp Co. | 2191 | 140728 |
| Graham Corp.<sup>(1)</sup> | 1267 | 102906 |
| Greenbrier Cos., Inc. | 2906 | 163956 |
| Helios Technologies, Inc. | 2940 | 209681 |
| Hillman Solutions Corp.<sup>(1)</sup> | 14590 | 119638 |
| Hyster-Yale, Inc. | 1059 | 39003 |
| Kadant, Inc. | 750 | 254377 |
| Kennametal, Inc. | 6992 | 281638 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 1189 | 36538 |
| Lindsay Corp. | 827 | 111397 |
| Luxfer Holdings PLC | 2853 | 36718 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 3553 | 52407 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 871 | 18291 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 22019 | 49322 |
| Miller Industries, Inc. | 1191 | 50058 |
| Mueller Water Products, Inc., Class A | 14560 | 435781 |
| Omega Flex, Inc. | 263 | 9450 |
| Park-Ohio Holdings Corp. | 342 | 8803 |
| Proto Labs, Inc.<sup>(1)</sup> | 2267 | 140735 |
| Taylor Devices, Inc.<sup>(1)(2)</sup> | 246 | 21584 |
| Tennant Co. | 1631 | 99540 |
| Titan International, Inc.<sup>(1)</sup> | 5067 | 49302 |
| Trinity Industries, Inc. | 5594 | 191203 |
| Wabash National Corp. | 1556 | 15793 |
| Worthington Enterprises, Inc. | 3309 | 185337 |
|  |  | 4520480 |
| **Marine Transportation — 0.3%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 726 | 13852 |
| Genco Shipping & Trading Ltd. | 3754 | 90284 |
| Matson, Inc. | 1073 | 178257 |
| Pangaea Logistics Solutions Ltd. | 2782 | 26012 |
|  |  | 308405 |
| **Media — 0.8%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 3828 | 31275 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 2824 | 34876 |
| Cable One, Inc.<sup>(1)</sup> | 480 | 46056 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 14158 | 149225 |
| Emerald Holding, Inc.<sup>(2)</sup> | 2670 | 11134 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EW Scripps Co., Class A<sup>(1)</sup> | 6573 | $27278 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 1719 | 7495 |
| Gray Media, Inc. | 8951 | 46456 |
| Ibotta, Inc., Class A<sup>(1)(2)</sup> | 1789 | 44671 |
| John Wiley & Sons, Inc., Class A | 3868 | 119985 |
| Magnite, Inc.<sup>(1)</sup> | 14088 | 191879 |
| National CineMedia, Inc. | 7316 | 26045 |
| NIQ Global Intelligence PLC<sup>(1)(2)</sup> | 811 | 10811 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 4935 | 39973 |
| Scholastic Corp. | 1017 | 35361 |
| Sinclair, Inc. | 3896 | 63661 |
| Stagwell, Inc.<sup>(1)(2)</sup> | 8468 | 40816 |
| TechTarget, Inc.<sup>(1)</sup> | 75 | 263 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 4969 | 11528 |
| USA TODAY Co., Inc.<sup>(1)</sup> | 14736 | 87679 |
|  |  | 1026467 |
| **Metals and Mining — 1.7%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 804 | 130771 |
| Century Aluminum Co.<sup>(1)</sup> | 6856 | 353495 |
| Compass Minerals International, Inc.<sup>(1)(2)</sup> | 4210 | 106092 |
| Kaiser Aluminum Corp. | 1433 | 186491 |
| Materion Corp. | 2328 | 379604 |
| McEwen, Inc.<sup>(1)</sup> | 5111 | 144897 |
| Metallus, Inc.<sup>(1)</sup> | 2780 | 47260 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 1974 | 29886 |
| Ramaco Resources, Inc., Class B<sup>(2)</sup> | 419 | 4936 |
| Ryerson Holding Corp. | 4881 | 127687 |
| SunCoke Energy, Inc. | 8822 | 50285 |
| Tredegar Corp.<sup>(1)</sup> | 3086 | 28329 |
| Warrior Met Coal, Inc. | 5132 | 427188 |
| Worthington Steel, Inc. | 2855 | 118654 |
|  |  | 2135575 |
| **Multi-Utilities — 0.5%** |  |  |
| Avista Corp. | 8422 | 342101 |
| Northwestern Energy Group, Inc. | 3584 | 250737 |
| Unitil Corp. | 1623 | 84899 |
|  |  | 677737 |
| **Oil, Gas and Consumable Fuels — 4.8%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 3055 | 17536 |
| Ardmore Shipping Corp. | 3857 | 63178 |
| BKV Corp.<sup>(1)</sup> | 1852 | 58023 |
| California Resources Corp. | 5826 | 342802 |
| Centrus Energy Corp., Class A<sup>(1)</sup> | 1022 | 207047 |
| Clean Energy Fuels Corp.<sup>(1)</sup> | 15742 | 35577 |
| Comstock, Inc.<sup>(1)(2)</sup> | 2919 | 9049 |
| Core Natural Resources, Inc. | 493 | 40465 |
| Crescent Energy Co., Class A | 20922 | 243951 |
| CVR Energy, Inc.<sup>(1)</sup> | 3125 | 75500 |
| Delek U.S. Holdings, Inc. | 6263 | 238683 |
| Dorian LPG Ltd. | 3685 | 136308 |
| Encore Energy Corp.<sup>(1)</sup> | 18867 | 50941 |
| Evolution Petroleum Corp. | 3007 | 13441 |
| Excelerate Energy, Inc., Class A | 2114 | 85088 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FutureFuel Corp. | 2720 | $11750 |
| Gevo, Inc.<sup>(1)</sup> | 20126 | 36629 |
| Golar LNG Ltd. | 8582 | 381556 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 3739 | 22584 |
| Granite Ridge Resources, Inc.<sup>(2)</sup> | 6652 | 33659 |
| Green Plains, Inc.<sup>(1)</sup> | 5683 | 78028 |
| Gulfport Energy Corp.<sup>(1)</sup> | 879 | 183412 |
| HighPeak Energy, Inc. | 2325 | 12113 |
| International Seaways, Inc. | 4399 | 332256 |
| Kimbell Royalty Partners LP | 6553 | 93970 |
| Magnolia Oil & Gas Corp., Class A | 5310 | 147724 |
| Murphy Oil Corp. | 10604 | 351523 |
| Northern Oil & Gas, Inc. | 6905 | 190509 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 3774 | 161037 |
| PBF Energy, Inc., Class A | 8065 | 287114 |
| Peabody Energy Corp. | 13803 | 435347 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 16163 | 364314 |
| PrimeEnergy Resources Corp.<sup>(1)</sup> | 19 | 3779 |
| REX American Resources Corp.<sup>(1)</sup> | 2492 | 88616 |
| Riley Exploration Permian, Inc. | 981 | 28292 |
| SandRidge Energy, Inc. | 3287 | 57621 |
| SM Energy Co. | 20330 | 470233 |
| Summit Midstream Corp.<sup>(1)</sup> | 1327 | 39160 |
| Talos Energy, Inc.<sup>(1)</sup> | 11673 | 142994 |
| Tamboran Resources Corp.<sup>(1)(2)</sup> | 1803 | 57155 |
| Teekay Tankers Ltd., Class A | 2251 | 176186 |
| VAALCO Energy, Inc. | 9094 | 46834 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 3107 | 59996 |
| World Kinect Corp. | 4195 | 104665 |
|  |  | 6016645 |
| **Paper and Forest Products — 0.1%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 1361 | 20401 |
| Mercer International, Inc. | 4446 | 8003 |
| Sylvamo Corp. | 2638 | 122140 |
|  |  | 150544 |
| **Passenger Airlines — 0.6%** |  |  |
| Allegiant Travel Co.<sup>(1)</sup> | 1241 | 126768 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 5960 | 26462 |
| JetBlue Airways Corp.<sup>(1)</sup> | 22535 | 124844 |
| SkyWest, Inc.<sup>(1)</sup> | 3820 | 397586 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 4149 | 81652 |
|  |  | 757312 |
| **Personal Care Products — 0.3%** |  |  |
| Edgewell Personal Care Co. | 4903 | 111494 |
| Honest Co., Inc.<sup>(1)(2)</sup> | 12483 | 34952 |
| Interparfums, Inc. | 376 | 37893 |
| Lifevantage Corp.<sup>(2)</sup> | 1530 | 7115 |
| Medifast, Inc.<sup>(1)(2)</sup> | 892 | 9393 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 36 | 996 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 9352 | 47228 |
| Nu Skin Enterprises, Inc., Class A | 5252 | 44537 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 890 | 19153 |
|  |  | 312761 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Pharmaceuticals — 2.3%** | | |
| Aclaris Therapeutics, Inc.<sup>(1)</sup> | 6541 | $18773 |
| Alumis, Inc.<sup>(1)</sup> | 8723 | 258986 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 3318 | 67123 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 1513 | 111811 |
| Arvinas, Inc.<sup>(1)</sup> | 6199 | 82261 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 6599 | 30883 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 2789 | 116218 |
| Contineum Therapeutics, Inc., Class A<sup>(1)(2)</sup> | 2401 | 36831 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 6929 | 210919 |
| Enliven Therapeutics, Inc.<sup>(1)</sup> | 4322 | 128320 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 3621 | 30344 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 3795 | 108309 |
| Innoviva, Inc.<sup>(1)</sup> | 5813 | 133466 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 1931 | 382937 |
| MBX Biosciences, Inc.<sup>(1)</sup> | 3264 | 106243 |
| Neumora Therapeutics, Inc.<sup>(1)</sup> | 4145 | 14466 |
| Organon & Co. | 21630 | 157683 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 3384 | 74143 |
| Perrigo Co. PLC | 5613 | 74204 |
| Rapport Therapeutics, Inc.<sup>(1)(2)</sup> | 3399 | 98673 |
| Septerna, Inc.<sup>(1)</sup> | 3298 | 95708 |
| SIGA Technologies, Inc. | 4736 | 30642 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 6098 | 333743 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 3256 | 59422 |
| Third Harmonic Bio, Inc.<sup>(1)(2)</sup> | 544 | 16 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 7112 | 99355 |
|  |  | 2861479 |
| **Professional Services — 2.0%** |  |  |
| Asure Software, Inc.<sup>(1)</sup> | 3217 | 29403 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | 2748 | 51800 |
| Clarivate PLC<sup>(1)(2)</sup> | 18424 | 42375 |
| Concentrix Corp. | 1473 | 48314 |
| Conduent, Inc.<sup>(1)</sup> | 16724 | 24417 |
| CRA International, Inc. | 581 | 100315 |
| CSG Systems International, Inc. | 2281 | 182252 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 5098 | 159313 |
| Exponent, Inc. | 2371 | 172561 |
| Franklin Covey Co.<sup>(1)</sup> | 1387 | 18059 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 1836 | 259610 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 1338 | 38668 |
| Innodata, Inc.<sup>(1)(2)</sup> | 2962 | 130832 |
| Insperity, Inc. | 1829 | 40622 |
| Kelly Services, Inc., Class A<sup>(2)</sup> | 1043 | 10128 |
| Kforce, Inc. | 1476 | 39882 |
| Korn Ferry | 4694 | 294173 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 15242 | 107151 |
| ManpowerGroup, Inc. | 2358 | 65953 |
| Mistras Group, Inc.<sup>(1)</sup> | 2154 | 32913 |
| RCM Technologies, Inc.<sup>(1)</sup> | 6 | 113 |
| Resources Connection, Inc. | 2593 | 9750 |
| Robert Half, Inc. | 1314 | 32088 |
| Skillsoft Corp.<sup>(1)(2)</sup> | 523 | 2191 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TaskUS, Inc., Class A<sup>(1)(2)</sup> | 2418 | $25679 |
| TriNet Group, Inc. | 669 | 25476 |
| TrueBlue, Inc.<sup>(1)</sup> | 2959 | 12517 |
| Upwork, Inc.<sup>(1)</sup> | 10272 | 137850 |
| Verra Mobility Corp.<sup>(1)</sup> | 13703 | 228977 |
| Willdan Group, Inc.<sup>(1)</sup> | 1447 | 128986 |
|  |  | 2452368 |
| **Real Estate Management and Development — 0.8%** |  |  |
| Cushman & Wakefield Ltd.<sup>(1)</sup> | 23992 | 321733 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 4572 | 10424 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 8138 | 44922 |
| Forestar Group, Inc.<sup>(1)</sup> | 1642 | 47158 |
| FRP Holdings, Inc.<sup>(1)</sup> | 1170 | 28010 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 515 | 37271 |
| Kennedy-Wilson Holdings, Inc. | 10072 | 109583 |
| Marcus & Millichap, Inc. | 2977 | 78623 |
| RMR Group, Inc., Class A | 1095 | 17936 |
| Seritage Growth Properties, Class A<sup>(1)(2)</sup> | 2270 | 6719 |
| St. Joe Co. | 3144 | 226902 |
| Tejon Ranch Co.<sup>(1)</sup> | 1950 | 34339 |
|  |  | 963620 |
| **Semiconductors and Semiconductor Equipment — 2.7%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 5256 | 292654 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 1892 | 39751 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 2859 | 236182 |
| CEVA, Inc.<sup>(1)</sup> | 3067 | 63978 |
| Cohu, Inc.<sup>(1)</sup> | 4387 | 132487 |
| Diodes, Inc.<sup>(1)</sup> | 4108 | 280289 |
| FormFactor, Inc.<sup>(1)</sup> | 4760 | 470669 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 4071 | 193576 |
| inTEST Corp.<sup>(1)</sup> | 20 | 233 |
| Kulicke & Soffa Industries, Inc. | 3372 | 235096 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 1295 | 3561 |
| NVE Corp.<sup>(2)</sup> | 593 | 40822 |
| Photronics, Inc.<sup>(1)</sup> | 4439 | 166152 |
| Power Integrations, Inc. | 2717 | 130199 |
| QuickLogic Corp.<sup>(1)</sup> | 35 | 288 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 3830 | 112832 |
| SolarEdge Technologies, Inc.<sup>(1)(2)</sup> | 6286 | 222524 |
| Synaptics, Inc.<sup>(1)</sup> | 3347 | 272647 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 4311 | 261591 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 5284 | 161479 |
|  |  | 3317010 |
| **Software — 2.9%** |  |  |
| 8x8, Inc.<sup>(1)</sup> | 18346 | 39261 |
| A10 Networks, Inc. | 6319 | 121704 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 3752 | 148879 |
| Adeia, Inc. | 8100 | 167589 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 3965 | 189725 |
| Bill Holdings, Inc.<sup>(1)</sup> | 4053 | 180399 |
| Bit Digital, Inc.<sup>(1)(2)</sup> | 33826 | 56490 |
| Blackbaud, Inc.<sup>(1)</sup> | 4218 | 204742 |
| BlackLine, Inc.<sup>(1)</sup> | 3880 | 136770 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cerence, Inc.<sup>(1)(2)</sup> | 118 | $933 |
| Cleanspark, Inc.<sup>(1)</sup> | 5963 | 59332 |
| Clear Secure, Inc., Class A | 5686 | 276567 |
| CS Disco, Inc.<sup>(1)</sup> | 55 | 179 |
| Daily Journal Corp.<sup>(1)(2)</sup> | 137 | 69803 |
| Digital Turbine, Inc.<sup>(1)</sup> | 10440 | 42386 |
| EverCommerce, Inc.<sup>(1)(2)</sup> | 1877 | 21548 |
| Five9, Inc.<sup>(1)</sup> | 2110 | 36798 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 5971 | 162232 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 28661 | 256229 |
| Mitek Systems, Inc.<sup>(1)</sup> | 3241 | 47254 |
| N-able, Inc.<sup>(1)</sup> | 6131 | 26976 |
| ON24, Inc.<sup>(1)</sup> | 4291 | 34371 |
| OneSpan, Inc. | 2733 | 30172 |
| Pagaya Technologies Ltd., Class A<sup>(1)(2)</sup> | 5624 | 62933 |
| Progress Software Corp.<sup>(1)</sup> | 3167 | 132634 |
| Qualys, Inc.<sup>(1)</sup> | 2701 | 249762 |
| Rapid7, Inc.<sup>(1)</sup> | 5212 | 32419 |
| Red Violet, Inc.<sup>(1)</sup> | 1430 | 61933 |
| ReposiTrak, Inc.<sup>(2)</sup> | 1427 | 12415 |
| Riot Platforms, Inc.<sup>(1)(2)</sup> | 19192 | 312638 |
| Silvaco Group, Inc.<sup>(1)(2)</sup> | 145 | 487 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 6830 | 131341 |
| Teradata Corp.<sup>(1)</sup> | 6962 | 219233 |
| Vertex, Inc., Class A<sup>(1)</sup> | 184 | 2664 |
| Xperi, Inc.<sup>(1)</sup> | 5286 | 32403 |
|  |  | 3561201 |
| **Specialty Retail — 2.8%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 1947 | 6776 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 4142 | 405088 |
| Academy Sports & Outdoors, Inc. | 6055 | 364087 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 6519 | 346615 |
| American Eagle Outfitters, Inc. | 14628 | 359410 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 885 | 17665 |
| Arhaus, Inc.<sup>(1)</sup> | 5588 | 46101 |
| Arko Corp. | 6055 | 38934 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 453 | 96842 |
| Barnes & Noble Education, Inc.<sup>(1)(2)</sup> | 1785 | 15440 |
| Buckle, Inc. | 3455 | 185015 |
| Build-A-Bear Workshop, Inc. | 1426 | 69389 |
| Caleres, Inc. | 1358 | 16147 |
| Citi Trends, Inc.<sup>(1)</sup> | 644 | 30513 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 1877 | 13364 |
| Genesco, Inc.<sup>(1)</sup> | 1527 | 41595 |
| Haverty Furniture Cos., Inc. | 1749 | 41644 |
| J Jill, Inc.<sup>(2)</sup> | 919 | 15871 |
| Lands' End, Inc.<sup>(1)</sup> | 1005 | 16150 |
| MarineMax, Inc.<sup>(1)</sup> | 1964 | 59902 |
| Monro, Inc. | 2396 | 51586 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 6177 | 166594 |
| OneWater Marine, Inc., Class A<sup>(1)(2)</sup> | 270 | 3074 |
| Petco Health & Wellness Co., Inc.<sup>(1)</sup> | 188 | 479 |
| Revolve Group, Inc.<sup>(1)</sup> | 143 | 3598 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 7466 | $119979 |
| Shoe Carnival, Inc. | 1366 | 27579 |
| Signet Jewelers Ltd. | 2564 | 246631 |
| Sonic Automotive, Inc., Class A | 1440 | 90317 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 11282 | 37569 |
| Upbound Group, Inc. | 3758 | 80609 |
| Victoria's Secret & Co.<sup>(1)</sup> | 7573 | 474827 |
| Zumiez, Inc.<sup>(1)</sup> | 726 | 19036 |
|  |  | 3508426 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Corsair Gaming, Inc.<sup>(1)</sup> | 6400 | 35136 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 2139 | 171120 |
| Eastman Kodak Co.<sup>(1)</sup> | 8436 | 61751 |
| Immersion Corp. | 3497 | 21367 |
| Xerox Holdings Corp.<sup>(2)</sup> | 10910 | 19638 |
|  |  | 309012 |
| **Textiles, Apparel and Luxury Goods — 1.7%** |  |  |
| Carter's, Inc. | 3219 | 107997 |
| Columbia Sportswear Co. | 428 | 26510 |
| Crocs, Inc.<sup>(1)</sup> | 641 | 58145 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 5348 | 60272 |
| Figs, Inc., Class A<sup>(1)</sup> | 10548 | 162967 |
| G-III Apparel Group Ltd. | 2894 | 88527 |
| Gildan Activewear, Inc. | 3802 | 258878 |
| Kontoor Brands, Inc. | 4136 | 269709 |
| Lakeland Industries, Inc.<sup>(2)</sup> | 886 | 8125 |
| Movado Group, Inc. | 1917 | 47829 |
| Oxford Industries, Inc.<sup>(2)</sup> | 1635 | 64730 |
| PVH Corp. | 4344 | 297998 |
| Rocky Brands, Inc. | 394 | 17809 |
| Steven Madden Ltd. | 6988 | 252267 |
| Superior Group of Cos., Inc. | 1464 | 14537 |
| Under Armour, Inc., Class A<sup>(1)(2)</sup> | 19347 | 143555 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 11594 | 83825 |
| Vera Bradley, Inc.<sup>(1)</sup> | 67 | 177 |
| Wolverine World Wide, Inc. | 7190 | 127047 |
|  |  | 2090904 |
| **Trading Companies and Distributors — 1.3%** |  |  |
| Alta Equipment Group, Inc. | 3504 | 24177 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 841 | 55439 |
| Boise Cascade Co. | 1424 | 117822 |
| Custom Truck One Source, Inc.<sup>(1)</sup> | 8502 | 60874 |
| DNOW, Inc.<sup>(1)</sup> | 7086 | 83473 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 1037 | 143593 |
| Global Industrial Co. | 1313 | 43303 |
| Herc Holdings, Inc. | 2497 | 349056 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 3609 | 25660 |
| Karat Packaging, Inc. | 772 | 19030 |
| NPK International, Inc.<sup>(1)</sup> | 6456 | 93160 |
| Rush Enterprises, Inc., Class A | 5599 | 397361 |
| Rush Enterprises, Inc., Class B | 218 | 14094 |
| Titan Machinery, Inc.<sup>(1)</sup> | 2928 | 57067 |
| Willis Lease Finance Corp. | 341 | 69465 |
|  |  | 1553574 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Transportation Infrastructure — 0.0%** | | |
| Sky Harbour Group Corp.<sup>(1)(2)</sup> | 2442 | $21441 |
| **Water Utilities — 0.5%** |  |  |
| American States Water Co. | 2900 | 216137 |
| Artesian Resources Corp., Class A | 620 | 21006 |
| California Water Service Group | 6272 | 282742 |
| Consolidated Water Co. Ltd. | 1470 | 55639 |
|  |  | 575524 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| Gogo, Inc.<sup>(1)</sup> | 7935 | 33565 |
| Spok Holdings, Inc. | 2115 | 25676 |
|  |  | 59241 |
| **TOTAL COMMON STOCKS**<br>(Cost $108,451,227) |  | **123478729** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| 89bio, Inc.<sup>(1)(2)</sup> | 16239 | 5521 |
| Cargo Therapeutics, Inc.<sup>(1)(2)</sup> | 3540 | 36 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 1232 | 12 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 6879 | 1238 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 10456 | 6587 |
|  |  | 13394 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 1147 | 1457 |
| **TOTAL RIGHTS**<br>(Cost $17,820) |  | **14851** |
| **SHORT-TERM INVESTMENTS — 2.8%** |  |  |
| **Money Market Funds — 2.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup><br>(Cost $3,493,511) | 3493511 | **3493511** |
| **TOTAL INVESTMENT SECURITIES — 102.3%**<br>(Cost $111,962,558) |  | **126987091** |
| **OTHER ASSETS AND LIABILITIES — (2.3)%** |  | **(2873733)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**124113358** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| Russell 2000 E-Mini Index | 1 | March 2026 | $131735 | $4028 |

---

^Amount represents value and unrealized appreciation (depreciation).

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,549,537. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,776,553, which includes securities collateral of $2,283,042.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities and other financial instruments were classified as Level 1.

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Liability Derivatives:** | **Liability Derivatives:** |
| &nbsp;&nbsp;&nbsp;Payable for variation margin on futures contracts\* | $2312 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;&nbsp;Futures contract transactions | $97059 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $4028 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.4%** | | |
| AerSale Corp.<sup>(1)</sup> | 13057 | $101845 |
| Astronics Corp.<sup>(1)</sup> | 44491 | 3586864 |
| Ducommun, Inc.<sup>(1)</sup> | 7518 | 929150 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 24232 | 628578 |
|  |  | 5246437 |
| **Automobile Components — 3.2%** |  |  |
| Dana, Inc. | 246026 | 8423930 |
| Dauch Corp.<sup>(1)</sup> | 168659 | 1113149 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 720 | 12125 |
| Gentex Corp. | 299987 | 7019696 |
| Gentherm, Inc.<sup>(1)</sup> | 33817 | 1108183 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 644843 | 5319955 |
| LCI Industries | 33607 | 4476453 |
| Lear Corp. | 71640 | 9402750 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 27082 | 280028 |
| Phinia, Inc. | 65997 | 4793362 |
| Stoneridge, Inc.<sup>(1)</sup> | 12530 | 98862 |
| Strattec Security Corp.<sup>(1)</sup> | 6119 | 538472 |
| Visteon Corp. | 48805 | 4669174 |
|  |  | 47256139 |
| **Automobiles — 0.5%** |  |  |
| Harley-Davidson, Inc. | 175945 | 3167010 |
| Thor Industries, Inc. | 41370 | 3976898 |
|  |  | 7143908 |
| **Banks — 12.9%** |  |  |
| 1st Source Corp. | 23254 | 1558251 |
| ACNB Corp. | 3573 | 180079 |
| Amalgamated Financial Corp. | 28349 | 1091153 |
| Amerant Bancorp, Inc. | 30830 | 658221 |
| Ameris Bancorp | 33118 | 2571944 |
| Ames National Corp. | 1518 | 41001 |
| Arrow Financial Corp. | 6524 | 217314 |
| Associated Banc-Corp. | 174742 | 4614936 |
| Avidbank Holdings, Inc.<sup>(1)</sup> | 2814 | 81268 |
| Axos Financial, Inc.<sup>(1)</sup> | 92532 | 8033628 |
| Banc of California, Inc. | 202113 | 3733027 |
| BancFirst Corp. | 619 | 68090 |
| Bancorp, Inc.<sup>(1)</sup> | 66837 | 3508274 |
| Bank of Hawaii Corp. | 40958 | 3103388 |
| Bank of NT Butterfield & Son Ltd. | 79669 | 4043202 |
| Bank OZK | 154507 | 7193846 |
| Bank7 Corp. | 1206 | 49060 |
| BankUnited, Inc. | 107823 | 5035334 |
| Bankwell Financial Group, Inc. | 865 | 40396 |
| Banner Corp. | 30266 | 1781154 |
| Bar Harbor Bankshares | 2729 | 88038 |
| BayCom Corp. | 2322 | 68267 |
| BCB Bancorp, Inc. | 3352 | 26816 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 17901 | 327230 |
| Burke & Herbert Financial Services Corp. | 18691 | 1204448 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Business First Bancshares, Inc.<sup>(2)</sup> | 30099 | $821703 |
| Byline Bancorp, Inc. | 36398 | 1135618 |
| C&F Financial Corp. | 1032 | 75150 |
| California BanCorp | 27498 | 503488 |
| Camden National Corp. | 1686 | 77826 |
| Capital Bancorp, Inc. | 4733 | 139198 |
| Capital City Bank Group, Inc. | 13723 | 587962 |
| Capitol Federal Financial, Inc. | 85039 | 610580 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 9131 | 190290 |
| Cathay General Bancorp | 69546 | 3457132 |
| CB Financial Services, Inc. | 235 | 8180 |
| Central Pacific Financial Corp. | 33124 | 1054999 |
| CF Bankshares, Inc. | 537 | 16228 |
| Chemung Financial Corp. | 170 | 9438 |
| Citizens Financial Services, Inc. | 1191 | 71531 |
| City Holding Co. | 6514 | 781485 |
| Civista Bancshares, Inc. | 472 | 11238 |
| CNB Financial Corp. | 20275 | 567903 |
| Colony Bankcorp, Inc. | 7128 | 141348 |
| Columbia Banking System, Inc. | 294804 | 8387145 |
| Community Trust Bancorp, Inc. | 19495 | 1170480 |
| Community West Bancshares | 14387 | 334210 |
| ConnectOne Bancorp, Inc. | 17999 | 477513 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 41010 | 2765714 |
| Dime Community Bancshares, Inc. | 21445 | 693746 |
| Eagle Bancorp Montana, Inc. | 3158 | 68529 |
| Enterprise Financial Services Corp. | 48411 | 2764268 |
| Equity Bancshares, Inc., Class A | 3874 | 173865 |
| Esquire Financial Holdings, Inc. | 10934 | 1104115 |
| Farmers National Banc Corp.<sup>(2)</sup> | 3353 | 43354 |
| First BanCorp | 218577 | 4618532 |
| First Bancorp, Inc. | 553 | 15290 |
| First Bancorp/Southern Pines NC | 233 | 13232 |
| First Bank | 16122 | 256662 |
| First Busey Corp. | 60013 | 1521930 |
| First Business Financial Services, Inc. | 7904 | 431954 |
| First Commonwealth Financial Corp. | 46730 | 819177 |
| First Community Corp. | 913 | 26313 |
| First Financial Bancorp | 11959 | 335689 |
| First Financial Corp. | 12384 | 784650 |
| First Internet Bancorp | 162 | 3285 |
| First Merchants Corp. | 23417 | 915136 |
| First Mid Bancshares, Inc. | 19161 | 785793 |
| First United Corp. | 1471 | 52176 |
| First Western Financial, Inc.<sup>(1)</sup> | 900 | 22761 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 8210 | 299419 |
| Five Star Bancorp | 16322 | 635415 |
| Franklin Financial Services Corp. | 146 | 7516 |
| FS Bancorp, Inc. | 2284 | 90241 |
| Fulton Financial Corp. | 263801 | 5394730 |
| FVCBankcorp, Inc. | 737 | 11379 |
| Glacier Bancorp, Inc. | 342 | 15558 |
| Great Southern Bancorp, Inc. | 10907 | 671108 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Greene County Bancorp, Inc. | 120 | $2648 |
| Hancock Whitney Corp. | 94624 | 6227205 |
| Hanmi Financial Corp. | 34422 | 898758 |
| Hawthorn Bancshares, Inc. | 617 | 20355 |
| HBT Financial, Inc. | 7700 | 207592 |
| Heritage Commerce Corp. | 29509 | 366797 |
| Hilltop Holdings, Inc. | 32379 | 1211946 |
| Hingham Institution For Savings | 920 | 256790 |
| Home Bancorp, Inc. | 4977 | 294141 |
| HomeTrust Bancshares, Inc. | 17140 | 722280 |
| Hope Bancorp, Inc. | 150363 | 1693087 |
| Horizon Bancorp, Inc. | 743 | 12512 |
| Huntington Bancshares, Inc. | 201724 | 3388963 |
| Independent Bank Corp. (Michigan) | 24469 | 850298 |
| International Bancshares Corp. | 77995 | 5234244 |
| Investar Holding Corp. | 2860 | 80738 |
| Kearny Financial Corp. | 17555 | 134296 |
| Landmark Bancorp, Inc. | 235 | 6519 |
| LCNB Corp. | 1307 | 22206 |
| LINKBANCORP, Inc. | 3244 | 28061 |
| Mechanics Bancorp | 1028 | 14659 |
| Mercantile Bank Corp. | 22192 | 1146439 |
| Meridian Corp. | 4960 | 96422 |
| Metrocity Bankshares, Inc. | 23552 | 661811 |
| Metropolitan Bank Holding Corp. | 13657 | 1149237 |
| Mid Penn Bancorp, Inc. | 4603 | 148079 |
| Midland States Bancorp, Inc. | 13122 | 290390 |
| MVB Financial Corp. | 2840 | 76680 |
| National Bank Holdings Corp., Class A | 11640 | 465484 |
| NB Bancorp, Inc. | 11169 | 238346 |
| Nicolet Bankshares, Inc. | 4425 | 675963 |
| Northeast Bank | 9918 | 1099708 |
| Northfield Bancorp, Inc. | 17511 | 233597 |
| Northpointe Bancshares, Inc. | 24086 | 434993 |
| Northrim BanCorp, Inc. | 29612 | 695586 |
| Northwest Bancshares, Inc. | 65371 | 813869 |
| Oak Valley Bancorp | 1226 | 39232 |
| OceanFirst Financial Corp. | 50153 | 905763 |
| OFG Bancorp | 68773 | 2756422 |
| Old Second Bancorp, Inc. | 61195 | 1201258 |
| OP Bancorp | 1343 | 17943 |
| Orange County Bancorp, Inc. | 8348 | 277237 |
| Origin Bancorp, Inc. | 29484 | 1226534 |
| Orrstown Financial Services, Inc. | 29273 | 1052072 |
| Parke Bancorp, Inc. | 5725 | 159499 |
| Pathward Financial, Inc. | 30829 | 2798965 |
| PCB Bancorp | 3694 | 82598 |
| Peapack-Gladstone Financial Corp. | 8435 | 282488 |
| Peoples Bancorp of North Carolina, Inc. | 588 | 22468 |
| Peoples Bancorp, Inc. | 37882 | 1222452 |
| Peoples Financial Services Corp. | 5511 | 295390 |
| Pinnacle Financial Partners, Inc. | 76544 | 6947133 |
| Plumas Bancorp | 3374 | 169712 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Popular, Inc. | 35223 | $4767785 |
| Preferred Bank | 17733 | 1555539 |
| Provident Financial Services, Inc. | 171621 | 3610906 |
| QCR Holdings, Inc. | 16626 | 1438149 |
| RBB Bancorp | 7610 | 163615 |
| Red River Bancshares, Inc. | 3433 | 304507 |
| Republic Bancorp, Inc., Class A | 11147 | 769143 |
| Riverview Bancorp, Inc. | 2994 | 16018 |
| S&T Bancorp, Inc. | 36810 | 1539026 |
| SB Financial Group, Inc. | 134 | 2782 |
| Shore Bancshares, Inc. | 36496 | 678096 |
| Sierra Bancorp | 10292 | 370306 |
| SmartFinancial, Inc. | 7953 | 311837 |
| South Plains Financial, Inc. | 14518 | 594657 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 1448 | 80856 |
| Southern Missouri Bancorp, Inc. | 10360 | 641388 |
| Southside Bancshares, Inc. | 16249 | 508919 |
| Stellar Bancorp, Inc. | 20721 | 780353 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 69125 | 6587613 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 14521 | 575177 |
| Timberland Bancorp, Inc. | 2190 | 83395 |
| Tompkins Financial Corp. | 12798 | 981735 |
| TriCo Bancshares | 22503 | 1075193 |
| TrustCo Bank Corp. | 16189 | 702117 |
| Trustmark Corp. | 58444 | 2489130 |
| Union Bankshares, Inc.<sup>(2)</sup> | 156 | 3627 |
| United Community Banks, Inc. | 276 | 8879 |
| United Security Bancshares | 700 | 7273 |
| Unity Bancorp, Inc. | 8224 | 437435 |
| Univest Financial Corp. | 27245 | 914070 |
| USCB Financial Holdings, Inc. | 2189 | 41438 |
| Valley National Bancorp | 291484 | 3675613 |
| WaFd, Inc. | 88795 | 2766852 |
| West BanCorp, Inc. | 9721 | 236706 |
| Westamerica Bancorporation | 37053 | 1876734 |
| Wintrust Financial Corp. | 5185 | 746951 |
| WSFS Financial Corp. | 21628 | 1373594 |
| Zions Bancorp NA | 28824 | 1651039 |
|  |  | 189016865 |
| **Beverages — 0.3%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 18139 | 4113562 |
| Coca-Cola Consolidated, Inc. | 104 | 21050 |
| MGP Ingredients, Inc. | 7096 | 134824 |
|  |  | 4269436 |
| **Biotechnology — 1.3%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 282308 | 8497471 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 2971 | 42663 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 128172 | 2958210 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 133507 | 1088082 |
| Kura Oncology, Inc.<sup>(1)</sup> | 110679 | 966228 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 203697 | 3615622 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 59317 | 338107 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 36778 | 1277668 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seres Therapeutics, Inc.<sup>(1)</sup> | 1176 | $10278 |
| XBiotech, Inc.<sup>(1)</sup> | 282 | 637 |
|  |  | 18794966 |
| **Broadline Retail — 1.1%** |  |  |
| Dillard's, Inc., Class A | 2962 | 1785464 |
| Kohl's Corp. | 262820 | 4302363 |
| Macy's, Inc. | 492588 | 9743391 |
|  |  | 15831218 |
| **Building Products — 0.3%** |  |  |
| Apogee Enterprises, Inc. | 37048 | 1475251 |
| Insteel Industries, Inc. | 1367 | 50962 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 40066 | 78529 |
| Quanex Building Products Corp. | 49447 | 1015147 |
| Tecnoglass, Inc. | 32542 | 1482614 |
|  |  | 4102503 |
| **Capital Markets — 1.1%** |  |  |
| Diamond Hill Investment Group, Inc. | 3089 | 530906 |
| Oppenheimer Holdings, Inc., Class A | 13490 | 1164052 |
| StoneX Group, Inc.<sup>(1)</sup> | 75130 | 9579075 |
| Victory Capital Holdings, Inc., Class A | 5521 | 381943 |
| Virtus Investment Partners, Inc. | 8922 | 1234448 |
| WisdomTree, Inc.<sup>(2)</sup> | 206215 | 3528339 |
|  |  | 16418763 |
| **Chemicals — 2.0%** |  |  |
| AdvanSix, Inc. | 35731 | 637084 |
| American Vanguard Corp.<sup>(1)</sup> | 5366 | 24737 |
| Ascent Industries Co.<sup>(1)</sup> | 2200 | 37752 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 126817 | 395669 |
| Cabot Corp. | 94482 | 7193859 |
| Chemours Co. | 206097 | 3759209 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 7002 | 127786 |
| FMC Corp. | 165343 | 2437156 |
| Huntsman Corp. | 202164 | 2557375 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 14378 | 531555 |
| Koppers Holdings, Inc. | 22550 | 852390 |
| Kronos Worldwide, Inc. | 1953 | 11347 |
| LSB Industries, Inc.<sup>(1)</sup> | 77817 | 904234 |
| Mativ Holdings, Inc. | 108922 | 1180714 |
| NewMarket Corp. | 8585 | 5374296 |
| Orion SA | 73325 | 417219 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 121472 | 1150340 |
| Stepan Co. | 27478 | 1398355 |
| Tronox Holdings PLC, Class A | 69683 | 521229 |
| Valhi, Inc. | 749 | 10464 |
|  |  | 29522770 |
| **Commercial Services and Supplies — 0.7%** |  |  |
| ACCO Brands Corp. | 129281 | 526174 |
| Civeo Corp.<sup>(1)</sup> | 17829 | 493685 |
| Ennis, Inc. | 38164 | 805642 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 154816 | 3370344 |
| HNI Corp. | 26470 | 1190091 |
| Interface, Inc. | 114293 | 3599087 |
| Virco Mfg. Corp.<sup>(2)</sup> | 25345 | 160941 |
|  |  | 10145964 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Communications Equipment — 0.9%** | | |
| Aviat Networks, Inc.<sup>(1)</sup> | 3477 | $87064 |
| BK Technologies Corp.<sup>(1)</sup> | 991 | 86306 |
| Harmonic, Inc.<sup>(1)</sup> | 24612 | 261626 |
| Viasat, Inc.<sup>(1)</sup> | 287976 | 13183541 |
|  |  | 13618537 |
| **Construction and Engineering — 2.9%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 61413 | 1870640 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 39092 | 4725050 |
| Fluor Corp.<sup>(1)</sup> | 54084 | 2829134 |
| Granite Construction, Inc. | 65347 | 8786558 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 135265 | 2292742 |
| IES Holdings, Inc.<sup>(1)</sup> | 9389 | 4650841 |
| Matrix Service Co.<sup>(1)</sup> | 41103 | 451722 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 5523 | 428585 |
| Primoris Services Corp. | 70198 | 10580242 |
| Tutor Perini Corp. | 79457 | 5988674 |
|  |  | 42604188 |
| **Construction Materials — 0.0%** |  |  |
| Titan America SA<sup>(1)</sup> | 4931 | 89350 |
| **Consumer Finance — 2.5%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 7071 | 369884 |
| Bread Financial Holdings, Inc. | 71608 | 5074143 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 6386 | 51727 |
| Credit Acceptance Corp.<sup>(1)(2)</sup> | 7198 | 3405950 |
| Green Dot Corp., Class A<sup>(1)</sup> | 112292 | 1298095 |
| Jefferson Capital, Inc. | 31333 | 646400 |
| LendingClub Corp.<sup>(1)</sup> | 193338 | 2882669 |
| Medallion Financial Corp. | 1917 | 19342 |
| Navient Corp. | 88171 | 775023 |
| Nelnet, Inc., Class A | 16248 | 2103466 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 13055 | 141647 |
| OneMain Holdings, Inc. | 193545 | 10648846 |
| Oportun Financial Corp.<sup>(1)</sup> | 43360 | 224605 |
| PRA Group, Inc.<sup>(1)</sup> | 34606 | 545044 |
| PROG Holdings, Inc. | 64937 | 2286432 |
| Regional Management Corp. | 8978 | 285680 |
| SLM Corp. | 254988 | 4778475 |
| World Acceptance Corp.<sup>(1)</sup> | 4001 | 539655 |
|  |  | 36077083 |
| **Consumer Staples Distribution & Retail — 1.7%** |  |  |
| Andersons, Inc. | 84878 | 5541685 |
| HF Foods Group, Inc.<sup>(1)(2)</sup> | 1687 | 3526 |
| Ingles Markets, Inc., Class A | 32476 | 2763708 |
| Natural Grocers by Vitamin Cottage, Inc. | 21172 | 572279 |
| PriceSmart, Inc. | 51092 | 7899845 |
| United Natural Foods, Inc.<sup>(1)</sup> | 164877 | 6299950 |
| Village Super Market, Inc., Class A | 13762 | 538782 |
| Weis Markets, Inc. | 28491 | 1930550 |
|  |  | 25550325 |
| **Containers and Packaging — 0.1%** |  |  |
| Greif, Inc., Class A | 24291 | 1765227 |
| Greif, Inc., Class B | 738 | 64486 |
|  |  | 1829713 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Distributors — 0.3%** | | |
| GigaCloud Technology, Inc., Class A<sup>(1)</sup> | 39946 | $1771206 |
| Gold.com, Inc. | 50965 | 2928958 |
| Weyco Group, Inc. | 419 | 13102 |
|  |  | 4713266 |
| **Diversified Consumer Services — 0.7%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 27063 | 1240027 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 30 | 4772 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 132 | 4269 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 57864 | 2096991 |
| Perdoceo Education Corp. | 103267 | 3443954 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 89898 | 3254308 |
|  |  | 10044321 |
| **Diversified Telecommunication Services — 1.2%** |  |  |
| ATN International, Inc. | 16168 | 465962 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 7907 | 314224 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 79905 | 3144262 |
| Globalstar, Inc.<sup>(1)</sup> | 42821 | 2666464 |
| Iridium Communications, Inc. | 143859 | 3445423 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 250723 | 3194211 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 224338 | 2759357 |
| Shenandoah Telecommunications Co.<sup>(2)</sup> | 67090 | 914437 |
|  |  | 16904340 |
| **Electrical Equipment — 1.0%** |  |  |
| Atkore, Inc. | 76014 | 4918866 |
| EnerSys | 24391 | 4052565 |
| Powell Industries, Inc. | 6993 | 3661535 |
| Preformed Line Products Co. | 851 | 215856 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 245612 | 1456479 |
|  |  | 14305301 |
| **Electronic Equipment, Instruments and Components — 2.9%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 69408 | 10561121 |
| Avnet, Inc. | 114810 | 7559090 |
| Benchmark Electronics, Inc. | 59417 | 3434897 |
| Daktronics, Inc.<sup>(1)</sup> | 65969 | 1700681 |
| ePlus, Inc. | 44706 | 3605986 |
| Ingram Micro Holding Corp. | 3879 | 80257 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 57289 | 1431652 |
| Methode Electronics, Inc. | 33901 | 286802 |
| Plexus Corp.<sup>(1)</sup> | 42427 | 8236354 |
| Sanmina Corp.<sup>(1)</sup> | 18931 | 2939227 |
| ScanSource, Inc.<sup>(1)</sup> | 8555 | 314653 |
| Vishay Intertechnology, Inc. | 140980 | 2639146 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 2949 | 135860 |
|  |  | 42925726 |
| **Energy Equipment and Services — 7.4%** |  |  |
| Archrock, Inc. | 197376 | 6973294 |
| Bristow Group, Inc.<sup>(1)</sup> | 40052 | 1910480 |
| Core Laboratories, Inc. | 9250 | 162708 |
| Energy Services of America Corp. | 2036 | 31802 |
| Expro Group Holdings NV<sup>(1)</sup> | 133814 | 2389918 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 12616 | 732107 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 215420 | 1979710 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Helmerich & Payne, Inc. | 146911 | $5174205 |
| Innovex International, Inc.<sup>(1)</sup> | 13815 | 364025 |
| Kodiak Gas Services, Inc. | 93622 | 5108953 |
| Liberty Energy, Inc., Class A | 273453 | 7681295 |
| Nabors Industries Ltd.<sup>(1)</sup> | 13794 | 1077587 |
| Natural Gas Services Group, Inc. | 16617 | 635766 |
| Noble Corp. PLC | 193069 | 8771125 |
| NOV, Inc. | 427656 | 8664311 |
| Oceaneering International, Inc.<sup>(1)</sup> | 129577 | 4599984 |
| Oil States International, Inc.<sup>(1)</sup> | 76679 | 1003728 |
| Patterson-UTI Energy, Inc. | 626822 | 5334255 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 34444 | 170498 |
| ProPetro Holding Corp.<sup>(1)</sup> | 164251 | 1992365 |
| Ranger Energy Services, Inc. | 23514 | 409614 |
| RPC, Inc. | 189612 | 1101646 |
| Seadrill Ltd.<sup>(1)</sup> | 88464 | 3881800 |
| Select Water Solutions, Inc., Class A | 186392 | 2547979 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 203914 | 1765895 |
| Tidewater, Inc.<sup>(1)</sup> | 65046 | 5165953 |
| Transocean Ltd.<sup>(1)</sup> | 1272603 | 8246467 |
| Valaris Ltd.<sup>(1)</sup> | 90071 | 8633305 |
| Weatherford International PLC | 107006 | 11284853 |
|  |  | 107795628 |
| **Entertainment — 0.1%** |  |  |
| IMAX Corp.<sup>(1)</sup> | 14411 | 617223 |
| Marcus Corp. | 40269 | 677727 |
| Starz Entertainment Corp.<sup>(1)</sup> | 161 | 1771 |
|  |  | 1296721 |
| **Financial Services — 3.4%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 6117 | 25630 |
| Alerus Financial Corp. | 18787 | 447882 |
| Cass Information Systems, Inc. | 54 | 2396 |
| Enact Holdings, Inc. | 32672 | 1366996 |
| Essent Group Ltd. | 136127 | 8281967 |
| Federal Agricultural Mortgage Corp., Class C | 13967 | 2202037 |
| Finance of America Cos., Inc., Class A<sup>(1)</sup> | 8131 | 157335 |
| International Money Express, Inc.<sup>(1)</sup> | 33403 | 527099 |
| Jackson Financial, Inc., Class A | 72454 | 7932264 |
| Merchants Bancorp | 29468 | 1245907 |
| MGIC Investment Corp. | 331011 | 8781722 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 109628 | 4309477 |
| Onity Group, Inc.<sup>(1)</sup> | 7447 | 312104 |
| Payoneer Global, Inc.<sup>(1)</sup> | 344518 | 1488318 |
| PennyMac Financial Services, Inc. | 23818 | 2189589 |
| Radian Group, Inc. | 203217 | 7015051 |
| Velocity Financial, Inc.<sup>(1)</sup> | 11271 | 209528 |
| Voya Financial, Inc. | 49208 | 3291031 |
| Waterstone Financial, Inc. | 5837 | 103957 |
|  |  | 49890290 |
| **Food Products — 1.3%** |  |  |
| Cal-Maine Foods, Inc. | 81890 | 7133438 |
| Dole PLC | 122687 | 1967900 |
| Fresh Del Monte Produce, Inc. | 78323 | 3362406 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| J&J Snack Foods Corp. | 10784 | $938855 |
| John B Sanfilippo & Son, Inc. | 10768 | 889544 |
| Mission Produce, Inc.<sup>(1)</sup> | 79102 | 1122457 |
| Pilgrim's Pride Corp. | 5 | 216 |
| Seaboard Corp. | 414 | 2124938 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 10312 | 1433162 |
|  |  | 18972916 |
| **Ground Transportation — 2.2%** |  |  |
| ArcBest Corp. | 46023 | 4724721 |
| Covenant Logistics Group, Inc. | 20992 | 618004 |
| Heartland Express, Inc. | 84388 | 930800 |
| Lyft, Inc., Class A<sup>(1)</sup> | 587346 | 8128869 |
| Marten Transport Ltd. | 103627 | 1408291 |
| PAMT Corp.<sup>(1)</sup> | 17 | 171 |
| Ryder System, Inc. | 43886 | 9723382 |
| Schneider National, Inc., Class B | 70860 | 2011007 |
| Universal Logistics Holdings, Inc.<sup>(2)</sup> | 9525 | 158401 |
| Werner Enterprises, Inc. | 125995 | 4421164 |
|  |  | 32124810 |
| **Health Care Equipment and Supplies — 1.5%** |  |  |
| Acme United Corp. | 1973 | 88805 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 12830 | 112647 |
| FONAR Corp.<sup>(1)</sup> | 475 | 8835 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 3650 | 151439 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 126059 | 9443080 |
| LivaNova PLC<sup>(1)</sup> | 87137 | 6151872 |
| Novocure Ltd.<sup>(1)</sup> | 88397 | 1208387 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 100 | 4431 |
| QuidelOrtho Corp.<sup>(1)</sup> | 157469 | 3580845 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 38232 | 1119815 |
| Utah Medical Products, Inc. | 197 | 13122 |
| Varex Imaging Corp.<sup>(1)</sup> | 40715 | 536217 |
|  |  | 22419495 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)(2)</sup> | 4708 | 110356 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 321102 | 4912861 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 30885 | 268699 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 4885 | 42841 |
| National HealthCare Corp. | 1184 | 193584 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 12252 | 1353356 |
| PACS Group, Inc.<sup>(1)</sup> | 66816 | 2439452 |
|  |  | 9321149 |
| **Health Care Technology — 0.1%** |  |  |
| CareCloud, Inc.<sup>(1)</sup> | 6610 | 16194 |
| Teladoc Health, Inc.<sup>(1)</sup> | 189107 | 994703 |
|  |  | 1010897 |
| **Hotels, Restaurants and Leisure — 1.5%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 78247 | 888886 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 44946 | 1707498 |
| Bloomin' Brands, Inc. | 119691 | 732509 |
| Boyd Gaming Corp. | 64066 | 5332213 |
| Cheesecake Factory, Inc. | 54515 | 3531482 |
| Cracker Barrel Old Country Store, Inc. | 46684 | 1527500 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Golden Entertainment, Inc. | 25359 | $732875 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 114354 | 3087558 |
| Monarch Casino & Resort, Inc. | 22283 | 2141396 |
| ONE Group Hospitality, Inc.<sup>(1)</sup> | 4532 | 9155 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | 10689 | 236548 |
| Super Group SGHC Ltd. | 196863 | 2106434 |
| Target Hospitality Corp.<sup>(1)</sup> | 32691 | 254663 |
|  |  | 22288717 |
| **Household Durables — 1.7%** |  |  |
| Bassett Furniture Industries, Inc. | 2036 | 30479 |
| Century Communities, Inc. | 43011 | 2891630 |
| Cricut, Inc., Class A | 77653 | 333908 |
| Ethan Allen Interiors, Inc. | 34281 | 780921 |
| Flexsteel Industries, Inc. | 2695 | 138712 |
| Hamilton Beach Brands Holding Co., Class A | 2217 | 42212 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 6500 | 816530 |
| La-Z-Boy, Inc. | 78145 | 2791339 |
| Legacy Housing Corp.<sup>(1)</sup> | 3900 | 85488 |
| Leggett & Platt, Inc. | 113068 | 1320634 |
| Lifetime Brands, Inc. | 1029 | 3406 |
| M/I Homes, Inc.<sup>(1)</sup> | 28728 | 4083972 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 113796 | 7498018 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 86224 | 3992171 |
| Universal Electronics, Inc.<sup>(1)</sup> | 3515 | 13252 |
|  |  | 24822672 |
| **Household Products — 0.6%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 13656 | 535179 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 84810 | 2929337 |
| Oil-Dri Corp. of America | 14752 | 1000776 |
| Spectrum Brands Holdings, Inc. | 53997 | 4232285 |
|  |  | 8697577 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 71411 | 1298252 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 44200 | 68068 |
| XPLR Infrastructure LP<sup>(1)</sup> | 105116 | 1113178 |
|  |  | 2479498 |
| **Insurance — 6.0%** |  |  |
| American Coastal Insurance Corp., Class C | 17574 | 200168 |
| American Integrity Insurance Group, Inc.<sup>(1)</sup> | 7563 | 153983 |
| Assured Guaranty Ltd. | 51924 | 4476368 |
| Axis Capital Holdings Ltd. | 49411 | 5223731 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 124427 | 7463131 |
| CNO Financial Group, Inc. | 148255 | 6198542 |
| Donegal Group, Inc., Class A | 19555 | 344559 |
| Employers Holdings, Inc. | 29743 | 1229873 |
| F&G Annuities & Life, Inc. | 16386 | 371143 |
| Fidelis Insurance Holdings Ltd. | 89599 | 1707757 |
| First American Financial Corp. | 67630 | 4741539 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 468042 | 3950274 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 11602 | 164632 |
| Hanover Insurance Group, Inc. | 52137 | 9417506 |
| HCI Group, Inc. | 17715 | 3125280 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 45914 | 1279623 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Horace Mann Educators Corp. | 64911 | $2824278 |
| Kemper Corp. | 15869 | 512886 |
| Kingstone Cos., Inc. | 9960 | 164141 |
| Mercury General Corp. | 37552 | 3401460 |
| NI Holdings, Inc.<sup>(1)</sup> | 1243 | 16507 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 340175 | 4639987 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 36860 | 4559951 |
| Primerica, Inc. | 1586 | 402305 |
| ProAssurance Corp.<sup>(1)</sup> | 30735 | 754544 |
| Selective Insurance Group, Inc. | 94695 | 7958168 |
| SiriusPoint Ltd.<sup>(1)</sup> | 211799 | 4477431 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 59055 | 2744286 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 134470 | 2554930 |
| United Fire Group, Inc. | 27545 | 1070399 |
| Universal Insurance Holdings, Inc. | 43465 | 1528664 |
|  |  | 87658046 |
| **Interactive Media and Services — 0.3%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 29491 | 905374 |
| Cars.com, Inc.<sup>(1)</sup> | 101866 | 869935 |
| Yelp, Inc.<sup>(1)</sup> | 103759 | 2312788 |
|  |  | 4088097 |
| **IT Services — 0.3%** |  |  |
| DXC Technology Co.<sup>(1)</sup> | 408010 | 5136846 |
| **Leisure Products — 1.9%** |  |  |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 786 | 7153 |
| Brunswick Corp. | 122829 | 9779645 |
| Callaway Golf Co.<sup>(1)</sup> | 303217 | 4263231 |
| Clarus Corp. | 15909 | 50272 |
| Escalade, Inc. | 413 | 5947 |
| Funko, Inc., Class A<sup>(1)</sup> | 5273 | 26365 |
| JAKKS Pacific, Inc. | 6972 | 152408 |
| Johnson Outdoors, Inc., Class A | 903 | 43786 |
| Latham Group, Inc.<sup>(1)</sup> | 2328 | 15621 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 23856 | 693255 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 15391 | 334062 |
| Polaris, Inc. | 97562 | 5925916 |
| Sturm Ruger & Co., Inc. | 18866 | 706343 |
| YETI Holdings, Inc.<sup>(1)</sup> | 125369 | 5479879 |
|  |  | 27483883 |
| **Life Sciences Tools and Services — 0.0%** |  |  |
| OmniAb, Inc.<sup>(1)</sup> | 2677 | 18 |
| OmniAb, Inc.<sup>(1)</sup> | 2677 | 9 |
|  |  | 27 |
| **Machinery — 3.2%** |  |  |
| Alamo Group, Inc. | 14563 | 3109637 |
| Albany International Corp., Class A | 18823 | 1085146 |
| Astec Industries, Inc. | 35852 | 2226051 |
| Blue Bird Corp.<sup>(1)</sup> | 51593 | 3006324 |
| Douglas Dynamics, Inc. | 8221 | 377508 |
| Graham Corp.<sup>(1)</sup> | 382 | 31026 |
| Greenbrier Cos., Inc. | 71880 | 4055470 |
| Hyster-Yale, Inc. | 14543 | 535619 |
| Kennametal, Inc. | 136852 | 5512399 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lindsay Corp. | 12540 | $1689138 |
| Luxfer Holdings PLC | 41690 | 536550 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 5295 | 111195 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 278596 | 624055 |
| Mueller Industries, Inc. | 5591 | 659514 |
| Mueller Water Products, Inc., Class A | 153053 | 4580876 |
| Park-Ohio Holdings Corp. | 10456 | 269137 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 1168 | 37808 |
| Taylor Devices, Inc.<sup>(1)</sup> | 921 | 80809 |
| Tennant Co. | 32344 | 1973954 |
| Terex Corp. | 125063 | 8603084 |
| Titan International, Inc.<sup>(1)</sup> | 42030 | 408952 |
| Trinity Industries, Inc. | 146940 | 5022409 |
| Wabash National Corp. | 57918 | 587868 |
| Worthington Enterprises, Inc. | 20185 | 1130562 |
|  |  | 46255091 |
| **Marine Transportation — 1.6%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 1294 | 24689 |
| Costamare, Inc. | 72111 | 1266990 |
| Genco Shipping & Trading Ltd. | 70257 | 1689681 |
| Kirby Corp.<sup>(1)</sup> | 72532 | 9414654 |
| Matson, Inc. | 64835 | 10771039 |
| Safe Bulkers, Inc. | 59963 | 393357 |
|  |  | 23560410 |
| **Media — 0.2%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 51176 | 418108 |
| Cable One, Inc.<sup>(1)</sup> | 7887 | 756758 |
| Gambling.com Group Ltd.<sup>(1)(2)</sup> | 16027 | 69878 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 50 | 405 |
| Scholastic Corp. | 34285 | 1192089 |
|  |  | 2437238 |
| **Metals and Mining — 2.6%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 17724 | 2882809 |
| Caledonia Mining Corp. PLC | 26106 | 828604 |
| Century Aluminum Co.<sup>(1)</sup> | 80012 | 4125419 |
| Commercial Metals Co. | 117813 | 8635693 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 78926 | 1988935 |
| Ferroglobe PLC | 136010 | 695011 |
| Kaiser Aluminum Corp. | 27853 | 3624789 |
| Materion Corp. | 31278 | 5100191 |
| Metallus, Inc.<sup>(1)</sup> | 60781 | 1033277 |
| Ramaco Resources, Inc., Class B<sup>(2)</sup> | 1579 | 18601 |
| Ryerson Holding Corp. | 74552 | 1950280 |
| SunCoke Energy, Inc. | 169758 | 967621 |
| Warrior Met Coal, Inc. | 57019 | 4746261 |
| Worthington Steel, Inc. | 26312 | 1093527 |
|  |  | 37691018 |
| **Oil, Gas and Consumable Fuels — 8.9%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 52838 | 303290 |
| Antero Midstream Corp. | 102879 | 2312720 |
| Ardmore Shipping Corp. | 67977 | 1113463 |
| BKV Corp.<sup>(1)</sup> | 23529 | 737164 |
| California Resources Corp. | 125317 | 7373652 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 12811 | $2595381 |
| Chord Energy Corp. | 83180 | 9014217 |
| CNX Resources Corp.<sup>(1)</sup> | 172268 | 7197357 |
| Comstock Resources, Inc.<sup>(1)</sup> | 89694 | 1758899 |
| Core Natural Resources, Inc. | 43966 | 3608729 |
| Crescent Energy Co., Class A | 443819 | 5174930 |
| DHT Holdings, Inc. | 162564 | 3168372 |
| Dorian LPG Ltd. | 89405 | 3307091 |
| Epsilon Energy Ltd. | 2724 | 13947 |
| Evolution Petroleum Corp. | 14420 | 64457 |
| FutureFuel Corp. | 29967 | 129457 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 58223 | 351667 |
| Granite Ridge Resources, Inc. | 110787 | 560582 |
| Gulfport Energy Corp.<sup>(1)</sup> | 5563 | 1160776 |
| HighPeak Energy, Inc.<sup>(2)</sup> | 41225 | 214782 |
| International Seaways, Inc. | 82392 | 6223068 |
| Kimbell Royalty Partners LP | 151938 | 2178791 |
| Magnolia Oil & Gas Corp., Class A | 229621 | 6388056 |
| Matador Resources Co. | 187646 | 9645004 |
| Murphy Oil Corp. | 198929 | 6594496 |
| NACCO Industries, Inc., Class A | 2354 | 135073 |
| Navigator Holdings Ltd. | 3392 | 71300 |
| Nordic American Tankers Ltd. | 446899 | 2560731 |
| Northern Oil & Gas, Inc. | 177093 | 4885996 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 64831 | 2766339 |
| Peabody Energy Corp. | 201412 | 6352534 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 1894 | 376717 |
| REX American Resources Corp.<sup>(1)</sup> | 12946 | 460360 |
| Riley Exploration Permian, Inc. | 29969 | 864306 |
| SandRidge Energy, Inc. | 44285 | 776316 |
| Scorpio Tankers, Inc. | 81953 | 6480843 |
| SFL Corp. Ltd. | 242412 | 2668956 |
| SM Energy Co. | 362071 | 8374702 |
| Talos Energy, Inc.<sup>(1)</sup> | 245978 | 3013231 |
| Teekay Corp. Ltd. | 117906 | 1526883 |
| Teekay Tankers Ltd., Class A | 38038 | 2977234 |
| VAALCO Energy, Inc. | 184385 | 949583 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 50568 | 976468 |
| World Kinect Corp. | 83820 | 2091309 |
|  |  | 129499229 |
| **Paper and Forest Products — 0.8%** |  |  |
| Louisiana-Pacific Corp. | 100846 | 8545690 |
| Mercer International, Inc. | 41831 | 75296 |
| Sylvamo Corp. | 54852 | 2539647 |
|  |  | 11160633 |
| **Passenger Airlines — 1.7%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 183170 | 9451572 |
| Allegiant Travel Co.<sup>(1)</sup> | 44045 | 4499197 |
| Frontier Group Holdings, Inc.<sup>(1)</sup> | 194215 | 862315 |
| SkyWest, Inc.<sup>(1)</sup> | 77043 | 8018635 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 130639 | 2570975 |
|  |  | 25402694 |
| **Personal Care Products — 0.1%** |  |  |
| Medifast, Inc.<sup>(1)(2)</sup> | 10077 | 106111 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 26545 | $734765 |
| Nu Skin Enterprises, Inc., Class A | 83339 | 706715 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 552 | 11879 |
|  |  | 1559470 |
| **Pharmaceuticals — 0.8%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 61528 | 1244711 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 15709 | 1160895 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 105111 | 2999868 |
| Innoviva, Inc.<sup>(1)</sup> | 132888 | 3051109 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 89817 | 1967890 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 16100 | 1115730 |
| SIGA Technologies, Inc. | 50406 | 326127 |
|  |  | 11866330 |
| **Professional Services — 0.3%** |  |  |
| Clarivate PLC<sup>(1)</sup> | 452880 | 1041624 |
| Conduent, Inc.<sup>(1)</sup> | 194120 | 283415 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 17260 | 498814 |
| Kelly Services, Inc., Class A | 26133 | 253752 |
| Kforce, Inc. | 20339 | 549560 |
| ManpowerGroup, Inc. | 17320 | 484440 |
| TrueBlue, Inc.<sup>(1)</sup> | 14314 | 60548 |
| Upwork, Inc.<sup>(1)</sup> | 124006 | 1664161 |
|  |  | 4836314 |
| **Real Estate Management and Development — 0.7%** |  |  |
| AMREP Corp.<sup>(1)</sup> | 100 | 2526 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 47199 | 107614 |
| Forestar Group, Inc.<sup>(1)</sup> | 30545 | 877252 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 58754 | 4252027 |
| Opendoor Technologies, Inc.<sup>(1)</sup> | 965546 | 5233259 |
|  |  | 10472678 |
| **Semiconductors and Semiconductor Equipment — 0.9%** |  |  |
| Amkor Technology, Inc. | 122877 | 5875978 |
| Photronics, Inc.<sup>(1)</sup> | 133452 | 4995109 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 90833 | 2675940 |
|  |  | 13547027 |
| **Software — 0.4%** |  |  |
| InterDigital, Inc. | 11170 | 4094140 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 117497 | 1314792 |
|  |  | 5408932 |
| **Specialty Retail — 5.1%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 69097 | 6757687 |
| Academy Sports & Outdoors, Inc. | 97816 | 5881676 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 109847 | 5840565 |
| American Eagle Outfitters, Inc. | 237237 | 5828913 |
| Arhaus, Inc.<sup>(1)</sup> | 54576 | 450252 |
| Buckle, Inc. | 48258 | 2584216 |
| Build-A-Bear Workshop, Inc. | 22469 | 1093341 |
| Caleres, Inc. | 47972 | 570387 |
| CarMax, Inc.<sup>(1)</sup> | 86740 | 3744566 |
| Citi Trends, Inc.<sup>(1)</sup> | 2718 | 128779 |
| Designer Brands, Inc., Class A | 64581 | 459817 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 5416 | 11644 |
| Five Below, Inc.<sup>(1)</sup> | 65948 | 14741356 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Haverty Furniture Cos., Inc. | 17133 | $407937 |
| Lands' End, Inc.<sup>(1)</sup> | 15354 | 246739 |
| MarineMax, Inc.<sup>(1)</sup> | 35752 | 1090436 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 180165 | 2895251 |
| Shoe Carnival, Inc. | 26998 | 545090 |
| Signet Jewelers Ltd. | 72573 | 6980797 |
| Sonic Automotive, Inc., Class A | 15377 | 964445 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 13719 | 45959 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 85026 | 5628721 |
| Victoria's Secret & Co.<sup>(1)</sup> | 130461 | 8179905 |
|  |  | 75078479 |
| **Technology Hardware, Storage and Peripherals — 0.2%** |  |  |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 40004 | 3200320 |
| **Textiles, Apparel and Luxury Goods — 1.9%** |  |  |
| Carter's, Inc. | 64621 | 2168035 |
| Columbia Sportswear Co. | 28620 | 1772723 |
| Crocs, Inc.<sup>(1)</sup> | 76206 | 6912646 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 31597 | 356098 |
| Fossil Group, Inc.<sup>(1)</sup> | 37413 | 175093 |
| G-III Apparel Group Ltd. | 74043 | 2264975 |
| Movado Group, Inc. | 18561 | 463097 |
| Oxford Industries, Inc. | 25344 | 1003369 |
| PVH Corp. | 75096 | 5151586 |
| Rocky Brands, Inc. | 8769 | 396359 |
| Superior Group of Cos., Inc. | 14433 | 143320 |
| Unifi, Inc.<sup>(1)</sup> | 4426 | 17394 |
| Vera Bradley, Inc.<sup>(1)</sup> | 9946 | 26257 |
| VF Corp. | 327233 | 6354865 |
|  |  | 27205817 |
| **Trading Companies and Distributors — 2.3%** |  |  |
| Air Lease Corp. | 128621 | 8339786 |
| Boise Cascade Co. | 4394 | 363560 |
| DNOW, Inc.<sup>(1)</sup> | 121038 | 1425828 |
| GATX Corp. | 66514 | 12249883 |
| Global Industrial Co. | 32 | 1055 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 71176 | 506061 |
| Karat Packaging, Inc. | 6112 | 150661 |
| NPK International, Inc.<sup>(1)</sup> | 147274 | 2125164 |
| Rush Enterprises, Inc., Class A | 104101 | 7388048 |
| Rush Enterprises, Inc., Class B | 8082 | 522501 |
| Titan Machinery, Inc.<sup>(1)</sup> | 43597 | 849705 |
|  |  | 33922252 |
| **Wireless Telecommunication Services — 0.5%** |  |  |
| Array Digital Infrastructure, Inc. | 23081 | 1124737 |
| Telephone & Data Systems, Inc. | 152095 | 6806251 |
|  |  | 7930988 |
| **TOTAL COMMON STOC**KS<br>(Cost $1,160,568,287) |  | **1452933308** |
| **WARRANTS — 0.0%** |  |  |
| **Real Estate Management and Development — 0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup><br>(Cost $—) | 32184 | **27067** |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|<br>**RIGHTS — 0.0%** | **Shares** | **Value** |
| **Software — 0.0%** | | |
| Gen Digital, Inc.<sup>(1)</sup><br>(Cost $46,543) | 11934 | $**15156** |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Money Market Funds — 1.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 9848703 | 9848703 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 13111156 | 13111156 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $22,959,859) |  | **22959859** |
| **TOTAL INVESTMENT SECURITIES — 100.9%**<br>(Cost $1,183,574,689) |  | **1475935390** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(13336324)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1462599066** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| Russell 2000 E-Mini Index | 27 | March 2026 | $3556845 | $108768 |

---

^Amount represents value and unrealized appreciation (depreciation).

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $15,343,715. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $15,765,925, which includes securities collateral of $2,654,769.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities and other financial instruments were classified as Level 1.

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;&nbsp;Payable for variation margin on futures contracts\* | $62412 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;&nbsp;Futures contract transactions | $711556 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $(180536) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** |
| **Assets** | **Assets** | |
| Investment securities, at value | $614402531 | $716154132 |
| Investment made with cash collateral received for securities on loan, at value | 1235993 | 1304931 |
| Cash | 4214469 |  |
| Deposits with broker for futures contracts | 96819 | 72614 |
| Receivable for investments sold | 307595409 |  |
| Receivable for capital shares sold | 400778 | 3466048 |
| Dividends and interest receivable | 917237 | 877126 |
| Securities lending receivable | 596 | 476 |
|  | 928863832 | 721875327 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 1235993 | 1304931 |
| Payable for investments purchased |  | 804954 |
| Payable for capital shares redeemed | 310103660 | 4340802 |
| Payable for variation margin on futures contracts | 6245 | 4684 |
| Accrued management fees | 79932 | 77778 |
|  | 311425830 | 6533149 |
| **Net Assets** | $617438002 | $715342178 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $267025982 | $556374179 |
| Distributable earnings (loss) | 350412020 | 158967999 |
|  | $617438002 | $715342178 |
| Investment securities, at cost | $438170022 | $578404549 |
| Investment securities on loan, at value | $2432009 | $2158411 |
| Investment made with cash collateral received for securities on loan, at cost | $1235993 | $1304931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** |
| Institutional Class | $384296432 | 17579440 | $21.86 |
| G Class | $233141570 | 10657268 | $21.88 |
| **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** |
| Institutional Class | $685411824 | 39026460 | $17.56 |
| G Class | $29930354 | 1704306 | $17.56 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Assets** | | |
| Investment securities, at value | $123493580 | $1462824234 |
| Investment made with cash collateral received for securities on loan, at value | 3493511 | 13111156 |
| Cash | 450252 |  |
| Deposits with broker for futures contracts | 10652 | 287601 |
| Receivable for investments sold |  | 26290 |
| Receivable for capital shares sold | 146326 | 1128683 |
| Dividends and interest receivable | 78022 | 1153767 |
| Securities lending receivable | 2477 | 4756 |
|  | 127674820 | 1478536487 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 3493511 | 13111156 |
| Payable for investments purchased |  | 518334 |
| Payable for capital shares redeemed | 41021 | 1981723 |
| Payable for variation margin on futures contracts | 2312 | 62412 |
| Accrued management fees | 24618 | 263796 |
|  | 3561462 | 15937421 |
| **Net Assets** | $124113358 | $1462599066 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $106046379 | $1159446857 |
| Distributable earnings (loss) | 18066979 | 303152209 |
|  | $124113358 | $1462599066 |
| Investment securities, at cost | $108469047 | $1170463533 |
| Investment securities on loan, at value | $5549537 | $15343715 |
| Investment made with cash collateral received for securities on loan, at cost | $3493511 | $13111156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** |
| Institutional Class | $123439611 | 9739244 | $12.67 |
| G Class | $673747 | 53121 | $12.68 |
| **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** |
| Institutional Class | $1386260519 | 72220498 | $19.19 |
| G Class | $76338547 | 3975191 | $19.20 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $6084194 | $4545668 |
| Interest | 39154 | 71366 |
| Securities lending, net | 6488 | 2280 |
| Less foreign taxes withheld | (1512) |  |
|  | 6128324 | 4619314 |
| **Expenses:** |  |  |
| Management fees | 684407 | 401910 |
| Trustees' fees and expenses | 3749 |  |
| Other expenses | 326 | 463 |
|  | 688482 | 402373 |
| Fees waived - G Class | (162531) | (18187) |
|  | 525951 | 384186 |
| **Net investment income (loss)** | 5602373 | 4235128 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 181447010 | 19215672 |
| Futures contract transactions | 54325 | 185980 |
|  | 181501335 | 19401652 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (93067419) | 83553919 |
| Futures contracts | (13706) | (77751) |
|  | (93081125) | 83476168 |
| **Net realized and unrealized gain (loss)** | 88420210 | 102877820 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $94022583 | $107112948 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $735526 | $10819298 |
| Interest | 20197 | 159499 |
| Securities lending, net | 17696 | 70825 |
| Less foreign taxes withheld | (807) | (17995) |
|  | 772612 | 11031627 |
| **Expenses:** |  |  |
| Management fees | 136198 | 1556784 |
| Trustees' fees and expenses | 760 |  |
| Other expenses | 295 | 1550 |
|  | 137253 | 1558334 |
| Fees waived - G Class | (771) | (31552) |
|  | 136482 | 1526782 |
| **Net investment income (loss)** | 636130 | 9504845 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 7419926 | 45544990 |
| Futures contract transactions | 97059 | 711556 |
|  | 7516985 | 46256546 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 8097456 | 112304396 |
| Futures contracts | 4028 | (180536) |
|  | 8101484 | 112123860 |
| **Net realized and unrealized gain (loss)** | 15618469 | 158380406 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16254599 | $167885251 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **February 28,<br>2026** | **August 31,<br>2025** | **February 28,<br>2026** | **August 31,<br>2025** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $5602373 | $11066760 | $4235128 | $6648715 |
| Net realized gain (loss) | 181501335 | 7126914 | 19401652 | 16922427 |
| Change in net unrealized appreciation (depreciation) | (93081125) | 93902248 | 83476168 | 10044990 |
| Net increase (decrease) in net assets resulting from operations | 94022583 | 112095922 | 107112948 | 33616132 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (18391933) | (9401422) | (18293160) | (4696440) |
| &nbsp;&nbsp;&nbsp;G Class | (5774343) | (844462) | (939957) | (274779) |
| Decrease in net assets from distributions | (24166276) | (10245884) | (19233117) | (4971219) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (397950095) | 97852441 | 260058198 | 40185733 |
| **Net increase (decrease) in net assets** | (328093788) | 199702479 | 347938029 | 68830646 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 945531790 | 745829311 | 367404149 | 298573503 |
| End of period | $617438002 | $945531790 | $715342178 | $367404149 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $636130 | $904490 | $9504845 | $18656665 |
| Net realized gain (loss) | 7516985 | 164630 | 46256546 | 27502138 |
| Change in net unrealized appreciation (depreciation) | 8101484 | 6725430 | 112123860 | 28014758 |
| Net increase (decrease) in net assets resulting from operations | 16254599 | 7794550 | 167885251 | 74173561 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (5991466) | (128687) | (79664046) | (38207104) |
| &nbsp;&nbsp;&nbsp;G Class | (33049) | (3465) | (1676341) | (214273) |
| Decrease in net assets from distributions | (6024515) | (132152) | (81340387) | (38421377) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 7066844 | 96946979 | 167283719 | 311798428 |
| **Net increase (decrease) in net assets** | 17296928 | 104609377 | 253828583 | 347550612 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 106816430 | 2207053 | 1208770483 | 861219871 |
| End of period | $124113358 | $106816430 | $1462599066 | $1208770483 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds and the respective share classes offered by the trust.

---

| | |
|:---|:---|
| Avantis U.S. Equity Fund | Institutional, G |
| Avantis U.S. Large Cap Value Fund | Institutional, G |
| Avantis U.S. Small Cap Equity Fund | Institutional, G |
| Avantis U.S. Small Cap Value Fund | Institutional, G |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

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

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

------

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the funds' transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each class and paid monthly in arrears. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The annual management fee including any waiver impacts for the period ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Annual Management Fee** | **Annual Management Fee** | **Annual Management Fee** |
| | **Institutional Class** | **G Class** | **G Class (before waiver)** |
| Avantis U.S. Equity Fund | 0.15% | 0.00% | 0.15% |
| Avantis U.S. Large Cap Value Fund | 0.15% | 0.00% | 0.15% |
| Avantis U.S. Small Cap Equity Fund | 0.25% | 0.00% | 0.25% |
| Avantis U.S. Small Cap Value Fund | 0.25% | 0.00% | 0.25% |

---

**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis U.S. Equity Fund | American Century Asset Allocation Portfolios, Inc. | 25% |

---

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| Purchases | $20913733 | $391508242 | $48259820 | $352598996 |
| Sales | $128230851 | $145459771 | $44484975 | $241665130 |

---

For the period ended February 28, 2026, Avantis U.S. Equity Fund incurred net realized gains of $157,259,921 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

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**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 998006 | $21013727 | 3761067 | $67124002 |
| Issued in reinvestment of distributions | 877754 | 18345052 | 485916 | 9378192 |
| Redeemed | (18620427) | (403873272) | (8281500) | (153861214) |
|  | (16744667) | (364514493) | (4034517) | (77359020) |
| **G Class** |  |  |  |  |
| Sold | 1670551 | 35734228 | 12512695 | 237016743 |
| Issued in reinvestment of distributions | 276152 | 5774343 | 43732 | 844462 |
| Redeemed | (3594196) | (74944173) | (3308366) | (62649744) |
|  | (1647493) | (33435602) | 9248061 | 175211461 |
| Net increase (decrease) | (18392160) | $(397950095) | 5213544 | $97852441 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 17790484 | $280796207 | 15911377 | $226765092 |
| Issued in reinvestment of distributions | 1167515 | 18283279 | 313531 | 4693551 |
| Redeemed | (2893191) | (46822655) | (13407952) | (191536276) |
|  | 16064808 | 252256831 | 2816956 | 39922367 |
| **G Class** |  |  |  |  |
| Sold | 669831 | 10375525 | 356454 | 5098016 |
| Issued in reinvestment of distributions | 60061 | 939957 | 18355 | 274779 |
| Redeemed | (214669) | (3514115) | (356218) | (5109429) |
|  | 515223 | 7801367 | 18591 | 263366 |
| Net increase (decrease) | 16580031 | $260058198 | 2835547 | $40185733 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 2701411 | $31655737 | 10301002 | $111384332 |
| Issued in reinvestment of distributions | 512529 | 5991466 | 10980 | 128687 |
| Redeemed | (2559352) | (30613408) | (1377326) | (14569505) |
|  | 654588 | 7033795 | 8934656 | 96943514 |
| **G Class** |  |  |  |  |
| Issued in reinvestment of distributions | 2825 | 33049 | 296 | 3465 |
| Net increase (decrease) | 657413 | $7066844 | 8934952 | $96946979 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>February 28, 2026** | **Six months ended<br>February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 13179549 | $243888364 | 33523247 | $562660075 |
| Issued in reinvestment of distributions | 4377229 | 76338876 | 2013603 | 36828797 |
| Redeemed | (11347646) | (205301006) | (18371858) | (304359917) |
|  | 6209132 | 114926234 | 17164992 | 295128955 |
| **G Class** |  |  |  |  |
| Sold | 2811829 | 54162416 | 1249180 | 21401215 |
| Issued in reinvestment of distributions | 96121 | 1676340 | 11722 | 214273 |
| Redeemed | (190856) | (3481271) | (289340) | (4946015) |
|  | 2717094 | 52357485 | 971562 | 16669473 |
| Net increase (decrease) | 8926226 | $167283719 | 18136554 | $311798428 |

---

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Equity Price Risk —** The funds may be subject to equity price risk in the normal course of pursuing their investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The average notional exposure to equity price risk derivative instruments held during the period was as follows:

---

| | |
|:---|:---|
| | **Futures Contracts Purchased** |
| Avantis U.S. Equity Fund | $1377800 |
| Avantis U.S. Large Cap Value Fund | $1201090 |
| Avantis U.S. Small Cap Equity Fund | $250788 |
| Avantis U.S. Small Cap Value Fund | $2902019 |

---

**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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

------

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| Federal tax cost of investments | $439732758 | $579777492 | $111986027 | $1184209258 |
| Gross tax appreciation of investments | $203954213 | $153595905 | $23112265 | $361869398 |
| Gross tax depreciation of investments | (28048447) | (15914334) | (8111201) | (70143266) |
| Net tax appreciation (depreciation) of investments | $175905766 | $137681571 | $15001064 | $291726132 |

---

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

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $20.27 | 0.12 | 2.02 | 2.14 | (0.24) | (0.31) | (0.55) | $21.86 | 10.70% | 0.15% | 0.15% | 1.19% | 1.19% | 2% | $384296 |
| 2025 | $18.01 | 0.25 | 2.26 | 2.51 | (0.25) |  | (0.25) | $20.27 | 14.02% | 0.15% | 0.15% | 1.32% | 1.32% | 16% | $695745 |
| 2024 | $14.74 | 0.23 | 3.23 | 3.46 | (0.19) |  | (0.19) | $18.01 | 23.72% | 0.15% | 0.15% | 1.46% | 1.46% | 10% | $690706 |
| 2023 | $13.23 | 0.24 | 1.48 | 1.72 | (0.21) |  | (0.21) | $14.74 | 13.19% | 0.15% | 0.15% | 1.79% | 1.79% | 7% | $585425 |
| 2022 | $14.93 | 0.22 | (1.78) | (1.56) | (0.10) | (0.04) | (0.14) | $13.23 | (10.57)% | 0.15% | 0.15% | 1.52% | 1.52% | 4% | $338381 |
| 2021 | $10.92 | 0.18 | 3.95 | 4.13 | (0.09) | (0.03) | (0.12) | $14.93 | 38.03% | 0.15% | 0.15% | 1.37% | 1.37% | 3% | $212075 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $20.30 | 0.14 | 2.02 | 2.16 | (0.27) | (0.31) | (0.58) | $21.88 | 10.80% | 0.00% | 0.15% | 1.34% | 1.19% | 2% | $233142 |
| 2025 | $18.03 | 0.27 | 2.28 | 2.55 | (0.28) |  | (0.28) | $20.30 | 14.23% | 0.00% | 0.15% | 1.47% | 1.32% | 16% | $249786 |
| 2024 | $14.76 | 0.26 | 3.22 | 3.48 | (0.21) |  | (0.21) | $18.03 | 23.88% | 0.00% | 0.15% | 1.61% | 1.46% | 10% | $55123 |
| 2023 | $13.26 | 0.26 | 1.47 | 1.73 | (0.23) |  | (0.23) | $14.76 | 13.26% | 0.00% | 0.15% | 1.94% | 1.79% | 7% | $34692 |
| 2022 | $14.95 | 0.25 | (1.78) | (1.53) | (0.12) | (0.04) | (0.16) | $13.26 | (10.36)% | 0.00% | 0.15% | 1.67% | 1.52% | 4% | $25097 |
| 2021<sup>(4)</sup> | $12.80 | 0.14 | 2.01 | 2.15 |  |  |  | $14.95 | 16.80% | 0.00% | 0.15% | 1.55% | 1.40% | 3%<sup>(5)</sup> | $1663 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)January 20, 2021 (commencement of sale) through August 31, 2021.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $15.21 | 0.13 | 2.75 | 2.88 | (0.18) | (0.35) | (0.53) | $17.56 | 19.32% | 0.15% | 0.15% | 1.57% | 1.57% | 27% | $685412 |
| 2025 | $14.01 | 0.26 | 1.17 | 1.43 | (0.23) |  | (0.23) | $15.21 | 10.23% | 0.15% | 0.15% | 1.79% | 1.79% | 57% | $349300 |
| 2024 | $11.70 | 0.25 | 2.26 | 2.51 | (0.20) |  | (0.20) | $14.01 | 21.77% | 0.15% | 0.15% | 1.95% | 1.95% | 17% | $282164 |
| 2023 | $10.48 | 0.26 | 1.07 | 1.33 | (0.11) |  | (0.11) | $11.70 | 12.76% | 0.16% | 0.16% | 2.34% | 2.34% | 40% | $141271 |
| 2022<sup>(4)</sup> | $10.00 | 0.08 | 0.40 | 0.48 |  |  |  | $10.48 | 4.80% | 0.15% | 0.15% | 3.59% | 3.59% | 0% | $80581 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $15.23 | 0.13 | 2.75 | 2.88 | (0.20) | (0.35) | (0.55) | $17.56 | 19.34% | 0.00% | 0.15% | 1.72% | 1.57% | 27% | $29930 |
| 2025 | $14.02 | 0.28 | 1.18 | 1.46 | (0.25) |  | (0.25) | $15.23 | 10.46% | 0.00% | 0.15% | 1.94% | 1.79% | 57% | $18104 |
| 2024 | $11.71 | 0.27 | 2.25 | 2.52 | (0.21) |  | (0.21) | $14.02 | 21.94% | 0.00% | 0.15% | 2.10% | 1.95% | 17% | $16409 |
| 2023 | $10.48 | 0.27 | 1.08 | 1.35 | (0.12) |  | (0.12) | $11.71 | 12.95% | 0.01% | 0.16% | 2.49% | 2.34% | 40% | $13355 |
| 2022<sup>(4)</sup> | $10.00 | 0.05 | 0.43 | 0.48 |  |  |  | $10.48 | 4.80% | 0.00% | 0.15% | 3.74% | 3.59% | 0% | $5 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)June 21, 2022 (fund inception) through August 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $11.69 | 0.07 | 1.54 | 1.61 | (0.14) | (0.49) | (0.63) | $12.67 | 14.19% | 0.25% | 0.25% | 1.17% | 1.17% | 40% | $123440 |
| 2025 | $11.03 | 0.15 | 0.56 | 0.71 | (0.05) |  | (0.05) | $11.69 | 6.47% | 0.25% | 0.25% | 1.43% | 1.43% | 15% | $106227 |
| 2024<sup>(4)</sup> | $10.00 | 0.03 | 1.00 | 1.03 |  |  |  | $11.03 | 10.30% | 0.25% | 0.25% | 1.42% | 1.42% | 0% | $1655 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $11.71 | 0.08 | 1.55 | 1.63 | (0.17) | (0.49) | (0.66) | $12.68 | 14.36% | 0.00% | 0.25% | 1.42% | 1.17% | 40% | $674 |
| 2025 | $11.04 | 0.17 | 0.57 | 0.74 | (0.07) |  | (0.07) | $11.71 | 6.70% | 0.00% | 0.25% | 1.68% | 1.43% | 15% | $589 |
| 2024<sup>(4)</sup> | $10.00 | 0.03 | 1.01 | 1.04 |  |  |  | $11.04 | 10.40% | 0.00% | 0.25% | 1.67% | 1.42% | 0% | $552 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)June 20, 2024 (fund inception) through August 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $17.97 | 0.14 | 2.32 | 2.46 | (0.28) | (0.96) | (1.24) | $19.19 | 14.33% | 0.25% | 0.25% | 1.52% | 1.52% | 19% | $1386261 |
| 2025 | $17.53 | 0.31 | 0.83 | 1.14 | (0.24) | (0.46) | (0.70) | $17.97 | 6.44% | 0.25% | 0.25% | 1.84% | 1.84% | 20% | $1186127 |
| 2024 | $14.89 | 0.30 | 2.60 | 2.90 | (0.26) |  | (0.26) | $17.53 | 19.76% | 0.25% | 0.25% | 1.85% | 1.85% | 21% | $856189 |
| 2023 | $14.27 | 0.29 | 1.42 | 1.71 | (0.25) | (0.84) | (1.09) | $14.89 | 12.59% | 0.25% | 0.25% | 2.06% | 2.06% | 22% | $427244 |
| 2022 | $15.20 | 0.25 | (0.29) | (0.04) | (0.19) | (0.70) | (0.89) | $14.27 | (0.61)% | 0.25% | 0.25% | 1.70% | 1.70% | 45% | $368198 |
| 2021 | $9.03 | 0.24 | 6.01 | 6.25 | (0.08) | —<sup>(4)</sup> | (0.08) | $15.20 | 69.57% | 0.25% | 0.25% | 1.81% | 1.81% | 37% | $260196 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $18.00 | 0.17 | 2.31 | 2.48 | (0.32) | (0.96) | (1.28) | $19.20 | 14.48% | 0.00% | 0.25% | 1.77% | 1.52% | 19% | $76339 |
| 2025 | $17.56 | 0.34 | 0.85 | 1.19 | (0.29) | (0.46) | (0.75) | $18.00 | 6.71% | 0.00% | 0.25% | 2.09% | 1.84% | 20% | $22644 |
| 2024 | $14.92 | 0.34 | 2.59 | 2.93 | (0.29) |  | (0.29) | $17.56 | 20.03% | 0.00% | 0.25% | 2.10% | 1.85% | 21% | $5031 |
| 2023 | $14.29 | 0.32 | 1.44 | 1.76 | (0.29) | (0.84) | (1.13) | $14.92 | 12.94% | 0.00% | 0.25% | 2.31% | 2.06% | 22% | $3200 |
| 2022 | $15.22 | 0.28 | (0.28) |  | (0.23) | (0.70) | (0.93) | $14.29 | (0.37)% | 0.00% | 0.25% | 1.95% | 1.70% | 45% | $2304 |
| 2021<sup>(5)</sup> | $12.82 | 0.18 | 2.22 | 2.40 |  |  |  | $15.22 | 18.72% | 0.00% | 0.25% | 2.00% | 1.75% | 37%<sup>(6)</sup> | $161 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)Per-share amount was less than $0.005.

(5)January 20, 2021 (commencement of sale) through August 31, 2021.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97501 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97501 2604** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

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| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> Emerging Markets Equity Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVEEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVENX) |
| Avantis<sup>®</sup> International Equity Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVDEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVDNX) |
| Avantis<sup>®</sup> International Small Cap Value Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVDVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVANX) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_760) |
| Statements of Assets and Liabilities | [159](#iba273e868b7e4566bd70f1811bd23032_781) |
| Statements of Operations | [161](#iba273e868b7e4566bd70f1811bd23032_784) |
| Statements of Changes in Net Assets | [163](#iba273e868b7e4566bd70f1811bd23032_787) |
| Notes to Financial Statements | [165](#iba273e868b7e4566bd70f1811bd23032_790) |
| Financial Highlights | [170](#iba273e868b7e4566bd70f1811bd23032_793) |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.1%** | **Shares**<br> | **Value**<br> |
| **Brazil — 4.5%** |  |  |
| Allos SA | 65561 | $417421 |
| Ambev SA, ADR<sup>(1)</sup> | 162318 | 512925 |
| Ambipar Participacoes e Empreendimentos SA<sup>(2)</sup> | 19400 | 908 |
| Anima Holding SA | 600 | 595 |
| Aura Minerals, Inc. | 4393 | 370989 |
| Auren Energia SA | 64902 | 150782 |
| Automob Participacoes SA<sup>(2)</sup> | 1984 | 5058 |
| Axia Energia, ADR | 90355 | 1091488 |
| Axia Energia, Class B Preference Shares | 12900 | 168821 |
| Axia Energia, Class C, ADR<sup>(1)(2)</sup> | 20089 | 235644 |
| Axia Energia, Class C Preference Shares<sup>(2)</sup> | 4625 | 53598 |
| Azzas 2154 SA | 30200 | 153872 |
| B3 SA - Brasil Bolsa Balcao | 133300 | 465958 |
| Banco ABC Brasil SA<sup>(2)</sup> | 1348 | 7076 |
| Banco ABC Brasil SA, Preference Shares | 19292 | 102284 |
| Banco BMG SA, Preference Shares | 20300 | 20037 |
| Banco Bradesco SA | 137959 | 495431 |
| Banco Bradesco SA, ADR | 461064 | 1885752 |
| Banco BTG Pactual SA | 76768 | 920497 |
| Banco do Brasil SA | 107620 | 567438 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 53300 | 193175 |
| Banco Mercantil do Brasil SA, Preference Shares | 800 | 12812 |
| Banco Santander Brasil SA, ADR<sup>(1)</sup> | 28959 | 188523 |
| BB Seguridade Participacoes SA | 62200 | 422351 |
| BR Advisory Partners Participacoes SA | 19100 | 72242 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 9400 | 39019 |
| Braskem SA, Class A, ADR<sup>(2)</sup> | 13074 | 50073 |
| Brava Energia<sup>(2)</sup> | 109939 | 401455 |
| Caixa Seguridade Participacoes SA | 14000 | 48938 |
| Camil Alimentos SA | 39600 | 53068 |
| Cia Brasileira de Aluminio<sup>(2)</sup> | 42653 | 84699 |
| Cia Brasileira de Distribuicao<sup>(2)</sup> | 52900 | 32195 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 19200 | 31460 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 29378 | 881634 |
| Cia de Saneamento de Minas Gerais Copasa MG | 52100 | 554385 |
| Cia De Sanena Do Parana, Preference Shares | 182300 | 305463 |
| Cia Energetica de Minas Gerais, ADR | 241774 | 573004 |
| Cia Paranaense de Energia - Copel | 103000 | 295750 |
| Cia Paranaense de Energia - Copel, ADR | 6132 | 71070 |
| Cia Siderurgica Nacional SA, ADR<sup>(2)</sup> | 74734 | 125553 |
| CPFL Energia SA | 15800 | 154748 |
| Cristal Pigmentos do Brasil SA, Preference Shares<sup>(2)</sup> | 200 | 726 |
| Cury Construtora e Incorporadora SA | 44700 | 339185 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 57800 | 347826 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes, Preference Shares<sup>(2)</sup> | 10957 | 62303 |
| Dexco SA | 119770 | 127328 |
| Dexxos Participacoes SA | 4050 | 5980 |
| Dimed SA Distribuidora da Medicamentos | 12700 | 39885 |
| EcoRodovias Infraestrutura e Logistica SA | 146400 | 305851 |
| Embraer SA, ADR | 16491 | 1190980 |

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Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Empreendimentos Pague Menos SA | 32402 | $43991 |
| Energisa SA | 78590 | 831047 |
| Eneva SA<sup>(2)</sup> | 42000 | 174423 |
| Engie Brasil Energia SA | 14840 | 96975 |
| Equatorial SA | 81175 | 664094 |
| Eucatex SA Industria e Comercio, Preference Shares | 3000 | 12629 |
| Even Construtora e Incorporadora SA | 34800 | 56886 |
| Ez Tec Empreendimentos e Participacoes SA | 20726 | 63474 |
| Fras-Le SA | 16400 | 77865 |
| Gerdau SA, ADR | 163664 | 661203 |
| Grazziotin SA, Preference Shares | 232 | 1245 |
| Grendene SA | 46400 | 46070 |
| Grupo Multi SA | 62800 | 16415 |
| Grupo SBF SA | 29300 | 71900 |
| Guararapes Confeccoes SA | 19100 | 37481 |
| Iguatemi SA | 39437 | 224167 |
| Inter & Co., Inc., Class A | 47627 | 414831 |
| Iochpe Maxion SA | 40800 | 83566 |
| Irani Papel e Embalagem SA | 5300 | 10121 |
| IRB-Brasil Resseguros SA<sup>(2)</sup> | 14647 | 177084 |
| Isa Energia Brasil SA, Preference Shares | 58100 | 323678 |
| Itau Unibanco Holding SA, ADR | 212021 | 1918790 |
| Jalles Machado SA<sup>(2)</sup> | 18157 | 10661 |
| JBS NV, BDR<sup>(2)</sup> | 34900 | 589757 |
| JHSF Participacoes SA | 84900 | 164616 |
| JSL SA | 18100 | 27786 |
| Kepler Weber SA | 37300 | 70358 |
| Klabin SA | 218867 | 879054 |
| Light SA<sup>(2)</sup> | 15600 | 14972 |
| Localiza Rent a Car SA | 43248 | 428642 |
| Localiza Rent a Car SA, Preference Shares<sup>(2)</sup> | 1663 | 15983 |
| LOG Commercial Properties e Participacoes SA | 9100 | 50448 |
| Log-in Logistica Intermodal SA<sup>(2)</sup> | 5558 | 34726 |
| Lojas Quero-Quero SA<sup>(2)</sup> | 43536 | 18343 |
| Lojas Renner SA | 136587 | 417767 |
| M Dias Branco SA | 7800 | 35405 |
| Magazine Luiza SA | 113835 | 208729 |
| Mahle Metal Leve SA | 11600 | 81708 |
| Marcopolo SA | 20680 | 26382 |
| Marcopolo SA, Preference Shares | 122210 | 164965 |
| Marisa Lojas SA<sup>(2)</sup> | 7757 | 1332 |
| MBRF Global Foods Co. SA | 13043 | 52666 |
| Metalurgica Gerdau SA, Preference Shares | 117063 | 212593 |
| Mills Locacao Servicos e Logistica SA | 12849 | 37821 |
| Minerva SA | 60100 | 61196 |
| Motiva Infraestrutura de Mobilidade SA | 217200 | 702887 |
| Moura Dubeux Engenharia SA | 9100 | 58614 |
| Movida Participacoes SA | 66600 | 191622 |
| MRV Engenharia e Participacoes SA<sup>(2)</sup> | 85800 | 171382 |
| Multiplan Empreendimentos Imobiliarios SA | 18400 | 126052 |
| Natura Cosmeticos SA<sup>(2)</sup> | 24178 | 43012 |
| NU Holdings Ltd., Class A<sup>(2)</sup> | 6751 | 101130 |
| Oceanpact Servicos Maritimos SA<sup>(2)</sup> | 13400 | 25067 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Odontoprev SA | 55660 | $158625 |
| Pagseguro Digital Ltd., Class A | 28413 | 301462 |
| PBG SA<sup>(2)</sup> | 18400 | 11593 |
| Petroleo Brasileiro SA - Petrobras, ADR | 92953 | 1545808 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 115925 | 1785245 |
| Petroreconcavo SA | 27600 | 66651 |
| Porto Seguro SA | 3800 | 38878 |
| Positivo Tecnologia SA | 18500 | 14615 |
| PRIO SA<sup>(2)</sup> | 102800 | 1077229 |
| Profarma Distribuidora de Produtos Farmaceuticos SA | 1200 | 2109 |
| Raia Drogasil SA | 212772 | 1040929 |
| Raizen SA, Preference Shares<sup>(2)</sup> | 182400 | 22415 |
| Rede D'Or Sao Luiz SA | 17010 | 134547 |
| Romi SA | 7778 | 12441 |
| Rumo SA | 44500 | 138713 |
| Sao Carlos Empreendimentos e Participacoes SA | 100 | 292 |
| Sao Martinho SA | 37100 | 130047 |
| Ser Educacional SA | 25500 | 61530 |
| Simpar SA | 29750 | 73758 |
| SLC Agricola SA | 28507 | 91641 |
| Smartfit Escola de Ginastica e Danca SA | 16499 | 65172 |
| StoneCo Ltd., A Shares<sup>(2)</sup> | 10828 | 181910 |
| Suzano SA, ADR<sup>(1)</sup> | 78919 | 894152 |
| SYN prop e tech SA | 7800 | 7303 |
| Taurus Armas SA, Preference Shares | 11660 | 13260 |
| Tegma Gestao Logistica SA | 4500 | 34620 |
| Telefonica Brasil SA, ADR | 26079 | 440996 |
| TIM SA, ADR<sup>(1)</sup> | 18131 | 498240 |
| TOTVS SA | 12900 | 95269 |
| Trisul SA | 20021 | 29134 |
| Tupy SA<sup>(2)</sup> | 14700 | 38854 |
| Ultrapar Participacoes SA, ADR | 142929 | 721791 |
| Uniao Pet Participacoes SA<sup>(2)</sup> | 93200 | 55086 |
| Unipar Carbocloro SA, Class B Preference Shares | 6100 | 84340 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(2)</sup> | 71700 | 98183 |
| Vale SA, ADR | 250865 | 4309861 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 17600 | 74431 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 153400 | 132858 |
| Vibra Energia SA | 215058 | 1245923 |
| Vulcabras SA | 1744 | 6491 |
| WEG SA | 30900 | 299567 |
| Wiz Co. | 15300 | 27636 |
| XP, Inc., Class A | 66068 | 1422444 |
| YDUQS Participacoes SA | 19100 | 49664 |
| Zamp SA<sup>(2)</sup> | 16028 | 10943 |
|  |  | 43218522 |
| **Chile — 0.6%** |  |  |
| Banco de Chile | 2959390 | 610361 |
| Banco de Credito e Inversiones SA | 7809 | 535014 |
| Banco Itau Chile SA | 4740 | 113486 |
| Banco Santander Chile, ADR | 19104 | 647817 |
| Besalco SA | 2057 | 3207 |
| CAP SA<sup>(2)</sup> | 15673 | 127674 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cencosud SA | 42171 | $131836 |
| Cencosud Shopping SA | 29082 | 84311 |
| Cia Cervecerias Unidas SA, ADR<sup>(1)</sup> | 3927 | 52386 |
| Cia Sud Americana de Vapores SA | 3721444 | 202041 |
| Colbun SA | 1170058 | 194837 |
| Embotelladora Andina SA, Class B Preference Shares | 49724 | 239517 |
| Empresa Nacional de Telecomunicaciones SA | 47942 | 214017 |
| Empresas CMPC SA | 136824 | 202781 |
| Empresas Copec SA | 40808 | 336855 |
| Enel Americas SA | 3085442 | 277544 |
| Enel Chile SA | 2820356 | 236110 |
| Engie Energia Chile SA | 125063 | 214400 |
| Falabella SA | 69740 | 518086 |
| Parque Arauco SA | 20518 | 97410 |
| Plaza SA | 19325 | 91257 |
| Ripley Corp. SA | 222768 | 111843 |
| Salfacorp SA | 4009 | 6114 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(2)</sup> | 10854 | 828160 |
| SONDA SA | 1402 | 479 |
| Vina Concha y Toro SA | 72733 | 77910 |
|  |  | 6155453 |
| **China — 22.4%** |  |  |
| 361 Degrees International Ltd. | 194000 | 139865 |
| 3SBio, Inc.<sup>(2)</sup> | 243500 | 686419 |
| AAC Technologies Holdings, Inc. | 227000 | 1079017 |
| Agile Group Holdings Ltd.<sup>(2)</sup> | 766000 | 28305 |
| Agora, Inc., ADR<sup>(2)</sup> | 16639 | 77704 |
| Agricultural Bank of China Ltd., H Shares | 2241000 | 1517372 |
| Air China Ltd., H Shares<sup>(2)</sup> | 28000 | 24285 |
| Ajisen China Holdings Ltd. | 4000 | 470 |
| AK Medical Holdings Ltd. | 70000 | 57523 |
| Akeso, Inc.<sup>(2)</sup> | 80000 | 1089893 |
| Alibaba Group Holding Ltd., ADR<sup>(1)</sup> | 71047 | 10238583 |
| Alibaba Health Information Technology Ltd.<sup>(1)(2)</sup> | 74000 | 52598 |
| A-Living Smart City Services Co. Ltd. | 175250 | 48989 |
| Aluminum Corp. of China Ltd., H Shares | 532000 | 959328 |
| Angang Steel Co. Ltd., H Shares<sup>(2)</sup> | 4000 | 1095 |
| Anhui Conch Cement Co. Ltd., H Shares | 144000 | 451242 |
| Anhui Expressway Co. Ltd., H Shares | 102000 | 180187 |
| ANTA Sports Products Ltd. | 164000 | 1774631 |
| Anton Oilfield Services Group | 520000 | 82384 |
| Art Group Holdings Ltd.<sup>(2)</sup> | 50000 | 12820 |
| AsiaInfo Technologies Ltd.<sup>(1)</sup> | 43600 | 40375 |
| Atour Lifestyle Holdings Ltd., ADR | 8541 | 335405 |
| Autohome, Inc., ADR | 5218 | 100081 |
| BAIC Motor Corp. Ltd., H Shares<sup>(2)</sup> | 648500 | 150481 |
| Baidu, Inc., ADR<sup>(1)(2)</sup> | 6314 | 785714 |
| BAIOO Family Interactive Ltd. | 74000 | 3965 |
| Bairong, Inc.<sup>(2)</sup> | 58500 | 71561 |
| Bank of China Ltd., H Shares | 6278000 | 3715001 |
| Bank of Chongqing Co. Ltd., H Shares | 165500 | 161712 |
| Bank of Communications Co. Ltd., H Shares | 883000 | 772777 |
| BBMG Corp., H Shares<sup>(1)</sup> | 541000 | 58703 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Beauty Farm Medical & Health Industry, Inc. | 5000 | $16796 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(2)</sup> | 94000 | 28066 |
| Beijing Enterprises Holdings Ltd. | 54000 | 242861 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 512000 | 154973 |
| Beijing North Star Co. Ltd., H Shares<sup>(2)</sup> | 4000 | 413 |
| BeOne Medicines Ltd., ADR<sup>(2)</sup> | 885 | 280536 |
| BOC Aviation Ltd. | 70900 | 787392 |
| BOE Varitronix Ltd.<sup>(1)</sup> | 138000 | 80951 |
| Bosideng International Holdings Ltd. | 1126000 | 698019 |
| Brilliance China Automotive Holdings Ltd.<sup>(1)</sup> | 984000 | 523147 |
| BYD Co. Ltd., H Shares | 138200 | 1666014 |
| BYD Electronic International Co. Ltd.<sup>(1)</sup> | 140000 | 574451 |
| C&D Property Management Group Co. Ltd. | 12000 | 4010 |
| CALB Group Co. Ltd.<sup>(2)</sup> | 30200 | 99833 |
| Cathay Group Holdings, Inc. | 12000 | 1348 |
| Central China New Life Ltd.<sup>(2)</sup> | 62000 | 3959 |
| Chaowei Power Holdings Ltd. | 36000 | 6522 |
| Cheetah Mobile, Inc., ADR<sup>(2)</sup> | 61 | 375 |
| Chervon Holdings Ltd.<sup>(1)</sup> | 50700 | 158111 |
| China Aircraft Leasing Group Holdings Ltd. | 1000 | 603 |
| China Beststudy Education Group | 17000 | 7427 |
| China BlueChemical Ltd., H Shares | 358000 | 133418 |
| China Bohai Bank Co. Ltd., H Shares<sup>(2)</sup> | 215000 | 24982 |
| China Chunlai Education Group Co. Ltd.<sup>(2)</sup> | 44000 | 15538 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(1)</sup> | 1306000 | 209725 |
| China CITIC Bank Corp. Ltd., H Shares | 1161000 | 1068232 |
| China Coal Energy Co. Ltd., H Shares | 320000 | 531421 |
| China Communications Services Corp. Ltd., H Shares | 750000 | 425755 |
| China Conch Environment Protection Holdings Ltd.<sup>(2)</sup> | 5500 | 392 |
| China Conch Venture Holdings Ltd. | 342500 | 580748 |
| China Construction Bank Corp., H Shares | 8956000 | 9111778 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 756000 | 184268 |
| China Dongxiang Group Co. Ltd.<sup>(2)</sup> | 210000 | 12714 |
| China East Education Holdings Ltd.<sup>(2)</sup> | 210000 | 174221 |
| China Eastern Airlines Corp. Ltd., H Shares<sup>(2)</sup> | 14000 | 9920 |
| China Education Group Holdings Ltd.<sup>(2)</sup> | 350841 | 129374 |
| China Everbright Bank Co. Ltd., H Shares | 462000 | 194053 |
| China Everbright Environment Group Ltd. | 809000 | 529440 |
| China Everbright Greentech Ltd. | 104000 | 11962 |
| China Everbright Ltd.<sup>(1)</sup> | 216000 | 242459 |
| China Feihe Ltd. | 811000 | 393359 |
| China Foods Ltd. | 32000 | 16457 |
| China Galaxy Securities Co. Ltd., H Shares | 480500 | 606789 |
| China Gas Holdings Ltd. | 182000 | 188293 |
| China Glass Holdings Ltd.<sup>(1)(2)</sup> | 118000 | 8448 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 51000 | 13392 |
| China Hongqiao Group Ltd. | 610000 | 2751392 |
| China International Capital Corp. Ltd., H Shares | 402800 | 1038081 |
| China Isotope & Radiation Corp. | 2200 | 5822 |
| China Kepei Education Group Ltd. | 68000 | 11623 |
| China Lesso Group Holdings Ltd. | 429000 | 374372 |
| China Life Insurance Co. Ltd., Class H | 803580 | 3223659 |
| China Lilang Ltd. | 24000 | 10211 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| China Longyuan Power Group Corp. Ltd., H Shares | 617000 | $596034 |
| China Medical System Holdings Ltd. | 344000 | 639373 |
| China Meidong Auto Holdings Ltd. | 294000 | 62005 |
| China Mengniu Dairy Co. Ltd. | 238000 | 490432 |
| China Merchants Bank Co. Ltd., H Shares<sup>(1)</sup> | 439000 | 2730886 |
| China Merchants Land Ltd.<sup>(2)</sup> | 40000 | 1453 |
| China Merchants Port Holdings Co. Ltd. | 209814 | 468306 |
| China Minsheng Banking Corp. Ltd., H Shares | 876500 | 452915 |
| China Modern Dairy Holdings Ltd.<sup>(1)</sup> | 552000 | 99973 |
| China National Building Material Co. Ltd., H Shares | 788832 | 683947 |
| China New Higher Education Group Ltd.<sup>(2)</sup> | 299101 | 33614 |
| China Nonferrous Mining Corp. Ltd. | 411000 | 785585 |
| China Oilfield Services Ltd., Class H | 268000 | 346077 |
| China Oriental Group Co. Ltd. | 26000 | 5175 |
| China Overseas Land & Investment Ltd. | 670000 | 1223995 |
| China Pacific Insurance Group Co. Ltd., H Shares | 380400 | 1741075 |
| China Petroleum & Chemical Corp., Class H | 2676300 | 1862353 |
| China Power International Development Ltd. | 1240000 | 519380 |
| China Railway Group Ltd., H Shares | 990000 | 655130 |
| China Railway Signal & Communication Corp. Ltd., H Shares | 31000 | 14567 |
| China Renaissance Holdings Ltd.<sup>(2)</sup> | 32700 | 16989 |
| China Resources Beer Holdings Co. Ltd. | 257500 | 904911 |
| China Resources Beverage Holdings Co. Ltd.<sup>(1)</sup> | 80400 | 103170 |
| China Resources Building Materials Technology Holdings Ltd. | 732000 | 175532 |
| China Resources Gas Group Ltd. | 18200 | 48767 |
| China Resources Land Ltd. | 427000 | 1725793 |
| China Resources Medical Holdings Co. Ltd.<sup>(1)</sup> | 91000 | 35655 |
| China Resources Mixc Lifestyle Services Ltd. | 79000 | 478926 |
| China Resources Pharmaceutical Group Ltd. | 139500 | 81081 |
| China Resources Power Holdings Co. Ltd.<sup>(1)</sup> | 582000 | 1387508 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(2)</sup> | 48000 | 29869 |
| China Shenhua Energy Co. Ltd., H Shares | 332000 | 1903518 |
| China Shineway Pharmaceutical Group Ltd. | 117000 | 140094 |
| China Starch Holdings Ltd. | 515000 | 11639 |
| China State Construction International Holdings Ltd. | 100000 | 118769 |
| China Suntien Green Energy Corp. Ltd., H Shares<sup>(1)</sup> | 162000 | 86821 |
| China Taiping Insurance Holdings Co. Ltd. | 393200 | 1144970 |
| China Tobacco International HK Co. Ltd. | 5000 | 27657 |
| China Tower Corp. Ltd., H Shares | 861600 | 1225993 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 662000 | 170791 |
| China Travel International Investment Hong Kong Ltd.<sup>(2)</sup> | 318000 | 53932 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 97700 | 46895 |
| China Water Affairs Group Ltd.<sup>(1)</sup> | 120000 | 80405 |
| China Xinhua Education Group Ltd.<sup>(2)</sup> | 17000 | 1237 |
| China XLX Fertiliser Ltd. | 234000 | 353808 |
| China Yongda Automobiles Services Holdings Ltd. | 460500 | 89431 |
| China Youran Dairy Group Ltd.<sup>(1)(2)</sup> | 513000 | 330835 |
| China Yuhua Education Corp. Ltd.<sup>(2)</sup> | 328000 | 22583 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 147000 | 110626 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(1)</sup> | 214200 | 357794 |
| CIFI Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 282880 | 3101 |
| CIMC Enric Holdings Ltd. | 170000 | 277721 |
| CITIC Ltd. | 514000 | 819377 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CITIC Securities Co. Ltd., H Shares | 70825 | $253516 |
| CMGE Technology Group Ltd.<sup>(2)</sup> | 110000 | 4838 |
| CMOC Group Ltd., H Shares | 354000 | 1089058 |
| COFCO Joycome Foods Ltd.<sup>(2)</sup> | 974000 | 192673 |
| Concord New Energy Group Ltd. | 1440000 | 54401 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(1)</sup> | 4000 | 252762 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H<sup>(1)</sup> | 48000 | 115193 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(1)</sup> | 427549 | 829674 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 50000 | 49600 |
| COSCO SHIPPING Ports Ltd. | 300154 | 248737 |
| Country Garden Services Holdings Co. Ltd. | 613000 | 493936 |
| CSPC Pharmaceutical Group Ltd. | 1539200 | 1937556 |
| CSSC Hong Kong Shipping Co. Ltd.<sup>(1)</sup> | 460000 | 147941 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 4030000 | 420134 |
| Daqo New Energy Corp., ADR<sup>(2)</sup> | 16280 | 392674 |
| Datang International Power Generation Co. Ltd., H Shares<sup>(1)</sup> | 6000 | 2031 |
| Digital China Holdings Ltd.<sup>(1)</sup> | 152000 | 51570 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(2)</sup> | 356000 | 445356 |
| Dongyue Group Ltd. | 133000 | 238014 |
| DPC Dash Ltd.<sup>(2)</sup> | 11400 | 93234 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 17000 | 12064 |
| Edvantage Group Holdings Ltd. | 92754 | 18120 |
| ENN Energy Holdings Ltd. | 39300 | 344797 |
| Essex Bio-technology Ltd. | 21000 | 11329 |
| Ever Sunshine Services Group Ltd. | 90000 | 20449 |
| Evergrande Property Services Group Ltd.<sup>(2)</sup> | 1287500 | 190416 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 65000 | 6555 |
| Far East Horizon Ltd. | 545000 | 538583 |
| FIH Mobile Ltd.<sup>(2)</sup> | 81400 | 229428 |
| FinVolution Group, ADR | 45665 | 256637 |
| First Tractor Co. Ltd., H Shares<sup>(1)</sup> | 12000 | 15263 |
| Flat Glass Group Co. Ltd., H Shares<sup>(2)</sup> | 4000 | 5540 |
| Fosun International Ltd.<sup>(1)</sup> | 320000 | 157999 |
| Fountain SET Holdings Ltd. | 6000 | 505 |
| Fu Shou Yuan International Group Ltd. | 314000 | 106261 |
| Fufeng Group Ltd. | 517000 | 536950 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 92400 | 766762 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(1)</sup> | 16480 | 144455 |
| Gaotu Techedu, Inc., ADR<sup>(1)(2)</sup> | 7991 | 17500 |
| GCL Technology Holdings Ltd.<sup>(2)</sup> | 2540000 | 388364 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 62400 | 323259 |
| Geely Automobile Holdings Ltd. | 1097000 | 2255372 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(2)</sup> | 1556000 | 30980 |
| Genertec Universal Medical Group Co. Ltd. | 209000 | 163250 |
| GF Securities Co. Ltd., H Shares<sup>(1)</sup> | 111600 | 245079 |
| Giant Biogene Holding Co. Ltd.<sup>(1)</sup> | 53200 | 216596 |
| GOME Retail Holdings Ltd.<sup>(2)</sup> | 1993000 | 3796 |
| Goodbaby International Holdings Ltd. | 263000 | 35501 |
| Grand Pharmaceutical Group Ltd.<sup>(1)</sup> | 329500 | 329989 |
| Great Wall Motor Co. Ltd., H Shares | 133500 | 218751 |
| Greentown China Holdings Ltd.<sup>(1)</sup> | 259500 | 346450 |
| Greentown Management Holdings Co. Ltd.<sup>(1)</sup> | 181000 | 65300 |
| Guangdong Investment Ltd. | 456000 | 444176 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Guangzhou Automobile Group Co. Ltd., H Shares | 152000 | $72319 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 754000 | 52814 |
| Guoquan Food Shanghai Co. Ltd. | 54000 | 28186 |
| Guotai Haitong Securities Co. Ltd., H Shares | 150648 | 306785 |
| H World Group Ltd., ADR | 26060 | 1428088 |
| Haichang Ocean Park Holdings Ltd.<sup>(2)</sup> | 937000 | 63568 |
| Haidilao International Holding Ltd.<sup>(1)</sup> | 247000 | 554446 |
| Haier Smart Home Co. Ltd., H Shares | 279600 | 949439 |
| Haitian International Holdings Ltd. | 98000 | 316690 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 1700 | 10219 |
| Hansoh Pharmaceutical Group Co. Ltd. | 56000 | 249311 |
| Harbin Electric Co. Ltd., H Shares | 172000 | 617259 |
| Hello Group, Inc., ADR | 23901 | 154639 |
| Hengan International Group Co. Ltd. | 192000 | 714299 |
| Hi Sun Technology China Ltd.<sup>(2)</sup> | 57000 | 3464 |
| High Templar Tech Ltd., ADR<sup>(2)</sup> | 37345 | 100458 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 39000 | 119325 |
| Hopson Development Holdings Ltd.<sup>(2)</sup> | 42163 | 17340 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 71000 | 874714 |
| Huabao International Holdings Ltd. | 110000 | 63646 |
| Huadian Power International Corp. Ltd., H Shares | 30000 | 17135 |
| Huaneng Power International, Inc., H Shares | 700000 | 538943 |
| Huatai Securities Co. Ltd., H Shares<sup>(1)</sup> | 126800 | 271180 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 6000 | 10162 |
| iDreamSky Technology Holdings Ltd.<sup>(1)(2)</sup> | 222400 | 15617 |
| Industrial & Commercial Bank of China Ltd., H Shares | 5651000 | 4647709 |
| Ingdan, Inc.<sup>(2)</sup> | 66000 | 26490 |
| Inkeverse Group Ltd.<sup>(2)</sup> | 578000 | 53721 |
| Innovent Biologics, Inc.<sup>(2)</sup> | 107000 | 1164147 |
| iQIYI, Inc., ADR<sup>(2)</sup> | 147242 | 235587 |
| J&T Global Express Ltd.<sup>(2)</sup> | 345000 | 452257 |
| JD Health International, Inc.<sup>(2)</sup> | 121100 | 876469 |
| JD Logistics, Inc.<sup>(2)</sup> | 534400 | 759644 |
| JD.com, Inc., ADR | 33915 | 899765 |
| JD.com, Inc., Class A | 4138 | 54935 |
| Jiangsu Expressway Co. Ltd., H Shares | 212000 | 275807 |
| Jiangxi Copper Co. Ltd., H Shares | 149000 | 864337 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 391500 | 124649 |
| Jiumaojiu International Holdings Ltd. | 431000 | 112768 |
| JNBY Design Ltd. | 70500 | 193779 |
| JOYY, Inc., ADR | 4883 | 291369 |
| Jutal Offshore Oil Services Ltd. | 44333 | 2884 |
| Kanzhun Ltd., ADR | 3034 | 48787 |
| KE Holdings, Inc., ADR | 19568 | 321894 |
| Kinetic Development Group Ltd. | 892000 | 234667 |
| Kingboard Holdings Ltd. | 199500 | 1030202 |
| Kingboard Laminates Holdings Ltd. | 228500 | 689672 |
| Kingdee International Software Group Co. Ltd.<sup>(2)</sup> | 101000 | 129602 |
| Kingsoft Cloud Holdings Ltd.<sup>(1)(2)</sup> | 102000 | 92739 |
| Kingsoft Corp. Ltd. | 210400 | 698762 |
| Kuaishou Technology | 381300 | 3023531 |
| Kunlun Energy Co. Ltd. | 256000 | 274418 |
| KWG Group Holdings Ltd.<sup>(1)(2)</sup> | 217000 | 5245 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 143500 | $3871 |
| Lee & Man Paper Manufacturing Ltd. | 218000 | 107547 |
| Legend Biotech Corp., ADR<sup>(2)</sup> | 725 | 13775 |
| Lenovo Group Ltd. | 460000 | 567788 |
| LexinFintech Holdings Ltd., ADR<sup>(1)</sup> | 10933 | 31596 |
| Li Auto, Inc., ADR<sup>(2)</sup> | 21315 | 374931 |
| Li Ning Co. Ltd. | 552500 | 1583080 |
| Lingbao Gold Group Co. Ltd., Class H | 163700 | 562881 |
| Linklogis, Inc., Class B | 302500 | 83646 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 433000 | 71185 |
| Longfor Group Holdings Ltd.<sup>(1)</sup> | 396108 | 501513 |
| Lonking Holdings Ltd. | 719000 | 313814 |
| Luye Pharma Group Ltd.<sup>(2)</sup> | 526500 | 174136 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(2)</sup> | 218000 | 7888 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(2)</sup> | 228000 | 79623 |
| Meitu, Inc.<sup>(2)</sup> | 45000 | 32413 |
| Meituan, Class B<sup>(2)</sup> | 266410 | 2743223 |
| Metallurgical Corp. of China Ltd., H Shares | 5000 | 1229 |
| Microport Cardioflow Medtech Corp.<sup>(2)</sup> | 9000 | 4049 |
| Midea Group Co. Ltd. | 10800 | 125013 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 119400 | 64358 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(2)</sup> | 32000 | 10572 |
| MINISO Group Holding Ltd., ADR<sup>(1)</sup> | 11647 | 209879 |
| Minth Group Ltd. | 244000 | 1363903 |
| MMG Ltd.<sup>(2)</sup> | 1409600 | 1935348 |
| NetDragon Websoft Holdings Ltd. | 59500 | 68480 |
| NetEase Cloud Music, Inc.<sup>(1)(2)</sup> | 9500 | 187320 |
| NetEase, Inc., ADR | 31204 | 3587524 |
| New China Life Insurance Co. Ltd., H Shares | 179300 | 1261772 |
| New Oriental Education & Technology Group, Inc., ADR | 6226 | 340251 |
| Newborn Town, Inc.<sup>(2)</sup> | 262000 | 315763 |
| Nexteer Automotive Group Ltd. | 361000 | 343940 |
| Nine Dragons Paper Holdings Ltd.<sup>(2)</sup> | 331000 | 372336 |
| NIO, Inc., ADR<sup>(2)</sup> | 79558 | 387447 |
| Noah Holdings Ltd., ADR | 16363 | 193411 |
| Nongfu Spring Co. Ltd., H Shares | 190800 | 1151139 |
| Onewo, Inc., Class H | 63800 | 155133 |
| Orient Overseas International Ltd.<sup>(1)</sup> | 25000 | 477458 |
| PDD Holdings, Inc., ADR<sup>(2)</sup> | 61541 | 6383648 |
| People's Insurance Co. Group of China Ltd., H Shares | 1086000 | 887128 |
| Perennial Energy Holdings Ltd.<sup>(2)</sup> | 40000 | 5857 |
| PetroChina Co. Ltd., Class H | 1882400 | 2292709 |
| Pharmaron Beijing Co. Ltd., H Shares | 5850 | 14740 |
| PICC Property & Casualty Co. Ltd., H Shares | 660000 | 1361807 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(1)(2)</sup> | 356559 | 598853 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 648006 | 5605666 |
| Poly Property Group Co. Ltd.<sup>(1)</sup> | 591362 | 159273 |
| Poly Property Services Co. Ltd., Class H | 56200 | 229680 |
| Pop Mart International Group Ltd. | 60400 | 1777146 |
| Postal Savings Bank of China Co. Ltd., H Shares | 876000 | 551230 |
| Pou Sheng International Holdings Ltd. | 90000 | 5253 |
| Powerlong Commercial Management Holdings Ltd.<sup>(2)</sup> | 8500 | 2696 |
| Precision Tsugami China Corp. Ltd. | 57000 | 323558 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PW Medtech Group Ltd. | 7000 | $1198 |
| Q Technology Group Co. Ltd. | 150000 | 169643 |
| Qfin Holdings, Inc., ADR | 20555 | 299281 |
| Qingling Motors Co. Ltd., H Shares<sup>(2)</sup> | 6000 | 766 |
| Qyuns Therapeutics Co. Ltd., Class H<sup>(2)</sup> | 6000 | 12995 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 182000 | 38267 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 60000 | 120654 |
| Scholar Education Group<sup>(1)</sup> | 51000 | 12964 |
| Seazen Group Ltd.<sup>(2)</sup> | 936000 | 274436 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(1)(2)</sup> | 41800 | 39591 |
| Shandong Gold Mining Co. Ltd., H Shares | 27000 | 142445 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 158800 | 103324 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(1)</sup> | 15000 | 115366 |
| Shanghai Conant Optical Co. Ltd., Class H | 36500 | 287706 |
| Shanghai Electric Group Co. Ltd., H Shares<sup>(2)</sup> | 40000 | 24142 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 15500 | 39577 |
| Shanghai Haohai Biological Technology Co. Ltd., H Shares | 280 | 910 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(2)</sup> | 17000 | 145495 |
| Shanghai Industrial Holdings Ltd. | 114000 | 223516 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 49200 | 73134 |
| Shenzhen Expressway Corp. Ltd., H Shares | 72000 | 66040 |
| Shenzhen International Holdings Ltd. | 380580 | 443362 |
| Shenzhen Investment Ltd.<sup>(2)</sup> | 268000 | 28750 |
| Shenzhou International Group Holdings Ltd. | 133000 | 1069594 |
| Shimao Services Holdings Ltd.<sup>(2)</sup> | 49000 | 3945 |
| Shoucheng Holdings Ltd. | 113200 | 31758 |
| Shougang Fushan Resources Group Ltd. | 392666 | 168955 |
| Shui On Land Ltd. | 909000 | 76498 |
| Sichuan Expressway Co. Ltd., Class H | 74000 | 52910 |
| Simcere Pharmaceutical Group Ltd. | 188000 | 298869 |
| Sino Biopharmaceutical Ltd. | 1691000 | 1303985 |
| Sinopec Engineering Group Co. Ltd., H Shares | 593500 | 600065 |
| Sinopec Kantons Holdings Ltd.<sup>(1)</sup> | 82000 | 45236 |
| Sinopec Shanghai Petrochemical Co. Ltd., Class H | 36500 | 7466 |
| Sinopharm Group Co. Ltd., H Shares | 271200 | 731166 |
| Sinotrans Ltd., H Shares | 4000 | 2681 |
| Sinotruk Hong Kong Ltd. | 197000 | 1037062 |
| Skyworth Group Ltd.<sup>(1)(2)</sup> | 241538 | 216265 |
| SOHO China Ltd.<sup>(2)</sup> | 54500 | 3546 |
| Sohu.com Ltd., ADR<sup>(2)</sup> | 6119 | 101086 |
| South Manganese Investment Ltd.<sup>(2)</sup> | 210000 | 13638 |
| SSY Group Ltd.<sup>(1)</sup> | 320000 | 110496 |
| Sun Art Retail Group Ltd. | 1061500 | 222458 |
| Sun King Technology Group Ltd. | 2000 | 484 |
| Sunac Services Holdings Ltd.<sup>(1)</sup> | 632386 | 107199 |
| Sunny Optical Technology Group Co. Ltd. | 50100 | 370485 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 24831 | 136388 |
| TAL Education Group, ADR<sup>(2)</sup> | 27476 | 289322 |
| Tencent Holdings Ltd. | 295000 | 19409179 |
| Tencent Music Entertainment Group, ADR | 50872 | 742731 |
| Tiangong International Co. Ltd.<sup>(1)</sup> | 202000 | 108749 |
| Tianjin Port Development Holdings Ltd. | 12000 | 1087 |
| Tianli International Holdings Ltd.<sup>(1)</sup> | 405000 | 129306 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tianneng Power International Ltd.<sup>(1)</sup> | 246000 | $234174 |
| Tingyi Cayman Islands Holding Corp. | 468000 | 781536 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 71000 | 39710 |
| Tongcheng Travel Holdings Ltd. | 337200 | 888302 |
| Tongda Group Holdings Ltd.<sup>(2)</sup> | 14900 | 6693 |
| Tongdao Liepin Group | 12800 | 5270 |
| Topsports International Holdings Ltd. | 344000 | 137972 |
| TravelSky Technology Ltd., H Shares | 88000 | 120422 |
| Trip.com Group Ltd., ADR | 14698 | 773409 |
| Tsaker New Energy Tech Co. Ltd. | 72500 | 7489 |
| Tsingtao Brewery Co. Ltd., H Shares | 116000 | 784795 |
| Tuhu Car, Inc.<sup>(2)</sup> | 62800 | 115419 |
| Uni-President China Holdings Ltd. | 173000 | 170775 |
| Up Fintech Holding Ltd., ADR<sup>(2)</sup> | 30551 | 238909 |
| Vipshop Holdings Ltd., ADR | 84773 | 1476746 |
| Viva Biotech Holdings<sup>(2)</sup> | 313500 | 87612 |
| Want Want China Holdings Ltd. | 1249000 | 781742 |
| Weibo Corp., ADR<sup>(1)</sup> | 25940 | 257584 |
| Weichai Power Co. Ltd., H Shares | 103000 | 428615 |
| Weilong Delicious Global Holdings Ltd.<sup>(1)</sup> | 72600 | 108474 |
| West China Cement Ltd.<sup>(1)</sup> | 540000 | 208070 |
| Wuling Motors Holdings Ltd. | 160000 | 10190 |
| WuXi AppTec Co. Ltd., H Shares | 48207 | 731601 |
| Wuxi Biologics Cayman, Inc.<sup>(2)</sup> | 504000 | 2587650 |
| XD, Inc. | 70400 | 662436 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(2)</sup> | 132500 | 12509 |
| Xiaomi Corp., Class B<sup>(2)</sup> | 413400 | 1828431 |
| Xin Point Holdings Ltd. | 12000 | 6081 |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 80000 | 104807 |
| Xinte Energy Co. Ltd., H Shares<sup>(2)</sup> | 74400 | 67765 |
| Xinyi Energy Holdings Ltd.<sup>(1)</sup> | 493805 | 79983 |
| Xinyi Solar Holdings Ltd.<sup>(1)</sup> | 505230 | 222595 |
| XJ International Holdings Co. Ltd.<sup>(2)</sup> | 1008000 | 23185 |
| Xtep International Holdings Ltd. | 585871 | 398295 |
| Xunlei Ltd., ADR<sup>(1)(2)</sup> | 887 | 5074 |
| Yadea Group Holdings Ltd. | 124000 | 180466 |
| Yankuang Energy Group Co. Ltd., H Shares | 193300 | 345466 |
| Yidu Tech, Inc.<sup>(2)</sup> | 96500 | 73269 |
| Yihai International Holding Ltd. | 208000 | 432895 |
| Yiren Digital Ltd., ADR | 6125 | 23887 |
| Yixin Group Ltd.<sup>(1)</sup> | 462000 | 162648 |
| Youdao, Inc., ADR<sup>(1)(2)</sup> | 1984 | 21268 |
| Youzan Technology Ltd.<sup>(2)</sup> | 1520000 | 24577 |
| Yuexiu Property Co. Ltd.<sup>(1)</sup> | 396800 | 232451 |
| Yuexiu Services Group Ltd. | 72500 | 17865 |
| Yuexiu Transport Infrastructure Ltd. | 198000 | 116289 |
| Yum China Holdings, Inc. | 24785 | 1360944 |
| ZCZL Industrial Technology Group Co. Ltd., H Shares | 6400 | 19169 |
| Zengame Technology Holding Ltd. | 102000 | 30852 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 341000 | 1503132 |
| Zhejiang Expressway Co. Ltd., H Shares | 248400 | 217349 |
| Zhihu, Inc., ADR<sup>(2)</sup> | 4484 | 14887 |
| Zhongsheng Group Holdings Ltd. | 326000 | 430878 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Zhou Hei Ya International Holdings Co. Ltd. | 177000 | $35473 |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 600000 | 3073 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 96200 | 544641 |
| Zijin Mining Group Co. Ltd., H Shares | 604000 | 3457211 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H<sup>(1)</sup> | 114200 | 152263 |
| ZTO Express Cayman, Inc., ADR | 58473 | 1425572 |
|  |  | 214225814 |
| **Colombia — 0.2%** |  |  |
| BAC Holding International Corp. | 3792 | 440 |
| Banco Davivienda SA, Preference Shares | 1532 | 11531 |
| Cementos Argos SA | 28505 | 89952 |
| Corp. Financiera Colombiana SA<sup>(2)</sup> | 3119 | 14631 |
| Ecopetrol SA, ADR<sup>(1)</sup> | 7007 | 83313 |
| Grupo Argos SA | 60349 | 265394 |
| Grupo Aval Acciones y Valores SA, Preference Shares | 3792 | 769 |
| Grupo Cibest SA | 12549 | 282152 |
| Grupo Cibest SA, ADR | 5620 | 381486 |
| Grupo de Inversiones Suramericana SA | 12131 | 175240 |
| Interconexion Electrica SA ESP | 40461 | 302163 |
| Mineros SA | 20536 | 109138 |
|  |  | 1716209 |
| **Czech Republic — 0.1%** |  |  |
| CEZ AS | 11399 | 647433 |
| Komercni Banka AS | 5431 | 311316 |
| Moneta Money Bank AS | 52198 | 502168 |
|  |  | 1460917 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 369086 | 984181 |
| **Greece — 0.7%** |  |  |
| Aegean Airlines SA | 18435 | 299277 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(2)</sup> | 14102 | 175151 |
| Alpha Bank SA | 229360 | 1008822 |
| Athens International Airport SA | 7996 | 108086 |
| Eurobank SA | 201651 | 934342 |
| Fourlis Holdings SA | 301 | 1619 |
| Hellenic Telecommunications Organization SA | 7470 | 155168 |
| HELLENiQ ENERGY Holdings SA | 12550 | 131043 |
| Jumbo SA<sup>(1)</sup> | 10631 | 311472 |
| LAMDA Development SA<sup>(2)</sup> | 19803 | 163654 |
| Motor Oil Hellas Corinth Refineries SA | 15527 | 674008 |
| National Bank of Greece SA | 53254 | 866266 |
| OPAP Holding SA | 9531 | 178162 |
| Optima bank SA<sup>(1)</sup> | 4646 | 53648 |
| Piraeus Bank SA<sup>(2)</sup> | 128968 | 1237395 |
| Public Power Corp. SA | 15145 | 338930 |
| Titan SA | 5890 | 365479 |
| Viohalco SA | 2419 | 45193 |
|  |  | 7047715 |
| **Hong Kong — 0.1%** |  |  |
| Asia Cement China Holdings Corp.<sup>(2)</sup> | 43000 | 12944 |
| Baozun, Inc., ADR<sup>(2)</sup> | 1003 | 2518 |
| Baozun, Inc., Class A<sup>(2)</sup> | 1700 | 1469 |
| Central China Management Co. Ltd.<sup>(2)</sup> | 18000 | 225 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| China Harmony Auto Holding Ltd.<sup>(2)</sup> | 28500 | $3499 |
| China Maple Leaf Educational Systems Ltd.<sup>(2)</sup> | 42000 | 1713 |
| China Oil & Gas Group Ltd.<sup>(2)</sup> | 40000 | 880 |
| China Rare Earth Holdings Ltd.<sup>(2)</sup> | 68000 | 3042 |
| China Shengmu Organic Milk Ltd.<sup>(2)</sup> | 55000 | 2420 |
| China Shuifa Singyes Energy Holdings Ltd.<sup>(2)</sup> | 66000 | 1929 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 148000 | 1012 |
| China Sunshine Paper Holdings Co. Ltd. | 69000 | 11897 |
| China Zhongwang Holdings Ltd.<sup>(1)(2)</sup> | 81088 | 104 |
| Coolpad Group Ltd.<sup>(2)</sup> | 9300 | 781 |
| Dawnrays Pharmaceutical Holdings Ltd. | 7000 | 1067 |
| EVA Precision Industrial Holdings Ltd. | 114000 | 12949 |
| Hebei Construction Group Corp. Ltd., H Shares<sup>(2)</sup> | 3000 | 150 |
| Homeland Interactive Technology Ltd.<sup>(2)</sup> | 24000 | 4080 |
| Honliv Healthcare Management Group Co. Ltd.<sup>(2)</sup> | 20000 | 4145 |
| IMAX China Holding, Inc.<sup>(2)</sup> | 4700 | 4938 |
| JH Educational Technology, Inc.<sup>(2)</sup> | 14000 | 2399 |
| Jiayuan International Group Ltd.<sup>(2)</sup> | 52000 | 66 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 703000 | 14377 |
| Lee & Man Chemical Co. Ltd. | 4000 | 3130 |
| Minsheng Education Group Co. Ltd.<sup>(2)</sup> | 34000 | 825 |
| Mobvista, Inc.<sup>(2)</sup> | 115000 | 173914 |
| Pacific Millennium Packaging Group Corp. | 2000 | 644 |
| Powerlong Real Estate Holdings Ltd.<sup>(2)</sup> | 62000 | 1973 |
| Prinx Chengshan Holdings Ltd. | 6000 | 6218 |
| Redco Properties Group Ltd.<sup>(1)(2)</sup> | 22000 | 474 |
| Road King Infrastructure Ltd.<sup>(2)</sup> | 5000 | 428 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(2)</sup> | 1600 | 61 |
| Shanghai Pioneer Holding Ltd. | 22000 | 6328 |
| Trigiant Group Ltd.<sup>(2)</sup> | 6000 | 644 |
| Truly International Holdings Ltd. | 256000 | 32300 |
| United Strength Power Holdings Ltd. | 2000 | 391 |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(2)</sup> | 9000 | 3156 |
| Viva Goods Co. Ltd.<sup>(2)</sup> | 24000 | 2022 |
| Wharf Holdings Ltd.<sup>(1)</sup> | 73000 | 241543 |
| Yincheng International Holding Co. Ltd.<sup>(2)</sup> | 4000 | 1 |
|  |  | 562656 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 52061 | 353028 |
| MOL Hungarian Oil & Gas PLC | 42592 | 471452 |
| OTP Bank Nyrt | 14455 | 1782191 |
| Richter Gedeon Nyrt | 6461 | 242371 |
|  |  | 2849042 |
| **India — 13.6%** |  |  |
| 20 Microns Ltd. | 5667 | 10896 |
| 360 ONE WAM Ltd. | 10948 | 132983 |
| 3M India Ltd. | 187 | 77122 |
| 63 Moons Technologies Ltd. | 4379 | 29137 |
| Aarti Drugs Ltd. | 4275 | 17282 |
| Aarti Industries Ltd. | 21152 | 104085 |
| Aarti Pharmalabs Ltd. | 8346 | 66524 |
| Aavas Financiers Ltd.<sup>(2)</sup> | 6784 | 95971 |
| ABB India Ltd. | 2252 | 150431 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ACC Ltd. | 6924 | $121295 |
| Accelya Solutions India Ltd. | 926 | 12204 |
| Action Construction Equipment Ltd. | 7994 | 77940 |
| Adani Energy Solutions Ltd.<sup>(2)</sup> | 13550 | 150784 |
| Adani Enterprises Ltd. | 8518 | 202706 |
| Adani Enterprises Ltd.<sup>(2)</sup> | 1022 | 19393 |
| Adani Green Energy Ltd.<sup>(2)</sup> | 6990 | 72906 |
| Adani Ports & Special Economic Zone Ltd. | 43977 | 736205 |
| Adani Power Ltd.<sup>(2)</sup> | 273085 | 421323 |
| Adani Total Gas Ltd. | 8578 | 48369 |
| Aditya Birla Capital Ltd.<sup>(2)</sup> | 66865 | 253289 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 16335 | 160681 |
| Agarwal Industrial Corp. Ltd. | 1367 | 8271 |
| AGI Greenpac Ltd. | 7217 | 42503 |
| AIA Engineering Ltd. | 2717 | 115060 |
| Ajanta Pharma Ltd. | 7126 | 234865 |
| Alembic Ltd. | 9345 | 9433 |
| Alembic Pharmaceuticals Ltd. | 8197 | 64208 |
| Alivus Life Sciences Ltd. | 5884 | 59166 |
| Alkyl Amines Chemicals | 545 | 8909 |
| Allcargo Global Ltd.<sup>(2)</sup> | 39128 | 9234 |
| Allcargo Logistics Ltd.<sup>(2)</sup> | 39128 | 3641 |
| Allcargo Terminals Ltd.<sup>(2)</sup> | 9782 | 2685 |
| Allied Digital Services Ltd. | 9140 | 11862 |
| Alok Industries Ltd.<sup>(2)</sup> | 30788 | 4857 |
| Amara Raja Energy & Mobility Ltd. | 20664 | 192043 |
| Ambuja Cements Ltd. | 25656 | 141002 |
| Anand Rathi Wealth Ltd. | 1798 | 60799 |
| Andhra Paper Ltd. | 16070 | 12169 |
| Andhra Sugars Ltd. | 20345 | 16542 |
| Angel One Ltd. | 125560 | 322528 |
| Antelopus Selan Energy Ltd.<sup>(2)</sup> | 1229 | 6964 |
| Anup Engineering Ltd. | 2895 | 50140 |
| Apar Industries Ltd. | 375 | 46153 |
| APL Apollo Tubes Ltd. | 12471 | 306664 |
| Apollo Hospitals Enterprise Ltd. | 5000 | 430634 |
| Apollo Tyres Ltd. | 65347 | 326299 |
| Aptus Value Housing Finance India Ltd. | 31655 | 85004 |
| Archean Chemical Industries Ltd. | 14564 | 92369 |
| Arvind Fashions Ltd. | 18421 | 89629 |
| Arvind Ltd. | 33494 | 129846 |
| Arvind SmartSpaces Ltd. | 2390 | 14390 |
| Asahi India Glass Ltd. | 13935 | 138083 |
| Ashok Leyland Ltd. | 411406 | 955339 |
| Ashoka Buildcon Ltd.<sup>(2)</sup> | 52270 | 74947 |
| Asian Paints Ltd. | 17466 | 457056 |
| Astral Ltd. | 2185 | 40100 |
| Atul Ltd. | 1013 | 74286 |
| AU Small Finance Bank Ltd. | 28817 | 303425 |
| Aurobindo Pharma Ltd. | 28578 | 384580 |
| Aurum Proptech Ltd.<sup>(2)</sup> | 376 | 742 |
| Avanti Feeds Ltd. | 9135 | 129644 |
| Avenue Supermarts Ltd.<sup>(2)</sup> | 2943 | 124810 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| AWL Agri Business Ltd.<sup>(2)</sup> | 25903 | $53903 |
| Axis Bank Ltd., GDR | 34119 | 2569452 |
| Bajaj Auto Ltd. | 4070 | 446528 |
| Bajaj Consumer Care Ltd.<sup>(2)</sup> | 15148 | 65823 |
| Bajaj Finance Ltd. | 135911 | 1490552 |
| Bajaj Finserv Ltd. | 21573 | 473101 |
| Bajaj Healthcare Ltd. | 4557 | 16532 |
| Bajaj Hindusthan Sugar Ltd.<sup>(2)</sup> | 221576 | 39403 |
| Bajel Projects Ltd.<sup>(2)</sup> | 5663 | 10043 |
| Balaji Amines Ltd. | 1730 | 20666 |
| Balkrishna Industries Ltd. | 8777 | 230320 |
| Balrampur Chini Mills Ltd. | 18717 | 96953 |
| Banco Products India Ltd. | 2002 | 13733 |
| Bandhan Bank Ltd. | 137932 | 276201 |
| Bank of Baroda | 110705 | 392185 |
| Bank of Maharashtra | 85420 | 70254 |
| BASF India Ltd. | 1301 | 49414 |
| Bata India Ltd. | 9595 | 83253 |
| Bayer CropScience Ltd. | 2286 | 117383 |
| Berger Paints India Ltd. | 8059 | 40381 |
| Best Agrolife Ltd. | 26400 | 4697 |
| Bhansali Engineering Polymers Ltd. | 21758 | 19483 |
| Bharat Bijlee Ltd. | 1734 | 46705 |
| Bharat Electronics Ltd. | 154146 | 754768 |
| Bharat Forge Ltd. | 21353 | 449545 |
| Bharat Heavy Electricals Ltd. | 73597 | 214457 |
| Bharat Petroleum Corp. Ltd. | 205907 | 872334 |
| Bharat Rasayan Ltd. | 868 | 14426 |
| Bharti Airtel Ltd. | 26351 | 545592 |
| Bharti Airtel Ltd. | 1882 | 30576 |
| Biocon Ltd. | 11885 | 51037 |
| Birla Corp. Ltd. | 2240 | 24626 |
| BirlaNu Ltd. | 531 | 8803 |
| Birlasoft Ltd. | 44349 | 190571 |
| Bliss Gvs Pharma Ltd. | 23549 | 54914 |
| BLS International Services Ltd. | 11482 | 35261 |
| Blue Dart Express Ltd. | 1074 | 67110 |
| Blue Star Ltd. | 8341 | 177773 |
| Bluspring Enterprises Ltd.<sup>(2)</sup> | 6356 | 3567 |
| Bombay Burmah Trading Co. | 4932 | 91927 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 27868 | 34798 |
| Bosch Ltd. | 143 | 57275 |
| Brigade Enterprises Ltd. | 5777 | 44094 |
| Brightcom Group Ltd.<sup>(2)</sup> | 188567 | 22186 |
| Britannia Industries Ltd. | 8076 | 533035 |
| BSE Ltd. | 5906 | 176206 |
| Camlin Fine Sciences Ltd.<sup>(2)</sup> | 22666 | 36820 |
| Campus Activewear Ltd. | 17472 | 49892 |
| Can Fin Homes Ltd. | 24030 | 223160 |
| Canara Bank | 217684 | 376857 |
| Capacit'e Infraprojects Ltd.<sup>(2)</sup> | 13971 | 37334 |
| Carborundum Universal Ltd. | 4834 | 43836 |
| Care Ratings Ltd. | 1529 | 27076 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Carysil Ltd. | 1860 | $18318 |
| Castrol India Ltd. | 72396 | 148794 |
| Ceat Ltd. | 6233 | 242044 |
| Cemindia Projects Ltd. | 23620 | 149750 |
| Central Depository Services India Ltd. | 7705 | 107942 |
| Century Plyboards India Ltd. | 183 | 1480 |
| Cera Sanitaryware Ltd. | 402 | 21618 |
| CESC Ltd. | 62905 | 109431 |
| CG Power & Industrial Solutions Ltd. | 27275 | 217451 |
| Chalet Hotels Ltd. | 11252 | 99987 |
| Chambal Fertilisers & Chemicals Ltd. | 40425 | 205393 |
| Chemcon Speciality Chemicals Ltd.<sup>(2)</sup> | 561 | 1014 |
| Chemplast Sanmar Ltd.<sup>(2)</sup> | 17320 | 46911 |
| Chennai Petroleum Corp. Ltd. | 12992 | 137441 |
| Cholamandalam Financial Holdings Ltd. | 8542 | 153590 |
| Cholamandalam Investment & Finance Co. Ltd. | 46829 | 892233 |
| CIE Automotive India Ltd. | 11356 | 58963 |
| Cigniti Technologies Ltd.<sup>(2)</sup> | 6204 | 80385 |
| Cipla Ltd. | 33201 | 493034 |
| City Union Bank Ltd. | 70886 | 220650 |
| CMS Info Systems Ltd. | 45867 | 153138 |
| Coal India Ltd. | 221500 | 1049352 |
| Cochin Shipyard Ltd. | 5900 | 96775 |
| Coforge Ltd. | 14526 | 190166 |
| Cohance Lifesciences Ltd.<sup>(2)</sup> | 8004 | 27269 |
| Colgate-Palmolive India Ltd. | 13085 | 324482 |
| Computer Age Management Services Ltd. | 28820 | 215059 |
| Container Corp. of India Ltd. | 14748 | 80431 |
| Coromandel International Ltd. | 22622 | 552472 |
| Cosmo First Ltd. | 5636 | 44055 |
| Craftsman Automation Ltd. | 3000 | 248365 |
| CreditAccess Grameen Ltd.<sup>(2)</sup> | 5896 | 82113 |
| CRISIL Ltd. | 1033 | 49708 |
| Crompton Greaves Consumer Electricals Ltd. | 42692 | 121202 |
| Cummins India Ltd. | 7999 | 431361 |
| Cyient Ltd. | 12879 | 129849 |
| Dabur India Ltd. | 25853 | 147436 |
| Dalmia Bharat Ltd. | 5784 | 126707 |
| Dalmia Bharat Refractories Ltd.<sup>(2)</sup> | 33 | 4 |
| Dalmia Bharat Sugar & Industries Ltd. | 1638 | 5441 |
| DAM Capital Advisors Ltd. | 12699 | 21000 |
| Datamatics Global Services Ltd. | 5211 | 44230 |
| DB Corp. Ltd. | 13014 | 32231 |
| DCB Bank Ltd. | 38727 | 79128 |
| DCM Shriram Fine Chemicals Ltd.<sup>(2)</sup> | 6912 | 2425 |
| DCM Shriram Industries Ltd. | 6912 | 2762 |
| DCM Shriram International Ltd.<sup>(2)</sup> | 6912 | 4837 |
| DCM Shriram Ltd. | 6921 | 78897 |
| DCW Ltd. | 38894 | 20334 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4777 | 52362 |
| Deepak Nitrite Ltd. | 5774 | 100286 |
| Delta Corp. Ltd. | 3208 | 2161 |
| Devyani International Ltd.<sup>(2)</sup> | 51787 | 72646 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Digitide Solutions Ltd.<sup>(2)</sup> | 6356 | $6880 |
| Dilip Buildcon Ltd. | 10399 | 47582 |
| Dish TV India Ltd.<sup>(2)</sup> | 221711 | 7048 |
| Dishman Carbogen Amcis Ltd.<sup>(2)</sup> | 11349 | 21843 |
| Divi's Laboratories Ltd. | 3904 | 275553 |
| Dixon Technologies India Ltd. | 2520 | 292130 |
| DLF Ltd. | 25071 | 166585 |
| D-Link India Ltd. | 5282 | 24570 |
| Dr. Lal PathLabs Ltd. | 4912 | 75824 |
| Dr. Reddy's Laboratories Ltd., ADR | 29889 | 429804 |
| Dwarikesh Sugar Industries Ltd. | 31044 | 12737 |
| E2E Networks Ltd.<sup>(2)</sup> | 375 | 10655 |
| eClerx Services Ltd. | 7072 | 247022 |
| Edelweiss Financial Services Ltd. | 128351 | 161521 |
| Eicher Motors Ltd. | 5646 | 497513 |
| EID Parry India Ltd.<sup>(2)</sup> | 23743 | 226092 |
| EIH Ltd. | 23266 | 80183 |
| Elecon Engineering Co. Ltd. | 16414 | 75185 |
| Electrosteel Castings Ltd. | 36739 | 27946 |
| Emami Ltd. | 34735 | 176796 |
| Embassy Developments Ltd.<sup>(2)</sup> | 46013 | 30588 |
| Endurance Technologies Ltd. | 3250 | 95294 |
| Engineers India Ltd. | 77086 | 188036 |
| Epack Durable Ltd.<sup>(2)</sup> | 14162 | 38626 |
| Epigral Ltd. | 2722 | 26687 |
| EPL Ltd. | 46019 | 110069 |
| Equitas Small Finance Bank Ltd.<sup>(2)</sup> | 112358 | 79561 |
| Escorts Kubota Ltd. | 1598 | 61834 |
| Ester Industries Ltd. | 7600 | 8839 |
| Eternal Ltd.<sup>(2)</sup> | 91136 | 246626 |
| Eveready Industries India Ltd. | 9278 | 33849 |
| Everest Industries Ltd. | 1312 | 5616 |
| Everest Kanto Cylinder Ltd. | 12621 | 15572 |
| Excel Industries Ltd. | 1451 | 15206 |
| Exide Industries Ltd. | 50863 | 187091 |
| FDC Ltd. | 1453 | 5707 |
| Federal Bank Ltd. | 249215 | 822318 |
| Federal-Mogul Goetze India Ltd.<sup>(2)</sup> | 5784 | 25886 |
| FIEM Industries Ltd. | 1560 | 37410 |
| Filatex India Ltd. | 43459 | 20765 |
| Fine Organic Industries Ltd. | 1901 | 98438 |
| Fineotex Chemical Ltd. | 59570 | 15469 |
| Finolex Cables Ltd. | 7205 | 72352 |
| Finolex Industries Ltd. | 51489 | 104894 |
| Five-Star Business Finance Ltd. | 27693 | 127130 |
| Force Motors Ltd. | 1521 | 407687 |
| Fortis Healthcare Ltd. | 12310 | 127803 |
| G R Infraprojects Ltd. | 4953 | 51993 |
| Gabriel India Ltd. | 10034 | 110265 |
| GAIL India Ltd. | 118569 | 221249 |
| Galaxy Surfactants Ltd. | 260 | 5624 |
| Garware Technical Fibres Ltd. | 8469 | 59897 |
| Gateway Distriparks Ltd. | 25998 | 16824 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GE Vernova T&D India Ltd. | 6299 | $266591 |
| Geojit Financial Services Ltd. | 25322 | 17596 |
| GHCL Ltd. | 11424 | 60140 |
| GHCL Textiles Ltd. | 5163 | 4342 |
| GIC Housing Finance Ltd. | 7865 | 13357 |
| Gillette India Ltd. | 1040 | 95420 |
| Gland Pharma Ltd. | 3180 | 63881 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 1424 | 40322 |
| Glenmark Pharmaceuticals Ltd. | 5271 | 123863 |
| Global Health Ltd. | 6568 | 82228 |
| Globus Spirits Ltd. | 1530 | 15056 |
| GM Breweries Ltd. | 2182 | 23909 |
| GMM Pfaudler Ltd. | 5881 | 60329 |
| GMR Airports Ltd.<sup>(2)</sup> | 115370 | 127827 |
| GMR Power & Urban Infra Ltd.<sup>(2)</sup> | 12421 | 16474 |
| GNA Axles Ltd. | 1572 | 7238 |
| Go Fashion India Ltd.<sup>(2)</sup> | 1423 | 4857 |
| Godawari Power & Ispat Ltd. | 63770 | 186792 |
| Godrej Agrovet Ltd. | 8470 | 59682 |
| Godrej Consumer Products Ltd. | 6465 | 86593 |
| Godrej Properties Ltd.<sup>(2)</sup> | 3460 | 65892 |
| Gokul Agro Resources Ltd.<sup>(2)</sup> | 34108 | 63650 |
| Granules India Ltd. | 14660 | 94158 |
| Graphite India Ltd. | 10458 | 82605 |
| Grasim Industries Ltd. | 12195 | 375521 |
| Great Eastern Shipping Co. Ltd. | 29918 | 440512 |
| Greaves Cotton Ltd. | 35619 | 59919 |
| Greenpanel Industries Ltd.<sup>(2)</sup> | 7398 | 16773 |
| Greenply Industries Ltd. | 13704 | 33272 |
| Grindwell Norton Ltd. | 1853 | 33872 |
| Gujarat Alkalies & Chemicals Ltd. | 3254 | 17100 |
| Gujarat Ambuja Exports Ltd. | 30364 | 47101 |
| Gujarat Fluorochemicals Ltd. | 757 | 29039 |
| Gujarat Industries Power Co. Ltd. | 9040 | 14054 |
| Gujarat Mineral Development Corp. Ltd. | 9795 | 61379 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 12684 | 63618 |
| Gujarat Pipavav Port Ltd. | 57229 | 111241 |
| Gujarat State Fertilizers & Chemicals Ltd. | 38670 | 71965 |
| Gujarat State Petronet Ltd. | 63517 | 212826 |
| Gulf Oil Lubricants India Ltd. | 5694 | 69180 |
| Hathway Cable & Datacom Ltd.<sup>(2)</sup> | 53179 | 6280 |
| Havells India Ltd. | 17068 | 262213 |
| HCL Technologies Ltd. | 75792 | 1160111 |
| HDFC Asset Management Co. Ltd. | 19482 | 578234 |
| HDFC Bank Ltd. | 451459 | 4413012 |
| HDFC Life Insurance Co. Ltd. | 28671 | 225575 |
| HEG Ltd. | 12544 | 79657 |
| HeidelbergCement India Ltd. | 18473 | 33240 |
| Heritage Foods Ltd. | 14642 | 51310 |
| Hero MotoCorp Ltd. | 15685 | 985556 |
| Hexaware Technologies Ltd. | 22746 | 118650 |
| HFCL Ltd. | 55288 | 41685 |
| HG Infra Engineering Ltd. | 4795 | 28552 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hikal Ltd. | 6930 | $15009 |
| Himadri Speciality Chemical Ltd., ADR | 30894 | 164984 |
| Himatsingka Seide Ltd. | 16480 | 18151 |
| Hindalco Industries Ltd. | 156150 | 1589162 |
| Hinduja Global Solutions Ltd.<sup>(2)</sup> | 630 | 2612 |
| Hindustan Aeronautics Ltd. | 4725 | 203435 |
| Hindustan Construction Co. Ltd.<sup>(2)</sup> | 72973 | 13981 |
| Hindustan Oil Exploration Co. Ltd.<sup>(2)</sup> | 12291 | 17715 |
| Hindustan Petroleum Corp. Ltd. | 173666 | 837647 |
| Hindustan Unilever Ltd. | 29043 | 746723 |
| Hitachi Energy India Ltd. | 989 | 278159 |
| HI-Tech Pipes Ltd. | 26394 | 25596 |
| Honda India Power Products Ltd. | 797 | 18623 |
| Housing & Urban Development Corp. Ltd. | 16313 | 33512 |
| Huhtamaki India Ltd. | 5133 | 9968 |
| I G Petrochemicals Ltd. | 1499 | 5971 |
| ICICI Bank Ltd., ADR | 146987 | 4484573 |
| ICICI Lombard General Insurance Co. Ltd. | 7483 | 156610 |
| ICICI Prudential Life Insurance Co. Ltd. | 9480 | 68256 |
| IDFC First Bank Ltd. | 549216 | 443965 |
| IFCI Ltd.<sup>(2)</sup> | 52682 | 34815 |
| IIFL Capital Services Ltd. | 43723 | 138967 |
| IIFL Finance Ltd. | 71101 | 388461 |
| India Cements Ltd.<sup>(2)</sup> | 19560 | 87143 |
| India Glycols Ltd. | 9348 | 98925 |
| India Shelter Finance Corp. Ltd. | 2795 | 22555 |
| Indiabulls Ltd.<sup>(2)</sup> | 147414 | 16970 |
| IndiaMart InterMesh Ltd. | 6771 | 159081 |
| Indian Bank | 32035 | 349120 |
| Indian Energy Exchange Ltd. | 51181 | 70765 |
| Indian Hotels Co. Ltd. | 34514 | 253446 |
| Indian Hume Pipe Co. Ltd. | 4662 | 17055 |
| Indian Metals & Ferro Alloys Ltd. | 3462 | 48224 |
| Indian Oil Corp. Ltd. | 271128 | 558842 |
| Indian Railway Catering & Tourism Corp. Ltd. | 9660 | 60579 |
| Indian Renewable Energy Development Agency Ltd.<sup>(2)</sup> | 32696 | 43996 |
| Indo Count Industries Ltd. | 10682 | 31352 |
| Indraprastha Gas Ltd. | 55046 | 103509 |
| Indraprastha Medical Corp. Ltd. | 16933 | 75115 |
| Indus Towers Ltd.<sup>(2)</sup> | 176045 | 882025 |
| IndusInd Bank Ltd.<sup>(2)</sup> | 74180 | 780556 |
| Info Edge India Ltd. | 19177 | 217217 |
| Infosys Ltd., ADR<sup>(1)</sup> | 256985 | 3710863 |
| Ingersoll Rand India Ltd. | 307 | 13533 |
| INOX India Ltd. | 3112 | 39828 |
| Intellect Design Arena Ltd. | 14395 | 110655 |
| InterGlobe Aviation Ltd. | 13896 | 739377 |
| IOL Chemicals & Pharmaceuticals Ltd. | 29965 | 24138 |
| ION Exchange India Ltd. | 5549 | 22244 |
| IRB Infrastructure Developers Ltd. | 335640 | 154037 |
| IRCON International Ltd. | 39977 | 63272 |
| ISGEC Heavy Engineering Ltd. | 8502 | 83049 |
| J Kumar Infraprojects Ltd. | 6357 | 36943 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Jagran Prakashan Ltd. | 9956 | $6945 |
| Jai Balaji Industries Ltd.<sup>(2)</sup> | 26950 | 20470 |
| Jai Corp. Ltd. | 9007 | 10970 |
| Jain Irrigation Systems Ltd.<sup>(2)</sup> | 59660 | 23073 |
| Jaiprakash Associates Ltd.<sup>(2)</sup> | 47432 | 1486 |
| Jaiprakash Power Ventures Ltd.<sup>(2)</sup> | 699678 | 117309 |
| Jammu & Kashmir Bank Ltd. | 107723 | 143853 |
| Jamna Auto Industries Ltd. | 52330 | 84928 |
| Jash Engineering Ltd. | 5310 | 23372 |
| JB Chemicals & Pharmaceuticals Ltd. | 14139 | 318968 |
| Jindal Drilling & Industries Ltd. | 2127 | 10422 |
| Jindal Poly Films Ltd. | 1475 | 10005 |
| Jindal Saw Ltd. | 53281 | 108730 |
| Jindal Stainless Ltd. | 56432 | 482430 |
| Jindal Steel Ltd. | 37888 | 518801 |
| Jio Financial Services Ltd. | 191278 | 537850 |
| JK Cement Ltd. | 4664 | 290278 |
| JK Lakshmi Cement Ltd. | 14332 | 112621 |
| JK Paper Ltd. | 25337 | 100931 |
| JK Tyre & Industries Ltd. | 22186 | 122357 |
| JM Financial Ltd. | 103344 | 145214 |
| JSW Energy Ltd. | 42000 | 225307 |
| JSW Steel Ltd. | 21879 | 304733 |
| Jubilant Foodworks Ltd. | 22574 | 129105 |
| Jubilant Ingrevia Ltd. | 12275 | 79104 |
| Jubilant Pharmova Ltd. | 7752 | 73871 |
| Just Dial Ltd.<sup>(2)</sup> | 979 | 5918 |
| Jyoti Structures Ltd.<sup>(2)</sup> | 168125 | 23229 |
| Kajaria Ceramics Ltd. | 16006 | 168514 |
| Kalpataru Projects International Ltd. | 13804 | 188322 |
| Kalyan Jewellers India Ltd. | 4962 | 22403 |
| Kalyani Steels Ltd. | 2407 | 19845 |
| Kansai Nerolac Paints Ltd. | 14918 | 33377 |
| Karnataka Bank Ltd. | 37244 | 83123 |
| Karur Vysya Bank Ltd. | 129112 | 463212 |
| Kaveri Seed Co. Ltd. | 5784 | 49201 |
| KCP Ltd. | 19748 | 34401 |
| KEC International Ltd. | 37089 | 238389 |
| Kellton Tech Solutions Ltd.<sup>(2)</sup> | 38405 | 8120 |
| Kennametal India Ltd. | 279 | 7421 |
| Kfin Technologies Ltd. | 7063 | 74404 |
| Kiri Industries Ltd.<sup>(2)</sup> | 8250 | 41156 |
| Kirloskar Brothers Ltd. | 2915 | 50784 |
| Kirloskar Ferrous Industries Ltd. | 11193 | 48923 |
| Kirloskar Oil Engines Ltd. | 20773 | 318396 |
| KNR Constructions Ltd. | 38774 | 56514 |
| Kolte-Patil Developers Ltd.<sup>(2)</sup> | 1397 | 5448 |
| Kopran Ltd. | 1454 | 2112 |
| Kotak Mahindra Bank Ltd. | 339630 | 1552166 |
| KPIT Technologies Ltd. | 15137 | 128655 |
| KPR Mill Ltd. | 5470 | 54158 |
| KRBL Ltd. | 8855 | 33112 |
| Krishna Institute of Medical Sciences Ltd.<sup>(2)</sup> | 15587 | 127925 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kwality Wall's India Ltd.<sup>(2)</sup> | 29043 | $8338 |
| L&T Finance Ltd. | 138701 | 433343 |
| L&T Technology Services Ltd. | 955 | 36895 |
| LA Opala RG Ltd. | 4256 | 9662 |
| Larsen & Toubro Ltd. | 24156 | 1136439 |
| Laxmi Organic Industries Ltd. | 22759 | 31570 |
| LG Balakrishnan & Bros Ltd. | 4509 | 96575 |
| LIC Housing Finance Ltd. | 48332 | 286063 |
| Lincoln Pharmaceuticals Ltd. | 1473 | 10224 |
| Linde India Ltd. | 348 | 25783 |
| Lloyds Metals & Energy Ltd. | 10764 | 146150 |
| Lodha Developers Ltd. | 10590 | 115245 |
| LT Foods Ltd. | 21706 | 96243 |
| LTIMindtree Ltd. | 5066 | 249256 |
| Lupin Ltd. | 17797 | 452350 |
| LUX Industries Ltd. | 1558 | 15452 |
| Mahanagar Gas Ltd. | 15132 | 203086 |
| Maharashtra Scooters Ltd. | 356 | 51932 |
| Maharashtra Seamless Ltd. | 14871 | 91849 |
| Mahindra & Mahindra Financial Services Ltd. | 85818 | 353426 |
| Mahindra & Mahindra Ltd. | 37941 | 1418099 |
| Mahindra Holidays & Resorts India Ltd.<sup>(2)</sup> | 11646 | 36421 |
| Mahindra Logistics Ltd. | 4485 | 20433 |
| Maithan Alloys Ltd. | 2266 | 25018 |
| Man Infraconstruction Ltd. | 17927 | 20956 |
| Manali Petrochemicals Ltd. | 9199 | 5609 |
| Manappuram Finance Ltd. | 161805 | 503393 |
| Mangalam Cement Ltd. | 4384 | 43915 |
| Mankind Pharma Ltd. | 8430 | 208578 |
| Marico Ltd. | 34196 | 296517 |
| Marksans Pharma Ltd. | 42291 | 81247 |
| Maruti Suzuki India Ltd. | 4220 | 689862 |
| MAS Financial Services Ltd. | 4887 | 17447 |
| Matrimony.com Ltd. | 293 | 1302 |
| Max Financial Services Ltd.<sup>(2)</sup> | 25739 | 513280 |
| Max Healthcare Institute Ltd. | 18740 | 225571 |
| Mayur Uniquoters Ltd. | 3364 | 19686 |
| Mazagon Dock Shipbuilders Ltd. | 4276 | 104598 |
| Medplus Health Services Ltd.<sup>(2)</sup> | 9426 | 87896 |
| Meghmani Organics Ltd.<sup>(2)</sup> | 29589 | 17185 |
| Metropolis Healthcare Ltd. | 1019 | 21407 |
| Minda Corp. Ltd. | 8086 | 49451 |
| Mirza International Ltd.<sup>(2)</sup> | 9808 | 3707 |
| MOIL Ltd. | 7182 | 24290 |
| Monarch Networth Capital Ltd. | 3201 | 9855 |
| Motherson Sumi Wiring India Ltd. | 235813 | 112191 |
| Motilal Oswal Financial Services Ltd. | 33965 | 271122 |
| Mphasis Ltd. | 18792 | 475041 |
| MRF Ltd. | 329 | 510167 |
| Mrs Bectors Food Specialities Ltd. | 7485 | 17178 |
| Multi Commodity Exchange of India Ltd. | 14890 | 400656 |
| Muthoot Finance Ltd. | 15724 | 580320 |
| Narayana Hrudayalaya Ltd. | 15781 | 317507 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Natco Pharma Ltd. | 16139 | $175570 |
| National Aluminium Co. Ltd. | 175175 | 683492 |
| National Fertilizers Ltd. | 10348 | 8808 |
| Nava Ltd. | 43208 | 282949 |
| Navin Fluorine International Ltd. | 7125 | 490768 |
| NCC Ltd. | 106551 | 179193 |
| NESCO Ltd. | 1414 | 17479 |
| Nestle India Ltd. | 35185 | 499967 |
| Network18 Media & Investments Ltd.<sup>(2)</sup> | 137865 | 50567 |
| Neuland Laboratories Ltd. | 759 | 107213 |
| Newgen Software Technologies Ltd. | 7611 | 42619 |
| NHPC Ltd. | 231840 | 192061 |
| NIIT Learning Systems Ltd. | 7767 | 28820 |
| NIIT Ltd. | 9326 | 7345 |
| Nippon Life India Asset Management Ltd. | 20520 | 210191 |
| Nitin Spinners Ltd. | 3812 | 15928 |
| NLC India Ltd. | 40252 | 115225 |
| NMDC Ltd. | 537979 | 484116 |
| NOCIL Ltd. | 17520 | 27841 |
| Northern Arc Capital Ltd.<sup>(2)</sup> | 14639 | 40619 |
| NTPC Ltd. | 279631 | 1175355 |
| Nucleus Software Exports Ltd. | 1557 | 13593 |
| Nuvama Wealth Management Ltd. | 15600 | 213636 |
| Oberoi Realty Ltd. | 9619 | 161218 |
| Oil & Natural Gas Corp. Ltd. | 270546 | 833821 |
| Oil India Ltd. | 89978 | 479783 |
| One 97 Communications Ltd.<sup>(2)</sup> | 18464 | 223263 |
| OnMobile Global Ltd.<sup>(2)</sup> | 3493 | 1955 |
| Oracle Financial Services Software Ltd. | 3204 | 245197 |
| Orient Cement Ltd. | 10027 | 16997 |
| Orient Electric Ltd. | 31070 | 63278 |
| Orient Green Power Co. Ltd.<sup>(2)</sup> | 182034 | 19789 |
| Page Industries Ltd. | 613 | 216595 |
| Paisalo Digital Ltd. | 72148 | 28268 |
| Panama Petrochem Ltd. | 4381 | 13572 |
| Paradeep Phosphates Ltd. | 139495 | 186836 |
| Patel Engineering Ltd.<sup>(2)</sup> | 59060 | 17923 |
| PB Fintech Ltd.<sup>(2)</sup> | 6905 | 112516 |
| PC Jeweller Ltd.<sup>(2)</sup> | 244100 | 26665 |
| Pennar Industries Ltd.<sup>(2)</sup> | 21103 | 34721 |
| Persistent Systems Ltd. | 7627 | 398028 |
| Petronet LNG Ltd. | 170862 | 607511 |
| Phoenix Mills Ltd. | 9365 | 170977 |
| PI Industries Ltd. | 8669 | 297475 |
| Pidilite Industries Ltd. | 15580 | 255741 |
| Piramal Finance Ltd.<sup>(2)</sup> | 14151 | 271084 |
| Piramal Pharma Ltd. | 50878 | 87449 |
| PIX Transmissions Ltd. | 2307 | 36848 |
| PNB Housing Finance Ltd. | 22550 | 204737 |
| PNC Infratech Ltd. | 17907 | 40717 |
| Pokarna Ltd. | 3522 | 35312 |
| Polycab India Ltd. | 1929 | 182767 |
| Polyplex Corp. Ltd. | 3736 | 34852 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Poonawalla Fincorp Ltd.<sup>(2)</sup> | 8485 | $42457 |
| Power Finance Corp. Ltd. | 166731 | 759304 |
| Power Grid Corp. of India Ltd. | 301760 | 992255 |
| Power Mech Projects Ltd. | 1510 | 34609 |
| Prakash Industries Ltd. | 29875 | 43122 |
| Prakash Pipes Ltd. | 3503 | 7894 |
| Precision Camshafts Ltd. | 8326 | 12478 |
| Prestige Estates Projects Ltd. | 8021 | 122891 |
| Pricol Ltd. | 15569 | 103254 |
| Prince Pipes & Fittings Ltd. | 10830 | 30096 |
| Prism Johnson Ltd.<sup>(2)</sup> | 20331 | 28097 |
| Privi Speciality Chemicals Ltd. | 2429 | 81320 |
| Prudent Corporate Advisory Services Ltd. | 1266 | 32728 |
| PSP Projects Ltd.<sup>(2)</sup> | 2983 | 23753 |
| PTC India Ltd. | 56480 | 103411 |
| Pudumjee Paper Products Ltd. | 10757 | 9831 |
| Punjab National Bank | 135752 | 193325 |
| Quess Corp. Ltd. | 3069 | 6607 |
| R Systems International Ltd. | 4643 | 14757 |
| Railtel Corp. of India Ltd. | 23973 | 82792 |
| Rain Industries Ltd. | 50160 | 82032 |
| Rainbow Children's Medicare Ltd. | 10147 | 132964 |
| Rajesh Exports Ltd.<sup>(2)</sup> | 5055 | 8012 |
| Rallis India Ltd. | 2331 | 7099 |
| Ramco Cements Ltd. | 28996 | 360017 |
| Ramco Industries Ltd. | 5549 | 17765 |
| Ramkrishna Forgings Ltd. | 14795 | 89842 |
| Ramky Infrastructure Ltd.<sup>(2)</sup> | 5433 | 27282 |
| Rashtriya Chemicals & Fertilizers Ltd. | 39385 | 54995 |
| Ratnamani Metals & Tubes Ltd. | 2566 | 69267 |
| RattanIndia Power Ltd.<sup>(2)</sup> | 123095 | 11253 |
| Raymond Lifestyle Ltd.<sup>(2)</sup> | 1 | 10 |
| Raymond Ltd.<sup>(2)</sup> | 7599 | 33546 |
| Raymond Realty Ltd.<sup>(2)</sup> | 7599 | 35161 |
| RBL Bank Ltd. | 83585 | 294202 |
| REC Ltd. | 148289 | 571119 |
| Redington Ltd. | 87916 | 271443 |
| Relaxo Footwears Ltd. | 466 | 1786 |
| Reliance Industrial Infrastructure Ltd. | 626 | 4845 |
| Reliance Industries Ltd., GDR | 87585 | 5358539 |
| Reliance Infrastructure Ltd.<sup>(2)</sup> | 38258 | 38071 |
| Reliance Power Ltd.<sup>(2)</sup> | 508308 | 134362 |
| Religare Enterprises Ltd.<sup>(2)</sup> | 31562 | 73508 |
| Repco Home Finance Ltd. | 8841 | 37050 |
| Rico Auto Industries Ltd. | 24063 | 35058 |
| RITES Ltd. | 18982 | 44705 |
| RPG Life Sciences Ltd. | 1162 | 23969 |
| Rupa & Co. Ltd. | 2495 | 3801 |
| SAMHI Hotels Ltd.<sup>(2)</sup> | 20812 | 37157 |
| Sammaan Capital Ltd.<sup>(2)</sup> | 107910 | 178067 |
| Samvardhana Motherson International Ltd. | 357282 | 524354 |
| Sandhar Technologies Ltd. | 3964 | 22119 |
| Sanghvi Movers Ltd. | 7262 | 20872 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sanofi India Ltd. | 976 | $42595 |
| Sansera Engineering Ltd. | 13129 | 338528 |
| Sapphire Foods India Ltd.<sup>(2)</sup> | 33682 | 75763 |
| Sarda Energy & Minerals Ltd. | 24382 | 147954 |
| Saregama India Ltd. | 1980 | 7246 |
| SBFC Finance Ltd.<sup>(2)</sup> | 95684 | 98036 |
| SBI Cards & Payment Services Ltd.<sup>(2)</sup> | 35104 | 299398 |
| SBI Life Insurance Co. Ltd. | 11654 | 261150 |
| Schaeffler India Ltd. | 875 | 41990 |
| Schneider Electric Infrastructure Ltd.<sup>(2)</sup> | 4184 | 41729 |
| SEAMEC Ltd.<sup>(2)</sup> | 2359 | 34172 |
| Servotech Renewable Power System Ltd. | 11152 | 9271 |
| Sharda Cropchem Ltd. | 4645 | 61049 |
| Share India Securities Ltd. | 16719 | 24159 |
| Shipping Corp. of India Land & Assets Ltd. | 5563 | 2802 |
| Shipping Corp. of India Ltd. | 36362 | 105296 |
| Shoppers Stop Ltd.<sup>(2)</sup> | 2091 | 7011 |
| Shree Cement Ltd. | 961 | 275465 |
| Shree Renuka Sugars Ltd.<sup>(2)</sup> | 13699 | 3664 |
| Shriram Finance Ltd. | 162950 | 1937422 |
| Shriram Pistons & Rings Ltd. | 2729 | 93558 |
| Shyam Metalics & Energy Ltd. | 15545 | 147246 |
| Siemens Energy India Ltd. | 2965 | 95647 |
| Siemens Ltd.<sup>(2)</sup> | 2965 | 111521 |
| Siyaram Silk Mills Ltd. | 3903 | 22844 |
| SJS Enterprises Ltd. | 232 | 4501 |
| SKF India Industrial Ltd.<sup>(2)</sup> | 3332 | 93851 |
| SKF India Ltd. | 3332 | 63746 |
| SMC Global Securities Ltd. | 20728 | 17548 |
| Sobha Ltd. | 9655 | 148309 |
| Solar Industries India Ltd. | 1815 | 269825 |
| Solara Active Pharma Sciences Ltd.<sup>(2)</sup> | 3164 | 16094 |
| South Indian Bank Ltd. | 308995 | 139886 |
| Southern Petrochemical Industries Corp. Ltd. | 17726 | 13573 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 2425 | 6758 |
| Spandana Sphoorty Financial Ltd.<sup>(2)</sup> | 591 | 826 |
| SpiceJet Ltd.<sup>(2)</sup> | 31227 | 5534 |
| SRF Ltd. | 8805 | 248426 |
| Star Cement Ltd. | 27251 | 64298 |
| State Bank of India, GDR | 13077 | 1722650 |
| Steel Strips Wheels Ltd. | 10643 | 25180 |
| Sterling Tools Ltd. | 6076 | 14891 |
| Sterlite Technologies Ltd.<sup>(2)</sup> | 13985 | 24492 |
| STL Networks Ltd.<sup>(2)</sup> | 13985 | 3178 |
| Stove Kraft Ltd. | 4034 | 21630 |
| Sudarshan Chemical Industries Ltd. | 8677 | 83751 |
| Sula Vineyards Ltd. | 5406 | 10182 |
| Sumitomo Chemical India Ltd. | 4396 | 19402 |
| Sun Pharmaceutical Industries Ltd. | 30085 | 576763 |
| Sun TV Network Ltd. | 19960 | 142364 |
| Sundaram Finance Ltd. | 4110 | 249296 |
| Sundram Fasteners Ltd. | 6323 | 60777 |
| Sunflag Iron & Steel Co. Ltd. | 6118 | 16567 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sunteck Realty Ltd. | 3995 | $17638 |
| Supreme Industries Ltd. | 4667 | 204262 |
| Supreme Petrochem Ltd. | 13676 | 107850 |
| Surya Roshni Ltd. | 20466 | 50412 |
| Suryoday Small Finance Bank Ltd.<sup>(2)</sup> | 13374 | 19433 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 310060 | 145701 |
| Swan Corp. Ltd. | 3528 | 14849 |
| Swaraj Engines Ltd. | 1257 | 49742 |
| Syngene International Ltd. | 24696 | 114798 |
| TAJGVK Hotels & Resorts Ltd. | 4746 | 18683 |
| Tamil Nadu Newsprint & Papers Ltd. | 7235 | 10892 |
| Tamilnadu Petroproducts Ltd. | 7021 | 7274 |
| Tanla Platforms Ltd. | 11719 | 58681 |
| Tata Chemicals Ltd. | 18243 | 144035 |
| Tata Communications Ltd. | 12690 | 222930 |
| Tata Consultancy Services Ltd. | 55232 | 1605224 |
| Tata Consumer Products Ltd. | 10750 | 134888 |
| Tata Elxsi Ltd. | 5109 | 254044 |
| Tata Investment Corp. Ltd. | 16030 | 116040 |
| Tata Motors Ltd./new<sup>(2)</sup> | 132439 | 737219 |
| Tata Motors Passenger Vehicles Ltd. | 132439 | 557789 |
| Tata Power Co. Ltd. | 66073 | 274700 |
| Tata Steel Ltd. | 787907 | 1842216 |
| Tata Technologies Ltd. | 34517 | 222680 |
| Tata Teleservices Maharashtra Ltd.<sup>(2)</sup> | 18159 | 8309 |
| TCI Express Ltd. | 457 | 2741 |
| TeamLease Services Ltd.<sup>(2)</sup> | 194 | 2603 |
| Tech Mahindra Ltd. | 58736 | 878965 |
| Thermax Ltd. | 2239 | 76799 |
| Thirumalai Chemicals Ltd.<sup>(2)</sup> | 10204 | 21471 |
| Thyrocare Technologies Ltd. | 9510 | 41286 |
| Time Technoplast Ltd. | 24064 | 48604 |
| Tips Music Ltd. | 8489 | 50211 |
| Titan Co. Ltd. | 9629 | 458691 |
| Torrent Pharmaceuticals Ltd. | 9046 | 431473 |
| Torrent Power Ltd. | 13079 | 225696 |
| Tourism Finance Corp. of India Ltd. | 82910 | 64585 |
| TransIndia Real Estate Ltd.<sup>(2)</sup> | 9782 | 2622 |
| Transport Corp. of India Ltd. | 1642 | 18115 |
| Trent Ltd. | 5307 | 228034 |
| Trident Ltd. | 188086 | 53028 |
| Triveni Engineering & Industries Ltd. | 12778 | 55489 |
| TTK Prestige Ltd. | 2696 | 15509 |
| Tube Investments of India Ltd. | 4500 | 136153 |
| TV Today Network Ltd. | 2282 | 3131 |
| TVS Motor Co. Ltd. | 3946 | 168065 |
| TVS Motor Co. Ltd., Preference Shares<sup>(2)</sup> | 15784 | 1735 |
| Uflex Ltd. | 10549 | 55904 |
| Ujjivan Small Finance Bank Ltd.<sup>(2)</sup> | 138471 | 88408 |
| UltraTech Cement Ltd. | 3742 | 521736 |
| Union Bank of India Ltd. | 193333 | 430348 |
| United Spirits Ltd. | 15196 | 230753 |
| UNO Minda Ltd. | 9825 | 128432 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| UPL Ltd. | 45604 | $319939 |
| Usha Martin Ltd. | 23690 | 109219 |
| UTI Asset Management Co. Ltd. | 9790 | 106433 |
| Vaibhav Global Ltd. | 1025 | 2546 |
| Valiant Organics Ltd.<sup>(2)</sup> | 1671 | 4239 |
| Vardhman Textiles Ltd. | 23963 | 143530 |
| Varroc Engineering Ltd. | 8583 | 51094 |
| Varun Beverages Ltd. | 62524 | 310739 |
| Vedant Fashions Ltd. | 5139 | 22052 |
| Vedanta Ltd. | 164536 | 1301353 |
| Veedol Corp. Ltd. | 360 | 5511 |
| Venky's India Ltd. | 238 | 3530 |
| V-Guard Industries Ltd. | 15534 | 53590 |
| Vijaya Diagnostic Centre Ltd. | 7454 | 82550 |
| Vimta Labs Ltd. | 4634 | 22981 |
| Vinati Organics Ltd. | 654 | 10620 |
| VIP Industries Ltd.<sup>(2)</sup> | 11408 | 44920 |
| Vishnu Chemicals Ltd. | 3320 | 18365 |
| VL E-Governance & IT Solutions Ltd.<sup>(2)</sup> | 10240 | 1754 |
| V-Mart Retail Ltd.<sup>(2)</sup> | 8056 | 49187 |
| Vodafone Idea Ltd.<sup>(2)</sup> | 232783 | 27145 |
| Voltamp Transformers Ltd. | 484 | 48509 |
| Voltas Ltd. | 5043 | 86561 |
| VRL Logistics Ltd. | 12044 | 36743 |
| WAAREE Energies Ltd. | 7495 | 223252 |
| Waaree Renewable Technologies Ltd.<sup>(2)</sup> | 3549 | 33319 |
| Welspun Corp. Ltd. | 23565 | 214372 |
| Welspun Enterprises Ltd. | 9136 | 48799 |
| Welspun Living Ltd. | 41434 | 57358 |
| West Coast Paper Mills Ltd. | 5873 | 27249 |
| Westlife Foodworld Ltd. | 3809 | 20723 |
| Windlas Biotech Ltd. | 2099 | 17459 |
| Wipro Ltd., ADR<sup>(1)</sup> | 224363 | 498086 |
| Wonderla Holidays Ltd. | 1940 | 10178 |
| Yes Bank Ltd.<sup>(2)</sup> | 1931402 | 440260 |
| Zee Entertainment Enterprises Ltd. | 166803 | 160545 |
| Zensar Technologies Ltd. | 22776 | 141878 |
| Zydus Lifesciences Ltd. | 9481 | 96488 |
|  |  | 129732989 |
| **Indonesia — 1.3%** |  |  |
| ABM Investama Tbk. PT | 109100 | 18741 |
| Adaro Andalan Indonesia PT | 480633 | 264846 |
| Adhi Karya Persero Tbk. PT<sup>(2)</sup> | 245413 | 3547 |
| Adi Sarana Armada Tbk. PT | 73600 | 5216 |
| Agung Podomoro Land Tbk. PT<sup>(2)</sup> | 80200 | 717 |
| Alam Sutera Realty Tbk. PT<sup>(2)</sup> | 2581000 | 25362 |
| Alamtri Minerals Indonesia Tbk. PT | 1405900 | 175596 |
| Alamtri Resources Indonesia Tbk. PT | 2428500 | 338603 |
| Amman Mineral Internasional PT<sup>(2)</sup> | 313800 | 143148 |
| Aneka Tambang Tbk. PT | 921400 | 239576 |
| Astra Agro Lestari Tbk. PT | 40600 | 18151 |
| Astra International Tbk. PT | 1890700 | 752306 |
| Astra Otoparts Tbk. PT | 140800 | 24346 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bank BTPN Syariah Tbk. PT | 433300 | $29691 |
| Bank Central Asia Tbk. PT | 1546200 | 660212 |
| Bank China Construction Bank Indonesia Tbk. PT<sup>(2)</sup> | 357900 | 1558 |
| Bank Mandiri Persero Tbk. PT | 2793500 | 876801 |
| Bank Negara Indonesia Persero Tbk. PT | 1089600 | 285587 |
| Bank Pan Indonesia Tbk. PT | 266100 | 17057 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 248200 | 12286 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 113500 | 3995 |
| Bank Rakyat Indonesia Persero Tbk. PT | 3417397 | 795294 |
| Bank Syariah Indonesia Tbk. PT | 68639 | 9649 |
| Bank Tabungan Negara Persero Tbk. PT | 736545 | 60965 |
| Barito Pacific Tbk. PT<sup>(2)</sup> | 799015 | 94762 |
| BFI Finance Indonesia Tbk. PT | 1086800 | 50852 |
| Blue Bird Tbk. PT | 139500 | 14568 |
| Buana Lintas Lautan Tbk. PT<sup>(2)</sup> | 553700 | 16461 |
| Bukalapak.com Tbk. PT<sup>(2)</sup> | 8500100 | 73976 |
| Bukit Asam Persero Tbk. PT | 883100 | 136876 |
| Buma Internasional Grup Tbk. PT<sup>(2)</sup> | 1482300 | 26339 |
| Bumi Resources Minerals Tbk. PT<sup>(2)</sup> | 5563500 | 321594 |
| Bumi Resources Tbk. PT<sup>(2)</sup> | 6997500 | 107364 |
| Bumi Serpong Damai Tbk. PT<sup>(2)</sup> | 732100 | 36175 |
| Chandra Asri Pacific Tbk. PT | 151800 | 60691 |
| Charoen Pokphand Indonesia Tbk. PT | 239100 | 60573 |
| Ciputra Development Tbk. PT | 1125200 | 51650 |
| Cisarua Mountain Dairy Tbk. PT | 64600 | 19947 |
| Dharma Polimetal Tbk. PT | 280300 | 17885 |
| Dharma Satya Nusantara Tbk. PT | 1502300 | 123633 |
| Dian Swastatika Sentosa Tbk. PT<sup>(2)</sup> | 48700 | 229084 |
| Elang Mahkota Teknologi Tbk. PT | 3179300 | 168746 |
| Elnusa Tbk. PT | 960900 | 48843 |
| Energi Mega Persada Tbk. PT<sup>(2)</sup> | 3988800 | 420166 |
| ESSA Industries Indonesia Tbk. PT | 1274800 | 49047 |
| Gajah Tunggal Tbk. PT | 529400 | 35207 |
| Global Mediacom Tbk. PT<sup>(2)</sup> | 881800 | 7366 |
| GoTo Gojek Tokopedia Tbk. PT<sup>(2)</sup> | 9758100 | 35500 |
| Indah Kiat Pulp & Paper Tbk. PT | 444500 | 306745 |
| Indika Energy Tbk. PT | 1364500 | 298162 |
| Indo Tambangraya Megah Tbk. PT | 88900 | 120684 |
| Indocement Tunggal Prakarsa Tbk. PT | 101100 | 37343 |
| Indofood CBP Sukses Makmur Tbk. PT | 52300 | 24471 |
| Indofood Sukses Makmur Tbk. PT | 147200 | 56602 |
| Indosat Tbk. PT | 412000 | 56706 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 1000352 | 32214 |
| Japfa Comfeed Indonesia Tbk. PT | 1115500 | 158156 |
| Jasa Marga Persero Tbk. PT | 201300 | 44415 |
| Kalbe Farma Tbk. PT | 887100 | 58242 |
| Kawasan Industri Jababeka Tbk. PT | 2945700 | 36153 |
| Lippo Karawaci Tbk. PT<sup>(2)</sup> | 5142600 | 32493 |
| Malindo Feedmill Tbk. PT | 13400 | 631 |
| Map Aktif Adiperkasa PT | 1832300 | 76883 |
| Mark Dynamics Indonesia Tbk. PT | 299900 | 14416 |
| Matahari Department Store Tbk. PT | 145500 | 16590 |
| MD Entertainment Tbk. PT<sup>(2)</sup> | 54400 | 27239 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Medco Energi Internasional Tbk. PT | 1380640 | $142167 |
| Media Nusantara Citra Tbk. PT<sup>(2)</sup> | 1273900 | 17754 |
| Medikaloka Hermina Tbk. PT | 1063600 | 81474 |
| Merdeka Copper Gold Tbk. PT<sup>(2)</sup> | 237551 | 53136 |
| Mitra Adiperkasa Tbk. PT | 1722400 | 137878 |
| Mitra Keluarga Karyasehat Tbk. PT | 115400 | 15166 |
| Mitra Pinasthika Mustika Tbk. PT | 157800 | 9651 |
| MNC Tourism Indonesia Tbk. PT<sup>(2)</sup> | 4059500 | 29771 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 201400 | 131703 |
| Pakuwon Jati Tbk. PT | 1083400 | 23634 |
| Panin Financial Tbk. PT<sup>(2)</sup> | 1773800 | 28536 |
| Perusahaan Gas Negara Persero Tbk. PT | 899200 | 128126 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 609500 | 42700 |
| PP Persero Tbk. PT<sup>(2)</sup> | 159800 | 3349 |
| Puradelta Lestari Tbk. PT | 105100 | 858 |
| Rimo International Lestari Tbk. PT<sup>(2)</sup> | 329900 |  |
| Salim Ivomas Pratama Tbk. PT | 44700 | 1611 |
| Samator Indo Gas Tbk. PT | 86700 | 17023 |
| Samudera Indonesia Tbk. PT | 1064000 | 25366 |
| Sarana Menara Nusantara Tbk. PT | 1772400 | 53336 |
| Sawit Sumbermas Sarana Tbk. PT | 1100 | 103 |
| Selamat Sempurna Tbk. PT | 231100 | 25153 |
| Semen Indonesia Persero Tbk. PT | 508407 | 88463 |
| Siloam International Hospitals Tbk. PT<sup>(2)</sup> | 246200 | 39349 |
| Sri Rejeki Isman Tbk. PT<sup>(2)</sup> | 54600 |  |
| Steel Pipe Industry of Indonesia PT | 274200 | 8491 |
| Sumber Alfaria Trijaya Tbk. PT | 1598700 | 158990 |
| Sumber Tani Agung Resources Tbk. PT | 174800 | 12149 |
| Summarecon Agung Tbk. PT | 1703100 | 38156 |
| Surya Semesta Internusa Tbk. PT | 2414900 | 199150 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(1)</sup> | 47167 | 1003242 |
| Temas Tbk. PT | 1259000 | 10354 |
| Timah Tbk. PT | 751000 | 205701 |
| Triputra Agro Persada PT | 1607900 | 155894 |
| Tunas Baru Lampung Tbk. PT | 24900 | 1003 |
| Unilever Indonesia Tbk. PT | 696500 | 98793 |
| United Tractors Tbk. PT | 215300 | 366707 |
| Vale Indonesia Tbk. PT | 352064 | 165526 |
| Waskita Karya Persero Tbk. PT<sup>(2)</sup> | 384292 |  |
| Wijaya Karya Persero Tbk. PT<sup>(2)</sup> | 437400 |  |
| XLSMART Telecom Sejahtera Tbk. PT | 1036895 | 195760 |
|  |  | 12084923 |
| **Kuwait — 0.6%** |  |  |
| A'ayan Leasing & Investment Co. KSCP | 164186 | 120609 |
| A'ayan Real Estate Co. SAK | 72762 | 33808 |
| Agility Public Warehousing Co. KSCC | 487694 | 219154 |
| Al Ahli Bank of Kuwait KSCP | 290504 | 289844 |
| Ali Alghanim Sons Automotive Co. KSCC | 12968 | 49339 |
| Beyout Holding Co. KPSC | 30250 | 37689 |
| Boubyan Bank KSCP | 42566 | 94303 |
| Boursa Kuwait Securities Co. KPSC | 5540 | 56137 |
| Commercial Real Estate Co. KSC | 151713 | 100295 |
| First Investment Co. KSCP<sup>(2)</sup> | 137126 | 49408 |
| Gulf Bank KSCP | 108092 | 119379 |
| Humansoft Holding Co. KSC | 9214 | 78738 |
| KAMCO Investment Co. KSC | 52544 | 36865 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kuwait Finance House KSCP | 620653 | $1626920 |
| Kuwait Financial Centre SAK | 89201 | 39459 |
| Kuwait International Bank KSCP | 187958 | 171134 |
| Kuwait Telecommunications Co. | 72141 | 154052 |
| Mabanee Co. KPSC | 43607 | 139408 |
| Mobile Telecommunications Co. KSCP | 223319 | 394450 |
| National Bank of Kuwait SAKP | 367286 | 1127994 |
| National Industries Group Holding SAK | 131597 | 108117 |
| National Investments Co. KSCP | 137034 | 124130 |
| Noor Financial Investment Co. KSC | 14871 | 19595 |
| Salhia Real Estate Co. KSCP | 79910 | 97864 |
| Sokouk Holding Co. KSCP<sup>(2)</sup> | 116043 | 25251 |
| United Real Estate Co. SAKP<sup>(2)</sup> | 147257 | 134371 |
| Warba Bank KSCP | 104772 | 98646 |
|  |  | 5546959 |
| **Malaysia — 1.4%** |  |  |
| 7-Eleven Malaysia Holdings Bhd., Class B | 3000 | 1534 |
| Aeon Co. M Bhd.<sup>(1)</sup> | 118600 | 38375 |
| AEON Credit Service M Bhd. | 1000 | 1490 |
| AFFIN Bank Bhd. | 91305 | 62605 |
| AirAsia X Bhd.<sup>(2)</sup> | 12798 | 6505 |
| Alliance Bank Malaysia Bhd. | 196705 | 254730 |
| AMMB Holdings Bhd. | 334300 | 552164 |
| Ann Joo Resources Bhd.<sup>(2)</sup> | 20750 | 2658 |
| Astro Malaysia Holdings Bhd.<sup>(2)</sup> | 23800 | 488 |
| Axiata Group Bhd.<sup>(1)</sup> | 287200 | 168145 |
| Bank Islam Malaysia Bhd. | 90700 | 57561 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 871449 | 60461 |
| Berjaya Food Bhd.<sup>(2)</sup> | 32373 | 1748 |
| Bumi Armada Bhd. | 545900 | 44259 |
| Bursa Malaysia Bhd. | 54000 | 124734 |
| Cahya Mata Sarawak Bhd. | 168500 | 57084 |
| Capital A Bhd.<sup>(2)</sup> | 33100 | 4846 |
| Carlsberg Brewery Malaysia Bhd. | 7800 | 35342 |
| CELCOMDIGI Bhd. | 257700 | 211202 |
| CIMB Group Holdings Bhd. | 530850 | 1096155 |
| Coastal Contracts Bhd. | 3400 | 1092 |
| CSC Steel Holdings Bhd. | 18100 | 6933 |
| Cypark Resources Bhd.<sup>(2)</sup> | 15400 | 2590 |
| Dagang NeXchange Bhd.<sup>(2)</sup> | 779600 | 53144 |
| Dayang Enterprise Holdings Bhd. | 67300 | 31017 |
| Dialog Group Bhd. | 69000 | 31245 |
| DRB-Hicom Bhd. | 87800 | 27514 |
| Dufu Technology Corp. Bhd. | 43100 | 17834 |
| Eastern & Oriental Bhd.<sup>(2)</sup> | 140400 | 26671 |
| Econpile Holdings Bhd.<sup>(2)</sup> | 5500 | 317 |
| EG Industries Bhd. | 65200 | 18878 |
| Ekovest Bhd.<sup>(2)</sup> | 323900 | 20801 |
| Farm Fresh Bhd. | 57300 | 38583 |
| Fraser & Neave Holdings Bhd. | 5300 | 47561 |
| Frontken Corp. Bhd. | 54000 | 51987 |
| Gamuda Bhd. | 400706 | 431053 |
| Gas Malaysia Bhd. | 23000 | 28351 |
| Genting Bhd. | 189800 | 137895 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Genting Plantations Bhd. | 6300 | $8271 |
| Globetronics Technology Bhd.<sup>(2)</sup> | 12200 | 796 |
| HAP Seng Consolidated Bhd. | 16900 | 12374 |
| Hartalega Holdings Bhd.<sup>(2)</sup> | 202400 | 45989 |
| Heineken Malaysia Bhd. | 11600 | 73386 |
| Hengyuan Refining Co. Bhd.<sup>(2)</sup> | 10600 | 2489 |
| Hextar Global Bhd. | 92620 | 19046 |
| Hiap Teck Venture Bhd. | 125000 | 8654 |
| Hibiscus Petroleum Bhd. | 121720 | 50147 |
| Hong Leong Bank Bhd. | 35500 | 212337 |
| Hong Leong Financial Group Bhd. | 8500 | 46528 |
| Hong Leong Industries Bhd. | 400 | 1922 |
| IHH Healthcare Bhd. | 59000 | 137949 |
| IJM Corp. Bhd. | 232100 | 149518 |
| Inari Amertron Bhd. | 54200 | 19718 |
| IOI Corp. Bhd. | 75900 | 77176 |
| IOI Properties Group Bhd. | 165800 | 146966 |
| JAKS Resources Bhd.<sup>(2)</sup> | 11180 | 274 |
| Jaya Tiasa Holdings Bhd. | 303800 | 86612 |
| Johor Plantations Group Bhd. | 217700 | 86713 |
| Kelington Group Bhd. | 88800 | 124583 |
| Kossan Rubber Industries Bhd. | 136100 | 35268 |
| KPJ Healthcare Bhd.<sup>(1)</sup> | 246800 | 185521 |
| KSL Holdings Bhd. | 138400 | 109797 |
| Kuala Lumpur Kepong Bhd. | 48201 | 235112 |
| Land & General Bhd. | 29900 | 1151 |
| LBS Bina Group Bhd. | 8961 | 1082 |
| Leong Hup International Bhd. | 220000 | 43229 |
| Lii Hen Industries Bhd. | 4200 | 334 |
| Lotte Chemical Titan Holding Bhd.<sup>(2)</sup> | 20000 | 1512 |
| Luxchem Corp. Bhd. | 20900 | 2044 |
| Mah Sing Group Bhd. | 346700 | 104189 |
| Malakoff Corp. Bhd. | 213500 | 43032 |
| Malayan Banking Bhd. | 247549 | 760620 |
| Malayan Cement Bhd. | 91200 | 201458 |
| Malayan Flour Mills Bhd. | 143700 | 24733 |
| Malaysia Marine & Heavy Engineering Holdings Bhd.<sup>(2)</sup> | 4700 | 441 |
| Malaysia Smelting Corp. Bhd. | 53200 | 26351 |
| Malaysian Pacific Industries Bhd. | 1800 | 14734 |
| Malaysian Resources Corp. Bhd. | 281800 | 22449 |
| Matrix Concepts Holdings Bhd. | 36700 | 13300 |
| Maxis Bhd. | 190700 | 190116 |
| MBM Resources Bhd. | 13400 | 17182 |
| MBSB Bhd. | 316800 | 58164 |
| Media Prima Bhd. | 58500 | 4574 |
| Mega First Corp. Bhd. | 58900 | 46696 |
| MISC Bhd. | 64900 | 134566 |
| MKH Bhd. | 2900 | 741 |
| MKH Oil Palm East Kalimantan Bhd. | 414 | 63 |
| Mr. DIY Group M Bhd. | 192500 | 88556 |
| Muhibbah Engineering M Bhd. | 2000 | 280 |
| Naim Holdings Bhd.<sup>(2)</sup> | 4300 | 778 |
| Nestle Malaysia Bhd. | 4700 | 132708 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OCK Group Bhd. | 7100 | $675 |
| OSK Holdings Bhd. | 9900 | 4322 |
| Padini Holdings Bhd. | 9450 | 4517 |
| Paramount Corp. Bhd. | 3400 | 943 |
| Pentamaster Corp. Bhd.<sup>(2)</sup> | 2000 | 1690 |
| Perak Transit Bhd. | 8349 | 568 |
| Petronas Chemicals Group Bhd. | 100800 | 77726 |
| Petronas Dagangan Bhd. | 26700 | 150818 |
| Petronas Gas Bhd. | 48400 | 223185 |
| Poh Huat Resources Holdings Bhd. | 2800 | 629 |
| PPB Group Bhd. | 61400 | 171536 |
| Press Metal Aluminium Holdings Bhd. | 188200 | 344630 |
| Public Bank Bhd. | 617000 | 781264 |
| QL Resources Bhd. | 90325 | 94670 |
| Ranhill Utilities Bhd.<sup>(2)</sup> | 83848 | 37425 |
| RHB Bank Bhd. | 164575 | 355135 |
| Sam Engineering & Equipment M Bhd. | 2400 | 2053 |
| Sarawak Oil Palms Bhd. | 31800 | 31448 |
| SD Guthrie Bhd. | 140700 | 207864 |
| Sime Darby Bhd. | 453600 | 284735 |
| Sime Darby Property Bhd. | 421600 | 156954 |
| SKP Resources Bhd. | 150100 | 18883 |
| SP Setia Bhd. Group | 356100 | 83622 |
| Sports Toto Bhd. | 7686 | 2686 |
| Sunway Bhd. | 84000 | 126301 |
| Sunway Construction Group Bhd. | 47400 | 85883 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 249651 | 17945 |
| Ta Ann Holdings Bhd. | 26400 | 31395 |
| Tanco Holdings Bhd.<sup>(2)</sup> | 54900 | 22434 |
| Telekom Malaysia Bhd. | 97300 | 186264 |
| Tenaga Nasional Bhd. | 297500 | 1098655 |
| Thong Guan Industries Bhd. | 2400 | 727 |
| TIME dotCom Bhd. | 180100 | 281331 |
| Tiong NAM Logistics Holdings Bhd.<sup>(2)</sup> | 27572 | 5801 |
| Tropicana Corp. Bhd.<sup>(2)</sup> | 4807 | 1545 |
| TSH Resources Bhd.<sup>(2)</sup> | 77200 | 24196 |
| Uchi Technologies Bhd. | 7500 | 5878 |
| UEM Sunrise Bhd. | 100000 | 14758 |
| Unisem M Bhd. | 51700 | 41597 |
| United Plantations Bhd. | 26250 | 198984 |
| Vantris Energy Bhd.<sup>(2)</sup> | 2160 | 194 |
| Velesto Energy Bhd. | 1303300 | 102265 |
| ViTrox Corp. Bhd. | 8000 | 9440 |
| VS Industry Bhd. | 573652 | 50852 |
| Wasco Bhd. | 16200 | 4164 |
| WCT Holdings Bhd.<sup>(2)</sup> | 295846 | 41049 |
| Westports Holdings Bhd. | 39054 | 61764 |
| YTL Corp. Bhd. | 99696 | 47069 |
| YTL Power International Bhd. | 196800 | 142865 |
|  |  | 13209115 |
| **Mexico — 1.9%** |  |  |
| Alpek SAB de CV<sup>(1)(2)</sup> | 291457 | 139281 |
| Alsea SAB de CV | 24100 | 85124 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| America Movil SAB de CV, ADR | 49125 | $1278233 |
| Arca Continental SAB de CV<sup>(1)</sup> | 6800 | 82088 |
| Banco del Bajio SA<sup>(1)</sup> | 227077 | 757231 |
| Becle SAB de CV<sup>(1)</sup> | 4400 | 4468 |
| Cemex SAB de CV, ADR | 102939 | 1287767 |
| Coca-Cola Femsa SAB de CV | 30145 | 335215 |
| Consorcio ARA SAB de CV | 4900 | 1337 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(2)</sup> | 29112 | 250945 |
| Corp. Inmobiliaria Vesta SAB de CV<sup>(1)</sup> | 130600 | 479721 |
| Fomento Economico Mexicano SAB de CV, ADR | 3506 | 393794 |
| GCC SAB de CV | 30855 | 359449 |
| Gentera SAB de CV | 306649 | 890105 |
| Gruma SAB de CV, B Shares<sup>(1)</sup> | 26332 | 474777 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 5632 | 688005 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 2296 | 598705 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR<sup>(1)</sup> | 788 | 283420 |
| Grupo Bimbo SAB de CV, Series A<sup>(1)</sup> | 74800 | 271889 |
| Grupo Carso SAB de CV, Series A1<sup>(1)</sup> | 23000 | 180199 |
| Grupo Comercial Chedraui SA de CV<sup>(1)</sup> | 29017 | 185809 |
| Grupo Financiero Banorte SAB de CV, Class O | 193496 | 2200228 |
| Grupo Financiero Inbursa SAB de CV, Class O | 162050 | 412700 |
| Grupo GICSA SAB de CV<sup>(2)</sup> | 8000 | 1389 |
| Grupo Industrial Saltillo SAB de CV<sup>(2)</sup> | 1789 | 1349 |
| Grupo Mexico SAB de CV, Series B | 143394 | 1817279 |
| Grupo Televisa SAB, ADR | 89925 | 265279 |
| Industrias Penoles SAB de CV<sup>(2)</sup> | 12420 | 790619 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 161800 | 405768 |
| La Comer SAB de CV<sup>(1)</sup> | 66456 | 150338 |
| Megacable Holdings SAB de CV | 268213 | 1040178 |
| Nemak SAB de CV<sup>(2)</sup> | 615840 | 115859 |
| Ollamani SAB<sup>(2)</sup> | 13476 | 59469 |
| Promotora de Hoteles Norte 19 SAB de CV<sup>(1)(2)</sup> | 1300 | 485 |
| Promotora y Operadora de Infraestructura SAB de CV | 12615 | 207816 |
| Qualitas Controladora SAB de CV<sup>(1)</sup> | 35900 | 350203 |
| Regional SAB de CV | 26600 | 248593 |
| Sigma Foods SAB de CV, Class A<sup>(1)</sup> | 505598 | 566603 |
| Wal-Mart de Mexico SAB de CV | 252597 | 819892 |
|  |  | 18481609 |
| **Peru — 0.5%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 52265 | 2282413 |
| Credicorp Ltd. | 3329 | 1153099 |
| Intercorp Financial Services, Inc. | 910 | 44026 |
| Southern Copper Corp. | 4566 | 996864 |
|  |  | 4476402 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 79690 | 47282 |
| Aboitiz Power Corp. | 12100 | 9296 |
| ACEN Corp. | 44822 | 2182 |
| Alliance Global Group, Inc. | 166000 | 24778 |
| Ayala Corp. | 13920 | 144782 |
| Ayala Land, Inc. | 928900 | 336608 |
| AyalaLand Logistics Holdings Corp.<sup>(2)</sup> | 17000 | 398 |
| Bank of the Philippine Islands | 81108 | 163139 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| BDO Unibank, Inc. | 181937 | $432674 |
| Cebu Air, Inc.<sup>(2)</sup> | 6390 | 4196 |
| Century Pacific Food, Inc. | 223200 | 154563 |
| Converge Information & Communications Technology Solutions, Inc. | 468000 | 116853 |
| Cosco Capital, Inc. | 51700 | 6508 |
| DigiPlus Interactive Corp. | 187600 | 52307 |
| DMCI Holdings, Inc. | 574500 | 96171 |
| DoubleDragon Corp.<sup>(2)</sup> | 2700 | 431 |
| East West Banking Corp. | 5400 | 1261 |
| Filinvest Land, Inc. | 41000 | 575 |
| First Gen Corp. | 22000 | 7000 |
| Ginebra San Miguel, Inc. | 1300 | 6619 |
| Global Ferronickel Holdings, Inc.<sup>(2)</sup> | 171000 | 7056 |
| Globe Telecom, Inc. | 1865 | 56300 |
| International Container Terminal Services, Inc. | 55840 | 696099 |
| JG Summit Holdings, Inc. | 230403 | 119880 |
| Jollibee Foods Corp. | 36470 | 135454 |
| LT Group, Inc. | 95500 | 25869 |
| Manila Electric Co. | 22390 | 247638 |
| Manila Water Co., Inc. | 73600 | 51443 |
| Megaworld Corp. | 712000 | 27904 |
| Metropolitan Bank & Trust Co. | 254700 | 340129 |
| Monde Nissin Corp. | 76200 | 8708 |
| Nickel Asia Corp. | 273100 | 25799 |
| Petron Corp. | 75000 | 3657 |
| PLDT, Inc., ADR<sup>(1)</sup> | 8087 | 193522 |
| Puregold Price Club, Inc. | 221400 | 161201 |
| Robinsons Land Corp. | 81300 | 26086 |
| Robinsons Retail Holdings, Inc. | 22090 | 14603 |
| Security Bank Corp. | 98660 | 126315 |
| Semirara Mining & Power Corp. | 244600 | 118720 |
| Shell Pilipinas Corp.<sup>(2)</sup> | 1600 | 319 |
| SM Investments Corp. | 5725 | 69973 |
| SM Prime Holdings, Inc. | 695700 | 259179 |
| Synergy Grid & Development Phils, Inc. | 162300 | 56226 |
| Universal Robina Corp. | 106350 | 147463 |
| Vista Land & Lifescapes, Inc. | 62800 | 1275 |
| Wilcon Depot, Inc. | 81300 | 9626 |
|  |  | 4538067 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 16584 | 556112 |
| Allegro.eu SA<sup>(2)</sup> | 23007 | 179040 |
| AmRest Holdings SE | 2830 | 9835 |
| Asseco Poland SA | 3041 | 150264 |
| Bank Handlowy w Warszawie SA | 1613 | 53824 |
| Bank Millennium SA<sup>(2)</sup> | 111365 | 541606 |
| Bank Polska Kasa Opieki SA | 15293 | 968976 |
| Benefit Systems SA<sup>(2)</sup> | 313 | 338616 |
| Budimex SA | 1197 | 269963 |
| CD Projekt SA | 1805 | 122579 |
| Cyfrowy Polsat SA<sup>(1)(2)</sup> | 7422 | 26345 |
| Diagnostyka SA | 3380 | 178933 |
| Dino Polska SA<sup>(2)</sup> | 31380 | 352840 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Enea SA | 30056 | $207813 |
| Eurocash SA<sup>(1)(2)</sup> | 8571 | 15179 |
| Grupa Azoty SA<sup>(1)(2)</sup> | 11398 | 52856 |
| Grupa Kety SA | 1963 | 594392 |
| Jastrzebska Spolka Weglowa SA<sup>(1)(2)</sup> | 7794 | 59236 |
| KGHM Polska Miedz SA<sup>(2)</sup> | 10705 | 1009503 |
| KRUK SA | 3296 | 427519 |
| LPP SA | 96 | 555510 |
| Lubelski Wegiel Bogdanka SA<sup>(2)</sup> | 109 | 614 |
| mBank SA<sup>(2)</sup> | 502 | 145899 |
| Mercator Medical SA<sup>(2)</sup> | 146 | 1663 |
| Orange Polska SA | 157116 | 616746 |
| ORLEN SA | 50183 | 1616354 |
| Pepco Group NV | 37235 | 307470 |
| PGE Polska Grupa Energetyczna SA<sup>(2)</sup> | 110971 | 350462 |
| PKP Cargo SA<sup>(2)</sup> | 196 | 748 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 39300 | 1018210 |
| Powszechny Zaklad Ubezpieczen SA | 33069 | 626519 |
| Santander Bank Polska SA | 1307 | 217075 |
| Tauron Polska Energia SA<sup>(2)</sup> | 68486 | 225473 |
| Text SA<sup>(1)</sup> | 2426 | 25815 |
| Zabka Group SA<sup>(2)</sup> | 41920 | 262316 |
|  |  | 12086305 |
| **Qatar — 0.5%** |  |  |
| Baladna<sup>(2)</sup> | 209420 | 71555 |
| Barwa Real Estate Co. | 112567 | 79188 |
| Commercial Bank PSQC | 102215 | 136074 |
| Doha Bank QPSC<sup>(2)</sup> | 620164 | 502639 |
| Dukhan Bank | 158332 | 155568 |
| Estithmar Holding QPSC<sup>(2)</sup> | 43069 | 44895 |
| Gulf International Services QSC | 50434 | 36042 |
| Industries Qatar QSC | 28537 | 94692 |
| Mazaya Real Estate Development QPSC<sup>(2)</sup> | 182100 | 29621 |
| Nebras Energy | 6830 | 27691 |
| Ooredoo QPSC | 118654 | 441808 |
| Qatar Fuel QSC | 30783 | 125148 |
| Qatar Gas Transport Co. Ltd. | 152069 | 205684 |
| Qatar International Islamic Bank QSC | 34089 | 105645 |
| Qatar Islamic Bank QPSC | 80757 | 525376 |
| Qatar National Bank QPSC | 367686 | 1952020 |
| Qatar Navigation QSC | 66050 | 203003 |
| Vodafone Qatar PQSC<sup>(2)</sup> | 39181 | 28644 |
|  |  | 4765293 |
| **Russia**<sup>(3)</sup> **— 0.0%** |  |  |
| Gazprom PJSC<sup>(2)</sup> | 309544 |  |
| Globaltrans Investment PLC, GDR<sup>(2)</sup> | 19562 | 2 |
| GMK Norilskiy Nickel PAO<sup>(2)</sup> | 84900 | 1 |
| LUKOIL PJSC<sup>(2)</sup> | 14461 |  |
| Magnit PJSC<sup>(2)</sup> | 1613 |  |
| Mechel PJSC<sup>(2)</sup> | 7372 |  |
| MMC Norilsk Nickel PJSC, ADR<sup>(2)</sup> | 3 |  |
| Mobile TeleSystems PJSC, ADR<sup>(2)</sup> | 11495 | 1 |
| Novatek PJSC | 8700 |  |
| Novolipetsk Steel PJSC<sup>(2)</sup> | 60580 |  |
| O'Key Group SA, GDR<sup>(2)</sup> | 1578 |  |
| PhosAgro PJSC | 2275 |  |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PhosAgro PJSC, GDR<sup>(2)</sup> | 44 | $— |
| PhosAgro PJSC, GDR<sup>(2)</sup> | 2 |  |
| Ros Agro PLC, GDR<sup>(2)</sup> | 3053 |  |
| Rosneft Oil Co. PJSC<sup>(2)</sup> | 36427 |  |
| Severstal PAO, GDR<sup>(2)</sup> | 6837 | 1 |
| Tatneft PJSC | 61368 |  |
| VK IPJSC, GDR<sup>(2)</sup> | 87 |  |
| VTB Bank PJSC<sup>(2)</sup> | 77279 |  |
| X5 Retail Group NV, GDR<sup>(2)</sup> | 2570 |  |
|  |  | 5 |
| **Saudi Arabia — 2.4%** |  |  |
| Abdullah Al Othaim Markets Co. | 21617 | 35383 |
| Ades Holding Co. | 78754 | 375065 |
| Al Babtain Power & Telecommunication Co. | 11019 | 183991 |
| Al Majed for Oud Co. | 1276 | 56425 |
| Al Moammar Information Systems Co. | 2042 | 83950 |
| Al Rajhi Bank | 119521 | 3205328 |
| Al Rajhi Co. for Co-operative Insurance<sup>(2)</sup> | 536 | 10624 |
| Alaseel Co. | 26309 | 24791 |
| Aldrees Petroleum & Transport Services Co. | 4990 | 155413 |
| Alinma Bank | 169652 | 1260134 |
| Almarai Co. JSC | 46318 | 492453 |
| Amlak International Finance Co.<sup>(2)</sup> | 7232 | 19848 |
| Arab National Bank | 132003 | 724140 |
| Arabian Centres Co. | 41718 | 201205 |
| Arabian Contracting Services Co.<sup>(2)</sup> | 2410 | 68008 |
| Arabian Drilling Co. | 7616 | 181792 |
| Arabian Internet & Communications Services Co. | 1171 | 58292 |
| Arriyadh Development Co. | 1988 | 9561 |
| Astra Industrial Group Co. | 4085 | 139153 |
| Bank AlBilad | 105142 | 714652 |
| Bank Al-Jazira | 69979 | 215082 |
| Banque Saudi Fransi | 191434 | 1011089 |
| Bupa Arabia for Cooperative Insurance Co. | 2830 | 134022 |
| Co. for Cooperative Insurance | 7236 | 261396 |
| Dallah Healthcare Co. | 1609 | 42548 |
| Dar Al Arkan Real Estate Development Co.<sup>(2)</sup> | 30121 | 160383 |
| Derayah Financial Co. | 4334 | 26531 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 3609 | 222172 |
| East Pipes Integrated Co. for Industry | 2913 | 108918 |
| Electrical Industries Co. | 64717 | 254088 |
| Elm Co. | 662 | 112853 |
| Etihad Etisalat Co. | 37995 | 650371 |
| Etihad GO Telecom Co. | 1907 | 43812 |
| flynas Co. SJSC<sup>(2)</sup> | 5536 | 86128 |
| Jabal Omar Development Co.<sup>(2)</sup> | 38330 | 151941 |
| Jarir Marketing Co. | 52679 | 196402 |
| Lumi Rental Co.<sup>(2)</sup> | 1994 | 20589 |
| Mobile Telecommunications Co. Saudi Arabia | 32603 | 99798 |
| Mouwasat Medical Services Co. | 7696 | 130569 |
| National Agriculture Development Co.<sup>(2)</sup> | 9869 | 45169 |
| Rasan Information Technology Co.<sup>(2)</sup> | 3008 | 104028 |
| Retal Urban Development Co. | 12812 | 45760 |
| Riyad Bank | 166500 | 1228618 |
| SABIC Agri-Nutrients Co. | 12473 | 411115 |
| SAL Saudi Logistics Services | 3486 | 150285 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Saudi Arabian Mining Co.<sup>(2)</sup> | 52864 | $987098 |
| Saudi Arabian Oil Co. | 258566 | 1723221 |
| Saudi Automotive Services Co.<sup>(2)</sup> | 2988 | 42160 |
| Saudi Awwal Bank | 94661 | 861829 |
| Saudi Basic Industries Corp. | 25279 | 365332 |
| Saudi Chemical Co. Holding | 30642 | 60083 |
| Saudi Electricity Co. | 61673 | 222173 |
| Saudi Investment Bank | 91893 | 330354 |
| Saudi Kayan Petrochemical Co.<sup>(2)</sup> | 78283 | 100335 |
| Saudi Manpower Solutions Co. | 33337 | 47166 |
| Saudi National Bank | 235605 | 2610471 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp.<sup>(2)</sup> | 19380 | 144881 |
| Saudi Research & Media Group<sup>(2)</sup> | 1019 | 22194 |
| Saudi Tadawul Group Holding Co. | 1360 | 49554 |
| Saudi Telecom Co. | 58811 | 655155 |
| Saudia Dairy & Foodstuff Co. | 826 | 43866 |
| Savola Group<sup>(2)</sup> | 22092 | 132639 |
| Seera Group Holding<sup>(2)</sup> | 16710 | 102228 |
| SHL Finance Co.<sup>(2)</sup> | 5213 | 22612 |
| Specialized Medical Co. | 7957 | 39493 |
| Sustained Infrastructure Holding Co. | 14959 | 106717 |
| Theeb Rent A Car Co. | 5082 | 43046 |
| United Electronics Co. | 4413 | 97220 |
| United International Holding Co.<sup>(2)</sup> | 766 | 27499 |
| United International Transportation Co. | 6910 | 74429 |
| Yamama Cement Co. | 5161 | 33672 |
|  |  | 22859302 |
| **Singapore — 0.0%** |  |  |
| Super Hi International Holding Ltd.<sup>(1)(2)</sup> | 7200 | 12316 |
| **South Africa — 3.9%** |  |  |
| Absa Group Ltd. | 99028 | 1692365 |
| AECI Ltd. | 29722 | 205464 |
| African Rainbow Minerals Ltd. | 20993 | 330661 |
| Alexander Forbes Group Holdings Ltd. | 4775 | 2465 |
| Anglogold Ashanti PLC (New York) | 12830 | 1639289 |
| Aspen Pharmacare Holdings Ltd. | 26280 | 223575 |
| Astral Foods Ltd. | 8941 | 156474 |
| AVI Ltd. | 49814 | 351385 |
| Bid Corp. Ltd. | 14383 | 380428 |
| Bidvest Group Ltd. | 15569 | 246609 |
| Capitec Bank Holdings Ltd. | 3412 | 1016706 |
| City Lodge Hotels Ltd. | 2646 | 798 |
| Clicks Group Ltd. | 23186 | 463931 |
| Coronation Fund Managers Ltd. | 43348 | 136869 |
| DataTec Ltd. | 44779 | 216819 |
| Dis-Chem Pharmacies Ltd.<sup>(1)</sup> | 70189 | 163134 |
| Discovery Ltd. | 27565 | 451665 |
| E Media Holdings Ltd.<sup>(1)</sup> | 18968 | 2668 |
| Exxaro Resources Ltd. | 40015 | 497913 |
| Famous Brands Ltd. | 293 | 1034 |
| FirstRand Ltd. | 318850 | 1986942 |
| Fortress Real Estate Investments Ltd., Class B | 203722 | 335828 |
| Foschini Group Ltd.<sup>(1)</sup> | 66389 | 361541 |
| Gold Fields Ltd., ADR | 49504 | 2912815 |
| Harmony Gold Mining Co. Ltd., ADR | 49229 | 1119960 |
| Impala Platinum Holdings Ltd. | 59158 | 1314235 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Investec Ltd. | 18763 | $161333 |
| KAL Group Ltd. | 177 | 518 |
| KAP Ltd.<sup>(2)</sup> | 178079 | 24211 |
| Kumba Iron Ore Ltd. | 10085 | 233105 |
| Lewis Group Ltd. | 508 | 2876 |
| Life Healthcare Group Holdings Ltd. | 77566 | 58988 |
| Metair Investments Ltd.<sup>(2)</sup> | 1914 | 573 |
| Momentum Group Ltd. | 221197 | 562051 |
| Motus Holdings Ltd. | 28124 | 237872 |
| Mpact Ltd. | 965 | 1339 |
| Mr. Price Group Ltd. | 27419 | 315940 |
| MTN Group Ltd. | 180554 | 2348487 |
| Naspers Ltd., N Shares | 16165 | 899593 |
| Nedbank Group Ltd. | 39590 | 783186 |
| NEPI Rockcastle NV<sup>(2)</sup> | 68855 | 640270 |
| Netcare Ltd. | 295935 | 319114 |
| Ninety One Ltd. | 25549 | 87384 |
| Northam Platinum Holdings Ltd. | 42883 | 1173872 |
| Oceana Group Ltd. | 464 | 1561 |
| Old Mutual Ltd. | 883166 | 914104 |
| Omnia Holdings Ltd. | 38217 | 214518 |
| OUTsurance Group Ltd. | 74531 | 344082 |
| Pepkor Holdings Ltd. | 56274 | 93692 |
| Pick n Pay Stores Ltd.<sup>(2)</sup> | 16039 | 19511 |
| PPC Ltd. | 125428 | 52115 |
| PSG Financial Services Ltd. | 3499 | 6215 |
| Raubex Group Ltd. | 2320 | 8333 |
| Reinet Investments SCA | 19998 | 704082 |
| Remgro Ltd. | 77548 | 943970 |
| RFG Holdings Ltd. | 1040 | 1664 |
| Sanlam Ltd. | 102134 | 682167 |
| Santam Ltd. | 4100 | 112772 |
| Sappi Ltd.<sup>(1)(2)</sup> | 171105 | 180879 |
| Sasol Ltd., ADR<sup>(2)</sup> | 122979 | 1096973 |
| Shoprite Holdings Ltd. | 38318 | 637451 |
| Sibanye Stillwater Ltd., ADR<sup>(2)</sup> | 118379 | 2096492 |
| Southern Sun Ltd. | 3866 | 2612 |
| SPAR Group Ltd.<sup>(1)(2)</sup> | 42312 | 186512 |
| Standard Bank Group Ltd. | 71922 | 1448473 |
| Sun International Ltd. | 37424 | 103914 |
| Telkom SA SOC Ltd. | 97821 | 395902 |
| Thungela Resources Ltd. | 38104 | 266812 |
| Tsogo Sun Ltd. | 3616 | 1694 |
| Valterra Platinum Ltd. | 12591 | 1478335 |
| Vodacom Group Ltd. | 50427 | 514614 |
| Woolworths Holdings Ltd. | 69395 | 237919 |
| Zeda Ltd. | 24857 | 21415 |
| Zeder Investments Ltd.<sup>(2)</sup> | 8750 | 694 |
|  |  | 36831762 |
| **South Korea — 17.1%** |  |  |
| Able C&C Co. Ltd. | 5008 | 40017 |
| Advanced Process Systems Corp.<sup>(2)</sup> | 1624 | 25984 |
| Aekyung Industrial Co. Ltd. | 1099 | 12280 |
| Agabang & Co.<sup>(2)</sup> | 2113 | 7282 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Alteogen, Inc. | 691 | $195750 |
| Amorepacific Corp. | 893 | 93890 |
| Amorepacific Holdings Corp. | 1483 | 32288 |
| Ananti, Inc.<sup>(2)</sup> | 12188 | 72878 |
| APR Corp. | 2215 | 480621 |
| Aprogen, Inc.<sup>(2)</sup> | 145 | 40 |
| Asiana Airlines, Inc.<sup>(2)</sup> | 11655 | 62847 |
| BGF Co. Ltd. | 616 | 1883 |
| BGF retail Co. Ltd. | 2080 | 180133 |
| BH Co. Ltd. | 7962 | 106783 |
| Binggrae Co. Ltd. | 616 | 35038 |
| BNK Financial Group, Inc. | 42164 | 583812 |
| Boditech Med, Inc. | 953 | 8816 |
| Bukwang Pharmaceutical Co. Ltd. | 694 | 2705 |
| Byucksan Corp. | 2612 | 3623 |
| Celltrion Pharm, Inc. | 295 | 14709 |
| Celltrion, Inc. | 3944 | 652974 |
| CG Invites Co. Ltd.<sup>(2)</sup> | 1166 | 1177 |
| Cheil Worldwide, Inc. | 9040 | 137838 |
| Cheryong Electric Co. Ltd. | 636 | 24689 |
| Chong Kun Dang Pharmaceutical Corp. | 1678 | 108827 |
| Chongkundang Holdings Corp.<sup>(2)</sup> | 42 | 1522 |
| Chunbo Co. Ltd.<sup>(2)</sup> | 75 | 2811 |
| CJ CGV Co. Ltd.<sup>(2)</sup> | 16596 | 63919 |
| CJ CheilJedang Corp. | 1797 | 267069 |
| CJ Corp. | 2466 | 374708 |
| CJ ENM Co. Ltd.<sup>(2)</sup> | 3381 | 170631 |
| CJ Logistics Corp. | 2468 | 225894 |
| Classys, Inc.<sup>(2)</sup> | 1624 | 65855 |
| CMG Pharmaceutical Co. Ltd.<sup>(2)</sup> | 803 | 1103 |
| Com2uSCorp<sup>(2)</sup> | 114 | 2842 |
| Cosmax, Inc.<sup>(2)</sup> | 1243 | 164189 |
| COSON Co. Ltd.<sup>(2)</sup> | 179 | 1 |
| Coway Co. Ltd.<sup>(2)</sup> | 7144 | 405891 |
| Cuckoo Homesys Co. Ltd.<sup>(2)</sup> | 704 | 12758 |
| Daea TI Co. Ltd.<sup>(2)</sup> | 824 | 2693 |
| Daeduck Electronics Co. Ltd. | 6484 | 282968 |
| Daesang Corp. | 6004 | 94071 |
| Daewon Pharmaceutical Co. Ltd. | 395 | 3136 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(2)</sup> | 26080 | 184418 |
| Daewoong Co. Ltd. | 2806 | 52634 |
| Daewoong Pharmaceutical Co. Ltd. | 323 | 39494 |
| Daishin Securities Co. Ltd. | 4161 | 129975 |
| Daol Investment & Securities Co. Ltd. | 5885 | 19186 |
| Daou Data Corp. | 2016 | 37171 |
| Daou Technology, Inc. | 4238 | 160263 |
| Dawonsys Co. Ltd.<sup>(2)</sup> | 62 | 129 |
| DB HiTek Co. Ltd. | 8598 | 573745 |
| DB Insurance Co. Ltd. | 3829 | 486456 |
| DB Securities Co. Ltd. | 1678 | 18271 |
| Dentium Co. Ltd.<sup>(2)</sup> | 478 | 16758 |
| DI Dong Il Corp.<sup>(2)</sup> | 1500 | 25062 |
| DIO Corp.<sup>(2)</sup> | 562 | 6963 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DL E&C Co. Ltd.<sup>(2)</sup> | 3996 | $141895 |
| DL Holdings Co. Ltd.<sup>(2)</sup> | 2862 | 102859 |
| Dong-A Socio Holdings Co. Ltd. | 125 | 10146 |
| Dong-A ST Co. Ltd. | 235 | 8551 |
| Dongjin Semichem Co. Ltd. | 4044 | 154644 |
| DongKook Pharmaceutical Co. Ltd. | 415 | 5884 |
| Dongkuk CM Co. Ltd. | 3531 | 14639 |
| Dongkuk Holdings Co. Ltd. | 1881 | 12887 |
| Dongkuk Steel Mill Co. Ltd. | 5859 | 41796 |
| Dongsuh Cos., Inc. | 1309 | 24918 |
| Dongwha Enterprise Co. Ltd.<sup>(2)</sup> | 1985 | 14055 |
| Dongwha Pharm Co. Ltd.<sup>(2)</sup> | 1215 | 5323 |
| Dongwon Development Co. Ltd. | 641 | 1395 |
| Dongwon Industries Co. Ltd. | 2097 | 62625 |
| Dongwon Systems Corp. | 1115 | 20459 |
| Doosan Bobcat, Inc. | 5079 | 229026 |
| Doosan Co. Ltd. | 193 | 171729 |
| Doosan Enerbility Co. Ltd.<sup>(2)</sup> | 11514 | 850945 |
| Doosan Fuel Cell Co. Ltd.<sup>(2)</sup> | 10079 | 278875 |
| Doosan Tesna, Inc. | 1960 | 92909 |
| DoubleUGames Co. Ltd.<sup>(2)</sup> | 1011 | 37220 |
| Douzone Bizon Co. Ltd. | 1500 | 123300 |
| Dreamtech Co. Ltd. | 3650 | 19771 |
| Ecopro BM Co. Ltd.<sup>(2)</sup> | 3490 | 537540 |
| Ecopro Co. Ltd.<sup>(2)</sup> | 1652 | 212136 |
| E-MART, Inc. | 4052 | 295639 |
| ENF Technology Co. Ltd. | 240 | 9770 |
| Eo Technics Co. Ltd.<sup>(2)</sup> | 446 | 130026 |
| Eoflow Co. Ltd.<sup>(2)</sup> | 486 | 126 |
| Eugene Corp. | 3001 | 9926 |
| Eugene Investment & Securities Co. Ltd. | 12570 | 46363 |
| Eugene Technology Co. Ltd. | 502 | 46847 |
| F&F Co. Ltd. | 3455 | 169399 |
| F&F Holdings Co. Ltd. | 27 | 403 |
| Genexine, Inc.<sup>(2)</sup> | 105 | 319 |
| Giantstep, Inc.<sup>(2)</sup> | 170 | 429 |
| GOLFZON Co. Ltd.<sup>(2)</sup> | 964 | 36735 |
| Gradiant Corp. | 604 | 4598 |
| Grand Korea Leisure Co. Ltd. | 2462 | 22399 |
| Green Cross Holdings Corp.<sup>(2)</sup> | 435 | 4807 |
| GS Engineering & Construction Corp. | 9964 | 155090 |
| GS Holdings Corp. | 10616 | 507368 |
| GS P&L Co. Ltd. | 1215 | 43328 |
| GS Retail Co. Ltd. | 10708 | 163661 |
| HAESUNG DS Co. Ltd. | 1458 | 65544 |
| Han Kuk Carbon Co. Ltd.<sup>(2)</sup> | 9743 | 283932 |
| Hana Financial Group, Inc. | 33391 | 2824451 |
| Hana Materials, Inc. | 919 | 39893 |
| Hana Tour Service, Inc. | 2000 | 66826 |
| Handsome Co. Ltd. | 2251 | 37166 |
| Hanil Cement Co. Ltd. | 4766 | 60217 |
| Hanjin Kal Corp.<sup>(2)</sup> | 1137 | 123235 |
| Hanjin Logistics Corp.<sup>(2)</sup> | 337 | 4967 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hankook & Co. Co. Ltd. | 5320 | $115750 |
| Hankook Shell Oil Co. Ltd. | 40 | 14116 |
| Hankook Tire & Technology Co. Ltd. | 10703 | 542130 |
| Hanmi Pharm Co. Ltd.<sup>(2)</sup> | 392 | 161504 |
| Hanmi Science Co. Ltd.<sup>(2)</sup> | 1621 | 49167 |
| Hanmi Semiconductor Co. Ltd. | 2620 | 590453 |
| Hanon Systems<sup>(2)</sup> | 46228 | 149073 |
| Hansae Co. Ltd. | 3078 | 30582 |
| Hansol Chemical Co. Ltd. | 375 | 87994 |
| Hansol Paper Co. Ltd. | 1067 | 6553 |
| Hansol Technics Co. Ltd. | 1045 | 4504 |
| Hanwha Aerospace Co. Ltd. | 1807 | 1502128 |
| Hanwha Corp.<sup>(2)</sup> | 7191 | 682856 |
| Hanwha Corp., Preference Shares<sup>(2)</sup> | 729 | 28439 |
| Hanwha Engine<sup>(2)</sup> | 8516 | 319501 |
| Hanwha Galleria Corp.<sup>(2)</sup> | 4395 | 9610 |
| Hanwha General Insurance Co. Ltd.<sup>(2)</sup> | 20132 | 106824 |
| Hanwha Investment & Securities Co. Ltd.<sup>(2)</sup> | 17784 | 103324 |
| Hanwha Life Insurance Co. Ltd.<sup>(2)</sup> | 50857 | 175160 |
| Hanwha Ocean Co. Ltd.<sup>(2)</sup> | 3322 | 325950 |
| Hanwha Solutions Corp.<sup>(2)</sup> | 7663 | 281662 |
| Hanwha Systems Co. Ltd.<sup>(2)</sup> | 2295 | 180952 |
| Harim Holdings Co. Ltd. | 14160 | 159097 |
| HD Construction Equipment Co. Ltd. | 5953 | 580804 |
| HD Hyundai Co. Ltd. | 8290 | 1686389 |
| HD Hyundai Electric Co. Ltd. | 2052 | 1498074 |
| HD Hyundai Heavy Industries Co. Ltd. | 1989 | 832943 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 6002 | 1877457 |
| HDC Holdings Co. Ltd. | 1750 | 30029 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 8404 | 135211 |
| Hite Jinro Co. Ltd. | 7717 | 95317 |
| HL Holdings Corp. | 590 | 20349 |
| HL Mando Co. Ltd. | 7097 | 309393 |
| HLB Global Co. Ltd.<sup>(2)</sup> | 807 | 1104 |
| HLB, Inc.<sup>(2)</sup> | 2476 | 89008 |
| HMM Co. Ltd. | 32234 | 477774 |
| HPSP Co. Ltd. | 3911 | 122020 |
| HS Hyosung Advanced Materials Corp.<sup>(2)</sup> | 537 | 93665 |
| HS Hyosung Corp.<sup>(2)</sup> | 149 | 6893 |
| HS Industries Co. Ltd. | 1315 | 3210 |
| Hugel, Inc.<sup>(2)</sup> | 376 | 70585 |
| Humasis Co. Ltd.<sup>(2)</sup> | 24352 | 13418 |
| Humedix Co. Ltd. | 1466 | 43429 |
| Huons Co. Ltd. | 129 | 2559 |
| Huons Global Co. Ltd. | 141 | 6195 |
| Hwa Shin Co. Ltd.<sup>(2)</sup> | 3147 | 34034 |
| Hwaseung Enterprise Co. Ltd. | 315 | 1223 |
| HYBE Co. Ltd. | 1078 | 289822 |
| Hyosung Chemical Corp.<sup>(2)</sup> | 216 | 15 |
| Hyosung Corp. | 2581 | 303353 |
| Hyosung Heavy Industries Corp. | 343 | 672346 |
| Hyosung TNC Corp. | 842 | 249324 |
| Hyundai Autoever Corp. | 426 | 148640 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| HYUNDAI Corp. | 337 | $6472 |
| Hyundai Department Store Co. Ltd. | 3666 | 280170 |
| Hyundai Elevator Co. Ltd. | 1340 | 91836 |
| Hyundai Engineering & Construction Co. Ltd. | 6782 | 776739 |
| Hyundai Futurenet Co. Ltd. | 2521 | 6073 |
| Hyundai GF Holdings | 8292 | 92319 |
| Hyundai Glovis Co. Ltd. | 7479 | 1505898 |
| Hyundai Home Shopping Network Corp. | 644 | 38076 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(2)</sup> | 11766 | 280964 |
| Hyundai Mobis Co. Ltd. | 2842 | 1021564 |
| Hyundai Motor Co. | 16179 | 7585108 |
| Hyundai Rotem Co. Ltd. | 2746 | 439038 |
| Hyundai Steel Co. | 18563 | 598661 |
| Hyundai Wia Corp. | 4198 | 295204 |
| ICD Co. Ltd.<sup>(2)</sup> | 1590 | 5974 |
| Iljin Diamond Co. Ltd. | 93 | 1012 |
| Iljin Electric Co. Ltd. | 4548 | 282729 |
| Ilyang Pharmaceutical Co. Ltd. | 2125 | 14458 |
| iM Financial Group Co. Ltd. | 25554 | 326585 |
| iMarketKorea, Inc. | 2108 | 11576 |
| Industrial Bank of Korea | 43024 | 770514 |
| Innocean Worldwide, Inc. | 2711 | 37770 |
| Innox Advanced Materials Co. Ltd.<sup>(2)</sup> | 2944 | 71620 |
| Inscobee, Inc.<sup>(2)</sup> | 756 | 242 |
| Insun ENT Co. Ltd.<sup>(2)</sup> | 1650 | 4934 |
| Interflex Co. Ltd.<sup>(2)</sup> | 276 | 2286 |
| INTOPS Co. Ltd. | 2663 | 36457 |
| IS Dongseo Co. Ltd.<sup>(2)</sup> | 2292 | 49526 |
| IsuPetasys Co. Ltd. | 3959 | 352525 |
| JB Financial Group Co. Ltd. | 18874 | 416184 |
| Jeil Pharmaceutical Co. Ltd.<sup>(2)</sup> | 24 | 263 |
| Jin Air Co. Ltd.<sup>(2)</sup> | 3532 | 17331 |
| Jusung Engineering Co. Ltd. | 6544 | 255636 |
| JW Holdings Corp.<sup>(2)</sup> | 418 | 1211 |
| JW Pharmaceutical Corp.<sup>(2)</sup> | 2496 | 62877 |
| JYP Entertainment Corp.<sup>(2)</sup> | 1575 | 76311 |
| Kakao Corp. | 10091 | 436635 |
| Kakao Games Corp.<sup>(2)</sup> | 699 | 7104 |
| KakaoBank Corp. | 10319 | 194451 |
| Kakaopay Corp.<sup>(2)</sup> | 1481 | 68644 |
| Kangwon Land, Inc. | 4323 | 57195 |
| KB Financial Group, Inc., ADR<sup>(1)</sup> | 20888 | 2297680 |
| KC Co. Ltd. | 1373 | 33423 |
| KC Tech Co. Ltd. | 493 | 16856 |
| KCC Corp. | 631 | 285653 |
| KCC Glass Corp. | 1172 | 23630 |
| KEPCO Engineering & Construction Co., Inc.<sup>(2)</sup> | 229 | 27841 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(2)</sup> | 1697 | 73122 |
| KG Dongbusteel | 14012 | 58893 |
| KG Eco Solution Co. Ltd.<sup>(2)</sup> | 2450 | 11147 |
| Kginicis Co. Ltd. | 1731 | 13862 |
| KH Vatec Co. Ltd. | 1906 | 23300 |
| Kia Corp. | 28743 | 4104143 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| KISCO Corp. | 1358 | $9613 |
| KIWOOM Securities Co. Ltd. | 2424 | 783806 |
| KMW Co. Ltd.<sup>(2)</sup> | 276 | 3596 |
| Kolmar BNH Co. Ltd.<sup>(2)</sup> | 169 | 1642 |
| Kolmar Korea Co. Ltd.<sup>(2)</sup> | 626 | 33153 |
| Kolon Industries, Inc. | 4414 | 207636 |
| Komipharm International Co. Ltd.<sup>(2)</sup> | 203 | 1269 |
| KONA I Co. Ltd.<sup>(2)</sup> | 548 | 25415 |
| Korea Aerospace Industries Ltd. | 3982 | 529124 |
| Korea Circuit Co. Ltd. | 1642 | 67446 |
| Korea Electric Power Corp., ADR | 20470 | 399165 |
| Korea Electric Terminal Co. Ltd. | 1846 | 103737 |
| Korea Gas Corp. | 4155 | 119048 |
| Korea Investment Holdings Co. Ltd. | 8268 | 1486699 |
| Korea Line Corp.<sup>(2)</sup> | 28143 | 42444 |
| Korea Petrochemical Ind Co. Ltd. | 318 | 41942 |
| Korea Real Estate Investment & Trust Co. Ltd. | 3951 | 4421 |
| Korea United Pharm, Inc. | 247 | 3440 |
| Korean Air Lines Co. Ltd.<sup>(2)</sup> | 34122 | 664944 |
| Korean Reinsurance Co. | 41775 | 404641 |
| Krafton, Inc. | 1412 | 243835 |
| KT Skylife Co. Ltd.<sup>(2)</sup> | 1686 | 5979 |
| Kum Yang Co. Ltd.<sup>(2)</sup> | 2158 | 3713 |
| Kumho Petrochemical Co. Ltd.<sup>(2)</sup> | 2434 | 259315 |
| Kumho Tire Co., Inc.<sup>(2)</sup> | 23563 | 114202 |
| Kwang Dong Pharmaceutical Co. Ltd. | 671 | 4452 |
| Kyobo Securities Co. Ltd. | 138 | 1401 |
| Kyung Dong Navien Co. Ltd. | 1521 | 67843 |
| LB Semicon, Inc.<sup>(2)</sup> | 1686 | 5866 |
| LEENO Industrial, Inc. | 3190 | 236320 |
| LF Corp. | 3890 | 60992 |
| LG Chem Ltd. | 2669 | 776086 |
| LG Corp. | 5769 | 431689 |
| LG Display Co. Ltd., ADR<sup>(2)</sup> | 108307 | 548033 |
| LG Electronics, Inc. | 14467 | 1463557 |
| LG Energy Solution Ltd.<sup>(2)</sup> | 1763 | 523952 |
| LG H&H Co. Ltd. | 1026 | 190387 |
| LG HelloVision Co. Ltd.<sup>(2)</sup> | 1238 | 2095 |
| LG Innotek Co. Ltd. | 4120 | 912811 |
| LG Uplus Corp. | 51640 | 594103 |
| LIG Nex1 Co. Ltd.<sup>(2)</sup> | 1606 | 566947 |
| LigaChem Biosciences, Inc.<sup>(2)</sup> | 1071 | 142641 |
| LOGEN Co. Ltd.<sup>(2)</sup> | 549 | 802 |
| Lotte Chemical Corp. | 1486 | 99093 |
| Lotte Chilsung Beverage Co. Ltd. | 1206 | 116549 |
| Lotte Corp. | 6249 | 155533 |
| Lotte Energy Materials Corp.<sup>(2)</sup> | 319 | 9930 |
| LOTTE Fine Chemical Co. Ltd. | 4744 | 168532 |
| LOTTE Himart Co. Ltd.<sup>(2)</sup> | 116 | 693 |
| Lotte Innovate Co. Ltd. | 464 | 7673 |
| Lotte Rental Co. Ltd. | 4409 | 103503 |
| Lotte Shopping Co. Ltd. | 2429 | 181526 |
| Lotte Wellfood Co. Ltd. | 557 | 49136 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| LS Corp.<sup>(2)</sup> | 3242 | $642304 |
| LS Electric Co. Ltd. | 817 | 447404 |
| LVMC Holdings<sup>(2)</sup> | 14008 | 15379 |
| LX Hausys Ltd.<sup>(2)</sup> | 634 | 14000 |
| LX Holdings Corp. | 3787 | 23937 |
| LX International Corp. | 9238 | 273612 |
| LX Semicon Co. Ltd. | 2539 | 103236 |
| Maeil Dairies Co. Ltd.<sup>(2)</sup> | 252 | 7004 |
| Mcnex Co. Ltd. | 2204 | 41855 |
| MegaStudyEdu Co. Ltd.<sup>(2)</sup> | 1482 | 49464 |
| Meritz Financial Group, Inc.<sup>(2)</sup> | 6354 | 560513 |
| Mirae Asset Life Insurance Co. Ltd.<sup>(2)</sup> | 2237 | 20759 |
| Mirae Asset Securities Co. Ltd. | 26938 | 1350327 |
| Misto Holdings Corp. | 4154 | 141248 |
| Miwon Commercial Co. Ltd. | 26 | 2563 |
| Myoung Shin Industrial Co. Ltd.<sup>(2)</sup> | 9928 | 78812 |
| Namhae Chemical Corp. | 960 | 4918 |
| Namsun Aluminum Co. Ltd.<sup>(2)</sup> | 4341 | 3519 |
| NAVER Corp. | 4855 | 857657 |
| NCSoft Corp. | 813 | 130397 |
| Neowiz<sup>(2)</sup> | 1144 | 20818 |
| NEPES Corp.<sup>(2)</sup> | 2001 | 26163 |
| Netmarble Corp. | 1462 | 53348 |
| Nexen Tire Corp. | 6561 | 40958 |
| NH Investment & Securities Co. Ltd. | 21461 | 530368 |
| NHN Corp.<sup>(2)</sup> | 2154 | 56766 |
| NHN KCP Corp. | 1223 | 18177 |
| NICE Holdings Co. Ltd. | 1626 | 16937 |
| NICE Information Service Co. Ltd. | 1931 | 22988 |
| NongShim Co. Ltd.<sup>(2)</sup> | 507 | 151439 |
| OCI Co. Ltd. | 124 | 7570 |
| OCI Holdings Co. Ltd. | 3336 | 351782 |
| OptoElectronics Solutions Co. Ltd.<sup>(2)</sup> | 81 | 1107 |
| Orion Corp.<sup>(2)</sup> | 2206 | 204566 |
| Orion Holdings Corp.<sup>(2)</sup> | 4385 | 72656 |
| Otoki Corp. | 415 | 114553 |
| Pan Ocean Co. Ltd. | 74389 | 272900 |
| Paradise Co. Ltd. | 5924 | 82321 |
| Park Systems Corp. | 544 | 109232 |
| Partron Co. Ltd. | 7816 | 46708 |
| People & Technology, Inc. | 3121 | 118679 |
| Peptron, Inc. | 542 | 107319 |
| PI Advanced Materials Co. Ltd.<sup>(2)</sup> | 1520 | 21173 |
| Pond Group Co. Ltd. | 562 | 2425 |
| Poongsan Corp.<sup>(2)</sup> | 1383 | 111122 |
| POSCO Future M Co. Ltd.<sup>(2)</sup> | 2385 | 409403 |
| POSCO Holdings, Inc., ADR<sup>(1)</sup> | 19012 | 1323045 |
| Posco International Corp. | 6485 | 326165 |
| PSK, Inc. | 3362 | 150061 |
| Pulmuone Co. Ltd. | 627 | 5640 |
| Rainbow Robotics<sup>(2)</sup> | 75 | 44846 |
| S-1 Corp. | 2950 | 179734 |
| Sam Chun Dang Pharm Co. Ltd. | 485 | 278323 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Samchully Co. Ltd. | 65 | $6897 |
| Samjin Pharmaceutical Co. Ltd. | 249 | 3268 |
| Samsung Biologics Co. Ltd.<sup>(2)</sup> | 318 | 392343 |
| Samsung C&T Corp. | 2826 | 688678 |
| Samsung Card Co. Ltd. | 448 | 19618 |
| Samsung E&A Co. Ltd. | 30634 | 774523 |
| Samsung Electro-Mechanics Co. Ltd. | 3938 | 1230782 |
| Samsung Electronics Co. Ltd., GDR | 9310 | 33768340 |
| Samsung Episholdings Co. Ltd.<sup>(2)</sup> | 170 | 79771 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2082 | 767279 |
| Samsung Heavy Industries Co. Ltd.<sup>(2)</sup> | 23305 | 469088 |
| Samsung Life Insurance Co. Ltd. | 6365 | 1018937 |
| Samsung Pharmaceutical Co. Ltd.<sup>(2)</sup> | 723 | 1002 |
| Samsung SDI Co. Ltd.<sup>(2)</sup> | 2380 | 771584 |
| Samsung SDS Co. Ltd. | 3082 | 417669 |
| Samsung Securities Co. Ltd. | 13295 | 987860 |
| Samwha Capacitor Co. Ltd. | 200 | 7507 |
| Samyang Biopharmaceuticals Corp.<sup>(2)</sup> | 187 | 12623 |
| Samyang Corp. | 176 | 6252 |
| Samyang Foods Co. Ltd. | 392 | 332758 |
| Samyang Holdings Corp. | 176 | 9128 |
| SD Biosensor, Inc.<sup>(2)</sup> | 3414 | 20040 |
| SeAH Besteel Holdings Corp. | 5352 | 257482 |
| SeAH Steel Corp. | 339 | 31278 |
| SeAH Steel Holdings Corp. | 253 | 24976 |
| Sebang Global Battery Co. Ltd. | 1135 | 54350 |
| Seegene, Inc. | 4156 | 75819 |
| Seobu T&D<sup>(2)</sup> | 2019 | 22000 |
| Seoul Semiconductor Co. Ltd.<sup>(2)</sup> | 5788 | 46349 |
| Seoul Viosys Co. Ltd.<sup>(2)</sup> | 377 | 1077 |
| Seoyon E-Hwa Co. Ltd.<sup>(2)</sup> | 2819 | 32564 |
| SFA Engineering Corp. | 912 | 21457 |
| SFA Semicon Co. Ltd.<sup>(2)</sup> | 6325 | 34760 |
| Shin Poong Pharmaceutical Co. Ltd.<sup>(2)</sup> | 78 | 661 |
| Shinhan Financial Group Co. Ltd., ADR<sup>(1)</sup> | 38961 | 2602984 |
| Shinsegae International, Inc. | 1719 | 15886 |
| Shinsegae, Inc. | 2080 | 531931 |
| Shinyoung Securities Co. Ltd. | 132 | 20738 |
| SK Biopharmaceuticals Co. Ltd.<sup>(2)</sup> | 1017 | 84669 |
| SK Chemicals Co. Ltd. | 1075 | 51379 |
| SK Discovery Co. Ltd. | 1593 | 66254 |
| SK Gas Ltd. | 126 | 20403 |
| SK Hynix, Inc. | 44343 | 32786859 |
| SK IE Technology Co. Ltd.<sup>(2)</sup> | 232 | 4370 |
| SK Innovation Co. Ltd. | 3859 | 342696 |
| SK Networks Co. Ltd. | 27148 | 108510 |
| SK Securities Co. Ltd. | 31975 | 47269 |
| SK Telecom Co. Ltd., ADR<sup>(1)</sup> | 12034 | 365112 |
| SK, Inc. | 3032 | 846599 |
| SL Corp.<sup>(2)</sup> | 4538 | 231560 |
| SM Entertainment Co. Ltd. | 586 | 47005 |
| SNT Dynamics Co. Ltd. | 3449 | 134095 |
| SNT Motiv Co. Ltd. | 2310 | 59849 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| S-Oil Corp.<sup>(2)</sup> | 11475 | $876885 |
| Songwon Industrial Co. Ltd. | 1219 | 8166 |
| Soop Co. Ltd. | 200 | 9866 |
| Soulbrain Co. Ltd. | 444 | 137772 |
| Soulbrain Holdings Co. Ltd. | 101 | 3909 |
| SPC Samlip Co. Ltd.<sup>(2)</sup> | 100 | 3728 |
| STIC Investments, Inc.<sup>(2)</sup> | 700 | 5788 |
| Studio Dragon Corp.<sup>(2)</sup> | 3366 | 104428 |
| STX Engine Co. Ltd.<sup>(2)</sup> | 1304 | 29928 |
| Suheung Co. Ltd. | 280 | 4349 |
| Sun Kwang Co. Ltd. | 157 | 2444 |
| Sung Kwang Bend Co. Ltd. | 2419 | 58923 |
| Sungwoo Hitech Co. Ltd. | 10589 | 65437 |
| Taeyoung Engineering & Construction Co. Ltd.<sup>(2)</sup> | 572 | 744 |
| TES Co. Ltd. | 1403 | 71983 |
| TK Corp.<sup>(2)</sup> | 3338 | 65268 |
| TKG Huchems Co. Ltd. | 3057 | 40329 |
| Tokai Carbon Korea Co. Ltd. | 493 | 77229 |
| Tongyang Life Insurance Co. Ltd.<sup>(2)</sup> | 13306 | 70112 |
| Toptec Co. Ltd. | 247 | 830 |
| TY Holdings Co. Ltd.<sup>(2)</sup> | 1322 | 2822 |
| Unid Co. Ltd.<sup>(2)</sup> | 981 | 55955 |
| Value Added Technology Co. Ltd.<sup>(2)</sup> | 1055 | 20058 |
| Vieworks Co. Ltd. | 344 | 6233 |
| VT Co. Ltd.<sup>(2)</sup> | 4098 | 49374 |
| Webzen, Inc. | 5817 | 53086 |
| WiSoL Co. Ltd.<sup>(2)</sup> | 935 | 4668 |
| Wonik Holdings Co. Ltd.<sup>(2)</sup> | 908 | 22126 |
| WONIK IPS Co. Ltd. | 1371 | 119717 |
| Wonik Materials Co. Ltd. | 174 | 5640 |
| Wonik QnC Corp.<sup>(2)</sup> | 1985 | 43108 |
| Woongjin Thinkbig Co. Ltd. | 2317 | 1825 |
| Woori Financial Group, Inc. | 100671 | 2519251 |
| Woori Technology Investment Co. Ltd.<sup>(2)</sup> | 6780 | 37109 |
| Youngone Corp. | 3736 | 250834 |
| Youngone Holdings Co. Ltd. | 1095 | 189652 |
| Yuanta Securities Korea Co. Ltd. | 8160 | 29503 |
| Yuhan Corp. | 2263 | 173207 |
| Zinus, Inc. | 380 | 3297 |
|  |  | 162993136 |
| **Taiwan — 21.7%** |  |  |
| Abico Avy Co. Ltd. | 35550 | 50309 |
| Accton Technology Corp. | 21000 | 924111 |
| Acer Cyber Security, Inc. | 3000 | 15773 |
| Acer E-Enabling Service Business, Inc. | 2000 | 13086 |
| Acer, Inc. | 62000 | 54150 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 27514 | 55919 |
| Acon Holding, Inc.<sup>(2)</sup> | 69000 | 14458 |
| Acter Group Corp. Ltd.<sup>(1)</sup> | 24000 | 547004 |
| ADATA Technology Co. Ltd. | 96000 | 859215 |
| Advanced Analog Technology, Inc. | 2000 | 2961 |
| Advanced Ceramic X Corp. | 12000 | 60024 |
| Advanced International Multitech Co. Ltd. | 22000 | 48300 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Advanced Power Electronics Corp. | 16000 | $49738 |
| Advanced Wireless Semiconductor Co. | 27000 | 104722 |
| Advancetek Enterprise Co. Ltd. | 69000 | 63242 |
| Advantech Co. Ltd. | 6708 | 71141 |
| AGV Products Corp. | 14000 | 4699 |
| AIC, Inc. | 8000 | 114723 |
| Airtac International Group | 12046 | 460900 |
| Alchip Technologies Ltd. | 7000 | 766250 |
| Alcor Micro Corp.<sup>(2)</sup> | 3196 | 12192 |
| All Ring Tech Co. Ltd. | 10000 | 172448 |
| Alltek Technology Corp. | 34000 | 39698 |
| Alltop Technology Co. Ltd. | 5500 | 51753 |
| Alpha Networks, Inc.<sup>(2)</sup> | 26773 | 26339 |
| Altek Corp. | 29654 | 37311 |
| Amazing Microelectronic Corp. | 23000 | 64474 |
| Ambassador Hotel | 11000 | 15451 |
| Ampak Technology, Inc. | 11000 | 26860 |
| Ampire Co. Ltd. | 2000 | 1715 |
| AMPOC Far-East Co. Ltd. | 3324 | 13091 |
| AmTRAN Technology Co. Ltd. | 68827 | 86201 |
| Anderson Industrial Corp. | 38000 | 28356 |
| Anji Technology Co. Ltd.<sup>(2)</sup> | 25099 | 29554 |
| Anpec Electronics Corp. | 16000 | 120060 |
| Apacer Technology, Inc. | 1000 | 3832 |
| APAQ Technology Co. Ltd. | 7000 | 41634 |
| APCB, Inc. | 2000 | 994 |
| Apex International Co. Ltd.<sup>(1)(2)</sup> | 18934 | 28205 |
| Arcadyan Technology Corp. | 44000 | 275453 |
| Ardentec Corp. | 142000 | 709457 |
| Argosy Research, Inc. | 18155 | 89713 |
| ASE Technology Holding Co. Ltd., ADR | 254319 | 6177409 |
| Asia Cement Corp. | 189000 | 216404 |
| Asia Optical Co., Inc.<sup>(1)</sup> | 41000 | 196272 |
| Asia Polymer Corp. | 74353 | 33055 |
| Asia Tech Image, Inc. | 10000 | 24548 |
| Asia Vital Components Co. Ltd. | 23910 | 1314726 |
| ASolid Technology Co. Ltd.<sup>(2)</sup> | 16000 | 45480 |
| ASPEED Technology, Inc. | 1000 | 308663 |
| Asustek Computer, Inc. | 26000 | 439350 |
| Aten International Co. Ltd. | 2000 | 3873 |
| Audix Corp. | 1000 | 2152 |
| AUO Corp.<sup>(1)</sup> | 1094640 | 576090 |
| AURAS Technology Co. Ltd. | 5000 | 180571 |
| Aurona Industries, Inc. | 22000 | 48504 |
| Axiomtek Co. Ltd. | 7000 | 18017 |
| Azurewave Technologies, Inc. | 32000 | 62678 |
| Bafang Yunji International Co. Ltd. | 10000 | 58962 |
| Bank of Kaohsiung Co. Ltd. | 74389 | 30651 |
| Basso Industry Corp. | 17000 | 18370 |
| BES Engineering Corp.<sup>(2)</sup> | 172249 | 95203 |
| Bioteque Corp. | 8000 | 31653 |
| Bizlink Holding, Inc. | 13128 | 580114 |
| Bonny Worldwide Ltd. | 5000 | 27156 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Brave C&H Supply Co. Ltd. | 5000 | $11057 |
| Brighton-Best International Taiwan, Inc. | 31000 | 33579 |
| Brillian Network & Automation Integrated System Co. Ltd. | 11000 | 122733 |
| C Sun Manufacturing Ltd. | 354 | 3582 |
| Capital Futures Corp. | 13801 | 23410 |
| Capital Securities Corp. | 272000 | 277476 |
| Career Technology MFG. Co. Ltd.<sup>(2)</sup> | 55023 | 28751 |
| Catcher Technology Co. Ltd. | 60000 | 366413 |
| Cathay Financial Holding Co. Ltd. | 1014893 | 2573759 |
| Cayman Engley Industrial Co. Ltd.<sup>(2)</sup> | 2000 | 1737 |
| Cenra, Inc. | 14500 | 15818 |
| Central Reinsurance Co. Ltd. | 84975 | 75181 |
| Century Iron & Steel Industrial Co. Ltd. | 23000 | 93911 |
| Chailease Holding Co. Ltd. | 16278 | 53922 |
| Chain Chon Industrial Co. Ltd. | 41000 | 14405 |
| ChainQui Construction Development Co. Ltd.<sup>(2)</sup> | 2200 | 1022 |
| Chaintech Technology Corp. | 17000 | 15311 |
| Champion Building Materials Co. Ltd. | 22500 | 6447 |
| Chang Hwa Commercial Bank Ltd. | 863984 | 596654 |
| Chang Wah Electromaterials, Inc. | 105000 | 144766 |
| Chang Wah Technology Co. Ltd. | 114000 | 179782 |
| Channel Well Technology Co. Ltd. | 48000 | 91209 |
| Chant Sincere Co. Ltd. | 18000 | 28918 |
| Charoen Pokphand Enterprise | 36000 | 175652 |
| CHC Healthcare Group | 9000 | 9499 |
| CHC Resources Corp. | 17000 | 39121 |
| Chen Full International Co. Ltd. | 4000 | 5334 |
| Chenbro Micom Co. Ltd. | 19000 | 547653 |
| Cheng Loong Corp. | 71000 | 41617 |
| Cheng Mei Materials Technology Corp.<sup>(2)</sup> | 93789 | 42124 |
| Cheng Shin Rubber Industry Co. Ltd. | 199000 | 199294 |
| Cheng Uei Precision Industry Co. Ltd. | 13000 | 16431 |
| Chia Chang Co. Ltd. | 5000 | 6143 |
| Chia Hsin Cement Corp. | 2040 | 922 |
| Chicony Electronics Co. Ltd. | 63000 | 251673 |
| Chicony Power Technology Co. Ltd. | 16000 | 46282 |
| Chien Kuo Construction Co. Ltd. | 26400 | 27910 |
| China Airlines Ltd. | 602000 | 402299 |
| China Bills Finance Corp. | 46000 | 25261 |
| China Electric Manufacturing Corp. | 28000 | 11890 |
| China General Plastics Corp. | 26805 | 10597 |
| China Man-Made Fiber Corp.<sup>(2)</sup> | 82000 | 18692 |
| China Metal Products | 44000 | 34296 |
| China Motor Corp. | 29000 | 55261 |
| China Petrochemical Development Corp.<sup>(2)</sup> | 464690 | 123143 |
| China Steel Chemical Corp. | 8000 | 18432 |
| China Steel Corp.<sup>(1)</sup> | 937000 | 619932 |
| China Wire & Cable Co. Ltd. | 22000 | 27135 |
| Chinese Maritime Transport Ltd. | 26000 | 54733 |
| Ching Feng Home Fashions Co. Ltd. | 1025 | 624 |
| Chin-Poon Industrial Co. Ltd. | 81000 | 107823 |
| Chipbond Technology Corp. | 118000 | 212343 |
| ChipMOS Technologies, Inc.<sup>(2)</sup> | 217000 | 487850 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Chlitina Holding Ltd.<sup>(2)</sup> | 4120 | $14403 |
| Chong Hong Construction Co. Ltd. | 37000 | 89230 |
| Chroma ATE, Inc. | 18000 | 782171 |
| Chun Yuan Steel Industry Co. Ltd. | 122000 | 88886 |
| Chung Hwa Pulp Corp.<sup>(2)</sup> | 19000 | 7587 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 95000 | 531054 |
| Chunghwa Telecom Co. Ltd., ADR | 19679 | 850920 |
| Cleanaway Co. Ltd.<sup>(1)</sup> | 110000 | 123237 |
| Clevo Co. | 73000 | 91747 |
| CMC Magnetics Corp.<sup>(2)</sup> | 163280 | 58429 |
| Compal Electronics, Inc.<sup>(1)</sup> | 448000 | 449441 |
| Compeq Manufacturing Co. Ltd. | 217000 | 1403106 |
| Concord International Securities Co. Ltd. | 65135 | 56653 |
| Concord Securities Co. Ltd. | 140721 | 80789 |
| Continental Holdings Corp. | 56000 | 39980 |
| Contrel Technology Co. Ltd. | 28000 | 43222 |
| Coremax Corp. | 9086 | 22442 |
| Creative Sensor, Inc. | 6000 | 11433 |
| Cryomax Cooling System Corp. | 1578 | 2161 |
| CTBC Financial Holding Co. Ltd. | 1457000 | 2591796 |
| CTCI Corp. | 136000 | 136044 |
| CviLux Corp. | 21900 | 69193 |
| CyberPower Systems, Inc. | 12000 | 74150 |
| DA CIN Construction Co. Ltd. | 36000 | 84606 |
| Darfon Electronics Corp. | 36000 | 35807 |
| Darwin Precisions Corp.<sup>(2)</sup> | 83700 | 36796 |
| Daxin Materials Corp. | 2000 | 26912 |
| De Licacy Industrial Co. Ltd. | 34452 | 12099 |
| Delta Electronics, Inc. | 60000 | 2705629 |
| Depo Auto Parts Ind Co. Ltd. | 20000 | 89834 |
| DFI, Inc. | 10000 | 19642 |
| Dimerco Express Corp. | 13102 | 32973 |
| DingZing Advanced Materials, Inc. | 4000 | 11577 |
| D-Link Corp.<sup>(2)</sup> | 42000 | 20889 |
| DONPON PRECISION, Inc. | 7000 | 11035 |
| Dyaco International, Inc. | 1050 | 632 |
| E Ink Holdings, Inc. | 24000 | 142054 |
| E.Sun Financial Holding Co. Ltd. | 814544 | 913476 |
| Eastech Holding Ltd. | 12000 | 37809 |
| Eastern Media International Corp. | 47815 | 31374 |
| Eclat Textile Co. Ltd. | 16000 | 215412 |
| ECOVE Environment Corp. | 3000 | 28750 |
| Edimax Technology Co. Ltd. | 43000 | 24306 |
| Edom Technology Co. Ltd.<sup>(2)</sup> | 62000 | 78700 |
| Elan Microelectronics Corp.<sup>(1)</sup> | 49000 | 189581 |
| E-Lead Electronic Co. Ltd. | 8000 | 11510 |
| Elite Advanced Laser Corp. | 8000 | 77617 |
| Elite Material Co. Ltd. | 11000 | 842409 |
| Elitegroup Computer Systems Co. Ltd. | 35000 | 30543 |
| eMemory Technology, Inc. | 4000 | 318114 |
| Emerging Display Technologies Corp. | 25000 | 18545 |
| Ennostar, Inc.<sup>(2)</sup> | 124325 | 150643 |
| EOI Investment Holdings Co. Ltd. | 2000 | 1122 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Eson Precision Ind Co. Ltd. | 36000 | $97274 |
| Eternal Materials Co. Ltd. | 128100 | 280250 |
| Eva Airways Corp. | 489000 | 592063 |
| Evergreen International Storage & Transport Corp. | 73000 | 130047 |
| Evergreen Marine Corp. Taiwan Ltd. | 171800 | 1078172 |
| EVERGREEN Steel Corp. | 23000 | 75610 |
| Everlight Chemical Industrial Corp. | 65000 | 56017 |
| Everlight Electronics Co. Ltd. | 25000 | 46783 |
| Excelsior Medical Co. Ltd. | 25597 | 63943 |
| Far Eastern Department Stores Ltd. | 148000 | 107524 |
| Far Eastern International Bank | 489938 | 202522 |
| Far Eastern New Century Corp. | 585000 | 538108 |
| Far EasTone Telecommunications Co. Ltd. | 181674 | 533920 |
| Faraday Technology Corp. | 14540 | 77438 |
| Farglory Land Development Co. Ltd. | 27000 | 58606 |
| Feedback Technology Corp. | 8240 | 37984 |
| Feng Hsin Steel Co. Ltd. | 54000 | 116889 |
| Feng TAY Enterprise Co. Ltd.<sup>(1)</sup> | 43344 | 129683 |
| Firich Enterprises Co. Ltd. | 9918 | 7372 |
| First Financial Holding Co. Ltd. | 785875 | 749167 |
| First Insurance Co. Ltd. | 50000 | 43761 |
| First Steamship Co. Ltd.<sup>(2)</sup> | 79350 | 13680 |
| FIT Holding Co. Ltd. | 6000 | 4813 |
| Fitipower Integrated Technology, Inc. | 10693 | 50501 |
| Fittech Co. Ltd.<sup>(2)</sup> | 253 | 1061 |
| FLEXium Interconnect, Inc.<sup>(2)</sup> | 48000 | 98338 |
| FocalTech Systems Co. Ltd.<sup>(2)</sup> | 30000 | 50559 |
| Forcecon Tech Co. Ltd. | 5750 | 16871 |
| Forest Water Environment Engineering Co. Ltd. | 16512 | 20341 |
| Formosa Advanced Technologies Co. Ltd. | 5000 | 11261 |
| Formosa Chemicals & Fibre Corp. | 110000 | 177848 |
| Formosa International Hotels Corp. | 7000 | 42212 |
| Formosa Laboratories, Inc. | 12000 | 21698 |
| Formosa Petrochemical Corp. | 10000 | 17530 |
| Formosa Plastics Corp. | 106000 | 173878 |
| Formosa Sumco Technology Corp.<sup>(1)</sup> | 10000 | 43545 |
| Formosa Taffeta Co. Ltd. | 87000 | 50674 |
| Formosan Rubber Group, Inc. | 11700 | 9666 |
| Formosan Union Chemical Corp. | 54000 | 28772 |
| Fortune Electric Co. Ltd. | 13200 | 445252 |
| Founding Construction & Development Co. Ltd. | 26000 | 12089 |
| Foxconn Technology Co. Ltd. | 111000 | 209159 |
| Foxsemicon Integrated Technology, Inc. | 7000 | 69632 |
| Franbo Lines Corp. | 52966 | 34018 |
| Froch Enterprise Co. Ltd. | 33000 | 17346 |
| FSP Technology, Inc. | 13000 | 22898 |
| Fu Chun Shin Machinery Manufacture Co. Ltd. | 45000 | 35477 |
| Fu Hua Innovation Co. Ltd. | 148319 | 80826 |
| Fubon Financial Holding Co. Ltd. | 842673 | 2527322 |
| Fulgent Sun International Holding Co. Ltd. | 9437 | 28174 |
| Full Wang International Development Co. Ltd. | 1552 | 829 |
| Fusheng Precision Co. Ltd. | 19000 | 160588 |
| Galaxy Software Services Corp. | 5250 | 20788 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GEM Services, Inc. | 16000 | $42508 |
| Gemtek Technology Corp. | 118000 | 101876 |
| General Interface Solution GIS Holding Ltd.<sup>(2)</sup> | 40000 | 60602 |
| Genesys Logic, Inc. | 3000 | 9610 |
| Genius Electronic Optical Co. Ltd.<sup>(1)</sup> | 23000 | 322702 |
| GeoVision, Inc. | 11570 | 17403 |
| Getac Holdings Corp. | 43000 | 154896 |
| Giant Manufacturing Co. Ltd. | 48217 | 125696 |
| Giantplus Technology Co. Ltd.<sup>(2)</sup> | 41000 | 17149 |
| Gigabyte Technology Co. Ltd. | 22000 | 166704 |
| Global Lighting Technologies, Inc. | 5000 | 6208 |
| Global Mixed Mode Technology, Inc. | 6000 | 47325 |
| Global PMX Co. Ltd. | 13000 | 51583 |
| Global Unichip Corp. | 4000 | 350272 |
| Globalwafers Co. Ltd.<sup>(1)(2)</sup> | 38000 | 547284 |
| Globe Union Industrial Corp. | 53000 | 16804 |
| Gloria Material Technology Corp. | 89000 | 99409 |
| Gold Circuit Electronics Ltd. | 35100 | 911799 |
| Golden Long Teng Development Co. Ltd. | 11000 | 11282 |
| Goldsun Building Materials Co. Ltd. | 75990 | 90118 |
| Gordon Auto Body Parts | 33000 | 32466 |
| Gourmet Master Co. Ltd. | 33000 | 75259 |
| Grand Fortune Securities Co. Ltd. | 54269 | 25661 |
| Grand Pacific Petrochemical<sup>(2)</sup> | 134857 | 58879 |
| Grand Process Technology Corp. | 1000 | 55895 |
| Grape King Bio Ltd. | 17000 | 67405 |
| Great Tree Pharmacy Co. Ltd. | 5290 | 14646 |
| Great Wall Enterprise Co. Ltd. | 74304 | 120899 |
| Greatek Electronics, Inc. | 98000 | 298495 |
| GTM Holdings Corp. | 2000 | 2130 |
| Hai Kwang Enterprise Corp.<sup>(1)(2)</sup> | 48552 | 23192 |
| Hannstar Board Corp. | 81076 | 240336 |
| HannStar Display Corp.<sup>(2)</sup> | 252000 | 74344 |
| HannsTouch Holdings Co.<sup>(2)</sup> | 113000 | 37407 |
| Hanpin Electron Co. Ltd. | 15000 | 22769 |
| Harmony Electronics Corp. | 5000 | 4449 |
| Heran Co. Ltd. | 2400 | 4599 |
| Highwealth Construction Corp.<sup>(1)</sup> | 94462 | 114273 |
| Hi-Lai Foods Co. Ltd. | 4000 | 20507 |
| HIM International Music, Inc. | 8000 | 24183 |
| Hiroca Holdings Ltd. | 4000 | 2368 |
| Hitron Technology, Inc.<sup>(2)</sup> | 41000 | 38692 |
| Ho Tung Chemical Corp. | 146000 | 46599 |
| Hocheng Corp. | 66140 | 40003 |
| Holy Stone Enterprise Co. Ltd. | 45500 | 171807 |
| Hon Hai Precision Industry Co. Ltd. | 669000 | 5117040 |
| Hong Ho Precision Textile Co. Ltd. | 21000 | 10828 |
| Hong Pu Real Estate Development Co. Ltd. | 40000 | 30056 |
| Hong TAI Electric Industrial | 19000 | 21872 |
| Horizon Securities Co. Ltd. | 19080 | 9282 |
| Hota Industrial Manufacturing Co. Ltd. | 2147 | 4134 |
| Hotai Finance Co. Ltd. | 21780 | 41643 |
| Hotai Motor Co. Ltd. | 29180 | 545122 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hsin Ba Ba Corp. | 10207 | $13365 |
| Hsing TA Cement Co. | 2000 | 1011 |
| HTC Corp.<sup>(1)(2)</sup> | 106000 | 152512 |
| Hu Lane Associate, Inc. | 5407 | 20198 |
| Hua Jung Components Co. Ltd. | 39000 | 36026 |
| Hua Nan Financial Holdings Co. Ltd. | 659819 | 801295 |
| Huang Hsiang Construction Corp. | 15777 | 18984 |
| Hung Ching Development & Construction Co. Ltd. | 2000 | 2066 |
| Hung Sheng Construction Ltd. | 82920 | 52984 |
| Hwang Chang General Contractor Co. Ltd.<sup>(1)</sup> | 14518 | 28317 |
| IBF Financial Holdings Co. Ltd. | 250710 | 135789 |
| IEI Integration Corp. | 16000 | 30545 |
| IKKA Holdings Cayman Ltd. | 7334 | 16455 |
| In Win Development, Inc. | 6000 | 14380 |
| Infortrend Technology, Inc. | 23000 | 23493 |
| Innolux Corp.<sup>(1)</sup> | 2005524 | 1701976 |
| Inpaq Technology Co. Ltd. | 22853 | 63068 |
| Integrated Service Technology, Inc. | 15805 | 66553 |
| Interactive Digital Technologies, Inc. | 8000 | 21610 |
| International CSRC Investment Holdings Co.<sup>(2)</sup> | 89000 | 37274 |
| International Games System Co. Ltd.<sup>(1)</sup> | 17000 | 376127 |
| Inventec Corp. | 79000 | 115717 |
| Iron Force Industrial Co. Ltd. | 8296 | 25488 |
| I-Sheng Electric Wire & Cable Co. Ltd. | 1000 | 1540 |
| ITE Technology, Inc.<sup>(2)</sup> | 24000 | 93699 |
| ITEQ Corp. | 63000 | 281661 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 7175 | 19565 |
| Jean Co. Ltd. | 28386 | 18071 |
| Jentech Precision Industrial Co. Ltd. | 2000 | 195033 |
| Jih Lin Technology Co. Ltd. | 2000 | 3226 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 23000 | 76965 |
| Jinan Acetate Chemical Co. Ltd.<sup>(1)</sup> | 134170 | 200998 |
| Johnson Health Tech Co. Ltd. | 18000 | 77676 |
| Joinsoon Electronics Manufacturing Co. Ltd.<sup>(2)</sup> | 1549 | 785 |
| JPC connectivity, Inc. | 9000 | 43651 |
| K Laser Technology, Inc. | 2000 | 1058 |
| Kaimei Electronic Corp. | 28400 | 85034 |
| Kedge Construction Co. Ltd. | 14840 | 41447 |
| KEE TAI Properties Co. Ltd. | 42630 | 14642 |
| Kenda Rubber Industrial Co. Ltd. | 37892 | 24491 |
| Kenturn Nano Tec Co. Ltd. | 7000 | 9080 |
| Kerry TJ Logistics Co. Ltd. | 23000 | 23289 |
| Keystone Microtech Corp. | 5000 | 144475 |
| KGI Financial Holding Co. Ltd. | 683527 | 477579 |
| KGI Financial Holding Co. Ltd., Preference Shares | 80081 | 20670 |
| KHGEARS International Ltd. | 1000 | 5778 |
| Kindom Development Co. Ltd. | 98340 | 98342 |
| King Polytechnic Engineering Co. Ltd. | 12793 | 21466 |
| King Slide Works Co. Ltd.<sup>(1)</sup> | 2000 | 215230 |
| King Yuan Electronics Co. Ltd. | 260000 | 2675282 |
| Kinpo Electronics | 387000 | 314281 |
| Kinsus Interconnect Technology Corp.<sup>(1)</sup> | 68000 | 671946 |
| KMC Kuei Meng International, Inc. | 2000 | 5941 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| KNH Enterprise Co. Ltd. | 4000 | $2120 |
| KS Terminals, Inc. | 3000 | 4819 |
| Kuang Hong Arts Management, Inc. | 6000 | 27724 |
| Kung Long Batteries Industrial Co. Ltd. | 11000 | 44119 |
| Kung Sing Engineering Corp.<sup>(2)</sup> | 132400 | 109955 |
| Kuo Toong International Co. Ltd. | 9000 | 15301 |
| Kuo Yang Construction Co. Ltd.<sup>(2)</sup> | 25000 | 15141 |
| L&K Engineering Co. Ltd. | 46918 | 866433 |
| Lanner Electronics, Inc. | 18180 | 35547 |
| Largan Precision Co. Ltd. | 10000 | 801492 |
| Lealea Enterprise Co. Ltd.<sup>(2)</sup> | 23920 | 4887 |
| Lelon Electronics Corp. | 29000 | 116355 |
| Lemtech Holdings Co. Ltd. | 9450 | 29501 |
| Li Peng Enterprise Co. Ltd.<sup>(2)</sup> | 126000 | 22218 |
| Lien Hwa Industrial Holdings Corp. | 1623 | 2326 |
| Lingsen Precision Industries Ltd. | 32000 | 28960 |
| Lintes Technology Co. Ltd. | 4000 | 22058 |
| Lion Travel Service Co. Ltd. | 19000 | 106328 |
| Lite-On Technology Corp. | 136000 | 742349 |
| Liton Technology Corp. | 14000 | 21208 |
| Long Bon International Co. Ltd.<sup>(2)</sup> | 101000 | 48461 |
| Long Da Construction & Development Corp. | 2000 | 2059 |
| Longchen Paper & Packaging Co. Ltd.<sup>(2)</sup> | 70591 | 22250 |
| Lotes Co. Ltd. | 8142 | 457303 |
| Lotus Pharmaceutical Co. Ltd. | 36000 | 320260 |
| Loyalty Founder Enterprise Co. Ltd. | 14000 | 13099 |
| Lucky Cement Corp. | 9000 | 4406 |
| Lumax International Corp. Ltd. | 15000 | 63108 |
| Lung Yen Life Service Corp.<sup>(2)</sup> | 23000 | 38826 |
| Macauto Industrial Co. Ltd. | 2000 | 3527 |
| Macroblock, Inc. | 3000 | 5631 |
| Macronix International Co. Ltd.<sup>(2)</sup> | 75000 | 256672 |
| Makalot Industrial Co. Ltd. | 13320 | 135821 |
| Marketech International Corp.<sup>(1)</sup> | 24000 | 231253 |
| Materials Analysis Technology, Inc. | 8414 | 58240 |
| MediaTek, Inc. | 54000 | 3326376 |
| Mega Financial Holding Co. Ltd. | 615247 | 791481 |
| Meiloon Industrial Co. | 25600 | 19930 |
| Mercuries & Associates Holding Ltd.<sup>(2)</sup> | 70504 | 37143 |
| Mercuries Life Insurance Co. Ltd.<sup>(2)</sup> | 563250 | 149016 |
| Merida Industry Co. Ltd. | 34000 | 81263 |
| Micro-Star International Co. Ltd. | 19000 | 56764 |
| Mildef Crete, Inc. | 9000 | 28891 |
| MIN AIK Technology Co. Ltd. | 36000 | 38598 |
| Mitac Holdings Corp.<sup>(1)</sup> | 99924 | 251145 |
| Mobiletron Electronics Co. Ltd.<sup>(2)</sup> | 1000 | 981 |
| momo.com, Inc. | 8191 | 50212 |
| MOSA Industrial Corp.<sup>(2)</sup> | 41834 | 26026 |
| Motech Industries, Inc. | 45000 | 47070 |
| MPI Corp. | 1000 | 92555 |
| MSSCORPS Co. Ltd. | 10000 | 90287 |
| My Humble House Hospitality Management Consulting | 13000 | 13992 |
| Nak Sealing Technologies Corp. | 6000 | 22728 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Namchow Holdings Co. Ltd. | 27000 | $32986 |
| Nan Ren Lake Leisure Amusement Co. Ltd.<sup>(2)</sup> | 2000 | 566 |
| Nan Ya Plastics Corp. | 160000 | 464204 |
| Nan Ya Printed Circuit Board Corp. | 19000 | 329696 |
| Nantex Industry Co. Ltd. | 29000 | 25261 |
| Nanya Technology Corp.<sup>(2)</sup> | 77000 | 683525 |
| Netronix, Inc. | 18000 | 60754 |
| New Era Electronics Co. Ltd. | 12000 | 24069 |
| Nexcom International Co. Ltd.<sup>(1)</sup> | 19000 | 42238 |
| Nidec Chaun-Choung Technology Corp. | 3000 | 14840 |
| Nien Made Enterprise Co. Ltd.<sup>(1)</sup> | 14000 | 179256 |
| Niko Semiconductor Co. Ltd. | 22876 | 36571 |
| Nishoku Technology, Inc. | 2000 | 7609 |
| Nova Technology Corp. | 2000 | 13038 |
| Novatek Microelectronics Corp. | 38000 | 474491 |
| O-Bank Co. Ltd. | 149000 | 46661 |
| Ocean Plastics Co. Ltd. | 9000 | 9688 |
| Optimax Technology Corp. | 16000 | 11795 |
| Orient Semiconductor Electronics Ltd. | 67000 | 122263 |
| Oriental Union Chemical Corp.<sup>(2)</sup> | 36000 | 15111 |
| O-TA Precision Industry Co. Ltd. | 10000 | 22255 |
| Pacific Construction Co. | 57000 | 16468 |
| Pacific Hospital Supply Co. Ltd. | 3000 | 7780 |
| PADAUK Technology Co. Ltd. | 2662 | 8095 |
| Paiho Shih Holdings Corp. | 48300 | 35659 |
| Pan Jit International, Inc.<sup>(1)</sup> | 46000 | 131951 |
| Pan-International Industrial Corp.<sup>(1)</sup> | 45000 | 72804 |
| Parade Technologies Ltd. | 1000 | 17258 |
| Pegatron Corp. | 263000 | 615568 |
| Pegavision Corp. | 7171 | 67860 |
| PharmaEngine, Inc. | 15000 | 31136 |
| PharmaEssentia Corp. | 4438 | 102501 |
| Phison Electronics Corp. | 3000 | 177232 |
| Phoenix Silicon International Corp. | 48449 | 286534 |
| Phoenix Tours International, Inc. | 11550 | 18421 |
| Pixart Imaging, Inc. | 17000 | 110430 |
| Planet Technology Corp. | 5000 | 19325 |
| Podak Co. Ltd. | 10500 | 15839 |
| Posiflex Technology, Inc. | 1000 | 5546 |
| Pou Chen Corp. | 230000 | 227628 |
| Power Wind Health Industry, Inc. | 1050 | 4788 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(2)</sup> | 158000 | 377559 |
| Powertech Technology, Inc.<sup>(1)</sup> | 200000 | 1624153 |
| Poya International Co. Ltd. | 7191 | 115864 |
| President Chain Store Corp. | 43000 | 307959 |
| President Securities Corp. | 211696 | 216908 |
| Primax Electronics Ltd. | 121000 | 314638 |
| Prince Housing & Development Corp. | 180000 | 47608 |
| Promate Electronic Co. Ltd.<sup>(1)</sup> | 43199 | 64134 |
| Prosperity Dielectrics Co. Ltd. | 21000 | 48839 |
| Qisda Corp. | 48380 | 39804 |
| Qualipoly Chemical Corp. | 2000 | 13689 |
| Quang Viet Enterprise Co. Ltd. | 1073 | 2349 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Quanta Computer, Inc. | 184000 | $1688603 |
| Radiant Opto-Electronics Corp. | 29000 | 112745 |
| Radium Life Tech Co. Ltd.<sup>(2)</sup> | 128601 | 45091 |
| Raydium Semiconductor Corp. | 17000 | 126157 |
| Realtek Semiconductor Corp.<sup>(1)</sup> | 38000 | 581588 |
| Rechi Precision Co. Ltd. | 62000 | 51344 |
| Rexon Industrial Corp. Ltd. | 24000 | 20176 |
| Rich Development Co. Ltd. | 165430 | 42452 |
| RiTdisplay Corp. | 4785 | 5938 |
| Ritek Corp.<sup>(2)</sup> | 16000 | 7380 |
| Roo Hsing Co. Ltd.<sup>(2)</sup> | 790 | 260 |
| Ruby Tech Corp. | 13000 | 25629 |
| Ruentex Development Co. Ltd. | 220880 | 208136 |
| Ruentex Engineering & Construction Co. | 18806 | 104499 |
| Ruentex Industries Ltd. | 108235 | 183852 |
| Ruentex Materials Co. Ltd. | 1000 | 876 |
| Sampo Corp. | 9000 | 7015 |
| San Fang Chemical Industry Co. Ltd. | 52000 | 58422 |
| San Far Property Ltd. | 2316 | 1242 |
| San Shing Fastech Corp. | 3000 | 5831 |
| Sanyang Motor Co. Ltd. | 10000 | 19124 |
| Scientech Corp. | 2000 | 23387 |
| SDI Corp. | 4000 | 10920 |
| Senao Networks, Inc. | 3000 | 13562 |
| Sensortek Technology Corp. | 1000 | 5518 |
| Sercomm Corp. | 47000 | 123749 |
| Sesoda Corp. | 55000 | 63774 |
| Shanghai Commercial & Savings Bank Ltd. | 294001 | 375598 |
| Shan-Loong Transportation Co. Ltd. | 2000 | 868 |
| Sheng Yu Steel Co. Ltd. | 2000 | 1390 |
| Shih Her Technologies, Inc. | 4293 | 26235 |
| Shih Wei Navigation Co. Ltd.<sup>(2)</sup> | 16457 | 9219 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 3000 | 3222 |
| Shin Zu Shing Co. Ltd. | 19829 | 129257 |
| Shining Building Business Co. Ltd.<sup>(2)</sup> | 22000 | 6333 |
| Shinkong Insurance Co. Ltd. | 35000 | 129315 |
| Shinkong Synthetic Fibers Corp. | 163000 | 80651 |
| Shiny Chemical Industrial Co. Ltd. | 21332 | 108004 |
| Shuttle, Inc. | 27000 | 13778 |
| Sigurd Microelectronics Corp.<sup>(2)</sup> | 155000 | 739239 |
| Silicon Integrated Systems Corp. | 9174 | 15914 |
| Simplo Technology Co. Ltd. | 43000 | 456263 |
| Sinbon Electronics Co. Ltd. | 16000 | 123735 |
| Sincere Navigation Corp. | 55000 | 59074 |
| Singatron Enterprise Co. Ltd. | 8000 | 9701 |
| Sino-American Silicon Products, Inc.<sup>(2)</sup> | 24000 | 89632 |
| Sinon Corp. | 70000 | 101394 |
| SinoPac Financial Holdings Co. Ltd. | 967317 | 1020383 |
| Sinopower Semiconductor, Inc. | 6000 | 27737 |
| Sinyi Realty, Inc. | 6000 | 4234 |
| Sirtec International Co. Ltd. | 1000 | 814 |
| Sitronix Technology Corp. | 7000 | 44188 |
| Siward Crystal Technology Co. Ltd. | 26000 | 24867 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Solteam, Inc. | 5332 | $8304 |
| Sonix Technology Co. Ltd. | 12000 | 16793 |
| Speed Tech Corp. | 40000 | 46387 |
| Sporton International, Inc. | 7402 | 45789 |
| Sports Gear Co. Ltd. | 5000 | 15921 |
| St. Shine Optical Co. Ltd. | 8000 | 28714 |
| Standard Foods Corp. | 20000 | 19181 |
| Stark Technology, Inc. | 13000 | 61139 |
| Sunjuice Holdings Co. Ltd. | 1000 | 4986 |
| Sunny Friend Environmental Technology Co. Ltd. | 10248 | 25825 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 67000 | 323641 |
| Sunplus Innovation Technology, Inc. | 5133 | 20914 |
| Sunrex Technology Corp. | 24000 | 33480 |
| Sunspring Metal Corp. | 39000 | 27730 |
| Superalloy Industrial Co. Ltd. | 14000 | 19517 |
| Supreme Electronics Co. Ltd. | 196000 | 453165 |
| Swancor Holding Co. Ltd. | 8000 | 30863 |
| Sweeten Real Estate Development Co. Ltd. | 2595 | 2192 |
| Symtek Automation Asia Co. Ltd. | 8643 | 41267 |
| Syncmold Enterprise Corp. | 9000 | 20745 |
| Synnex Technology International Corp.<sup>(1)</sup> | 219000 | 503137 |
| Systex Corp. | 4000 | 14636 |
| T3EX Global Holdings Corp. | 3121 | 6426 |
| TA Chen Stainless Pipe | 206490 | 243158 |
| Tah Hsin Industrial Corp. | 2145 | 4482 |
| TA-I Technology Co. Ltd. | 38000 | 88030 |
| Tai Tung Communication Co. Ltd. | 47000 | 31653 |
| Taichung Commercial Bank Co. Ltd. | 638704 | 431116 |
| TaiDoc Technology Corp.<sup>(2)</sup> | 9000 | 35754 |
| Taiflex Scientific Co. Ltd. | 23103 | 70887 |
| Taimide Tech, Inc. | 22000 | 44483 |
| Tainan Spinning Co. Ltd. | 160000 | 68678 |
| Tai-Saw Technology Co. Ltd. | 20000 | 20103 |
| Taisun Enterprise Co. Ltd. | 2000 | 1170 |
| Taita Chemical Co. Ltd. | 9343 | 3709 |
| TAI-TECH Advanced Electronics Co. Ltd. | 7000 | 40746 |
| Taiwan Acceptance Corp. | 33856 | 79921 |
| Taiwan Business Bank | 1346990 | 705787 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 543586 | 414969 |
| Taiwan FamilyMart Co. Ltd. | 1000 | 6264 |
| Taiwan Fertilizer Co. Ltd. | 72000 | 107649 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 15400 | 24403 |
| Taiwan FU Hsing Industrial Co. Ltd. | 26400 | 40630 |
| Taiwan Glass Industry Corp.<sup>(2)</sup> | 103000 | 198221 |
| Taiwan High Speed Rail Corp. | 337000 | 291655 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 36067 | 140154 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 35000 | 43771 |
| Taiwan Land Development Corp.<sup>(2)</sup> | 21000 | 7 |
| Taiwan Mobile Co. Ltd.<sup>(2)</sup> | 51000 | 175305 |
| Taiwan Navigation Co. Ltd. | 37000 | 36848 |
| Taiwan Paiho Ltd. | 73000 | 119496 |
| Taiwan PCB Techvest Co. Ltd. | 38000 | 46809 |
| Taiwan Sakura Corp. | 17000 | 46964 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Taiwan Secom Co. Ltd. | 37000 | $125360 |
| Taiwan Semiconductor Co. Ltd. | 15000 | 29230 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 185000 | 11543660 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 187655 | 70291814 |
| Taiwan Shin Kong Security Co. Ltd. | 1010 | 1322 |
| Taiwan Styrene Monomer<sup>(2)</sup> | 2000 | 594 |
| Taiwan Surface Mounting Technology Corp. | 24000 | 77509 |
| Taiwan Takisawa Technology Co. Ltd. | 10000 | 12563 |
| Taiwan TEA Corp.<sup>(2)</sup> | 29000 | 12091 |
| Taiyen Biotech Co. Ltd. | 6000 | 6100 |
| Tatung Co. Ltd. | 108300 | 129035 |
| Tatung System Technologies, Inc. | 14690 | 30012 |
| TBI Motion Technology Co. Ltd.<sup>(2)</sup> | 22000 | 36068 |
| TCC Group Holdings Co. Ltd. | 627858 | 528687 |
| TCI Co. Ltd.<sup>(2)</sup> | 29000 | 121734 |
| Te Chang Construction Co. Ltd. | 1000 | 2133 |
| Team Group, Inc. | 5000 | 32175 |
| Teco Electric & Machinery Co. Ltd. | 69000 | 180154 |
| Teco Image Systems Co. Ltd. | 19000 | 13272 |
| Tera Autotech Corp. | 1081 | 955 |
| Test Research, Inc. | 32000 | 226362 |
| Test Rite International Co. Ltd. | 2000 | 1327 |
| Tex-Ray Industrial Co. Ltd.<sup>(2)</sup> | 12000 | 2908 |
| Thinking Electronic Industrial Co. Ltd. | 9000 | 53962 |
| Thye Ming Industrial Co. Ltd. | 18503 | 41228 |
| Ton Yi Industrial Corp. | 112000 | 67858 |
| Tong Hsing Electronic Industries Ltd.<sup>(2)</sup> | 19890 | 111623 |
| Tong Yang Industry Co. Ltd. | 73000 | 231664 |
| Top Union Electronics Corp. | 11733 | 10898 |
| Topco Scientific Co. Ltd. | 37000 | 409325 |
| Topkey Corp. | 16000 | 86704 |
| Topoint Technology Co. Ltd.<sup>(1)</sup> | 28442 | 228315 |
| TPK Holding Co. Ltd. | 41000 | 55764 |
| Tripod Technology Corp. | 109000 | 1346396 |
| Trusval Technology Co. Ltd. | 4299 | 36707 |
| TS Financial Holding Co. Ltd. | 2887706 | 2350784 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(2)</sup> | 182013 | 54208 |
| Tsann Kuen Enterprise Co. Ltd. | 8419 | 6271 |
| TSEC Corp.<sup>(2)</sup> | 194000 | 277585 |
| TSRC Corp. | 103000 | 67121 |
| Ttet Union Corp. | 2000 | 9701 |
| TTFB Co. Ltd. | 3633 | 19686 |
| TTY Biopharm Co. Ltd. | 17000 | 45721 |
| Tung Ho Steel Enterprise Corp. | 97770 | 229596 |
| Tung Thih Electronic Co. Ltd. | 16536 | 27072 |
| TXC Corp. | 50000 | 146092 |
| TYC Brother Industrial Co. Ltd. | 44000 | 61550 |
| Tyntek Corp. | 14000 | 8630 |
| UDE Corp.<sup>(1)</sup> | 27000 | 100880 |
| U-Ming Marine Transport Corp.<sup>(1)</sup> | 63000 | 133422 |
| Unimicron Technology Corp. | 57263 | 866187 |
| Union Bank of Taiwan | 260149 | 167879 |
| Union Insurance Co. Ltd. | 16100 | 15915 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Uni-President Enterprises Corp. | 347000 | $802316 |
| Unitech Printed Circuit Board Corp.<sup>(1)</sup> | 130497 | 265496 |
| United Integrated Services Co. Ltd. | 4000 | 142175 |
| United Microelectronics Corp.<sup>(1)</sup> | 2005000 | 4148056 |
| United Orthopedic Corp. | 11000 | 37951 |
| United Renewable Energy Co. Ltd.<sup>(2)</sup> | 76285 | 53300 |
| Univacco Technology, Inc. | 18000 | 27575 |
| Universal Cement Corp. | 73759 | 70580 |
| Universal Microelectronics Co. Ltd.<sup>(2)</sup> | 26000 | 46530 |
| Universal Vision Biotechnology Co. Ltd. | 3339 | 14569 |
| UPC Technology Corp.<sup>(2)</sup> | 63000 | 22352 |
| Userjoy Technology Co. Ltd. | 4851 | 10503 |
| USI Corp. | 105000 | 41186 |
| Utechzone Co. Ltd. | 10000 | 37497 |
| UVAT Technology Co. Ltd. | 8000 | 17489 |
| Vanguard International Semiconductor Corp. | 225733 | 956972 |
| Ventec International Group Co. Ltd. | 10000 | 32433 |
| Viking Tech Corp. | 24000 | 48439 |
| Visual Photonics Epitaxy Co. Ltd. | 9000 | 61615 |
| Voltronic Power Technology Corp. | 4000 | 117644 |
| Wafer Works Corp.<sup>(2)</sup> | 74139 | 85190 |
| Wah Hong Industrial Corp. | 16000 | 20850 |
| Wah Lee Industrial Corp. | 46100 | 189504 |
| Walsin Lihwa Corp.<sup>(1)</sup> | 213461 | 248042 |
| Walsin Technology Corp. | 39000 | 191793 |
| Walton Advanced Engineering, Inc.<sup>(1)</sup> | 100000 | 203472 |
| Wan Hai Lines Ltd. | 141785 | 346543 |
| WEI Chih Steel Industrial Co. Ltd.<sup>(2)</sup> | 13000 | 8014 |
| Wei Chuan Foods Corp. | 9000 | 4203 |
| Weikeng Industrial Co. Ltd. | 36000 | 36479 |
| Well Shin Technology Co. Ltd. | 18000 | 29764 |
| Wendell Industrial Co. Ltd. | 6000 | 30063 |
| Wholetech System Hitech Ltd. | 13000 | 57665 |
| Win Semiconductors Corp. | 95000 | 1006464 |
| Winbond Electronics Corp.<sup>(2)</sup> | 257428 | 979384 |
| Winmate, Inc. | 6000 | 28748 |
| Winstek Semiconductor Co. Ltd. | 18000 | 85695 |
| Wisdom Marine Lines Co. Ltd. | 82047 | 189980 |
| Wistron Corp. | 187000 | 798887 |
| WITS Corp. | 2000 | 7451 |
| Wiwynn Corp. | 4000 | 502685 |
| WNC Corp. | 103000 | 609865 |
| Wonderful Hi-Tech Co. Ltd. | 15000 | 24287 |
| Wowprime Corp. | 21293 | 148957 |
| WPG Holdings Ltd. | 78000 | 174017 |
| WT Microelectronics Co. Ltd.<sup>(1)</sup> | 153058 | 892035 |
| WUS Printed Circuit Co. Ltd. | 27800 | 98405 |
| XAVi Technologies Corp. | 8000 | 10458 |
| XinTec, Inc. | 30000 | 183138 |
| Xxentria Technology Materials Corp. | 9810 | 11680 |
| Yageo Corp. | 59320 | 555663 |
| Yang Ming Marine Transport Corp.<sup>(1)</sup> | 287000 | 525668 |
| Yankey Engineering Co. Ltd. | 15396 | 333800 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| YC INOX Co. Ltd.<sup>(2)</sup> | 49668 | $33006 |
| YCC Parts Manufacturing Co. Ltd. | 1000 | 1409 |
| Yea Shin International Development Co. Ltd. | 6803 | 5365 |
| Yem Chio Co. Ltd. | 14046 | 6119 |
| Yen Sun Technology Corp. | 14000 | 23791 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(2)</sup> | 15128 | 6059 |
| YFY, Inc. | 82000 | 67451 |
| Yi Jinn Industrial Co. Ltd. | 7350 | 3764 |
| Yieh Phui Enterprise Co. Ltd.<sup>(2)</sup> | 177228 | 82711 |
| Yonyu Plastics Co. Ltd. | 1000 | 599 |
| Young Fast Optoelectronics Co. Ltd.<sup>(2)</sup> | 20000 | 38975 |
| Youngtek Electronics Corp. | 22000 | 52891 |
| Yuanta Financial Holding Co. Ltd. | 556583 | 867354 |
| Yuanta Futures Co. Ltd. | 11910 | 36115 |
| Yulon Motor Co. Ltd. | 66784 | 65465 |
| Zeng Hsing Industrial Co. Ltd. | 2148 | 6765 |
| Zenitron Corp. | 24000 | 42270 |
| Zhen Ding Technology Holding Ltd. | 152000 | 1004928 |
| Zig Sheng Industrial Co. Ltd.<sup>(2)</sup> | 22000 | 5864 |
| Zinwell Corp.<sup>(2)</sup> | 18000 | 25539 |
| Zippy Technology Corp.<sup>(1)</sup> | 22000 | 36735 |
| Zyxel Group Corp. | 17947 | 19447 |
|  |  | 207250345 |
| **Thailand — 1.3%** |  |  |
| AAPICO Hitech PCL, NVDR | 31090 | 14896 |
| Advanced Info Service PCL, NVDR | 78400 | 958025 |
| AEON Thana Sinsap Thailand PCL, NVDR | 9800 | 30888 |
| Airports of Thailand PCL, NVDR | 191000 | 334696 |
| Amata Corp. PCL, NVDR | 128300 | 80503 |
| AP Thailand PCL, NVDR | 293500 | 86838 |
| Asia Aviation PCL, NVDR<sup>(2)</sup> | 902600 | 37730 |
| Asia Plus Group Holdings PCL, NVDR | 240200 | 17922 |
| Asia Sermkij Leasing PCL, NVDR | 2400 | 733 |
| Asian Sea Corp. PCL, NVDR | 9900 | 2420 |
| Asset World Corp. PCL, NVDR | 171600 | 13783 |
| B Grimm Power PCL, NVDR | 40900 | 20115 |
| Bangchak Corp. PCL, NVDR | 155500 | 188854 |
| Bangkok Airways PCL, NVDR | 120000 | 69015 |
| Bangkok Aviation Fuel Services PCL, NVDR | 1000 | 310 |
| Bangkok Bank PCL, NVDR | 9600 | 54790 |
| Bangkok Dusit Medical Services PCL, NVDR | 398100 | 277224 |
| Bangkok Expressway & Metro PCL, NVDR | 764000 | 154768 |
| Bangkok Land PCL, NVDR | 666800 | 10287 |
| Bangkok Life Assurance PCL, NVDR | 79500 | 54734 |
| Banpu PCL, NVDR | 1140366 | 209015 |
| BEC World PCL, NVDR | 74300 | 5307 |
| Berli Jucker PCL, NVDR | 15100 | 7795 |
| BG Container Glass PCL, NVDR | 20000 | 2781 |
| Bumrungrad Hospital PCL, NVDR | 37700 | 257712 |
| Cal-Comp Electronics Thailand PCL, NVDR | 129096 | 23174 |
| Carabao Group PCL, NVDR | 37100 | 54247 |
| Central Pattana PCL, NVDR | 119900 | 269619 |
| Central Retail Corp. PCL, NVDR | 183341 | 121843 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Charoen Pokphand Foods PCL, NVDR | 333200 | $224863 |
| Chularat Hospital PCL, NVDR | 762900 | 40405 |
| CK Power PCL, NVDR | 141800 | 11486 |
| Com7 PCL, NVDR | 199100 | 154403 |
| CP ALL PCL, NVDR | 138800 | 231095 |
| CP Axtra PCL, NVDR | 29863 | 16142 |
| Delta Electronics Thailand PCL, NVDR | 115800 | 1037083 |
| Dhipaya Group Holdings PCL, NVDR | 5900 | 3927 |
| Diamond Building Products PCL, NVDR | 5000 | 829 |
| Dohome PCL, NVDR | 5293 | 662 |
| Dynasty Ceramic PCL, NVDR | 269300 | 10829 |
| Eastern Polymer Group PCL, NVDR | 42400 | 5316 |
| Eastern Water Resources Development & Management PCL, NVDR | 2900 | 267 |
| Electricity Generating PCL, NVDR | 34400 | 136760 |
| Energy Absolute PCL, NVDR<sup>(2)</sup> | 3385000 | 328436 |
| Erawan Group PCL, NVDR | 480760 | 49414 |
| GFPT PCL, NVDR | 87200 | 27348 |
| Global Power Synergy PCL, NVDR | 239500 | 334385 |
| Gulf Development PCL, NVDR<sup>(2)</sup> | 146445 | 291973 |
| Gunkul Engineering PCL, NVDR | 800100 | 63809 |
| Haad Thip PCL, NVDR | 2800 | 1450 |
| Home Product Center PCL, NVDR | 518100 | 123226 |
| Ichitan Group PCL, NVDR | 112900 | 53736 |
| Indorama Ventures PCL, NVDR | 77100 | 56797 |
| Interlink Communication PCL, NVDR | 21100 | 3337 |
| IRPC PCL, NVDR<sup>(2)</sup> | 5696500 | 260205 |
| Italian-Thai Development PCL, NVDR<sup>(2)</sup> | 149800 | 1154 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 53400 | 2267 |
| Kasikornbank PCL, NVDR | 46000 | 297363 |
| KCE Electronics PCL, NVDR | 141600 | 88577 |
| KGI Securities Thailand PCL, NVDR | 97400 | 14036 |
| Khon Kaen Sugar Industry PCL, NVDR | 55500 | 2373 |
| Kiatnakin Phatra Bank PCL, NVDR | 41800 | 104487 |
| Krung Thai Bank PCL, NVDR | 328900 | 362181 |
| Krungthai Card PCL, NVDR | 88700 | 94773 |
| LPN Development PCL, NVDR | 37300 | 1956 |
| Major Cineplex Group PCL, NVDR | 139000 | 35798 |
| MBK PCL, NVDR | 40252 | 26538 |
| MC Group PCL, NVDR | 79500 | 30423 |
| MCS Steel PCL, NVDR | 9400 | 2871 |
| Mega Lifesciences PCL, NVDR | 61600 | 75363 |
| Minor International PCL, NVDR | 318366 | 266223 |
| MK Restaurants Group PCL, NVDR | 26500 | 18965 |
| Muangthai Capital PCL, NVDR | 94400 | 112177 |
| Osotspa PCL, NVDR | 92900 | 51313 |
| Plan B Media PCL, NVDR | 261604 | 40093 |
| Polyplex Thailand PCL, NVDR | 13000 | 3662 |
| Precious Shipping PCL, NVDR | 121600 | 30286 |
| Premier Marketing PCL, NVDR | 3900 | 1548 |
| PRG Corp. PCL, NVDR | 8530 | 2578 |
| Prima Marine PCL, NVDR | 238400 | 60143 |
| Pruksa Holding PCL, NVDR | 61600 | 7888 |
| PTG Energy PCL, NVDR | 241000 | 77494 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PTT Exploration & Production PCL, NVDR | 85000 | $375973 |
| PTT Global Chemical PCL, NVDR | 349300 | 317110 |
| PTT Oil & Retail Business PCL, NVDR | 199100 | 85731 |
| PTT PCL, NVDR | 642000 | 764071 |
| Quality Houses PCL, NVDR | 618800 | 30453 |
| R&B Food Supply PCL, NVDR | 8900 | 1013 |
| Rajthanee Hospital PCL, NVDR | 10300 | 4667 |
| Ratch Group PCL, NVDR | 119200 | 118855 |
| Ratchthani Leasing PCL, NVDR | 189915 | 11791 |
| Regional Container Lines PCL, NVDR | 105400 | 104202 |
| Rojana Industrial Park PCL, NVDR | 102000 | 17054 |
| S Hotels & Resorts PCL, NVDR | 188700 | 11884 |
| Sabina PCL, NVDR | 22900 | 12519 |
| Sansiri PCL, NVDR | 1852500 | 92944 |
| Sappe PCL, NVDR | 15800 | 17395 |
| SC Asset Corp. PCL, NVDR | 164100 | 10768 |
| SCB X PCL, NVDR | 25300 | 120799 |
| Sermsang Power Corp. Co. Ltd., NVDR | 99915 | 10869 |
| Siam Cement PCL, NVDR | 68600 | 496325 |
| Siamgas & Petrochemicals PCL, NVDR | 27100 | 6672 |
| Singha Estate PCL, NVDR | 20100 | 388 |
| Somboon Advance Technology PCL, NVDR | 36500 | 19362 |
| SPCG PCL, NVDR | 13200 | 3929 |
| Sri Trang Agro-Industry PCL, NVDR | 120000 | 56656 |
| Srisawad Capital 1969 PCL, NVDR | 22889 | 847 |
| Srisawad Corp. PCL, NVDR | 77077 | 71227 |
| Srivichai Vejvivat PCL, NVDR | 9900 | 2865 |
| Star Petroleum Refining PCL, NVDR | 115900 | 28395 |
| STP & I PCL, NVDR<sup>(2)</sup> | 59900 | 11548 |
| Supalai PCL, NVDR | 169500 | 97039 |
| Super Energy Corp. PCL, NVDR<sup>(2)</sup> | 1374500 | 5308 |
| Susco PCL, NVDR | 160100 | 11324 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 75200 | 10692 |
| Thai Airways International PCL, NVDR<sup>(2)</sup> | 6800 | 1499 |
| Thai Oil PCL, NVDR | 104300 | 183972 |
| Thai Union Group PCL, NVDR | 474800 | 189217 |
| Thai Vegetable Oil PCL, NVDR | 36960 | 29364 |
| Thaifoods Group PCL, NVDR | 231210 | 48322 |
| Thanachart Capital PCL, NVDR | 35000 | 68405 |
| Thonburi Healthcare Group PCL, NVDR<sup>(2)</sup> | 12180 | 3648 |
| Thoresen Thai Agencies PCL, NVDR | 181300 | 29160 |
| TIDLOR Holdings PCL, NVDR | 207059 | 132541 |
| Tipco Asphalt PCL, NVDR | 53400 | 23894 |
| Tisco Financial Group PCL, NVDR | 19600 | 72181 |
| TKS Technologies PCL, NVDR | 15200 | 3398 |
| TMBThanachart Bank PCL, NVDR | 1760700 | 133585 |
| TOA Paint Thailand PCL, NVDR | 35000 | 17816 |
| TPI Polene PCL, NVDR | 546000 | 13853 |
| TPI Polene Power PCL, NVDR | 54800 | 3454 |
| True Corp. PCL, NVDR | 712158 | 331891 |
| TTW PCL, NVDR | 14400 | 4354 |
| Unique Engineering & Construction PCL, NVDR | 4000 | 401 |
| Univanich Palm Oil PCL, NVDR | 80500 | 37288 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Workpoint Entertainment PCL, NVDR<sup>(2)</sup> | 14600 | $1845 |
|  |  | 12901500 |
| **Turkey — 0.7%** |  |  |
| Adese Gayrimenkul Yatirim AS<sup>(2)</sup> | 3337390 | 82757 |
| Afyon Cimento Sanayi TAS | 45120 | 14944 |
| AG Anadolu Grubu Holding AS | 18630 | 14337 |
| Agesa Hayat ve Emeklilik AS | 4804 | 24690 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(2)</sup> | 67543 | 38262 |
| Akbank TAS | 233060 | 479209 |
| Akcansa Cimento AS | 3799 | 18194 |
| Akenerji Elektrik Uretim AS<sup>(2)</sup> | 46296 | 11104 |
| Akfen Yenilenebilir Enerji AS<sup>(2)</sup> | 37132 | 15112 |
| Aksa Enerji Uretim AS<sup>(2)</sup> | 15862 | 24267 |
| Aksigorta AS<sup>(2)</sup> | 126861 | 21747 |
| Alarko Holding AS<sup>(1)</sup> | 21181 | 49461 |
| Albaraka Turk Katilim Bankasi AS | 433395 | 90402 |
| Anadolu Anonim Turk Sigorta Sirketi | 133464 | 78965 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS<sup>(1)</sup> | 133670 | 57797 |
| Anadolu Hayat Emeklilik AS | 8394 | 21456 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 70187 | 514778 |
| Bera Holding AS<sup>(2)</sup> | 107853 | 42361 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(2)</sup> | 41113 | 13777 |
| BIM Birlesik Magazalar AS | 17069 | 259979 |
| Bursa Cimento Fabrikasi AS | 149295 | 21538 |
| Buyuk Sefler Gida Turizm Tekstil Danismanlik Organizasyon Egitim Sanayi VE Ticar | 57295 | 10170 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 3609 | 902 |
| Cimsa Cimento Sanayi VE Ticaret AS<sup>(1)</sup> | 15955 | 18599 |
| Coca-Cola Icecek AS | 36117 | 58643 |
| Destek Finans Faktoring AS<sup>(1)(2)</sup> | 1497 | 51147 |
| Dogan Sirketler Grubu Holding AS<sup>(1)</sup> | 109048 | 50014 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS<sup>(2)</sup> | 40181 | 4212 |
| Dogus Otomotiv Servis ve Ticaret AS | 6500 | 32323 |
| Efor Yatirim Sanayi Ticaret AS | 264426 | 129169 |
| EGE Gubre Sanayii AS | 10306 | 21305 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 17191 | 44992 |
| Enerya Enerji AS | 254606 | 58109 |
| Eregli Demir ve Celik Fabrikalari TAS<sup>(1)</sup> | 277374 | 206630 |
| Ford Otomotiv Sanayi AS<sup>(1)</sup> | 23800 | 62894 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 10698 | 13666 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(2)</sup> | 7372 | 7736 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 2699 | 21520 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(2)</sup> | 26414 | 15277 |
| GSD Holding AS<sup>(2)</sup> | 140853 | 14697 |
| Gubre Fabrikalari TAS<sup>(2)</sup> | 8699 | 105518 |
| Haci Omer Sabanci Holding AS<sup>(1)</sup> | 191712 | 440653 |
| HUN Yenilenebilir Enerji Uretim AS<sup>(2)</sup> | 176704 | 12882 |
| Ihlas Holding AS<sup>(2)</sup> | 241740 | 11669 |
| Is Finansal Kiralama AS<sup>(2)</sup> | 109545 | 53335 |
| Is Yatirim Menkul Degerler AS | 67687 | 74306 |
| Isiklar Enerji ve Yapi Holding AS<sup>(2)</sup> | 84719 | 160512 |
| Jantsa Jant Sanayi Ve Ticaret AS | 27439 | 11576 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A<sup>(2)</sup> | 17876 | 12430 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B<sup>(2)</sup> | 11042 | 9048 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D<sup>(1)(2)</sup> | 25765 | $19123 |
| Kartonsan Karton Sanayi ve Ticaret AS<sup>(2)</sup> | 321 | 558 |
| Katilimevim Tasarruf Finansman AS | 203423 | 186224 |
| KOC Holding AS | 46188 | 210113 |
| Logo Yazilim Sanayi Ve Ticaret AS | 13289 | 41873 |
| Marmara Holding AS<sup>(2)</sup> | 292461 | 16732 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares<sup>(1)</sup> | 47368 | 49001 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(2)</sup> | 29472 | 10110 |
| MLP Saglik Hizmetleri AS<sup>(2)</sup> | 6501 | 64917 |
| Naturelgaz Sanayi ve Ticaret AS | 277372 | 72079 |
| NET Holding AS<sup>(2)</sup> | 51653 | 53757 |
| Nuh Cimento Sanayi AS | 3524 | 21810 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)(2)</sup> | 104778 | 14047 |
| Osmanli Yatirim Menkul Degerler AS | 26147 | 4928 |
| Oyak Cimento Fabrikalari AS<sup>(1)</sup> | 80783 | 45129 |
| Pegasus Hava Tasimaciligi AS<sup>(1)(2)</sup> | 22424 | 100456 |
| Petkim Petrokimya Holding AS<sup>(1)(2)</sup> | 96883 | 38178 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 28008 | 14194 |
| Polisan Holding AS | 73544 | 26937 |
| Qua Granite Hayal<sup>(2)</sup> | 133792 | 8508 |
| Ral Yatirim Holding AS<sup>(2)</sup> | 9000 | 32043 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 249144 | 13994 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 26925 | 29127 |
| Sekerbank Turk AS | 362719 | 100922 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 15486 | 29974 |
| Sok Marketler Ticaret AS<sup>(1)(2)</sup> | 20100 | 29237 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 6809 | 40371 |
| TAV Havalimanlari Holding AS<sup>(2)</sup> | 28580 | 201183 |
| Tekfen Holding AS | 5305 | 8679 |
| Trust Anadolu Metal Madencilik Isletmeleri AS<sup>(2)</sup> | 10865 | 41780 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(2)</sup> | 265975 | 14742 |
| Turk Altin Isletmeleri AS<sup>(1)(2)</sup> | 38142 | 53020 |
| Turk Hava Yollari AO | 31589 | 221421 |
| Turkcell Iletisim Hizmetleri AS, ADR | 43376 | 292354 |
| Turkiye Halk Bankasi AS<sup>(1)(2)</sup> | 30178 | 33725 |
| Turkiye Is Bankasi AS, C Shares | 474504 | 183025 |
| Turkiye Petrol Rafinerileri AS<sup>(1)</sup> | 55685 | 277327 |
| Turkiye Sigorta AS | 247282 | 68731 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(2)</sup> | 232812 | 68879 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(1)</sup> | 106325 | 108779 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)(2)</sup> | 198741 | 186226 |
| Usak Seramik Sanayii AS<sup>(2)</sup> | 377520 | 14205 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 34840 | 6388 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)(2)</sup> | 23545 | 16198 |
| Yapi ve Kredi Bankasi AS<sup>(2)</sup> | 248820 | 245762 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(2)</sup> | 9363 | 8639 |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(2)</sup> | 19027 | 10314 |
| Zorlu Enerji Elektrik Uretim AS<sup>(2)</sup> | 118717 | 9109 |
|  |  | 6953899 |
| **United Arab Emirates — 1.4%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 137868 | 568951 |
| Abu Dhabi Islamic Bank PJSC | 62138 | 431488 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 390425 | 424911 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ADNOC Drilling Co. PJSC | 250703 | $349364 |
| Adnoc Gas PLC | 293377 | 271510 |
| ADNOC Logistics & Services | 187856 | 280061 |
| Agility Global PLC | 376350 | 141293 |
| Air Arabia PJSC | 505137 | 744246 |
| Ajman Bank PJSC | 22698 | 9826 |
| Aldar Properties PJSC | 150338 | 442059 |
| Dana Gas PJSC | 1366911 | 350207 |
| Deyaar Development PJSC | 256476 | 71828 |
| Dubai Electricity & Water Authority PJSC | 406562 | 332224 |
| Dubai Investments PJSC | 302477 | 330449 |
| Dubai Islamic Bank PJSC | 197097 | 445157 |
| Dubai Taxi Co. PJSC | 68708 | 50419 |
| Emaar Development PJSC | 201752 | 1062818 |
| Emaar Properties PJSC | 566410 | 2499802 |
| Emirates NBD Bank PJSC | 163353 | 1467778 |
| Emirates Telecommunications Group Co. PJSC | 178543 | 986146 |
| First Abu Dhabi Bank PJSC | 130835 | 698650 |
| GFH Financial Group BSC | 745359 | 423913 |
| National Central Cooling Co. PJSC | 118666 | 98537 |
| NMDC Energy | 32896 | 23996 |
| Parkin Co. PJSC | 77540 | 124438 |
| RAK Properties PJSC<sup>(2)</sup> | 221391 | 84374 |
| Salik Co. PJSC | 252398 | 439979 |
| Sharjah Islamic Bank | 245323 | 250578 |
| Union Properties PJSC<sup>(2)</sup> | 457303 | 112756 |
|  |  | 13517758 |
| **United Kingdom — 0.0%** |  |  |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 3495 | 148345 |
| Metlen Energy & Metals PLC<sup>(1)(2)</sup> | 4788 | 200806 |
|  |  | 349151 |
| **United States — 0.0%** |  |  |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 621 | 10998 |
| **TOTAL COMMON STOCKS**<br>(Cost $666,525,318) |  | **946822343** |
| **WARRANTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Gol Linhas Aereas Inteligentes SA<sup>(2)</sup> | 11284 | 5 |
| **Malaysia — 0.0%** |  |  |
| Ann Joo Resources Bhd.<sup>(2)</sup> | 4150 | 123 |
| Berjaya Corp. Bhd.<sup>(2)</sup> | 287578 | 5174 |
| Berjaya Food Bhd.<sup>(2)</sup> | 16186 | 187 |
| Dagang NeXchange Bhd.<sup>(2)</sup> | 259866 | 10018 |
| Hengyuan Refining Co. Bhd.<sup>(2)</sup> | 2650 | 255 |
| NEXG Bhd.<sup>(2)</sup> | 108150 | 3335 |
| Perak Transit Bhd.<sup>(2)</sup> | 2086 | 21 |
| PESTEC International Bhd.<sup>(2)</sup> | 2962 | 42 |
| Supermax Corp. Bhd.<sup>(2)</sup> | 12482 | 225 |
| Top Glove Corp. Bhd.<sup>(2)</sup> | 12335 | 444 |
| VS Industry Bhd.<sup>(2)</sup> | 56910 | 73 |
| YTL Corp. Bhd.<sup>(2)</sup> | 19939 | 3225 |
| YTL Power International Bhd.<sup>(2)</sup> | 39360 | 8624 |
|  |  | 31746 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Thailand — 0.0%** |  |  |
| Energy Absolute PCL, NVDR<sup>(2)</sup> | 10533 | $230 |
| Jasmine International PCL, NVDR<sup>(2)</sup> | 185337 | 1906 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(2)</sup> | 2092 | 17 |
| Noble Development PCL, NVDR<sup>(2)</sup> | 20400 | 164 |
| Roctec Global PCL, NVDR<sup>(2)</sup> | 149200 | 48 |
| VGI PCL, NVDR<sup>(2)</sup> | 6660 | 4 |
|  |  | 2369 |
| **TOTAL WARRANTS**<br>(Cost $13,275) |  | **34120** |
| **SHORT-TERM INVESTMENTS — 3.1%** |  |  |
| **Money Market Funds — 3.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 11492586 | 11492586 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 17745441 | 17745441 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $29,238,027) |  | **29238027** |
| **TOTAL INVESTMENT SECURITIES — 102.2%**<br>(Cost $695,776,620) |  | **976094490** |
| **OTHER ASSETS AND LIABILITIES — (2.2)%** |  | **(20805707)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**955288783** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Information Technology | 26.9% |
| Financials | 21.6% |
| Consumer Discretionary | 10.4% |
| Materials | 9.4% |
| Industrials | 9.2% |
| Communication Services | 6.0% |
| Energy | 4.2% |
| Consumer Staples | 3.7% |
| Health Care | 3.0% |
| Utilities | 2.6% |
| Real Estate | 2.1% |
| Short-Term Investments | 3.1% |
| Other Assets and Liabilities | (2.2)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| S&P 500 E-Mini | 10 | March 2026 | $3444500 | $(38156) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| BDR | – | Brazilian Depository Receipt |
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $52,226,646. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $55,149,689, which includes securities collateral of $37,404,248.

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $22375498 | $20843024 |  |
| &nbsp;&nbsp;&nbsp;Chile | 1528363 | 4627090 |  |
| &nbsp;&nbsp;&nbsp;China | 34518958 | 179706856 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 464799 | 1251410 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 2518 | 560138 |  |
| &nbsp;&nbsp;&nbsp;India | 9123326 | 120609663 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 1003242 | 11081681 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 5046148 | 13435461 |  |
| &nbsp;&nbsp;&nbsp;Peru | 4476402 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 193522 | 4344545 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 8865529 | 27966233 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 7536019 | 155457117 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 77320143 | 129930202 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 292354 | 6661545 |  |
| &nbsp;&nbsp;&nbsp;United States | 10998 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 97589559 |  |
| Warrants |  | 34120 |  |
| Short-Term Investments | 29238027 |  |  |
|  | $201995846 | $774098644 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $38156 |  |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Equity** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $15613 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $235466 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(86398) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Equity Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.8%** | **Shares**<br> | **Value**<br> |
| **Australia — 6.4%** |  |  |
| 29Metals Ltd.<sup>(1)</sup> | 172405 | $49504 |
| Accent Group Ltd.<sup>(2)</sup> | 11453 | 9426 |
| Adairs Ltd.<sup>(2)</sup> | 13144 | 17660 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 140569 | 52375 |
| AGL Energy Ltd. | 22808 | 160577 |
| AIC Mines Ltd.<sup>(1)</sup> | 102870 | 50412 |
| Alkane Resources Ltd.<sup>(1)</sup> | 15781 | 19709 |
| Alkane Resources Ltd.<sup>(1)</sup> | 30712 | 37601 |
| Alliance Aviation Services Ltd. | 1918 | 922 |
| ALS Ltd. | 8757 | 159299 |
| Amotiv Ltd. | 6541 | 36728 |
| AMP Ltd. | 140092 | 129416 |
| Amplitude Energy Ltd.<sup>(1)(2)</sup> | 37212 | 67440 |
| Ampol Ltd. | 18876 | 378981 |
| ANZ Group Holdings Ltd. | 75197 | 2140159 |
| APA Group | 34416 | 225250 |
| Appen Ltd.<sup>(1)(2)</sup> | 22130 | 29307 |
| Aristocrat Leisure Ltd. | 5719 | 195514 |
| ARN Media Ltd. | 1854 | 461 |
| ASX Ltd.<sup>(2)</sup> | 1086 | 40925 |
| Atlas Arteria Ltd. | 50707 | 173114 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 247075 | 53662 |
| Aurizon Holdings Ltd. | 183824 | 542779 |
| Aussie Broadband Ltd. | 5692 | 20549 |
| Austal Ltd.<sup>(1)</sup> | 18666 | 68511 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 2182 | 2128 |
| Australian Clinical Labs Ltd.<sup>(2)</sup> | 12589 | 20245 |
| Australian Ethical Investment Ltd. | 5963 | 22034 |
| Australian Finance Group Ltd.<sup>(2)</sup> | 17166 | 22109 |
| Australian Strategic Materials Ltd.<sup>(1)</sup> | 18274 | 21773 |
| Baby Bunting Group Ltd.<sup>(1)(2)</sup> | 12266 | 17470 |
| Bank of Queensland Ltd. | 38386 | 191069 |
| Beach Energy Ltd.<sup>(2)</sup> | 200537 | 156691 |
| Bega Cheese Ltd. | 12933 | 57741 |
| Bellevue Gold Ltd.<sup>(1)</sup> | 57243 | 76058 |
| Bendigo & Adelaide Bank Ltd. | 26610 | 202652 |
| BHP Group Ltd., ADR | 78494 | 6402756 |
| Black Cat Syndicate Ltd.<sup>(1)</sup> | 20453 | 22685 |
| BlueScope Steel Ltd. | 33616 | 669658 |
| Boss Energy Ltd.<sup>(1)(2)</sup> | 25677 | 29903 |
| Brambles Ltd. | 48098 | 857785 |
| Bravura Solutions Ltd. | 19562 | 28918 |
| Breville Group Ltd.<sup>(2)</sup> | 1595 | 36142 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 15040 | 160597 |
| CAR Group Ltd. | 3074 | 58033 |
| Catalyst Metals Ltd.<sup>(1)(2)</sup> | 20966 | 127595 |
| Cedar Woods Properties Ltd. | 6562 | 42331 |
| Challenger Ltd. | 56307 | 357606 |
| Champion Iron Ltd.<sup>(2)</sup> | 55232 | 210699 |
| Cleanaway Waste Management Ltd. | 35519 | 64410 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 1272 | $526 |
| Cobram Estate Olives Ltd.<sup>(2)</sup> | 9435 | 21348 |
| Cochlear Ltd.<sup>(2)</sup> | 754 | 106770 |
| Codan Ltd. | 1149 | 28988 |
| Coles Group Ltd. | 64885 | 951564 |
| Collins Foods Ltd. | 7170 | 51225 |
| Commonwealth Bank of Australia | 14835 | 1840601 |
| Computershare Ltd. | 10130 | 223356 |
| Coronado Global Resources, Inc. | 22324 | 4997 |
| Credit Corp. Group Ltd.<sup>(2)</sup> | 8379 | 72505 |
| CSL Ltd. | 1931 | 202150 |
| Cuscal Ltd. | 18877 | 56697 |
| Data#3 Ltd. | 15393 | 76192 |
| Deep Yellow Ltd.<sup>(1)</sup> | 23459 | 43851 |
| Deterra Royalties Ltd. | 36273 | 111383 |
| Develop Global Ltd.<sup>(1)</sup> | 8372 | 34533 |
| Dicker Data Ltd. | 9638 | 68840 |
| Domino's Pizza Enterprises Ltd.<sup>(2)</sup> | 4641 | 67109 |
| Downer EDI Ltd. | 8094 | 49463 |
| Dyno Nobel Ltd. | 175504 | 414433 |
| Eagers Automotive Ltd. | 8654 | 147907 |
| Elders Ltd. | 5401 | 27885 |
| Elsight Ltd.<sup>(1)</sup> | 12377 | 41508 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 29942 | 28745 |
| Emerald Resources NL<sup>(1)</sup> | 26176 | 134396 |
| Endeavour Group Ltd.<sup>(2)</sup> | 122237 | 339599 |
| Evolution Mining Ltd. | 122855 | 1457558 |
| EVT Ltd. | 5522 | 52240 |
| Fenix Resources Ltd. | 63030 | 18184 |
| FireFly Metals Ltd.<sup>(1)</sup> | 16226 | 25175 |
| FleetPartners Group Ltd. | 5402 | 10181 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 12821 | 117608 |
| Fortescue Ltd. | 70408 | 1057614 |
| Galan Lithium Ltd.<sup>(1)</sup> | 81413 | 23995 |
| Generation Development Group Ltd. | 16516 | 54618 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 58847 | 313158 |
| GenusPlus Group Ltd. | 10309 | 57006 |
| GR Engineering Services Ltd. | 7920 | 28593 |
| GrainCorp Ltd., A Shares | 31537 | 138214 |
| Grange Resources Ltd.<sup>(1)(2)</sup> | 38316 | 6277 |
| Greatland Resources Ltd.<sup>(1)</sup> | 31377 | 314812 |
| GWA Group Ltd. | 16157 | 27456 |
| Hansen Technologies Ltd. | 2687 | 10140 |
| Harvey Norman Holdings Ltd. | 25322 | 103661 |
| Healius Ltd.<sup>(2)</sup> | 34862 | 17021 |
| Helia Group Ltd. | 37245 | 159571 |
| Hillgrove Resources Ltd.<sup>(1)</sup> | 615796 | 21428 |
| HMC Capital Ltd. | 21778 | 43055 |
| HUB24 Ltd. | 1506 | 104631 |
| Humm Group Ltd.<sup>(2)</sup> | 743 | 370 |
| IDP Education Ltd.<sup>(2)</sup> | 21166 | 70041 |
| IGO Ltd.<sup>(1)</sup> | 16706 | 102183 |
| Iluka Resources Ltd.<sup>(2)</sup> | 33280 | 159666 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Imdex Ltd. | 21822 | $65925 |
| Inghams Group Ltd.<sup>(2)</sup> | 54797 | 80306 |
| Insurance Australia Group Ltd. | 61617 | 291948 |
| Invictus Energy Ltd.<sup>(1)</sup> | 167652 | 6222 |
| ioneer Ltd.<sup>(1)</sup> | 209828 | 22399 |
| IRESS Ltd. | 3422 | 18176 |
| James Hardie Industries PLC<sup>(1)</sup> | 5516 | 134837 |
| JB Hi-Fi Ltd. | 4393 | 256791 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 73066 | 89538 |
| Jumbo Interactive Ltd.<sup>(2)</sup> | 3703 | 25517 |
| Jupiter Mines Ltd.<sup>(2)</sup> | 20273 | 4330 |
| Karoon Energy Ltd.<sup>(2)</sup> | 87612 | 96711 |
| Kelsian Group Ltd. | 8701 | 28035 |
| Kingsgate Consolidated Ltd.<sup>(1)</sup> | 13740 | 69117 |
| Kogan.com Ltd.<sup>(2)</sup> | 10415 | 31129 |
| Lendlease Corp. Ltd. | 37306 | 111371 |
| Leo Lithium Ltd.<sup>(1)(2)</sup> | 33200 | 236 |
| Lifestyle Communities Ltd.<sup>(1)(2)</sup> | 6150 | 21712 |
| Lovisa Holdings Ltd.<sup>(2)</sup> | 3347 | 56892 |
| Lynas Rare Earths Ltd.<sup>(1)(2)</sup> | 10025 | 132874 |
| Maas Group Holdings Ltd. | 6414 | 21729 |
| Macmahon Holdings Ltd. | 202100 | 107288 |
| Macquarie Group Ltd.<sup>(2)</sup> | 5725 | 868828 |
| Macquarie Technology Group Ltd.<sup>(1)(2)</sup> | 1479 | 71343 |
| Mader Group Ltd. | 3584 | 21321 |
| Magellan Financial Group Ltd. | 11176 | 67197 |
| Mayne Pharma Group Ltd.<sup>(1)</sup> | 2120 | 3798 |
| McMillan Shakespeare Ltd.<sup>(2)</sup> | 5901 | 67481 |
| Medibank Pvt Ltd.<sup>(2)</sup> | 110559 | 344567 |
| Megaport Ltd.<sup>(1)</sup> | 3680 | 23026 |
| Metals X Ltd.<sup>(1)</sup> | 129440 | 131585 |
| Metcash Ltd. | 32632 | 76598 |
| Metro Mining Ltd.<sup>(1)</sup> | 406800 | 20569 |
| MGX Resources Ltd.<sup>(1)(2)</sup> | 15532 | 5250 |
| Mineral Resources Ltd.<sup>(1)(2)</sup> | 7719 | 333620 |
| Minerals 260 Ltd.<sup>(1)</sup> | 123621 | 61655 |
| Monadelphous Group Ltd. | 5760 | 132922 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 55715 | 14826 |
| MyState Ltd. | 613 | 1984 |
| National Australia Bank Ltd. | 80590 | 2808769 |
| Navigator Global Investments Ltd. | 57454 | 103375 |
| Netwealth Group Ltd.<sup>(2)</sup> | 4015 | 73534 |
| Neuren Pharmaceuticals Ltd.<sup>(1)</sup> | 9025 | 83620 |
| New Hope Corp. Ltd.<sup>(2)</sup> | 49709 | 165675 |
| NEXTDC Ltd.<sup>(1)(2)</sup> | 13056 | 128839 |
| nib holdings Ltd. | 21141 | 96385 |
| Nick Scali Ltd.<sup>(2)</sup> | 5750 | 76170 |
| Nickel Industries Ltd.<sup>(1)</sup> | 145212 | 104093 |
| Nine Entertainment Co. Holdings Ltd. | 80268 | 60251 |
| Northern Star Resources Ltd. | 69376 | 1520704 |
| NRW Holdings Ltd. | 48354 | 224665 |
| Nufarm Ltd.<sup>(1)(2)</sup> | 19284 | 28262 |
| Objective Corp. Ltd.<sup>(2)</sup> | 1721 | 15861 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OFX Group Ltd.<sup>(1)(2)</sup> | 3710 | $1756 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 6182 | 6969 |
| oOh!media Ltd. | 23654 | 17227 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 151076 | 139673 |
| Orica Ltd. | 20853 | 362021 |
| Origin Energy Ltd. | 74200 | 641825 |
| Orora Ltd.<sup>(2)</sup> | 119190 | 181751 |
| Pacific Current Group Ltd. | 220 | 1570 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 1291 | 12171 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 20228 | 83338 |
| Peet Ltd. | 1161 | 1783 |
| Peninsula Energy Ltd.<sup>(1)</sup> | 38513 | 20545 |
| Perenti Ltd. | 128026 | 214081 |
| Perpetual Ltd. | 2367 | 31198 |
| Perseus Mining Ltd. | 130858 | 562487 |
| PLS Group Ltd.<sup>(1)(2)</sup> | 100445 | 369628 |
| Premier Investments Ltd. | 2657 | 25413 |
| Pro Medicus Ltd. | 1273 | 117482 |
| PWR Holdings Ltd.<sup>(2)</sup> | 5389 | 38423 |
| Qantas Airways Ltd. | 31459 | 222651 |
| QBE Insurance Group Ltd. | 75610 | 1174177 |
| Qube Holdings Ltd. | 39527 | 140778 |
| Ramelius Resources Ltd. | 170315 | 559545 |
| Ramsay Health Care Ltd.<sup>(2)</sup> | 2561 | 78617 |
| REA Group Ltd.<sup>(2)</sup> | 1012 | 119727 |
| Redox Ltd. | 14786 | 33563 |
| Reece Ltd.<sup>(2)</sup> | 8747 | 97332 |
| Regal Partners Ltd.<sup>(2)</sup> | 11095 | 25578 |
| Regis Healthcare Ltd. | 3946 | 19511 |
| Regis Resources Ltd. | 98278 | 665196 |
| Reliance Worldwide Corp. Ltd.<sup>(2)</sup> | 12146 | 28794 |
| Resimac Group Ltd. | 2359 | 1954 |
| Resolute Mining Ltd.<sup>(1)</sup> | 332348 | 353263 |
| Ricegrowers Ltd.<sup>(2)</sup> | 5329 | 50144 |
| Ridley Corp. Ltd. | 11048 | 22638 |
| Rio Tinto Ltd. | 12158 | 1445343 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 42149 | 604583 |
| Santos Ltd. | 133702 | 644331 |
| SEEK Ltd. | 1698 | 20040 |
| Select Harvests Ltd.<sup>(1)</sup> | 24358 | 69830 |
| Service Stream Ltd. | 23939 | 35424 |
| SGH Ltd. | 8045 | 266967 |
| Sigma Healthcare Ltd. | 10395 | 20953 |
| Silex Systems Ltd.<sup>(1)(2)</sup> | 5455 | 26805 |
| Sims Ltd. | 18407 | 287502 |
| SiteMinder Ltd.<sup>(1)(2)</sup> | 7630 | 19557 |
| SKS Technologies Group Ltd. | 7879 | 24839 |
| SmartGroup Corp. Ltd. | 7261 | 45510 |
| Solvar Ltd.<sup>(2)</sup> | 3577 | 4746 |
| Sonic Healthcare Ltd. | 6932 | 117639 |
| South32 Ltd. | 318089 | 1042022 |
| Southern Cross Media Group Ltd.<sup>(2)</sup> | 9621 | 4177 |
| SRG Global Ltd. | 48358 | 99868 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| St Barbara Ltd.<sup>(1)(2)</sup> | 181414 | $107418 |
| Stanmore Resources Ltd. | 55996 | 105056 |
| Star Entertainment Group Ltd.<sup>(1)</sup> | 932152 | 82911 |
| Steadfast Group Ltd. | 4527 | 14178 |
| Strike Energy Ltd.<sup>(1)</sup> | 55541 | 3821 |
| Suncorp Group Ltd. | 30605 | 318551 |
| Super Retail Group Ltd. | 7016 | 77470 |
| Supply Network Ltd.<sup>(2)</sup> | 891 | 22511 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 110993 | 18583 |
| Technology One Ltd. | 6041 | 111890 |
| Telstra Group Ltd. | 154843 | 570796 |
| TPG Telecom Ltd. | 527 | 1477 |
| Transurban Group | 19904 | 202915 |
| Treasury Wine Estates Ltd.<sup>(2)</sup> | 12456 | 40222 |
| Tuas Ltd.<sup>(1)</sup> | 7128 | 32654 |
| Tyro Payments Ltd.<sup>(1)(2)</sup> | 35551 | 22122 |
| Universal Store Holdings Ltd. | 6987 | 46570 |
| Vault Minerals Ltd.<sup>(1)</sup> | 113761 | 478401 |
| Ventia Services Group Pty. Ltd. | 45040 | 187768 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 70369 | 88660 |
| Wagners Holding Co. Ltd.<sup>(2)</sup> | 7412 | 24421 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(2)</sup> | 12782 | 347726 |
| Webjet Group Ltd. | 4563 | 1804 |
| Wesfarmers Ltd. | 24849 | 1407774 |
| West African Resources Ltd.<sup>(1)</sup> | 58822 | 146889 |
| Westgold Resources Ltd. | 31395 | 174286 |
| Westgold Resources Ltd. (Toronto) | 14134 | 78439 |
| Westpac Banking Corp. | 86194 | 2605564 |
| Whitehaven Coal Ltd. | 99966 | 555106 |
| Wildcat Resources Ltd.<sup>(1)</sup> | 93158 | 31132 |
| WiseTech Global Ltd.<sup>(2)</sup> | 2149 | 72751 |
| Woodside Energy Group Ltd.<sup>(2)</sup> | 99920 | 2040065 |
| Woodside Energy Group Ltd., ADR<sup>(2)</sup> | 5413 | 110858 |
| Woolworths Group Ltd. | 47371 | 1214414 |
| Worley Ltd. | 1148 | 9245 |
| Xero Ltd.<sup>(1)</sup> | 1742 | 102832 |
| Yancoal Australia Ltd.<sup>(2)</sup> | 40396 | 168339 |
|  |  | 56398816 |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 2462 | 213740 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 3665 | 221839 |
| BAWAG Group AG | 2593 | 401611 |
| CA Immobilien Anlagen AG | 2294 | 71621 |
| CPI Europe AG<sup>(1)</sup> | 996 | 18892 |
| Erste Group Bank AG | 3036 | 360356 |
| EVN AG | 3482 | 121184 |
| Lenzing AG<sup>(1)</sup> | 740 | 21360 |
| Oesterreichische Post AG | 2160 | 89444 |
| OMV AG | 4367 | 282895 |
| Palfinger AG | 442 | 20247 |
| Porr AG | 2414 | 111250 |
| Raiffeisen Bank International AG | 5338 | 265191 |
| SBO AG | 809 | 34033 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Semperit AG Holding | 239 | $3807 |
| Telekom Austria AG | 2467 | 27821 |
| UNIQA Insurance Group AG | 4528 | 89490 |
| Verbund AG | 551 | 39233 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 2074 | 161781 |
| voestalpine AG | 6480 | 370851 |
| Wienerberger AG | 3342 | 109694 |
|  |  | 3036340 |
| **Belgium — 1.0%** |  |  |
| Ackermans & van Haaren NV | 1017 | 348738 |
| Ageas SA | 4617 | 342704 |
| AGFA-Gevaert NV<sup>(1)</sup> | 2083 | 1175 |
| Anheuser-Busch InBev SA, ADR<sup>(2)</sup> | 9586 | 775987 |
| Argenx SE, ADR<sup>(1)</sup> | 1739 | 1333674 |
| Barco NV | 4545 | 58218 |
| Bekaert SA | 2576 | 132949 |
| bpost SA<sup>(1)</sup> | 3655 | 9247 |
| Cie d'Entreprises CFE | 208 | 2990 |
| CMB Tech NV | 19550 | 286395 |
| Colruyt Group NV<sup>(2)</sup> | 1857 | 75377 |
| Deceuninck NV | 1645 | 4482 |
| Deme Group NV<sup>(2)</sup> | 696 | 161617 |
| D'ieteren Group | 910 | 196761 |
| Elia Group SA<sup>(2)</sup> | 1707 | 271215 |
| EVS Broadcast Equipment SA | 842 | 33872 |
| Fagron<sup>(2)</sup> | 7955 | 213953 |
| Financiere de Tubize SA<sup>(2)</sup> | 1181 | 317258 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 1419 | 47764 |
| Gimv NV | 1644 | 90916 |
| Ion Beam Applications<sup>(2)</sup> | 3276 | 59467 |
| KBC Ancora | 3292 | 292485 |
| KBC Group NV | 9909 | 1342005 |
| Kinepolis Group NV<sup>(2)</sup> | 579 | 18604 |
| Lotus Bakeries NV<sup>(2)</sup> | 36 | 447738 |
| Ontex Group NV<sup>(1)(2)</sup> | 4593 | 25156 |
| Proximus SADP | 7731 | 63756 |
| Recticel SA | 2018 | 27400 |
| Solvay SA | 5056 | 166076 |
| Syensqo SA | 3400 | 193853 |
| Tessenderlo Group SA | 1257 | 39753 |
| UCB SA | 3732 | 1121031 |
| Umicore SA | 16073 | 342546 |
| VGP NV | 640 | 83063 |
|  |  | 8928225 |
| **Canada — 11.7%** |  |  |
| 5N Plus, Inc.<sup>(1)</sup> | 5500 | 119592 |
| ADENTRA, Inc. | 2800 | 77408 |
| Advantage Energy Ltd.<sup>(1)</sup> | 21700 | 166085 |
| Aecon Group, Inc. | 4160 | 115921 |
| AGF Management Ltd., Class B | 5900 | 88756 |
| Agnico Eagle Mines Ltd. | 9875 | 2480460 |
| Air Canada<sup>(1)</sup> | 3900 | 58984 |
| Alamos Gold, Inc., Class A | 22894 | 1240829 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Algoma Steel Group, Inc. | 3600 | $16495 |
| Alimentation Couche-Tard, Inc. | 15500 | 940647 |
| Allied Gold Corp.<sup>(1)</sup> | 6400 | 202597 |
| AltaGas Ltd. | 4600 | 156340 |
| Altius Minerals Corp. | 1900 | 67124 |
| Americas Gold & Silver Corp.<sup>(1)</sup> | 12500 | 122704 |
| Amerigo Resources Ltd. | 22800 | 103633 |
| Andean Precious Metals Corp.<sup>(1)</sup> | 4100 | 31560 |
| ARC Resources Ltd. | 23788 | 441213 |
| Aris Mining Corp.<sup>(1)</sup> | 18100 | 410022 |
| Aritzia, Inc.<sup>(1)</sup> | 5800 | 513562 |
| Atco Ltd., Class I | 3400 | 161669 |
| Athabasca Oil Corp.<sup>(1)</sup> | 54500 | 352399 |
| AtkinsRealis Group, Inc. | 2900 | 201015 |
| Atrium Mortgage Investment Corp.<sup>(2)</sup> | 2900 | 25236 |
| AutoCanada, Inc.<sup>(1)</sup> | 2200 | 42547 |
| B2Gold Corp. | 134843 | 828404 |
| Badger Infrastructure Solutions Ltd. | 3500 | 187592 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 18500 | 39738 |
| Bank of Montreal | 11741 | 1689730 |
| Bank of Nova Scotia | 30950 | 2347939 |
| Barrick Mining Corp.<sup>(2)</sup> | 57351 | 2909910 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | 3520 | 20877 |
| Baytex Energy Corp. | 99350 | 381653 |
| BCE, Inc. | 3000 | 78846 |
| Birchcliff Energy Ltd. | 24327 | 122166 |
| Bird Construction, Inc. | 4500 | 104974 |
| Black Diamond Group Ltd. | 6900 | 87208 |
| Bombardier, Inc., Class B<sup>(1)</sup> | 984 | 203350 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 1100 | 4266 |
| Boralex, Inc., A Shares<sup>(2)</sup> | 3000 | 61053 |
| Boyd Group, Inc. | 699 | 122008 |
| Brookfield Asset Management Ltd., Class A<sup>(2)</sup> | 2515 | 117430 |
| Brookfield Asset Management Ltd., Class A<sup>(2)</sup> | 2363 | 110470 |
| Brookfield Business Corp., Class A<sup>(2)</sup> | 600 | 20639 |
| Brookfield Corp. | 12825 | 562437 |
| Brookfield Infrastructure Corp., Class A<sup>(2)</sup> | 553 | 27584 |
| Brookfield Infrastructure Corp. (Toronto), Class A | 1400 | 69813 |
| Brookfield Renewable Corp. | 3600 | 153628 |
| Brookfield Renewable Corp. (New York)<sup>(2)</sup> | 2106 | 89989 |
| Brookfield Wealth Solutions Ltd. | 1716 | 76299 |
| BRP, Inc. | 2200 | 161301 |
| CAE, Inc.<sup>(1)</sup> | 10700 | 317301 |
| Calfrac Well Services Ltd.<sup>(1)(2)</sup> | 1600 | 6627 |
| Cameco Corp. | 4800 | 567885 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 319 | 268 |
| Canada Goose Holdings, Inc.<sup>(1)(2)</sup> | 5600 | 68971 |
| Canada Packers, Inc.<sup>(2)</sup> | 1360 | 18784 |
| Canadian Imperial Bank of Commerce | 22975 | 2320828 |
| Canadian National Railway Co. | 14232 | 1597077 |
| Canadian Natural Resources Ltd. | 69100 | 3022761 |
| Canadian Pacific Kansas City Ltd. | 6900 | 604183 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 3800 | 533011 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Canadian Utilities Ltd., A Shares | 8800 | $306892 |
| Canfor Corp.<sup>(1)</sup> | 1800 | 18145 |
| Capital Power Corp. | 7700 | 361446 |
| Capstone Copper Corp.<sup>(1)</sup> | 43700 | 452041 |
| Cardinal Energy Ltd. | 17000 | 123009 |
| Cargojet, Inc.<sup>(2)</sup> | 300 | 20986 |
| Cascades, Inc. | 10300 | 90839 |
| CCL Industries, Inc., Class B | 4200 | 292142 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 3400 | 944138 |
| Cenovus Energy, Inc. | 70082 | 1561374 |
| Centerra Gold, Inc. | 24600 | 517050 |
| CES Energy Solutions Corp. | 21800 | 268974 |
| CGI, Inc. | 2200 | 160897 |
| Chorus Aviation, Inc.<sup>(2)</sup> | 1471 | 26680 |
| Cineplex, Inc.<sup>(1)(2)</sup> | 2300 | 17924 |
| Cogeco Communications, Inc. | 1600 | 84877 |
| Colliers International Group, Inc. | 600 | 71166 |
| Computer Modelling Group Ltd. | 2700 | 8056 |
| Constellation Software, Inc. | 200 | 369585 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 64500 | 44921 |
| Definity Financial Corp. | 2900 | 145165 |
| Dexterra Group, Inc. | 2500 | 23899 |
| Discovery Silver Corp.<sup>(1)</sup> | 61100 | 504818 |
| Docebo, Inc.<sup>(1)</sup> | 400 | 6909 |
| Dollarama, Inc. | 3900 | 574171 |
| Dorel Industries, Inc., Class B<sup>(1)(2)</sup> | 500 | 645 |
| DPM Metals, Inc. | 23900 | 1034811 |
| DREAM Unlimited Corp., Class A | 400 | 6516 |
| ECN Capital Corp. | 12800 | 28715 |
| Eldorado Gold Corp. | 23400 | 1086756 |
| Element Fleet Management Corp. | 9700 | 231042 |
| Emera, Inc. | 14500 | 754419 |
| Empire Co. Ltd., Class A | 6200 | 219901 |
| Enbridge, Inc.<sup>(2)</sup> | 17500 | 929750 |
| Enerflex Ltd. | 17100 | 383733 |
| Enghouse Systems Ltd. | 1100 | 14274 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 19400 | 51485 |
| EQB, Inc. | 1600 | 135268 |
| Equinox Gold Corp. (Toronto)<sup>(1)</sup> | 39783 | 746633 |
| ERO Copper Corp.<sup>(1)</sup> | 13700 | 468635 |
| Evertz Technologies Ltd. | 400 | 4762 |
| Exchange Income Corp. | 2100 | 167316 |
| Exco Technologies Ltd. | 100 | 568 |
| Extendicare, Inc.<sup>(2)</sup> | 5800 | 113019 |
| Fairfax Financial Holdings Ltd.<sup>(2)</sup> | 600 | 1032697 |
| Fiera Capital Corp.<sup>(2)</sup> | 3000 | 12844 |
| Finning International, Inc. | 12600 | 849453 |
| Firm Capital Mortgage Investment Corp. | 600 | 5415 |
| First Majestic Silver Corp.<sup>(2)</sup> | 17400 | 556678 |
| First Mining Gold Corp.<sup>(1)</sup> | 6000 | 2815 |
| First Quantum Minerals Ltd.<sup>(1)</sup> | 52800 | 1580845 |
| FirstService Corp. (Toronto) | 800 | 126060 |
| Foran Mining Corp.<sup>(1)</sup> | 16800 | 90401 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fortis, Inc. | 5779 | $332450 |
| Fortuna Mining Corp.<sup>(1)</sup> | 37899 | 517897 |
| Franco-Nevada Corp. | 2500 | 698728 |
| Freehold Royalties Ltd.<sup>(2)</sup> | 16100 | 207616 |
| Frontera Energy Corp. | 4677 | 39088 |
| G Mining Ventures Corp.<sup>(1)</sup> | 5700 | 233424 |
| Galiano Gold, Inc.<sup>(1)</sup> | 35950 | 125451 |
| GDI Integrated Facility Services, Inc.<sup>(1)</sup> | 800 | 21436 |
| George Weston Ltd. | 5000 | 366995 |
| GFL Environmental, Inc. | 1600 | 70707 |
| Gibson Energy, Inc. | 8400 | 180495 |
| Gildan Activewear, Inc. | 6200 | 422575 |
| goeasy Ltd. | 1000 | 78721 |
| GoGold Resources, Inc.<sup>(1)</sup> | 26000 | 69763 |
| Great-West Lifeco, Inc.<sup>(2)</sup> | 3100 | 149767 |
| Greenfire Resources Ltd.<sup>(1)</sup> | 4000 | 23723 |
| Groupe Dynamite, Inc. | 800 | 52063 |
| Headwater Exploration, Inc. | 29500 | 271632 |
| High Liner Foods, Inc. | 100 | 1190 |
| Hudbay Minerals, Inc. | 40662 | 1152147 |
| Hydro One Ltd. | 8700 | 373882 |
| i-80 Gold Corp.<sup>(1)</sup> | 23500 | 49100 |
| iA Financial Corp., Inc. | 6400 | 727856 |
| IAMGOLD Corp.<sup>(1)</sup> | 23500 | 578175 |
| IGM Financial, Inc. | 2800 | 139297 |
| Imperial Metals Corp.<sup>(1)</sup> | 14300 | 108190 |
| Imperial Oil Ltd. | 6973 | 815617 |
| Information Services Corp. | 600 | 21562 |
| InPlay Oil Corp. | 1900 | 21520 |
| Intact Financial Corp. | 2700 | 521275 |
| Interfor Corp.<sup>(1)(2)</sup> | 1700 | 12413 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 4927 | 112443 |
| Ivanhoe Mines Ltd., Class A<sup>(1)(2)</sup> | 16200 | 185272 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 7800 | 52951 |
| K92 Mining, Inc.<sup>(1)</sup> | 25700 | 619491 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 18600 | 118359 |
| Keyera Corp. | 9800 | 374024 |
| Kinross Gold Corp. | 65500 | 2421106 |
| Knight Therapeutics, Inc.<sup>(1)</sup> | 2400 | 11049 |
| Labrador Iron Ore Royalty Corp. | 3800 | 86973 |
| Largo, Inc.<sup>(1)(2)</sup> | 600 | 1021 |
| Laurentian Bank of Canada | 2000 | 58927 |
| Leon's Furniture Ltd. | 1300 | 27152 |
| Linamar Corp. | 4400 | 303247 |
| Loblaw Cos. Ltd. | 16200 | 750826 |
| Lumine Group, Inc.<sup>(1)</sup> | 300 | 4669 |
| Lundin Gold, Inc. | 6100 | 574962 |
| Lundin Mining Corp. | 36400 | 1159741 |
| Magna International, Inc.<sup>(2)</sup> | 20200 | 1273708 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 5771 | 77085 |
| Manulife Financial Corp. | 28500 | 1014805 |
| Martinrea International, Inc. | 9000 | 70665 |
| Mattr Corp.<sup>(1)</sup> | 2800 | 17530 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MCAN Mortgage Corp.<sup>(2)</sup> | 1900 | $34335 |
| MDA Space Ltd.<sup>(1)</sup> | 8800 | 255152 |
| Medical Facilities Corp. | 1800 | 22433 |
| Meren Energy, Inc.<sup>(2)</sup> | 24400 | 38996 |
| Methanex Corp.<sup>(2)</sup> | 6500 | 327943 |
| Metro, Inc. | 3600 | 256504 |
| Montage Gold Corp.<sup>(1)</sup> | 17500 | 218101 |
| MTY Food Group, Inc.<sup>(2)</sup> | 900 | 27316 |
| Mullen Group Ltd.<sup>(2)</sup> | 9900 | 125197 |
| National Bank of Canada | 10255 | 1431212 |
| Neo Performance Materials, Inc. | 2500 | 50823 |
| New Gold, Inc.<sup>(1)</sup> | 80300 | 1078477 |
| North American Construction Group Ltd. | 3700 | 61954 |
| North West Co., Inc. | 4200 | 172366 |
| Northern Dynasty Minerals Ltd.<sup>(1)(2)</sup> | 27400 | 42384 |
| Northland Power, Inc. | 17880 | 286541 |
| Nutrien Ltd. | 26000 | 1955456 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 6900 | 54227 |
| OceanaGold Corp. | 25533 | 1085861 |
| Onex Corp. | 1800 | 133847 |
| Open Text Corp.<sup>(2)</sup> | 3000 | 74315 |
| Orezone Gold Corp.<sup>(1)</sup> | 78500 | 158260 |
| Orla Mining Ltd. | 28400 | 614200 |
| Osisko Metals, Inc.<sup>(1)</sup> | 101300 | 115109 |
| Pan American Silver Corp. | 27262 | 1870297 |
| Paramount Resources Ltd., A Shares<sup>(2)</sup> | 6000 | 118764 |
| Parex Resources, Inc. | 12100 | 189300 |
| Pason Systems, Inc. | 9700 | 87823 |
| Pembina Pipeline Corp.<sup>(2)</sup> | 17300 | 760335 |
| Pet Valu Holdings Ltd. | 2700 | 56393 |
| PetroTal Corp.<sup>(2)</sup> | 60500 | 17741 |
| Peyto Exploration & Development Corp.<sup>(2)</sup> | 23600 | 457277 |
| PHX Energy Services Corp. | 6400 | 56538 |
| Pine Cliff Energy Ltd. | 6700 | 3487 |
| Polaris Renewable Energy, Inc. | 400 | 3516 |
| Power Corp. of Canada | 6605 | 331787 |
| Precision Drilling Corp.<sup>(1)</sup> | 1700 | 147461 |
| Premium Brands Holdings Corp. | 2700 | 209836 |
| Propel Holdings, Inc.<sup>(2)</sup> | 1400 | 21564 |
| Quarterhill, Inc.<sup>(1)(2)</sup> | 400 | 279 |
| Quebecor, Inc., Class B | 6500 | 268806 |
| RB Global, Inc. | 2800 | 282063 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 8050 | 36885 |
| Restaurant Brands International, Inc. | 7800 | 559589 |
| Restaurant Brands International, Inc. | 2613 | 187378 |
| RFA Financial, Inc.<sup>(1)</sup> | 2200 | 37934 |
| Richelieu Hardware Ltd. | 3300 | 105335 |
| Rogers Communications, Inc., Class B | 9300 | 371168 |
| Rogers Sugar, Inc.<sup>(2)</sup> | 4800 | 23190 |
| Royal Bank of Canada | 24600 | 4113135 |
| Russel Metals, Inc. | 3000 | 105656 |
| Saputo, Inc. | 14300 | 456451 |
| Saturn Oil & Gas, Inc.<sup>(1)(2)</sup> | 19700 | 48093 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Savaria Corp. | 2200 | $40724 |
| Secure Waste Infrastructure Corp. | 15500 | 214992 |
| Shopify, Inc., Class A<sup>(1)</sup> | 6500 | 784689 |
| Silvercorp Metals, Inc. | 31600 | 439233 |
| South Bow Corp. | 10857 | 349099 |
| Spartan Delta Corp.<sup>(1)</sup> | 23800 | 191056 |
| SSR Mining, Inc.<sup>(1)</sup> | 12709 | 408742 |
| Stantec, Inc. | 2400 | 222221 |
| Stella-Jones, Inc. | 5100 | 349995 |
| Steppe Gold Ltd.<sup>(1)</sup> | 13800 | 18413 |
| Strathcona Resources Ltd. | 1771 | 38691 |
| Sun Life Financial, Inc.<sup>(2)</sup> | 17700 | 1160060 |
| Suncor Energy, Inc. | 48866 | 2760255 |
| SunOpta, Inc.<sup>(1)(2)</sup> | 4100 | 26391 |
| Superior Plus Corp. | 7100 | 34197 |
| Surge Energy, Inc.<sup>(2)</sup> | 9900 | 58570 |
| Talon Metals Corp.<sup>(1)</sup> | 6400 | 39412 |
| Tamarack Valley Energy Ltd. | 65500 | 489311 |
| Taseko Mines Ltd.<sup>(1)</sup> | 31300 | 278798 |
| TC Energy Corp. | 11286 | 725207 |
| Teck Resources Ltd., Class B | 8300 | 487455 |
| TELUS Corp. | 10012 | 137256 |
| TELUS Corp.<sup>(1)</sup> | 134 | 1837 |
| Tenaz Energy Corp.<sup>(1)</sup> | 1400 | 48157 |
| TFI International, Inc. | 2700 | 322583 |
| Thomson Reuters Corp. | 700 | 67396 |
| Timbercreek Financial Corp.<sup>(2)</sup> | 5400 | 26762 |
| TMX Group Ltd. | 5200 | 175398 |
| Topaz Energy Corp. | 9300 | 212447 |
| Torex Gold Resources, Inc. | 6138 | 373981 |
| Toromont Industries Ltd. | 4900 | 760478 |
| Toronto-Dominion Bank | 38965 | 3795806 |
| Total Energy Services, Inc. | 5400 | 71654 |
| Tourmaline Oil Corp. | 27787 | 1304556 |
| TransAlta Corp. | 11900 | 163575 |
| Transcontinental, Inc., Class A | 3960 | 67527 |
| Trican Well Service Ltd. | 22400 | 106905 |
| Triple Flag Precious Metals Corp.<sup>(2)</sup> | 1700 | 70291 |
| Trisura Group Ltd.<sup>(1)</sup> | 4800 | 164193 |
| Uranium Royalty Corp.<sup>(1)(2)</sup> | 4800 | 20586 |
| Valeura Energy, Inc.<sup>(1)</sup> | 11600 | 93630 |
| Vermilion Energy, Inc. | 19533 | 209786 |
| VersaBank | 200 | 3321 |
| Wajax Corp. | 2900 | 66800 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 19300 | 379477 |
| West Fraser Timber Co. Ltd. | 1572 | 104366 |
| Western Forest Products, Inc.<sup>(1)(2)</sup> | 166 | 1709 |
| Westshore Terminals Investment Corp. | 3900 | 91492 |
| Wheaton Precious Metals Corp. | 6400 | 1042871 |
| Whitecap Resources, Inc.<sup>(2)</sup> | 96053 | 959086 |
| Winpak Ltd.<sup>(2)</sup> | 2200 | 77707 |
| WSP Global, Inc. | 1500 | 254100 |
|  |  | 102948453 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — 0.0%** |  |  |
| K Wah International Holdings Ltd. | 11000 | $3971 |
| **Denmark — 1.5%** |  |  |
| AL Sydbank | 3195 | 286466 |
| ALK-Abello AS<sup>(1)</sup> | 2976 | 103651 |
| Alm Brand AS | 36227 | 94126 |
| AP Moller - Maersk AS, A Shares | 134 | 328222 |
| AP Moller - Maersk AS, B Shares | 180 | 446913 |
| Bang & Olufsen AS<sup>(1)</sup> | 1614 | 2573 |
| Bavarian Nordic AS<sup>(1)</sup> | 2405 | 74939 |
| Carlsberg AS, B Shares | 691 | 107497 |
| Chemometec AS | 1028 | 68062 |
| Coloplast AS, B Shares | 598 | 46335 |
| D/S Norden AS | 3499 | 156899 |
| Danske Bank AS | 14590 | 761226 |
| Demant AS<sup>(1)</sup> | 632 | 19711 |
| Dfds AS<sup>(1)</sup> | 2528 | 41345 |
| DSV AS | 2211 | 570706 |
| FLSmidth & Co. AS | 2673 | 236627 |
| Genmab AS, ADR<sup>(1)</sup> | 35483 | 1044619 |
| GN Store Nord AS<sup>(1)</sup> | 1706 | 25142 |
| H Lundbeck AS, A Shares | 981 | 5380 |
| H&H International AS, B Shares<sup>(1)</sup> | 331 | 4438 |
| ISS AS | 2083 | 74076 |
| Jyske Bank AS | 2576 | 386078 |
| Nilfisk Holding AS<sup>(1)</sup> | 2476 | 54494 |
| NKT AS<sup>(1)</sup> | 6806 | 879718 |
| Novo Nordisk AS, ADR | 81027 | 3034461 |
| Novonesis Novozymes B, B Shares | 4001 | 237954 |
| Orsted AS<sup>(1)</sup> | 20016 | 471552 |
| Pandora AS | 2919 | 230748 |
| Per Aarsleff Holding AS | 2949 | 373353 |
| Ringkjoebing Landbobank AS | 1376 | 358852 |
| Rockwool AS, B Shares | 4780 | 158493 |
| Royal Unibrew AS | 1906 | 187871 |
| Schouw & Co. AS | 877 | 93697 |
| Solar AS, B Shares | 136 | 4280 |
| SP Group AS | 565 | 34818 |
| TORM PLC, Class A | 5410 | 158763 |
| Tryg AS | 5603 | 138740 |
| Vestas Wind Systems AS | 73957 | 1890659 |
| Zealand Pharma AS<sup>(1)</sup> | 5106 | 295560 |
|  |  | 13489044 |
| **Finland — 1.0%** |  |  |
| Aktia Bank OYJ | 500 | 7519 |
| Bittium OYJ | 2431 | 76986 |
| Citycon OYJ<sup>(1)(2)</sup> | 15589 | 70052 |
| Elisa OYJ<sup>(2)</sup> | 2390 | 122760 |
| Finnair OYJ<sup>(1)(2)</sup> | 8875 | 36419 |
| Fortum OYJ | 20246 | 473384 |
| Hiab OYJ, B Shares | 2146 | 123303 |
| Huhtamaki OYJ | 3015 | 112610 |
| Kalmar OYJ, B Shares | 3121 | 179198 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kemira OYJ<sup>(2)</sup> | 8463 | $205083 |
| Kesko OYJ, B Shares | 13329 | 328452 |
| Kojamo OYJ<sup>(1)</sup> | 4915 | 57196 |
| Kone OYJ, B Shares<sup>(2)</sup> | 8469 | 638505 |
| Konecranes OYJ | 2817 | 332562 |
| Mandatum OYJ | 13826 | 111490 |
| Marimekko OYJ<sup>(2)</sup> | 1820 | 24086 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 4677 | 17360 |
| Metso OYJ | 24485 | 509037 |
| Neste OYJ | 15487 | 387002 |
| Nokia OYJ, ADR | 72431 | 559167 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 23337 | 293592 |
| Nordea Bank Abp | 31702 | 613941 |
| Olvi OYJ, A Shares  | 524 | 21309 |
| Oriola OYJ, B Shares | 441 | 559 |
| Orion OYJ, Class B | 2295 | 183846 |
| Outokumpu OYJ | 18103 | 122233 |
| Puuilo OYJ | 6139 | 87729 |
| Sampo OYJ, A Shares | 8970 | 99415 |
| Sanoma OYJ | 490 | 5293 |
| Stora Enso OYJ, R Shares<sup>(2)</sup> | 67933 | 921488 |
| Tokmanni Group Corp.<sup>(2)</sup> | 2347 | 22210 |
| UPM-Kymmene OYJ | 37519 | 1194800 |
| Valmet OYJ<sup>(2)</sup> | 3712 | 124293 |
| Wartsila OYJ Abp | 22004 | 955515 |
| YIT OYJ<sup>(1)(2)</sup> | 5343 | 17982 |
|  |  | 9036376 |
| **France — 8.1%** |  |  |
| Accor SA | 7246 | 420595 |
| Aeroports de Paris SA<sup>(2)</sup> | 2531 | 353160 |
| Air France-KLM<sup>(1)</sup> | 2062 | 29817 |
| Air Liquide SA | 7825 | 1645404 |
| Airbus SE | 9425 | 2046666 |
| AKWEL SADIR | 46 | 407 |
| Alstom SA<sup>(1)</sup> | 11323 | 376681 |
| Alten SA | 2102 | 157303 |
| Amundi SA | 1850 | 176477 |
| Antin Infrastructure Partners SA<sup>(2)</sup> | 3356 | 38130 |
| Aperam SA<sup>(2)</sup> | 1478 | 77617 |
| ArcelorMittal SA, NY Shares | 28518 | 1858233 |
| Arkema SA | 2469 | 179806 |
| AXA SA | 32074 | 1568486 |
| Ayvens SA | 4580 | 58140 |
| Beneteau SACA<sup>(2)</sup> | 1248 | 11812 |
| BioMerieux | 2439 | 288270 |
| BNP Paribas SA | 29490 | 3311186 |
| Bollore SE | 32402 | 189275 |
| Bonduelle SCA<sup>(2)</sup> | 188 | 1981 |
| Bouygues SA | 9433 | 583772 |
| Bureau Veritas SA | 23748 | 825278 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 726 | 23440 |
| Capgemini SE | 2071 | 261726 |
| Carrefour SA | 27674 | 524847 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cie de Saint-Gobain SA | 13541 | $1372269 |
| Cie des Alpes | 2576 | 88314 |
| Cie Generale des Etablissements Michelin SCA | 43765 | 1769909 |
| Clariane SE<sup>(1)</sup> | 6274 | 29958 |
| Coface SA | 6350 | 117460 |
| Credit Agricole SA | 43312 | 956891 |
| Danone SA | 6535 | 562003 |
| Dassault Aviation SA | 911 | 365893 |
| Dassault Systemes SE | 5892 | 129027 |
| Derichebourg SA | 12147 | 134748 |
| Edenred SE | 2925 | 67605 |
| Eiffage SA | 7657 | 1320392 |
| Elis SA | 4222 | 135455 |
| Emeis SA<sup>(1)</sup> | 11249 | 203352 |
| Engie SA | 88111 | 3010143 |
| EssilorLuxottica SA | 2257 | 597398 |
| Etablissements Maurel et Prom SA | 8764 | 93397 |
| Eurazeo SE | 1694 | 99543 |
| Euroapi SA<sup>(1)(2)</sup> | 956 | 2415 |
| Eurofins Scientific SE | 3600 | 290089 |
| Euronext NV | 766 | 126556 |
| Eutelsat Communications SACA<sup>(1)</sup> | 34261 | 90884 |
| Exail Technologies SA<sup>(1)(2)</sup> | 841 | 123620 |
| FDJ UNITED | 5776 | 175213 |
| Forvia SE<sup>(1)</sup> | 13395 | 190069 |
| Gaztransport Et Technigaz SA | 4619 | 1054878 |
| Getlink SE | 14896 | 323426 |
| GL Events SACA | 554 | 22182 |
| Hermes International SCA | 705 | 1694442 |
| ID Logistics Group SACA<sup>(1)</sup> | 273 | 128377 |
| Imerys SA | 1514 | 43658 |
| Infotel SA | 51 | 2182 |
| Interparfums SA | 926 | 26989 |
| Ipsen SA | 4801 | 937167 |
| Jacquet Metals SACA | 231 | 6295 |
| JCDecaux SE | 10214 | 210579 |
| Kaufman & Broad SA | 1861 | 71317 |
| Kering SA | 4526 | 1517742 |
| Legrand SA | 5603 | 1014855 |
| LISI SA | 1056 | 69953 |
| L'Oreal SA | 4939 | 2314149 |
| LVMH Moet Hennessy Louis Vuitton SE | 7102 | 4538322 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 672 | 1076 |
| Manitou BF SA | 1011 | 28077 |
| Mersen SA | 2688 | 88157 |
| Metropole Television SA | 937 | 12804 |
| Nacon SA<sup>(1)</sup> | 39 | 12 |
| Nanobiotix SA<sup>(1)</sup> | 772 | 23544 |
| Nexans SA | 4519 | 649164 |
| Nexity SA<sup>(1)(2)</sup> | 2710 | 30444 |
| North Atlantic Energies<sup>(2)</sup> | 282 | 12946 |
| Opmobility | 10013 | 200368 |
| Orange SA | 106550 | 2295358 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pernod Ricard SA<sup>(2)</sup> | 4719 | $435471 |
| Publicis Groupe SA | 3265 | 290732 |
| Pullup Entertainment<sup>(2)</sup> | 53 | 771 |
| Remy Cointreau SA<sup>(2)</sup> | 753 | 36984 |
| Renault SA | 25859 | 977938 |
| Rexel SA | 8206 | 355385 |
| Robertet SA | 91 | 93932 |
| Rubis SCA | 5736 | 246715 |
| Safran SA | 12031 | 4845350 |
| Sanofi SA, ADR | 23328 | 1135140 |
| Sartorius Stedim Biotech | 472 | 102000 |
| Schneider Electric SE | 5355 | 1750066 |
| SCOR SE | 14968 | 545534 |
| SEB SA | 778 | 47752 |
| SES SA | 59914 | 446053 |
| SMCP SA<sup>(1)(2)</sup> | 3936 | 31795 |
| Societe BIC SA | 1334 | 85781 |
| Societe Generale SA | 30396 | 2634135 |
| Sodexo SA<sup>(2)</sup> | 985 | 53916 |
| SOITEC<sup>(1)</sup> | 672 | 32405 |
| Solutions 30 SE<sup>(1)</sup> | 9666 | 10031 |
| SPIE SA | 5555 | 343895 |
| STMicroelectronics NV, NY Shares | 27491 | 923972 |
| Technip Energies NV | 7218 | 312748 |
| Teleperformance SE | 1784 | 107869 |
| Television Francaise 1 SA | 3355 | 28728 |
| Thales SA | 4177 | 1267791 |
| TotalEnergies SE | 48815 | 3921797 |
| Trigano SA | 991 | 196120 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 5384 | 26414 |
| Valeo SE | 26460 | 381580 |
| Vallourec SACA | 26849 | 628179 |
| Veolia Environnement SA | 10560 | 447181 |
| Vicat SACA | 1376 | 115323 |
| Vinci SA | 20543 | 3409852 |
| Virbac SACA | 253 | 110348 |
| Viridien<sup>(1)</sup> | 137 | 17750 |
| Vivendi SE | 15829 | 41118 |
| Voltalia SA<sup>(1)</sup> | 2444 | 20339 |
| Vusion | 469 | 65932 |
| X-Fab Silicon Foundries SE<sup>(1)</sup> | 3679 | 20278 |
|  |  | 70924675 |
| **Germany — 7.4%** |  |  |
| 1&1 AG | 1822 | 51951 |
| 2G Energy AG | 1635 | 73631 |
| 7C Solarparken AG<sup>(1)</sup> | 2864 | 5458 |
| Adesso SE | 275 | 20231 |
| adidas AG | 8726 | 1618979 |
| AIXTRON SE | 4231 | 136861 |
| Allianz SE | 9796 | 4399160 |
| Alzchem Group AG | 738 | 129056 |
| Amadeus Fire AG | 60 | 2060 |
| Aroundtown SA<sup>(1)</sup> | 32838 | 118524 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Atoss Software SE | 974 | $101126 |
| Aumovio SE<sup>(1)</sup> | 4740 | 235113 |
| Aurubis AG | 1022 | 207074 |
| Auto1 Group SE<sup>(1)</sup> | 3489 | 70075 |
| BASF SE | 24337 | 1394027 |
| Bayer AG | 44454 | 2199620 |
| Bayerische Motoren Werke AG | 12743 | 1335510 |
| Bayerische Motoren Werke AG, Preference Shares | 2474 | 258186 |
| BayWa AG<sup>(1)</sup> | 1242 | 4655 |
| Bechtle AG | 4408 | 177114 |
| Beiersdorf AG | 5663 | 716346 |
| Bertrandt AG<sup>(1)</sup> | 99 | 2249 |
| Bijou Brigitte AG | 397 | 21633 |
| Bilfinger SE | 3168 | 443553 |
| Borussia Dortmund GmbH & Co. KGaA | 4118 | 15265 |
| BRANICKS Group AG<sup>(1)</sup> | 312 | 696 |
| Brenntag SE | 5102 | 313800 |
| CANCOM SE | 1139 | 31995 |
| Cewe Stiftung & Co. KGaA | 691 | 81840 |
| Commerzbank AG | 28336 | 1149581 |
| Continental AG | 11987 | 1032967 |
| CTS Eventim AG & Co. KGaA | 2157 | 174674 |
| Daimler Truck Holding AG | 37147 | 1874219 |
| Delivery Hero SE<sup>(1)</sup> | 6023 | 138528 |
| Deutsche Bank AG | 46490 | 1646676 |
| Deutsche Beteiligungs AG | 902 | 26681 |
| Deutsche Boerse AG | 2597 | 709742 |
| Deutsche Lufthansa AG | 62674 | 669449 |
| Deutsche Pfandbriefbank AG | 6123 | 25839 |
| Deutsche Post AG | 43787 | 2578403 |
| Deutsche Rohstoff AG | 720 | 61732 |
| Deutsche Telekom AG | 67668 | 2717557 |
| Deutz AG | 17839 | 262210 |
| Douglas AG<sup>(1)</sup> | 2847 | 39470 |
| Dr. Ing hc F Porsche AG, Preference Shares | 7053 | 343845 |
| Draegerwerk AG & Co. KGaA | 78 | 6940 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 416 | 44096 |
| Duerr AG | 6875 | 197654 |
| E.ON SE | 72978 | 1697526 |
| Elmos Semiconductor SE | 444 | 76478 |
| ElringKlinger AG | 121 | 623 |
| Evonik Industries AG | 8171 | 142071 |
| Fielmann Group AG | 1569 | 85515 |
| flatexDEGIRO SE | 12360 | 447830 |
| Formycon AG<sup>(1)</sup> | 715 | 19354 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 3357 | 328475 |
| Fresenius Medical Care AG, ADR | 4192 | 98344 |
| Fresenius SE & Co. KGaA | 3788 | 227077 |
| Friedrich Vorwerk Group SE | 744 | 70516 |
| FUCHS SE, Preference Shares | 7196 | 310753 |
| GEA Group AG | 9812 | 760760 |
| Grand City Properties SA | 1895 | 24819 |
| Grenke AG | 746 | 12853 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hannover Rueck SE | 4262 | $1291480 |
| Heidelberg Materials AG | 4569 | 1017939 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 38644 | 64792 |
| HelloFresh SE<sup>(1)</sup> | 11184 | 63448 |
| Henkel AG & Co. KGaA | 2484 | 224971 |
| Henkel AG & Co. KGaA, Preference Shares | 3832 | 375875 |
| Hensoldt AG | 4145 | 363619 |
| HOCHTIEF AG | 490 | 236357 |
| Hornbach Holding AG & Co. KGaA | 641 | 64834 |
| HUGO BOSS AG | 3107 | 136630 |
| Indus Holding AG | 2605 | 93917 |
| Infineon Technologies AG | 40060 | 2159027 |
| Init Innovation in Traffic Systems SE | 382 | 20034 |
| Instone Real Estate Group SE | 786 | 8724 |
| Jenoptik AG | 4943 | 163278 |
| JOST Werke SE | 2017 | 159886 |
| Jungheinrich AG, Preference Shares | 7158 | 269856 |
| K&S AG | 10427 | 184611 |
| KION Group AG | 7249 | 491980 |
| Kloeckner & Co. SE | 7936 | 102739 |
| Knorr-Bremse AG | 5329 | 697493 |
| Koenig & Bauer AG<sup>(1)</sup> | 246 | 2634 |
| Kontron AG | 4530 | 124845 |
| Krones AG | 1621 | 253811 |
| KSB SE & Co. KGaA, Preference Shares | 15 | 19068 |
| KWS Saat SE & Co. KGaA | 122 | 9321 |
| Lang & Schwarz AG | 141 | 4013 |
| Lanxess AG | 2893 | 65037 |
| LEG Immobilien SE | 1908 | 159618 |
| Leifheit AG | 4 | 71 |
| MBB SE | 99 | 23824 |
| Medios AG<sup>(1)</sup> | 1012 | 20227 |
| Mercedes-Benz Group AG | 25253 | 1747220 |
| Merck KGaA | 2786 | 422123 |
| MLP SE | 786 | 6726 |
| MTU Aero Engines AG | 610 | 262933 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 4792 | 3127370 |
| Mutares SE & Co. KGaA | 2071 | 75869 |
| Nagarro SE | 669 | 44100 |
| Nemetschek SE | 1240 | 98788 |
| Norma Group SE | 4097 | 76257 |
| Patrizia SE | 2402 | 23131 |
| Porsche Automobil Holding SE, Preference Shares | 9852 | 416563 |
| ProCredit Holding AG | 1811 | 18034 |
| Puma SE | 5482 | 152414 |
| Qiagen NV | 8655 | 431019 |
| Rational AG | 433 | 375285 |
| RENK Group AG | 8329 | 561239 |
| Rheinmetall AG | 760 | 1503412 |
| RTL Group SA | 1103 | 48235 |
| RWE AG | 39181 | 2520461 |
| SAF-Holland SE | 6190 | 145202 |
| Salzgitter AG | 2426 | 154840 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SAP SE, ADR | 5262 | $1060451 |
| Sartorius AG, Preference Shares | 535 | 151432 |
| Schaeffler AG | 25089 | 305636 |
| Schott Pharma AG & Co. KGaA | 1526 | 26409 |
| Scout24 SE | 1923 | 163444 |
| Secunet Security Networks AG | 91 | 20288 |
| SGL Carbon SE<sup>(1)</sup> | 8373 | 38492 |
| Siemens AG | 5592 | 1616892 |
| Siemens Energy AG | 18060 | 3497818 |
| Siemens Healthineers AG | 5721 | 283759 |
| Siltronic AG | 860 | 57963 |
| Sixt SE | 975 | 75585 |
| Sixt SE, Preference Shares | 1190 | 76854 |
| SMA Solar Technology AG<sup>(1)</sup> | 2470 | 93031 |
| Steico SE | 77 | 2292 |
| STO SE & Co. KGaA, Preference Shares | 157 | 22833 |
| STRATEC SE | 559 | 13985 |
| Stroeer SE & Co. KGaA | 1036 | 42308 |
| Suedzucker AG | 7230 | 86488 |
| Symrise AG | 7345 | 670962 |
| TAG Immobilien AG | 9962 | 194312 |
| Talanx AG | 4342 | 546139 |
| TeamViewer SE<sup>(1)</sup> | 3705 | 20174 |
| thyssenkrupp AG | 42247 | 521297 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 1718 | 194933 |
| UmweltBank AG<sup>(1)</sup> | 260 | 1171 |
| Uniper SE<sup>(1)</sup> | 92 | 3789 |
| United Internet AG | 8974 | 295913 |
| Villeroy & Boch AG, Preference Shares | 155 | 3575 |
| Volkswagen AG | 355 | 42420 |
| Volkswagen AG, Preference Shares | 2716 | 322934 |
| Vonovia SE | 19019 | 644887 |
| Wacker Chemie AG | 1009 | 96234 |
| Wacker Neuson SE | 2869 | 70423 |
| Washtec AG | 108 | 6514 |
| Westwing Group SE<sup>(1)</sup> | 1125 | 23825 |
| Wuestenrot & Wuerttembergische AG | 2316 | 45245 |
| Zalando SE<sup>(1)</sup> | 9672 | 235124 |
|  |  | 64830056 |
| **Hong Kong — 1.7%** |  |  |
| AIA Group Ltd. | 176668 | 1948917 |
| ASMPT Ltd. | 7100 | 101214 |
| AustAsia Group Ltd.<sup>(1)</sup> | 2080 | 631 |
| Bank of East Asia Ltd. | 91982 | 178759 |
| BOC Hong Kong Holdings Ltd. | 85000 | 486179 |
| Budweiser Brewing Co. APAC Ltd. | 14200 | 14104 |
| Cafe de Coral Holdings Ltd.<sup>(2)</sup> | 16000 | 9459 |
| Chow Sang Sang Holdings International Ltd. | 37000 | 65774 |
| CITIC Telecom International Holdings Ltd. | 25000 | 8370 |
| CK Asset Holdings Ltd. | 96406 | 611675 |
| CK Hutchison Holdings Ltd. | 81500 | 671055 |
| CK Infrastructure Holdings Ltd. | 11500 | 97516 |
| CLP Holdings Ltd. | 67000 | 634897 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Comba Telecom Systems Holdings Ltd. | 184000 | $49503 |
| Cowell e Holdings, Inc.<sup>(1)</sup> | 15000 | 53628 |
| Dah Sing Banking Group Ltd. | 40400 | 67569 |
| Dah Sing Financial Holdings Ltd. | 13600 | 73822 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 560000 | 62332 |
| DFI Retail Group Holdings Ltd. | 27800 | 116289 |
| Dream International Ltd. | 16000 | 18732 |
| E-Commodities Holdings Ltd. | 82000 | 8893 |
| Emperor Watch & Jewellery Ltd. | 300000 | 13355 |
| Fairwood Holdings Ltd. | 2000 | 1160 |
| Far East Consortium International Ltd.<sup>(1)</sup> | 16500 | 1897 |
| First Pacific Co. Ltd. | 24000 | 19384 |
| Futu Holdings Ltd., ADR<sup>(1)</sup> | 705 | 104932 |
| Galaxy Entertainment Group Ltd. | 37000 | 196882 |
| Giordano International Ltd. | 52000 | 10177 |
| G-Resources Group Ltd. | 18000 | 25448 |
| Guotai Junan International Holdings Ltd.<sup>(2)</sup> | 40000 | 14293 |
| Hang Lung Group Ltd. | 74000 | 158634 |
| Hang Lung Properties Ltd. | 148176 | 194086 |
| Hao Tian International Construction Investment Group Ltd.<sup>(1)</sup> | 192000 | 1399 |
| Henderson Land Development Co. Ltd. | 35000 | 158208 |
| HK Electric Investments & HK Electric Investments Ltd.<sup>(2)</sup> | 28500 | 25533 |
| HKBN Ltd. | 45000 | 42390 |
| HKT Trust & HKT Ltd. | 83000 | 130838 |
| Hong Kong & China Gas Co. Ltd. | 52332 | 50843 |
| Hong Kong Exchanges & Clearing Ltd. | 14900 | 796032 |
| Hong Kong Technology Venture Co. Ltd. | 27000 | 5030 |
| Hongkong & Shanghai Hotels Ltd.<sup>(1)</sup> | 1000 | 866 |
| Hongkong Land Holdings Ltd. | 30100 | 260600 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 20000 | 3015 |
| Hysan Development Co. Ltd. | 66000 | 183948 |
| IGG, Inc. | 43000 | 17302 |
| Impro Precision Industries Ltd.<sup>(2)</sup> | 51000 | 56686 |
| Jardine Matheson Holdings Ltd. | 4500 | 370981 |
| Johnson Electric Holdings Ltd. | 40500 | 160010 |
| Karrie International Holdings Ltd. | 56000 | 19220 |
| Kerry Properties Ltd. | 60000 | 193207 |
| KLN Logistics Group Ltd. | 728 | 659 |
| Luk Fook Holdings International Ltd. | 12000 | 45118 |
| Man Wah Holdings Ltd. | 106000 | 69037 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(1)</sup> | 2192 | 13021 |
| MGM China Holdings Ltd. | 800 | 1279 |
| Mobvista, Inc.<sup>(1)</sup> | 43000 | 65029 |
| Modern Dental Group Ltd. | 6000 | 4506 |
| MTR Corp. Ltd.<sup>(2)</sup> | 23000 | 109535 |
| New World Development Co. Ltd.<sup>(1)</sup> | 149000 | 206309 |
| Oriental Watch Holdings | 24828 | 10854 |
| Pacific Basin Shipping Ltd. | 459000 | 202902 |
| Pacific Textiles Holdings Ltd. | 12000 | 2038 |
| PAX Global Technology Ltd. | 53000 | 32891 |
| PCCW Ltd. | 27024 | 20508 |
| Perfect Medical Health Management Ltd. | 7000 | 1080 |
| Power Assets Holdings Ltd. | 59000 | 478202 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sa Sa International Holdings Ltd.<sup>(2)</sup> | 4000 | $316 |
| Sands China Ltd. | 29200 | 65969 |
| Shangri-La Asia Ltd. | 10000 | 6501 |
| Shenwan Hongyuan HK Ltd.<sup>(1)</sup> | 85000 | 13722 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 58000 | 5038 |
| Singamas Container Holdings Ltd. | 96000 | 8343 |
| Sino Land Co. Ltd. | 126408 | 206046 |
| SITC International Holdings Co. Ltd. | 82000 | 349788 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 223500 | 68771 |
| Stella International Holdings Ltd. | 25000 | 48211 |
| Sun Hung Kai & Co. Ltd. | 10000 | 5645 |
| Sun Hung Kai Properties Ltd. | 56500 | 1050371 |
| Swire Pacific Ltd., Class A | 19000 | 204097 |
| Swire Properties Ltd. | 12600 | 43362 |
| Techtronic Industries Co. Ltd. | 56000 | 906958 |
| Texhong International Group Ltd. | 4000 | 3423 |
| Texwinca Holdings Ltd. | 4000 | 607 |
| Time Interconnect Technology Ltd. | 44000 | 109365 |
| United Energy Group Ltd. | 1082000 | 90286 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 70000 | 116397 |
| Value Partners Group Ltd. | 10000 | 3043 |
| Vitasoy International Holdings Ltd.<sup>(2)</sup> | 44000 | 40023 |
| VSTECS Holdings Ltd. | 58000 | 58753 |
| VTech Holdings Ltd. | 15000 | 123548 |
| WH Group Ltd. | 519423 | 652991 |
| Wharf Holdings Ltd. | 30000 | 99264 |
| Wharf Real Estate Investment Co. Ltd. | 126000 | 463846 |
| Wynn Macau Ltd. | 7600 | 5530 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 116446 | 154008 |
| Yue Yuen Industrial Holdings Ltd. | 74000 | 175636 |
|  |  | 14838500 |
| **Ireland — 0.3%** |  |  |
| AIB Group PLC | 78918 | 819153 |
| Bank of Ireland Group PLC | 36987 | 720185 |
| FBD Holdings PLC | 510 | 10201 |
| Glanbia PLC | 16754 | 346596 |
| Glenveagh Properties PLC<sup>(1)</sup> | 20778 | 55270 |
| Kerry Group PLC, A Shares | 888 | 78904 |
| Kingspan Group PLC | 2598 | 257211 |
| Origin Enterprises PLC | 6048 | 30228 |
| Ryanair Holdings PLC | 23816 | 769616 |
| Uniphar PLC | 8040 | 38642 |
|  |  | 3126006 |
| **Israel — 1.3%** |  |  |
| AFI Properties Ltd.<sup>(1)</sup> | 174 | 12541 |
| Africa Israel Residences Ltd. | 154 | 13592 |
| Airport City Ltd.<sup>(1)</sup> | 3476 | 61049 |
| Alony Hetz Properties & Investments Ltd. | 6326 | 74339 |
| Altshuler Shaham Finance Ltd. | 7910 | 14072 |
| Amot Investments Ltd. | 8168 | 54220 |
| Analyst IMS Investment Management Services Ltd. | 624 | 26905 |
| Argo Properties NV<sup>(1)</sup> | 1196 | 46868 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 298 | 5423 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ashtrom Group Ltd. | 462 | $10035 |
| Ayalon Holdings Ltd. | 1413 | 58837 |
| Azrieli Group Ltd. | 424 | 60930 |
| Bank Hapoalim BM | 40446 | 1020781 |
| Bank Leumi Le-Israel BM | 36096 | 873867 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 170867 | 450563 |
| Big Shopping Centers Ltd. | 568 | 136873 |
| Blue Square Real Estate Ltd. | 456 | 61348 |
| Camtek Ltd.<sup>(1)</sup> | 402 | 66976 |
| Carasso Motors Ltd.<sup>(1)</sup> | 1555 | 17683 |
| Cellcom Israel Ltd. | 8479 | 98836 |
| Cellebrite DI Ltd.<sup>(1)</sup> | 1339 | 17862 |
| Ceragon Networks Ltd.<sup>(1)</sup> | 7875 | 17876 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 666 | 101279 |
| Clal Insurance Enterprises Holdings Ltd. | 3468 | 259402 |
| CyberArk Software Ltd.<sup>(1)</sup> | 220 | 9900 |
| Danel Adir Yeoshua Ltd. | 372 | 52467 |
| Danya Cebus Ltd. | 455 | 25560 |
| Delek Automotive Systems Ltd. | 1513 | 9449 |
| Delek Group Ltd. | 462 | 141744 |
| Delta Galil Ltd. | 312 | 15132 |
| Delta Israel Brands Ltd. | 659 | 22243 |
| Direct Finance of Direct Group 2006 Ltd. | 93 | 14531 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 4213 | 81001 |
| Duniec Brothers Ltd. | 223 | 18395 |
| El Al Israel Airlines | 31785 | 158497 |
| Elbit Systems Ltd. | 306 | 236337 |
| Electra Consumer Products 1970 Ltd. | 158 | 4275 |
| Electra Ltd. | 3226 | 97978 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 4976 | 341326 |
| Equital Ltd.<sup>(1)</sup> | 507 | 23334 |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 483 | 14814 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 362 | 70997 |
| FIBI Holdings Ltd. | 1250 | 130643 |
| First International Bank Of Israel Ltd. | 2840 | 244371 |
| FMS Enterprises Migun Ltd. | 310 | 26922 |
| Fox Wizel Ltd. | 263 | 23777 |
| G City Ltd. | 5721 | 14342 |
| Gav-Yam Lands Corp. Ltd. | 433 | 5071 |
| Global-e Online Ltd.<sup>(1)</sup> | 527 | 18429 |
| Harel Insurance Investments & Financial Services Ltd. | 5745 | 302283 |
| Hilan Ltd. | 534 | 34194 |
| IBI Investment House Ltd. | 238 | 28125 |
| ICL Group Ltd. | 16500 | 78202 |
| IDI Insurance Co. Ltd. | 1117 | 81539 |
| Inmode Ltd.<sup>(1)</sup> | 2552 | 35090 |
| Inrom Construction Industries Ltd. | 1146 | 7325 |
| Isracard Ltd. | 4656 | 22166 |
| Israel Canada TR Ltd. | 16829 | 105445 |
| Israel Corp. Ltd. | 142 | 36695 |
| Israel Discount Bank Ltd., A Shares | 35519 | 429885 |
| Israel Shipyards Industries Ltd. | 414 | 20009 |
| Isras Holdings Ltd.<sup>(1)</sup> | 133 | 13826 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Isras Investment Co. Ltd. | 115 | $30836 |
| Isrotel Ltd. | 785 | 41045 |
| Ituran Location & Control Ltd. | 1780 | 85440 |
| Kamada Ltd. | 160 | 1394 |
| Kenon Holdings Ltd. | 648 | 51272 |
| Kvutzat Acro Ltd. | 1226 | 18156 |
| Lahav L.R. Real Estate Ltd. | 8187 | 25647 |
| Land Development Nimrodi Group Ltd. | 808 | 10019 |
| M Yochananof & Sons Ltd. | 518 | 59812 |
| Malam - Team Ltd.<sup>(1)</sup> | 319 | 9504 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 104 | 5284 |
| Matrix IT Ltd. | 3062 | 92412 |
| Max Stock Ltd. | 6460 | 56830 |
| Mediterranean Towers Ltd. | 327 | 1610 |
| Mega Or Holdings Ltd. | 564 | 91886 |
| Melisron Ltd. | 469 | 63550 |
| Menora Mivtachim Holdings Ltd. | 1115 | 159518 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(1)</sup> | 19709 | 106757 |
| Mivne Real Estate KD Ltd. | 25115 | 104196 |
| Mivtach Shamir Holdings Ltd. | 231 | 31720 |
| Mizrahi Tefahot Bank Ltd. | 3542 | 265375 |
| Monday.com Ltd.<sup>(1)</sup> | 252 | 18305 |
| Neto Malinda Trading Ltd. | 370 | 21481 |
| Next Vision Stabilized Systems Ltd. | 777 | 88642 |
| Nexxen International Ltd.<sup>(1)</sup> | 2395 | 15424 |
| Nice Ltd., ADR<sup>(1)</sup> | 610 | 70913 |
| Nova Ltd.<sup>(1)</sup> | 378 | 166016 |
| Novolog Ltd. | 5599 | 2167 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 1172 | 13794 |
| OG Rimon Consulting Ltd.<sup>(1)</sup> | 902 | 32662 |
| Oil Refineries Ltd. | 263236 | 85813 |
| One Software Technologies Ltd. | 3007 | 58052 |
| OPC Energy Ltd.<sup>(1)</sup> | 1617 | 51048 |
| Orion Retail Properties Ltd.<sup>(1)</sup> | 691 | 585 |
| Partner Communications Co. Ltd. | 15524 | 189945 |
| Paz Retail & Energy Ltd. | 586 | 143975 |
| Perion Network Ltd.<sup>(1)</sup> | 533 | 4418 |
| Phoenix Financial Ltd. | 10938 | 559240 |
| Qualitau Ltd. | 214 | 46570 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 494 | 63507 |
| Retailors Ltd. | 194 | 2140 |
| RP Optical Lab Ltd.<sup>(1)</sup> | 2121 | 23264 |
| Scope Metals Group Ltd. | 181 | 11798 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 1 | 4 |
| Shikun & Binui Soltec Renewable Energy<sup>(1)</sup> | 19153 | 19027 |
| Shufersal Ltd. | 8991 | 126066 |
| SimilarWeb Ltd.<sup>(1)</sup> | 2158 | 5589 |
| Strauss Group Ltd. | 2852 | 125785 |
| Summit Real Estate Holdings Ltd. | 2634 | 47646 |
| Tamar Petroleum Ltd. | 2297 | 23997 |
| Tel Aviv Stock Exchange Ltd. | 5076 | 247578 |
| Tera Light Ltd.<sup>(1)</sup> | 69 | 362 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 22512 | 762256 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 1869 | $236860 |
| Wix.com Ltd.<sup>(1)</sup> | 439 | 30932 |
| YD More Investments Ltd. | 2156 | 27395 |
| ZIM Integrated Shipping Services Ltd. | 9515 | 274317 |
|  |  | 11468312 |
| **Italy — 2.7%** |  |  |
| A2A SpA | 166381 | 485367 |
| ACEA SpA | 6844 | 212213 |
| Amplifon SpA | 1006 | 15603 |
| Arnoldo Mondadori Editore SpA | 10118 | 24658 |
| Avio SpA | 2460 | 103210 |
| Azimut Holding SpA | 13405 | 552433 |
| Banca Generali SpA | 6023 | 388236 |
| Banca IFIS SpA | 3374 | 97857 |
| Banca Mediolanum SpA | 20909 | 448468 |
| Banca Monte dei Paschi di Siena SpA<sup>(2)</sup> | 44370 | 433006 |
| Banca Popolare di Sondrio SpA | 8612 | 174067 |
| Banco BPM SpA | 25745 | 379228 |
| Banco di Desio e della Brianza SpA | 3580 | 38493 |
| BFF Bank SpA<sup>(1)(2)</sup> | 11658 | 51904 |
| BPER Banca SpA | 33338 | 469530 |
| Brembo NV | 15053 | 178441 |
| Brunello Cucinelli SpA<sup>(2)</sup> | 1093 | 105764 |
| Buzzi SpA | 1417 | 81695 |
| Cementir Holding NV | 699 | 13156 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 36559 | 31274 |
| Credito Emiliano SpA | 7088 | 130259 |
| d'Amico International Shipping SA | 7970 | 73234 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 1352 | 107934 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 4813 | 267759 |
| Davide Campari-Milano NV | 2453 | 18478 |
| De' Longhi SpA | 2128 | 97564 |
| Digital Value SpA<sup>(2)</sup> | 81 | 2752 |
| doValue SpA<sup>(1)</sup> | 805 | 2340 |
| El.En. SpA<sup>(2)</sup> | 1494 | 24937 |
| Enav SpA | 4093 | 26655 |
| Enel SpA | 158420 | 1904992 |
| Eni SpA, ADR<sup>(2)</sup> | 41092 | 1928858 |
| ERG SpA<sup>(2)</sup> | 6232 | 183631 |
| Esprinet SpA | 5004 | 35763 |
| Ferrari NV | 1072 | 405025 |
| Ferretti SpA<sup>(2)</sup> | 16229 | 74158 |
| Fiera Milano SpA | 2481 | 24563 |
| Fila SpA<sup>(2)</sup> | 4458 | 49677 |
| Fincantieri SpA<sup>(1)(2)</sup> | 12003 | 203288 |
| Fine Foods & Pharmaceuticals NTM | 1488 | 20267 |
| FinecoBank Banca Fineco SpA | 48644 | 1144792 |
| Generali | 5487 | 233642 |
| Hera SpA | 94255 | 492141 |
| Infrastrutture Wireless Italiane SpA<sup>(2)</sup> | 943 | 10006 |
| Intercos SpA | 3851 | 56188 |
| Intesa Sanpaolo SpA | 336748 | 2310613 |
| Iren SpA | 45547 | 152661 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Italgas SpA | 23497 | $302820 |
| Iveco Group NV<sup>(2)</sup> | 12972 | 293850 |
| Leonardo SpA | 4135 | 278579 |
| Maire SpA | 16051 | 290508 |
| MARR SpA<sup>(2)</sup> | 1757 | 19599 |
| Mediobanca Banca di Credito Finanziario SpA | 8044 | 174289 |
| Moncler SpA | 6738 | 464809 |
| NewPrinces SpA<sup>(1)</sup> | 1192 | 29737 |
| Nexi SpA<sup>(2)</sup> | 13621 | 55636 |
| Orsero SpA | 1062 | 24545 |
| OVS SpA | 21508 | 125837 |
| Piaggio & C SpA<sup>(2)</sup> | 5336 | 11394 |
| Poste Italiane SpA | 21720 | 581878 |
| Prysmian SpA | 9274 | 1117062 |
| RAI Way SpA | 6420 | 46753 |
| Recordati Industria Chimica e Farmaceutica SpA | 2805 | 160261 |
| Reply SpA | 416 | 44507 |
| Safilo Group SpA<sup>(1)</sup> | 32002 | 71093 |
| Saipem SpA<sup>(2)</sup> | 149083 | 626831 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 7967 | 63287 |
| Sesa SpA<sup>(2)</sup> | 544 | 49476 |
| Snam SpA | 48136 | 373766 |
| Sogefi SpA | 5517 | 19966 |
| Stellantis NV | 20661 | 167640 |
| Tamburi Investment Partners SpA<sup>(2)</sup> | 2033 | 22813 |
| Technogym SpA | 14344 | 314560 |
| Telecom Italia SpA<sup>(1)</sup> | 49767 | 37343 |
| Telecom Italia SpA, Preference Shares<sup>(1)</sup> | 37591 | 32868 |
| Tenaris SA, ADR | 2231 | 121366 |
| Terna - Rete Elettrica Nazionale | 88717 | 1067558 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 35154 | 33313 |
| UniCredit SpA | 24661 | 2099819 |
| Unipol Assicurazioni SpA | 5271 | 131135 |
| Webuild SpA<sup>(2)</sup> | 33093 | 128719 |
| Wiit SpA<sup>(2)</sup> | 882 | 27704 |
|  |  | 23678101 |
| **Japan — 22.5%** |  |  |
| & ST HD Co. Ltd.<sup>(2)</sup> | 2100 | 40275 |
| 77 Bank Ltd. | 5000 | 314266 |
| A&D HOLON Holdings Co. Ltd.<sup>(2)</sup> | 3400 | 61364 |
| ABC-Mart, Inc.<sup>(2)</sup> | 2000 | 33618 |
| Acom Co. Ltd. | 12500 | 40989 |
| AD Works Group Co. Ltd.<sup>(2)</sup> | 6300 | 18747 |
| ADEKA Corp.<sup>(2)</sup> | 4500 | 138093 |
| Ad-sol Nissin Corp. | 1800 | 20749 |
| Advantest Corp. | 17200 | 2978514 |
| Adventure, Inc. | 200 | 2439 |
| Aeon Co. Ltd.<sup>(2)</sup> | 64030 | 911557 |
| Aeon Fantasy Co. Ltd. | 900 | 15113 |
| AEON Financial Service Co. Ltd.<sup>(2)</sup> | 12000 | 135546 |
| AGC, Inc. | 15600 | 691876 |
| Aica Kogyo Co. Ltd. | 2200 | 55979 |
| Aichi Financial Group, Inc. | 3466 | 146250 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Aichi Steel Corp. | 3600 | $80647 |
| Aida Engineering Ltd. | 2900 | 22073 |
| Aiful Corp. | 35900 | 118900 |
| AIMECHATEC Ltd. | 400 | 46609 |
| Ain Holdings, Inc. | 1000 | 39304 |
| Air Water, Inc. | 9700 | 134691 |
| Airport Facilities Co. Ltd.<sup>(2)</sup> | 2800 | 18810 |
| Aisan Industry Co. Ltd. | 2700 | 39632 |
| Aisin Corp. | 33900 | 601743 |
| Ajinomoto Co., Inc.<sup>(2)</sup> | 7200 | 229004 |
| Akatsuki, Inc. | 100 | 1970 |
| Akita Bank Ltd. | 1600 | 57409 |
| Alconix Corp.<sup>(2)</sup> | 3600 | 76069 |
| Alfresa Holdings Corp. | 17300 | 297346 |
| Allied Telesis Holdings KK | 10600 | 20111 |
| Alpen Co. Ltd.<sup>(2)</sup> | 400 | 5693 |
| Alps Alpine Co. Ltd. | 16900 | 253005 |
| ALSOK Co. Ltd. | 8500 | 69832 |
| Altech Corp. | 300 | 5077 |
| Amada Co. Ltd. | 22800 | 379079 |
| Amano Corp. | 1300 | 34063 |
| Amvis Holdings, Inc. | 5400 | 18034 |
| ANA Holdings, Inc. | 6900 | 150453 |
| Anest Iwata Corp. | 1900 | 21334 |
| Anicom Holdings, Inc. | 4100 | 32318 |
| Anritsu Corp. | 4300 | 82776 |
| Anycolor, Inc. | 1600 | 39630 |
| AOKI Holdings, Inc. | 2600 | 30135 |
| Aoyama Trading Co. Ltd. | 3600 | 60674 |
| Aozora Bank Ltd.<sup>(2)</sup> | 6800 | 122894 |
| Appier Group, Inc. | 1900 | 10048 |
| Arata Corp. | 1100 | 21687 |
| ARCLANDS Corp.<sup>(2)</sup> | 5322 | 66720 |
| Arcs Co. Ltd.<sup>(2)</sup> | 4100 | 102389 |
| ARE Holdings, Inc. | 10900 | 317231 |
| Arealink Co. Ltd. | 2600 | 21326 |
| Argo Graphics, Inc. | 4900 | 50277 |
| Arisawa Manufacturing Co. Ltd. | 3600 | 60913 |
| Artience Co. Ltd. | 3700 | 104212 |
| As One Corp. | 1900 | 27712 |
| Asahi Co. Ltd. | 300 | 2520 |
| Asahi Diamond Industrial Co. Ltd.<sup>(2)</sup> | 4400 | 46342 |
| Asahi Group Holdings Ltd. | 4800 | 52261 |
| Asahi Intecc Co. Ltd. | 7200 | 155189 |
| Asahi Kasei Corp. | 78600 | 926335 |
| Asahi Kogyosha Co. Ltd. | 1900 | 57977 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 500 | 16239 |
| Asanuma Corp. | 7800 | 57355 |
| Asia Pile Holdings Corp.<sup>(2)</sup> | 4900 | 49538 |
| Asics Corp. | 16200 | 496461 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 500 | 7978 |
| ASKUL Corp. | 1100 | 9171 |
| Astellas Pharma, Inc. | 93600 | 1557645 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Astena Holdings Co. Ltd. | 1500 | $4896 |
| Aucnet, Inc. | 2000 | 31271 |
| Autobacs Seven Co. Ltd. | 5600 | 63764 |
| Avant Group Corp. | 3500 | 31915 |
| Awa Bank Ltd. | 2800 | 107178 |
| Axial Retailing, Inc. | 5100 | 42592 |
| Azbil Corp.<sup>(2)</sup> | 8600 | 79871 |
| AZ-COM MARUWA Holdings, Inc.<sup>(2)</sup> | 3300 | 20902 |
| Bandai Namco Holdings, Inc. | 10300 | 279253 |
| Bando Chemical Industries Ltd. | 2300 | 35146 |
| Bank of Iwate Ltd. | 1500 | 68083 |
| Bank of Nagoya Ltd. | 3400 | 128697 |
| Bank of Saga Ltd. | 1600 | 53010 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 4800 | 75230 |
| Base Co. Ltd. | 300 | 6428 |
| BayCurrent, Inc.<sup>(2)</sup> | 2800 | 81305 |
| Belc Co. Ltd.<sup>(2)</sup> | 800 | 41306 |
| Belluna Co. Ltd. | 800 | 5065 |
| Bic Camera, Inc.<sup>(2)</sup> | 8300 | 96140 |
| BIPROGY, Inc. | 3300 | 100202 |
| Blue Zones Holdings Co. Ltd. | 2000 | 123325 |
| BML, Inc. | 1700 | 47393 |
| Bridgestone Corp. | 40200 | 970431 |
| Brother Industries Ltd. | 19900 | 411055 |
| Buffalo, Inc. | 700 | 23629 |
| Business Engineering Corp. | 2800 | 25375 |
| C Uyemura & Co. Ltd. | 700 | 97001 |
| Calbee, Inc. | 1300 | 25715 |
| Canon Marketing Japan, Inc. | 2400 | 107511 |
| Canon, Inc.<sup>(2)</sup> | 14900 | 450305 |
| Capcom Co. Ltd. | 3600 | 81757 |
| Carlit Co. Ltd.<sup>(2)</sup> | 3100 | 60085 |
| Cawachi Ltd. | 1400 | 29690 |
| CCI Group, Inc.<sup>(2)</sup> | 20000 | 134748 |
| Celsys, Inc.<sup>(2)</sup> | 900 | 7767 |
| Central Automotive Products Ltd. | 3800 | 55201 |
| Central Glass Co. Ltd. | 2500 | 70591 |
| Central Japan Railway Co. | 35900 | 1059611 |
| Charm Care Corp. KK | 2500 | 23339 |
| Chiba Bank Ltd. | 26200 | 389694 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 3100 | 48619 |
| Chiyoda Corp.<sup>(1)</sup> | 18700 | 158250 |
| Chori Co. Ltd. | 1000 | 29793 |
| Chubu Electric Power Co., Inc. | 25100 | 423914 |
| Chubu Shiryo Co. Ltd. | 400 | 5087 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 1400 | 21387 |
| Chudenko Corp. | 1100 | 36166 |
| Chugai Pharmaceutical Co. Ltd. | 11100 | 748476 |
| Chugai Ro Co. Ltd. | 700 | 23141 |
| Chugin Financial Group, Inc. | 10000 | 205206 |
| Chugoku Electric Power Co., Inc.<sup>(2)</sup> | 25300 | 176244 |
| Chugoku Marine Paints Ltd. | 1300 | 39069 |
| Chuo Spring Co. Ltd.<sup>(2)</sup> | 1000 | 21667 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Citizen Watch Co. Ltd. | 20600 | $252090 |
| CKD Corp. | 5900 | 208811 |
| CMK Corp. | 4300 | 17232 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 8500 | 224711 |
| Colowide Co. Ltd.<sup>(2)</sup> | 1200 | 14422 |
| Computer Engineering & Consulting Ltd. | 1900 | 24278 |
| Comture Corp. | 1600 | 15356 |
| Cosmo Energy Holdings Co. Ltd. | 9500 | 293584 |
| Cosmos Pharmaceutical Corp. | 1000 | 44415 |
| Cover Corp.<sup>(1)(2)</sup> | 1100 | 12275 |
| Create Restaurants Holdings, Inc.<sup>(2)</sup> | 4800 | 22650 |
| Create SD Holdings Co. Ltd. | 1300 | 28294 |
| Credit Saison Co. Ltd.<sup>(2)</sup> | 11200 | 341023 |
| Creek & River Co. Ltd. | 500 | 4758 |
| Cresco Ltd. | 1700 | 16732 |
| CTI Engineering Co. Ltd. | 1600 | 35746 |
| Curves Holdings Co. Ltd. | 3800 | 19891 |
| CyberAgent, Inc. | 7700 | 67893 |
| Cybozu, Inc.<sup>(2)</sup> | 700 | 10041 |
| Dai Nippon Printing Co. Ltd. | 10900 | 226526 |
| Daicel Corp. | 23700 | 248786 |
| Dai-Dan Co. Ltd.<sup>(2)</sup> | 6300 | 147419 |
| Daido Metal Co. Ltd.<sup>(2)</sup> | 3200 | 25098 |
| Daido Steel Co. Ltd.<sup>(2)</sup> | 16400 | 249948 |
| Daiei Kankyo Co. Ltd. | 1500 | 37139 |
| Daifuku Co. Ltd.<sup>(2)</sup> | 9900 | 408647 |
| Daihatsu Infinearth Mfg Co. Ltd. | 1400 | 22979 |
| Daihen Corp. | 1000 | 93019 |
| Daiichi Jitsugyo Co. Ltd. | 1500 | 34283 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.<sup>(2)</sup> | 1900 | 34159 |
| Dai-ichi Life Holdings, Inc. | 133700 | 1371942 |
| Daiichi Sankyo Co. Ltd. | 17400 | 342693 |
| Daiichikosho Co. Ltd. | 3200 | 35598 |
| Daiki Aluminium Industry Co. Ltd. | 2700 | 25760 |
| Daikin Industries Ltd. | 3300 | 419281 |
| Daikoku Denki Co. Ltd. | 600 | 10325 |
| Daikokutenbussan Co. Ltd.<sup>(2)</sup> | 600 | 21367 |
| Daikyonishikawa Corp. | 5100 | 30804 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1200 | 38747 |
| Daio Paper Corp. | 10600 | 79559 |
| Daiseki Co. Ltd.<sup>(2)</sup> | 1560 | 39566 |
| Daishi Hokuetsu Financial Group, Inc. | 18200 | 237429 |
| Daishinku Corp. | 1400 | 6156 |
| Daisue Construction Co. Ltd. | 1200 | 34215 |
| Daito Pharmaceutical Co. Ltd. | 2740 | 25788 |
| Daito Trust Construction Co. Ltd.<sup>(2)</sup> | 8000 | 184222 |
| Daitron Co. Ltd. | 1600 | 30823 |
| Daiwa House Industry Co. Ltd. | 10000 | 360865 |
| Daiwa Securities Group, Inc. | 54400 | 571706 |
| Daiwabo Holdings Co. Ltd. | 4900 | 100253 |
| DCM Holdings Co. Ltd.<sup>(2)</sup> | 6400 | 69825 |
| DeNA Co. Ltd.<sup>(2)</sup> | 7000 | 119165 |
| Denka Co. Ltd.<sup>(2)</sup> | 10400 | 244831 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Denso Corp. | 35600 | $510786 |
| Dentsu Group, Inc. | 6800 | 128322 |
| Dentsu Soken, Inc. | 1200 | 15167 |
| Denyo Co. Ltd. | 1200 | 29948 |
| Dexerials Corp. | 11400 | 188030 |
| DIC Corp. | 8400 | 238363 |
| Digital Arts, Inc. | 300 | 10815 |
| Dip Corp.<sup>(2)</sup> | 1600 | 20731 |
| Disco Corp. | 1400 | 673128 |
| DKS Co. Ltd. | 900 | 71178 |
| DMG Mori Co. Ltd. | 3600 | 71289 |
| Doshisha Co. Ltd. | 2700 | 64173 |
| Doutor Nichires Holdings Co. Ltd.<sup>(2)</sup> | 1400 | 26863 |
| Dowa Holdings Co. Ltd. | 3800 | 280683 |
| DTS Corp. | 7500 | 54835 |
| Duskin Co. Ltd. | 800 | 22136 |
| DyDo Group Holdings, Inc.<sup>(2)</sup> | 1300 | 21646 |
| Eagle Industry Co. Ltd.<sup>(2)</sup> | 2400 | 52570 |
| East Japan Railway Co. | 45500 | 1123872 |
| Ebara Corp.<sup>(2)</sup> | 16200 | 568999 |
| EDION Corp. | 7200 | 103470 |
| Ehime Bank Ltd. | 4000 | 48396 |
| Eisai Co. Ltd.<sup>(2)</sup> | 1400 | 47133 |
| Eizo Corp.<sup>(2)</sup> | 1200 | 17679 |
| Elecom Co. Ltd. | 2100 | 24091 |
| Electric Power Development Co. Ltd.<sup>(2)</sup> | 14300 | 341517 |
| Endo Lighting Corp. | 1200 | 22890 |
| ENEOS Holdings, Inc. | 170000 | 1621910 |
| Enplas Corp. | 700 | 63606 |
| eRex Co. Ltd. | 3700 | 17439 |
| ESPEC Corp. | 2100 | 51897 |
| Eternal Hospitality Group Co. Ltd. | 900 | 21431 |
| Exedy Corp. | 2600 | 102991 |
| EXEO Group, Inc. | 15300 | 293176 |
| FANUC Corp. | 12200 | 552417 |
| Fast Retailing Co. Ltd. | 3300 | 1446927 |
| FCC Co. Ltd. | 4800 | 118493 |
| Ferrotec Corp.<sup>(2)</sup> | 3000 | 121749 |
| FFRI Security, Inc.<sup>(2)</sup> | 400 | 21011 |
| FIDEA Holdings Co. Ltd. | 1400 | 19613 |
| Financial Partners Group Co. Ltd. | 3600 | 48186 |
| Fintech Global, Inc. | 21100 | 20918 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 5600 | 97464 |
| Fixstars Corp.<sup>(2)</sup> | 800 | 7928 |
| Food & Life Cos. Ltd. | 4200 | 271047 |
| Foster Electric Co. Ltd.<sup>(2)</sup> | 1700 | 33998 |
| FP Corp. | 3800 | 68674 |
| France Bed Holdings Co. Ltd. | 200 | 1752 |
| Fudo Tetra Corp. | 1500 | 38220 |
| Fuji Co. Ltd.<sup>(2)</sup> | 1600 | 21505 |
| Fuji Corp. /Aichi<sup>(2)</sup> | 2900 | 112750 |
| Fuji Electric Co. Ltd. | 3900 | 345676 |
| Fuji Kyuko Co. Ltd. | 1600 | 24525 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fuji Media Holdings, Inc. | 1600 | $36730 |
| Fuji Pharma Co. Ltd.<sup>(2)</sup> | 1900 | 29218 |
| Fuji Seal International, Inc. | 2500 | 46064 |
| Fujibo Holdings, Inc. | 1100 | 77064 |
| Fujicco Co. Ltd. | 200 | 2108 |
| FUJIFILM Holdings Corp. | 9800 | 201527 |
| Fujikura Composites, Inc. | 2300 | 39966 |
| Fujikura Ltd. | 4800 | 819612 |
| Fujimi, Inc. | 5100 | 107412 |
| Fujita Kanko, Inc. | 3900 | 58755 |
| Fujitsu Ltd. | 34500 | 769105 |
| Fujiya Co. Ltd. | 300 | 4847 |
| Fukuda Corp. | 700 | 35224 |
| Fukuda Denshi Co. Ltd. | 1500 | 96506 |
| Fukui Bank Ltd.<sup>(2)</sup> | 2300 | 51910 |
| Fukui Computer Holdings, Inc. | 500 | 11006 |
| Fukuoka Financial Group, Inc. | 10600 | 463648 |
| Fukuyama Transporting Co. Ltd. | 1000 | 35876 |
| FULLCAST Holdings Co. Ltd. | 700 | 7569 |
| Funai Soken Holdings, Inc. | 3800 | 28179 |
| Furukawa Co. Ltd. | 1900 | 70850 |
| Furukawa Electric Co. Ltd. | 4400 | 788350 |
| Furuno Electric Co. Ltd.<sup>(2)</sup> | 2100 | 106424 |
| Furuya Metal Co. Ltd. | 2500 | 122350 |
| Furyu Corp. | 700 | 5636 |
| Fuso Chemical Co. Ltd.<sup>(2)</sup> | 2400 | 146991 |
| Futaba Industrial Co. Ltd. | 4100 | 30720 |
| Future Corp. | 2200 | 25628 |
| Fuyo General Lease Co. Ltd. | 3900 | 115917 |
| G-7 Holdings, Inc. | 2300 | 22260 |
| GA Technologies Co. Ltd. | 1800 | 19361 |
| Gakken Holdings Co. Ltd. | 1500 | 10248 |
| Galilei Co. Ltd. | 400 | 10013 |
| Genki Global Dining Concepts Corp. | 1200 | 23119 |
| Genky DrugStores Co. Ltd. | 1300 | 37379 |
| Geo Holdings Corp. | 1900 | 21842 |
| Gift Holdings, Inc. | 1000 | 26930 |
| Giken Ltd. | 2000 | 31531 |
| GLOBERIDE, Inc. | 400 | 6057 |
| Glory Ltd. | 4100 | 109125 |
| GLtechno Holdings, Inc. | 900 | 23277 |
| GMO Financial Holdings, Inc. | 1200 | 7328 |
| GMO internet group, Inc. | 2400 | 46099 |
| GMO Payment Gateway, Inc. | 3000 | 155575 |
| Godo Steel Ltd.<sup>(2)</sup> | 700 | 18180 |
| Goldcrest Co. Ltd. | 500 | 10691 |
| Goldwin, Inc. | 1800 | 28386 |
| GS Yuasa Corp. | 7700 | 273509 |
| GSI Creos Corp. | 1300 | 23287 |
| G-Tekt Corp. | 900 | 11892 |
| Gunma Bank Ltd. | 25000 | 361396 |
| Gunze Ltd. | 1700 | 51598 |
| H.U. Group Holdings, Inc. | 3300 | 70979 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| H2O Retailing Corp. | 7200 | $112720 |
| Hachijuni Nagano Bank Ltd. | 23300 | 309553 |
| Hagiwara Electric Holdings Co. Ltd. | 1500 | 38195 |
| Hakuhodo DY Holdings, Inc. | 13500 | 101234 |
| Hakuto Co. Ltd.<sup>(2)</sup> | 900 | 25511 |
| Halows Co. Ltd. | 600 | 18860 |
| Hamakyorex Co. Ltd. | 6700 | 84118 |
| Hankyu Hanshin Holdings, Inc.<sup>(2)</sup> | 3500 | 102137 |
| Hanwa Co. Ltd. | 1800 | 103253 |
| Happinet Corp.<sup>(2)</sup> | 2200 | 44787 |
| Haseko Corp. | 5200 | 113605 |
| Hazama Ando Corp. | 9000 | 123259 |
| Heiwa Corp.<sup>(2)</sup> | 2000 | 25853 |
| Heiwado Co. Ltd.<sup>(2)</sup> | 2000 | 38538 |
| Hibiya Engineering Ltd. | 700 | 29304 |
| Hiday Hidaka Corp.<sup>(2)</sup> | 1000 | 20168 |
| Hikari Tsushin, Inc.<sup>(2)</sup> | 200 | 56543 |
| HI-LEX Corp. | 1200 | 30685 |
| Hioki EE Corp. | 1000 | 49614 |
| Hirata Corp. | 3500 | 68294 |
| Hirogin Holdings, Inc. | 19100 | 236211 |
| Hirose Electric Co. Ltd.<sup>(2)</sup> | 900 | 134044 |
| HIS Co. Ltd. | 3300 | 27030 |
| Hitachi Construction Machinery Co. Ltd.<sup>(2)</sup> | 7600 | 341460 |
| Hitachi Ltd. | 69300 | 2268694 |
| Hochiki Corp.<sup>(2)</sup> | 1500 | 61647 |
| Hodogaya Chemical Co. Ltd. | 1500 | 22948 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 11100 | 87476 |
| Hokkaido Gas Co. Ltd. | 3600 | 21089 |
| Hokko Chemical Industry Co. Ltd. | 2000 | 24034 |
| Hokuetsu Corp.<sup>(2)</sup> | 3800 | 25185 |
| Hokuhoku Financial Group, Inc. | 8700 | 347511 |
| Hokuriku Electric Power Co. | 14300 | 101322 |
| Hokuto Corp. | 2300 | 29628 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 26556 | 800929 |
| H-One Co. Ltd. | 2300 | 21804 |
| Horiba Ltd. | 3100 | 416341 |
| Hoshizaki Corp. | 600 | 21085 |
| Hosiden Corp. | 5300 | 99599 |
| House Foods Group, Inc. | 3000 | 59326 |
| Hoya Corp. | 4484 | 809935 |
| HS Holdings Co. Ltd. | 200 | 1668 |
| Hulic Co. Ltd. | 3900 | 51684 |
| Hyakugo Bank Ltd. | 18200 | 197645 |
| Hyakujushi Bank Ltd. | 2300 | 143471 |
| Ibiden Co. Ltd. | 6200 | 377016 |
| Icom, Inc. | 200 | 4083 |
| Idec Corp. | 1900 | 40173 |
| Idemitsu Kosan Co. Ltd. | 28000 | 267718 |
| IHI Corp. | 43700 | 1195528 |
| Iida Group Holdings Co. Ltd. | 5200 | 92403 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 9500 | 101148 |
| IMV Corp. | 1000 | 26094 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Inaba Denki Sangyo Co. Ltd. | 10000 | $183850 |
| Inabata & Co. Ltd. | 3800 | 106002 |
| Infomart Corp.<sup>(2)</sup> | 14300 | 36988 |
| INFRONEER Holdings, Inc. | 22584 | 377999 |
| Innotech Corp. | 1800 | 33565 |
| Inpex Corp. | 40600 | 991156 |
| Insource Co. Ltd. | 1600 | 7446 |
| Intage Holdings, Inc. | 200 | 2182 |
| Integral Corp. | 800 | 16761 |
| Internet Initiative Japan, Inc. | 3900 | 56857 |
| Inui Global Logistics Co. Ltd. | 1900 | 20042 |
| IR Japan Holdings Ltd. | 100 | 524 |
| Iriso Electronics Co. Ltd. | 2100 | 51537 |
| Iseki & Co. Ltd.<sup>(2)</sup> | 1800 | 24553 |
| Isetan Mitsukoshi Holdings Ltd.<sup>(2)</sup> | 13500 | 265007 |
| Ishihara Sangyo Kaisha Ltd. | 3700 | 92634 |
| Istyle, Inc.<sup>(2)</sup> | 6100 | 18923 |
| Isuzu Motors Ltd.<sup>(2)</sup> | 38000 | 708242 |
| Ito En Ltd. | 4500 | 87576 |
| ITOCHU Corp. | 62200 | 900583 |
| Itochu Enex Co. Ltd. | 3700 | 49429 |
| Itochu-Shokuhin Co. Ltd. | 400 | 33599 |
| Itoham Yonekyu Holdings, Inc. | 1820 | 75174 |
| Itoki Corp. | 3300 | 76028 |
| IwaiCosmo Holdings, Inc. | 2700 | 68016 |
| Iwatani Corp. | 17500 | 230680 |
| Iyogin Holdings, Inc. | 10400 | 225410 |
| Izumi Co. Ltd.<sup>(2)</sup> | 6600 | 43879 |
| J Front Retailing Co. Ltd.<sup>(2)</sup> | 12900 | 212621 |
| J Trust Co. Ltd. | 10500 | 36200 |
| JAC Recruitment Co. Ltd. | 3900 | 22384 |
| Jaccs Co. Ltd. | 1700 | 48163 |
| JAFCO Group Co. Ltd.<sup>(2)</sup> | 2100 | 33288 |
| Japan Airlines Co. Ltd. | 6500 | 134301 |
| Japan Airport Terminal Co. Ltd. | 3500 | 119380 |
| Japan Aviation Electronics Industry Ltd. | 4000 | 69017 |
| Japan Business Systems, Inc. | 2300 | 24384 |
| Japan Electronic Materials Corp. | 1800 | 92220 |
| Japan Elevator Service Holdings Co. Ltd. | 3600 | 37412 |
| Japan Exchange Group, Inc. | 30400 | 413712 |
| Japan Lifeline Co. Ltd. | 4600 | 47035 |
| Japan Material Co. Ltd. | 6100 | 84700 |
| Japan Petroleum Exploration Co. Ltd. | 15100 | 231143 |
| Japan Post Bank Co. Ltd. | 46100 | 902502 |
| Japan Post Holdings Co. Ltd. | 47600 | 619878 |
| Japan Post Insurance Co. Ltd. | 8700 | 283976 |
| Japan Pulp & Paper Co. Ltd. | 10500 | 77641 |
| Japan Steel Works Ltd.<sup>(2)</sup> | 600 | 38995 |
| Japan Wool Textile Co. Ltd. | 3400 | 45587 |
| JBCC Holdings, Inc. | 2100 | 18185 |
| JCU Corp. | 1800 | 80162 |
| JDC Corp. | 200 | 896 |
| Jeol Ltd.<sup>(2)</sup> | 4100 | 180237 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| JFE Holdings, Inc.<sup>(2)</sup> | 45200 | $636285 |
| JINS Holdings, Inc.<sup>(2)</sup> | 600 | 20397 |
| JM Holdings Co. Ltd. | 3500 | 38792 |
| J-Oil Mills, Inc. | 1500 | 20140 |
| Joshin Denki Co. Ltd. | 3100 | 56468 |
| Joyful Honda Co. Ltd. | 2100 | 29666 |
| JP-Holdings, Inc. | 5600 | 28142 |
| JSB Co. Ltd. | 400 | 8967 |
| JSP Corp. | 2600 | 48531 |
| JTEKT Corp. | 23800 | 326657 |
| Juki Corp. | 1000 | 4924 |
| Juroku Financial Group, Inc. | 2700 | 177689 |
| Justsystems Corp. | 600 | 15081 |
| JVCKenwood Corp. | 9700 | 80552 |
| JX Advanced Metals Corp. | 22800 | 605096 |
| Kaga Electronics Co. Ltd. | 4000 | 111482 |
| Kajima Corp. | 4200 | 192068 |
| Kakaku.com, Inc. | 5000 | 55125 |
| Kamei Corp. | 2600 | 56497 |
| Kamigumi Co. Ltd. | 2800 | 104276 |
| Kanadevia Corp. | 16300 | 113351 |
| Kanamoto Co. Ltd. | 3900 | 108708 |
| Kandenko Co. Ltd. | 6300 | 281482 |
| Kaneka Corp. | 2500 | 84501 |
| Kanematsu Corp. | 18600 | 292395 |
| Kanro, Inc. | 1600 | 14588 |
| Kansai Electric Power Co., Inc. | 16800 | 303438 |
| Kansai Paint Co. Ltd.<sup>(2)</sup> | 9000 | 159254 |
| Kanto Denka Kogyo Co. Ltd. | 4700 | 53027 |
| Kao Corp. | 4000 | 170806 |
| Kato Sangyo Co. Ltd. | 1200 | 52543 |
| Kawada Technologies, Inc. | 1200 | 42383 |
| Kawasaki Heavy Industries Ltd. | 8400 | 976737 |
| Kawasaki Kisen Kaisha Ltd.<sup>(2)</sup> | 10000 | 160768 |
| KDDI Corp.<sup>(2)</sup> | 59100 | 1015191 |
| KeePer Technical Laboratory Co. Ltd. | 300 | 7014 |
| Keihan Holdings Co. Ltd. | 4500 | 99847 |
| Keihanshin Building Co. Ltd. | 1900 | 26436 |
| Keikyu Corp. | 12400 | 124208 |
| Keio Corp. | 5500 | 147713 |
| Keisei Electric Railway Co. Ltd.<sup>(2)</sup> | 5200 | 45150 |
| KEIWA, Inc. | 400 | 3512 |
| Keiyo Bank Ltd. | 8500 | 122278 |
| Kewpie Corp. | 1900 | 54517 |
| Keyence Corp. | 1600 | 674322 |
| KH Neochem Co. Ltd. | 1200 | 23915 |
| Kikkoman Corp.<sup>(2)</sup> | 21800 | 209625 |
| Kinden Corp. | 4800 | 260249 |
| Kintetsu Group Holdings Co. Ltd.<sup>(2)</sup> | 18200 | 385208 |
| Kioxia Holdings Corp.<sup>(1)</sup> | 5500 | 743294 |
| Kirin Holdings Co. Ltd. | 27900 | 484280 |
| Kissei Pharmaceutical Co. Ltd. | 400 | 12847 |
| Kita-Nippon Bank Ltd. | 700 | 23713 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kitanotatsujin Corp.<sup>(2)</sup> | 200 | $174 |
| Kitz Corp. | 6400 | 88249 |
| Kiyo Bank Ltd. | 5600 | 153275 |
| Koa Corp. | 2100 | 26703 |
| Koatsu Gas Kogyo Co. Ltd. | 200 | 1461 |
| Kobe Bussan Co. Ltd. | 1200 | 28554 |
| Kobe Steel Ltd.<sup>(2)</sup> | 35100 | 510772 |
| Kodensha Co. Ltd. | 600 | 26446 |
| Kohnan Shoji Co. Ltd.<sup>(2)</sup> | 1100 | 30505 |
| Koito Manufacturing Co. Ltd. | 14900 | 268592 |
| Kojima Co. Ltd. | 1100 | 9322 |
| Kokusai Electric Corp. | 5700 | 233916 |
| Kokuyo Co. Ltd. | 2000 | 11800 |
| Komatsu Ltd. | 30100 | 1444811 |
| Komeri Co. Ltd. | 2600 | 60992 |
| Komori Corp. | 4500 | 52377 |
| Konami Group Corp. | 1100 | 146787 |
| Konica Minolta, Inc. | 45100 | 172084 |
| Konishi Co. Ltd. | 3500 | 31003 |
| Konoike Transport Co. Ltd. | 2300 | 51485 |
| Kosaido Holdings Co. Ltd. | 7900 | 24994 |
| Koshidaka Holdings Co. Ltd.<sup>(2)</sup> | 4000 | 29955 |
| Kotobuki Spirits Co. Ltd. | 3300 | 42023 |
| KPP Group Holdings Co. Ltd. | 5700 | 34087 |
| Krosaki Harima Corp. | 1100 | 29580 |
| KRS Corp.<sup>(2)</sup> | 900 | 18807 |
| K's Holdings Corp. | 13200 | 144609 |
| Kubota Corp. | 42000 | 853742 |
| Kumiai Chemical Industry Co. Ltd.<sup>(2)</sup> | 3700 | 17396 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 800 | 51439 |
| Kuraray Co. Ltd. | 10800 | 127815 |
| Kureha Corp. | 2900 | 90936 |
| Kurita Water Industries Ltd. | 7400 | 411335 |
| Kusuri No. Aoki Holdings Co. Ltd.<sup>(2)</sup> | 2100 | 54542 |
| KYB Corp. | 3300 | 111524 |
| Kyocera Corp. | 29300 | 517486 |
| Kyodo Printing Co. Ltd. | 1900 | 21383 |
| Kyoei Steel Ltd. | 1500 | 25484 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 2800 | 62748 |
| Kyokuto Securities Co. Ltd. | 2000 | 24302 |
| Kyokuyo Co. Ltd. | 900 | 31327 |
| Kyorin Pharmaceutical Co. Ltd. | 2900 | 32086 |
| Kyoto Financial Group, Inc. | 10900 | 269972 |
| Kyowa Kirin Co. Ltd. | 4200 | 78070 |
| Kyushu Electric Power Co., Inc. | 25400 | 327388 |
| Kyushu Financial Group, Inc. | 23600 | 201676 |
| Kyushu Railway Co. | 6800 | 172747 |
| Lasertec Corp.<sup>(2)</sup> | 3700 | 797731 |
| LEC, Inc. | 400 | 3098 |
| Leopalace21 Corp. | 9300 | 44296 |
| Life Corp. | 3200 | 55630 |
| Lifedrink Co., Inc.<sup>(2)</sup> | 2400 | 18769 |
| Lintec Corp. | 4800 | 167490 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lion Corp. | 2400 | $28222 |
| LITALICO, Inc. | 500 | 4308 |
| Lixil Corp. | 12100 | 142172 |
| LY Corp.<sup>(2)</sup> | 25100 | 62041 |
| M&A Capital Partners Co. Ltd. | 1100 | 26302 |
| M3, Inc.<sup>(2)</sup> | 3100 | 33940 |
| Mabuchi Motor Co. Ltd. | 15100 | 177717 |
| Macnica Holdings, Inc.<sup>(2)</sup> | 15100 | 266871 |
| Maeda Kosen Co. Ltd. | 1700 | 23292 |
| Makino Milling Machine Co. Ltd. | 600 | 44657 |
| Makita Corp. | 5100 | 197337 |
| Mani, Inc.<sup>(2)</sup> | 200 | 2149 |
| MarkLines Co. Ltd. | 400 | 4374 |
| Mars Group Holdings Corp. | 1200 | 24308 |
| Marubeni Corp. | 15900 | 608457 |
| Marubun Corp. | 2700 | 22000 |
| Maruchiyo Yamaokaya Corp.<sup>(2)</sup> | 900 | 23013 |
| Marudai Food Co. Ltd.<sup>(2)</sup> | 1600 | 24598 |
| Maruha Nichiro Corp. | 14900 | 151254 |
| Marui Group Co. Ltd. | 6700 | 136248 |
| Maruichi Steel Tube Ltd. | 11500 | 119651 |
| Marumae Co. Ltd. | 900 | 20502 |
| Marusan Securities Co. Ltd. | 4500 | 32194 |
| Maruwa Co. Ltd. | 200 | 78250 |
| Maruzen Showa Unyu Co. Ltd. | 1300 | 76308 |
| Matsuda Sangyo Co. Ltd.<sup>(2)</sup> | 1200 | 67316 |
| Matsui Securities Co. Ltd. | 9000 | 55055 |
| MatsukiyoCocokara & Co. | 8300 | 137270 |
| Matsuyafoods Holdings Co. Ltd.<sup>(2)</sup> | 500 | 19305 |
| Maxell Ltd. | 4600 | 67361 |
| Mazda Motor Corp.<sup>(2)</sup> | 42400 | 375458 |
| McDonald's Holdings Co. Japan Ltd.<sup>(2)</sup> | 3200 | 152259 |
| MCJ Co. Ltd. | 7500 | 110001 |
| Mebuki Financial Group, Inc. | 47400 | 406555 |
| Media Do Co. Ltd. | 200 | 2117 |
| Medipal Holdings Corp. | 14600 | 286110 |
| Megachips Corp. | 800 | 46716 |
| Megmilk Snow Brand Co. Ltd.<sup>(2)</sup> | 2600 | 58320 |
| Meidensha Corp. | 2200 | 109639 |
| MEIJI Holdings Co. Ltd.<sup>(2)</sup> | 10300 | 265722 |
| Meiko Electronics Co. Ltd. | 1700 | 238290 |
| MEITEC Group Holdings, Inc. | 5800 | 127754 |
| Menicon Co. Ltd.<sup>(2)</sup> | 7200 | 87867 |
| Mercari, Inc.<sup>(1)</sup> | 10200 | 241393 |
| METAWATER Co. Ltd. | 2800 | 75338 |
| Micronics Japan Co. Ltd. | 2800 | 217283 |
| MIMAKI ENGINEERING Co. Ltd. | 1500 | 17851 |
| Minebea Mitsumi, Inc. | 18300 | 392346 |
| Mirait One Corp. | 9100 | 236477 |
| Mirarth Holdings, Inc. | 7600 | 20593 |
| Miroku Jyoho Service Co. Ltd. | 200 | 2308 |
| MISUMI Group, Inc. | 15400 | 310058 |
| Mito Securities Co. Ltd. | 5000 | 21854 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Mitsuba Corp.<sup>(2)</sup> | 3300 | $30900 |
| Mitsubishi Chemical Group Corp. | 76700 | 569170 |
| Mitsubishi Corp. | 20900 | 705282 |
| Mitsubishi Electric Corp. | 25200 | 959188 |
| Mitsubishi Estate Co. Ltd. | 13500 | 455264 |
| Mitsubishi Gas Chemical Co., Inc. | 7900 | 220647 |
| Mitsubishi HC Capital, Inc. | 62530 | 606027 |
| Mitsubishi Heavy Industries Ltd. | 82400 | 2626738 |
| Mitsubishi Kakoki Kaisha Ltd. | 1900 | 46209 |
| Mitsubishi Materials Corp. | 13700 | 525695 |
| Mitsubishi Motors Corp. | 20900 | 57281 |
| Mitsubishi Research Institute, Inc. | 400 | 12886 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 1600 | 21733 |
| Mitsubishi UFJ Financial Group, Inc., ADR<sup>(2)</sup> | 174173 | 3246585 |
| Mitsuboshi Belting Ltd. | 1500 | 41257 |
| Mitsui & Co. Ltd. | 23500 | 881008 |
| Mitsui Chemicals, Inc. | 32100 | 488748 |
| Mitsui DM Sugar Co. Ltd. | 1000 | 22724 |
| Mitsui E&S Co. Ltd.<sup>(2)</sup> | 6200 | 310765 |
| Mitsui Fudosan Co. Ltd. | 95200 | 1283279 |
| Mitsui High-Tec, Inc.<sup>(2)</sup> | 5200 | 29069 |
| Mitsui Kinzoku Co. Ltd. | 4100 | 963443 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(2)</sup> | 2500 | 24152 |
| Mitsui OSK Lines Ltd.<sup>(2)</sup> | 9700 | 359915 |
| Mitsui-Soko Holdings Co. Ltd.<sup>(2)</sup> | 3000 | 71810 |
| Mitsuuroko Group Holdings Co. Ltd. | 1800 | 27037 |
| Miura Co. Ltd. | 8200 | 168958 |
| MIXI, Inc. | 300 | 5154 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 2000 | 24827 |
| Miyazaki Bank Ltd. | 1500 | 93234 |
| Mizuho Financial Group, Inc., ADR<sup>(2)</sup> | 302559 | 2683698 |
| Mizuho Leasing Co. Ltd. | 11000 | 107619 |
| Mochida Pharmaceutical Co. Ltd. | 1000 | 25387 |
| Modec, Inc. | 3300 | 283647 |
| Monex Group, Inc. | 5200 | 24863 |
| Monogatari Corp. | 1900 | 60895 |
| MonotaRO Co. Ltd.<sup>(2)</sup> | 4400 | 58498 |
| Morinaga & Co. Ltd. | 3400 | 62943 |
| Morinaga Milk Industry Co. Ltd. | 7300 | 232083 |
| Moriroku Co. Ltd. | 400 | 6815 |
| Morita Holdings Corp. | 3100 | 59307 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 600 | 24246 |
| MOS Food Services, Inc. | 1700 | 46545 |
| MrMax Holdings Ltd. | 400 | 2046 |
| MS&AD Insurance Group Holdings, Inc. | 52000 | 1449053 |
| MTG Co. Ltd. | 600 | 22024 |
| m-up Holdings, Inc. | 1800 | 7855 |
| Murata Manufacturing Co. Ltd. | 40000 | 1045997 |
| Musashi Seimitsu Industry Co. Ltd. | 3200 | 63835 |
| Musashino Bank Ltd. | 2800 | 116707 |
| Nachi-Fujikoshi Corp. | 1700 | 58432 |
| Nagano Keiki Co. Ltd. | 2400 | 47852 |
| Nagase & Co. Ltd. | 5000 | 158349 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nagoya Railroad Co. Ltd.<sup>(2)</sup> | 14500 | $171260 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 5600 | 198645 |
| Nankai Electric Railway Co. Ltd. | 7600 | 151656 |
| Nanto Bank Ltd. | 2300 | 112444 |
| NEC Corp. | 23000 | 637635 |
| Neturen Co. Ltd. | 2200 | 21211 |
| Nexon Co. Ltd. | 1200 | 25490 |
| Nextage Co. Ltd. | 4300 | 105669 |
| NGK Insulators Ltd. | 22500 | 659052 |
| NH Foods Ltd. | 5900 | 270506 |
| NHK Spring Co. Ltd. | 8900 | 170787 |
| Nichias Corp.<sup>(2)</sup> | 1500 | 92314 |
| Nichicon Corp. | 3300 | 45390 |
| Nichiha Corp. | 1300 | 30906 |
| Nichirei Corp. | 14000 | 190622 |
| NIDEC Corp. | 15846 | 249199 |
| Nifco, Inc. | 5500 | 194912 |
| Nihon Dempa Kogyo Co. Ltd.<sup>(2)</sup> | 3700 | 31472 |
| Nihon Dengi Co. Ltd.<sup>(2)</sup> | 1400 | 109190 |
| Nihon Flush Co. Ltd. | 400 | 2199 |
| Nihon Kohden Corp. | 15100 | 168457 |
| Nihon M&A Center Holdings, Inc.<sup>(2)</sup> | 12500 | 57727 |
| Nihon Nohyaku Co. Ltd.<sup>(2)</sup> | 3400 | 23744 |
| Nihon Parkerizing Co. Ltd. | 4700 | 48126 |
| Nikkiso Co. Ltd. | 4600 | 72067 |
| Nikon Corp. | 7200 | 91845 |
| Nintendo Co. Ltd. | 5200 | 294109 |
| Nippn Corp. | 4800 | 88127 |
| Nippon Avionics Co. Ltd. | 800 | 37988 |
| Nippon Carbide Industries Co., Inc. | 1300 | 26296 |
| Nippon Carbon Co. Ltd. | 1100 | 35533 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 3100 | 37353 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 7500 | 6671 |
| Nippon Denko Co. Ltd. | 12900 | 38728 |
| Nippon Densetsu Kogyo Co. Ltd. | 2100 | 70904 |
| Nippon Dry-Chemical Co. Ltd. | 700 | 56103 |
| Nippon Electric Glass Co. Ltd. | 5600 | 246059 |
| NIPPON EXPRESS HOLDINGS, Inc. | 17000 | 419043 |
| Nippon Gas Co. Ltd. | 4000 | 80073 |
| Nippon Kayaku Co. Ltd. | 9400 | 120630 |
| Nippon Kodoshi Corp. | 1100 | 30096 |
| Nippon Light Metal Holdings Co. Ltd. | 7260 | 144802 |
| Nippon Paint Holdings Co. Ltd.<sup>(2)</sup> | 2500 | 18516 |
| Nippon Paper Industries Co. Ltd. | 6800 | 57359 |
| Nippon Parking Development Co. Ltd. | 3300 | 6065 |
| Nippon Rietec Co. Ltd. | 1500 | 30873 |
| Nippon Sanso Holdings Corp.<sup>(2)</sup> | 1100 | 42201 |
| Nippon Seiki Co. Ltd. | 5300 | 96789 |
| Nippon Sharyo Ltd. | 900 | 24485 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 8400 | 32653 |
| Nippon Shinyaku Co. Ltd. | 6500 | 214571 |
| Nippon Shokubai Co. Ltd. | 9400 | 153110 |
| Nippon Signal Co. Ltd. | 5300 | 61068 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nippon Soda Co. Ltd. | 2300 | $61612 |
| Nippon Steel Corp.<sup>(2)</sup> | 257100 | 1044465 |
| Nippon Television Holdings, Inc. | 1600 | 34828 |
| Nippon Thompson Co. Ltd. | 5900 | 40481 |
| Nippon Yakin Kogyo Co. Ltd. | 1700 | 57710 |
| Nippon Yusen KK<sup>(2)</sup> | 10200 | 350230 |
| Nipro Corp. | 9600 | 97866 |
| Nishikawa Rubber Co. Ltd. | 1200 | 34859 |
| Nishimatsu Construction Co. Ltd. | 1600 | 70351 |
| Nishi-Nippon Financial Holdings, Inc. | 10000 | 284678 |
| Nishi-Nippon Railroad Co. Ltd. | 5800 | 120854 |
| Nishio Holdings Co. Ltd. | 2500 | 74355 |
| Nissan Chemical Corp.<sup>(2)</sup> | 6200 | 282013 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 163400 | 450159 |
| Nissan Shatai Co. Ltd. | 4400 | 31108 |
| Nissei ASB Machine Co. Ltd. | 500 | 29599 |
| Nissha Co. Ltd. | 700 | 6098 |
| Nisshin Oillio Group Ltd. | 1100 | 42986 |
| Nisshin Seifun Group, Inc. | 17900 | 250405 |
| Nisshinbo Holdings, Inc. | 17600 | 197319 |
| Nissin Foods Holdings Co. Ltd.<sup>(2)</sup> | 7100 | 149902 |
| Nissui Corp. | 26200 | 260064 |
| Niterra Co. Ltd. | 9600 | 484099 |
| Nitori Holdings Co. Ltd.<sup>(2)</sup> | 11100 | 222360 |
| Nitta Corp. | 1500 | 45484 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 6200 | 165919 |
| Nitto Boseki Co. Ltd.<sup>(2)</sup> | 1100 | 176619 |
| Nitto Denko Corp. | 29400 | 681799 |
| Nitto Kogyo Corp. | 2500 | 77713 |
| Nittoc Construction Co. Ltd. | 2500 | 23405 |
| Nittoku Co. Ltd. | 1700 | 29094 |
| Noevir Holdings Co. Ltd. | 100 | 3017 |
| NOF Corp. | 13600 | 272933 |
| Nohmi Bosai Ltd. | 800 | 23040 |
| Nojima Corp. | 18800 | 140400 |
| NOK Corp. | 6200 | 131881 |
| Nomura Co. Ltd.<sup>(2)</sup> | 8000 | 75050 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 3500 | 78853 |
| Noritake Co. Ltd. | 1100 | 49276 |
| Noritsu Koki Co. Ltd.<sup>(2)</sup> | 3000 | 43492 |
| Noritz Corp. | 3300 | 51396 |
| North Pacific Bank Ltd. | 24900 | 174594 |
| NPR-RIKEN Corp. | 2400 | 70018 |
| NS Solutions Corp.<sup>(2)</sup> | 2000 | 51537 |
| NS United Kaiun Kaisha Ltd. | 1500 | 73404 |
| NSD Co. Ltd. | 1500 | 27383 |
| NSK Ltd. | 25600 | 230304 |
| NTN Corp.<sup>(2)</sup> | 63200 | 170882 |
| NTT, Inc. | 485500 | 474981 |
| Obayashi Corp. | 13000 | 367002 |
| Obic Co. Ltd. | 500 | 13466 |
| Odakyu Electric Railway Co. Ltd. | 7400 | 85038 |
| Ogaki Kyoritsu Bank Ltd.<sup>(2)</sup> | 3500 | 152906 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ohsho Food Service Corp.<sup>(2)</sup> | 1200 | $24966 |
| Oiles Corp. | 1700 | 29200 |
| Oisix ra daichi, Inc. | 1600 | 14584 |
| Oita Bank Ltd. | 1300 | 83389 |
| Oji Holdings Corp. | 35100 | 221126 |
| Okamoto Industries, Inc. | 600 | 23520 |
| Okamoto Machine Tool Works Ltd. | 200 | 6321 |
| Okamura Corp. | 3600 | 62989 |
| Okasan Securities Group, Inc. | 11900 | 75810 |
| Oki Electric Industry Co. Ltd. | 10300 | 212141 |
| Okinawa Cellular Telephone Co. | 2600 | 55818 |
| Okinawa Electric Power Co., Inc. | 4200 | 31979 |
| Okinawa Financial Group, Inc. | 1800 | 69202 |
| OKUMA Corp. | 3100 | 92476 |
| Okumura Corp. | 3100 | 144898 |
| Okura Industrial Co. Ltd. | 400 | 13408 |
| Okuwa Co. Ltd. | 100 | 566 |
| Olympus Corp.<sup>(2)</sup> | 29500 | 289063 |
| Omron Corp. | 700 | 24801 |
| Ono Pharmaceutical Co. Ltd. | 26600 | 457298 |
| Open House Group Co. Ltd. | 2900 | 214630 |
| Optex Group Co. Ltd. | 3100 | 63417 |
| Optim Corp.<sup>(1)</sup> | 200 | 596 |
| Optorun Co. Ltd. | 2800 | 60695 |
| Oracle Corp. | 700 | 42257 |
| Organo Corp.<sup>(2)</sup> | 1200 | 132926 |
| Orient Corp. | 8740 | 64324 |
| Oriental Land Co. Ltd.<sup>(2)</sup> | 2500 | 45041 |
| Oriental Shiraishi Corp. | 9700 | 27009 |
| ORIX Corp., ADR<sup>(2)</sup> | 37445 | 1331170 |
| Osaka Gas Co. Ltd. | 6200 | 258813 |
| Osaka Organic Chemical Industry Ltd. | 1800 | 54355 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 2200 | 36720 |
| OSAKA Titanium Technologies Co. Ltd.<sup>(2)</sup> | 1300 | 25633 |
| Osaki Electric Co. Ltd. | 2600 | 28951 |
| OSG Corp. | 5400 | 101154 |
| Otsuka Corp. | 11400 | 229915 |
| Otsuka Holdings Co. Ltd. | 8200 | 565064 |
| Oyo Corp. | 1000 | 19916 |
| Pacific Industrial Co. Ltd. | 3600 | 69264 |
| Pacific Metals Co. Ltd. | 1300 | 31725 |
| Pack Corp.<sup>(2)</sup> | 2900 | 24867 |
| PAL GROUP Holdings Co. Ltd.<sup>(2)</sup> | 5000 | 52513 |
| PALTAC Corp. | 1000 | 32351 |
| Pan Pacific International Holdings Corp. | 32500 | 217195 |
| Panasonic Holdings Corp. | 66400 | 1070770 |
| Park24 Co. Ltd. | 13100 | 188358 |
| Pasona Group, Inc.<sup>(2)</sup> | 800 | 10485 |
| Pegasus Co. Ltd. | 1200 | 6525 |
| Penta-Ocean Construction Co. Ltd. | 18500 | 251433 |
| Persol Holdings Co. Ltd. | 76100 | 121606 |
| PIA Corp.<sup>(1)</sup> | 900 | 17445 |
| Pigeon Corp. | 3300 | 36404 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PILLAR Corp.<sup>(2)</sup> | 900 | $48783 |
| Pilot Corp. | 1500 | 46821 |
| Piolax, Inc. | 700 | 8060 |
| Pole To Win Holdings, Inc. | 100 | 209 |
| Premium Group Co. Ltd. | 1800 | 21252 |
| Press Kogyo Co. Ltd. | 10300 | 66242 |
| Prestige International, Inc. | 8900 | 40033 |
| Prima Meat Packers Ltd. | 1800 | 33485 |
| Procrea Holdings, Inc. | 2700 | 51461 |
| PS Construction Co. Ltd. | 1700 | 37231 |
| Qol Holdings Co. Ltd. | 1600 | 20150 |
| Quick Co. Ltd. | 1800 | 10845 |
| Raccoon Holdings, Inc. | 300 | 1259 |
| Raito Kogyo Co. Ltd. | 3300 | 92057 |
| Raiznext Corp.<sup>(2)</sup> | 700 | 11782 |
| Raksul, Inc. | 4200 | 51257 |
| Rakus Co. Ltd. | 800 | 4473 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 2400 | 97640 |
| Rakuten Group, Inc.<sup>(1)</sup> | 20400 | 108300 |
| Rasa Corp. | 1400 | 21212 |
| Rasa Industries Ltd.<sup>(2)</sup> | 900 | 59430 |
| Recruit Holdings Co. Ltd. | 12500 | 543941 |
| Relo Group, Inc. | 3700 | 45671 |
| Renesas Electronics Corp. | 5700 | 107495 |
| Rengo Co. Ltd.<sup>(2)</sup> | 22700 | 226688 |
| RENOVA, Inc.<sup>(1)</sup> | 4200 | 19821 |
| Resona Holdings, Inc. | 71784 | 875895 |
| Resonac Holdings Corp. | 6700 | 508807 |
| Resorttrust, Inc. | 9800 | 121595 |
| Restar Corp.<sup>(2)</sup> | 2700 | 54385 |
| Retail Partners Co. Ltd. | 500 | 4400 |
| Rheon Automatic Machinery Co. Ltd. | 2600 | 26943 |
| Ricoh Co. Ltd. | 41500 | 389895 |
| Ricoh Leasing Co. Ltd. | 1600 | 65679 |
| Riken Keiki Co. Ltd.<sup>(2)</sup> | 1600 | 37043 |
| Riken Technos Corp. | 4400 | 51921 |
| Riken Vitamin Co. Ltd. | 500 | 9926 |
| Rinnai Corp. | 7300 | 190124 |
| Riso Kyoiku Group Corp.<sup>(2)</sup> | 1600 | 2067 |
| Rohm Co. Ltd.<sup>(2)</sup> | 12200 | 223745 |
| Rohto Pharmaceutical Co. Ltd. | 1900 | 29769 |
| Rorze Corp.<sup>(2)</sup> | 9200 | 194953 |
| Round One Corp.<sup>(2)</sup> | 10800 | 74297 |
| Royal Holdings Co. Ltd.<sup>(2)</sup> | 2400 | 23555 |
| RS Technologies Co. Ltd.<sup>(2)</sup> | 1000 | 26446 |
| Ryobi Ltd. | 2300 | 44462 |
| Ryohin Keikaku Co. Ltd.<sup>(2)</sup> | 13600 | 310359 |
| Ryoyo Ryosan Holdings, Inc. | 3400 | 75035 |
| S Foods, Inc.<sup>(2)</sup> | 1300 | 26645 |
| S&B Foods, Inc. | 1000 | 29594 |
| Sagami Holdings Corp. | 1700 | 20675 |
| Saibu Gas Holdings Co. Ltd. | 2000 | 33304 |
| Saizeriya Co. Ltd. | 2900 | 130176 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sakai Chemical Industry Co. Ltd. | 1800 | $47835 |
| Sakai Moving Service Co. Ltd. | 1300 | 24366 |
| Sakata INX Corp.<sup>(2)</sup> | 2700 | 46308 |
| Sakata Seed Corp. | 900 | 25407 |
| Sakura Internet, Inc.<sup>(2)</sup> | 900 | 17391 |
| Sala Corp. | 2000 | 15653 |
| San ju San Financial Group, Inc. | 2200 | 88711 |
| San-A Co. Ltd. | 2900 | 57721 |
| San-Ai Obbli Co. Ltd. | 4200 | 69032 |
| Sangetsu Corp. | 2200 | 47226 |
| San-In Godo Bank Ltd. | 12000 | 135652 |
| Sanki Engineering Co. Ltd. | 2600 | 130991 |
| Sanko Gosei Ltd. | 3200 | 21997 |
| Sankyo Co. Ltd. | 9100 | 128283 |
| Sankyu, Inc. | 2600 | 167239 |
| Sanoh Industrial Co. Ltd. | 3300 | 18720 |
| Sanrio Co. Ltd.<sup>(2)</sup> | 3300 | 120990 |
| Sansan, Inc.<sup>(1)</sup> | 700 | 5267 |
| Sansei Technologies, Inc. | 1100 | 18698 |
| Sanshin Electronics Co. Ltd. | 1300 | 26928 |
| Santec Holdings Corp. | 400 | 50446 |
| Santen Pharmaceutical Co. Ltd. | 8300 | 93279 |
| Sanwa Holdings Corp. | 5400 | 142908 |
| Sanyo Chemical Industries Ltd.<sup>(2)</sup> | 1600 | 61015 |
| Sanyo Denki Co. Ltd. | 600 | 19597 |
| Sapporo Holdings Ltd. | 8500 | 96679 |
| Sato Corp.<sup>(2)</sup> | 3200 | 51184 |
| SBI Holdings, Inc.<sup>(2)</sup> | 30500 | 652355 |
| SBS Holdings, Inc. | 2300 | 62910 |
| SCREEN Holdings Co. Ltd.<sup>(2)</sup> | 4600 | 670575 |
| Scroll Corp. | 4200 | 37226 |
| Secom Co. Ltd. | 4400 | 170709 |
| Seibu Giken Co. Ltd. | 1300 | 21106 |
| Seibu Holdings, Inc. | 7500 | 222646 |
| Seika Corp. | 2400 | 43989 |
| Seikagaku Corp. | 700 | 3522 |
| Seikitokyu Kogyo Co. Ltd.<sup>(2)</sup> | 2200 | 24296 |
| Seiko Epson Corp.<sup>(2)</sup> | 27000 | 365640 |
| Seiko Group Corp. | 2600 | 219752 |
| Seino Holdings Co. Ltd. | 3900 | 66521 |
| Seiren Co. Ltd. | 2900 | 67478 |
| Sekisui Chemical Co. Ltd.<sup>(2)</sup> | 10900 | 212266 |
| Sekisui House Ltd. | 2500 | 61075 |
| Sekisui Jushi Corp. | 100 | 1589 |
| Senko Group Holdings Co. Ltd. | 9000 | 113507 |
| Senshu Electric Co. Ltd. | 400 | 16482 |
| Senshu Ikeda Holdings, Inc. | 19400 | 114424 |
| Seria Co. Ltd. | 1100 | 30664 |
| Seven & i Holdings Co. Ltd.<sup>(2)</sup> | 20600 | 290512 |
| Seven Bank Ltd.<sup>(2)</sup> | 35100 | 67572 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 9400 | 95340 |
| Shibaura Machine Co. Ltd. | 900 | 26572 |
| Shibaura Mechatronics Corp.<sup>(2)</sup> | 3000 | 110405 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shibusawa Logistics Corp. | 2300 | $20855 |
| Shibuya Corp. | 100 | 2383 |
| SHIFT, Inc.<sup>(1)(2)</sup> | 6200 | 27910 |
| Shiga Bank Ltd. | 2300 | 132829 |
| Shikoku Bank Ltd. | 3000 | 47012 |
| Shikoku Electric Power Co., Inc. | 11200 | 126867 |
| Shikoku Kasei Holdings Corp.<sup>(2)</sup> | 1600 | 53655 |
| Shimadzu Corp.<sup>(2)</sup> | 1100 | 30618 |
| Shimamura Co. Ltd.<sup>(2)</sup> | 2400 | 55198 |
| Shimano, Inc. | 600 | 64053 |
| Shimizu Corp. | 22700 | 507371 |
| Shin Nippon Air Technologies Co. Ltd. | 2300 | 61486 |
| Shin Nippon Biomedical Laboratories Ltd. | 1800 | 19697 |
| Shinagawa Refra Co. Ltd.<sup>(2)</sup> | 3200 | 51212 |
| Shindengen Electric Manufacturing Co. Ltd. | 800 | 21307 |
| Shin-Etsu Chemical Co. Ltd. | 33600 | 1322884 |
| Shin-Etsu Polymer Co. Ltd. | 3000 | 42864 |
| Shinmaywa Industries Ltd. | 6700 | 116788 |
| Shinnihon Corp. | 1900 | 26759 |
| Shinsho Corp. | 1200 | 21278 |
| Shinwa Co. Ltd. | 600 | 12972 |
| Shionogi & Co. Ltd. | 16600 | 391964 |
| Ship Healthcare Holdings, Inc.<sup>(2)</sup> | 8500 | 149793 |
| Shiseido Co. Ltd. | 14500 | 306162 |
| Shizuoka Financial Group, Inc.<sup>(2)</sup> | 20000 | 402055 |
| SHO-BOND Holdings Co. Ltd. | 2000 | 18789 |
| Shoei Co. Ltd. | 3500 | 40291 |
| Showa Sangyo Co. Ltd. | 2300 | 50424 |
| SIGMAXYZ Holdings, Inc. | 1800 | 8455 |
| Siix Corp. | 2900 | 26405 |
| Sinfonia Technology Co. Ltd. | 1600 | 134272 |
| Sinko Industries Ltd. | 600 | 5495 |
| Sintokogio Ltd. | 200 | 1548 |
| SK-Electronics Co. Ltd. | 800 | 18446 |
| SKY Perfect JSAT Holdings, Inc. | 7900 | 145245 |
| Skylark Holdings Co. Ltd. | 7200 | 165670 |
| SMC Corp. | 753 | 360200 |
| Sodick Co. Ltd. | 4900 | 47713 |
| SoftBank Corp. | 271700 | 371632 |
| SoftBank Group Corp. | 86700 | 2220035 |
| Sojitz Corp. | 5940 | 268737 |
| Soken Chemical & Engineering Co. Ltd. | 2500 | 52689 |
| Solasto Corp. | 7600 | 46366 |
| Sompo Holdings, Inc. | 42100 | 1670300 |
| Sony Financial Group, Inc., ADR<sup>(1)(2)</sup> | 5769 | 29191 |
| Sony Group Corp., ADR | 28847 | 665212 |
| Sotetsu Holdings, Inc. | 5000 | 94125 |
| Sparx Group Co. Ltd. | 1920 | 26084 |
| S-Pool, Inc. | 1600 | 2709 |
| Square Enix Holdings Co. Ltd. | 5700 | 93917 |
| SRA Holdings | 1400 | 45364 |
| St. Marc Holdings Co. Ltd. | 1400 | 28030 |
| Stanley Electric Co. Ltd.<sup>(2)</sup> | 7200 | 151832 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Starts Corp., Inc. | 1600 | $54721 |
| Starzen Co. Ltd. | 2900 | 25522 |
| Stella Chemifa Corp.<sup>(2)</sup> | 1100 | 39458 |
| Strike Co. Ltd. | 400 | 11819 |
| Subaru Corp. | 36800 | 690261 |
| Sugi Holdings Co. Ltd.<sup>(2)</sup> | 5100 | 116981 |
| SUMCO Corp. | 29600 | 344447 |
| Sumida Corp. | 4400 | 35236 |
| Sumitomo Bakelite Co. Ltd. | 3000 | 115316 |
| Sumitomo Chemical Co. Ltd. | 131400 | 480005 |
| Sumitomo Corp. | 21700 | 921450 |
| Sumitomo Electric Industries Ltd. | 28200 | 1863433 |
| Sumitomo Forestry Co. Ltd. | 17700 | 191394 |
| Sumitomo Heavy Industries Ltd. | 9500 | 374629 |
| Sumitomo Metal Mining Co. Ltd. | 12800 | 1039591 |
| Sumitomo Mitsui Financial Group, Inc., ADR<sup>(2)</sup> | 133001 | 2984542 |
| Sumitomo Mitsui Trust Group, Inc. | 27100 | 944947 |
| Sumitomo Osaka Cement Co. Ltd. | 3400 | 100966 |
| Sumitomo Pharma Co. Ltd.<sup>(1)</sup> | 800 | 12946 |
| Sumitomo Realty & Development Co. Ltd. | 8400 | 283973 |
| Sumitomo Rubber Industries Ltd. | 20700 | 367440 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 1100 | 50319 |
| Sumitomo Warehouse Co. Ltd. | 3300 | 85462 |
| Suncall Corp.<sup>(2)</sup> | 2800 | 21662 |
| Sundrug Co. Ltd. | 1900 | 51373 |
| Suntory Beverage & Food Ltd. | 7600 | 239003 |
| Sun-Wa Technos Corp. | 2000 | 44490 |
| Suruga Bank Ltd. | 8800 | 119424 |
| Suzuken Co. Ltd. | 4600 | 194041 |
| Suzuki Co. Ltd. | 1300 | 25632 |
| Suzuki Motor Corp. | 77800 | 1176598 |
| SWCC Corp. | 2200 | 216426 |
| Sysmex Corp. | 3600 | 33987 |
| Systena Corp. | 21400 | 60618 |
| Syuppin Co. Ltd.<sup>(2)</sup> | 600 | 5236 |
| T Hasegawa Co. Ltd. | 1400 | 26192 |
| T RAD Co. Ltd.<sup>(2)</sup> | 500 | 34483 |
| T&D Holdings, Inc. | 10400 | 280097 |
| Tachibana Eletech Co. Ltd. | 1400 | 30529 |
| Tachi-S Co. Ltd. | 3800 | 57105 |
| Tadano Ltd. | 7400 | 69696 |
| Taiheiyo Cement Corp. | 11400 | 327737 |
| Taisei Corp. | 4000 | 519744 |
| Taiyo Holdings Co. Ltd.<sup>(2)</sup> | 6000 | 206095 |
| Taiyo Yuden Co. Ltd.<sup>(2)</sup> | 9900 | 302198 |
| Takamatsu Construction Group Co. Ltd. | 100 | 2707 |
| Takaoka Toko Co. Ltd. | 1200 | 44879 |
| Takara & Co. Ltd. | 900 | 24901 |
| Takara Standard Co. Ltd. | 4500 | 87517 |
| Takasago International Corp. | 4500 | 39815 |
| Takasago Thermal Engineering Co. Ltd. | 3000 | 100669 |
| Takashimaya Co. Ltd.<sup>(2)</sup> | 26800 | 340295 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(2)</sup> | 17330 | 324937 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Takeuchi Manufacturing Co. Ltd.<sup>(2)</sup> | 3100 | $148881 |
| Takuma Co. Ltd. | 4000 | 77999 |
| Tamron Co. Ltd. | 10200 | 68573 |
| Tamura Corp. | 6300 | 29337 |
| Tanseisha Co. Ltd. | 3400 | 35333 |
| Tazmo Co. Ltd. | 1400 | 22981 |
| TBS Holdings, Inc. | 600 | 22703 |
| TDK Corp. | 62600 | 967070 |
| TechMatrix Corp. | 4200 | 51615 |
| Techno Ryowa Ltd. | 1400 | 69254 |
| Teijin Ltd. | 20700 | 229899 |
| Teikoku Electric Manufacturing Co. Ltd. | 400 | 8771 |
| Tekken Corp. | 900 | 29294 |
| Tera Probe, Inc. | 800 | 49892 |
| Terumo Corp. | 3800 | 51416 |
| Tess Holdings Co. Ltd. | 5900 | 22913 |
| TIS, Inc. | 5600 | 115739 |
| TKC Corp. | 600 | 15495 |
| Toa Corp. | 1900 | 22306 |
| Toa Corp. | 6700 | 181055 |
| Toagosei Co. Ltd. | 7600 | 93574 |
| TOBISHIMA HOLDINGS, Inc. | 1600 | 26459 |
| Tobu Railway Co. Ltd. | 13100 | 263975 |
| Tocalo Co. Ltd. | 5700 | 113668 |
| Tochigi Bank Ltd. | 8100 | 52596 |
| Toda Corp. | 23800 | 248309 |
| Toenec Corp. | 2500 | 38284 |
| Toho Bank Ltd. | 20500 | 95243 |
| Toho Co. Ltd.<sup>(2)</sup> | 3500 | 35072 |
| Toho Co. Ltd. | 3100 | 26926 |
| Toho Holdings Co. Ltd. | 1600 | 49570 |
| Toho Titanium Co. Ltd. | 4000 | 71395 |
| Tohoku Electric Power Co., Inc.<sup>(2)</sup> | 18900 | 156638 |
| Tokai Carbon Co. Ltd. | 18000 | 128515 |
| Tokai Corp. | 200 | 3340 |
| TOKAI Holdings Corp. | 11200 | 86918 |
| Tokai Rika Co. Ltd. | 6300 | 135400 |
| Tokai Tokyo Financial Holdings, Inc. | 17200 | 91262 |
| Token Corp. | 300 | 28851 |
| Tokio Marine Holdings, Inc. | 31900 | 1324859 |
| Tokushu Tokai Paper Co. Ltd. | 2200 | 23834 |
| Tokuyama Corp. | 3900 | 111732 |
| Tokyo Century Corp. | 7700 | 112398 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(1)</sup> | 54600 | 244086 |
| Tokyo Electron Device Ltd.<sup>(2)</sup> | 2700 | 63306 |
| Tokyo Electron Ltd. | 6700 | 1885210 |
| Tokyo Energy & Systems, Inc. | 2100 | 25948 |
| Tokyo Gas Co. Ltd. | 7500 | 368169 |
| Tokyo Kiraboshi Financial Group, Inc. | 2900 | 216576 |
| Tokyo Metro Co. Ltd. | 9400 | 100595 |
| Tokyo Ohka Kogyo Co. Ltd. | 2300 | 135022 |
| Tokyo Rope Manufacturing Co. Ltd. | 1700 | 22673 |
| Tokyo Seimitsu Co. Ltd. | 2900 | 319179 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tokyo Steel Manufacturing Co. Ltd. | 3600 | $37317 |
| Tokyo Tatemono Co. Ltd. | 7700 | 215438 |
| Tokyo Tekko Co. Ltd. | 800 | 32807 |
| Tokyotokeiba Co. Ltd. | 1500 | 57323 |
| Tokyu Construction Co. Ltd. | 11400 | 116512 |
| Tokyu Corp.<sup>(2)</sup> | 16800 | 214689 |
| Tokyu Fudosan Holdings Corp. | 23700 | 238374 |
| Tomen Devices Corp. | 600 | 53710 |
| Tomoku Co. Ltd. | 1100 | 26049 |
| TOMONY Holdings, Inc. | 14700 | 92328 |
| Tomy Co. Ltd.<sup>(2)</sup> | 2800 | 51454 |
| TOPPAN Holdings, Inc.<sup>(2)</sup> | 7300 | 250059 |
| Topre Corp. | 4500 | 86675 |
| Topy Industries Ltd. | 1300 | 30207 |
| Toray Industries, Inc. | 74400 | 637103 |
| Toridoll Holdings Corp.<sup>(2)</sup> | 1900 | 51900 |
| Toshiba TEC Corp. | 1600 | 33667 |
| Tosoh Corp. | 22800 | 398456 |
| Totech Corp. | 2600 | 76017 |
| Totetsu Kogyo Co. Ltd. | 1100 | 40930 |
| TOTO Ltd. | 11000 | 428676 |
| Towa Bank Ltd. | 3400 | 26767 |
| Towa Pharmaceutical Co. Ltd. | 2900 | 82300 |
| Toyo Kanetsu KK | 1600 | 31590 |
| Toyo Seikan Group Holdings Ltd. | 9500 | 248167 |
| Toyo Suisan Kaisha Ltd. | 2500 | 196656 |
| Toyo Tire Corp. | 10200 | 314323 |
| Toyobo Co. Ltd. | 8600 | 101638 |
| Toyoda Gosei Co. Ltd. | 9600 | 311960 |
| Toyota Boshoku Corp. | 8800 | 179964 |
| Toyota Industries Corp.<sup>(2)</sup> | 4200 | 543935 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 23961 | 5807667 |
| Toyota Tsusho Corp. | 15500 | 692859 |
| TPR Co. Ltd. | 3600 | 32451 |
| Transcosmos, Inc. | 1900 | 49882 |
| TRE Holdings Corp. | 5968 | 68567 |
| Trend Micro, Inc. | 3000 | 99826 |
| Trial Holdings, Inc. | 2100 | 62901 |
| Trusco Nakayama Corp. | 3600 | 58192 |
| TS Tech Co. Ltd. | 3300 | 42508 |
| Tsubakimoto Chain Co. | 6300 | 107847 |
| Tsubakimoto Kogyo Co. Ltd. | 1100 | 22060 |
| Tsuburaya Fields Holdings, Inc.<sup>(2)</sup> | 2700 | 26817 |
| Tsugami Corp. | 5500 | 138830 |
| Tsukishima Holdings Co. Ltd. | 2700 | 60214 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 12800 | 57909 |
| Tsuruha Holdings, Inc.<sup>(2)</sup> | 9505 | 160238 |
| TV Asahi Holdings Corp. | 400 | 8659 |
| UACJ Corp. | 16700 | 295126 |
| UBE Corp. | 8100 | 149792 |
| Uchida Yoko Co. Ltd. | 2500 | 34415 |
| U-Next Holdings Co. Ltd.<sup>(2)</sup> | 1500 | 17888 |
| Unicharm Corp.<sup>(2)</sup> | 24400 | 166962 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Unipres Corp. | 4800 | $45331 |
| UNISOL Holdings Corp. | 500 | 7535 |
| United Arrows Ltd. | 1200 | 20610 |
| United Super Markets Holdings, Inc.<sup>(2)</sup> | 4100 | 23874 |
| Unitika Ltd.<sup>(1)(2)</sup> | 5300 | 65010 |
| Universal Entertainment Corp.<sup>(1)(2)</sup> | 100 | 476 |
| Ushio, Inc. | 4500 | 92477 |
| USS Co. Ltd. | 13900 | 168831 |
| UT Group Co. Ltd. | 36300 | 49948 |
| Valor Holdings Co. Ltd. | 4500 | 108253 |
| ValueCommerce Co. Ltd. | 200 | 570 |
| Vector, Inc. | 3600 | 33249 |
| Vision, Inc.<sup>(2)</sup> | 2400 | 20279 |
| Visional, Inc.<sup>(1)</sup> | 900 | 42379 |
| Vital KSK Holdings, Inc. | 3300 | 31435 |
| VT Holdings Co. Ltd. | 6300 | 23133 |
| Wacom Co. Ltd. | 13900 | 77798 |
| Wakita & Co. Ltd.<sup>(2)</sup> | 2300 | 30160 |
| Warabeya Nichiyo Holdings Co. Ltd.<sup>(2)</sup> | 1200 | 26418 |
| West Holdings Corp.<sup>(2)</sup> | 2300 | 25563 |
| West Japan Railway Co. | 14100 | 303314 |
| World Co. Ltd. | 3000 | 31735 |
| World Holdings Co. Ltd. | 1100 | 20095 |
| Xebio Holdings Co. Ltd. | 800 | 5742 |
| Yahagi Construction Co. Ltd. | 2600 | 42088 |
| Yakult Honsha Co. Ltd.<sup>(2)</sup> | 3100 | 51950 |
| YAKUODO Holdings Co. Ltd. | 200 | 2669 |
| YAMABIKO Corp. | 3800 | 93317 |
| Yamada Holdings Co. Ltd. | 40300 | 149554 |
| Yamae Group Holdings Co. Ltd. | 1200 | 23427 |
| Yamagata Bank Ltd. | 2600 | 45387 |
| Yamaguchi Financial Group, Inc. | 13000 | 228490 |
| Yamaha Corp. | 34300 | 265815 |
| Yamaha Motor Co. Ltd.<sup>(2)</sup> | 68500 | 544710 |
| Yamaichi Electronics Co. Ltd. | 2100 | 112783 |
| Yamanashi Chuo Bank Ltd. | 2700 | 95034 |
| Yamatane Corp.<sup>(2)</sup> | 1000 | 14869 |
| Yamato Holdings Co. Ltd. | 4500 | 55121 |
| Yamato Kogyo Co. Ltd. | 200 | 16638 |
| Yamazaki Baking Co. Ltd. | 6100 | 137089 |
| Yamazen Corp. | 1900 | 18669 |
| Yashima Denki Co. Ltd. | 1600 | 36348 |
| Yaskawa Electric Corp.<sup>(2)</sup> | 11400 | 401109 |
| Yokogawa Bridge Holdings Corp. | 2500 | 51371 |
| Yokogawa Electric Corp. | 10800 | 430779 |
| Yokohama Financial Group, Inc. | 49700 | 536618 |
| Yokohama Rubber Co. Ltd. | 8500 | 427547 |
| Yokorei Co. Ltd. | 5600 | 51255 |
| Yokowo Co. Ltd. | 1700 | 36160 |
| Yondenko Corp. | 1700 | 22930 |
| Yonex Co. Ltd. | 2300 | 54619 |
| Yoshinoya Holdings Co. Ltd.<sup>(2)</sup> | 1600 | 31695 |
| Yotai Refractories Co. Ltd. | 200 | 2577 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Yuasa Trading Co. Ltd. | 1800 | $74558 |
| Yurtec Corp. | 2400 | 49628 |
| Zacros Corp. | 5800 | 57102 |
| Zenkoku Hosho Co. Ltd. | 2800 | 57659 |
| Zenrin Co. Ltd. | 3200 | 21131 |
| Zensho Holdings Co. Ltd.<sup>(2)</sup> | 2700 | 171387 |
| Zeon Corp. | 16500 | 225885 |
| ZERIA Pharmaceutical Co. Ltd. | 700 | 10100 |
| ZOZO, Inc.<sup>(2)</sup> | 8800 | 63961 |
|  |  | 197241390 |
| **Netherlands — 4.1%** |  |  |
| Aalberts NV | 10436 | 433702 |
| ABN AMRO Bank NV, CVA | 43790 | 1466648 |
| Adyen NV<sup>(1)</sup> | 1135 | 1332862 |
| Aegon Ltd. | 70126 | 525944 |
| AerCap Holdings NV | 13182 | 1969919 |
| Akzo Nobel NV | 14732 | 1034906 |
| Alfen NV<sup>(1)(2)</sup> | 1492 | 15954 |
| AMG Critical Materials NV | 4045 | 159821 |
| Arcadis NV | 1373 | 48559 |
| ASM International NV | 953 | 803748 |
| ASML Holding NV, NY Shares | 8198 | 11890241 |
| ASR Nederland NV | 16733 | 1215866 |
| Basic-Fit NV<sup>(1)</sup> | 7448 | 276773 |
| BE Semiconductor Industries NV | 1563 | 350249 |
| Brunel International NV<sup>(2)</sup> | 841 | 6895 |
| Coca-Cola Europacific Partners PLC | 4137 | 456849 |
| Constellium SE<sup>(1)</sup> | 14039 | 349431 |
| Corbion NV | 7296 | 167965 |
| CSG NV<sup>(1)</sup> | 2809 | 105647 |
| CVC Capital Partners PLC<sup>(2)</sup> | 4590 | 65492 |
| DSM-Firmenich AG | 2295 | 163908 |
| Ferrari Group PLC | 1521 | 18474 |
| ForFarmers NV | 3705 | 28134 |
| Fugro NV | 4982 | 63188 |
| Heineken Holding NV | 291 | 25208 |
| Heineken NV | 2960 | 274152 |
| IMCD NV | 405 | 39018 |
| ING Groep NV, ADR | 130892 | 3765763 |
| InPost SA<sup>(1)</sup> | 30088 | 540077 |
| JDE Peet's NV | 810 | 30367 |
| Kendrion NV | 2492 | 47126 |
| Koninklijke Ahold Delhaize NV | 29948 | 1479844 |
| Koninklijke BAM Groep NV | 31292 | 353125 |
| Koninklijke Heijmans NV, CVA | 3379 | 356187 |
| Koninklijke KPN NV | 229915 | 1306978 |
| Koninklijke Philips NV, NY Shares | 8151 | 260832 |
| Koninklijke Vopak NV | 5261 | 289181 |
| Magnum Ice Cream Co. NV<sup>(1)</sup> | 3088 | 49007 |
| Nedap NV | 499 | 50142 |
| NN Group NV | 25224 | 2068811 |
| OCI NV<sup>(1)</sup> | 4456 | 19096 |
| PostNL NV<sup>(2)</sup> | 33148 | 44776 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Prosus NV | 10149 | $521663 |
| SBM Offshore NV | 18346 | 708775 |
| SIF Holding NV<sup>(1)(2)</sup> | 290 | 2484 |
| Sligro Food Group NV | 2337 | 39903 |
| TKH Group NV, CVA | 4860 | 224543 |
| Universal Music Group NV<sup>(2)</sup> | 11924 | 268497 |
| Wolters Kluwer NV | 3333 | 269258 |
|  |  | 35985988 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 55807 | 18556 |
| Auckland International Airport Ltd. | 41323 | 227304 |
| Channel Infrastructure NZ Ltd.<sup>(2)</sup> | 29425 | 50829 |
| Chorus Ltd. | 10602 | 60876 |
| Contact Energy Ltd. | 38963 | 217197 |
| EBOS Group Ltd. | 1070 | 15364 |
| Eroad Ltd.<sup>(1)</sup> | 13360 | 7124 |
| Fisher & Paykel Healthcare Corp. Ltd. | 8306 | 203058 |
| Fletcher Building Ltd.<sup>(1)</sup> | 72247 | 152063 |
| Freightways Group Ltd. | 9231 | 79375 |
| Genesis Energy Ltd. | 11169 | 15331 |
| Hallenstein Glasson Holdings Ltd. | 237 | 1433 |
| Infratil Ltd.<sup>(2)</sup> | 5254 | 35322 |
| KMD Brands Ltd.<sup>(1)</sup> | 10227 | 1493 |
| Mercury NZ Ltd. | 10385 | 39807 |
| Meridian Energy Ltd. | 21967 | 74476 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 10328 | 5136 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 50032 | 74531 |
| Sanford Ltd. | 585 | 2808 |
| Scales Corp. Ltd. | 162 | 612 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 17623 | 8818 |
| Spark New Zealand Ltd. | 70560 | 96482 |
| TOWER Ltd. | 10389 | 11563 |
|  |  | 1399558 |
| **Norway — 0.8%** |  |  |
| 2020 Bulkers Ltd. | 909 | 12875 |
| Aker ASA, A Shares | 587 | 56988 |
| Aker BP ASA | 3466 | 105306 |
| Aker Solutions ASA | 20772 | 90088 |
| Austevoll Seafood ASA | 3307 | 34161 |
| B2 Impact ASA | 13354 | 34233 |
| Bluenord ASA<sup>(1)</sup> | 1387 | 75194 |
| Bonheur ASA | 230 | 6095 |
| Bouvet ASA | 260 | 1346 |
| BW LPG Ltd. | 6057 | 110246 |
| BW Offshore Ltd. | 9977 | 53759 |
| Cadeler AS<sup>(1)</sup> | 13367 | 85881 |
| DNB Bank ASA | 16307 | 516188 |
| DNO ASA | 12184 | 21203 |
| DOF Group ASA | 11901 | 158351 |
| Elmera Group ASA | 637 | 2222 |
| Elopak ASA | 9934 | 56262 |
| Entra ASA | 613 | 7478 |
| Equinor ASA, ADR | 18850 | 562296 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Europris ASA | 4952 | $47350 |
| FLEX LNG Ltd.<sup>(1)</sup> | 624 | 17048 |
| Frontline PLC | 3623 | 137493 |
| Gjensidige Forsikring ASA | 1821 | 51451 |
| Grieg Seafood ASA<sup>(1)</sup> | 3615 | 28621 |
| Hoegh Autoliners ASA | 6353 | 88498 |
| Kid ASA | 2644 | 34530 |
| Kitron ASA | 13188 | 147523 |
| Klaveness Combination Carriers ASA | 2123 | 20452 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 17100 | 3840 |
| Kongsberg Gruppen ASA | 8303 | 336698 |
| Leroy Seafood Group ASA | 2204 | 11503 |
| Mowi ASA | 7296 | 172356 |
| MPC Container Ships ASA | 31286 | 73351 |
| NEL ASA<sup>(1)</sup> | 85047 | 18342 |
| Norbit ASA | 935 | 20409 |
| Norsk Hydro ASA | 52622 | 488249 |
| Norske Skog ASA<sup>(1)</sup> | 1236 | 3911 |
| Norwegian Air Shuttle ASA | 42254 | 73856 |
| Odfjell Drilling Ltd. | 9950 | 111600 |
| Odfjell SE, Class A | 1626 | 21669 |
| Orkla ASA | 4566 | 62509 |
| Panoro Energy ASA<sup>(1)</sup> | 3234 | 8985 |
| Petronor E&P ASA<sup>(1)</sup> | 206 | 216 |
| Protector Forsikring ASA | 1285 | 69953 |
| Rana Gruber ASA | 2438 | 19948 |
| Salmar ASA | 304 | 18232 |
| SATS ASA<sup>(1)</sup> | 11820 | 54540 |
| Scatec ASA<sup>(1)</sup> | 9277 | 119563 |
| Solstad Offshore ASA | 4554 | 26862 |
| SpareBank 1 Nord Norge | 7177 | 120357 |
| Sparebank 1 Oestlandet | 2594 | 58464 |
| SpareBank 1 SMN | 6884 | 154508 |
| SpareBank 1 Sor-Norge ASA | 6447 | 143238 |
| Sparebanken More | 150 | 1781 |
| Sparebanken Norge | 955 | 20654 |
| Stolt-Nielsen Ltd. | 2227 | 78896 |
| Storebrand ASA | 19807 | 375476 |
| Subsea 7 SA | 13948 | 404603 |
| Telenor ASA | 4840 | 89779 |
| TGS ASA | 23234 | 277768 |
| TOMRA Systems ASA | 3846 | 47671 |
| Veidekke ASA | 669 | 13811 |
| Vend Marketplaces ASA, B Shares | 2912 | 73379 |
| Wallenius Wilhelmsen ASA | 6745 | 93825 |
| Wilh Wilhelmsen Holding ASA, Class A | 806 | 65643 |
| Yara International ASA | 6691 | 338713 |
|  |  | 6638296 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 388657 | 408223 |
| Corticeira Amorim SGPS SA | 399 | 3223 |
| CTT-Correios de Portugal SA | 3038 | 25640 |
| EDP Renovaveis SA<sup>(2)</sup> | 14339 | 226530 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EDP SA | 47592 | $253216 |
| Galp Energia SGPS SA | 8760 | 190082 |
| Jeronimo Martins SGPS SA | 3594 | 94454 |
| Navigator Co. SA<sup>(2)</sup> | 7527 | 30586 |
| NOS SGPS SA | 9056 | 55128 |
| REN - Redes Energeticas Nacionais SGPS SA | 40887 | 185792 |
| Semapa-Sociedade de Investimento e Gestao | 830 | 23318 |
| Sonae SGPS SA | 23224 | 55305 |
| Teixeira Duarte SA<sup>(1)</sup> | 30156 | 17828 |
|  |  | 1569325 |
| **Singapore — 1.5%** |  |  |
| AEM Holdings Ltd.<sup>(1)</sup> | 14000 | 31976 |
| Bumitama Agri Ltd. | 42600 | 44415 |
| Capitaland India Trust<sup>(2)</sup> | 38605 | 36899 |
| CapitaLand Investment Ltd.<sup>(2)</sup> | 74900 | 181000 |
| China Aviation Oil Singapore Corp. Ltd. | 46600 | 74247 |
| China Sunsine Chemical Holdings Ltd. | 36100 | 21660 |
| City Developments Ltd. | 29400 | 227714 |
| CNMC Goldmine Holdings Ltd. | 42900 | 58925 |
| ComfortDelGro Corp. Ltd. | 196000 | 239950 |
| DBS Group Holdings Ltd. | 60967 | 2746270 |
| Delfi Ltd. | 35600 | 29836 |
| Far East Orchard Ltd. | 3900 | 3970 |
| Food Empire Holdings Ltd. | 25000 | 64092 |
| Frencken Group Ltd. | 52300 | 89044 |
| Geo Energy Resources Ltd. | 147600 | 48372 |
| Golden Agri-Resources Ltd. | 463300 | 104275 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 43503 | 183583 |
| Hafnia Ltd. | 27476 | 205155 |
| Haw Par Corp. Ltd. | 2700 | 35586 |
| Hong Fok Corp. Ltd. | 15800 | 10348 |
| Hong Leong Asia Ltd. | 20500 | 52469 |
| Hour Glass Ltd. | 8700 | 16899 |
| Hutchison Port Holdings Trust, U Shares | 440600 | 99183 |
| iFAST Corp. Ltd. | 18900 | 138557 |
| Jardine Cycle & Carriage Ltd. | 2500 | 69786 |
| Keppel Infrastructure Trust | 619300 | 269375 |
| Keppel Ltd. | 98000 | 1012204 |
| LHN Ltd.<sup>(2)</sup> | 24500 | 12281 |
| Olam Group Ltd. | 44000 | 31860 |
| Oversea-Chinese Banking Corp. Ltd. | 98524 | 1667339 |
| Propnex Ltd. | 13800 | 22271 |
| QAF Ltd. | 5200 | 4150 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 108900 | 66217 |
| Samudera Shipping Line Ltd. | 19300 | 16615 |
| SATS Ltd. | 37309 | 115413 |
| Sea Ltd., ADR<sup>(1)</sup> | 3193 | 346281 |
| Seatrium Ltd.<sup>(2)</sup> | 39219 | 74220 |
| Sembcorp Industries Ltd.<sup>(2)</sup> | 17500 | 84495 |
| Sheng Siong Group Ltd. | 79500 | 165223 |
| Singapore Airlines Ltd. | 39800 | 225716 |
| Singapore Exchange Ltd. | 21300 | 305881 |
| Singapore Technologies Engineering Ltd. | 47200 | 371413 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Singapore Telecommunications Ltd. | 109800 | $436846 |
| StarHub Ltd.<sup>(2)</sup> | 4500 | 3661 |
| Straits Trading Co. Ltd. | 6700 | 9258 |
| United Overseas Bank Ltd. | 39000 | 1137921 |
| UOL Group Ltd. | 34800 | 310125 |
| Venture Corp. Ltd. | 21800 | 269180 |
| Wee Hur Holdings Ltd. | 52200 | 32637 |
| Wilmar International Ltd. | 54100 | 150403 |
| Wing Tai Holdings Ltd. | 4300 | 5707 |
| Yangzijiang Financial Holding Ltd. | 163100 | 39835 |
| Yangzijiang Maritime Development Ltd.<sup>(1)</sup> | 163100 | 80343 |
| Yangzijiang Shipbuilding Holdings Ltd. | 277800 | 949512 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 84700 | 51797 |
|  |  | 13082390 |
| **South Africa — 0.0%** |  |  |
| Valterra Platinum Ltd. | 2157 | 249877 |
| **Spain — 3.0%** |  |  |
| Acciona SA<sup>(2)</sup> | 2195 | 637027 |
| Acerinox SA<sup>(2)</sup> | 8308 | 132124 |
| ACS Actividades de Construccion y Servicios SA | 3507 | 452525 |
| Aedas Homes SA | 706 | 19911 |
| Aena SME SA | 18790 | 592227 |
| Almirall SA<sup>(2)</sup> | 2161 | 32884 |
| Amadeus IT Group SA | 2870 | 177515 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 1279 | 7823 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 271979 | 6290874 |
| Banco de Sabadell SA | 217278 | 818058 |
| Banco Santander SA, ADR | 272260 | 3365134 |
| Bankinter SA | 20206 | 335285 |
| CaixaBank SA | 59954 | 738949 |
| Cellnex Telecom SA<sup>(2)</sup> | 4384 | 166617 |
| Construcciones y Auxiliar de Ferrocarriles SA | 1179 | 82170 |
| Corp. ACCIONA Energias Renovables SA | 664 | 17257 |
| Distribuidora Internacional de Alimentacion SA<sup>(1)</sup> | 423 | 19094 |
| Ebro Foods SA | 526 | 12045 |
| Elecnor SA | 4039 | 137742 |
| Enagas SA | 16710 | 303002 |
| Endesa SA | 26127 | 1065882 |
| Ercros SA<sup>(1)</sup> | 5101 | 19481 |
| Ferrovial SE<sup>(2)</sup> | 10904 | 812661 |
| Gestamp Automocion SA | 12115 | 45564 |
| Grenergy Renovables SA<sup>(1)</sup> | 2190 | 283683 |
| Grifols SA<sup>(2)</sup> | 3928 | 49281 |
| Grupo Empresarial San Jose SA | 2684 | 29471 |
| Iberdrola SA | 143710 | 3392024 |
| Indra Sistemas SA<sup>(2)</sup> | 389 | 28742 |
| Industria de Diseno Textil SA | 14764 | 985901 |
| International Consolidated Airlines Group SA | 65002 | 367619 |
| Logista Integral SA<sup>(2)</sup> | 613 | 23360 |
| Mapfre SA | 52874 | 245763 |
| Melia Hotels International SA | 6765 | 66505 |
| Miquel y Costas & Miquel SA | 78 | 1302 |
| Naturgy Energy Group SA | 2310 | 71787 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Neinor Homes SA<sup>(1)</sup> | 1125 | $25276 |
| Obrascon Huarte Lain SA<sup>(1)(2)</sup> | 79233 | 37456 |
| Prosegur Cash SA<sup>(2)</sup> | 3818 | 2893 |
| Prosegur Cia de Seguridad SA | 6467 | 22195 |
| Redeia Corp. SA | 16942 | 314960 |
| Repsol SA | 128534 | 2908798 |
| Sacyr SA | 43434 | 232394 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 9144 | 237056 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 5233 | 227851 |
| Tubacex SA<sup>(2)</sup> | 5431 | 21508 |
| Unicaja Banco SA | 47295 | 149665 |
| Vidrala SA | 1240 | 119930 |
| Viscofan SA | 1759 | 123378 |
|  |  | 26250649 |
| **Sweden — 3.4%** |  |  |
| AAK AB<sup>(2)</sup> | 4570 | 125084 |
| AcadeMedia AB | 5186 | 57308 |
| AddLife AB, B Shares<sup>(2)</sup> | 2004 | 34170 |
| Addnode Group AB<sup>(2)</sup> | 6167 | 47552 |
| AddTech AB, B Shares | 7746 | 286323 |
| AFRY AB | 3825 | 57161 |
| Alfa Laval AB | 7592 | 448092 |
| Alleima AB<sup>(2)</sup> | 12806 | 116619 |
| Ambea AB | 5026 | 72289 |
| Annehem Fastigheter AB, B Shares<sup>(1)</sup> | 226 | 440 |
| Apotea AB<sup>(1)(2)</sup> | 2993 | 20105 |
| AQ Group AB<sup>(2)</sup> | 4117 | 86192 |
| Arjo AB, B Shares | 10674 | 31888 |
| Asker Healthcare Group AB<sup>(1)</sup> | 2831 | 20112 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 5426 | 66302 |
| Assa Abloy AB, Class B | 11021 | 469110 |
| Atlas Copco AB, A Shares | 76583 | 1647626 |
| Atlas Copco AB, B Shares | 44502 | 834263 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 11750 | 45997 |
| Attendo AB | 7859 | 90665 |
| Avanza Bank Holding AB<sup>(2)</sup> | 10192 | 371412 |
| Axfood AB<sup>(2)</sup> | 7928 | 289228 |
| Beijer Ref AB<sup>(2)</sup> | 7587 | 118375 |
| Better Collective AS<sup>(1)(2)</sup> | 847 | 12006 |
| Bilia AB, A Shares | 9370 | 143471 |
| Billerud Aktiebolag<sup>(2)</sup> | 21087 | 192289 |
| BioArctic AB<sup>(1)(2)</sup> | 5177 | 177087 |
| BioGaia AB, B Shares | 2701 | 33458 |
| Boliden AB<sup>(1)</sup> | 22135 | 1754591 |
| Bonava AB, B Shares<sup>(1)</sup> | 11151 | 13734 |
| Boozt AB<sup>(1)(2)</sup> | 6107 | 61674 |
| Bufab AB | 1519 | 19627 |
| Bure Equity AB<sup>(2)</sup> | 2072 | 48952 |
| Byggmax Group AB | 5694 | 40613 |
| Camurus AB<sup>(1)</sup> | 400 | 22294 |
| Cantargia AB<sup>(1)</sup> | 35058 | 18461 |
| Castellum AB | 17840 | 237285 |
| Catena AB | 2783 | 153389 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 2750 | $46568 |
| Cint Group AB<sup>(1)(2)</sup> | 3046 | 1159 |
| Clas Ohlson AB, B Shares | 3652 | 150966 |
| Cloetta AB, B Shares | 14476 | 83989 |
| Coffee Stain Group AB, Class B<sup>(1)(2)</sup> | 7742 | 14251 |
| Coor Service Management Holding AB | 4685 | 30802 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 71365 | 30165 |
| CTT Systems AB | 656 | 10006 |
| Dios Fastigheter AB | 10185 | 79213 |
| Dynavox Group AB<sup>(1)</sup> | 6964 | 64241 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 9317 | 78211 |
| Electrolux Professional AB, B Shares | 10233 | 67185 |
| Elekta AB, B Shares<sup>(2)</sup> | 6921 | 44309 |
| Embracer Group AB<sup>(1)(2)</sup> | 7742 | 45230 |
| Enity Holding AB<sup>(1)</sup> | 2001 | 18304 |
| Eolus AB, B Shares | 472 | 1919 |
| Epiroc AB, A Shares | 24820 | 745605 |
| Epiroc AB, B Shares | 14687 | 381861 |
| EQT AB | 8757 | 269901 |
| Essity AB, B Shares | 29440 | 935146 |
| Evolution AB | 379 | 22827 |
| Fabege AB | 10888 | 101415 |
| Fastighets AB Balder, B Shares<sup>(1)(2)</sup> | 31417 | 236077 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 11 | 67 |
| G5 Entertainment AB<sup>(2)</sup> | 124 | 688 |
| GARO AB<sup>(1)</sup> | 383 | 563 |
| Getinge AB, B Shares | 1811 | 40537 |
| GomSpace Group AB<sup>(1)(2)</sup> | 10781 | 22172 |
| Granges AB | 6466 | 114501 |
| Gruvaktiebolaget Viscaria<sup>(1)</sup> | 29219 | 58763 |
| H & M Hennes & Mauritz AB, B Shares<sup>(2)</sup> | 29158 | 621642 |
| Hanza AB | 3499 | 60140 |
| Haypp Group AB<sup>(1)(2)</sup> | 1609 | 23484 |
| Hemnet Group AB<sup>(2)</sup> | 2850 | 36777 |
| Hexagon AB, B Shares | 14361 | 163374 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 25425 | 77675 |
| Hexpol AB | 5532 | 47507 |
| Hoist Finance AB | 4217 | 67503 |
| Holmen AB, B Shares<sup>(2)</sup> | 2485 | 97817 |
| Hufvudstaden AB, A Shares | 6634 | 95857 |
| Husqvarna AB, B Shares | 26385 | 126875 |
| Industrivarden AB, A Shares | 3638 | 206474 |
| Indutrade AB<sup>(2)</sup> | 13277 | 344229 |
| Intea Fastigheter AB | 3409 | 28989 |
| Investment AB Latour, B Shares<sup>(2)</sup> | 700 | 17797 |
| INVISIO AB<sup>(2)</sup> | 2722 | 93879 |
| JM AB<sup>(2)</sup> | 9857 | 146249 |
| Kopparbergs Bryggeri AB, B Shares | 454 | 5810 |
| Lagercrantz Group AB, B Shares | 3072 | 74929 |
| Lifco AB, B Shares<sup>(2)</sup> | 3737 | 132592 |
| Lime Technologies AB | 685 | 13932 |
| Lindab International AB<sup>(2)</sup> | 2022 | 38739 |
| Logistea AB, Class B<sup>(2)</sup> | 12080 | 19660 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Loomis AB | 4682 | $236484 |
| Maha Capital AB<sup>(1)(2)</sup> | 2600 | 3232 |
| Medcap AB<sup>(1)(2)</sup> | 410 | 22239 |
| Medicover AB, B Shares<sup>(2)</sup> | 2235 | 53894 |
| MEKO AB | 2220 | 16300 |
| Millicom International Cellular SA | 4829 | 351986 |
| Morrow Bank AB<sup>(1)</sup> | 13859 | 20203 |
| Munters Group AB | 8153 | 170259 |
| Mycronic AB | 8796 | 199365 |
| NCAB Group AB<sup>(1)(2)</sup> | 4736 | 28715 |
| NCC AB, B Shares | 11724 | 285740 |
| Neobo Fastigheter AB<sup>(1)</sup> | 1126 | 2613 |
| Net Insight AB, B Shares<sup>(1)</sup> | 1 |  |
| New Wave Group AB, B Shares<sup>(2)</sup> | 6100 | 69292 |
| Nibe Industrier AB, B Shares<sup>(2)</sup> | 17464 | 71359 |
| Nobia AB<sup>(1)(2)</sup> | 55479 | 15089 |
| Nolato AB, B Shares | 12023 | 69341 |
| Nordnet AB publ | 8026 | 253296 |
| Norion Bank AB<sup>(1)</sup> | 3857 | 24398 |
| Note AB<sup>(2)</sup> | 2242 | 48765 |
| NP3 Fastigheter AB<sup>(2)</sup> | 1710 | 51293 |
| Nyfosa AB<sup>(2)</sup> | 7630 | 62670 |
| Orron Energy AB<sup>(1)(2)</sup> | 793 | 618 |
| Ovzon AB<sup>(1)</sup> | 8204 | 54531 |
| Pandox AB<sup>(2)</sup> | 7085 | 158516 |
| Paradox Interactive AB<sup>(2)</sup> | 2170 | 29717 |
| Peab AB, Class B | 18728 | 219967 |
| Platzer Fastigheter Holding AB, B Shares<sup>(2)</sup> | 3306 | 29163 |
| Plejd AB<sup>(1)</sup> | 707 | 65863 |
| Proact IT Group AB | 345 | 3985 |
| Ratos AB, B Shares | 9275 | 38427 |
| RaySearch Laboratories AB<sup>(2)</sup> | 2525 | 53494 |
| Rusta AB | 8422 | 76793 |
| Rvrc Holding AB | 6327 | 47564 |
| Saab AB, Class B | 7665 | 559675 |
| Sagax AB, B Shares<sup>(2)</sup> | 507 | 10731 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 11270 | 4918 |
| Sandvik AB | 21731 | 957711 |
| Saniona AB<sup>(1)</sup> | 27729 | 56881 |
| Scandi Standard AB | 3833 | 55104 |
| Scandic Hotels Group AB | 11708 | 110928 |
| Sdiptech AB, Class B<sup>(1)</sup> | 2001 | 43119 |
| Sectra AB, B Shares<sup>(2)</sup> | 2920 | 62568 |
| Securitas AB, B Shares | 11343 | 201856 |
| Sinch AB<sup>(1)(2)</sup> | 21789 | 55000 |
| Skandinaviska Enskilda Banken AB, A Shares<sup>(2)</sup> | 38313 | 814580 |
| Skanska AB, B Shares | 11492 | 352309 |
| SKF AB, B Shares | 24135 | 689892 |
| SkiStar AB | 4621 | 89503 |
| Solid Forsakring AB<sup>(2)</sup> | 189 | 2270 |
| Spotify Technology SA<sup>(1)</sup> | 1238 | 637496 |
| SSAB AB, A Shares | 15682 | 139976 |
| SSAB AB, B Shares | 49152 | 433996 |
| Storytel AB | 2274 | 20012 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sveafastigheter AB<sup>(1)(2)</sup> | 4749 | $19567 |
| Svenska Cellulosa AB SCA, B Shares<sup>(2)</sup> | 20346 | 276214 |
| Svenska Handelsbanken AB, A Shares | 51953 | 830588 |
| Sweco AB, B Shares | 4049 | 64645 |
| Swedbank AB, A Shares<sup>(2)</sup> | 27201 | 1044874 |
| Swedish Orphan Biovitrum AB<sup>(1)</sup> | 1162 | 50775 |
| Synsam AB<sup>(2)</sup> | 3205 | 24569 |
| Tele2 AB, B Shares | 23649 | 499092 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>(2)</sup> | 143711 | 1667048 |
| Telia Co. AB | 121167 | 622048 |
| TF Bank AB<sup>(2)</sup> | 3718 | 64816 |
| Trelleborg AB, B Shares | 7208 | 315957 |
| Troax Group AB<sup>(2)</sup> | 3213 | 35905 |
| Truecaller AB, B Shares<sup>(2)</sup> | 11972 | 14630 |
| VBG Group AB, B Shares<sup>(2)</sup> | 560 | 23097 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 422 | 63 |
| Vitec Software Group AB, B Shares<sup>(2)</sup> | 386 | 10222 |
| Volvo AB, A Shares | 2916 | 113504 |
| Volvo AB, B Shares | 23132 | 900029 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 13446 | 36727 |
| Wallenstam AB, B Shares<sup>(2)</sup> | 13786 | 69751 |
| Wihlborgs Fastigheter AB | 11818 | 125191 |
| Zinzino AB, Class B<sup>(2)</sup> | 1854 | 31602 |
|  |  | 29478425 |
| **Switzerland — 7.7%** |  |  |
| ABB Ltd. | 13790 | 1284348 |
| Accelleron Industries AG | 8739 | 824338 |
| Alcon AG | 4874 | 422519 |
| Allreal Holding AG | 1244 | 381409 |
| APG SGA SA | 83 | 22946 |
| Arbonia AG<sup>(1)</sup> | 3283 | 21027 |
| Aryzta AG<sup>(1)(2)</sup> | 1142 | 82168 |
| Ascom Holding AG | 5642 | 36955 |
| Autoneum Holding AG | 352 | 58169 |
| Avolta AG<sup>(1)</sup> | 6491 | 426714 |
| Bachem Holding AG, Class B<sup>(1)(2)</sup> | 1790 | 138111 |
| Banque Cantonale Vaudoise<sup>(2)</sup> | 2683 | 410461 |
| Barry Callebaut AG<sup>(2)</sup> | 392 | 736790 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 1914 | 137559 |
| Basler Kantonalbank | 488 | 71432 |
| Belimo Holding AG | 446 | 444520 |
| Bell Food Group AG | 60 | 16801 |
| Bellevue Group AG | 89 | 1023 |
| BKW AG | 289 | 56788 |
| Bossard Holding AG, Class A | 258 | 55430 |
| Bucher Industries AG | 428 | 212827 |
| Burckhardt Compression Holding AG | 297 | 221884 |
| Burkhalter Holding AG | 770 | 162886 |
| Bystronic AG | 14 | 4646 |
| Cembra Money Bank AG | 3149 | 407318 |
| Cham Swiss Properties AG | 20 | 689 |
| Chocoladefabriken Lindt & Spruengli AG | 2 | 329450 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate | 17 | 280664 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cicor Technologies Ltd.<sup>(1)</sup> | 187 | $40406 |
| Cie Financiere Richemont SA, Class A | 16698 | 3404015 |
| Cie Financiere Tradition SA, Class BR | 194 | 68172 |
| Clariant AG<sup>(1)</sup> | 10848 | 119050 |
| Coltene Holding AG<sup>(1)(2)</sup> | 73 | 5431 |
| COSMO Pharmaceuticals NV | 1142 | 168270 |
| Daetwyler Holding AG, Bearer Shares | 1262 | 274294 |
| DKSH Holding AG | 3711 | 299637 |
| dormakaba Holding AG | 2690 | 200995 |
| EFG International AG<sup>(1)</sup> | 11488 | 281612 |
| Emmi AG | 244 | 257185 |
| EMS-Chemie Holding AG<sup>(2)</sup> | 218 | 180857 |
| Flughafen Zurich AG | 1945 | 666409 |
| Forbo Holding AG<sup>(2)</sup> | 114 | 132993 |
| Fundamenta Real Estate AG | 318 | 7856 |
| Galderma Group AG | 1076 | 203052 |
| Geberit AG | 2528 | 2125686 |
| Georg Fischer AG<sup>(2)</sup> | 4489 | 283682 |
| Givaudan SA | 65 | 261065 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 60 | 2151 |
| Helvetia Baloise Holding AG | 2566 | 666338 |
| Hiag Immobilien Holding AG | 308 | 54356 |
| Holcim AG<sup>(1)</sup> | 31913 | 2933801 |
| Huber & Suhner AG | 1711 | 411281 |
| Idorsia Ltd.<sup>(1)</sup> | 580 | 2957 |
| Implenia AG | 2599 | 243573 |
| Inficon Holding AG | 1506 | 232793 |
| Interroll Holding AG | 55 | 138232 |
| Intershop Holding AG | 273 | 60557 |
| Julius Baer Group Ltd. | 16880 | 1435305 |
| Kardex Holding AG | 273 | 92376 |
| Komax Holding AG<sup>(1)(2)</sup> | 256 | 22575 |
| Kuehne & Nagel International AG<sup>(2)</sup> | 2880 | 670111 |
| Landis & Gyr Group AG<sup>(1)</sup> | 647 | 44170 |
| LEM Holding SA<sup>(1)</sup> | 23 | 9496 |
| Leonteq AG<sup>(2)</sup> | 434 | 6454 |
| Liechtensteinische Landesbank AG | 79 | 9574 |
| Logitech International SA | 7823 | 717708 |
| Lonza Group AG | 1759 | 1223459 |
| Medacta Group SA<sup>(2)</sup> | 446 | 92158 |
| Medmix AG | 3056 | 37479 |
| Metall Zug AG, B Shares<sup>(2)</sup> | 4 | 4172 |
| Mobilezone Holding AG | 1771 | 35684 |
| Mobimo Holding AG | 689 | 358708 |
| Montana Aerospace AG<sup>(1)</sup> | 3106 | 125837 |
| Nestle SA | 30768 | 3361724 |
| Newron Pharmaceuticals SpA<sup>(1)</sup> | 2358 | 56803 |
| Novartis AG, ADR<sup>(2)</sup> | 34967 | 5896136 |
| OC Oerlikon Corp. AG Pfaeffikon | 17666 | 96776 |
| On Holding AG, Class A<sup>(1)</sup> | 7593 | 352923 |
| Partners Group Holding AG | 1242 | 1380174 |
| Peach Property Group AG<sup>(1)</sup> | 336 | 2531 |
| PolyPeptide Group AG<sup>(1)</sup> | 2539 | 84583 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PSP Swiss Property AG | 3499 | $753587 |
| R&S Group Holding AG<sup>(1)(2)</sup> | 2299 | 74148 |
| Roche Holding AG | 20332 | 9676027 |
| Roche Holding AG, Bearer Shares | 920 | 456007 |
| Sandoz Group AG | 3991 | 351576 |
| Schindler Holding AG | 1058 | 385690 |
| Schindler Holding AG, Bearer Participation Certificate | 1834 | 698261 |
| Schweiter Technologies AG | 75 | 25264 |
| Schweizerische Nationalbank<sup>(2)</sup> | 2 | 8882 |
| SFS Group AG | 2030 | 322454 |
| SGS SA | 10498 | 1326165 |
| Siegfried Holding AG | 5555 | 617730 |
| Sika AG | 3938 | 813406 |
| SKAN Group AG | 662 | 44832 |
| Softwareone Holding AG<sup>(2)</sup> | 1972 | 17318 |
| Sonova Holding AG | 357 | 93072 |
| St. Galler Kantonalbank AG | 94 | 78189 |
| Straumann Holding AG<sup>(2)</sup> | 5437 | 650948 |
| Sulzer AG | 1383 | 305465 |
| Swatch Group AG | 1119 | 55698 |
| Swatch Group AG, Bearer Shares<sup>(2)</sup> | 653 | 167065 |
| Swiss Life Holding AG | 1055 | 1208141 |
| Swiss Prime Site AG | 5545 | 1058095 |
| Swiss Re AG<sup>(2)</sup> | 6913 | 1216959 |
| Swisscom AG | 1416 | 1328208 |
| Swissquote Group Holding SA | 446 | 237964 |
| Tecan Group AG | 371 | 65734 |
| Temenos AG | 4244 | 393718 |
| TX Group AG | 184 | 38497 |
| UBS Group AG | 93581 | 3877061 |
| Valiant Holding AG | 1662 | 360086 |
| VAT Group AG | 617 | 435161 |
| Vetropack Holding AG | 591 | 17429 |
| Vontobel Holding AG | 2935 | 267987 |
| VP Bank AG, Class A | 24 | 2710 |
| VZ Holding AG | 197 | 37039 |
| V-ZUG Holding AG<sup>(2)</sup> | 38 | 2000 |
| Ypsomed Holding AG<sup>(2)</sup> | 56 | 19392 |
| Zehnder Group AG | 1023 | 108387 |
| Zurich Insurance Group AG | 3412 | 2573756 |
|  |  | 67263602 |
| **United Kingdom — 12.6%** |  |  |
| 3i Group PLC | 14301 | 638910 |
| 4imprint Group PLC | 3585 | 190391 |
| Aberdeen Group PLC | 248406 | 736065 |
| Admiral Group PLC | 13340 | 532926 |
| AEP Plantations PLC | 1607 | 34131 |
| AG Barr PLC | 685 | 6416 |
| Airtel Africa PLC | 37080 | 173969 |
| AJ Bell PLC | 18165 | 105706 |
| AltynGold PLC<sup>(1)</sup> | 1825 | 39755 |
| Anglo American PLC | 43610 | 2175815 |
| Antofagasta PLC | 11827 | 679494 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| AO World PLC<sup>(1)</sup> | 14268 | $19049 |
| Ashmore Group PLC<sup>(2)</sup> | 8522 | 27328 |
| Ashtead Group PLC | 21622 | 1548715 |
| ASOS PLC<sup>(1)(2)</sup> | 2037 | 7786 |
| Associated British Foods PLC | 8532 | 227227 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 3975 | 2484 |
| AstraZeneca PLC | 20109 | 4191721 |
| Atalaya Mining Copper SA | 9799 | 135047 |
| Autotrader Group PLC | 37262 | 246822 |
| Avation PLC | 285 | 551 |
| Aviva PLC | 31889 | 293871 |
| B&M European Value Retail SA | 27589 | 70905 |
| Babcock International Group PLC | 14081 | 257225 |
| BAE Systems PLC | 29439 | 840647 |
| Balfour Beatty PLC | 41886 | 429095 |
| Barclays PLC, ADR | 121503 | 2950093 |
| Barratt Redrow PLC | 81754 | 400256 |
| Beazley PLC | 42597 | 725801 |
| Bellway PLC | 7886 | 294824 |
| Berkeley Group Holdings PLC | 5896 | 342849 |
| Big Technologies PLC<sup>(1)</sup> | 13586 | 20136 |
| Bloomsbury Publishing PLC | 3095 | 19237 |
| Bodycote PLC | 4049 | 42570 |
| boohoo Group PLC<sup>(1)(2)</sup> | 39860 | 11824 |
| BP PLC, ADR | 113361 | 4405209 |
| Breedon Group PLC | 13937 | 67075 |
| BT Group PLC | 286530 | 835120 |
| Bunzl PLC | 1783 | 52609 |
| Burberry Group PLC<sup>(1)</sup> | 28674 | 448284 |
| Burford Capital Ltd. (London) | 4035 | 33875 |
| Bytes Technology Group PLC<sup>(2)</sup> | 13031 | 53045 |
| Canal & SA | 15829 | 65740 |
| Capricorn Energy PLC<sup>(1)</sup> | 3073 | 10744 |
| Carnival PLC, ADR | 10087 | 317438 |
| Central Asia Metals PLC | 29526 | 94506 |
| Centrica PLC | 396123 | 1062301 |
| Cerillion PLC | 1242 | 25931 |
| Chesnara PLC | 4818 | 21121 |
| Clarkson PLC | 707 | 40420 |
| Close Brothers Group PLC<sup>(1)</sup> | 12404 | 82883 |
| CMC Markets PLC | 10517 | 46195 |
| Coats Group PLC | 243002 | 305205 |
| Coca-Cola HBC AG<sup>(1)</sup> | 12862 | 834889 |
| Compass Group PLC | 26385 | 808000 |
| Computacenter PLC | 5698 | 242938 |
| Conduit Holdings Ltd. | 13078 | 76702 |
| Convatec Group PLC | 13316 | 45943 |
| Costain Group PLC | 29754 | 74453 |
| Crest Nicholson Holdings PLC<sup>(2)</sup> | 9099 | 18675 |
| Croda International PLC | 2371 | 98972 |
| CVS Group PLC | 3814 | 68400 |
| DCC PLC | 2688 | 187440 |
| DFS Furniture PLC<sup>(1)</sup> | 9527 | 24259 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Diageo PLC, ADR<sup>(2)</sup> | 14012 | $1254074 |
| Diploma PLC | 1578 | 120536 |
| Diversified Energy Co. | 4927 | 69197 |
| Domino's Pizza Group PLC | 1387 | 3746 |
| Dr. Martens PLC<sup>(2)</sup> | 63742 | 59180 |
| Drax Group PLC | 48004 | 573561 |
| Dunelm Group PLC | 10858 | 147672 |
| easyJet PLC | 19633 | 122737 |
| Ecora Royalties PLC | 24204 | 46710 |
| Endeavour Mining PLC | 1938 | 139448 |
| EnQuest PLC | 140837 | 32323 |
| Experian PLC | 5839 | 219775 |
| FDM Group Holdings PLC | 2832 | 5392 |
| Ferrexpo PLC<sup>(1)</sup> | 15137 | 11448 |
| Fevertree Drinks PLC | 2653 | 33978 |
| Firstgroup PLC<sup>(2)</sup> | 59495 | 147526 |
| Foresight Group Holdings Ltd. | 11752 | 64897 |
| Forterra PLC | 7139 | 18202 |
| Frasers Group PLC<sup>(1)</sup> | 10020 | 94779 |
| Fresnillo PLC | 20103 | 1147062 |
| Frontier Developments PLC<sup>(1)</sup> | 65 | 346 |
| Funding Circle Holdings PLC<sup>(1)(2)</sup> | 20908 | 40785 |
| Galliford Try Holdings PLC | 7813 | 57773 |
| Games Workshop Group PLC | 2747 | 660750 |
| Gamma Communications PLC | 4919 | 59392 |
| Genel Energy PLC<sup>(1)</sup> | 8674 | 7526 |
| Georgia Capital PLC<sup>(1)</sup> | 5138 | 257868 |
| Glencore PLC<sup>(1)</sup> | 495613 | 3581108 |
| Goodwin PLC | 323 | 104399 |
| Greencore Group PLC | 19364 | 70459 |
| Greggs PLC<sup>(2)</sup> | 14888 | 318531 |
| GSK PLC, ADR<sup>(2)</sup> | 81677 | 4829561 |
| Gulf Keystone Petroleum Ltd. | 10676 | 30083 |
| Gulf Marine Services PLC<sup>(1)</sup> | 114766 | 35289 |
| Gym Group PLC<sup>(1)</sup> | 20627 | 49534 |
| Haleon PLC, ADR<sup>(2)</sup> | 62072 | 687137 |
| Halfords Group PLC | 24340 | 48675 |
| Halma PLC | 5565 | 313140 |
| Harbour Energy PLC | 15191 | 52104 |
| Hays PLC | 36679 | 19931 |
| Headlam Group PLC<sup>(1)</sup> | 1141 | 638 |
| Helios Towers PLC<sup>(1)</sup> | 89972 | 242025 |
| Hikma Pharmaceuticals PLC | 4871 | 86387 |
| Hill & Smith PLC | 5811 | 186692 |
| Hilton Food Group PLC | 5159 | 36849 |
| Hiscox Ltd. | 9524 | 198429 |
| Hochschild Mining PLC | 48980 | 532714 |
| Hollywood Bowl Group PLC | 23736 | 84935 |
| Howden Joinery Group PLC | 40700 | 530345 |
| HSBC Holdings PLC, ADR<sup>(2)</sup> | 64400 | 5999504 |
| Hunting PLC | 21321 | 148476 |
| Ibstock PLC<sup>(2)</sup> | 12744 | 22785 |
| ICG PLC | 8268 | 186115 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| IG Group Holdings PLC | 4504 | $79002 |
| IMI PLC | 7397 | 287001 |
| Impax Asset Management Group PLC | 2916 | 5748 |
| Inchcape PLC | 19228 | 230713 |
| Informa PLC | 10281 | 116116 |
| IntegraFin Holdings PLC | 8026 | 34318 |
| InterContinental Hotels Group PLC | 2155 | 296141 |
| International Personal Finance PLC | 14608 | 48788 |
| International Workplace Group PLC | 23879 | 71676 |
| Intertek Group PLC | 3215 | 204860 |
| Investec PLC | 37502 | 324023 |
| IP Group PLC<sup>(1)</sup> | 56009 | 42371 |
| J D Wetherspoon PLC<sup>(2)</sup> | 9577 | 93119 |
| J Sainsbury PLC | 87140 | 409519 |
| James Halstead PLC | 11541 | 20219 |
| JD Sports Fashion PLC | 182356 | 200888 |
| JET2 PLC | 9165 | 154866 |
| Johnson Matthey PLC | 22229 | 603366 |
| Johnson Service Group PLC | 60798 | 119724 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 357059 | 21094 |
| Jupiter Fund Management PLC | 7591 | 19174 |
| Just Group PLC | 27621 | 80731 |
| Kainos Group PLC | 9759 | 98677 |
| Keller Group PLC | 11809 | 321823 |
| Kingfisher PLC | 160852 | 809090 |
| Knights Group Holdings PLC<sup>(2)</sup> | 100 | 212 |
| Lancashire Holdings Ltd. | 15994 | 144230 |
| Legal & General Group PLC | 491167 | 1794112 |
| Lion Finance Group PLC | 4167 | 650648 |
| Liontrust Asset Management PLC | 2711 | 9869 |
| Lloyds Banking Group PLC, ADR<sup>(2)</sup> | 592835 | 3290234 |
| London Stock Exchange Group PLC | 2376 | 283085 |
| M&G PLC | 47545 | 203014 |
| Man Group PLC | 53277 | 191953 |
| Marex Group PLC | 4418 | 192006 |
| Marks & Spencer Group PLC | 213207 | 1139825 |
| Marshalls PLC | 1809 | 4371 |
| Marston's PLC<sup>(1)</sup> | 85708 | 69498 |
| McBride PLC | 15056 | 31585 |
| Me Group International PLC | 14615 | 26946 |
| Mears Group PLC | 10049 | 48209 |
| Melrose Industries PLC | 16865 | 128330 |
| Metals Exploration PLC<sup>(1)</sup> | 159966 | 34037 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 16206 | 65646 |
| Mitie Group PLC | 71514 | 173678 |
| Molten Ventures PLC<sup>(1)</sup> | 15083 | 94426 |
| Mondi PLC | 4221 | 50460 |
| MONY Group PLC | 25741 | 59678 |
| Moonpig Group PLC | 12400 | 37092 |
| Morgan Advanced Materials PLC | 38897 | 126402 |
| Mortgage Advice Bureau Holdings Ltd. | 524 | 4537 |
| Motorpoint group PLC | 72 | 134 |
| National Grid PLC, ADR<sup>(2)</sup> | 22919 | 2149115 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| NatWest Group PLC, ADR<sup>(2)</sup> | 145549 | $2416113 |
| Next 15 Group PLC<sup>(2)</sup> | 6766 | 27636 |
| Next PLC | 8003 | 1458463 |
| Ninety One PLC | 35691 | 120754 |
| Norcros PLC | 2404 | 11575 |
| Ocado Group PLC<sup>(1)(2)</sup> | 886 | 2519 |
| On the Beach Group PLC | 5273 | 14343 |
| OSB Group PLC | 29740 | 244349 |
| Oxford Instruments PLC | 2341 | 82984 |
| Pagegroup PLC | 15349 | 39027 |
| Pan African Resources PLC | 97930 | 236600 |
| Paragon Banking Group PLC | 13105 | 150899 |
| PayPoint PLC<sup>(2)</sup> | 2412 | 19100 |
| Pearson PLC, ADR | 5145 | 66370 |
| Pennon Group PLC | 56589 | 457225 |
| Persimmon PLC | 15575 | 315896 |
| Phoenix Group Holdings PLC | 28564 | 295030 |
| Playtech PLC | 3187 | 15137 |
| Plus500 Ltd. | 8532 | 459441 |
| Polar Capital Holdings PLC | 15606 | 133746 |
| Pollen Street Group Ltd. | 1861 | 20261 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 154073 | 5033 |
| Premier Foods PLC | 10225 | 27174 |
| Prudential PLC, ADR<sup>(2)</sup> | 76054 | 2338660 |
| PureTech Health PLC<sup>(1)</sup> | 13280 | 21977 |
| PZ Cussons PLC | 7423 | 8207 |
| QinetiQ Group PLC | 57751 | 394838 |
| Quilter PLC | 193990 | 513391 |
| Rathbones Group PLC | 909 | 27656 |
| Reach PLC | 31263 | 30464 |
| Reckitt Benckiser Group PLC | 32392 | 2853700 |
| RELX PLC, ADR | 17682 | 615157 |
| Renishaw PLC | 80 | 4627 |
| Rentokil Initial PLC | 25994 | 160600 |
| RHI Magnesita NV | 2849 | 127728 |
| Rightmove PLC | 39067 | 235402 |
| Rio Tinto PLC, ADR | 29670 | 2947418 |
| Rolls-Royce Holdings PLC | 242495 | 4360565 |
| Rotork PLC | 27082 | 140205 |
| RS Group PLC | 22590 | 212237 |
| RWS Holdings PLC | 20183 | 20708 |
| Saga PLC<sup>(1)</sup> | 9135 | 67269 |
| Sage Group PLC | 19446 | 213979 |
| Savannah Energy PLC<sup>(1)</sup> | 44665 | 5916 |
| Schroders PLC | 12666 | 99737 |
| Secure Trust Bank PLC | 1620 | 33185 |
| Senior PLC | 63047 | 260889 |
| Serabi Gold PLC<sup>(1)</sup> | 10430 | 47995 |
| Serco Group PLC | 42989 | 174944 |
| Serica Energy PLC | 24758 | 80529 |
| Severn Trent PLC | 21124 | 932400 |
| Shell PLC, ADR | 77674 | 6486556 |
| SIG PLC<sup>(1)</sup> | 1703 | 231 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Smith & Nephew PLC, ADR<sup>(2)</sup> | 4573 | $168744 |
| Smiths Group PLC | 12682 | 468858 |
| Softcat PLC | 7507 | 115525 |
| Speedy Hire PLC | 6740 | 2310 |
| Spirax Group PLC | 1623 | 172942 |
| Spire Healthcare Group PLC | 16825 | 46155 |
| SSE PLC | 19276 | 696738 |
| SSP Group PLC | 58221 | 161326 |
| St. James's Place PLC | 60248 | 1090931 |
| Standard Chartered PLC | 80202 | 1978375 |
| SThree PLC | 5787 | 13569 |
| Synthomer PLC<sup>(1)(2)</sup> | 6745 | 1792 |
| Tatton Asset Management PLC | 2800 | 23495 |
| Taylor Wimpey PLC | 229133 | 347816 |
| TBC Bank Group PLC | 2175 | 140671 |
| Tesco PLC | 63092 | 408428 |
| Topps Tiles PLC | 1038 | 573 |
| TP ICAP Group PLC | 32066 | 109469 |
| Travis Perkins PLC | 15720 | 147356 |
| Treatt PLC<sup>(2)</sup> | 5081 | 14402 |
| Trustpilot Group PLC<sup>(1)</sup> | 47786 | 94564 |
| TUI AG | 12237 | 116093 |
| Tullow Oil PLC<sup>(1)(2)</sup> | 13780 | 1999 |
| Unilever PLC, ADR | 17418 | 1284577 |
| United Utilities Group PLC | 49918 | 935683 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 22240 | 35849 |
| Vertu Motors PLC | 18946 | 15297 |
| Vesuvius PLC | 16465 | 110819 |
| Victrex PLC | 6322 | 60149 |
| Vistry Group PLC<sup>(1)</sup> | 17411 | 163173 |
| Vodafone Group PLC, ADR | 89826 | 1379727 |
| Volex PLC | 12518 | 81698 |
| Vp PLC | 87 | 552 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 22093 | 151993 |
| Watkin Jones PLC<sup>(1)</sup> | 3373 | 1562 |
| Weir Group PLC | 10969 | 520263 |
| WH Smith PLC | 2791 | 25986 |
| Whitbread PLC | 6737 | 235874 |
| Wickes Group PLC | 36378 | 123783 |
| Wise PLC, Class A<sup>(1)</sup> | 26154 | 303043 |
| XP Power Ltd.<sup>(1)</sup> | 1599 | 29848 |
| Yellow Cake PLC<sup>(1)</sup> | 22412 | 191794 |
| Young & Co.'s Brewery PLC, Class A | 1740 | 20707 |
| Zigup PLC | 33907 | 187638 |
|  |  | 110575911 |
| **United States — 0.4%** |  |  |
| Alcoa Corp. | 424 | 26723 |
| Amrize Ltd.<sup>(1)</sup> | 10090 | 647245 |
| CRH PLC | 6618 | 794028 |
| Dauch Corp.<sup>(1)</sup> | 5882 | 36939 |
| Gen Digital, Inc. | 12 | 271 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 3418 | 111837 |
| Newmont Corp. | 6802 | 864245 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ovintiv, Inc. | 2426 | $122434 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 484 | 72077 |
| Primo Brands Corp., Class A | 1200 | 27216 |
| Royal Gold, Inc. | 456 | 136704 |
| Seadrill Ltd.<sup>(1)</sup> | 869 | 38132 |
| Smurfit Westrock PLC | 6148 | 289017 |
| Sunococorp LLC | 1081 | 64741 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 200 | 1740 |
|  |  | 3233349 |
| **TOTAL COMMON STOCKS**<br>(Cost $678,932,504) |  | **875675635** |
| **RIGHTS — 0.0%** |  |  |
| **New Zealand — 0.0%** |  |  |
| Genesis Energy Ltd.<sup>(1)</sup> | 1413 | 180 |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(1)</sup> | 2113 | 131 |
| Nobia AB<sup>(1)(2)</sup> | 55479 | 5221 |
|  |  | 5352 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 2300 | 2473 |
| **TOTAL RIGHTS**<br>(Cost $11,804) |  | **8005** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 79 | 1 |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(1)</sup> | 100 | 1 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup> | 3222 | 6014 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **6016** |
| **SHORT-TERM INVESTMENTS — 6.3%** |  |  |
| **Money Market Funds — 6.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 7189274 | 7189274 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 47792083 | 47792083 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $54,981,357) |  | **54981357** |
| **TOTAL INVESTMENT SECURITIES — 106.1%**<br>(Cost $733,925,665) |  | **930671013** |
| **OTHER ASSETS AND LIABILITIES — (6.1)%** |  | **(53414392)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**877256621** |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 23.0% |
| Industrials | 19.7% |
| Materials | 13.8% |
| Consumer Discretionary | 9.7% |
| Energy | 6.7% |
| Health Care | 6.6% |
| Information Technology | 6.3% |
| Consumer Staples | 4.9% |
| Utilities | 4.3% |
| Communication Services | 3.0% |
| Real Estate | 1.8% |
| Short-Term Investments | 6.3% |
| Other Assets and Liabilities | (6.1)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| S&P 500 E-Mini | 6 | March 2026 | $2066700 | $(4540) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $76,599,987. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $79,972,276, which includes securities collateral of $32,180,193.

------

Schedule of Investments - Avantis International Equity Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $6513614 | $49885202 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 2157425 | 6770800 |  |
| &nbsp;&nbsp;&nbsp;Canada | 415421 | 102533032 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 4079080 | 9409964 |  |
| &nbsp;&nbsp;&nbsp;Finland | 559167 | 8477209 |  |
| &nbsp;&nbsp;&nbsp;France | 7839142 | 63085533 |  |
| &nbsp;&nbsp;&nbsp;Germany | 3236490 | 61593566 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 117953 | 14720547 |  |
| &nbsp;&nbsp;&nbsp;Israel | 1492220 | 9976092 |  |
| &nbsp;&nbsp;&nbsp;Italy | 2050224 | 21627877 |  |
| &nbsp;&nbsp;&nbsp;Japan | 17873931 | 179367459 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 19267986 | 16718002 |  |
| &nbsp;&nbsp;&nbsp;Norway | 716837 | 5921459 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 529864 | 12552526 |  |
| &nbsp;&nbsp;&nbsp;Spain | 9656008 | 16594641 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 2656530 | 26821895 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 10126120 | 57137482 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 47969414 | 62606497 |  |
| &nbsp;&nbsp;&nbsp;United States | 1535763 | 1697586 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 9385077 |  |
| Rights | 2473 | 5532 |  |
| Warrants |  | 6016 |  |
| Short-Term Investments | 54981357 |  |  |
|  | $193777019 | $736893994 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $4540 |  |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Equity** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $9368 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $45119 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(63935) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Value Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.0%** | **Shares**<br> | **Value**<br> |
| **Australia — 10.1%** | | |
| 29Metals Ltd.<sup>(1)</sup> | 136603 | $39224 |
| Adairs Ltd.<sup>(2)</sup> | 33819 | 45439 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 67237 | 25052 |
| Alliance Aviation Services Ltd. | 9551 | 4593 |
| Amplitude Energy Ltd.<sup>(1)(2)</sup> | 59384 | 107623 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 386629 | 83972 |
| Aurizon Holdings Ltd. | 388987 | 1148567 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 38261 | 37310 |
| Australian Finance Group Ltd. | 74626 | 96116 |
| Bank of Queensland Ltd. | 296192 | 1474318 |
| Beach Energy Ltd.<sup>(2)</sup> | 1966156 | 1536274 |
| Bendigo & Adelaide Bank Ltd. | 106968 | 814630 |
| Bravura Solutions Ltd. | 50978 | 75360 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 99291 | 1060229 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 190012 | 1156377 |
| Challenger Ltd. | 359065 | 2280422 |
| Champion Iron Ltd.<sup>(2)</sup> | 312036 | 1190357 |
| Coast Entertainment Holdings Ltd.<sup>(1)</sup> | 93560 | 38691 |
| Coronado Global Resources, Inc. | 260622 | 58341 |
| Dyno Nobel Ltd. | 623817 | 1473074 |
| Elders Ltd. | 1270 | 6557 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 88013 | 84494 |
| Emerald Resources NL<sup>(1)</sup> | 55960 | 287317 |
| EML Payments Ltd.<sup>(1)</sup> | 3043 | 1396 |
| EVT Ltd. | 35373 | 334642 |
| FleetPartners Group Ltd. | 76422 | 144036 |
| GenusPlus Group Ltd. | 11109 | 61430 |
| GrainCorp Ltd., A Shares | 43151 | 189113 |
| Grange Resources Ltd.<sup>(1)</sup> | 222445 | 36444 |
| GWA Group Ltd. | 3958 | 6726 |
| Harvey Norman Holdings Ltd. | 22994 | 94130 |
| Helia Group Ltd. | 326671 | 1399578 |
| HUB24 Ltd. | 126 | 8754 |
| Humm Group Ltd.<sup>(2)</sup> | 50226 | 24979 |
| Iluka Resources Ltd.<sup>(2)</sup> | 360679 | 1730409 |
| Inghams Group Ltd.<sup>(2)</sup> | 374841 | 549337 |
| Karoon Energy Ltd.<sup>(2)</sup> | 994535 | 1097828 |
| L1 Group Ltd.<sup>(2)</sup> | 120224 | 106108 |
| Leo Lithium Ltd.<sup>(1)(2)</sup> | 183575 | 1306 |
| Macmahon Holdings Ltd. | 201489 | 106964 |
| Macquarie Technology Group Ltd.<sup>(1)(2)</sup> | 2350 | 113358 |
| Magellan Financial Group Ltd. | 106014 | 637419 |
| Metals X Ltd.<sup>(1)</sup> | 302924 | 307944 |
| MGX Resources Ltd.<sup>(1)(2)</sup> | 54215 | 18324 |
| Mineral Resources Ltd.<sup>(1)(2)</sup> | 35778 | 1546347 |
| Monadelphous Group Ltd. | 72904 | 1682389 |
| Myer Holdings Ltd.<sup>(1)(2)</sup> | 436588 | 116176 |
| New Hope Corp. Ltd.<sup>(2)</sup> | 474065 | 1580011 |
| Nickel Industries Ltd.<sup>(1)</sup> | 309043 | 221532 |
| NRW Holdings Ltd. | 366176 | 1701349 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nufarm Ltd.<sup>(1)(2)</sup> | 304793 | $446692 |
| OFX Group Ltd.<sup>(1)</sup> | 32997 | 15618 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 332931 | 307801 |
| Orora Ltd. | 449104 | 684833 |
| Pacific Current Group Ltd. | 868 | 6195 |
| Perenti Ltd. | 692924 | 1158684 |
| Perseus Mining Ltd. | 1250073 | 5373380 |
| Premier Investments Ltd. | 17111 | 163657 |
| Ramelius Resources Ltd. | 1180857 | 3879533 |
| Regis Resources Ltd. | 851563 | 5763812 |
| Resimac Group Ltd. | 17203 | 14248 |
| Resolute Mining Ltd.<sup>(1)</sup> | 2465223 | 2620362 |
| Ricegrowers Ltd.<sup>(2)</sup> | 4325 | 40696 |
| Ridley Corp. Ltd. | 51219 | 104951 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 284384 | 4079189 |
| Sims Ltd. | 105064 | 1641015 |
| Southern Cross Media Group Ltd.<sup>(2)</sup> | 33053 | 14349 |
| SRG Global Ltd. | 201617 | 416377 |
| St Barbara Ltd.<sup>(1)</sup> | 229669 | 135991 |
| Stanmore Resources Ltd. | 221517 | 415596 |
| Star Entertainment Group Ltd.<sup>(1)</sup> | 1258884 | 111973 |
| Super Retail Group Ltd. | 124404 | 1373657 |
| Ten Sixty Four Ltd.<sup>(1)</sup> | 4832 | 34 |
| Terracom Ltd.<sup>(1)(2)</sup> | 194588 | 9149 |
| Tyro Payments Ltd.<sup>(1)(2)</sup> | 106005 | 65964 |
| Universal Store Holdings Ltd. | 9488 | 63240 |
| Vault Minerals Ltd.<sup>(1)</sup> | 280967 | 1181555 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 378133 | 476421 |
| West African Resources Ltd.<sup>(1)</sup> | 1198433 | 2992690 |
| Westgold Resources Ltd. | 150223 | 833948 |
| Whitehaven Coal Ltd. | 688535 | 3823397 |
|  |  | 65157373 |
| **Austria — 1.3%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 66336 | 4015263 |
| CPI Europe AG<sup>(1)</sup> | 21442 | 406719 |
| Lenzing AG<sup>(1)</sup> | 45878 | 1324267 |
| Oesterreichische Post AG | 7891 | 326760 |
| Porr AG | 40903 | 1885021 |
| Semperit AG Holding | 4585 | 73035 |
| UNIQA Insurance Group AG | 28006 | 553503 |
|  |  | 8584568 |
| **Belgium — 1.3%** |  |  |
| Barco NV | 20813 | 266599 |
| Bekaert SA | 36122 | 1864283 |
| bpost SA<sup>(1)</sup> | 1050 | 2657 |
| Cie d'Entreprises CFE | 3893 | 55955 |
| Deceuninck NV | 1622 | 4419 |
| Deme Group NV | 933 | 216650 |
| EVS Broadcast Equipment SA | 1791 | 72049 |
| Gimv NV | 4146 | 229282 |
| Ion Beam Applications<sup>(2)</sup> | 2420 | 43928 |
| Jensen-Group NV | 250 | 19841 |
| KBC Ancora | 5579 | 495679 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kinepolis Group NV<sup>(2)</sup> | 4009 | $128814 |
| Proximus SADP | 132607 | 1093582 |
| Solvay SA | 45115 | 1481911 |
| Tessenderlo Group SA | 10618 | 335799 |
| Umicore SA | 97116 | 2069726 |
|  |  | 8381174 |
| **Canada — 10.6%** |  |  |
| ADENTRA, Inc. | 7330 | 202642 |
| Advantage Energy Ltd.<sup>(1)</sup> | 98100 | 750826 |
| Aecon Group, Inc. | 500 | 13933 |
| Alaris Equity Partners Income | 1400 | 22960 |
| Algoma Central Corp. | 200 | 3495 |
| Allied Gold Corp.<sup>(1)</sup> | 27100 | 857870 |
| Amerigo Resources Ltd. | 53132 | 241500 |
| Aris Mining Corp.<sup>(1)</sup> | 47300 | 1071493 |
| Athabasca Oil Corp.<sup>(1)</sup> | 270200 | 1747124 |
| AutoCanada, Inc.<sup>(1)</sup> | 5600 | 108301 |
| B2Gold Corp. | 786052 | 4829087 |
| Badger Infrastructure Solutions Ltd. | 7800 | 418062 |
| Baytex Energy Corp. | 314849 | 1209493 |
| Birchcliff Energy Ltd. | 53215 | 267236 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 5800 | 22493 |
| Boston Pizza Royalties Income Fund | 446 | 8344 |
| Brookfield Wealth Solutions Ltd. | 5250 | 233432 |
| Calfrac Well Services Ltd.<sup>(1)(2)</sup> | 4100 | 16983 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 3101 | 2609 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 3233 | 39818 |
| Cardinal Energy Ltd. | 76900 | 556433 |
| Cascades, Inc. | 47200 | 416272 |
| Centerra Gold, Inc. | 106187 | 2231869 |
| CES Energy Solutions Corp. | 89620 | 1105755 |
| Chorus Aviation, Inc.<sup>(2)</sup> | 1223 | 22182 |
| Discovery Silver Corp.<sup>(1)</sup> | 45200 | 373450 |
| Doman Building Materials Group Ltd. | 2200 | 16822 |
| Dorel Industries, Inc., Class B<sup>(1)(2)</sup> | 877 | 1132 |
| Eldorado Gold Corp. | 95700 | 4444555 |
| Empire Co. Ltd., Class A | 9700 | 344039 |
| Enerflex Ltd. | 76086 | 1707410 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 30100 | 79881 |
| ERO Copper Corp.<sup>(1)</sup> | 58600 | 2004528 |
| Evertz Technologies Ltd. | 200 | 2381 |
| Finning International, Inc. | 63900 | 4307939 |
| Fortuna Mining Corp.<sup>(1)</sup> | 173700 | 2373643 |
| Frontera Energy Corp. | 7694 | 64302 |
| Galiano Gold, Inc.<sup>(1)</sup> | 34266 | 119575 |
| goeasy Ltd.<sup>(2)</sup> | 2330 | 183421 |
| Headwater Exploration, Inc. | 135510 | 1247759 |
| Hudbay Minerals, Inc. | 173125 | 4905452 |
| Hut 8 Corp.<sup>(1)</sup> | 234 | 12454 |
| iA Financial Corp., Inc. | 75 | 8530 |
| Imperial Metals Corp.<sup>(1)</sup> | 11666 | 88261 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 28502 | 650465 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 5341 | 36258 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Journey Energy, Inc.<sup>(1)</sup> | 520 | $1567 |
| K92 Mining, Inc.<sup>(1)</sup> | 50500 | 1217287 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 29700 | 188993 |
| Laurentian Bank of Canada | 8327 | 245344 |
| Linamar Corp. | 14200 | 978661 |
| Lithium Argentina AG<sup>(1)</sup> | 7900 | 63823 |
| Logan Energy Corp.<sup>(1)(2)</sup> | 71900 | 41641 |
| Martinrea International, Inc. | 42160 | 331024 |
| Mullen Group Ltd.<sup>(2)</sup> | 22700 | 287068 |
| New Gold, Inc.<sup>(1)</sup> | 392670 | 5273791 |
| North American Construction Group Ltd. | 14249 | 238589 |
| North West Co., Inc. | 6300 | 258549 |
| Northland Power, Inc. | 89200 | 1429502 |
| OceanaGold Corp. | 138933 | 5908510 |
| Orezone Gold Corp.<sup>(1)</sup> | 92282 | 186046 |
| Osisko Metals, Inc.<sup>(1)</sup> | 40000 | 45453 |
| Paramount Resources Ltd., A Shares<sup>(2)</sup> | 53600 | 1060958 |
| Parex Resources, Inc. | 54100 | 846372 |
| PetroTal Corp.<sup>(2)</sup> | 367500 | 107767 |
| Peyto Exploration & Development Corp.<sup>(2)</sup> | 113100 | 2191439 |
| PHX Energy Services Corp. | 3700 | 32686 |
| Pizza Pizza Royalty Corp.<sup>(2)</sup> | 300 | 3679 |
| Precision Drilling Corp.<sup>(1)</sup> | 5910 | 512643 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 14527 | 66562 |
| Rogers Sugar, Inc. | 14835 | 71671 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 4900 | 11962 |
| South Bow Corp. | 17500 | 562699 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 40300 | 323511 |
| Spin Master Corp., VTG Shares | 3200 | 45160 |
| Stella-Jones, Inc. | 4700 | 322545 |
| SunOpta, Inc.<sup>(1)</sup> | 3200 | 20597 |
| Surge Energy, Inc.<sup>(2)</sup> | 68800 | 407035 |
| Tamarack Valley Energy Ltd. | 346400 | 2587747 |
| Taseko Mines Ltd.<sup>(1)</sup> | 23000 | 204868 |
| Torex Gold Resources, Inc. | 8098 | 493402 |
| Total Energy Services, Inc. | 7000 | 92885 |
| Transcontinental, Inc., Class A | 800 | 13642 |
| Trican Well Service Ltd. | 99105 | 472984 |
| Valeura Energy, Inc.<sup>(1)(2)</sup> | 65200 | 526265 |
| Vermilion Energy, Inc. | 84200 | 904314 |
| Wajax Corp. | 2575 | 59313 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 12055 | 237026 |
| Western Forest Products, Inc.<sup>(1)(2)</sup> | 1156 | 11899 |
| Westshore Terminals Investment Corp. | 3800 | 89146 |
|  |  | 68349094 |
| **China — 0.0%** |  |  |
| China Gold International Resources Corp. Ltd.<sup>(2)</sup> | 2500 | 66896 |
| Ever Sunshine Services Group Ltd. | 266000 | 60438 |
| K Wah International Holdings Ltd. | 166000 | 59929 |
| LK Technology Holdings Ltd. | 250 | 107 |
|  |  | 187370 |
| **Denmark — 1.7%** |  |  |
| AL Sydbank | 31282 | 2804764 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| D/S Norden AS | 18945 | $849513 |
| Dfds AS<sup>(1)</sup> | 14597 | 238733 |
| FLSmidth & Co. AS | 1923 | 170233 |
| H&H International AS, B Shares<sup>(1)</sup> | 1425 | 19107 |
| Harboes Bryggeri AS, Class B | 336 | 6178 |
| Jyske Bank AS | 3019 | 452472 |
| Nilfisk Holding AS<sup>(1)</sup> | 2671 | 58785 |
| NKT AS<sup>(1)</sup> | 23906 | 3089998 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 232 | 6255 |
| Per Aarsleff Holding AS | 12821 | 1623180 |
| Schouw & Co. AS | 2725 | 291133 |
| Solar AS, B Shares | 3968 | 124890 |
| TORM PLC, Class A | 22581 | 662668 |
| Zealand Pharma AS<sup>(1)</sup> | 4937 | 285778 |
|  |  | 10683687 |
| **Finland — 1.0%** |  |  |
| Aspo OYJ | 1402 | 11461 |
| Atria OYJ | 343 | 7257 |
| Bittium OYJ | 1625 | 51461 |
| Citycon OYJ<sup>(1)</sup> | 46434 | 208659 |
| Finnair OYJ<sup>(1)(2)</sup> | 153751 | 630923 |
| Harvia OYJ<sup>(2)</sup> | 2492 | 108796 |
| Hiab OYJ, B Shares | 6491 | 372955 |
| Incap OYJ<sup>(1)(2)</sup> | 1674 | 20425 |
| Kalmar OYJ, B Shares | 14875 | 854074 |
| Kemira OYJ<sup>(2)</sup> | 13444 | 325788 |
| Lassila & Tikanoja OYJ<sup>(1)</sup> | 14024 | 125838 |
| Luotea PLC | 14024 | 40797 |
| Marimekko OYJ | 10569 | 139869 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 100216 | 1260773 |
| Outokumpu OYJ | 173081 | 1168658 |
| Puuilo OYJ | 79938 | 1142347 |
| Talenom OYJ | 3181 | 9431 |
| Verkkokauppa.com OYJ<sup>(1)</sup> | 249 | 1064 |
| YIT OYJ<sup>(1)(2)</sup> | 1678 | 5647 |
|  |  | 6486223 |
| **France — 3.0%** |  |  |
| AKWEL SADIR | 113 | 999 |
| Antin Infrastructure Partners SA | 1193 | 13554 |
| Arkema SA | 11634 | 847249 |
| Catana Group | 4546 | 14457 |
| Cie des Alpes | 21654 | 742370 |
| Clariane SE<sup>(1)</sup> | 31774 | 151721 |
| Coface SA | 66976 | 1238893 |
| Derichebourg SA | 112467 | 1247607 |
| Emeis SA<sup>(1)</sup> | 24079 | 435284 |
| Etablissements Maurel et Prom SA | 65205 | 694884 |
| Euroapi SA<sup>(1)</sup> | 31710 | 80090 |
| Genfit SA<sup>(1)</sup> | 3937 | 41801 |
| Guerbet<sup>(1)(2)</sup> | 63 | 995 |
| ID Logistics Group SACA<sup>(1)</sup> | 30 | 14107 |
| Jacquet Metals SACA | 893 | 24335 |
| Kaufman & Broad SA | 11089 | 424950 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maisons du Monde SA<sup>(1)(2)</sup> | 12783 | $20470 |
| Manitou BF SA | 4237 | 117667 |
| Mersen SA | 17622 | 577939 |
| Metropole Television SA | 3611 | 49343 |
| Nexans SA | 228 | 32753 |
| Nexity SA<sup>(1)(2)</sup> | 16608 | 186571 |
| North Atlantic Energies | 1404 | 64454 |
| Opmobility | 50819 | 1016928 |
| OVH Groupe SA<sup>(1)(2)</sup> | 4613 | 50449 |
| Pullup Entertainment<sup>(2)</sup> | 1787 | 25989 |
| ReWorld Media SA | 1855 | 3648 |
| SES SA | 335272 | 2496064 |
| SMCP SA<sup>(1)(2)</sup> | 38210 | 308665 |
| Solutions 30 SE<sup>(1)</sup> | 45934 | 47668 |
| Synergie SE | 96 | 3215 |
| Television Francaise 1 SA<sup>(2)</sup> | 43894 | 375854 |
| Trigano SA | 634 | 125469 |
| Ubisoft Entertainment SA<sup>(1)(2)</sup> | 79591 | 390475 |
| Valeo SE | 181489 | 2617255 |
| Vallourec SACA<sup>(2)</sup> | 116997 | 2737347 |
| Vicat SACA | 10201 | 854952 |
| Vusion<sup>(2)</sup> | 4618 | 649203 |
| X-Fab Silicon Foundries SE<sup>(1)</sup> | 57321 | 315940 |
|  |  | 19041614 |
| **Germany — 3.4%** |  |  |
| 2G Energy AG | 5689 | 256200 |
| 7C Solarparken AG<sup>(1)</sup> | 5130 | 9777 |
| Alzchem Group AG | 3342 | 584424 |
| Aurubis AG | 5082 | 1029696 |
| Baader Bank AG | 2427 | 20582 |
| Bijou Brigitte AG | 517 | 28172 |
| Borussia Dortmund GmbH & Co. KGaA | 39622 | 146879 |
| CANCOM SE | 320 | 8989 |
| Cewe Stiftung & Co. KGaA | 2659 | 314923 |
| Deutsche Rohstoff AG | 583 | 49986 |
| Draegerwerk AG & Co. KGaA | 622 | 55342 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 2357 | 249839 |
| Einhell Germany AG, Preference Shares | 715 | 71360 |
| Elmos Semiconductor SE | 3370 | 580478 |
| flatexDEGIRO SE | 54297 | 1967300 |
| Friedrich Vorwerk Group SE | 5371 | 509059 |
| Gesco SE | 473 | 8452 |
| Grand City Properties SA | 4066 | 53253 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 189120 | 317084 |
| HelloFresh SE<sup>(1)</sup> | 6419 | 36416 |
| Hornbach Holding AG & Co. KGaA | 6519 | 659369 |
| HUGO BOSS AG | 28340 | 1246250 |
| Indus Holding AG | 6340 | 228573 |
| Instone Real Estate Group SE | 1059 | 11753 |
| JOST Werke SE | 4048 | 320882 |
| Jungheinrich AG, Preference Shares | 35468 | 1337141 |
| Kloeckner & Co. SE | 38173 | 494184 |
| Koenig & Bauer AG<sup>(1)</sup> | 6503 | 69635 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kontron AG<sup>(2)</sup> | 25013 | $689351 |
| Krones AG | 2045 | 320200 |
| KSB SE & Co. KGaA | 1 | 1350 |
| KSB SE & Co. KGaA, Preference Shares | 69 | 87711 |
| Lang & Schwarz AG | 2492 | 70926 |
| Lanxess AG | 50171 | 1127884 |
| Multitude AG | 937 | 6966 |
| Mutares SE & Co. KGaA | 10033 | 367549 |
| Norma Group SE | 18384 | 342181 |
| ProCredit Holding AG | 7223 | 71927 |
| SAF-Holland SE | 35384 | 830021 |
| Salzgitter AG | 9786 | 624593 |
| Schaeffler AG | 76463 | 931476 |
| Sixt SE | 9709 | 752669 |
| Sixt SE, Preference Shares | 11804 | 762345 |
| SMA Solar Technology AG<sup>(1)</sup> | 8550 | 322030 |
| Steico SE | 1810 | 53876 |
| STO SE & Co. KGaA, Preference Shares | 1138 | 165504 |
| Suedzucker AG | 44896 | 537062 |
| thyssenkrupp AG | 222457 | 2744955 |
| Tkms AG& Co. KGaA<sup>(1)</sup> | 3632 | 412105 |
| Villeroy & Boch AG, Preference Shares | 195 | 4498 |
| Vossloh AG | 192 | 18534 |
| Wacker Neuson SE | 5013 | 123051 |
| Wuestenrot & Wuerttembergische AG | 829 | 16195 |
|  |  | 22050957 |
| **Hong Kong — 1.4%** |  |  |
| Analogue Holdings Ltd. | 12000 | 1591 |
| AustAsia Group Ltd.<sup>(1)</sup> | 7812 | 2371 |
| Cafe de Coral Holdings Ltd.<sup>(2)</sup> | 332000 | 196276 |
| Chow Sang Sang Holdings International Ltd. | 124000 | 220432 |
| Crystal International Group Ltd. | 15500 | 14729 |
| Dah Sing Banking Group Ltd. | 192800 | 322460 |
| Dah Sing Financial Holdings Ltd. | 101200 | 549326 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 1430000 | 159170 |
| Dickson Concepts International Ltd. | 10000 | 7388 |
| Eagle Nice International Holdings Ltd. | 2000 | 881 |
| E-Commodities Holdings Ltd. | 1440000 | 156162 |
| Great Eagle Holdings Ltd. | 9000 | 20536 |
| Hang Lung Group Ltd. | 238000 | 510200 |
| IGG, Inc. | 84000 | 33799 |
| Impro Precision Industries Ltd.<sup>(2)</sup> | 166000 | 184506 |
| International Housewares Retail Co. Ltd. | 10000 | 983 |
| Johnson Electric Holdings Ltd. | 381906 | 1508856 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 65000 | 15041 |
| Karrie International Holdings Ltd. | 20000 | 6864 |
| Man Wah Holdings Ltd. | 513600 | 334503 |
| Midland Holdings Ltd.<sup>(1)</sup> | 156000 | 66761 |
| Minmetals Land Ltd.<sup>(1)</sup> | 4000 | 511 |
| Oriental Watch Holdings | 52000 | 22733 |
| Pacific Basin Shipping Ltd. | 3591000 | 1587412 |
| PAX Global Technology Ltd. | 1000 | 621 |
| Regina Miracle International Holdings Ltd. | 25000 | 7572 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shun Tak Holdings Ltd.<sup>(1)</sup> | 406000 | $35263 |
| Singamas Container Holdings Ltd. | 268000 | 23290 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 2228000 | 685558 |
| SmarTone Telecommunications Holdings Ltd. | 92000 | 61943 |
| Stella International Holdings Ltd. | 22500 | 43390 |
| Sun Hung Kai & Co. Ltd. | 38000 | 21451 |
| Tai Hing Group Holdings Ltd. | 50000 | 7083 |
| Ten Pao Group Holdings Ltd. | 80000 | 28596 |
| Texhong International Group Ltd. | 102000 | 87295 |
| Texwinca Holdings Ltd. | 26000 | 3947 |
| Truly International Holdings Ltd. | 218000 | 27505 |
| United Energy Group Ltd. | 6848000 | 571420 |
| United Laboratories International Holdings Ltd.<sup>(2)</sup> | 252000 | 419028 |
| VSTECS Holdings Ltd. | 550000 | 557138 |
| Yue Yuen Industrial Holdings Ltd. | 263000 | 624221 |
|  |  | 9128812 |
| **Ireland — 0.2%** |  |  |
| FBD Holdings PLC | 2442 | 48845 |
| Glenveagh Properties PLC<sup>(1)</sup> | 372675 | 991317 |
| Origin Enterprises PLC | 11585 | 57902 |
| Permanent TSB Group Holdings PLC<sup>(1)</sup> | 4574 | 17207 |
|  |  | 1115271 |
| **Israel — 4.0%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 786 | 1076 |
| Africa Israel Residences Ltd. | 193 | 17034 |
| Alony Hetz Properties & Investments Ltd. | 14496 | 170348 |
| Amot Investments Ltd. | 21541 | 142991 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 1929 | 35101 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 405386 | 1068972 |
| Big Shopping Centers Ltd. | 614 | 147958 |
| Blue Square Real Estate Ltd. | 1167 | 157003 |
| Cellcom Israel Ltd. | 11701 | 136393 |
| Clal Insurance Enterprises Holdings Ltd. | 35583 | 2661559 |
| Delek Automotive Systems Ltd. | 704 | 4397 |
| Delek Group Ltd. | 5943 | 1823345 |
| Delta Galil Ltd. | 2662 | 129110 |
| Direct Finance of Direct Group 2006 Ltd. | 198 | 30936 |
| Dor Alon Energy in Israel 1988 Ltd. | 81 | 4794 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 27226 | 523460 |
| El Al Israel Airlines | 96639 | 481894 |
| Elco Ltd. | 345 | 16714 |
| Energix-Renewable Energies Ltd. | 189 | 1204 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 29700 | 2037256 |
| Equital Ltd.<sup>(1)</sup> | 6646 | 305888 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 3348 | 656625 |
| FIBI Holdings Ltd. | 9053 | 946167 |
| First International Bank Of Israel Ltd. | 1495 | 128639 |
| Fox Wizel Ltd. | 827 | 74765 |
| G City Ltd. | 41479 | 103983 |
| Harel Insurance Investments & Financial Services Ltd. | 46657 | 2454939 |
| IDI Insurance Co. Ltd. | 3480 | 254034 |
| Inmode Ltd.<sup>(1)</sup> | 4280 | 58850 |
| Isracard Ltd. | 46515 | 221466 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Israel Canada TR Ltd. | 55926 | $350413 |
| Israel Corp. Ltd. | 1752 | 452750 |
| Isras Holdings Ltd.<sup>(1)</sup> | 163 | 16944 |
| Isras Investment Co. Ltd. | 520 | 139430 |
| Land Development Nimrodi Group Ltd. | 2361 | 29276 |
| M Yochananof & Sons Ltd. | 465 | 53693 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 163 | 8282 |
| Menora Mivtachim Holdings Ltd. | 9781 | 1399320 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(1)</sup> | 189271 | 1025220 |
| Mivne Real Estate KD Ltd. | 34520 | 143215 |
| Mizrahi Tefahot Bank Ltd. | 1 | 37 |
| Naphtha Israel Petroleum Corp. Ltd.<sup>(1)</sup> | 2351 | 18847 |
| Neto Malinda Trading Ltd. | 1470 | 85342 |
| Nexxen International Ltd.<sup>(1)</sup> | 2976 | 19165 |
| Norstar Holdings, Inc. | 1824 | 4188 |
| Oil Refineries Ltd. | 1783064 | 581263 |
| Orion Retail Properties Ltd.<sup>(1)</sup> | 5277 | 4464 |
| Partner Communications Co. Ltd. | 65087 | 796378 |
| Perion Network Ltd.<sup>(1)</sup> | 573 | 4749 |
| Phoenix Financial Ltd. | 51902 | 2653655 |
| Property & Building Corp. Ltd. | 90 | 10102 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 92 | 11827 |
| Scope Metals Group Ltd. | 69 | 4498 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 71 | 374 |
| Shufersal Ltd. | 112222 | 1573502 |
| Summit Real Estate Holdings Ltd. | 8339 | 150843 |
| Tadiran Group Ltd. | 102 | 6483 |
| Tamar Petroleum Ltd. | 4695 | 49049 |
| Tera Light Ltd.<sup>(1)</sup> | 1388 | 7291 |
| Victory Supermarket Chain Ltd. | 265 | 4599 |
| YH Dimri Construction & Development Ltd. | 35 | 4981 |
| ZIM Integrated Shipping Services Ltd. | 58921 | 1698692 |
|  |  | 26105773 |
| **Italy — 2.6%** |  |  |
| Aquafil SpA<sup>(1)</sup> | 14237 | 24489 |
| Arnoldo Mondadori Editore SpA | 27447 | 66889 |
| Azimut Holding SpA | 64424 | 2654975 |
| Banca IFIS SpA | 1964 | 56962 |
| Banca Sistema SpA<sup>(1)</sup> | 33424 | 62612 |
| Banco di Desio e della Brianza SpA | 8206 | 88232 |
| BasicNet SpA | 1033 | 8150 |
| BFF Bank SpA<sup>(1)</sup> | 63451 | 282496 |
| Brembo NV<sup>(2)</sup> | 28629 | 339373 |
| Credito Emiliano SpA | 57026 | 1047990 |
| d'Amico International Shipping SA<sup>(2)</sup> | 78261 | 719116 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 273 | 15188 |
| Emak SpA | 6148 | 6574 |
| ERG SpA | 60494 | 1782508 |
| Eurogroup Laminations SpA<sup>(2)</sup> | 1972 | 3262 |
| Ferretti SpA<sup>(2)</sup> | 83663 | 382297 |
| Fila SpA<sup>(2)</sup> | 13924 | 155160 |
| Fincantieri SpA<sup>(1)</sup> | 51474 | 871784 |
| Gefran SpA | 300 | 3944 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Geox SpA<sup>(1)(2)</sup> | 48891 | $17149 |
| Iveco Group NV<sup>(2)</sup> | 47702 | 1080577 |
| MFE-MediaForEurope NV, Class A | 164999 | 602468 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 58688 | 277731 |
| NewPrinces SpA<sup>(1)</sup> | 15387 | 383866 |
| Orsero SpA | 1264 | 29213 |
| OVS SpA | 184882 | 1081691 |
| Safilo Group SpA<sup>(1)</sup> | 165929 | 368613 |
| Saipem SpA<sup>(2)</sup> | 666008 | 2800282 |
| Salvatore Ferragamo SpA<sup>(1)</sup> | 37239 | 295812 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 164595 | 155977 |
| Webuild SpA<sup>(2)</sup> | 312635 | 1216031 |
|  |  | 16881411 |
| **Japan — 34.0%** |  |  |
| & ST HD Co. Ltd.<sup>(2)</sup> | 7800 | 149592 |
| 77 Bank Ltd. | 21300 | 1338771 |
| AD Works Group Co. Ltd.<sup>(2)</sup> | 40300 | 119919 |
| ADEKA Corp.<sup>(2)</sup> | 5400 | 165712 |
| AEON Financial Service Co. Ltd.<sup>(2)</sup> | 73000 | 824569 |
| Aeon Hokkaido Corp. | 6500 | 37974 |
| AFC-HD AMS Life Science Co. Ltd. | 1300 | 7551 |
| Ahresty Corp. | 9900 | 59687 |
| Aichi Corp. | 7500 | 70342 |
| Aichi Steel Corp. | 21600 | 483884 |
| Aiful Corp. | 26600 | 88098 |
| Airman Corp. | 1000 | 14457 |
| Airport Facilities Co. Ltd.<sup>(2)</sup> | 400 | 2687 |
| Aisan Industry Co. Ltd. | 43700 | 641447 |
| Akebono Brake Industry Co. Ltd.<sup>(1)(2)</sup> | 6200 | 5897 |
| Alconix Corp.<sup>(2)</sup> | 20700 | 437398 |
| Alfresa Holdings Corp. | 24900 | 427972 |
| Alinco, Inc. | 200 | 1519 |
| Allied Telesis Holdings KK<sup>(2)</sup> | 43600 | 82721 |
| Alps Alpine Co. Ltd. | 150300 | 2250097 |
| Amuse, Inc. | 400 | 5388 |
| AOKI Holdings, Inc. | 25900 | 300193 |
| Arakawa Chemical Industries Ltd. | 1500 | 14923 |
| Arata Corp. | 18700 | 368680 |
| ARCLANDS Corp.<sup>(2)</sup> | 48400 | 606772 |
| Arcs Co. Ltd.<sup>(2)</sup> | 29000 | 724215 |
| ARE Holdings, Inc. | 5800 | 168802 |
| Artience Co. Ltd. | 10400 | 292921 |
| Asahi Co. Ltd. | 5500 | 46192 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 2400 | 77946 |
| Asanuma Corp. | 59600 | 438250 |
| Asia Pile Holdings Corp.<sup>(2)</sup> | 8700 | 87955 |
| Autobacs Seven Co. Ltd. | 200 | 2277 |
| Awa Bank Ltd. | 7900 | 302396 |
| Axial Retailing, Inc. | 55500 | 463506 |
| Bando Chemical Industries Ltd. | 9900 | 151279 |
| Bank of Nagoya Ltd. | 21000 | 794895 |
| Bank of Saga Ltd. | 6400 | 212042 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 12300 | 192777 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Belc Co. Ltd.<sup>(2)</sup> | 3700 | $191039 |
| Belluna Co. Ltd. | 6600 | 41787 |
| BML, Inc. | 700 | 19515 |
| Bookoff Group Holdings Ltd. | 2800 | 34205 |
| Bunka Shutter Co. Ltd. | 1100 | 15177 |
| Carlit Co. Ltd.<sup>(2)</sup> | 6200 | 120170 |
| Cawachi Ltd. | 1600 | 33932 |
| Central Glass Co. Ltd. | 16600 | 468727 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 2000 | 31367 |
| Chori Co. Ltd. | 300 | 8938 |
| Chubu Shiryo Co. Ltd. | 1600 | 20348 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 4000 | 61106 |
| Chuetsu Pulp & Paper Co. Ltd. | 2700 | 35189 |
| Chuo Spring Co. Ltd.<sup>(2)</sup> | 1300 | 28167 |
| Citizen Watch Co. Ltd. | 37500 | 458901 |
| CKD Corp. | 27900 | 987431 |
| CMK Corp. | 48200 | 193161 |
| Cosmo Energy Holdings Co. Ltd. | 21800 | 673698 |
| Credit Saison Co. Ltd. | 46300 | 1409766 |
| CTI Engineering Co. Ltd. | 3200 | 71492 |
| Daicel Corp. | 188500 | 1978738 |
| Daido Metal Co. Ltd.<sup>(2)</sup> | 8100 | 63528 |
| Daido Steel Co. Ltd.<sup>(2)</sup> | 89400 | 1362524 |
| Daihatsu Infinearth Mfg Co. Ltd. | 3300 | 54164 |
| Daiichi Jitsugyo Co. Ltd. | 1400 | 31997 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.<sup>(2)</sup> | 200 | 3596 |
| Daiki Aluminium Industry Co. Ltd. | 1100 | 10495 |
| Daikoku Denki Co. Ltd. | 3200 | 55069 |
| Daikokutenbussan Co. Ltd. | 1100 | 39172 |
| Daikyonishikawa Corp. | 5100 | 30804 |
| Daio Paper Corp. | 92600 | 695016 |
| Daishi Hokuetsu Financial Group, Inc. | 72000 | 939278 |
| Daishinku Corp. | 1500 | 6596 |
| Daito Pharmaceutical Co. Ltd. | 2100 | 19765 |
| Daitron Co. Ltd. | 8200 | 157969 |
| Daiwabo Holdings Co. Ltd. | 31000 | 634255 |
| DCM Holdings Co. Ltd.<sup>(2)</sup> | 4400 | 48005 |
| Denka Co. Ltd.<sup>(2)</sup> | 61800 | 1454862 |
| Densan System Holdings Co. Ltd. | 400 | 7954 |
| DIC Corp. | 70500 | 2000544 |
| DKS Co. Ltd.<sup>(2)</sup> | 3400 | 268894 |
| Doshisha Co. Ltd. | 1200 | 28521 |
| Dowa Holdings Co. Ltd. | 2000 | 147728 |
| Eagle Industry Co. Ltd.<sup>(2)</sup> | 7100 | 155518 |
| Eco's Co. Ltd. | 100 | 1969 |
| EDION Corp. | 52900 | 760215 |
| Ehime Bank Ltd.<sup>(2)</sup> | 8800 | 106472 |
| Eizo Corp. | 100 | 1473 |
| EJ Holdings, Inc. | 1100 | 13628 |
| Electric Power Development Co. Ltd.<sup>(2)</sup> | 60900 | 1454432 |
| Endo Lighting Corp. | 8900 | 169769 |
| eRex Co. Ltd. | 26400 | 124427 |
| ERI Holdings Co. Ltd. | 400 | 12208 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Exedy Corp. | 13600 | $538721 |
| FCC Co. Ltd. | 30400 | 750458 |
| Feed One Co. Ltd. | 600 | 5119 |
| Ferrotec Corp.<sup>(2)</sup> | 41400 | 1680139 |
| FIDEA Holdings Co. Ltd. | 3420 | 47911 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 35300 | 614373 |
| Foster Electric Co. Ltd.<sup>(2)</sup> | 12100 | 241989 |
| France Bed Holdings Co. Ltd. | 3100 | 27154 |
| Fudo Tetra Corp. | 9500 | 242058 |
| Fuji Co. Ltd.<sup>(2)</sup> | 1800 | 24193 |
| Fuji Seal International, Inc. | 25200 | 464324 |
| Fujibo Holdings, Inc. | 5300 | 371308 |
| Fujikura Composites, Inc. | 4600 | 79932 |
| FuKoKu Co. Ltd. | 2900 | 37392 |
| Fukuyama Transporting Co. Ltd. | 400 | 14350 |
| Furukawa Co. Ltd. | 20100 | 749520 |
| Furukawa Electric Co. Ltd. | 31100 | 5572201 |
| Furuno Electric Co. Ltd.<sup>(2)</sup> | 13200 | 668950 |
| Fuso Chemical Co. Ltd.<sup>(2)</sup> | 16600 | 1016690 |
| Futaba Industrial Co. Ltd. | 35900 | 268986 |
| Fuyo General Lease Co. Ltd. | 45300 | 1346424 |
| Gakken Holdings Co. Ltd. | 2000 | 13664 |
| Gamecard Holdings, Inc. | 1700 | 32074 |
| Gecoss Corp. | 400 | 4941 |
| Genky DrugStores Co. Ltd. | 9100 | 261656 |
| Geo Holdings Corp. | 21500 | 247157 |
| GLOBERIDE, Inc. | 1100 | 16656 |
| Glory Ltd.<sup>(2)</sup> | 43700 | 1163113 |
| Godo Steel Ltd.<sup>(2)</sup> | 2100 | 54541 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 3200 | 31879 |
| GS Yuasa Corp. | 81400 | 2891379 |
| G-Tekt Corp. | 13300 | 175737 |
| Gunma Bank Ltd. | 81700 | 1181042 |
| Gunze Ltd. | 7600 | 230675 |
| H2O Retailing Corp. | 75300 | 1178866 |
| Hagihara Industries, Inc. | 4200 | 49872 |
| Hakudo Co. Ltd. | 1200 | 20626 |
| Halows Co. Ltd. | 4300 | 135165 |
| Hamakyorex Co. Ltd. | 22800 | 286254 |
| Hanwa Co. Ltd. | 11300 | 648196 |
| Hazama Ando Corp. | 156900 | 2148818 |
| Heiwa Corp.<sup>(2)</sup> | 9400 | 121510 |
| Heiwado Co. Ltd.<sup>(2)</sup> | 29700 | 572283 |
| HI-LEX Corp. | 1400 | 35799 |
| Hino Motors Ltd.<sup>(1)</sup> | 252000 | 737626 |
| Hirano Tecseed Co. Ltd.<sup>(2)</sup> | 800 | 9799 |
| Hirogin Holdings, Inc. | 16300 | 201583 |
| Hodogaya Chemical Co. Ltd. | 4200 | 64254 |
| Hokko Chemical Industry Co. Ltd. | 1000 | 12017 |
| Hokuhoku Financial Group, Inc. | 53900 | 2152973 |
| H-One Co. Ltd. | 9300 | 88163 |
| HS Holdings Co. Ltd. | 900 | 7505 |
| Hyakugo Bank Ltd. | 59400 | 645062 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hyakujushi Bank Ltd. | 4300 | $268229 |
| Ichikoh Industries Ltd. | 4500 | 16408 |
| Ichinen Holdings Co. Ltd. | 6900 | 96460 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 84700 | 901814 |
| i-mobile Co. Ltd. | 7500 | 25773 |
| Inabata & Co. Ltd. | 18100 | 504904 |
| INFRONEER Holdings, Inc. | 193100 | 3232005 |
| Innotech Corp. | 1800 | 33565 |
| Internet Initiative Japan, Inc. | 900 | 13121 |
| Inui Global Logistics Co. Ltd.<sup>(2)</sup> | 13700 | 144516 |
| Iriso Electronics Co. Ltd. | 17000 | 417206 |
| Ishihara Sangyo Kaisha Ltd. | 32200 | 806166 |
| Ito En Ltd. | 64500 | 1255252 |
| Ito En Ltd., Preference Shares | 15300 | 178109 |
| Itochu Enex Co. Ltd. | 22800 | 304587 |
| Itochu-Shokuhin Co. Ltd. | 2200 | 184794 |
| IwaiCosmo Holdings, Inc. | 11500 | 289697 |
| Iwatani Corp. | 55100 | 726313 |
| Iyogin Holdings, Inc. | 8400 | 182062 |
| Izumi Co. Ltd.<sup>(2)</sup> | 57300 | 380947 |
| J Trust Co. Ltd. | 15700 | 54127 |
| Jaccs Co. Ltd. | 20100 | 569458 |
| JAFCO Group Co. Ltd.<sup>(2)</sup> | 800 | 12681 |
| Japan Aviation Electronics Industry Ltd. | 18600 | 320929 |
| Japan Cash Machine Co. Ltd. | 7900 | 63473 |
| Japan Electronic Materials Corp. | 8100 | 414988 |
| Japan Petroleum Exploration Co. Ltd. | 115900 | 1774139 |
| Japan Pulp & Paper Co. Ltd. | 52600 | 388946 |
| Japan Transcity Corp. | 7000 | 60799 |
| Japan Wool Textile Co. Ltd. | 1300 | 17430 |
| JM Holdings Co. Ltd. | 5800 | 64284 |
| J-Oil Mills, Inc. | 10800 | 145011 |
| Joshin Denki Co. Ltd. | 2300 | 41896 |
| JSB Co. Ltd. | 2200 | 49316 |
| JSP Corp. | 5600 | 104527 |
| JTEKT Corp. | 171400 | 2352482 |
| Juroku Financial Group, Inc. | 11800 | 776567 |
| JVCKenwood Corp. | 123200 | 1023094 |
| Kaga Electronics Co. Ltd. | 37800 | 1053501 |
| Kamei Corp. | 6600 | 143415 |
| Kanadevia Corp. | 133700 | 929756 |
| Kanamoto Co. Ltd. | 37000 | 1031334 |
| Kaneka Corp. | 33300 | 1125551 |
| Kanematsu Corp. | 141800 | 2229118 |
| Kanto Denka Kogyo Co. Ltd. | 31100 | 350879 |
| Kato Sangyo Co. Ltd. | 8700 | 380938 |
| Kawada Technologies, Inc. | 8500 | 300215 |
| Keihan Holdings Co. Ltd. | 25700 | 570236 |
| Keihanshin Building Co. Ltd. | 200 | 2783 |
| Keiyo Bank Ltd. | 19400 | 279082 |
| Kenko Mayonnaise Co. Ltd. | 2000 | 29629 |
| KH Neochem Co. Ltd. | 13400 | 267048 |
| Kintetsu Group Holdings Co. Ltd.<sup>(2)</sup> | 29300 | 620143 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kitz Corp. | 56400 | $777692 |
| Kiyo Bank Ltd. | 24100 | 659630 |
| Koatsu Gas Kogyo Co. Ltd. | 3900 | 28481 |
| Koei Chemical Co. Ltd. | 200 | 3010 |
| Kohnan Shoji Co. Ltd.<sup>(2)</sup> | 17200 | 476981 |
| Kojima Co. Ltd. | 7400 | 62711 |
| Komeri Co. Ltd. | 14000 | 328419 |
| Komori Corp. | 20400 | 237442 |
| Konica Minolta, Inc. | 25600 | 97680 |
| Konishi Co. Ltd. | 8700 | 77066 |
| Konoike Transport Co. Ltd. | 20700 | 463365 |
| KPP Group Holdings Co. Ltd. | 34200 | 204522 |
| KRS Corp.<sup>(2)</sup> | 3100 | 64780 |
| K's Holdings Corp. | 58500 | 640882 |
| Kumagai Gumi Co. Ltd. | 7300 | 94169 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 6100 | 392221 |
| Kuraray Co. Ltd. | 104500 | 1236729 |
| Kureha Corp. | 23300 | 730623 |
| KYB Corp. | 31100 | 1051034 |
| Kyoei Steel Ltd. | 12700 | 215765 |
| Kyokuyo Co. Ltd. | 8300 | 288907 |
| Kyushu Leasing Service Co. Ltd. | 1800 | 17476 |
| Lacto Japan Co. Ltd.<sup>(2)</sup> | 400 | 9776 |
| Life Corp. | 28300 | 491980 |
| Look Holdings, Inc. | 1000 | 16264 |
| Macnica Holdings, Inc.<sup>(2)</sup> | 50800 | 897817 |
| Mamiya-Op Co. Ltd. | 400 | 3848 |
| Mars Group Holdings Corp. | 4700 | 95205 |
| Marudai Food Co. Ltd.<sup>(2)</sup> | 6400 | 98393 |
| Maruha Nichiro Corp. | 133200 | 1352152 |
| Maruzen Showa Unyu Co. Ltd. | 2500 | 146747 |
| Matsuda Sangyo Co. Ltd.<sup>(2)</sup> | 300 | 16829 |
| Maxell Ltd. | 3800 | 55646 |
| MCJ Co. Ltd. | 4200 | 61601 |
| Mebuki Financial Group, Inc. | 220900 | 1894683 |
| Megachips Corp. | 200 | 11679 |
| Megmilk Snow Brand Co. Ltd.<sup>(2)</sup> | 27000 | 605633 |
| Meidensha Corp. | 500 | 24918 |
| Meiji Shipping Group Co. Ltd. | 4400 | 21674 |
| Meiko Electronics Co. Ltd. | 900 | 126153 |
| Meisei Industrial Co. Ltd. | 800 | 10378 |
| Meiwa Corp. | 1600 | 9730 |
| METAWATER Co. Ltd. | 2200 | 59194 |
| MIMAKI ENGINEERING Co. Ltd. | 13600 | 161851 |
| Ministop Co. Ltd. | 800 | 9706 |
| Miraial Co. Ltd. | 1700 | 14827 |
| Mirait One Corp. | 52900 | 1374684 |
| Mitsuba Corp.<sup>(2)</sup> | 24600 | 230344 |
| Mitsubishi Materials Corp. | 44000 | 1688362 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 3300 | 18052 |
| Mitsubishi Research Institute, Inc. | 200 | 6443 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 3400 | 46182 |
| Mitsui E&S Co. Ltd.<sup>(2)</sup> | 29200 | 1463601 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mitsui High-Tec, Inc. | 32100 | $179444 |
| Mitsui Kinzoku Co. Ltd. | 30000 | 7049580 |
| Mitsui-Soko Holdings Co. Ltd.<sup>(2)</sup> | 17400 | 416495 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 18200 | 225922 |
| Miyazaki Bank Ltd. | 6400 | 397800 |
| Mizuho Leasing Co. Ltd. | 80000 | 782686 |
| Mizuho Medy Co. Ltd. | 2800 | 34563 |
| Modec, Inc. | 31000 | 2664560 |
| Moriroku Co. Ltd. | 6200 | 105627 |
| Morita Holdings Corp. | 5600 | 107136 |
| Mugen Estate Co. Ltd. | 6300 | 104094 |
| Musashi Seimitsu Industry Co. Ltd. | 33200 | 662287 |
| Musashino Bank Ltd. | 15700 | 654395 |
| Nachi-Fujikoshi Corp. | 12300 | 422770 |
| Nafco Co. Ltd. | 1100 | 16353 |
| Nagase & Co. Ltd. | 12700 | 402207 |
| Nagoya Railroad Co. Ltd.<sup>(2)</sup> | 187200 | 2211023 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 54500 | 1933240 |
| Nankai Electric Railway Co. Ltd. | 52600 | 1049619 |
| Nanto Bank Ltd. | 22300 | 1090222 |
| Nasu Denki Tekko Co. Ltd. | 100 | 13032 |
| NEC Capital Solutions Ltd.<sup>(2)</sup> | 4200 | 117812 |
| NHK Spring Co. Ltd. | 38000 | 729204 |
| Nichicon Corp. | 700 | 9628 |
| Nichirin Co. Ltd. | 2700 | 75582 |
| Nihon Dempa Kogyo Co. Ltd.<sup>(2)</sup> | 8800 | 74851 |
| Nihon Dengi Co. Ltd.<sup>(2)</sup> | 200 | 15599 |
| Nihon Flush Co. Ltd. | 400 | 2199 |
| Nihon House Holdings Co. Ltd. | 7900 | 16436 |
| Nihon Nohyaku Co. Ltd.<sup>(2)</sup> | 21400 | 149450 |
| Nihon Tokushu Toryo Co. Ltd. | 500 | 8138 |
| Nikkiso Co. Ltd. | 48600 | 761400 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 200 | 5786 |
| Nippon Carbide Industries Co., Inc. | 2400 | 48547 |
| Nippon Chemical Industrial Co. Ltd. | 2800 | 64387 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 2000 | 24099 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 122200 | 108692 |
| Nippon Concrete Industries Co. Ltd. | 2500 | 5767 |
| Nippon Denko Co. Ltd. | 29300 | 87964 |
| Nippon Densetsu Kogyo Co. Ltd. | 400 | 13505 |
| Nippon Light Metal Holdings Co. Ltd. | 47200 | 941414 |
| Nippon Paper Industries Co. Ltd. | 134800 | 1137051 |
| Nippon Seiki Co. Ltd. | 7600 | 138792 |
| Nippon Shinyaku Co. Ltd. | 8400 | 277292 |
| Nippon Shokubai Co. Ltd. | 73000 | 1189047 |
| Nippon Signal Co. Ltd. | 1600 | 18436 |
| Nippon Yakin Kogyo Co. Ltd. | 12400 | 420945 |
| Nipro Corp. | 78000 | 795160 |
| Nishikawa Rubber Co. Ltd. | 3100 | 90054 |
| Nishi-Nippon Financial Holdings, Inc. | 49700 | 1414849 |
| Nishi-Nippon Railroad Co. Ltd. | 16500 | 343809 |
| Nishio Holdings Co. Ltd. | 19900 | 591862 |
| Nissan Shatai Co. Ltd. | 46400 | 328043 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nissei ASB Machine Co. Ltd. | 500 | $29599 |
| Nissui Corp. | 156300 | 1551452 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 59500 | 1592289 |
| Nojima Corp. | 117900 | 880487 |
| NOK Corp. | 48700 | 1035900 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 9800 | 220789 |
| Noritsu Koki Co. Ltd. | 6100 | 88434 |
| North Pacific Bank Ltd. | 71300 | 499940 |
| NPR-RIKEN Corp. | 4800 | 140036 |
| NS United Kaiun Kaisha Ltd. | 11300 | 552977 |
| NSK Ltd. | 10000 | 89962 |
| NTN Corp.<sup>(2)</sup> | 558900 | 1511171 |
| Ogaki Kyoritsu Bank Ltd.<sup>(2)</sup> | 3800 | 166012 |
| Oisix ra daichi, Inc. | 6900 | 62895 |
| Oki Electric Industry Co. Ltd. | 116000 | 2389166 |
| Okinawa Cellular Telephone Co. | 12300 | 264064 |
| Okinawa Financial Group, Inc. | 5800 | 222984 |
| Okura Industrial Co. Ltd. | 5200 | 174301 |
| Okuwa Co. Ltd. | 2200 | 12452 |
| Olympic Group Corp. | 500 | 1464 |
| Orient Corp. | 47370 | 348633 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 14500 | 242017 |
| OSG Corp. | 73000 | 1367455 |
| Pacific Industrial Co. Ltd. | 28600 | 550265 |
| Pack Corp.<sup>(2)</sup> | 1800 | 15434 |
| PAL GROUP Holdings Co. Ltd.<sup>(2)</sup> | 2900 | 30458 |
| Penta-Ocean Construction Co. Ltd. | 328400 | 4463283 |
| PILLAR Corp.<sup>(2)</sup> | 200 | 10841 |
| Press Kogyo Co. Ltd. | 53100 | 341498 |
| Prima Meat Packers Ltd. | 7100 | 132081 |
| PS Construction Co. Ltd. | 20600 | 451151 |
| Raito Kogyo Co. Ltd. | 300 | 8369 |
| Raiznext Corp.<sup>(2)</sup> | 700 | 11782 |
| Rasa Industries Ltd.<sup>(2)</sup> | 2700 | 178291 |
| Rengo Co. Ltd.<sup>(2)</sup> | 171900 | 1716636 |
| Resorttrust, Inc. | 13200 | 163781 |
| Restar Corp. | 10100 | 203439 |
| Retail Partners Co. Ltd. | 2700 | 23759 |
| Ricoh Leasing Co. Ltd. | 11600 | 476170 |
| Riken Technos Corp. | 12400 | 146323 |
| Ryobi Ltd. | 19800 | 382758 |
| RYODEN Corp. | 1000 | 23790 |
| S Foods, Inc.<sup>(2)</sup> | 900 | 18446 |
| Sakai Chemical Industry Co. Ltd. | 10300 | 273725 |
| Sakura Internet, Inc.<sup>(2)</sup> | 300 | 5797 |
| Sala Corp. | 13400 | 104873 |
| San Holdings, Inc. | 800 | 7750 |
| San ju San Financial Group, Inc. | 12700 | 512104 |
| San-A Co. Ltd. | 500 | 9952 |
| San-Ai Obbli Co. Ltd. | 11700 | 192303 |
| San-In Godo Bank Ltd. | 43100 | 487215 |
| SANIX HOLDINGS, Inc.<sup>(1)</sup> | 1600 | 2179 |
| Sanki Engineering Co. Ltd. | 28100 | 1415716 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sanko Gosei Ltd. | 1200 | $8249 |
| Sankyo Frontier Co. Ltd. | 400 | 5823 |
| Sankyo Tateyama, Inc. | 7600 | 35273 |
| Sankyu, Inc. | 25700 | 1653093 |
| Sanoh Industrial Co. Ltd. | 16400 | 93032 |
| Sansha Electric Manufacturing Co. Ltd. | 2000 | 14319 |
| Sanshin Electronics Co. Ltd. | 7700 | 159498 |
| Sanyo Trading Co. Ltd. | 5800 | 69943 |
| Sato Corp. | 21000 | 335893 |
| SBI Leasing Services Co. Ltd.<sup>(2)</sup> | 2000 | 83545 |
| SBS Holdings, Inc. | 11300 | 309079 |
| Scroll Corp. | 5900 | 52294 |
| SEC Carbon Ltd. | 2000 | 38392 |
| Seed Co. Ltd. | 1600 | 5810 |
| Seika Corp. | 11400 | 208948 |
| Seiko Group Corp. | 16800 | 1419938 |
| Sekisui Kasei Co. Ltd.<sup>(1)</sup> | 2100 | 7328 |
| SEMITEC Corp. | 800 | 15280 |
| Senko Group Holdings Co. Ltd. | 134400 | 1695043 |
| Senshu Electric Co. Ltd. | 400 | 16482 |
| Senshu Ikeda Holdings, Inc. | 204100 | 1203811 |
| Shibaura Machine Co. Ltd. | 15100 | 445827 |
| Shibusawa Logistics Corp. | 400 | 3627 |
| Shibuya Corp. | 3000 | 71494 |
| Shikoku Bank Ltd. | 11400 | 178646 |
| Shikoku Kasei Holdings Corp.<sup>(2)</sup> | 4300 | 144198 |
| Shin Nippon Air Technologies Co. Ltd. | 800 | 21387 |
| Shin Nippon Biomedical Laboratories Ltd. | 1000 | 10943 |
| Shinagawa Refra Co. Ltd. | 8700 | 139234 |
| Shinmaywa Industries Ltd. | 62100 | 1082466 |
| Shinnihon Corp. | 20500 | 288719 |
| Shinsho Corp. | 7500 | 132990 |
| Shinwa Co. Ltd. | 400 | 8648 |
| Ship Healthcare Holdings, Inc. | 33100 | 583311 |
| Showa Sangyo Co. Ltd. | 9700 | 212659 |
| Siix Corp. | 36400 | 331422 |
| SK-Electronics Co. Ltd. | 4600 | 106064 |
| SKY Perfect JSAT Holdings, Inc. | 92300 | 1696979 |
| Soda Nikka Co. Ltd. | 4000 | 31386 |
| Sodick Co. Ltd. | 34300 | 333994 |
| Soken Chemical & Engineering Co. Ltd. | 1600 | 33721 |
| Sotetsu Holdings, Inc. | 9500 | 178838 |
| Starts Corp., Inc. | 15300 | 523273 |
| Stella Chemifa Corp.<sup>(2)</sup> | 500 | 17936 |
| Studio Alice Co. Ltd.<sup>(2)</sup> | 700 | 8963 |
| Subaru Enterprise Co. Ltd. | 500 | 11718 |
| Sumida Corp. | 35200 | 281891 |
| Sumitomo Heavy Industries Ltd. | 21300 | 839957 |
| Sumitomo Osaka Cement Co. Ltd. | 27300 | 810696 |
| Sumitomo Rubber Industries Ltd. | 3400 | 60352 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 5900 | 269895 |
| Sumitomo Warehouse Co. Ltd. | 600 | 15538 |
| Suzuki Co. Ltd. | 4100 | 80838 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| T RAD Co. Ltd.<sup>(2)</sup> | 1600 | $110347 |
| Tachibana Eletech Co. Ltd. | 200 | 4361 |
| Tachikawa Corp. | 400 | 6720 |
| Tachi-S Co. Ltd. | 3500 | 52597 |
| Taiheiyo Cement Corp. | 53300 | 1532315 |
| Taiho Kogyo Co. Ltd. | 1500 | 10634 |
| Taisei Oncho Co. Ltd. | 700 | 23228 |
| Takamatsu Construction Group Co. Ltd. | 400 | 10827 |
| Takamiya Co. Ltd. | 1000 | 2780 |
| Takaoka Toko Co. Ltd.<sup>(2)</sup> | 5000 | 186997 |
| Takara Standard Co. Ltd. | 36200 | 704025 |
| Takasago International Corp. | 63300 | 560063 |
| Takashimaya Co. Ltd.<sup>(2)</sup> | 204100 | 2591575 |
| Take & Give Needs Co. Ltd. | 2600 | 12423 |
| Tamron Co. Ltd. | 6800 | 45715 |
| Tamura Corp. | 34600 | 161119 |
| Tanseisha Co. Ltd. | 6900 | 71705 |
| Tazmo Co. Ltd. | 4400 | 72226 |
| Techno Ryowa Ltd. | 1100 | 54414 |
| Teijin Ltd. | 155800 | 1730355 |
| Tekken Corp. | 200 | 6510 |
| Tera Probe, Inc. | 3600 | 224514 |
| Tess Holdings Co. Ltd. | 30900 | 119999 |
| Tigers Polymer Corp. | 900 | 7438 |
| Toa Corp. | 24300 | 656661 |
| TOA ROAD Corp. | 1400 | 17497 |
| Toagosei Co. Ltd. | 18700 | 230241 |
| Toenec Corp. | 49800 | 762619 |
| Toho Co. Ltd. | 8400 | 72960 |
| Toho Titanium Co. Ltd. | 24900 | 444435 |
| Tokai Carbon Co. Ltd. | 214800 | 1533616 |
| TOKAI Holdings Corp. | 88300 | 685258 |
| Tokai Rika Co. Ltd. | 32000 | 687745 |
| Tokuyama Corp.<sup>(2)</sup> | 69900 | 2002586 |
| Tokyo Kiraboshi Financial Group, Inc. | 25600 | 1911845 |
| Tokyo Steel Manufacturing Co. Ltd. | 16800 | 174147 |
| Tokyo Tekko Co. Ltd. | 5700 | 233747 |
| Tokyotokeiba Co. Ltd. | 3400 | 129932 |
| Tokyu Construction Co. Ltd. | 91200 | 932094 |
| Toli Corp. | 1800 | 9073 |
| Tomoku Co. Ltd. | 4900 | 116034 |
| TOMONY Holdings, Inc. | 164700 | 1034451 |
| Topre Corp. | 32200 | 620209 |
| Topy Industries Ltd. | 7900 | 183566 |
| Torishima Pump Manufacturing Co. Ltd.<sup>(2)</sup> | 400 | 6801 |
| Toshiba TEC Corp. | 5400 | 113628 |
| Totech Corp. | 9100 | 266060 |
| Totetsu Kogyo Co. Ltd. | 400 | 14883 |
| Towa Pharmaceutical Co. Ltd. | 5300 | 150411 |
| Toyo Seikan Group Holdings Ltd. | 28100 | 734053 |
| Toyo Tire Corp. | 73500 | 2264977 |
| Toyobo Co. Ltd. | 72800 | 860374 |
| Toyoda Gosei Co. Ltd. | 54000 | 1754777 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyota Boshoku Corp. | 64700 | $1323145 |
| TPR Co. Ltd. | 23600 | 212734 |
| Traders Holdings Co. Ltd. | 4600 | 33804 |
| TRE Holdings Corp. | 41724 | 479373 |
| Trusco Nakayama Corp. | 17100 | 276411 |
| TS Tech Co. Ltd. | 5200 | 66983 |
| Tsubakimoto Chain Co. | 32100 | 549506 |
| Tsuburaya Fields Holdings, Inc.<sup>(2)</sup> | 1200 | 11919 |
| Tsugami Corp. | 25600 | 646190 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 18800 | 85053 |
| Tsuzuki Denki Co. Ltd. | 300 | 8031 |
| Tv Tokyo Holdings Corp. | 1000 | 28513 |
| UACJ Corp. | 116400 | 2057044 |
| UBE Corp. | 10200 | 188627 |
| Uchida Yoko Co. Ltd. | 38500 | 529988 |
| UEX Ltd. | 3400 | 19096 |
| Unipres Corp. | 23400 | 220990 |
| UNITED, Inc.<sup>(2)</sup> | 800 | 2833 |
| Valor Holdings Co. Ltd. | 42100 | 1012766 |
| Vertex Corp. | 6000 | 68956 |
| Vital KSK Holdings, Inc. | 3500 | 33340 |
| VT Holdings Co. Ltd. | 41800 | 153486 |
| Wacom Co. Ltd. | 32500 | 181901 |
| Wakita & Co. Ltd.<sup>(2)</sup> | 1200 | 15736 |
| Warabeya Nichiyo Holdings Co. Ltd.<sup>(2)</sup> | 8900 | 195935 |
| Wellnet Corp. | 5000 | 21729 |
| Xebio Holdings Co. Ltd. | 4400 | 31579 |
| YAMABIKO Corp. | 16200 | 397826 |
| Yamada Holdings Co. Ltd. | 3100 | 11504 |
| Yamae Group Holdings Co. Ltd. | 7800 | 152277 |
| Yamaichi Electronics Co. Ltd. | 16000 | 859295 |
| Yellow Hat Ltd. | 5400 | 60776 |
| Yokogawa Bridge Holdings Corp. | 37700 | 774675 |
| Yokohama Rubber Co. Ltd. | 9900 | 497967 |
| Yokorei Co. Ltd. | 11100 | 101594 |
| Yorozu Corp. | 1600 | 11347 |
| Yuasa Trading Co. Ltd. | 11600 | 480482 |
| Yurtec Corp. | 38000 | 785771 |
| Yushiro, Inc. | 1500 | 30933 |
| Zacros Corp. | 35600 | 350490 |
| Zenrin Co. Ltd. | 32600 | 215273 |
| Zeon Corp. | 9000 | 123210 |
|  |  | 220010962 |
| **Netherlands — 1.0%** |  |  |
| Alfen NV<sup>(1)(2)</sup> | 9550 | 102121 |
| AMG Critical Materials NV | 8553 | 337936 |
| ASR Nederland NV | 3156 | 229324 |
| Basic-Fit NV<sup>(1)</sup> | 23886 | 887621 |
| Brunel International NV<sup>(2)</sup> | 6098 | 49997 |
| Constellium SE<sup>(1)</sup> | 73320 | 1824935 |
| Corbion NV | 16668 | 383723 |
| ForFarmers NV | 2391 | 18156 |
| Fugro NV | 29380 | 372632 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Koninklijke BAM Groep NV | 24423 | $275610 |
| Koninklijke Heijmans NV, CVA | 12794 | 1348642 |
| Koninklijke Vopak NV | 11099 | 610078 |
| Nedap NV | 966 | 97069 |
| SIF Holding NV<sup>(1)(2)</sup> | 1046 | 8961 |
| Sligro Food Group NV | 7505 | 128143 |
| Van Lanschot Kempen NV | 474 | 31628 |
|  |  | 6706576 |
| **New Zealand — 0.3%** |  |  |
| Air New Zealand Ltd. | 2125454 | 706708 |
| Channel Infrastructure NZ Ltd.<sup>(2)</sup> | 5917 | 10221 |
| Eroad Ltd.<sup>(1)</sup> | 14799 | 7891 |
| Fletcher Building Ltd.<sup>(1)</sup> | 208231 | 438278 |
| KMD Brands Ltd.<sup>(1)</sup> | 13702 | 2000 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 371672 | 184835 |
| PGG Wrightson Ltd. | 3178 | 4290 |
| SKY Network Television Ltd. | 10714 | 21651 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 917820 | 459247 |
| Warehouse Group Ltd.<sup>(1)</sup> | 4116 | 1778 |
|  |  | 1836899 |
| **Norway — 1.9%** |  |  |
| 2020 Bulkers Ltd. | 17002 | 240809 |
| ABG Sundal Collier Holding ASA | 52525 | 45582 |
| Aker Solutions ASA | 146672 | 636116 |
| Bluenord ASA<sup>(1)</sup> | 1154 | 62562 |
| BW LPG Ltd. | 59792 | 1088301 |
| BW Offshore Ltd. | 38296 | 206351 |
| DNO ASA | 168088 | 292513 |
| Grieg Seafood ASA<sup>(1)</sup> | 19591 | 155107 |
| Hoegh Autoliners ASA | 77662 | 1081845 |
| Kid ASA | 6221 | 81244 |
| Klaveness Combination Carriers ASA | 3076 | 29688 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 103514 | 23248 |
| MPC Container Ships ASA | 285447 | 669242 |
| Nordic Mining ASA<sup>(1)</sup> | 20818 | 24894 |
| Norske Skog ASA<sup>(1)</sup> | 38365 | 121399 |
| Norwegian Air Shuttle ASA | 686523 | 1199980 |
| Odfjell Drilling Ltd. | 15262 | 171180 |
| Odfjell SE, Class A | 16842 | 224448 |
| Odfjell Technology Ltd. | 6441 | 45835 |
| OKEA ASA<sup>(1)</sup> | 3401 | 10405 |
| Panoro Energy ASA<sup>(1)</sup> | 67352 | 187133 |
| Rana Gruber ASA | 14305 | 117047 |
| Scatec ASA<sup>(1)</sup> | 109258 | 1408127 |
| Sea1 offshore, Inc.<sup>(1)</sup> | 27088 | 77162 |
| Solstad Maritime Holding AS | 5177 | 13653 |
| SpareBank 1 Nord Norge | 59349 | 995270 |
| SpareBank 1 SMN | 10155 | 227923 |
| SpareBank 1 Sor-Norge ASA | 622 | 13819 |
| Sparebanken More | 1335 | 15854 |
| Sparebanken Norge | 2820 | 60988 |
| Stolt-Nielsen Ltd. | 14441 | 511602 |
| TGS ASA | 123497 | 1476437 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wallenius Wilhelmsen ASA | 36719 | $510770 |
|  |  | 12026534 |
| **Portugal — 0.2%** |  |  |
| CTT-Correios de Portugal SA | 102473 | 864845 |
| Ibersol SGPS SA | 9 | 122 |
| Semapa-Sociedade de Investimento e Gestao | 16865 | 473797 |
| Sonae SGPS SA | 6934 | 16513 |
| Teixeira Duarte SA<sup>(1)</sup> | 143034 | 84561 |
|  |  | 1439838 |
| **Singapore — 1.7%** |  |  |
| Aztech Global Ltd. | 26200 | 15590 |
| BRC Asia Ltd. | 5500 | 20012 |
| Bumitama Agri Ltd. | 356400 | 371581 |
| Centurion Corp. Ltd. | 10500 | 12945 |
| China Sunsine Chemical Holdings Ltd. | 78400 | 47041 |
| CNMC Goldmine Holdings Ltd. | 147400 | 202460 |
| First Resources Ltd. | 590000 | 1102474 |
| Frencken Group Ltd. | 10000 | 17026 |
| Geo Energy Resources Ltd. | 1536800 | 503647 |
| Golden Agri-Resources Ltd. | 3868200 | 870616 |
| Hafnia Ltd. | 60098 | 448735 |
| Hong Fok Corp. Ltd. | 54400 | 35629 |
| Hong Leong Asia Ltd. | 89300 | 228560 |
| Hour Glass Ltd. | 33400 | 64878 |
| Hutchison Port Holdings Trust, U Shares | 4750400 | 1069363 |
| InnoTek Ltd. | 9200 | 5345 |
| ISDN Holdings Ltd. | 43305 | 14223 |
| Keppel Infrastructure Trust | 164700 | 71639 |
| LHN Ltd.<sup>(2)</sup> | 43700 | 21905 |
| Marco Polo Marine Ltd. | 743400 | 91049 |
| Olam Group Ltd. | 233200 | 168860 |
| OUE Ltd. | 15900 | 14706 |
| Rex International Holding Ltd.<sup>(1)</sup> | 2506100 | 288779 |
| RH PetroGas Ltd.<sup>(1)</sup> | 232700 | 30453 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 22600 | 13742 |
| Samudera Shipping Line Ltd. | 662200 | 570060 |
| Sing Holdings Ltd. | 11800 | 6713 |
| Singapore Post Ltd.<sup>(2)</sup> | 10800 | 3198 |
| Tuan Sing Holdings Ltd. | 13487 | 3895 |
| Wee Hur Holdings Ltd. | 1128800 | 705754 |
| Yangzijiang Financial Holding Ltd. | 3919100 | 957200 |
| Yangzijiang Maritime Development Ltd.<sup>(1)</sup> | 4207600 | 2072675 |
| Yangzijiang Shipbuilding Holdings Ltd. | 216700 | 740674 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 439500 | 268768 |
|  |  | 11060195 |
| **Spain — 1.4%** |  |  |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 8914 | 54523 |
| Audax Renovables SA<sup>(1)(2)</sup> | 10126 | 16197 |
| Bankinter SA | 148404 | 2462519 |
| Construcciones y Auxiliar de Ferrocarriles SA | 6874 | 479079 |
| Ercros SA<sup>(1)</sup> | 12875 | 49170 |
| Gestamp Automocion SA | 76669 | 288350 |
| Grenergy Renovables SA<sup>(1)</sup> | 4861 | 629673 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5557 | $8322 |
| Melia Hotels International SA | 29468 | 289692 |
| Miquel y Costas & Miquel SA | 1852 | 30911 |
| Neinor Homes SA<sup>(1)</sup> | 2259 | 50753 |
| Obrascon Huarte Lain SA<sup>(1)(2)</sup> | 399698 | 188951 |
| Prosegur Cia de Seguridad SA | 23862 | 81895 |
| Sacyr SA | 275662 | 1474935 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 4873 | 126331 |
| Soltec Power Holdings SA<sup>(1)(2)</sup> | 5373 | 4931 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 25367 | 1104507 |
| Unicaja Banco SA | 437668 | 1385003 |
| Vidrala SA | 2476 | 239474 |
|  |  | 8965216 |
| **Sweden — 4.2%** |  |  |
| AcadeMedia AB | 26613 | 294087 |
| Alleima AB<sup>(2)</sup> | 127563 | 1161662 |
| Alligo AB, Class B | 7001 | 105787 |
| Annehem Fastigheter AB, B Shares<sup>(1)</sup> | 682 | 1328 |
| AQ Group AB | 30450 | 637487 |
| Arjo AB, B Shares | 23662 | 70690 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 2960 | 11587 |
| Avanza Bank Holding AB | 3731 | 135963 |
| Better Collective AS<sup>(1)(2)</sup> | 1154 | 16358 |
| BICO Group AB<sup>(1)</sup> | 291 | 585 |
| Bilia AB, A Shares | 47081 | 720890 |
| Billerud Aktiebolag | 118109 | 1077016 |
| Bonava AB, B Shares<sup>(1)</sup> | 81040 | 99812 |
| Boozt AB<sup>(1)(2)</sup> | 15190 | 153402 |
| Bufab AB | 45961 | 593859 |
| Bulten AB | 1926 | 9195 |
| Bure Equity AB<sup>(2)</sup> | 12675 | 299451 |
| Byggmax Group AB | 16922 | 120697 |
| Cint Group AB<sup>(1)(2)</sup> | 51829 | 19714 |
| Clas Ohlson AB, B Shares | 31976 | 1321825 |
| Cloetta AB, B Shares | 44069 | 255687 |
| Coffee Stain Group AB, Class B<sup>(1)(2)</sup> | 121269 | 223232 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 491149 | 207599 |
| Dios Fastigheter AB | 86830 | 675312 |
| Dynavox Group AB<sup>(1)</sup> | 83088 | 766466 |
| Elanders AB, B Shares | 400 | 2208 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 160556 | 1347784 |
| Electrolux Professional AB, B Shares | 2474 | 16243 |
| Embracer Group AB<sup>(1)(2)</sup> | 121269 | 708473 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 1161 | 7072 |
| G5 Entertainment AB<sup>(2)</sup> | 3291 | 18264 |
| Granges AB | 51580 | 913384 |
| Gruvaktiebolaget Viscaria<sup>(1)</sup> | 27539 | 55385 |
| Hanza AB | 18874 | 324404 |
| Haypp Group AB<sup>(1)(2)</sup> | 2850 | 41596 |
| Hemnet Group AB<sup>(2)</sup> | 15232 | 196556 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 74057 | 226250 |
| Hoist Finance AB | 27835 | 445566 |
| Hufvudstaden AB, A Shares | 437 | 6314 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| INVISIO AB<sup>(2)</sup> | 2634 | $90843 |
| JM AB<sup>(2)</sup> | 63232 | 938179 |
| Lime Technologies AB | 1612 | 32787 |
| Loomis AB | 48084 | 2428685 |
| Maha Capital AB<sup>(1)(2)</sup> | 15860 | 19713 |
| Medcap AB<sup>(1)</sup> | 2039 | 110598 |
| MEKO AB | 355 | 2606 |
| NCC AB, B Shares | 79012 | 1925700 |
| Nelly Group AB<sup>(1)(2)</sup> | 11973 | 79488 |
| Net Insight AB, B Shares<sup>(1)</sup> | 16083 | 4026 |
| New Wave Group AB, B Shares | 63055 | 716267 |
| Nobia AB<sup>(1)(2)</sup> | 157900 | 42944 |
| Nolato AB, B Shares | 1403 | 8092 |
| Norion Bank AB<sup>(1)</sup> | 18091 | 114435 |
| Note AB<sup>(2)</sup> | 18669 | 406061 |
| NP3 Fastigheter AB<sup>(2)</sup> | 9293 | 278752 |
| Nyfosa AB<sup>(2)</sup> | 75900 | 623415 |
| Pandox AB | 34844 | 779579 |
| Paradox Interactive AB | 27158 | 371911 |
| Peab AB, Class B | 149969 | 1761440 |
| Platzer Fastigheter Holding AB, B Shares | 32168 | 283762 |
| Plejd AB<sup>(1)</sup> | 439 | 40897 |
| RaySearch Laboratories AB<sup>(2)</sup> | 28900 | 612266 |
| Rusta AB<sup>(2)</sup> | 36044 | 328656 |
| Rvrc Holding AB | 34629 | 260328 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)</sup> | 21491 | 21686 |
| Saniona AB<sup>(1)</sup> | 96783 | 198534 |
| Scandi Standard AB | 23842 | 342756 |
| SkiStar AB | 35477 | 687143 |
| Solid Forsakring AB<sup>(2)</sup> | 3718 | 44649 |
| Stendorren Fastigheter AB<sup>(1)</sup> | 511 | 11348 |
| Storytel AB<sup>(2)</sup> | 715 | 6292 |
| TF Bank AB | 2223 | 38754 |
| Troax Group AB<sup>(2)</sup> | 2486 | 27781 |
| Truecaller AB, B Shares<sup>(2)</sup> | 100404 | 122695 |
| Yubico AB<sup>(1)(2)</sup> | 1054 | 5931 |
| Zinzino AB, Class B<sup>(2)</sup> | 12907 | 220006 |
|  |  | 27278195 |
| **Switzerland — 3.8%** |  |  |
| ALSO Holding AG<sup>(2)</sup> | 1928 | 410568 |
| Arbonia AG<sup>(1)</sup> | 12201 | 78144 |
| Ascom Holding AG | 110 | 720 |
| Autoneum Holding AG | 3138 | 518559 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 8868 | 637343 |
| Bell Food Group AG | 1040 | 291222 |
| Bellevue Group AG<sup>(2)</sup> | 642 | 7377 |
| Bossard Holding AG, Class A | 806 | 173165 |
| Bucher Industries AG | 4922 | 2447510 |
| Burckhardt Compression Holding AG | 1340 | 1001092 |
| Burkhalter Holding AG | 2286 | 483580 |
| Bystronic AG | 49 | 16260 |
| Cembra Money Bank AG | 5999 | 775960 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 2082 | 449873 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Clariant AG<sup>(1)</sup> | 508 | $5575 |
| Coltene Holding AG<sup>(1)(2)</sup> | 127 | 9449 |
| COSMO Pharmaceuticals NV | 4495 | 662322 |
| Daetwyler Holding AG, Bearer Shares<sup>(2)</sup> | 2829 | 614880 |
| DKSH Holding AG | 3002 | 242390 |
| dormakaba Holding AG | 13110 | 979572 |
| EFG International AG<sup>(1)</sup> | 65958 | 1616866 |
| Emmi AG | 1320 | 1391331 |
| Feintool International Holding AG<sup>(1)</sup> | 531 | 7226 |
| Forbo Holding AG<sup>(2)</sup> | 677 | 789793 |
| Georg Fischer AG | 14424 | 911524 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 8 | 287 |
| Implenia AG | 14383 | 1347944 |
| Interroll Holding AG | 58 | 145772 |
| Komax Holding AG<sup>(1)(2)</sup> | 108 | 9524 |
| Leonteq AG<sup>(2)</sup> | 895 | 13310 |
| Medmix AG | 3185 | 39062 |
| Montana Aerospace AG<sup>(1)</sup> | 3984 | 161408 |
| Phoenix Mecano AG | 17 | 9541 |
| PolyPeptide Group AG<sup>(1)</sup> | 5203 | 173331 |
| Schweiter Technologies AG | 388 | 130701 |
| Sensirion Holding AG<sup>(1)(2)</sup> | 128 | 9321 |
| SFS Group AG | 2304 | 365977 |
| Siegfried Holding AG | 8304 | 923426 |
| St. Galler Kantonalbank AG | 370 | 307764 |
| Stadler Rail AG | 21080 | 560763 |
| Swissquote Group Holding SA | 3392 | 1809811 |
| TX Group AG | 52 | 10880 |
| Valiant Holding AG | 9754 | 2113284 |
| Vetropack Holding AG | 1359 | 40077 |
| Vontobel Holding AG | 18285 | 1669557 |
| V-ZUG Holding AG<sup>(2)</sup> | 209 | 11001 |
| Zehnder Group AG | 3167 | 335544 |
|  |  | 24710586 |
| **United Kingdom — 10.5%** |  |  |
| 4imprint Group PLC | 4561 | 242224 |
| Aberdeen Group PLC | 13048 | 38663 |
| AEP Plantations PLC | 1317 | 27972 |
| Anglo Asian Mining PLC<sup>(1)(2)</sup> | 5959 | 24081 |
| ASOS PLC<sup>(1)(2)</sup> | 21089 | 80606 |
| Atalaya Mining Copper SA | 56453 | 778020 |
| Berkeley Group Holdings PLC | 17392 | 1011333 |
| Bodycote PLC | 13210 | 138885 |
| boohoo Group PLC<sup>(1)(2)</sup> | 284798 | 84479 |
| Burberry Group PLC<sup>(1)</sup> | 15678 | 245107 |
| Capricorn Energy PLC<sup>(1)</sup> | 4539 | 15870 |
| Central Asia Metals PLC | 132783 | 425008 |
| Close Brothers Group PLC<sup>(1)</sup> | 118447 | 791462 |
| CMC Markets PLC | 54551 | 239608 |
| Coats Group PLC | 1045627 | 1313283 |
| Computacenter PLC | 50415 | 2149478 |
| DFS Furniture PLC<sup>(1)</sup> | 45978 | 117077 |
| Diversified Energy Co. | 60930 | 855723 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dr. Martens PLC<sup>(2)</sup> | 277082 | $257252 |
| Drax Group PLC | 325454 | 3888585 |
| Dunelm Group PLC | 59704 | 811990 |
| easyJet PLC | 135187 | 845130 |
| Ecora Royalties PLC | 39689 | 76593 |
| Endeavour Mining PLC | 20 | 1439 |
| Energean PLC<sup>(2)</sup> | 64192 | 770161 |
| EnQuest PLC | 910160 | 208889 |
| Essentra PLC | 7635 | 10951 |
| Everplay Group PLC | 5140 | 20635 |
| Ferrexpo PLC<sup>(1)</sup> | 83361 | 63046 |
| Firstgroup PLC<sup>(2)</sup> | 617859 | 1532063 |
| Foresight Group Holdings Ltd. | 6852 | 37838 |
| Forterra PLC | 33107 | 84410 |
| Frasers Group PLC<sup>(1)</sup> | 56102 | 530668 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 4878 | 9516 |
| Games Workshop Group PLC | 267 | 64223 |
| Genel Energy PLC<sup>(1)</sup> | 30223 | 26221 |
| Georgia Capital PLC<sup>(1)</sup> | 13152 | 660077 |
| Greggs PLC<sup>(2)</sup> | 57585 | 1232041 |
| Gulf Keystone Petroleum Ltd. | 138079 | 389077 |
| Gulf Marine Services PLC<sup>(1)</sup> | 63232 | 19443 |
| Halfords Group PLC | 129115 | 258204 |
| Hilton Food Group PLC | 69826 | 498737 |
| Hochschild Mining PLC | 307062 | 3339654 |
| Howden Joinery Group PLC | 68591 | 893781 |
| Hunting PLC | 71533 | 498143 |
| Ibstock PLC | 53032 | 94818 |
| IG Design Group PLC<sup>(1)</sup> | 4688 | 3982 |
| IG Group Holdings PLC | 5430 | 95244 |
| Impax Asset Management Group PLC | 35751 | 70468 |
| Inchcape PLC | 142921 | 1714881 |
| International Personal Finance PLC | 57547 | 192196 |
| J D Wetherspoon PLC<sup>(2)</sup> | 77815 | 756611 |
| JET2 PLC | 84976 | 1435886 |
| Johnson Matthey PLC | 132209 | 3588572 |
| Johnson Service Group PLC | 280832 | 553016 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 2770 | 164 |
| Keller Group PLC | 66413 | 1809910 |
| Lancashire Holdings Ltd. | 116772 | 1053019 |
| Lion Finance Group PLC | 21447 | 3348798 |
| Liontrust Asset Management PLC | 1042 | 3793 |
| Marex Group PLC | 43867 | 1906460 |
| Marston's PLC<sup>(1)</sup> | 117354 | 95158 |
| McBride PLC | 55566 | 116567 |
| Me Group International PLC | 131339 | 242150 |
| Mears Group PLC | 63395 | 304133 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 172854 | 700179 |
| Molten Ventures PLC<sup>(1)</sup> | 3195 | 20002 |
| Morgan Advanced Materials PLC | 119020 | 386773 |
| Motorpoint group PLC | 61 | 113 |
| MP Evans Group PLC | 5541 | 107596 |
| Ninety One PLC | 87765 | 296937 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OSB Group PLC | 263110 | $2161754 |
| Pagegroup PLC | 185937 | 472768 |
| Pan African Resources PLC | 992263 | 2397320 |
| Paragon Banking Group PLC | 139443 | 1605632 |
| Plus500 Ltd. | 50454 | 2716908 |
| Polar Capital Holdings PLC | 17603 | 150860 |
| PZ Cussons PLC | 4899 | 5417 |
| QinetiQ Group PLC | 59411 | 406187 |
| Quilter PLC | 1185880 | 3138413 |
| Rathbones Group PLC | 383 | 11653 |
| Reach PLC | 256931 | 250367 |
| RHI Magnesita NV | 10717 | 480471 |
| S4 Capital PLC<sup>(2)</sup> | 99847 | 27730 |
| Secure Trust Bank PLC | 1418 | 29047 |
| Senior PLC | 40338 | 166919 |
| Serica Energy PLC | 290293 | 944217 |
| SIG PLC<sup>(1)</sup> | 76887 | 10452 |
| Speedy Hire PLC | 138940 | 47618 |
| Spire Healthcare Group PLC | 73716 | 202219 |
| St. James's Place PLC | 6912 | 125158 |
| SThree PLC | 63429 | 148728 |
| Tate & Lyle PLC | 619 | 3138 |
| TBC Bank Group PLC | 31905 | 2063501 |
| TP ICAP Group PLC | 70295 | 239978 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 9059 | 14602 |
| Vertu Motors PLC | 50582 | 40841 |
| Vesuvius PLC | 131198 | 883043 |
| Victrex PLC | 30715 | 292229 |
| Volex PLC | 22526 | 147015 |
| Vp PLC | 235 | 1490 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 80804 | 555907 |
| Watkin Jones PLC<sup>(1)</sup> | 84435 | 39101 |
| Whitbread PLC | 47612 | 1666975 |
| Wickes Group PLC | 260740 | 887214 |
| Xaar PLC<sup>(1)</sup> | 533 | 845 |
| Young & Co.'s Brewery PLC, Class A | 1845 | 21957 |
| Yu Group PLC<sup>(2)</sup> | 2736 | 65673 |
| Zigup PLC | 177470 | 982102 |
| Zotefoams PLC | 4721 | 27345 |
|  |  | 67937866 |
| **United States — 0.4%** |  |  |
| Dauch Corp.<sup>(1)</sup> | 1671 | 10494 |
| Golar LNG Ltd. | 29554 | 1313971 |
| Indivior Pharmaceuticals, Inc.<sup>(1)</sup> | 809 | 26470 |
| Ovintiv, Inc. | 17474 | 881867 |
|  |  | 2232802 |
| **TOTAL COMMON STOCKS**<br>(Cost $394,587,856) |  | **646358996** |
| **WARRANTS — 0.0%** |  |  |
| **Hong Kong — 0.0%** |  |  |
| CSI Properties Ltd.<sup>(1)</sup> | 17500 | 60 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)</sup> | 27855 | 51997 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Geox SpA<sup>(1)</sup> | 14375 | $747 |
| Webuild SpA<sup>(1)(2)</sup> | 6684 | 26213 |
|  |  | 78957 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **79017** |
| **RIGHTS — 0.0%** |  |  |
| **Sweden — 0.0%** |  |  |
| AcadeMedia AB<sup>(1)</sup> | 26613 | 1654 |
| Nobia AB<sup>(1)(2)</sup> | 157900 | 14858 |
|  |  | 16512 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 10100 | 10862 |
| **TOTAL RIGHTS**<br>(Cost $37,142) |  | **27374** |
| **SHORT-TERM INVESTMENTS — 5.5%** |  |  |
| **Money Market Funds — 5.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1186936 | 1186936 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 34642207 | 34642207 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $35,829,143) |  | **35829143** |
| **TOTAL INVESTMENT SECURITIES — 105.5%**<br>(Cost $430,454,141) |  | **682294530** |
| **OTHER ASSETS AND LIABILITIES — (5.5)%** |  | **(35759776)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**646534754** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Materials | 25.2% |
| Industrials | 23.3% |
| Financials | 15.3% |
| Consumer Discretionary | 12.5% |
| Energy | 9.4% |
| Information Technology | 4.4% |
| Consumer Staples | 3.5% |
| Utilities | 2.1% |
| Communication Services | 1.9% |
| Health Care | 1.2% |
| Real Estate | 1.2% |
| Short-Term Investments | 5.5% |
| Other Assets and Liabilities | (5.5)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $61,802,233. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $65,539,438, which includes securities collateral of $30,897,231.

------

Schedule of Investments - Avantis International Small Cap Value Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $6848543 | $639510453 |  |
| Warrants |  | 79017 |  |
| Rights | 10862 | 16512 |  |
| Short-Term Investments | 35829143 |  |  |
|  | $42688548 | $639605982 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Equity** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $479990 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(53255) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** |
| **Assets** | **Assets** | |
| Investment securities, at value | $958349049 | $882878930 |
| Investment made with cash collateral received for securities on loan, at value | 17745441 | 47792083 |
| Cash |  | 2935 |
| Foreign currency holdings, at value | 4250254 | 4133 |
| Deposits with broker for futures contracts | 242048 | 145229 |
| Receivable for investments sold |  | 21220 |
| Receivable for capital shares sold | 6121931 | 1692624 |
| Dividends and interest receivable | 1487152 | 1291502 |
| Securities lending receivable | 64573 | 22934 |
|  | 988260448 | 933851590 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash | 1086235 |  |
| Payable for collateral received for securities on loan | 17745441 | 47792083 |
| Payable for investments purchased | 5994656 | 2381781 |
| Payable for capital shares redeemed | 3624705 | 6339734 |
| Payable for variation margin on futures contracts | 15613 | 9368 |
| Accrued management fees | 207316 | 72003 |
| Accrued foreign taxes | 4297699 |  |
|  | 32971665 | 56594969 |
| **Net Assets** | $955288783 | $877256621 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $689531453 | $681881766 |
| Distributable earnings (loss) | 265757330 | 195374855 |
|  | $955288783 | $877256621 |
| Investment securities, at cost | $678031179 | $686133582 |
| Investment securities on loan, at value | $52226646 | $76599987 |
| Investment made with cash collateral received for securities on loan, at cost | $17745441 | $47792083 |
| Foreign currency holdings, at cost | $4250193 | $4141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value <br>Per Share** |
| **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** |
| Institutional Class | $858352417 | 50976415 | $16.84 |
| G Class | $96936366 | 5751073 | $16.86 |
| **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** |
| Institutional Class | $428944008 | 24704021 | $17.36 |
| G Class | $448312613 | 25816731 | $17.37 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis International Small Cap Value Fund** |
| **Assets** | **Assets** |
| Investment securities, at value | $647652323 |
| Investment made with cash collateral received for securities on loan, at value | 34642207 |
| Cash | 1275 |
| Foreign currency holdings, at value | 20366 |
| Receivable for capital shares sold | 628344 |
| Dividends and interest receivable | 1315804 |
| Securities lending receivable | 19807 |
|  | 684280126 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 34642207 |
| Payable for capital shares redeemed | 2930218 |
| Accrued management fees | 172947 |
|  | 37745372 |
| **Net Assets** | $646534754 |
| **Net Assets Consist of:** |  |
| Capital paid in | $384689015 |
| Distributable earnings (loss) | 261845739 |
|  | $646534754 |
| Investment securities, at cost | $395811934 |
| Investment securities on loan, at value | $61802233 |
| Investment made with cash collateral received for securities on loan, at cost | $34642207 |
| Foreign currency holdings, at cost | $20385 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value <br>Per Share** |
| **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |
| Institutional Class | $646521926 | 33689183 | $19.19 |
| G Class | $12828 | 668 | $19.20 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $6702888 | $4690603 |
| Securities lending, net | 473448 | 173218 |
| Interest | 102109 | 113041 |
| Less foreign taxes withheld | (739673) | (409711) |
|  | 6538772 | 4567151 |
| **Expenses:** |  |  |
| Management fees | 1221972 | 580526 |
| Other expenses | 1039 | 11372 |
|  | 1223011 | 591898 |
| Fees waived - G Class | (60152) | (180089) |
|  | 1162859 | 411809 |
| **Net investment income (loss)** | 5375913 | 4155342 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 4574279 | 4947232 |
| Futures contract transactions | 235466 | 45119 |
| Foreign currency translation transactions | (239274) | (218046) |
|  | 4570471 | 4774305 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 161450688 | 96167087 |
| Futures contracts | (86398) | (63935) |
| Translation of assets and liabilities in foreign currencies | (478) | 7470 |
|  | 161363812 | 96110622 |
| **Net realized and unrealized gain (loss)** | 165934283 | 100884927 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $171310196 | $105040269 |
| \*Net of foreign tax expenses paid (refunded) | $382141 |  |
| \*\*Includes (increase) decrease in accrued foreign taxes | $(489877) |  |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis International Small Cap Value Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Dividends | $6397847 |
| Securities lending, net | 139255 |
| Interest | 64153 |
| Less foreign taxes withheld | (526675) |
|  | 6074580 |
| **Expenses:** |  |
| Management fees | 1001892 |
| Other expenses | 1794 |
|  | 1003686 |
| Fees waived - G Class | (19) |
|  | 1003667 |
| **Net investment income (loss)** | 5070913 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 26983267 |
| Futures contract transactions | 479990 |
| Foreign currency translation transactions | (136695) |
|  | 27326562 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 122780957 |
| Futures contracts | (53255) |
| Translation of assets and liabilities in foreign currencies | 9500 |
|  | 122737202 |
| **Net realized and unrealized gain (loss)** | 150063764 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $155134677 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $5375913 | $15276387 | $4155342 | $9450232 |
| Net realized gain (loss) | 4570471 | 8872287 | 4774305 | 1667205 |
| Change in net unrealized appreciation (depreciation) | 161363812 | 79060208 | 96110622 | 50042433 |
| Net increase (decrease) in net assets resulting from operations | 171310196 | 103208882 | 105040269 | 61159870 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (24009886) | (14085684) | (11062834) | (7720203) |
| &nbsp;&nbsp;&nbsp;G Class | (1301875) | (244005) | (5388542) | (834565) |
| Decrease in net assets from distributions | (25311761) | (14329689) | (16451376) | (8554768) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 165530513 | 73097198 | 379209169 | 103222394 |
| **Net increase (decrease) in net assets** | 311528948 | 161976391 | 467798062 | 155827496 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 643759835 | 481783444 | 409458559 | 253631063 |
| End of period | $955288783 | $643759835 | $877256621 | $409458559 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | |
| Net investment income (loss) | $5070913 | $15093604 |
| Net realized gain (loss) | 27326562 | 32675640 |
| Change in net unrealized appreciation (depreciation) | 122737202 | 72148406 |
| Net increase (decrease) in net assets resulting from operations | 155134677 | 119917650 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (54307253) | (15522243) |
| &nbsp;&nbsp;&nbsp;G Class | (1068) | (333) |
| Decrease in net assets from distributions | (54308321) | (15522576) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 18740705 | 54978904 |
| **Net increase (decrease) in net assets** | 119567061 | 159373978 |
| **Net Assets** |  |  |
| Beginning of period | 526967693 | 367593715 |
| End of period | $646534754 | $526967693 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following funds and the respective share classes offered by the trust.

---

| | |
|:---|:---|
| Avantis Emerging Markets Equity Fund | Institutional, G |
| Avantis International Equity Fund | Institutional, G |
| Avantis International Small Cap Value Fund | Institutional, G |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

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

------

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. A fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

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

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

------

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the funds' transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each class and paid monthly in arrears. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The annual management fee including any waiver impacts for the period ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Annual Management Fee** | **Annual Management Fee** | **Annual Management Fee** |
| | **Institutional Class** | **G Class** | **G Class (before waiver)** |
| Avantis Emerging Markets Equity Fund | 0.33% | 0.00% | 0.33% |
| Avantis International Equity Fund | 0.23% | 0.00% | 0.23% |
| Avantis International Small Cap Value Fund | 0.36% | 0.00% | 0.36% |

---

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis International Equity Fund | American Century Asset Allocation Portfolios, Inc. | 13% |

---

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments, for the period ended February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Small Cap Value Fund** |
| Purchases | $160585704 | $393859019 | $45216206 |
| Sales | $22833276 | $24546153 | $69055626 |

---

**5. Capital Share Transactions**

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 12085535 | $183590147 | 20309338 | $246218797 |
| Issued in reinvestment of distributions | 1562716 | 22675006 | 1171119 | 13971449 |
| Redeemed | (6440883) | (97200941) | (16613629) | (209789120) |
|  | 7207368 | 109064212 | 4866828 | 50401126 |
| **G Class** |  |  |  |  |
| Sold | 3717852 | 62234225 | 2350441 | 29329414 |
| Issued in reinvestment of distributions | 89722 | 1301875 | 20453 | 244005 |
| Redeemed | (467355) | (7069799) | (551918) | (6877347) |
|  | 3340219 | 56466301 | 1818976 | 22696072 |
| Net increase (decrease) | 10547587 | $165530513 | 6685804 | $73097198 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis International Equity Fund** | **Avantis International Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 5547687 | $88596074 | 5625052 | $72885463 |
| Issued in reinvestment of distributions | 722595 | 10911181 | 634300 | 7713094 |
| Redeemed | (2662253) | (41963304) | (3222599) | (41353809) |
|  | 3608029 | 57543951 | 3036753 | 39244748 |
| **G Class** |  |  |  |  |
| Sold | 20237012 | 338961512 | 7131737 | 91661100 |
| Issued in reinvestment of distributions | 357093 | 5388542 | 68632 | 834565 |
| Redeemed | (1441745) | (22684836) | (2219049) | (28518019) |
|  | 19152360 | 321665218 | 4981320 | 63977646 |
| Net increase (decrease) | 22760389 | $379209169 | 8018073 | $103222394 |
| **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |  |  |  |
| **Institutional Class** |  |  |  |  |
| Sold | 4170835 | $72046720 | 15115381 | $205642685 |
| Issued in reinvestment of distributions | 3417207 | 54265240 | 1228632 | 15517621 |
| Redeemed | (6321284) | (107572323) | (11649947) | (166181735) |
|  | 1266758 | 18739637 | 4694066 | 54978571 |
| **G Class** |  |  |  |  |
| Issued in reinvestment of distributions | 67 | 1068 | 26 | 333 |
| Net increase (decrease) | 1266825 | $18740705 | 4694092 | $54978904 |

---

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Equity Price Risk —** The funds may be subject to equity price risk in the normal course of pursuing their investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The average notional exposure to equity price risk derivative instruments held during the period was as follows:

---

| | |
|:---|:---|
| | **Futures Contracts Purchased** |
| Avantis Emerging Markets Equity Fund | $1998950 |
| Avantis International Equity Fund | $1548129 |
| Avantis International Small Cap Value Fund | $1555765 |

---

**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

------

**8. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Small Cap Value Fund** |
| Federal tax cost of investments | $708190092 | $734216084 | $439462604 |
| Gross tax appreciation of investments | $311486897 | $210086750 | $258319186 |
| Gross tax depreciation of investments | (43582499) | (13631821) | (15487260) |
| Net tax appreciation (depreciation) of investments | $267904398 | $196454929 | $242831926 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales and the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

------

Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | | |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $13.94 | 0.11 | 3.31 | 3.42 | (0.46) | (0.06) | (0.52) | $16.84 | 25.11% | 0.33% | 0.33% | 1.44% | 1.44% | 3% | $858352 |
| 2025 | $12.20 | 0.33 | 1.75 | 2.08 | (0.34) |  | (0.34) | $13.94 | 17.51% | 0.33% | 0.33% | 2.64% | 2.64% | 22% | $610066 |
| 2024 | $10.72 | 0.32 | 1.55 | 1.87 | (0.39) |  | (0.39) | $12.20 | 18.01% | 0.33% | 0.33% | 2.83% | 2.83% | 10% | $474544 |
| 2023 | $10.35 | 0.35 | 0.37 | 0.72 | (0.35) |  | (0.35) | $10.72 | 7.19% | 0.34% | 0.34% | 3.36% | 3.36% | 13% | $301211 |
| 2022 | $13.35 | 0.44 | (3.20) | (2.76) | (0.24) |  | (0.24) | $10.35 | (20.98)% | 0.33% | 0.33% | 3.84% | 3.84% | 4% | $238858 |
| 2021 | $10.32 | 0.29 | 2.93 | 3.22 | (0.19) |  | (0.19) | $13.35 | 31.29% | 0.33% | 0.33% | 2.29% | 2.29% | 9% | $118866 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $13.98 | 0.14 | 3.30 | 3.44 | (0.50) | (0.06) | (0.56) | $16.86 | 25.31% | 0.00% | 0.33% | 1.77% | 1.44% | 3% | $96936 |
| 2025 | $12.23 | 0.41 | 1.72 | 2.13 | (0.38) |  | (0.38) | $13.98 | 17.95% | 0.00% | 0.33% | 2.97% | 2.64% | 22% | $33694 |
| 2024 | $10.75 | 0.36 | 1.54 | 1.90 | (0.42) |  | (0.42) | $12.23 | 18.36% | 0.00% | 0.33% | 3.16% | 2.83% | 10% | $7239 |
| 2023 | $10.38 | 0.39 | 0.36 | 0.75 | (0.38) |  | (0.38) | $10.75 | 7.53% | 0.01% | 0.34% | 3.69% | 3.36% | 13% | $4505 |
| 2022 | $13.38 | 0.53 | (3.25) | (2.72) | (0.28) |  | (0.28) | $10.38 | (20.69)% | 0.00% | 0.33% | 4.17% | 3.84% | 4% | $2757 |
| 2021<sup>(4)</sup> | $13.16 | 0.31 | (0.09) | 0.22 |  |  |  | $13.38 | 1.67% | 0.00% | 0.33% | 3.75% | 3.42% | 9%<sup>(5)</sup> | $189 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)January 20, 2021 (commencement of sale) through August 31, 2021.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $14.74 | 0.12 | 2.99 | 3.11 | (0.40) | (0.09) | (0.49) | $17.36 | 21.54% | 0.23% | 0.23% | 1.58% | 1.58% | 5% | $428944 |
| 2025 | $12.85 | 0.40 | 1.92 | 2.32 | (0.41) | (0.02) | (0.43) | $14.74 | 18.82% | 0.23% | 0.23% | 3.03% | 3.03% | 6% | $311057 |
| 2024 | $11.16 | 0.35 | 1.70 | 2.05 | (0.36) |  | (0.36) | $12.85 | 18.99% | 0.23% | 0.23% | 3.02% | 3.02% | 10% | $231981 |
| 2023 | $9.80 | 0.36 | 1.22 | 1.58 | (0.22) |  | (0.22) | $11.16 | 16.40% | 0.23% | 0.23% | 3.36% | 3.36% | 7% | $182313 |
| 2022 | $12.51 | 0.37 | (2.66) | (2.29) | (0.30) | (0.12) | (0.42) | $9.80 | (18.92)% | 0.23% | 0.23% | 3.31% | 3.31% | 6% | $122850 |
| 2021 | $9.78 | 0.27 | 2.64 | 2.91 | (0.18) |  | (0.18) | $12.51 | 30.11% | 0.23% | 0.23% | 2.35% | 2.35% | 13% | $77422 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $14.77 | 0.14 | 2.99 | 3.13 | (0.44) | (0.09) | (0.53) | $17.37 | 21.73% | 0.00% | 0.23% | 1.81% | 1.58% | 5% | $448313 |
| 2025 | $12.86 | 0.42 | 1.95 | 2.37 | (0.44) | (0.02) | (0.46) | $14.77 | 19.16% | 0.00% | 0.23% | 3.26% | 3.03% | 6% | $98401 |
| 2024 | $11.18 | 0.38 | 1.69 | 2.07 | (0.39) |  | (0.39) | $12.86 | 19.14% | 0.00% | 0.23% | 3.25% | 3.02% | 10% | $21650 |
| 2023 | $9.81 | 0.38 | 1.24 | 1.62 | (0.25) |  | (0.25) | $11.18 | 16.76% | 0.00% | 0.23% | 3.59% | 3.36% | 7% | $13508 |
| 2022 | $12.52 | 0.44 | (2.71) | (2.27) | (0.32) | (0.12) | (0.44) | $9.81 | (18.72)% | 0.00% | 0.23% | 3.54% | 3.31% | 6% | $9867 |
| 2021<sup>(4)</sup> | $11.35 | 0.21 | 0.96 | 1.17 |  |  |  | $12.52 | 10.31% | 0.00% | 0.23% | 2.79% | 2.56% | 13%<sup>(5)</sup> | $656 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)January 20, 2021 (commencement of sale) through August 31, 2021.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $16.25 | 0.15 | 4.51 | 4.66 | (0.60) | (1.12) | (1.72) | $19.19 | 30.84% | 0.36% | 0.36% | 1.82% | 1.82% | 8% | $646522 |
| 2025 | $13.26 | 0.48 | 3.04 | 3.52 | (0.52) | (0.01) | (0.53) | $16.25 | 27.71% | 0.36% | 0.36% | 3.51% | 3.51% | 31% | $526958 |
| 2024 | $11.39 | 0.40 | 1.88 | 2.28 | (0.41) |  | (0.41) | $13.26 | 20.77% | 0.36% | 0.36% | 3.39% | 3.39% | 26% | $367586 |
| 2023 | $10.23 | 0.44 | 1.07 | 1.51 | (0.35) |  | (0.35) | $11.39 | 15.08% | 0.36% | 0.36% | 4.04% | 4.04% | 29% | $232941 |
| 2022 | $12.75 | 0.38 | (2.39) | (2.01) | (0.30) | (0.21) | (0.51) | $10.23 | (16.31)% | 0.36% | 0.36% | 3.31% | 3.31% | 44% | $151813 |
| 2021 | $9.32 | 0.27 | 3.31 | 3.58 | (0.15) |  | (0.15) | $12.75 | 38.73% | 0.36% | 0.36% | 2.33% | 2.33% | 34% | $131702 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $16.29 | 0.18 | 4.51 | 4.69 | (0.66) | (1.12) | (1.78) | $19.20 | 31.06% | 0.00% | 0.36% | 2.18% | 1.82% | 8% | $13 |
| 2025 | $13.29 | 0.52 | 3.06 | 3.58 | (0.57) | (0.01) | (0.58) | $16.29 | 28.19% | 0.00% | 0.36% | 3.87% | 3.51% | 31% | $10 |
| 2024 | $11.42 | 0.45 | 1.87 | 2.32 | (0.45) |  | (0.45) | $13.29 | 21.16% | 0.00% | 0.36% | 3.75% | 3.39% | 26% | $8 |
| 2023 | $10.26 | 0.46 | 1.09 | 1.55 | (0.39) |  | (0.39) | $11.42 | 15.46% | 0.00% | 0.36% | 4.40% | 4.04% | 29% | $6 |
| 2022 | $12.77 | 0.42 | (2.38) | (1.96) | (0.34) | (0.21) | (0.55) | $10.26 | (15.92)% | 0.00% | 0.36% | 3.67% | 3.31% | 44% | $5 |
| 2021<sup>(4)</sup> | $11.31 | 0.21 | 1.25 | 1.46 |  |  |  | $12.77 | 12.91% | 0.00% | 0.36% | 2.82% | 2.46% | 34%<sup>(5)</sup> | $6 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)January 20, 2021 (commencement of sale) through August 31, 2021.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97503 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97503 2604** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> Core Fixed Income Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (AVIGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AVBNX) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_847) |
| Statement of Assets and Liabilities | [16](#iba273e868b7e4566bd70f1811bd23032_853) |
| Statement of Operations | [17](#iba273e868b7e4566bd70f1811bd23032_856) |
| Statement of Changes in Net Assets | [18](#iba273e868b7e4566bd70f1811bd23032_859) |
| Notes to Financial Statements | [19](#iba273e868b7e4566bd70f1811bd23032_862) |
| Financial Highlights | [24](#iba273e868b7e4566bd70f1811bd23032_865) |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 61.0%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.6%** |  |  |
| Lockheed Martin Corp., 4.75%, 2/15/34 | $300000 | $308391 |
| Lockheed Martin Corp., 4.50%, 5/15/36 | 650000 | 648553 |
| RTX Corp., 5.15%, 2/27/33 | 250000 | 261701 |
| Textron, Inc., 5.50%, 5/15/35 | 450000 | 474574 |
|  |  | 1693219 |
| **Air Freight and Logistics — 0.4%** |  |  |
| United Parcel Service, Inc., 5.15%, 5/22/34 | 700000 | 737308 |
| United Parcel Service, Inc., 6.20%, 1/15/38 | 400000 | 449730 |
|  |  | 1187038 |
| **Automobiles — 0.5%** |  |  |
| American Honda Finance Corp., 5.05%, 7/10/31 | 350000 | 363032 |
| Toyota Motor Credit Corp., 4.60%, 10/10/31 | 975000 | 997796 |
| Toyota Motor Credit Corp., 4.70%, 1/12/33 | 250000 | 256068 |
|  |  | 1616896 |
| **Banks — 5.3%** |  |  |
| African Development Bank, 0.875%, 3/23/26 | 100000 | 99816 |
| African Development Bank, 3.50%, 9/18/29 | 100000 | 100071 |
| Asian Development Bank, 2.00%, 4/24/26 | 200000 | 199467 |
| Asian Development Bank, 2.375%, 8/10/27 | 16000 | 15767 |
| Asian Development Bank, 3.625%, 8/28/29 | 100000 | 100572 |
| Asian Development Bank, 4.125%, 5/30/30 | 250000 | 256070 |
| Asian Development Bank, 4.375%, 3/22/35<sup>(1)</sup> | 250000 | 258496 |
| Asian Infrastructure Investment Bank, 4.50%, 1/16/30 | 100000 | 103646 |
| Banco Santander SA, 3.80%, 2/23/28 | 200000 | 199274 |
| Banco Santander SA, 4.38%, 4/12/28 | 600000 | 604340 |
| Bank of America Corp., VRN, 2.97%, 2/4/33 | 300000 | 277403 |
| Bank of Montreal, 2.65%, 3/8/27 | 500000 | 494824 |
| Bank of Montreal, 5.51%, 6/4/31 | 150000 | 159017 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 600000 | 628385 |
| Bank of Nova Scotia, 4.85%, 2/1/30 | 200000 | 205962 |
| Barclays PLC, VRN, 5.37%, 2/25/31 | 200000 | 207643 |
| Barclays PLC, VRN, 5.79%, 2/25/36 | 400000 | 419210 |
| Canadian Imperial Bank of Commerce, 3.60%, 4/7/32 | 1200000 | 1157452 |
| Citibank NA, 5.57%, 4/30/34 | 300000 | 319105 |
| Citigroup, Inc., VRN, 4.91%, 5/24/33 | 100000 | 102088 |
| Council of Europe Development Bank, 4.125%, 1/24/29 | 100000 | 101895 |
| Council of Europe Development Bank, 4.50%, 1/15/30 | 100000 | 103524 |
| European Bank for Reconstruction & Development, 4.125%, 1/25/29 | 200000 | 203791 |
| European Investment Bank, 3.25%, 11/15/27 | 250000 | 249347 |
| European Investment Bank, 4.50%, 10/16/28 | 100000 | 102765 |
| European Investment Bank, 3.625%, 7/15/30 | 250000 | 251313 |
| European Investment Bank, 4.625%, 2/12/35 | 250000 | 263233 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 200000 | 210338 |
| HSBC Holdings PLC, VRN, 6.16%, 3/9/29 | 200000 | 207977 |
| ING Groep NV, VRN, 5.07%, 3/25/31 | 250000 | 257815 |
| ING Groep NV, VRN, 6.11%, 9/11/34 | 800000 | 872246 |
| Inter-American Development Bank, 4.00%, 1/12/28 | 350000 | 353589 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 50000 | 49661 |
| Inter-American Development Bank, 1.125%, 1/13/31 | 150000 | 133895 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| International Bank for Reconstruction & Development, 4.00%, 1/10/31 | $156000 | $159184 |
| International Bank for Reconstruction & Development, 4.625%, 1/15/32<sup>(1)</sup> | 250000 | 262919 |
| JPMorgan Chase & Co., 6.40%, 5/15/38 | 750000 | 852997 |
| JPMorgan Chase & Co., VRN, 2.96%, 1/25/33 | 250000 | 231940 |
| JPMorgan Chase & Co., VRN, 4.59%, 4/26/33 | 200000 | 202151 |
| Kreditanstalt fuer Wiederaufbau, 3.625%, 4/1/26 | 100000 | 99976 |
| Kreditanstalt fuer Wiederaufbau, 4.75%, 10/29/30 | 250000 | 263397 |
| Kreditanstalt fuer Wiederaufbau, 4.375%, 2/28/34 | 150000 | 155762 |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | 625000 | 634046 |
| Mitsubishi UFJ Financial Group, Inc., 3.68%, 2/22/27 | 500000 | 499587 |
| Nordic Investment Bank, 3.75%, 5/9/30 | 200000 | 201716 |
| PNC Financial Services Group, Inc., VRN, 5.37%, 7/21/36 | 1125000 | 1166806 |
| Royal Bank of Canada, 5.00%, 5/2/33 | 500000 | 518719 |
| Toronto-Dominion Bank, 4.46%, 6/8/32 | 400000 | 403844 |
| Truist Financial Corp., VRN, 5.07%, 5/20/31 | 250000 | 258076 |
| Truist Financial Corp., VRN, 4.96%, 10/23/36 | 270000 | 269717 |
| Wells Fargo & Co., VRN, 5.15%, 4/23/31 | 200000 | 207085 |
| Wells Fargo & Co., VRN, 3.35%, 3/2/33 | 300000 | 281795 |
|  |  | 15939714 |
| **Beverages — 0.5%** |  |  |
| Anheuser-Busch InBev Finance, Inc., 4.70%, 2/1/36 | 250000 | 250740 |
| Brown-Forman Corp., 4.75%, 4/15/33 | 500000 | 512757 |
| Constellation Brands, Inc., 4.90%, 5/1/33 | 300000 | 305712 |
| Pepsico Singapore Financing I Pte. Ltd., 4.70%, 2/16/34 | 500000 | 509115 |
|  |  | 1578324 |
| **Biotechnology — 1.0%** |  |  |
| AbbVie, Inc., 4.875%, 3/15/30 | 100000 | 103422 |
| AbbVie, Inc., 4.55%, 3/15/35 | 250000 | 248998 |
| AbbVie, Inc., 5.20%, 3/15/35 | 750000 | 782874 |
| Amgen, Inc., 2.30%, 2/25/31 | 500000 | 459744 |
| Biogen, Inc., 2.25%, 5/1/30 | 78000 | 72374 |
| Biogen, Inc., 5.05%, 1/15/31 | 150000 | 155727 |
| Gilead Sciences, Inc., 5.10%, 6/15/35 | 1000000 | 1035624 |
|  |  | 2858763 |
| **Broadline Retail — 0.3%** |  |  |
| Amazon.com, Inc., 2.10%, 5/12/31 | 500000 | 455525 |
| Amazon.com, Inc., 4.65%, 11/20/35 | 500000 | 503051 |
|  |  | 958576 |
| **Building Products — 0.0%** |  |  |
| Owens Corning, 3.875%, 6/1/30 | 150000 | 148514 |
| **Capital Markets — 5.0%** |  |  |
| Affiliated Managers Group, Inc., 5.50%, 8/20/34 | 650000 | 666221 |
| Ameriprise Financial, Inc., 5.20%, 4/15/35 | 625000 | 636324 |
| Ares Management Corp., 6.375%, 11/10/28 | 450000 | 472267 |
| Blackrock, Inc., 2.40%, 4/30/30 | 525000 | 496015 |
| Blackrock, Inc., 2.10%, 2/25/32 | 75000 | 66921 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, 1/30/32 | 125000 | 110525 |
| Brookfield Finance, Inc., 4.35%, 4/15/30 | 575000 | 576327 |
| Brookfield Finance, Inc., 2.72%, 4/15/31 | 300000 | 276749 |
| Brookfield Finance, Inc., 5.33%, 1/15/36 | 270000 | 269624 |
| Charles Schwab Corp., 2.30%, 5/13/31 | 1600000 | 1465676 |
| Charles Schwab Corp., 1.95%, 12/1/31 | 120000 | 106501 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| CME Group, Inc., 4.40%, 3/15/30 | $1100000 | $1120774 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 200000 | 209213 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 150000 | 148588 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 450000 | 470223 |
| Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33 | 150000 | 139219 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 725000 | 734435 |
| Intercontinental Exchange, Inc., 5.25%, 6/15/31 | 1125000 | 1182669 |
| Intercontinental Exchange, Inc., 4.60%, 3/15/33 | 100000 | 101309 |
| Lazard Group LLC, 6.00%, 3/15/31 | 350000 | 374178 |
| LPL Holdings, Inc., 6.75%, 11/17/28 | 200000 | 212171 |
| LPL Holdings, Inc., 5.75%, 6/15/35 | 675000 | 689880 |
| Morgan Stanley, 3.125%, 7/27/26 | 500000 | 498369 |
| Morgan Stanley, 7.25%, 4/1/32 | 200000 | 231408 |
| Morgan Stanley, VRN, 5.25%, 4/21/34 | 700000 | 725473 |
| MSCI, Inc., 5.25%, 9/1/35 | 500000 | 500816 |
| Nasdaq, Inc., 5.55%, 2/15/34 | 262000 | 276220 |
| Northern Trust Corp., 1.95%, 5/1/30 | 200000 | 184803 |
| S&P Global, Inc., 4.25%, 1/15/31<sup>(2)</sup> | 725000 | 728578 |
| S&P Global, Inc., 2.90%, 3/1/32 | 600000 | 558218 |
| S&P Global, Inc., 5.25%, 9/15/33 | 450000 | 475415 |
| State Street Corp., 4.83%, 4/24/30 | 200000 | 206064 |
|  |  | 14911173 |
| **Chemicals — 0.1%** |  |  |
| CF Industries, Inc., 5.15%, 3/15/34 | 138000 | 140656 |
| EIDP, Inc., 5.125%, 5/15/32 | 150000 | 155919 |
|  |  | 296575 |
| **Commercial Services and Supplies — 1.6%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 1050000 | 1067795 |
| RELX Capital, Inc., 5.25%, 3/27/35 | 625000 | 643851 |
| Republic Services, Inc., 4.75%, 7/15/30 | 113000 | 116213 |
| Republic Services, Inc., 5.00%, 12/15/33 | 1125000 | 1173096 |
| Republic Services, Inc., 5.00%, 4/1/34 | 300000 | 311274 |
| Waste Management, Inc., 4.875%, 2/15/34 | 300000 | 310788 |
| Waste Management, Inc., 4.95%, 3/15/35 | 1125000 | 1157585 |
|  |  | 4780602 |
| **Communications Equipment — 0.5%** |  |  |
| Cisco Systems, Inc., 5.10%, 2/24/35 | 1425000 | 1479523 |
| Cisco Systems, Inc., 5.90%, 2/15/39 | 150000 | 164107 |
|  |  | 1643630 |
| **Construction Materials — 0.2%** |  |  |
| Vulcan Materials Co., 5.35%, 12/1/34 | 475000 | 496371 |
| **Consumer Finance — 0.5%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/6/28 | 400000 | 414324 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.15%, 9/30/30 | 300000 | 322115 |
| Capital One Financial Corp., 6.70%, 11/29/32 | 250000 | 278298 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 100000 | 104681 |
| Capital One Financial Corp., VRN, 5.27%, 5/10/33 | 300000 | 308185 |
|  |  | 1427603 |
| **Consumer Staples Distribution & Retail — 1.1%** |  |  |
| Sysco Corp., 5.375%, 9/21/35 | 825000 | 861885 |
| Target Corp., 4.50%, 9/15/32<sup>(1)</sup> | 550000 | 562925 |
| Target Corp., 5.00%, 4/15/35<sup>(1)</sup> | 500000 | 513499 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Target Corp., 7.00%, 1/15/38 | $250000 | $298065 |
| Walmart, Inc., 4.90%, 4/28/35 | 500000 | 519006 |
| Walmart, Inc., 5.25%, 9/1/35 | 400000 | 427934 |
|  |  | 3183314 |
| **Containers and Packaging — 0.2%** |  |  |
| Amcor Flexibles North America, Inc., 5.10%, 3/17/30 | 550000 | 569693 |
| **Diversified REITs — 3.7%** |  |  |
| Boston Properties LP, 6.75%, 12/1/27 | 450000 | 469729 |
| Brixmor Operating Partnership LP, 5.20%, 4/1/32 | 200000 | 206661 |
| Brixmor Operating Partnership LP, 5.75%, 2/15/35 | 450000 | 477214 |
| ERP Operating LP, 3.00%, 7/1/29 | 825000 | 802245 |
| ERP Operating LP, 4.65%, 9/15/34 | 575000 | 576661 |
| Essex Portfolio LP, 4.00%, 3/1/29 | 325000 | 324460 |
| Essex Portfolio LP, 5.375%, 4/1/35 | 500000 | 517783 |
| Federal Realty OP LP, 3.50%, 6/1/30 | 400000 | 388935 |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 300000 | 274528 |
| Host Hotels & Resorts LP, 5.50%, 4/15/35 | 850000 | 867380 |
| Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 900000 | 876492 |
| Mid-America Apartments LP, 4.95%, 3/1/35 | 775000 | 786642 |
| Prologis LP, 2.25%, 4/15/30 | 115000 | 107750 |
| Prologis LP, 4.75%, 1/15/31 | 1000000 | 1032017 |
| Prologis LP, 5.125%, 1/15/34 | 150000 | 155536 |
| Prologis LP, 5.25%, 5/15/35 | 800000 | 833828 |
| Simon Property Group LP, 2.20%, 2/1/31 | 200000 | 182650 |
| Simon Property Group LP, 6.25%, 1/15/34 | 400000 | 442967 |
| Simon Property Group LP, 5.125%, 10/1/35 | 700000 | 717169 |
| WP Carey, Inc., 4.65%, 7/15/30 | 875000 | 889187 |
|  |  | 10929834 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| AT&T, Inc., 2.75%, 6/1/31 | 120000 | 111850 |
| Comcast Corp., 4.25%, 10/15/30 | 210000 | 211902 |
| Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 750000 | 880215 |
| Telefonica Europe BV, 8.25%, 9/15/30 | 500000 | 578082 |
| Verizon Communications, Inc., 4.75%, 1/15/33 | 200000 | 202889 |
| Verizon Communications, Inc., 4.50%, 8/10/33 | 150000 | 149667 |
|  |  | 2134605 |
| **Electric Utilities — 3.2%** |  |  |
| Alabama Power Co., 5.10%, 4/2/35 | 625000 | 648055 |
| American Electric Power Co., Inc., 5.95%, 11/1/32 | 350000 | 378496 |
| Arizona Public Service Co., 5.70%, 8/15/34 | 250000 | 265126 |
| CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33 | 120000 | 137141 |
| Connecticut Light & Power Co., 4.95%, 8/15/34 | 750000 | 763989 |
| Constellation Energy Generation LLC, 6.25%, 10/1/39 | 200000 | 220058 |
| DTE Electric Co., Series C, 2.625%, 3/1/31 | 66000 | 61942 |
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100000 | 109680 |
| Duke Energy Corp., 5.45%, 6/15/34 | 650000 | 683012 |
| Duke Energy Florida LLC, 6.40%, 6/15/38 | 575000 | 646537 |
| Exelon Corp., 5.125%, 3/15/31 | 150000 | 156348 |
| Florida Power & Light Co., 5.30%, 6/15/34 | 100000 | 105458 |
| Georgia Power Co., 4.85%, 3/15/31 | 750000 | 775319 |
| Georgia Power Co., 4.95%, 5/17/33 | 475000 | 490744 |
| NextEra Energy Capital Holdings, Inc., 5.05%, 3/15/30 | 550000 | 570316 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | $200000 | $207969 |
| PacifiCorp, 6.25%, 10/15/37 | 750000 | 799832 |
| PPL Electric Utilities Corp., 4.85%, 2/15/34 | 100000 | 102380 |
| Public Service Electric & Gas Co., 4.65%, 3/15/33 | 625000 | 632623 |
| Puget Energy, Inc., 4.22%, 3/15/32 | 400000 | 391160 |
| Southern Co., 3.70%, 4/30/30 | 150000 | 147777 |
| Southwestern Public Service Co., 5.30%, 5/15/35 | 650000 | 671555 |
| Virginia Electric & Power Co., 5.00%, 1/15/34 | 250000 | 255140 |
| Wisconsin Electric Power Co., 4.60%, 10/1/34 | 200000 | 201995 |
|  |  | 9422652 |
| **Electrical Equipment — 0.1%** |  |  |
| Emerson Electric Co., 5.00%, 3/15/35 | 200000 | 207253 |
| **Electronic Equipment, Instruments and Components — 0.8%** |  |  |
| Amphenol Corp., 4.125%, 11/15/30 | 500000 | 502718 |
| Flex Ltd., 4.875%, 5/12/30 | 1150000 | 1170130 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 200000 | 181164 |
| Tyco Electronics Group SA, 4.50%, 2/9/31 | 500000 | 508983 |
|  |  | 2362995 |
| **Energy Equipment and Services — 0.9%** |  |  |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 5/1/30 | 800000 | 813678 |
| Halliburton Co., 4.85%, 11/15/35 | 825000 | 825186 |
| Schlumberger Holdings Corp., 4.85%, 5/15/33<sup>(1)(2)</sup> | 600000 | 612085 |
| Schlumberger Holdings Corp., 5.00%, 6/1/34<sup>(2)</sup> | 350000 | 359536 |
|  |  | 2610485 |
| **Entertainment — 0.2%** |  |  |
| Take-Two Interactive Software, Inc., 4.00%, 4/14/32 | 400000 | 390542 |
| Walt Disney Co., 6.40%, 12/15/35 | 225000 | 256291 |
|  |  | 646833 |
| **Financial Services — 1.7%** |  |  |
| Apollo Global Management, Inc., 5.15%, 8/12/35 | 500000 | 495624 |
| Corebridge Financial, Inc., 3.85%, 4/5/29 | 500000 | 494549 |
| Corebridge Financial, Inc., 3.90%, 4/5/32 | 600000 | 570136 |
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 250000 | 258762 |
| Fiserv, Inc., 5.45%, 3/15/34 | 315000 | 321296 |
| Mastercard, Inc., 4.875%, 5/9/34 | 1400000 | 1445024 |
| National Rural Utilities Cooperative Finance Corp., 4.02%, 11/1/32 | 500000 | 494314 |
| National Rural Utilities Cooperative Finance Corp., 5.00%, 8/15/34 | 200000 | 206496 |
| Visa, Inc., 2.05%, 4/15/30 | 250000 | 233749 |
| Visa, Inc., 4.15%, 12/14/35<sup>(1)</sup> | 500000 | 489448 |
|  |  | 5009398 |
| **Food Products — 1.3%** |  |  |
| Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 66000 | 64284 |
| Archer-Daniels-Midland Co., 2.90%, 3/1/32 | 1100000 | 1023522 |
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31 | 100000 | 93079 |
| General Mills, Inc., 4.95%, 3/29/33 | 200000 | 204573 |
| General Mills, Inc., 5.25%, 1/30/35 | 850000 | 873566 |
| Hershey Co., 4.50%, 5/4/33 | 500000 | 509743 |
| J.M. Smucker Co., 4.25%, 3/15/35 | 800000 | 767877 |
| Kraft Heinz Foods Co., 5.20%, 3/15/32 | 150000 | 155553 |
| Mars, Inc., 5.00%, 3/1/32<sup>(2)</sup> | 250000 | 259031 |
|  |  | 3951228 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Ground Transportation — 1.3%** |  |  |
| Burlington Northern Santa Fe LLC, 5.75%, 5/1/40 | $450000 | $482236 |
| Canadian National Railway Co., 6.25%, 8/1/34 | 200000 | 224081 |
| Canadian National Railway Co., 4.375%, 9/18/34 | 650000 | 647168 |
| Canadian National Railway Co., 6.375%, 11/15/37 | 200000 | 227673 |
| Canadian Pacific Railway Co., 4.80%, 3/30/30 | 175000 | 180237 |
| CSX Corp., 6.15%, 5/1/37 | 75000 | 83422 |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 750000 | 771115 |
| Ryder System, Inc., 6.60%, 12/1/33 | 250000 | 282343 |
| Uber Technologies, Inc., 4.80%, 9/15/34 | 150000 | 150514 |
| Union Pacific Corp., 2.80%, 2/14/32 | 450000 | 418937 |
| Union Pacific Corp., 4.50%, 1/20/33 | 475000 | 484972 |
|  |  | 3952698 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |
| Abbott Laboratories, 4.75%, 11/30/36 | 1370000 | 1384158 |
| Medtronic Global Holdings SCA, 4.50%, 3/30/33 | 500000 | 505307 |
| Medtronic, Inc., 4.375%, 3/15/35 | 875000 | 866642 |
| Zimmer Biomet Holdings, Inc., 5.50%, 2/19/35 | 240000 | 251257 |
|  |  | 3007364 |
| **Health Care Providers and Services — 1.0%** |  |  |
| Cardinal Health, Inc., 5.45%, 2/15/34 | 375000 | 394573 |
| Cigna Group, 5.40%, 3/15/33 | 100000 | 105265 |
| Elevance Health, Inc., 2.875%, 9/15/29 | 675000 | 649670 |
| HCA, Inc., 3.625%, 3/15/32 | 200000 | 190625 |
| HCA, Inc., 5.50%, 6/1/33 | 250000 | 262128 |
| HCA, Inc., 5.75%, 3/1/35 | 600000 | 635362 |
| Humana, Inc., 2.15%, 2/3/32<sup>(1)</sup> | 200000 | 174646 |
| Universal Health Services, Inc., 2.65%, 10/15/30 | 500000 | 460394 |
|  |  | 2872663 |
| **Health Care REITs — 0.9%** |  |  |
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32 | 250000 | 215046 |
| Alexandria Real Estate Equities, Inc., 5.25%, 5/15/36 | 500000 | 502728 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 400000 | 377684 |
| Welltower OP LLC, 4.50%, 7/1/30 | 400000 | 407468 |
| Welltower OP LLC, 2.80%, 6/1/31 | 1250000 | 1171689 |
|  |  | 2674615 |
| **Hotels, Restaurants and Leisure — 0.3%** |  |  |
| Expedia Group, Inc., 2.95%, 3/15/31 | 500000 | 464797 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 150000 | 158489 |
| Marriott International, Inc., 4.625%, 6/15/30 | 75000 | 76466 |
| Marriott International, Inc., 5.10%, 4/15/32 | 150000 | 156313 |
|  |  | 856065 |
| **Household Durables — 0.4%** |  |  |
| PulteGroup, Inc., 6.00%, 2/15/35 | 500000 | 542535 |
| Toll Brothers Finance Corp., 5.60%, 6/15/35<sup>(1)</sup> | 750000 | 794096 |
|  |  | 1336631 |
| **Industrial Conglomerates — 1.2%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 200000 | 205701 |
| Eaton Corp., 4.15%, 3/15/33 | 900000 | 898517 |
| Honeywell International, Inc., 4.95%, 9/1/31 | 825000 | 862449 |
| Honeywell International, Inc., 4.75%, 2/1/32 | 125000 | 128824 |
| Honeywell International, Inc., 5.00%, 2/15/33 | 450000 | 469562 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Honeywell International, Inc., 4.50%, 1/15/34 | $500000 | $502951 |
| Pentair Finance SARL, 5.90%, 7/15/32 | 400000 | 429668 |
|  |  | 3497672 |
| **Insurance — 3.5%** |  |  |
| Allstate Corp., 5.25%, 3/30/33 | 250000 | 261272 |
| Allstate Corp., 5.95%, 4/1/36 | 465000 | 504458 |
| American International Group, Inc., 5.125%, 3/27/33 | 500000 | 515598 |
| American International Group, Inc., 5.45%, 5/7/35 | 700000 | 730455 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, 2/28/33 | 1050000 | 1099125 |
| Arthur J Gallagher & Co., 6.50%, 2/15/34 | 350000 | 386092 |
| Chubb INA Holdings LLC, 4.90%, 8/15/35 | 1150000 | 1165970 |
| Chubb INA Holdings LLC, 6.00%, 5/11/37 | 725000 | 795468 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(2)</sup> | 150000 | 153796 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/31 | 700000 | 720530 |
| Marsh & McLennan Cos., Inc., 4.75%, 3/15/39 | 400000 | 387999 |
| MetLife, Inc., 5.375%, 7/15/33 | 825000 | 869982 |
| Prudential Financial, Inc., 5.20%, 3/14/35 | 150000 | 153758 |
| Prudential Financial, Inc., Series D, 5.70%, 12/14/36 | 575000 | 608180 |
| Prudential Funding Asia PLC, 3.625%, 3/24/32 | 250000 | 242231 |
| RenaissanceRe Holdings Ltd., 5.80%, 4/1/35 | 500000 | 525128 |
| Travelers Cos., Inc., 6.25%, 6/15/37 | 1250000 | 1401183 |
|  |  | 10521225 |
| **IT Services — 0.8%** |  |  |
| Accenture Capital, Inc., 4.50%, 10/4/34 | 1175000 | 1162947 |
| International Business Machines Corp., 5.20%, 2/10/35<sup>(1)</sup> | 500000 | 516331 |
| VeriSign, Inc., 2.70%, 6/15/31 | 450000 | 409790 |
| VeriSign, Inc., 5.25%, 6/1/32 | 250000 | 256015 |
|  |  | 2345083 |
| **Life Sciences Tools and Services — 0.6%** |  |  |
| Thermo Fisher Scientific, Inc., 4.98%, 8/10/30 | 100000 | 104074 |
| Thermo Fisher Scientific, Inc., 4.20%, 3/1/31 | 500000 | 503895 |
| Thermo Fisher Scientific, Inc., 5.20%, 1/31/34<sup>(1)</sup> | 500000 | 525680 |
| Thermo Fisher Scientific, Inc., 4.79%, 10/7/35 | 550000 | 555204 |
| Thermo Fisher Scientific, Inc., 5.40%, 8/10/43 | 225000 | 230415 |
|  |  | 1919268 |
| **Machinery — 1.7%** |  |  |
| Caterpillar, Inc., 5.20%, 5/15/35 | 925000 | 969383 |
| Cummins, Inc., 4.70%, 2/15/31 | 925000 | 952151 |
| Cummins, Inc., 5.15%, 2/20/34 | 250000 | 260886 |
| Cummins, Inc., 5.30%, 5/9/35 | 825000 | 865580 |
| Deere Funding Canada Corp., 4.15%, 10/9/30 | 200000 | 201298 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 250000 | 267611 |
| Ingersoll Rand, Inc., 5.45%, 6/15/34 | 456000 | 479116 |
| John Deere Capital Corp., 3.90%, 6/7/32 | 625000 | 619769 |
| PACCAR Financial Corp., 4.00%, 9/26/29 | 500000 | 503861 |
|  |  | 5119655 |
| **Media — 0.2%** |  |  |
| Fox Corp., 6.50%, 10/13/33 | 450000 | 494057 |
| **Metals and Mining — 1.3%** |  |  |
| Barrick Mining Corp., 6.45%, 10/15/35 | 100000 | 111857 |
| BHP Billiton Finance USA Ltd., 5.30%, 2/21/35 | 775000 | 813045 |
| Kinross Gold Corp., 6.25%, 7/15/33 | 133000 | 146327 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Nucor Corp., 5.10%, 6/1/35 | $400000 | $413859 |
| Nucor Corp., 6.40%, 12/1/37 | 400000 | 453602 |
| Rio Tinto Finance USA PLC, 4.875%, 3/14/30 | 175000 | 180815 |
| Southern Copper Corp., 7.50%, 7/27/35 | 350000 | 417335 |
| Steel Dynamics, Inc., 3.25%, 1/15/31 | 100000 | 95782 |
| Steel Dynamics, Inc., 5.25%, 5/15/35<sup>(1)</sup> | 475000 | 488350 |
| Vale Overseas Ltd., 3.75%, 7/8/30 | 750000 | 728606 |
|  |  | 3849578 |
| **Multi-Utilities — 1.1%** |  |  |
| Ameren Corp., 5.375%, 3/15/35 | 475000 | 490698 |
| Consumers Energy Co., 3.60%, 8/15/32 | 400000 | 386436 |
| Consumers Energy Co., 4.625%, 5/15/33 | 200000 | 203064 |
| Dominion Energy, Inc., 5.95%, 6/15/35 | 100000 | 107605 |
| DTE Energy Co., 5.20%, 4/1/30 | 825000 | 858104 |
| DTE Energy Co., 5.85%, 6/1/34 | 200000 | 215189 |
| Public Service Enterprise Group, Inc., 4.90%, 3/15/30 | 700000 | 720940 |
| San Diego Gas & Electric Co., 5.40%, 4/15/35 | 150000 | 156372 |
|  |  | 3138408 |
| **Oil, Gas and Consumable Fuels — 3.5%** |  |  |
| Boardwalk Pipelines LP, 3.60%, 9/1/32 | 925000 | 875284 |
| BP Capital Markets America, Inc., 4.89%, 9/11/33 | 260000 | 267324 |
| BP Capital Markets America, Inc., 5.23%, 11/17/34 | 750000 | 785324 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 110000 | 117772 |
| Chevron USA, Inc., 4.82%, 4/15/32 | 950000 | 989026 |
| Chevron USA, Inc., 6.00%, 3/1/41 | 248000 | 276524 |
| ConocoPhillips Co., 6.60%, 10/1/37 | 100000 | 114583 |
| DCP Midstream Operating LP, 3.25%, 2/15/32 | 875000 | 815177 |
| Diamondback Energy, Inc., 5.55%, 4/1/35 | 200000 | 209352 |
| Energy Transfer LP, 5.25%, 4/15/29 | 650000 | 671476 |
| Enterprise Products Operating LLC, 4.85%, 1/31/34 | 300000 | 306912 |
| Enterprise Products Operating LLC, 5.20%, 1/15/36 | 850000 | 876648 |
| Kinder Morgan Energy Partners LP, 7.75%, 3/15/32 | 250000 | 293050 |
| Kinder Morgan, Inc., 5.30%, 12/1/34 | 850000 | 882117 |
| MPLX LP, 5.40%, 4/1/35 | 850000 | 870427 |
| ONEOK, Inc., 6.00%, 6/15/35 | 60000 | 63945 |
| Plains All American Pipeline LP/PAA Finance Corp., 5.70%, 9/15/34 | 825000 | 862078 |
| Sabine Pass Liquefaction LLC, 4.50%, 5/15/30 | 68000 | 68777 |
| Valero Energy Corp., 5.15%, 2/15/30 | 175000 | 181422 |
| Williams Cos., Inc., 5.60%, 3/15/35 | 825000 | 867420 |
|  |  | 10394638 |
| **Personal Care Products — 0.9%** |  |  |
| Estee Lauder Cos., Inc., 4.65%, 5/15/33 | 300000 | 304891 |
| Kenvue, Inc., 4.90%, 3/22/33 | 600000 | 619968 |
| Unilever Capital Corp., 4.625%, 8/12/34 | 1700000 | 1735007 |
|  |  | 2659866 |
| **Pharmaceuticals — 3.3%** |  |  |
| Astrazeneca Finance LLC, 4.90%, 3/3/30 | 400000 | 414770 |
| AstraZeneca PLC, 6.45%, 9/15/37 | 1400000 | 1606499 |
| Bristol-Myers Squibb Co., 5.10%, 2/22/31 | 400000 | 418463 |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 225000 | 210542 |
| Bristol-Myers Squibb Co., 4.125%, 6/15/39 | 1600000 | 1471539 |
| Eli Lilly & Co., 4.75%, 2/12/30 | 650000 | 672041 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Eli Lilly & Co., 4.90%, 10/15/35 | $850000 | $870865 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 250000 | 255722 |
| GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 686000 | 782558 |
| Merck & Co., Inc., 4.15%, 3/15/31 | 250000 | 251758 |
| Merck & Co., Inc., 4.75%, 12/4/35 | 1150000 | 1160914 |
| Novartis Capital Corp., 4.20%, 9/18/34 | 250000 | 248173 |
| Pfizer, Inc., 4.50%, 11/15/32 | 500000 | 508573 |
| Pfizer, Inc., 7.20%, 3/15/39 | 700000 | 845992 |
| Royalty Pharma PLC, 2.20%, 9/2/30 | 73000 | 67095 |
|  |  | 9785504 |
| **Professional Services — 0.2%** |  |  |
| Paychex, Inc., 5.35%, 4/15/32 | 150000 | 153903 |
| Paychex, Inc., 1, 5.60%, 4/15/35<sup>(1)</sup> | 150000 | 153841 |
| Verisk Analytics, Inc., 5.25%, 3/15/35 | 250000 | 254165 |
|  |  | 561909 |
| **Real Estate Management and Development — 0.3%** |  |  |
| CBRE Services, Inc., 2.50%, 4/1/31 | 400000 | 365463 |
| CBRE Services, Inc., 5.95%, 8/15/34 | 325000 | 347704 |
| First Industrial LP, 5.25%, 1/15/31 | 250000 | 257141 |
|  |  | 970308 |
| **Residential REITs — 1.1%** |  |  |
| AvalonBay Communities, Inc., 3.30%, 6/1/29 | 75000 | 73659 |
| AvalonBay Communities, Inc., 4.35%, 12/1/30 | 200000 | 202028 |
| AvalonBay Communities, Inc., 2.45%, 1/15/31 | 1600000 | 1483490 |
| AvalonBay Communities, Inc., 5.35%, 6/1/34 | 200000 | 210354 |
| UDR, Inc., 3.20%, 1/15/30 | 264000 | 256365 |
| UDR, Inc., 3.00%, 8/15/31 | 875000 | 820645 |
| UDR, Inc., 5.125%, 9/1/34 | 200000 | 204365 |
|  |  | 3250906 |
| **Retail REITs — 0.4%** |  |  |
| Kimco Realty OP LLC, 4.60%, 2/1/33 | 175000 | 176944 |
| Realty Income Corp., 4.50%, 2/1/33 | 900000 | 902151 |
| Realty Income Corp., 5.125%, 4/15/35 | 75000 | 77198 |
|  |  | 1156293 |
| **Semiconductors and Semiconductor Equipment — 2.2%** |  |  |
| Applied Materials, Inc., 5.10%, 10/1/35 | 150000 | 156184 |
| Broadcom, Inc., 2.45%, 2/15/31 | 350000 | 323603 |
| Broadcom, Inc., 5.15%, 11/15/31 | 825000 | 864065 |
| Broadcom, Inc., 4.30%, 11/15/32 | 760000 | 757654 |
| Intel Corp., 3.90%, 3/25/30 | 725000 | 717372 |
| KLA Corp., 4.65%, 7/15/32 | 1675000 | 1718253 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, 1/15/33 | 120000 | 122847 |
| QUALCOMM, Inc., 4.75%, 5/20/32 | 1400000 | 1439543 |
| Texas Instruments, Inc., 4.90%, 3/14/33 | 400000 | 415686 |
|  |  | 6515207 |
| **Software — 0.3%** |  |  |
| Autodesk, Inc., 2.85%, 1/15/30 | 150000 | 142932 |
| Oracle Corp., 6.50%, 4/15/38 | 250000 | 259274 |
| Salesforce, Inc., 1.95%, 7/15/31 | 500000 | 444820 |
|  |  | 847026 |
| **Specialized REITs — 1.2%** |  |  |
| American Tower Corp., 2.90%, 1/15/30 | 100000 | 95586 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| American Tower Corp., 4.90%, 3/15/30 | $550000 | $565328 |
| American Tower Corp., 5.35%, 3/15/35 | 200000 | 207747 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 150000 | 156285 |
| Crown Castle, Inc., 3.30%, 7/1/30 | 150000 | 143732 |
| Public Storage Operating Co., 2.30%, 5/1/31 | 1600000 | 1469234 |
| VICI Properties LP, 5.625%, 4/1/35 | 75000 | 77214 |
| Weyerhaeuser Co., 4.00%, 4/15/30 | 875000 | 868226 |
|  |  | 3583352 |
| **Specialty Retail — 0.8%** |  |  |
| AutoZone, Inc., 4.00%, 4/15/30 | 150000 | 149411 |
| Home Depot, Inc., 1.375%, 3/15/31 | 500000 | 440487 |
| Home Depot, Inc., 4.95%, 6/25/34 | 1125000 | 1163144 |
| Home Depot, Inc., 4.65%, 9/15/35 | 500000 | 500775 |
|  |  | 2253817 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Dell International LLC/EMC Corp., 5.75%, 2/1/33 | 150000 | 159331 |
| Dell International LLC/EMC Corp., 5.40%, 4/15/34 | 475000 | 491922 |
| NetApp, Inc., 5.50%, 3/17/32 | 250000 | 260675 |
|  |  | 911928 |
| **Textiles, Apparel and Luxury Goods — 0.3%** |  |  |
| Ralph Lauren Corp., 5.00%, 6/15/32 | 850000 | 884882 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| Air Lease Corp., 5.20%, 7/15/31 | 700000 | 718791 |
| **Water Utilities — 0.0%** |  |  |
| American Water Capital Corp., 5.25%, 3/1/35 | 150000 | 156031 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 150000 | 155857 |
| Vodafone Group PLC, 6.15%, 2/27/37 | 630000 | 694914 |
|  |  | 850771 |
| **TOTAL CORPORATE BONDS**<br>(Cost $178,681,776) |  | **181651499** |
| **U.S. TREASURY SECURITIES — 25.4%** |  |  |
| U.S. Treasury Bonds, 6.125%, 11/15/27 | 250000 | 261172 |
| U.S. Treasury Bonds, 5.25%, 11/15/28 | 750000 | 786182 |
| U.S. Treasury Bonds, 1.125%, 5/15/40 | 2150000 | 1412029 |
| U.S. Treasury Bonds, 1.125%, 8/15/40 | 3000000 | 1951230 |
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 950000 | 638337 |
| U.S. Treasury Bonds, 1.875%, 2/15/41 | 600000 | 433371 |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | 3300000 | 2305166 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 750000 | 570513 |
| U.S. Treasury Bonds, 2.75%, 11/15/42 | 940000 | 746272 |
| U.S. Treasury Bonds, 2.875%, 5/15/43 | 1050000 | 842338 |
| U.S. Treasury Bonds, 3.625%, 2/15/44 | 1250000 | 1108545 |
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 1175000 | 962812 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1650000 | 1211590 |
| U.S. Treasury Bonds, 2.50%, 2/15/46 | 3000000 | 2169141 |
| U.S. Treasury Notes, 4.50%, 3/31/26 | 2000000 | 2001146 |
| U.S. Treasury Notes, 0.75%, 4/30/26 | 1850000 | 1841056 |
| U.S. Treasury Notes, 4.875%, 4/30/26 | 500000 | 500939 |
| U.S. Treasury Notes, 0.75%, 5/31/26 | 2000000 | 1985559 |
| U.S. Treasury Notes, 4.625%, 6/30/26 | 2000000 | 2006337 |
| U.S. Treasury Notes, 1.50%, 8/15/26 | 635000 | 628824 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Notes, 3.75%, 8/31/26 | $450000 | $450187 |
| U.S. Treasury Notes, 4.625%, 10/15/26 | 750000 | 754564 |
| U.S. Treasury Notes, 3.875%, 5/31/27 | 750000 | 753633 |
| U.S. Treasury Notes, 0.75%, 1/31/28 | 800000 | 761234 |
| U.S. Treasury Notes, 1.125%, 2/29/28 | 800000 | 765406 |
| U.S. Treasury Notes, 1.25%, 6/30/28 | 1300000 | 1238580 |
| U.S. Treasury Notes, 3.875%, 7/15/28 | 1300000 | 1314447 |
| U.S. Treasury Notes, 1.125%, 8/31/28 | 1500000 | 1419668 |
| U.S. Treasury Notes, 1.25%, 9/30/28 | 2200000 | 2084887 |
| U.S. Treasury Notes, 3.50%, 11/15/28 | 1800000 | 1805273 |
| U.S. Treasury Notes, 1.50%, 11/30/28 | 2000000 | 1901875 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 2100000 | 1987084 |
| U.S. Treasury Notes, 1.75%, 1/31/29 | 2100000 | 2005090 |
| U.S. Treasury Notes, 4.00%, 1/31/29 | 1000000 | 1016855 |
| U.S. Treasury Notes, 2.625%, 2/15/29 | 2100000 | 2055006 |
| U.S. Treasury Notes, 4.25%, 2/28/29 | 1100000 | 1126641 |
| U.S. Treasury Notes, 2.375%, 3/31/29 | 2000000 | 1940469 |
| U.S. Treasury Notes, 4.00%, 7/31/29 | 1050000 | 1069605 |
| U.S. Treasury Notes, 3.75%, 6/30/30 | 1375000 | 1389582 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | 650000 | 688010 |
| U.S. Treasury Notes, 0.875%, 11/15/30 | 2200000 | 1950824 |
| U.S. Treasury Notes, 3.75%, 12/31/30<sup>(3)</sup> | 1620000 | 1636390 |
| U.S. Treasury Notes, 4.00%, 1/31/31 | 1500000 | 1531816 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 2150000 | 2220169 |
| U.S. Treasury Notes, 1.625%, 5/15/31 | 1900000 | 1727033 |
| U.S. Treasury Notes, 1.25%, 8/15/31 | 1150000 | 1018132 |
| U.S. Treasury Notes, 1.375%, 11/15/31 | 1250000 | 1106909 |
| U.S. Treasury Notes, 1.875%, 2/15/32 | 600000 | 543820 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 2100000 | 1988314 |
| U.S. Treasury Notes, 3.75%, 10/31/32 | 1500000 | 1504453 |
| U.S. Treasury Notes, 3.875%, 12/31/32 | 500000 | 505000 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | 1700000 | 1676891 |
| U.S. Treasury Notes, 3.875%, 8/15/33 | 1750000 | 1762920 |
| U.S. Treasury Notes, 4.25%, 11/15/34 | 1000000 | 1027559 |
| U.S. Treasury Notes, 4.625%, 2/15/35 | 950000 | 1002380 |
| U.S. Treasury Notes, 4.25%, 5/15/35 | 900000 | 923238 |
| U.S. Treasury Notes, 4.25%, 8/15/35 | 450000 | 461250 |
| U.S. Treasury Notes, 4.125%, 2/15/36 | 2250000 | 2280059 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $74,908,167) |  | **75757812** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.5%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.5%** |  |  |
| GNMA, 3.50%, TBA | 4000000 | 3742450 |
| GNMA, 3.50%, TBA | 750000 | 704053 |
| GNMA, 3.50%, TBA | 750000 | 701534 |
| GNMA, 4.50%, TBA | 750000 | 740391 |
| GNMA, 4.50%, TBA | 500000 | 494258 |
| GNMA, 4.50%, TBA | 250000 | 246601 |
| GNMA, 5.00%, TBA | 5500000 | 5512000 |
| GNMA, 5.00%, TBA | 2500000 | 2509068 |
| GNMA, 5.00%, TBA | 1000000 | 1000776 |
| GNMA, 5.50%, TBA | 3500000 | 3545212 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| GNMA, 5.50%, TBA | $2000000 | $2023804 |
| UMBS, 2.00%, TBA | 1000000 | 932116 |
| UMBS, 2.00%, TBA | 500000 | 466039 |
| UMBS, 3.50%, TBA | 2000000 | 1885030 |
| UMBS, 3.50%, TBA | 2000000 | 1884170 |
| UMBS, 3.50%, TBA | 1250000 | 1222689 |
| UMBS, 4.00%, TBA | 8500000 | 8237503 |
| UMBS, 4.00%, TBA | 1250000 | 1215060 |
| UMBS, 4.00%, TBA | 750000 | 743698 |
| UMBS, 4.00%, TBA | 500000 | 495467 |
| UMBS, 4.50%, TBA | 5500000 | 5439965 |
| UMBS, 4.50%, TBA | 2000000 | 2008681 |
| UMBS, 4.50%, TBA | 1500000 | 1482221 |
| UMBS, 5.00%, TBA | 3000000 | 3010761 |
| UMBS, 5.00%, TBA | 2000000 | 2009440 |
| UMBS, 5.00%, TBA | 500000 | 501207 |
| UMBS, 5.50%, TBA | 3500000 | 3556662 |
| UMBS, 5.50%, TBA | 1750000 | 1776895 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $57,739,590) |  | **58087751** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.8%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.375%, 6/23/26 | 250000 | 250491 |
| Federal Farm Credit Banks Funding Corp., 4.50%, 8/14/26 | 235000 | 235816 |
| FHLB, 4.625%, 11/17/26 | 250000 | 251727 |
| FHLB, 1.25%, 12/21/26 | 250000 | 245584 |
| FHLB, 3.25%, 6/9/28 | 250000 | 249530 |
| FHLMC, 0.80%, 10/27/26 | 250000 | 245490 |
| FHLMC, 6.75%, 3/15/31 | 250000 | 286862 |
| FNMA, 6.625%, 11/15/30 | 300000 | 340207 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 250000 | 252703 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $2,334,483) |  | **2358410** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%** |  |  |
| **Canada — 0.1%** |  |  |
| Export Development Canada, 3.875%, 2/14/28 | 100000 | 100823 |
| Export Development Canada, 4.125%, 2/13/29 | 100000 | 101972 |
|  |  | 202795 |
| **Sweden — 0.1%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 200000 | 197348 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $397,225) |  | **400143** |
| **SHORT-TERM INVESTMENTS — 12.9%** |  |  |
| **Money Market Funds — 3.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4523233 | 4523233 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 4564053 | 4564053 |
|  |  | 9087286 |
| **Treasury Bills**<sup>(5)</sup> **— 9.9%** |  |  |
| U.S. Treasury Bills, 3.71%, 3/5/26 | $3000000 | 2999089 |
| U.S. Treasury Bills, 3.72%, 3/10/26 | 3000000 | 2997585 |
| U.S. Treasury Bills, 3.72%, 3/31/26 | 3000000 | 2991254 |
| U.S. Treasury Bills, 3.72%, 4/2/26 | 2500000 | 2492207 |
| U.S. Treasury Bills, 3.71%, 4/7/26 | 5000000 | 4981881 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Bills, 3.72%, 4/9/26 | $5000000 | $4980908 |
| U.S. Treasury Bills, 3.71%, 4/14/26 | 5000000 | 4978351 |
| U.S. Treasury Bills, 3.71%, 4/21/26 | 3000000 | 2984937 |
|  |  | 29406212 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $38,493,510) |  | **38493498** |
| **TOTAL INVESTMENT SECURITIES — 119.8%**<br>(Cost $352,554,751) |  | **356749113** |
| **OTHER ASSETS AND LIABILITIES — (19.8)%** |  | **(58856247)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**297892866** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury Long Bonds | 2 | June 2026 | $236938 | $1809 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type**<sup>‡</sup> | **Fixed Rate<br>Received<br>(Paid)<br>Quarterly** | **Termination<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value^** |
| Markit CDX North America Investment Grade Index Series 45 | Sell | 1.00% | 12/20/30 | $3600000 | $73916 | $3111 | $77027 |

---

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CDX | – | Credit Derivatives Indexes |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GNMA | – | Government National Mortgage Association |
| TBA | – | To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement. |
| UMBS | – | Uniform Mortgage-Backed Securities |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,422,257. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $2,113,026, which represented 0.7% of total net assets.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $330,473.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,564,053.

(5)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

------

Schedule of Investments - Avantis Core Fixed Income Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $181651499 |  |
| U.S. Treasury Securities |  | 75757812 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 58087751 |  |
| U.S. Government Agency Securities |  | 2358410 |  |
| Sovereign Governments and Agencies |  | 400143 |  |
| Short-Term Investments | $9087286 | 29406212 |  |
|  | $9087286 | $347661827 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1809 |  |  |
| Swap Agreements |  | $77027 |  |
|  | $1809 | $77027 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Interest Rate** | **Total** |
| **Asset Derivatives:** | | | |
| Receivable for variation margin on futures contracts\* |  | $1188 | $1188 |
| **Liability Derivatives:** |  |  |  |
| Payable for variation margin on swap agreements\* | $3676 |  | $3676 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Interest Rate** | **Total** |
| **Net realized gain (loss) on:** | | | |
| Futures contract transactions |  | $12687 | $12687 |
| Swap agreement transactions | $19635 |  | 19635 |
|  |  |  | $32322 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| Futures contracts |  | $328 | $328 |
| Swap agreements | $(10052) |  | (10052) |
|  |  |  | $(9724) |

---

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Core Fixed Income Fund** |
| **Assets** | **Assets** |
| Investment securities, at value | $352185060 |
| Investment made with cash collateral received for securities on loan, at value | 4564053 |
| Cash | 1259193 |
| Receivable for investments sold | 8456122 |
| Receivable for capital shares sold | 347383 |
| Receivable for variation margin on futures contracts | 1188 |
| Interest receivable | 3021688 |
| Securities lending receivable | 4378 |
|  | 369839065 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 4564053 |
| Payable for investments purchased | 66976972 |
| Payable for capital shares redeemed | 400095 |
| Payable for variation margin on swap agreements | 3676 |
| Accrued management fees | 1403 |
|  | 71946199 |
| **Net Assets** | $297892866 |
| **Net Assets Consist of:** |  |
| Capital paid in | $297452233 |
| Distributable earnings (loss) | 440633 |
|  | $297892866 |
| Investment securities, at cost | $347990698 |
| Investment securities on loan, at value | $4422257 |
| Investment made with cash collateral received for securities on loan, at cost | $4564053 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** |
| Institutional Class | $11970153 | 1392869 | $8.59 |
| G Class | $285922713 | 33250210 | $8.60 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Core Fixed Income Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Interest | $3864448 |
| Securities lending, net | 13971 |
|  | 3878419 |
| **Expenses:** |  |
| Management fees | 127547 |
| Interest expenses | 3866 |
|  | 131413 |
| Fees waived - G Class | (119038) |
|  | 12375 |
| **Net investment income (loss)** | 3866044 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 868036 |
| Futures contract transactions | 12687 |
| Swap agreement transactions | 19635 |
|  | 900358 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 2348980 |
| Futures contracts | 328 |
| Swap agreements | (10052) |
|  | 2339256 |
| **Net realized and unrealized gain (loss)** | 3239614 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7105658 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $3866044 | $4261581 |
| Net realized gain (loss) | 900358 | (517113) |
| Change in net unrealized appreciation (depreciation) | 2339256 | 1576706 |
| Net increase (decrease) in net assets resulting from operations | 7105658 | 5321174 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (250179) | (415713) |
| &nbsp;&nbsp;&nbsp;G Class | (3626446) | (3856783) |
| Decrease in net assets from distributions | (3876625) | (4272496) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 130655842 | 98686846 |
| **Net increase (decrease) in net assets** | 133884875 | 99735524 |
| **Net Assets** |  |  |
| Beginning of period | 164007991 | 64272467 |
| End of period | $297892866 | $164007991 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. The financial statements herein relate to the following fund and the respective share classes offered by the trust.

<u>Avantis Core Fixed Income Fund</u> <u>Institutional, G</u>

The fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the fund serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

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

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

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

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The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the fund's distributor, American Century Investment Services, Inc., and the fund's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of

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managing and operating a fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each class and paid monthly in arrears. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The annual management fee including any waiver impacts for the period ended February 28, 2026 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Annual Management Fee** | **Annual Management Fee** | **Annual Management Fee** |
| | **Institutional Class** | **G Class** | **G Class (before waiver)** |
| Avantis Core Fixed Income Fund | 0.15% | 0.00% | 0.15% |

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**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Avantis Core Fixed Income Fund | American Century Asset Allocation Portfolios, Inc. | 54% |

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**4. Investment Transactions**

Investment transactions, including TBA transactions and excluding short-term investments, for the period ended February 28, 2026 were as follows:

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| | |
|:---|:---|
| | **Avantis Core Fixed Income Fund** |
| Purchases of U.S. Treasury and Government Agency obligations | $266342069 |
| Purchases of other investment securities | $90165939 |
| Total Purchases | $356508008 |
| Sales of U.S. Treasury and Government Agency obligations | $207424661 |
| Sales of other investment securities | $11250622 |
| Total Sales | $218675283 |

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**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 212386 | $1809437 | 503234 | $4204562 |
| Issued in reinvestment of distributions | 29154 | 248576 | 49648 | 415713 |
| Redeemed | (146651) | (1249906) | (211360) | (1768591) |
|  | 94889 | 808107 | 341522 | 2851684 |
| **G Class** |  |  |  |  |
| Sold | 17130403 | 146776740 | 14867717 | 124047686 |
| Issued in reinvestment of distributions | 425055 | 3626432 | 460012 | 3856783 |
| Redeemed | (2410299) | (20555437) | (3828774) | (32069307) |
|  | 15145159 | 129847735 | 11498955 | 95835162 |
| Net increase (decrease) | 15240048 | $130655842 | 11840477 | $98686846 |

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**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

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

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| | |
|:---|:---|
| Avantis Core Fixed Income Fund | $3600000 |

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

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| | | |
|:---|:---|:---|
| | **Futures Contracts<br>Purchased** | **Futures Contracts<br>Sold** |
| Avantis Core Fixed Income Fund | $427531 |  |

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**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| | **Avantis Core Fixed Income Fund** |
| Federal tax cost of investments | $352604126 |
| Gross tax appreciation of investments | $4329343 |
| Gross tax depreciation of investments | (184356) |
| Net tax appreciation (depreciation) of investments | $4144987 |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the fund had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the fund had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the fund had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Avantis Core Fixed Income Fund | $(2421044) | $(2179725) |

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Financial Highlights

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Portfolio Turnover Rate (excluding TBA transactions)** | **Net<br>Assets,<br>End of<br>Period<br>(in <br>thousands)** |
| **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2026<sup>(3)</sup> | $8.45 | 0.19 | 0.14 | 0.33 | (0.19) |  | (0.19) | $8.59 | 3.90% | 0.15% | 0.15% | 4.43% | 4.43% | 113% | 12% | $11970 |
| 2025 | $8.49 | 0.38 | (0.04) | 0.34 | (0.38) |  | (0.38) | $8.45 | 4.14% | 0.15% | 0.15% | 4.53% | 4.53% | 319% | 56% | $10966 |
| 2024 | $8.25 | 0.37 | 0.24 | 0.61 | (0.37) |  | (0.37) | $8.49 | 7.57% | 0.15% | 0.15% | 4.47% | 4.47% | 325% | 44% | $8124 |
| 2023 | $8.60 | 0.30 | (0.35) | (0.05) | (0.30) |  | (0.30) | $8.25 | (0.57)% | 0.16% | 0.16% | 3.60% | 3.60% | 345% | 33% | $4433 |
| 2022 | $10.09 | 0.18 | (1.49) | (1.31) | (0.17) | (0.01) | (0.18) | $8.60 | (13.01)% | 0.15% | 0.15% | 2.08% | 2.08% | 481% | 119% | $5090 |
| 2021<sup>(4)</sup> | $10.00 | 0.06 | 0.10 | 0.16 | (0.07) |  | (0.07) | $10.09 | 1.56% | 0.15% | 0.15% | 1.26% | 1.26% | 113% | 4% | $13973 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $8.45 | 0.19 | 0.15 | 0.34 | (0.19) |  | (0.19) | $8.60 | 4.10% | 0.00% | 0.15% | 4.58% | 4.43% | 113% | 12% | $285923 |
| 2025 | $8.50 | 0.39 | (0.05) | 0.34 | (0.39) |  | (0.39) | $8.45 | 4.18% | 0.00% | 0.15% | 4.68% | 4.53% | 319% | 56% | $153042 |
| 2024 | $8.26 | 0.38 | 0.24 | 0.62 | (0.38) |  | (0.38) | $8.50 | 7.73% | 0.00% | 0.15% | 4.62% | 4.47% | 325% | 44% | $56148 |
| 2023 | $8.60 | 0.31 | (0.34) | (0.03) | (0.31) |  | (0.31) | $8.26 | (0.30)% | 0.01% | 0.16% | 3.75% | 3.60% | 345% | 33% | $38646 |
| 2022 | $10.09 | 0.21 | (1.50) | (1.29) | (0.19) | (0.01) | (0.20) | $8.60 | (12.88)% | 0.00% | 0.15% | 2.23% | 2.08% | 481% | 119% | $27893 |
| 2021<sup>(4)</sup> | $10.00 | 0.07 | 0.09 | 0.16 | (0.07) |  | (0.07) | $10.09 | 1.64% | 0.00% | 0.15% | 1.41% | 1.26% | 113% | 4% | $2893 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

(4)February 24, 2021 (fund inception) through August 31, 2021.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96961 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-96961 2604** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20260228_g5.jpg)

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| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| Avantis<sup>®</sup> All Equity Markets ETF (AVGE) |
| Avantis<sup>®</sup> All Equity Markets Value ETF (AVGV) |
| Avantis<sup>®</sup> All International Markets Equity ETF (AVNM) |
| Avantis<sup>®</sup> All International Markets Value ETF (AVNV) |
| Avantis<sup>®</sup> Moderate Allocation ETF (AVMA) |

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***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit avantisinvestors.com/docs.***

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**Table of Contents**

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| | |
|:---|:---|
| Schedules of Investments | [2](#iba273e868b7e4566bd70f1811bd23032_1078) |
| Statements of Assets and Liabilities | [7](#iba273e868b7e4566bd70f1811bd23032_1093) |
| Statements of Operations | [10](#iba273e868b7e4566bd70f1811bd23032_1096) |
| Statements of Changes in Net Assets | [13](#iba273e868b7e4566bd70f1811bd23032_1099) |
| Notes to Financial Statements | [16](#iba273e868b7e4566bd70f1811bd23032_1102) |
| Financial Highlights | [23](#iba273e868b7e4566bd70f1811bd23032_1108) |

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Schedule of Investments - Avantis All Equity Markets ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

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| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 68.8%** |  |  |
| Avantis Real Estate ETF | 490766 | $23338377 |
| Avantis U.S. Equity ETF | 2894280 | 337125734 |
| Avantis U.S. Large Cap Value ETF | 1466191 | 122837482 |
| Avantis U.S. Mid Cap Equity ETF | 146432 | 11184476 |
| Avantis U.S. Mid Cap Value ETF | 146825 | 11351041 |
| Avantis U.S. Small Cap Equity ETF | 423747 | 27191845 |
| Avantis U.S. Small Cap Value ETF | 252454 | 28522253 |
|  |  | 561551208 |
| **International Equity Funds — 31.1%** |  |  |
| Avantis Emerging Markets Equity ETF | 624686 | 55409648 |
| Avantis Emerging Markets Small Cap Equity ETF | 113021 | 7760022 |
| Avantis Emerging Markets Value ETF | 446535 | 29542756 |
| Avantis International Equity ETF | 1008427 | 92976970 |
| Avantis International Large Cap Value ETF | 590904 | 47591408 |
| Avantis International Small Cap Equity ETF | 116473 | 9251450 |
| Avantis International Small Cap Value ETF | 100659 | 11081549 |
|  |  | 253613803 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $597,557,391) |  | **815165011** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $721,741) | 721741 | **721741** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $598,279,132) |  | **815886752** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(13734)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**815873018** |

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**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

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Schedule of Investments - Avantis All Equity Markets Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 60.1%** |  |  |
| Avantis U.S. Large Cap Value ETF<sup>(2)</sup> | 1222076 | $102385528 |
| Avantis U.S. Mid Cap Value ETF | 268442 | 20753251 |
| Avantis U.S. Small Cap Value ETF | 440540 | 49772209 |
|  |  | 172910988 |
| **International Equity Funds — 39.8%** |  |  |
| Avantis Emerging Markets Value ETF | 468623 | 31004098 |
| Avantis International Large Cap Value ETF | 672734 | 54181996 |
| Avantis International Small Cap Value ETF | 267752 | 29476818 |
|  |  | 114662912 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $233,893,940) |  | **287573900** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 298095 | 298095 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1547721 | 1547721 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,845,816) |  | **1845816** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $235,739,756) |  | **289419716** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(1546958)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**287872758** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,516,586. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,547,721.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis All International Markets Equity ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **International Equity Funds — 99.9%** |  |  |
| Avantis Emerging Markets Equity ETF | 1202065 | $106623166 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> | 140840 | 9670074 |
| Avantis Emerging Markets Value ETF | 931349 | 61618050 |
| Avantis International Equity ETF | 2568580 | 236823076 |
| Avantis International Large Cap Value ETF | 1502363 | 121000316 |
| Avantis International Small Cap Equity ETF<sup>(2)</sup> | 115633 | 9184729 |
| Avantis International Small Cap Value ETF | 418964 | 46123747 |
|  |  | 591043158 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $448,593,811) |  | **591043158** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 399181 | 399181 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 111975 | 111975 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $511,156) |  | **511156** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $449,104,967) |  | **591554314** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(115512)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**591438802** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $305,873. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $311,977, which includes securities collateral of $200,002.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis All International Markets Value ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **International Equity Funds — 99.9%** |  |  |
| Avantis Emerging Markets Value ETF | 209401 | $13853970 |
| Avantis International Large Cap Value ETF | 267928 | 21578921 |
| Avantis International Small Cap Value ETF | 110473 | 12161973 |
|  |  | 47594864 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $43,064,721) |  | **47594864** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $50,272) | 50272 | **50272** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $43,114,993) |  | **47645136** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(862)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**47644274** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Moderate Allocation ETF

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 48.0%** |  |  |
| Avantis Real Estate ETF | 23316 | $1108792 |
| Avantis U.S. Equity ETF | 150629 | 17545266 |
| Avantis U.S. Large Cap Value ETF | 75991 | 6366526 |
| Avantis U.S. Mid Cap Equity ETF | 7904 | 603708 |
| Avantis U.S. Mid Cap Value ETF | 7958 | 615233 |
| Avantis U.S. Small Cap Equity ETF<sup>(2)</sup> | 23317 | 1496252 |
| Avantis U.S. Small Cap Value ETF | 13130 | 1483427 |
|  |  | 29219204 |
| **Domestic Fixed Income Funds — 30.3%** |  |  |
| Avantis Core Fixed Income ETF | 292702 | 12439835 |
| Avantis Short-Term Fixed Income ETF<sup>(2)</sup> | 127748 | 6050784 |
|  |  | 18490619 |
| **International Equity Funds — 21.6%** |  |  |
| Avantis Emerging Markets Equity ETF | 33158 | 2941115 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> | 5794 | 397816 |
| Avantis Emerging Markets Value ETF | 22170 | 1466767 |
| Avantis International Equity ETF | 52378 | 4829252 |
| Avantis International Large Cap Value ETF | 31165 | 2510029 |
| Avantis International Small Cap Equity ETF | 5679 | 451083 |
| Avantis International Small Cap Value ETF | 5191 | 571477 |
|  |  | 13167539 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $52,946,640) |  | **60877362** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 1.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 51415 | 51415 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1033475 | 1033475 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,084,890) |  | **1084890** |
| **TOTAL INVESTMENT SECURITIES — 101.7%**<br>(Cost $54,031,530) |  | **61962252** |
| **OTHER ASSETS AND LIABILITIES — (1.7)%** |  | **(1031620)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**60930632** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,011,367. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,033,475.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** |
| **Assets** | **Assets** | |
| Investment securities - affiliated, at value | $815165011 | $287573900 |
| Investment securities, at value | 721741 | 298095 |
| Investment made with cash collateral received for securities on loan, at value |  | 1547721 |
| Interest receivable | 2169 | 809 |
| Securities lending receivable | 2189 | 6057 |
|  | 815891110 | 289426582 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 1547721 |
| Accrued management fees | 18092 | 6103 |
|  | 18092 | 1553824 |
| **Net Assets** | $815873018 | $287872758 |
| Shares outstanding (unlimited number of shares authorized) | 8757500 | 3517500 |
| **Net Asset Value Per Share** | $93.16 | $81.84 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $597570315 | $234313902 |
| Distributable earnings (loss) | 218302703 | 53558856 |
|  | $815873018 | $287872758 |
| Investment securities - affiliated, at cost | $597557391 | $233893940 |
| Investment securities on loan - affiliated, at value |  | $1516586 |
| Investment securities, at cost | $721741 | $298095 |
| Investment made with cash collateral received for securities on loan, at cost |  | $1547721 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** |
| **Assets** | **Assets** | |
| Investment securities - affiliated, at value | $591043158 | $47594864 |
| Investment securities, at value | 399181 | 50272 |
| Investment made with cash collateral received for securities on loan, at value | 111975 |  |
| Interest receivable | 1501 | 126 |
| Securities lending receivable | 7956 |  |
|  | 591563771 | 47645262 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 111975 |  |
| Accrued management fees | 12994 | 988 |
|  | 124969 | 988 |
| **Net Assets** | $591438802 | $47644274 |
| Shares outstanding (unlimited number of shares authorized) | 7110000 | 557500 |
| **Net Asset Value Per Share** | $83.18 | $85.46 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $447276729 | $40110758 |
| Distributable earnings (loss) | 144162073 | 7533516 |
|  | $591438802 | $47644274 |
| Investment securities - affiliated, at cost | $448593811 | $43064721 |
| Investment securities on loan - affiliated, at value | $305873 |  |
| Investment securities, at cost | $399181 | $50272 |
| Investment made with cash collateral received for securities on loan, at cost | $111975 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Moderate Allocation ETF** |
| **Assets** | **Assets** |
| Investment securities - affiliated, at value | $60877362 |
| Investment securities, at value | 51415 |
| Investment made with cash collateral received for securities on loan, at value | 1033475 |
| Interest receivable | 168 |
| Securities lending receivable | 3043 |
|  | 61965463 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 1033475 |
| Accrued management fees | 1356 |
|  | 1034831 |
| **Net Assets** | $60930632 |
| Shares outstanding (unlimited number of shares authorized) | 865000 |
| **Net Asset Value Per Share** | $70.44 |
| **Net Assets Consist of:** |  |
| Capital paid in | $52543823 |
| Distributable earnings (loss) | 8386809 |
|  | $60930632 |
| Investment securities - affiliated, at cost | $52946640 |
| Investment securities on loan - affiliated, at value | $1011367 |
| Investment securities, at cost | $51415 |
| Investment made with cash collateral received for securities on loan, at cost | $1033475 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Income distributions from underlying funds | $5851973 | $1965567 |
| Securities lending, net | 17056 | 36907 |
| Interest | 13104 | 3912 |
|  | 5882133 | 2006386 |
| **Expenses:** |  |  |
| Management fees | 167978 | 48730 |
| Trustees' fees and expenses |  | 1284 |
|  | 167978 | 50014 |
| Fees waived | (67191) | (19492) |
|  | 100787 | 30522 |
| **Net investment income (loss)** | 5781346 | 1975864 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on sales of investments in underlying funds | 1080150 |  |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 92490955 | 35639624 |
| **Net realized and unrealized gain (loss)** | 93571105 | 35639624 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $99352451 | $37615488 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Income distributions from underlying funds | $5979423 | $445310 |
| Securities lending, net | 40603 |  |
| Interest | 9846 | 647 |
|  | 6029872 | 445957 |
| **Expenses:** |  |  |
| Management fees | 109041 | 7080 |
| Trustees' fees and expenses | 2901 | 180 |
|  | 111942 | 7260 |
| Fees waived | (43617) | (2832) |
|  | 68325 | 4428 |
| **Net investment income (loss)** | 5961547 | 441529 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on sales of investments in underlying funds | 1713681 | 3004778 |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 92056264 | 3557895 |
| **Net realized and unrealized gain (loss)** | 93769945 | 6562673 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $99731492 | $7004202 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **Avantis Moderate Allocation ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Income distributions from underlying funds | $621450 |
| Securities lending, net | 9911 |
| Interest | 1161 |
|  | 632522 |
| **Expenses:** |  |
| Management fees | 12212 |
| Trustees' fees and expenses | 329 |
|  | 12541 |
| Fees waived | (4885) |
|  | 7656 |
| **Net investment income (loss)** | 624866 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on sales of investments in underlying funds | 385834 |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 4682939 |
| **Net realized and unrealized gain (loss)** | 5068773 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5693639 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $5781346 | $9754915 | $1975864 | $3356009 |
| Net realized gain (loss) | 1080150 | 7433892 |  | 8687396 |
| Change in net unrealized appreciation (depreciation) | 92490955 | 57531970 | 35639624 | 7830613 |
| Net increase (decrease) in net assets resulting from operations | 99352451 | 74720777 | 37615488 | 19874018 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (5800112) | (9762351) | (1976338) | (3359528) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 128701823 | 138168777 | 92223159 | 97869464 |
| Payments for shares redeemed | (2993462) | (25355092) |  | (50546318) |
| Net increase (decrease) in net assets from capital share transactions | 125708361 | 112813685 | 92223159 | 47323146 |
| **Net increase (decrease) in net assets** | 219260700 | 177772111 | 127862309 | 63837636 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 596612318 | 418840207 | 160010449 | 96172813 |
| End of period | $815873018 | $596612318 | $287872758 | $160010449 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1465000 | 1880000 | 1205000 | 1560000 |
| Redeemed | (35000) | (335000) |  | (807500) |
| Net increase (decrease) in shares of the funds | 1430000 | 1545000 | 1205000 | 752500 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $5961547 | $5975580 | $441529 | $695618 |
| Net realized gain (loss) | 1713681 | 1222500 | 3004778 | 4880592 |
| Change in net unrealized appreciation (depreciation) | 92056264 | 47403535 | 3557895 | 725603 |
| Net increase (decrease) in net assets resulting from operations | 99731492 | 54601615 | 7004202 | 6301813 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (5962502) | (5985579) | (442934) | (696590) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 163048247 | 256995434 | 56913996 | 52591393 |
| Payments for shares redeemed | (6553803) | (6982049) | (35831511) | (41292696) |
| Net increase (decrease) in net assets from capital share transactions | 156494444 | 250013385 | 21082485 | 11298697 |
| **Net increase (decrease) in net assets** | 250263434 | 298629421 | 27643753 | 16903920 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 341175368 | 42545947 | 20000521 | 3096601 |
| End of period | $591438802 | $341175368 | $47644274 | $20000521 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 2205000 | 4382500 | 752500 | 865000 |
| Redeemed | (92500) | (112500) | (482500) | (630000) |
| Net increase (decrease) in shares of the funds | 2112500 | 4270000 | 270000 | 235000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $624866 | $799568 |
| Net realized gain (loss) | 385834 | 519286 |
| Change in net unrealized appreciation (depreciation) | 4682939 | 2111356 |
| Net increase (decrease) in net assets resulting from operations | 5693639 | 3430210 |
| **Distributions to Shareholders** |  |  |
| From earnings | (589261) | (729366) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 17556065 | 26773961 |
| Payments for shares redeemed | (2283183) | (5083468) |
| Net increase (decrease) in net assets from capital share transactions | 15272882 | 21690493 |
| **Net increase (decrease) in net assets** | 20377260 | 24391337 |
| **Net Assets** |  |  |
| Beginning of period | 40553372 | 16162035 |
| End of period | $60930632 | $40553372 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 265000 | 447500 |
| Redeemed | (35000) | (87500) |
| Net increase (decrease) in shares of the funds | 230000 | 360000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. Organization**

American Century ETF Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Delaware statutory trust. Each fund operates as a fund of funds, meaning that it seeks to achieve its objective by investing in other Avantis exchange-traded funds (the underlying funds) that represent a variety of asset classes and investment styles. Additional information and attributes of each underlying fund are available at avantisinvestors.com. The financial statements herein relate to the following funds offered by the trust.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker** | **Exchange** |
| Avantis All Equity Markets ETF | AVGE | NYSE Arca, Inc. |
| Avantis All Equity Markets Value ETF | AVGV | NYSE Arca, Inc. |
| Avantis All International Markets Equity ETF | AVNM | NYSE Arca, Inc. |
| Avantis All International Markets Value ETF | AVNV | NYSE Arca, Inc. |
| Avantis Moderate Allocation ETF | AVMA | NYSE Arca, Inc. |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.

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

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

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

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

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

As of period end, the funds' investment securities were classified as Level 1. The Schedule of Investments provides additional information on a fund's portfolio holdings.

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

**Investment Income —** Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss). Interest income less foreign taxes withheld, if any, is recorded on the

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accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Prior to January 1, 2026, distributions from net investment income were declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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

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

**3. Fees and Transactions with Related Parties**

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the underlying funds.

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears. During the period ended February 28, 2026, the investment advisor agreed to waive 0.02% of each fund's management fee. The investment advisor expects this waiver to continue until December 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Trustees.

The annual management fee and the effective annual management fee after waiver for the period ended February 28, 2026 are as follows:

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| | | |
|:---|:---|:---|
|  | **Annual Management Fee** | **Effective Annual Management Fee** |
|  | **Annual Management Fee** | **After Waiver** |
| Avantis All Equity Markets ETF | 0.05% | 0.03% |
| Avantis All Equity Markets Value ETF | 0.05% | 0.03% |
| Avantis All International Markets Equity ETF | 0.05% | 0.03% |
| Avantis All International Markets Value ETF | 0.05% | 0.03% |
| Avantis Moderate Allocation ETF | 0.05% | 0.03% |

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**Trustees' Fees and Expenses —** The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Acquired Fund Fees and Expenses —** A fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the valuation of the underlying funds.

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**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended February 28, 2026 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** | **Avantis Moderate Allocation ETF** |
| Purchases | $6137011 | $2346997 | $6349845 | $520570 | $783187 |
| Sales |  |  |  |  |  |

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Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind <br>Subscriptions** | **In kind <br>Redemptions** | **In kind**<br>**Net Realized**<br>**Gain/(Loss)\*** |
| Avantis All Equity Markets ETF | $122196459 | $2983934 | $1080150 |
| Avantis All Equity Markets Value ETF | $89682331 |  |  |
| Avantis All International Markets Equity ETF | $156519167 | $6536894 | $1713681 |
| Avantis All International Markets Value ETF | $56290583 | $35764889 | $3004778 |
| Avantis Moderate Allocation ETF | $16786549 | $2272538 | $385834 |

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\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

**5. Capital Share Transactions**

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

**6. Risk Factors**

The overall risk profile of a fund will be impacted by the underlying funds' investment strategies, including the investment vehicles and techniques utilized to manage each portfolio. The net asset value of a fund will go up and down based on the performance of the underlying funds in which it invests. The value of the underlying funds' shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**7. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All International Markets Equity ETF** |
| Federal tax cost of investments | $598370346 | $235739966 | $449104967 |
| Gross tax appreciation of investments | $217516406 | $53679750 | $142449347 |
| Gross tax depreciation of investments |  |  |  |
| Net tax appreciation (depreciation) of investments | $217516406 | $53679750 | $142449347 |

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| | | |
|:---|:---|:---|
| | **Avantis All International Markets Value ETF** | **Avantis Moderate Allocation ETF** |
| Federal tax cost of investments | $43114993 | $54031530 |
| Gross tax appreciation of investments | $4530143 | $7930722 |
| Gross tax depreciation of investments |  |  |
| Net tax appreciation (depreciation) of investments | $4530143 | $7930722 |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term<br>capital losses** |
| Avantis All Equity Markets ETF | $(275087) |  |
| Avantis All Equity Markets Value ETF | $(120419) |  |

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**8. Investments in Underlying Funds**

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds' net assets.

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**9. Affiliated Fund Transactions**

A summary of transactions for each underlying fund for the period ended February 28, 2026 follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning<br>Value** | **Purchase<br>Cost** | | | | | | |
| **Avantis All Equity Markets ETF (Amounts in thousands)** | **Avantis All Equity Markets ETF (Amounts in thousands)** | **Avantis All Equity Markets ETF (Amounts in thousands)** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(1)</sup><br> |
| Avantis Real Estate ETF | $15543 | $6513 | $73 | $1355 | $23338 | 491 | $9 | $435 |
| Avantis U.S. Equity ETF | 258863 | 52834 | 777 | 26206 | 337126 | 2894 | 511 | 1543 |
| Avantis U.S. Large Cap Value ETF | 86759 | 20187 | 289 | 16181 | 122838 | 1466 | 153 | 593 |
| Avantis U.S. Mid Cap Equity ETF | 8132 | 2147 | 30 | 935 | 11184 | 146 | 11 | 49 |
| Avantis U.S. Mid Cap Value ETF | 8224 | 2082 | 29 | 1074 | 11351 | 147 | 11 | 52 |
| Avantis U.S. Small Cap Equity ETF | 19676 | 4888 | 70 | 2698 | 27192 | 424 | 29 | 132 |
| Avantis U.S. Small Cap Value ETF | 21309 | 4272 | 72 | 3013 | 28522 | 252 | 32 | 186 |
| Avantis Emerging Markets Equity ETF | 37603 | 7871 | 123 | 10059 | 55410 | 625 | 66 | 661 |
| Avantis Emerging Markets Small Cap Equity ETF | 5963 | 1207 | 23 | 613 | 7760 | 113 | 5 | 106 |
| Avantis Emerging Markets Value ETF | 21212 | 4022 | 71 | 4380 | 29543 | 447 | 32 | 450 |
| Avantis International Equity ETF | 65842 | 13149 | 203 | 14189 | 92977 | 1008 | 127 | 866 |
| Avantis International Large Cap Value ETF | 33096 | 6560 | 100 | 8035 | 47591 | 591 | 67 | 554 |
| Avantis International Small Cap Equity ETF | 6497 | 1303 | 23 | 1474 | 9251 | 116 | 10 | 93 |
| Avantis International Small Cap Value ETF | 7525 | 1298 | 20 | 2279 | 11082 | 101 | 17 | 132 |
|  | $596244 | $128333 | $1903 | $92491 | $815165 | 8821 | $1080 | $5852 |

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(1)Distributions received includes distributions from net investment income and from capital gains, if any.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning<br>Value** | | | | | | | |
| **Avantis All Equity Markets Value ETF (Amounts in thousands)** | **Avantis All Equity Markets Value ETF (Amounts in thousands)** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(1)</sup><br> |
| Avantis U.S. Large Cap Value ETF<sup>(2)</sup> | $56639 | $34013 |  | $11734 | $102386 | 1222 |  | $403 |
| Avantis U.S. Mid Cap Value ETF | 12066 | 6960 |  | 1727 | 20753 | 268 |  | 79 |
| Avantis U.S. Small Cap Value ETF | 28123 | 17124 |  | 4525 | 49772 | 441 |  | 255 |
| Avantis Emerging Markets Value ETF | 17081 | 9850 |  | 4073 | 31004 | 469 |  | 392 |
| Avantis International Large Cap Value ETF | 29986 | 16053 |  | 8143 | 54182 | 673 |  | 536 |
| Avantis International Small Cap Value ETF | 16010 | 8029 |  | 5438 | 29477 | 268 |  | 301 |
|  | $159905 | $92029 |  | $35640 | $287574 | 3341 |  | $1966 |

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(1)Distributions received includes distributions from net investment income and from capital gains, if any.

(2)Security, or a portion thereof, is on loan.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning<br>Value** | **Purchase<br>Cost** | | | | | | |
| **Avantis All International Markets Equity ETF (Amounts in thousands)** | **Avantis All International Markets Equity ETF (Amounts in thousands)** | **Avantis All International Markets Equity ETF (Amounts in thousands)** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(1)</sup><br> |
| Avantis Emerging Markets Equity ETF | $61108 | $28109 | $855 | $18261 | $106623 | 1202 | $341 | $1172 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> |  | 8863 | 22 | 829 | 9670 | 141 |  | 31 |
| Avantis Emerging Markets Value ETF | 39201 | 14152 | 546 | 8811 | 61618 | 931 | 185 | 884 |
| Avantis International Equity ETF | 139800 | 64785 | 1997 | 34235 | 236823 | 2569 | 667 | 2019 |
| Avantis International Large Cap Value ETF | 70309 | 32295 | 996 | 19392 | 121000 | 1502 | 348 | 1292 |
| Avantis International Small Cap Equity ETF<sup>(2)</sup> |  | 8129 | 25 | 1081 | 9185 | 116 | 1 | 36 |
| Avantis International Small Cap Value ETF | 30523 | 6536 | 382 | 9447 | 46124 | 419 | 172 | 545 |
|  | $340941 | $162869 | $4823 | $92056 | $591043 | 6880 | $1714 | $5979 |

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(1)Distributions received includes distributions from net investment income and from capital gains, if any.

(2)Security, or a portion thereof, is on loan.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning<br>Value** | **Purchase<br>Cost** | | | | | | |
| **Avantis All International Markets Value ETF (Amounts in thousands)** | **Avantis All International Markets Value ETF (Amounts in thousands)** | **Avantis All International Markets Value ETF (Amounts in thousands)** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(1)</sup><br> |
| Avantis Emerging Markets Value ETF | $5717 | $16814 | $9636 | $959 | $13854 | 209 | $640 | $148 |
| Avantis International Large Cap Value ETF | 9277 | 25847 | 15094 | 1549 | 21579 | 268 | 1410 | 189 |
| Avantis International Small Cap Value ETF | 4992 | 14150 | 8030 | 1050 | 12162 | 110 | 955 | 108 |
|  | $19986 | $56811 | $32760 | $3558 | $47595 | 587 | $3005 | $445 |

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(1)Distributions received includes distributions from net investment income and from capital gains, if any.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning<br>Value** | | | | | | | |
| **Avantis Moderate Allocation ETF (Amounts in thousands)** | **Avantis Moderate Allocation ETF (Amounts in thousands)** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(1)</sup><br> |
| Avantis Real Estate ETF | $750 | $335 | $38 | $62 | $1109 | 23 | $3 | $23 |
| Avantis U.S. Equity ETF | 11994 | 4848 | 506 | 1209 | 17545 | 151 | 169 | 77 |
| Avantis U.S. Large Cap Value ETF | 4051 | 1689 | 178 | 805 | 6367 | 76 | 47 | 30 |
| Avantis U.S. Mid Cap Equity ETF | 408 | 165 | 18 | 49 | 604 | 8 | 4 | 3 |
| Avantis U.S. Mid Cap Value ETF | 411 | 165 | 18 | 57 | 615 | 8 | 4 | 3 |
| Avantis U.S. Small Cap Equity ETF<sup>(2)</sup> | 1001 | 394 | 46 | 147 | 1496 | 23 | 9 | 7 |
| Avantis U.S. Small Cap Value ETF | 983 | 390 | 46 | 156 | 1483 | 13 | 8 | 9 |
| Avantis Core Fixed Income ETF | 8535 | 4210 | 466 | 161 | 12440 | 293 | 18 | 217 |
| Avantis Short-Term Fixed Income ETF<sup>(2)</sup> | 4134 | 2125 | 225 | 17 | 6051 | 128 | 6 | 105 |
| Avantis Emerging Markets Equity ETF | 1793 | 721 | 76 | 503 | 2941 | 33 | 28 | 35 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> | 270 | 110 | 12 | 30 | 398 | 6 | 3 | 5 |
| Avantis Emerging Markets Value ETF | 932 | 370 | 40 | 205 | 1467 | 22 | 11 | 22 |
| Avantis International Equity ETF | 3050 | 1207 | 127 | 699 | 4829 | 52 | 43 | 45 |
| Avantis International Large Cap Value ETF | 1570 | 604 | 66 | 402 | 2510 | 31 | 23 | 29 |
| Avantis International Small Cap Equity ETF | 275 | 119 | 12 | 69 | 451 | 6 | 3 | 4 |
| Avantis International Small Cap Value ETF | 354 | 118 | 13 | 112 | 571 | 5 | 7 | 7 |
|  | $40511 | $17570 | $1887 | $4683 | $60877 | 878 | $386 | $621 |

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(1)Distributions received includes distributions from net investment income and from capital gains, if any.

(2)Security, or a portion thereof, is on loan.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Operating**<br>**Expenses**<br>**(before**<br>**expense**<br>**waiver)**<sup>(3)</sup> | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets ETF** |
| 2026<sup>(5)</sup> | $81.42 | 0.74 | 11.73 | 12.47 | (0.73) | $93.16 | 15.41% | 0.03% | 0.05% | 1.72% | 1.70% | 0% | $815873 |
| 2025 | $72.43 | 1.49 | 8.96 | 10.45 | (1.46) | $81.42 | 14.64% | 0.03% | 0.05% | 2.00% | 1.98% | 0% | $596612 |
| 2024 | $60.97 | 1.33 | 11.44 | 12.77 | (1.31) | $72.43 | 21.16% | 0.03% | 0.05% | 2.02% | 2.00% | 2% | $418840 |
| 2023<sup>(6)</sup> | $50.01 | 1.07 | 10.88 | 11.95 | (0.99) | $60.97 | 24.04% | 0.03% | 0.05% | 1.98% | 1.96% | 2% | $219809 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)Six months ended February 28, 2026 (unaudited).

(6)September 27, 2022 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Operating**<br>**Expenses**<br>**(before**<br>**expense**<br>**waiver)**<sup>(3)</sup> | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** | **Avantis All Equity Markets Value ETF** |
| 2026<sup>(5)</sup> | $69.19 | 0.74 | 12.64 | 13.38 | (0.73) | $81.84 | 19.47% | 0.03% | 0.05% | 2.03% | 2.01% | 0% | $287873 |
| 2025 | $61.65 | 1.64 | 7.37 | 9.01 | (1.47) | $69.19 | 14.89% | 0.03% | 0.05% | 2.60% | 2.58% | 0% | $160010 |
| 2024 | $52.59 | 1.39 | 8.98 | 10.37 | (1.31) | $61.65 | 19.95% | 0.03% | 0.05% | 2.42% | 2.40% | 8% | $96173 |
| 2023<sup>(6)</sup> | $50.62 | —<sup>(7)</sup> | 1.97 | 1.97 |  | $52.59 | 3.89% | 0.03% | 0.05% | (0.03)% | (0.05)% | 0% | $18405 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)Six months ended February 28, 2026 (unaudited).

(6)June 27, 2023 (fund inception) through August 31, 2023.

(7)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Operating**<br>**Expenses**<br>**(before**<br>**expense**<br>**waiver)**<sup>(3)</sup> | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Equity ETF** |
| 2026<sup>(5)</sup> | $68.27 | 1.00 | 14.92 | 15.92 | (1.01) | $83.18 | 23.56% | 0.03% | 0.05% | 2.73% | 2.71% | 0% | $591439 |
| 2025 | $58.48 | 2.40 | 9.39 | 11.79 | (2.00) | $68.27 | 20.71% | 0.03% | 0.05% | 3.85% | 3.83% | 0% | $341175 |
| 2024 | $51.18 | 1.74 | 7.40 | 9.14 | (1.84) | $58.48 | 18.20% | 0.03% | 0.05% | 3.14% | 3.12% | 0% | $42546 |
| 2023<sup>(6)</sup> | $50.43 | —<sup>(7)</sup> | 0.75 | 0.75 |  | $51.18 | 1.50% | 0.03% | 0.05% | (0.03)% | (0.05)% | 0% | $640 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)Six months ended February 28, 2026 (unaudited).

(6)June 27, 2023 (fund inception) through August 31, 2023.

(7)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Operating**<br>**Expenses**<br>**(before**<br>**expense**<br>**waiver)**<sup>(3)</sup> | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** | **Avantis All International Markets Value ETF** |
| 2026<sup>(5)</sup> | $69.57 | 1.17 | 15.97 | 17.14 | (1.25) | $85.46 | 24.93% | 0.03% | 0.05% | 3.12% | 3.10% | 0% | $47644 |
| 2025 | $58.98 | 2.16 | 10.68 | 12.84 | (2.25) | $69.57 | 22.44% | 0.03% | 0.05% | 3.56% | 3.54% | 0% | $20001 |
| 2024 | $51.50 | 1.91 | 7.25 | 9.16 | (1.68) | $58.98 | 18.11% | 0.03% | 0.05% | 3.44% | 3.42% | 0% | $3097 |
| 2023<sup>(6)</sup> | $50.37 | —<sup>(7)</sup> | 1.13 | 1.13 |  | $51.50 | 2.26% | 0.03% | 0.05% | (0.03)% | (0.05)% | 0% | $386 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)Six months ended February 28, 2026 (unaudited).

(6)June 27, 2023 (fund inception) through August 31, 2023.

(7)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Operating**<br>**Expenses**<br>**(before**<br>**expense**<br>**waiver)**<sup>(3)</sup> | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio**<br>**Turnover**<br>**Rate**<sup>(4)</sup> | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** |
| 2026<sup>(5)</sup> | $63.86 | 0.85 | 6.48 | 7.33 | (0.75) | $70.44 | 11.55% | 0.03% | 0.05% | 2.56% | 2.54% | 0% | $60931 |
| 2025 | $58.77 | 1.68 | 4.90 | 6.58 | (1.49) | $63.86 | 11.40% | 0.03% | 0.05% | 2.80% | 2.78% | 0% | $40553 |
| 2024 | $51.44 | 1.43 | 7.06 | 8.49 | (1.16) | $58.77 | 16.68% | 0.03% | 0.05% | 2.58% | 2.56% | 0% | $16162 |
| 2023<sup>(6)</sup> | $50.39 | 0.06 | 0.99 | 1.05 |  | $51.44 | 2.09% | 0.03% | 0.05% | 0.69% | 0.67% | 0% | $2058 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)Six months ended February 28, 2026 (unaudited).

(6)June 27, 2023 (fund inception) through August 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| Contact Us | avantisinvestors.com |
| American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 |
| **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | **Distributor:**<br>Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-98025 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-98025 2604** |

---

------

(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

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

None.

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

None.

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

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

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

A statement regarding the basis for the board of directors' approval of the investment advisory contract for American Century Small Cap Growth Insights ETF, American Century Small Cap Value ETF and Avantis Total Equity Markets ETF is included as part of the financial statements and other information filed under Item 7 of this Form.<br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.

**ITEM 16. CONTROLS AND PROCEDURES.**

------

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acetfex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acetfex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

 **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Registrant: | American Century ETF Trust | American Century ETF Trust |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | April 27, 2026 | April 27, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | April 27, 2026 | April 27, 2026 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | April 27, 2026 | April 27, 2026 |

---

## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century ETF Trust;

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;

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;

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

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;(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;(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.

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| | |
|:---|:---|
| Date: | April 27, 2026 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

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------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century ETF Trust;;

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;

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;

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

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;(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;(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.

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| | |
|:---|:---|
| Date: | April 27, 2026 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

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## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the shareholder report of American Century ETF Trust (the "Registrant") on Form N-CSR for the period ending February 28, 2026 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 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;&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.

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| | | | |
|:---|:---|:---|:---|
| Date: | April 27, 2026 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

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